Corporate Valuation Concepts

Sheet Tab Description
1 Contents
BASIC DCF MODEL
2 Consideration and Premium
3 Scenario for Basic DCF
4 Basic DCF
5 DCF Graph
6 Tornado Diagram Basic
7 PE Ratio Analysis
8 PE Simulation
COMPLEX DCF MODEL
9 Complex PE Analysis
10 EV EBITDA Ratio
11 Stable Period and WC
12 Master Scenario
13 Complex DCF
14 EV to EBITDA Engine
15 Tornado Complex
16 Cash Flow
17 Market Value of Debt
18 Options Valuation
19 WACC and Beta
CORPORATE MODEL
20 Scenario Page
21 Cadbury Financials
22 Financial Model Inputs
23 Financial Analysis
24 Verification
25 Price Chart
26 EBIT Margin
27 Tornado Diagram
28 Alternative Corporate Model
ACQUISITON MODEL
29 Simple LBO
30 J-Curve Chart
31 LBO Break Even Chart
32 LBO Summary
33 LBO Model
34 LBO Model Check
INTEGRATED MERGER MODEL
35 Accretion
36 Accretion Chart
37 Transaction Assumptions
38 Consolidation Summary
39 Target Company
40 Buying Company
41 Consolidated
OTHER
42 Deferred Tax Examples
43 Pllug and Circularity Problem
44 Offset Range Names
45 Offset Chart
46 Model Structure
File Name: C:\Users\Elvis Presley\Documents\Valuation_Concepts.xls
Colour Codes
Date 4-Nov-11
Author
DEL
ODEL
DEL
ODEL
R MODEL
ents\Valuation_Concepts.xls
Year 10
Cost PV FV Percent WACC

Debt 5% 92.09 150 79% 3.96%
Equity 20% 24.23 150 21% 4.17%
Total 116.31 300.00 8.12% value = dcf /(1+debt rate)^5 + ecf/(
FCF 8.12% 137.37 300.00 value = (dcf + ecf)/(1+wacc)^5
wacc = (debt value x debt rate + eq
debt value = dcf/(1+debt rate)^ 5

equity value = ecf/(1+ equity rate)^
wacc = (debt value = dcf/(1+debt r

f /(1+debt rate)^5 + ecf/(1+equity rate)^5
cf + ecf)/(1+wacc)^5
ebt value x debt rate + eq valule x eq rate)/(debt value + equity value)
e = dcf/(1+debt rate)^ 5
ue = ecf/(1+ equity rate)^ 5
ebt value = dcf/(1+debt rate)^ 5 x debt rate + equity value = ecf/(1+ equity rate)^ 5 x eq rate)/(debt value = dcf/(1+debt rate)^ 5 + equity
/(1+debt rate)^ 5 + equity value = ecf/(1+ equity rate)^ 5)
Contents
Scenario Number 2
Show Comments
Variable Number 3
Base
Applied Tornado Index Test Sensitivty
1 Growth Rate 6.00% 6.00% 7.50% 0 6.00%
2 EBIT Margin 1.00 1.00 3.00 0 1
3 Cap Exp to Sales 5.00% 5.00% 5.00% 1 5.00%
4 A/R Days 40.00 40.00 20.00 0 40
5 A/P Days 30.00 30.00 40.00 0 30
6 Terminal Growth 2.50% 2.50% 3.50% 0 2.50%
7 WACC 8.00% 8.00% 7.00% 0 8.00%
Scenario Analysis
Sensitivity
Enterprise Value 12,530.23 12,530.23
Equity Value 12,530.23 12,530.23
Equity Value per Share 772.13 772.13
Terminal EV/EBITDA Ratio 9.55 9.55
Implied EV/EBITDA Ratio 12.94 12.94
Tornado Analysis
Base
772.13 2
Sensitivity Growth Rate 1 772.13
EBIT Margin 2 772.13
Cap Exp to Sales 3 772.13
A/R Days 4 772.13
A/P Days 5 772.13
Terminal Growth 6 772.13
WACC 7 772.13
✘ Tornado 1
Base Low High Gr Sens Mgn Sens Cap Exp Fixed Adjusted
6.00% 4.00% 7.50% 4.00% 6.00% 6.00% 0.06 6
1 2 3 1 2 1 1 1
5.00% 6.00% 4.00% 5.00% 5.00% 6.00% 0.05 5
40 50 20 40 40 40 40 40
30 20 40 30 30 30 30 30
2.50% 1.50% 3.50% 3.00% 3.00% 3.00% 0.025 2.5
8.00% 9.00% 7.00% 8.00% 8.00% 8.00% 0.08 8
Base Low High Gr Sens Mgn Sens Cap Exp

12,530.23 11,519.53 13,540.93 12,530.23 12,530.23 11,519.53
12,530.23 11,519.53 13,540.93 12,530.23 12,530.23 11,519.53
772.13 709.85 834.41 772.13 772.13 709.85
9.55 8.78 10.35 9.55 9.55 8.78
12.94 12.01 13.88 12.94 12.94 12.01
Low High Low vs Bse High vs Bse Total Small Match

3 4
708.82 823.65 -63.32 51.51 114.83 20.39 5.00
649.79 891.78 -122.34 119.65 241.99 40.85 4.00
709.85 834.41 -62.28 62.28 124.56 114.83 1.00
758.52 799.37 -13.62 27.23 40.85 124.56 3.00
761.94 782.33 -10.20 10.20 20.39 241.99 2.00
667.85 922.76 -104.28 150.63 254.91 254.91 6.00
633.81 972.21 -138.32 200.08 338.40 338.40 7.00
Base
6
1
5
40
30
2.5
8
Title
Low vs Bse High vs Bse
A/P Days -10.20 10.20
A/R Days -13.62 27.23
Growth Rate -63.32 51.51
Cap Exp to Sa -62.28 62.28
EBIT Margin -122.34 119.65
Terminal Gr -104.28 150.63
WACC -138.32 200.08
Sensitivty
Base
Low
High
Gr Sens
Mgn Sens
Cap Exp
#N/A
Contents
Assumptions
General Assumptions
Explicit Period 7
Kraft Offer in USD 19,420
Exchange Rate 1.62
Kraft Offer in GBP
Transaction Date 31-Dec-09
Operating Assumptions
Base Revenues 6,000
Revenue Growth 6%
Scenario Number 1.00

EBIT Margin Year Margin
1.00 14%
2.00 15%
3.00 16%
Base Depreciation 206

Total Plant 3,300
Depreciation Rate 6.24%
Tax Rate 28%
Cap Exp to Sales 5.00%
Working Capital Assumptions

Days A/R Outstanding 40.00
Days Payable Outstaning 30.00
Debt Assumptions
Debt to EBITDA 2.84
EBITDA 800
Net Debt 2,275
Valuation Assumptions
Stable Cap Exp to Depreciation 123%
WACC 8%
Terminal Growth Rate 2.50%
Terminal EV/EBITDA 10.00
Working Analysis and Period Counters

Period Counter 0 1 2
Explicit Period Switch 1 1 1

Terminal Value Switch 0 0 0
Revenue Growth 6% 6% 6%
2009 2010 2011

Revenues 6,000.00 6,360.00 6,741.60
Cap Exp to Revenues 5.00% 5.00% 5.00%

Total Capital Expenditures 300.00 318.00 337.08
Plant Balance
Opening Balance 3,300.00 3,618.00
Add: Capital Expenditures 318.00 337.08
Closing Balance 3,300 3,618.00 3,955.08
Depreciation Rate 6.24% 6.24%

Depreciation Expense 215.93 236.37
EBIT Margin 14.00% 15.00%

EBIT 890.40 1,011.24
EBTIDA 827.00 1,106.33 1,247.61
Total Operating Expenses 5,173.00 5,253.67 5,493.99
A/R Balance
Days A/R 40 40 40
Pct of Year 11.0% 11.0% 11.0%
Total A/R Balance 657.53 696.99 738.81
Payable Balance
Days Payable 30 30 30
Pct of Year 8.22% 8.22% 8.22%
Total Payable Balance 425.18 431.81 451.56
Total Working Capital Balance 232.36 265.18 287.24

Changes in Working Capital 32.82 22.07
5
Free Cash Flow
EBITDA Free Cash Flow 1,106.33 1,247.61

Less: WC Changes 32.82 22.07
Less: Capital Expenditures 318.00 337.08
Less: EBIT x Tax Rate 249.31 283.15
Free Cash Flow 506.19 605.32
Add: Terminal Value 0.00 0.00
Total Cash Flow 506.19 605.32
Mid Year PV Factor 0.96 0.89
Terminal EV/EBITDA 0.00 0.00
Calcultion of Value
PV of Cash Flow = Enterprise Value 14,319.14
Less: Net Debt 1,788.91 See Complex DCF Sheet

Equity Value 12,530.23
Shares 16.23
Value per Share 772.13
Terminal EV/EBITDA 9.55
Implied EV/EBITDA 12.94
12,530.23
7%
8%
WACC
9%
10%
Value with EV/EBITDA
Add: Terminal Value - EV to EBITDA - -

PV of Cash Flow 14,806.57

Less: Net Debt 1,788.91
13,017.66
7%
8%
WACC
9%
10%
Free Cash Flow

Graph Data
Free Cash Flow 0.00 506.19 605.32
Row 0
Col 1
Length 1
Width 7
Free Cash Flow Explict Periods 7

DCF Value
Show Comments
Base Low High

14% 13% 14%
15% 13% 17%
16% 14% 18%
3 4 5 6 7 8
1 1 1 1 1 0
0 0 0 0 1 0
6% 6% 6% 6% 6% 6%
2012 2013 2014 2015 2016 2017

7,146.10 7,574.86 8,029.35 8,511.11 9,021.78 9,563.09
5.00% 5.00% 5.00% 5.00% 5.00% 5.00%

357.30 378.74 401.47 425.56 451.09 478.15
3,955.08 4,312.38 4,691.13 5,092.60 5,518.15 5,969.24

357.30 378.74 401.47 425.56 451.09 478.15
4,312.38 4,691.13 5,092.60 5,518.15 5,969.24 6,447.39
6.24% 6.24% 6.24% 6.24% 6.24% 6.24%

258.05 281.02 305.37 331.18 358.55 387.55
16.00% 16.00% 16.00% 16.00% 16.00% 16.00%

1,143.38 1,211.98 1,284.70 1,361.78 1,443.49 1,530.09
1,401.42 1,493.00 1,590.07 1,692.96 1,802.03 1,917.64
5,744.68 6,081.87 6,439.29 6,818.15 7,219.75 7,645.44
40 40 40 40 40 40
11.0% 11.0% 11.0% 11.0% 11.0% 11.0%
783.13 830.12 879.93 932.72 988.69 1,048.01
30 30 30 30 30 30
8.22% 8.22% 8.22% 8.22% 8.22% 8.22%
472.17 499.88 529.26 560.40 593.40 628.39
310.97 330.24 350.67 372.33 395.28 419.62

23.72 19.27 20.43 21.66 22.96 24.33
1,401.42 1,493.00 1,590.07 1,692.96 1,802.03 0.00

23.72 19.27 20.43 21.66 22.96 0.00
357.30 378.74 401.47 425.56 451.09 0.00
320.15 339.35 359.72 381.30 404.18 0.00
700.25 755.63 808.45 864.45 923.81 0.00
0.00 0.00 0.00 0.00 17,216.47 0.00
700.25 755.63 808.45 864.45 18,140.28 0.00
0.82 0.76 0.71 0.65 0.61 0.56
0.00 0.00 0.00 0.00 9.55 0.00

Explict Periods 7
Consideration 11,589.89
Terminal Growth Rate

0% 1% 2% 3%
10,723.51 12,239.59 14,362.11 17,545.88
9,092.75 10,173.10 11,613.57 13,630.22
7,827.88 8,626.62 9,653.57 11,022.83
6,818.94 7,426.63 8,186.24 9,162.88
- - - - 18,020.31 -
700.25 755.63 808.45 864.45 18,944.12 -
EV/EBITDA
8.5 8.75 9 9.25 9.5
12,089.14 12,379.35 12,669.56 12,959.77 13,249.97
11,378.59 11,651.77 11,924.94 12,198.12 12,471.30
10,713.58 10,970.87 11,228.17 11,485.46 11,742.76
10,090.77 10,333.24 10,575.70 10,818.17 11,060.63
700.25 755.63 808.45 864.45 923.81 0.00
12,530.23
9 10 11 12 13 14
0 0 0 0 0 0
0 0 0 0 0 0
6% 6% 6% 6% 6% 6%
2018 2019 2020 2021 2022 2023

10,136.87 10,745.09 11,389.79 12,073.18 12,797.57 13,565.42
5.00% 5.00% 5.00% 5.00% 5.00% 5.00%

506.84 537.25 569.49 603.66 639.88 678.27
6,447.39 6,954.24 7,491.49 8,060.98 8,664.64 9,304.52

506.84 537.25 569.49 603.66 639.88 678.27
6,954.24 7,491.49 8,060.98 8,664.64 9,304.52 9,982.79
6.24% 6.24% 6.24% 6.24% 6.24% 6.24%

418.29 450.88 485.43 522.04 560.86 602.00
16.00% 16.00% 16.00% 16.00% 16.00% 16.00%

1,621.90 1,719.21 1,822.37 1,931.71 2,047.61 2,170.47
2,040.19 2,170.10 2,307.79 2,453.75 2,608.47 2,772.47
8,096.68 8,574.99 9,082.00 9,619.43 10,189.10 10,792.96
40 40 40 40 40 40
11.0% 11.0% 11.0% 11.0% 11.0% 11.0%
1,110.89 1,177.54 1,248.20 1,323.09 1,402.47 1,486.62
30 30 30 30 30 30
8.22% 8.22% 8.22% 8.22% 8.22% 8.22%
665.48 704.79 746.47 790.64 837.46 887.09
445.41 472.75 501.73 532.45 565.01 599.53

25.79 27.34 28.98 30.72 32.56 34.52
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
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
0.52 0.48 0.45 0.41 0.38 0.35
0.00 0.00 0.00 0.00 0.00 0.00

- - - - - -
- - - - - -
0.00 0.00 0.00 0.00 0.00 0.00

15 16 17 18 19
0 0 0 0 0
0 0 0 0 0
6% 6% 6% 6% 6%
2024 2025 2026 2027 2028

14,379.35 15,242.11 16,156.64 17,126.03 18,153.60
5.00% 5.00% 5.00% 5.00% 5.00%

718.97 762.11 807.83 856.30 907.68
9,982.79 10,701.76 11,463.86 12,271.70 13,128.00

718.97 762.11 807.83 856.30 907.68
10,701.76 11,463.86 12,271.70 13,128.00 14,035.68
6.24% 6.24% 6.24% 6.24% 6.24%

645.61 691.84 740.84 792.78 847.84
16.00% 16.00% 16.00% 16.00% 16.00%

2,300.70 2,438.74 2,585.06 2,740.17 2,904.58
2,946.30 3,130.57 3,325.90 3,532.94 3,752.41
11,433.04 12,111.54 12,830.74 13,593.09 14,401.19
40 40 40 40 40
11.0% 11.0% 11.0% 11.0% 11.0%
1,575.82 1,670.37 1,770.59 1,876.83 1,989.44
30 30 30 30 30
8.22% 8.22% 8.22% 8.22% 8.22%
939.70 995.47 1,054.58 1,117.24 1,183.66
636.12 674.90 716.01 759.59 805.78

36.59 38.78 41.11 43.58 46.19
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 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.33 0.30 0.28 0.26 0.24
0.00 0.00 0.00 0.00 0.00

- - - - -
- - - - -
0.00 0.00 0.00 0.00 0.00

Free Cash Flow
Free Cash Flow Explict Periods 7

DCF Value 12,530.23
1,000.00
Free Cash Flow

900.00
800.00
700.00
600.00
500.00
400.00
This graph comes from

300.00
using the combo box
together with the index
200.00 function. The graph also
uses the offset technique
100.00
to make flexible range
names
0.00
1 2 3 4 5 6 7 8 9
Tornado Diagram -- Basic DCF/Gordon's Model
WACC
Terminal Growth
EBIT Margin
Cap Exp to Sales Low vs Bse

High vs Bse
This graph shows that
with the Gordons
Growth Rate model, the most
important factors are
the WACC and the
terminal growth rate
A/R Days
A/P Days
-200.00 -150.00 -100.00 -50.00 0.00 50.00 100.00 150.00 200.00 250.00
Contents
Re
Growth Rate Analysis set
Explicit Period 6 Col
Cash Flow 100 ou
rs
Growth 3%
WACC 10%
Period 0 1 2 3 4
Explicit Period Switch 1 1 1 1
Terminal Switch 0 0 0 0
Cash Flow 100.00 103.00 106.09 109.27 112.55
Net Present Value (EOY) 1,471.43
Gordons Formula 1,471.43
PV Factor - EOY 0.91 0.83 0.75 0.68
Value with Sumproduct 1,471.43
PV Factor - Mid Yr 0.95 0.87 0.79 0.72
Value - Mid Year 1,543.25
Cash Flow with Gordon's Model

Explict Period Cash Flow 103.00 106.09 109.27 112.55
Terminal Cash Flow 0.00 0.00 0.00 0.00
Total Cash Flow 103.00 106.09 109.27 112.55
Demonstration that should not adjust growth rate in Gordon's model when appling a mid year co
Value of Total Cash Flow - EOY 1,471.43
Value of Total Cash Flow - Mid Yr 1,543.25
Population Growth 0.80%

Productivity Growth 0.75%
Inflation Rate 2.00%
Telcom Growth 20%

Telcom percent of GDP 7.50%
GDP 100.00 103.59 107.30 111.15 115.14

Telecom 7.50 9.18 11.24 13.75 16.83
Telecom as Pct of GDP 7.50% 8.86% 10.47% 12.37% 14.62%
Years to get 50% 12
Years to get 100% 16
Reconcilation of EV/EBITDA Ratio and P/E Ratio (Demonstrates that understanding of P/E is relev
Assumptions
Tax Rate 0%
Net Debt 0
Depreciation Rate 0%
Market Capitalization 1,000.00

Enterprise Value 1,000.00
Income Statement
EBITDA 100
Less: Depreciation and Amortisation 0
EBIT 100
Less: Intnterest Expense 0
EBT 100
Less: Taxes 0
Earnings 100
Ratios
EV/EBITDA 10.00
P/E 10.00
Basic P/E Ratio Analysis

Inputs that Drive Value
ROE 6.00% Value per Share

Beta 50%
Risk Free Rate 4% P/E Ratio
Risk Premium 5.00% Taget P/E
Cost of Equity 6.500% 0.025 Market to Book Ratio
Div Payout 50% Sustainable Growth

Growth Rate 3%
Book Value per Share 22.6

Book Value per Share Balance
Opening Balance 22.60 23.28 23.98 24.70
Add: Net Income per Share 1.36 1.40 1.44 1.48
Less: Dividend per Share 0.68 0.70 0.72 0.74
Closing Balance 22.6 23.28 23.98 24.70 25.44
Value per Share $19.37 0.03 0.03 0.03
Value P/E M/B

6% 19.37 14.28 0.86
7% 25.82 16.32 1.14
8% 32.28 17.85 1.43
9% 38.73 19.04 1.71
10% 45.19 20.00 2.00
11% 51.65 20.77 2.29
12% 58.10 21.42 2.57
13% 64.56 21.97 2.86
Implied EMRP with Different Growth and Different P/E Ratios
Growth Rate
0.05 2% 2% 4%
15 2.98% 2.98% 3.29%
14 3.33% 3.33% 3.53%
12 4.22% 4.22% 4.11%
P/E Ratio 11 4.79% 4.79% 4.49%
Show Comments
5 6 7 8 9 10 11 12 13
1 1 0 0 0 0 0 0 0
0 1 0 0 0 0 0 0 0
115.93 119.41 122.99 126.68 130.48 134.39 138.42 142.58 146.85
0.62 0.56 0.51 0.47 0.42 0.39 0.35 0.32 0.29
0.65 0.59 0.54 0.49 0.44 0.40 0.37 0.33 0.30
115.93 119.41 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 1,756.96 0.00 0.00 0.00 0.00 0.00 0.00 0.00
115.93 1,876.37 0.00 0.00 0.00 0.00 0.00 0.00 0.00
appling a mid year convention
119.27 123.55 127.98 132.57 137.33 142.25 147.35 152.64 158.12

20.60 25.22 30.87 37.78 46.25 56.61 69.29 84.81 103.81
17.28% 20.41% 24.12% 28.50% 33.68% 39.79% 47.02% 55.56% 65.65%
anding of P/E is relevant for understanding EV/EBITDA)
19.37
14.28
11.00
0.8569477
g = ROE x (1-Payout)
g/ROE = 1 - Payout ROE
Payout = 1 - g/ROE
25.44 26.20 26.99 27.80 28.63 29.49 30.37 31.28 32.22
1.53 1.57 1.62 1.67 1.72 1.77 1.82 1.88 1.93
0.76 0.79 0.81 0.83 0.86 0.88 0.91 0.94 0.97
26.20 26.99 27.80 28.63 29.49 30.37 31.28 32.22 33.19
0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03
nt P/E Ratios
5%
3.44%
3.62%
4.06%
4.34%
14 15 16 17 18 19 20 21 22
0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0
151.26 155.80 160.47 165.28 170.24 175.35 180.61 186.03 191.61
0.26 0.24 0.22 0.20 0.18 0.16 0.15 0.14 0.12
0.28 0.25 0.23 0.21 0.19 0.17 0.16 0.14 0.13
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 0.00 0.00 0.00
163.79 169.66 175.75 182.05 188.58 195.35 202.36 209.61 217.13

127.06 155.52 190.35 232.99 285.19 349.07 427.26 522.96 640.11
77.57% 91.66% 108.31% 127.98% 151.22% 178.69% 211.14% 249.49% 294.80%

33.19 34.18 35.21 36.27 37.35 38.47 39.63 40.82 42.04
1.99 2.05 2.11 2.18 2.24 2.31 2.38 2.45 2.52
1.00 1.03 1.06 1.09 1.12 1.15 1.19 1.22 1.26
34.18 35.21 36.27 37.35 38.47 39.63 40.82 42.04 43.30
0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03

23 24 25 26 27 28 29 30 31
0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0
197.36 203.28 209.38 215.66 222.13 228.79 235.66 242.73 250.01
0.11 0.10 0.09 0.08 0.08 0.07 0.06 0.06 0.05
0.12 0.11 0.10 0.09 0.08 0.07 0.07 0.06 0.05
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 0.00 0.00 0.00
224.92 232.99 241.35 250.01 258.97 268.26 277.89 287.85 298.18

783.49 958.99 1,173.81 1,436.74 1,758.57 2,152.49 2,634.65 3,224.81 3,947.16
348.34% 411.60% 486.35% 574.68% 679.05% 802.38% 948.10% 1120.29% 1323.75%

43.30 44.60 45.94 47.32 48.74 50.20 51.71 53.26 54.86
2.60 2.68 2.76 2.84 2.92 3.01 3.10 3.20 3.29
1.30 1.34 1.38 1.42 1.46 1.51 1.55 1.60 1.65
44.60 45.94 47.32 48.74 50.20 51.71 53.26 54.86 56.50
0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03

32 33 34 35 36 37 38 39 40
0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0
257.51 265.23 273.19 281.39 289.83 298.52 307.48 316.70 326.20
0.05 0.04 0.04 0.04 0.03 0.03 0.03 0.02 0.02
0.05 0.05 0.04 0.04 0.03 0.03 0.03 0.03 0.02
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 0.00 0.00 0.00
308.88 319.96 331.43 343.32 355.64 368.39 381.61 395.30 409.48

4,831.33 5,913.55 7,238.18 8,859.53 10,844.07 13,273.14 16,246.33 19,885.50 24,339.85
1564.16% 1848.24% 2183.90% 2580.53% 3049.19% 3602.97% 4257.32% 5030.51% 5944.12%

56.50 58.20 59.94 61.74 63.59 65.50 67.47 69.49 71.57
3.39 3.49 3.60 3.70 3.82 3.93 4.05 4.17 4.29
1.70 1.75 1.80 1.85 1.91 1.97 2.02 2.08 2.15
58.20 59.94 61.74 63.59 65.50 67.47 69.49 71.57 73.72
0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03

41 42 43 44 45 46 47 48 49
0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0
335.99 346.07 356.45 367.15 378.16 389.50 401.19 413.23 425.62
0.02 0.02 0.02 0.02 0.01 0.01 0.01 0.01 0.01
0.02 0.02 0.02 0.02 0.01 0.01 0.01 0.01 0.01
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 0.00 0.00 0.00
424.17 439.38 455.14 471.47 488.38 505.90 524.05 542.85 562.32

29,791.98 36,465.39 44,633.63 54,631.57 66,869.04 81,847.70 100,181.59 122,622.26 150,089.65
7023.66% 8299.25% 9806.51% 11587.51% 13691.97% 16178.62% 19116.89% 22588.79% 26691.23%

73.72 75.93 78.21 80.56 82.97 85.46 88.03 90.67 93.39
4.42 4.56 4.69 4.83 4.98 5.13 5.28 5.44 5.60
2.21 2.28 2.35 2.42 2.49 2.56 2.64 2.72 2.80
75.93 78.21 80.56 82.97 85.46 88.03 90.67 93.39 96.19
0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03

50 51 52 53 54 55 56 57
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
438.39 451.54 465.09 479.04 493.41 508.21 523.46 539.17
0.01 0.01 0.01 0.01 0.01 0.01 0.00 0.00
0.01 0.01 0.01 0.01 0.01 0.01 0.01 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 0.00
582.49 603.38 625.03 647.45 670.67 694.73 719.65 745.47

183,709.73 224,860.71 275,229.51 336,880.91 412,342.24 504,706.90 617,761.25 756,139.77
31538.73% 37266.61% 44034.75% 52032.08% 61481.84% 72647.81% 85841.67% 101431.73%

96.19 99.08 102.05 105.11 108.26 111.51 114.86 118.30
5.77 5.94 6.12 6.31 6.50 6.69 6.89 7.10
2.89 2.97 3.06 3.15 3.25 3.35 3.45 3.55
99.08 102.05 105.11 108.26 111.51 114.86 118.30 121.85
0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03

58 59 60 61 62 63 64
0 0 0 0 0 0 0
0 0 0 0 0 0 0
555.34 572.00 589.16 606.84 625.04 643.79 663.11
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 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00
772.21 799.91 828.60 858.32 889.11 921.01 954.04

925,515.07 1,132,830.45 1,386,584.47 1,697,179.39 2,077,347.58 2,542,673.43 3,112,232.28
119853.16% 141620.18% 167340.40% 197731.78% 233642.65% 276075.45% 326214.64%

121.85 125.51 129.27 133.15 137.14 141.26 145.50
7.31 7.53 7.76 7.99 8.23 8.48 8.73
3.66 3.77 3.88 3.99 4.11 4.24 4.36
125.51 129.27 133.15 137.14 141.26 145.50 149.86
0.03 0.03 0.03 0.03 0.03 0.03 0.03

65 66 67 68 69 70 71
0 0 0 0 0 0 0
0 0 0 0 0 0 0
683.00 703.49 724.59 746.33 768.72 791.78 815.54
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 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00
988.27 1,023.72 1,060.44 1,098.48 1,137.88 1,178.70 1,220.98

3,809,372.31 4,662,671.71 5,707,110.18 6,985,502.85 8,550,255.49 10,465,512.72 12,809,787.57
385459.81% 455464.74% 538183.56% 635925.27% 751418.26% 887886.40% 1049139.07%

149.86 154.36 158.99 163.76 168.67 173.73 178.94
8.99 9.26 9.54 9.83 10.12 10.42 10.74
4.50 4.63 4.77 4.91 5.06 5.21 5.37
154.36 158.99 163.76 168.67 173.73 178.94 184.31
0.03 0.03 0.03 0.03 0.03 0.03 0.03

72 73 74 75 76 77 78
0 0 0 0 0 0 0
0 0 0 0 0 0 0
840.00 865.20 891.16 917.89 945.43 973.79 1,003.01
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 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00
1,264.78 1,310.15 1,357.14 1,405.83 1,456.26 1,508.49 1,562.60

15,679,179.99 19,191,316.31 23,490,171.16 28,751,969.50 35,192,410.67 43,075,510.66 52,724,425.05
1239677.50% 1464820.40% 1730852.42% 2045199.59% 2416636.65% 2855531.90% 3374136.71%

184.31 189.84 195.54 201.40 207.44 213.67 220.08
11.06 11.39 11.73 12.08 12.45 12.82 13.20
5.53 5.70 5.87 6.04 6.22 6.41 6.60
189.84 195.54 201.40 207.44 213.67 220.08 226.68
0.03 0.03 0.03 0.03 0.03 0.03 0.03

79 80 81 82 83 84
0 0 0 0 0 0
0 0 0 0 0 0
1,033.10 1,064.09 1,096.01 1,128.89 1,162.76 1,197.64
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
0.00 0.00 0.00 0.00 0.00 0.00
1,618.66 1,676.72 1,736.87 1,799.17 1,863.71 1,930.56

64,534,696.26 78,990,468.22 96,684,333.11 118,341,623.72 144,850,147.43 177,296,580.46
3986927.46% 4711009.65% 5566595.35% 6577567.47% 7772146.37% 9183677.62%

226.68 233.48 240.48 247.70 255.13 262.78
13.60 14.01 14.43 14.86 15.31 15.77
6.80 7.00 7.21 7.43 7.65 7.88
233.48 240.48 247.70 255.13 262.78 270.67
0.03 0.03 0.03 0.03 0.03 0.03

85 86 87 88 89 90
0 0 0 0 0 0
0 0 0 0 0 0
1,233.57 1,270.58 1,308.70 1,347.96 1,388.39 1,430.05
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
0.00 0.00 0.00 0.00 0.00 0.00
1,999.81 2,071.55 2,145.86 2,222.83 2,302.57 2,385.16

217,011,014.48 265,621,481.73 325,120,693.63 397,947,729.01 487,088,020.31 596,195,736.86
10851562.82% 12822359.47% 15151080.56% 17902730.18% 21154118.14% 24996003.95%

270.67 278.79 287.15 295.77 304.64 313.78
16.24 16.73 17.23 17.75 18.28 18.83
8.12 8.36 8.61 8.87 9.14 9.41
278.79 287.15 295.77 304.64 313.78 323.19
0.03 0.03 0.03 0.03 0.03 0.03

91 92 93 94 95 96
0 0 0 0 0 0
0 0 0 0 0 0
1,472.95 1,517.14 1,562.65 1,609.53 1,657.82 1,707.55
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
0.00 0.00 0.00 0.00 0.00 0.00
2,470.72 2,559.35 2,651.16 2,746.26 2,844.77 2,946.81

729,743,581.91 893,206,144.26 1,093,284,320.57 1,338,180,008.38 1,637,932,330.26 2,004,829,172.24
29535630.33% 34899716.81% 41237996.94% 48727398.01% 57576979.81% 68033770.30%

323.19 332.89 342.87 353.16 363.75 374.67
19.39 19.97 20.57 21.19 21.83 22.48
9.70 9.99 10.29 10.59 10.91 11.24
332.89 342.87 353.16 363.75 374.67 385.91
0.03 0.03 0.03 0.03 0.03 0.03

97 98 99 100 101
0 0 0 0 0
0 0 0 0 0
1,758.78 1,811.54 1,865.89 1,921.86 1,979.52
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 0.00
3,052.52 3,162.02 3,275.44 3,392.94 3,514.65

2,453,910,906.82 3,003,586,949.94 3,676,390,426.73 4,499,901,882.32 5,507,879,903.96
80389661.23% 94989555.99% 112240997.27% 132625543.27% 156712209.93%

385.91 397.48 409.41 421.69 434.34
23.15 23.85 24.56 25.30 26.06
11.58 11.92 12.28 12.65 13.03
397.48 409.41 421.69 434.34 447.37
0.03 0.03 0.03 0.03 0.03

102 103 104 105 106
0 0 0 0 0
0 0 0 0 0
2,038.90 2,100.07 2,163.07 2,227.97 2,294.81
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 0.00
3,640.72 3,771.32 3,906.60 4,046.73 4,191.90

6,741,645,002.44 8,251,773,482.99 10,100,170,743.18 12,362,608,989.65 15,131,833,403.34
185173354.52% 218803443.84% 258541231.06% 305495960.13% 360978329.35%

447.37 460.79 474.62 488.85 503.52
26.84 27.65 28.48 29.33 30.21
13.42 13.82 14.24 14.67 15.11
460.79 474.62 488.85 503.52 518.63
0.03 0.03 0.03 0.03 0.03

107 108 109 110 111
0 0 0 0 0
0 0 0 0 0
2,363.65 2,434.56 2,507.60 2,582.82 2,660.31
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 0.00
4,342.26 4,498.03 4,659.38 4,826.51 4,999.65

18,521,364,085.68 22,670,149,640.88 27,748,263,160.43 33,963,874,108.37 41,571,781,908.65
426537078.28% 504002219.40% 595536121.23% 703693868.88% 831494586.89%

518.63 534.18 550.21 566.72 583.72
31.12 32.05 33.01 34.00 35.02
15.56 16.03 16.51 17.00 17.51
534.18 550.21 566.72 583.72 601.23
0.03 0.03 0.03 0.03 0.03

112 113 114 115 116
0 0 0 0 0
0 0 0 0 0
2,740.12 2,822.32 2,906.99 2,994.20 3,084.03
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 0.00
5,178.99 5,364.77 5,557.21 5,756.55 5,963.04

50,883,861,056.18 62,281,845,932.77 76,232,979,421.71 93,309,166,812.17 114,210,420,178.10
982505715.33% 1160942591.67% 1371786118.01% 1620921798.43% 1915304027.45%

601.23 619.27 637.84 656.98 676.69
36.07 37.16 38.27 39.42 40.60
18.04 18.58 19.14 19.71 20.30
619.27 637.84 656.98 676.69 696.99
0.03 0.03 0.03 0.03 0.03

117 118 119 120 121
0 0 0 0 0
0 0 0 0 0
3,176.55 3,271.84 3,370.00 3,471.10 3,575.23
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 0.00
6,176.95 6,398.52 6,628.04 6,865.80 7,112.08

139,793,554,297.99 171,107,310,460.74 209,435,348,003.95 256,348,865,956.83 313,771,011,931.16
2263150215.58% 2674170170.84% 3159837139.12% 3733708069.39% 4411802043.47%

696.99 717.90 739.44 761.62 784.47
41.82 43.07 44.37 45.70 47.07
20.91 21.54 22.18 22.85 23.53
717.90 739.44 761.62 784.47 808.00
0.03 0.03 0.03 0.03 0.03

122 123 124 125 126
0 0 0 0 0
0 0 0 0 0
3,682.49 3,792.96 3,906.75 4,023.95 4,144.67
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 0.00
7,367.20 7,631.47 7,905.22 8,188.79 8,482.53

384,055,718,603.74 470,084,199,570.98 575,383,060,274.88 704,268,865,776.45 862,025,091,710.38
5213047434.09% 6159810273.06% 7278518578.59% 8600400069.23% 10162353857.06%

808.00 832.24 857.21 882.93 909.41
48.48 49.93 51.43 52.98 54.56
24.24 24.97 25.72 26.49 27.28
832.24 857.21 882.93 909.41 936.70
0.03 0.03 0.03 0.03 0.03

127 128 129 130
0 0 0 0
0 0 0 0
4,269.01 4,397.08 4,529.00 4,664.87
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
8,786.81 9,102.01 9,428.51 9,766.72

1,055,118,712,253.50 1,291,465,303,798.29 1,580,753,531,849.11 1,934,842,322,983.31
12007980452.63% 14188798833.31% 16765684548.40% 19810569004.37%

936.70 964.80 993.74 1,023.55
56.20 57.89 59.62 61.41
28.10 28.94 29.81 30.71
964.80 993.74 1,023.55 1,054.26
0.03 0.03 0.03 0.03

131 132 133 134
0 0 0 0
0 0 0 0
4,804.81 4,948.96 5,097.43 5,250.35
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
10,117.06 10,479.97 10,855.90 11,245.32

2,368,247,003,331.57 2,898,734,332,077.84 3,548,050,822,463.27 4,342,814,206,695.05
23408447364.26% 27659751109.84% 32683151494.55% 38618872142.92%

1,054.26 1,085.89 1,118.46 1,152.02
63.26 65.15 67.11 69.12
31.63 32.58 33.55 34.56
1,085.89 1,118.46 1,152.02 1,186.58
0.03 0.03 0.03 0.03

135 136 137 138
0 0 0 0
0 0 0 0
5,407.86 5,570.09 5,737.20 5,909.31
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
11,648.70 12,066.55 12,499.39 12,947.76

5,315,604,588,994.74 6,506,300,016,929.56 7,963,711,220,721.78 9,747,582,534,163.46
45632603264.70% 53920126745.48% 63712781218.82% 75283919672.48%

1,186.58 1,222.18 1,258.84 1,296.61
71.19 73.33 75.53 77.80
35.60 36.67 37.77 38.90
1,222.18 1,258.84 1,296.61 1,335.50
0.03 0.03 0.03 0.03

139 140 141 142
0 0 0 0
0 0 0 0
6,086.59 6,269.19 6,457.27 6,650.98
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
13,412.21 13,893.33 14,391.70 14,907.94

11,931,041,021,816.10 14,603,594,210,702.90 17,874,799,313,900.30 21,878,754,360,214.00
88956539846.95% 105112300421.78% 124202174668.30% 146759038955.80%

1,335.50 1,375.57 1,416.84 1,459.34
80.13 82.53 85.01 87.56
40.07 41.27 42.51 43.78
1,375.57 1,416.84 1,459.34 1,503.12
0.03 0.03 0.03 0.03

143 144 145 146
0 0 0 0
0 0 0 0
6,850.51 7,056.03 7,267.71 7,485.74
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
15,442.71 15,996.66 16,570.48 17,164.88

26,779,595,336,901.90 32,778,224,692,368.00 40,120,547,023,458.40 49,107,549,556,713.00
173412547507.74% 204906708623.12% 242120652987.26% 286093173800.38%

1,503.12 1,548.22 1,594.66 1,642.50
90.19 92.89 95.68 98.55
45.09 46.45 47.84 49.28
1,548.22 1,594.66 1,642.50 1,691.78
0.03 0.03 0.03 0.03

147 148 149 150
0 0 0 0
0 0 0 0
7,710.31 7,941.62 8,179.87 8,425.27
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
17,780.60 18,418.42 19,079.11 19,763.50

60,107,640,657,416.80 73,571,752,164,678.10 90,051,824,649,566.00 110,223,433,371,069.00
338051723739.07% 399446678174.49% 471991821073.49% 557712183709.66%

1,691.78 1,742.53 1,794.81 1,848.65
101.51 104.55 107.69 110.92
50.75 52.28 53.84 55.46
1,742.53 1,794.81 1,848.65 1,904.11
0.03 0.03 0.03 0.03

151 152 153 154
0 0 0 0
0 0 0 0
8,678.03 8,938.37 9,206.52 9,482.71
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
20,472.44 21,206.81 21,967.52 22,755.52

134,913,482,446,188.00 165,134,102,514,134.00 202,124,141,477,301.00 247,399,949,168,216.00
659000571558.15% 778684357270.64% 920104404195.49% 1087208323520.61%

1,904.11 1,961.23 2,020.07 2,080.67
114.25 117.67 121.20 124.84
57.12 58.84 60.60 62.42
1,961.23 2,020.07 2,080.67 2,143.09
0.03 0.03 0.03 0.03

155 156 157 158
0 0 0 0
0 0 0 0
9,767.19 10,060.21 10,362.02 10,672.88
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
23,571.79 24,417.34 25,293.22 26,200.52

302,817,537,781,896.00 370,648,666,245,041.00 453,673,967,483,930.00 555,296,936,200,331.00
1284660668227.12% 1517973139816.99% 1793658442416.38% 2119412078951.18%

2,143.09 2,207.39 2,273.61 2,341.82
128.59 132.44 136.42 140.51
64.29 66.22 68.21 70.25
2,207.39 2,273.61 2,341.82 2,412.07
0.03 0.03 0.03 0.03

159 160 161 162
0 0 0 0
0 0 0 0
10,993.06 11,322.86 11,662.54 12,012.42
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
27,140.36 28,113.92 29,122.40 30,167.05

679,683,449,909,204.00 831,932,542,688,866.00 1,018,285,432,251,170.00 1,246,381,369,075,435.00
2504327164068.51% 2959148250110.49% 3496571251459.87% 4131597839371.23%

2,412.07 2,484.43 2,558.97 2,635.73
144.72 149.07 153.54 158.14
72.36 74.53 76.77 79.07
2,484.43 2,558.97 2,635.73 2,714.81
0.03 0.03 0.03 0.03

163 164 165 166
0 0 0 0
0 0 0 0
12,372.79 12,743.97 13,126.29 13,520.08
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
31,249.18 32,370.13 33,531.28 34,734.09

1,525,570,795,748,330.00 1,867,298,653,995,959.00 2,285,573,552,491,054.00 2,797,542,028,249,050.00
4881954199895.11% 5768585844139.33% 6816242283043.04% 8054167887324.87%

2,714.81 2,796.25 2,880.14 2,966.54
162.89 167.78 172.81 177.99
81.44 83.89 86.40 89.00
2,796.25 2,880.14 2,966.54 3,055.54
0.03 0.03 0.03 0.03

167 168 169 170
0 0 0 0
0 0 0 0
13,925.68 14,343.45 14,773.76 15,216.97
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
35,980.04 37,270.69 38,607.64 39,992.54

3,424,191,442,576,840.00 4,191,210,325,714,049.00 5,130,041,438,673,996.00 6,279,170,720,936,971.00
9516918217328.22% 11245324609864.40% 13287633947612.40% 15700855426695.50%

3,055.54 3,147.20 3,241.62 3,338.87
183.33 188.83 194.50 200.33
91.67 94.42 97.25 100.17
3,147.20 3,241.62 3,338.87 3,439.04
0.03 0.03 0.03 0.03

171 172 173
0 0 0
0 0 0
15,673.48 16,143.68 16,627.99
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
41,427.12 42,913.16 44,452.51

7,685,704,962,426,852.00 9,407,302,874,010,470.00 11,514,538,717,788,800.00
18552351916218.20% 21921720331109.80% 25903013507160.40%

3,439.04 3,542.21 3,648.47
206.34 212.53 218.91
103.17 106.27 109.45
3,542.21 3,648.47 3,757.93
0.03 0.03 0.03

174 175 176
0 0 0
0 0 0
17,126.83 17,640.64 18,169.86
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
46,047.07 47,698.83 49,409.85

14,093,795,390,573,500.00 17,250,805,558,062,000.00 21,114,986,003,067,800.00
30607365599858.60% 36166094292636.90% 42734366409827.40%

3,757.93 3,870.66 3,986.78
225.48 232.24 239.21
112.74 116.12 119.60
3,870.66 3,986.78 4,106.39
0.03 0.03 0.03

177 178 179
0 0 0
0 0 0
18,714.95 19,276.40 19,854.70
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
51,182.24 53,018.21 54,920.03

25,844,742,867,755,000.00 31,633,965,270,132,200.00 38,719,973,490,641,800.00
50495529256560.80% 59666228590997.00% 70502456092398.70%

4,106.39 4,229.58 4,356.47
246.38 253.77 261.39
123.19 126.89 130.69
4,229.58 4,356.47 4,487.16
0.03 0.03 0.03

180 181 182
0 0 0
0 0 0
20,450.34 21,063.85 21,695.76
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
56,890.08 58,930.80 61,044.72

47,393,247,552,545,500.00 58,009,335,004,315,700.00 71,003,426,045,282,500.00
83306695134584.30% 98436364332487.60% 116313794555698.00%

4,487.16 4,621.78 4,760.43
269.23 277.31 285.63
134.61 138.65 142.81
4,621.78 4,760.43 4,903.24
0.03 0.03 0.03

183 184 185
0 0 0
0 0 0
22,346.63 23,017.03 23,707.54
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
63,234.46 65,502.76 67,852.42

86,908,193,479,425,700.00 106,375,628,818,817,000.00 130,203,769,674,232,000.00
137438017908187.00% 162398697752791.00% 191892588624354.00%

4,903.24 5,050.34 5,201.85
294.19 303.02 312.11
147.10 151.51 156.06
5,050.34 5,201.85 5,357.91
0.03 0.03 0.03

186 187 188
0 0 0
0 0 0
24,418.77 25,151.33 25,905.87
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
70,286.37 72,807.63 75,419.32

159,369,414,081,260,000.00 195,068,162,835,462,000.00 238,763,431,310,606,000.00
226742985494924.00% 267922705299449.00% 316581242230236.00%

5,357.91 5,518.64 5,684.20
321.47 331.12 341.05
160.74 165.56 170.53
5,518.64 5,684.20 5,854.73
0.03 0.03 0.03

189 190 191
0 0 0
0 0 0
26,683.05 27,483.54 28,308.05
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
78,124.71 80,927.13 83,830.09

292,246,439,924,182,000.00 357,709,642,467,198,000.00 437,836,602,379,851,000.00
374076854815356.00% 442014480462432.00% 522290535817596.00%

5,854.73 6,030.37 6,211.28
351.28 361.82 372.68
175.64 180.91 186.34
6,030.37 6,211.28 6,397.62
0.03 0.03 0.03

192 193 194
0 0 0
0 0 0
29,157.29 30,032.01 30,932.97
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
86,837.17 89,952.12 93,178.82

535,912,001,312,937,000.00 655,956,289,607,035,000.00 802,890,498,479,011,000.00
617145853500645.00% 729228232896899.00% 861666351053880.00%

6,397.62 6,589.55 6,787.23
383.86 395.37 407.23
191.93 197.69 203.62
6,589.55 6,787.23 6,990.85
0.03 0.03 0.03

195 196 197
0 0 0
0 0 0
31,860.96 32,816.79 33,801.29
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
96,521.25 99,983.58 103,570.12

982,737,970,138,309,000.00 1,202,871,275,449,290,000.00 1,472,314,441,149,930,000.00
1018157096837860.00% 1203068766203310.00% 1421562999176780.00%

6,990.85 7,200.58 7,416.59
419.45 432.03 445.00
209.73 216.02 222.50
7,200.58 7,416.59 7,639.09
0.03 0.03 0.03

198 199 200
0 0 0
0 0 0
34,815.33 35,859.79 36,935.58
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
107,285.30 111,133.75 115,120.25

1,802,112,875,967,520,000.00 2,205,786,160,184,240,000.00 2,699,882,260,065,510,000.00
1679738862314520.00% 1984803098563770.00% 2345271296896810.00%

7,639.09 7,868.26 8,104.31
458.35 472.10 486.26
229.17 236.05 243.13
7,868.26 8,104.31 8,347.44
0.03 0.03 0.03

201 202 203
0 0 0
0 0 0
38,043.65 39,184.96 40,360.51
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
119,249.76 123,527.39 127,958.46

3,304,655,886,320,180,000.00 4,044,898,804,855,900,000.00 4,950,956,137,143,630,000.00
2771205597183990.00% 3274495565619740.00% 3869190081082050.00%

8,347.44 8,597.86 8,855.80
500.85 515.87 531.35
250.42 257.94 265.67
8,597.86 8,855.80 9,121.47
0.03 0.03 0.03

204 205 206
0 0 0
0 0 0
41,571.32 42,818.46 44,103.02
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
132,548.49 137,303.16 142,228.39

6,059,970,311,863,800,000.00 7,417,403,661,721,290,000.00 9,078,902,081,946,860,000.00
4571889496729355.00% 5402209023666970.00% 6383326271614048.00%

9,121.47 9,395.12 9,676.97
547.29 563.71 580.62
273.64 281.85 290.31
9,395.12 9,676.97 9,967.28
0.03 0.03 0.03

207 208 209
0 0 0
0 0 0
45,426.11 46,788.89 48,192.56
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
147,330.29 152,615.21 158,089.70

11,112,576,148,303,000,000.00 13,601,793,205,522,800,000.00 16,648,594,883,559,900,000.00
7542628230667667.00% 8912475754067903.00% 10531106881800700.00%

9,967.28 10,266.30 10,574.29
598.04 615.98 634.46
299.02 307.99 317.23
10,266.30 10,574.29 10,891.52
0.03 0.03 0.03

210 211 212
0 0 0
0 0 0
49,638.33 51,127.48 52,661.31
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
163,760.56 169,634.85 175,719.86

20,377,880,137,477,300,000.00 24,942,525,288,272,300,000.00 30,529,650,952,845,300,000.00
12443704220490000.00% 14703656174512500.00% 17374047234447100.00%

10,891.52 11,218.26 11,554.81
653.49 673.10 693.29
326.75 336.55 346.64
11,218.26 11,554.81 11,901.46
0.03 0.03 0.03

213 214 215
0 0 0
0 0 0
54,241.15 55,868.38 57,544.43
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
182,023.14 188,552.53 195,316.13

37,368,292,766,282,600,000.00 45,738,790,345,929,900,000.00 55,984,279,383,418,200,000.00
20529418922896200.00% 24257850552872700.00% 28663417881215600.00%

11,901.46 12,258.50 12,626.25
714.09 735.51 757.58
357.04 367.75 378.79
12,258.50 12,626.25 13,005.04
0.03 0.03 0.03

216 217 218
0 0 0
0 0 0
59,270.77 61,048.89 62,880.36
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
202,322.36 209,579.90 217,097.79

68,524,757,965,303,900,000.00 83,874,303,749,531,900,000.00 102,662,147,789,427,000,000.00
33869098288095900.00% 40020203578040800.00% 47288436225972800.00%

13,005.04 13,395.19 13,797.05
780.30 803.71 827.82
390.15 401.86 413.91
13,395.19 13,797.05 14,210.96
0.03 0.03 0.03

219 220 221
0 0 0
0 0 0
64,766.77 66,709.77 68,711.06
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
224,885.34 232,952.25 241,308.53

125,658,468,894,259,000,000.00 153,805,965,926,573,000,000.00 188,258,502,294,125,000,000.00
55876682294662400.00% 66024674813496900.00% 78015685706601500.00%

14,210.96 14,637.29 15,076.41
852.66 878.24 904.58
426.33 439.12 452.29
14,637.29 15,076.41 15,528.70
0.03 0.03 0.03

222 223 224
0 0 0
0 0 0
70,772.39 72,895.57 75,082.43
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
249,964.55 258,931.08 268,219.25

230,428,406,808,009,000,000.00 282,044,369,933,003,000,000.00 345,222,308,797,996,000,000.00
92184433069362500.00% 108926424517739000.00% 128708997421410000.00%

15,528.70 15,994.56 16,474.40
931.72 959.67 988.46
465.86 479.84 494.23
15,994.56 16,474.40 16,968.63
0.03 0.03 0.03

225 226 227
0 0 0
0 0 0
77,334.91 79,654.95 82,044.60
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
277,840.60 287,807.07 298,131.06

422,552,105,968,747,000,000.00 517,203,777,705,746,000,000.00 633,057,423,911,833,000,000.00
152084364198759000.00% 179705026821173000.00% 212341990808429000.00%

16,968.63 17,477.69 18,002.02
1,018.12 1,048.66 1,080.12
509.06 524.33 540.06
17,477.69 18,002.02 18,542.08
0.03 0.03 0.03

228 229 230
0 0 0
0 0 0
84,505.94 87,041.12 89,652.35
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
308,825.38 319,903.31 331,378.63

774,862,286,868,084,000,000.00 948,431,439,126,535,000,000.00 1,160,880,081,490,880,000,000.00
250906287142182000.00% 296474402862084000.00% 350318330216335000.00%

18,542.08 19,098.34 19,671.29
1,112.52 1,145.90 1,180.28
556.26 572.95 590.14
19,098.34 19,671.29 20,261.43
0.03 0.03 0.03

231 232 233
0 0 0
0 0 0
92,341.92 95,112.18 97,965.54
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
343,265.58 355,578.93 368,333.97

1,420,917,219,744,840,000,000.00 1,739,202,676,967,680,000,000.00 2,128,784,076,608,440,000,000.00
413941073161214000.00% 489118602341030000.00% 577949429683363000.00%

20,261.43 20,869.27 21,495.35
1,215.69 1,252.16 1,289.72
607.84 626.08 644.86
20,869.27 21,495.35 22,140.21
0.03 0.03 0.03

234 235 236
0 0 0
0 0 0
100,904.51 103,931.65 107,049.60
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
381,546.55 395,233.08 409,410.57

2,605,631,709,768,730,000,000.00 3,189,293,212,756,920,000,000.00 3,903,694,892,414,470,000,000.00
682913186439044000.00% 806939839819265000.00% 953491480348889000.00%

22,140.21 22,804.42 23,488.55
1,328.41 1,368.27 1,409.31
664.21 684.13 704.66
22,804.42 23,488.55 24,193.21
0.03 0.03 0.03

237 238 239
0 0 0
0 0 0
110,261.08 113,568.92 116,975.98
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
424,096.62 439,309.47 455,068.03

4,778,122,548,315,320,000,000.00 5,848,421,999,137,950,000,000.00 7,158,468,526,944,850,000,000.00
1126658962955090000.00% 1331276099438830000.00% 1573054589907640000.00%

24,193.21 24,919.00 25,666.57
1,451.59 1,495.14 1,539.99
725.80 747.57 770.00
24,919.00 25,666.57 26,436.57
0.03 0.03 0.03

240 241
0 0
0 0
120,485.26 124,099.82
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
471,391.87 488,301.26
8,761,965,476,980,490,000,000.00 10,724,645,743,824,100,000,000.00
1858743459656900000.00% 2196317452034630000.00%
26,436.57 27,229.67
1,586.19 1,633.78
793.10 816.89
27,229.67 28,046.56
0.03 0.03
242 243
0 0
0 0
127,822.82 131,657.50
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
505,817.21 523,961.48
13,126,966,390,440,700,000,000.00 16,067,406,861,899,500,000,000.00
2595199636103780000.00% 3066524442991580000.00%
28,046.56 28,887.96
1,682.79 1,733.28
841.40 866.64
28,887.96 29,754.59
0.03 0.03
244 245
0 0
0 0
135,607.22 139,675.44
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
542,756.61 562,225.94
19,666,505,998,964,900,000,000.00 24,071,803,342,733,100,000,000.00
3623448473344650000.00% 4281517751795650000.00%
29,754.59 30,647.23
1,785.28 1,838.83
892.64 919.42
30,647.23 31,566.65
0.03 0.03
246 247
0 0
0 0
143,865.70 148,181.68
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
582,393.66 603,284.82
29,463,887,291,505,300,000,000.00 36,063,798,044,802,500,000,000.00
5059101680013760000.00% 5977905801741410000.00%
31,566.65 32,513.65
1,894.00 1,950.82
947.00 975.41
32,513.65 33,489.06
0.03 0.03
248 249
0 0
0 0
152,627.13 157,205.94
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
624,925.37 647,342.19
44,142,088,806,838,200,000,000.00 54,029,916,699,570,000,000,000.00
7063577693183760000.00% 8346422891626790000.00%
33,489.06 34,493.73
2,009.34 2,069.62
1,004.67 1,034.81
34,493.73 35,528.54
0.03 0.03
250 251
0 0
0 0
161,922.12 166,779.78
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
670,563.13 694,617.03
66,132,618,040,273,600,000,000.00 80,946,324,481,294,900,000,000.00
9862250846776310000.00% 11653374508775000000.00%
35,528.54 36,594.40
2,131.71 2,195.66
1,065.86 1,097.83
36,594.40 37,692.23
0.03 0.03
Contents
P/E = (1-g/r)/(k-g)
Show Comments
1 6% 0.50 3%
Coefficients -17.18 -12.15 373.05 -29.56 24.64
Independent Variables
ROE Beta Growth G/R Intercept Growth 2 ROE 2

