TAB.

1 : Sensitivity Analysis Using Excel Function ( What If Analysis Data T

Equity value (AED)

WACC of high growth period

 WACC of high growth period

Varying of

TAB 2 :Sensitivity Analysis Using Excel Function ( What If Analysis Data T

Equity value (AED)

WACC of Stable period

Varying of

Sensivity Analysis Using Excel Function ( What If Analysis Data Table)

1- Considering the above assumtpions of FCFF, growth rate and WACC, the Equity value is
In fact, Equity value per share is above the market price by 4.59 AED reperesenting 162%
2- Regarding Senistivity Analysis of parameters of high Growth Period
As we can see in the Table A : MIN Equity Value : 6.5 AED ( g : 15.74% & Wacc 6.02%) & M
More that by increasing or decreasing the growth rate by 100 Basis point ( 1%) , the equit
In the other hand, Equity value Change by 0.1 AED per share when we increase/decrease
===> There's no high sensitivity/change of Equity value And variation in WACC and Grow
No significant change compared to the baseline scenario + 1.01 AED/-0.91 AED Vs B

3- Regarding Senistivity Analysis of parameters Stable Period

As we can see in the Table B : MIN Equity Value : 4.06 AED ( g : 0.57% & Wacc 6.99%) & M
More that by increasing or decreasing the growth rate by 50 basis point ( 0.5%), the equity
Equity value Change by 0.31 AED to 30.93 AED when we increase/decrease WACC by 50 Ba
 ===> Equity value is very sensitive to Variation of WACC and Growth Rate of stable per
Conclusion :
Uncertainty of Equity value is strongly linked to stable period parameters ( g & WACC) : T
The Sensitivity Analysis Shows that in worst case scenario : estimated Equity value is high
In worst scenario of high growth period ( g : 15.74% and WACC : 6.02% ) Equity value is :
In worst scenario of stable period ( g : 0.57% and WACC : 6.99% ) Equity value is : 4.06 h
 High
Current
Firm Valuation: Dubai Mall 1
AED ‘000 2014F 2015F
Growth rate 18.740%
Total revenue 2,708,000 3,215,487
EBITDA 2,345,499
CAPEX 365,803 1,204,724
Change in NWC -191,899 -195,929

Year 1
FCFF 1,336,704
WACC 4.52%
PV 1,278,848
Terminal Value
Discount Rate
NPV of Terminal Value
NPV (includes '000) 103,748,330
Market value of Debt 7,301,199.00
Equity Value 96,447,131
Outstanding shares 13,014,300
Equity value (AED) 7.41

y Analysis Using Excel Function ( What If Analysis Data Table): Varying growth rate of high g

7.41 15.74% 16.74%

3.02%
3.52%
4.02%
4.52%
5.02%
5.52%
 6.02%

High Growth Rate by 1.0%

WACC Growth period by 0.5%

Analysis Using Excel Function ( What If Analysis Data Table): Varying growth rate of stable

7.41 0.57% 1.07%

3.99%
4.49%
4.99%
5.49%
5.99%
6.49%
6.99%

Stable period growth Rate by 0.5%

WACC Growth period by 0.5%

ng Excel Function ( What If Analysis Data Table)

ove assumtpions of FCFF, growth rate and WACC, the Equity value is much higher than the market capitalisation
per share is above the market price by 4.59 AED reperesenting 162% of the market share price
ty Analysis of parameters of high Growth Period
Table A : MIN Equity Value : 6.5 AED ( g : 15.74% & Wacc 6.02%) & MAX Equity Value : 8.43 AED ( g: 21.74 % & W
ing or decreasing the growth rate by 100 Basis point ( 1%) , the equity value change by 0.2 AED per share ( see TA
quity value Change by 0.1 AED per share when we increase/decrease WACC by 50 Basis point (0.5%) ( See TAB A.2)
sensitivity/change of Equity value And variation in WACC and Growth Rate of high growth period
hange compared to the baseline scenario + 1.01 AED/-0.91 AED Vs Base line Scenario 7.41 AED despite +/- 3% in

ty Analysis of parameters Stable Period

Table B : MIN Equity Value : 4.06 AED ( g : 0.57% & Wacc 6.99%) & MAX Equity Value : 57.73 AED ( g: 3.57 % & W
ng or decreasing the growth rate by 50 basis point ( 0.5%), the equity value change by 0.33 AED to 31.06 AED
y 0.31 AED to 30.93 AED when we increase/decrease WACC by 50 Basis point ( 0.5%)
very sensitive to Variation of WACC and Growth Rate of stable period ( significant Change : +50.32 AED/ - 3.35

