6.1 2011 2012 2013 Ex 0.2 0.

138889
EPS 3 3.6 4.1 Cum 0.208333 0.145833
DPS 0.25 0.25 0.3

b AEG 0.325 0.165

c Normal forward P/E 10
d Yes

6.2 257
26
25

6.3 2013 2014 2015 2016 2017

Earnings 388 570 599 629 660.45
Dividends 115 160 349 367 385.4
Reinvested dividends 11.5 16 34.9 36.7
Cum-div earnings 581.5 615 663.9 697.15
Normal earnings 426.8 627 658.9 691.9
AEG 154.7 -12 5 5.25
Earnings growth 46.91% 5.09% 5.01% 5.00%
Cum-div earnings growth 49.87% 7.89% 10.83% 10.83%
Present value of AEG 140.6364 -9.917355
Total PV 130.719
CV 100 82.64463
Total earnings to be cap 601.3636
Value of equity 6013.636
Value per share 4.357708

d Forward 15.49906
Normal 10

6.10 normal 11.11111

pe trading 12.10407

6.11 2006 2007

EPS 84.733 93.37577 1234.534
DPS 22.87791 25.21146
Reinvested 2.287791
cum-div 95.66356
Normal 93.2063
AEG 2.457257 42.59245
pv 38.72041
b if cum-div earnings would grow at 10% pe would be normal
But earnings are expected to grow faster than 10%

c
 6.13 53
2003 2004 2005 2006 2007 2008
b eps 5.3 5.936 6.64832 7.446118 8.339653 9.340411
dps 0.53 0.5936 0.664832 0.744612 0.833965 0.934041
reinvested 0.053 0.05936 0.066483 0.074461 0.083397
cum-div 5.989 6.70768 7.512602 8.414114 9.423807
normal 5.83 6.5296 7.313152 8.19073 9.173618
AEG 0.159 0.17808 0.19945 0.223384 0.25019
0.144545 0.147174 0.149849 0.152574 0.155348
0.74949
5.499537
 6.4 2000 2001 2002 2003 2004
EPS 3.9 3.7 3.31 3.59 3.9
DPS 1 1 1 1 1
Reinvested dividends 0.12 0.12 0.12 0.12
Cum-div earnings 3.82 3.43 3.71 4.02
Normal earnings 4.368 4.144 3.7072 4.0208
AEG -0.548 -0.714 0.0028 -0.0008

Value per share 23.67932

c 9.33333333333333
d 36.4

6.6 0.08 0.09 0.1 0.11 0.12 0.13

Trailing 13.5 12.11111 11 10.09091 9.333333 8.692308
Forward 12.5 11.11111 10 9.090909 8.333333 7.692308

6.7 2009 2010 0.164615

eps 3.9 4.45 0.141026
dps 0.92
cum-dividend 4.542

6.8 2006 2007 2008 2009 2010

eps 1.53 1.65 1.93 1.96 2.32
dps 0.67 0.72 0.78 0.86 0.96
reinvested dividends 0.0536 0.0576 0.0624 0.0688
cum-div 1.7036 1.9876 2.0224 2.3888
normal 1.6524 1.782 2.0844 2.1168
AEG 0.0512 0.2056 -0.062 0.272

6.9 2010 2011 2012 2013 2014 2015

EPS 13.22 14.61 16.2171 18.00098 19.98109
DPS 3 3.3 3.663 4.06593 4.513182
BPS 18.77 28.99 40.3 52.8541 66.78915 82.25706
RE 11.343 11.711 12.1871 12.71557 13.30217

2011 2012 2013 2014 2015

EPS 13.22 14.61 16.2171 18.00098 19.98109
DPS 3 3.3 3.663 4.06593 4.513182
Reinvested 0.3 0.33 0.3663 0.406593
cum-div 14.91 16.5471 18.36728 20.38768
Normal earnings 14.542 16.071 17.83881 19.80108
AEG 0.368 0.4761 0.528471 0.586603
 2010 2011 2012 2013 2014
6.14 Earnings 502 570 599 629 660.45
Dividends 115 160 349 367 385.4
Reinvested 11.5 16 34.9 36.7
cum-div earnings 581.5 615 663.9 697.15
Normal earnings 552.2 627 658.9 691.9
AEG 29.3 -12 5 5.25
PV AEG 16.71901
CV 100
PV CV 82.64463
Earnings to be cap 601.3636
value of equity 6013.636
value per share 4.357708
 0.14 0.15 0.16
8.142857 7.666667 7.25
7.142857 6.666667 6.25
9.8

Balance, october 1, 2006 2228.5

Transactions with shareholders
issue shares 46.8
Stock repurchase -1012.8
stock exercise 225.2 -740.8

Comprehensive income
Net income 672.6
Unrealized loss on financial assets -20.4
Currency translation loss 37.7 689.9
Balance, september 30, 2007 2177.6

b 152.901083333333
c 507544479.99
194897080.31616
312647399.67384

9.11 742.857142857143
482.857142857143

Balance feb 1, 2002 4694

Transactions with shareholders
Share issue at market value 900.8571
Repurchase -1400 -499.1429

Comprehensive income
CI reported 2051
Loss on share repurchase -890 678
loss on stock options -483
Balance january 31 2003 4872.857

M9.1 Balance beginning period 27458

Transactions with shareholders
Shares issued 2843
Shares repurchased -4872 -2029

Comprehensive income
net income 7012
unrealized investment gains 2724
Translation gains 166
Preferred dividends -13 9889
Balance end of period 39320

Loss on stock options 10672

minus tax benefit 6670
Balance beginning period 27458
Transactions with shareholders
Shares issued + market value options 13515
Shares repurchased -4872 8643

Comprehensive income
net income 7012
unrealized investment gains 2724
Translation gains 166
Preferred dividends -13
Loss on stock options -6670 3219
Balance ended 39320
10.1 Operating assets 547 10.2 909
Operating liabilities 132 10.3 0.277778 0.285
NFA 415

Financing assets 145

Financing liabilities 190
NFO 45
CSE 370

revenue 4356
cogs 3487
gross margin 869
Operating expenses 428
Operating income 441

interest income 56
interest expense 132
-76
Earnings 365