6% 0.5 3% 50.0000% 1.00 0.09% 0%
7% 0.5 3% 42.8571% 1.00 0.09% 0%
8% 0.5 3% 37.5000% 1.00 0.09% 1%
9% 0.5 3% 33.3333% 1.00 0.09% 1%
10% 0.5 3% 30.0000% 1.00 0.09% 1%
11% 0.5 3% 27.2727% 1.00 0.09% 1%
12% 0.5 3% 25.0000% 1.00 0.09% 1%
13% 0.5 3% 23.0769% 1.00 0.09% 2%
14% 0.5 3% 21.4286% 1.00 0.09% 2%
6% 0.6 3% 50.0000% 1.00 0.09% 0%
7% 0.6 3% 42.8571% 1.00 0.09% 0%
8% 0.6 3% 37.5000% 1.00 0.09% 1%
9% 0.6 3% 33.3333% 1.00 0.09% 1%
10% 0.6 3% 30.0000% 1.00 0.09% 1%
11% 0.6 3% 27.2727% 1.00 0.09% 1%
12% 0.6 3% 25.0000% 1.00 0.09% 1%
13% 0.6 3% 23.0769% 1.00 0.09% 2%
14% 0.6 3% 21.4286% 1.00 0.09% 2%
6% 0.7 3% 50.0000% 1.00 0.09% 0%
7% 0.7 3% 42.8571% 1.00 0.09% 0%
8% 0.7 3% 37.5000% 1.00 0.09% 1%
9% 0.7 3% 33.3333% 1.00 0.09% 1%
10% 0.7 3% 30.0000% 1.00 0.09% 1%
11% 0.7 3% 27.2727% 1.00 0.09% 1%
12% 0.7 3% 25.0000% 1.00 0.09% 1%
13% 0.7 3% 23.0769% 1.00 0.09% 2%
14% 0.7 3% 21.4286% 1.00 0.09% 2%
6% 0.8 3% 50.0000% 1.00 0.09% 0%
7% 0.8 3% 42.8571% 1.00 0.09% 0%
8% 0.8 3% 37.5000% 1.00 0.09% 1%
9% 0.8 3% 33.3333% 1.00 0.09% 1%
10% 0.8 3% 30.0000% 1.00 0.09% 1%
11% 0.8 3% 27.2727% 1.00 0.09% 1%
12% 0.8 3% 25.0000% 1.00 0.09% 1%
13% 0.8 3% 23.0769% 1.00 0.09% 2%
14% 0.8 3% 21.4286% 1.00 0.09% 2%
6% 0.9 3% 50.0000% 1.00 0.09% 0%
7% 0.9 3% 42.8571% 1.00 0.09% 0%
8% 0.9 3% 37.5000% 1.00 0.09% 1%
9% 0.9 3% 33.3333% 1.00 0.09% 1%
10% 0.9 3% 30.0000% 1.00 0.09% 1%
11% 0.9 3% 27.2727% 1.00 0.09% 1%
12% 0.9 3% 25.0000% 1.00 0.09% 1%
13% 0.9 3% 23.0769% 1.00 0.09% 2%
14% 0.9 3% 21.4286% 1.00 0.09% 2%
6% 1 3% 50.0000% 1.00 0.09% 0%
7% 1 3% 42.8571% 1.00 0.09% 0%
8% 1 3% 37.5000% 1.00 0.09% 1%
9% 1 3% 33.3333% 1.00 0.09% 1%
10% 1 3% 30.0000% 1.00 0.09% 1%
11% 1 3% 27.2727% 1.00 0.09% 1%
12% 1 3% 25.0000% 1.00 0.09% 1%
13% 1 3% 23.0769% 1.00 0.09% 2%
14% 1 3% 21.4286% 1.00 0.09% 2%
6% 1.1 3% 50.0000% 1.00 0.09% 0%
7% 1.1 3% 42.8571% 1.00 0.09% 0%
8% 1.1 3% 37.5000% 1.00 0.09% 1%
9% 1.1 3% 33.3333% 1.00 0.09% 1%
10% 1.1 3% 30.0000% 1.00 0.09% 1%
11% 1.1 3% 27.2727% 1.00 0.09% 1%
12% 1.1 3% 25.0000% 1.00 0.09% 1%
13% 1.1 3% 23.0769% 1.00 0.09% 2%
14% 1.1 3% 21.4286% 1.00 0.09% 2%
6% 1.2 3% 50.0000% 1.00 0.09% 0%
7% 1.2 3% 42.8571% 1.00 0.09% 0%
8% 1.2 3% 37.5000% 1.00 0.09% 1%
9% 1.2 3% 33.3333% 1.00 0.09% 1%
10% 1.2 3% 30.0000% 1.00 0.09% 1%
11% 1.2 3% 27.2727% 1.00 0.09% 1%
12% 1.2 3% 25.0000% 1.00 0.09% 1%
13% 1.2 3% 23.0769% 1.00 0.09% 2%
14% 1.2 3% 21.4286% 1.00 0.09% 2%
6% 1.3 3% 50.0000% 1.00 0.09% 0%
7% 1.3 3% 42.8571% 1.00 0.09% 0%
8% 1.3 3% 37.5000% 1.00 0.09% 1%
9% 1.3 3% 33.3333% 1.00 0.09% 1%
10% 1.3 3% 30.0000% 1.00 0.09% 1%
11% 1.3 3% 27.2727% 1.00 0.09% 1%
12% 1.3 3% 25.0000% 1.00 0.09% 1%
13% 1.3 3% 23.0769% 1.00 0.09% 2%
14% 1.3 3% 21.4286% 1.00 0.09% 2%
6% 1.4 3% 50.0000% 1.00 0.09% 0%
7% 1.4 3% 42.8571% 1.00 0.09% 0%
8% 1.4 3% 37.5000% 1.00 0.09% 1%
9% 1.4 3% 33.3333% 1.00 0.09% 1%
10% 1.4 3% 30.0000% 1.00 0.09% 1%
11% 1.4 3% 27.2727% 1.00 0.09% 1%
12% 1.4 3% 25.0000% 1.00 0.09% 1%
13% 1.4 3% 23.0769% 1.00 0.09% 2%
14% 1.4 3% 21.4286% 1.00 0.09% 2%
6% 0.5 4% 66.6667% 1.00 0.16% 0%
7% 0.5 4% 57.1429% 1.00 0.16% 0%
8% 0.5 4% 50.0000% 1.00 0.16% 1%
9% 0.5 4% 44.4444% 1.00 0.16% 1%
10% 0.5 4% 40.0000% 1.00 0.16% 1%
11% 0.5 4% 36.3636% 1.00 0.16% 1%
12% 0.5 4% 33.3333% 1.00 0.16% 1%
13% 0.5 4% 30.7692% 1.00 0.16% 2%
14% 0.5 4% 28.5714% 1.00 0.16% 2%
6% 0.6 4% 66.6667% 1.00 0.16% 0%
7% 0.6 4% 57.1429% 1.00 0.16% 0%
8% 0.6 4% 50.0000% 1.00 0.16% 1%
9% 0.6 4% 44.4444% 1.00 0.16% 1%
10% 0.6 4% 40.0000% 1.00 0.16% 1%
11% 0.6 4% 36.3636% 1.00 0.16% 1%
12% 0.6 4% 33.3333% 1.00 0.16% 1%
13% 0.6 4% 30.7692% 1.00 0.16% 2%
14% 0.6 4% 28.5714% 1.00 0.16% 2%
6% 0.7 4% 66.6667% 1.00 0.16% 0%
7% 0.7 4% 57.1429% 1.00 0.16% 0%
8% 0.7 4% 50.0000% 1.00 0.16% 1%
9% 0.7 4% 44.4444% 1.00 0.16% 1%
10% 0.7 4% 40.0000% 1.00 0.16% 1%
11% 0.7 4% 36.3636% 1.00 0.16% 1%
12% 0.7 4% 33.3333% 1.00 0.16% 1%
13% 0.7 4% 30.7692% 1.00 0.16% 2%
14% 0.7 4% 28.5714% 1.00 0.16% 2%
6% 0.8 4% 66.6667% 1.00 0.16% 0%
7% 0.8 4% 57.1429% 1.00 0.16% 0%
8% 0.8 4% 50.0000% 1.00 0.16% 1%
9% 0.8 4% 44.4444% 1.00 0.16% 1%
10% 0.8 4% 40.0000% 1.00 0.16% 1%
11% 0.8 4% 36.3636% 1.00 0.16% 1%
12% 0.8 4% 33.3333% 1.00 0.16% 1%
13% 0.8 4% 30.7692% 1.00 0.16% 2%
14% 0.8 4% 28.5714% 1.00 0.16% 2%
6% 0.9 4% 66.6667% 1.00 0.16% 0%
7% 0.9 4% 57.1429% 1.00 0.16% 0%
8% 0.9 4% 50.0000% 1.00 0.16% 1%
9% 0.9 4% 44.4444% 1.00 0.16% 1%
10% 0.9 4% 40.0000% 1.00 0.16% 1%
11% 0.9 4% 36.3636% 1.00 0.16% 1%
12% 0.9 4% 33.3333% 1.00 0.16% 1%
13% 0.9 4% 30.7692% 1.00 0.16% 2%
14% 0.9 4% 28.5714% 1.00 0.16% 2%
6% 1 4% 66.6667% 1.00 0.16% 0%
7% 1 4% 57.1429% 1.00 0.16% 0%
8% 1 4% 50.0000% 1.00 0.16% 1%
9% 1 4% 44.4444% 1.00 0.16% 1%
10% 1 4% 40.0000% 1.00 0.16% 1%
11% 1 4% 36.3636% 1.00 0.16% 1%
12% 1 4% 33.3333% 1.00 0.16% 1%
13% 1 4% 30.7692% 1.00 0.16% 2%
14% 1 4% 28.5714% 1.00 0.16% 2%
6% 1.1 4% 66.6667% 1.00 0.16% 0%
7% 1.1 4% 57.1429% 1.00 0.16% 0%
8% 1.1 4% 50.0000% 1.00 0.16% 1%
9% 1.1 4% 44.4444% 1.00 0.16% 1%
10% 1.1 4% 40.0000% 1.00 0.16% 1%
11% 1.1 4% 36.3636% 1.00 0.16% 1%
12% 1.1 4% 33.3333% 1.00 0.16% 1%
13% 1.1 4% 30.7692% 1.00 0.16% 2%
14% 1.1 4% 28.5714% 1.00 0.16% 2%
6% 1.2 4% 66.6667% 1.00 0.16% 0%
7% 1.2 4% 57.1429% 1.00 0.16% 0%
8% 1.2 4% 50.0000% 1.00 0.16% 1%
9% 1.2 4% 44.4444% 1.00 0.16% 1%
10% 1.2 4% 40.0000% 1.00 0.16% 1%
11% 1.2 4% 36.3636% 1.00 0.16% 1%
12% 1.2 4% 33.3333% 1.00 0.16% 1%
13% 1.2 4% 30.7692% 1.00 0.16% 2%
14% 1.2 4% 28.5714% 1.00 0.16% 2%
6% 1.3 4% 66.6667% 1.00 0.16% 0%
7% 1.3 4% 57.1429% 1.00 0.16% 0%
8% 1.3 4% 50.0000% 1.00 0.16% 1%
9% 1.3 4% 44.4444% 1.00 0.16% 1%
10% 1.3 4% 40.0000% 1.00 0.16% 1%
11% 1.3 4% 36.3636% 1.00 0.16% 1%
12% 1.3 4% 33.3333% 1.00 0.16% 1%
13% 1.3 4% 30.7692% 1.00 0.16% 2%
14% 1.3 4% 28.5714% 1.00 0.16% 2%
6% 1.4 4% 66.6667% 1.00 0.16% 0%
7% 1.4 4% 57.1429% 1.00 0.16% 0%
8% 1.4 4% 50.0000% 1.00 0.16% 1%
9% 1.4 4% 44.4444% 1.00 0.16% 1%
10% 1.4 4% 40.0000% 1.00 0.16% 1%
11% 1.4 4% 36.3636% 1.00 0.16% 1%
12% 1.4 4% 33.3333% 1.00 0.16% 1%
13% 1.4 4% 30.7692% 1.00 0.16% 2%
14% 1.4 4% 28.5714% 1.00 0.16% 2%
6% 0.5 5% 83.3333% 1.00 0.25% 0%
7% 0.5 5% 71.4286% 1.00 0.25% 0%
8% 0.5 5% 62.5000% 1.00 0.25% 1%
9% 0.5 5% 55.5556% 1.00 0.25% 1%
10% 0.5 5% 50.0000% 1.00 0.25% 1%
11% 0.5 5% 45.4545% 1.00 0.25% 1%
12% 0.5 5% 41.6667% 1.00 0.25% 1%
13% 0.5 5% 38.4615% 1.00 0.25% 2%
14% 0.5 5% 35.7143% 1.00 0.25% 2%
6% 0.6 5% 83.3333% 1.00 0.25% 0%
7% 0.6 5% 71.4286% 1.00 0.25% 0%
8% 0.6 5% 62.5000% 1.00 0.25% 1%
9% 0.6 5% 55.5556% 1.00 0.25% 1%
10% 0.6 5% 50.0000% 1.00 0.25% 1%
11% 0.6 5% 45.4545% 1.00 0.25% 1%
12% 0.6 5% 41.6667% 1.00 0.25% 1%
13% 0.6 5% 38.4615% 1.00 0.25% 2%
14% 0.6 5% 35.7143% 1.00 0.25% 2%
6% 0.7 5% 83.3333% 1.00 0.25% 0%
7% 0.7 5% 71.4286% 1.00 0.25% 0%
8% 0.7 5% 62.5000% 1.00 0.25% 1%
9% 0.7 5% 55.5556% 1.00 0.25% 1%
10% 0.7 5% 50.0000% 1.00 0.25% 1%
11% 0.7 5% 45.4545% 1.00 0.25% 1%
12% 0.7 5% 41.6667% 1.00 0.25% 1%
13% 0.7 5% 38.4615% 1.00 0.25% 2%
14% 0.7 5% 35.7143% 1.00 0.25% 2%
6% 0.8 5% 83.3333% 1.00 0.25% 0%
7% 0.8 5% 71.4286% 1.00 0.25% 0%
8% 0.8 5% 62.5000% 1.00 0.25% 1%
9% 0.8 5% 55.5556% 1.00 0.25% 1%
10% 0.8 5% 50.0000% 1.00 0.25% 1%
11% 0.8 5% 45.4545% 1.00 0.25% 1%
12% 0.8 5% 41.6667% 1.00 0.25% 1%
13% 0.8 5% 38.4615% 1.00 0.25% 2%
14% 0.8 5% 35.7143% 1.00 0.25% 2%
6% 0.9 5% 83.3333% 1.00 0.25% 0%
7% 0.9 5% 71.4286% 1.00 0.25% 0%
8% 0.9 5% 62.5000% 1.00 0.25% 1%
9% 0.9 5% 55.5556% 1.00 0.25% 1%
10% 0.9 5% 50.0000% 1.00 0.25% 1%
11% 0.9 5% 45.4545% 1.00 0.25% 1%
12% 0.9 5% 41.6667% 1.00 0.25% 1%
13% 0.9 5% 38.4615% 1.00 0.25% 2%
14% 0.9 5% 35.7143% 1.00 0.25% 2%
6% 1 5% 83.3333% 1.00 0.25% 0%
7% 1 5% 71.4286% 1.00 0.25% 0%
8% 1 5% 62.5000% 1.00 0.25% 1%
9% 1 5% 55.5556% 1.00 0.25% 1%
10% 1 5% 50.0000% 1.00 0.25% 1%
11% 1 5% 45.4545% 1.00 0.25% 1%
12% 1 5% 41.6667% 1.00 0.25% 1%
13% 1 5% 38.4615% 1.00 0.25% 2%
14% 1 5% 35.7143% 1.00 0.25% 2%
6% 1.1 5% 83.3333% 1.00 0.25% 0%
7% 1.1 5% 71.4286% 1.00 0.25% 0%
8% 1.1 5% 62.5000% 1.00 0.25% 1%
9% 1.1 5% 55.5556% 1.00 0.25% 1%
10% 1.1 5% 50.0000% 1.00 0.25% 1%
11% 1.1 5% 45.4545% 1.00 0.25% 1%
12% 1.1 5% 41.6667% 1.00 0.25% 1%
13% 1.1 5% 38.4615% 1.00 0.25% 2%
14% 1.1 5% 35.7143% 1.00 0.25% 2%
6% 1.2 5% 83.3333% 1.00 0.25% 0%
7% 1.2 5% 71.4286% 1.00 0.25% 0%
8% 1.2 5% 62.5000% 1.00 0.25% 1%
9% 1.2 5% 55.5556% 1.00 0.25% 1%
10% 1.2 5% 50.0000% 1.00 0.25% 1%
11% 1.2 5% 45.4545% 1.00 0.25% 1%
12% 1.2 5% 41.6667% 1.00 0.25% 1%
13% 1.2 5% 38.4615% 1.00 0.25% 2%
14% 1.2 5% 35.7143% 1.00 0.25% 2%
6% 1.3 5% 83.3333% 1.00 0.25% 0%
7% 1.3 5% 71.4286% 1.00 0.25% 0%
8% 1.3 5% 62.5000% 1.00 0.25% 1%
9% 1.3 5% 55.5556% 1.00 0.25% 1%
10% 1.3 5% 50.0000% 1.00 0.25% 1%
11% 1.3 5% 45.4545% 1.00 0.25% 1%
12% 1.3 5% 41.6667% 1.00 0.25% 1%
13% 1.3 5% 38.4615% 1.00 0.25% 2%
14% 1.3 5% 35.7143% 1.00 0.25% 2%
6% 1.4 5% 83.3333% 1.00 0.25% 0%
7% 1.4 5% 71.4286% 1.00 0.25% 0%
8% 1.4 5% 62.5000% 1.00 0.25% 1%
9% 1.4 5% 55.5556% 1.00 0.25% 1%
10% 1.4 5% 50.0000% 1.00 0.25% 1%
11% 1.4 5% 45.4545% 1.00 0.25% 1%
12% 1.4 5% 41.6667% 1.00 0.25% 1%
13% 1.4 5% 38.4615% 1.00 0.25% 2%
14% 1.4 5% 35.7143% 1.00 0.25% 2%
6% 0.5 2% 33.3333% 1.00 0.04% 0%
7% 0.5 2% 28.5714% 1.00 0.04% 0%
8% 0.5 2% 25.0000% 1.00 0.04% 1%
9% 0.5 2% 22.2222% 1.00 0.04% 1%
10% 0.5 2% 20.0000% 1.00 0.04% 1%
11% 0.5 2% 18.1818% 1.00 0.04% 1%
12% 0.5 2% 16.6667% 1.00 0.04% 1%
13% 0.5 2% 15.3846% 1.00 0.04% 2%
14% 0.5 2% 14.2857% 1.00 0.04% 2%
6% 0.6 2% 33.3333% 1.00 0.04% 0%
7% 0.6 2% 28.5714% 1.00 0.04% 0%
8% 0.6 2% 25.0000% 1.00 0.04% 1%
9% 0.6 2% 22.2222% 1.00 0.04% 1%
10% 0.6 2% 20.0000% 1.00 0.04% 1%
11% 0.6 2% 18.1818% 1.00 0.04% 1%
12% 0.6 2% 16.6667% 1.00 0.04% 1%
13% 0.6 2% 15.3846% 1.00 0.04% 2%
14% 0.6 2% 14.2857% 1.00 0.04% 2%
6% 0.7 2% 33.3333% 1.00 0.04% 0%
7% 0.7 2% 28.5714% 1.00 0.04% 0%
8% 0.7 2% 25.0000% 1.00 0.04% 1%
9% 0.7 2% 22.2222% 1.00 0.04% 1%
10% 0.7 2% 20.0000% 1.00 0.04% 1%
11% 0.7 2% 18.1818% 1.00 0.04% 1%
12% 0.7 2% 16.6667% 1.00 0.04% 1%
13% 0.7 2% 15.3846% 1.00 0.04% 2%
14% 0.7 2% 14.2857% 1.00 0.04% 2%
6% 0.8 2% 33.3333% 1.00 0.04% 0%
7% 0.8 2% 28.5714% 1.00 0.04% 0%
8% 0.8 2% 25.0000% 1.00 0.04% 1%
9% 0.8 2% 22.2222% 1.00 0.04% 1%
10% 0.8 2% 20.0000% 1.00 0.04% 1%
11% 0.8 2% 18.1818% 1.00 0.04% 1%
12% 0.8 2% 16.6667% 1.00 0.04% 1%
13% 0.8 2% 15.3846% 1.00 0.04% 2%
14% 0.8 2% 14.2857% 1.00 0.04% 2%
6% 0.9 2% 33.3333% 1.00 0.04% 0%
7% 0.9 2% 28.5714% 1.00 0.04% 0%
8% 0.9 2% 25.0000% 1.00 0.04% 1%
9% 0.9 2% 22.2222% 1.00 0.04% 1%
10% 0.9 2% 20.0000% 1.00 0.04% 1%
11% 0.9 2% 18.1818% 1.00 0.04% 1%
12% 0.9 2% 16.6667% 1.00 0.04% 1%
13% 0.9 2% 15.3846% 1.00 0.04% 2%
14% 0.9 2% 14.2857% 1.00 0.04% 2%
6% 1 2% 33.3333% 1.00 0.04% 0%
7% 1 2% 28.5714% 1.00 0.04% 0%
8% 1 2% 25.0000% 1.00 0.04% 1%
9% 1 2% 22.2222% 1.00 0.04% 1%
10% 1 2% 20.0000% 1.00 0.04% 1%
11% 1 2% 18.1818% 1.00 0.04% 1%
12% 1 2% 16.6667% 1.00 0.04% 1%
13% 1 2% 15.3846% 1.00 0.04% 2%
14% 1 2% 14.2857% 1.00 0.04% 2%
6% 1.1 2% 33.3333% 1.00 0.04% 0%
7% 1.1 2% 28.5714% 1.00 0.04% 0%
8% 1.1 2% 25.0000% 1.00 0.04% 1%
9% 1.1 2% 22.2222% 1.00 0.04% 1%
10% 1.1 2% 20.0000% 1.00 0.04% 1%
11% 1.1 2% 18.1818% 1.00 0.04% 1%
12% 1.1 2% 16.6667% 1.00 0.04% 1%
13% 1.1 2% 15.3846% 1.00 0.04% 2%
14% 1.1 2% 14.2857% 1.00 0.04% 2%
6% 1.2 2% 33.3333% 1.00 0.04% 0%
7% 1.2 2% 28.5714% 1.00 0.04% 0%
8% 1.2 2% 25.0000% 1.00 0.04% 1%
9% 1.2 2% 22.2222% 1.00 0.04% 1%
10% 1.2 2% 20.0000% 1.00 0.04% 1%
11% 1.2 2% 18.1818% 1.00 0.04% 1%
12% 1.2 2% 16.6667% 1.00 0.04% 1%
13% 1.2 2% 15.3846% 1.00 0.04% 2%
14% 1.2 2% 14.2857% 1.00 0.04% 2%
6% 1.3 2% 33.3333% 1.00 0.04% 0%
7% 1.3 2% 28.5714% 1.00 0.04% 0%
8% 1.3 2% 25.0000% 1.00 0.04% 1%
9% 1.3 2% 22.2222% 1.00 0.04% 1%
10% 1.3 2% 20.0000% 1.00 0.04% 1%
11% 1.3 2% 18.1818% 1.00 0.04% 1%
12% 1.3 2% 16.6667% 1.00 0.04% 1%
13% 1.3 2% 15.3846% 1.00 0.04% 2%
14% 1.3 2% 14.2857% 1.00 0.04% 2%
6% 1.4 2% 33.3333% 1.00 0.04% 0%
7% 1.4 2% 28.5714% 1.00 0.04% 0%
8% 1.4 2% 25.0000% 1.00 0.04% 1%
9% 1.4 2% 22.2222% 1.00 0.04% 1%
10% 1.4 2% 20.0000% 1.00 0.04% 1%
11% 1.4 2% 18.1818% 1.00 0.04% 1%
12% 1.4 2% 16.6667% 1.00 0.04% 1%
13% 1.4 2% 15.3846% 1.00 0.04% 2%
14% 1.4 2% 14.2857% 1.00 0.04% 2%
6% 0.5 1% 16.6667% 1.00 0.01% 0%
7% 0.5 1% 14.2857% 1.00 0.01% 0%
8% 0.5 1% 12.5000% 1.00 0.01% 1%
9% 0.5 1% 11.1111% 1.00 0.01% 1%
10% 0.5 1% 10.0000% 1.00 0.01% 1%
11% 0.5 1% 9.0909% 1.00 0.01% 1%
12% 0.5 1% 8.3333% 1.00 0.01% 1%
13% 0.5 1% 7.6923% 1.00 0.01% 2%
14% 0.5 1% 7.1429% 1.00 0.01% 2%
6% 0.6 1% 16.6667% 1.00 0.01% 0%
7% 0.6 1% 14.2857% 1.00 0.01% 0%
8% 0.6 1% 12.5000% 1.00 0.01% 1%
9% 0.6 1% 11.1111% 1.00 0.01% 1%
10% 0.6 1% 10.0000% 1.00 0.01% 1%
11% 0.6 1% 9.0909% 1.00 0.01% 1%
12% 0.6 1% 8.3333% 1.00 0.01% 1%
13% 0.6 1% 7.6923% 1.00 0.01% 2%
14% 0.6 1% 7.1429% 1.00 0.01% 2%
6% 0.7 1% 16.6667% 1.00 0.01% 0%
7% 0.7 1% 14.2857% 1.00 0.01% 0%
8% 0.7 1% 12.5000% 1.00 0.01% 1%
9% 0.7 1% 11.1111% 1.00 0.01% 1%
10% 0.7 1% 10.0000% 1.00 0.01% 1%
11% 0.7 1% 9.0909% 1.00 0.01% 1%
12% 0.7 1% 8.3333% 1.00 0.01% 1%
13% 0.7 1% 7.6923% 1.00 0.01% 2%
14% 0.7 1% 7.1429% 1.00 0.01% 2%
6% 0.8 1% 16.6667% 1.00 0.01% 0%
7% 0.8 1% 14.2857% 1.00 0.01% 0%
8% 0.8 1% 12.5000% 1.00 0.01% 1%
9% 0.8 1% 11.1111% 1.00 0.01% 1%
10% 0.8 1% 10.0000% 1.00 0.01% 1%
11% 0.8 1% 9.0909% 1.00 0.01% 1%
12% 0.8 1% 8.3333% 1.00 0.01% 1%
13% 0.8 1% 7.6923% 1.00 0.01% 2%
14% 0.8 1% 7.1429% 1.00 0.01% 2%
6% 0.9 1% 16.6667% 1.00 0.01% 0%
7% 0.9 1% 14.2857% 1.00 0.01% 0%
8% 0.9 1% 12.5000% 1.00 0.01% 1%
9% 0.9 1% 11.1111% 1.00 0.01% 1%
10% 0.9 1% 10.0000% 1.00 0.01% 1%
11% 0.9 1% 9.0909% 1.00 0.01% 1%
12% 0.9 1% 8.3333% 1.00 0.01% 1%
13% 0.9 1% 7.6923% 1.00 0.01% 2%
14% 0.9 1% 7.1429% 1.00 0.01% 2%
6% 1 1% 16.6667% 1.00 0.01% 0%
7% 1 1% 14.2857% 1.00 0.01% 0%
8% 1 1% 12.5000% 1.00 0.01% 1%
9% 1 1% 11.1111% 1.00 0.01% 1%
10% 1 1% 10.0000% 1.00 0.01% 1%
11% 1 1% 9.0909% 1.00 0.01% 1%
12% 1 1% 8.3333% 1.00 0.01% 1%
13% 1 1% 7.6923% 1.00 0.01% 2%
14% 1 1% 7.1429% 1.00 0.01% 2%
6% 1.1 1% 16.6667% 1.00 0.01% 0%
7% 1.1 1% 14.2857% 1.00 0.01% 0%
8% 1.1 1% 12.5000% 1.00 0.01% 1%
9% 1.1 1% 11.1111% 1.00 0.01% 1%
10% 1.1 1% 10.0000% 1.00 0.01% 1%
11% 1.1 1% 9.0909% 1.00 0.01% 1%
12% 1.1 1% 8.3333% 1.00 0.01% 1%
13% 1.1 1% 7.6923% 1.00 0.01% 2%
14% 1.1 1% 7.1429% 1.00 0.01% 2%
6% 1.2 1% 16.6667% 1.00 0.01% 0%
7% 1.2 1% 14.2857% 1.00 0.01% 0%
8% 1.2 1% 12.5000% 1.00 0.01% 1%
9% 1.2 1% 11.1111% 1.00 0.01% 1%
10% 1.2 1% 10.0000% 1.00 0.01% 1%
11% 1.2 1% 9.0909% 1.00 0.01% 1%
12% 1.2 1% 8.3333% 1.00 0.01% 1%
13% 1.2 1% 7.6923% 1.00 0.01% 2%
14% 1.2 1% 7.1429% 1.00 0.01% 2%
6% 1.3 1% 16.6667% 1.00 0.01% 0%
7% 1.3 1% 14.2857% 1.00 0.01% 0%
8% 1.3 1% 12.5000% 1.00 0.01% 1%
9% 1.3 1% 11.1111% 1.00 0.01% 1%
10% 1.3 1% 10.0000% 1.00 0.01% 1%
11% 1.3 1% 9.0909% 1.00 0.01% 1%
12% 1.3 1% 8.3333% 1.00 0.01% 1%
13% 1.3 1% 7.6923% 1.00 0.01% 2%
14% 1.3 1% 7.1429% 1.00 0.01% 2%
6% 1.4 1% 16.6667% 1.00 0.01% 0%
7% 1.4 1% 14.2857% 1.00 0.01% 0%
8% 1.4 1% 12.5000% 1.00 0.01% 1%
9% 1.4 1% 11.1111% 1.00 0.01% 1%
10% 1.4 1% 10.0000% 1.00 0.01% 1%
11% 1.4 1% 9.0909% 1.00 0.01% 1%
12% 1.4 1% 8.3333% 1.00 0.01% 1%
13% 1.4 1% 7.6923% 1.00 0.01% 2%
14% 1.4 1% 7.1429% 1.00 0.01% 2%
6% 0.5 0% 0.0000% 1.00 0.00% 0%
7% 0.5 0% 0.0000% 1.00 0.00% 0%
8% 0.5 0% 0.0000% 1.00 0.00% 1%
9% 0.5 0% 0.0000% 1.00 0.00% 1%
10% 0.5 0% 0.0000% 1.00 0.00% 1%
11% 0.5 0% 0.0000% 1.00 0.00% 1%
12% 0.5 0% 0.0000% 1.00 0.00% 1%
13% 0.5 0% 0.0000% 1.00 0.00% 2%
14% 0.5 0% 0.0000% 1.00 0.00% 2%
6% 0.6 0% 0.0000% 1.00 0.00% 0%
7% 0.6 0% 0.0000% 1.00 0.00% 0%
8% 0.6 0% 0.0000% 1.00 0.00% 1%
9% 0.6 0% 0.0000% 1.00 0.00% 1%
10% 0.6 0% 0.0000% 1.00 0.00% 1%
11% 0.6 0% 0.0000% 1.00 0.00% 1%
12% 0.6 0% 0.0000% 1.00 0.00% 1%
13% 0.6 0% 0.0000% 1.00 0.00% 2%
14% 0.6 0% 0.0000% 1.00 0.00% 2%
6% 0.7 0% 0.0000% 1.00 0.00% 0%
7% 0.7 0% 0.0000% 1.00 0.00% 0%
8% 0.7 0% 0.0000% 1.00 0.00% 1%
9% 0.7 0% 0.0000% 1.00 0.00% 1%
10% 0.7 0% 0.0000% 1.00 0.00% 1%
11% 0.7 0% 0.0000% 1.00 0.00% 1%
12% 0.7 0% 0.0000% 1.00 0.00% 1%
13% 0.7 0% 0.0000% 1.00 0.00% 2%
14% 0.7 0% 0.0000% 1.00 0.00% 2%
6% 0.8 0% 0.0000% 1.00 0.00% 0%
7% 0.8 0% 0.0000% 1.00 0.00% 0%
8% 0.8 0% 0.0000% 1.00 0.00% 1%
9% 0.8 0% 0.0000% 1.00 0.00% 1%
10% 0.8 0% 0.0000% 1.00 0.00% 1%
11% 0.8 0% 0.0000% 1.00 0.00% 1%
12% 0.8 0% 0.0000% 1.00 0.00% 1%
13% 0.8 0% 0.0000% 1.00 0.00% 2%
14% 0.8 0% 0.0000% 1.00 0.00% 2%
6% 0.9 0% 0.0000% 1.00 0.00% 0%
7% 0.9 0% 0.0000% 1.00 0.00% 0%
8% 0.9 0% 0.0000% 1.00 0.00% 1%
9% 0.9 0% 0.0000% 1.00 0.00% 1%
10% 0.9 0% 0.0000% 1.00 0.00% 1%
11% 0.9 0% 0.0000% 1.00 0.00% 1%
12% 0.9 0% 0.0000% 1.00 0.00% 1%
13% 0.9 0% 0.0000% 1.00 0.00% 2%
14% 0.9 0% 0.0000% 1.00 0.00% 2%
6% 1 0% 0.0000% 1.00 0.00% 0%
7% 1 0% 0.0000% 1.00 0.00% 0%
8% 1 0% 0.0000% 1.00 0.00% 1%
9% 1 0% 0.0000% 1.00 0.00% 1%
10% 1 0% 0.0000% 1.00 0.00% 1%
11% 1 0% 0.0000% 1.00 0.00% 1%
12% 1 0% 0.0000% 1.00 0.00% 1%
13% 1 0% 0.0000% 1.00 0.00% 2%
14% 1 0% 0.0000% 1.00 0.00% 2%
6% 1.1 0% 0.0000% 1.00 0.00% 0%
7% 1.1 0% 0.0000% 1.00 0.00% 0%
8% 1.1 0% 0.0000% 1.00 0.00% 1%
9% 1.1 0% 0.0000% 1.00 0.00% 1%
10% 1.1 0% 0.0000% 1.00 0.00% 1%
11% 1.1 0% 0.0000% 1.00 0.00% 1%
12% 1.1 0% 0.0000% 1.00 0.00% 1%
13% 1.1 0% 0.0000% 1.00 0.00% 2%
14% 1.1 0% 0.0000% 1.00 0.00% 2%
6% 1.2 0% 0.0000% 1.00 0.00% 0%
7% 1.2 0% 0.0000% 1.00 0.00% 0%
8% 1.2 0% 0.0000% 1.00 0.00% 1%
9% 1.2 0% 0.0000% 1.00 0.00% 1%
10% 1.2 0% 0.0000% 1.00 0.00% 1%
11% 1.2 0% 0.0000% 1.00 0.00% 1%
12% 1.2 0% 0.0000% 1.00 0.00% 1%
13% 1.2 0% 0.0000% 1.00 0.00% 2%
14% 1.2 0% 0.0000% 1.00 0.00% 2%
6% 1.3 0% 0.0000% 1.00 0.00% 0%
7% 1.3 0% 0.0000% 1.00 0.00% 0%
8% 1.3 0% 0.0000% 1.00 0.00% 1%
9% 1.3 0% 0.0000% 1.00 0.00% 1%
10% 1.3 0% 0.0000% 1.00 0.00% 1%
11% 1.3 0% 0.0000% 1.00 0.00% 1%
12% 1.3 0% 0.0000% 1.00 0.00% 1%
13% 1.3 0% 0.0000% 1.00 0.00% 2%
14% 1.3 0% 0.0000% 1.00 0.00% 2%
6% 1.4 0% 0.0000% 1.00 0.00% 0%
7% 1.4 0% 0.0000% 1.00 0.00% 0%
8% 1.4 0% 0.0000% 1.00 0.00% 1%
9% 1.4 0% 0.0000% 1.00 0.00% 1%
10% 1.4 0% 0.0000% 1.00 0.00% 1%
11% 1.4 0% 0.0000% 1.00 0.00% 1%
12% 1.4 0% 0.0000% 1.00 0.00% 1%
13% 1.4 0% 0.0000% 1.00 0.00% 2%
14% 1.4 0% 0.0000% 1.00 0.00% 2%
Simulated Predicted
P/E Ratio P/E Ratio Regression Equations Using LINEST Functi
From From
Model Regression
14.28
1 14.28 13.94 Regression without g/ROE
2 16.32 15.88 Growth Beta
3 17.85 17.29 Coefficient 55.01 -12.15
4 19.04 18.35 Std Error 7.02 0.42
5 20.00 19.17 R-Squared 68% 2.79
6 20.77 19.80
7 21.42 20.30 T-Statistic 7.83 -29.10
8 21.97 20.70
9 22.44 21.01 G/R Growth
10 12.50 12.73 Coefficient -29.56 373.05
11 14.28 14.67 Std Error 1.79 20.06
12 15.62 16.08 R-Squared 78.5% 2.27
13 16.67 17.14
14 17.50 17.95 T-Statistic -16.54 18.60
15 18.18 18.59
16 18.75 19.09
17 19.23 19.48 ROE 2 Growth 2
18 19.64 19.80 Coefficient #VALUE! #VALUE!
19 11.11 11.51 Std Error #VALUE! #VALUE!
20 12.70 13.45 R-Squared #VALUE! #VALUE!
21 13.89 14.86
22 14.81 15.92 T-Statstic #VALUE! #VALUE!
23 15.56 16.74
24 16.16 17.37
25 16.67 17.87
26 17.09 18.27
27 17.46 18.58
28 10.00 10.29
29 11.43 12.23
30 12.50 13.65
31 13.33 14.71 Simulated and Predicte
32 14.00 15.52 45.00
33 14.55 16.15 40.00
34 15.00 16.65
35.00
30.00
25.00
20.00
Simulated and Predicte
45.00
40.00
35.00
35 15.38 17.05
30.00
36 15.71 17.37
25.00
37 9.09 9.08
38 10.39 11.02 20.00
39 11.36 12.43 15.00
40 12.12 13.49 10.00
41 12.73 14.30 5.00
42 13.22 14.94 0.00
2
18
82
114
130
146
162
178
194
210
226
242
258
274
290
34
50
66
98
43 13.64 15.44
Column M
44 13.99 15.84 Column N
45 14.29 16.15
46 8.33 7.86
47 9.52 9.80
48 10.42 11.22
49 11.11 12.28
50 11.67 13.09
51 12.12 13.72
52 12.50 14.22
53 12.82 14.62
54 13.10 14.94
55 7.69 6.65
56 8.79 8.59
57 9.62 10.00
58 10.26 11.06
59 10.77 11.87
60 11.19 12.51
61 11.54 13.01
62 11.83 13.41
63 12.09 13.72
64 7.14 5.43
65 8.16 7.37
66 8.93 8.79
67 9.52 9.85
68 10.00 10.66
69 10.39 11.29
70 10.71 11.79
71 10.99 12.19
72 11.22 12.51
73 6.67 4.22
74 7.62 6.16
75 8.33 7.57
76 8.89 8.63
77 9.33 9.44
78 9.70 10.08
79 10.00 10.58
80 10.26 10.97
81 10.48 11.29
82 6.25 3.00
83 7.14 4.94
84 7.81 6.35
85 8.33 7.41
86 8.75 8.23
87 9.09 8.86
88 9.37 9.36
89 9.62 9.76
90 9.82 10.07
91 13.30 12.74
92 17.10 15.39
93 19.95 17.33
94 22.17 18.80
95 23.94 19.94
96 25.39 20.84
97 26.60 21.57
98 27.62 22.15
99 28.50 22.63
100 11.10 11.53
101 14.27 14.17
102 16.65 16.11
103 18.50 17.58
104 19.98 18.73
105 21.20 19.63
106 22.20 20.35
107 23.06 20.94
108 23.79 21.42
109 9.52 10.31
110 12.24 12.96
111 14.28 14.90
112 15.87 16.37
113 17.14 17.51
114 18.18 18.41
115 19.04 19.14
116 19.78 19.72
117 20.40 20.20
118 8.33 9.10
119 10.71 11.74
120 12.50 13.68
121 13.89 15.15
122 15.00 16.29
123 15.91 17.20
124 16.67 17.92
125 17.31 18.51
126 17.86 18.99
127 7.41 7.88
128 9.52 10.53
129 11.11 12.47
130 12.35 13.94
131 13.33 15.08
132 14.14 15.98
133 14.81 16.71
134 15.38 17.29
135 15.87 17.77
136 6.67 6.67
137 8.57 9.31
138 10.00 11.25
139 11.11 12.72
140 12.00 13.86
141 12.73 14.77
142 13.33 15.49
143 13.85 16.08
144 14.29 16.56
145 6.06 5.45
146 7.79 8.10
147 9.09 10.04
148 10.10 11.51
149 10.91 12.65
150 11.57 13.55
151 12.12 14.28
152 12.59 14.86
153 12.99 15.34
154 5.56 4.24
155 7.14 6.88
156 8.33 8.82
157 9.26 10.29
158 10.00 11.43
159 10.61 12.34
160 11.11 13.06
161 11.54 13.65
162 11.90 14.12
163 5.13 3.02
164 6.59 5.67
165 7.69 7.61
166 8.55 9.08
167 9.23 10.22
168 9.79 11.12
169 10.26 11.85
170 10.65 12.43
171 10.99 12.91
172 4.76 1.81
173 6.12 4.45
174 7.14 6.39
175 7.94 7.86
176 8.57 9.00
177 9.09 9.91
178 9.52 10.63
179 9.89 11.22
180 10.20 11.69
181 10.80 11.55
182 18.51 14.90
183 24.29 17.36
184 28.79 19.24
185 32.39 20.71
186 35.33 21.89
187 37.78 22.83
188 39.86 23.61
189 41.64 24.25
190 8.26 10.33
191 14.16 13.68
192 18.59 16.15
193 22.03 18.03
194 24.78 19.50
195 27.03 20.67
196 28.91 21.62
197 30.50 22.40
198 31.86 23.04
199 6.65 9.12
200 11.40 12.46
201 14.96 14.93
202 17.73 16.81
203 19.95 18.28
204 21.76 19.46
205 23.27 20.40
206 24.55 21.18
207 25.64 21.82
208 5.55 7.90
209 9.52 11.25
210 12.49 13.72
211 14.80 15.60
212 16.65 17.07
213 18.17 18.24
214 19.43 19.19
215 20.50 19.96
216 21.41 20.60
217 4.76 6.69
218 8.16 10.03
219 10.71 12.50
220 12.70 14.38
221 14.28 15.85
222 15.58 17.03
223 16.66 17.97
224 17.58 18.75
225 18.36 19.39
226 4.17 5.47
227 7.14 8.82
228 9.37 11.29
229 11.11 13.17
230 12.50 14.64
231 13.64 15.81
232 14.58 16.76
233 15.38 17.53
234 16.07 18.17
235 3.70 4.26
236 6.35 7.60
237 8.33 10.07
238 9.88 11.95
239 11.11 13.42
240 12.12 14.59
241 12.96 15.54
242 13.67 16.32
243 14.29 16.96
244 3.33 3.04
245 5.71 6.39
246 7.50 8.86
247 8.89 10.74
248 10.00 12.21
249 10.91 13.38
250 11.67 14.33
251 12.31 15.10
252 12.86 15.74
253 3.03 1.82
254 5.19 5.17
255 6.82 7.64
256 8.08 9.52
257 9.09 10.99
258 9.92 12.16
259 10.61 13.11
260 11.19 13.89
261 11.69 14.53
262 2.78 0.61
263 4.76 3.96
264 6.25 6.42
265 7.41 8.31
266 8.33 9.78
267 9.09 10.95
268 9.72 11.90
269 10.26 12.67
270 10.71 13.31
271 14.81 15.14
272 15.87 16.37
273 16.67 17.26
274 17.28 17.91
275 17.78 18.39
276 18.18 18.76
277 18.52 19.03
278 18.80 19.24
279 19.05 19.39
280 13.33 13.92
281 14.29 15.16
282 15.00 16.04
283 15.56 16.69
284 16.00 17.18
285 16.36 17.54
286 16.67 17.82
287 16.92 18.03
288 17.14 18.18
289 12.12 12.71
290 12.99 13.94
291 13.64 14.83
292 14.14 15.48
293 14.55 15.96
294 14.88 16.33
295 15.15 16.60
296 15.38 16.81
297 15.58 16.96
298 11.11 11.49
299 11.90 12.73
300 12.50 13.61
301 12.96 14.26
302 13.33 14.75
303 13.64 15.11
304 13.89 15.39
305 14.10 15.60
306 14.29 15.75
307 10.26 10.28
308 10.99 11.51
309 11.54 12.40
310 11.97 13.05
311 12.31 13.53
312 12.59 13.90
313 12.82 14.17
314 13.02 14.38
315 13.19 14.53
316 9.52 9.06
317 10.20 10.30
318 10.71 11.18
319 11.11 11.83
320 11.43 12.32
321 11.69 12.68
322 11.90 12.96
323 12.09 13.16
324 12.24 13.32
325 8.89 7.85
326 9.52 9.08
327 10.00 9.97
328 10.37 10.61
329 10.67 11.10
330 10.91 11.47
331 11.11 11.74
332 11.28 11.95
333 11.43 12.10
334 8.33 6.63
335 8.93 7.87
336 9.37 8.75
337 9.72 9.40
338 10.00 9.88
339 10.23 10.25
340 10.42 10.53
341 10.58 10.73
342 10.71 10.89
343 7.84 5.41
344 8.40 6.65
345 8.82 7.53
346 9.15 8.18
347 9.41 8.67
348 9.63 9.04
349 9.80 9.31
350 9.95 9.52
351 10.08 9.67
352 7.41 4.20
353 7.94 5.44
354 8.33 6.32
355 8.64 6.97
356 8.89 7.45
357 9.09 7.82
358 9.26 8.10
359 9.40 8.30
360 9.52 8.46
361 15.15 16.33
362 15.58 16.87
363 15.91 17.22
364 16.16 17.46
365 16.36 17.62
366 16.53 17.71
367 16.67 17.77
368 16.78 17.78
369 16.88 17.78
370 13.89 15.12
371 14.29 15.65
372 14.58 16.01
373 14.81 16.25
374 15.00 16.40
375 15.15 16.50
376 15.28 16.55
377 15.38 16.57
378 15.48 16.56
379 12.82 13.90
380 13.19 14.44
381 13.46 14.79
382 13.68 15.03
383 13.85 15.19
384 13.99 15.28
385 14.10 15.34
386 14.20 15.35
387 14.29 15.34
388 11.90 12.69
389 12.24 13.22
390 12.50 13.58
391 12.70 13.82
392 12.86 13.97
393 12.99 14.07
394 13.10 14.12
395 13.19 14.14
396 13.27 14.13
397 11.11 11.47
398 11.43 12.01
399 11.67 12.36
400 11.85 12.60
401 12.00 12.76
402 12.12 12.85
403 12.22 12.91
404 12.31 12.92
405 12.38 12.91
406 10.42 10.26
407 10.71 10.79
408 10.94 11.15
409 11.11 11.38
410 11.25 11.54
411 11.36 11.64
412 11.46 11.69
413 11.54 11.71
414 11.61 11.70
415 9.80 9.04
416 10.08 9.57
417 10.29 9.93
418 10.46 10.17
419 10.59 10.33
420 10.70 10.42
421 10.78 10.47
422 10.86 10.49
423 10.92 10.48
424 9.26 7.83
425 9.52 8.36
426 9.72 8.72
427 9.88 8.95
428 10.00 9.11
429 10.10 9.21
430 10.19 9.26
431 10.26 9.28
432 10.32 9.27
433 8.77 6.61
434 9.02 7.14
435 9.21 7.50
436 9.36 7.74
437 9.47 7.90
438 9.57 7.99
439 9.65 8.04
440 9.72 8.06
441 9.77 8.05
442 8.33 5.40
443 8.57 5.93
444 8.75 6.28
445 8.89 6.52
446 9.00 6.68
447 9.09 6.78
448 9.17 6.83
449 9.23 6.85
450 9.29 6.84
451 15.38 17.53
452 15.38 17.36
453 15.38 17.19
454 15.38 17.02
455 15.38 16.84
456 15.38 16.67
457 15.38 16.50
458 15.38 16.33
459 15.38 16.16
460 14.29 16.32
461 14.29 16.14
462 14.29 15.97
463 14.29 15.80
464 14.29 15.63
465 14.29 15.46
466 14.29 15.28
467 14.29 15.11
468 14.29 14.94
469 13.33 15.10
470 13.33 14.93
471 13.33 14.76
472 13.33 14.58
473 13.33 14.41
474 13.33 14.24
475 13.33 14.07
476 13.33 13.90
477 13.33 13.73
478 12.50 13.88
479 12.50 13.71
480 12.50 13.54
481 12.50 13.37
482 12.50 13.20
483 12.50 13.03
484 12.50 12.85
485 12.50 12.68
486 12.50 12.51
487 11.76 12.67
488 11.76 12.50
489 11.76 12.33
490 11.76 12.15
491 11.76 11.98
492 11.76 11.81
493 11.76 11.64
494 11.76 11.47
495 11.76 11.30
496 11.11 11.45
497 11.11 11.28
498 11.11 11.11
499 11.11 10.94
500 11.11 10.77
501 11.11 10.60
502 11.11 10.42
503 11.11 10.25
504 11.11 10.08
505 10.53 10.24
506 10.53 10.07
507 10.53 9.90
508 10.53 9.72
509 10.53 9.55
510 10.53 9.38
511 10.53 9.21
512 10.53 9.04
513 10.53 8.86
514 10.00 9.02
515 10.00 8.85
516 10.00 8.68
517 10.00 8.51
518 10.00 8.34
519 10.00 8.16
520 10.00 7.99
521 10.00 7.82
522 10.00 7.65
523 9.52 7.81
524 9.52 7.64
525 9.52 7.46
526 9.52 7.29
527 9.52 7.12
528 9.52 6.95
529 9.52 6.78
530 9.52 6.61
531 9.52 6.43
532 9.09 6.59
533 9.09 6.42
534 9.09 6.25
535 9.09 6.08
536 9.09 5.91
537 9.09 5.73
538 9.09 5.56
539 9.09 5.39
540 9.09 5.22
ns Using LINEST Function in Excel
ROE Intercept
66.86 16.23
4.65 0.65
#N/A #N/A
14.39 25.09
Beta ROE Intercept

-12.15 -17.18 24.64
0.34 6.33 0.73
#N/A #N/A #N/A
-35.74 -2.71 33.67
G/R Growth Beta ROE Intercept

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
ated and Predicted P/E Ratio

130
146
162
178
194
210
226
242
258
274
Column N
Column M
290
306
322
338
354
370
386
402
418
ated and Predicted P/E Ratio
434
450
466
482
498
514
530
Contents
Complex Model with Transition Periods and Sensitivity Show Comments
Scenario Number 1.00
1 2
Model
Drivers Base Low
Short-term 5 5 3
Fade Period 3 3 2
Inflation Rate - Short-term 1.5% 1.50% 2%

Inflation Rate - Long-term 2.5% 2.50% 3%
Real Interest Rate 1.0% 1% 1.50%
Risk Premium - Short-term 3.9% 3.90% 4.50%

Risk Premium - Long-term 3.0% 3% 4%
Return vs Cost of Equity Short-term 2.0% 2% 1%

Return vs Cost of Equity Long-term 1.0% 1% 0%
Growth Rate - Short-term 5.0% 5% 2%

Growth Rate - Long-term 1.0% 1% 0%
Scenario Analysis
Base Low
1.00 2.00
Value per Share 32.84 32.84 23.20
P/E Ratio 17.30 17.30 11.41
Market to Book Ratio 1.45 1.45 1.03
Value vs Base
Transition - Inflation 114%

Transition - Risk Premium 94%
Transition - Return 84%
Transition - Growth Rate 67%
Period 0 1 2 3
Short-term Period 1 1 1
Long-term Period 0 0 0
Transition Period 0 0 0
Inflation Rate 0.015 0.015 0.015
Add: Real Interest Rate 0.010 0.010 0.010
Risk Free Rate 0.025 0.025 0.025
Risk Premium 0.039 0.039 0.039

Cost of Capital 0.064 0.064 0.064
Add: Return vs Cost of Capital 0.020 0.020 0.020
Total Retun on Equity 0.084 0.084 0.084
Real - Growth 0.050 0.050 0.050

Nominal Growth 0.066 0.066 0.066
Implied Payout Ratio 0.217 0.217 0.217
Opening Balance - Book Value 22.600 24.086 25.670

Add: Net Income 1.898 2.023 2.156
Less: Dividends 0.412 0.440 0.468
Closing Balance 22.6 24.086 25.670 27.357
PV Factor 0.940 0.883 0.830
Value of Dividends 32.84

P/E Ratio 17.30
M/B Ratio 1.45
D
4 5
-9.00 -8.00 -7.00 -6.00 -

Show Comments
3 4 5 6 7 8 9
Short-run Short-run Short-run Short-run Lon-run Long-run
High Inf Sens Risk Prm Return Growth Inf Sens Risk Prm
7 5 5 5 5 5 5
4 3 3 3 3 3 3
1% 2.0% 1.5% 1.5% 1.5% 1.5% 1.5%

2% 2.5% 2.5% 2.5% 2.5% 3.0% 2.5%
0.50% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%
3% 3.90% 4.50% 3.90% 3.90% 3.90% 3.90%

2% 3.00% 3.00% 3.00% 3.00% 3.00% 4.00%
3% 2.00% 2.00% 1.00% 2.00% 2.00% 2.00%

2% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%
7% 5.00% 5.00% 5.00% 2.00% 5.00% 5.00%

2% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%
ario Analysis
Short-run Short-run Short-run Short-run Lon-run Long-run
High Inf Sens Risk Prm Return Growth Inf Sens Risk Prm
3.00 4.00 5.00 6.00 7.00 8.00 9.00
104.38 32.84 32.52 31.50 31.45 32.85 30.96
61.58 16.33 15.99 18.84 16.57 17.30 16.31
4.62 1.45 1.44 1.39 1.39 1.45 1.37
Sensitivity Analysis
Short-run Inf S Short-run Risk Short-run RetuShort-run Gro Lon-run Inf Se Long-run Risk
0.00 -0.32 -1.34 -1.39 0.01 -1.88
4 5 6 7 8 9 10
1 1 0 0 0 0 0
0 0 0 0 0 1 1
0 0 1 1 1 0 0
0.015 0.015 0.017 0.019 0.022 0.025 0.025
0.010 0.010 0.010 0.010 0.010 0.010 0.010
0.025 0.025 0.027 0.029 0.032 0.035 0.035
0.039 0.039 0.037 0.034 0.032 0.030 0.030

0.064 0.064 0.064 0.064 0.064 0.065 0.065
0.020 0.020 0.017 0.014 0.012 0.010 0.010
0.084 0.084 0.080 0.078 0.076 0.075 0.075
0.050 0.050 0.033 0.022 0.015 0.010 0.010

0.066 0.066 0.051 0.042 0.037 0.035 0.035
0.217 0.217 0.365 0.458 0.509 0.530 0.530
27.357 29.156 31.073 32.659 34.036 35.305 36.550

2.298 2.449 2.498 2.538 2.584 2.648 2.741
0.499 0.532 0.912 1.161 1.315 1.403 1.453
29.156 31.073 32.659 34.036 35.305 36.550 37.838
0.780 0.733 0.689 0.648 0.609 0.572 0.537
Value vs Base
Long- Term
Short- Term
Real Interest
Long-run Growth
Long-run Return
Long-run Risk Prm Value vs Base
Lon-run Inf Sens

Short-run Growth
Short-run Return
Short-run Risk Prm
Short-run Inf Sens
-9.00 -8.00 -7.00 -6.00 -5.00 -4.00 -3.00 -2.00 -1.00 0.00 1.00
10 11 12 13 14
Long-run Long-run Real Short- Long-
Return Growth Interest Term Term
5 5 5 3 5
3 3 3 3 2
1.5% 1.5% 1.5% 1.5% 1.5%

2.5% 2.5% 2.5% 2.5% 2.5%
1.00% 1.00% 1.50% 1.00% 1.00%
3.90% 3.90% 3.90% 3.90% 3.90%

3.00% 3.00% 3.00% 3.00% 3.00%
2.00% 2.00% 2.00% 2.00% 2.00%

0.00% 1.00% 1.00% 1.00% 1.00%
5.00% 5.00% 5.00% 5.00% 5.00%

1.00% 0.00% 1.00% 1.00% 1.00%
Long-run Long-run Real Short- Long-

Return Growth Interest Term Term
10.00 11.00 12.00 13.00 14.00
24.71 30.63 31.53 31.96 32.67
13.02 16.13 15.68 16.83 17.21
1.09 1.36 1.40 1.41 1.45
tivity Analysis
Long-run Retu Long-run GrowReal Interest Short- Term Long- Term
-8.13 -2.21 -1.31 -0.88 -0.17
11 12 13 14 15 16 17 18
0 0 0 0 0 0 0 0
1 1 1 1 1 1 1 1
0 0 0 0 0 0 0 0
0.025 0.025 0.025 0.025 0.025 0.025 0.025 0.025
0.010 0.010 0.010 0.010 0.010 0.010 0.010 0.010
0.035 0.035 0.035 0.035 0.035 0.035 0.035 0.035
0.030 0.030 0.030 0.030 0.030 0.030 0.030 0.030

0.065 0.065 0.065 0.065 0.065 0.065 0.065 0.065
0.010 0.010 0.010 0.010 0.010 0.010 0.010 0.010
0.075 0.075 0.075 0.075 0.075 0.075 0.075 0.075
0.010 0.010 0.010 0.010 0.010 0.010 0.010 0.010

0.035 0.035 0.035 0.035 0.035 0.035 0.035 0.035
0.530 0.530 0.530 0.530 0.530 0.530 0.530 0.530
37.838 39.172 40.553 41.982 43.462 44.994 46.580 48.222

2.838 2.938 3.041 3.149 3.260 3.375 3.494 3.617
1.504 1.557 1.612 1.669 1.728 1.789 1.852 1.917
39.172 40.553 41.982 43.462 44.994 46.580 48.222 49.922
0.504 0.474 0.445 0.418 0.392 0.368 0.346 0.325

19 20 21 22 23 24 25 26 27
0 0 0 0 0 0 0 0 0
1 1 1 1 1 1 1 1 1
0 0 0 0 0 0 0 0 0
0.025 0.025 0.025 0.025 0.025 0.025 0.025 0.025 0.025
0.010 0.010 0.010 0.010 0.010 0.010 0.010 0.010 0.010
0.035 0.035 0.035 0.035 0.035 0.035 0.035 0.035 0.035
0.030 0.030 0.030 0.030 0.030 0.030 0.030 0.030 0.030

0.065 0.065 0.065 0.065 0.065 0.065 0.065 0.065 0.065
0.010 0.010 0.010 0.010 0.010 0.010 0.010 0.010 0.010
0.075 0.075 0.075 0.075 0.075 0.075 0.075 0.075 0.075
0.010 0.010 0.010 0.010 0.010 0.010 0.010 0.010 0.010

0.035 0.035 0.035 0.035 0.035 0.035 0.035 0.035 0.035
0.530 0.530 0.530 0.530 0.530 0.530 0.530 0.530 0.530
49.922 51.682 53.504 55.390 57.342 59.363 61.456 63.622 65.865

3.744 3.876 4.013 4.154 4.301 4.452 4.609 4.772 4.940
1.984 2.054 2.127 2.202 2.279 2.360 2.443 2.529 2.618
51.682 53.504 55.390 57.342 59.363 61.456 63.622 65.865 68.187
0.305 0.286 0.269 0.252 0.237 0.222 0.209 0.196 0.184

28 29 30 31 32 33 34 35 36
0 0 0 0 0 0 0 0 0
1 1 1 1 1 1 1 1 1
0 0 0 0 0 0 0 0 0
0.025 0.025 0.025 0.025 0.025 0.025 0.025 0.025 0.025
0.010 0.010 0.010 0.010 0.010 0.010 0.010 0.010 0.010
0.035 0.035 0.035 0.035 0.035 0.035 0.035 0.035 0.035
0.030 0.030 0.030 0.030 0.030 0.030 0.030 0.030 0.030

0.065 0.065 0.065 0.065 0.065 0.065 0.065 0.065 0.065
0.010 0.010 0.010 0.010 0.010 0.010 0.010 0.010 0.010
0.075 0.075 0.075 0.075 0.075 0.075 0.075 0.075 0.075
0.010 0.010 0.010 0.010 0.010 0.010 0.010 0.010 0.010

0.035 0.035 0.035 0.035 0.035 0.035 0.035 0.035 0.035
0.530 0.530 0.530 0.530 0.530 0.530 0.530 0.530 0.530
68.187 70.590 73.079 75.655 78.322 81.082 83.941 86.899 89.963

5.114 5.294 5.481 5.674 5.874 6.081 6.296 6.517 6.747
2.710 2.806 2.905 3.007 3.113 3.223 3.337 3.454 3.576
70.590 73.079 75.655 78.322 81.082 83.941 86.899 89.963 93.134
0.173 0.162 0.152 0.143 0.134 0.126 0.118 0.111 0.104

37 38 39 40 41 42 43 44 45
0 0 0 0 0 0 0 0 0
1 1 1 1 1 1 1 1 1
0 0 0 0 0 0 0 0 0
0.025 0.025 0.025 0.025 0.025 0.025 0.025 0.025 0.025
0.010 0.010 0.010 0.010 0.010 0.010 0.010 0.010 0.010
0.035 0.035 0.035 0.035 0.035 0.035 0.035 0.035 0.035
0.030 0.030 0.030 0.030 0.030 0.030 0.030 0.030 0.030

0.065 0.065 0.065 0.065 0.065 0.065 0.065 0.065 0.065
0.010 0.010 0.010 0.010 0.010 0.010 0.010 0.010 0.010
0.075 0.075 0.075 0.075 0.075 0.075 0.075 0.075 0.075
0.010 0.010 0.010 0.010 0.010 0.010 0.010 0.010 0.010

0.035 0.035 0.035 0.035 0.035 0.035 0.035 0.035 0.035
0.530 0.530 0.530 0.530 0.530 0.530 0.530 0.530 0.530
93.134 96.417 99.815 103.334 106.976 110.747 114.651 118.693 122.877

6.985 7.231 7.486 7.750 8.023 8.306 8.599 8.902 9.216
3.702 3.833 3.968 4.108 4.252 4.402 4.557 4.718 4.884
96.417 99.815 103.334 106.976 110.747 114.651 118.693 122.877 127.208
0.098 0.092 0.086 0.081 0.076 0.072 0.067 0.063 0.059

46 47 48 49 50 51 52 53 54
0 0 0 0 0 0 0 0 0
1 1 1 1 1 1 1 1 1
0 0 0 0 0 0 0 0 0
0.025 0.025 0.025 0.025 0.025 0.025 0.025 0.025 0.025
0.010 0.010 0.010 0.010 0.010 0.010 0.010 0.010 0.010
0.035 0.035 0.035 0.035 0.035 0.035 0.035 0.035 0.035
0.030 0.030 0.030 0.030 0.030 0.030 0.030 0.030 0.030

0.065 0.065 0.065 0.065 0.065 0.065 0.065 0.065 0.065
0.010 0.010 0.010 0.010 0.010 0.010 0.010 0.010 0.010
0.075 0.075 0.075 0.075 0.075 0.075 0.075 0.075 0.075
0.010 0.010 0.010 0.010 0.010 0.010 0.010 0.010 0.010

0.035 0.035 0.035 0.035 0.035 0.035 0.035 0.035 0.035
0.530 0.530 0.530 0.530 0.530 0.530 0.530 0.530 0.530
127.208 131.692 136.334 141.140 146.115 151.266 156.598 162.118 167.833

9.541 9.877 10.225 10.586 10.959 11.345 11.745 12.159 12.587
5.057 5.235 5.419 5.610 5.808 6.013 6.225 6.444 6.671
131.692 136.334 141.140 146.115 151.266 156.598 162.118 167.833 173.749
0.056 0.052 0.049 0.046 0.043 0.041 0.038 0.036 0.034

55 56 57 58 59 60 61 62
0 0 0 0 0 0 0 0
1 1 1 1 1 1 1 1
0 0 0 0 0 0 0 0
0.025 0.025 0.025 0.025 0.025 0.025 0.025 0.025
0.010 0.010 0.010 0.010 0.010 0.010 0.010 0.010
0.035 0.035 0.035 0.035 0.035 0.035 0.035 0.035
0.030 0.030 0.030 0.030 0.030 0.030 0.030 0.030

0.065 0.065 0.065 0.065 0.065 0.065 0.065 0.065
0.010 0.010 0.010 0.010 0.010 0.010 0.010 0.010
0.075 0.075 0.075 0.075 0.075 0.075 0.075 0.075
0.010 0.010 0.010 0.010 0.010 0.010 0.010 0.010

0.035 0.035 0.035 0.035 0.035 0.035 0.035 0.035
0.530 0.530 0.530 0.530 0.530 0.530 0.530 0.530
173.749 179.873 186.214 192.778 199.573 206.608 213.891 221.431

13.031 13.491 13.966 14.458 14.968 15.496 16.042 16.607
6.907 7.150 7.402 7.663 7.933 8.213 8.502 8.802
179.873 186.214 192.778 199.573 206.608 213.891 221.431 229.236
0.032 0.030 0.028 0.026 0.025 0.023 0.022 0.020

63 64 65 66 67 68 69 70
0 0 0 0 0 0 0 0
1 1 1 1 1 1 1 1
0 0 0 0 0 0 0 0
0.025 0.025 0.025 0.025 0.025 0.025 0.025 0.025
0.010 0.010 0.010 0.010 0.010 0.010 0.010 0.010
0.035 0.035 0.035 0.035 0.035 0.035 0.035 0.035
0.030 0.030 0.030 0.030 0.030 0.030 0.030 0.030

0.065 0.065 0.065 0.065 0.065 0.065 0.065 0.065
0.010 0.010 0.010 0.010 0.010 0.010 0.010 0.010
0.075 0.075 0.075 0.075 0.075 0.075 0.075 0.075
0.010 0.010 0.010 0.010 0.010 0.010 0.010 0.010

0.035 0.035 0.035 0.035 0.035 0.035 0.035 0.035
0.530 0.530 0.530 0.530 0.530 0.530 0.530 0.530
229.236 237.317 245.682 254.343 263.308 272.590 282.199 292.146

17.193 17.799 18.426 19.076 19.748 20.444 21.165 21.911
9.112 9.433 9.766 10.110 10.467 10.835 11.217 11.613
237.317 245.682 254.343 263.308 272.590 282.199 292.146 302.444
0.019 0.018 0.017 0.016 0.015 0.014 0.013 0.012

71 72 73 74 75 76 77
0 0 0 0 0 0 0
1 1 1 1 1 1 1
0 0 0 0 0 0 0
0.025 0.025 0.025 0.025 0.025 0.025 0.025
0.010 0.010 0.010 0.010 0.010 0.010 0.010
0.035 0.035 0.035 0.035 0.035 0.035 0.035
0.030 0.030 0.030 0.030 0.030 0.030 0.030

0.065 0.065 0.065 0.065 0.065 0.065 0.065
0.010 0.010 0.010 0.010 0.010 0.010 0.010
0.075 0.075 0.075 0.075 0.075 0.075 0.075
0.010 0.010 0.010 0.010 0.010 0.010 0.010

0.035 0.035 0.035 0.035 0.035 0.035 0.035
0.530 0.530 0.530 0.530 0.530 0.530 0.530
302.444 313.106 324.142 335.569 347.397 359.643 372.320

22.683 23.483 24.311 25.168 26.055 26.973 27.924
12.022 12.446 12.885 13.339 13.809 14.296 14.800
313.106 324.142 335.569 347.397 359.643 372.320 385.445
0.012 0.011 0.010 0.010 0.009 0.008 0.008

78 79 80 81 82 83 84
0 0 0 0 0 0 0
1 1 1 1 1 1 1
0 0 0 0 0 0 0
0.025 0.025 0.025 0.025 0.025 0.025 0.025
0.010 0.010 0.010 0.010 0.010 0.010 0.010
0.035 0.035 0.035 0.035 0.035 0.035 0.035
0.030 0.030 0.030 0.030 0.030 0.030 0.030

0.065 0.065 0.065 0.065 0.065 0.065 0.065
0.010 0.010 0.010 0.010 0.010 0.010 0.010
0.075 0.075 0.075 0.075 0.075 0.075 0.075
0.010 0.010 0.010 0.010 0.010 0.010 0.010

0.035 0.035 0.035 0.035 0.035 0.035 0.035
0.530 0.530 0.530 0.530 0.530 0.530 0.530
385.445 399.032 413.098 427.659 442.734 458.341 474.497

28.908 29.927 30.982 32.074 33.205 34.376 35.587
15.321 15.862 16.421 16.999 17.599 18.219 18.861
399.032 413.098 427.659 442.734 458.341 474.497 491.223
0.007 0.007 0.007 0.006 0.006 0.005 0.005

85 86 87 88 89 90
0 0 0 0 0 0
1 1 1 1 1 1
0 0 0 0 0 0
0.025 0.025 0.025 0.025 0.025 0.025
0.010 0.010 0.010 0.010 0.010 0.010
0.035 0.035 0.035 0.035 0.035 0.035
0.030 0.030 0.030 0.030 0.030 0.030

0.065 0.065 0.065 0.065 0.065 0.065
0.010 0.010 0.010 0.010 0.010 0.010
0.075 0.075 0.075 0.075 0.075 0.075
0.010 0.010 0.010 0.010 0.010 0.010

0.035 0.035 0.035 0.035 0.035 0.035
0.530 0.530 0.530 0.530 0.530 0.530
491.223 508.539 526.465 545.023 564.235 584.124

36.842 38.140 39.485 40.877 42.318 43.809
19.526 20.214 20.927 21.665 22.428 23.219
508.539 526.465 545.023 564.235 584.124 604.714
0.005 0.004 0.004 0.004 0.004 0.003

91 92 93 94 95 96
0 0 0 0 0 0
1 1 1 1 1 1
0 0 0 0 0 0
0.025 0.025 0.025 0.025 0.025 0.025
0.010 0.010 0.010 0.010 0.010 0.010
0.035 0.035 0.035 0.035 0.035 0.035
0.030 0.030 0.030 0.030 0.030 0.030

0.065 0.065 0.065 0.065 0.065 0.065
0.010 0.010 0.010 0.010 0.010 0.010
0.075 0.075 0.075 0.075 0.075 0.075
0.010 0.010 0.010 0.010 0.010 0.010

0.035 0.035 0.035 0.035 0.035 0.035
0.530 0.530 0.530 0.530 0.530 0.530
604.714 626.031 648.098 670.944 694.594 719.079

45.354 46.952 48.607 50.321 52.095 53.931
24.037 24.885 25.762 26.670 27.610 28.583
626.031 648.098 670.944 694.594 719.079 744.426
0.003 0.003 0.003 0.003 0.003 0.002

97 98 99 100 101 102
0 0 0 0 0 0
1 1 1 1 1 1
0 0 0 0 0 0
0.025 0.025 0.025 0.025 0.025 0.025
0.010 0.010 0.010 0.010 0.010 0.010
0.035 0.035 0.035 0.035 0.035 0.035
0.030 0.030 0.030 0.030 0.030 0.030

0.065 0.065 0.065 0.065 0.065 0.065
0.010 0.010 0.010 0.010 0.010 0.010
0.075 0.075 0.075 0.075 0.075 0.075
0.010 0.010 0.010 0.010 0.010 0.010

0.035 0.035 0.035 0.035 0.035 0.035
0.530 0.530 0.530 0.530 0.530 0.530
744.426 770.667 797.833 825.957 855.072 885.213

55.832 57.800 59.837 61.947 64.130 66.391
29.591 30.634 31.714 32.832 33.989 35.187
770.667 797.833 825.957 855.072 885.213 916.417
0.002 0.002 0.002 0.002 0.002 0.002

103 104 105 106 107 108
0 0 0 0 0 0
1 1 1 1 1 1
0 0 0 0 0 0
0.025 0.025 0.025 0.025 0.025 0.025
0.010 0.010 0.010 0.010 0.010 0.010
0.035 0.035 0.035 0.035 0.035 0.035
0.030 0.030 0.030 0.030 0.030 0.030

0.065 0.065 0.065 0.065 0.065 0.065
0.010 0.010 0.010 0.010 0.010 0.010
0.075 0.075 0.075 0.075 0.075 0.075
0.010 0.010 0.010 0.010 0.010 0.010

0.035 0.035 0.035 0.035 0.035 0.035
0.530 0.530 0.530 0.530 0.530 0.530
916.417 948.721 982.163 1,016.784 1,052.626 1,089.731

68.731 71.154 73.662 76.259 78.947 81.730
36.428 37.712 39.041 40.417 41.842 43.317
948.721 982.163 1,016.784 1,052.626 1,089.731 1,128.144
0.002 0.001 0.001 0.001 0.001 0.001

109 110 111 112 113 114
0 0 0 0 0 0
1 1 1 1 1 1
0 0 0 0 0 0
0.025 0.025 0.025 0.025 0.025 0.025
0.010 0.010 0.010 0.010 0.010 0.010
0.035 0.035 0.035 0.035 0.035 0.035
0.030 0.030 0.030 0.030 0.030 0.030

0.065 0.065 0.065 0.065 0.065 0.065
0.010 0.010 0.010 0.010 0.010 0.010
0.075 0.075 0.075 0.075 0.075 0.075
0.010 0.010 0.010 0.010 0.010 0.010

0.035 0.035 0.035 0.035 0.035 0.035
0.530 0.530 0.530 0.530 0.530 0.530
1,128.144 1,167.911 1,209.080 1,251.700 1,295.822 1,341.500

84.611 87.593 90.681 93.878 97.187 100.613
44.844 46.424 48.061 49.755 51.509 53.325
1,167.911 1,209.080 1,251.700 1,295.822 1,341.500 1,388.788
0.001 0.001 0.001 0.001 0.001 0.001

115 116 117 118 119
0 0 0 0 0
1 1 1 1 1
0 0 0 0 0
0.025 0.025 0.025 0.025 0.025
0.010 0.010 0.010 0.010 0.010
0.035 0.035 0.035 0.035 0.035
0.030 0.030 0.030 0.030 0.030

0.065 0.065 0.065 0.065 0.065
0.010 0.010 0.010 0.010 0.010
0.075 0.075 0.075 0.075 0.075
0.010 0.010 0.010 0.010 0.010

0.035 0.035 0.035 0.035 0.035
0.530 0.530 0.530 0.530 0.530
1,388.788 1,437.743 1,488.423 1,540.890 1,595.207

104.159 107.831 111.632 115.567 119.640
55.204 57.150 59.165 61.250 63.409
1,437.743 1,488.423 1,540.890 1,595.207 1,651.438
0.001 0.001 0.001 0.001 0.001

120 121 122 123 124
0 0 0 0 0
1 1 1 1 1
0 0 0 0 0
0.025 0.025 0.025 0.025 0.025
0.010 0.010 0.010 0.010 0.010
0.035 0.035 0.035 0.035 0.035
0.030 0.030 0.030 0.030 0.030

0.065 0.065 0.065 0.065 0.065
0.010 0.010 0.010 0.010 0.010
0.075 0.075 0.075 0.075 0.075
0.010 0.010 0.010 0.010 0.010

0.035 0.035 0.035 0.035 0.035
0.530 0.530 0.530 0.530 0.530
1,651.438 1,709.651 1,769.916 1,832.306 1,896.894

123.858 128.224 132.744 137.423 142.267
65.645 67.959 70.354 72.834 75.402
1,709.651 1,769.916 1,832.306 1,896.894 1,963.760
0.001 0.000 0.000 0.000 0.000

125 126 127 128 129
0 0 0 0 0
1 1 1 1 1
0 0 0 0 0
0.025 0.025 0.025 0.025 0.025
0.010 0.010 0.010 0.010 0.010
0.035 0.035 0.035 0.035 0.035
0.030 0.030 0.030 0.030 0.030

0.065 0.065 0.065 0.065 0.065
0.010 0.010 0.010 0.010 0.010
0.075 0.075 0.075 0.075 0.075
0.010 0.010 0.010 0.010 0.010

0.035 0.035 0.035 0.035 0.035
0.530 0.530 0.530 0.530 0.530
1,963.760 2,032.982 2,104.645 2,178.834 2,255.638

147.282 152.474 157.848 163.413 169.173
78.059 80.811 83.660 86.609 89.662
2,032.982 2,104.645 2,178.834 2,255.638 2,335.149
0.000 0.000 0.000 0.000 0.000

130 131 132 133 134
0 0 0 0 0
1 1 1 1 1
0 0 0 0 0
0.025 0.025 0.025 0.025 0.025
0.010 0.010 0.010 0.010 0.010
0.035 0.035 0.035 0.035 0.035
0.030 0.030 0.030 0.030 0.030

0.065 0.065 0.065 0.065 0.065
0.010 0.010 0.010 0.010 0.010
0.075 0.075 0.075 0.075 0.075
0.010 0.010 0.010 0.010 0.010

0.035 0.035 0.035 0.035 0.035
0.530 0.530 0.530 0.530 0.530
2,335.149 2,417.463 2,502.678 2,590.898 2,682.227

175.136 181.310 187.701 194.317 201.167
92.822 96.094 99.481 102.988 106.619
2,417.463 2,502.678 2,590.898 2,682.227 2,776.776
0.000 0.000 0.000 0.000 0.000

135 136 137 138 139
0 0 0 0 0
1 1 1 1 1
0 0 0 0 0
0.025 0.025 0.025 0.025 0.025
0.010 0.010 0.010 0.010 0.010
0.035 0.035 0.035 0.035 0.035
0.030 0.030 0.030 0.030 0.030

0.065 0.065 0.065 0.065 0.065
0.010 0.010 0.010 0.010 0.010
0.075 0.075 0.075 0.075 0.075
0.010 0.010 0.010 0.010 0.010

0.035 0.035 0.035 0.035 0.035
0.530 0.530 0.530 0.530 0.530
2,776.776 2,874.657 2,975.989 3,080.892 3,189.494

208.258 215.599 223.199 231.067 239.212
110.377 114.268 118.296 122.465 126.782
2,874.657 2,975.989 3,080.892 3,189.494 3,301.923
0.000 0.000 0.000 0.000 0.000

140 141 142 143 144
0 0 0 0 0
1 1 1 1 1
0 0 0 0 0
0.025 0.025 0.025 0.025 0.025
0.010 0.010 0.010 0.010 0.010
0.035 0.035 0.035 0.035 0.035
0.030 0.030 0.030 0.030 0.030

0.065 0.065 0.065 0.065 0.065
0.010 0.010 0.010 0.010 0.010
0.075 0.075 0.075 0.075 0.075
0.010 0.010 0.010 0.010 0.010

0.035 0.035 0.035 0.035 0.035
0.530 0.530 0.530 0.530 0.530
3,301.923 3,418.316 3,538.812 3,663.555 3,792.695

247.644 256.374 265.411 274.767 284.452
131.251 135.878 140.668 145.626 150.760
3,418.316 3,538.812 3,663.555 3,792.695 3,926.388
0.000 0.000 0.000 0.000 0.000

145 146 147 148 149
0 0 0 0 0
1 1 1 1 1
0 0 0 0 0
0.025 0.025 0.025 0.025 0.025
0.010 0.010 0.010 0.010 0.010
0.035 0.035 0.035 0.035 0.035
0.030 0.030 0.030 0.030 0.030

0.065 0.065 0.065 0.065 0.065
0.010 0.010 0.010 0.010 0.010
0.075 0.075 0.075 0.075 0.075
0.010 0.010 0.010 0.010 0.010

0.035 0.035 0.035 0.035 0.035
0.530 0.530 0.530 0.530 0.530
3,926.388 4,064.793 4,208.077 4,356.411 4,509.975

294.479 304.859 315.606 326.731 338.248
156.074 161.576 167.271 173.167 179.272
4,064.793 4,208.077 4,356.411 4,509.975 4,668.952
0.000 0.000 0.000 0.000 0.000

150 151 152 153 154
0 0 0 0 0
1 1 1 1 1
0 0 0 0 0
0.025 0.025 0.025 0.025 0.025
0.010 0.010 0.010 0.010 0.010
0.035 0.035 0.035 0.035 0.035
0.030 0.030 0.030 0.030 0.030

0.065 0.065 0.065 0.065 0.065
0.010 0.010 0.010 0.010 0.010
0.075 0.075 0.075 0.075 0.075
0.010 0.010 0.010 0.010 0.010

0.035 0.035 0.035 0.035 0.035
0.530 0.530 0.530 0.530 0.530
4,668.952 4,833.532 5,003.914 5,180.302 5,362.908

350.171 362.515 375.294 388.523 402.218
185.591 192.133 198.906 205.917 213.176
4,833.532 5,003.914 5,180.302 5,362.908 5,551.950
0.000 0.000 0.000 0.000 0.000

155 156 157 158
0 0 0 0
1 1 1 1
0 0 0 0
0.025 0.025 0.025 0.025
0.010 0.010 0.010 0.010
0.035 0.035 0.035 0.035
0.030 0.030 0.030 0.030

0.065 0.065 0.065 0.065
0.010 0.010 0.010 0.010
0.075 0.075 0.075 0.075
0.010 0.010 0.010 0.010

0.035 0.035 0.035 0.035
0.530 0.530 0.530 0.530
5,551.950 5,747.656 5,950.261 6,160.008

416.396 431.074 446.270 462.001
220.690 228.469 236.523 244.860
5,747.656 5,950.261 6,160.008 6,377.148
0.000 0.000 0.000 0.000

159 160 161 162
0 0 0 0
1 1 1 1
0 0 0 0
0.025 0.025 0.025 0.025
0.010 0.010 0.010 0.010
0.035 0.035 0.035 0.035
0.030 0.030 0.030 0.030

0.065 0.065 0.065 0.065
0.010 0.010 0.010 0.010
0.075 0.075 0.075 0.075
0.010 0.010 0.010 0.010

0.035 0.035 0.035 0.035
0.530 0.530 0.530 0.530
6,377.148 6,601.943 6,834.661 7,075.583

478.286 495.146 512.600 530.669
253.492 262.427 271.678 281.254
6,601.943 6,834.661 7,075.583 7,324.997
0.000 0.000 0.000 0.000

163 164 165 166
0 0 0 0
1 1 1 1
0 0 0 0
0.025 0.025 0.025 0.025
0.010 0.010 0.010 0.010
0.035 0.035 0.035 0.035
0.030 0.030 0.030 0.030

0.065 0.065 0.065 0.065
0.010 0.010 0.010 0.010
0.075 0.075 0.075 0.075
0.010 0.010 0.010 0.010

0.035 0.035 0.035 0.035
0.530 0.530 0.530 0.530
7,324.997 7,583.204 7,850.511 8,127.242

549.375 568.740 588.788 609.543
291.169 301.432 312.058 323.058
7,583.204 7,850.511 8,127.242 8,413.727
0.000 0.000 0.000 0.000

167 168 169 170
0 0 0 0
1 1 1 1
0 0 0 0
0.025 0.025 0.025 0.025
0.010 0.010 0.010 0.010
0.035 0.035 0.035 0.035
0.030 0.030 0.030 0.030

0.065 0.065 0.065 0.065
0.010 0.010 0.010 0.010
0.075 0.075 0.075 0.075
0.010 0.010 0.010 0.010

0.035 0.035 0.035 0.035
0.530 0.530 0.530 0.530
8,413.727 8,710.311 9,017.350 9,335.211

631.030 653.273 676.301 700.141
334.446 346.235 358.440 371.075
8,710.311 9,017.350 9,335.211 9,664.277
0.000 0.000 0.000 0.000

171 172 173 174
0 0 0 0
1 1 1 1
0 0 0 0
0.025 0.025 0.025 0.025
0.010 0.010 0.010 0.010
0.035 0.035 0.035 0.035
0.030 0.030 0.030 0.030

0.065 0.065 0.065 0.065
0.010 0.010 0.010 0.010
0.075 0.075 0.075 0.075
0.010 0.010 0.010 0.010

0.035 0.035 0.035 0.035
0.530 0.530 0.530 0.530
9,664.277 10,004.943 10,357.617 10,722.723

724.821 750.371 776.821 804.204
384.155 397.696 411.715 426.228
10,004.943 10,357.617 10,722.723 11,100.699
0.000 0.000 0.000 0.000

175 176 177 178
0 0 0 0
1 1 1 1
0 0 0 0
0.025 0.025 0.025 0.025
0.010 0.010 0.010 0.010
0.035 0.035 0.035 0.035
0.030 0.030 0.030 0.030

0.065 0.065 0.065 0.065
0.010 0.010 0.010 0.010
0.075 0.075 0.075 0.075
0.010 0.010 0.010 0.010

0.035 0.035 0.035 0.035
0.530 0.530 0.530 0.530
11,100.699 11,491.999 11,897.092 12,316.465

832.552 861.900 892.282 923.735
441.253 456.807 472.909 489.579
11,491.999 11,897.092 12,316.465 12,750.620
0.000 0.000 0.000 0.000

179 180 181 182
0 0 0 0
1 1 1 1
0 0 0 0
0.025 0.025 0.025 0.025
0.010 0.010 0.010 0.010
0.035 0.035 0.035 0.035
0.030 0.030 0.030 0.030

0.065 0.065 0.065 0.065
0.010 0.010 0.010 0.010
0.075 0.075 0.075 0.075
0.010 0.010 0.010 0.010

0.035 0.035 0.035 0.035
0.530 0.530 0.530 0.530
12,750.620 13,200.079 13,665.382 14,147.087

956.296 990.006 1,024.904 1,061.032
506.837 524.703 543.199 562.347
13,200.079 13,665.382 14,147.087 14,645.772
0.000 0.000 0.000 0.000

183 184 185 186
0 0 0 0
1 1 1 1
0 0 0 0
0.025 0.025 0.025 0.025
0.010 0.010 0.010 0.010
0.035 0.035 0.035 0.035
0.030 0.030 0.030 0.030

0.065 0.065 0.065 0.065
0.010 0.010 0.010 0.010
0.075 0.075 0.075 0.075
0.010 0.010 0.010 0.010

0.035 0.035 0.035 0.035
0.530 0.530 0.530 0.530
14,645.772 15,162.035 15,696.497 16,249.798

1,098.433 1,137.153 1,177.237 1,218.735
582.169 602.691 623.936 645.929
15,162.035 15,696.497 16,249.798 16,822.604
0.000 0.000 0.000 0.000

187 188 189 190
0 0 0 0
1 1 1 1
0 0 0 0
0.025 0.025 0.025 0.025
0.010 0.010 0.010 0.010
0.035 0.035 0.035 0.035
0.030 0.030 0.030 0.030

0.065 0.065 0.065 0.065
0.010 0.010 0.010 0.010
0.075 0.075 0.075 0.075
0.010 0.010 0.010 0.010

0.035 0.035 0.035 0.035
0.530 0.530 0.530 0.530
16,822.604 17,415.600 18,029.500 18,665.040

1,261.695 1,306.170 1,352.213 1,399.878
668.698 692.270 716.673 741.935
17,415.600 18,029.500 18,665.040 19,322.983
0.000 0.000 0.000 0.000

191 192 193 194
0 0 0 0
1 1 1 1
0 0 0 0
0.025 0.025 0.025 0.025
0.010 0.010 0.010 0.010
0.035 0.035 0.035 0.035
0.030 0.030 0.030 0.030

0.065 0.065 0.065 0.065
0.010 0.010 0.010 0.010
0.075 0.075 0.075 0.075
0.010 0.010 0.010 0.010

0.035 0.035 0.035 0.035
0.530 0.530 0.530 0.530
19,322.983 20,004.118 20,709.263 21,439.265

1,449.224 1,500.309 1,553.195 1,607.945
768.089 795.164 823.193 852.211
20,004.118 20,709.263 21,439.265 22,194.999
0.000 0.000 0.000 0.000

195 196 197 198
0 0 0 0
1 1 1 1
0 0 0 0
0.025 0.025 0.025 0.025
0.010 0.010 0.010 0.010
0.035 0.035 0.035 0.035
0.030 0.030 0.030 0.030

0.065 0.065 0.065 0.065
0.010 0.010 0.010 0.010
0.075 0.075 0.075 0.075
0.010 0.010 0.010 0.010

0.035 0.035 0.035 0.035
0.530 0.530 0.530 0.530
22,194.999 22,977.373 23,787.325 24,625.828

1,664.625 1,723.303 1,784.049 1,846.937
882.251 913.351 945.546 978.877
22,977.373 23,787.325 24,625.828 25,493.889
0.000 0.000 0.000 0.000

199 200 201 202
0 0 0 0
1 1 1 1
0 0 0 0
0.025 0.025 0.025 0.025
0.010 0.010 0.010 0.010
0.035 0.035 0.035 0.035
0.030 0.030 0.030 0.030

0.065 0.065 0.065 0.065
0.010 0.010 0.010 0.010
0.075 0.075 0.075 0.075
0.010 0.010 0.010 0.010

0.035 0.035 0.035 0.035
0.530 0.530 0.530 0.530
25,493.889 26,392.548 27,322.886 28,286.017

1,912.042 1,979.441 2,049.216 2,121.451
1,013.382 1,049.104 1,086.085 1,124.369
26,392.548 27,322.886 28,286.017 29,283.099
0.000 0.000 0.000 0.000

203 204 205 206
0 0 0 0
1 1 1 1
0 0 0 0
0.025 0.025 0.025 0.025
0.010 0.010 0.010 0.010
0.035 0.035 0.035 0.035
0.030 0.030 0.030 0.030

0.065 0.065 0.065 0.065
0.010 0.010 0.010 0.010
0.075 0.075 0.075 0.075
0.010 0.010 0.010 0.010

0.035 0.035 0.035 0.035
0.530 0.530 0.530 0.530
29,283.099 30,315.329 31,383.944 32,490.228

2,196.232 2,273.650 2,353.796 2,436.767
1,164.003 1,205.034 1,247.512 1,291.487
30,315.329 31,383.944 32,490.228 33,635.509
0.000 0.000 0.000 0.000

207 208 209 210
0 0 0 0
1 1 1 1
0 0 0 0
0.025 0.025 0.025 0.025
0.010 0.010 0.010 0.010
0.035 0.035 0.035 0.035
0.030 0.030 0.030 0.030

0.065 0.065 0.065 0.065
0.010 0.010 0.010 0.010
0.075 0.075 0.075 0.075
0.010 0.010 0.010 0.010

0.035 0.035 0.035 0.035
0.530 0.530 0.530 0.530
33,635.509 34,821.160 36,048.606 37,319.319

2,522.663 2,611.587 2,703.645 2,798.949
1,337.011 1,384.141 1,432.932 1,483.443
34,821.160 36,048.606 37,319.319 38,634.825
0.000 0.000 0.000 0.000

211 212 213 214
0 0 0 0
1 1 1 1
0 0 0 0
0.025 0.025 0.025 0.025
0.010 0.010 0.010 0.010
0.035 0.035 0.035 0.035
0.030 0.030 0.030 0.030

0.065 0.065 0.065 0.065
0.010 0.010 0.010 0.010
0.075 0.075 0.075 0.075
0.010 0.010 0.010 0.010

0.035 0.035 0.035 0.035
0.530 0.530 0.530 0.530
38,634.825 39,996.703 41,406.587 42,866.169

2,897.612 2,999.753 3,105.494 3,214.963
1,535.734 1,589.869 1,645.912 1,703.930
39,996.703 41,406.587 42,866.169 44,377.201
0.000 0.000 0.000 0.000

215 216 217 218
0 0 0 0
1 1 1 1
0 0 0 0
0.025 0.025 0.025 0.025
0.010 0.010 0.010 0.010
0.035 0.035 0.035 0.035
0.030 0.030 0.030 0.030

0.065 0.065 0.065 0.065
0.010 0.010 0.010 0.010
0.075 0.075 0.075 0.075
0.010 0.010 0.010 0.010

0.035 0.035 0.035 0.035
0.530 0.530 0.530 0.530
44,377.201 45,941.498 47,560.936 49,237.459

3,328.290 3,445.612 3,567.070 3,692.809
1,763.994 1,826.175 1,890.547 1,957.189
45,941.498 47,560.936 49,237.459 50,973.079
0.000 0.000 0.000 0.000

219 220 221 222
0 0 0 0
1 1 1 1
0 0 0 0
0.025 0.025 0.025 0.025
0.010 0.010 0.010 0.010
0.035 0.035 0.035 0.035
0.030 0.030 0.030 0.030

0.065 0.065 0.065 0.065
0.010 0.010 0.010 0.010
0.075 0.075 0.075 0.075
0.010 0.010 0.010 0.010

0.035 0.035 0.035 0.035
0.530 0.530 0.530 0.530
50,973.079 52,769.880 54,630.018 56,555.727

3,822.981 3,957.741 4,097.251 4,241.679
2,026.180 2,097.603 2,171.543 2,248.090
52,769.880 54,630.018 56,555.727 58,549.316
0.000 0.000 0.000 0.000

223 224 225
0 0 0
1 1 1
0 0 0
0.025 0.025 0.025
0.010 0.010 0.010
0.035 0.035 0.035
0.030 0.030 0.030

0.065 0.065 0.065
0.010 0.010 0.010
0.075 0.075 0.075
0.010 0.010 0.010

0.035 0.035 0.035
0.530 0.530 0.530
58,549.316 60,613.179 62,749.794

4,391.199 4,545.988 4,706.235
2,327.335 2,409.374 2,494.304
60,613.179 62,749.794 64,961.724
0.000 0.000 0.000

226 227 228
0 0 0
1 1 1
0 0 0
0.025 0.025 0.025
0.010 0.010 0.010
0.035 0.035 0.035
0.030 0.030 0.030

0.065 0.065 0.065
0.010 0.010 0.010
0.075 0.075 0.075
0.010 0.010 0.010

0.035 0.035 0.035
0.530 0.530 0.530
64,961.724 67,251.625 69,622.245

4,872.129 5,043.872 5,221.668
2,582.229 2,673.252 2,767.484
67,251.625 69,622.245 72,076.429
0.000 0.000 0.000

229 230 231
0 0 0
1 1 1
0 0 0
0.025 0.025 0.025
0.010 0.010 0.010
0.035 0.035 0.035
0.030 0.030 0.030

0.065 0.065 0.065
0.010 0.010 0.010
0.075 0.075 0.075
0.010 0.010 0.010

0.035 0.035 0.035
0.530 0.530 0.530
72,076.429 74,617.123 77,247.376

5,405.732 5,596.284 5,793.553
2,865.038 2,966.031 3,070.583
74,617.123 77,247.376 79,970.346
0.000 0.000 0.000

232 233 234
0 0 0
1 1 1
0 0 0
0.025 0.025 0.025
0.010 0.010 0.010
0.035 0.035 0.035
0.030 0.030 0.030

0.065 0.065 0.065
0.010 0.010 0.010
0.075 0.075 0.075
0.010 0.010 0.010

0.035 0.035 0.035
0.530 0.530 0.530
79,970.346 82,789.301 85,707.624

5,997.776 6,209.198 6,428.072
3,178.821 3,290.875 3,406.878
82,789.301 85,707.624 88,728.818
0.000 0.000 0.000

235 236 237
0 0 0
1 1 1
0 0 0
0.025 0.025 0.025
0.010 0.010 0.010
0.035 0.035 0.035
0.030 0.030 0.030

0.065 0.065 0.065
0.010 0.010 0.010
0.075 0.075 0.075
0.010 0.010 0.010

0.035 0.035 0.035
0.530 0.530 0.530
88,728.818 91,856.509 95,094.450

6,654.661 6,889.238 7,132.084
3,526.971 3,651.296 3,780.004
91,856.509 95,094.450 98,446.530
0.000 0.000 0.000

238 239 240
0 0 0
1 1 1
0 0 0
0.025 0.025 0.025
0.010 0.010 0.010
0.035 0.035 0.035
0.030 0.030 0.030

0.065 0.065 0.065
0.010 0.010 0.010
0.075 0.075 0.075
0.010 0.010 0.010

0.035 0.035 0.035
0.530 0.530 0.530
98,446.530 101,916.770 105,509.336

7,383.490 7,643.758 7,913.200
3,913.250 4,051.192 4,193.996
101,916.770 105,509.336 109,228.540
0.000 0.000 0.000

241 242 243
0 0 0
1 1 1
0 0 0
0.025 0.025 0.025
0.010 0.010 0.010
0.035 0.035 0.035
0.030 0.030 0.030

0.065 0.065 0.065
0.010 0.010 0.010
0.075 0.075 0.075
0.010 0.010 0.010

0.035 0.035 0.035
0.530 0.530 0.530
109,228.540 113,078.846 117,064.876

8,192.141 8,480.913 8,779.866
4,341.834 4,494.884 4,653.329
113,078.846 117,064.876 121,191.413
0.000 0.000 0.000

244 245 246
0 0 0
1 1 1
0 0 0
0.025 0.025 0.025
0.010 0.010 0.010
0.035 0.035 0.035
0.030 0.030 0.030

0.065 0.065 0.065
0.010 0.010 0.010
0.075 0.075 0.075
0.010 0.010 0.010

0.035 0.035 0.035
0.530 0.530 0.530
121,191.413 125,463.410 129,885.995

9,089.356 9,409.756 9,741.450
4,817.359 4,987.171 5,162.968
125,463.410 129,885.995 134,464.476
0.000 0.000 0.000

247 248 249
0 0 0
1 1 1
0 0 0
0.025 0.025 0.025
0.010 0.010 0.010
0.035 0.035 0.035
0.030 0.030 0.030

0.065 0.065 0.065
0.010 0.010 0.010
0.075 0.075 0.075
0.010 0.010 0.010

0.035 0.035 0.035
0.530 0.530 0.530
134,464.476 139,204.349 144,111.302

10,084.836 10,440.326 10,808.348
5,344.963 5,533.373 5,728.424
139,204.349 144,111.302 149,191.226
0.000 0.000 0.000

250 251
0 0
1 1
0 0
0.025 0.025
0.010 0.010
0.035 0.035
0.030 0.030
0.065 0.065
0.010 0.010
0.075 0.075
0.010 0.010
0.035 0.035
0.530 0.530
149,191.226 154,450.217
11,189.342 11,583.766
5,930.351 6,139.396
154,450.217 159,894.587
0.000 0.000
Contents
Inputs Show Comments
Assumptions
Inflation Rate 2.00% Enterprise Value
Real Interest Rate 1.00% EBITDA
Risk Premium 2.00% EV/EBITDA
WACC 5.08%
ROIC above WACC 1.00%
ROIC 6.08%
Real Growth Rate 3.00%
Nominal Growth Rate 5.06%
Lifetime of Investment 15
Stable Ratio Cap Exp to Depreciation 145% ROIC = NOPLAT/Inv Capital
Deprecation Rate on Net Plant 11% NOPLAT = EBIT x (1-tax)
Tax Rate 25%
Initial Invested Capital 1,000
Tax Life 10
Stable Ratio of Deferred Tax to Cap Exp 2.02%
EV/EBITDA and Free Cash Flow Calculation

Invested Capital
Plant Balance
Opening Balance 1,000.00 1,050.60 1,103.76 1,159.61
Less: Depreciation 112.19 117.87 123.84 130.10
Add: Capital Expenditures 162.79 171.03 179.69 188.78
Closing Plant Balance 1,000 1,050.60 1,103.76 1,159.61 1,218.29
Deferred Tax Balance

Opening Balance 64.95 68.23 71.69 75.31
Add: Deferred Tax Change 3.29 3.45 3.63 3.81
Closing Balance 64.95 68.23 71.69 75.31 79.13
Opening Balance of Net Investment 935.05 982.37 1,032.07 1,084.30
ROIC 6.08% 6.08% 6.08% 6.08%

NOPLAT = ROIC x Invested Capital 56.85 59.73 62.75 65.93
EBIT = NOPLAT/(1-tax rate) 75.81 79.64 83.67 87.91
EBITDA = EBIT + Depreciation 188.00 197.51 207.51 218.01

Less: Capital Expenditures 162.79 171.03 179.69 188.78
Less: EBIT x Tax Rate 18.95 19.91 20.92 21.98
Add: Deferred Taxes
Free Cash Flow 6.25 6.57 6.90 7.25
Enterprise Value = NPV(WACC,Free Cash) 1,464.06

0 1 2 3 4
Stable Ratios of Cap Exp/Depreciation and Depreciation Rate
Gross Plant Balance
Opening Balance 100.00 205.06 315.44 431.40
Add: Capital Expenditures 100 105.06 110.38 115.96 121.83
Less: Retirements 0.00 0.00 0.00 0.00
Closing Balance 100 205.06 315.44 431.40 553.23
Depreciation Rate 6.67% 6.67% 6.67% 6.67% 6.67%

Depreciation Expense 6.67 13.67 21.03 28.76
Ratio of Cap Exp to Depreciation 15.76 8.07 5.51 4.24
Accumulated Deprecation Expense

Opening Balance 0.00 6.67 20.34 41.37
Add: Depreciation Expense 6.67 13.67 21.03 28.76
Less: Retirements 0.00 0.00 0.00 0.00
Closing Balance 6.67 20.34 41.37 70.13
Net Plant Investment 198.39 295.10 390.03 483.10
Net Plant Depreciation Rate 6.89% 7.13% 7.37%
Gross Tax Balance

Opening Balance 100.00 205.06 315.44 431.40
Add: Cap Exp 100.00 105.06 110.38 115.96 121.83
Less: Retirements - - - -
Closing Balance 100.00 205.06 315.44 431.40 553.23
Tax Deprecaition Rate 0.1 0.1 0.1 0.1

Tax Deprecaition Expense 10.00 20.51 31.54 43.14
Tax - Book Depreciation 3.33 6.84 10.51 14.38

Tax - Book x Tax Rate = Change in Def Tax 0.83 1.71 2.63 3.59
Accumulated Deferred Tax 0.83 2.54 5.17 8.77
Deferred Tax as Pct of Cap Exp 0.79% 1.55% 2.27% 2.95%

Deferred Tax as Percent of Net Plant 0.42% 0.86% 1.33% 1.81%
1,464.06
188.00
7.79
PLAT/Inv Capital
EBIT x (1-tax)
1,218.29 1,279.93 1,344.70 1,412.74 1,484.22 1,559.32 1,638.23 1,721.12 1,808.21

136.69 143.60 150.87 158.50 166.52 174.95 183.80 193.10 202.87
198.33 208.37 218.91 229.99 241.62 253.85 266.69 280.19 294.37
1,279.93 1,344.70 1,412.74 1,484.22 1,559.32 1,638.23 1,721.12 1,808.21 1,899.70
79.13 83.13 87.34 91.76 96.40 101.28 106.40 111.78 117.44

4.00 4.21 4.42 4.64 4.88 5.12 5.38 5.66 5.94
83.13 87.34 91.76 96.40 101.28 106.40 111.78 117.44 123.38
1,139.16 1,196.80 1,257.36 1,320.98 1,387.83 1,458.05 1,531.83 1,609.34 1,690.77
6.08% 6.08% 6.08% 6.08% 6.08% 6.08% 6.08% 6.08% 6.08%

69.27 72.77 76.45 80.32 84.39 88.66 93.14 97.85 102.81
92.35 97.03 101.94 107.09 112.51 118.21 124.19 130.47 137.07
229.04 240.63 252.80 265.60 279.04 293.16 307.99 323.57 339.95

198.33 208.37 218.91 229.99 241.62 253.85 266.69 280.19 294.37
23.09 24.26 25.48 26.77 28.13 29.55 31.05 32.62 34.27
7.62 8.01 8.41 8.84 9.28 9.75 10.25 10.77 11.31

5 6 7 8 9 10 11 12 13
553.23 681.22 815.69 956.96 1,105.38 1,261.32 1,425.14 1,597.25 1,778.07

127.99 134.47 141.27 148.42 155.93 163.82 172.11 180.82 189.97
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
681.22 815.69 956.96 1,105.38 1,261.32 1,425.14 1,597.25 1,778.07 1,968.04
6.67% 6.67% 6.67% 6.67% 6.67% 6.67% 6.67% 6.67% 6.67%

36.88 45.41 54.38 63.80 73.69 84.09 95.01 106.48 118.54
3.47 2.96 2.60 2.33 2.12 1.95 1.81 1.70 1.60
70.13 107.01 152.42 206.80 270.60 344.29 428.38 523.39 629.87

36.88 45.41 54.38 63.80 73.69 84.09 95.01 106.48 118.54
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
107.01 152.42 206.80 270.60 344.29 428.38 523.39 629.87 748.41
574.21 663.27 750.16 834.79 917.03 996.76 1,073.86 1,148.20 1,219.63
7.63% 7.91% 8.20% 8.50% 8.83% 9.17% 9.53% 9.92% 10.32%
553.23 681.22 815.69 956.96 1,105.38 1,261.32 1,325.14 1,392.19 1,462.64

127.99 134.47 141.27 148.42 155.93 163.82 172.11 180.82 189.97
- - - - - 100.00 105.06 110.38 115.96
681.22 815.69 956.96 1,105.38 1,261.32 1,325.14 1,392.19 1,462.64 1,536.65
0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1

55.32 68.12 81.57 95.70 110.54 126.13 132.51 139.22 146.26
18.44 22.71 27.19 31.90 36.85 42.04 37.50 32.74 27.73

4.61 5.68 6.80 7.97 9.21 10.51 9.38 8.18 6.93
13.38 19.05 25.85 33.82 43.04 53.55 62.92 71.11 78.04
3.60% 4.22% 4.81% 5.37% 5.91% 6.42% 5.45% 4.53% 3.65%