value is strongly linked to stable period parameters ( g & WACC) : Tab. B shows the strong impact of changes in
sis Shows that in worst case scenario : estimated Equity value is higher than the stock price
high growth period ( g : 15.74% and WACC : 6.02% ) Equity value is : 6.02 AED higher than the market price ( 2.8
table period ( g : 0.57% and WACC : 6.99% ) Equity value is : 4.06 higher than the market price ( 2.82 AED)
 High Growth Phase Transition Phase
2 3 4 5
2016F 2017F 2018F 2019F
18.740% 18.740% 13% 7.62%
3,818,078 4,533,597 5,131,231 5,522,458
2,785,052 3,306,979 3,742,917 4,028,293
973,778 320,278 339,815 361,903
-200,041 -101,245 -311,533 -212,694

2 3 4 5
2,011,315 3,087,946 3,714,635 3,879,084
4.52% 4.52% 4.85% 5.17%
1,840,972 2,704,085 3,102,480 3,080,541

Key Estimated Parameters

High Growth Rate WACC for High Growth WACC Estimation for transition period
2018 2019
4.52% 4.85% 5.17%
Annual Increase

wth rate of high growth period and WACC of high growth period

High growth Rate (2015-2017)

17.74% 18.74% 19.74% 20.74%
wth rate of stable period and WACC of stable period

Stable Period
1.57% 2.07% 2.57% 3.07%

market capitalisation

3 AED ( g: 21.74 % & Wacc : 3.02%)

AED per share ( see TAB A.1)
t (0.5%) ( See TAB A.2)
h period
AED despite +/- 3% in growth rate and +/- 1.5% in WACC)

3 AED ( g: 3.57 % & Wacc : 3.99%)

AED to 31.06 AED
e : +50.32 AED/ - 3.35 AED vs Baseline scenario 7.41 AED in a scenario of +-1.5% of g and WACC)

impact of changes in Growth rate and WACC of stable period on the estimation of Equity Value

he market price ( 2.82 AED)

price ( 2.82 AED)
 Stable Phase
6
2020F
2.07% *Insert the same rate 2014-2017 and decline linearly to 20
5,636,580 * Insert Total rev 2014 using the sheet 'Estimte EBITDA ma
4,111,537 *Use the EBITDA Margin to estimate EBITDA
369,503 * Use these Capital exp, which I estimated seperately
-217,600 *copy these numbers from 'Estimate Change in NWC'

6
3,959,634 *FCFF = EBITDA - CAPEX - Change in NWC
5.49%
2,980,745
117,910,016
0.753
88,760,658

WACC for Stable Phase

5.49%
0.0032

21.74% TAB A
6.50 MIN 0.21
8.43 MAX #VALUE!
7.41 Baseline #VALUE!
-0.91 #VALUE!
1.01 #VALUE!
#VALUE!
 #VALUE!

3.57% TAB B
4.06 MIN 1.23
57.73 MAX #VALUE!
7.41 Baseline #VALUE!
#VALUE!
-3.35 #VALUE!
50.32 #VALUE!
#VALUE!
and decline linearly to 2020 16.7% 5.6%
heet 'Estimte EBITDA margin' and then estimate the future revenues based on 'g'
ate EBITDA
stimated seperately
ate Change in NWC'

TAB A.1 - Change in Equity Value/ Growth Rate Variation

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

TAB B.1 - Change in Equity Value/ Growth Rate Variation

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
 TAB A.2 - Change in Equity Value/ WACC Variation
-0.11 #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
 TAB B.2 - Change in Equity Value/ WACC Variation
-0.88 #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
 Firm Valuation: Dubai Mall
AED ‘000
Growth rate
Total revenue
EBITDA
CAPEX
Change in NWC

FCFF
WACC
PV
Terminal Value As onYear End 2020
Discount Rate
PV of Terminal Value
NPV (includes '000)
Market value of Debt
Equity Value
Outstanding shares
Equity value (AED)

Sensitivity Analysis: Varying growth rate of high growth period and WACC of

Equity value (AED) Equity value (AED)

3.02%
3.52%
4.02%
WACC of high growth period 4.52%
WACC of high growth period
5.02%
5.52%
6.02%