2.33% 2.87% 3.45% 4.05% 4.69% 5.37% 5.86% 6.19% 6.40%
1,899.70 1,995.83 2,096.82 2,202.92 2,314.39 2,431.49 2,554.53 2,683.79 2,819.59
213.14 223.92 235.25 247.16 259.66 272.80 286.60 301.11 316.34
309.26 324.91 341.35 358.62 376.77 395.83 415.86 436.91 459.01
1,995.83 2,096.82 2,202.92 2,314.39 2,431.49 2,554.53 2,683.79 2,819.59 2,962.26
123.38 129.63 136.18 143.08 150.32 157.92 165.91 174.31 183.13

6.24 6.56 6.89 7.24 7.61 7.99 8.40 8.82 9.27
129.63 136.18 143.08 150.32 157.92 165.91 174.31 183.13 192.39
1,776.32 1,866.20 1,960.63 2,059.84 2,164.07 2,273.57 2,388.61 2,509.48 2,636.46
6.08% 6.08% 6.08% 6.08% 6.08% 6.08% 6.08% 6.08% 6.08%

108.01 113.47 119.21 125.25 131.58 138.24 145.24 152.59 160.31
144.01 151.30 158.95 167.00 175.45 184.32 193.65 203.45 213.74
357.15 375.22 394.20 414.15 435.11 457.12 480.25 504.56 530.09

309.26 324.91 341.35 358.62 376.77 395.83 415.86 436.91 459.01
36.00 37.82 39.74 41.75 43.86 46.08 48.41 50.86 53.44
11.88 12.48 13.12 13.78 14.48 15.21 15.98 16.79 17.64

14 15 16 17 18 19 20 21 22
1,968.04 2,167.63 2,277.31 2,392.54 2,513.60 2,640.79 2,774.42 2,914.80 3,062.29

199.58 209.68 220.29 231.44 243.15 255.45 268.38 281.96 296.23
0.00 100.00 105.06 110.38 115.96 121.83 127.99 134.47 141.27
2,167.63 2,277.31 2,392.54 2,513.60 2,640.79 2,774.42 2,914.80 3,062.29 3,217.24
6.67% 6.67% 6.67% 6.67% 6.67% 6.67% 6.67% 6.67% 6.67%

131.20 144.51 151.82 159.50 167.57 176.05 184.96 194.32 204.15
1.52 1.45 1.45 1.45 1.45 1.45 1.45 1.45 1.45
748.41 879.61 924.12 970.88 1,020.01 1,071.62 1,125.85 1,182.81 1,242.66

131.20 144.51 151.82 159.50 167.57 176.05 184.96 194.32 204.15
0.00 100.00 105.06 110.38 115.96 121.83 127.99 134.47 141.27
879.61 924.12 970.88 1,020.01 1,071.62 1,125.85 1,182.81 1,242.66 1,305.54
1,288.01 1,353.19 1,421.66 1,493.59 1,569.17 1,648.57 1,731.99 1,819.63 1,911.70
10.76% 11.22% 11.22% 11.22% 11.22% 11.22% 11.22% 11.22% 11.22%
1,536.65 1,614.40 1,696.09 1,781.91 1,872.08 1,966.80 2,066.32 2,170.88 2,280.73

199.58 209.68 220.29 231.44 243.15 255.45 268.38 281.96 296.23
121.83 127.99 134.47 141.27 148.42 155.93 163.82 172.11 180.82
1,614.40 1,696.09 1,781.91 1,872.08 1,966.80 2,066.32 2,170.88 2,280.73 2,396.13
0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1

153.66 161.44 169.61 178.19 187.21 196.68 206.63 217.09 228.07
22.46 16.93 17.79 18.69 19.63 20.63 21.67 22.77 23.92

5.62 4.23 4.45 4.67 4.91 5.16 5.42 5.69 5.98
83.65 87.89 92.33 97.01 101.91 107.07 112.49 118.18 124.16
2.81% 2.02% 2.02% 2.02% 2.02% 2.02% 2.02% 2.02% 2.02%

6.49% 6.49% 6.49% 6.49% 6.49% 6.49% 6.49% 6.49% 6.49%
2,962.26 3,112.15 3,269.62 3,435.06 3,608.88 3,791.49 3,983.34 4,184.89 4,396.65
332.35 349.17 366.83 385.40 404.90 425.39 446.91 469.52 493.28
482.24 506.64 532.28 559.21 587.51 617.23 648.47 681.28 715.75
3,112.15 3,269.62 3,435.06 3,608.88 3,791.49 3,983.34 4,184.89 4,396.65 4,619.12
192.39 202.13 212.36 223.10 234.39 246.25 258.71 271.80 285.56

9.74 10.23 10.75 11.29 11.86 12.46 13.09 13.75 14.45
202.13 212.36 223.10 234.39 246.25 258.71 271.80 285.56 300.00
2,769.86 2,910.02 3,057.27 3,211.96 3,374.49 3,545.24 3,724.63 3,913.09 4,111.09
6.08% 6.08% 6.08% 6.08% 6.08% 6.08% 6.08% 6.08% 6.08%

168.42 176.94 185.89 195.30 205.18 215.56 226.47 237.93 249.97
224.56 235.92 247.86 260.40 273.58 287.42 301.96 317.24 333.29
556.91 585.09 614.69 645.80 678.47 712.80 748.87 786.77 826.58

482.24 506.64 532.28 559.21 587.51 617.23 648.47 681.28 715.75
56.14 58.98 61.96 65.10 68.39 71.85 75.49 79.31 83.32
18.53 19.47 20.45 21.49 22.57 23.72 24.92 26.18 27.50

23 24 25 26 27 28 29 30 31
3,217.24 3,380.03 3,551.06 3,730.75 3,919.52 4,117.85 4,326.21 4,545.12 4,775.10

311.21 326.96 343.51 360.89 379.15 398.33 418.49 439.66 461.91
148.42 155.93 163.82 172.11 180.82 189.97 199.58 209.68 220.29
3,380.03 3,551.06 3,730.75 3,919.52 4,117.85 4,326.21 4,545.12 4,775.10 5,016.72
6.67% 6.67% 6.67% 6.67% 6.67% 6.67% 6.67% 6.67% 6.67%

214.48 225.34 236.74 248.72 261.30 274.52 288.41 303.01 318.34
1.45 1.45 1.45 1.45 1.45 1.45 1.45 1.45 1.45
1,305.54 1,371.60 1,441.01 1,513.92 1,590.53 1,671.01 1,755.56 1,844.39 1,937.72

214.48 225.34 236.74 248.72 261.30 274.52 288.41 303.01 318.34
148.42 155.93 163.82 172.11 180.82 189.97 199.58 209.68 220.29
1,371.60 1,441.01 1,513.92 1,590.53 1,671.01 1,755.56 1,844.39 1,937.72 2,035.76
2,008.43 2,110.06 2,216.83 2,329.00 2,446.85 2,570.66 2,700.73 2,837.39 2,980.96
11.22% 11.22% 11.22% 11.22% 11.22% 11.22% 11.22% 11.22% 11.22%
2,396.13 2,517.37 2,644.75 2,778.58 2,919.17 3,066.89 3,222.07 3,385.11 3,556.39

311.21 326.96 343.51 360.89 379.15 398.33 418.49 439.66 461.91
189.97 199.58 209.68 220.29 231.44 243.15 255.45 268.38 281.96
2,517.37 2,644.75 2,778.58 2,919.17 3,066.89 3,222.07 3,385.11 3,556.39 3,736.35
0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1

239.61 251.74 264.48 277.86 291.92 306.69 322.21 338.51 355.64
25.13 26.40 27.74 29.14 30.62 32.17 33.79 35.50 37.30

6.28 6.60 6.93 7.29 7.65 8.04 8.45 8.88 9.32
130.44 137.04 143.98 151.26 158.92 166.96 175.41 184.28 193.61
2.02% 2.02% 2.02% 2.02% 2.02% 2.02% 2.02% 2.02% 2.02%

6.49% 6.49% 6.49% 6.49% 6.49% 6.49% 6.49% 6.49% 6.49%
4,619.12 4,852.85 5,098.40 5,356.38 5,627.41 5,912.16 6,211.32 6,525.61 6,855.81
518.24 544.46 572.01 600.96 631.37 663.31 696.88 732.14 769.19
751.97 790.02 829.99 871.99 916.11 962.47 1,011.17 1,062.34 1,116.09
4,852.85 5,098.40 5,356.38 5,627.41 5,912.16 6,211.32 6,525.61 6,855.81 7,202.71
300.00 315.18 331.13 347.89 365.49 383.99 403.41 423.83 445.27

15.18 15.95 16.76 17.60 18.49 19.43 20.41 21.45 22.53
315.18 331.13 347.89 365.49 383.99 403.41 423.83 445.27 467.80
4,319.12 4,537.66 4,767.27 5,008.49 5,261.92 5,528.18 5,807.90 6,101.78 6,410.53
6.08% 6.08% 6.08% 6.08% 6.08% 6.08% 6.08% 6.08% 6.08%

262.62 275.91 289.87 304.54 319.95 336.14 353.14 371.01 389.79
350.16 367.88 386.49 406.05 426.59 448.18 470.86 494.68 519.71
868.40 912.34 958.51 1,007.01 1,057.96 1,111.49 1,167.74 1,226.82 1,288.90

751.97 790.02 829.99 871.99 916.11 962.47 1,011.17 1,062.34 1,116.09
87.54 91.97 96.62 101.51 106.65 112.05 117.71 123.67 129.93
28.89 30.35 31.89 33.50 35.20 36.98 38.85 40.82 42.88

32 33 34 35 36 37 38 39 40
5,016.72 5,270.57 5,537.26 5,817.45 6,111.81 6,421.07 6,745.97 7,087.32 7,445.94

485.28 509.84 535.64 562.74 591.22 621.13 652.56 685.58 720.27
231.44 243.15 255.45 268.38 281.96 296.23 311.21 326.96 343.51
5,270.57 5,537.26 5,817.45 6,111.81 6,421.07 6,745.97 7,087.32 7,445.94 7,822.70
6.67% 6.67% 6.67% 6.67% 6.67% 6.67% 6.67% 6.67% 6.67%

334.45 351.37 369.15 387.83 407.45 428.07 449.73 472.49 496.40
1.45 1.45 1.45 1.45 1.45 1.45 1.45 1.45 1.45
2,035.76 2,138.77 2,247.00 2,360.69 2,480.15 2,605.64 2,737.49 2,876.00 3,021.53

334.45 351.37 369.15 387.83 407.45 428.07 449.73 472.49 496.40
231.44 243.15 255.45 268.38 281.96 296.23 311.21 326.96 343.51
2,138.77 2,247.00 2,360.69 2,480.15 2,605.64 2,737.49 2,876.00 3,021.53 3,174.42
3,131.80 3,290.26 3,456.75 3,631.66 3,815.43 4,008.49 4,211.32 4,424.41 4,648.28
11.22% 11.22% 11.22% 11.22% 11.22% 11.22% 11.22% 11.22% 11.22%
3,736.35 3,925.41 4,124.03 4,332.71 4,551.94 4,782.27 5,024.25 5,278.48 5,545.57

485.28 509.84 535.64 562.74 591.22 621.13 652.56 685.58 720.27
296.23 311.21 326.96 343.51 360.89 379.15 398.33 418.49 439.66
3,925.41 4,124.03 4,332.71 4,551.94 4,782.27 5,024.25 5,278.48 5,545.57 5,826.18
0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1

373.63 392.54 412.40 433.27 455.19 478.23 502.43 527.85 554.56
39.19 41.17 43.25 45.44 47.74 50.16 52.69 55.36 58.16

9.80 10.29 10.81 11.36 11.94 12.54 13.17 13.84 14.54
203.40 213.70 224.51 235.87 247.81 260.34 273.52 287.36 301.90
2.02% 2.02% 2.02% 2.02% 2.02% 2.02% 2.02% 2.02% 2.02%

6.49% 6.49% 6.49% 6.49% 6.49% 6.49% 6.49% 6.49% 6.49%
7,202.71 7,567.17 7,950.06 8,352.34 8,774.97 9,218.98 9,685.46 10,175.54 10,690.43
808.11 849.00 891.96 937.09 984.51 1,034.32 1,086.66 1,141.64 1,199.41
1,172.56 1,231.90 1,294.23 1,359.72 1,428.52 1,500.80 1,576.74 1,656.53 1,740.35
7,567.17 7,950.06 8,352.34 8,774.97 9,218.98 9,685.46 10,175.54 10,690.43 11,231.36
467.80 491.47 516.34 542.47 569.92 598.76 629.05 660.88 694.33

23.67 24.87 26.13 27.45 28.84 30.30 31.83 33.44 35.13
491.47 516.34 542.47 569.92 598.76 629.05 660.88 694.33 729.46
6,734.90 7,075.69 7,433.72 7,809.87 8,205.05 8,620.22 9,056.41 9,514.66 9,996.10
6.08% 6.08% 6.08% 6.08% 6.08% 6.08% 6.08% 6.08% 6.08%

409.51 430.23 452.00 474.87 498.90 524.14 550.67 578.53 607.80
546.01 573.64 602.67 633.16 665.20 698.86 734.22 771.37 810.40
1,354.12 1,422.64 1,494.62 1,570.25 1,649.71 1,733.18 1,820.88 1,913.02 2,009.81

1,172.56 1,231.90 1,294.23 1,359.72 1,428.52 1,500.80 1,576.74 1,656.53 1,740.35
136.50 143.41 150.67 158.29 166.30 174.71 183.56 192.84 202.60
45.05 47.33 49.73 52.24 54.89 57.66 60.58 63.65 66.87

41 42 43 44 45 46 47 48 49
7,822.70 8,218.53 8,634.39 9,071.29 9,530.30 10,012.53 10,519.16 11,051.43 11,610.63

756.72 795.01 835.23 877.50 921.90 968.55 1,017.55 1,069.04 1,123.14
360.89 379.15 398.33 418.49 439.66 461.91 485.28 509.84 535.64
8,218.53 8,634.39 9,071.29 9,530.30 10,012.53 10,519.16 11,051.43 11,610.63 12,198.13
6.67% 6.67% 6.67% 6.67% 6.67% 6.67% 6.67% 6.67% 6.67%

521.51 547.90 575.63 604.75 635.35 667.50 701.28 736.76 774.04
1.45 1.45 1.45 1.45 1.45 1.45 1.45 1.45 1.45
3,174.42 3,335.04 3,503.80 3,681.09 3,867.35 4,063.04 4,268.63 4,484.62 4,711.54

521.51 547.90 575.63 604.75 635.35 667.50 701.28 736.76 774.04
360.89 379.15 398.33 418.49 439.66 461.91 485.28 509.84 535.64
3,335.04 3,503.80 3,681.09 3,867.35 4,063.04 4,268.63 4,484.62 4,711.54 4,949.95
4,883.49 5,130.59 5,390.20 5,662.94 5,949.49 6,250.53 6,566.81 6,899.09 7,248.18
11.22% 11.22% 11.22% 11.22% 11.22% 11.22% 11.22% 11.22% 11.22%
5,826.18 6,120.98 6,430.70 6,756.10 7,097.95 7,457.11 7,834.44 8,230.86 8,647.35

756.72 795.01 835.23 877.50 921.90 968.55 1,017.55 1,069.04 1,123.14
461.91 485.28 509.84 535.64 562.74 591.22 621.13 652.56 685.58
6,120.98 6,430.70 6,756.10 7,097.95 7,457.11 7,834.44 8,230.86 8,647.35 9,084.90
0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1

582.62 612.10 643.07 675.61 709.80 745.71 783.44 823.09 864.73
61.10 64.20 67.44 70.86 74.44 78.21 82.17 86.32 90.69

15.28 16.05 16.86 17.71 18.61 19.55 20.54 21.58 22.67
317.17 333.22 350.08 367.80 386.41 405.96 426.50 448.08 470.76
2.02% 2.02% 2.02% 2.02% 2.02% 2.02% 2.02% 2.02% 2.02%

6.49% 6.49% 6.49% 6.49% 6.49% 6.49% 6.49% 6.49% 6.49%
11,231.36 11,799.67 12,396.73 13,024.01 13,683.02 14,375.38 15,102.78 15,866.98
1,260.10 1,323.86 1,390.85 1,461.23 1,535.16 1,612.84 1,694.45 1,780.19
1,828.41 1,920.93 2,018.12 2,120.24 2,227.53 2,340.24 2,458.65 2,583.06
11,799.67 12,396.73 13,024.01 13,683.02 14,375.38 15,102.78 15,866.98 16,669.85
729.46 766.37 805.15 845.89 888.69 933.66 980.90 1,030.53

36.91 38.78 40.74 42.80 44.97 47.24 49.63 52.15
766.37 805.15 845.89 888.69 933.66 980.90 1,030.53 1,082.68
10,501.90 11,033.30 11,591.58 12,178.12 12,794.33 13,441.73 14,121.88 14,836.44
6.08% 6.08% 6.08% 6.08% 6.08% 6.08% 6.08% 6.08%

638.56 670.87 704.81 740.48 777.95 817.31 858.67 902.12
851.41 894.49 939.75 987.30 1,037.26 1,089.75 1,144.89 1,202.82
2,111.51 2,218.35 2,330.60 2,448.53 2,572.43 2,702.59 2,839.34 2,983.01

1,828.41 1,920.93 2,018.12 2,120.24 2,227.53 2,340.24 2,458.65 2,583.06
212.85 223.62 234.94 246.83 259.32 272.44 286.22 300.71
70.25 73.81 77.54 81.46 85.59 89.92 94.47 99.25

50 51 52 53 54 55 56 57
12,198.13 12,815.36 13,463.81 14,145.08 14,860.82 15,612.78 16,402.79 17,232.77

1,179.97 1,239.67 1,302.40 1,368.30 1,437.54 1,510.28 1,586.70 1,666.98
562.74 591.22 621.13 652.56 685.58 720.27 756.72 795.01
12,815.36 13,463.81 14,145.08 14,860.82 15,612.78 16,402.79 17,232.77 18,104.75
6.67% 6.67% 6.67% 6.67% 6.67% 6.67% 6.67% 6.67%

813.21 854.36 897.59 943.01 990.72 1,040.85 1,093.52 1,148.85
1.45 1.45 1.45 1.45 1.45 1.45 1.45 1.45
4,949.95 5,200.42 5,463.56 5,740.01 6,030.46 6,335.60 6,656.18 6,992.98

813.21 854.36 897.59 943.01 990.72 1,040.85 1,093.52 1,148.85
562.74 591.22 621.13 652.56 685.58 720.27 756.72 795.01
5,200.42 5,463.56 5,740.01 6,030.46 6,335.60 6,656.18 6,992.98 7,346.83
7,614.94 8,000.26 8,405.07 8,830.37 9,277.18 9,746.61 10,239.79 10,757.92
11.22% 11.22% 11.22% 11.22% 11.22% 11.22% 11.22% 11.22%
9,084.90 9,544.60 10,027.55 10,534.95 11,068.02 11,628.06 12,216.44 12,834.59

1,179.97 1,239.67 1,302.40 1,368.30 1,437.54 1,510.28 1,586.70 1,666.98
720.27 756.72 795.01 835.23 877.50 921.90 968.55 1,017.55
9,544.60 10,027.55 10,534.95 11,068.02 11,628.06 12,216.44 12,834.59 13,484.02
0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1

908.49 954.46 1,002.76 1,053.49 1,106.80 1,162.81 1,221.64 1,283.46
95.28 100.10 105.17 110.49 116.08 121.95 128.12 134.61

23.82 25.03 26.29 27.62 29.02 30.49 32.03 33.65
494.58 519.60 545.90 573.52 602.54 633.03 665.06 698.71
2.02% 2.02% 2.02% 2.02% 2.02% 2.02% 2.02% 2.02%

6.49% 6.49% 6.49% 6.49% 6.49% 6.49% 6.49% 6.49%
16,669.85 17,513.34 18,399.52 19,330.53 20,308.66 21,336.27 22,415.89 23,550.13
1,870.27 1,964.91 2,064.33 2,168.79 2,278.53 2,393.82 2,514.95 2,642.20
2,713.76 2,851.08 2,995.35 3,146.91 3,306.14 3,473.44 3,649.19 3,833.84
17,513.34 18,399.52 19,330.53 20,308.66 21,336.27 22,415.89 23,550.13 24,741.77
1,082.68 1,137.46 1,195.02 1,255.49 1,319.01 1,385.76 1,455.88 1,529.54

54.78 57.56 60.47 63.53 66.74 70.12 73.67 77.39
1,137.46 1,195.02 1,255.49 1,319.01 1,385.76 1,455.88 1,529.54 1,606.94
15,587.17 16,375.88 17,204.50 18,075.04 18,989.64 19,950.52 20,960.01 22,020.59
6.08% 6.08% 6.08% 6.08% 6.08% 6.08% 6.08% 6.08%

947.76 995.72 1,046.10 1,099.04 1,154.65 1,213.07 1,274.45 1,338.94
1,263.68 1,327.63 1,394.80 1,465.38 1,539.53 1,617.43 1,699.27 1,785.25
3,133.95 3,292.53 3,459.13 3,634.17 3,818.05 4,011.25 4,214.22 4,427.46

2,713.76 2,851.08 2,995.35 3,146.91 3,306.14 3,473.44 3,649.19 3,833.84
315.92 331.91 348.70 366.35 384.88 404.36 424.82 446.31
104.27 109.54 115.09 120.91 127.03 133.46 140.21 147.30

58 59 60 61 62 63 64 65
18,104.75 19,020.85 19,983.30 20,994.46 22,056.78 23,172.85 24,345.40 25,577.28

1,751.33 1,839.95 1,933.05 2,030.87 2,133.63 2,241.59 2,355.01 2,474.18
835.23 877.50 921.90 968.55 1,017.55 1,069.04 1,123.14 1,179.97
19,020.85 19,983.30 20,994.46 22,056.78 23,172.85 24,345.40 25,577.28 26,871.49
6.67% 6.67% 6.67% 6.67% 6.67% 6.67% 6.67% 6.67%

1,206.98 1,268.06 1,332.22 1,399.63 1,470.45 1,544.86 1,623.03 1,705.15
1.45 1.45 1.45 1.45 1.45 1.45 1.45 1.45
7,346.83 7,718.58 8,109.14 8,519.46 8,950.54 9,403.44 9,879.26 10,379.15

1,206.98 1,268.06 1,332.22 1,399.63 1,470.45 1,544.86 1,623.03 1,705.15
835.23 877.50 921.90 968.55 1,017.55 1,069.04 1,123.14 1,179.97
7,718.58 8,109.14 8,519.46 8,950.54 9,403.44 9,879.26 10,379.15 10,904.33
11,302.27 11,874.17 12,475.00 13,106.23 13,769.41 14,466.14 15,198.13 15,967.15
11.22% 11.22% 11.22% 11.22% 11.22% 11.22% 11.22% 11.22%
13,484.02 14,166.31 14,883.13 15,636.21 16,427.41 17,258.63 18,131.92 19,049.39

1,751.33 1,839.95 1,933.05 2,030.87 2,133.63 2,241.59 2,355.01 2,474.18
1,069.04 1,123.14 1,179.97 1,239.67 1,302.40 1,368.30 1,437.54 1,510.28
14,166.31 14,883.13 15,636.21 16,427.41 17,258.63 18,131.92 19,049.39 20,013.29
0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1

1,348.40 1,416.63 1,488.31 1,563.62 1,642.74 1,725.86 1,813.19 1,904.94
141.42 148.57 156.09 163.99 172.29 181.01 190.17 199.79

35.35 37.14 39.02 41.00 43.07 45.25 47.54 49.95
734.06 771.21 810.23 851.23 894.30 939.55 987.09 1,037.04
2.02% 2.02% 2.02% 2.02% 2.02% 2.02% 2.02% 2.02%

6.49% 6.49% 6.49% 6.49% 6.49% 6.49% 6.49% 6.49%
24,741.77 25,993.70 27,308.99 28,690.82 30,142.58 31,667.79 33,270.18 34,953.65
2,775.90 2,916.36 3,063.93 3,218.96 3,381.84 3,552.96 3,732.74 3,921.62
4,027.83 4,231.64 4,445.76 4,670.72 4,907.06 5,155.35 5,416.21 5,690.27
25,993.70 27,308.99 28,690.82 30,142.58 31,667.79 33,270.18 34,953.65 36,722.31
1,606.94 1,688.25 1,773.67 1,863.42 1,957.71 2,056.77 2,160.84 2,270.18

81.31 85.43 89.75 94.29 99.06 104.07 109.34 114.87
1,688.25 1,773.67 1,863.42 1,957.71 2,056.77 2,160.84 2,270.18 2,385.05
23,134.83 24,305.46 25,535.31 26,827.40 28,184.86 29,611.02 31,109.34 32,683.47
6.08% 6.08% 6.08% 6.08% 6.08% 6.08% 6.08% 6.08%

1,406.69 1,477.87 1,552.65 1,631.21 1,713.75 1,800.47 1,891.57 1,987.29
1,875.59 1,970.49 2,070.20 2,174.95 2,285.00 2,400.62 2,522.10 2,649.71
4,651.49 4,886.85 5,134.13 5,393.91 5,666.84 5,953.59 6,254.84 6,571.33

4,027.83 4,231.64 4,445.76 4,670.72 4,907.06 5,155.35 5,416.21 5,690.27
468.90 492.62 517.55 543.74 571.25 600.16 630.52 662.43
154.76 162.59 170.81 179.46 188.54 198.08 208.10 218.63

66 67 68 69 70 71 72 73
26,871.49 28,231.18 29,659.68 31,160.46 32,737.18 34,393.68 36,134.00 37,962.38

2,599.37 2,730.90 2,869.08 3,014.26 3,166.78 3,327.02 3,495.37 3,672.23
1,239.67 1,302.40 1,368.30 1,437.54 1,510.28 1,586.70 1,666.98 1,751.33
28,231.18 29,659.68 31,160.46 32,737.18 34,393.68 36,134.00 37,962.38 39,883.28
6.67% 6.67% 6.67% 6.67% 6.67% 6.67% 6.67% 6.67%

1,791.43 1,882.08 1,977.31 2,077.36 2,182.48 2,292.91 2,408.93 2,530.83
1.45 1.45 1.45 1.45 1.45 1.45 1.45 1.45
10,904.33 11,456.09 12,035.77 12,644.78 13,284.60 13,956.80 14,663.02 15,404.97

1,791.43 1,882.08 1,977.31 2,077.36 2,182.48 2,292.91 2,408.93 2,530.83
1,239.67 1,302.40 1,368.30 1,437.54 1,510.28 1,586.70 1,666.98 1,751.33
11,456.09 12,035.77 12,644.78 13,284.60 13,956.80 14,663.02 15,404.97 16,184.46
16,775.09 17,623.91 18,515.68 19,452.58 20,436.88 21,470.98 22,557.41 23,698.82
11.22% 11.22% 11.22% 11.22% 11.22% 11.22% 11.22% 11.22%
20,013.29 21,025.97 22,089.88 23,207.63 24,381.93 25,615.66 26,911.81 28,273.55

2,599.37 2,730.90 2,869.08 3,014.26 3,166.78 3,327.02 3,495.37 3,672.23
1,586.70 1,666.98 1,751.33 1,839.95 1,933.05 2,030.87 2,133.63 2,241.59
21,025.97 22,089.88 23,207.63 24,381.93 25,615.66 26,911.81 28,273.55 29,704.19
0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1

2,001.33 2,102.60 2,208.99 2,320.76 2,438.19 2,561.57 2,691.18 2,827.35
209.90 220.52 231.68 243.40 255.71 268.65 282.25 296.53

52.47 55.13 57.92 60.85 63.93 67.16 70.56 74.13
1,089.51 1,144.64 1,202.56 1,263.41 1,327.34 1,394.50 1,465.07 1,539.20
2.02% 2.02% 2.02% 2.02% 2.02% 2.02% 2.02% 2.02%

6.49% 6.49% 6.49% 6.49% 6.49% 6.49% 6.49% 6.49%
36,722.31 38,580.45 40,532.63 42,583.58 44,738.31 47,002.06 49,380.37 51,879.01
4,120.05 4,328.53 4,547.55 4,777.66 5,019.41 5,273.39 5,540.22 5,820.56
5,978.20 6,280.70 6,598.50 6,932.39 7,283.17 7,651.69 8,038.87 8,445.64
38,580.45 40,532.63 42,583.58 44,738.31 47,002.06 49,380.37 51,879.01 54,504.09
2,385.05 2,505.74 2,632.53 2,765.73 2,905.68 3,052.71 3,207.17 3,369.46

120.68 126.79 133.21 139.95 147.03 154.47 162.28 170.49
2,505.74 2,632.53 2,765.73 2,905.68 3,052.71 3,207.17 3,369.46 3,539.95
34,337.25 36,074.72 37,900.10 39,817.84 41,832.63 43,949.36 46,173.19 48,509.56
6.08% 6.08% 6.08% 6.08% 6.08% 6.08% 6.08% 6.08%

2,087.84 2,193.49 2,304.48 2,421.08 2,543.59 2,672.30 2,807.51 2,949.58
2,783.79 2,924.65 3,072.64 3,228.11 3,391.45 3,563.06 3,743.35 3,932.77
6,903.84 7,253.18 7,620.19 8,005.77 8,410.86 8,836.45 9,283.58 9,753.32

5,978.20 6,280.70 6,598.50 6,932.39 7,283.17 7,651.69 8,038.87 8,445.64
695.95 731.16 768.16 807.03 847.86 890.77 935.84 983.19
229.69 241.32 253.53 266.36 279.83 293.99 308.87 324.50

74 75 76 77 78 79 80 81
39,883.28 41,901.37 44,021.58 46,249.07 48,589.28 51,047.89 53,630.92 56,344.64

3,858.05 4,053.26 4,258.36 4,473.83 4,700.21 4,938.04 5,187.90 5,450.41
1,839.95 1,933.05 2,030.87 2,133.63 2,241.59 2,355.01 2,474.18 2,599.37
41,901.37 44,021.58 46,249.07 48,589.28 51,047.89 53,630.92 56,344.64 59,195.68
6.67% 6.67% 6.67% 6.67% 6.67% 6.67% 6.67% 6.67%

2,658.89 2,793.42 2,934.77 3,083.27 3,239.29 3,403.19 3,575.39 3,756.31
1.45 1.45 1.45 1.45 1.45 1.45 1.45 1.45
16,184.46 17,003.39 17,863.76 18,767.67 19,717.32 20,715.01 21,763.19 22,864.41

2,658.89 2,793.42 2,934.77 3,083.27 3,239.29 3,403.19 3,575.39 3,756.31
1,839.95 1,933.05 2,030.87 2,133.63 2,241.59 2,355.01 2,474.18 2,599.37
17,003.39 17,863.76 18,767.67 19,717.32 20,715.01 21,763.19 22,864.41 24,021.35
24,897.98 26,157.82 27,481.40 28,871.96 30,332.88 31,867.73 33,480.23 35,174.33
11.22% 11.22% 11.22% 11.22% 11.22% 11.22% 11.22% 11.22%
29,704.19 31,207.22 32,786.31 34,445.30 36,188.23 38,019.35 39,943.13 41,964.25

3,858.05 4,053.26 4,258.36 4,473.83 4,700.21 4,938.04 5,187.90 5,450.41
2,355.01 2,474.18 2,599.37 2,730.90 2,869.08 3,014.26 3,166.78 3,327.02
31,207.22 32,786.31 34,445.30 36,188.23 38,019.35 39,943.13 41,964.25 44,087.65
0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1

2,970.42 3,120.72 3,278.63 3,444.53 3,618.82 3,801.94 3,994.31 4,196.43
311.53 327.30 343.86 361.26 379.54 398.74 418.92 440.12

77.88 81.82 85.96 90.31 94.88 99.69 104.73 110.03
1,617.08 1,698.91 1,784.87 1,875.19 1,970.07 2,069.76 2,174.49 2,284.52
2.02% 2.02% 2.02% 2.02% 2.02% 2.02% 2.02% 2.02%

6.49% 6.49% 6.49% 6.49% 6.49% 6.49% 6.49% 6.49%
54,504.09 57,262.00 60,159.46 63,203.53 66,401.62 69,761.55 73,291.48 77,000.03
6,115.08 6,424.50 6,749.58 7,091.11 7,449.92 7,826.89 8,222.93 8,639.01
8,872.99 9,321.96 9,793.65 10,289.21 10,809.84 11,356.82 11,931.47 12,535.21
57,262.00 60,159.46 63,203.53 66,401.62 69,761.55 73,291.48 77,000.03 80,896.23
3,539.95 3,719.07 3,907.26 4,104.97 4,312.68 4,530.90 4,760.16 5,001.03

179.12 188.19 197.71 207.71 218.22 229.26 240.86 253.05
3,719.07 3,907.26 4,104.97 4,312.68 4,530.90 4,760.16 5,001.03 5,254.08
50,964.14 53,542.93 56,252.20 59,098.56 62,088.95 65,230.65 68,531.32 71,999.00
6.08% 6.08% 6.08% 6.08% 6.08% 6.08% 6.08% 6.08%

3,098.82 3,255.62 3,420.36 3,593.43 3,775.26 3,966.28 4,166.98 4,377.83
4,131.76 4,340.83 4,560.48 4,791.24 5,033.68 5,288.38 5,555.97 5,837.10
10,246.84 10,765.33 11,310.06 11,882.35 12,483.59 13,115.26 13,778.90 14,476.11

8,872.99 9,321.96 9,793.65 10,289.21 10,809.84 11,356.82 11,931.47 12,535.21
1,032.94 1,085.21 1,140.12 1,197.81 1,258.42 1,322.09 1,388.99 1,459.28
340.92 358.17 376.29 395.33 415.33 436.35 458.43 481.63

82 83 84 85 86 87 88 89
59,195.68 62,190.98 65,337.85 68,643.94 72,117.32 75,766.46 79,600.24 83,628.02

5,726.20 6,015.95 6,320.35 6,640.16 6,976.15 7,329.15 7,700.00 8,089.62
2,730.90 2,869.08 3,014.26 3,166.78 3,327.02 3,495.37 3,672.23 3,858.05
62,190.98 65,337.85 68,643.94 72,117.32 75,766.46 79,600.24 83,628.02 87,859.59
6.67% 6.67% 6.67% 6.67% 6.67% 6.67% 6.67% 6.67%

3,946.38 4,146.07 4,355.86 4,576.26 4,807.82 5,051.10 5,306.68 5,575.20
1.45 1.45 1.45 1.45 1.45 1.45 1.45 1.45
24,021.35 25,236.83 26,513.81 27,855.41 29,264.89 30,745.70 32,301.43 33,935.88

3,946.38 4,146.07 4,355.86 4,576.26 4,807.82 5,051.10 5,306.68 5,575.20
2,730.90 2,869.08 3,014.26 3,166.78 3,327.02 3,495.37 3,672.23 3,858.05
25,236.83 26,513.81 27,855.41 29,264.89 30,745.70 32,301.43 33,935.88 35,653.04
36,954.15 38,824.03 40,788.53 42,852.43 45,020.76 47,298.81 49,692.13 52,206.56
11.22% 11.22% 11.22% 11.22% 11.22% 11.22% 11.22% 11.22%
44,087.65 46,318.48 48,662.20 51,124.50 53,711.40 56,429.20 59,284.52 62,284.31

5,726.20 6,015.95 6,320.35 6,640.16 6,976.15 7,329.15 7,700.00 8,089.62
3,495.37 3,672.23 3,858.05 4,053.26 4,258.36 4,473.83 4,700.21 4,938.04
46,318.48 48,662.20 51,124.50 53,711.40 56,429.20 59,284.52 62,284.31 65,435.90
0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1

4,408.76 4,631.85 4,866.22 5,112.45 5,371.14 5,642.92 5,928.45 6,228.43
462.39 485.78 510.36 536.19 563.32 591.82 621.77 653.23

115.60 121.45 127.59 134.05 140.83 147.96 155.44 163.31
2,400.11 2,521.56 2,649.15 2,783.19 2,924.02 3,071.98 3,227.42 3,390.73
2.02% 2.02% 2.02% 2.02% 2.02% 2.02% 2.02% 2.02%

6.49% 6.49% 6.49% 6.49% 6.49% 6.49% 6.49% 6.49%
80,896.23 84,989.58 89,290.05 93,808.13 98,554.82 103,541.69 108,780.90
9,076.14 9,535.39 10,017.88 10,524.79 11,057.34 11,616.84 12,204.66
13,169.49 13,835.87 14,535.96 15,271.48 16,044.22 16,856.05 17,708.97
84,989.58 89,290.05 93,808.13 98,554.82 103,541.69 108,780.90 114,285.22
5,254.08 5,519.93 5,799.24 6,092.68 6,400.97 6,724.86 7,065.14

265.86 279.31 293.44 308.29 323.89 340.28 357.50
5,519.93 5,799.24 6,092.68 6,400.97 6,724.86 7,065.14 7,422.64
75,642.15 79,469.65 83,490.81 87,715.45 92,153.85 96,816.83 101,715.76
6.08% 6.08% 6.08% 6.08% 6.08% 6.08% 6.08%

4,599.35 4,832.07 5,076.58 5,333.45 5,603.32 5,886.85 6,184.73
6,132.46 6,442.76 6,768.77 7,111.27 7,471.10 7,849.13 8,246.30
15,208.60 15,978.16 16,786.65 17,636.05 18,528.44 19,465.98 20,450.96

13,169.49 13,835.87 14,535.96 15,271.48 16,044.22 16,856.05 17,708.97
1,533.12 1,610.69 1,692.19 1,777.82 1,867.77 1,962.28 2,061.58
506.00 531.60 558.50 586.76 616.45 647.64 680.41

90 91 92 93 94 95 96
87,859.59 92,305.29 96,975.94 101,882.92 107,038.19 112,454.33 118,144.52

8,498.96 8,929.01 9,380.81 9,855.48 10,354.17 10,878.09 11,428.52
4,053.26 4,258.36 4,473.83 4,700.21 4,938.04 5,187.90 5,450.41
92,305.29 96,975.94 101,882.92 107,038.19 112,454.33 118,144.52 124,122.63
6.67% 6.67% 6.67% 6.67% 6.67% 6.67% 6.67%

5,857.31 6,153.69 6,465.06 6,792.19 7,135.88 7,496.96 7,876.30
1.45 1.45 1.45 1.45 1.45 1.45 1.45
35,653.04 37,457.08 39,352.41 41,343.64 43,435.63 45,633.47 47,942.53

5,857.31 6,153.69 6,465.06 6,792.19 7,135.88 7,496.96 7,876.30
4,053.26 4,258.36 4,473.83 4,700.21 4,938.04 5,187.90 5,450.41
37,457.08 39,352.41 41,343.64 43,435.63 45,633.47 47,942.53 50,368.42
54,848.21 57,623.53 60,539.28 63,602.56 66,820.85 70,201.99 73,754.21
11.22% 11.22% 11.22% 11.22% 11.22% 11.22% 11.22%
65,435.90 68,746.96 72,225.55 75,880.17 79,719.70 83,753.52 87,991.45

8,498.96 8,929.01 9,380.81 9,855.48 10,354.17 10,878.09 11,428.52
5,187.90 5,450.41 5,726.20 6,015.95 6,320.35 6,640.16 6,976.15
68,746.96 72,225.55 75,880.17 79,719.70 83,753.52 87,991.45 92,443.81
0.1 0.1 0.1 0.1 0.1 0.1 0.1

6,543.59 6,874.70 7,222.56 7,588.02 7,971.97 8,375.35 8,799.14
686.28 721.01 757.49 795.82 836.09 878.40 922.84

171.57 180.25 189.37 198.96 209.02 219.60 230.71
3,562.30 3,742.55 3,931.93 4,130.88 4,339.90 4,559.50 4,790.21
2.02% 2.02% 2.02% 2.02% 2.02% 2.02% 2.02%

6.49% 6.49% 6.49% 6.49% 6.49% 6.49% 6.49%
114,285.22 120,068.05 126,143.49 132,526.35 139,232.19 146,277.34 153,678.97
12,822.21 13,471.02 14,152.65 14,868.77 15,621.13 16,411.56 17,241.99
18,605.04 19,546.46 20,535.51 21,574.61 22,666.28 23,813.20 25,018.14
120,068.05 126,143.49 132,526.35 139,232.19 146,277.34 153,678.97 161,455.13
7,422.64 7,798.22 8,192.81 8,607.37 9,042.90 9,500.47 9,981.20

375.59 394.59 414.56 435.53 457.57 480.72 505.05
7,798.22 8,192.81 8,607.37 9,042.90 9,500.47 9,981.20 10,486.24
106,862.58 112,269.83 117,950.68 123,918.99 130,189.29 136,776.86 143,697.77
6.08% 6.08% 6.08% 6.08% 6.08% 6.08% 6.08%

6,497.67 6,826.45 7,171.87 7,534.77 7,916.03 8,316.58 8,737.40
8,663.56 9,101.94 9,562.50 10,046.36 10,554.71 11,088.77 11,649.87
21,485.78 22,572.96 23,715.15 24,915.13 26,175.84 27,500.34 28,891.85

18,605.04 19,546.46 20,535.51 21,574.61 22,666.28 23,813.20 25,018.14
2,165.89 2,275.48 2,390.62 2,511.59 2,638.68 2,772.19 2,912.47
714.84 751.01 789.01 828.94 870.88 914.95 961.24

97 98 99 100 101 102 103
124,122.63 130,403.23 137,001.64 143,933.92 151,216.98 158,868.56 166,907.30

12,006.80 12,614.35 13,252.64 13,923.22 14,627.73 15,367.90 16,145.51
5,726.20 6,015.95 6,320.35 6,640.16 6,976.15 7,329.15 7,700.00
130,403.23 137,001.64 143,933.92 151,216.98 158,868.56 166,907.30 175,352.81
6.67% 6.67% 6.67% 6.67% 6.67% 6.67% 6.67%

8,274.84 8,693.55 9,133.44 9,595.59 10,081.13 10,591.24 11,127.15
1.45 1.45 1.45 1.45 1.45 1.45 1.45
50,368.42 52,917.06 55,594.66 58,407.75 61,363.19 64,468.16 67,730.25

8,274.84 8,693.55 9,133.44 9,595.59 10,081.13 10,591.24 11,127.15
5,726.20 6,015.95 6,320.35 6,640.16 6,976.15 7,329.15 7,700.00
52,917.06 55,594.66 58,407.75 61,363.19 64,468.16 67,730.25 71,157.40
77,486.17 81,406.97 85,526.17 89,853.79 94,400.39 99,177.05 104,195.41
11.22% 11.22% 11.22% 11.22% 11.22% 11.22% 11.22%
92,443.81 97,121.47 102,035.82 107,198.83 112,623.09 118,321.82 124,308.90

12,006.80 12,614.35 13,252.64 13,923.22 14,627.73 15,367.90 16,145.51
7,329.15 7,700.00 8,089.62 8,498.96 8,929.01 9,380.81 9,855.48
97,121.47 102,035.82 107,198.83 112,623.09 118,321.82 124,308.90 130,598.93
0.1 0.1 0.1 0.1 0.1 0.1 0.1

9,244.38 9,712.15 10,203.58 10,719.88 11,262.31 11,832.18 12,430.89
969.54 1,018.60 1,070.14 1,124.29 1,181.18 1,240.94 1,303.74

242.38 254.65 267.53 281.07 295.29 310.24 325.93
5,032.60 5,287.25 5,554.78 5,835.86 6,131.15 6,441.39 6,767.32
2.02% 2.02% 2.02% 2.02% 2.02% 2.02% 2.02%

6.49% 6.49% 6.49% 6.49% 6.49% 6.49% 6.49%
161,455.13 169,624.75 178,207.77 187,225.08 196,698.67 206,651.62 217,108.19
18,114.43 19,031.02 19,993.99 21,005.69 22,068.58 23,185.25 24,358.42
26,284.06 27,614.03 29,011.31 30,479.28 32,021.53 33,641.82 35,344.09
169,624.75 178,207.77 187,225.08 196,698.67 206,651.62 217,108.19 228,093.87
10,486.24 11,016.85 11,574.30 12,159.96 12,775.26 13,421.68 14,100.82

530.60 557.45 585.66 615.29 646.43 679.14 713.50
11,016.85 11,574.30 12,159.96 12,775.26 13,421.68 14,100.82 14,814.32
150,968.88 158,607.91 166,633.47 175,065.12 183,923.41 193,229.94 203,007.37
6.08% 6.08% 6.08% 6.08% 6.08% 6.08% 6.08%

9,179.51 9,644.00 10,131.98 10,644.66 11,183.28 11,749.15 12,343.66
12,239.35 12,858.66 13,509.31 14,192.88 14,911.04 15,665.54 16,458.21
30,353.78 31,889.68 33,503.30 35,198.57 36,979.61 38,850.78 40,816.63

26,284.06 27,614.03 29,011.31 30,479.28 32,021.53 33,641.82 35,344.09
3,059.84 3,214.67 3,377.33 3,548.22 3,727.76 3,916.38 4,114.55
1,009.88 1,060.98 1,114.67 1,171.07 1,230.33 1,292.58 1,357.99

104 105 106 107 108 109 110
175,352.81 184,225.67 193,547.49 203,340.99 213,630.04 224,439.72 235,796.37

16,962.48 17,820.78 18,722.51 19,669.87 20,665.16 21,710.82 22,809.39
8,089.62 8,498.96 8,929.01 9,380.81 9,855.48 10,354.17 10,878.09
184,225.67 193,547.49 203,340.99 213,630.04 224,439.72 235,796.37 247,727.67
6.67% 6.67% 6.67% 6.67% 6.67% 6.67% 6.67%

11,690.19 12,281.71 12,903.17 13,556.07 14,242.00 14,962.65 15,719.76
1.45 1.45 1.45 1.45 1.45 1.45 1.45
71,157.40 74,757.97 78,540.72 82,514.88 86,690.13 91,076.65 95,685.13

11,690.19 12,281.71 12,903.17 13,556.07 14,242.00 14,962.65 15,719.76
8,089.62 8,498.96 8,929.01 9,380.81 9,855.48 10,354.17 10,878.09
74,757.97 78,540.72 82,514.88 86,690.13 91,076.65 95,685.13 100,526.80
109,467.70 115,006.77 120,826.11 126,939.91 133,363.07 140,111.24 147,200.87
11.22% 11.22% 11.22% 11.22% 11.22% 11.22% 11.22%
130,598.93 137,207.24 144,149.93 151,443.91 159,106.97 167,157.79 175,615.97

16,962.48 17,820.78 18,722.51 19,669.87 20,665.16 21,710.82 22,809.39
10,354.17 10,878.09 11,428.52 12,006.80 12,614.35 13,252.64 13,923.22
137,207.24 144,149.93 151,443.91 159,106.97 167,157.79 175,615.97 184,502.14
0.1 0.1 0.1 0.1 0.1 0.1 0.1

13,059.89 13,720.72 14,414.99 15,144.39 15,910.70 16,715.78 17,561.60
1,369.71 1,439.01 1,511.83 1,588.33 1,668.69 1,753.13 1,841.84

342.43 359.75 377.96 397.08 417.17 438.28 460.46
7,109.75 7,469.50 7,847.46 8,244.54 8,661.71 9,099.99 9,560.45
2.02% 2.02% 2.02% 2.02% 2.02% 2.02% 2.02%

6.49% 6.49% 6.49% 6.49% 6.49% 6.49% 6.49%
228,093.87 239,635.42 251,760.97 264,500.08 277,883.78 291,944.70 306,717.10
25,590.96 26,885.86 28,246.28 29,675.54 31,177.13 32,754.69 34,412.08
37,132.51 39,011.41 40,985.39 43,059.25 45,238.05 47,527.09 49,931.96
239,635.42 251,760.97 264,500.08 277,883.78 291,944.70 306,717.10 322,236.99
14,814.32 15,563.93 16,351.46 17,178.84 18,048.09 18,961.33 19,920.77

749.60 787.53 827.38 869.25 913.23 959.44 1,007.99
15,563.93 16,351.46 17,178.84 18,048.09 18,961.33 19,920.77 20,928.76
213,279.55 224,071.49 235,409.51 247,321.23 259,835.69 272,983.37 286,796.33
6.08% 6.08% 6.08% 6.08% 6.08% 6.08% 6.08%

12,968.25 13,624.44 14,313.84 15,038.12 15,799.05 16,598.48 17,438.36
17,291.00 18,165.92 19,085.12 20,050.83 21,065.40 22,131.31 23,251.15
42,881.95 45,051.78 47,331.40 49,726.37 52,242.53 54,886.00 57,663.23

37,132.51 39,011.41 40,985.39 43,059.25 45,238.05 47,527.09 49,931.96
4,322.75 4,541.48 4,771.28 5,012.71 5,266.35 5,532.83 5,812.79
1,426.70 1,498.89 1,574.73 1,654.42 1,738.13 1,826.08 1,918.48

111 112 113 114 115 116 117
247,727.67 260,262.69 273,431.98 287,267.64 301,803.38 317,074.63 333,118.61

23,963.54 25,176.10 26,450.01 27,788.38 29,194.47 30,671.71 32,223.70
11,428.52 12,006.80 12,614.35 13,252.64 13,923.22 14,627.73 15,367.90
260,262.69 273,431.98 287,267.64 301,803.38 317,074.63 333,118.61 349,974.41
6.67% 6.67% 6.67% 6.67% 6.67% 6.67% 6.67%

16,515.18 17,350.85 18,228.80 19,151.18 20,120.23 21,138.31 22,207.91
1.45 1.45 1.45 1.45 1.45 1.45 1.45
100,526.80 105,613.46 110,957.50 116,571.95 122,470.49 128,667.49 135,178.07

16,515.18 17,350.85 18,228.80 19,151.18 20,120.23 21,138.31 22,207.91
11,428.52 12,006.80 12,614.35 13,252.64 13,923.22 14,627.73 15,367.90
105,613.46 110,957.50 116,571.95 122,470.49 128,667.49 135,178.07 142,018.08
154,649.23 162,474.48 170,695.69 179,332.89 188,407.14 197,940.54 207,956.33
11.22% 11.22% 11.22% 11.22% 11.22% 11.22% 11.22%
184,502.14 193,837.95 203,646.15 213,950.64 224,776.54 236,150.24 248,099.44

23,963.54 25,176.10 26,450.01 27,788.38 29,194.47 30,671.71 32,223.70
14,627.73 15,367.90 16,145.51 16,962.48 17,820.78 18,722.51 19,669.87
193,837.95 203,646.15 213,950.64 224,776.54 236,150.24 248,099.44 260,653.27
0.1 0.1 0.1 0.1 0.1 0.1 0.1

18,450.21 19,383.79 20,364.61 21,395.06 22,477.65 23,615.02 24,809.94
1,935.04 2,032.95 2,135.82 2,243.89 2,357.43 2,476.71 2,602.04

483.76 508.24 533.95 560.97 589.36 619.18 650.51
10,044.21 10,552.45 11,086.40 11,647.38 12,236.73 12,855.91 13,506.42
2.02% 2.02% 2.02% 2.02% 2.02% 2.02% 2.02%

6.49% 6.49% 6.49% 6.49% 6.49% 6.49% 6.49%
322,236.99 338,542.18 355,672.41 373,669.44 392,577.11 412,441.51 433,311.05
36,153.33 37,982.69 39,904.61 41,923.78 44,045.13 46,273.81 48,615.26
52,458.52 55,112.92 57,901.63 60,831.46 63,909.53 67,143.35 70,540.80
338,542.18 355,672.41 373,669.44 392,577.11 412,441.51 433,311.05 455,236.59
20,928.76 21,987.76 23,100.34 24,269.22 25,497.24 26,787.40 28,142.84

1,059.00 1,112.58 1,168.88 1,228.02 1,290.16 1,355.44 1,424.03
21,987.76 23,100.34 24,269.22 25,497.24 26,787.40 28,142.84 29,566.87
301,308.22 316,554.42 332,572.07 349,400.22 367,079.87 385,654.11 405,168.21
6.08% 6.08% 6.08% 6.08% 6.08% 6.08% 6.08%

18,320.75 19,247.77 20,221.71 21,244.93 22,319.92 23,449.31 24,635.85
24,427.66 25,663.70 26,962.28 28,326.57 29,759.90 31,265.75 32,847.80
60,580.99 63,646.39 66,866.89 70,250.36 73,805.03 77,539.56 81,463.06

52,458.52 55,112.92 57,901.63 60,831.46 63,909.53 67,143.35 70,540.80
6,106.92 6,415.92 6,740.57 7,081.64 7,439.97 7,816.44 8,211.95
2,015.55 2,117.54 2,224.69 2,337.26 2,455.52 2,579.77 2,710.31

118 119 120 121 122 123 124
349,974.41 367,683.12 386,287.88 405,834.05 426,369.25 447,943.54 470,609.48

33,854.22 35,567.24 37,366.94 39,257.71 41,244.15 43,331.11 45,523.66
16,145.51 16,962.48 17,820.78 18,722.51 19,669.87 20,665.16 21,710.82
367,683.12 386,287.88 405,834.05 426,369.25 447,943.54 470,609.48 494,422.32
6.67% 6.67% 6.67% 6.67% 6.67% 6.67% 6.67%

23,331.63 24,512.21 25,752.53 27,055.60 28,424.62 29,862.90 31,373.97
1.45 1.45 1.45 1.45 1.45 1.45 1.45
142,018.08 149,204.20 156,753.93 164,685.68 173,018.77 181,773.52 190,971.26

23,331.63 24,512.21 25,752.53 27,055.60 28,424.62 29,862.90 31,373.97
16,145.51 16,962.48 17,820.78 18,722.51 19,669.87 20,665.16 21,710.82
149,204.20 156,753.93 164,685.68 173,018.77 181,773.52 190,971.26 200,634.41
218,478.92 229,533.95 241,148.37 253,350.48 266,170.01 279,638.22 293,787.91
11.22% 11.22% 11.22% 11.22% 11.22% 11.22% 11.22%
260,653.27 273,842.33 287,698.75 302,256.31 317,550.47 333,618.53 350,499.63

33,854.22 35,567.24 37,366.94 39,257.71 41,244.15 43,331.11 45,523.66
20,665.16 21,710.82 22,809.39 23,963.54 25,176.10 26,450.01 27,788.38
273,842.33 287,698.75 302,256.31 317,550.47 333,618.53 350,499.63 368,234.91
0.1 0.1 0.1 0.1 0.1 0.1 0.1

26,065.33 27,384.23 28,769.87 30,225.63 31,755.05 33,361.85 35,049.96
2,733.70 2,872.02 3,017.35 3,170.03 3,330.43 3,498.95 3,676.00

683.42 718.01 754.34 792.51 832.61 874.74 919.00
14,189.85 14,907.85 15,662.19 16,454.70 17,287.30 18,162.04 19,081.04
2.02% 2.02% 2.02% 2.02% 2.02% 2.02% 2.02%

6.49% 6.49% 6.49% 6.49% 6.49% 6.49% 6.49%
455,236.59 478,271.56 502,472.10 527,897.19 554,608.79 582,671.99
51,075.20 53,659.60 56,374.78 59,227.34 62,224.24 65,372.79
74,110.17 77,860.14 81,799.87 85,938.94 90,287.45 94,855.99
478,271.56 502,472.10 527,897.19 554,608.79 582,671.99 612,155.20
29,566.87 31,062.95 32,634.74 34,286.05 36,020.93 37,843.59

1,496.08 1,571.79 1,651.32 1,734.87 1,822.66 1,914.89
31,062.95 32,634.74 34,286.05 36,020.93 37,843.59 39,758.47
425,669.72 447,208.61 469,837.37 493,611.14 518,587.86 544,828.41
6.08% 6.08% 6.08% 6.08% 6.08% 6.08%

25,882.42 27,192.07 28,567.99 30,013.53 31,532.22 33,127.75
34,509.90 36,256.10 38,090.65 40,018.04 42,042.96 44,170.33
85,585.09 89,915.70 94,465.43 99,245.38 104,267.20 109,543.12

74,110.17 77,860.14 81,799.87 85,938.94 90,287.45 94,855.99
8,627.47 9,064.02 9,522.66 10,004.51 10,510.74 11,042.58
2,847.45 2,991.53 3,142.90 3,301.93 3,469.01 3,644.54

125 126 127 128 129 130
494,422.32 519,440.09 545,723.76 573,337.38 602,348.25 632,827.07

47,827.16 50,247.21 52,789.72 55,460.88 58,267.20 61,215.52
22,809.39 23,963.54 25,176.10 26,450.01 27,788.38 29,194.47
519,440.09 545,723.76 573,337.38 602,348.25 632,827.07 664,848.12
6.67% 6.67% 6.67% 6.67% 6.67% 6.67%

32,961.49 34,629.34 36,381.58 38,222.49 40,156.55 42,188.47
1.45 1.45 1.45 1.45 1.45 1.45
200,634.41 210,786.51 221,452.31 232,657.79 244,430.28 256,798.45

32,961.49 34,629.34 36,381.58 38,222.49 40,156.55 42,188.47
22,809.39 23,963.54 25,176.10 26,450.01 27,788.38 29,194.47
210,786.51 221,452.31 232,657.79 244,430.28 256,798.45 269,792.45
308,653.58 324,271.45 340,679.59 357,917.97 376,028.62 395,055.67
11.22% 11.22% 11.22% 11.22% 11.22% 11.22%
368,234.91 386,867.59 406,443.09 427,009.11 448,615.78 471,315.73

47,827.16 50,247.21 52,789.72 55,460.88 58,267.20 61,215.52
29,194.47 30,671.71 32,223.70 33,854.22 35,567.24 37,366.94
386,867.59 406,443.09 427,009.11 448,615.78 471,315.73 495,164.31
0.1 0.1 0.1 0.1 0.1 0.1

36,823.49 38,686.76 40,644.31 42,700.91 44,861.58 47,131.57
3,862.00 4,057.42 4,262.73 4,478.42 4,705.03 4,943.10

965.50 1,014.36 1,065.68 1,119.60 1,176.26 1,235.78
20,046.54 21,060.90 22,126.58 23,246.18 24,422.44 25,658.22
2.02% 2.02% 2.02% 2.02% 2.02% 2.02%

6.49% 6.49% 6.49% 6.49% 6.49% 6.49%
612,155.20 643,130.25 675,672.64 709,861.68 745,780.68 783,517.18
68,680.65 72,155.90 75,806.98 79,642.82 83,672.74 87,906.59
99,655.71 104,698.29 109,996.02 115,561.82 121,409.25 127,552.55
643,130.25 675,672.64 709,861.68 745,780.68 783,517.18 823,163.15
39,758.47 41,770.25 43,883.83 46,104.35 48,437.23 50,888.15

2,011.78 2,113.57 2,220.52 2,332.88 2,450.92 2,574.94
41,770.25 43,883.83 46,104.35 48,437.23 50,888.15 53,463.09
572,396.72 601,360.00 631,788.81 663,757.33 697,343.45 732,629.03
6.08% 6.08% 6.08% 6.08% 6.08% 6.08%

34,804.01 36,565.09 38,415.29 40,359.10 42,401.27 44,546.78
46,405.35 48,753.46 51,220.38 53,812.13 56,535.03 59,395.70
115,086.00 120,909.35 127,027.37 133,454.95 140,207.77 147,302.29

99,655.71 104,698.29 109,996.02 115,561.82 121,409.25 127,552.55
11,601.34 12,188.36 12,805.10 13,453.03 14,133.76 14,848.93
3,828.96 4,022.70 4,226.25 4,440.10 4,664.77 4,900.81

131 132 133 134 135 136
664,848.12 698,489.44 733,833.00 770,964.95 809,975.78 850,960.55

64,313.02 67,567.26 70,986.17 74,578.07 78,351.72 82,316.31
30,671.71 32,223.70 33,854.22 35,567.24 37,366.94 39,257.71
698,489.44 733,833.00 770,964.95 809,975.78 850,960.55 894,019.16
6.67% 6.67% 6.67% 6.67% 6.67% 6.67%

44,323.21 46,565.96 48,922.20 51,397.66 53,998.39 56,730.70
1.45 1.45 1.45 1.45 1.45 1.45
269,792.45 283,443.95 297,786.21 312,854.19 328,684.62 345,316.06

44,323.21 46,565.96 48,922.20 51,397.66 53,998.39 56,730.70
30,671.71 32,223.70 33,854.22 35,567.24 37,366.94 39,257.71
283,443.95 297,786.21 312,854.19 328,684.62 345,316.06 362,789.05
415,045.49 436,046.79 458,110.76 481,291.16 505,644.49 531,230.10
11.22% 11.22% 11.22% 11.22% 11.22% 11.22%
495,164.31 520,219.62 546,542.74 574,197.80 603,252.21 633,776.77

64,313.02 67,567.26 70,986.17 74,578.07 78,351.72 82,316.31
39,257.71 41,244.15 43,331.11 45,523.66 47,827.16 50,247.21
520,219.62 546,542.74 574,197.80 603,252.21 633,776.77 665,845.87
0.1 0.1 0.1 0.1 0.1 0.1

49,516.43 52,021.96 54,654.27 57,419.78 60,325.22 63,377.68
5,193.22 5,456.00 5,732.07 6,022.12 6,326.84 6,646.97

1,298.31 1,364.00 1,433.02 1,505.53 1,581.71 1,661.74
26,956.52 28,320.52 29,753.54 31,259.07 32,840.78 34,502.52
2.02% 2.02% 2.02% 2.02% 2.02% 2.02%

6.49% 6.49% 6.49% 6.49% 6.49% 6.49%
823,163.15 864,815.20 908,574.85 954,548.74 1,002,848.91 1,053,593.06
92,354.66 97,027.80 101,937.41 107,095.44 112,514.47 118,207.71
134,006.71 140,787.45 147,911.30 155,395.61 163,258.63 171,519.51
864,815.20 908,574.85 954,548.74 1,002,848.91 1,053,593.06 1,106,904.87
53,463.09 56,168.33 59,010.44 61,996.37 65,133.39 68,429.14

2,705.23 2,842.12 2,985.93 3,137.02 3,295.75 3,462.51
56,168.33 59,010.44 61,996.37 65,133.39 68,429.14 71,891.65
769,700.06 808,646.88 849,564.41 892,552.37 937,715.52 985,163.93
6.08% 6.08% 6.08% 6.08% 6.08% 6.08%

46,800.84 49,168.96 51,656.91 54,270.75 57,016.85 59,901.91
62,401.12 65,558.62 68,875.89 72,361.01 76,022.47 79,869.21
154,755.78 162,586.42 170,813.30 179,456.45 188,536.95 198,076.92

134,006.71 140,787.45 147,911.30 155,395.61 163,258.63 171,519.51
15,600.28 16,389.65 17,218.97 18,090.25 19,005.62 19,967.30
5,148.79 5,409.32 5,683.03 5,970.59 6,272.70 6,590.10

137 138 139 140 141 142
894,019.16 939,256.53 986,782.91 1,036,714.12 1,089,171.85 1,144,283.95

86,481.52 90,857.49 95,454.87 100,284.89 105,359.31 110,690.49
41,244.15 43,331.11 45,523.66 47,827.16 50,247.21 52,789.72
939,256.53 986,782.91 1,036,714.12 1,089,171.85 1,144,283.95 1,202,184.72
6.67% 6.67% 6.67% 6.67% 6.67% 6.67%

59,601.28 62,617.10 65,785.53 69,114.27 72,611.46 76,285.60
1.45 1.45 1.45 1.45 1.45 1.45
362,789.05 381,146.18 400,432.17 420,694.04 441,981.16 464,345.41

59,601.28 62,617.10 65,785.53 69,114.27 72,611.46 76,285.60
41,244.15 43,331.11 45,523.66 47,827.16 50,247.21 52,789.72
381,146.18 400,432.17 420,694.04 441,981.16 464,345.41 487,841.28
558,110.35 586,350.73 616,020.08 647,190.69 679,938.54 714,343.43
11.22% 11.22% 11.22% 11.22% 11.22% 11.22%
665,845.87 699,537.68 734,934.28 772,121.96 811,191.33 852,237.61

86,481.52 90,857.49 95,454.87 100,284.89 105,359.31 110,690.49
52,789.72 55,460.88 58,267.20 61,215.52 64,313.02 67,567.26
699,537.68 734,934.28 772,121.96 811,191.33 852,237.61 895,360.83
0.1 0.1 0.1 0.1 0.1 0.1

66,584.59 69,953.77 73,493.43 77,212.20 81,119.13 85,223.76
6,983.31 7,336.67 7,707.90 8,097.92 8,507.68 8,938.16

1,745.83 1,834.17 1,926.98 2,024.48 2,126.92 2,234.54
36,248.35 38,082.52 40,009.49 42,033.97 44,160.89 46,395.43
2.02% 2.02% 2.02% 2.02% 2.02% 2.02%

6.49% 6.49% 6.49% 6.49% 6.49% 6.49%
1,106,904.87 1,162,914.26 1,221,757.72 1,283,578.66 1,348,527.74 1,416,763.24
124,189.02 130,472.98 137,074.91 144,010.90 151,297.86 158,953.53
180,198.40 189,316.44 198,895.85 208,959.98 219,533.36 230,641.75
1,162,914.26 1,221,757.72 1,283,578.66 1,348,527.74 1,416,763.24 1,488,451.46
71,891.65 75,529.37 79,351.15 83,366.32 87,584.66 92,016.44

3,637.72 3,821.79 4,015.17 4,218.34 4,431.78 4,656.03
75,529.37 79,351.15 83,366.32 87,584.66 92,016.44 96,672.47
1,035,013.22 1,087,384.89 1,142,406.56 1,200,212.34 1,260,943.08 1,324,746.80
6.08% 6.08% 6.08% 6.08% 6.08% 6.08%

62,932.94 66,117.35 69,462.89 72,977.71 76,670.38 80,549.90
83,910.59 88,156.47 92,617.18 97,303.61 102,227.18 107,399.87
208,099.61 218,629.45 229,692.10 241,314.52 253,525.03 266,353.40

180,198.40 189,316.44 198,895.85 208,959.98 219,533.36 230,641.75
20,977.65 22,039.12 23,154.30 24,325.90 25,556.79 26,849.97
6,923.56 7,273.89 7,641.95 8,028.63 8,434.88 8,861.68

143 144 145 146 147 148
1,202,184.72 1,263,015.27 1,326,923.84 1,394,066.18 1,464,605.93 1,538,714.99

116,291.43 122,175.77 128,357.87 134,852.77 141,676.32 148,845.15
55,460.88 58,267.20 61,215.52 64,313.02 67,567.26 70,986.17
1,263,015.27 1,326,923.84 1,394,066.18 1,464,605.93 1,538,714.99 1,616,573.97
6.67% 6.67% 6.67% 6.67% 6.67% 6.67%

80,145.65 84,201.02 88,461.59 92,937.75 97,640.40 102,581.00
1.45 1.45 1.45 1.45 1.45 1.45
487,841.28 512,526.05 538,459.87 565,705.94 594,330.66 624,403.79

80,145.65 84,201.02 88,461.59 92,937.75 97,640.40 102,581.00
55,460.88 58,267.20 61,215.52 64,313.02 67,567.26 70,986.17
512,526.05 538,459.87 565,705.94 594,330.66 624,403.79 655,998.63
750,489.21 788,463.97 828,360.24 870,275.27 914,311.20 960,575.35
11.22% 11.22% 11.22% 11.22% 11.22% 11.22%
895,360.83 940,666.09 988,263.79 1,038,269.94 1,090,806.40 1,146,001.20

116,291.43 122,175.77 128,357.87 134,852.77 141,676.32 148,845.15
70,986.17 74,578.07 78,351.72 82,316.31 86,481.52 90,857.49
940,666.09 988,263.79 1,038,269.94 1,090,806.40 1,146,001.20 1,203,988.87
0.1 0.1 0.1 0.1 0.1 0.1

89,536.08 94,066.61 98,826.38 103,826.99 109,080.64 114,600.12
9,390.44 9,865.59 10,364.79 10,889.25 11,440.24 12,019.12

2,347.61 2,466.40 2,591.20 2,722.31 2,860.06 3,004.78
48,743.04 51,209.44 53,800.64 56,522.95 59,383.01 62,387.79
2.02% 2.02% 2.02% 2.02% 2.02% 2.02%

6.49% 6.49% 6.49% 6.49% 6.49% 6.49%
1,488,451.46 1,563,767.11 1,642,893.72 1,726,024.14 1,813,360.97 1,905,117.03
166,996.57 175,446.60 184,324.20 193,651.00 203,449.74 213,744.30
242,312.22 254,573.22 267,454.62 280,987.83 295,205.81 310,143.22
1,563,767.11 1,642,893.72 1,726,024.14 1,813,360.97 1,905,117.03 2,001,515.95
96,672.47 101,564.10 106,703.24 112,102.43 117,774.81 123,734.22

4,891.63 5,139.14 5,399.18 5,672.38 5,959.41 6,260.95
101,564.10 106,703.24 112,102.43 117,774.81 123,734.22 129,995.17
1,391,778.99 1,462,203.01 1,536,190.48 1,613,921.72 1,695,586.15 1,781,382.81
6.08% 6.08% 6.08% 6.08% 6.08% 6.08%

84,625.73 88,907.79 93,406.53 98,132.90 103,098.42 108,315.20
112,834.31 118,543.72 124,542.03 130,843.86 137,464.56 144,420.27
279,830.88 293,990.32 308,866.23 324,494.87 340,914.31 358,164.57

242,312.22 254,573.22 267,454.62 280,987.83 295,205.81 310,143.22
28,208.58 29,635.93 31,135.51 32,710.97 34,366.14 36,105.07
9,310.09 9,781.18 10,276.10 10,796.07 11,342.36 11,916.28

149 150 151 152 153 154
1,616,573.97 1,698,372.61 1,784,310.27 1,874,596.37 1,969,450.94 2,069,105.16

156,376.71 164,289.37 172,602.41 181,336.10 190,511.70 200,151.60
74,578.07 78,351.72 82,316.31 86,481.52 90,857.49 95,454.87
1,698,372.61 1,784,310.27 1,874,596.37 1,969,450.94 2,069,105.16 2,173,801.88
6.67% 6.67% 6.67% 6.67% 6.67% 6.67%

107,771.60 113,224.84 118,954.02 124,973.09 131,296.73 137,940.34
1.45 1.45 1.45 1.45 1.45 1.45
655,998.63 689,192.16 724,065.28 760,702.98 799,194.55 839,633.80

107,771.60 113,224.84 118,954.02 124,973.09 131,296.73 137,940.34
74,578.07 78,351.72 82,316.31 86,481.52 90,857.49 95,454.87
689,192.16 724,065.28 760,702.98 799,194.55 839,633.80 882,119.27
1,009,180.46 1,060,244.99 1,113,893.39 1,170,256.39 1,229,471.37 1,291,682.62
11.22% 11.22% 11.22% 11.22% 11.22% 11.22%
1,203,988.87 1,264,910.70 1,328,915.18 1,396,158.29 1,466,803.90 1,541,024.18

156,376.71 164,289.37 172,602.41 181,336.10 190,511.70 200,151.60
95,454.87 100,284.89 105,359.31 110,690.49 116,291.43 122,175.77
1,264,910.70 1,328,915.18 1,396,158.29 1,466,803.90 1,541,024.18 1,619,000.00
0.1 0.1 0.1 0.1 0.1 0.1

120,398.89 126,491.07 132,891.52 139,615.83 146,680.39 154,102.42
12,627.29 13,266.23 13,937.50 14,642.74 15,383.66 16,162.07

3,156.82 3,316.56 3,484.38 3,660.68 3,845.92 4,040.52
65,544.61 68,861.17 72,345.54 76,006.23 79,852.14 83,892.66
2.02% 2.02% 2.02% 2.02% 2.02% 2.02%

6.49% 6.49% 6.49% 6.49% 6.49% 6.49%
2,001,515.95 2,102,792.66 2,209,193.97 2,320,979.18 2,438,420.73 2,561,804.82
224,559.76 235,922.49 247,860.17 260,401.89 273,578.23 287,421.28
325,836.47 342,323.80 359,645.38 377,843.44 396,962.31 417,048.61
2,102,792.66 2,209,193.97 2,320,979.18 2,438,420.73 2,561,804.82 2,691,432.14
129,995.17 136,572.92 143,483.51 150,743.78 158,371.42 166,385.01

6,577.76 6,910.59 7,260.27 7,627.64 8,013.59 8,419.08
136,572.92 143,483.51 150,743.78 158,371.42 166,385.01 174,804.09
1,871,520.78 1,966,219.74 2,065,710.45 2,170,235.40 2,280,049.31 2,395,419.81
6.08% 6.08% 6.08% 6.08% 6.08% 6.08%

113,795.95 119,554.02 125,603.46 131,958.99 138,636.12 145,651.11
151,727.93 159,405.37 167,471.28 175,945.32 184,848.16 194,201.47
376,287.70 395,327.85 415,331.44 436,347.21 458,426.38 481,622.76

325,836.47 342,323.80 359,645.38 377,843.44 396,962.31 417,048.61
37,931.98 39,851.34 41,867.82 43,986.33 46,212.04 48,550.37
12,519.24 13,152.72 13,818.24 14,517.45 15,252.03 16,023.78

155 156 157 158 159 160
2,173,801.88 2,283,796.26 2,399,356.35 2,520,763.78 2,648,314.43 2,782,319.14

210,279.27 220,919.40 232,097.92 243,842.07 256,180.48 269,143.21
100,284.89 105,359.31 110,690.49 116,291.43 122,175.77 128,357.87
2,283,796.26 2,399,356.35 2,520,763.78 2,648,314.43 2,782,319.14 2,923,104.49
6.67% 6.67% 6.67% 6.67% 6.67% 6.67%

144,920.13 152,253.08 159,957.09 168,050.92 176,554.30 185,487.94
1.45 1.45 1.45 1.45 1.45 1.45
882,119.27 926,754.50 973,648.28 1,022,914.88 1,074,674.38 1,129,052.90

144,920.13 152,253.08 159,957.09 168,050.92 176,554.30 185,487.94
100,284.89 105,359.31 110,690.49 116,291.43 122,175.77 128,357.87
926,754.50 973,648.28 1,022,914.88 1,074,674.38 1,129,052.90 1,186,182.98
1,357,041.76 1,425,708.07 1,497,848.90 1,573,640.05 1,653,266.24 1,736,921.51
11.22% 11.22% 11.22% 11.22% 11.22% 11.22%
1,619,000.00 1,700,921.40 1,786,988.03 1,877,409.62 1,972,406.55 2,072,210.32

210,279.27 220,919.40 232,097.92 243,842.07 256,180.48 269,143.21
128,357.87 134,852.77 141,676.32 148,845.15 156,376.71 164,289.37
1,700,921.40 1,786,988.03 1,877,409.62 1,972,406.55 2,072,210.32 2,177,064.16
0.1 0.1 0.1 0.1 0.1 0.1

161,900.00 170,092.14 178,698.80 187,740.96 197,240.65 207,221.03
16,979.87 17,839.06 18,741.71 19,690.04 20,686.36 21,733.09

4,244.97 4,459.76 4,685.43 4,922.51 5,171.59 5,433.27
88,137.63 92,597.39 97,282.82 102,205.33 107,376.92 112,810.20
2.02% 2.02% 2.02% 2.02% 2.02% 2.02%

6.49% 6.49% 6.49% 6.49% 6.49% 6.49%
2,691,432.14 2,827,618.61 2,970,696.11 3,121,013.33 3,278,936.61 3,444,850.80
301,964.80 317,244.22 333,296.78 350,161.59 367,879.77 386,494.49
438,151.27 460,321.72 483,614.00 508,084.87 533,793.96 560,803.94
2,827,618.61 2,970,696.11 3,121,013.33 3,278,936.61 3,444,850.80 3,619,160.25
174,804.09 183,649.18 192,941.83 202,704.68 212,961.54 223,737.39

8,845.09 9,292.65 9,762.86 10,256.86 10,775.85 11,321.11
183,649.18 192,941.83 202,704.68 212,961.54 223,737.39 235,058.51
2,516,628.05 2,643,969.43 2,777,754.28 2,918,308.65 3,065,975.07 3,221,113.41
6.08% 6.08% 6.08% 6.08% 6.08% 6.08%

153,021.05 160,763.92 168,898.57 177,444.84 186,423.55 195,856.58
204,028.07 214,351.89 225,198.10 236,593.12 248,564.73 261,142.11
505,992.87 531,596.11 558,494.87 586,754.71 616,444.50 647,636.59

438,151.27 460,321.72 483,614.00 508,084.87 533,793.96 560,803.94
51,007.02 53,587.97 56,299.52 59,148.28 62,141.18 65,285.53
16,834.59 17,686.42 18,581.35 19,521.56 20,509.36 21,547.13

161 162 163 164 165 166
2,923,104.49 3,071,013.57 3,226,406.86 3,389,663.05 3,561,180.00 3,741,375.71

282,761.86 297,069.61 312,101.33 327,893.66 344,485.08 361,916.03
134,852.77 141,676.32 148,845.15 156,376.71 164,289.37 172,602.41
3,071,013.57 3,226,406.86 3,389,663.05 3,561,180.00 3,741,375.71 3,930,689.32
6.67% 6.67% 6.67% 6.67% 6.67% 6.67%

194,873.63 204,734.24 215,093.79 225,977.54 237,412.00 249,425.05
1.45 1.45 1.45 1.45 1.45 1.45
1,186,182.98 1,246,203.83 1,309,261.75 1,375,510.39 1,445,111.22 1,518,233.85

194,873.63 204,734.24 215,093.79 225,977.54 237,412.00 249,425.05
134,852.77 141,676.32 148,845.15 156,376.71 164,289.37 172,602.41
1,246,203.83 1,309,261.75 1,375,510.39 1,445,111.22 1,518,233.85 1,595,056.48
1,824,809.74 1,917,145.11 2,014,152.65 2,116,068.78 2,223,141.86 2,335,632.84
11.22% 11.22% 11.22% 11.22% 11.22% 11.22%
2,177,064.16 2,287,223.61 2,402,957.12 2,524,546.75 2,652,288.82 2,786,494.63

282,761.86 297,069.61 312,101.33 327,893.66 344,485.08 361,916.03
172,602.41 181,336.10 190,511.70 200,151.60 210,279.27 220,919.40
2,287,223.61 2,402,957.12 2,524,546.75 2,652,288.82 2,786,494.63 2,927,491.26
0.1 0.1 0.1 0.1 0.1 0.1

217,706.42 228,722.36 240,295.71 252,454.68 265,228.88 278,649.46
22,832.78 23,988.12 25,201.92 26,477.14 27,816.88 29,224.42

5,708.20 5,997.03 6,300.48 6,619.28 6,954.22 7,306.10
118,518.39 124,515.42 130,815.90 137,435.19 144,389.41 151,695.51
2.02% 2.02% 2.02% 2.02% 2.02% 2.02%

6.49% 6.49% 6.49% 6.49% 6.49% 6.49%
3,619,160.25 3,802,289.76 3,994,685.62 4,196,816.71 4,409,175.64 4,632,279.93
406,051.11 426,597.29 448,183.12 470,861.18 494,686.76 519,717.91
589,180.62 618,993.16 650,314.21 683,220.11 717,791.05 754,111.27
3,802,289.76 3,994,685.62 4,196,816.71 4,409,175.64 4,632,279.93 4,866,673.29
235,058.51 246,952.47 259,448.26 272,576.34 286,368.71 300,858.96

11,893.96 12,495.79 13,128.08 13,792.36 14,490.26 15,223.46
246,952.47 259,448.26 272,576.34 286,368.71 300,858.96 316,082.43
3,384,101.75 3,555,337.29 3,735,237.36 3,924,240.37 4,122,806.94 4,331,420.97
6.08% 6.08% 6.08% 6.08% 6.08% 6.08%

205,766.92 216,178.73 227,117.37 238,609.51 250,683.15 263,367.72
274,355.90 288,238.31 302,823.16 318,146.02 334,244.20 351,156.96
680,407.01 714,835.60 751,006.28 789,007.20 828,930.96 870,874.87

589,180.62 618,993.16 650,314.21 683,220.11 717,791.05 754,111.27
68,588.97 72,059.58 75,705.79 79,536.50 83,561.05 87,789.24
22,637.41 23,782.87 24,986.28 26,250.59 27,578.87 28,974.36

167 168 169 170 171 172
3,930,689.32 4,129,582.20 4,338,539.06 4,558,069.13 4,788,707.43 5,031,016.03

380,228.98 399,468.56 419,681.67 440,917.56 463,227.99 486,667.33
181,336.10 190,511.70 200,151.60 210,279.27 220,919.40 232,097.92
4,129,582.20 4,338,539.06 4,558,069.13 4,788,707.43 5,031,016.03 5,285,585.44
6.67% 6.67% 6.67% 6.67% 6.67% 6.67%

262,045.95 275,305.48 289,235.94 303,871.28 319,247.16 335,401.07
1.45 1.45 1.45 1.45 1.45 1.45
1,595,056.48 1,675,766.34 1,760,560.11 1,849,644.46 1,943,236.47 2,041,564.23

262,045.95 275,305.48 289,235.94 303,871.28 319,247.16 335,401.07
181,336.10 190,511.70 200,151.60 210,279.27 220,919.40 232,097.92
1,675,766.34 1,760,560.11 1,849,644.46 1,943,236.47 2,041,564.23 2,144,867.38
2,453,815.86 2,577,978.94 2,708,424.68 2,845,470.96 2,989,451.80 3,140,718.06
11.22% 11.22% 11.22% 11.22% 11.22% 11.22%
2,927,491.26 3,075,622.32 3,231,248.81 3,394,750.00 3,566,524.35 3,746,990.48

380,228.98 399,468.56 419,681.67 440,917.56 463,227.99 486,667.33
232,097.92 243,842.07 256,180.48 269,143.21 282,761.86 297,069.61
3,075,622.32 3,231,248.81 3,394,750.00 3,566,524.35 3,746,990.48 3,936,588.20
0.1 0.1 0.1 0.1 0.1 0.1

292,749.13 307,562.23 323,124.88 339,475.00 356,652.43 374,699.05
30,703.17 32,256.75 33,888.94 35,603.72 37,405.27 39,297.98

7,675.79 8,064.19 8,472.24 8,900.93 9,351.32 9,824.49
159,371.30 167,435.49 175,907.73 184,808.66 194,159.98 203,984.47
2.02% 2.02% 2.02% 2.02% 2.02% 2.02%

6.49% 6.49% 6.49% 6.49% 6.49% 6.49%
4,866,673.29 5,112,926.96 5,371,641.07 5,643,446.10 5,929,004.48 6,229,012.10
546,015.64 573,644.03 602,670.41 633,165.54 665,203.71 698,863.02
792,269.30 832,358.13 874,475.45 918,723.91 965,211.34 1,014,051.03
5,112,926.96 5,371,641.07 5,643,446.10 5,929,004.48 6,229,012.10 6,544,200.11
316,082.43 332,076.20 348,879.25 366,532.54 385,079.09 404,564.09

15,993.77 16,803.06 17,653.29 18,546.55 19,485.00 20,470.94
332,076.20 348,879.25 366,532.54 385,079.09 404,564.09 425,035.03
4,550,590.87 4,780,850.76 5,022,761.81 5,276,913.56 5,543,925.39 5,824,448.01
6.08% 6.08% 6.08% 6.08% 6.08% 6.08%

276,694.13 290,694.85 305,404.01 320,857.45 337,092.84 354,149.74
368,925.50 387,593.13 407,205.35 427,809.94 449,457.12 472,199.65
914,941.14 961,237.16 1,009,875.76 1,060,975.47 1,114,660.83 1,171,062.67

792,269.30 832,358.13 874,475.45 918,723.91 965,211.34 1,014,051.03
92,231.38 96,898.28 101,801.34 106,952.48 112,364.28 118,049.91
30,440.46 31,980.75 33,598.97 35,299.08 37,085.21 38,961.72

173 174 175 176 177 178
5,285,585.44 5,553,036.06 5,834,019.68 6,129,221.08 6,439,359.67 6,765,191.27

511,292.70 537,164.11 564,344.61 592,900.45 622,901.21 654,420.01
243,842.07 256,180.48 269,143.21 282,761.86 297,069.61 312,101.33
5,553,036.06 5,834,019.68 6,129,221.08 6,439,359.67 6,765,191.27 7,107,509.94
6.67% 6.67% 6.67% 6.67% 6.67% 6.67%

352,372.36 370,202.40 388,934.65 408,614.74 429,290.64 451,012.75
1.45 1.45 1.45 1.45 1.45 1.45
2,144,867.38 2,253,397.67 2,367,419.59 2,487,211.02 2,613,063.90 2,745,284.93

352,372.36 370,202.40 388,934.65 408,614.74 429,290.64 451,012.75
243,842.07 256,180.48 269,143.21 282,761.86 297,069.61 312,101.33
2,253,397.67 2,367,419.59 2,487,211.02 2,613,063.90 2,745,284.93 2,884,196.35
3,299,638.39 3,466,600.09 3,642,010.06 3,826,295.77 4,019,906.33 4,223,313.59
11.22% 11.22% 11.22% 11.22% 11.22% 11.22%
3,936,588.20 4,135,779.56 4,345,050.00 4,564,909.53 4,795,893.96 5,038,566.19

511,292.70 537,164.11 564,344.61 592,900.45 622,901.21 654,420.01
312,101.33 327,893.66 344,485.08 361,916.03 380,228.98 399,468.56
4,135,779.56 4,345,050.00 4,564,909.53 4,795,893.96 5,038,566.19 5,293,517.64
0.1 0.1 0.1 0.1 0.1 0.1

393,658.82 413,577.96 434,505.00 456,490.95 479,589.40 503,856.62
41,286.46 43,375.55 45,570.35 47,876.21 50,298.75 52,843.87

10,321.61 10,843.89 11,392.59 11,969.05 12,574.69 13,210.97
214,306.09 225,149.97 236,542.56 248,511.62 261,086.30 274,297.27
2.02% 2.02% 2.02% 2.02% 2.02% 2.02%

6.49% 6.49% 6.49% 6.49% 6.49% 6.49%
6,544,200.11 6,875,336.64 7,223,228.67 7,588,724.05 7,972,713.48 8,376,132.78
734,225.49 771,377.30 810,408.99 851,415.69 894,497.32 939,758.88
1,065,362.02 1,119,269.33 1,175,904.36 1,235,405.12 1,297,916.62 1,363,591.20
6,875,336.64 7,223,228.67 7,588,724.05 7,972,713.48 8,376,132.78 8,799,965.10
425,035.03 446,541.81 469,136.82 492,875.14 517,814.63 544,016.05

21,506.77 22,595.02 23,738.32 24,939.48 26,201.42 27,527.21
446,541.81 469,136.82 492,875.14 517,814.63 544,016.05 571,543.26
6,119,165.08 6,428,794.83 6,754,091.85 7,095,848.90 7,454,898.86 7,832,116.74
6.08% 6.08% 6.08% 6.08% 6.08% 6.08%

372,069.71 390,896.44 410,675.80 431,456.00 453,287.67 476,224.03
496,092.95 521,195.25 547,567.73 575,274.66 604,383.56 634,965.37
1,230,318.44 1,292,572.55 1,357,976.73 1,426,690.35 1,498,880.88 1,574,724.25

1,065,362.02 1,119,269.33 1,175,904.36 1,235,405.12 1,297,916.62 1,363,591.20
124,023.24 130,298.81 136,891.93 143,818.67 151,095.89 158,741.34
40,933.19 43,004.41 45,180.43 47,466.56 49,868.37 52,391.71

179 180 181 182 183 184
7,107,509.94 7,467,149.95 7,844,987.73 8,241,944.11 8,658,986.49 9,097,131.20

687,533.66 722,322.87 758,872.40 797,271.35 837,613.28 879,996.51
327,893.66 344,485.08 361,916.03 380,228.98 399,468.56 419,681.67
7,467,149.95 7,844,987.73 8,241,944.11 8,658,986.49 9,097,131.20 9,557,446.04
6.67% 6.67% 6.67% 6.67% 6.67% 6.67%

473,834.00 497,810.00 522,999.18 549,462.94 577,265.77 606,475.41
1.45 1.45 1.45 1.45 1.45 1.45
2,884,196.35 3,030,136.69 3,183,461.60 3,344,544.76 3,513,778.73 3,691,575.93

473,834.00 497,810.00 522,999.18 549,462.94 577,265.77 606,475.41
327,893.66 344,485.08 361,916.03 380,228.98 399,468.56 419,681.67
3,030,136.69 3,183,461.60 3,344,544.76 3,513,778.73 3,691,575.93 3,878,369.67
4,437,013.26 4,661,526.13 4,897,399.35 5,145,207.76 5,405,555.27 5,679,076.37
11.22% 11.22% 11.22% 11.22% 11.22% 11.22%
5,293,517.64 5,561,369.63 5,842,774.94 6,138,419.35 6,449,023.37 6,775,343.95

687,533.66 722,322.87 758,872.40 797,271.35 837,613.28 879,996.51
419,681.67 440,917.56 463,227.99 486,667.33 511,292.70 537,164.11
5,561,369.63 5,842,774.94 6,138,419.35 6,449,023.37 6,775,343.95 7,118,176.35
0.1 0.1 0.1 0.1 0.1 0.1

529,351.76 556,136.96 584,277.49 613,841.93 644,902.34 677,534.39
55,517.77 58,326.97 61,278.31 64,378.99 67,636.57 71,058.98

13,879.44 14,581.74 15,319.58 16,094.75 16,909.14 17,764.75
288,176.71 302,758.45 318,078.03 334,172.78 351,081.92 368,846.67
2.02% 2.02% 2.02% 2.02% 2.02% 2.02%

6.49% 6.49% 6.49% 6.49% 6.49% 6.49%
8,799,965.10 9,245,243.34 9,713,052.65 10,204,533.11 10,720,882.49 11,263,359.14
987,310.68 1,037,268.60 1,089,754.40 1,144,895.97 1,202,827.70 1,263,690.79
1,432,588.92 1,505,077.92 1,581,234.86 1,661,245.34 1,745,304.36 1,833,616.76
9,245,243.34 9,713,052.65 10,204,533.11 10,720,882.49 11,263,359.14 11,833,285.12
571,543.26 600,463.35 630,846.79 662,767.64 696,303.68 731,536.65

28,920.09 30,383.45 31,920.85 33,536.04 35,232.97 37,015.75
600,463.35 630,846.79 662,767.64 696,303.68 731,536.65 768,552.40
8,228,421.84 8,644,779.99 9,082,205.86 9,541,765.47 10,024,578.81 10,531,822.49
6.08% 6.08% 6.08% 6.08% 6.08% 6.08%

500,320.96 525,637.20 552,234.44 580,177.51 609,534.49 640,376.93
667,094.62 700,849.60 736,312.59 773,570.01 812,712.65 853,835.91
1,654,405.30 1,738,118.21 1,826,066.99 1,918,465.98 2,015,540.36 2,117,526.70

1,432,588.92 1,505,077.92 1,581,234.86 1,661,245.34 1,745,304.36 1,833,616.76
166,773.65 175,212.40 184,078.15 193,392.50 203,178.16 213,458.98
55,042.73 57,827.89 60,753.98 63,828.13 67,057.84 70,450.96

185 186 187 188 189 190
9,557,446.04 10,041,052.81 10,549,130.08 11,082,916.07 11,643,711.62 12,232,883.43

924,524.33 971,305.27 1,020,453.31 1,072,088.25 1,126,335.91 1,183,328.51
440,917.56 463,227.99 486,667.33 511,292.70 537,164.11 564,344.61
10,041,052.81 10,549,130.08 11,082,916.07 11,643,711.62 12,232,883.43 12,851,867.33
6.67% 6.67% 6.67% 6.67% 6.67% 6.67%

637,163.07 669,403.52 703,275.34 738,861.07 776,247.44 815,525.56
1.45 1.45 1.45 1.45 1.45 1.45
3,878,369.67 4,074,615.18 4,280,790.70 4,497,398.71 4,724,967.09 4,964,050.42

637,163.07 669,403.52 703,275.34 738,861.07 776,247.44 815,525.56
440,917.56 463,227.99 486,667.33 511,292.70 537,164.11 564,344.61
4,074,615.18 4,280,790.70 4,497,398.71 4,724,967.09 4,964,050.42 5,215,231.38
5,966,437.63 6,268,339.38 6,585,517.35 6,918,744.53 7,268,833.00 7,636,635.95
11.22% 11.22% 11.22% 11.22% 11.22% 11.22%
7,118,176.35 7,478,356.08 7,856,760.89 8,254,312.99 8,671,981.23 9,110,783.48

924,524.33 971,305.27 1,020,453.31 1,072,088.25 1,126,335.91 1,183,328.51
564,344.61 592,900.45 622,901.21 654,420.01 687,533.66 722,322.87
7,478,356.08 7,856,760.89 8,254,312.99 8,671,981.23 9,110,783.48 9,571,789.13
0.1 0.1 0.1 0.1 0.1 0.1

711,817.64 747,835.61 785,676.09 825,431.30 867,198.12 911,078.35
74,654.57 78,432.09 82,400.75 86,570.23 90,950.68 95,552.79

18,663.64 19,608.02 20,600.19 21,642.56 22,737.67 23,888.20
387,510.31 407,118.33 427,718.52 449,361.08 472,098.75 495,986.94
2.02% 2.02% 2.02% 2.02% 2.02% 2.02%

6.49% 6.49% 6.49% 6.49% 6.49% 6.49%
11,833,285.12 12,432,049.34 13,061,111.04 13,722,003.26 14,416,336.62 15,145,803.26
1,327,633.54 1,394,811.80 1,465,389.27 1,539,537.97 1,617,438.59 1,699,280.99
1,926,397.77 2,023,873.49 2,126,281.49 2,233,871.34 2,346,905.23 2,465,658.63
12,432,049.34 13,061,111.04 13,722,003.26 14,416,336.62 15,145,803.26 15,912,180.90
768,552.40 807,441.16 848,297.68 891,221.54 936,317.35 983,695.01

38,888.75 40,856.52 42,923.86 45,095.81 47,377.66 49,774.97
807,441.16 848,297.68 891,221.54 936,317.35 983,695.01 1,033,469.98
11,064,732.71 11,624,608.19 12,212,813.36 12,830,781.72 13,480,019.27 14,162,108.25
6.08% 6.08% 6.08% 6.08% 6.08% 6.08%

672,780.01 706,822.68 742,587.90 780,162.85 819,639.09 861,112.83
897,040.01 942,430.23 990,117.20 1,040,217.14 1,092,852.12 1,148,150.44
2,224,673.55 2,337,242.03 2,455,506.48 2,579,755.11 2,710,290.72 2,847,431.43

1,926,397.77 2,023,873.49 2,126,281.49 2,233,871.34 2,346,905.23 2,465,658.63
224,260.00 235,607.56 247,529.30 260,054.28 273,213.03 287,037.61
74,015.78 77,760.98 81,695.68 85,829.49 90,172.46 94,735.19

191 192 193 194 195 196
12,851,867.33 13,502,171.81 14,185,381.71 14,903,162.02 15,657,262.02 16,449,519.48

1,243,204.93 1,306,111.10 1,372,200.33 1,441,633.66 1,514,580.33 1,591,218.09
592,900.45 622,901.21 654,420.01 687,533.66 722,322.87 758,872.40
13,502,171.81 14,185,381.71 14,903,162.02 15,657,262.02 16,449,519.48 17,281,865.17
6.67% 6.67% 6.67% 6.67% 6.67% 6.67%

856,791.16 900,144.79 945,692.11 993,544.13 1,043,817.47 1,096,634.63
1.45 1.45 1.45 1.45 1.45 1.45
5,215,231.38 5,479,122.08 5,756,365.66 6,047,637.76 6,353,648.23 6,675,142.83

856,791.16 900,144.79 945,692.11 993,544.13 1,043,817.47 1,096,634.63
592,900.45 622,901.21 654,420.01 687,533.66 722,322.87 758,872.40
5,479,122.08 5,756,365.66 6,047,637.76 6,353,648.23 6,675,142.83 7,012,905.06
8,023,049.73 8,429,016.05 8,855,524.26 9,303,613.79 9,774,376.65 10,268,960.10
11.22% 11.22% 11.22% 11.22% 11.22% 11.22%
9,571,789.13 10,056,121.66 10,564,961.41 11,099,548.46 11,661,185.61 12,251,241.60

1,243,204.93 1,306,111.10 1,372,200.33 1,441,633.66 1,514,580.33 1,591,218.09
758,872.40 797,271.35 837,613.28 879,996.51 924,524.33 971,305.27
10,056,121.66 10,564,961.41 11,099,548.46 11,661,185.61 12,251,241.60 12,871,154.43
0.1 0.1 0.1 0.1 0.1 0.1

957,178.91 1,005,612.17 1,056,496.14 1,109,954.85 1,166,118.56 1,225,124.16
100,387.76 105,467.38 110,804.03 116,410.71 122,301.09 128,489.53

25,096.94 26,366.84 27,701.01 29,102.68 30,575.27 32,122.38
521,083.88 547,450.73 575,151.73 604,254.41 634,829.69 666,952.07
2.02% 2.02% 2.02% 2.02% 2.02% 2.02%

6.49% 6.49% 6.49% 6.49% 6.49% 6.49%
15,912,180.90 16,717,337.26 17,563,234.52 18,451,934.19 19,385,602.06 20,366,513.52
1,785,264.60 1,875,598.99 1,970,504.30 2,070,211.82 2,174,964.54 2,285,017.74
2,590,420.96 2,721,496.26 2,859,203.97 3,003,879.69 3,155,876.00 3,315,563.33
16,717,337.26 17,563,234.52 18,451,934.19 19,385,602.06 20,366,513.52 21,397,059.11
1,033,469.98 1,085,763.56 1,140,703.19 1,198,422.78 1,259,062.97 1,322,771.55

52,293.58 54,939.64 57,719.58 60,640.19 63,708.59 66,932.24
1,085,763.56 1,140,703.19 1,198,422.78 1,259,062.97 1,322,771.55 1,389,703.79
14,878,710.93 15,631,573.70 16,422,531.33 17,253,511.41 18,126,539.09 19,043,741.97
6.08% 6.08% 6.08% 6.08% 6.08% 6.08%

904,685.14 950,462.21 998,555.59 1,049,082.51 1,102,166.08 1,157,935.69
1,206,246.85 1,267,282.94 1,331,407.46 1,398,776.68 1,469,554.78 1,543,914.25
2,991,511.46 3,142,881.94 3,301,911.76 3,468,988.50 3,644,519.31 3,828,931.99

2,590,420.96 2,721,496.26 2,859,203.97 3,003,879.69 3,155,876.00 3,315,563.33
301,561.71 316,820.74 332,851.86 349,694.17 367,388.69 385,978.56
99,528.79 104,564.94 109,855.93 115,414.64 121,254.62 127,390.10

197 198 199 200 201 202
17,281,865.17 18,156,327.54 19,075,037.72 20,040,234.62 21,054,270.50 22,119,616.58

1,671,733.73 1,756,323.45 1,845,193.42 1,938,560.21 2,036,651.35 2,139,705.91
797,271.35 837,613.28 879,996.51 924,524.33 971,305.27 1,020,453.31
18,156,327.54 19,075,037.72 20,040,234.62 21,054,270.50 22,119,616.58 23,238,869.18
6.67% 6.67% 6.67% 6.67% 6.67% 6.67%

1,152,124.34 1,210,421.84 1,271,669.18 1,336,015.64 1,403,618.03 1,474,641.11
1.45 1.45 1.45 1.45 1.45 1.45
7,012,905.06 7,367,758.06 7,740,566.62 8,132,239.29 8,543,730.59 8,976,043.36

1,152,124.34 1,210,421.84 1,271,669.18 1,336,015.64 1,403,618.03 1,474,641.11
797,271.35 837,613.28 879,996.51 924,524.33 971,305.27 1,020,453.31
7,367,758.06 7,740,566.62 8,132,239.29 8,543,730.59 8,976,043.36 9,430,231.16
10,788,569.48 11,334,471.10 11,907,995.34 12,510,539.90 13,143,573.22 13,808,638.03
11.22% 11.22% 11.22% 11.22% 11.22% 11.22%
12,871,154.43 13,522,434.84 14,206,670.05 14,925,527.55 15,680,759.25 16,474,205.66

1,671,733.73 1,756,323.45 1,845,193.42 1,938,560.21 2,036,651.35 2,139,705.91
1,020,453.31 1,072,088.25 1,126,335.91 1,183,328.51 1,243,204.93 1,306,111.10
13,522,434.84 14,206,670.05 14,925,527.55 15,680,759.25 16,474,205.66 17,307,800.47
0.1 0.1 0.1 0.1 0.1 0.1

1,287,115.44 1,352,243.48 1,420,667.00 1,492,552.76 1,568,075.92 1,647,420.57
134,991.10 141,821.65 148,997.82 156,537.11 164,457.89 172,779.46

33,747.77 35,455.41 37,249.46 39,134.28 41,114.47 43,194.87
700,699.84 736,155.25 773,404.71 812,538.99 853,653.46 896,848.33
2.02% 2.02% 2.02% 2.02% 2.02% 2.02%

6.49% 6.49% 6.49% 6.49% 6.49% 6.49%
21,397,059.11 22,479,750.30 23,617,225.66 24,812,257.28 26,067,757.50 27,386,786.03
2,400,639.64 2,522,112.01 2,649,730.87 2,783,807.26 2,924,667.90 3,072,656.10
3,483,330.83 3,659,587.37 3,844,762.49 4,039,307.47 4,243,696.43 4,458,427.47
22,479,750.30 23,617,225.66 24,812,257.28 26,067,757.50 27,386,786.03 28,772,557.40
1,389,703.79 1,460,022.81 1,533,899.96 1,611,515.30 1,693,057.97 1,778,726.71

70,319.01 73,877.15 77,615.34 81,542.67 85,668.73 90,003.57
1,460,022.81 1,533,899.96 1,611,515.30 1,693,057.97 1,778,726.71 1,868,730.28
20,007,355.31 21,019,727.49 22,083,325.70 23,200,741.98 24,374,699.53 25,608,059.32
6.08% 6.08% 6.08% 6.08% 6.08% 6.08%

1,216,527.23 1,278,083.51 1,342,754.54 1,410,697.92 1,482,079.23 1,557,072.44
1,622,036.31 1,704,111.35 1,790,339.38 1,880,930.55 1,976,105.64 2,076,096.59
4,022,675.95 4,226,223.35 4,440,070.26 4,664,737.81 4,900,773.54 5,148,752.68

3,483,330.83 3,659,587.37 3,844,762.49 4,039,307.47 4,243,696.43 4,458,427.47
405,509.08 426,027.84 447,584.85 470,232.64 494,026.41 519,024.15
133,836.04 140,608.15 147,722.92 155,197.70 163,050.70 171,301.07

203 204 205 206 207 208
23,238,869.18 24,414,755.96 25,650,142.62 26,948,039.83 28,311,610.65 29,744,178.15

2,247,975.03 2,361,722.57 2,481,225.73 2,606,775.75 2,738,678.60 2,877,255.74
1,072,088.25 1,126,335.91 1,183,328.51 1,243,204.93 1,306,111.10 1,372,200.33
24,414,755.96 25,650,142.62 26,948,039.83 28,311,610.65 29,744,178.15 31,249,233.56
6.67% 6.67% 6.67% 6.67% 6.67% 6.67%

1,549,257.95 1,627,650.40 1,710,009.51 1,796,535.99 1,887,440.71 1,982,945.21
1.45 1.45 1.45 1.45 1.45 1.45
9,430,231.16 9,907,400.85 10,408,715.34 10,935,396.33 11,488,727.39 12,070,056.99

1,549,257.95 1,627,650.40 1,710,009.51 1,796,535.99 1,887,440.71 1,982,945.21
1,072,088.25 1,126,335.91 1,183,328.51 1,243,204.93 1,306,111.10 1,372,200.33
9,907,400.85 10,408,715.34 10,935,396.33 11,488,727.39 12,070,056.99 12,680,801.88
14,507,355.11 15,241,427.28 16,012,643.50 16,822,883.26 17,674,121.15 18,568,431.68
11.22% 11.22% 11.22% 11.22% 11.22% 11.22%
17,307,800.47 18,183,575.17 19,103,664.08 20,070,309.48 21,085,867.14 22,152,812.02

2,247,975.03 2,361,722.57 2,481,225.73 2,606,775.75 2,738,678.60 2,877,255.74
1,372,200.33 1,441,633.66 1,514,580.33 1,591,218.09 1,671,733.73 1,756,323.45
18,183,575.17 19,103,664.08 20,070,309.48 21,085,867.14 22,152,812.02 23,273,744.30
0.1 0.1 0.1 0.1 0.1 0.1

1,730,780.05 1,818,357.52 1,910,366.41 2,007,030.95 2,108,586.71 2,215,281.20
181,522.10 190,707.12 200,356.90 210,494.96 221,146.00 232,335.99

45,380.53 47,676.78 50,089.22 52,623.74 55,286.50 58,084.00
942,228.85 989,905.63 1,039,994.86 1,092,618.60 1,147,905.10 1,205,989.10
2.02% 2.02% 2.02% 2.02% 2.02% 2.02%

6.49% 6.49% 6.49% 6.49% 6.49% 6.49%
28,772,557.40 30,228,448.81 31,758,008.32 33,364,963.54 35,053,230.69 36,826,924.16
3,228,132.50 3,391,476.00 3,563,084.69 3,743,376.77 3,932,791.64 4,131,790.89
4,684,023.90 4,921,035.51 5,170,039.91 5,431,643.93 5,706,485.11 5,995,233.26
30,228,448.81 31,758,008.32 33,364,963.54 35,053,230.69 36,826,924.16 38,690,366.53
1,868,730.28 1,963,288.03 2,062,630.40 2,166,999.50 2,276,649.68 2,391,848.15

94,557.75 99,342.37 104,369.10 109,650.17 115,198.47 121,027.52
1,963,288.03 2,062,630.40 2,166,999.50 2,276,649.68 2,391,848.15 2,512,875.67
26,903,827.12 28,265,160.78 29,695,377.91 31,197,964.03 32,776,581.01 34,435,076.01
6.08% 6.08% 6.08% 6.08% 6.08% 6.08%

1,635,860.30 1,718,634.84 1,805,597.76 1,896,961.01 1,992,947.23 2,093,790.36
2,181,147.07 2,291,513.11 2,407,463.68 2,529,281.34 2,657,262.98 2,791,720.48
5,409,279.57 5,682,989.12 5,970,548.37 6,272,658.11 6,590,054.61 6,923,511.38

4,684,023.90 4,921,035.51 5,170,039.91 5,431,643.93 5,706,485.11 5,995,233.26
545,286.77 572,878.28 601,865.92 632,320.34 664,315.74 697,930.12
179,968.90 189,075.33 198,642.54 208,693.85 219,253.76 230,348.00

209 210 211 212 213 214
31,249,233.56 32,830,444.78 34,491,665.28 36,236,943.55 38,070,532.89 39,996,901.86

3,022,844.88 3,175,800.83 3,336,496.35 3,505,323.07 3,682,692.42 3,869,036.65
1,441,633.66 1,514,580.33 1,591,218.09 1,671,733.73 1,756,323.45 1,845,193.42
32,830,444.78 34,491,665.28 36,236,943.55 38,070,532.89 39,996,901.86 42,020,745.09
6.67% 6.67% 6.67% 6.67% 6.67% 6.67%

2,083,282.24 2,188,696.32 2,299,444.35 2,415,796.24 2,538,035.53 2,666,460.12
1.45 1.45 1.45 1.45 1.45 1.45
12,680,801.88 13,322,450.45 13,996,566.44 14,704,792.71 15,448,855.22 16,230,567.29

2,083,282.24 2,188,696.32 2,299,444.35 2,415,796.24 2,538,035.53 2,666,460.12
1,441,633.66 1,514,580.33 1,591,218.09 1,671,733.73 1,756,323.45 1,845,193.42
13,322,450.45 13,996,566.44 14,704,792.71 15,448,855.22 16,230,567.29 17,051,834.00
19,507,994.33 20,495,098.84 21,532,150.84 22,621,677.67 23,766,334.56 24,968,911.09
11.22% 11.22% 11.22% 11.22% 11.22% 11.22%
23,273,744.30 24,451,395.77 25,688,636.39 26,988,481.39 28,354,098.55 29,788,815.94

3,022,844.88 3,175,800.83 3,336,496.35 3,505,323.07 3,682,692.42 3,869,036.65
1,845,193.42 1,938,560.21 2,036,651.35 2,139,705.91 2,247,975.03 2,361,722.57
24,451,395.77 25,688,636.39 26,988,481.39 28,354,098.55 29,788,815.94 31,296,130.02
0.1 0.1 0.1 0.1 0.1 0.1

2,327,374.43 2,445,139.58 2,568,863.64 2,698,848.14 2,835,409.86 2,978,881.59
244,092.19 256,443.26 269,419.29 283,051.90 297,374.33 312,421.47

61,023.05 64,110.81 67,354.82 70,762.98 74,343.58 78,105.37
1,267,012.14 1,331,122.96 1,398,477.78 1,469,240.76 1,543,584.34 1,621,689.71
2.02% 2.02% 2.02% 2.02% 2.02% 2.02%

6.49% 6.49% 6.49% 6.49% 6.49% 6.49%
38,690,366.53 40,648,099.07 42,704,892.89 44,865,760.47 47,135,967.95 49,521,047.92
4,340,859.51 4,560,507.01 4,791,268.66 5,033,706.85 5,288,412.42 5,556,006.09
6,298,592.06 6,617,300.82 6,952,136.24 7,303,914.33 7,673,492.40 8,061,771.11
40,648,099.07 42,704,892.89 44,865,760.47 47,135,967.95 49,521,047.92 52,026,812.95
2,512,875.67 2,640,027.18 2,773,612.55 2,913,957.35 3,061,403.59 3,216,310.61

127,151.51 133,585.38 140,344.80 147,446.24 154,907.02 162,745.32
2,640,027.18 2,773,612.55 2,913,957.35 3,061,403.59 3,216,310.61 3,379,055.93
36,177,490.86 38,008,071.90 39,931,280.34 41,951,803.12 44,074,564.36 46,304,737.31
6.08% 6.08% 6.08% 6.08% 6.08% 6.08%

2,199,736.15 2,311,042.80 2,427,981.57 2,550,837.44 2,679,909.81 2,815,513.25
2,932,981.54 3,081,390.40 3,237,308.76 3,401,116.58 3,573,213.08 3,754,017.66
7,273,841.05 7,641,897.41 8,028,577.42 8,434,823.44 8,861,625.50 9,310,023.75

6,298,592.06 6,617,300.82 6,952,136.24 7,303,914.33 7,673,492.40 8,061,771.11
733,245.38 770,347.60 809,327.19 850,279.15 893,303.27 938,504.42
242,003.61 254,248.99 267,113.99 280,629.96 294,829.83 309,748.22

215 216 217 218 219 220
42,020,745.09 44,146,994.79 46,380,832.73 48,727,702.86 51,193,324.63 53,783,706.85

4,064,809.91 4,270,489.29 4,486,576.05 4,713,596.79 4,952,104.79 5,202,681.29
1,938,560.21 2,036,651.35 2,139,705.91 2,247,975.03 2,361,722.57 2,481,225.73
44,146,994.79 46,380,832.73 48,727,702.86 51,193,324.63 53,783,706.85 56,505,162.42
6.67% 6.67% 6.67% 6.67% 6.67% 6.67%

2,801,383.01 2,943,132.99 3,092,055.52 3,248,513.52 3,412,888.31 3,585,580.46
1.45 1.45 1.45 1.45 1.45 1.45
17,051,834.00 17,914,656.80 18,821,138.43 19,773,488.03 20,774,026.53 21,825,192.27

2,801,383.01 2,943,132.99 3,092,055.52 3,248,513.52 3,412,888.31 3,585,580.46
1,938,560.21 2,036,651.35 2,139,705.91 2,247,975.03 2,361,722.57 2,481,225.73
17,914,656.80 18,821,138.43 19,773,488.03 20,774,026.53 21,825,192.27 22,929,547.00
26,232,338.00 27,559,694.30 28,954,214.83 30,419,298.10 31,958,514.58 33,575,615.42
11.22% 11.22% 11.22% 11.22% 11.22% 11.22%
31,296,130.02 32,879,714.20 34,543,427.74 36,291,325.19 38,127,666.24 40,056,926.15

4,064,809.91 4,270,489.29 4,486,576.05 4,713,596.79 4,952,104.79 5,202,681.29
2,481,225.73 2,606,775.75 2,738,678.60 2,877,255.74 3,022,844.88 3,175,800.83
32,879,714.20 34,543,427.74 36,291,325.19 38,127,666.24 40,056,926.15 42,083,806.62
0.1 0.1 0.1 0.1 0.1 0.1

3,129,613.00 3,287,971.42 3,454,342.77 3,629,132.52 3,812,766.62 4,005,692.62
328,230.00 344,838.43 362,287.26 380,618.99 399,878.32 420,112.16

82,057.50 86,209.61 90,571.81 95,154.75 99,969.58 105,028.04
1,703,747.21 1,789,956.81 1,880,528.63 1,975,683.38 2,075,652.96 2,180,681.00
2.02% 2.02% 2.02% 2.02% 2.02% 2.02%

6.49% 6.49% 6.49% 6.49% 6.49% 6.49%
52,026,812.95 54,659,369.68 57,425,133.79 60,330,845.56 63,383,586.35 66,590,795.81
5,837,140.00 6,132,499.28 6,442,803.75 6,768,809.61 7,111,311.38 7,471,143.74
8,469,696.73 8,898,263.39 9,348,515.52 9,821,550.40 10,318,520.85 10,840,638.01
54,659,369.68 57,425,133.79 60,330,845.56 63,383,586.35 66,590,795.81 69,960,290.08
3,379,055.93 3,550,036.16 3,729,667.99 3,918,389.19 4,116,659.68 4,324,962.66

170,980.23 179,631.83 188,721.20 198,270.49 208,302.98 218,843.11
3,550,036.16 3,729,667.99 3,918,389.19 4,116,659.68 4,324,962.66 4,543,805.77
48,647,757.02 51,109,333.53 53,695,465.80 56,412,456.37 59,266,926.67 62,265,833.16
6.08% 6.08% 6.08% 6.08% 6.08% 6.08%

2,957,978.22 3,107,651.92 3,264,899.10 3,430,103.00 3,603,666.21 3,786,011.72
3,943,970.96 4,143,535.89 4,353,198.80 4,573,470.66 4,804,888.28 5,048,015.63
9,781,110.96 10,276,035.17 10,796,002.55 11,342,280.28 11,916,199.66 12,519,159.36

8,469,696.73 8,898,263.39 9,348,515.52 9,821,550.40 10,318,520.85 10,840,638.01
985,992.74 1,035,883.97 1,088,299.70 1,143,367.67 1,201,222.07 1,262,003.91
325,421.48 341,887.81 359,187.33 377,362.21 396,456.74 416,517.45

221 222 223 224 225 226
56,505,162.42 59,364,323.64 62,368,158.42 65,523,987.23 68,839,500.99 72,322,779.74

5,465,936.97 5,742,513.38 6,033,084.56 6,338,358.63 6,659,079.58 6,996,029.01
2,606,775.75 2,738,678.60 2,877,255.74 3,022,844.88 3,175,800.83 3,336,496.35
59,364,323.64 62,368,158.42 65,523,987.23 68,839,500.99 72,322,779.74 75,982,312.39
6.67% 6.67% 6.67% 6.67% 6.67% 6.67%

3,767,010.83 3,957,621.58 4,157,877.23 4,368,265.82 4,589,300.07 4,821,518.65
1.45 1.45 1.45 1.45 1.45 1.45
22,929,547.00 24,089,782.08 25,308,725.05 26,589,346.54 27,934,767.47 29,348,266.71

3,767,010.83 3,957,621.58 4,157,877.23 4,368,265.82 4,589,300.07 4,821,518.65
2,606,775.75 2,738,678.60 2,877,255.74 3,022,844.88 3,175,800.83 3,336,496.35
24,089,782.08 25,308,725.05 26,589,346.54 27,934,767.47 29,348,266.71 30,833,289.00
35,274,541.56 37,059,433.36 38,934,640.69 40,904,733.51 42,974,513.03 45,149,023.39
11.22% 11.22% 11.22% 11.22% 11.22% 11.22%
42,083,806.62 44,213,247.23 46,450,437.54 48,800,829.68 51,270,151.66 53,864,421.34

5,465,936.97 5,742,513.38 6,033,084.56 6,338,358.63 6,659,079.58 6,996,029.01
3,336,496.35 3,505,323.07 3,682,692.42 3,869,036.65 4,064,809.91 4,270,489.29
44,213,247.23 46,450,437.54 48,800,829.68 51,270,151.66 53,864,421.34 56,589,961.06
0.1 0.1 0.1 0.1 0.1 0.1

4,208,380.66 4,421,324.72 4,645,043.75 4,880,082.97 5,127,015.17 5,386,442.13
441,369.83 463,703.15 487,166.53 511,817.15 537,715.10 564,923.48

110,342.46 115,925.79 121,791.63 127,954.29 134,428.78 141,230.87
2,291,023.45 2,406,949.24 2,528,740.87 2,656,695.16 2,791,123.94 2,932,354.81
2.02% 2.02% 2.02% 2.02% 2.02% 2.02%

6.49% 6.49% 6.49% 6.49% 6.49% 6.49%
69,960,290.08 73,500,280.76 77,219,394.97 81,126,696.35 85,231,707.19 89,544,431.57
7,849,183.61 8,246,352.30 8,663,617.73 9,101,996.78 9,562,557.82 10,046,423.25
11,389,174.29 11,965,466.51 12,570,919.11 13,207,007.62 13,875,282.21 14,577,371.49
73,500,280.76 77,219,394.97 81,126,696.35 85,231,707.19 89,544,431.57 94,075,379.81
4,543,805.77 4,773,722.34 5,015,272.69 5,269,045.49 5,535,659.19 5,815,763.55

229,916.57 241,550.35 253,772.80 266,613.70 280,104.36 294,277.64
4,773,722.34 5,015,272.69 5,269,045.49 5,535,659.19 5,815,763.55 6,110,041.18
65,416,484.31 68,726,558.42 72,204,122.28 75,857,650.86 79,696,048.00 83,728,668.03
6.08% 6.08% 6.08% 6.08% 6.08% 6.08%

3,977,583.91 4,178,849.66 4,390,299.45 4,612,448.60 4,845,838.50 5,091,037.93
5,303,445.22 5,571,799.54 5,853,732.60 6,149,931.47 6,461,118.00 6,788,050.57
13,152,628.83 13,818,151.85 14,517,350.33 15,251,928.26 16,023,675.83 16,834,473.82

11,389,174.29 11,965,466.51 12,570,919.11 13,207,007.62 13,875,282.21 14,577,371.49
1,325,861.30 1,392,949.89 1,463,433.15 1,537,482.87 1,615,279.50 1,697,012.64
437,593.23 459,735.45 482,998.07 507,437.77 533,114.12 560,089.69

227 228 229 230 231 232
75,982,312.39 79,827,017.40 83,866,264.48 88,109,897.46 92,568,258.27 97,252,212.14

7,350,028.08 7,721,939.50 8,112,669.64 8,523,170.72 8,954,443.16 9,407,537.98
3,505,323.07 3,682,692.42 3,869,036.65 4,064,809.91 4,270,489.29 4,486,576.05
79,827,017.40 83,866,264.48 88,109,897.46 92,568,258.27 97,252,212.14 102,173,174.07
6.67% 6.67% 6.67% 6.67% 6.67% 6.67%

5,065,487.49 5,321,801.16 5,591,084.30 5,873,993.16 6,171,217.22 6,483,480.81
1.45 1.45 1.45 1.45 1.45 1.45
30,833,289.00 32,393,453.43 34,032,562.17 35,754,609.82 37,563,793.07 39,464,521.00

5,065,487.49 5,321,801.16 5,591,084.30 5,873,993.16 6,171,217.22 6,483,480.81
3,505,323.07 3,682,692.42 3,869,036.65 4,064,809.91 4,270,489.29 4,486,576.05
32,393,453.43 34,032,562.17 35,754,609.82 37,563,793.07 39,464,521.00 41,461,425.76
47,433,563.97 49,833,702.31 52,355,287.64 55,004,465.20 57,787,691.14 60,711,748.31
11.22% 11.22% 11.22% 11.22% 11.22% 11.22%
56,589,961.06 59,453,413.09 62,461,755.79 65,622,320.63 68,942,810.05 72,431,316.24

7,350,028.08 7,721,939.50 8,112,669.64 8,523,170.72 8,954,443.16 9,407,537.98
4,486,576.05 4,713,596.79 4,952,104.79 5,202,681.29 5,465,936.97 5,742,513.38
59,453,413.09 62,461,755.79 65,622,320.63 68,942,810.05 72,431,316.24 76,096,340.84
0.1 0.1 0.1 0.1 0.1 0.1

5,658,996.11 5,945,341.31 6,246,175.58 6,562,232.06 6,894,281.01 7,243,131.62
593,508.61 623,540.15 655,091.28 688,238.90 723,063.79 759,650.81

148,377.15 155,885.04 163,772.82 172,059.72 180,765.95 189,912.70
3,080,731.96 3,236,617.00 3,400,389.82 3,572,449.54 3,753,215.49 3,943,128.19
2.02% 2.02% 2.02% 2.02% 2.02% 2.02%

6.49% 6.49% 6.49% 6.49% 6.49% 6.49%
94,075,379.81 98,835,594.03 103,836,675.08 109,090,810.84 114,610,805.87 120,410,112.65
10,554,772.26 11,088,843.74 11,649,939.23 12,239,426.16 12,858,741.12 13,509,393.42
15,314,986.48 16,089,924.80 16,904,074.99 17,759,421.19 18,658,047.90 19,602,145.12
98,835,594.03 103,836,675.08 109,090,810.84 114,610,805.87 120,410,112.65 126,502,864.35
6,110,041.18 6,419,209.27 6,744,021.25 7,085,268.73 7,443,783.33 7,820,438.76

309,168.08 324,811.99 341,247.48 358,514.60 376,655.44 395,714.20
6,419,209.27 6,744,021.25 7,085,268.73 7,443,783.33 7,820,438.76 8,216,152.97
87,965,338.63 92,416,384.76 97,092,653.83 102,005,542.11 107,167,022.55 112,589,673.89
6.08% 6.08% 6.08% 6.08% 6.08% 6.08%

5,348,644.45 5,619,285.86 5,903,621.72 6,202,344.98 6,516,183.64 6,845,902.53
7,131,525.93 7,492,381.15 7,871,495.63 8,269,793.31 8,688,244.85 9,127,870.04
17,686,298.20 18,581,224.89 19,521,434.87 20,509,219.47 21,546,985.97 22,637,263.46

15,314,986.48 16,089,924.80 16,904,074.99 17,759,421.19 18,658,047.90 19,602,145.12
1,782,881.48 1,873,095.29 1,967,873.91 2,067,448.33 2,172,061.21 2,281,967.51
588,430.23 618,204.80 649,485.96 682,349.95 716,876.86 753,150.83

233 234 235 236 237 238
102,173,174.07 107,343,136.68 112,774,699.40 118,481,099.19 124,476,242.81 130,774,740.69

9,883,559.40 10,383,667.51 10,909,081.08 11,461,080.59 12,041,011.27 12,650,286.44
4,713,596.79 4,952,104.79 5,202,681.29 5,465,936.97 5,742,513.38 6,033,084.56
107,343,136.68 112,774,699.40 118,481,099.19 124,476,242.81 130,774,740.69 137,391,942.57
6.67% 6.67% 6.67% 6.67% 6.67% 6.67%

6,811,544.94 7,156,209.11 7,518,313.29 7,898,739.95 8,298,416.19 8,718,316.05
1.45 1.45 1.45 1.45 1.45 1.45
41,461,425.76 43,559,373.91 45,763,478.23 48,079,110.23 50,511,913.20 53,067,816.01

6,811,544.94 7,156,209.11 7,518,313.29 7,898,739.95 8,298,416.19 8,718,316.05
4,713,596.79 4,952,104.79 5,202,681.29 5,465,936.97 5,742,513.38 6,033,084.56
43,559,373.91 45,763,478.23 48,079,110.23 50,511,913.20 53,067,816.01 55,753,047.50
63,783,762.77 67,011,221.17 70,401,988.96 73,964,329.60 77,706,924.68 81,638,895.07
11.22% 11.22% 11.22% 11.22% 11.22% 11.22%
76,096,340.84 79,946,815.69 83,992,124.57 88,242,126.07 92,707,177.65 97,398,160.84

9,883,559.40 10,383,667.51 10,909,081.08 11,461,080.59 12,041,011.27 12,650,286.44
6,033,084.56 6,338,358.63 6,659,079.58 6,996,029.01 7,350,028.08 7,721,939.50
79,946,815.69 83,992,124.57 88,242,126.07 92,707,177.65 97,398,160.84 102,326,507.77
0.1 0.1 0.1 0.1 0.1 0.1

7,609,634.08 7,994,681.57 8,399,212.46 8,824,212.61 9,270,717.76 9,739,816.08
798,089.15 838,472.46 880,899.16 925,472.66 972,301.58 1,021,500.04

199,522.29 209,618.11 220,224.79 231,368.17 243,075.39 255,375.01
4,142,650.48 4,352,268.59 4,572,493.38 4,803,861.55 5,046,936.94 5,302,311.95
2.02% 2.02% 2.02% 2.02% 2.02% 2.02%

6.49% 6.49% 6.49% 6.49% 6.49% 6.49%
126,502,864.35 132,903,909.29 139,628,847.10 146,694,066.76 154,116,786.54
14,192,968.73 14,911,132.95 15,665,636.28 16,458,317.47 17,291,108.34
20,594,013.67 21,636,070.76 22,730,855.94 23,881,037.25 25,089,417.73
132,903,909.29 139,628,847.10 146,694,066.76 154,116,786.54 161,915,095.94
8,216,152.97 8,631,890.31 9,068,663.95 9,527,538.35 10,009,631.79

415,737.34 436,773.65 458,874.40 482,093.44 506,487.37
8,631,890.31 9,068,663.95 9,527,538.35 10,009,631.79 10,516,119.16
118,286,711.39 124,272,018.98 130,560,183.14 137,166,528.41 144,107,154.75
6.08% 6.08% 6.08% 6.08% 6.08%

7,192,305.20 7,556,235.84 7,938,581.38 8,340,273.59 8,762,291.44
9,589,740.27 10,074,981.12 10,584,775.17 11,120,364.79 11,683,055.25
23,782,709.00 24,986,114.07 26,250,411.44 27,578,682.26 28,974,163.58

20,594,013.67 21,636,070.76 22,730,855.94 23,881,037.25 25,089,417.73
2,397,435.07 2,518,745.28 2,646,193.79 2,780,091.20 2,920,763.81
791,260.26 831,298.03 873,361.71 917,553.82 963,982.04

239 240 241 242 243
137,391,942.57 144,343,974.87 151,647,779.99 159,321,157.66 167,382,808.24

13,290,390.93 13,962,884.71 14,669,406.68 15,411,678.65 16,191,509.59
6,338,358.63 6,659,079.58 6,996,029.01 7,350,028.08 7,721,939.50
144,343,974.87 151,647,779.99 159,321,157.66 167,382,808.24 175,852,378.34
6.67% 6.67% 6.67% 6.67% 6.67%

9,159,462.84 9,622,931.66 10,109,852.00 10,621,410.51 11,158,853.88
1.45 1.45 1.45 1.45 1.45
55,753,047.50 58,574,151.71 61,538,003.78 64,651,826.77 67,923,209.21

9,159,462.84 9,622,931.66 10,109,852.00 10,621,410.51 11,158,853.88
6,338,358.63 6,659,079.58 6,996,029.01 7,350,028.08 7,721,939.50
58,574,151.71 61,538,003.78 64,651,826.77 67,923,209.21 71,360,123.59
85,769,823.16 90,109,776.21 94,669,330.89 99,459,599.03 104,492,254.74
11.22% 11.22% 11.22% 11.22% 11.22%
102,326,507.77 107,504,229.07 112,943,943.06 118,658,906.58 124,663,047.25

13,290,390.93 13,962,884.71 14,669,406.68 15,411,678.65 16,191,509.59
8,112,669.64 8,523,170.72 8,954,443.16 9,407,537.98 9,883,559.40
107,504,229.07 112,943,943.06 118,658,906.58 124,663,047.25 130,970,997.44
0.1 0.1 0.1 0.1 0.1

10,232,650.78 10,750,422.91 11,294,394.31 11,865,890.66 12,466,304.73
1,073,187.94 1,127,491.25 1,184,542.31 1,244,480.15 1,307,450.84

268,296.98 281,872.81 296,135.58 311,120.04 326,862.71
5,570,608.94 5,852,481.75 6,148,617.33 6,459,737.36 6,786,600.07
2.02% 2.02% 2.02% 2.02% 2.02%

6.49% 6.49% 6.49% 6.49% 6.49%
161,915,095.94 170,107,999.79 178,715,464.58 187,758,467.09 197,259,045.52
18,166,038.42 19,085,239.96 20,050,953.10 21,065,531.33 22,131,447.22
26,358,942.27 27,692,704.75 29,093,955.61 30,566,109.76 32,112,754.92
170,107,999.79 178,715,464.58 187,758,467.09 197,259,045.52 207,240,353.23
10,516,119.16 11,048,234.79 11,607,275.47 12,194,603.61 12,811,650.55

532,115.63 559,040.68 587,328.14 617,046.94 648,269.52
11,048,234.79 11,607,275.47 12,194,603.61 12,811,650.55 13,459,920.07
151,398,976.78 159,059,765.00 167,108,189.11 175,563,863.48 184,447,394.97
6.08% 6.08% 6.08% 6.08% 6.08%

9,205,663.38 9,671,469.95 10,160,846.33 10,674,985.15 11,215,139.40
12,274,217.85 12,895,293.27 13,547,795.11 14,233,313.54 14,953,519.21
30,440,256.26 31,980,533.23 33,598,748.21 35,298,844.87 37,084,966.42

26,358,942.27 27,692,704.75 29,093,955.61 30,566,109.76 32,112,754.92
3,068,554.46 3,223,823.32 3,386,948.78 3,558,328.38 3,738,379.80
1,012,759.53 1,064,005.16 1,117,843.82 1,174,406.72 1,233,831.70

244 245 246 247 248
175,852,378.34 184,750,508.68 194,098,884.42 203,920,287.97 214,238,654.54

17,010,799.98 17,871,546.46 18,775,846.71 19,725,904.55 20,724,035.32
8,112,669.64 8,523,170.72 8,954,443.16 9,407,537.98 9,883,559.40
184,750,508.68 194,098,884.42 203,920,287.97 214,238,654.54 225,079,130.46
6.67% 6.67% 6.67% 6.67% 6.67%

11,723,491.89 12,316,700.58 12,939,925.63 13,594,685.86 14,282,576.97
1.45 1.45 1.45 1.45 1.45
71,360,123.59 74,970,945.85 78,764,475.71 82,749,958.18 86,937,106.06

11,723,491.89 12,316,700.58 12,939,925.63 13,594,685.86 14,282,576.97
8,112,669.64 8,523,170.72 8,954,443.16 9,407,537.98 9,883,559.40
74,970,945.85 78,764,475.71 82,749,958.18 86,937,106.06 91,336,123.63
109,779,562.83 115,334,408.71 121,170,329.79 127,301,548.48 133,743,006.83
11.22% 11.22% 11.22% 11.22% 11.22%
130,970,997.44 137,598,129.91 144,560,595.29 151,875,361.41 159,560,254.69

17,010,799.98 17,871,546.46 18,775,846.71 19,725,904.55 20,724,035.32
10,383,667.51 10,909,081.08 11,461,080.59 12,041,011.27 12,650,286.44
137,598,129.91 144,560,595.29 151,875,361.41 159,560,254.69 167,634,003.58
0.1 0.1 0.1 0.1 0.1

13,097,099.74 13,759,812.99 14,456,059.53 15,187,536.14 15,956,025.47
1,373,607.86 1,443,112.41 1,516,133.90 1,592,850.28 1,673,448.50

343,401.96 360,778.10 379,033.48 398,212.57 418,362.12
7,130,002.04 7,490,780.14 7,869,813.62 8,268,026.19 8,686,388.31
2.02% 2.02% 2.02% 2.02% 2.02%

6.49% 6.49% 6.49% 6.49% 6.49%
207,240,353.23 217,726,715.10 228,743,686.88 240,318,117.44
23,251,298.44 24,427,814.15 25,663,861.54 26,962,452.94
33,737,660.32 35,444,785.93 37,238,292.10 39,122,549.68
217,726,715.10 228,743,686.88 240,318,117.44 252,478,214.18
13,459,920.07 14,140,992.02 14,856,526.22 15,608,266.45

681,071.96 715,534.20 751,740.23 789,778.28
14,140,992.02 14,856,526.22 15,608,266.45 16,398,044.73
193,780,433.16 203,585,723.07 213,887,160.66 224,709,850.99
6.08% 6.08% 6.08% 6.08%

11,782,625.46 12,378,826.31 13,005,194.92 13,663,257.78
15,710,167.28 16,505,101.74 17,340,259.89 18,217,677.04
38,961,465.72 40,932,915.89 43,004,121.43 45,180,129.98

33,737,660.32 35,444,785.93 37,238,292.10 39,122,549.68
3,927,541.82 4,126,275.44 4,335,064.97 4,554,419.26
1,296,263.58 1,361,854.52 1,430,764.36 1,503,161.04

249 250 251 252
225,079,130.46 236,468,134.46 248,433,422.07 261,004,153.22

21,772,671.51 22,874,368.69 24,031,811.74 25,247,821.42
10,383,667.51 10,909,081.08 11,461,080.59 12,041,011.27
236,468,134.46 248,433,422.07 261,004,153.22 274,210,963.38
6.67% 6.67% 6.67% 6.67%

15,005,275.36 15,764,542.30 16,562,228.14 17,400,276.88
1.45 1.45 1.45 1.45
91,336,123.63 95,957,731.49 100,813,192.70 105,914,340.25

15,005,275.36 15,764,542.30 16,562,228.14 17,400,276.88
10,383,667.51 10,909,081.08 11,461,080.59 12,041,011.27
95,957,731.49 100,813,192.70 105,914,340.25 111,273,605.87
140,510,402.98 147,620,229.37 155,089,812.98 162,937,357.51
11.22% 11.22% 11.22% 11.22%
167,634,003.58 176,116,284.16 185,027,768.14 194,390,173.21

21,772,671.51 22,874,368.69 24,031,811.74 25,247,821.42
13,290,390.93 13,962,884.71 14,669,406.68 15,411,678.65
176,116,284.16 185,027,768.14 194,390,173.21 204,226,315.97
0.1 0.1 0.1 0.1

16,763,400.36 17,611,628.42 18,502,776.81 19,439,017.32
1,758,124.99 1,847,086.12 1,940,548.68 2,038,740.44

439,531.25 461,771.53 485,137.17 509,685.11
9,125,919.56 9,587,691.09 10,072,828.26 10,582,513.37
2.02% 2.02% 2.02% 2.02%

6.49% 6.49% 6.49% 6.49%
Contents
Assumptions
Revenues 6,000 Show Comments
Short-term Growth 30%
Explicit Period 6
WACC 10%
A/R Percentage 20%
Terminal Growth Rate 3%
Margin 17%
Period Switches
Period 0.00 1.00 2.00 3.00
Short-term Period 1 1 1
Long-term Period 0 0 0
Terminal Period 0 0 0
Stable Period 0 0 0
Value without Terminal Value

Revenue Growth Rate 30% 30% 30%
Revenue 6,000 7,800 10,140 13,182
Operating Expense 4,980 6,474 8,416 10,941
EBITDA 1,020 1,326 1,724 2,241
Working Capital 1,200 1,560 2,028 2,636

WC Change 360 468 608
Free Cash Flow 966 1,256 1,633
Value including Terminal Value

Free Cash over Explicit Period 966.00 1,255.80 1,632.54
Terminal Value 0.00 0.00 0.00
Total Cash Flow 966.00 1,255.80 1,632.54
Enterprise Value w/o Stable Period $38,120.30
Error ($9,700.80)
Percent Error -20.3%
Value with Stable Period Rather than Terminal Period

Free Cash Flow - Explicit + Stable 966.00 1,255.80 1,632.54
Terminal Value - in Stable Period 0.00 0.00 0.00
Total Cash Flow 966.00 1,255.80 1,632.54
Enterprise Value w/ Stable Period $47,821.10
4.00 5.00 6.00 7.00 8.00 9.00 10.00 11.00
1 1 1 0 0 0 0 0
0 0 0 1 1 1 1 1
0 0 1 0 0 0 0 0
0 0 0 1 0 0 0 0
30% 30% 30% 3% 3% 3% 3% 3%

17,137 22,278 28,961 29,830 30,725 31,646 32,596 33,574
14,223 18,490 24,038 24,759 25,501 26,266 27,054 27,866
2,913 3,787 4,923 5,071 5,223 5,380 5,541 5,708
3,427 4,456 5,792 5,966 6,145 6,329 6,519 6,715

791 1,028 1,337 174 179 184 190 196
2,122 2,759 3,587 4,897 5,044 5,196 5,351 5,512
2,122.30 2,758.99 3,586.69 0.00 0.00 0.00 0.00 0.00

0.00 0.00 52,775.59 0.00 0.00 0.00 0.00 0.00
2,122.30 2,758.99 56,362.28 0.00 0.00 0.00 0.00 0.00
2,122.30 2,758.99 3,586.69 4,897.28 0.00 0.00 0.00 0.00

0.00 0.00 0.00 72,059.98 0.00 0.00 0.00 0.00
2,122.30 2,758.99 3,586.69 76,957.26 0.00 0.00 0.00 0.00
12.00 13.00 14.00 15.00 16.00 17.00 18.00 19.00
0 0 0 0 0 0 0 0
1 1 1 1 1 1 1 1
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
3% 3% 3% 3% 3% 3% 3% 3%
34,581 35,618 36,687 37,787 38,921 40,089 41,291 42,530
28,702 29,563 30,450 31,363 32,304 33,274 34,272 35,300
5,879 6,055 6,237 6,424 6,617 6,815 7,020 7,230
6,916 7,124 7,337 7,557 7,784 8,018 8,258 8,506

201 207 214 220 227 234 241 248
5,677 5,848 6,023 6,204 6,390 6,582 6,779 6,982
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
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
20.00 21.00 22.00 23.00 24.00 25.00 26.00 27.00
0 0 0 0 0 0 0 0
1 1 1 1 1 1 1 1
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
3% 3% 3% 3% 3% 3% 3% 3%
43,806 45,120 46,474 47,868 49,304 50,783 52,307 53,876
36,359 37,450 38,573 39,730 40,922 42,150 43,414 44,717
7,447 7,670 7,901 8,138 8,382 8,633 8,892 9,159
8,761 9,024 9,295 9,574 9,861 10,157 10,461 10,775

255 263 271 279 287 296 305 314
7,192 7,408 7,630 7,859 8,094 8,337 8,587 8,845
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
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
28.00 29.00 30.00 31.00 32.00 33.00 34.00 35.00
0 0 0 0 0 0 0 0
1 1 1 1 1 1 1 1
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
3% 3% 3% 3% 3% 3% 3% 3%
55,492 57,157 58,871 60,638 62,457 64,330 66,260 68,248
46,058 47,440 48,863 50,329 51,839 53,394 54,996 56,646
9,434 9,717 10,008 10,308 10,618 10,936 11,264 11,602
11,098 11,431 11,774 12,128 12,491 12,866 13,252 13,650

323 333 343 353 364 375 386 398
9,110 9,384 9,665 9,955 10,254 10,561 10,878 11,205
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
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
36.00 37.00 38.00 39.00 40.00 41.00 42.00 43.00
0 0 0 0 0 0 0 0
1 1 1 1 1 1 1 1
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
3% 3% 3% 3% 3% 3% 3% 3%
70,296 72,404 74,577 76,814 79,118 81,492 83,937 86,455
58,345 60,096 61,899 63,756 65,668 67,638 69,667 71,757
11,950 12,309 12,678 13,058 13,450 13,854 14,269 14,697
14,059 14,481 14,915 15,363 15,824 16,298 16,787 17,291

409 422 434 447 461 475 489 504
11,541 11,887 12,244 12,611 12,989 13,379 13,780 14,194
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
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
44.00 45.00 46.00 47.00 48.00 49.00 50.00 51.00
0 0 0 0 0 0 0 0
1 1 1 1 1 1 1 1
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
3% 3% 3% 3% 3% 3% 3% 3%
89,048 91,720 94,471 97,306 100,225 103,231 106,328 109,518
73,910 76,127 78,411 80,764 83,187 85,682 88,253 90,900
15,138 15,592 16,060 16,542 17,038 17,549 18,076 18,618
17,810 18,344 18,894 19,461 20,045 20,646 21,266 21,904

519 534 550 567 584 601 619 638
14,619 15,058 15,510 15,975 16,454 16,948 17,456 17,980
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
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
52.00 53.00 54.00 55.00 56.00 57.00 58.00 59.00
0 0 0 0 0 0 0 0
1 1 1 1 1 1 1 1
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
3% 3% 3% 3% 3% 3% 3% 3%
112,804 116,188 119,674 123,264 126,962 130,771 134,694 138,734
93,627 96,436 99,329 102,309 105,378 108,540 111,796 115,150
19,177 19,752 20,345 20,955 21,583 22,231 22,898 23,585
22,561 23,238 23,935 24,653 25,392 26,154 26,939 27,747

657 677 697 718 740 762 785 808
18,520 19,075 19,647 20,237 20,844 21,469 22,113 22,777
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
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
60.00 61.00 62.00 63.00 64.00 65.00 66.00 67.00
0 0 0 0 0 0 0 0
1 1 1 1 1 1 1 1
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
3% 3% 3% 3% 3% 3% 3% 3%
142,896 147,183 151,599 156,147 160,831 165,656 170,626 175,745
118,604 122,162 125,827 129,602 133,490 137,495 141,619 145,868
24,292 25,021 25,772 26,545 27,341 28,162 29,006 29,877
28,579 29,437 30,320 31,229 32,166 33,131 34,125 35,149

832 857 883 910 937 965 994 1,024
23,460 24,164 24,889 25,635 26,404 27,197 28,012 28,853
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
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
68.00 69.00 70.00 71.00 72.00 73.00 74.00 75.00
0 0 0 0 0 0 0 0
1 1 1 1 1 1 1 1
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
3% 3% 3% 3% 3% 3% 3% 3%
181,017 186,447 192,041 197,802 203,736 209,848 216,144 222,628
150,244 154,751 159,394 164,176 169,101 174,174 179,399 184,781
30,773 31,696 32,647 33,626 34,635 35,674 36,744 37,847
36,203 37,289 38,408 39,560 40,747 41,970 43,229 44,526

1,054 1,086 1,119 1,152 1,187 1,222 1,259 1,297
29,718 30,610 31,528 32,474 33,448 34,452 35,485 36,550
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
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
76.00 77.00 78.00 79.00 80.00 81.00 82.00 83.00
0 0 0 0 0 0 0 0
1 1 1 1 1 1 1 1
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
3% 3% 3% 3% 3% 3% 3% 3%
229,307 236,186 243,272 250,570 258,087 265,830 273,804 282,019
190,325 196,034 201,915 207,973 214,212 220,639 227,258 234,075
38,982 40,152 41,356 42,597 43,875 45,191 46,547 47,943
45,861 47,237 48,654 50,114 51,617 53,166 54,761 56,404

1,336 1,376 1,417 1,460 1,503 1,549 1,595 1,643
37,646 38,776 39,939 41,137 42,371 43,642 44,952 46,300
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
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
84.00 85.00 86.00 87.00 88.00 89.00 90.00 91.00
0 0 0 0 0 0 0 0
1 1 1 1 1 1 1 1
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
3% 3% 3% 3% 3% 3% 3% 3%
290,479 299,193 308,169 317,414 326,937 336,745 346,847 357,253
241,098 248,331 255,781 263,454 271,358 279,498 287,883 296,520
49,381 50,863 52,389 53,960 55,579 57,247 58,964 60,733
58,096 59,839 61,634 63,483 65,387 67,349 69,369 71,451

1,692 1,743 1,795 1,849 1,904 1,962 2,020 2,081
47,689 49,120 50,594 52,111 53,675 55,285 56,944 58,652
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
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
92.00 93.00 94.00 95.00 96.00 97.00 98.00 99.00
0 0 0 0 0 0 0 0
1 1 1 1 1 1 1 1
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
3% 3% 3% 3% 3% 3% 3% 3%
367,970 379,009 390,380 402,091 414,154 426,578 439,376 452,557
305,415 314,578 324,015 333,736 343,748 354,060 364,682 375,622
62,555 64,432 66,365 68,355 70,406 72,518 74,694 76,935
73,594 75,802 78,076 80,418 82,831 85,316 87,875 90,511

2,144 2,208 2,274 2,342 2,413 2,485 2,559 2,636
60,411 62,224 64,090 66,013 67,994 70,033 72,134 74,298
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
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
100.00 101.00 102.00 103.00 104.00 105.00 106.00 107.00
0 0 0 0 0 0 0 0
1 1 1 1 1 1 1 1
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
3% 3% 3% 3% 3% 3% 3% 3%
466,134 480,118 494,521 509,357 524,638 540,377 556,588 573,286
386,891 398,498 410,453 422,766 435,449 448,513 461,968 475,827
79,243 81,620 84,069 86,591 89,188 91,864 94,620 97,459
93,227 96,024 98,904 101,871 104,928 108,075 111,318 114,657

2,715 2,797 2,881 2,967 3,056 3,148 3,242 3,340
76,527 78,823 81,188 83,624 86,132 88,716 91,378 94,119
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
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
108.00 109.00 110.00 111.00 112.00 113.00 114.00 115.00
0 0 0 0 0 0 0 0
1 1 1 1 1 1 1 1
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
3% 3% 3% 3% 3% 3% 3% 3%
590,484 608,199 626,445 645,238 664,595 684,533 705,069 726,221
490,102 504,805 519,949 535,548 551,614 568,162 585,207 602,764
100,382 103,394 106,496 109,690 112,981 116,371 119,862 123,458
118,097 121,640 125,289 129,048 132,919 136,907 141,014 145,244

3,440 3,543 3,649 3,759 3,871 3,988 4,107 4,230
96,943 99,851 102,846 105,932 109,110 112,383 115,755 119,227
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
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
116.00 117.00 118.00 119.00 120.00 121.00 122.00 123.00
0 0 0 0 0 0 0 0
1 1 1 1 1 1 1 1
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
3% 3% 3% 3% 3% 3% 3% 3%
748,008 770,448 793,561 817,368 841,889 867,146 893,160 919,955
620,846 639,472 658,656 678,416 698,768 719,731 741,323 763,563
127,161 130,976 134,905 138,953 143,121 147,415 151,837 156,392
149,602 154,090 158,712 163,474 168,378 173,429 178,632 183,991

4,357 4,488 4,623 4,761 4,904 5,051 5,203 5,359
122,804 126,488 130,283 134,191 138,217 142,363 146,634 151,033
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
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
124.00 125.00 126.00 127.00 128.00 129.00 130.00 131.00
0 0 0 0 0 0 0 0
1 1 1 1 1 1 1 1
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
3% 3% 3% 3% 3% 3% 3% 3%
947,554 975,980 1,005,260 1,035,418 1,066,480 1,098,475 1,131,429 1,165,372
786,470 810,064 834,366 859,397 885,179 911,734 939,086 967,258
161,084 165,917 170,894 176,021 181,302 186,741 192,343 198,113
189,511 195,196 201,052 207,084 213,296 219,695 226,286 233,074

5,520 5,685 5,856 6,032 6,213 6,399 6,591 6,789
155,564 160,231 165,038 169,989 175,089 180,342 185,752 191,325
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
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
132.00 133.00 134.00 135.00 136.00 137.00 138.00 139.00
0 0 0 0 0 0 0 0
1 1 1 1 1 1 1 1
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
3% 3% 3% 3% 3% 3% 3% 3%
1,200,333 1,236,343 1,273,433 1,311,636 1,350,985 1,391,515 1,433,260 1,476,258
996,276 1,026,165 1,056,949 1,088,658 1,121,318 1,154,957 1,189,606 1,225,294
204,057 210,178 216,484 222,978 229,667 236,558 243,654 250,964
240,067 247,269 254,687 262,327 270,197 278,303 286,652 295,252

6,992 7,202 7,418 7,641 7,870 8,106 8,349 8,600
197,064 202,976 209,066 215,338 221,798 228,452 235,305 242,364
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
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
140.00 141.00 142.00 143.00 144.00 145.00 146.00 147.00
0 0 0 0 0 0 0 0
1 1 1 1 1 1 1 1
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
3% 3% 3% 3% 3% 3% 3% 3%
1,520,546 1,566,162 1,613,147 1,661,541 1,711,388 1,762,729 1,815,611 1,870,079
1,262,053 1,299,915 1,338,912 1,379,079 1,420,452 1,463,065 1,506,957 1,552,166
258,493 266,248 274,235 282,462 290,936 299,664 308,654 317,913
304,109 313,232 322,629 332,308 342,278 352,546 363,122 374,016

8,858 9,123 9,397 9,679 9,969 10,268 10,576 10,894
249,635 257,124 264,838 272,783 280,967 289,396 298,078 307,020
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
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
148.00 149.00 150.00 151.00 152.00 153.00 154.00 155.00
0 0 0 0 0 0 0 0
1 1 1 1 1 1 1 1
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
3% 3% 3% 3% 3% 3% 3% 3%
1,926,182 1,983,967 2,043,486 2,104,791 2,167,935 2,232,973 2,299,962 2,368,961
1,598,731 1,646,693 1,696,094 1,746,976 1,799,386 1,853,367 1,908,968 1,966,237
327,451 337,274 347,393 357,814 368,549 379,605 390,994 402,723
385,236 396,793 408,697 420,958 433,587 446,595 459,992 473,792

11,220 11,557 11,904 12,261 12,629 13,008 13,398 13,800
316,230 325,717 335,489 345,554 355,920 366,598 377,596 388,924
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
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
156.00 157.00 158.00 159.00 160.00 161.00 162.00 163.00
0 0 0 0 0 0 0 0
1 1 1 1 1 1 1 1
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
3% 3% 3% 3% 3% 3% 3% 3%
2,440,029 2,513,230 2,588,627 2,666,286 2,746,275 2,828,663 2,913,523 3,000,928
2,025,224 2,085,981 2,148,561 2,213,017 2,279,408 2,347,790 2,418,224 2,490,771
414,805 427,249 440,067 453,269 466,867 480,873 495,299 510,158
488,006 502,646 517,725 533,257 549,255 565,733 582,705 600,186

14,214 14,640 15,079 15,532 15,998 16,478 16,972 17,481
400,591 412,609 424,987 437,737 450,869 464,395 478,327 492,677
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
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
164.00 165.00 166.00 167.00 168.00 169.00 170.00 171.00
0 0 0 0 0 0 0 0
1 1 1 1 1 1 1 1
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
3% 3% 3% 3% 3% 3% 3% 3%
3,090,956 3,183,685 3,279,196 3,377,571 3,478,899 3,583,266 3,690,763 3,801,486
2,565,494 2,642,459 2,721,732 2,803,384 2,887,486 2,974,110 3,063,334 3,155,234
525,463 541,226 557,463 574,187 591,413 609,155 627,430 646,253
618,191 636,737 655,839 675,514 695,780 716,653 738,153 760,297

18,006 18,546 19,102 19,675 20,265 20,873 21,500 22,145
507,457 522,681 538,361 554,512 571,147 588,282 605,930 624,108
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
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
172.00 173.00 174.00 175.00 176.00 177.00 178.00 179.00
0 0 0 0 0 0 0 0
1 1 1 1 1 1 1 1
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
3% 3% 3% 3% 3% 3% 3% 3%
3,915,531 4,032,997 4,153,987 4,278,606 4,406,965 4,539,174 4,675,349 4,815,609
3,249,891 3,347,387 3,447,809 3,551,243 3,657,781 3,767,514 3,880,539 3,996,956
665,640 685,609 706,178 727,363 749,184 771,660 794,809 818,654
783,106 806,599 830,797 855,721 881,393 907,835 935,070 963,122

22,809 23,493 24,198 24,924 25,672 26,442 27,235 28,052
642,831 662,116 681,980 702,439 723,512 745,218 767,574 790,601
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
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
180.00 181.00 182.00 183.00 184.00 185.00 186.00 187.00
0 0 0 0 0 0 0 0
1 1 1 1 1 1 1 1
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
3% 3% 3% 3% 3% 3% 3% 3%
4,960,078 5,108,880 5,262,146 5,420,011 5,582,611 5,750,089 5,922,592 6,100,270
4,116,864 4,240,370 4,367,581 4,498,609 4,633,567 4,772,574 4,915,751 5,063,224
843,213 868,510 894,565 921,402 949,044 977,515 1,006,841 1,037,046
992,016 1,021,776 1,052,429 1,084,002 1,116,522 1,150,018 1,184,518 1,220,054

28,894 29,760 30,653 31,573 32,520 33,496 34,501 35,536
814,320 838,749 863,912 889,829 916,524 944,020 972,340 1,001,510
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
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
188.00 189.00 190.00 191.00 192.00 193.00 194.00 195.00
0 0 0 0 0 0 0 0
1 1 1 1 1 1 1 1
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
3% 3% 3% 3% 3% 3% 3% 3%
6,283,278 6,471,776 6,665,929 6,865,907 7,071,885 7,284,041 7,502,562 7,727,639
5,215,121 5,371,574 5,532,721 5,698,703 5,869,664 6,045,754 6,227,127 6,413,940
1,068,157 1,100,202 1,133,208 1,167,204 1,202,220 1,238,287 1,275,436 1,313,699
1,256,656 1,294,355 1,333,186 1,373,181 1,414,377 1,456,808 1,500,512 1,545,528

36,602 37,700 38,831 39,996 41,195 42,431 43,704 45,015
1,031,556 1,062,502 1,094,377 1,127,209 1,161,025 1,195,856 1,231,731 1,268,683
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
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
196.00 197.00 198.00 199.00 200.00 201.00 202.00 203.00
0 0 0 0 0 0 0 0
1 1 1 1 1 1 1 1
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
3% 3% 3% 3% 3% 3% 3% 3%
7,959,468 8,198,252 8,444,200 8,697,526 8,958,452 9,227,205 9,504,021 9,789,142
6,606,359 6,804,549 7,008,686 7,218,947 7,435,515 7,658,580 7,888,338 8,124,988
1,353,110 1,393,703 1,435,514 1,478,579 1,522,937 1,568,625 1,615,684 1,664,154
1,591,894 1,639,650 1,688,840 1,739,505 1,791,690 1,845,441 1,900,804 1,957,828

46,366 47,757 49,190 50,665 52,185 53,751 55,363 57,024
1,306,744 1,345,946 1,386,324 1,427,914 1,470,752 1,514,874 1,560,320 1,607,130
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
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
204.00 205.00 206.00 207.00 208.00 209.00 210.00 211.00
0 0 0 0 0 0 0 0
1 1 1 1 1 1 1 1
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
3% 3% 3% 3% 3% 3% 3% 3%
10,082,816 10,385,301 10,696,860 11,017,766 11,348,299 11,688,748 12,039,410 12,400,592
8,368,738 8,619,800 8,878,394 9,144,745 9,419,088 9,701,660 9,992,710 10,292,492
1,714,079 1,765,501 1,818,466 1,873,020 1,929,211 1,987,087 2,046,700 2,108,101
2,016,563 2,077,060 2,139,372 2,203,553 2,269,660 2,337,750 2,407,882 2,480,118

58,735 60,497 62,312 64,181 66,107 68,090 70,132 72,236
1,655,344 1,705,004 1,756,154 1,808,839 1,863,104 1,918,997 1,976,567 2,035,864
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
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
212.00 213.00 214.00 215.00 216.00 217.00 218.00 219.00
0 0 0 0 0 0 0 0
1 1 1 1 1 1 1 1
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
3% 3% 3% 3% 3% 3% 3% 3%
12,772,610 13,155,788 13,550,462 13,956,976 14,375,685 14,806,956 15,251,164 15,708,699
10,601,266 10,919,304 11,246,883 11,584,290 11,931,819 12,289,773 12,658,466 13,038,220
2,171,344 2,236,484 2,303,579 2,372,686 2,443,866 2,517,182 2,592,698 2,670,479
2,554,522 2,631,158 2,710,092 2,791,395 2,875,137 2,961,391 3,050,233 3,141,740

74,404 76,636 78,935 81,303 83,742 86,254 88,842 91,507
2,096,940 2,159,848 2,224,644 2,291,383 2,360,125 2,430,928 2,503,856 2,578,972
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
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
220.00 221.00 222.00 223.00 224.00 225.00 226.00 227.00
0 0 0 0 0 0 0 0
1 1 1 1 1 1 1 1
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
3% 3% 3% 3% 3% 3% 3% 3%
16,179,960 16,665,359 17,165,320 17,680,279 18,210,688 18,757,008 19,319,719 19,899,310
13,429,367 13,832,248 14,247,215 14,674,632 15,114,871 15,568,317 16,035,367 16,516,428
2,750,593 2,833,111 2,918,104 3,005,648 3,095,817 3,188,691 3,284,352 3,382,883
3,235,992 3,333,072 3,433,064 3,536,056 3,642,138 3,751,402 3,863,944 3,979,862

94,252 97,080 99,992 102,992 106,082 109,264 112,542 115,918
2,656,341 2,736,031 2,818,112 2,902,656 2,989,735 3,079,427 3,171,810 3,266,964
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
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
228.00 229.00 230.00 231.00 232.00 233.00 234.00 235.00
0 0 0 0 0 0 0 0
1 1 1 1 1 1 1 1
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
3% 3% 3% 3% 3% 3% 3% 3%
20,496,290 21,111,178 21,744,514 22,396,849 23,068,755 23,760,817 24,473,642 25,207,851
17,011,920 17,522,278 18,047,946 18,589,385 19,147,066 19,721,478 20,313,123 20,922,516
3,484,369 3,588,900 3,696,567 3,807,464 3,921,688 4,039,339 4,160,519 4,285,335
4,099,258 4,222,236 4,348,903 4,479,370 4,613,751 4,752,163 4,894,728 5,041,570

119,396 122,978 126,667 130,467 134,381 138,413 142,565 146,842
3,364,973 3,465,923 3,569,900 3,676,997 3,787,307 3,900,926 4,017,954 4,138,493
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
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
236.00 237.00 238.00 239.00 240.00 241.00 242.00 243.00
0 0 0 0 0 0 0 0
1 1 1 1 1 1 1 1
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
3% 3% 3% 3% 3% 3% 3% 3%
25,964,086 26,743,009 27,545,299 28,371,658 29,222,808 30,099,492 31,002,477 31,932,551
21,550,192 22,196,698 22,862,598 23,548,476 24,254,931 24,982,579 25,732,056 26,504,018
4,413,895 4,546,312 4,682,701 4,823,182 4,967,877 5,116,914 5,270,421 5,428,534
5,192,817 5,348,602 5,509,060 5,674,332 5,844,562 6,019,898 6,200,495 6,386,510

151,247 155,785 160,458 165,272 170,230 175,337 180,597 186,015
4,262,648 4,390,527 4,522,243 4,657,910 4,797,647 4,941,577 5,089,824 5,242,519
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
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
244.00 245.00 246.00 247.00 248.00 249.00 250.00 251.00
0 0 0 0 0 0 0 0
1 1 1 1 1 1 1 1
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
3% 3% 3% 3% 3% 3% 3% 3%
32,890,528 33,877,244 34,893,561 35,940,368 37,018,579 38,129,136 39,273,010 40,451,201
27,299,138 28,118,112 28,961,656 29,830,505 30,725,421 31,647,183 32,596,599 33,574,497
5,591,390 5,759,131 5,931,905 6,109,863 6,293,158 6,481,953 6,676,412 6,876,704
6,578,106 6,775,449 6,978,712 7,188,074 7,403,716 7,625,827 7,854,602 8,090,240

191,595 197,343 203,263 209,361 215,642 222,111 228,775 235,638
5,399,794 5,561,788 5,728,642 5,900,501 6,077,516 6,259,842 6,447,637 6,641,066
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
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
Contents
Scenario Number 1
Show Comments
Variable Number 1
Sensitivity
Sensitivity/Scenario Inputs
Applied Tornado Index Test
1 Growth Rate 7.00% 7.00% 7.00% 1
2 EBIT Margin 1.00 1.00 3.00 0
3 Cap Exp to Sales 5.00% 5.00% 4.00% 0
4 A/R Days 40.00 40.00 20.00 0
5 A/P Days 30.00 30.00 40.00 0
6 Terminal Growth Real 1.00% 1.00% 2.00% 0
7 Long-run ROIC vs WACC 1.00% 1.00% 2.00% 0
8 Long-run Risk Premium 2.00% 2.00% 1.50% 0
9 WACC 8.00% 8.00% 7.00% 0
10 Long-term Real Rf 1.50% 1.50% 1.00% 0
Scenario Analysis
Enterprise Value Err:522