High Growth Rate by

Varying of
WACC Growth period by

Sensitivity Analysis: Varying growth rate of high growth period and WACC of

Equity value (AED) High Growth Rate by

WACC of high growth period

Stable period growth Rate by

Varying of
WACC Growth period by
 High Growth Phase
Current
1 2
2014F 2015F 2016F
18.74% 19%
2,708,000 3,215,487 3,818,078
2,345,499 2,785,052
365,803 1,204,724 973,778
-191,899 -195,929 -200,041

Year 1 2
1,336,704 2,011,315
4.52% 4.52%
1,278,848 1,840,972

103,748,330
7,301,199.00
96,447,131 High Growth Rate
13,014,300
7.41

wth period and WACC of high growth period

High growth Rate (2015-

15.74% 16.74% 17.74%
 1.0%
0.5%

wth period and WACC of stable period

High growth Rate (2015-

h Phase Transition Phase
3 4 5
2017F 2018F 2019F
19% 13% 7.62%
4,533,597 5,131,231 5,522,458
3,306,979 3,742,917 4,028,293
320,278 339,815 361,903
-101,245 -311,533 -212,694

3 4 5
3,087,946 3,714,635 3,879,084
4.52% 4.85% 5.17%
2,704,085 3,102,480 3,080,541

Key Estimated Parameters

WACC for High Growth WACC Estimation for transition period
2018 2019
4.52% 4.85% 5.17%
Annual Increase

igh growth Rate (2015-2017)

18.74% 19.74% 20.74%

7.41
igh growth Rate (2015-2017)
 Stable Phase
6
2020F
2.07% *Insert the same rate 2014-2017 and decline linearly to 2020
5,636,580 * Insert Total rev 2014 using the sheet 'Estimte EBITDA margin' and then estimate
4,111,537 *Use the EBITDA Margin to estimate EBITDA
369,503 * Use these Capital exp, which I estimated seperately
-217,600 *copy these numbers from 'Estimate Change in NWC'

6
3,959,634 *FCFF = EBITDA - CAPEX - Change in NWC
5.49%
2,980,745
117,910,016
0.753
88,760,658

WACC for Stable Phase

5.49%
0.0032

21.74%
cline linearly to 2020 16.7% 5.6%
Estimte EBITDA margin' and then estimate the future revenues based on 'g'

ed seperately
ange in NWC'
Historical individual revenue components
AED'000
Revenues 2011 2012
Base rent 1,079,902 1,185,957
Net Turnover 121,679 272,187
Service and other charges 152,099 194,419
Other rental income 167,309 272,186.88
Total Rental revenue 1,520,989 1,944,192

Revenues Growth 2011 2012

Base rent 10%
Net Turnover 124%
Service and other charges 28%
Other rental income 63%
*Find the percentage changes in revenues st

Total Revenues growth estimates 2015-2017

Rental Revenue: Weights Projected growth rate
1. Base rent 60% 10.76%
2. Net Turnover 14% 29.58%
3. Service income 11% 25.29%
3. Other rental income 15% 35.74%
WEIGHTED AVERAE 18.7403%

NOTES TO SHARE
Using data obtained from EMG Financials, Rental revenue was decomposed into Base rent (60
Since Rental Revenue comprises the majority of revenues, Rental revenue has been used as th
1. Base rent: For this line item, an XX growth rate has been found to be
2. Net Turnover: The Net Turnover revenue was grown by XX% because it re
3. Service Income and Other RentaRevenues were grown for Service Income and Other Rental

Post 2017:
We assume that the high growth rate used from 2015-2017 will decrease linearly to a stable gr
The reason is that individual revenue components will grow to high amounts that will seem un
The XX% is an estimate of the growth rate of an average REIT firm in relatively more mature ec

Stable growth rate

REIT location Number of firms Fundamental growth rate
US 213 -1.92%
Europe 117 9.47%
Weighted average
*Compute the weighted average
*use this weighted average as the long term
 2013 2014
1,431,410 1,618,300
333,995.62 377,603
262,425 296,688
357,852 404,575
2,385,683 2,697,168

2013 2014 Average

21% 13% 15%
23% 13% 53%
35% 13% 25%
31% 13% 36%
e changes in revenues starting year 2012

Average (historical avg and 7%) 

Average ( historical avg and 6%)
At historical growth rate
At historical growth rate
*Weighted Average

posed into Base rent (60%), Net Turnover (14%), Service and other income (11%) and Other rental income (15%). :
nue has been used as the growth driver of the revenue projections. An XX growth rate was found to be appropriate
te has been found to be appropriate because it reflects the average of the historical growth rate of XX% found and th
wn by XX% because it reflects the average of theXX% historical growth rate for this item and a growth rate of 6% aris
ncome and Other Rental Income at their historical growth rates
ase linearly to a stable growth rate of XX%.
mounts that will seem unrealistic and hence, the projections will not be realistic.
latively more mature economies of the world such as the US and Western Europe. The following provides the finding

Weights
65%
35%
2.07%
hted average
verage as the long term growth rate for year 2020 in the sheet 'Estimate DCF'
 income (15%). :
d to be appropriate for 2015-2017. The underlying assumptions have been incorporated into the analysis from 2015-2
of XX% found and the 7% escalation that EMG states that they will increase their base rent revenue by each year.
owth rate of 6% arising from increase of tourism and increase in household spending from 2015-2018.
provides the finding procedure:
 into the analysis from 2015-2017
ent revenue by each year.
m 2015-2018.
AED'000 2011 2012 2013
Total Revenues 1,524,595 1,949,574 2,395,283
Operating expenses 354,229 361,948 436,834
Sales and marketing expenses 25,340 39,432 63,752
Depreciation 315,345 314,146 307,011
General and administrative expenses 108,292 102,383 155,378
Interest costs 458,012 400,842 332,869
Net Income 263,377 730,823 1,099,439

EBITDA 1,036,734 1,445,811 1,739,319

EBITDA/Rev 0.68000617 0.74160355 0.72614342
 2014 EBITDA Margin EBITDA / Total Revenue
2,708,000
424,504
56,619
327,943
141,717
406,217
1,351,000

2,085,160 Historical average

0.77 73%
This ratio measures a company's operating profitability. It excludes depreciation and amortization to sh
e company is.
AED 000 2013
Current Assets
Inventories 14,524
Trade receivables 194,312
Advances and prepayments 34,830
Due from related parties 171,854
Bank balances and cash 1,362,709
Total current assets 1,778,229

Current liabilities
Due to related parties -
Interest bearing loans and borrowings- short term portio 180,000
Accounts Payable and accruals 335,605
Advances and security deposits 448,942
Retentions payable -
Deferred Income 376,497
Total current liabilities 1,341,044

Notes:
CA excludes Cash and CL exludes interest bearing loans

Working Capital -745,524

Change in NWC -745,524

2014F 2015F 2016F 2017F 2018F 2019F 2020F

14,728 15,078.96 15,417.67 11,731.28 11,019.07 8,780.28 8,514.17

87,694 257,875.24 317,733.49 437,747.35 440,294.41 471,180.27 480,878.42
86,219 76,565.39 66,840.02 36,967.77 43,944.31 51,765.30 52,426.33
217,594 78,698.83 50,047.57 35,630.61 38,475.04 39,999.92 46,693.08
865,021 1,757,273 3,283,631 2,416,515 2,161,765 2,063,970 2,050,208
1,271,256 2,185,491 3,733,670 2,938,592 2,695,498 2,635,696 2,638,720

21,961 46,419.89 50,940.50 75,659.46 77,154.88 59,850.89 58,607.67

0 0 0 0 0 0 0
404,758 600,077.22 654,284.04 674,047.75 722,804.98 821,826.61 932,138.07
482,627 496,664.91 640,418.29 708,713.88 850,000.29 951,152.41 1,070,486.80
4,076 - - - - - -
430,236 418,407.89 437,788.99 498,293.52 629,943.38 697,760.79 703,744.51
1,343,658 1,561,570 1,783,432 1,956,715 2,279,904 2,530,591 2,764,977

-937,423 -1,133,352 -1,333,393 -1,434,638 -1,746,171 -1,958,865 -2,176,465

-191,899 -195,929 -200,041 -101,245 -311,533 -212,694 -217,600

WACC Components
Variable High growth phase
Risk free rate (USD) 1.64%
Market Risk Premium 4.60%

Beta Unlevered 0.56

Beta levered 0.63

Country Risk Premium

Lambda

Capital Structure
WD 16.59%
WE 83.41%
D/E 0.20

Cost of equity 4.52%

Cost of Debt 4.56%
However, the capital structure in
the stable
In the highphase
growth is phase,
based onthe
average
capital structure is based of
capital structure onREIT
WACC firms
market in value
the US ofand
4.52% Western
interest bearing
Europe. Hence, D/E
debt, which is assumed wastofound
be to
be 80% in the stable
close to the book value of growth
phase
interestbecause
bearingwe assume
debt, that
and the
Capital Structure EMG will have a capital structure
market value of equity is the
similar
marketto capanasaverage
of Feb 1REIT firm in
2015.
a mature economy such as in US
and Europe