Equity Value Err:522
Equity Value per Share Err:522
Terminal EV/EBITDA Ratio Err:522
Implied EV/EBITDA Ratio Err:522
Tornado Analysis
Err:522
Sensitivity Growth Rate 1
EBIT Margin 2
Cap Exp to Sales 3
A/R Days 4
A/P Days 5
Terminal Growth 6
Long-run ROIC vs WACC 7
Long-run Risk Premium 8
WACC 9
Long-term Risk Free Rate 10
Tornado 1
Show Comments ✘
Items for Combined Scenario/S

Copy
Scenario &
Sensitivity Base Low High Gr Sens Mgn Sens Cap Exp As Fixed
7.00% 6.00% 4.00% 7.50% 4.00% 6.00% 6.00% 0.075
3 1 2 3 1 2 1 3
4.00% 5.00% 6.00% 4.00% 5.00% 5.00% 6.00% 0.04
20 40 50 20 40 40 40 20
10 30 20 40 30 30 30 40
2.00% 1.00% 0.00% 2.00% 3.00% 3.00% 3.00% 0.02
2.00% 1.00% 0.00% 2.00% 2.00% 2.00% 2.00% 0.02
1.00% 2.00% 3.00% 1.50% 2.00% 2.00% 2.00% 0.015
7.00% 8.00% 9.00% 7.00% 8.00% 8.00% 8.00% 0.07
1.00% 1.50% 2.00% 1.00% 4.00% 4.00% 4.00% 0.01
Sens Base Low High Gr Sens Mgn Sens Cap Exp

1 2 3 4 5 6 7
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Base Low High Low vs Bse High vs Bse Total Small

2 3 4
Items for Combined Scenario/Sens
Adjust Copy
for Spin Adjusted
Box etc. Column
7.5 7
3 3
4 4
20 20
40 10
2 2
2 2
1.5 1
7 7
1 1
Match Title
Low vs Bse High vs Bse
Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522
Sensitivity
Base
Low
High
Gr Sens
Mgn Sens
Cap Exp
#N/A
Contents
Assumptions Sensitivity
General Assumptions
Explicit Period 7
Fade Period 3
Kraft Offer in USD 19,420
Exchange Rate 1.62
Kraft Offer in GBP
Transaction Date 31-Dec-09
Base Revenues 6,000
Revenue Growth 7.00%
Scenario 1.00
EBIT Margin Yr Mgn
1.00 14%
2.00 15%
3.00 16%
Base Depreciation 206

Total Plant 3,300
Depreciation Rate - Book 6.24%
Book Life 16.02
Initial Retirements 120.00
Growth Rate in Retirements 6.0%
Tax Rate 28%

Deferred Tax Balance 121.00
Implied Tax Basis 2,867.86
Depreciation Rate - Tax 10.00%
Tax Life 10.00
Cap Exp to Sales 5.00%

Days A/R Outstanding 40.00
Days Payable Outstaning 30.00
Valuation Assumptions
ROIC above WACC - Long-run 1.00% Goes to EV/EBITDA
Risk Premium - Long- Run 2.00% Goes to EV/EBITDA
Long-term Inflation Rate 1.50%
Real Risk Free Rate 1.50%
Long-term Risk Free Rate 3.00% Goes to EV/EBITDA
Stable Cap Exp to Depreciation Err:522

Stable Deferred Tax Changes to Cap Exp Err:522
WACC 8.00%
Real Terminal Growth Rate 1.00%
Terminal Growth Rate 2.50%
Terminal EV/EBITDA Err:522
Transition Factor 0.77
Working Analysis
Period Counter 0 1 2
Explicit Period Switch 1 1 1

Long Term 0 0 0
Fade Period 0 0 0
Terminal Value Switch 0 0 0
Revenue Growth 7% 7% 7%
2009 2010 2011

Revenues 6,000.00 6,420.00 6,869.40
Cap Exp to Revenues 5.00% 5.00% 5.00%

Total Capital Expenditures 300.00 321.00 343.47
Plant Balance
Less: Retirements on Existing Assets 120.00 127.20
Less: Retirements on New Assets 0.00 0.00
Closing Balance 3,300 3,501.00 3,717.27

Accumulated Balance on Existing Plant 3,300 3,180.00 3,052.80
Tax Depreciation
Less: Retirements on Existing Assets 120.00 127.20
Less: Retirements on New Assets 0 0
Closing Balance 2,867.86 3,068.86 3,285.13

Accumulated Balance on Tax Plant 2,867.86 2,747.86 2,620.66
Change in Deferred Tax Err:522 Err:522
EBIT Margin 14.00% 15.00%

EBIT 898.80 1,030.41
EBTIDA 827.00 1,104.80 1,248.96
Total Operating Expenses 5,173.00 5,315.20 5,620.44
Working Capital Analysis

A/R Balance
Days A/R 40 40 40
Pct of Year 11.0% 11.0% 11.0%
Total A/R Balance 657.53 703.56 752.81
Payable Balance
Days Payable 30 30 30
Pct of Year 8.22% 8.22% 8.22%
Total Payable Balance 425.18 436.87 461.95
Total Working Capital Balance 232.36 266.70 290.86

Changes in Working Capital 34.34 24.16
WC as Pct of Plant 9.3% 9.5%
Free Cash Flow

Free Cash Flow 1,104.80 1,248.96
Less: EBIT x Tax Rate 251.66 288.51
Add: Deferred Tax Change Err:522 Err:522
Free Cash Flow Err:522 Err:522
Add: Terminal Value Err:522 Err:522
Total Cash Flow Err:522 Err:522
Mid Year PV Factor 0.96 0.89
PV of Cash Flow = Enterprise Value Err:522

Explict Periods
Consideration
Bridge of EV and Equity Value

Market Value of Debt 1,366.40 Comes from debt sheet; if use market value sho
Short-term Debt 1,189.00 Market value should be similar to book value
Less: Surplus Cash -498.00 Should in theory only include surplus cash
Less: Other Investments -30.00 Depends on treatment of other income in EBITD
Less: Fair Value of Derivative Assets -99.00 Depends on modelling of free cash flow and valu
Add: Minority Interest 12.00 Should be at market value; if not traded could us
Less: Discontinued Operations -173.00 Depends on treatment of asset sales in FCF; if a
Add: Value of Stock Options 21.50 Best to divide by basic shares rather and explici
Total 1,788.91
Equity Value Err:522

Free Cash Flow
Divide by Base Shares 16.23 Should use basic rather than diluted shares if explicit
Value per Share Err:522
Implied EV/EBITDA Err:522 Growth 7.00%
Sensitivity
Sensitivity Err:522
7%
8%
WACC
9%
10%
Show Comments
Base Low High

14% 13% 14%
15% 13% 17%
16% 14% 18%
3 4 5 6 7 8
1 1 1 1 1 0
0 0 0 0 0 0
0 0 0 0 0 1
0 0 0 0 0 0
7% 7% 7% 7% 7% 5%
2012 2013 2014 2015 2016 2017

7,350.26 7,864.78 8,415.31 9,004.38 9,634.69 10,156.06
5.00% 5.00% 5.00% 5.00% 5.00% 5.00%

367.51 393.24 420.77 450.22 481.73 507.80
3,717.27 3,949.95 4,200.27 4,469.54 4,759.17 5,070.68

367.51 393.24 420.77 450.22 481.73 507.80
134.83 142.92 151.50 160.59 170.22 180.44
0.00 0.00 0.00 0.00 0.00 0.00
3,949.95 4,200.27 4,469.54 4,759.17 5,070.68 5,398.05
6.24% 6.24% 6.24% 6.24% 6.24% 6.24%

232.05 246.57 262.20 279.01 297.09 316.53
2,917.97 2,775.05 2,623.55 2,462.96 2,292.74 2,112.30
3,285.13 3,517.81 3,768.12 4,037.39 4,327.03 4,638.54

367.51 393.24 420.77 450.22 481.73 507.80
134.83 142.92 151.50 160.59 170.22 180.44
0 0 0 0 0 0
3,517.81 3,768.12 4,037.39 4,327.03 4,638.54 4,965.90
10.00% 10.00% 10.00% 10.00% 10.00% 10.00%

328.51 351.78 376.81 403.74 432.70 463.85
2,485.83 2,342.90 2,191.41 2,030.82 1,860.60 1,680.16
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
16.00% 16.00% 16.00% 16.00% 16.00% 16.00%

1,176.04 1,258.36 1,346.45 1,440.70 1,541.55 1,624.97
1,408.09 1,504.94 1,608.65 1,719.71 1,838.64 1,941.50
5,942.17 6,359.84 6,806.66 7,284.67 7,796.05 8,214.56

40 40 40 40 40 40
11.0% 11.0% 11.0% 11.0% 11.0% 11.0%
805.51 861.89 922.23 986.78 1,055.86 1,112.99
30 30 30 30 30 30
8.22% 8.22% 8.22% 8.22% 8.22% 8.22%
488.40 522.73 559.45 598.74 640.77 675.17
317.11 339.17 362.77 388.04 415.08 437.82

26.25 22.06 23.61 25.27 27.04 22.74
9.7% 9.6% 9.6% 9.6% 9.6% 9.4%
1,408.09 1,504.94 1,608.65 1,719.71 1,838.64 1,941.50

26.25 22.06 23.61 25.27 27.04 22.74
367.51 393.24 420.77 450.22 481.73 507.80
329.29 352.34 377.01 403.40 431.63 454.99
0.82 0.76 0.71 0.65 0.61 0.56
7
11,589.89
sheet; if use market value should probably not add fair value of derivatives
uld be similar to book value
only include surplus cash
ment of other income in EBITDA and free cash flow; if excluded from EBITDA should be in bridge; should be at market value
elling of free cash flow and valuation of debt; if debt at book value and hedges not included in EBITDA/FCF, should include
ket value; if not traded could use M/B ratio or P/E ratio
ment of asset sales in FCF; if asset sales are part of FCF, then should not include because in FCF
basic shares rather and explicitly value options
er than diluted shares if explicitly include value of options
Margin 16%
Terminal Growth Rate

0% 1% 2% 3%
Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522
9 10 11 12 13 14
0 0 0 0 0 0
0 0 1 1 1 1
1 1 0 0 0 0
0 1 0 0 0 0
4% 3% 3% 3% 3% 3%
2018 2019 2020 2021 2022 2023

10,580.92 10,923.10 11,196.17 11,476.08 11,762.98 12,057.05
5.00% 5.00% 5.00% 5.00% 5.00% 5.00%

529.05 546.15 559.81 573.80 588.15 602.85
5,398.05 5,735.83 6,079.25 6,424.16 6,770.16 7,116.85

529.05 546.15 559.81 573.80 588.15 602.85
191.26 202.74 214.90 227.80 241.46 255.95
0.00 0.00 0.00 0.00 0.00 0.00
5,735.83 6,079.25 6,424.16 6,770.16 7,116.85 7,463.75
6.24% 6.24% 6.24% 6.24% 6.24% 6.24%

336.97 358.05 379.49 401.02 422.62 444.26
1,921.04 1,718.30 1,503.40 1,275.61 1,034.14 778.19
4,965.90 5,303.69 5,647.11 5,674.01 5,682.94 5,672.32

529.05 546.15 559.81 573.80 588.15 602.85
191.26 202.74 214.90 227.80 241.46 255.95
0 0 318 337.08 357.3048 378.743088
5,303.69 5,647.11 5,674.01 5,682.94 5,672.32 5,640.48
10.00% 10.00% 10.00% 10.00% 10.00% 10.00%

496.59 530.37 564.71 567.40 568.29 567.23
1,488.90 1,286.16 1,071.26 843.46 602.00 346.05
16.00% 16.00% 16.00% 16.00% 16.00% 16.00%

1,692.95 1,747.70 1,791.39 1,836.17 1,882.08 1,929.13
2,029.92 2,105.75 2,170.88 2,237.20 2,304.70 2,373.39
8,551.00 8,817.35 9,025.29 9,238.88 9,458.28 9,683.66

40 40 40 40 40 40
11.0% 11.0% 11.0% 11.0% 11.0% 11.0%
1,159.55 1,197.05 1,226.98 1,257.65 1,289.09 1,321.32
30 30 30 30 30 30
8.22% 8.22% 8.22% 8.22% 8.22% 8.22%
702.82 724.71 741.80 759.36 777.39 795.92
456.73 472.34 485.17 498.29 511.70 525.40

18.91 15.61 12.83 13.12 13.41 13.70
9.2% 8.9% 8.6% 8.8% 9.0% 9.3%
2,029.92 2,105.75 0.00 0.00 0.00 0.00

18.91 15.61 0.00 0.00 0.00 0.00
529.05 546.15 559.81 573.80 588.15 602.85
474.03 489.35 0.00 0.00 0.00 0.00
0.52 0.48 0.45 0.41 0.38 0.35
ld be at market value
FCF, should include
15 16 17 18 19
0 0 0 0 0
1 1 1 1 1
0 0 0 0 0
0 0 0 0 0
3% 3% 3% 3% 3%
2024 2025 2026 2027 2028

12,358.48 12,667.44 12,984.13 13,308.73 13,641.45
5.00% 5.00% 5.00% 5.00% 5.00%

617.92 633.37 649.21 665.44 682.07
7,463.75 7,810.37 8,156.15 8,268.06 8,596.42

617.92 633.37 649.21 665.44 682.07
271.31 287.59 219.30 0.00 0.00
0.00 0.00 318.00 337.08 367.51
7,810.37 8,156.15 8,268.06 8,596.42 8,910.98
6.24% 6.24% 6.24% 6.24% 6.24%

465.92 487.56 509.14 516.13 536.62
506.88 219.30 0.00 0.00 0.00
5,640.48 5,585.63 5,718.70 5,916.82 6,109.42

617.92 633.37 649.21 665.44 682.07
271.31 74.74 0.00 0.00 0.00
401.46767328 425.555733677 451.089077697 472.834144767 529.045875912
5,585.63 5,718.70 5,916.82 6,109.42 6,262.45
10.00% 10.00% 10.00% 10.00% 10.00%

564.05 558.56 571.87 591.68 610.94
74.74 - - - -
Err:522 Err:522 Err:522 Err:522 Err:522
16.00% 16.00% 16.00% 16.00% 16.00%

1,977.36 2,026.79 2,077.46 2,129.40 2,182.63
2,443.28 2,514.35 2,586.60 2,645.52 2,719.26
9,915.20 10,153.10 10,397.53 10,663.21 10,922.19

40 40 40 40 40
11.0% 11.0% 11.0% 11.0% 11.0%
1,354.35 1,388.21 1,422.92 1,458.49 1,494.95
30 30 30 30 30
8.22% 8.22% 8.22% 8.22% 8.22%
814.95 834.50 854.59 876.43 897.71
539.41 553.71 568.33 582.06 597.24

14.00 14.31 14.62 13.74 15.18
9.6% 9.9% 9.9% 9.8% 9.8%
0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00
617.92 633.37 649.21 665.44 682.07
0.00 0.00 0.00 0.00 0.00
0.33 0.30 0.28 0.26 0.24

Contents
EV/EBIDTA Analysis
Assumptions NPV
ROIC above WACC 1.00% EV/EBITDA
ROIC 6.00%
Risk Free Rate 3.00% ROE = NI/Equity
Risk Premium 2.00%
WACC 5.00%
Life 16.02 ROIC = EBIT x (1-t)/Invest Cap
Growth Rate 2.50% NOPLAT = EBIT x (1-t)
Match of Growth Rate = Col 3.00
Match of Life = Row 7.00
Stable Cap Exp to Dep Err:522
Tax Rate 28%
Investment Balance 1,000 Sensitivity
Depreciation Rate Err:522
Stable Deferred Tax Err:522
Working Capital as Pct of Plant 10.00%
Plant Balance = Invested Capital

Opening Balance 1,000.00 Err:522
Add: Cap Exp Err:522 Err:522
Less: Dep Expense Err:522 Err:522
Closing Balance 1,000 Err:522 Err:522
Deferred Tax as Pct of Plant Err:522 Err:522

Opening Balance of Deferred Tax Err:522 Err:522 Err:522
Change in Deferred Tax Err:522 Err:522
WC Balance 100.00 Err:522 Err:522

WC Change Err:522 Err:522
Invested Capital Err:522 Err:522
ROIC 6.00% 6.00%

NOPLAT = ROIC x Inv Capital = EBIT x (1-tax) Err:522 Err:522
EBIT = NOPLAT/(1-t) Err:522 Err:522

EBITDA = EBIT + Depreciation Err:522 Err:522
Free Cash Flow

EBTIDA Err:522 Err:522
Less: WC Change Err:522 Err:522
Less: Capital Expenditures Err:522 Err:522
Less: EBIT x Tax Rate Err:522 Err:522
Add: Deferred Tax Change Err:522 Err:522
Free Cash Flow Err:522 Err:522
Enterprise Value = NPV of Free Cash Flow Err:522
Implied EV/EBITDA Err:522
Sensitivity Show Comments
Stable Relationships
Starting Cap Exp 100 Ratio of Cap Exp to Dep
Growth 3%
Dep Rate on Net Plant
Dep Life 15
Ratio of Def Tax to Cap Exp
Tax Life 10.00
Tax Rate 25%
Period 1 2 3
Plant Balance - Books
Opening 100 202

Add: Cap Exp 100 103 106
Less: Retirements - - -
Closing Balance 100 202 306
Dep Rate 6.67% 6.67% 6.67%

Dep Expense 7 13
Cap Exp to Dep 15.45 7.88
Opening Balance - 6.67

Add: Depreciation Expense - 6.67 13.47
Less: Retirements - - -
Closing Balance - 6.67 20.13
- 100.00 195.33
Dep Rate on Net Balance 6.67% 6.89%
Plant Balance - Taxes
Opening 100.00 202.00

Add: Cap Exp 100.00 102.00 104.04
Less: Retirements - -
Closing Balance 100.00 202.00 306.04
Dep Rate 0.1 0.1

Dep Expense - Taxes 10.00 20.20
Def Tax Change 0.83 1.68
Def Tax as Pct of Cap Exp 0.82% 1.62%
Accumulated Deferred Tax 0.83 2.52
Accumulated Deferred Tax as Pct of Plant 0.83% 1.25%

Err:522
Err:522
Show Comments
E = NI/Equity
C = EBIT x (1-t)/Invest Cap

PLAT = EBIT x (1-t)
nsitivity



6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00%



Capital Expenditure to Depreciation Table
Growth R
Err:522 0% 1%
Err:522 10 Err:522 Err:522
11 Err:522 Err:522
Err:522 12 Err:522 Err:522
Book Life 13 Err:522 Err:522
Err:522 14 Err:522 Err:522
15 Err:522 Err:522
16 Err:522 Err:522
4 5 6 7 8 9 10
306 412 520 631 743 858 975

109 113 116 119 123 127 130
- - - - - - -
412 520 631 743 858 975 1,095
6.67% 6.67% 6.67% 6.67% 6.67% 6.67% 6.67%

20 27 35 42 50 57 65
5.36 4.10 3.34 2.84 2.48 2.21 2.01
20.13 40.54 68.01 102.71 144.76 194.32 251.54

20.40 27.48 34.69 42.05 49.56 57.22 65.03
- - - - - - -
40.54 68.01 102.71 144.76 194.32 251.54 316.57
285.91 371.62 452.39 528.11 598.67 663.97 723.92
7.14% 7.39% 7.67% 7.96% 8.28% 8.62% 8.98%
306.04 412.16 520.40 630.81 743.43 858.30 975.46

106.12 108.24 110.41 112.62 114.87 117.17 119.51
- - - - - - -
412.16 520.40 630.81 743.43 858.30 975.46 1,094.97
0.1 0.1 0.1 0.1 0.1 0.1 0.1

30.60 41.22 52.04 63.08 74.34 85.83 97.55
2.55 3.43 4.34 5.26 6.20 7.15 8.13
2.40% 3.17% 3.93% 4.67% 5.39% 6.10% 6.80%
5.07 8.50 12.84 18.10 24.29 31.44 39.57
1.66% 2.06% 2.47% 2.87% 3.27% 3.66% 4.06%



6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00%



Net Depreciation Rate Table
Growth Rate
2% 3% 4% 5% Err:522
Err:522 Err:522 Err:522 Err:522 10
Err:522 Err:522 Err:522 Err:522 11
Err:522 Err:522 Err:522 Err:522 12
Err:522 Err:522 Err:522 Err:522 Book Life 13
Err:522 Err:522 Err:522 Err:522 14
Err:522 Err:522 Err:522 Err:522 15
Err:522 Err:522 Err:522 Err:522 16
11 12 13 14 15 16 17
1,095 1,217 1,341 1,468 1,597 1,729 1,764

134 138 143 147 151 156 160
- - - - - 100 102
1,217 1,341 1,468 1,597 1,729 1,764 1,799
6.67% 6.67% 6.67% 6.67% 6.67% 6.67% 6.67%

73 81 89 98 106 115 118
1.84 1.71 1.59 1.50 1.42 1.35 1.36
316.57 389.57 470.70 560.11 657.98 764.47 779.76

73.00 81.12 89.41 97.87 106.49 115.29 117.60
- - - - - 100.00 102.00
389.57 470.70 560.11 657.98 764.47 779.76 795.36
778.40 827.30 870.51 907.92 939.41 964.87 984.17
9.38% 9.81% 10.27% 10.78% 11.34% 11.95% 11.95%
1,094.97 1,116.87 1,139.21 1,161.99 1,185.23 1,208.94 1,233.12

121.90 124.34 126.82 129.36 131.95 134.59 137.28
100.00 102.00 104.04 106.12 108.24 110.41 112.62
1,116.87 1,139.21 1,161.99 1,185.23 1,208.94 1,233.12 1,257.78
0.1 0.1 0.1 0.1 0.1 0.1 0.1

109.50 111.69 113.92 116.20 118.52 120.89 123.31
9.12 7.64 6.13 4.58 3.01 1.40 1.43
7.49% 6.15% 4.83% 3.54% 2.28% 1.04% 1.04%
48.70 56.34 62.46 67.05 70.05 71.46 72.88
4.45% 4.63% 4.66% 4.57% 4.39% 4.13% 4.13%



6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00%



Depreciation Rate Table
Growth Rate
0% 1% 2% 3% 4% 5%
18 19 20 21 22 23 24
1,799 1,835 1,872 1,909 1,948 1,986 2,026

165 170 175 181 186 192 197
104 106 108 110 113 115 117
1,835 1,872 1,909 1,948 1,986 2,026 2,067
6.67% 6.67% 6.67% 6.67% 6.67% 6.67% 6.67%

120 122 125 127 130 132 135
1.38 1.39 1.41 1.42 1.43 1.45 1.46
795.36 811.26 827.49 844.04 860.92 878.14 895.70

119.95 122.35 124.79 127.29 129.83 132.43 135.08
104.04 106.12 108.24 110.41 112.62 114.87 117.17
811.26 827.49 844.04 860.92 878.14 895.70 913.62
1,003.85 1,023.93 1,044.41 1,065.29 1,086.60 1,108.33 1,130.50
11.95% 11.95% 11.95% 11.95% 11.95% 11.95% 11.95%
1,257.78 1,282.93 1,308.59 1,334.76 1,361.46 1,388.69 1,416.46

140.02 142.82 145.68 148.59 151.57 154.60 157.69
114.87 117.17 119.51 121.90 124.34 126.82 129.36
1,282.93 1,308.59 1,334.76 1,361.46 1,388.69 1,416.46 1,444.79
0.1 0.1 0.1 0.1 0.1 0.1 0.1

125.78 128.29 130.86 133.48 136.15 138.87 141.65
1.46 1.49 1.52 1.55 1.58 1.61 1.64
1.04% 1.04% 1.04% 1.04% 1.04% 1.04% 1.04%
74.34 75.83 77.35 78.89 80.47 82.08 83.72
4.13% 4.13% 4.13% 4.13% 4.13% 4.13% 4.13%



6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00%



Deferred Tax Change Table
Growth Rate
Err:522 0% 1% 2% 3% 4%
10 Err:522 Err:522 Err:522 Err:522 Err:522
Book Life 13 Err:522 Err:522 Err:522 Err:522 Err:522
25 26 27 28 29 30 31
2,067 2,108 2,150 2,193 2,237 2,282 2,327

203 209 216 222 229 236 243
120 122 124 127 129 132 135
2,108 2,150 2,193 2,237 2,282 2,327 2,374
6.67% 6.67% 6.67% 6.67% 6.67% 6.67% 6.67%

138 141 143 146 149 152 155
1.48 1.49 1.50 1.52 1.53 1.55 1.56
913.62 931.89 950.53 969.54 988.93 1,008.70 1,028.88

137.78 140.54 143.35 146.21 149.14 152.12 155.16
119.51 121.90 124.34 126.82 129.36 131.95 134.59
931.89 950.53 969.54 988.93 1,008.70 1,028.88 1,049.46
1,153.11 1,176.17 1,199.69 1,223.69 1,248.16 1,273.12 1,298.59
11.95% 11.95% 11.95% 11.95% 11.95% 11.95% 11.95%
1,444.79 1,473.69 1,503.16 1,533.23 1,563.89 1,595.17 1,627.07

160.84 164.06 167.34 170.69 174.10 177.58 181.14
131.95 134.59 137.28 140.02 142.82 145.68 148.59
1,473.69 1,503.16 1,533.23 1,563.89 1,595.17 1,627.07 1,659.61
0.1 0.1 0.1 0.1 0.1 0.1 0.1

144.48 147.37 150.32 153.32 156.39 159.52 162.71
1.67 1.71 1.74 1.78 1.81 1.85 1.89
1.04% 1.04% 1.04% 1.04% 1.04% 1.04% 1.04%
85.40 87.10 88.85 90.62 92.43 94.28 96.17
4.13% 4.13% 4.13% 4.13% 4.13% 4.13% 4.13%



6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00%



Accumulated Deferred Tax Table
Growth Rate
5% Err:522 0% 1% 2% 3%
Err:522 10 Err:522 Err:522 Err:522 Err:522
32 33 34 35 36 37 38
2,374 2,421 2,470 2,519 2,570 2,621 2,674

250 258 265 273 281 290 299
137 140 143 146 149 152 155
2,421 2,470 2,519 2,570 2,621 2,674 2,727
6.67% 6.67% 6.67% 6.67% 6.67% 6.67% 6.67%

158 161 165 168 171 175 178
1.58 1.60 1.61 1.63 1.64 1.66 1.67
1,049.46 1,070.45 1,091.85 1,113.69 1,135.97 1,158.68 1,181.86

158.27 161.43 164.66 167.95 171.31 174.74 178.24
137.28 140.02 142.82 145.68 148.59 151.57 154.60
1,070.45 1,091.85 1,113.69 1,135.97 1,158.68 1,181.86 1,205.50
1,324.56 1,351.05 1,378.07 1,405.63 1,433.75 1,462.42 1,491.67
11.95% 11.95% 11.95% 11.95% 11.95% 11.95% 11.95%
1,659.61 1,692.80 1,726.66 1,761.19 1,796.42 1,832.35 1,868.99

184.76 188.45 192.22 196.07 199.99 203.99 208.07
151.57 154.60 157.69 160.84 164.06 167.34 170.69
1,692.80 1,726.66 1,761.19 1,796.42 1,832.35 1,868.99 1,906.37
0.1 0.1 0.1 0.1 0.1 0.1 0.1

165.96 169.28 172.67 176.12 179.64 183.23 186.90
1.92 1.96 2.00 2.04 2.08 2.12 2.17
1.04% 1.04% 1.04% 1.04% 1.04% 1.04% 1.04%
98.09 100.05 102.06 104.10 106.18 108.30 110.47
4.13% 4.13% 4.13% 4.13% 4.13% 4.13% 4.13%



6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00%



ate
4% 5%
Err:522 Err:522
Err:522 Err:522
Err:522 Err:522
Err:522 Err:522
Err:522 Err:522
Err:522 Err:522
Err:522 Err:522
39 40 41 42 43 44 45
2,727 2,782 2,837 2,894 2,952 3,011 3,071

307 317 326 336 346 356 367
158 161 164 167 171 174 178
2,782 2,837 2,894 2,952 3,011 3,071 3,132
6.67% 6.67% 6.67% 6.67% 6.67% 6.67% 6.67%

182 185 189 193 197 201 205
1.69 1.71 1.72 1.74 1.76 1.78 1.79
1,205.50 1,229.61 1,254.20 1,279.28 1,304.87 1,330.96 1,357.58

181.80 185.44 189.14 192.93 196.79 200.72 204.74
157.69 160.84 164.06 167.34 170.69 174.10 177.58
1,229.61 1,254.20 1,279.28 1,304.87 1,330.96 1,357.58 1,384.74
1,521.50 1,551.93 1,582.97 1,614.63 1,646.92 1,679.86 1,713.46
11.95% 11.95% 11.95% 11.95% 11.95% 11.95% 11.95%
1,906.37 1,944.50 1,983.39 2,023.06 2,063.52 2,104.79 2,146.89

212.23 216.47 220.80 225.22 229.72 234.32 239.01
174.10 177.58 181.14 184.76 188.45 192.22 196.07
1,944.50 1,983.39 2,023.06 2,063.52 2,104.79 2,146.89 2,189.82
0.1 0.1 0.1 0.1 0.1 0.1 0.1

190.64 194.45 198.34 202.31 206.35 210.48 214.69
2.21 2.25 2.30 2.34 2.39 2.44 2.49
1.04% 1.04% 1.04% 1.04% 1.04% 1.04% 1.04%
112.68 114.93 117.23 119.57 121.97 124.41 126.89
4.13% 4.13% 4.13% 4.13% 4.13% 4.13% 4.13%



6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00%



46 47 48 49 50 51 52
3,132 3,195 3,259 3,324 3,391 3,458 3,528

378 390 401 413 426 438 452
181 185 188 192 196 200 204
3,195 3,259 3,324 3,391 3,458 3,528 3,598
6.67% 6.67% 6.67% 6.67% 6.67% 6.67% 6.67%

209 213 217 222 226 231 235
1.81 1.83 1.85 1.86 1.88 1.90 1.92
1,384.74 1,412.43 1,440.68 1,469.49 1,498.88 1,528.86 1,559.44

208.83 213.01 217.27 221.61 226.05 230.57 235.18
181.14 184.76 188.45 192.22 196.07 199.99 203.99
1,412.43 1,440.68 1,469.49 1,498.88 1,528.86 1,559.44 1,590.63
1,747.73 1,782.68 1,818.34 1,854.70 1,891.80 1,929.63 1,968.22
11.95% 11.95% 11.95% 11.95% 11.95% 11.95% 11.95%
2,189.82 2,233.62 2,278.29 2,323.86 2,370.34 2,417.74 2,466.10

243.79 248.66 253.63 258.71 263.88 269.16 274.54
199.99 203.99 208.07 212.23 216.47 220.80 225.22
2,233.62 2,278.29 2,323.86 2,370.34 2,417.74 2,466.10 2,515.42
0.1 0.1 0.1 0.1 0.1 0.1 0.1

218.98 223.36 227.83 232.39 237.03 241.77 246.61
2.54 2.59 2.64 2.69 2.75 2.80 2.86
1.04% 1.04% 1.04% 1.04% 1.04% 1.04% 1.04%
129.43 132.02 134.66 137.35 140.10 142.90 145.76
4.13% 4.13% 4.13% 4.13% 4.13% 4.13% 4.13%



6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00%



53 54 55 56 57 58 59
3,598 3,670 3,744 3,818 3,895 3,973 4,052

465 479 493 508 523 539 555
208 212 216 221 225 230 234
3,670 3,744 3,818 3,895 3,973 4,052 4,133
6.67% 6.67% 6.67% 6.67% 6.67% 6.67% 6.67%

240 245 250 255 260 265 270
1.94 1.96 1.98 2.00 2.02 2.04 2.06
1,590.63 1,622.44 1,654.89 1,687.99 1,721.74 1,756.18 1,791.30

239.88 244.68 249.57 254.56 259.65 264.85 270.15
208.07 212.23 216.47 220.80 225.22 229.72 234.32
1,622.44 1,654.89 1,687.99 1,721.74 1,756.18 1,791.30 1,827.13
2,007.59 2,047.74 2,088.70 2,130.47 2,173.08 2,216.54 2,260.87
11.95% 11.95% 11.95% 11.95% 11.95% 11.95% 11.95%
2,515.42 2,565.73 2,617.04 2,669.38 2,722.77 2,777.23 2,832.77

280.03 285.63 291.35 297.17 303.12 309.18 315.36
229.72 234.32 239.01 243.79 248.66 253.63 258.71
2,565.73 2,617.04 2,669.38 2,722.77 2,777.23 2,832.77 2,889.43
0.1 0.1 0.1 0.1 0.1 0.1 0.1

251.54 256.57 261.70 266.94 272.28 277.72 283.28
2.92 2.97 3.03 3.09 3.16 3.22 3.28
1.04% 1.04% 1.04% 1.04% 1.04% 1.04% 1.04%
148.68 151.65 154.68 157.78 160.93 164.15 167.43
4.13% 4.13% 4.13% 4.13% 4.13% 4.13% 4.13%



6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00%



60 61 62 63 64 65 66
4,133 4,216 4,300 4,386 4,474 4,563 4,655

572 589 607 625 644 663 683
239 244 249 254 259 264 269
4,216 4,300 4,386 4,474 4,563 4,655 4,748
6.67% 6.67% 6.67% 6.67% 6.67% 6.67% 6.67%

276 281 287 292 298 304 310
2.08 2.10 2.12 2.14 2.16 2.18 2.20
1,827.13 1,863.67 1,900.95 1,938.96 1,977.74 2,017.30 2,057.64

275.55 281.06 286.68 292.41 298.26 304.23 310.31
239.01 243.79 248.66 253.63 258.71 263.88 269.16
1,863.67 1,900.95 1,938.96 1,977.74 2,017.30 2,057.64 2,098.80
2,306.09 2,352.21 2,399.26 2,447.24 2,496.19 2,546.11 2,597.03
11.95% 11.95% 11.95% 11.95% 11.95% 11.95% 11.95%
2,889.43 2,947.21 3,006.16 3,066.28 3,127.61 3,190.16 3,253.96

321.67 328.10 334.67 341.36 348.19 355.15 362.25
263.88 269.16 274.54 280.03 285.63 291.35 297.17
2,947.21 3,006.16 3,066.28 3,127.61 3,190.16 3,253.96 3,319.04
0.1 0.1 0.1 0.1 0.1 0.1 0.1

288.94 294.72 300.62 306.63 312.76 319.02 325.40
3.35 3.42 3.48 3.55 3.62 3.70 3.77
1.04% 1.04% 1.04% 1.04% 1.04% 1.04% 1.04%
170.78 174.20 177.68 181.23 184.86 188.56 192.33
4.13% 4.13% 4.13% 4.13% 4.13% 4.13% 4.13%



6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00%



67 68 69 70 71 72 73
4,748 4,843 4,940 5,038 5,139 5,242 5,347

703 725 746 769 792 816 840
275 280 286 291 297 303 309
4,843 4,940 5,038 5,139 5,242 5,347 5,454
6.67% 6.67% 6.67% 6.67% 6.67% 6.67% 6.67%

317 323 329 336 343 349 356
2.22 2.24 2.27 2.29 2.31 2.33 2.36
2,098.80 2,140.77 2,183.59 2,227.26 2,271.81 2,317.24 2,363.59

316.52 322.85 329.31 335.89 342.61 349.46 356.45
274.54 280.03 285.63 291.35 297.17 303.12 309.18
2,140.77 2,183.59 2,227.26 2,271.81 2,317.24 2,363.59 2,410.86
2,648.97 2,701.95 2,755.99 2,811.11 2,867.33 2,924.68 2,983.17
11.95% 11.95% 11.95% 11.95% 11.95% 11.95% 11.95%
3,319.04 3,385.42 3,453.13 3,522.19 3,592.64 3,664.49 3,737.78

369.50 376.89 384.43 392.11 399.96 407.95 416.11
303.12 309.18 315.36 321.67 328.10 334.67 341.36
3,385.42 3,453.13 3,522.19 3,592.64 3,664.49 3,737.78 3,812.54
0.1 0.1 0.1 0.1 0.1 0.1 0.1

331.90 338.54 345.31 352.22 359.26 366.45 373.78
3.85 3.92 4.00 4.08 4.16 4.25 4.33
1.04% 1.04% 1.04% 1.04% 1.04% 1.04% 1.04%
196.17 200.10 204.10 208.18 212.35 216.59 220.92
4.13% 4.13% 4.13% 4.13% 4.13% 4.13% 4.13%



6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00%



74 75 76 77 78 79 80
5,454 5,563 5,674 5,788 5,903 6,021 6,142

865 891 918 945 974 1,003 1,033
315 322 328 335 341 348 355
5,563 5,674 5,788 5,903 6,021 6,142 6,265
6.67% 6.67% 6.67% 6.67% 6.67% 6.67% 6.67%

364 371 378 386 394 401 409
2.38 2.40 2.43 2.45 2.47 2.50 2.52
2,410.86 2,459.08 2,508.26 2,558.42 2,609.59 2,661.78 2,715.02

363.58 370.85 378.27 385.83 393.55 401.42 409.45
315.36 321.67 328.10 334.67 341.36 348.19 355.15
2,459.08 2,508.26 2,558.42 2,609.59 2,661.78 2,715.02 2,769.32
3,042.84 3,103.69 3,165.77 3,229.08 3,293.66 3,359.54 3,426.73
11.95% 11.95% 11.95% 11.95% 11.95% 11.95% 11.95%
3,812.54 3,888.79 3,966.56 4,045.89 4,126.81 4,209.35 4,293.53

424.44 432.93 441.58 450.42 459.42 468.61 477.98
348.19 355.15 362.25 369.50 376.89 384.43 392.11
3,888.79 3,966.56 4,045.89 4,126.81 4,209.35 4,293.53 4,379.40
0.1 0.1 0.1 0.1 0.1 0.1 0.1

381.25 388.88 396.66 404.59 412.68 420.93 429.35
4.42 4.51 4.60 4.69 4.78 4.88 4.98
1.04% 1.04% 1.04% 1.04% 1.04% 1.04% 1.04%
225.34 229.85 234.45 239.14 243.92 248.80 253.77
4.13% 4.13% 4.13% 4.13% 4.13% 4.13% 4.13%



6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00%



81 82 83 84 85 86 87
6,265 6,390 6,518 6,648 6,781 6,917 7,055

1,064 1,096 1,129 1,163 1,198 1,234 1,271
362 369 377 384 392 400 408
6,390 6,518 6,648 6,781 6,917 7,055 7,196
6.67% 6.67% 6.67% 6.67% 6.67% 6.67% 6.67%

418 426 435 443 452 461 470
2.55 2.57 2.60 2.62 2.65 2.68 2.70
2,769.32 2,824.70 2,881.20 2,938.82 2,997.60 3,057.55 3,118.70

417.64 425.99 434.51 443.20 452.07 461.11 470.33
362.25 369.50 376.89 384.43 392.11 399.96 407.95
2,824.70 2,881.20 2,938.82 2,997.60 3,057.55 3,118.70 3,181.08
3,495.26 3,565.17 3,636.47 3,709.20 3,783.38 3,859.05 3,936.23
11.95% 11.95% 11.95% 11.95% 11.95% 11.95% 11.95%
4,379.40 4,466.99 4,556.33 4,647.46 4,740.41 4,835.22 4,931.92

487.54 497.29 507.24 517.39 527.73 538.29 549.05
399.96 407.95 416.11 424.44 432.93 441.58 450.42
4,466.99 4,556.33 4,647.46 4,740.41 4,835.22 4,931.92 5,030.56
0.1 0.1 0.1 0.1 0.1 0.1 0.1

437.94 446.70 455.63 464.75 474.04 483.52 493.19
5.08 5.18 5.28 5.39 5.49 5.60 5.72
1.04% 1.04% 1.04% 1.04% 1.04% 1.04% 1.04%
258.85 264.02 269.31 274.69 280.19 285.79 291.50
4.13% 4.13% 4.13% 4.13% 4.13% 4.13% 4.13%



6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00%



88 89 90 91 92 93 94
7,196 7,340 7,487 7,636 7,789 7,945 8,104

1,309 1,348 1,388 1,430 1,473 1,517 1,563
416 424 433 442 450 459 469
7,340 7,487 7,636 7,789 7,945 8,104 8,266
6.67% 6.67% 6.67% 6.67% 6.67% 6.67% 6.67%

480 489 499 509 519 530 540
2.73 2.75 2.78 2.81 2.84 2.86 2.89
3,181.08 3,244.70 3,309.59 3,375.78 3,443.30 3,512.17 3,582.41

479.74 489.33 499.12 509.10 519.28 529.67 540.26
416.11 424.44 432.93 441.58 450.42 459.42 468.61
3,244.70 3,309.59 3,375.78 3,443.30 3,512.17 3,582.41 3,654.06
4,014.96 4,095.26 4,177.16 4,260.70 4,345.92 4,432.84 4,521.49
11.95% 11.95% 11.95% 11.95% 11.95% 11.95% 11.95%
5,030.56 5,131.17 5,233.79 5,338.47 5,445.24 5,554.14 5,665.23

560.03 571.24 582.66 594.31 606.20 618.32 630.69
459.42 468.61 477.98 487.54 497.29 507.24 517.39
5,131.17 5,233.79 5,338.47 5,445.24 5,554.14 5,665.23 5,778.53
0.1 0.1 0.1 0.1 0.1 0.1 0.1

503.06 513.12 523.38 533.85 544.52 555.41 566.52
5.83 5.95 6.07 6.19 6.31 6.44 6.57
1.04% 1.04% 1.04% 1.04% 1.04% 1.04% 1.04%
297.33 303.28 309.35 315.53 321.84 328.28 334.85
4.13% 4.13% 4.13% 4.13% 4.13% 4.13% 4.13%



6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00%



95 96 97 98 99 100 101
8,266 8,431 8,600 8,772 8,947 9,126 9,309

1,610 1,658 1,708 1,759 1,812 1,866 1,922
478 488 497 507 517 528 538
8,431 8,600 8,772 8,947 9,126 9,309 9,495
6.67% 6.67% 6.67% 6.67% 6.67% 6.67% 6.67%

551 562 573 585 596 608 621
2.92 2.95 2.98 3.01 3.04 3.07 3.10
3,654.06 3,727.14 3,801.68 3,877.71 3,955.27 4,034.37 4,115.06

551.07 562.09 573.33 584.79 596.49 608.42 620.59
477.98 487.54 497.29 507.24 517.39 527.73 538.29
3,727.14 3,801.68 3,877.71 3,955.27 4,034.37 4,115.06 4,197.36
4,611.92 4,704.16 4,798.25 4,894.21 4,992.09 5,091.94 5,193.77
11.95% 11.95% 11.95% 11.95% 11.95% 11.95% 11.95%
5,778.53 5,894.10 6,011.98 6,132.22 6,254.87 6,379.97 6,507.56

643.30 656.17 669.29 682.68 696.33 710.26 724.46
527.73 538.29 549.05 560.03 571.24 582.66 594.31
5,894.10 6,011.98 6,132.22 6,254.87 6,379.97 6,507.56 6,637.72
0.1 0.1 0.1 0.1 0.1 0.1 0.1

577.85 589.41 601.20 613.22 625.49 638.00 650.76
6.70 6.83 6.97 7.11 7.25 7.39 7.54
1.04% 1.04% 1.04% 1.04% 1.04% 1.04% 1.04%
341.54 348.37 355.34 362.45 369.70 377.09 384.63
4.13% 4.13% 4.13% 4.13% 4.13% 4.13% 4.13%



6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00%



102 103 104 105 106 107 108
9,495 9,685 9,879 10,076 10,278 10,483 10,693

1,980 2,039 2,100 2,163 2,228 2,295 2,364
549 560 571 583 594 606 618
9,685 9,879 10,076 10,278 10,483 10,693 10,907
6.67% 6.67% 6.67% 6.67% 6.67% 6.67% 6.67%

633 646 659 672 685 699 713
3.13 3.16 3.19 3.22 3.25 3.28 3.32
4,197.36 4,281.31 4,366.94 4,454.28 4,543.36 4,634.23 4,726.91

633.00 645.66 658.57 671.75 685.18 698.88 712.86
549.05 560.03 571.24 582.66 594.31 606.20 618.32
4,281.31 4,366.94 4,454.28 4,543.36 4,634.23 4,726.91 4,821.45
5,297.65 5,403.60 5,511.68 5,621.91 5,734.35 5,849.03 5,966.01
11.95% 11.95% 11.95% 11.95% 11.95% 11.95% 11.95%
6,637.72 6,770.47 6,905.88 7,044.00 7,184.88 7,328.58 7,475.15

738.95 753.73 768.81 784.18 799.87 815.86 832.18
606.20 618.32 630.69 643.30 656.17 669.29 682.68
6,770.47 6,905.88 7,044.00 7,184.88 7,328.58 7,475.15 7,624.65
0.1 0.1 0.1 0.1 0.1 0.1 0.1

663.77 677.05 690.59 704.40 718.49 732.86 747.51
7.69 7.85 8.00 8.16 8.33 8.49 8.66
1.04% 1.04% 1.04% 1.04% 1.04% 1.04% 1.04%
392.33 400.17 408.18 416.34 424.67 433.16 441.82
4.13% 4.13% 4.13% 4.13% 4.13% 4.13% 4.13%



6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00%



109 110 111 112 113 114 115
10,907 11,125 11,347 11,574 11,806 12,042 12,283

2,435 2,508 2,583 2,660 2,740 2,822 2,907
631 643 656 669 683 696 710
11,125 11,347 11,574 11,806 12,042 12,283 12,528
6.67% 6.67% 6.67% 6.67% 6.67% 6.67% 6.67%

727 742 756 772 787 803 819
3.35 3.38 3.41 3.45 3.48 3.52 3.55
4,821.45 4,917.88 5,016.24 5,116.56 5,218.89 5,323.27 5,429.74

727.12 741.66 756.49 771.62 787.06 802.80 818.85
630.69 643.30 656.17 669.29 682.68 696.33 710.26
4,917.88 5,016.24 5,116.56 5,218.89 5,323.27 5,429.74 5,538.33
6,085.34 6,207.04 6,331.18 6,457.81 6,586.96 6,718.70 6,853.08
11.95% 11.95% 11.95% 11.95% 11.95% 11.95% 11.95%
7,624.65 7,777.14 7,932.69 8,091.34 8,253.17 8,418.23 8,586.59

848.83 865.80 883.12 900.78 918.80 937.17 955.92
696.33 710.26 724.46 738.95 753.73 768.81 784.18
7,777.14 7,932.69 8,091.34 8,253.17 8,418.23 8,586.59 8,758.33
0.1 0.1 0.1 0.1 0.1 0.1 0.1

762.46 777.71 793.27 809.13 825.32 841.82 858.66
8.84 9.01 9.19 9.38 9.56 9.76 9.95
1.04% 1.04% 1.04% 1.04% 1.04% 1.04% 1.04%
450.66 459.67 468.87 478.24 487.81 497.57 507.52
4.13% 4.13% 4.13% 4.13% 4.13% 4.13% 4.13%



6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00%



116 117 118 119 120 121 122
12,528 12,779 13,035 13,295 13,561 13,832 14,109

2,994 3,084 3,177 3,272 3,370 3,471 3,575
724 739 754 769 784 800 816
12,779 13,035 13,295 13,561 13,832 14,109 14,391
6.67% 6.67% 6.67% 6.67% 6.67% 6.67% 6.67%

835 852 869 886 904 922 941
3.58 3.62 3.66 3.69 3.73 3.76 3.80
5,538.33 5,649.10 5,762.08 5,877.32 5,994.87 6,114.77 6,237.06

835.23 851.94 868.97 886.35 904.08 922.16 940.61
724.46 738.95 753.73 768.81 784.18 799.87 815.86
5,649.10 5,762.08 5,877.32 5,994.87 6,114.77 6,237.06 6,361.80
6,990.14 7,129.94 7,272.54 7,417.99 7,566.35 7,717.68 7,872.03
11.95% 11.95% 11.95% 11.95% 11.95% 11.95% 11.95%
8,758.33 8,933.49 9,112.16 9,294.41 9,480.29 9,669.90 9,863.30

975.03 994.53 1,014.43 1,034.71 1,055.41 1,076.52 1,098.05
799.87 815.86 832.18 848.83 865.80 883.12 900.78
8,933.49 9,112.16 9,294.41 9,480.29 9,669.90 9,863.30 10,060.56
0.1 0.1 0.1 0.1 0.1 0.1 0.1

875.83 893.35 911.22 929.44 948.03 966.99 986.33
10.15 10.35 10.56 10.77 10.99 11.21 11.43
1.04% 1.04% 1.04% 1.04% 1.04% 1.04% 1.04%
517.67 528.02 538.58 549.35 560.34 571.55 582.98
4.13% 4.13% 4.13% 4.13% 4.13% 4.13% 4.13%



6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00%



123 124 125 126 127 128 129
14,391 14,679 14,973 15,272 15,578 15,889 16,207

3,682 3,793 3,907 4,024 4,145 4,269 4,397
832 849 866 883 901 919 937
14,679 14,973 15,272 15,578 15,889 16,207 16,531
6.67% 6.67% 6.67% 6.67% 6.67% 6.67% 6.67%

959 979 998 1,018 1,039 1,059 1,080
3.84 3.88 3.91 3.95 3.99 4.03 4.07
6,361.80 6,489.04 6,618.82 6,751.19 6,886.22 7,023.94 7,164.42

959.42 978.61 998.18 1,018.14 1,038.51 1,059.28 1,080.46
832.18 848.83 865.80 883.12 900.78 918.80 937.17
6,489.04 6,618.82 6,751.19 6,886.22 7,023.94 7,164.42 7,307.71
8,029.47 8,190.06 8,353.86 8,520.94 8,691.36 8,865.18 9,042.49
11.95% 11.95% 11.95% 11.95% 11.95% 11.95% 11.95%
10,060.56 10,261.77 10,467.01 10,676.35 10,889.88 11,107.67 11,329.83

1,120.01 1,142.41 1,165.26 1,188.56 1,212.33 1,236.58 1,261.31
918.80 937.17 955.92 975.03 994.53 1,014.43 1,034.71
10,261.77 10,467.01 10,676.35 10,889.88 11,107.67 11,329.83 11,556.42
0.1 0.1 0.1 0.1 0.1 0.1 0.1

1,006.06 1,026.18 1,046.70 1,067.64 1,088.99 1,110.77 1,132.98
11.66 11.89 12.13 12.37 12.62 12.87 13.13
1.04% 1.04% 1.04% 1.04% 1.04% 1.04% 1.04%
594.64 606.53 618.66 631.03 643.65 656.53 669.66
4.13% 4.13% 4.13% 4.13% 4.13% 4.13% 4.13%



6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00%



130 131 132 133 134 135 136
16,531 16,862 17,199 17,543 17,894 18,252 18,617

4,529 4,665 4,805 4,949 5,097 5,250 5,408
956 975 995 1,014 1,035 1,055 1,077
16,862 17,199 17,543 17,894 18,252 18,617 18,989
6.67% 6.67% 6.67% 6.67% 6.67% 6.67% 6.67%

1,102 1,124 1,147 1,170 1,193 1,217 1,241
4.11 4.15 4.19 4.23 4.27 4.31 4.36
7,307.71 7,453.86 7,602.94 7,755.00 7,910.10 8,068.30 8,229.67

1,102.07 1,124.11 1,146.59 1,169.53 1,192.92 1,216.77 1,241.11
955.92 975.03 994.53 1,014.43 1,034.71 1,055.41 1,076.52
7,453.86 7,602.94 7,755.00 7,910.10 8,068.30 8,229.67 8,394.26
9,223.34 9,407.80 9,595.96 9,787.88 9,983.64 10,183.31 10,386.98
11.95% 11.95% 11.95% 11.95% 11.95% 11.95% 11.95%
11,556.42 11,787.55 12,023.30 12,263.77 12,509.05 12,759.23 13,014.41

1,286.54 1,312.27 1,338.51 1,365.28 1,392.59 1,420.44 1,448.85
1,055.41 1,076.52 1,098.05 1,120.01 1,142.41 1,165.26 1,188.56
11,787.55 12,023.30 12,263.77 12,509.05 12,759.23 13,014.41 13,274.70
0.1 0.1 0.1 0.1 0.1 0.1 0.1

1,155.64 1,178.76 1,202.33 1,226.38 1,250.90 1,275.92 1,301.44
13.39 13.66 13.93 14.21 14.50 14.79 15.08
1.04% 1.04% 1.04% 1.04% 1.04% 1.04% 1.04%
683.05 696.71 710.65 724.86 739.36 754.14 769.23
4.13% 4.13% 4.13% 4.13% 4.13% 4.13% 4.13%



6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00%



137 138 139 140 141 142 143
18,989 19,369 19,756 20,151 20,554 20,965 21,385

5,570 5,737 5,909 6,087 6,269 6,457 6,651
1,098 1,120 1,142 1,165 1,189 1,212 1,237
19,369 19,756 20,151 20,554 20,965 21,385 21,812
6.67% 6.67% 6.67% 6.67% 6.67% 6.67% 6.67%

1,266 1,291 1,317 1,343 1,370 1,398 1,426
4.40 4.44 4.49 4.53 4.58 4.62 4.67
8,394.26 8,562.15 8,733.39 8,908.06 9,086.22 9,267.94 9,453.30

1,265.93 1,291.25 1,317.08 1,343.42 1,370.29 1,397.69 1,425.64
1,098.05 1,120.01 1,142.41 1,165.26 1,188.56 1,212.33 1,236.58
8,562.15 8,733.39 8,908.06 9,086.22 9,267.94 9,453.30 9,642.37
10,594.72 10,806.61 11,022.74 11,243.20 11,468.06 11,697.42 11,931.37
11.95% 11.95% 11.95% 11.95% 11.95% 11.95% 11.95%
13,274.70 13,540.19 13,811.00 14,087.22 14,368.96 14,656.34 14,949.47

1,477.83 1,507.38 1,537.53 1,568.28 1,599.65 1,631.64 1,664.27
1,212.33 1,236.58 1,261.31 1,286.54 1,312.27 1,338.51 1,365.28
13,540.19 13,811.00 14,087.22 14,368.96 14,656.34 14,949.47 15,248.46
0.1 0.1 0.1 0.1 0.1 0.1 0.1

1,327.47 1,354.02 1,381.10 1,408.72 1,436.90 1,465.63 1,494.95
15.38 15.69 16.01 16.33 16.65 16.99 17.33
1.04% 1.04% 1.04% 1.04% 1.04% 1.04% 1.04%
784.61 800.30 816.31 832.63 849.29 866.27 883.60
4.13% 4.13% 4.13% 4.13% 4.13% 4.13% 4.13%



6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00%



144 145 146 147 148 149 150
21,812 22,249 22,694 23,147 23,610 24,083 24,564

6,851 7,056 7,268 7,486 7,710 7,942 8,180
1,261 1,287 1,312 1,339 1,365 1,393 1,420
22,249 22,694 23,147 23,610 24,083 24,564 25,056
6.67% 6.67% 6.67% 6.67% 6.67% 6.67% 6.67%

1,454 1,483 1,513 1,543 1,574 1,606 1,638
4.71 4.76 4.80 4.85 4.90 4.95 4.99
9,642.37 9,835.22 10,031.92 10,232.56 10,437.21 10,645.95 10,858.87

1,454.16 1,483.24 1,512.91 1,543.16 1,574.03 1,605.51 1,637.62
1,261.31 1,286.54 1,312.27 1,338.51 1,365.28 1,392.59 1,420.44
9,835.22 10,031.92 10,232.56 10,437.21 10,645.95 10,858.87 11,076.05
12,170.00 12,413.40 12,661.67 12,914.90 13,173.20 13,436.66 13,705.39
11.95% 11.95% 11.95% 11.95% 11.95% 11.95% 11.95%
15,248.46 15,553.43 15,864.49 16,181.78 16,505.42 16,835.53 17,172.24

1,697.56 1,731.51 1,766.14 1,801.46 1,837.49 1,874.24 1,911.73
1,392.59 1,420.44 1,448.85 1,477.83 1,507.38 1,537.53 1,568.28
15,553.43 15,864.49 16,181.78 16,505.42 16,835.53 17,172.24 17,515.68
0.1 0.1 0.1 0.1 0.1 0.1 0.1

1,524.85 1,555.34 1,586.45 1,618.18 1,650.54 1,683.55 1,717.22
17.67 18.03 18.39 18.75 19.13 19.51 19.90
1.04% 1.04% 1.04% 1.04% 1.04% 1.04% 1.04%
901.27 919.30 937.68 956.44 975.56 995.08 1,014.98
4.13% 4.13% 4.13% 4.13% 4.13% 4.13% 4.13%



6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00%



151 152 153 154 155 156 157
25,056 25,557 26,068 26,589 27,121 27,663 28,217

8,425 8,678 8,938 9,207 9,483 9,767 10,060
1,449 1,478 1,507 1,538 1,568 1,600 1,632
25,557 26,068 26,589 27,121 27,663 28,217 28,781
6.67% 6.67% 6.67% 6.67% 6.67% 6.67% 6.67%

1,670 1,704 1,738 1,773 1,808 1,844 1,881
5.04 5.09 5.14 5.19 5.24 5.30 5.35
11,076.05 11,297.57 11,523.52 11,753.99 11,989.07 12,228.86 12,473.43

1,670.37 1,703.78 1,737.85 1,772.61 1,808.06 1,844.22 1,881.11
1,448.85 1,477.83 1,507.38 1,537.53 1,568.28 1,599.65 1,631.64
11,297.57 11,523.52 11,753.99 11,989.07 12,228.86 12,473.43 12,722.90
13,979.50 14,259.09 14,544.27 14,835.16 15,131.86 15,434.50 15,743.19
11.95% 11.95% 11.95% 11.95% 11.95% 11.95% 11.95%
17,515.68 17,866.00 18,223.32 18,587.78 18,959.54 19,338.73 19,725.51

1,949.96 1,988.96 2,028.74 2,069.31 2,110.70 2,152.91 2,195.97
1,599.65 1,631.64 1,664.27 1,697.56 1,731.51 1,766.14 1,801.46
17,866.00 18,223.32 18,587.78 18,959.54 19,338.73 19,725.51 20,120.02
0.1 0.1 0.1 0.1 0.1 0.1 0.1

1,751.57 1,786.60 1,822.33 1,858.78 1,895.95 1,933.87 1,972.55
20.30 20.71 21.12 21.54 21.97 22.41 22.86
1.04% 1.04% 1.04% 1.04% 1.04% 1.04% 1.04%
1,035.28 1,055.98 1,077.10 1,098.64 1,120.62 1,143.03 1,165.89
4.13% 4.13% 4.13% 4.13% 4.13% 4.13% 4.13%



6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00%



158 159 160 161 162 163 164
28,781 29,357 29,944 30,543 31,153 31,777 32,412

10,362 10,673 10,993 11,323 11,663 12,012 12,373
1,664 1,698 1,732 1,766 1,801 1,837 1,874
29,357 29,944 30,543 31,153 31,777 32,412 33,060
6.67% 6.67% 6.67% 6.67% 6.67% 6.67% 6.67%

1,919 1,957 1,996 2,036 2,077 2,118 2,161
5.40 5.45 5.51 5.56 5.62 5.67 5.73
12,722.90 12,977.36 13,236.91 13,501.64 13,771.68 14,047.11 14,328.05

1,918.73 1,957.10 1,996.25 2,036.17 2,076.90 2,118.43 2,160.80
1,664.27 1,697.56 1,731.51 1,766.14 1,801.46 1,837.49 1,874.24
12,977.36 13,236.91 13,501.64 13,771.68 14,047.11 14,328.05 14,614.61
16,058.05 16,379.22 16,706.80 17,040.94 17,381.75 17,729.39 18,083.98
11.95% 11.95% 11.95% 11.95% 11.95% 11.95% 11.95%
20,120.02 20,522.42 20,932.86 21,351.52 21,778.55 22,214.12 22,658.40

2,239.89 2,284.69 2,330.38 2,376.99 2,424.53 2,473.02 2,522.48
1,837.49 1,874.24 1,911.73 1,949.96 1,988.96 2,028.74 2,069.31
20,522.42 20,932.86 21,351.52 21,778.55 22,214.12 22,658.40 23,111.57
0.1 0.1 0.1 0.1 0.1 0.1 0.1

2,012.00 2,052.24 2,093.29 2,135.15 2,177.86 2,221.41 2,265.84
23.32 23.78 24.26 24.75 25.24 25.74 26.26
1.04% 1.04% 1.04% 1.04% 1.04% 1.04% 1.04%
1,189.21 1,212.99 1,237.25 1,262.00 1,287.24 1,312.98 1,339.24
4.13% 4.13% 4.13% 4.13% 4.13% 4.13% 4.13%



6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00%



165 166 167 168 169 170 171
33,060 33,721 34,396 35,084 35,786 36,501 37,231

12,744 13,126 13,520 13,926 14,343 14,774 15,217
1,912 1,950 1,989 2,029 2,069 2,111 2,153
33,721 34,396 35,084 35,786 36,501 37,231 37,976
6.67% 6.67% 6.67% 6.67% 6.67% 6.67% 6.67%

2,204 2,248 2,293 2,339 2,386 2,433 2,482
5.78 5.84 5.90 5.95 6.01 6.07 6.13
14,614.61 14,906.91 15,205.04 15,509.15 15,819.33 16,135.71 16,458.43

2,204.02 2,248.10 2,293.06 2,338.92 2,385.70 2,433.41 2,482.08
1,911.73 1,949.96 1,988.96 2,028.74 2,069.31 2,110.70 2,152.91
14,906.91 15,205.04 15,509.15 15,819.33 16,135.71 16,458.43 16,787.60
18,445.66 18,814.57 19,190.86 19,574.68 19,966.17 20,365.50 20,772.81
11.95% 11.95% 11.95% 11.95% 11.95% 11.95% 11.95%
23,111.57 23,573.80 24,045.28 24,526.19 25,016.71 25,517.04 26,027.38

2,572.93 2,624.39 2,676.88 2,730.42 2,785.02 2,840.72 2,897.54
2,110.70 2,152.91 2,195.97 2,239.89 2,284.69 2,330.38 2,376.99
23,573.80 24,045.28 24,526.19 25,016.71 25,517.04 26,027.38 26,547.93
0.1 0.1 0.1 0.1 0.1 0.1 0.1

2,311.16 2,357.38 2,404.53 2,452.62 2,501.67 2,551.70 2,602.74
26.78 27.32 27.87 28.42 28.99 29.57 30.16
1.04% 1.04% 1.04% 1.04% 1.04% 1.04% 1.04%
1,366.03 1,393.35 1,421.21 1,449.64 1,478.63 1,508.20 1,538.37
4.13% 4.13% 4.13% 4.13% 4.13% 4.13% 4.13%



6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00%



172 173 174 175 176 177 178
37,976 38,735 39,510 40,300 41,106 41,928 42,767

15,673 16,144 16,628 17,127 17,641 18,170 18,715
2,196 2,240 2,285 2,330 2,377 2,425 2,473
38,735 39,510 40,300 41,106 41,928 42,767 43,622
6.67% 6.67% 6.67% 6.67% 6.67% 6.67% 6.67%

2,532 2,582 2,634 2,687 2,740 2,795 2,851
6.19 6.25 6.31 6.37 6.44 6.50 6.56
16,787.60 17,123.35 17,465.82 17,815.13 18,171.44 18,534.86 18,905.56

2,531.72 2,582.36 2,634.01 2,686.69 2,740.42 2,795.23 2,851.13
2,195.97 2,239.89 2,284.69 2,330.38 2,376.99 2,424.53 2,473.02
17,123.35 17,465.82 17,815.13 18,171.44 18,534.86 18,905.56 19,283.67
21,188.26 21,612.03 22,044.27 22,485.15 22,934.86 23,393.55 23,861.42
11.95% 11.95% 11.95% 11.95% 11.95% 11.95% 11.95%
26,547.93 27,078.89 27,620.47 28,172.88 28,736.34 29,311.06 29,897.28

2,955.49 3,014.60 3,074.89 3,136.39 3,199.12 3,263.10 3,328.36
2,424.53 2,473.02 2,522.48 2,572.93 2,624.39 2,676.88 2,730.42
27,078.89 27,620.47 28,172.88 28,736.34 29,311.06 29,897.28 30,495.23
0.1 0.1 0.1 0.1 0.1 0.1 0.1

2,654.79 2,707.89 2,762.05 2,817.29 2,873.63 2,931.11 2,989.73
30.77 31.38 32.01 32.65 33.30 33.97 34.65
1.04% 1.04% 1.04% 1.04% 1.04% 1.04% 1.04%
1,569.13 1,600.52 1,632.53 1,665.18 1,698.48 1,732.45 1,767.10
4.13% 4.13% 4.13% 4.13% 4.13% 4.13% 4.13%



6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00%



179 180 181 182 183 184 185
43,622 44,495 45,385 46,292 47,218 48,163 49,126

19,276 19,855 20,450 21,064 21,696 22,347 23,017
2,522 2,573 2,624 2,677 2,730 2,785 2,841
44,495 45,385 46,292 47,218 48,163 49,126 50,108
6.67% 6.67% 6.67% 6.67% 6.67% 6.67% 6.67%

2,908 2,966 3,026 3,086 3,148 3,211 3,275
6.63 6.69 6.76 6.83 6.89 6.96 7.03
19,283.67 19,669.35 20,062.73 20,463.99 20,873.27 21,290.73 21,716.55

2,908.15 2,966.32 3,025.64 3,086.16 3,147.88 3,210.84 3,275.05
2,522.48 2,572.93 2,624.39 2,676.88 2,730.42 2,785.02 2,840.72
19,669.35 20,062.73 20,463.99 20,873.27 21,290.73 21,716.55 22,150.88
24,338.65 24,825.43 25,321.93 25,828.37 26,344.94 26,871.84 27,409.28
11.95% 11.95% 11.95% 11.95% 11.95% 11.95% 11.95%
30,495.23 31,105.13 31,727.24 32,361.78 33,009.02 33,669.20 34,342.58

3,394.93 3,462.83 3,532.08 3,602.72 3,674.78 3,748.27 3,823.24
2,785.02 2,840.72 2,897.54 2,955.49 3,014.60 3,074.89 3,136.39
31,105.13 31,727.24 32,361.78 33,009.02 33,669.20 34,342.58 35,029.43
0.1 0.1 0.1 0.1 0.1 0.1 0.1

3,049.52 3,110.51 3,172.72 3,236.18 3,300.90 3,366.92 3,434.26
35.34 36.05 36.77 37.51 38.26 39.02 39.80
1.04% 1.04% 1.04% 1.04% 1.04% 1.04% 1.04%
1,802.44 1,838.49 1,875.26 1,912.77 1,951.02 1,990.04 2,029.84
4.13% 4.13% 4.13% 4.13% 4.13% 4.13% 4.13%



6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00%



186 187 188 189 190 191 192
50,108 51,111 52,133 53,175 54,239 55,324 56,430

23,708 24,419 25,151 25,906 26,683 27,484 28,308
2,898 2,955 3,015 3,075 3,136 3,199 3,263
51,111 52,133 53,175 54,239 55,324 56,430 57,559
6.67% 6.67% 6.67% 6.67% 6.67% 6.67% 6.67%

3,341 3,407 3,476 3,545 3,616 3,688 3,762
7.10 7.17 7.24 7.31 7.38 7.45 7.52
22,150.88 22,593.90 23,045.77 23,506.69 23,976.82 24,456.36 24,945.49

3,340.56 3,407.37 3,475.51 3,545.02 3,615.93 3,688.24 3,762.01
2,897.54 2,955.49 3,014.60 3,074.89 3,136.39 3,199.12 3,263.10
22,593.90 23,045.77 23,506.69 23,976.82 24,456.36 24,945.49 25,444.40
27,957.46 28,516.61 29,086.94 29,668.68 30,262.05 30,867.30 31,484.64
11.95% 11.95% 11.95% 11.95% 11.95% 11.95% 11.95%
35,029.43 35,730.02 36,444.62 37,173.51 37,916.99 38,675.32 39,448.83

3,899.71 3,977.70 4,057.25 4,138.40 4,221.17 4,305.59 4,391.70
3,199.12 3,263.10 3,328.36 3,394.93 3,462.83 3,532.08 3,602.72
35,730.02 36,444.62 37,173.51 37,916.99 38,675.32 39,448.83 40,237.81
0.1 0.1 0.1 0.1 0.1 0.1 0.1

3,502.94 3,573.00 3,644.46 3,717.35 3,791.70 3,867.53 3,944.88
40.60 41.41 42.24 43.08 43.94 44.82 45.72
1.04% 1.04% 1.04% 1.04% 1.04% 1.04% 1.04%
2,070.44 2,111.85 2,154.08 2,197.17 2,241.11 2,285.93 2,331.65
4.13% 4.13% 4.13% 4.13% 4.13% 4.13% 4.13%



6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00%



193 194 195 196 197 198 199
57,559 58,710 59,884 61,082 62,303 63,549 64,820

29,157 30,032 30,933 31,861 32,817 33,801 34,815
3,328 3,395 3,463 3,532 3,603 3,675 3,748
58,710 59,884 61,082 62,303 63,549 64,820 66,117
6.67% 6.67% 6.67% 6.67% 6.67% 6.67% 6.67%

3,837 3,914 3,992 4,072 4,154 4,237 4,321
7.60 7.67 7.75 7.82 7.90 7.98 8.06
25,444.40 25,953.28 26,472.35 27,001.80 27,541.83 28,092.67 28,654.52

3,837.25 3,913.99 3,992.27 4,072.12 4,153.56 4,236.63 4,321.37
3,328.36 3,394.93 3,462.83 3,532.08 3,602.72 3,674.78 3,748.27
25,953.28 26,472.35 27,001.80 27,541.83 28,092.67 28,654.52 29,227.61
32,114.33 32,756.62 33,411.75 34,079.99 34,761.59 35,456.82 36,165.96
11.95% 11.95% 11.95% 11.95% 11.95% 11.95% 11.95%
40,237.81 41,042.56 41,863.42 42,700.68 43,554.70 44,425.79 45,314.31

4,479.54 4,569.13 4,660.51 4,753.72 4,848.79 4,945.77 5,044.68
3,674.78 3,748.27 3,823.24 3,899.71 3,977.70 4,057.25 4,138.40
41,042.56 41,863.42 42,700.68 43,554.70 44,425.79 45,314.31 46,220.59
0.1 0.1 0.1 0.1 0.1 0.1 0.1

4,023.78 4,104.26 4,186.34 4,270.07 4,355.47 4,442.58 4,531.43
46.63 47.57 48.52 49.49 50.48 51.49 52.52
1.04% 1.04% 1.04% 1.04% 1.04% 1.04% 1.04%
2,378.28 2,425.85 2,474.37 2,523.85 2,574.33 2,625.82 2,678.33
4.13% 4.13% 4.13% 4.13% 4.13% 4.13% 4.13%



6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00%



200 201 202 203 204 205 206
66,117 67,439 68,788 70,164 71,567 72,998 74,458

35,860 36,936 38,044 39,185 40,361 41,571 42,818
3,823 3,900 3,978 4,057 4,138 4,221 4,306
67,439 68,788 70,164 71,567 72,998 74,458 75,948
6.67% 6.67% 6.67% 6.67% 6.67% 6.67% 6.67%

4,408 4,496 4,586 4,678 4,771 4,867 4,964
8.14 8.22 8.30 8.38 8.46 8.54 8.63
29,227.61 29,812.17 30,408.41 31,016.58 31,636.91 32,269.65 32,915.04

4,407.79 4,495.95 4,585.87 4,677.58 4,771.14 4,866.56 4,963.89
3,823.24 3,899.71 3,977.70 4,057.25 4,138.40 4,221.17 4,305.59
29,812.17 30,408.41 31,016.58 31,636.91 32,269.65 32,915.04 33,573.34
36,889.28 37,627.06 38,379.60 39,147.19 39,930.14 40,728.74 41,543.32
11.95% 11.95% 11.95% 11.95% 11.95% 11.95% 11.95%
46,220.59 47,145.01 48,087.91 49,049.66 50,030.66 51,031.27 52,051.90

5,145.58 5,248.49 5,353.46 5,460.53 5,569.74 5,681.13 5,794.76
4,221.17 4,305.59 4,391.70 4,479.54 4,569.13 4,660.51 4,753.72
47,145.01 48,087.91 49,049.66 50,030.66 51,031.27 52,051.90 53,092.93
0.1 0.1 0.1 0.1 0.1 0.1 0.1

4,622.06 4,714.50 4,808.79 4,904.97 5,003.07 5,103.13 5,205.19
53.57 54.64 55.73 56.85 57.98 59.14 60.32
1.04% 1.04% 1.04% 1.04% 1.04% 1.04% 1.04%
2,731.90 2,786.54 2,842.27 2,899.11 2,957.10 3,016.24 3,076.56
4.13% 4.13% 4.13% 4.13% 4.13% 4.13% 4.13%



6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00%



207 208 209 210 211 212 213
75,948 77,466 79,016 80,596 82,208 83,852 85,529

44,103 45,426 46,789 48,193 49,638 51,127 52,661
4,392 4,480 4,569 4,661 4,754 4,849 4,946
77,466 79,016 80,596 82,208 83,852 85,529 87,240
6.67% 6.67% 6.67% 6.67% 6.67% 6.67% 6.67%

5,063 5,164 5,268 5,373 5,481 5,590 5,702
8.71 8.80 8.88 8.97 9.06 9.15 9.24
33,573.34 34,244.81 34,929.70 35,628.30 36,340.86 37,067.68 37,809.04

5,063.17 5,164.43 5,267.72 5,373.07 5,480.54 5,590.15 5,701.95
4,391.70 4,479.54 4,569.13 4,660.51 4,753.72 4,848.79 4,945.77
34,244.81 34,929.70 35,628.30 36,340.86 37,067.68 37,809.04 38,565.22
42,374.18 43,221.67 44,086.10 44,967.82 45,867.18 46,784.52 47,720.21
11.95% 11.95% 11.95% 11.95% 11.95% 11.95% 11.95%
53,092.93 54,154.79 55,237.89 56,342.65 57,469.50 58,618.89 59,791.27

5,910.65 6,028.86 6,149.44 6,272.43 6,397.88 6,525.84 6,656.35
4,848.79 4,945.77 5,044.68 5,145.58 5,248.49 5,353.46 5,460.53
54,154.79 55,237.89 56,342.65 57,469.50 58,618.89 59,791.27 60,987.09
0.1 0.1 0.1 0.1 0.1 0.1 0.1

5,309.29 5,415.48 5,523.79 5,634.26 5,746.95 5,861.89 5,979.13
61.53 62.76 64.02 65.30 66.60 67.94 69.29
1.04% 1.04% 1.04% 1.04% 1.04% 1.04% 1.04%
3,138.09 3,200.86 3,264.87 3,330.17 3,396.77 3,464.71 3,534.00
4.13% 4.13% 4.13% 4.13% 4.13% 4.13% 4.13%



6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00%



214 215 216 217 218 219 220
87,240 88,985 90,764 92,580 94,431 96,320 98,246

54,241 55,868 57,544 59,271 61,049 62,880 64,767
5,045 5,146 5,248 5,353 5,461 5,570 5,681
88,985 90,764 92,580 94,431 96,320 98,246 100,211
6.67% 6.67% 6.67% 6.67% 6.67% 6.67% 6.67%

5,816 5,932 6,051 6,172 6,295 6,421 6,550
9.33 9.42 9.51 9.60 9.70 9.79 9.89
38,565.22 39,336.52 40,123.25 40,925.72 41,744.23 42,579.11 43,430.70

5,815.99 5,932.31 6,050.95 6,171.97 6,295.41 6,421.32 6,549.75
5,044.68 5,145.58 5,248.49 5,353.46 5,460.53 5,569.74 5,681.13
39,336.52 40,123.25 40,925.72 41,744.23 42,579.11 43,430.70 44,299.31
48,674.62 49,648.11 50,641.07 51,653.89 52,686.97 53,740.71 54,815.52
11.95% 11.95% 11.95% 11.95% 11.95% 11.95% 11.95%
60,987.09 62,206.83 63,450.97 64,719.99 66,014.39 67,334.68 68,681.37

6,789.48 6,925.27 7,063.78 7,205.05 7,349.15 7,496.14 7,646.06
5,569.74 5,681.13 5,794.76 5,910.65 6,028.86 6,149.44 6,272.43
62,206.83 63,450.97 64,719.99 66,014.39 67,334.68 68,681.37 70,055.00
0.1 0.1 0.1 0.1 0.1 0.1 0.1

6,098.71 6,220.68 6,345.10 6,472.00 6,601.44 6,733.47 6,868.14
70.68 72.09 73.54 75.01 76.51 78.04 79.60
1.04% 1.04% 1.04% 1.04% 1.04% 1.04% 1.04%
3,604.68 3,676.78 3,750.31 3,825.32 3,901.83 3,979.86 4,059.46
4.13% 4.13% 4.13% 4.13% 4.13% 4.13% 4.13%



6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00%



221 222 223 224 225 226 227
100,211 102,215 104,260 106,345 108,472 110,641 112,854

66,710 68,711 70,772 72,896 75,082 77,335 79,655
5,795 5,911 6,029 6,149 6,272 6,398 6,526
102,215 104,260 106,345 108,472 110,641 112,854 115,111
6.67% 6.67% 6.67% 6.67% 6.67% 6.67% 6.67%

6,681 6,814 6,951 7,090 7,231 7,376 7,524
9.99 10.08 10.18 10.28 10.38 10.48 10.59
44,299.31 45,185.30 46,089.00 47,010.78 47,951.00 48,910.02 49,888.22

6,680.74 6,814.36 6,950.64 7,089.66 7,231.45 7,376.08 7,523.60
5,794.76 5,910.65 6,028.86 6,149.44 6,272.43 6,397.88 6,525.84
45,185.30 46,089.00 47,010.78 47,951.00 48,910.02 49,888.22 50,885.98
55,911.83 57,030.07 58,170.67 59,334.09 60,520.77 61,731.18 62,965.81
11.95% 11.95% 11.95% 11.95% 11.95% 11.95% 11.95%
70,055.00 71,456.10 72,885.22 74,342.92 75,829.78 77,346.38 78,893.31

7,798.98 7,954.96 8,114.06 8,276.34 8,441.87 8,610.70 8,782.92
6,397.88 6,525.84 6,656.35 6,789.48 6,925.27 7,063.78 7,205.05
71,456.10 72,885.22 74,342.92 75,829.78 77,346.38 78,893.31 80,471.17
0.1 0.1 0.1 0.1 0.1 0.1 0.1

7,005.50 7,145.61 7,288.52 7,434.29 7,582.98 7,734.64 7,889.33
81.19 82.81 84.47 86.16 87.88 89.64 91.43
1.04% 1.04% 1.04% 1.04% 1.04% 1.04% 1.04%
4,140.65 4,223.46 4,307.93 4,394.09 4,481.97 4,571.61 4,663.04
4.13% 4.13% 4.13% 4.13% 4.13% 4.13% 4.13%



6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00%



228 229 230 231 232 233 234
115,111 117,413 119,762 122,157 124,600 127,092 129,634

82,045 84,506 87,041 89,652 92,342 95,112 97,966
6,656 6,789 6,925 7,064 7,205 7,349 7,496
117,413 119,762 122,157 124,600 127,092 129,634 132,226
6.67% 6.67% 6.67% 6.67% 6.67% 6.67% 6.67%

7,674 7,828 7,984 8,144 8,307 8,473 8,642
10.69 10.80 10.90 11.01 11.12 11.23 11.34
50,885.98 51,903.70 52,941.78 54,000.61 55,080.62 56,182.24 57,305.88

7,674.07 7,827.56 7,984.11 8,143.79 8,306.66 8,472.80 8,642.25
6,656.35 6,789.48 6,925.27 7,063.78 7,205.05 7,349.15 7,496.14
51,903.70 52,941.78 54,000.61 55,080.62 56,182.24 57,305.88 58,452.00
64,225.12 65,509.62 66,819.82 68,156.21 69,519.34 70,909.72 72,327.92
11.95% 11.95% 11.95% 11.95% 11.95% 11.95% 11.95%
80,471.17 82,080.60 83,722.21 85,396.65 87,104.58 88,846.68 90,623.61

8,958.58 9,137.75 9,320.50 9,506.91 9,697.05 9,890.99 10,088.81
7,349.15 7,496.14 7,646.06 7,798.98 7,954.96 8,114.06 8,276.34
82,080.60 83,722.21 85,396.65 87,104.58 88,846.68 90,623.61 92,436.08
0.1 0.1 0.1 0.1 0.1 0.1 0.1

8,047.12 8,208.06 8,372.22 8,539.67 8,710.46 8,884.67 9,062.36
93.26 95.13 97.03 98.97 100.95 102.97 105.03
1.04% 1.04% 1.04% 1.04% 1.04% 1.04% 1.04%
4,756.30 4,851.43 4,948.46 5,047.43 5,148.38 5,251.34 5,356.37
4.13% 4.13% 4.13% 4.13% 4.13% 4.13% 4.13%



6.00% 6.00% 6.00% 6.00% 6.00% 6.00%



235 236 237 238 239 240
132,226 134,871 137,568 140,320 143,126 145,989

100,905 103,932 107,050 110,261 113,569 116,976
7,646 7,799 7,955 8,114 8,276 8,442
134,871 137,568 140,320 143,126 145,989 148,908
6.67% 6.67% 6.67% 6.67% 6.67% 6.67%

8,815 8,991 9,171 9,355 9,542 9,733
11.45 11.56 11.67 11.79 11.90 12.02
58,452.00 59,621.04 60,813.46 62,029.73 63,270.32 64,535.73

8,815.10 8,991.40 9,171.23 9,354.65 9,541.75 9,732.58
7,646.06 7,798.98 7,954.96 8,114.06 8,276.34 8,441.87
59,621.04 60,813.46 62,029.73 63,270.32 64,535.73 65,826.45
73,774.48 75,249.97 76,754.97 78,290.07 79,855.87 81,452.98
11.95% 11.95% 11.95% 11.95% 11.95% 11.95%
92,436.08 94,284.80 96,170.50 98,093.91 100,055.79 102,056.90

10,290.59 10,496.40 10,706.33 10,920.45 11,138.86 11,361.64
8,441.87 8,610.70 8,782.92 8,958.58 9,137.75 9,320.50
94,284.80 96,170.50 98,093.91 100,055.79 102,056.90 104,098.04
0.1 0.1 0.1 0.1 0.1 0.1

9,243.61 9,428.48 9,617.05 9,809.39 10,005.58 10,205.69
107.13 109.27 111.46 113.68 115.96 118.28
1.04% 1.04% 1.04% 1.04% 1.04% 1.04%
5,463.50 5,572.77 5,684.22 5,797.91 5,913.87 6,032.14
4.13% 4.13% 4.13% 4.13% 4.13% 4.13%



6.00% 6.00% 6.00% 6.00% 6.00% 6.00%



241 242 243 244 245 246
148,908 151,887 154,924 158,023 161,183 164,407

120,485 124,100 127,823 131,657 135,607 139,675
8,611 8,783 8,959 9,138 9,321 9,507
151,887 154,924 158,023 161,183 164,407 167,695
6.67% 6.67% 6.67% 6.67% 6.67% 6.67%

9,927 10,126 10,328 10,535 10,746 10,960
12.14 12.26 12.38 12.50 12.62 12.74
65,826.45 67,142.97 68,485.83 69,855.55 71,252.66 72,677.71

9,927.23 10,125.78 10,328.29 10,534.86 10,745.56 10,960.47
8,610.70 8,782.92 8,958.58 9,137.75 9,320.50 9,506.91
67,142.97 68,485.83 69,855.55 71,252.66 72,677.71 74,131.27
83,082.04 84,743.69 86,438.56 88,167.33 89,930.68 91,729.29
11.95% 11.95% 11.95% 11.95% 11.95% 11.95%
104,098.04 106,180.00 108,303.60 110,469.67 112,679.07 114,932.65

11,588.87 11,820.65 12,057.06 12,298.21 12,544.17 12,795.05
9,506.91 9,697.05 9,890.99 10,088.81 10,290.59 10,496.40
106,180.00 108,303.60 110,469.67 112,679.07 114,932.65 117,231.30
0.1 0.1 0.1 0.1 0.1 0.1

10,409.80 10,618.00 10,830.36 11,046.97 11,267.91 11,493.26
120.64 123.06 125.52 128.03 130.59 133.20
1.04% 1.04% 1.04% 1.04% 1.04% 1.04%
6,152.79 6,275.84 6,401.36 6,529.39 6,659.97 6,793.17
4.13% 4.13% 4.13% 4.13% 4.13% 4.13%



6.00% 6.00% 6.00% 6.00% 6.00% 6.00%



247 248 249 250 251 252
167,695 171,049 174,470 177,959 Err:522 Err:522

143,866 148,182 152,627 157,206 161,922 166,780
9,697 9,891 10,089 10,291 10,496 107,050
171,049 174,470 177,959 181,519 Err:522 Err:522
6.67% 6.67% 6.67% 6.67% 6.67% 6.67%

11,180 11,403 11,631 11,864 12,101 Err:522
12.87 12.99 13.12 13.25 13.38 Err:522
74,131.27 75,613.89 77,126.17 78,668.70 80,242.07 81,846.91

11,179.68 11,403.27 11,631.34 11,863.96 12,101.24 Err:522
9,697.05 9,890.99 10,088.81 10,290.59 10,496.40 107,049.60
75,613.89 77,126.17 78,668.70 80,242.07 81,846.91 Err:522
93,563.88 95,435.15 97,343.86 99,290.73 Err:522 103,440.58
11.95% 11.95% 11.95% 11.95% Err:522 11.94%
117,231.30 119,575.93 121,967.45 124,406.80 126,894.93 129,432.83

13,050.95 13,311.97 13,578.21 13,849.78 14,126.77 166,779.78
10,706.33 10,920.45 11,138.86 11,361.64 11,588.87 11,820.65
119,575.93 121,967.45 124,406.80 126,894.93 129,432.83 284,391.96
0.1 0.1 0.1 0.1 0.1 0.1

11,723.13 11,957.59 12,196.74 12,440.68 12,689.49 12,943.28
135.86 138.58 141.35 144.18 147.06 Err:522
1.04% 1.04% 1.04% 1.04% 1.04% Err:522
6,929.04 7,067.62 7,208.97 7,353.15 7,500.21 -
4.13% 4.13% 4.13% 4.13% Err:522 Err:522

✘ Tornado
Value per Share Analysis

Err:522
Err:522
Err:522
Err:522
Err:522
Low vs Bse
High vs Bse
Err:522
Err:522 Note the difference

between this Tornado
Err:522 diagram and the
prior diagram in
Err:522
terms of value drivers
Err:522
0.00 2.00 4.00 6.00 8.00 10.00 12.00

Sensitivity
✘ Tornado
Implied EV/EBITDA 13.84 Growth 7.50% Margin 16%
12
10
This graph demonstrates how the

sensitivity analysis can be used
4
together with scenario analysis.
When a new scenario is selected, the
sensitivity is re-set. Select the
2
sensitivity analysis to use the spinner
boxes.
0
Contents
List of Debt Issues

Issue Number 5 Show Comments
Credit Spread 1.50%
Par
Value Maturity Interest Rate Market Value Term
Short-term 1189
Long Term 224.01 1
Issue 1 200 1 10.00% 1 215.69 2
Issue 2 100 3 6.00% 2 110.00 3
Issue 3 150 4 7.00% 3 175.39 5
Issue 4 180 6 5.50% 4 204.38 7
Issue 5 200 7 6.00% 5 224.01 10
Issue 6 150 10 6.50% 6 180.42 20
Issue 7 180 15 6.00% 7 220.03
Issue 8 34 2 6.00% 8 36.50
Issue 5 200 7 6%
Total 1,194.00 1,366.40
Simple Bond Valuation
Period 1 2 3 4 5 6 7
Holding Period 1 1 1 1 1 1 1
Maturity 0 0 0 0 0 0 1
Cash Flow 12.00 12.00 12.00 12.00 12.00 12.00 212.00
Risk Free Rate 0.025

Debt Cost of Capital 4.00%
NPV of Cash Flow 224.01
Risk Free
Rate
0.500%
0.700%
1.000%
1.500%
2.500%
2.500%
3.500%
8 9 10 11 12 13 14 15 16 17
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
- - - - - - - - - -
18 19 20 21 22 23 24 25 26 27
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
- - - - - - - - - -
28 29 30
0 0 0
0 0 0
- - -
Contents
Show Comments
General Assumptions
Option Number 5
Current Price 400
Volatitily 30%
Risk Free Rate 3.50%
List of Options from Annual Report

Name of Number of Exercise
Director Options price Exercisable
SOP94 (a) - 4.73 27-Mar-07 26-Mar-14 31-Dec-08

SOP04 (b) 184,028 4.90 28-Aug-07 27-Aug-14 31-Dec-08
SOP04 (b) 179,540 5.85 2-Apr-08 1-Apr-15 31-Dec-08
SAYE (c) 4,218 3.92 1-Feb-10 31-Jul-10 31-Dec-08
SOP94 (a) 224,425 4.56 2-Sep-03 1-Sep-10 31-Dec-08
SOP94 (a) 224,425 5.31 1-Sep-04 31-Aug-11 31-Dec-08
SOP04 (b) 158,892 4.90 28-Aug-07 27-Aug-14 31-Dec-08
SOP04 (b) 136,001 5.85 2-Apr-08 1-Apr-15 31-Dec-08
SOP94 (a) 246,867 5.31 1-Sep-04 31-Aug-11 31-Dec-08
SOP94 (a) 269,310 5.38 24-Aug-05 23-Aug-12 31-Dec-08
SOP94 (a) 298,850 3.92 10-May-06 9-May-13 31-Dec-08
SOP04 (b) 293,547 4.90 28-Aug-07 27-Aug-14 31-Dec-08
SOP04 (b) 254,946 5.85 2-Apr-08 1-Apr-15 31-Dec-08
455.60
Option Price Model
Item Formula Units Value Range Name
Inputs
Base Share Price Cur 400.00 p0
Exercise Price Cur 455.60 k
Risk Free Rate % 3.50% rf
Time to Expiration t 1.67 t
Volatility Vol 30.00% Vol
Calculation Components
Present Value Fa e-rt 0.9432 pv
d1 Numerator ln(p0/k)+(rf+vol2/2) x t 0.0034 d1_n
d1 Denominator vol x t1/2 0.3876 d1_d
d1 Value Num/Denom 0.0088 d1
d2 Numerator ln(p0/k)+(rf-vol2/2) x t (0.1468) d2_n

d2 Denominator vol x t1/2 0.3876 d2_d
d2 Value Num/Denom (0.3788) d2
Normal(d1) Std Norm(0,1) 0.5035 N_d1

Normal(d2) Std Norm(0,1) 0.3524 N_d2
Normal(-d1) Std Norm(0,1) 0.4965 N_-d1
Normal(-d2) Std Norm(0,1) 0.6476 N_-d2
Outputs
Call Value p0*N_d1-pv*N_d2*k 49.96 Call
Put Value pv*N_-d2*k-p0*N_-d1 79.70 Put
Show Comments
Expiration Total
Pence Pounds Value
5.24 1 109.71 1.10 -
5.66 2 110.92 1.11 204,119.57
6.25 3 94.89 0.95 170,359.97
1.58 4 73.55 0.74 3,102.41
1.67 5 49.96 0.50 112,119.92
2.67 6 49.76 0.50 111,674.09
5.66 7 110.92 1.11 176,239.31
6.25 8 94.89 0.95 129,047.16
2.67 9 49.76 0.50 122,841.25
3.65 10 65.96 0.66 177,623.89
4.36 11 125.73 1.26 375,745.58
5.66 12 110.92 1.11 325,595.50
6.25 13 94.89 0.95 241,910.40
1.67 2,150,379.05
Note:
Call Value = Price x Prob1 - Strike PV x Prob2
Put Value = Stike PV x Prob1 - Price x Prob 2
Norm(d1) = 1 - Norm(-d1)
73
Norm(d1)
Norm(-d1)
1-Norm(-d1)
Contents
Initial Inputs
Eq Beta 1.3 Ba = Be x Eq/Cap + Bd x Debt/Cap
Rf 3% Ba = Be x Eq/Cap
EMRP 6% Ba 0.91
Credit Spread 4%
Normal WACC with Cost of Equity Given

Percent Cost WACC
Debt 30% 7.00% 0.021
Equity 70% 10.8% 0.0756
WACC 9.66%
Back into Cost of Equtity

Percent Cost WACC
Debt 0.5 7% 0.035
Debt to Cap
Equity 0.5 12.320% 0.0616
WACC 9.66%
Cost of Debt = Rf + CS
Initial Inputs
Eq Beta 0.70
Rf 5%
EMRP 6%
Tax Rate 30%
Credit Spread 0%
Normal WACC with Cost of Equity Given

Percent Cost ATCost WACC
Debt 0% 5.00% 3.50% 0.000%
Equity 100% 9.2% 9.2% 9.200%
WACC 9.200%
Back into Cost of Equity
Percent Cost ATCost WACC
Debt 0% 5.20% 3.64% 0.00%
Equity 100% 9.20% 9.2000% 9.20%
WACC 9.20%
Tax Shiled 0.0000%
Rate of Return without Tax Effect 9.20%
Rf 5.00%
EMRP 6.00%
Bu 0.7
Tax Rate 30%
Tax Shield Debt Cost x D/Cap x T 0.000%
Rate of Return Rf + Bu x EMRP 9.200%
` Rate of Retun Less Tax Shield 9.200%
Bl 0.70
Cost of Equity 9.20%
Formula 1: BL = BU x (1 + D/E) x (1-t)

Formula 2: BL = BU x ( D+E) /E + T x Rf/EMRP x D/ E
BU 0.7
Tax 30%
Formula 1
Debt Cost Debt/Cap ROR Ke Bl D/E BL Ke
9.20% 9.200% 0.7
5.200% 0.00% 9.20% 9.20% 0.70 0% 0.49 7.94%
5.300% 5.00% 9.14% 9.43% 0.74 5% 0.52 8.09%
5.300% 10.00% 9.09% 9.69% 0.78 11% 0.54 8.27%
5.300% 15.00% 9.03% 9.97% 0.83 18% 0.58 8.46%
5.300% 20.00% 8.98% 10.29% 0.88 25% 0.61 8.68%
5.300% 25.00% 8.92% 10.66% 0.94 33% 0.65 8.92%
5.500% 30.00% 8.85% 11.00% 1.00 43% 0.70 9.20%
5.600% 35.00% 8.79% 11.41% 1.07 54% 0.75 9.52%
5.700% 40.00% 8.72% 11.88% 1.15 67% 0.82 9.90%
5.800% 45.00% 8.65% 12.41% 1.23 82% 0.89 10.35%
5.900% 50.00% 8.58% 13.03% 1.34 100% 0.98 10.88%
6.000% 55.00% 8.51% 13.77% 1.46 122% 1.09 11.53%
6.100% 60.00% 8.43% 14.67% 1.61 150% 1.23 12.35%
6.300% 65.00% 8.34% 15.64% 1.77 186% 1.40 13.40%
6.500% 70.00% 8.24% 16.87% 1.98 233% 1.63 14.80%
6.900% 75.00% 8.11% 17.96% 2.16 300% 1.96 16.76%
7.300% 80.00% 7.97% 19.43% 2.40 400% 2.45 19.70%
7.700% 85.00% 7.83% 21.63% 2.77 567% 3.27 24.60%
8.100% 90.00% 7.67% 25.66% 3.44 900% 4.90 34.40%
8.500% 95.00% 7.50% 37.04% 5.34 1900% 9.80 63.80%
Show Comments
Be = Ba x Cap/Eq
Cost of Eq Eq/Cap Cap/Eq Ba Be Cost of Eq

12.320%
0% 9.660% 100% 1.00 0.91 0.91 8.46%
10.0% 9.956% 90% 1.11 0.91 1.01 9.07%
20.0% 10.325% 80% 1.25 0.91 1.14 9.83%
30.0% 10.800% 70% 1.43 0.91 1.30 10.80%
40.0% 11.433% 60% 1.67 0.91 1.52 12.10%
50.0% 12.320% 50% 2.00 0.91 1.82 13.92%
60.0% 13.650% 40% 2.50 0.91 2.28 16.65%
70.0% 15.867% 30% 3.33 0.91 3.03 21.20%
80.0% 20.300% 20% 5.00 0.91 4.55 30.30%
90.0% 33.600% 10% 10.00 0.91 9.10 57.60%
BL = BU x (1 + D/E) x (1-t)
BU = BL/(1+ D/E) x (1-t)
(1+D/E) = (E/E + D/E) = (E+D)/E

BU = BL x E/CAP/ (1-t)
BU 0.7 100% 0.7

WACC 7.940%
BU = (BL x EMRP) x E /(D+E) -TxD/(D+E)/EMRP
BL 0.7
EMRP 6%
E/(D+E) 100%
D/(D+E) 0% 0.0%
Rf 5%
T 30%
D/E 0.0%
BU 0.70
WACC 9.20%
Formula 2 BL = BU x ( D+E) /E + T x Rf/EMRP x D/ E

Bl Ke
0.70 9.20% BL 0.70

0.75 9.50%
0.81 9.83% WACC = Rf x (1-T) x D/(D+E) + (B x ERMR + Rf) x E /(D+E)
0.87 10.21% Rf + BU x EMRP = Rf x (1-T) x D/(D+E) + (BL x ERMR + Rf) x E /(D+E)
0.94 10.63% BU x EMRP = Rf x (1-T) x D/(D+E) + (BL x ERMR + Rf) x E /(D+E) - Rf
1.02 11.10%
1.11 11.64% without tax
1.21 12.27%
1.33 13.00% BU x EMRP = Rf x D/(D+E) + (BL x ERMR + Rf) x E /(D+E) - Rf
1.48 13.86% BU x EMRP = Rf x D/(D+E) + Rf x E /(D+E) - Rf + (BL x ERMR) x E/(D+
1.65 14.90% BU x EMRP = Rf - Rf + (BL x ERMR) x E/(D+E)
1.86 16.17% BU x EMRP = (BL x ERMR) x E/(D+E)
2.13 17.75% BU = (BL ) x E/(D+E)
2.46 19.79%
2.92 22.50% with tax
3.55 26.30%
4.50 32.00% BU x EMRP = Rf x (1-T) x D/(D+E) + (BL x ERMR + Rf) x E /(D+E) - Rf
6.08 41.50% BU x EMRP = Rf x (1-T) x D/(D+E) + Rf x E /(D+E) - Rf + (BL x ERMR) x
9.25 60.50% BU x EMRP = (Rf x (1-T) x D + Rf x E) /(D+E) - Rf + (BL x ERMR) x E /(D
18.75 117.50% BU x EMRP = (Rf x D + Rf x E) /(D+E) - Rf -TxDx Rf/(D+E) + (BL x ERM
BU x EMRP = -TxDx Rf/(D+E) + (BL x ERMR) x E /(D+E)
BU = (BL ) x E /(D+E) -TxDxRf/(D+E)/EMRP
BU = BL x E /(D+E) - T x Rf/EMRP x D/(D+E)
BU + T x Rf/EMRP x D/(D+E) = BL x E /(D+E)

BU + T x Rf/EMRP x D/(D+E) = BL x E /(D+E)
BL = BU x ( D+E) /E + T x Rf/EMRP x D/(D+E) x (D+E)/ E
BL = BU x ( D+E) /E + T x Rf/EMRP x D/ E
0.49
RMR + Rf) x E /(D+E)

E) + (BL x ERMR + Rf) x E /(D+E)
BL x ERMR + Rf) x E /(D+E) - Rf
MR + Rf) x E /(D+E) - Rf
D+E) - Rf + (BL x ERMR) x E/(D+E)
BL x ERMR + Rf) x E /(D+E) - Rf

Rf x E /(D+E) - Rf + (BL x ERMR) x E /(D+E)
/(D+E) - Rf + (BL x ERMR) x E /(D+E)
- Rf -TxDx Rf/(D+E) + (BL x ERMR) x E /(D+E)
ERMR) x E /(D+E)
D/(D+E) x (D+E)/ E
Contents
Show Comments
Variable Number 2
Scenario Number 1 Sensitivity
Scenario Inputs
Var Num Driver Tornado Test Index

Expected Case 1 Revenue Growth 1 1 0 2
Base Case 2 COGS Margin 1 1 1 1
Bull Case 3 Cap Exp to Depreciation 1 1 0 2
4 Marketing as Pct of Revenue 10.5% 0.105 0 10.3%
5 R&D Growth Rate 3.0% 0.03 0 2.0%
6 A/R Percentage 23.0% 0.23 0 18.0%
7 Inventory Percentage 34.0% 0.34 0 30.0%
8 A/P Percentage 69.0% 0.69 0 75.0%
9 WACC 8.0% 0.08 0 7.0%
10 Terminal Growth 3.0% 0.03 0 4.0%
Table for Scenario Analysis

Enterprise Value
Implied EV/EBITDA
EBITDA - 2010
EBITDA - 2011
EBITDA - 2012
EBITDA - 2013
EBITDA - 2014
Table for Tornado Analysis
base
EV/EBITDA 12.63 2.00
Revenue Growth 3.4264631 1 12.63
COGS Margin 0.44 2 12.63
Cap Exp to Depreciation 2.31 3 12.63
Marketing as Pct of Revenue 0.08 4 12.63
R&D Growth Rate 0.08 5 12.63
A/R Percentage 0.47 6 12.63
Inventory Percentage 0.17 7 12.63
A/P Percentage 0.25 8 12.63
WACC 5.43 9 12.63
Terminal Growth 4.30 10 12.63
Show Comments
✘ Tornado 1
Sc Num 1 2 3 4 5 6
Copy Adjust
Scenario & for Spin
Sensitivity Base Bull Bear Rev Sens Margin Sens Cap Exp As Fixed Box etc.
1 1 2 3 2 1 1 1 1
1 1 2 3 1 2 1 1 1
2 1 2 3 1 1 2 1 1
11% 10.50% 10.30% 10.70% 11% 11% 11% 10.50% 10.5
6% 3% 2% 4% 3% 3% 3% 3% 3
20% 23% 18% 30% 23% 23% 23% 23% 23
34% 34% 30% 40% 34% 34% 34% 34% 34
69% 69% 75% 60% 69% 69% 69% 69% 69
8% 8% 7% 9% 8% 8% 8% 8% 8
3% 3% 4% 2% 3% 3% 3% 3% 3
Base Bull Bear Rev Sens Margin Sens Cap Exp

14,126.85 14,126.85 14,583.51 12,174.65 14,126.85 14,583.51
12.63 12.63 13.04 12.60 12.63 13.04
1,118.3 1,118.3 1,118.3 966.3 1,118.3 1,118.3
1,233.8 1,233.8 1,266.3 1,103.7 1,233.8 1,266.3
1,346.4 1,346.4 1,381.0 1,207.8 1,346.4 1,381.0
1,453.6 1,453.6 1,490.3 1,306.8 1,453.6 1,490.3
1,553.6 1,553.6 1,592.3 1,398.7 1,553.6 1,592.3
bull bear base vs bull base vs bear Total Effect Small Row Num
3.00 4.00
13.60 10.18 0.97 -2.45 3.43 0.08 4.00
13.04 12.60 0.41 -0.03 0.44 0.08 5.00
13.78 11.46 1.14 -1.17 2.31 0.17 7.00
12.67 12.59 0.04 -0.04 0.08 0.25 8.00
12.67 12.59 0.04 -0.04 0.08 0.44 2.00
12.83 12.36 0.20 -0.28 0.47 0.47 6.00
12.70 12.53 0.07 -0.10 0.17 2.31 3.00
12.73 12.48 0.10 -0.15 0.25 3.43 1.00
15.89 10.46 3.26 -2.17 5.43 4.30 10.00
15.21 10.91 2.58 -1.72 4.30 5.43 9.00
Copy Transposed Titles
Adjusted
Column Sensitivity
1 Base
1 Bull
2 Bear
11 Rev Sens
6 Margin Sens
20 Cap Exp
34
69
8
3
base vs bul base vs bear

Marketing 0.04 -0.04
R&D Growt 0.04 -0.04
Inventory 0.07 -0.10
A/P Percen 0.10 -0.15
COGS Marg 0.41 -0.03
A/R Percen 0.20 -0.28
Cap Exp to 1.14 -1.17
Revenue G 0.97 -2.45
Terminal G 2.58 -1.72
WACC 3.26 -2.17
Contents Model OK
Show Comments
Sensitivity
2004 2005
Historic Financial Data 1 1
Income Statement
Revenue - Confectionary 3,990 4,295
Other Revenue 2,022 2,137
Total Revenue 6,012 6,432
Less: Adjusted Cost of Sales (2,199) (2,703)
Net Margin 3,813 3,729
Less: Marketing Costs (663) (680)
Less: Distribution Costs (362) (426)
Less: Maintenance Costs (77) (82)
Less: Research and Development Costs (58) (67)
Less: Administrative Costs and Other (1,506) (1,233)
Cash Operating Income 1,147 1,241
Less: Depreciation (168) (170)
Less: Amortisation and Impariment (39) (30)
Underlying Profit 940 1,041
Restructuring costs (110) (62)
Non-trading items 17 5
Profit from Operations 847 984
Share of result in associates 11 13
Profit before financing and taxation 858 997
Interest Income 39 31
Pension Income 9 11
Interest Expenses (196) (174)
Other Financing Costs - -
Profit before taxation 710 865
Taxation 11 24
Profit for the period from continuing operations 721 889
Discontinued operations Reported 349 429
Adjusted discountiued operations (526) (545)
Profit for the period 544 773
Attributable to:
Equity holders of the parent 525 765
Minority interests 19 8
Earnings per share from Continuing Operations
Basic 25.90 37.30
Diluted 25.70 36.90
Implied Shares 27.84 23.83
Average shares used in Basic EPS calculation 2,027 2,051

Dilutive share options outstanding 14 23
Shares used in diluted EPS calculation 2,041 2,074
Dividends
Final dividend for the prior year 169 178
Interim dividend for the year 78 82
Total 247 260
Average Stock Price 440.00 530.50
Captial Expenditures 285 298
Balance Sheet
Assets
Long-term Assets
Goodwill 2,352 2,299
Acquisition intangibles 3,261 3,200
Software intangibles 144 149
Cost of Plant 2,874 2,982

Less Accumulated Depreciation (1,410) (1,536)
Property, plant and equipment 1,464 1,446
Investments in associates 324 372

Deferred tax assets 17 123
Retirement benefit assets - -
Non-current trade and other receivables 67 70
Other investments 11 2
Assets held for sale 5 945
Current Assets
Inventories 709 713
Short-term investments 21 47
Trade and other receivables 1,150 1,180
Tax recoverable 30 47
Cash and cash equivalents 325 332
Derivative financial instruments - 67
Total Assets 9,880 10,992
Current Liabilities
Trade and other payables 1,546 1,543
Tax payable 150 237
Short-term borrowings and overdrafts 610 1,194
Short-term provisions 67 42
Current obligations under finance lease 20 20
Derivative financial instruments - 61
Liabilities directly associated with assets classified as held for sale - 291
Non-current trade and other payables 27 32
Borrowings 3,520 3,022
Retirement benefit obligations 485 369
Tax payable 184 138
Deferred tax liabilities 895 954
Long-term provisions 10 11
Non-current obligations under finance leases 66 43
Total Liabilities 7,580 7,957
Equity
Equity attributable to equity holders of the parent 2,071 3,008
Minority interest 229 27
Total Equity 2,300 3,035
Total Equity and Liabilities 9,880 10,992
1 1
Net Debt
Long and Short-term Debt
Less Cash
Add: Pension Obligations
Add: Minority Interest
Total Net Debt
Penison Back-up
Present value of defined benefit obligation (2,372) (2,666)
Fair value of scheme assets 1,887 2,297
(Deficit)/surplus (485) (369)
Experience (losses)/gains on scheme liabilities (50) 15

Change in assumptions (93) (199)
Experience adjustments on scheme assets 71 260
Historic Revenue Growth

Growth Rates - Constant Currency 6.00%
Americas 10.0%
Asia Pacific 8.0%
Europe, ME and Africa 4.0%
Britan, ME and Africa
Revenues by Area
Americas 1,093
Asia Pacific 1,050
Europe, ME and Africa 2,173
Britan, ME and Africa
Debt Issues
Total Long-term Debt, Current Obligations and Lease Obligations
Issue by Issue
Issue 1
Issue 2
Issue 3
Total
Check
Plant Retirements 65.00 72.00
EBITDA
Cash Operating Income = EBITDA 1,147 1,241
Less: Depreciation and Amortisation (207) (200)
EBIT 940 1,041
Tax Rate
Effective Tax Rate = Tax/EBT -2% -3%
Weighted Average Marginal Tax 28% 28%
NOPLAT 676.8 749.52
Invested Capital
Equity Captial Including Minority Interest 2,300 3,035
Add: Long-term Debt and Financial Leases 3,586 3,065
Add: Pension Obligations 485 369
Add: Short-term Borrowings 630 1,214
Less: Surplus Cash and Investments 346 379
Less: Net Assets Discontinued 5 654
Less: Other Investments and Associates 335 374
Total Invested Capital 6,315 6,276
Average Invested Capital 6,315.00 6,295.50

ROIC 10.72% 11.91%
EV/EBITDA
Equity Market Cap 12,248.65 12,643.82
Earnings 544.00 773.00
Historic P/E 22.52 16.36
Net Debt
Long-term and Short-term Borrowings 4,216 4,279
Add: Pension Obligations 485 369
Add: Net Fair of Derivatives - (6)
Less: Surplus Cash 346 379
Less: Net Assets Discontinued - Market 5 654
Less: Other Investments - Market 335 374
Add: Minority Intererst 229 27
Total Net Debt 4,244 3,262
Total Enterprise Value 16,492.65 15,905.82
EV/EBITDA 14.38 12.82

BS Test
2006 2007 2008 2009 2010 2011 2012 2013

1 1 1 0 0 0 0 0
4,483 4,699 5,384

- - -
4,483 4,699 5,384
(2,048) (2,212) (2,519)
2,435 2,487 2,865
(463) (487) (584)
(247) (241) (247)
(72) (60) (78)
(66) (59) (69)
(978) (1,008) (1,098)
609 632 789
(147) (138) (161)
(50) (53) (47)
412 441 581
(107) (165) (194)
23 2 1
328 278 388
(15) 8 10
313 286 398
26 26 25
30 30 27
(119) (107) (141)
- 19 91
250 254 400
(68) (105) (30)
182 149 370
989 258 (4)
- - -
1,171 407 366
1,169 405 364

2 2 2
8.70 7.00 22.80

8.60 7.00 22.80
20.92 21.29 16.23
2,072 2,087 1,611

19 21 3
2,091 2,108 1,614
187 207 222
85 104 73
272 311 295
544.00 626.00 580.00
384 409 500
2,487 2,805 2,288

3,261 3,378 1,598
155 149 87
3,134 3,593 3,330

(1,470) (1,689) (1,569)
1,664 1,904 1,761
22 32 28
170 124 181
- 223 17
54 50 28
2 2 2
22 71 270
728 821 767

126 2.00 247
1,186 1,197 1,067
36 41 35
269 493 251
51 46 268
10,233 11,338 8,895
1,588 1,701 1,551

239 197 328
1,439 2,562 1,189
55 111 150
22 21 1.00
35 22 169
9 18 97
30 37 61
1,810 1,120 1,194
204 143 275
5 16 6
1,050 1,145 121
18 61 218
33 11 1.00
6,537 7,165 5,361
3,688 4,162 3,522

8 11 12
3,696 4,173 3,534
10,233 11,338 8,895
1 1 1
2,383
(498)
258
12
2,155
(2,744) (2,665) (2,527)

2,540 2,745 2,269
(204) 80 (258)
(49) 55 (25)
38 152 222
82 11 (585)
4.00% 7.23% 6.02%

4.38% 4.82% 14.58%
7.0% 11.3% 9.8%

7.0% 2.7% 6.3%
1.0% 6.8% 3.8%
6.3% 6.5%
1,372
860
879
1,579
2008 Bal Maturity Interest Rate
300 2010 7.20%

550 2015 6.00%
344 2017 5.50%
1194
1
81.00 75.00 76.00
609 632 789

(197) (191) (208)
412 441 581
27% 41% 8%
28% 28% 28%
296.64 317.52 418.32
3,696 4,173 3,534

1,843 1,131 1,195
204 (80) 258
1,461 2,583 1,190
395 495 498
13 53 173
24 34 30
6,772 7,225 5,476
6,454.33 6,647.00 6,412.80

4.60% 4.78% 6.52%
11,380.23 13,324.86 9,412.28

1,171.00 407.00 366.00
9.72 32.74 25.72
3,304 3,714 2,385

204 (80) 258
(16) (24) (99)
395 495 498
13 53 173
24 34 30
8 11 12
3,068 3,039 1,855
14,448.23 16,363.86 11,267.28
23.72 25.89 14.28

2014 2015 2016 2017 2018
0 0 0 0 0
Contents Sensitivity Model OK
Show Comments 2004 2005
Inputs 1 1
Historic Analysis/Assumptions
Last Historic Year 2008
Revenue Growth - Historic 7.37%
Revenue Scenario Number 1
Revenue Growth - Projections

Expected Case
High Case
Double Dip Recession
Expected Case 7.37%
Margin Scenario Number 1
COGS as Pct of Revenues - Historic 36.58% 42.02%
COGS as Pct of Revenues - Forecast

Base Case
Bull Case
Bear Case
Management Case
Base Case 36.58% 42.02%
Marketing as Pct of Revenues - Historic 11.03% 10.57%

Marketing as Pct of Revenues - Projected
Marketing as Pct of Revenues in Applied 11.03% 10.57%
Distribution as Pct of Revenues - Historic 6.02% 6.62%

Distribution as Pct of Revenues - Projected
Distribution as Pct of Revenues - Applied 6.02% 6.62%
Maintenance as Pct Plant Investment - Historic 2.68% 2.75%

Maintenance as Pct Plant Investment - Projected
Maintenance as Pct Plant Investment - Applied 2.68% 2.75%
Research and Development Growth - Historic 15.52%

Research and Development Growth - Projected
Research and Development Growth - Applied 0.00% 15.52%
Admin and General Growth - Historic -18.13%

Admin and General Growth - Projected
Admin and General Growth - Applied 0.00% -18.13%
Restructuring Cost -110.00 -62.00
Other Income 17.00 5.00

Share Result in Associates 11.00 13.00
Cap Exp to Sales Scenario 1
Cap Exp to Sales - Historic 4.74% 4.63%
Cap Exp to Sales - Projected

Base Case
Bull Case
Bear Case
Base Case 4.74% 4.63%

A/R to Sales 19% 18%
Inventories to COGS 32% 26%
A/P to COGS 70% 57%
Other Current Assets 30.00 114.00
Other Current Liabilities 217.00 279.00
Depreciation Rate - Gross Balance 5.85% 5.81%

Depreciation Rate - Net Balance 11.61% 11.61%
Depreciation Rate - Tax Balance 12.00% 12.00%
Total Intangibles 3,405 3,349

Amoritsation Rate on Intangibles 1.15% 0.90%
Tax Rate - Historic -2% -3%

Tax Rate - Projected
Tax Rate - Applied -2% -3%
Long-term Debt 3,586 3,065

Short-term Debt 630 1,214
Total Debt 4,216 4,279
Average Interest Rate 4.65% 4.10%
Return on Equity 25.35% 30.12%
Financing Assumptions
Minimum Cash Balance as Pct of Sales 2% 2%

Interest Rate on Short-term Debt 3% 3%
Interest Income Rate 1% 1%
Dividend Payout Ratio 47% 34%

Minority Interest as Pct of Total Equity 9.96% 0.89%
Pension Income and Other Financing Cost 9.00 11.00

Valuation Year 2009
Terminal Period 2015
WACC 8%
Terminal Growth Rate 3%

EV/EBTIDA 10
2006 2007 2008 2009 2010 2011 2012 2013
1 1 1 0 0 0 0 0
4.28% 4.71% 13.61% 0.00% 0.00% 0.00% 0.00% 0.00%
6.00% 6.50% 7.00% 6.50% 6.00%

6.50% 7.00% 7.00% 7.00% 7.00%
5.00% 4.50% 4.00% 4.00% 4.00%
4.28% 4.71% 13.61% 6.00% 6.50% 7.00% 6.50% 6.00%
45.68% 47.07% 46.79%
45% 44% 44% 44% 44%

45% 44% 43.50% 43.50% 43.50%
46.5% 46.5% 46.0% 46.0% 46.0%
45% 44% 42% 41% 41%
45.68% 47.07% 46.79% 45.00% 44.00% 44.00% 44.00% 44.00%
10.33% 10.36% 10.85%

10.50% 10.50% 10.50% 10.50% 10.50%
10.33% 10.36% 10.85% 10.50% 10.50% 10.50% 10.50% 10.50%
5.51% 5.13% 4.59%

5% 5% 5% 5% 5%
5.51% 5.13% 4.59% 5.00% 5.00% 5.00% 5.00% 5.00%
2.30% 1.67% 2.34%

2% 2% 2% 2% 2%
2.30% 1.67% 2.34% 2.00% 2.00% 2.00% 2.00% 2.00%
-1.49% -10.61% 16.95%

3% 3% 3% 3% 3%
-1.49% -10.61% 16.95% 3.00% 3.00% 3.00% 3.00% 3.00%
-20.68% 3.07% 8.93%

4% 4% 4% 4% 4%
-20.68% 3.07% 8.93% 4.00% 4.00% 4.00% 4.00% 4.00%
-107.00 -165.00 -194.00 -150.00 -20.00 0.00 0.00 0.00
23.00 2.00 1.00 1.00 1.00 1.00 1.00 1.00

-15.00 8.00 10.00 10.00 10.00 10.00 10.00 10.00
8.57% 8.70% 9.29%
7% 6.50% 5.50% 5% 5%
7% 6% 5% 4% 4%
7% 6.50% 6.50% 6.50% 6%
8.57% 8.70% 9.29% 7.00% 6.50% 5.50% 5.00% 5.00%
26% 25% 20% 23% 21% 22% 22% 22%

36% 37% 30% 34% 32% 33% 33% 33%
78% 77% 62% 69% 65% 67% 66% 67%
87.00 87.00 303.00 303.00 303.00 303.00 303.00 303.00
294.00 308.00 478.00 478.00 478.00 478.00 478.00 478.00
4.81% 4.10% 4.65% 4.65% 4.65% 4.65% 4.65% 4.65%

10.17% 8.29% 8.46% 8.46% 8.46% 8.46% 8.46% 8.46%
12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00%
3,416 3,527 1,685

1.46% 1.50% 2.79% 2.79% 2.79% 2.79% 2.79% 2.79%
27% 41% 8%
28% 28% 28% 28% 28%
27% 41% 8% 28% 28% 28% 28% 28%
1,843 1,131 1,195

1,461 2,583 1,190
3,304 3,714 2,385
3.14% 3.05% 4.62%
34.92% 10.32% 9.47%
2% 2% 2% 2% 2% 2% 2% 2%
3% 3% 3% 3% 3% 3% 3% 3%
1% 1% 1% 1% 1% 1% 1% 1%
23% 77% 81% 40% 40% 40% 40% 40%

0.22% 0.26% 0.34% 0.50% 0.50% 0.50% 0.50% 0.50%
30.00 49.00 118.00 118.00 118.00 118.00 118.00 118.00

1
Growth Rate
EV/EBITDA
Value Drivers
2014 2015 2016 2017 2018
0 0 0 0 0
0.00% 0.00% 0.00% 0.00% 0.00%
5.50% 5.00% 5.00% 5.00% 5.00%

7.00% 6.50% 6.50% 6.00% 6.00%
4.00% 4.00% 4.00% 4.00% 4.00%
5.50% 5.00% 5.00% 5.00% 5.00%
44% 44% 44% 44% 44%

43.50% 43.50% 43.50% 43.50% 43.50%
46.0% 46.0% 46.0% 46.0% 46.0%
41% 41% 41% 41% 41%
44.00% 44.00% 44.00% 44.00% 44.00%
10.50% 10.50% 10.50% 10.50% 10.50%

10.50% 10.50% 10.50% 10.50% 10.50%
5% 5% 5% 5% 5%
5.00% 5.00% 5.00% 5.00% 5.00%
2% 2% 2% 2% 2%
2.00% 2.00% 2.00% 2.00% 2.00%
3% 3% 3% 3% 3%
3.00% 3.00% 3.00% 3.00% 3.00%
4% 4% 4% 4% 4%
4.00% 4.00% 4.00% 4.00% 4.00%
0.00 0.00 0.00 0.00 0.00
1.00 1.00 1.00 1.00 1.00

10.00 10.00 10.00 10.00 10.00
5% 5% 5% 5% 5%
4% 4% 4% 4% 4%
6% 6% 6% 6% 6%
5.00% 5.00% 5.00% 5.00% 5.00%
22% 22% 22% 22% 22%

33% 33% 33% 33% 33%
66% 67% 67% 67% 67%
303.00 303.00 303.00 303.00 303.00
478.00 478.00 478.00 478.00 478.00
4.65% 4.65% 4.65% 4.65% 4.65%

8.46% 8.46% 8.46% 8.46% 8.46%
12.00% 12.00% 12.00% 12.00% 12.00%
2.79% 2.79% 2.79% 2.79% 2.79%
28% 28% 28% 28% 28%

28% 28% 28% 28% 28%
2% 2% 2% 2% 2%
3% 3% 3% 3% 3%
1% 1% 1% 1% 1%
40% 40% 40% 40% 40%

0.50% 0.50% 0.50% 0.50% 0.50%
118.00 118.00 118.00 118.00 118.00

Contents Sensitivity Model OK
Show Comments 2004 2005
Financial Analysis 1 1
Working Analysis
Revenues
Base Revenues 6,012.00 6,432.00
COGS
Margin 36.58% 42.02%
COGS 2,199.00 2,703.00
Marketing Costs
Pct of Sales 11.03% 10.57%
Total Marketing Costs 663.00 680.00
Distribution Costs
Pct of Sales 6.02% 6.62%
Total Distribution Costs 362.00 426.00
Maintenance Costs
Pct of Plant 2.68% 2.75%
Total Plant 2,874.00 2,982.00
Total Maintenance Cost 77.00 82.00
R&D Costs
Base R&D Costs 58.00
Growth Rate 0.00% 15.52%
R&D Costs 58.00 67.00
Admin and General Costs

Growth Rate 0.00% -18.13%
Admin and General Costs 1,506.00 1,233.00
Total Operating Expense 4,865.00 5,191.00

Historic Operating Expenses 4,865.00 5,191.00
-
Test 1 1
Operating Expense Test 1
Capital Expenditures
Total Revenues 6,012.00 6,432.00
Cap Exp as Pct of Sales 4.74% 4.63%
Total Capital Expenditures 285.00 298.00
Working Capital
A/R
A/R as Pct of Revenues 19% 18%
Total Revenues 6,012.00 6,432.00
Total A/R Balance 1,150.00 1,180.00
Inventory
Inventory as Pct of COGS 32% 26%
Total COGS 2,199.00 2,703.00
Total Inventory 709.00 713.00
A/P
A/P as Pct of COGS 70% 57%
Total A/P 1,546.00 1,543.00
Total Working Capital 126.00 185.00

Change in Working Capital 59.00
Plant and Long-term Assets
Plant Assets
Opening Balance 2,874.00
Add: Capital Expenditures 298.00
Closing Balance 2,874.00 2,982.00
Accumulated Depreciation
Opening Balance -1,410.00
Add: Depreciation Expense -170.00
Closing Balance -1,410.00 -1,536.00
Net Plant 1,464.00 1,446.00
Depreciation Rate as percent of Net Plant 11.61% 11.61%

Deprecaition Expense on Opening Balance of Plant 168.00 170.00
Net Deferred Taxes 878 831

Tax Rate 28% 28%
Tax Basis Difference 3,135.71 2,967.86
Tax Plant - Net Balance

Opening Balance -1,671.71
Add: Capital Expenditures 298.00
Less: Depreciation 0.00 -200.61
Closing Balance -1,671.71 -1,521.86
Tax Depreciation Rate 12.00% 12.00%

Tax Depreciation - Beginning Balance 0.00 -200.61
Intangible Assets
Balance of Intangible Assets - Gross 3,405.00 3,349.00

Intangible Amortisation Rate 1.15% 0.90%
Accumulated Intangible Amortisation 0 0
Net Intangible Plant 3,405.00 3,349.00
Amortisation 39.00 30.00
Goodwill 2,352.00 2,299.00
Other Assets 402.00 444.00
Net Assets Held for Sale 5.00 654.00

Sale of Assets -649.00
Debt and Long-term Liabilities
Long-term Debt
Issue 1
Opeing Balance 300
Less: Repayment 0
Closing Balance 300 300
Interest Rate 7.20% 7.20%

Interest Expense 21.60 21.60
Issue 2
Balance 550
Maturity Date 2015
Interest Rate 6.00%
Opeing Balance 550

Less: Repayment 0.00
Closing Balance 550.00 550.00

Issue 3
Balance 344
Maturity Date 2017
Interest Rate 5.50%
Opeing Balance 344.00

Less: Repayment 0.00

Total Long-term Debt Balance 3,520.00 3,022.00

Total Interest Expense - Long-term Debt 196.00 174.00
Total Debt Matured 0 0
Financial Lease Obligations 86.00 63.00

Other Long-term Liabilities 221 242
Pension Obligations 485 369
Cash Less Short-term Debt

Opening Balance -264.00
Add: Cash Flow -167.72
Closing Balance -264.00 -815.00
Minimum Cash Balance 120.24 128.64
Cash Balance 346.00 379.00

Short-term Debt Balance 610.00 1,194.00
Interest Rate on Short-term Debt 3% 3%

Interest Expense on Short-term Debt 18.30

Interest Income on Cash Balance 39.00 31.00
Profit and Loss

Revenues 6,012.00 6,432.00
Less: Operating Expense 4,865.00 5,191.00
EBITDA 1,147.00 1,241.00
Less: Depreciation Expense 168.00 170.00
Less: Amortisation Expense 39.00 30.00
EBIT 940.00 1,041.00
Add: Other Income 28.00 18.00
Less: Interest Expense on Long-term Debt 196.00 174.00
Less: Interest Expense on Short-term Debt 0.00 0.00
Add: Interest Income on Cash Balances 39.00 31.00
Add: Pension and Other Income 9.00 11.00
EBT 820.00 927.00
Less: Book Income Tax -11.00 -24.00
Add: Discountinued Operations -177.00 -116.00
Less: Restructing Costs -110.00 -62.00
Earnings Before Minority Interest 544.00 773.00
Less: Minority Interest 19.00 8.00
Net Income for Common Shareholders 525.00 765.00
Actual Income 525.00 765.00

Difference 0.00 0.00
Test 1.00 1.00
Aggregate Test 1.00
Cash Tax Calculation
EBT - Book 820.00 927.00

Add: Book Depreciation 168.00 170.00
Less: Tax Depreciation 0.00 -200.61
Adjusted EBT 988.00 1,297.61
NOL Balance
Opening Balance 0.00
Add: NOL Created from Negative Taxes 0.00
Less: NOL Used if Postive Income 0.00
Closing Balance 0.00
Adjusted EBT with NOL 988.00 1,297.61

Taxes Paid -15.31 -36.00
Change in Deferred Tax 4.31 12.00
Deferred Tax Liabilties 878.00 831.00
Cash Flow Statement
EBITDA 1,147.00 1,241.00

Less: Taxes Paid -15.31 -36.00
Add: Other Income 28.00 18.00
Less: Restructuring 110.00 62.00
Operating Cash Flow 1,080.31 1,174.00
Add: Asset Sales 0.00 -649.00
Cash Flow before Financing 795.31 227.00
Less: Interest on Long-term debt 196.00 174.00
Less: Interest on Short-term debt 0.00 0.00
Add: Interest Income 39.00 31.00
Add: Pension and Other 9.00 11.00
Less: Repayments of Debt 0.00 0.00
Less: Dividends to Common 247.00 260.00
Less: Dividends to Minority 8.94 2.72
Add: New Equity Issues
Net Cash Flow 391.37 -167.72
Balance Sheet
Equity Balance
Add: Net Income 765.00
Less: Dividends 260.00
Add: New Equity Issue 0.00
Minority Interest
Opening Balance 229.00
Add: Net Income 8.00
Less: Dividends 2.72
Assets
Long-term Assets
Goodwill 2,352.00 2,299.00
Intangibles 3,405.00 3,349.00
Cost of Plant 2,874.00 2,982.00

Less Accumulated Depreciation -1,410.00 -1,536.00
Property, plant and equipment 1,464.00 1,446.00
Other Assets 402.00 444.00

Assets held for sale 5.00 654.00
Total Long-term Assets 7,628.00 8,192.00
Current Assets
Inventories 709.00 713.00
Cash and Short-term Investments 346.00 379.00
Trade and other receivables 1,150.00 1,180.00
Total Current Assets 2,235.00 2,386.00
Total Assets 9,863.00 10,578.00
Historic Assets
Current Liabilities
Trade and other payables 1,546.00 1,543.00
Short-term borrowings and overdrafts 610.00 1,194.00
Total Current Liabilities 2,373.00 3,016.00
Other Liabilities 221.00 242.00

Borrowings 3,520.00 3,022.00
Retirement benefit obligations 485.00 369.00
Deferred tax liabilities 878.00 831.00
Non-current obligations under finance leases 86.00 63.00
Total Liabilities 5,190.00 4,527.00
Equity
Equity attributable to equity holders of the parent 2,071.00 3,008.00
Minority interest 229.00 27.00
Total Equity 2,300.00 3,035.00
Total Equity and Liabilities 9,863.00 10,578.00
Difference - -
Test 1.00 1.00
Aggregate Test 1.00
Financial Ratios
2004 2005
EBITDA Margin 19% 19%
2004 2005
EBIT Margin 16% 16%
ROE 25% 30%

ROIC
EBIT 940.00 1,041.00
Tax Rate -2% -3%
NOPLAT 954.56 1,069.88
Invested Capital
Equity Captial Including Minority Interest 2,529.00 3,062.00
Add: Long-term Debt and Financial Leases 3,606.00 3,085.00
Add: Pension Obligations 485.00 369.00
Add: Short-term Borrowings 610.00 1,194.00
Less: Surplus Cash and Investments 346.00 379.00
Less: Net Assets Discontinued 5.00 654.00
Less: Other Investments and Associates 402.00 444.00
Total Invested Capital 6,477.00 6,233.00
Average Invested Capital 6,477.00 6,355.00
ROIC 14.74% 16.84%
RONIC
Incremental NOPLAT 115.32
Incremental Invested Capital -122.00
RONIC -95%
Debt to Captial 63% 58%
Debt to EBTIDA 3.68 3.45
Interest Coverage 4.80 5.98
Number of Shares 27.84

Add: New Shares
Closing Shares 27.84 23.83
Earnings per Share
Free Cash Flow
Explicit Period 0 0
Terminal Period 0 0
EBITDA 0.00 0.00

Less: WC Change 0.00 0.00
Less: Cap Expenditures 0.00 0.00
Add: Asset Sales 0.00 0.00
Less: Taxes on EBIT 0.00 0.00
Add: Change in Deferred Tax 0.00 0.00
Free Cash Flow 0.00 0.00
Termial Value 0.00 0.00

Period of Cash Flow 0
PV Factor 1.00
Index of Valuation Year 7

EBITDA in Valuation Year 1,118.30
Bridge of Enterprise Value to Equity Value

Long-term Debt 896.00 If book value, include FV of derivativ
Short-term Debt 755.08 Use book Value
Less: Surplus Cash 121.56 Use book Value
Less: Other Investments 58.00 Should be market value -- could com
Add: Minority Interest 15.26 Should be market value -- could use
Less: Discontinued Operations Do not inclue if asset sales in cash f
Add: Value of Stock Options 2.15
Total Net Debt and Other Items 1,488.93
Shares 16.23
Equity Value per Share 778.77
Net Income in Valuation Year 659.23
Implied P/E Ratio 19.17

2006 2007 2008 2009 2010 2011 2012 2013
1 1 1 0 0 0 0 0
4,483.00 4,699.00 5,384.00 5,707.04 6,078.00 6,503.46 6,926.18 7,341.75

4.28% 4.71% 13.61% 6.00% 6.50% 7.00% 6.50% 6.00%
45.68% 47.07% 46.79% 45.00% 44.00% 44.00% 44.00% 44.00%

2,048.00 2,212.00 2,519.00 2,568.17 2,674.32 2,861.52 3,047.52 3,230.37
10.33% 10.36% 10.85% 10.50% 10.50% 10.50% 10.50% 10.50%

463.00 487.00 584.00 599.24 638.19 682.86 727.25 770.88
5.51% 5.13% 4.59% 5.00% 5.00% 5.00% 5.00% 5.00%

247.00 241.00 247.00 285.35 303.90 325.17 346.31 367.09
2.30% 1.67% 2.34% 2.00% 2.00% 2.00% 2.00% 2.00%

3,134.00 3,593.00 3,330.00 3,729.49 4,124.56 4,482.25 4,828.56 5,195.65
72.00 60.00 78.00 74.59 82.49 89.65 96.57 103.91
-1.49% -10.61% 16.95% 3.00% 3.00% 3.00% 3.00% 3.00%

66.00 59.00 69.00 71.07 73.20 75.40 77.66 79.99
-20.68% 3.07% 8.93% 4.00% 4.00% 4.00% 4.00% 4.00%

978.00 1,008.00 1,098.00 1,141.92 1,187.60 1,235.10 1,284.50 1,335.88
3,874.00 4,067.00 4,595.00 4,740.34 4,959.70 5,269.70 5,579.81 5,888.13

3,874.00 4,067.00 4,595.00 0.00 0.00 0.00 0.00 0.00
- - -
1 1 1 1 1 1 1 1
4,483.00 4,699.00 5,384.00 5,707.04 6,078.00 6,503.46 6,926.18 7,341.75

8.57% 8.70% 9.29% 7.00% 6.50% 5.50% 5.00% 5.00%
384.00 409.00 500.00 399.49 395.07 357.69 346.31 367.09
26% 25% 20% 23% 21% 22% 22% 22%

4,483.00 4,699.00 5,384.00 5,707.04 6,078.00 6,503.46 6,926.18 7,341.75
1,186.00 1,197.00 1,067.00 1,312.62 1,301.24 1,444.06 1,510.37 1,615.60
36% 37% 30% 34% 32% 33% 33% 33%

2,048.00 2,212.00 2,519.00 2,568.17 2,674.32 2,861.52 3,047.52 3,230.37
728.00 821.00 767.00 873.18 861.78 947.51 995.57 1,062.48
87.00 87.00 303.00 303.00 303.00 303.00 303.00 303.00
78% 77% 62% 69% 65% 67% 66% 67%

1,588.00 1,701.00 1,551.00 1,772.04 1,745.96 1,921.31 2,017.90 2,153.97
294.00 308.00 478.00 478.00 478.00 478.00 478.00 478.00
119.00 96.00 108.00 238.76 242.06 295.26 313.04 349.10

-66.00 -23.00 12.00 130.76 3.30 53.20 17.79 36.06
2,982.00 3,134.00 3,593.00 3,330.00 3,729.49 4,124.56 4,482.25 4,828.56

384.00 409.00 500.00 399.49 395.07 357.69 346.31 367.09
3,134.00 3,593.00 3,330.00 3,729.49 4,124.56 4,482.25 4,828.56 5,195.65
-1,536.00 -1,470.00 -1,689.00 -1,569.00 -1,717.91 -1,888.01 -2,077.13 -2,280.50

-147.00 -138.00 -161.00 -148.91 -170.10 -189.12 -203.37 -215.46
-1,470.00 -1,689.00 -1,569.00 -1,717.91 -1,888.01 -2,077.13 -2,280.50 -2,495.96
1,664.00 1,904.00 1,761.00 2,011.58 2,236.56 2,405.13 2,548.06 2,699.69
10.17% 8.29% 8.46% 8.46% 8.46% 8.46% 8.46% 8.46%

147.00 138.00 161.00 148.91 170.10 189.12 203.37 215.46
880 1,021 (60) - - - - -

28% 28% 28% 28% 28% 28% 28% 28%
3,142.86 3,646.43 (214.29) - - - - -
-1,521.86 -1,478.86 -1,742.43 1,975.29 2,137.74 2,276.28 2,360.82 2,423.83

384.00 409.00 500.00 399.49 395.07 357.69 346.31 367.09
-182.62 -177.46 -209.09 237.03 256.53 273.15 283.30 290.86
-1,478.86 -1,742.43 1,975.29 2,137.74 2,276.28 2,360.82 2,423.83 2,500.06
12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00%

-182.62 -177.46 -209.09 237.03 256.53 273.15 283.30 290.86
3,416.00 3,527.00 1,685.00 1,685.00 1,685.00 1,685.00 1,685.00 1,685.00

1.46% 1.50% 2.79% 2.79% 2.79% 2.79% 2.79% 2.79%
0 0 0 47 94 141 188 235
3,416.00 3,527.00 1,685.00 1,638.00 1,591.00 1,544.00 1,497.00 1,450.00
50.00 53.00 47.00 47.00 47.00 47.00 47.00 47.00
2,487.00 2,805.00 2,288.00 2,288.00 2,288.00 2,288.00 2,288.00 2,288.00
78.00 84.00 58.00 58.00 58.00 58.00 58.00 58.00
13.00 53.00 173.00 0.00 0.00 0.00 0.00 0.00

641.00 -40.00 -120.00 173.00 0.00 0.00 0.00 0.00
300 300 300 300 300 0 0 0

0 0 0 0 300 0 0 0
300 300 300 300 0 0 0 0
7.20% 7.20% 7.20% 7.20% 7.20% 7.20% 7.20% 7.20%

21.60 21.60 21.60 21.60 10.80 0.00 0.00 0.00
550.00 550.00 550.00 550.00 550.00 550.00 550.00 550.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
550.00 550.00 550.00 550.00 550.00 550.00 550.00 550.00
6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00%

33.00 33.00 33.00 33.00 33.00 33.00 33.00 33.00
344.00 344.00 344.00 344.00 344.00 344.00 344.00 344.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
344.00 344.00 344.00 344.00 344.00 344.00 344.00 344.00
5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50%

18.92 18.92 18.92 18.92 18.92 18.92 18.92 18.92
1,810.00 1,120.00 1,194.00 1,194.00 894.00 894.00 894.00 894.00

119.00 107.00 141.00 73.52 62.72 51.92 51.92 51.92
0 0 0 0 300 0 0 0
55.00 32.00 2.00 2.00 2.00 2.00 2.00 2.00

88 136 454 454 454 454 454 454
204 -80 258 258 258 258 258 258
-815.00 -1,044.00 -2,067.00 -691.00 -573.98 -633.52 -329.75 80.28

310.77 -597.15 -392.93 117.02 -59.55 303.78 410.03 428.15
-1,044.00 -2,067.00 -691.00 -573.98 -633.52 -329.75 80.28 508.44
89.66 93.98 107.68 114.14 121.56 130.07 138.52 146.84
395.00 495.00 498.00 114.14 121.56 130.07 138.52 508.44

1,439.00 2,562.00 1,189.00 688.12 755.08 459.81 58.24 0.00
3% 3% 3% 3% 3% 3% 3% 3%
1% 1% 1% 1% 1% 1% 1% 1%
35.82 43.17 76.86 35.67 20.64 22.65 13.79 1.75

26.00 26.00 25.00 4.98 1.14 1.22 1.30 1.39
4,483.00 4,699.00 5,384.00 5,707.04 6,078.00 6,503.46 6,926.18 7,341.75

3,874.00 4,067.00 4,595.00 4,740.34 4,959.70 5,269.70 5,579.81 5,888.13
609.00 632.00 789.00 966.70 1,118.30 1,233.76 1,346.37 1,453.62
147.00 138.00 161.00 148.91 170.10 189.12 203.37 215.46
50.00 53.00 47.00 47.00 47.00 47.00 47.00 47.00
412.00 441.00 581.00 770.79 901.20 997.64 1,095.99 1,191.16
8.00 10.00 11.00 11.00 11.00 11.00 11.00 11.00
119.00 107.00 141.00 73.52 62.72 51.92 51.92 51.92
0.00 0.00 0.00 35.67 20.64 22.65 13.79 1.75
26.00 26.00 25.00 4.98 1.14 1.22 1.30 1.39
30.00 49.00 118.00 118.00 118.00 118.00 118.00 118.00
357.00 419.00 594.00 795.58 947.98 1,053.28 1,160.58 1,267.88
68.00 105.00 30.00 222.76 265.43 294.92 324.96 355.01
989.00 258.00 -4.00 0.00 0.00 0.00 0.00 0.00
-107.00 -165.00 -194.00 -150.00 -20.00 0.00 0.00 0.00
1,171.00 407.00 366.00 422.82 662.55 758.36 835.62 912.87
2.00 2.00 2.00 2.11 3.31 3.79 4.18 4.56
1,169.00 405.00 364.00 420.71 659.23 754.57 831.44 908.31
1,169.00 405.00 364.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 420.71 659.23 754.57 831.44 908.31
1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
357.00 419.00 594.00 795.58 947.98 1,053.28 1,160.58 1,267.88

147.00 138.00 161.00 148.91 170.10 189.12 203.37 215.46
-182.62 -177.46 -209.09 237.03 256.53 273.15 283.30 290.86
686.62 734.46 964.09 707.46 861.55 969.25 1,080.66 1,192.48
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
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
686.62 734.46 964.09 707.46 861.55 969.25 1,080.66 1,192.48

186.76 303.62 72.31 198.09 241.23 271.39 302.58 333.89
-118.76 -198.62 -42.31 24.68 24.20 23.53 22.38 21.11
880.00 1,021.00 -60.00 -35.32 -11.12 12.41 34.78 55.90
609.00 632.00 789.00 966.70 1,118.30 1,233.76 1,346.37 1,453.62

186.76 303.62 72.31 198.09 241.23 271.39 302.58 333.89
-66.00 -23.00 12.00 130.76 3.30 53.20 17.79 36.06
8.00 10.00 11.00 11.00 11.00 11.00 11.00 11.00
107.00 165.00 194.00 150.00 20.00 0.00 0.00 0.00
389.24 196.38 521.69 498.85 864.76 920.17 1,037.00 1,094.67
384.00 409.00 500.00 399.49 395.07 357.69 346.31 367.09
641.00 -40.00 -120.00 173.00 0.00 0.00 0.00 0.00
646.24 -252.62 -98.31 272.36 469.69 562.48 690.69 727.58
119.00 107.00 141.00 73.52 62.72 51.92 51.92 51.92
0.00 0.00 0.00 35.67 20.64 22.65 13.79 1.75
26.00 26.00 25.00 4.98 1.14 1.22 1.30 1.39
30.00 49.00 118.00 118.00 118.00 118.00 118.00 118.00
0.00 0.00 0.00 0.00 300.00 0.00 0.00 0.00
272.00 311.00 295.00 168.28 263.69 301.83 332.58 363.32
0.47 1.54 1.62 0.85 1.33 1.52 1.67 1.83
310.77 -597.15 -392.93 117.02 -59.55 303.78 410.03 428.15
3,008.00 3,688.00 4,162.00 3,522.00 3,774.42 4,169.96 4,622.70 5,121.57

1,169.00 405.00 364.00 420.71 659.23 754.57 831.44 908.31
272.00 311.00 295.00 168.28 263.69 301.83 332.58 363.32
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
3,688.00 4,162.00 3,522.00 3,774.42 4,169.96 4,622.70 5,121.57 5,666.55
27.00 8.00 11.00 12.00 13.27 15.26 17.53 20.04

2.00 2.00 2.00 2.11 3.31 3.79 4.18 4.56
0.47 1.54 1.62 0.85 1.33 1.52 1.67 1.83
8.00 11.00 12.00 13.27 15.26 17.53 20.04 22.78
2,487.00 2,805.00 2,288.00 2,288.00 2,288.00 2,288.00 2,288.00 2,288.00

3,416.00 3,527.00 1,685.00 1,638.00 1,591.00 1,544.00 1,497.00 1,450.00
3,134.00 3,593.00 3,330.00 3,729.49 4,124.56 4,482.25 4,828.56 5,195.65

-1,470.00 -1,689.00 -1,569.00 -1,717.91 -1,888.01 -2,077.13 -2,280.50 -2,495.96
1,664.00 1,904.00 1,761.00 2,011.58 2,236.56 2,405.13 2,548.06 2,699.69
78.00 84.00 58.00 58.00 58.00 58.00 58.00 58.00

13.00 53.00 173.00 0.00 0.00 0.00 0.00 0.00
7,658.00 8,373.00 5,965.00 5,995.58 6,173.56 6,295.13 6,391.06 6,495.69
728.00 821.00 767.00 873.18 861.78 947.51 995.57 1,062.48

395.00 495.00 498.00 114.14 121.56 130.07 138.52 508.44
1,186.00 1,197.00 1,067.00 1,312.62 1,301.24 1,444.06 1,510.37 1,615.60
87.00 87.00 303.00 303.00 303.00 303.00 303.00 303.00
2,396.00 2,600.00 2,635.00 2,602.94 2,587.58 2,824.64 2,947.47 3,489.51
10,054.00 10,973.00 8,600.00 8,598.52 8,761.14 9,119.77 9,338.53 9,985.20
1,588.00 1,701.00 1,551.00 1,772.04 1,745.96 1,921.31 2,017.90 2,153.97

294.00 308.00 478.00 478.00 478.00 478.00 478.00 478.00
1,439.00 2,562.00 1,189.00 688.12 755.08 459.81 58.24 0.00
3,321.00 4,571.00 3,218.00 2,938.15 2,979.04 2,859.13 2,554.14 2,631.97
88.00 136.00 454.00 454.00 454.00 454.00 454.00 454.00

1,810.00 1,120.00 1,194.00 1,194.00 894.00 894.00 894.00 894.00
204.00 -80.00 258.00 258.00 258.00 258.00 258.00 258.00
880.00 1,021.00 -60.00 -35.32 -11.12 12.41 34.78 55.90
55.00 32.00 2.00 2.00 2.00 2.00 2.00 2.00
3,037.00 2,229.00 1,848.00 1,872.68 1,596.88 1,620.41 1,642.78 1,663.90
3,688.00 4,162.00 3,522.00 3,774.42 4,169.96 4,622.70 5,121.57 5,666.55

8.00 11.00 12.00 13.27 15.26 17.53 20.04 22.78
3,696.00 4,173.00 3,534.00 3,787.69 4,185.22 4,640.24 5,141.61 5,689.33
10,054.00 10,973.00 8,600.00 8,598.52 8,761.14 9,119.77 9,338.53 9,985.20
- - - - - - - -
1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
2006 2007 2008 2009 2010 2011 2012 2013

14% 13% 15% 17% 18% 19% 19% 20%
2006 2007 2008 2009 2010 2011 2012 2013

9% 9% 11% 14% 15% 15% 16% 16%
35% 10% 9% 12% 17% 17% 17% 17%

412.00 441.00 581.00 770.79 901.20 997.64 1,095.99 1,191.16
27% 41% 8% 28% 28% 28% 28% 28%
299.94 258.70 537.43 554.97 648.87 718.30 789.11 857.64
3,704.00 4,184.00 3,546.00 3,800.96 4,200.48 4,657.77 5,161.64 5,712.11

1,865.00 1,152.00 1,196.00 1,196.00 896.00 896.00 896.00 896.00
204.00 -80.00 258.00 258.00 258.00 258.00 258.00 258.00
1,439.00 2,562.00 1,189.00 688.12 755.08 459.81 58.24 0.00
395.00 495.00 498.00 114.14 121.56 130.07 138.52 508.44
13.00 53.00 173.00 0.00 0.00 0.00 0.00 0.00
78.00 84.00 58.00 58.00 58.00 58.00 58.00 58.00
6,726.00 7,186.00 5,460.00 5,770.94 5,930.00 6,083.51 6,177.36 6,299.67
6,479.50 6,956.00 6,323.00 5,615.47 5,850.47 6,006.76 6,130.44 6,238.51
4.63% 3.72% 8.50% 9.88% 11.09% 11.96% 12.87% 13.75%
-769.95 -41.24 278.73 17.55 93.89 69.43 70.82 68.52

124.50 476.50 -633.00 -707.53 235.00 156.29 123.68 108.08
-618% -9% -44% -2% 40% 44% 57% 63%
47% 47% 40% 33% 28% 23% 16% 14%
5.43 5.88 3.02 1.95 1.48 1.10 0.71 0.62
3.46 4.12 4.12 7.06 10.81 13.38 16.68 22.20
23.83 20.92 21.29 16.23 16.23 16.23 16.23 16.23
20.92 21.29 16.23 16.23 16.23 16.23 16.23 16.23
0 0 0 0 1 1 1 1
0 0 0 0 0 0 0 0
0.00 0.00 0.00 0.00 1,118.30 1,233.76 1,346.37 1,453.62

0.00 0.00 0.00 0.00 3.30 53.20 17.79 36.06
0.00 0.00 0.00 0.00 395.07 357.69 346.31 367.09
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 252.34 279.34 306.88 333.53
0.00 0.00 0.00 0.00 24.20 23.53 22.38 21.11
0.00 0.00 0.00 0.00 491.79 567.06 697.77 738.06
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 491.79 567.06 697.77 738.06

0 0 0 0 1 2 3 4
1.00 1.00 1.00 1.00 0.93 0.86 0.79 0.74
Growth Rate Base CaseMargin Case: Base Case /Cap Exp: Base Case WACC: 8%
book value, include FV of derivatives

Use book Value
Use book Value
hould be market value -- could compute EV/EBITDA from Other Income
hould be market value -- could use percent; P/E ratio or M/B ratio
Do not inclue if asset sales in cash flow
2014 2015 2016 2017 2018
0 0 0 0 0
7,745.55 8,132.83 8,539.47 8,966.44 9,414.76

5.50% 5.00% 5.00% 5.00% 5.00%
44.00% 44.00% 44.00% 44.00% 44.00%

3,408.04 3,578.44 3,757.37 3,945.23 4,142.50
10.50% 10.50% 10.50% 10.50% 10.50%

813.28 853.95 896.64 941.48 988.55
5.00% 5.00% 5.00% 5.00% 5.00%

387.28 406.64 426.97 448.32 470.74
2.00% 2.00% 2.00% 2.00% 2.00%

5,582.93 5,989.57 6,416.54 6,864.86 7,335.60
111.66 119.79 128.33 137.30 146.71
3.00% 3.00% 3.00% 3.00% 3.00%

82.39 84.86 87.41 90.03 92.73
4.00% 4.00% 4.00% 4.00% 4.00%

1,389.32 1,444.89 1,502.69 1,562.80 1,625.31
6,191.97 6,488.58 6,799.41 7,125.16 7,466.53

0.00 0.00 0.00 0.00 0.00
1 1 1 1 1
7,745.55 8,132.83 8,539.47 8,966.44 9,414.76

5.00% 5.00% 5.00% 5.00% 5.00%
387.28 406.64 426.97 448.32 470.74
22% 22% 22% 22% 22%

7,745.55 8,132.83 8,539.47 8,966.44 9,414.76
1,696.75 1,785.64 1,872.79 1,967.55 2,065.34
33% 33% 33% 33% 33%

3,408.04 3,578.44 3,757.37 3,945.23 4,142.50
1,117.13 1,174.97 1,232.68 1,294.86 1,359.31
303.00 303.00 303.00 303.00 303.00
66% 67% 67% 67% 67%

2,264.53 2,381.91 2,498.82 2,624.91 2,755.55
478.00 478.00 478.00 478.00 478.00
374.35 403.70 431.65 462.50 494.10

25.25 29.34 27.95 30.85 31.60
5,195.65 5,582.93 5,989.57 6,416.54 6,864.86

387.28 406.64 426.97 448.32 470.74
5,582.93 5,989.57 6,416.54 6,864.86 7,335.60
-2,495.96 -2,724.24 -2,965.97 -3,221.64 -3,491.80

-228.28 -241.73 -255.67 -270.16 -285.22
-2,724.24 -2,965.97 -3,221.64 -3,491.80 -3,777.02
2,858.68 3,023.60 3,194.90 3,373.06 3,558.58
8.46% 8.46% 8.46% 8.46% 8.46%

228.28 241.73 255.67 270.16 285.22
- - - - -
28% 28% 28% 28% 28%
- - - - -
2,500.06 2,587.33 2,683.49 2,788.45 2,902.15

387.28 406.64 426.97 448.32 470.74
300.01 310.48 322.02 334.61 348.26
2,587.33 2,683.49 2,788.45 2,902.15 3,024.63
12.00% 12.00% 12.00% 12.00% 12.00%

300.01 310.48 322.02 334.61 348.26
1,685.00 1,685.00 1,685.00 1,685.00 1,685.00

2.79% 2.79% 2.79% 2.79% 2.79%
282 329 376 423 470
1,403.00 1,356.00 1,309.00 1,262.00 1,215.00
47.00 47.00 47.00 47.00 47.00
2,288.00 2,288.00 2,288.00 2,288.00 2,288.00
58.00 58.00 58.00 58.00 58.00
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
7.20% 7.20% 7.20% 7.20% 7.20%

0.00 0.00 0.00 0.00 0.00
550.00 550.00 0.00 0.00 0.00

0.00 550.00 0.00 0.00 0.00
550.00 0.00 0.00 0.00 0.00
6.00% 6.00% 6.00% 6.00% 6.00%

33.00 16.50 0.00 0.00 0.00
344.00 344.00 344.00 344.00 0.00

0.00 0.00 0.00 344.00 0.00
344.00 344.00 344.00 0.00 0.00
5.50% 5.50% 5.50% 5.50% 5.50%

18.92 18.92 18.92 9.46 0.00
894.00 344.00 344.00 0.00 0.00

51.92 35.42 18.92 9.46 0.00
0 550 0 344 0
2.00 2.00 2.00 2.00 2.00

454 454 454 454 454
258 258 258 258 258
508.44 978.99 931.22 1,470.08 1,698.53

470.55 -47.77 538.85 228.45 608.71
978.99 931.22 1,470.08 1,698.53 2,307.24
154.91 162.66 170.79 179.33 188.30
978.99 931.22 1,470.08 1,698.53 2,307.24

0.00 0.00 0.00 0.00 0.00
3% 3% 3% 3% 3%
1% 1% 1% 1% 1%
0.00 0.00 0.00 0.00 0.00

5.08 9.79 9.31 14.70 16.99
7,745.55 8,132.83 8,539.47 8,966.44 9,414.76

6,191.97 6,488.58 6,799.41 7,125.16 7,466.53
1,553.58 1,644.25 1,740.06 1,841.29 1,948.23
228.28 241.73 255.67 270.16 285.22
47.00 47.00 47.00 47.00 47.00
1,278.30 1,355.52 1,437.39 1,524.13 1,616.01
11.00 11.00 11.00 11.00 11.00
51.92 35.42 18.92 9.46 0.00
0.00 0.00 0.00 0.00 0.00
5.08 9.79 9.31 14.70 16.99
118.00 118.00 118.00 118.00 118.00
1,360.46 1,458.89 1,556.78 1,658.37 1,761.99
380.93 408.49 435.90 464.34 493.36
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
979.53 1,050.40 1,120.88 1,194.03 1,268.63
4.90 5.25 5.60 5.97 6.34
974.63 1,045.15 1,115.28 1,188.06 1,262.29
0.00 0.00 0.00 0.00 0.00

974.63 1,045.15 1,115.28 1,188.06 1,262.29
1.00 1.00 1.00 1.00 1.00
1,360.46 1,458.89 1,556.78 1,658.37 1,761.99

228.28 241.73 255.67 270.16 285.22
300.01 310.48 322.02 334.61 348.26
1,288.74 1,390.14 1,490.43 1,593.91 1,698.96
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
1,288.74 1,390.14 1,490.43 1,593.91 1,698.96

360.85 389.24 417.32 446.30 475.71
20.08 19.25 18.58 18.05 17.65
75.98 95.23 113.81 131.85 149.50
1,553.58 1,644.25 1,740.06 1,841.29 1,948.23

360.85 389.24 417.32 446.30 475.71
25.25 29.34 27.95 30.85 31.60
11.00 11.00 11.00 11.00 11.00
0.00 0.00 0.00 0.00 0.00
1,178.48 1,236.67 1,305.79 1,375.14 1,451.92
387.28 406.64 426.97 448.32 470.74
0.00 0.00 0.00 0.00 0.00
791.20 830.03 878.81 926.82 981.18
51.92 35.42 18.92 9.46 0.00
0.00 0.00 0.00 0.00 0.00
5.08 9.79 9.31 14.70 16.99
118.00 118.00 118.00 118.00 118.00
0.00 550.00 0.00 344.00 0.00
389.85 418.06 446.11 475.22 504.92
1.96 2.10 2.24 2.39 2.54
470.55 -47.77 538.85 228.45 608.71
5,666.55 6,251.33 6,878.42 7,547.59 8,260.42

974.63 1,045.15 1,115.28 1,188.06 1,262.29
389.85 418.06 446.11 475.22 504.92
0.00 0.00 0.00 0.00 0.00
6,251.33 6,878.42 7,547.59 8,260.42 9,017.80
22.78 25.72 28.87 32.23 35.81

4.90 5.25 5.60 5.97 6.34
1.96 2.10 2.24 2.39 2.54
25.72 28.87 32.23 35.81 39.62
2,288.00 2,288.00 2,288.00 2,288.00 2,288.00

1,403.00 1,356.00 1,309.00 1,262.00 1,215.00
5,582.93 5,989.57 6,416.54 6,864.86 7,335.60

-2,724.24 -2,965.97 -3,221.64 -3,491.80 -3,777.02
2,858.68 3,023.60 3,194.90 3,373.06 3,558.58
58.00 58.00 58.00 58.00 58.00

0.00 0.00 0.00 0.00 0.00
6,607.68 6,725.60 6,849.90 6,981.06 7,119.58
1,117.13 1,174.97 1,232.68 1,294.86 1,359.31

978.99 931.22 1,470.08 1,698.53 2,307.24
1,696.75 1,785.64 1,872.79 1,967.55 2,065.34
303.00 303.00 303.00 303.00 303.00
4,095.87 4,194.83 4,878.55 5,263.93 6,034.89
10,703.56 10,920.43 11,728.45 12,245.00 13,154.47
2,264.53 2,381.91 2,498.82 2,624.91 2,755.55

478.00 478.00 478.00 478.00 478.00
0.00 0.00 0.00 0.00 0.00
2,742.53 2,859.91 2,976.82 3,102.91 3,233.55
454.00 454.00 454.00 454.00 454.00

894.00 344.00 344.00 0.00 0.00
258.00 258.00 258.00 258.00 258.00
75.98 95.23 113.81 131.85 149.50
2.00 2.00 2.00 2.00 2.00
1,683.98 1,153.23 1,171.81 845.85 863.50
6,251.33 6,878.42 7,547.59 8,260.42 9,017.80

25.72 28.87 32.23 35.81 39.62
6,277.05 6,907.29 7,579.82 8,296.23 9,057.41
10,703.56 10,920.43 11,728.45 12,245.00 13,154.47
- - - - -
1.00 1.00 1.00 1.00 1.00
2014 2015 2016 2017 2018

20% 20% 20% 21% 21%
2014 2015 2016 2017 2018

17% 17% 17% 17% 17%
16% 16% 15% 15% 15%

1,278.30 1,355.52 1,437.39 1,524.13 1,616.01
28% 28% 28% 28% 28%
920.37 975.98 1,034.92 1,097.37 1,163.52
6,302.76 6,936.16 7,612.05 8,332.05 9,097.03

896.00 346.00 346.00 2.00 2.00
258.00 258.00 258.00 258.00 258.00
0.00 0.00 0.00 0.00 0.00
978.99 931.22 1,470.08 1,698.53 2,307.24
0.00 0.00 0.00 0.00 0.00
58.00 58.00 58.00 58.00 58.00
6,419.77 6,550.93 6,687.97 6,835.52 6,991.79
6,359.72 6,485.35 6,619.45 6,761.74 6,913.65
14.47% 15.05% 15.63% 16.23% 16.83%
62.74 55.60 58.94 62.45 66.15

121.21 125.63 134.10 142.29 151.91
52% 44% 44% 44% 44%
12% 5% 4% 0% 0%
0.58 0.21 0.20 0.00 0.00
24.62 38.27 75.97 161.11 0.00
16.23 16.23 16.23 16.23 16.23
16.23 16.23 16.23 16.23 16.23
1 1 0 0 0
0 1 0 0 0
1,553.58 1,644.25 0.00 0.00 0.00

25.25 29.34 0.00 0.00 0.00
387.28 406.64 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
357.92 379.55 0.00 0.00 0.00
20.08 19.25 0.00 0.00 0.00
803.21 847.97 0.00 0.00 0.00
0.00 17,468.15 0.00 0.00 0.00
803.21 18,316.12 0.00 0.00 0.00

5 6 6 6 6
0.68 0.63 0.63 0.63 0.63
Terminal Gro 3%
Contents
Test in Model Model Problems
Historic Debt Balance 1

Operating Expense History 1
Income Stmt History 1.00
Depeciation Check 1
Balance Sheet Check 1.00
Positive Dividends 1
Aggregate Check 1 #VALUE!

Model OK #VALUE!
Show Comments
Base Case
300.00
Selling Price
250.00
200.00
150.00
100.00
The idea of this graph is to
show how to compare
historic values with
50.00 projected numbers in
developing a financial
model
0.00
200 200 200 200 200 200 200 200 200 201 201 201 201 201 201 201 201 201 201 202 202 202 202 202 202
1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5
Sensitivity
Expected Case ✘ Tornado
Growth Rate Base Case /Margin Case: Base Case /Cap Exp: Base Case WACC:
8% Terminal Growth: 3%
20%
18%
17% 17%
17% 17%
17%
16% 16%
16% 16% 16%
15%
15%
14% 14%
12%
11%
10% 9% EBIT Margin

9%
8%
This graph is intended to show how to

6% pick a key ratio and compare history
with projections and show the
4% cenario and seneitivity analysis.
2%
0%
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
✘ Tornado

WACC
Terminal Growth
Revenue Growth
Cap Exp to Depreciation
A/R Percentage
base vs bull
base vs bear
COGS Margin
A/P Percentage
This graph is a tornado
diagram for the corporate
Inventory Percentage
model. You should be able to
evaluate which assumptions
R&D Growth Rate make most difference to the
value.
Marketing as Pct of Revenue
-3.00 -2.00 -1.00 0.00 1.00 2.00 3.00 4.00

Contents
Last Historic Year 2011
End of Forecast Period 2025
Forecast Year 0 0 0
Year 2001 2002 2003
Historic Period 1 1 1
Forecast Period 0 0 0
History
Balance Sheet
Assets
Cash Balance 2,484 2,363 2,352
Investments 209 3,671 21,065
A/R and Other Current Assets 10,209 9,708 9,688
Total Current Assets 12,902 15,742 33,105
Plant Assets 480,432 487,302 494,271

Accumulated Depreciation 230,240 239,389 248,670
Net Plant 250,192 247,913 245,601
Other Non-Associated Investments 50,322 50,322 50,322

Derivative Assets 0 0 210
Total Other Assets 50,322 50,322 50,532
Total Assets 313,416 313,977 329,238
Liabilities
Short-term Debt 1,630 2,000 2,000
Other Current Liabilities 6,908 6,793 6,894
Total Current Liabilities 8,538 8,793 8,894
Long-term Debt 87,744 77,543 81,802

Un-funded Pension Plans 367 352 378
Deferred Income Taxes 25,019 24,791 24,560

Derivative Liabilities 0 0 0
Total Other Liabilities 113,130 102,686 106,740
Minority Interest 19,175 20,185 21,229

Common Equity 95,874 95,874 95,874
Retained Earnings 76,699 86,439 96,500
Total Equity 191,748 202,498 213,604
Total Liabilities and Capital 313,416 313,977 329,238
Difference 0 0 0
Test 1 1 1
Aggregate Test 1
Income Statement
Revenues 124,215 118,175 117,589
Less: Cash Operating Expense 41,405 41,011 41,699
Gross Profit 82,810 77,164 75,891
Less: Selling and Administrative 18,632 18,049 18,112
Less: Depreciation Expense 13,825 14,022 14,223
Operating Profit 50,353 45,093 43,555
Add: Other Income 2,717 2,717 2,818
Add: Interest Income 53 121 468
Less: Interest Expense - LTD 5,265 4,348 5,503
Less: Interest Expense - STD 82 100 100
Earnings Before Tax 47,777 43,483 41,238
Less: Taxes 11,944 11,752 11,450
Net Income before Minority 35,833 31,731 29,789
Less: Minority 3,368 2,983 2,800
Net Income 32,465 28,748 26,989
Shares 7,400 7,400 7,400

EPS 4.39 3.88 3.65
Stock Price 52.65 45.88 42.15
Dividends 22,725 18,686 17,543
Operating
Industry Volumes 1,820.00 1,905.85 2,062.04
Company Volumes 637.00 593.63 567.90
Industry Capacity 2,020.00 2,200.00 2,400.00

Company Capacity 600 600 600
Cost of Capacity 500.00 510.00
Assumptions
New Capacity from Competitors Planned Co 1

2012 200 100
2013 0 0
2014 100 0
2015 0 200
2016 0 0
2017 300 0
2018 0 150
2019 150 0
2020 200 100
Industry Demand Growth After 2011 4%
Price Base Case Price Scenario 1
2012 220.00
2013 224.40
2014 228.89
2015 233.47
2016 238.14
2017 242.90
2018 247.76
2019 252.71
Variable Cost 2012 95.00

2013 97.38
2014 99.81
2015 102.30
2016 104.86
2017 106.44
2018 108.03
2019 109.65
Tax Rate 25%
Cost of New Plant per Unit 2012 400.00

2013 410.00
2014 420.25
2015 430.76
2016 441.53
2017 448.15
2018 454.87
2019 461.69
Maintenance Cap Exp Percentage of Plant 2%
Interest Rate on New Debt 4%
Interest Income Rate 1%
Intrerest Rate on Existing Debt 6%
Term of Exiting Debt 5.00
Min Cash as Pct of Sales 2%
Dividend Payout Ratio 60%

Minority Interest Percentage 9.4% 9.4% 9.4%
Working Section
Industry Demand 1,820.00 1,905.85 2,062.04

Growth Rate 4.72% 8.20%
Industry Capacity
Opening Balance 0 2020 2200
Add: New Capacity 0 0 0
Closing Balance 2,020.00 2,200.00 2,400.00
Company Capacity
Opeing Balance 0.00 600.00 600.00
Add: New Capacity 0.00 0.00 0.00
Closing Balance 600.00 600.00 600.00
Capacity Percentage for Company 30% 27% 25%
Market Share 35% 31% 28%

Company Volumes 637.00 593.63 567.90
2001 2002 2003
Selling Price 195.00 199.07 207.06
Production Cost/Unit 65.00 69.09 73.43
SG&A Expenses as Pct Revenue 15.00% 15.27% 15.40%
Depreciation as Pct of Plant Balance 2.88% 2.88% 2.88%
Other Income as Pct of Investment in Assoc Cos 5.40% 5.40% 5.60%
New Capacity 0.00 0.00 0.00

Cost per Unit of New Capacity 0.00 0.00 0.00
Cap Exp for New Capacity 0.00 0.00 0.00
Total Plant Value 480,432 487,302 494,271

Maintenance Cap Exp Percent 0 0 0
Maintenance Capital Expenditures 0.00 0.00 0.00
Total Cap Exp 0.00 0.00 0.00
Price 195.00 199.07 207.06

Volumes 637.00 593.63 567.90
Revenues 124,215.00 118,174.55 117,589.47
Cost of Production 41,405.00 41,011.01 41,698.90

SG&A Expenses 18,632.25 18,048.55 18,112.30
Total Expenses 60,037.25 59,059.56 59,811.20
Working Capital
Other Current Assets as Pct of Revenues 8.22% 8.21% 8.24%

Level of Current Assets 10,209.45 9,707.58 9,688.05
Other Current Liabilites as Pct of Expenses 11.51% 11.50% 11.53%

Level of Other Current Liabilities 6,908.40 6,793.20 6,894.17
Total Working Capital 3,301.06 2,914.38 2,793.88

Change in Working Capital -386.67 -120.50
Debt Section
Long Term Debt

Opening Balance 0.00 87,743.81 77,542.82
Less: Repayments of Long-term Debt 0.00 0.00 0.00
Closing Balance 87,743.81 77,542.82 81,801.95
Test 1 1 1
Aggregate Test 1
Interest Rate 6% 6% 6%
Interest Expense on Long-term Debt 5,264.63 4,348.01 5,503.22
Net Cash Balance

Opening Balance 0.00 1,062.87 4,034.61
Add: Net Cash Flow 28,157.93 27,101.47 26,259.01
Closing Balance 1,062.87 4,034.61 21,417.15
Minimum Cash Balance 2,484.30 2,363.49 2,351.79
Total Cash and Investment 2,692.87 6,034.61 23,417.15

Short-term Debt 1,630.00 2,000.00 2,000.00
Test 1 1 1
Interest Rate on Cash 1% 1% 1%

Interest Income 52.94 120.70 468.36
Interest Rate on Short-term Debt 4% 4% 4%

Interest Expense on Short-term 81.50 100.00 100.00
Fixed Asset
Plant Balance
Opening Balance - 480,432 487,302
Add: Capital Expenditures - - -
Closing Balance 480,432 487,302 494,271
Depreciation Rate 2.88% 2.88% 2.88%

Depreciation Expense 13,824.77 14,022.47 14,222.99
Opening Balance 0.00 230,240.00 239,389.45
Add: Depreciation Expense 13,824.77 14,022.47 14,222.99
Closing Balance 230,240.00 239,389.45 248,669.73
Investments in Associate Companies 50,322.00 50,322.00 50,322.00
Other Income as Percent of Investments 5.40% 5.40% 5.60%

Other Income 2,717.39 2,717.39 2,818.03
Dervative Assets - - 210.00

Dervative Liabilities - - -
Deferred Taxes 25,019.20 24,791.27 24,560.09
Pension Obligations 367.00 351.85 378.30
Profit and Loss
Revenues 124,215.0 118,174.6 117,589.5

Less: Operating Expense 60,037.3 59,059.6 59,811.2
EBITDA 64,177.8 59,115.0 57,778.3
Less: Deprecaition Expense 13,824.8 14,022.5 14,223.0
EBIT 50,353.0 45,092.5 43,555.3
Add: Other Income 2,717.4 2,717.4 2,818.0
Less: Interest Expense on Long-term Debt 5,264.6 4,348.0 5,503.2
Less: Interest Expense on Short-term Debt 81.5 100.0 100.0
Plus: Interest Income 52.9 120.7 468.4
EBT 47,777.2 43,482.6 41,238.4
Less: Taxes Booked 11,944.3 11,751.8 11,449.6
Earnings before Minority Interest 35,832.9 31,730.8 29,788.8
Less: Minority Interest 3,368.3 2,982.7 2,800.1
Earnings to Common 32,464.6 28,748.1 26,988.7
Historic Earnings 32,465 28,748 26,989

Difference - - -
Test 1 1 1
Aggregate Test 1
Cash Flow
EBTIDA 64,177.8 59,115.0 57,778.3
Add: Other Income 2,717.4 2,717.4 2,818.0
Less: Taxes Paid 11,944.3 11,751.8 11,449.6
Less: WC Changes - (386.7) (120.5)
Operating Cash Flow 54,950.8 50,467.3 49,267.2
Less: Capital Expenditures - - -
Cash Before Financing 54,950.8 50,467.3 49,267.2
Less: Debt Repayment - - -
Less: Net Interest Expense 5,293.2 4,327.3 5,134.9
Less: Dividends Paid to Common 19,478.8 17,248.9 16,193.2
Less: Dividends Paid to Minority 2,021.0 1,789.6 1,680.1
Net Cash Flow 28,157.93 27,101.47 26,259.01
Balance Sheet
Common Equity
Opening Balance 0.00 172,573.12 182,312.50
Add: Net Income 32,464.59 28,748.11 26,988.67
Less: Dividends 19,478.76 17,248.87 16,193.20
Closing Balance 172,573.12 182,312.50 192,374.34
Minority Equity
Opening Balance 0.00 19,174.79 20,185.28
Add: Minority Income 3,368.29 2,982.70 2,800.15
Less: Dividends to Minority 2,020.97 1,789.62 1,680.09
Closing Balance 19,174.79 20,185.28 21,229.22
Assets
Cash Balance 2,692.87 6,034.61 23,417.15
A/R and Other Current Assets 10,209.45 9,707.58 9,688.05
Total Current Assets 12,902.32 15,742.19 33,105.20
Plant Assets 480,432.00 487,302.18 494,270.60

Accumulated Depreciation 230,240.00 239,389.45 248,669.73
Net Plant 250,192.00 247,912.73 245,600.87
Other Non-Associated Investments 50,322.00 50,322.00 50,322.00

Derivative Assets 0.00 0.00 210.00
Total Other Assets 50,322.00 50,322.00 50,532.00
Total Assets 313,416.32 313,976.92 329,238.07

313,416.32 313,976.92 329,238.07
Liabilities
Short-term Debt 1,630.00 2,000.00 2,000.00
Other Current Liabilities 6,908.40 6,793.20 6,894.17
Total Current Liabilities 8,538.40 8,793.20 8,894.17
Long-term Debt 87,743.81 77,542.82 81,801.95

Un-funded Pension Plans 367.00 351.85 378.30
Deferred Income Taxes 25,019.20 24,791.27 24,560.09

Derivative Liabilities 0.00 0.00 0.00
Total Other Liabilities 25,019.20 24,791.27 24,560.09
Minority Interest 19,174.79 20,185.28 21,229.22

Common Equity 172,573.12 182,312.50 192,374.34
Total Equity 191,747.92 202,497.78 213,603.56
Total Liabilities and Capital 313,416.32 313,976.92 329,238.07
Difference 0.00 0.00 0.00

Test 1 1 1
Aggregate Test 1
Financial Ratios
Return on Common Equity

Net Income to Common Shares 32,465 28,748 26,989
Divided by Common Equity 172,573 182,313 192,374
Average Common Equity 172,573 177,443 187,343
ROE 19% 16% 14%
Tax Rate 25% 27% 28%
Return on Invested Capital

EBITDA 64,178 59,115 57,778
EBIT 50,353 45,093 43,555
NOPLAT = EBIT x (1-tax Rate) 37,764.73 32,905.63 31,462.39
Invested Capital
Debt 89,374 79,543 83,802
Less: Surplus Cash 2,693 6,035 23,417
Add: Equity 191,748 202,498 213,604
Add: Unfunded Pensions 367 352 378
Less: Investment in Assoc Co's 50,322 50,322 50,322
Total Invested Capital 228,474 226,036 224,045
Average Invested Capital 228,474 227,255 225,040
ROIC 16.53% 14.48% 13.98%

Show Comments
0 0 0 0 0 0 0
2004 2005 2006 2007 2008 2009 2010
1 1 1 1 1 1 1
0 0 0 0 0 0 0
2,542 2,621 2,613 3,040 3,145 3,968 4,197

31,965 3,503 10,958 29,292 8,008 32,876 74,028
10,485 10,784 10,738 12,445 12,848 16,220 17,107
44,992 16,908 24,309 44,777 24,000 53,064 95,333
501,339 612,548 621,307 630,192 804,816 816,325 827,998

259,569 271,070 282,736 296,934 312,045 327,372 342,918
241,770 341,478 338,572 333,258 492,771 488,953 485,080
50,322 50,322 50,322 50,322 50,322 50,322 50,322

350 0 0 0 320 200 0
50,672 50,322 50,322 50,322 50,642 50,522 50,322
337,434 408,708 413,203 428,357 567,413 592,539 630,735
2,000 15,000 7,000 6,000 6,000 6,000 6,000

7,499 7,557 8,428 10,257 9,788 11,858 12,758
9,499 22,557 15,428 16,257 15,788 17,858 18,758
79,197 116,519 117,203 122,323 156,829 168,834 190,119

531 530 821 1,303 1,109 1,555 1,799
24,177 34,148 33,857 33,326 49,277 48,895 48,508

0 290 180 240 0 0 120
103,905 151,486 152,062 157,191 207,215 219,284 240,546
22,209 23,209 24,248 25,112 26,005 27,038 28,545

95,874 95,874 95,874 95,874 175,874 175,874 175,874
105,946 115,581 125,592 133,922 142,532 152,485 167,011
224,030 234,664 245,714 254,908 344,411 355,397 371,430
337,434 408,708 413,203 428,357 567,413 592,539 630,735
0 0 0 0 0 0 0
1 1 1 1 1 1 1
127,089 131,031 130,643 151,995 157,254 198,398 209,868

45,666 45,635 53,213 65,736 60,684 72,291 78,636
81,423 85,396 77,430 86,259 96,570 126,107 131,232
19,332 19,979 20,027 23,652 24,743 31,158 32,897
15,913 17,627 17,879 20,500 23,159 23,490 23,826
46,178 47,790 39,525 42,107 48,667 71,459 74,510
2,818 2,818 3,019 3,019 2,516 2,617 2,566
690 22 271 646 223 737 1,564
4,994 6,464 6,416 6,556 8,281 10,728 11,095
100 500 350 300 300 300 300
44,592 43,666 36,050 38,917 42,825 63,784 67,245
14,208 12,097 9,780 11,767 11,436 17,973 18,143
30,385 31,570 26,269 27,150 31,389 45,811 49,102
2,856 2,968 2,469 2,552 2,951 4,306 4,616
27,529 28,602 23,800 24,598 28,438 41,505 44,487
7,400 7,400 7,400 7,400 9,426 9,426 9,426

3.72 3.87 3.22 3.32 3.02 4.40 4.72
43.19 45.19 38.24 39.49 36.63 53.78 56.69
17,894 18,591 15,470 15,989 18,485 26,978 28,916
2,211.06 2,505.68 2,810.12 2,688.99 2,651.79 3,092.03 3,719.65

619.92 610.91 657.53 803.31 733.01 871.06 912.60
2,600.00 2,800.00 3,400.00 3,400.00 3,900.00 3,900.00 3,900.00

800.00 800.00 800.00 1,100.00 1,100.00 1,100.00 1,100.00
520.20 530.60 541.22 552.04 563.08 574.34 585.83
Co 2 Co 3 Co 4 Total
0 100 0 400
50 20 250 320
0 150 0 250
0 0 250 450
50 0 0 50
50 200 0 550
0 0 150 300
50 200 0 400
50 0 50 400
Base Case Stess Case High Case Base Case

220.00 200 230.00 Stess Case
224.40 200.00 236.90 High Case
228.89 200.00 244.01
233.47 200.00 251.33
238.14 200.00 258.87
242.90 200.00 266.63
247.76 200.00 274.63
252.71 200.00 282.87
9.4% 9.4% 9.4% 9.4% 9.4% 9.4% 9.4%
2,211.06 2,505.68 2,810.12 2,688.99 2,651.79 3,092.03 3,719.65

7.23% 13.32% 12.15% -4.31% -1.38% 16.60% 20.30%
2400 2600 2800 3400 3400 3900 3900

0 0 0 0 0 0 0
2,600.00 2,800.00 3,400.00 3,400.00 3,900.00 3,900.00 3,900.00
600.00 800.00 800.00 800.00 1,100.00 1,100.00 1,100.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00
800.00 800.00 800.00 1,100.00 1,100.00 1,100.00 1,100.00
31% 29% 24% 32% 28% 28% 28%
28% 24% 23% 30% 28% 28% 25%

619.92 610.91 657.53 803.31 733.01 871.06 912.60
2004 2005 2006 2007 2008 2009 2010
205.01 214.48 198.69 189.21 214.53 227.77 229.97
73.67 74.70 80.93 81.83 82.79 82.99 86.17
15.21% 15.25% 15.33% 15.56% 15.73% 15.70% 15.67%
3.17% 2.88% 2.88% 3.25% 2.88% 2.88% 2.88%
5.60% 5.60% 6.00% 6.00% 5.00% 5.20% 5.10%
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
501,339 612,548 621,307 630,192 804,816 816,325 827,998

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
205.01 214.48 198.69 189.21 214.53 227.77 229.97

619.92 610.91 657.53 803.31 733.01 871.06 912.60
127,089.08 131,030.51 130,643.22 151,995.31 157,253.85 198,398.28 209,868.24
45,666.24 45,634.59 53,212.80 65,735.88 60,684.06 72,290.79 78,635.87

19,331.78 19,979.32 20,027.22 23,652.12 24,743.36 31,157.94 32,896.51
64,998.02 65,613.90 73,240.02 89,388.00 85,427.43 103,448.73 111,532.38
8.25% 8.23% 8.22% 8.19% 8.17% 8.18% 8.15%

10,484.92 10,783.89 10,737.96 12,444.52 12,847.57 16,219.57 17,106.71
11.54% 11.52% 11.51% 11.48% 11.46% 11.46% 11.44%

7,499.29 7,557.23 8,427.71 10,257.37 9,787.96 11,858.25 12,758.01
2,985.62 3,226.66 2,310.25 2,187.15 3,059.62 4,361.32 4,348.70

191.74 241.03 -916.40 -123.10 872.47 1,301.70 -12.61
81,801.95 79,196.74 116,518.52 117,203.28 122,322.84 156,829.29 168,833.58

0.00 0.00 0.00 0.00 0.00 0.00 0.00
79,196.74 116,518.52 117,203.28 122,322.84 156,829.29 168,833.58 190,119.28
1 1 1 1 1 1 1
6% 6% 6% 6% 6% 6% 6%
4,994.31 6,464.44 6,415.65 6,555.78 8,281.43 10,728.47 11,095.05
21,417.15 32,506.96 -8,876.15 6,571.31 26,332.03 5,152.78 30,844.21

27,874.83 30,013.32 29,302.69 31,483.37 34,842.15 40,512.91 43,479.74
32,506.96 -8,876.15 6,571.31 26,332.03 5,152.78 30,844.21 72,225.85
2,541.78 2,620.61 2,612.86 3,039.91 3,145.08 3,967.97 4,197.36
34,506.96 6,123.85 13,571.31 32,332.03 11,152.78 36,844.21 78,225.85

2,000.00 15,000.00 7,000.00 6,000.00 6,000.00 6,000.00 6,000.00
1 1 1 1 1 1 1
1% 1% 1% 1% 1% 1% 1%
690.15 22.49 271.24 646.45 222.86 736.68 1,564.31
4% 4% 4% 4% 4% 4% 4%
100.00 500.00 350.00 300.00 300.00 300.00 300.00
494,271 501,339 612,548 621,307 630,192 804,816 816,325

- - - - - - -
501,339 612,548 621,307 630,192 804,816 816,325 827,998
3.17% 2.88% 2.88% 3.25% 2.88% 2.88% 2.88%

15,912.66 17,626.50 17,878.56 20,500.11 23,159.15 23,490.33 23,826.24
248,669.73 259,569.01 271,070.03 282,735.52 296,933.71 312,044.70 327,371.78

15,912.66 17,626.50 17,878.56 20,500.11 23,159.15 23,490.33 23,826.24
259,569.01 271,070.03 282,735.52 296,933.71 312,044.70 327,371.78 342,918.03
50,322.00 50,322.00 50,322.00 50,322.00 50,322.00 50,322.00 50,322.00
5.60% 5.60% 6.00% 6.00% 5.00% 5.20% 5.10%

2,818.03 2,818.03 3,019.32 3,019.32 2,516.10 2,616.74 2,566.42
350.00 - - - 320.00 200.00 -

- 290.00 180.00 240.00 - - 120.00
24,176.97 34,147.78 33,857.17 33,325.82 49,277.11 48,895.29 48,508.01
530.89 529.68 821.15 1,302.80 1,108.50 1,554.92 1,798.96
127,089.1 131,030.5 130,643.2 151,995.3 157,253.8 198,398.3 209,868.2

64,998.0 65,613.9 73,240.0 89,388.0 85,427.4 103,448.7 111,532.4
62,091.1 65,416.6 57,403.2 62,607.3 71,826.4 94,949.6 98,335.9
15,912.7 17,626.5 17,878.6 20,500.1 23,159.1 23,490.3 23,826.2
46,178.4 47,790.1 39,524.6 42,107.2 48,667.3 71,459.2 74,509.6
2,818.0 2,818.0 3,019.3 3,019.3 2,516.1 2,616.7 2,566.4
4,994.3 6,464.4 6,415.7 6,555.8 8,281.4 10,728.5 11,095.0
100.0 500.0 350.0 300.0 300.0 300.0 300.0
690.2 22.5 271.2 646.4 222.9 736.7 1,564.3
44,592.3 43,666.2 36,049.5 38,917.2 42,824.8 63,784.2 67,245.3
14,207.5 12,096.6 9,780.2 11,766.8 11,436.1 17,973.5 18,143.1
30,384.8 31,569.6 26,269.3 27,150.4 31,388.7 45,810.7 49,102.2
2,856.2 2,967.5 2,469.3 2,552.1 2,950.5 4,306.2 4,615.6
27,528.6 28,602.1 23,800.0 24,598.3 28,438.1 41,504.5 44,486.6
27,529 28,602 23,800 24,598 28,438 41,505 44,487

- - - - - - -
1 1 1 1 1 1 1
62,091.1 65,416.6 57,403.2 62,607.3 71,826.4 94,949.6 98,335.9

2,818.0 2,818.0 3,019.3 3,019.3 2,516.1 2,616.7 2,566.4
14,207.5 12,096.6 9,780.2 11,766.8 11,436.1 17,973.5 18,143.1
191.7 241.0 (916.4) (123.1) 872.5 1,301.7 (12.6)
50,509.8 55,897.1 51,558.7 53,982.9 62,033.9 78,291.1 82,771.8
- - - - - - -
50,509.8 55,897.1 51,558.7 53,982.9 62,033.9 78,291.1 82,771.8
- - - - - - -
4,404.2 6,942.0 6,494.4 6,209.3 8,358.6 10,291.8 9,830.7
16,517.2 17,161.3 14,280.0 14,759.0 17,062.9 24,902.7 26,692.0
1,713.7 1,780.5 1,481.6 1,531.3 1,770.3 2,583.7 2,769.4
27,874.83 30,013.32 29,302.69 31,483.37 34,842.15 40,512.91 43,479.74
192,374.34 201,820.37 211,455.38 221,466.11 229,796.11 318,405.51 328,358.86

27,528.59 28,602.09 23,800.00 24,598.26 28,438.14 41,504.52 44,486.61
16,517.15 17,161.25 14,280.00 14,758.96 17,062.88 24,902.71 26,691.97
201,820.37 211,455.38 221,466.11 229,796.11 318,405.51 328,358.86 342,885.44
21,229.22 22,209.27 23,208.93 24,247.57 25,111.83 26,005.08 27,037.77

2,856.17 2,967.55 2,469.32 2,552.14 2,950.54 4,306.21 4,615.61
1,713.70 1,780.53 1,481.59 1,531.28 1,770.32 2,583.72 2,769.37
22,209.27 23,208.93 24,247.57 25,111.83 26,005.08 27,037.77 28,544.94
34,506.96 6,123.85 13,571.31 32,332.03 11,152.78 36,844.21 78,225.85
10,484.92 10,783.89 10,737.96 12,444.52 12,847.57 16,219.57 17,106.71
44,991.88 16,907.74 24,309.27 44,776.55 24,000.35 53,063.78 95,332.56
501,338.67 612,547.81 621,307.24 630,191.94 804,815.80 816,324.67 827,998.11

259,569.01 271,070.03 282,735.52 296,933.71 312,044.70 327,371.78 342,918.03
241,769.66 341,477.78 338,571.73 333,258.23 492,771.10 488,952.89 485,080.08
50,322.00 50,322.00 50,322.00 50,322.00 50,322.00 50,322.00 50,322.00

350.00 0.00 0.00 0.00 320.00 200.00 0.00
50,672.00 50,322.00 50,322.00 50,322.00 50,642.00 50,522.00 50,322.00
337,433.54 408,707.52 413,203.00 428,356.78 567,413.45 592,538.67 630,734.64

337,433.54 408,707.52 413,203.00 428,356.78 567,413.45 592,538.67 630,734.64
2,000.00 15,000.00 7,000.00 6,000.00 6,000.00 6,000.00 6,000.00

7,499.29 7,557.23 8,427.71 10,257.37 9,787.96 11,858.25 12,758.01
9,499.29 22,557.23 15,427.71 16,257.37 15,787.96 17,858.25 18,758.01
79,196.74 116,518.52 117,203.28 122,322.84 156,829.29 168,833.58 190,119.28

530.89 529.68 821.15 1,302.80 1,108.50 1,554.92 1,798.96
24,176.97 34,147.78 33,857.17 33,325.82 49,277.11 48,895.29 48,508.01

0.00 290.00 180.00 240.00 0.00 0.00 120.00
24,176.97 34,437.78 34,037.17 33,565.82 49,277.11 48,895.29 48,628.01
22,209.27 23,208.93 24,247.57 25,111.83 26,005.08 27,037.77 28,544.94

201,820.37 211,455.38 221,466.11 229,796.11 318,405.51 328,358.86 342,885.44
224,029.65 234,664.31 245,713.69 254,907.95 344,410.59 355,396.63 371,430.38
337,433.54 408,707.52 413,203.00 428,356.78 567,413.45 592,538.67 630,734.64
0.00 0.00 0.00 0.00 0.00 0.00 0.00

1 1 1 1 1 1 1
27,529 28,602 23,800 24,598 28,438 41,505 44,487

201,820 211,455 221,466 229,796 318,406 328,359 342,885
197,097 206,638 216,461 225,631 274,101 323,382 335,622
14% 14% 11% 11% 10% 13% 13%
32% 28% 27% 30% 27% 28% 27%
62,091 65,417 57,403 62,607 71,826 94,950 98,336

46,178 47,790 39,525 42,107 48,667 71,459 74,510
31,465.53 34,551.14 28,801.62 29,375.90 35,670.95 51,323.06 54,406.59
81,197 131,519 124,203 128,323 162,829 174,834 196,119

34,507 6,124 13,571 32,332 11,153 36,844 78,226
224,030 234,664 245,714 254,908 344,411 355,397 371,430
531 530 821 1,303 1,109 1,555 1,799
50,322 50,322 50,322 50,322 50,322 50,322 50,322
220,928 310,267 306,845 301,880 446,874 444,619 440,801
222,486 265,597 308,556 304,362 374,377 445,746 442,710
14.14% 13.01% 9.33% 9.65% 9.53% 11.51% 12.29%

0 1 2 3 4 5 6
2011 2012 2013 2014 2015 2016 2017
1 0 0 0 0 0 0
0 1 1 1 1 1 1
3,852
78,169
15,723
97,744
839,838
358,687
481,152
50,322
0
50,322
629,218
6,000
12,617
18,617
171,680
1,874
48,115
315
221,984
30,160
175,874
182,582
388,616
629,218
0
1
192,585
80,579
112,006
29,597
24,167
58,242
2,717
1,640
8,322
300
53,978
14,520
39,458
3,709
35,749
9,426
3.79
44.14
23,237
3,425.60
868.33
4,200.00
1,100.00
597.55
9.4% 9.4% 9.4% 9.4% 9.4% 9.4% 9.4%
3,425.60 3,562.62 3,705.13 3,853.33 4,007.47 4,167.76 4,334.47

-7.91% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00%
3900 4200 4600 4920 5170 5620 5670

0 400 320 250 450 50 550
4,200.00 4,600.00 4,920.00 5,170.00 5,620.00 5,670.00 6,220.00
1,100.00 1,100.00 1,300.00 1,300.00 1,400.00 1,400.00 1,400.00

0.00 200.00 0.00 100.00 0.00 0.00 300.00
1,100.00 1,300.00 1,300.00 1,400.00 1,400.00 1,400.00 1,700.00
26% 28% 26% 27% 25% 25% 27%
25% 28% 26% 27% 25% 25% 27%

868.33 1,006.83 979.00 1,043.46 998.30 1,029.08 1,184.66
2011 2012 2013 2014 2015 2016 2017
221.79 220.00 224.40 228.89 233.47 238.14 242.90
92.80 95.00 97.38 99.81 102.30 104.86 106.44
15.37% 15.37% 15.37% 15.37% 15.37% 15.37% 15.37%
2.88% 2.88% 2.88% 2.88% 2.88% 2.88% 2.88%
5.40% 5.40% 5.40% 5.40% 5.40% 5.40% 5.40%
0.00 200.00 0.00 100.00 0.00 0.00 300.00

0.00 400.00 410.00 420.25 430.76 441.53 448.15
0.00 80,000.00 0.00 42,025.00 0.00 0.00 134,444.41
839,838 919,838 919,838 961,863 961,863 961,863 1,096,308

0 0.02 0.02 0.02 0.02 0.02 0.02
0.00 18,396.77 18,396.77 19,237.27 19,237.27 19,237.27 21,926.16
0.00 98,396.77 18,396.77 61,262.27 19,237.27 19,237.27 156,370.57
221.79 220.00 224.40 228.89 233.47 238.14 242.90

868.33 1,006.83 979.00 1,043.46 998.30 1,029.08 1,184.66
192,585.50 221,502.15 219,686.91 238,834.43 233,069.09 245,059.45 287,752.11
80,579.40 95,648.66 95,329.83 104,146.64 102,130.79 107,911.36 126,089.84

29,597.25 34,041.26 33,762.29 36,704.95 35,818.91 37,661.63 44,222.80
110,176.64 129,689.92 129,092.12 140,851.59 137,949.70 145,572.99 170,312.64
8.16% 8.16% 8.16% 8.16% 8.16% 8.16% 8.16%

15,722.90 18,083.69 17,935.49 19,498.72 19,028.03 20,006.93 23,492.41
11.45% 11.45% 11.45% 11.45% 11.45% 11.45% 11.45%

12,617.19 14,851.81 14,783.35 16,130.02 15,797.70 16,670.71 19,503.84
3,105.71 3,231.88 3,152.14 3,368.69 3,230.32 3,336.23 3,988.57

-1,242.99 126.17 -79.74 216.56 -138.37 105.90 652.35
190,119.28 171,680.38 137,344.30 103,008.23 68,672.15 34,336.08 0.00

0.00 34,336.08 34,336.08 34,336.08 34,336.08 34,336.08 0.00
171,680.38 137,344.30 103,008.23 68,672.15 34,336.08 0.00 0.00
1 1 1 1 1 1 1
6% 6% 6% 6% 6% 6% 6%
8,321.65 9,270.74 7,210.58 5,150.41 3,090.25 1,030.08 0.00
72,225.85 76,020.84 -13,178.58 -21,115.06 -68,671.50 -73,852.37 -77,022.98

41,193.17 -89,199.42 -7,936.48 -47,556.44 -5,180.87 -3,170.61 -99,090.92
76,020.84 -13,178.58 -21,115.06 -68,671.50 -73,852.37 -77,022.98 -176,113.90
3,851.71 4,430.04 4,393.74 4,776.69 4,661.38 4,901.19 5,755.04
82,020.84 4,430.04 4,393.74 4,776.69 4,661.38 4,901.19 5,755.04

6,000.00 17,608.62 25,508.80 73,448.19 78,513.75 81,924.17 181,868.94
1 1 1 1 1 1 1
1% 1% 1% 1% 1% 1% 1%
1,640.20 820.21 44.30 43.94 47.77 46.61 49.01
4% 4% 4% 4% 4% 4% 4%
300.00 240.00 704.34 1,020.35 2,937.93 3,140.55 3,276.97
827,998 839,838 938,235 956,632 1,017,894 1,037,132 1,056,369

- 98,397 18,397 61,262 19,237 19,237 156,371
839,838 938,235 956,632 1,017,894 1,037,132 1,056,369 1,212,739
2.88% 2.88% 2.88% 2.88% 2.88% 2.88% 2.88%

24,166.95 25,582.67 27,263.08 28,409.20 29,567.42 30,120.98 32,647.61
342,918.03 358,686.60 384,269.27 411,532.35 439,941.56 469,508.97 499,629.96

24,166.95 25,582.67 27,263.08 28,409.20 29,567.42 30,120.98 32,647.61
358,686.60 384,269.27 411,532.35 439,941.56 469,508.97 499,629.96 532,277.56
50,322.00 50,322.00 50,322.00 50,322.00 50,322.00 50,322.00 50,322.00
5.40% 5.40% 5.40% 5.40% 5.40% 5.40% 5.40%

2,717.39 2,717.39 2,717.39 2,717.39 2,717.39 2,717.39 2,717.39
- - - - - - -
315.00 315.00 315.00 315.00 315.00 315.00 315.00
48,115.19 48,115.19 48,115.19 48,115.19 48,115.19 48,115.19 48,115.19
1,873.71 1,873.71 1,873.71 1,873.71 1,873.71 1,873.71 1,873.71
192,585.5 221,502.2 219,686.9 238,834.4 233,069.1 245,059.4 287,752.1

110,176.6 129,689.9 129,092.1 140,851.6 137,949.7 145,573.0 170,312.6
82,408.9 91,812.2 90,594.8 97,982.8 95,119.4 99,486.5 117,439.5
24,167.0 25,582.7 27,263.1 28,409.2 29,567.4 30,121.0 32,647.6
58,241.9 66,229.6 63,331.7 69,573.6 65,552.0 69,365.5 84,791.9
2,717.4 2,717.4 2,717.4 2,717.4 2,717.4 2,717.4 2,717.4
8,321.7 9,270.7 7,210.6 5,150.4 3,090.2 1,030.1 -
300.0 240.0 704.3 1,020.4 2,937.9 3,140.6 3,277.0
1,640.2 820.2 44.3 43.9 47.8 46.6 49.0
53,977.8 60,256.4 58,178.5 66,164.2 62,289.0 67,958.8 84,281.3
14,519.8 15,064.1 14,544.6 16,541.1 15,572.2 16,989.7 21,070.3
39,458.1 45,192.3 43,633.9 49,623.2 46,716.7 50,969.1 63,211.0
3,709.1 4,248.1 4,101.6 4,664.6 4,391.4 4,791.1 5,941.8
35,749.0 40,944.2 39,532.3 44,958.6 42,325.3 46,178.0 57,269.1
35,749 - - - - - -
- 40,944 39,532 44,959 42,325 46,178 57,269
1 1 1 1 1 1 1
82,408.9 91,812.2 90,594.8 97,982.8 95,119.4 99,486.5 117,439.5

2,717.4 2,717.4 2,717.4 2,717.4 2,717.4 2,717.4 2,717.4
14,519.8 15,064.1 14,544.6 16,541.1 15,572.2 16,989.7 21,070.3
(1,243.0) 126.2 (79.7) 216.6 (138.4) 105.9 652.3
71,849.5 79,339.3 78,847.3 83,942.6 82,402.9 85,108.2 98,434.2
- 98,396.8 18,396.8 61,262.3 19,237.3 19,237.3 156,370.6
71,849.5 (19,057.4) 60,450.5 22,680.4 63,165.6 65,871.0 (57,936.4)
- 34,336.1 34,336.1 34,336.1 34,336.1 34,336.1 -
6,981.5 8,690.5 7,870.6 6,126.8 5,980.4 4,124.0 3,228.0
21,449.4 24,566.5 23,719.4 26,975.1 25,395.2 27,706.8 34,361.5
2,225.4 2,548.8 2,460.9 2,798.7 2,634.8 2,874.7 3,565.1
41,193.17 -89,199.42 -7,936.48 -47,556.44 -5,180.87 -3,170.61 -99,090.92
342,885.44 358,455.75 374,833.44 390,646.36 408,629.79 425,559.92 444,031.14

35,749.00 40,944.23 39,532.28 44,958.58 42,325.34 46,178.03 57,269.14
21,449.40 24,566.54 23,719.37 26,975.15 25,395.21 27,706.82 34,361.49
358,455.75 374,833.44 390,646.36 408,629.79 425,559.92 444,031.14 466,938.79
28,544.94 30,160.41 31,859.64 33,500.27 35,366.10 37,122.65 39,039.09

3,709.06 4,248.08 4,101.58 4,664.58 4,391.37 4,791.10 5,941.83
2,225.43 2,548.85 2,460.95 2,798.75 2,634.82 2,874.66 3,565.10
30,160.41 31,859.64 33,500.27 35,366.10 37,122.65 39,039.09 41,415.82
82,020.84 4,430.04 4,393.74 4,776.69 4,661.38 4,901.19 5,755.04
15,722.90 18,083.69 17,935.49 19,498.72 19,028.03 20,006.93 23,492.41
97,743.74 22,513.73 22,329.23 24,275.41 23,689.41 24,908.12 29,247.45
839,838.49 938,235.26 956,632.02 1,017,894.29 1,037,131.56 1,056,368.83 1,212,739.40

358,686.60 384,269.27 411,532.35 439,941.56 469,508.97 499,629.96 532,277.56
481,151.88 553,965.98 545,099.67 577,952.74 567,622.59 556,738.88 680,461.84
50,322.00 50,322.00 50,322.00 50,322.00 50,322.00 50,322.00 50,322.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00
50,322.00 50,322.00 50,322.00 50,322.00 50,322.00 50,322.00 50,322.00
629,217.62 626,801.71 617,750.90 652,550.14 641,634.00 631,969.00 760,031.29

629,217.62 0.00 0.00 0.00 0.00 0.00 0.00
6,000.00 17,608.62 25,508.80 73,448.19 78,513.75 81,924.17 181,868.94

12,617.19 14,851.81 14,783.35 16,130.02 15,797.70 16,670.71 19,503.84
18,617.19 32,460.43 40,292.15 89,578.21 94,311.46 98,594.88 201,372.78
171,680.38 137,344.30 103,008.23 68,672.15 34,336.08 0.00 0.00

1,873.71 1,873.71 1,873.71 1,873.71 1,873.71 1,873.71 1,873.71
48,115.19 48,115.19 48,115.19 48,115.19 48,115.19 48,115.19 48,115.19

315.00 315.00 315.00 315.00 315.00 315.00 315.00
48,430.19 48,430.19 48,430.19 48,430.19 48,430.19 48,430.19 48,430.19
30,160.41 31,859.64 33,500.27 35,366.10 37,122.65 39,039.09 41,415.82

358,455.75 374,833.44 390,646.36 408,629.79 425,559.92 444,031.14 466,938.79
388,616.16 406,693.08 424,146.63 443,995.89 462,682.57 483,070.23 508,354.62
629,217.62 626,801.71 617,750.90 652,550.14 641,634.00 631,969.00 760,031.29
0.00 0.00 0.00 0.00 0.00 0.00 0.00

1 1 1 1 1 1 1
35,749 40,944 39,532 44,959 42,325 46,178 57,269

358,456 374,833 390,646 408,630 425,560 444,031 466,939
350,671 366,645 382,740 399,638 417,095 434,796 455,485
10% 11% 10% 11% 10% 11% 13%
27% 25% 25% 25% 25% 25% 25%
82,409 91,812 90,595 97,983 95,119 99,486 117,439

58,242 66,230 63,332 69,574 65,552 69,365 84,792
42,575.11 49,672.17 47,498.79 52,180.23 49,163.98 52,024.10 63,593.90
177,680 154,953 128,517 142,120 112,850 81,924 181,869

82,021 4,430 4,394 4,777 4,661 4,901 5,755
388,616 406,693 424,147 443,996 462,683 483,070 508,355
1,874 1,874 1,874 1,874 1,874 1,874 1,874
50,322 50,322 50,322 50,322 50,322 50,322 50,322
435,827 508,768 499,822 532,891 522,423 511,645 636,020
438,314 472,298 504,295 516,356 527,657 517,034 573,833
9.71% 10.52% 9.42% 10.11% 9.32% 10.06% 11.08%

7 8 9 10 11 12 13
2018 2019 2020 2021 2022 2023 2024
0 0 0 0 0 0 0
1 1 1 1 1 1 1
9.4% 9.4% 9.4% 9.4% 9.4% 9.4% 9.4%
4,507.85 4,688.17 4,875.69 5,070.72 5,273.55 5,484.49 5,703.87

4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00%
6220 6520 6920 7320 7720 8120 8520

300 400 400 400 400 400 400
6,520.00 6,920.00 7,320.00 7,720.00 8,120.00 8,520.00 8,920.00
1,700.00 1,700.00 1,850.00 2,050.00 2,250.00 2,450.00 2,650.00

0.00 150.00 200.00 200.00 200.00 200.00 200.00
1,700.00 1,850.00 2,050.00 2,250.00 2,450.00 2,650.00 2,850.00
26% 27% 28% 29% 30% 31% 32%
26% 27% 28% 29% 30% 31% 32%

1,175.36 1,253.34 1,365.46 1,477.87 1,591.16 1,705.86 1,822.43
2018 2019 2020 2021 2022 2023 2024
247.76 252.71 252.71 252.71 252.71 252.71 252.71
108.03 109.65 109.65 109.65 109.65 109.65 109.65
15.37% 15.37% 15.37% 15.37% 15.37% 15.37% 15.37%
2.88% 2.88% 2.88% 2.88% 2.88% 2.88% 2.88%
5.40% 5.40% 5.40% 5.40% 5.40% 5.40% 5.40%
0.00 150.00 200.00 200.00 200.00 200.00 200.00

454.87 461.69 461.69 461.69 461.69 461.69 461.69
0.00 69,254.00 92,338.66 92,338.66 92,338.66 92,338.66 92,338.66
1,096,308 1,165,562 1,257,901 1,350,239 1,442,578 1,534,917 1,627,255

0.02 0.02 0.02 0.02 0.02 0.02 0.02
21,926.16 23,311.24 25,158.01 27,004.78 28,851.56 30,698.33 32,545.10
21,926.16 92,565.23 117,496.67 119,343.45 121,190.22 123,036.99 124,883.77
247.76 252.71 252.71 252.71 252.71 252.71 252.71

1,175.36 1,253.34 1,365.46 1,477.87 1,591.16 1,705.86 1,822.43
291,202.31 316,732.51 345,066.76 373,472.73 402,102.78 431,088.70 460,546.73
126,976.18 137,431.39 149,725.73 162,051.18 174,473.87 187,050.96 199,832.91

44,753.04 48,676.61 53,031.13 57,396.66 61,796.63 66,251.29 70,778.51
171,729.22 186,108.01 202,756.85 219,447.84 236,270.50 253,302.26 270,611.42
8.16% 8.16% 8.16% 8.16% 8.16% 8.16% 8.16%

23,774.09 25,858.40 28,171.65 30,490.74 32,828.13 35,194.58 37,599.56
11.45% 11.45% 11.45% 11.45% 11.45% 11.45% 11.45%

19,666.06 21,312.69 23,219.28 25,130.70 27,057.19 29,007.63 30,989.84
4,108.03 4,545.71 4,952.36 5,360.04 5,770.94 6,186.94 6,609.72

119.45 437.69 406.65 407.68 410.90 416.00 422.78
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
1 1 1 1 1 1 1
6% 6% 6% 6% 6% 6% 6%
0.00 0.00 0.00 0.00 0.00 0.00 0.00
-176,113.90 -139,018.49 -167,937.35 -216,486.96 -261,572.25 -303,088.91 -340,914.82

37,095.41 -28,918.85 -48,549.62 -45,085.29 -41,516.66 -37,825.91 -33,996.99
-139,018.49 -167,937.35 -216,486.96 -261,572.25 -303,088.91 -340,914.82 -374,911.81
5,824.05 6,334.65 6,901.34 7,469.45 8,042.06 8,621.77 9,210.93
5,824.05 6,334.65 6,901.34 7,469.45 8,042.06 8,621.77 9,210.93

144,842.54 174,272.00 223,388.30 269,041.70 311,130.96 349,536.59 384,122.74
1 1 1 1 1 1 1
1% 1% 1% 1% 1% 1% 1%
57.55 58.24 63.35 69.01 74.69 80.42 86.22
4% 4% 4% 4% 4% 4% 4%
7,274.76 5,793.70 6,970.88 8,935.53 10,761.67 12,445.24 13,981.46
1,212,739 1,234,666 1,327,231 1,444,727 1,564,071 1,685,261 1,808,298

21,926 92,565 117,497 119,343 121,190 123,037 124,884
1,234,666 1,327,231 1,444,727 1,564,071 1,685,261 1,808,298 1,933,182
2.88% 2.88% 2.88% 2.88% 2.88% 2.88% 2.88%

35,212.91 36,860.20 39,882.54 43,290.16 46,750.93 50,264.83 53,831.88
532,277.56 567,490.48 604,350.68 644,233.22 687,523.38 734,274.30 784,539.13

35,212.91 36,860.20 39,882.54 43,290.16 46,750.93 50,264.83 53,831.88
567,490.48 604,350.68 644,233.22 687,523.38 734,274.30 784,539.13 838,371.01
50,322.00 50,322.00 50,322.00 50,322.00 50,322.00 50,322.00 50,322.00
5.40% 5.40% 5.40% 5.40% 5.40% 5.40% 5.40%

2,717.39 2,717.39 2,717.39 2,717.39 2,717.39 2,717.39 2,717.39
- - - - - - -
315.00 315.00 315.00 315.00 315.00 315.00 315.00
48,115.19 48,115.19 48,115.19 48,115.19 48,115.19 48,115.19 48,115.19
1,873.71 1,873.71 1,873.71 1,873.71 1,873.71 1,873.71 1,873.71
291,202.3 316,732.5 345,066.8 373,472.7 402,102.8 431,088.7 460,546.7

171,729.2 186,108.0 202,756.9 219,447.8 236,270.5 253,302.3 270,611.4
119,473.1 130,624.5 142,309.9 154,024.9 165,832.3 177,786.4 189,935.3
35,212.9 36,860.2 39,882.5 43,290.2 46,750.9 50,264.8 53,831.9
84,260.2 93,764.3 102,427.4 110,734.7 119,081.4 127,521.6 136,103.4
2,717.4 2,717.4 2,717.4 2,717.4 2,717.4 2,717.4 2,717.4
- - - - - - -
7,274.8 5,793.7 6,970.9 8,935.5 10,761.7 12,445.2 13,981.5
57.6 58.2 63.3 69.0 74.7 80.4 86.2
79,760.4 90,746.2 98,237.2 104,585.6 111,111.8 117,874.2 124,925.6
19,940.1 22,686.6 24,559.3 26,146.4 27,777.9 29,468.5 31,231.4
59,820.3 68,059.7 73,677.9 78,439.2 83,333.8 88,405.6 93,694.2
5,623.1 6,397.6 6,925.7 7,373.3 7,833.4 8,310.1 8,807.3
54,197.2 61,662.1 66,752.2 71,065.9 75,500.4 80,095.5 84,886.9
- - - - - - -
54,197 61,662 66,752 71,066 75,500 80,096 84,887
1 1 1 1 1 1 1
119,473.1 130,624.5 142,309.9 154,024.9 165,832.3 177,786.4 189,935.3

2,717.4 2,717.4 2,717.4 2,717.4 2,717.4 2,717.4 2,717.4
19,940.1 22,686.6 24,559.3 26,146.4 27,777.9 29,468.5 31,231.4
119.5 437.7 406.7 407.7 410.9 416.0 422.8
102,130.9 110,217.6 120,061.3 130,188.2 140,360.8 150,619.3 160,998.5
21,926.2 92,565.2 117,496.7 119,343.4 121,190.2 123,037.0 124,883.8
80,204.8 17,652.4 2,564.7 10,844.8 19,170.6 27,582.3 36,114.8
- - - - - - -
7,217.2 5,735.5 6,907.5 8,866.5 10,687.0 12,364.8 13,895.2
32,518.3 36,997.2 40,051.3 42,639.5 45,300.3 48,057.3 50,932.2
3,373.9 3,838.6 4,155.4 4,424.0 4,700.0 4,986.1 5,284.4
37,095.41 -28,918.85 -48,549.62 -45,085.29 -41,516.66 -37,825.91 -33,996.99
466,938.79 488,617.66 513,282.48 539,983.36 568,409.73 598,609.91 630,648.11

54,197.16 61,662.06 66,752.19 71,065.91 75,500.45 80,095.51 84,886.93
32,518.30 36,997.24 40,051.31 42,639.55 45,300.27 48,057.30 50,932.16
488,617.66 513,282.48 539,983.36 568,409.73 598,609.91 630,648.11 664,602.88
41,415.82 43,665.06 46,224.11 48,994.40 51,943.71 55,077.06 58,401.11

5,623.11 6,397.61 6,925.72 7,373.28 7,833.38 8,310.13 8,807.25
3,373.86 3,838.57 4,155.43 4,423.97 4,700.03 4,986.08 5,284.35
43,665.06 46,224.11 48,994.40 51,943.71 55,077.06 58,401.11 61,924.02
5,824.05 6,334.65 6,901.34 7,469.45 8,042.06 8,621.77 9,210.93
23,774.09 25,858.40 28,171.65 30,490.74 32,828.13 35,194.58 37,599.56
29,598.14 32,193.06 35,072.98 37,960.20 40,870.19 43,816.35 46,810.50
1,234,665.56 1,327,230.79 1,444,727.47 1,564,070.91 1,685,261.13 1,808,298.12 1,933,181.89

567,490.48 604,350.68 644,233.22 687,523.38 734,274.30 784,539.13 838,371.01
667,175.08 722,880.12 800,494.25 876,547.54 950,986.83 1,023,758.99 1,094,810.88
50,322.00 50,322.00 50,322.00 50,322.00 50,322.00 50,322.00 50,322.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00
50,322.00 50,322.00 50,322.00 50,322.00 50,322.00 50,322.00 50,322.00
747,095.22 805,395.17 885,889.23 964,829.73 1,042,179.02 1,117,897.34 1,191,943.37

0.00 0.00 0.00 0.00 0.00 0.00 0.00
144,842.54 174,272.00 223,388.30 269,041.70 311,130.96 349,536.59 384,122.74

19,666.06 21,312.69 23,219.28 25,130.70 27,057.19 29,007.63 30,989.84
164,508.60 195,584.69 246,607.58 294,172.40 338,188.15 378,544.22 415,112.58
0.00 0.00 0.00 0.00 0.00 0.00 0.00

1,873.71 1,873.71 1,873.71 1,873.71 1,873.71 1,873.71 1,873.71
48,115.19 48,115.19 48,115.19 48,115.19 48,115.19 48,115.19 48,115.19

315.00 315.00 315.00 315.00 315.00 315.00 315.00
48,430.19 48,430.19 48,430.19 48,430.19 48,430.19 48,430.19 48,430.19
43,665.06 46,224.11 48,994.40 51,943.71 55,077.06 58,401.11 61,924.02

488,617.66 513,282.48 539,983.36 568,409.73 598,609.91 630,648.11 664,602.88
532,282.72 559,506.59 588,977.76 620,353.44 653,686.97 689,049.22 726,526.89
747,095.22 805,395.17 885,889.23 964,829.73 1,042,179.02 1,117,897.34 1,191,943.37
0.00 0.00 0.00 0.00 0.00 0.00 0.00

1 1 1 1 1 1 1
54,197 61,662 66,752 71,066 75,500 80,096 84,887

488,618 513,282 539,983 568,410 598,610 630,648 664,603
477,778 500,950 526,633 554,197 583,510 614,629 647,625
11% 12% 13% 13% 13% 13% 13%
25% 25% 25% 25% 25% 25% 25%
119,473 130,625 142,310 154,025 165,832 177,786 189,935

84,260 93,764 102,427 110,735 119,081 127,522 136,103
63,195.13 70,323.23 76,820.52 83,051.05 89,311.02 95,641.21 102,077.57
144,843 174,272 223,388 269,042 311,131 349,537 384,123

5,824 6,335 6,901 7,469 8,042 8,622 9,211
532,283 559,507 588,978 620,353 653,687 689,049 726,527
1,874 1,874 1,874 1,874 1,874 1,874 1,874
50,322 50,322 50,322 50,322 50,322 50,322 50,322
622,853 678,996 757,016 833,477 908,328 981,516 1,052,990
629,437 650,924 718,006 795,247 870,902 944,922 1,017,253
10.04% 10.80% 10.70% 10.44% 10.25% 10.12% 10.03%

14
2025
0
1
9.4%
5,932.03
4.00%
8920
400
9,320.00
2,850.00
200.00
3,050.00
33%
33%
1,941.28
2025
252.71
109.65
15.37%
2.88%
5.40%
200.00
461.69
92,338.66
1,719,594
0.02
34,391.88
126,730.54
252.71
1,941.28
490,581.27
212,865.01
75,394.33
288,259.34
8.16%
40,051.62
11.45%
33,010.84
7,040.78
431.05
0.00
0.00
0.00
6%
0.00
-374,911.81
-30,015.19
-404,926.99
9,811.63
9,811.63
414,738.62
1%
92.11
4%
15,364.91
1,933,182
126,731
2,059,912
2.88%
57,452.07
838,371.01
57,452.07
895,823.08
50,322.00
5.40%
2,717.39
-
315.00
48,115.19
1,873.71
490,581.3
288,259.3
202,321.9
57,452.1
144,869.9
2,717.4
-
15,364.9
92.1
132,314.5
33,078.6
99,235.8
9,328.2
89,907.7
-
89,908
202,321.9
2,717.4
33,078.6
431.1
171,529.7
126,730.5
44,799.1
-
15,272.8
53,944.6
5,596.9
-30,015.19
664,602.88
89,907.67
53,944.60
700,565.95
61,924.02
9,328.17
5,596.90
65,655.28
9,811.63
40,051.62
49,863.24
2,059,912.43
895,823.08
1,164,089.34
50,322.00
0.00
50,322.00
1,264,274.59
0.00
414,738.62
33,010.84
447,749.46
0.00
1,873.71
48,115.19
315.00
48,430.19
65,655.28
700,565.95
766,221.23
1,264,274.59
0.00
1
89,908
700,566
682,584
13%
25%
202,322
144,870
108,652.40
414,739
9,812
766,221
1,874
50,322
1,122,700
1,087,845
9.99%
Contents
Kraft Foods Cadbury Security

Common Stock Ordinary Shares

Share Price
September 4, 2009 28.10 568.00
November 6, 2009 26.78 758.00
January 28, 2010 28.04 830.50
Kraft at Transaction Date 29.58
Number of Shares 1,478.00 1,374.00
Earnings Per Share 2.16 28.24

EBITDA 827.00
Pre-Acquisition Price 29.58 524
Cadbury Net Debt 2,155
Final Offer
Cash Value 500
Share Value 0.1874
Initial Offer
Cash Value 300
Share Value 0.2589
Sterling/US Exchange Rate 1.6137
Synergies (USD MM) 675
Synergy Timing 1 10%

2 70%
3 90%
4 100%
Implementation Cost 1,200
Implementation Timing 1 30%

2 20%
3 50%
4 0%
Consideration
Cash Value 500 #VALUE!
Kraft Share Price - US$ 29.58 #VALUE!
Kraft Share Price - Pence 1,833.1 #VALUE!
Exchange Ratio 0.1874 #VALUE!
Exchange Value 343.51 #VALUE!
Total 843.51 #VALUE!
Number of Cadbury Shares 1,374.00 #VALUE!
Total Consideration 11,590 #VALUE!
Existing Maket Cap 7,200
Premium 4,390
Value of Synergies - Pre-tax Basis 418.29
Discount Rate 8%
Value of Synergies 5,228.67

Tax Rate 28%
After-tax Value 3,764.64
Implementation 864.00
2,900.64
EV/EBITDA 9
3,764.64
Show Comments
Contents
Show Comments
Assumptions
Operating Inputs
Holding Period 11.00 Equity IRR
Optimal Holding Period
Entry EV/EBTIDA 11.3
Base EBTIDA 1,000
Growth Rate in EBITDA Period Growth

1 -5%
2 15%
3 20%
4 17%
5 10%
6 5%
Growth Rate Sensitvity 100% 300
Exit EV/EBITDA 10
Financing Inputs
Sr. Debt/EBITDA - A 4.00
Interest Rate 6%
Amortisation Period 6.00
Sr. Debt/EBITDA - B 2.5

Interest Rate 6.25%
Cap Exp 200

Cap Exp Growth 5%
Depreciation Rate 2.50%
Sub Debt/EBITDA 1
Interest Rate 12%
Revolver
Commitment as Pct of Senior 10%
Commitment Fee 2%
Interest Rate 8%
Tax Rate 28%
Risk Free Rate 3%

Period 0 1 2 3 4
Holding Period Switch 1 1 1 1
Exit Period Switch 0 0 0 0
Working Analysis
Base EBITDA 1,000

EBITDA Growth Rate - Base Case -5% 15% 20% 17%
Sensitivity Factor 100% 100% 100% 100%
Growth Rate Applied -5.00% 15.00% 20.00% 17.00%
Growth Index 1.00 0.95 1.09 1.31 1.53
EBITDA Used 1,000.00 950.00 1,092.50 1,311.00 1,533.87
Cap Exp - Base Level 200

Cap Exp Growth Rate 5.00% 5.00% 5.00% 5.00%
Cap Exp Applied 200.00 210.00 220.50 231.53 243.10
Terminal EV/EBITDA Ratio 10.00 10.00 10.00 10.00 10.00

Terminal Proceeds 0.00 0.00 0.00 0.00 0.00
Sources and Use of Funds

Uses of Funds
Purcahse Price of Assets 11,300.00
Sources of Funds
Senior Debt - A 4,000.00
Senior Debt - B 2,500.00
Sub Debt - C 1,000.00
Equity 3,800.00
Total 11,300.00
Debt Schedule
Senior Debt - A
Opening Balance 4,000.00 3,333.33 2,666.67 2,000.00
Less: Amortisation 666.67 666.67 666.67 666.67
Less: Repayment at Exit 0.00 0.00 0.00 0.00
Closing Balance 4,000.00 3,333.33 2,666.67 2,000.00 1,333.33
Interest Rate 6% 6% 6% 6% 6%
Interest Expense 0.00 240.00 200.00 160.00 120.00
Senior Debt - B
Opening Balance 2,500.00 2,500.00 2,500.00 2,500.00
Less: Sweep Cash Flow 0.00 0.00 0.00 0.00
Closing Balance 2,500.00 2,500.00 2,500.00 2,500.00 2,500.00
Interest Rate 6.25% 6.25% 6.25% 6.25% 6.25%

Default on Senior Debt

Opening Balance 0.00 0.00 0.00 0.00
Add: Defaults 0.00 0.00 0.00 0.00
Less: Repayment of Default 0.00 0.00 0.00 0.00
Closing Balance 0.00 0.00 0.00 0.00 0.00
Interest Rate 6.25% 6.25% 6.25% 6.25% 6.25%

Revolving Debt
Total Commitment 650.00 650.00 650.00 650.00 650.00

Amount Drawn 0.00 0.00 335.92 519.99 467.63
Remaining Balance 650.00 650.00 314.08 130.01 182.37
Opening Balance 0.00 335.92 519.99 467.63

Add: Draws on Revolver 335.92 184.07 0.00 0.00
Less: Repayments on Revolver 0.00 0.00 52.36 306.79
Closing Balance 0 335.92 519.99 467.63 160.83
Interest Rate 8% 8% 8% 8% 8%
Commitment Fee Percent 2% 2% 2% 2% 2%

Commitment Fee Amount 13.00 13.00 6.28 2.60 3.65
Sub Debt - C
Opening Balance 1,000.00 1,120.00 1,254.40 1,404.93
Add: Capitalised Intrest 120.00 134.40 150.53 168.59
Less: Cash Sweep on Sub Debt 0.00 0.00 0.00 0.00
Closing Balance 1,000.00 1,120.00 1,254.40 1,404.93 1,573.52
Interest Rate 12% 12% 12% 12% 12%

Cash Flow Statement

EBITDA 950.00 1,092.50 1,311.00 1,533.87
Less: Capital Expenditures 210.00 220.50 231.53 243.10
Add: Terminal Proceeds 0.00 0.00 0.00 0.00
Total Cash Flow Before Financing 740.00 872.00 1,079.48 1,290.77
Less: Senior Debt Interest - A 240.00 200.00 160.00 120.00
Less: Repayment of Senior - A 666.67 666.67 666.67 666.67
Less: Senior Inerest - B 156.25 156.25 156.25 156.25
Less: Repayment of Senior - B 0.00 0.00 0.00 0.00
Less: Interest on Senior Default 0.00 0.00 0.00 0.00
Less: Interest on Revolver 0.00 26.87 41.60 37.41
Less: Commitment Fee 13.00 6.28 2.60 3.65
Cash Flow After Senior Debt -335.92 -184.07 52.36 306.79
Add: Draws from Revolving Credit 335.92 184.07 0.00 0.00
Less: Repayments of Revolving Credit 0.00 0.00 52.36 306.79
Cash Flow After Revolving Credit 0.00 0.00 0.00 0.00
Less: Cash Flow Sweep - Senior 0.00 0.00 0.00 0.00
Cash Flow After Sweep 0.00 0.00 0.00 0.00
Add: Default on Senior Debt 0.00 0.00 0.00 0.00
Less: Repayment of Senior Default 0.00 0.00 0.00 0.00
Cash Flow to Sub Debt 0.00 0.00 0.00 0.00
Less: Cash Sweep on Sub Debt 0.00 0.00 0.00 0.00
Less: Repayment of Sub Debt 0.00 0.00 0.00 0.00
Cash Flow After Sub Debt 0.00 0.00 0.00 0.00
Add: Default on Sub Debt 0.00 0.00 0.00 0.00
Equity Cash Flow 0.00 0.00 0.00 0.00
IRR Statistics
Equity Cash Flow -3,800.00 0.00 0.00 0.00 0.00
Equity IRR 19.82% 19.82%
Discount Rate 3%
Equity NPV at Rf 15,380.43
Senior Cash Flow -6,500.00 1,062.92 1,022.92 982.92 942.92

Senior IRR 6.13%
Discount Rate 3%
Senior NPV at Rf $834.86
Sub Cash Flow -1,000.00 0.00 0.00 0.00 0.00

Sub IRR 12.00%
Discount Rate 3%
Sub NPV at Rf $984.79
J - Curve Analysis Equity IRR

1 -41.82%
2 2.39%
3 21.03%
4 26.63%
5 26.46%
6 24.63%
7 23.19%
8 22.01%
9 21.09%
10 20.37%
11 19.82%
Max 26.63%
Optimal Holding Period Match 4.00
Break Even Analysis Senior NPVSub NPV Equity NPV
-250% -5409.904 -970.8738 -3689.32

-245.0% -5321.231 -970.8738 -3689.32
-240.0% -5228.853 -970.8738 -3689.32
-235.0% -5132.634 -970.8738 -3689.32
-230.0% -5032.435 -970.8738 -3689.32
-225.0% -4928.114 -970.8738 -3689.32
-220.0% -4819.523 -970.8738 -3689.32
-215.0% -4706.511 -970.8738 -3689.32
-210.0% -4588.921 -970.8738 -3689.32
-205.0% -4466.594 -970.8738 -3689.32
-200.0% -4339.364 -970.8738 -3689.32
-195.0% -4207.063 -970.8738 -3689.32
-190.0% -4069.515 -970.8738 -3689.32
-185.0% -3926.542 -970.8738 -3689.32
-180.0% -3777.96 -970.8738 -3689.32
-175.0% -3623.579 -970.8738 -3689.32
-170.0% -3463.205 -970.8738 -3689.32
-165.0% -3296.64 -970.8738 -3689.32
-160.0% -3123.677 -970.8738 -3689.32
-155.0% -2944.106 -970.8738 -3689.32
-150.0% -2757.628 -970.8738 -3689.32
-145.0% -2564.096 -970.8738 -3689.32
-140.0% -2363.292 -970.8738 -3689.32
-135.0% -2154.982 -970.8738 -3689.32
-130.0% -1938.927 -970.8738 -3689.32
-125.0% -1714.881 -970.8738 -3689.32
-120.0% -1474.451 -970.8738 -3689.32
-115.0% -1372.656 -970.8738 -3689.32
-110.0% -1268.108 -970.8738 -3689.32
-105.0% -1053.978 -970.8738 -3689.32
-100.0% -786.0654 -970.8738 -3689.32
-95.0% -508.5507 -970.8738 -3689.32
-90.0% -221.1412 -970.8738 -3689.32
-85.0% 76.46294 -970.8738 -3689.32
-80.0% 384.5687 -970.8738 -3689.32
-75.0% 703.4905 -970.8738 -3689.32
-70.0% 1033.551 -970.8738 -3689.32
-65.0% 1375.23 -970.8738 -3689.32
-60.0% 1432.622 -673.0914 -3689.32
-55.0% 1417.27 -286.194 -3689.32
-50.0% 1402.912 113.5367 -3689.32
-45.0% 1388.335 526.5623 -3689.32
-40.0% 1373.54 953.2593 -3689.32
-35.0% 1357.819 1394.067 -3689.32
-30.0% 1338.888 1468.911 -3308.675
-25.0% 1316.908 1468.911 -2838.108
-20.0% 1294.517 1468.911 -2352.261
-15.0% 1271.057 1468.911 -1850.658
-10.0% 1245.876 1468.911 -1332.816
-5.0% 1220.217 1468.911 -798.3962
0.0% 1194.073 1468.911 -246.9482
5.0% 1167.437 1468.911 321.9881
10.0% 1140.303 1468.911 908.8826
15.0% 1112.662 1468.911 1514.216
20.0% 1084.509 1468.911 2138.478
25.0% 1055.356 1468.911 2782.209
30.0% 1025.096 1468.911 3445.931
35.0% 998.9159 1458.732 4136.538
40.0% 978.3047 1436.202 4855.889
45.0% 957.5695 1413.167 5597.082
50.0% 940.5309 1382.608 6365.162
55.0% 930.3885 1337.692 7165.116
60.0% 920.0666 1291.817 7988.928
65.0% 908.8069 1244.956 8837.27
70.0% 894.9314 1196.386 9711.398
75.0% 886.7642 1144.553 10607.54
80.0% 878.4727 1104.338 11517.26
85.0% 868.1016 1063.328 12453.77
90.0% 857.1764 1021.796 13417.32
95.0% 846.0976 1003.455 14384.81
100.0% 834.8638 984.7899 15380.43
105.0% 827.8462 953.0123 16413.28
110.0% 821.5844 918.2322 17477.4
115.0% 815.246 885.1408 18569.65
120.0% 807.8347 870.0433 19674.51
125.0% 799.9717 854.7128 20810.91
130.0% 792.0225 839.1497 21979.57
135.0% 783.9866 823.3519 23181.24
140.0% 775.8639 807.3175 24416.71
145.0% 767.6539 791.0443 25686.77
150.0% 760.4263 771.4025 26994.3
155.0% 756.2959 759.5132 28326.86
160.0% 752.1305 747.5834 29696.24
165.0% 747.9301 735.5058 31103.38
170.0% 743.6947 723.2796 32549.15
175.0% 739.4243 710.904 34034.44
180.0% 735.1188 698.3783 35560.14
185.0% 730.7785 685.7017 37127.17
190.0% 726.4032 672.8735 38736.46
195.0% 721.9929 659.8928 40388.96
200.0% 717.5478 646.759 42085.62
205.0% 713.1939 633.6757 43827.1
210.0% 711.6931 625.3293 45606.94
215.0% 710.1848 616.9075 47433.84
220.0% 708.669 608.4103 49308.8
225.0% 707.1457 599.8377 51232.9
230.0% 705.6151 591.1896 53207.17
235.0% 703.8738 582.4646 55232.74
240.0% 701.8425 573.6621 57310.69
245.0% 699.8049 564.7841 59442.13
250.0% 697.7611 555.8306 61628.19
Graph
Equity IRR 19.82% Exit EV/EBITDA 10

19.82%
4.00
5 6 7 8 9 10 11 12 13 14
1 1 1 1 1 1 1 0 0 0
0 0 0 0 0 0 1 0 0 0
10% 5% 5% 5% 5% 5% 5% 5% 5% 5%
100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
10.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%
1.69 1.77 1.86 1.95 2.05 2.15 2.26 2.37 2.49 2.62
1,687.26 1,771.62 1,860.20 1,953.21 2,050.87 2,153.42 2,261.09 2,374.14 2,492.85 2,617.49
5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%
255.26 268.02 281.42 295.49 310.27 325.78 342.07 359.17 377.13 395.99
10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
0.00 0.00 0.00 0.00 0.00 0.00 22,610.86 0.00 0.00 0.00
1,333.33 666.67 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
666.67 666.67 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
666.67 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
6% 6% 6% 6% 6% 6% 6% 6% 6% 6%
80.00 40.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
2,500.00 2,154.40 1,505.12 33.41 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
345.60 649.28 1,471.71 33.41 0.00 0.00 0.00 0.00 0.00 0.00
2,154.40 1,505.12 33.41 0.00 0.00 0.00 0.00 0.00 0.00 0.00
6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25%
156.25 134.65 94.07 2.09 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 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
6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25%
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
650.00 650.00 650.00 650.00 650.00 650.00 650.00 650.00 650.00 650.00
160.83 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
489.17 650.00 650.00 650.00 650.00 650.00 650.00 650.00 650.00 650.00
160.83 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
160.83 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
8% 8% 8% 8% 8% 8% 8% 8% 8% 8%
12.87 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
2% 2% 2% 2% 2% 2% 2% 2% 2% 2%
9.78 13.00 13.00 13.00 13.00 13.00 13.00 13.00 13.00 13.00
1,573.52 1,762.34 1,973.82 2,210.68 866.74 0.00 0.00 0.00 0.00 0.00
188.82 211.48 236.86 265.28 104.01 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 1,609.23 970.75 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
1,762.34 1,973.82 2,210.68 866.74 0.00 0.00 0.00 0.00 0.00 0.00
12% 12% 12% 12% 12% 12% 12% 12% 12% 12%
188.82 211.48 236.86 265.28 104.01 0.00 0.00 0.00 0.00 0.00
1,687.26 1,771.62 1,860.20 1,953.21 2,050.87 2,153.42 2,261.09 0.00 0.00 0.00
255.26 268.02 281.42 295.49 310.27 325.78 342.07 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 22,610.86 0.00 0.00 0.00
1,432.00 1,503.60 1,578.78 1,657.72 1,740.61 1,827.64 24,529.88 0.00 0.00 0.00
80.00 40.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
666.67 666.67 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
156.25 134.65 94.07 2.09 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 0.00 0.00
12.87 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
9.78 13.00 13.00 13.00 13.00 13.00 13.00 0.00 0.00 0.00
506.43 649.28 1,471.71 1,642.63 1,727.61 1,814.64 24,516.88 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
160.83 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
345.60 649.28 1,471.71 1,642.63 1,727.61 1,814.64 24,516.88 0.00 0.00 0.00
345.60 649.28 1,471.71 33.41 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 1,609.23 1,727.61 1,814.64 24,516.88 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 0.00 0.00 1,609.23 1,727.61 1,814.64 24,516.88 0.00 0.00 0.00
0.00 0.00 0.00 1,609.23 970.75 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 0.00 756.86 1,814.64 24,516.88 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 0.00 756.86 1,814.64 24,516.88 0.00 0.00 0.00
0.00 0.00 0.00 0.00 756.86 1,814.64 24,516.88 0.00 0.00 0.00
1,248.52 1,490.60 1,565.78 35.49 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 1,609.23 970.75 0.00 0.00 0.00 0.00 0.00
Optimal Holding Period 4.00
15
0
0
5%
100%
5.00%
2.75
2,748.36
5.00%
415.79
10.00
0.00
0.00
0.00
0.00
0.00
6%
0.00
0.00
0.00
0.00
0.00
6.25%
0.00
0.00
0.00
0.00
0.00
6.25%
0.00
650.00
0.00
650.00
0.00
0.00
0.00
0.00
8%
0.00
2%
13.00
0.00
0.00
0.00
0.00
0.00
12%
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
0.00
0.00
0.00
0.00
0.00
Equity IRR 19.82% Exit EV/EBITDA 10 Optimal Holding Period 4.00
40.00%
30.00%
20.00%
10.00%
E
q
u
i
t 0.00%
y 1 2 3 4 5 6 7 8 9 10 11
I
R -10.00%
R
-20.00%
This graph shows the
relationship between the
terminal period and the
-30.00% optimal holding period. If
the valuation is low, the LBO
-40.00% can be held for longer
periods
Holding Period
-50.00%
LBO Break Even Analysis
10000
8000 Senior NPV

Sub NPV
Equity NPV
6000
4000
2000
0
-230%
-180%
-160%
-150%
-130%
-100%
-90%
-80%
-70%
-50%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
60%
70%
80%
100%
110%
-250%
-240%
-220%
-210%
-200%
-190%
-170%
-140%
-120%
-110%
-60%
90%
-2000
This graph shows the

-4000
break-even points between
the value generated by
-6000 different securities in the
LBO.
-8000
Contents
Current Share Price 44.14
Number of Target Company Shares 9,425.62
Premium Percent 28.0%
Total Consideration 532,481.38

Uses of Funds
Advisory Fees 10,649.63
Debt Fees 6,750.00
Debt Retirement 100,000.00
Total Uses of Funds 649,881.01 Return on Invested C
10.00%
9.00%
Sources of Funds 8.00%
Use of Target Cash 70,000.00 7.00%
Senior Debt - A 150,000.00 6.00%
Senior Debt - B 100,000.00 5.00%
Sub Debt - C 150,000.00 4.00%
JV Partner 10,000.00 3.00%
2.00%
Equity 169,881.01
1.00%
Total Sources of Funds 649,881.01
0.00%
1 2 3 4
Equity IRR 14.36% Show Comments
Synergies 9,000.00
Holding Period 8 Debt to EBITDA

6.00
Exit EV/EBITDA 6.70

5.00
Industry Demand Growth 4.90%
4.00
Selling Price Base Case
Variable Cost Base Case 3.00
2.00
10.00%
9.00% 1.00
8.00%
7.00%
6.00% -
5.00% 1 2 3 4 5 6 7
4.00%
3.00%
2.00%
1.00%
0.00%
1 2 3 4 5 6 7
Debt to EBITDA
4 5 6 7 8 9 10 11
Model OK Demand Growth
Show Comments Price Scenario Base Case
Forecast Year 0 0 1
Holding Period Switch 1
Terminal Period Switch 0
Year 2001 2011 2012
Transaction Assumptions
Consideration
Current Share Price 44.14
Number of Target Company Shares 9,426
Premium Percent 28%
Add: Debt 177,680

Add: Minority Interest at Mkt Value 30,160
Less: Suplus Cash 78,169
Add: Unfunded Pension Obligations 1,874
Add: Derivative Liabilities 315
Less: Derivative Assets 0
Less: Mkt Value of Assoc Cos 50,322
Total Adjustments 81,538.36
EBITDA 82,408.86
Earnings to Common 35,749
Advisory Fees as Pct of Consideration 2%
Debt Retirement 100,000
Financing of Transaction
Use of Target Company Cash 70,000

Senior Debt - Amortising Debt 200,000
Term of Debt 5
Credit Spread 3.50%
Senior Debt - Bullet Debt 100,000

Term of Debt 6
Credit Spread 4.50%
Senior Debt/EBTIDA 3.64
Cash Sweep
Debt to EBITDA Sweep Pct
15.00 100%
3.50 90%
3.00 75%
2.00 0%
Capitalising Debt 150,000

Credit Spread 10%
Debt Fees 1.50%
JV Financing 10,000
Revolving Commitment 150,000

Commitment Fee 1.80%
Sources and Uses of Funds

Uses of Funds
Advisory Fees 10,649.63
Debt Fees 6,750.00
Debt Retirement 100,000.00
Total Uses of Funds 649,881.01
Sources of Funds
Use of Target Cash 70,000.00
Senior Debt - A 150,000.00
Senior Debt - B 100,000.00
Sub Debt - C 150,000.00
JV Partner 10,000.00
Equity 169,881.01
Total Sources of Funds 649,881.01
Test 1
Buying Company -- Share Price 60

Share Exchange Portion 31.90%
Share Exchange Ratio - 100% Shares 0.9416
Share Exchange Ratio - Allocated 0.3004
Share Value Check 169,881.01

Cash Value per Share 38.47
Accounting Adjustments
Plant Write-up 50,000

Current Assets Write Down 2,000
Intangible Assets 150,000
Deferred Tax Liabilty Write-up 50,000
Goodwill
Less: Existing Equity 358,455.75
Less: Plant Write-up 50,000.00
Less: Intangbile Assets 150,000.00
Add: Current Asset Write-down 2,000.00
Add: Deferred Tax Write-up 50,000.00
Total Goodwill 26,025.63
Other Transaction Assumptions

Holding Period 8
Exit EV/EBITDA Multiple 6.70
EURIBOR 1.90%
Synergies 9000
Tax Depreciation Rate 4%
Intangible Amortisation Period 15
Debt Issuance Amortisation Period 5
History
Balance Sheet Base Cash Used

Assets
Cash Balance 2,484 3,852
Investments 209 78,169 -70,000.00
A/R and Other Current Assets 10,209 15,723
Total Current Assets 12,902 97,744
Plant Assets 480,432 839,838

Accumulated Depreciation 230,240 358,687
Net Plant 250,192 481,152
Goodwill
Intangible Assets
Debt Issuance Costs
Other Non-Associated Investments 50,322 50,322

Derivative Assets 0 0
Total Other Assets 50,322 50,322
Total Assets 313,416 629,218
Liabilities
Short-term Debt 1,630 6,000
Other Current Liabilities 6,908 12,617
Total Current Liabilities 8,538 18,617
Long-term Debt 87,744 171,680

Un-funded Pension Plans 367 1,874
Deferred Income Taxes 25,019 48,115

Derivative Liabilities 0 315
Total Other Liabilities 113,130 221,984
Minority Interest 19,175 30,160

Common Equity 95,874 175,874
Retained Earnings 76,699 182,582
Total Equity 191,748 388,616
Total Liabilities and Capital 313,416 629,218
Difference 0 0
Test 1 1
Aggregate Test 1
Income Statement
Revenues 124,215 192,585
Less: Cash Operating Expense 41,405 80,579
Gross Profit 82,810 112,006
Less: Selling and Administrative 18,632 29,597
Less: Depreciation Expense 13,825 24,167
Operating Profit 50,353 58,242
Add: Other Income 2,717 2,717
Add: Interest Income 53 1,640
Less: Interest Expense - LTD 5,265 8,322
Less: Interest Expense - STD 82 300
Earnings Before Tax 47,777 53,978
Less: Taxes 11,944 14,520
Net Income before Minority 35,833 39,458
Less: Minority 3,368 3,709
Net Income 32,465 35,749
Shares 7,400 9,426

EPS 4.39 3.79
Stock Price 52.65 44.14
Dividends 22,725 23,237
Operating
Industry Volumes 1,820.00 3,425.60
Company Volumes 637.00 868.33
Industry Capacity 2,020.00 4,200.00

Company Capacity 600 1,100.00
Cost of Capacity 597.55
Assumptions
New Capacity from Competitors 2012

2013
2014
2015
2016
2017
2018
2019
2020
Industry Demand Growth After 2011 4.90%
Price Price Scenario
Base Case
Base Case
2012
2013
2014
2015
2016
2017
2018
2019
Variable Cost Var Cost Scena
2012
Base Case
2013
2014
2015
2016
2017
2018
2019
Tax Rate 25%
Cost of New Plant per Unit 2012

2013
2014
2015
2016
2017
2018
2019
Maintenance Cap Exp Percentage of Plant 2%
Intrerest Rate on Existing Debt 6%
Term of Exiting Debt 5.00
Min Cash as Pct of Sales 2%

Minority Interest Percentage 9.4% 5.6% 5.6%
Tax Rate 25% 27% 25%

Working Section
Industry Demand 1,820.00 3,425.60 3,593.45

Growth Rate -7.91% 4.90%
Industry Capacity
Opening Balance 0 3900 4200
Add: New Capacity 0 0 400
Closing Balance 2,020.00 4,200.00 4,600.00
Company Capacity
Opeing Balance 0.00 1,100.00 1,100.00
Add: New Capacity 0.00 0.00 200.00
Closing Balance 600.00 1,100.00 1,300.00
Capacity Percentage for Company 30% 26% 28%
Market Share 35% 25% 28%

Company Volumes 637.00 868.33 1,015.54
2001 2011 2012
Selling Price 195.00 221.79 220.00
Production Cost/Unit 65.00 92.80 95.00
SG&A Expenses as Pct Revenue 15.00% 15.37% 15.37%
Depreciation as Pct of Plant Balance 2.88% 2.88% 2.88%
Other Income as Pct of Investment in Assoc Cos 5.40% 5.40% 5.40%
New Capacity 0.00 0.00 200.00

Cost per Unit of New Capacity 0.00 0.00 400.00
Cap Exp for New Capacity 0.00 0.00 80,000.00
Total Plant Value 480,432 839,838 919,838
Maintenance Cap Exp Percent 0 0 0.02

Maintenance Capital Expenditures 0.00 0.00 18,396.77
Total Cap Exp 0.00 0.00 98,396.77
Price 195.00 221.79 220.00

Volumes 637.00 868.33 1,015.54
Revenues 124,215.00 192,585.50 223,419.00
Cost of Production 41,405.00 80,579.40 96,476.38

SG&A Expenses 18,632.25 29,597.25 34,335.85
Less: Synergies 0.00 9,000.00
Total Expenses 60,037.25 110,176.64 121,812.24
Terminal EV/EBITDA Ratio 6.70 6.70

EBITDA 82,408.86 101,606.76
Terminal Proceeds - -
Working Capital
Other Current Assets as Pct of Revenues 8.22% 8.16% 8.16%

Level of Current Assets 10,209.45 13,722.90 18,240.18
Other Current Liabilites as Pct of Expenses 11.51% 11.45% 11.45%

Level of Other Current Liabilities 6,908.40 12,617.19 13,949.68
Total Working Capital 3,301.06 1,105.71 4,290.51

Change in Working Capital -3,242.99 3,184.80
Debt Section
Existing Debt
Opening Balance 0.00 77,680.38
Less: Repayments of Long-term Debt 0.00 0.00 15,536.08
Closing Balance 87,743.81 77,680.38 62,144.30
Test 1 1 1
Aggregate Test 1
Interest Rate 6% 6% 6%
Interest Expense on Long-term Debt 5,264.63 8,321.65 4,194.74
Cash Balance 12,020.84 12,020.84
Interest Rate on Cash 1% 1% 1%

Interest Income 0.00 120.21
Senior Debt A
Less: Scheduled Repayments 30,000.00
Less: Cash Flow Sweep - A -
Less: Repayments at Exit -
Closing Balance 150,000.00 120,000
EURIBOR Rate 1.90%
Credit Spread 3.50%
Total Interest Rate 5.40%
Interest Expense 8,100.00
Senior Debt B
Less: Scheduled Repayment -
Less: Repayment at Exit -
Less: Cash Flow Sweep -
Closing Balance 100,000.00 100,000.00
EURIBOR Rate 1.90%

Credit Spread 4.50%
Total Interest Rate 6.40%
Interest Expense 6400
Revolving Debt Facility

Total Debt Commitment 150,000.00
Amount Borrowed -
Available Amount 150,000.00
Opening Balance -
Add: Amount Borrowed 78,087.25
Less: Amount Repaid -
Closing Balance - 78,087.25
Intrest Rate 6.40%

Intrest Expense -
Commitment Fee 1.80%

Commitment Fee Expense 2,700.00
Defaulted Senior Debt

Opening Balance 0
Add: Debt Defaults -
Less: Repayments of Default -
Closing Balance -
Interest Rate 6.40%

Interest Expense 0
Sub Debt - C
Add: Capitalised Interest 17,850.0
Less: Repayment -
Closing Balance 150,000.00 167,850
EURIBOR Rate 1.90%

Credit Spread 10%
Interest Rate 12%
Interest Expense 17,850.00
Total Debt Balance 477,680 528,082

Total Interest Expense - 35,050.00
Fixed Asset
Plant Balance
Opening Balance - 889,838
Add: Capital Expenditures - 98,397
Less: Terminal Proceeds - -
Closing Balance 889,838 988,235

Depreciation Expense 24,166.95 27,021.46
Add: Depreciation Expense 24,166.95 27,021.46
Closing Balance 358,686.60 385,708.06
Tax Basis
Existing Deferred Taxes 25,019 48,115
Tax Rate 25% 27%
Difference in Base 178,870
Tax Deprecation Base

Opening Balance 178,870
Add: Capital Expenditures 98,397
Closing Balance 178,870 277,267
Tax Deprecation Rate 4%

Tax Deprecaitaion 9,122.74
Intangible Assets
Base Value of Intangible Assets 150,000 150,000
Amortisation 10,000
Net Uamortised Intangible Assets 150,000 140,000
Debt Issuance Cost

Base Value 6,750 6,750
Amortisation 1,350
Net Unamortised Debt Issuance Cost 6,750 5,400
Investments in Associate Companies 50,322.00 50,322.00
Other Income as Percent of Investments 5.40% 5.40%

Other Income 2,717.39 2,717.39
Dervative Assets - -
Dervative Liabilities 315.00 315.00
Pension Obligations 1,873.71 1,873.71
Goodwill 26,025.63 26,025.63
Profit and Loss
Revenues 223,419.0
Less: Operating Expense 121,812.2
EBITDA 101,606.8
Less: Deprecaition Expense 27,021.5
Less: Amortisation 11,350.0
EBIT 63,235.3
Add: Other Income 2,717.4
Less: Interest Expense on Existing Debt 4,194.7
Less: New Interest Expense 35,050.0
Plus: Interest Income 120.2
EBT 26,828.2
Less: Taxes Booked 6,707.0
Earnings before Minority Interest 20,121.1
Less: Minority Interest 1,118.6
Earnings to Common 19,002.5
Historic Earnings -
Difference 19,003
Taxes Paid
EBT - Books 26,828
Add: Book Depreciation 27,021
Add: Amortisation 11,350
Less: Tax Depreciation 9,123
Adjused EBT 56,077
NOL Balance
Opening Balance -
Add: Tax Loss -
Less: NOL Used -
Closing Balance -
EBT Adjusted for NOL 56,077

Taxes Paid 14,019
Change in Deferred Tax (7,312.18)

Accumulated Deferred Tax 98,115.19 90,803.01
Cash Flow
EBTIDA 101,606.8
Add: Other Income 2,717.4
Less: Taxes Paid 14,019.2
Less: WC Changes 3,184.8
Operating Cash Flow 87,120.1
Less: Capital Expenditures 98,396.8
Add: Terminal Proceeds -
Cash Before Financing (11,276.6)
Less: Debt Repayment - Existing 15,536.1
Less: Net Interest Expense 4,074.5
Less: Senior Interest - A 8,100.0
Less: Senior Interest - B 6,400.0
Less: Interest on Revolver -
Less: Interest in Defaulted Debt -
Less: Amortising Repayment 30,000.0
Less: Commitment Fee Expense 2,700.0
Less: Repayment on Bullet Debt -
Cash Flow After Senior Debt (78,087.2)
Add: Borrowings from Revolver 78,087.2
Less: Repayments of Revolver -
Cash Flow After Revolver -
Add: Default -
Less: Repayment of Default -
Cash Flow After Default -
Less: Cash Flow Sweep - A -
Cash After Sweep on A -
Less: Cash Flow Sweep - B -
Cash Flow After Sweep on B -
Less: Cash Sweep for Sub Debt -
Cash Available for Common Equity -
Dividends to Minority Equity -
Dividends to Common Equity -
Debt to EBITDA 3.5

Match 2
Cash Sweep Percentage 0.90
Equity Cash Flow -169,881.01 -

Equity IRR 14%
Balance Sheet
Common Equity
Add: Net Income 0.0 19,002.5
Less: Dividends 0.0 0.0
Minority Equity
Add: Minority Income 0.0 1,118.6
Less: Dividends to Minority 0.0 0.0
Assets
Cash Balance 12,020.8 12,020.8
A/R and Other Current Assets 13,722.9 18,240.2
Total Current Assets 25,743.7 30,261.0
Plant Assets 889,838.5 988,235.3

Accumulated Depreciation 358,686.6 385,708.1
Net Plant 531,151.9 602,527.2
Other Assets
Goodwill 26,025.6 26,025.6
Intangible Assets - Unamortised 150,000.0 140,000.0
Debt Issuance Costs - Unamortised 6,750.0 5,400.0
Other Non-Associated Investments 50,322.0 50,322.0

Derivative Assets 0.0 0.0
Total Other Assets 233,097.6 221,747.6
Total Assets 789,993.3 854,535.8

789,993.3 0.0
Liabilities
Short-term Debt
Other Current Liabilities 12,617.19 13,949.68
Total Current Liabilities 12,617.19 13,949.68
Long-term Debt 477,680.38 528,081.55

Un-funded Pension Plans 1,873.71 1,873.71
Deferred Income Taxes 98,115.19 90,803.01

Derivative Liabilities 315.00 315.00
Total Other Liabilities 98,430.19 91,118.01
Minority Interest 40,160.41 41,278.99

Common Equity 159,231.38 178,233.92
Total Equity 199,391.78 219,512.90
Total Liabilities and Capital 789,993.25 854,535.85
Difference 0.00 0.00

Test 1 1
Aggregate Test 1
Financial Ratios
Return on Common Equity

Net Income to Common Shares 19,003
Divided by Common Equity 178,234
Average Common Equity 178,234
ROE 11%

EBITDA 101,607
EBIT 63,235
NOPLAT = EBIT x (1-tax Rate) 47,426.48
Invested Capital
Debt 528,082
Less: Surplus Cash 12,021
Add: Equity 219,513
Add: Unfunded Pensions 1,874
Less: Investment in Assoc Co's 50,322
Total Invested Capital 687,125
Average Invested Capital 687,125
ROIC 6.90%
Total Debt 490,297.57 542,031.23

EBITDA - 101,606.8
Debt to EBITDA 5.33
Graphs
2012
Operating Cash 87,120.1
Capital Expenditures (98,396.8)
Operating Cash After Cap Exp (11,276.6)
Senior Interest - A 8,100.0
Senior Repayment - A 30,000.0
Verification Page for LBO Model

Sources and Uses 1
Historical B/S 1
Pro-Forma Adjsutments 1
Pro-Formal Balance Sheet 1
1
1
1
Future Balance Sheet 1
Aggregate Check 1
5%
Base Case Variable Cost Base Case Equity IRR 14%
2 3 4 5 6 7
1 1 1 1 1 1
0 0 0 0 0 0
2013 2014 2015 2016 2017 2018
Debt to EBITDA
From To Sweep Pct
15.00 3.5 100%
3.50 3 90%
3.00 2 75%
2.00 0 0%
Valuations Goodwill Debt Ret. Debt Issued Equity Ret. New Equity
-2,000.00
50,000.00
26,025.63
150,000.00
6,750.00
-100,000.00 400,000.00
50,000.00
(175,874) 159,231
(182,582)
5.6% 5.6% 5.6% 5.6% 5.6% 5.6%
25% 25% 25% 25% 25% 25%

3,769.53 3,954.24 4,148.00 4,351.25 4,564.46 4,788.12
4.90% 4.90% 4.90% 4.90% 4.90% 4.90%
4600 4920 5170 5620 5670 6220

320 250 450 50 550 300
4,920.00 5,170.00 5,620.00 5,670.00 6,220.00 6,520.00
1,300.00 1,300.00 1,400.00 1,400.00 1,400.00 1,700.00

0.00 100.00 0.00 0.00 300.00 0.00
1,300.00 1,400.00 1,400.00 1,400.00 1,700.00 1,700.00
26% 27% 25% 25% 27% 26%
26% 27% 25% 25% 27% 26%

996.01 1,070.78 1,033.31 1,074.38 1,247.52 1,248.44
2013 2014 2015 2016 2017 2018
224.40 228.89 233.47 238.14 242.90 247.76
97.38 99.81 102.30 104.86 106.44 108.03
15.37% 15.37% 15.37% 15.37% 15.37% 15.37%
2.88% 2.88% 2.88% 2.88% 2.88% 2.88%
5.40% 5.40% 5.40% 5.40% 5.40% 5.40%
0.00 100.00 0.00 0.00 300.00 0.00

410.00 420.25 430.76 441.53 448.15 454.87
0.00 42,025.00 0.00 0.00 134,444.41 0.00
919,838 961,863 961,863 961,863 1,096,308 1,096,308
0.02 0.02 0.02 0.02 0.02 0.02

18,396.77 19,237.27 19,237.27 19,237.27 21,926.16 21,926.16
18,396.77 61,262.27 19,237.27 19,237.27 156,370.57 21,926.16
224.40 228.89 233.47 238.14 242.90 247.76

996.01 1,070.78 1,033.31 1,074.38 1,247.52 1,248.44
223,505.64 245,088.76 241,242.20 255,848.10 303,020.08 309,307.08
96,986.91 106,873.91 105,712.24 112,662.11 132,780.10 134,870.60

34,349.17 37,666.14 37,074.99 39,319.67 46,569.24 47,535.45
9,000.00 9,000.00 9,000.00 9,000.00 9,000.00 9,000.00
122,336.07 135,540.05 133,787.23 142,981.79 170,349.33 173,406.05
6.70 6.70 6.70 6.70 6.70 6.70

101,169.57 109,548.71 107,454.97 112,866.31 132,670.75 135,901.03
- - - - - -
8.16% 8.16% 8.16% 8.16% 8.16% 8.16%

18,247.26 20,009.33 19,695.29 20,887.73 24,738.91 25,252.18
11.45% 11.45% 11.45% 11.45% 11.45% 11.45%

14,009.67 15,521.76 15,321.03 16,373.97 19,508.04 19,858.09
4,237.59 4,487.57 4,374.26 4,513.76 5,230.87 5,394.10

-52.91 249.98 -113.31 139.50 717.10 163.23
62,144.30 46,608.23 31,072.15 15,536.08 0.00 0.00

15,536.08 15,536.08 15,536.08 15,536.08 0.00 0.00
46,608.23 31,072.15 15,536.08 0.00 0.00 0.00
1 1 1 1 1 1
6% 6% 6% 6% 6% 6%
3,262.58 2,330.41 1,398.25 466.08 0.00 0.00
12,020.84 12,020.84 12,020.84 12,020.84 12,020.84 12,020.84
1% 1% 1% 1% 1% 1%
120.21 120.21 120.21 120.21 120.21 120.21
120,000.00 90,000.00 60,000.00 30,000.00 0.00 0.00

30,000.00 30,000.00 30,000.00 30,000.00 - -
- - - - - -
- - - - - -
90,000 60,000 30,000 - - -
1.90% 1.90% 1.90% 1.90% 1.90% 1.90%
3.50% 3.50% 3.50% 3.50% 3.50% 3.50%
5.40% 5.40% 5.40% 5.40% 5.40% 5.40%
6,480.00 4,860.00 3,240.00 1,620.00 - -
100,000.00 100,000.00 100,000.00 100,000.00 100,000.00 -

- - - - 100,000.00 -
- - - - - -
- - - - - -
100,000.00 100,000.00 100,000.00 100,000.00 - -
1.90% 1.90% 1.90% 1.90% 1.90% 1.90%

4.50% 4.50% 4.50% 4.50% 4.50% 4.50%
6.40% 6.40% 6.40% 6.40% 6.40% 6.40%
6400 6400 6400 6400 6400 0
150,000.00 150,000.00 150,000.00 150,000.00 150,000.00 150,000.00

78,087.25 72,929.56 101,571.32 87,401.67 66,086.90 150,000.00
71,912.75 77,070.44 48,428.68 62,598.33 83,913.10 -
78,087.25 72,929.56 101,571.32 87,401.67 66,086.90 150,000.00

- 28,641.76 - - 83,913.10 -
5,157.69 - 14,169.65 21,314.77 - 85,885.04
72,929.56 101,571.32 87,401.67 66,086.90 150,000.00 64,114.96
6.40% 6.40% 6.40% 6.40% 6.40% 6.40%

4,997.58 4,667.49 6,500.56 5,593.71 4,229.56 9,600.00
1.80% 1.80% 1.80% 1.80% 1.80% 1.80%

1,294.43 1,387.27 871.72 1,126.77 1,510.44 -
0 0 0 0 0 68083.0486903
- - - - 68,083.0 -
- - - - - -
- - - - 68,083.0 68,083.0
6.40% 6.40% 6.40% 6.40% 6.40% 6.40%

0 0 0 0 0 4357.31511618
167,850.00 187,824.15 210,175.22 235,186.08 263,173.22 294,490.83
19,974.2 22,351.1 25,010.9 27,987.1 31,317.6 35,044.4
- - - - - -
187,824 210,175 235,186 263,173 294,491 329,535
1.90% 1.90% 1.90% 1.90% 1.90% 1.90%

10% 10% 10% 10% 10% 10%
12% 12% 12% 12% 12% 12%
19,974.15 22,351.07 25,010.85 27,987.14 31,317.61 35,044.41
497,362 502,819 468,124 429,260 512,574 461,733

39,146.16 39,665.83 42,023.13 42,727.62 43,457.61 49,001.72
988,235 1,006,632 1,067,894 1,087,132 1,106,369 1,262,739

18,397 61,262 19,237 19,237 156,371 21,926
- - - - - -
1,006,632 1,067,894 1,087,132 1,106,369 1,262,739 1,284,666
2.88% 2.88% 2.88% 2.88% 2.88% 2.88%

28,701.87 29,847.99 31,006.20 31,559.77 34,086.39 36,651.70
385,708.06 414,409.92 444,257.91 475,264.12 506,823.89 540,910.28

28,701.87 29,847.99 31,006.20 31,559.77 34,086.39 36,651.70
414,409.92 444,257.91 475,264.12 506,823.89 540,910.28 577,561.98
277,267 295,664 356,926 376,163 395,400 551,771

18,397 61,262 19,237 19,237 156,371 21,926
295,664 356,926 376,163 395,400 551,771 573,697
4% 4% 4% 4% 4% 4%
11,458.61 13,051.79 14,661.78 15,431.27 18,943.43 22,509.36
150,000 150,000 150,000 150,000 150,000 150,000
10,000 10,000 10,000 10,000 10,000 10,000
130,000 120,000 110,000 100,000 90,000 80,000
6,750 6,750 6,750 6,750 6,750 6,750

1,350 1,350 1,350 1,350 - -
4,050 2,700 1,350 - - -
50,322.00 50,322.00 50,322.00 50,322.00 50,322.00 50,322.00
5.40% 5.40% 5.40% 5.40% 5.40% 5.40%

2,717.39 2,717.39 2,717.39 2,717.39 2,717.39 2,717.39
- - - - - -
315.00 315.00 315.00 315.00 315.00 315.00
1,873.71 1,873.71 1,873.71 1,873.71 1,873.71 1,873.71
26,025.63 26,025.63 26,025.63 26,025.63 26,025.63 26,025.63
223,505.6 245,088.8 241,242.2 255,848.1 303,020.1 309,307.1

122,336.1 135,540.0 133,787.2 142,981.8 170,349.3 173,406.0
101,169.6 109,548.7 107,455.0 112,866.3 132,670.7 135,901.0
28,701.9 29,848.0 31,006.2 31,559.8 34,086.4 36,651.7
11,350.0 11,350.0 11,350.0 11,350.0 10,000.0 10,000.0
61,117.7 68,350.7 65,098.8 69,956.5 88,584.4 89,249.3
2,717.4 2,717.4 2,717.4 2,717.4 2,717.4 2,717.4
3,262.6 2,330.4 1,398.2 466.1 - -
39,146.2 39,665.8 42,023.1 42,727.6 43,457.6 49,001.7
120.2 120.2 120.2 120.2 120.2 120.2
21,546.6 29,192.1 24,515.0 29,600.4 47,964.3 43,085.2
5,386.6 7,298.0 6,128.7 7,400.1 11,991.1 10,771.3
16,159.9 21,894.1 18,386.2 22,200.3 35,973.3 32,313.9
898.4 1,217.1 1,022.1 1,234.2 1,999.8 1,796.4
15,261.6 20,676.9 17,364.1 20,966.2 33,973.4 30,517.5
- - - - - -
15,262 20,677 17,364 20,966 33,973 30,517
21,547 29,192 24,515 29,600 47,964 43,085
28,702 29,848 31,006 31,560 34,086 36,652
11,350 11,350 11,350 11,350 10,000 10,000
11,459 13,052 14,662 15,431 18,943 22,509
50,140 57,338 52,209 57,079 73,107 67,228
- - - - - -
- - - - - -
- - - - - -
- - - - - -
50,140 57,338 52,209 57,079 73,107 67,228

12,535 14,335 13,052 14,270 18,277 16,807
(7,148.31) (7,036.55) (6,923.61) (6,869.62) (6,285.74) (6,035.58)

83,654.69 76,618.15 69,694.54 62,824.91 56,539.17 50,503.59
101,169.6 109,548.7 107,455.0 112,866.3 132,670.7 135,901.0

2,717.4 2,717.4 2,717.4 2,717.4 2,717.4 2,717.4
12,535.0 14,334.6 13,052.4 14,269.7 18,276.8 16,806.9
(52.9) 250.0 (113.3) 139.5 717.1 163.2
91,404.9 97,681.5 97,233.3 101,174.5 116,394.2 121,648.3
18,396.8 61,262.3 19,237.3 19,237.3 156,370.6 21,926.2
- - - - - -
73,008.1 36,419.3 77,996.0 81,937.2 (39,976.4) 99,722.1
15,536.1 15,536.1 15,536.1 15,536.1 - -
3,142.4 2,210.2 1,278.0 345.9 (120.2) (120.2)
6,480.0 4,860.0 3,240.0 1,620.0 - -
6,400.0 6,400.0 6,400.0 6,400.0 6,400.0 -
4,997.6 4,667.5 6,500.6 5,593.7 4,229.6 9,600.0
- - - - - 4,357.3
30,000.0 30,000.0 30,000.0 30,000.0 - -
1,294.4 1,387.3 871.7 1,126.8 1,510.4 -
- - - - 100,000.0 -
5,157.7 (28,641.8) 14,169.6 21,314.8 (151,996.1) 85,885.0
- 28,641.8 - - 83,913.1 -
5,157.7 - 14,169.6 21,314.8 - 85,885.0
- - - - (68,083.0) -
- - - - 68,083.0 -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
3.52 3.52 3.52 3.52 3.52 3.52

1 1 1 1 1 1
1.00 1.00 1.00 1.00 1.00 1.00
- - - - - -
178,233.9 193,495.5 214,172.4 231,536.5 252,502.6 286,476.1

15,261.6 20,676.9 17,364.1 20,966.2 33,973.4 30,517.5
0.0 0.0 0.0 0.0 0.0 0.0
193,495.5 214,172.4 231,536.5 252,502.6 286,476.1 316,993.6
41,279.0 42,177.4 43,394.5 44,416.6 45,650.8 47,650.6

898.4 1,217.1 1,022.1 1,234.2 1,999.8 1,796.4
0.0 0.0 0.0 0.0 0.0 0.0
42,177.4 43,394.5 44,416.6 45,650.8 47,650.6 49,447.0
12,020.8 12,020.8 12,020.8 12,020.8 12,020.8 12,020.8

18,247.3 20,009.3 19,695.3 20,887.7 24,738.9 25,252.2
30,268.1 32,030.2 31,716.1 32,908.6 36,759.7 37,273.0
1,006,632.0 1,067,894.3 1,087,131.6 1,106,368.8 1,262,739.4 1,284,665.6

414,409.9 444,257.9 475,264.1 506,823.9 540,910.3 577,562.0
592,222.1 623,636.4 611,867.4 599,544.9 721,829.1 707,103.6
26,025.6 26,025.6 26,025.6 26,025.6 26,025.6 26,025.6

130,000.0 120,000.0 110,000.0 100,000.0 90,000.0 80,000.0
4,050.0 2,700.0 1,350.0 0.0 0.0 0.0
50,322.0 50,322.0 50,322.0 50,322.0 50,322.0 50,322.0

0.0 0.0 0.0 0.0 0.0 0.0
210,397.6 199,047.6 187,697.6 176,347.6 166,347.6 156,347.6
832,887.8 854,714.2 831,281.2 808,801.1 924,936.5 900,724.2

0.0 0.0 0.0 0.0 0.0 0.0
14,009.67 15,521.76 15,321.03 16,373.97 19,508.04 19,858.09

14,009.67 15,521.76 15,321.03 16,373.97 19,508.04 19,858.09
497,361.93 502,818.69 468,123.82 429,260.12 512,573.88 461,733.25

1,873.71 1,873.71 1,873.71 1,873.71 1,873.71 1,873.71
83,654.69 76,618.15 69,694.54 62,824.91 56,539.17 50,503.59

315.00 315.00 315.00 315.00 315.00 315.00
83,969.69 76,933.15 70,009.54 63,139.91 56,854.17 50,818.59
42,177.35 43,394.49 44,416.63 45,650.79 47,650.63 49,447.04

193,495.47 214,172.38 231,536.49 252,502.64 286,476.07 316,993.56
235,672.82 257,566.88 275,953.11 298,153.44 334,126.70 366,440.60
832,887.83 854,714.18 831,281.21 808,801.15 924,936.50 900,724.24
0.00 0.00 0.00 0.00 0.00 0.00

1 1 1 1 1 1
15,262 20,677 17,364 20,966 33,973 30,517

193,495 214,172 231,536 252,503 286,476 316,994
185,865 203,834 222,854 242,020 269,489 301,735
8% 10% 8% 9% 13% 10%
101,170 109,549 107,455 112,866 132,671 135,901

61,118 68,351 65,099 69,957 88,584 89,249
45,838.28 51,263.04 48,824.07 52,467.41 66,438.27 66,937.00
497,362 502,819 468,124 429,260 512,574 461,733

12,021 12,021 12,021 12,021 12,021 12,021
235,673 257,567 275,953 298,153 334,127 366,441
1,874 1,874 1,874 1,874 1,874 1,874
50,322 50,322 50,322 50,322 50,322 50,322
672,566 699,916 683,608 666,944 786,231 767,705
679,845 686,241 691,762 675,276 726,588 776,968
6.74% 7.47% 7.06% 7.77% 9.14% 8.62%
511,371.60 518,340.45 483,444.85 445,634.09 532,081.92 481,591.34

101,169.6 109,548.7 107,455.0 112,866.3 132,670.7 135,901.0
5.05 4.73 4.50 3.95 4.01 3.54
2013 2014 2015 2016 2017 2018

91,404.9 97,681.5 97,233.3 101,174.5 116,394.2 121,648.3
(18,396.8) (61,262.3) (19,237.3) (19,237.3) (156,370.6) (21,926.2)
73,008.1 36,419.3 77,996.0 81,937.2 (39,976.4) 99,722.1
6,480.0 4,860.0 3,240.0 1,620.0 - -
30,000.0 30,000.0 30,000.0 30,000.0 - -
Premium 28%
Synergies 9,000.00
8 9 10 11 12 13
1 0 0 0 0 0
1 0 0 0 0 0
2019 2020 2021 2022 2023 2024
JV Issued Total Adj New Balance
- 3,852
(70,000) 8,169
(2,000) 13,723
- 25,744
50,000 889,838
- 358,687
- 531,152
26,026 26,026
150,000 150,000
6,750 6,750
-
- 50,322
- 0
- 233,098
-
160,776 789,993
0 6,000
0 12,617
0 18,617
300000 471,680
0 1,874
50000 98,115
0 315
0 571,984
10,000 10,000 40,160

(16,643) 159,231
(182,582) 0
- 199,392
-
160,775.63 789,993
0.00 0.00
1 1
5.6% 5.6% 5.6% 5.6% 5.6% 5.6%
25% 25% 25% 25% 25% 25%

5,022.74 0.00 0.00 0.00 0.00 0.00
4.90% 4.90% 4.90% 4.90% 4.90% 4.90%
6520 6920 7320 7720 8120 8520

400 400 400 400 400 400
6,920.00 7,320.00 7,720.00 8,120.00 8,520.00 8,920.00
1,700.00 1,850.00 2,050.00 2,250.00 2,450.00 2,650.00

150.00 200.00 200.00 200.00 200.00 200.00
1,850.00 2,050.00 2,250.00 2,450.00 2,650.00 2,850.00
27% 28% 29% 30% 31% 32%
27% 28% 29% 30% 31% 32%

1,342.78 0.00 0.00 0.00 0.00 0.00
2019 2020 2021 2022 2023 2024
252.71 252.71 252.71 252.71 252.71 252.71
109.65 109.65 109.65 109.65 109.65 109.65
15.37% 15.37% 15.37% 15.37% 15.37% 15.37%
2.88% 2.88% 2.88% 2.88% 2.88% 2.88%
5.40% 5.40% 5.40% 5.40% 5.40% 5.40%
150.00 200.00 200.00 200.00 200.00 200.00

461.69 461.69 461.69 461.69 461.69 461.69
69,254.00 0.00 0.00 0.00 0.00 0.00
1,165,562 1,165,562 1,165,562 1,165,562 1,165,562 1,165,562
0.02 0 0 0 0 0
23,311.24 0.00 0.00 0.00 0.00 0.00
92,565.23 0.00 0.00 0.00 0.00 0.00
252.71 252.71 252.71 252.71 252.71 252.71

1,342.78 0.00 0.00 0.00 0.00 0.00
339,335.92 0.00 0.00 0.00 0.00 0.00
147,239.09 0.00 0.00 0.00 0.00 0.00

52,150.39 0.00 0.00 0.00 0.00 0.00
9,000.00 0.00 0.00 0.00 0.00 0.00
190,389.48 0.00 0.00 0.00 0.00 0.00
6.70 6.70 6.70 6.70 6.70 6.70

148,946.43 - - - - -
997,941.10 - - - - -
8.16% 8.16% 8.16% 8.16% 8.16% 8.16%

27,703.77 27,703.77 27,703.77 27,703.77 27,703.77 27,703.77
11.45% 11.45% 11.45% 11.45% 11.45% 11.45%

21,803.00 21,803.00 21,803.00 21,803.00 21,803.00 21,803.00
5,900.78 5,900.78 5,900.78 5,900.78 5,900.78 5,900.78

506.68 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
1 1 1 1 1 1
6% 6% 6% 6% 6% 6%
0.00 0.00 0.00 0.00 0.00 0.00
12,020.84 12,020.84 12,020.84 12,020.84 12,020.84 12,020.84
1% 1% 1% 1% 1% 1%
120.21 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00

- - - - - -
- - - - - -
- - - - - -
- - - - - -
1.90% 1.90% 1.90% 1.90% 1.90% 1.90%
3.50% 3.50% 3.50% 3.50% 3.50% 3.50%
5.40% 5.40% 5.40% 5.40% 5.40% 5.40%
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
1.90% 1.90% 1.90% 1.90% 1.90% 1.90%

4.50% 4.50% 4.50% 4.50% 4.50% 4.50%
6.40% 6.40% 6.40% 6.40% 6.40% 6.40%
0 0 0 0 0 0
150,000.00 150,000.00 150,000.00 150,000.00 150,000.00 150,000.00

64,114.96 - - - - -
85,885.04 150,000.00 150,000.00 150,000.00 150,000.00 150,000.00
64,114.96 - - - - -
- - - - - -
64,114.96 - - - - -
- - - - - -
6.40% 6.40% 6.40% 6.40% 6.40% 6.40%

4,103.36 - - - - -
1.80% 1.80% 1.80% 1.80% 1.80% 1.80%

1,545.93 - - - - -
68083.0486903 0 0 0 0 0
- - - - - -
68,083.0 - - - - -
- - - - - -
6.40% 6.40% 6.40% 6.40% 6.40% 6.40%

4357.31511618 0 0 0 0 0
329,535.24 0.00 0.00 0.00 0.00 0.00
39,214.7 - - - - -
368,749.9 - - - - -
- - - - - -
1.90% 1.90% 1.90% 1.90% 1.90% 1.90%

10% 10% 10% 10% 10% 10%
12% 12% 12% 12% 12% 12%
39,214.69 - - - - -
- - - - - -
49,221.30 - - - - -
1,284,666 379,290 379,290 379,290 379,290 379,290

92,565 - - - - -
997,941 - - - - -
379,290 379,290 379,290 379,290 379,290 379,290
2.88% 2.88% 2.88% 2.88% 2.88% 2.88%

23,940.75 0.00 0.00 0.00 0.00 0.00
577,561.98 601,502.73 601,502.73 601,502.73 601,502.73 601,502.73

23,940.75 0.00 0.00 0.00 0.00 0.00
601,502.73 601,502.73 601,502.73 601,502.73 601,502.73 601,502.73
573,697 666,262 666,262 666,262 666,262 666,262

92,565 - - - - -
666,262 666,262 666,262 666,262 666,262 666,262
4% 4% 4% 4% 4% 4%
24,799.19 0.00 0.00 0.00 0.00 0.00
150,000 150,000 150,000 150,000 150,000 150,000
10,000 - - - - -
70,000 70,000 70,000 70,000 70,000 70,000
6,750 6,750 6,750 6,750 6,750 6,750

- - - - - -
- - - - - -
50,322.00 50,322.00 50,322.00 50,322.00 50,322.00 50,322.00
5.40% 5.40% 5.40% 5.40% 5.40% 5.40%

2,717.39 - - - - -
- - - - - -
315.00 315.00 315.00 315.00 315.00 315.00
1,873.71 1,873.71 1,873.71 1,873.71 1,873.71 1,873.71
26,025.63 26,025.63 26,025.63 26,025.63 26,025.63 26,025.63
339,335.9 - - - - -
190,389.5 - - - - -
148,946.4 - - - - -
23,940.8 - - - - -
10,000.0 - - - - -
115,005.7 - - - - -
2,717.4 - - - - -
- - - - - -
49,221.3 - - - - -
120.2 - - - - -
68,622.0 - - - - -
17,155.5 - - - - -
51,466.5 - - - - -
2,861.1 - - - - -
48,605.3 - - - - -
- - - - - -
48,605 - - - - -
68,622 - - - - -
23,941 - - - - -
10,000 - - - - -
24,799 - - - - -
77,764 - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
77,764 - - - - -
19,441 - - - - -
(2,285.39) - - - - -
48,218.20 48,218.20 48,218.20 48,218.20 48,218.20 48,218.20
148,946.4 - - - - -
2,717.4 - - - - -
19,440.9 - - - - -
506.7 - - - - -
131,716.3 - - - - -
92,565.2 - - - - -
997,941.1 - - - - -
1,037,092.1 - - - - -
- - - - - -
(120.2) - - - - -
- - - - - -
- - - - - -
4,103.4 - - - - -
4,357.3 - - - - -
- - - - - -
1,545.9 - - - - -
- - - - - -
1,027,205.7 - - - - -
- - - - - -
64,115.0 - - - - -
963,090.8 - - - - -
- - - - - -
68,083.0 - - - - -
895,007.7 - - - - -
- - - - - -
895,007.7 - - - - -
- - - - - -
895,007.7 - - - - -
368,749.9 - - - - -
526,257.8 - - - - -
29,255.9 - - - - -
497,001.9 - - - - -
3.52 3.52 3.52 3.52 3.52 3.52

1 1 1 1 1 1
1.00 1.00 1.00 1.00 1.00 1.00
497,001.9 - - - - -
316,993.6 336,343.0 336,343.0 336,343.0 336,343.0 336,343.0

48,605.3 0.0 0.0 0.0 0.0 0.0
29,255.9 0.0 0.0 0.0 0.0 0.0
336,343.0 336,343.0 336,343.0 336,343.0 336,343.0 336,343.0
49,447.0 -444,693.7 -444,693.7 -444,693.7 -444,693.7 -444,693.7

2,861.1 0.0 0.0 0.0 0.0 0.0
497,001.9 0.0 0.0 0.0 0.0 0.0
-444,693.7 -444,693.7 -444,693.7 -444,693.7 -444,693.7 -444,693.7
12,020.8 12,020.8 12,020.8 12,020.8 12,020.8 12,020.8

27,703.8 27,703.8 27,703.8 27,703.8 27,703.8 27,703.8
39,724.6 39,724.6 39,724.6 39,724.6 39,724.6 39,724.6
379,289.7 379,289.7 379,289.7 379,289.7 379,289.7 379,289.7

601,502.7 601,502.7 601,502.7 601,502.7 601,502.7 601,502.7
-222,213.0 -222,213.0 -222,213.0 -222,213.0 -222,213.0 -222,213.0
26,025.6 26,025.6 26,025.6 26,025.6 26,025.6 26,025.6

70,000.0 70,000.0 70,000.0 70,000.0 70,000.0 70,000.0
0.0 0.0 0.0 0.0 0.0 0.0
50,322.0 50,322.0 50,322.0 50,322.0 50,322.0 50,322.0

0.0 0.0 0.0 0.0 0.0 0.0
146,347.6 146,347.6 146,347.6 146,347.6 146,347.6 146,347.6
-36,140.8 -36,140.8 -36,140.8 -36,140.8 -36,140.8 -36,140.8

0.0 160,775.6 789,993.3 0.0 0.0 0.0
21,803.00 21,803.00 21,803.00 21,803.00 21,803.00 21,803.00

21,803.00 21,803.00 21,803.00 21,803.00 21,803.00 21,803.00
0.00 0.00 0.00 0.00 0.00 0.00

1,873.71 1,873.71 1,873.71 1,873.71 1,873.71 1,873.71
48,218.20 48,218.20 48,218.20 48,218.20 48,218.20 48,218.20

315.00 315.00 315.00 315.00 315.00 315.00
48,533.20 48,533.20 48,533.20 48,533.20 48,533.20 48,533.20
-444,693.72 -444,693.72 -444,693.72 -444,693.72 -444,693.72 -444,693.72

336,343.03 336,343.03 336,343.03 336,343.03 336,343.03 336,343.03
-108,350.69 -108,350.69 -108,350.69 -108,350.69 -108,350.69 -108,350.69
-36,140.79 -36,140.79 -36,140.79 -36,140.79 -36,140.79 -36,140.79
0.00 0.00 0.00 0.00 0.00 0.00

1 1 1 1 1 1
48,605 - - - - -
336,343 336,343 336,343 336,343 336,343 336,343
326,668 336,343 336,343 336,343 336,343 336,343
15% 0% 0% 0% 0% 0%
148,946 - - - - -
115,006 - - - - -
86,254.26 0.00 0.00 0.00 0.00 0.00
0 0 0 0 0 0
12,021 12,021 12,021 12,021 12,021 12,021
-108,351 -108,351 -108,351 -108,351 -108,351 -108,351
1,874 1,874 1,874 1,874 1,874 1,874
50,322 50,322 50,322 50,322 50,322 50,322
-168,820 -168,820 -168,820 -168,820 -168,820 -168,820
299,442 -168,820 -168,820 -168,820 -168,820 -168,820
28.80% 0.00% 0.00% 0.00% 0.00% 0.00%
21,803.00 21,803.00 21,803.00 21,803.00 21,803.00 21,803.00

148,946.4 - - - - -
0.15 - - - - -
2019 2020 2021 2022 2023 2024

131,716.3 - - - - -
(92,565.2) - - - - -
39,151.0 - - - - -
- - - - - -
- - - - - -
14
0
0
2025
5.6%
25%
0.00
4.90%
8920
400
9,320.00
2,850.00
200.00
3,050.00
33%
33%
0.00
2025
252.71
109.65
15.37%
2.88%
5.40%
200.00
461.69
0.00
1,165,562
0
0.00
0.00
252.71
0.00
0.00
0.00
0.00
0.00
0.00
6.70
-
-
8.16%
27,703.77
11.45%
21,803.00
5,900.78
0.00
0.00
0.00
0.00
6%
0.00
12,020.84
1%
0.00
0.00
-
-
-
-
1.90%
3.50%
5.40%
-
-
-
-
-
1.90%
4.50%
6.40%
150,000.00
-
150,000.00
-
-
-
-
6.40%
-
1.80%
-
0
-
-
-
6.40%
0
0.00
-
-
-
1.90%
10%
12%
-
-
379,290
-
-
379,290
2.88%
0.00
601,502.73
0.00
601,502.73
666,262
-
666,262
4%
0.00
150,000
-
70,000
6,750
-
50,322.00
5.40%
-
-
315.00
1,873.71
26,025.63
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
48,218.20
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
3.52
1
1.00
336,343.0
0.0
0.0
336,343.0
-444,693.7
0.0
0.0
-444,693.7
12,020.8
27,703.8
39,724.6
379,289.7
601,502.7
-222,213.0
26,025.6
70,000.0
0.0
50,322.0
0.0
146,347.6
-36,140.8
0.0
21,803.00
21,803.00
0.00
1,873.71
48,218.20
315.00
48,533.20
-444,693.72
336,343.03
-108,350.69
-36,140.79
0.00
1
-
336,343
336,343
0%
-
-
0.00
0
12,021
-108,351
1,874
50,322
-168,820
-168,820
0.00%
21,803.00
-
-
2025
-
-
-
-
-
Contents
Share Price Shares Yr 1 EPS
Buying Company 20 2,000 1.50
Target Company 8 1,000 1.00
Premium Pct 33% 33

Synergies 20 Premium
Exchange Ratio w/o Premium 0.4

Exchange Ratio w/ Premium 0.532
New Shares of Buying Co Stock 532

Total Shares of Buying Company 2,532
Comined Earnings 4020
2012
Pro-forma EPS 1.59
Stand-Alone EPS 1.5
PE Ratio Buyer 13.33

PE Ratio Target 8
Yr2 EPS Yr 3 EPS Yr 4 EPS
1.60 1.70 1.80
1.05 1.07 1.09
33%
Show Comments
4270 4490 4710
2013 2014 2015

1.69 1.77 1.86
1.6 1.7 1.8
Pro-forma EPS
Synergies 20 Premium 33%
2
Stand-Alone EPS
1.8
1.6
E
a
r 1.4
n
i
n
g 1.2
s
p
e
r 1
S
h
a 0.8
r
e
This chart shows the key
0.6
inputs of synergies and
premium in a transaction
from the analysis on the
0.4
previous sheet.
0.2
0
2012 2013 2014 2015
Contents
Show Comments
7.00 Premium Percent 2
Premium 25%
6.00 Consolidated EP
Debt 1,700.00 Base
Scenario 1 5.00
4.00
EBITDA EBTIDA Cap 3.00
Target Buyer Exp Targ Synergies 2.00
Base 160 280 20 30
1.00
Low 130 240 30 0
-
High 200 300 15 50
2011 2012 2013
Worst 130 200 30 0
Base 160 280 20 30
Accretion Accretion Accretion Accretion Accretion Premium Percent 2

70%
2011 2012 2013 2014 2015
60%
Base 1 (0.12) 0.03 0.19 0.35 0.54
Low 2 (0.63) (0.47) (0.30) (0.12) 0.07 50%
High 3 0.16 0.30 0.44 0.59 0.78 40%
Worst 4 (0.66) (0.50) (0.32) (0.13) 0.07 30%
20%
10%
0%
2011 2012 2013 2014 201
0 Premium Percent 25% Debt Issued 1,700.00
0 Consolidated EPS
0
0
0
0
0
-
2011 2012 2013 2014 2015 2016 2017
Premium Percent 25% Debt Issued 1,700.00

%
%
%
FFO to Debt
%
% Low Range - BBB
% High Range - BBB

%
%
2011 2012 2013 2014 2015 2016 2017
Contents
Transaction Assumptions Show Comments
Purchase Price
Target Company Shares 20

Target Company Price 68.17
Market Capitalisation 1,363.46
Premium Percent 25% 25
Financing of Transaction
Debt Issued 1,700.00

Interest Rate 6%
Term of Debt 6
Repayment of Exiting Debt 150.00
Use of Target Cash 35.00
Advisory Fees as Pct of Consideration 1%

Debt Financing Fees 2%
Sources and Uses

Uses of Funds
Retirement of Exiting Debt 150.00
Advisory Fees 17.04
Debt Fees 34.00
Total Uses of Funds 1,905.37
Sources of Funds
Cash of Target Company 35.00
New Debt Issued 1,700.00
New Equity Issued 170.37
Total Source of Funds 1,905.37
Buying Company Share Price 60.69

New Shares Issued 2.81
Total Shares of Consolidated 52.81
Components of Consideration
Share Portion 170.37
Cash Portion 1,533.96
Share Portion Percentage 10%

Exchange Ratio for 100% 1.40
Share Exchange 0.14
Cash per Share 76.70
Total Value to Target Shares 85.22

Existing Share Price 68.17
Check of Premium 25%
Accounting Adjustments
Plant Write-up 150.00

A/R Write-down 5.00
Intangibles 300.00
Goodwill Analysis
Less: Existing Equity 290.00
Net 1,414.33
Less: Plant Write-up 150.00
Add: A/R Write-down 5.00
Less: Intangibles 300.00
Goodwill 969.33
Synergies 30.00
Pro-Forma Balance Sheet
Buying Target Cash Used Write-ups

Assets
Current Assets
Surplus Cash 50 50 -35.00
A/R 80 40 -5.00
Total Current Assets 130 90
Plant Balance 1000 600 150.00

Accum Dep 300 200
Net Plant 700 400
Intangibles 300.00
Goodwill
Debt Issuance Cost
Total Assets 830 490
Liabilites and Equity

Debt 450 200
Equity 380 290
Total Liabiities and Cap 830 490
Difference 0 0
Premium Percent 25% Debt Issued 1,700.00

Goodwill Debt Retire New Debt Equity Retire New Equity Total Adjust Pro-forma
-35.00 65.00
-5.00 115.00
180.00
150.00 1,750.00
0.00 500.00
0.00 1,250.00
0.00
300.00 300.00
969.33 969.33 969.33
34.00 34.00 34.00
1,413.33 2,733.33
-150.00 1,700.00 1,550.00 2,200.00

-307.04 170.37 -136.67 533.33
1,413.33 2,733.33
0.00 0.00
Contents
Show Comments
Balance Sheet
Assets
Current Assets
Surplus Cash 50
A/R 40
Total Current Assets 90
Plant Balance 600

Accum Dep 200
Net Plant 400
Total Assets 490

Debt 200
Equity 290
Total Liabiities and Cap 490
Test of Historic Balance Sheet 1
Assumptions
EBITDA 160
Growth 5%
Cap Exp 20
Interest Rate on Debt 6%

Tax Rate 30%

Depr Rate 5%
Interest Income 2%
A/R to EBITDA 25%

Total Shares 20
Working Analysis 2011 2012 2013
EBTIDA 160.00 168.00 176.40 185.22

Cap Exp 20.00 20.00 20.00 20.00
Working Capital Section

EBTIDA 160.00 168.00 176.40 185.22
A/R to EBITDA 25% 25% 25% 25%
Total A/R 40 42.00 44.10 46.31

Change in A/R 2.00 2.10 2.21
Fixed Assets
Opening Balance 600.00 620.00 640.00

Add: Cap Exp 20.00 20.00 20.00
Closing Balance 600.00 620.00 640.00 660.00
Depreciation Rate 5% 5% 5%
Depreciation Expense 30.5 31.5 32.5
Accumulated Deprecaition
Opening Balance 200.00 230.50 262.00
Add: Dep Expense 30.50 31.50 32.50
Closing Balance 200 230.50 262.00 294.50
Debt Section
Cash Less Debt

Opeing Balance -150.00 -88.37 -20.34
Add: Cash Flow 61.63 68.03 73.92
Closing Balance -150 -88.37 -20.34 53.59
Surplus Cash 50 0.00 0.00 53.59

Interest Income Rate 2% 2% 2%
Debt Balance 200 88.37 20.34 0.00

Interest Rate on Debt 6% 6% 6%
Intrerest Expense 12.00 5.30 1.22
Profit and Loss

EBITDA 168.00 176.40 185.22
Less: Depreciation 30.50 31.50 32.50
EBIT 137.50 144.90 152.72
Less: Interest Expense 12.00 5.30 1.22
EBT 126.50 139.60 151.50
Less: Taxes 37.95 41.88 45.45
Net Earnings 88.55 97.72 106.05
Cash Flow
EBTIDA 168.00 176.40 185.22
Less: Taxes 37.95 41.88 45.45
Less: WC Changes 2.00 2.10 2.21
Operating Cash Flow 128.05 132.42 137.57
Less: Cap Exp 20.00 20.00 20.00
Cash Before Financing 108.05 112.42 117.57
Less: Dividends 35.42 39.09 42.42
Less: Net Interest 11.00 5.30 1.22
Net Cash Flow 61.63 68.03 73.92
Balance Sheet
Equity Balance
Opening Balance 290.00 343.13 401.76
Add: Net Income 88.55 97.72 106.05
Less: Dividends 35.42 39.09 42.42
Closing Balance 290 343.13 401.76 465.39
Assets
Current Assets
Surplus Cash 50.00 0.00 0.00 53.59
A/R 40.00 42.00 44.10 46.31
Total Current Assets 90.00 42.00 44.10 99.89
Plant Balance 600.00 620.00 640.00 660.00

Accum Dep 200.00 230.50 262.00 294.50
Net Plant 400.00 389.50 378.00 365.50
Total Assets 490.00 431.50 422.10 465.39

Debt 200.00 88.37 20.34 0.00
Equity 290.00 343.13 401.76 465.39
Total Liabiities and Cap 490.00 431.50 422.10 465.39

Test of Future Balance Sheet 1 1 1 1
Earnings Per Share
Shares 20 20 20 20
EPS 4.43 4.89 5.30
P/E Ratio
Strock Price
2014 2015 2016 2017
194.48 204.21 214.42 225.14

20.00 20.00 20.00 20.00
194.48 204.21 214.42 225.14

25% 25% 25% 25%
48.62 51.05 53.60 56.28

2.32 2.43 2.55 2.68
660.00 680.00 700.00 720.00

20.00 20.00 20.00 20.00
680.00 700.00 720.00 740.00
5% 5% 5% 5%
33.5 34.5 35.5 36.5
294.50 328.00 362.50 398.00

33.50 34.50 35.50 36.50
328.00 362.50 398.00 434.50
53.59 132.83 217.29 307.21

79.25 84.46 89.92 95.63
132.83 217.29 307.21 402.84
132.83 217.29 307.21 402.84

2% 2% 2% 2%
1.07 2.66 4.35 6.14
0.00 0.00 0.00 0.00

6% 6% 6% 6%
0.00 0.00 0.00 0.00
194.48 204.21 214.42 225.14

33.50 34.50 35.50 36.50
160.98 169.71 178.92 188.64
1.07 2.66 4.35 6.14
0.00 0.00 0.00 0.00
162.05 172.36 183.26 194.78
48.62 51.71 54.98 58.43
113.44 120.65 128.28 136.35
194.48 204.21 214.42 225.14

48.62 51.71 54.98 58.43
2.32 2.43 2.55 2.68
143.55 150.07 156.88 164.02
20.00 20.00 20.00 20.00
123.55 130.07 136.88 144.02
45.37 48.26 51.31 54.54
-1.07 -2.66 -4.35 -6.14
79.25 84.46 89.92 95.63
465.39 533.45 605.84 682.81

113.44 120.65 128.28 136.35
45.37 48.26 51.31 54.54
533.45 605.84 682.81 764.62
132.83 217.29 307.21 402.84

48.62 51.05 53.60 56.28
181.45 268.34 360.81 459.12
680.00 700.00 720.00 740.00

328.00 362.50 398.00 434.50
352.00 337.50 322.00 305.50
533.45 605.84 682.81 764.62
0.00 0.00 0.00 0.00

533.45 605.84 682.81 764.62
533.45 605.84 682.81 764.62
0.00 0.00 0.00 0.00

1 1 1 1
20 20 20 20
5.67 6.03 6.41 6.82
10
68.17
Contents
Balance Sheet
Show Comments
Assets
Current Assets
Surplus Cash 50
A/R 80
Total Current Assets 130
Plant Balance 1,000

Accum Dep 300
Net Plant 700
Total Assets 830

Debt 450
Equity 380
Total Liabiities and Cap 830
Test of Historic Balance Sheet 1
Assumptions
EBITDA 280
Growth 5%
Cap Exp 50
Interest Rate on Debt 6%

Tax Rate 30%

Depr Rate 5%
Interest Income 2%
A/R to EBITDA 29%

Total Shares 50
Working Analysis
EBTIDA 280.00 294.00 308.70 324.14
Cap Exp 50.00 50.00 50.00 50.00
Working Capital Section

EBTIDA 280.00 294.00 308.70 324.14
A/R to EBITDA 29% 29% 29% 29%
Total A/R 80 84.00 88.20 92.61

Change in A/R 4.00 4.20 4.41
Fixed Assets
Opening Balance 1,000 1,050 1,100

Add: Cap Exp 50.00 50.00 50.00
Closing Balance 1,000 1,050 1,100 1,150
Dep Rate 5% 5% 5%
Dep Expense 51.25 53.75 56.25
Acc Dep
Opening Balance 300.00 351.25 405.00
Add: Dep Expense 51.25 53.75 56.25
Closing Balance 300 351.25 405.00 461.25
Debt Section
Cash Less Debt

Opeing Balance -400.00 -311.72 -212.94
Add: Cash Flow 88.29 98.77 108.99
Closing Balance -400 -311.72 -212.94 -103.96
Surplus Cash 50 0.00 0.00 0.00

Interest Income Rate 2% 2% 2%
Debt Balance 450 311.72 212.94 103.96

Interest Rate on Debt 6% 6% 6%
Intrerest Expense 27.00 18.70 12.78
Profit and Loss

EBITDA 294.00 308.70 324.14
Less: Depreciation 51.25 53.75 56.25
EBIT 242.75 254.95 267.89
Less: Interest Expense 27.00 18.70 12.78
EBT 216.75 236.25 255.11
Less: Taxes 65.03 70.87 76.53
Net Earnings 151.73 165.37 178.58
Cash Flow
EBTIDA 294.00 308.70 324.14
Less: Taxes 65.03 70.87 76.53
Less: WC Changes 4.00 4.20 4.41
Operating Cash Flow 224.98 233.63 243.19
Less: Cap Exp 50.00 50.00 50.00
Cash Before Financing 174.98 183.63 193.19
Less: Dividends 60.69 66.15 71.43
Less: Net Interest 26.00 18.70 12.78
Net Cash Flow 88.29 98.77 108.99
Balance Sheet
Equity Balance
Opening Balance 380.00 471.04 570.26
Add: Net Income 151.73 165.37 178.58
Less: Dividends 60.69 66.15 71.43
Closing Balance 380 471.04 570.26 677.40
Assets
Current Assets
Surplus Cash 50.00 0.00 0.00 0.00
A/R 80.00 84.00 88.20 92.61
Total Current Assets 130.00 84.00 88.20 92.61
Plant Balance 1,000.00 1,050.00 1,100.00 1,150.00

Accum Dep 300.00 351.25 405.00 461.25
Net Plant 700.00 698.75 695.00 688.75
Total Assets 830.00 782.75 783.20 781.36

Debt 450.00 311.72 212.94 103.96
Equity 380.00 471.04 570.26 677.40
Total Liabiities and Cap 830.00 782.75 783.20 781.36

Test of Future Balance Sheet 1 1 1 1
Earnings Per Share

Shares 50 50 50 50
EPS 3.03 3.31 3.57
P/E Ratio
Stock Price
Cash Earnings 202.98 219.12 234.83

Cash EPS 4.06 4.38 4.70
Show Comments
340.34 357.36 375.23 393.99
50.00 50.00 50.00 50.00
340.34 357.36 375.23 393.99

29% 29% 29% 29%
97.24 102.10 107.21 112.57

4.63 4.86 5.11 5.36
1,150 1,200 1,250 1,300

50.00 50.00 50.00 50.00
1,200 1,250 1,300 1,350
5% 5% 5% 5%
58.75 61.25 63.75 66.25
461.25 520.00 581.25 645.00

58.75 61.25 63.75 66.25
520.00 581.25 645.00 711.25
-103.96 15.81 146.70 287.40

119.77 130.89 140.70 150.95
15.81 146.70 287.40 438.35
15.81 146.70 287.40 438.35

2% 2% 2% 2%
0.00 0.32 2.93 5.75
0.00 0.00 0.00 0.00

6% 6% 6% 6%
6.24 0.00 0.00 0.00
340.34 357.36 375.23 393.99

58.75 61.25 63.75 66.25
281.59 296.11 311.48 327.74
0.00 0.32 2.93 5.75
6.24 0.00 0.00 0.00
275.35 296.43 314.41 333.49
82.61 88.93 94.32 100.05
192.75 207.50 220.09 233.44
340.34 357.36 375.23 393.99

82.61 88.93 94.32 100.05
4.63 4.86 5.11 5.36
253.10 263.57 275.80 288.58
50.00 50.00 50.00 50.00
203.10 213.57 225.80 238.58
77.10 83.00 88.04 93.38
6.24 -0.32 -2.93 -5.75
119.77 130.89 140.70 150.95
677.40 793.05 917.55 1,049.60

192.75 207.50 220.09 233.44
77.10 83.00 88.04 93.38
793.05 917.55 1,049.60 1,189.67
15.81 146.70 287.40 438.35

97.24 102.10 107.21 112.57
113.05 248.80 394.60 550.92
1,200.00 1,250.00 1,300.00 1,350.00

520.00 581.25 645.00 711.25
680.00 668.75 655.00 638.75
793.05 917.55 1,049.60 1,189.67
0.00 0.00 0.00 0.00

793.05 917.55 1,049.60 1,189.67
793.05 917.55 1,049.60 1,189.67
0.00 0.00 0.00 0.00

1 1 1 1
50 50 50 50
3.85 4.15 4.40 4.67
13
60.69
251.50 268.75 283.84 299.69

5.03 5.37 5.68 5.99
Contents
Balance Sheet
Show Comments
Assets
Current Assets
Surplus Cash 65.00
A/R 115.00
Total Current Assets 180.00
Plant Balance 1,750.00

Accum Dep 500.00
Net Plant 1,250.00
Intangibles 300.00
Goodwill 969.33
Debt Issuance Cost 34.00
Total Assets 2,733.33

Debt 2,200.00
Equity 533.33
Total Liabiities and Cap 2,733.33
Difference 0.00
Inputs
Synergies 30.00

Tax Rate 30%

Depreciation Rate on Plant Write-up 5%
Amortisation Rate on Intangible Assets 20%
Minimum Cash as Pct of Sales 2%
Working Analysis 2011 2012
EBITDA of Buying Company 294.00 308.70

EBITDA of Target Company 168.00 176.40
Synergies 30.00 30.00
Total EBITDA 492.00 515.10
Cap Exp of Buying Company 50.00 50.00

Cap Exp of Target Company 20.00 20.00
Total Cap Exp 70.00 70.00
Working Capital
A/R Increase from Buying Company 4.00 4.20

A/R Increase from Target Company 2.00 2.10
Total A/R Increase 6.00 6.30
Total A/R Balance 115.00 121.00 127.30
Plant and Other Assets
Opeing Balance 1,750.00 1,820.00

Closing Balance 1,750.00 1,820.00 1,890.00
Depreciation Rate 5% 5%
Book Depreciation Expense 89.25 92.75
Depreciation of Buyer 51.25 53.75

Depreciation of Target 30.5 31.5
Total Tax Depreciation 81.75 85.25
Opening Balance 500.00 589.25
Add: Deprecaition Expense 89.25 92.75
Closing Balance 500.00 589.25 682.00
Intangible Assets
Base Intanbible Assets 300.00 300.00 300.00
Amortisaton Rate 20% 20% 20%
Amortisation Expense 60.00 60.00
Accumulated Amortisation 60.00 120.00
Net Intangible Assets 300.00 240.00 180.00
Debt Issuance Cost 34.00 34.00 34.00

Amortisation Rate 16.67% 16.67% 16.67%
Amotisation of Debt Issuance Costs 5.67 5.67
Accumulated Amortisation 5.67 11.33
Net Debt Issuance Costs 34.00 28.33 22.67
Goodwill 969.33 969.33 969.33
Debt Schedule
Term of Debt 6
New Debt for Transaction

Less: Repayment 283.33 283.33
Closing Balance 1,700.00 1,416.67 1,133.33
Interest Rate 6% 6%
Remaining Debt 500.00

Total Cash 65.00
Cash Minus Remaining Debt

Opening Balance -435.00 -567.32
Add: Net Cash Flow -132.32 -115.83
Closing Balance -435.00 -567.32 -683.14
Mininum Cash Balance 9.84 10.30
Surplus Cash 65.00 9.84 10.30

Remaining Debt 500.00 577.16 693.44

Intrest Income 1.30 0.20
Interest Expense Rate 5% 5%

Profit and Loss
EBITDA 492.00 515.10

Less: Book Depreciation 89.25 92.75
Less: Amotrisation of Intangibles and Debt Issuance 65.67 65.67
EBIT 337.08 356.68
Less: Interest on New Debt for Merger 93.50 76.50
Less: Interest on Remaing Debt 25.00 28.86
Add: Interest Income 1.30 0.20
EBT 219.88 251.52
Less: Book Taxes 65.97 75.46
Earnings 153.92 176.07
Tax Analysis
EBT 219.88 251.52

Add: Book Depreciation 89.25 92.75
Add: Intangible Amortisation 60.00 60.00
Less: Tax Depreciaiton 81.75 85.25
Adjusted EBT 287.38 319.02
NOL Balance
Opening Balance 0 0
Add: Losses - -
Less: NOL Used 0 0
Closing Balance - -
EBT for Taxes 287.38 319.02

Taxes Paid 86.22 95.71
Change in Deferred Taxes = Taxes Book - Taxes Paid (20.25) (20.25)

Accumulated Deferred Taxes (20.25) (40.50)
If Negative ==> Deferred tax Asset 20.25 40.50
If Positivie ==> Deferred tax Liability - -
Cash Flow Statement
EBTIDA 492.00 515.10

Less: Taxes Paid 86.22 95.71
Less: Working Capital Changes 6.00 6.30
Cash From Operations 399.79 413.09
Cash Before Financing 329.79 343.09
Less: Interest on New 93.50 76.50
Less: Net Interest 23.70 28.66
Less: Repayments on New Debt 283.33 283.33
Net Cash Flow (132.32) (115.83)
Balance Sheet
Equity Balance
Opening Balance 533.33 625.68
Add: Net Income 153.92 176.07
Closing Balance 533.33 625.68 731.32
Assets
Current Assets
Surplus Cash 65.00 9.84 10.30
A/R 115.00 121.00 127.30
Total Current Assets 180.00 130.84 137.60
Plant Balance 1,750.00 1,820.00 1,890.00

Accum Dep 500.00 589.25 682.00
Net Plant 1,250.00 1,230.75 1,208.00
Intangibles 300.00 240.00 180.00

Goodwill 969.33 969.33 969.33
Debt Issuance Cost 34.00 28.33 22.67
Deferred Tax Assets 0 20.25 40.5
Total Assets 2,733.33 2,619.50 2,558.10

Deferred Tax Liabilities 0 0 0
Debt 2,200.00 1,993.82 1,826.78
Equity 533.33 625.68 731.32
Total Liabiities and Cap 2,733.33 2,619.50 2,558.10
Difference - - -
Ratios
Earnings 153.92 176.07

Number Consolidated Shares 52.81 52.81
2011 2012
Consolidated EPS 2.91 3.33
Buying Company EPS 3.03 3.31
Accretion (0.12) 0.03
Earnings before Deprecaion and Amortisation 308.84 334.48
2011 2012
Cash EPS 5.85 6.33
Buying Company Cash EPS 4.06 4.38
Debt to Capital
2011 2012
FFO to Debt 20% 23%
Low Range - BBB 18% 18%
High Range - BBB 28% 28%
Interest Coverage Ratio
Debt to Capital for BBB Companies

Debt to EBITDA for BBB Companies
Interest Coverage for BBB Companies
w Comments
2013 2014 2015 2016 2017
324.14 340.34 357.36 375.23 393.99

185.22 194.48 204.21 214.42 225.14
30.00 30.00 30.00 30.00 30.00
539.36 564.82 591.56 619.64 649.12
50.00 50.00 50.00 50.00 50.00

20.00 20.00 20.00 20.00 20.00
70.00 70.00 70.00 70.00 70.00
4.41 4.63 4.86 5.11 5.36

2.21 2.32 2.43 2.55 2.68
6.62 6.95 7.29 7.66 8.04
133.92 140.86 148.15 155.81 163.85
1,890.00 1,960.00 2,030.00 2,100.00 2,170.00

70.00 70.00 70.00 70.00 70.00
1,960.00 2,030.00 2,100.00 2,170.00 2,240.00
5% 5% 5% 5% 5%
96.25 99.75 103.25 106.75 110.25
56.25 58.75 61.25 63.75 66.25

32.5 33.5 34.5 35.5 36.5
88.75 92.25 95.75 99.25 102.75
682.00 778.25 878.00 981.25 1,088.00

96.25 99.75 103.25 106.75 110.25
778.25 878.00 981.25 1,088.00 1,198.25
300.00 300.00 300.00 300.00 300.00

20% 20% 20% 20% 20%
60.00 60.00 60.00 - -
180.00 240.00 300.00 300.00 300.00
120.00 60.00 - - -
34.00 34.00 34.00 34.00 34.00

16.67% 16.67% 16.67% 16.67% 16.67%
5.67 5.67 5.67 5.67 -
17.00 22.67 28.33 34.00 34.00
17.00 11.33 5.67 - -
969.33 969.33 969.33 969.33 969.33
1,133.33 850.00 566.67 283.33 0.00

283.33 283.33 283.33 283.33 0.00
850.00 566.67 283.33 0.00 0.00
6% 6% 6% 6% 6%
59.50 42.50 25.50 8.50 -
-683.14 -782.37 -864.14 -927.59 -988.58

-99.22 -81.78 -63.45 -60.99 235.37
-782.37 -864.14 -927.59 -988.58 -753.21
10.79 11.30 11.83 12.39 12.98
10.79 11.30 11.83 12.39 12.98

793.15 875.44 939.42 1,000.97 766.19
2% 2% 2% 2% 2%
0.21 0.22 0.23 0.24 0.25
5% 5% 5% 5% 5%
34.67 39.66 43.77 46.97 50.05
539.36 564.82 591.56 619.64 649.12

96.25 99.75 103.25 106.75 110.25
65.67 65.67 65.67 5.67 0.00
377.44 399.41 422.65 507.23 538.87
59.50 42.50 25.50 8.50 0.00
34.67 39.66 43.77 46.97 50.05
0.21 0.22 0.23 0.24 0.25
283.47 317.46 353.60 451.99 489.07
85.04 95.24 106.08 135.60 146.72
198.43 222.22 247.52 316.39 342.35
283.47 317.46 353.60 451.99 489.07

96.25 99.75 103.25 106.75 110.25
60.00 60.00 60.00 - -
88.75 92.25 95.75 99.25 102.75
350.97 384.96 421.10 459.49 496.57
0 0 0 0 0
- - - - -
0 0 0 0 0
- - - - -
350.97 384.96 421.10 459.49 496.57

105.29 115.49 126.33 137.85 148.97
(20.25) (20.25) (20.25) (2.25) (2.25)

(60.75) (81.00) (101.25) (103.50) (105.75)
60.75 81.00 101.25 103.50 105.75
- - - - -
539.36 564.82 591.56 619.64 649.12

105.29 115.49 126.33 137.85 148.97
6.62 6.95 7.29 7.66 8.04
427.45 442.39 457.94 474.14 492.11
70.00 70.00 70.00 70.00 70.00
357.45 372.39 387.94 404.14 422.11
59.50 42.50 25.50 8.50 -
34.47 39.44 43.55 46.73 49.80
283.33 283.33 283.33 283.33 -
79.37 88.89 99.01 126.56 136.94
(99.22) (81.78) (63.45) (60.99) 235.37
731.32 850.38 983.71 1,132.22 1,322.06

198.43 222.22 247.52 316.39 342.35
79.37 88.89 99.01 126.56 136.94
850.38 983.71 1,132.22 1,322.06 1,527.47
10.79 11.30 11.83 12.39 12.98

133.92 140.86 148.15 155.81 163.85
144.70 152.16 159.99 168.20 176.83
1,960.00 2,030.00 2,100.00 2,170.00 2,240.00

778.25 878.00 981.25 1,088.00 1,198.25
1,181.75 1,152.00 1,118.75 1,082.00 1,041.75
120.00 60.00 0.00 0.00 0.00

969.33 969.33 969.33 969.33 969.33
17.00 11.33 5.67 0.00 0.00
60.75 81 101.25 103.5 105.75
2,493.53 2,425.82 2,354.98 2,323.03 2,293.66
0 0 0 0 0
1,643.15 1,442.11 1,222.76 1,000.97 766.19
850.38 983.71 1,132.22 1,322.06 1,527.47
2,493.53 2,425.82 2,354.98 2,323.03 2,293.66
- - - - -
198.43 222.22 247.52 316.39 342.35

52.81 52.81 52.81 52.81 52.81
2013 2014 2015 2016 2017
3.76 4.21 4.69 5.99 6.48
3.57 3.85 4.15 4.40 4.67
0.19 0.35 0.54 1.59 1.81
360.35 387.64 416.44 428.81 452.60
2013 2014 2015 2016 2017

6.82 7.34 7.89 8.12 8.57
4.70 5.03 5.37 5.68 5.99
2013 2014 2015 2016 2017
26% 31% 37% 47% 64%
18% 18% 18% 18% 18%
28% 28% 28% 28% 28%
Assumptions
Transaction Assumptions
Strock Price
Premimum
Consideration per Share
Date of Transaction
Debt Issued
Debt Retired
Contents
Show Comments
Valuation Year 4
WACC 10%
Period 1 2 3 4 5
Valuation Switch 0 0 0 1 1
Mechanics
EBT 200 -300 -150 -80 60
Tax Rate 17% 17% 17% 17% 17%
Taxes on P&L 34 -51 -25.5 -13.6 10.2
NOL Carryforward Balance

Opening Balance 0 0 300 450 530
Add: NOL Generated from Loss 0 300 150 80 0
Less: NOL Used from Income 0 0 0 0 60
Closing Balance 0 300 450 530 470
EBT for Acutal Taxes 200 0 0 0 0
Actual Taxes Paid 34 0 0 0 0
Change in Deferred Tax 0 51 25.5 13.6 -10.2
Accumulated Deferred Tax - 51.00 76.50 90.10 79.90
Valuation Method 1
Free Cash Flow
EBT = EBITDA 0 0 0 -80 60
Less: EBIT x Tax = EBT x Tax 0 0 0 -13.6 10.2
Free Cash Flow 0 0 0 -66.4 49.8
Period Counter for NPV 0 0 0 1 2

PV Factor 1.00 1.00 1.00 0.91 0.83
PV of Free Cash Flow 474.31

Add: Accumulated Def Tax 76.50
Total Value of Company 550.81 Note the difference in value -- Bridge adjustme
Valuation Method 2
Free Cash Flow
EBT = EBITDA 0 0 0 -80 60
Less: EBIT x Tax = EBT x Tax 0 0 0 -13.6 10.2
Less: Change in Deferred Tax 0 0 0 13.6 -10.2
Free Cash Flow 0 0 0 -80 60
PV of Free Cash Flow 526.06 Correct value with actual cash flow
Total Value of Company
Single Asset
Book Life 10
Tax Life 5
Tax Rate 17%
Capital Expenditure 200
EBITDA 100 100 100 100 100
Book Depreciation 20 20 20 20 20
Net Plant Balance 200 180 160 140 120 100
Tax Depreciation 40 40 40 40 40
Net Tax Balance 200 160 120 80 40 0
Book Taxes 13.6 13.6 13.6 13.6 13.6

Actual Taxes 10.2 10.2 10.2 10.2 10.2
Change in Deferred Taxes 3.40 3.40 3.40 3.40 3.40

Accumulate Deferred Tax Liab 3.40 6.80 10.20 13.60 17.00
Method 1
EBITDA 0 0 0 100 100
Less: Book Taxes 0 0 0 13.6 13.6
Free Cash Flow 0 0 0 86.4 86.4
EV - NPV of Free Cash Flow 459.35

Less: Deferred Tax Liab 10.20
Net Value 449.15 In this case, the adjustment decreases value
Method 2
EBITDA 0 0 0 100 100
Less: Taxes 0 0 0 13.6 13.6
Add: Change in Deferred Tax - - - 3.40 3.40
Free Cash Flow - - - 89.80 89.80
Net Value 454.60
Key point -- when the assets keep growing, then the deferred tax never reverses
Forecast
Existing New
Plant 3,000 5,000
Deferred Tax 400
Tax Rate 25%
Tax Basis Difference 1600

Tax Basis 1,400
Tax Dep Rate 10%

Book Dep Rate 5%
Exiting Tax Dep 140
EBT - Books 400
Book Dep 250

Tax Dep 140
EBT - Taxes
Show Comments
6 7 8 9 10 11
1 1 1 1 1 1
160 240 500 500 500 500
17% 17% 17% 17% 17% 17%
27.2 40.8 85 85 85 85
470 310 70 0 0 0
0 0 0 0 0 0
160 240 70 0 0 0
310 70 0 0 0 0
0 0 430 500 500 500
0 0 73.1 85 85 85
-27.2 -40.8 -11.9 0 0 0
52.70 11.90 - - - -
160 240 500 500 500 500

27.2 40.8 85 85 85 85
132.8 199.2 415 415 415 415
3 4 5 6 7 8
0.75 0.68 0.62 0.56 0.51 0.47
n value -- Bridge adjustment increases value
160 240 500 500 500 500

27.2 40.8 85 85 85 85
-27.2 -40.8 -11.9 0 0 0
160 240 426.9 415 415 415
tual cash flow
100 100 100 100 100 100
20 20 20 20 20 0
80 60 40 20 0 0
0 0 0 0 0 0
0 0 0 0 0 0
13.6 13.6 13.6 13.6 13.6 17

17 17 17 17 17 17
(3.40) (3.40) (3.40) (3.40) (3.40) -

13.60 10.20 6.80 3.40 - -
100 100 100 100 100 100

13.6 13.6 13.6 13.6 13.6 17
86.4 86.4 86.4 86.4 86.4 83
tment decreases value
100 100 100 100 100 100

13.6 13.6 13.6 13.6 13.6 17
(3.40) (3.40) (3.40) (3.40) (3.40) -
83.00 83.00 83.00 83.00 83.00 83.00
Contents
Income Rate 2%
Cash 100
Int Rate 5%
Debt 800
EBIT 100 300 200 500
Plus: Int Income 1.00 0.00 0.00 3.04

Less: Int Expese 40.00 31.95 18.55 9.47
Total Cash Flow 61.00 268.05 181.45 493.57
Cash Less Debt

Opening Balance -700.00 -639.00 -370.95 -189.50
Add: Cash Flow 61.00 268.05 181.45 493.57
Closing Balance -700 -639.00 -370.95 -189.50 304.07
Cash Balance 100 0.00 0.00 0.00 304.07

Debt Balance 800 639.00 370.95 189.50 0.00
Interest Income 1.00 0.00 0.00 3.04

Interest Expese 40.00 31.95 18.55 9.47
Difference in Int Income 0.00 0.00 0.00 0.00

Difference in Int Expense
0.00
Contents
Revenues 1000 1000 1000 1000 1000

Range 100 200 150 500 -200
EBITDA 900 800 850 500 1200
Average 250
Median 200.00
Row 0 250 -1.00

Col 0
Length 1
Width 7
1000 1000 12
400 600 Range
600 400 10
6
Range
0
Range
Contents
First Part - Develop Value from

Basic DCF with Gordon Model
and Terminal EV/EBITDA
First Part - Develop Value from Basic DCF Second

with Gordon
Part - Model and
Complex Terminal EV/EBITDA
DCF
Master Scenario Model using EV/EBITDA Driver EV/EBITDA Engine Stable
with Master Scenario
Options
Debt Value
Third Part - Devellop

Comprehensive Model of
Using History
Fourth Part - Compute P/E

Ratio Drivers to Understand
Value Drivers in EV/EBITDA
Ratio
0
Show Comments
Stable Ratios

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File Name: C:\Users\Elvis Presley\Documents\Valuation_Concepts.xls

Cost PV FV Percent WACC

Total 116.31 300.00 8.12% value = dcf /(1+debt rate)^5 + ecf/(

FCF 8.12% 137.37 300.00 value = (dcf + ecf)/(1+wacc)^5

wacc = (debt value x debt rate + eq

debt value = dcf/(1+debt rate)^ 5

wacc = (debt value = dcf/(1+debt r

ebt value x debt rate + eq valule x eq rate)/(debt value + equity value)

Base Low High Gr Sens Mgn Sens Cap Exp

Low High Low vs Bse High vs Bse Total Small Match

Scenario Number 1.00

Base Depreciation 206

Working Capital Assumptions

Working Analysis and Period Counters

Explicit Period Switch 1 1 1

2009 2010 2011

Cap Exp to Revenues 5.00% 5.00% 5.00%

Depreciation Rate 6.24% 6.24%

EBIT Margin 14.00% 15.00%

EBTIDA 827.00 1,106.33 1,247.61

Total Operating Expenses 5,173.00 5,253.67 5,493.99

Total Working Capital Balance 232.36 265.18 287.24

EBITDA Free Cash Flow 1,106.33 1,247.61

Add: Terminal Value 0.00 0.00

Total Cash Flow 506.19 605.32

Mid Year PV Factor 0.96 0.89

Terminal EV/EBITDA 0.00 0.00

PV of Cash Flow = Enterprise Value 14,319.14

Less: Net Debt 1,788.91 See Complex DCF Sheet

Value per Share 772.13

Terminal EV/EBITDA 9.55

Implied EV/EBITDA 12.94

Value with EV/EBITDA

Add: Terminal Value - EV to EBITDA - -

PV of Cash Flow 14,806.57

Free Cash Flow

Free Cash Flow Explict Periods 7

Base Low High

2012 2013 2014 2015 2016 2017

5.00% 5.00% 5.00% 5.00% 5.00% 5.00%

3,955.08 4,312.38 4,691.13 5,092.60 5,518.15 5,969.24

6.24% 6.24% 6.24% 6.24% 6.24% 6.24%

16.00% 16.00% 16.00% 16.00% 16.00% 16.00%

1,401.42 1,493.00 1,590.07 1,692.96 1,802.03 1,917.64

5,744.68 6,081.87 6,439.29 6,818.15 7,219.75 7,645.44

310.97 330.24 350.67 372.33 395.28 419.62

1,401.42 1,493.00 1,590.07 1,692.96 1,802.03 0.00

0.00 0.00 0.00 0.00 17,216.47 0.00

700.25 755.63 808.45 864.45 18,140.28 0.00

0.82 0.76 0.71 0.65 0.61 0.56

0.00 0.00 0.00 0.00 9.55 0.00

Terminal Growth Rate

700.25 755.63 808.45 864.45 923.81 0.00

2018 2019 2020 2021 2022 2023

5.00% 5.00% 5.00% 5.00% 5.00% 5.00%

6,447.39 6,954.24 7,491.49 8,060.98 8,664.64 9,304.52

6.24% 6.24% 6.24% 6.24% 6.24% 6.24%