Year MV Debt
2014 7,301,199
*MV debt is assumed equal to BV
*Use the sheet 'Bal Sheet' to find

Bottom Up Beta Calculation

Comparable Companies Country
The Macerich Company US
Equity One Inc US
Weingarten Realty Investors US
Retail Properties of America US
Average
Market D/E
Levered Beta

NOTES
Unlevered Beta The beta was calculated by the Bottom-Up method because EMG
Following that, a 5-year (60 observations) regression of the com
Levered Beta The levered beta was found using Hamada’s equation
Stable phase
1.64%
4.60%

N/A
1

44.4%
55.60%
0.80

6.24%
4.56%

5.49%

MV equity
36700326
*MV equity is Price*Number of shares
*price: 2.82
*Number of shares: 13014300

Βlev
1.2
 1.07
1.13
0.36

d by the Bottom-Up method because EMG is too young for a regression analysis based beta to be valid and because regression
(60 observations) regression of the comparable companies was carried out and consequently, the regression betas were unlev
ound using Hamada’s equation
 Source
10-year US Treasury Bond (Feb 1 2015)
Geometric average of S&P 500 – US 10 year T-bond returns from 1928-2014

Bottom-Up beta approach

Levered Beta using EMG market D/E; Assume beta approaches X in mature phase

Company Market Data; Capital structure of average REIT firm in US and Western Europe

YTM of EMG Traded Sukuk

Wd
0.17
mber of shares

D/E
139.32%
 82.86%
123.40%
109.39%

se EMG is too young for a regression analysis based beta to be valid and because regression betas reflect past records. To calcu
e comparable companies was carried out and consequently, the regression betas were unlevered using the corresponding D/E
βlevered: βunlevered(1+[(1-t)D/E)
t = 40%
ern Europe

We D/E
0.83 0.20

Βunlev Occup. % Market Cap

65% 95.60% 11.79B
 71% 94.40% 3.17B
65% 94.90% 4.29B
22% 93.30% 3.92B
0.56
19.89%
0.625

ion betas reflect past records. To calculate the Bottom-Up beta, companies were shortlisted based on type of operations, occu
unlevered using the corresponding D/E ratio of each firm. The average unlevered betas of the comparable companies was then
 ype of operations, occupancy rate, market cap and leverage.
ble companies was then calculated.
EMG’s Historical and Forecasted Statement of Financial Position
AED 000
Assets
Non current
PPE
Investment in properties
Investment in subsidiaries
Total Non-current assets
Current Assets
Inventories
Trade receivables
Advances and prepayments
Due from related parties
Bank balances and cash
Total current assets
Total Assets

Equity and Liabilities

Equity
Share capital
Statutory reserve
Retained earnings
Hedging reserve
Total Equity
Liabilities
Non Current liabilities
Employees end of service benefits
Interest bearing loans and borrowings- Long term portion
Sukuk
Due to related parties
Retention payable after 12 months
Total Non-current liabilities
Current liabilities
Due to related parties
Interest bearing loans and borrowings- short term portion
Accounts Payable and accruals
Advances and security deposits
Retentions payable
Deferred Income
Total current liabilities
Total Liabilities
Total Equity and Liabilities
2011 2012 2013 2014F 2015F 2016F

231,191 424,165 303,207 321,923 283,971 244,532

7,352,742 7,255,367 7,329,802 20,441,936 21,305,089 21,923,920
447 447 447 - - -
7,584,380 7,679,979 7,633,456 20,763,859 21,589,060 22,168,452

7,485 9,148 14,524 14,728 15,078.96 15,417.67

233,031 238,203 194,312 87,694 257,875.24 317,733.49
20,677 44,013 34,830 86,219 76,565.39 66,840.02
128,073 121,355 171,854 217,594 78,698.83 50,047.57
32,842 669,951 1,362,709 865,021 1,757,273 3,283,631
422,108 1,082,670 1,778,229 1,271,256 2,185,491 3,733,670
8,006,488 8,762,649 9,411,685 22,035,115 23,774,551 25,902,122

300 300 300 13,014,300 13,014,300 13,014,300

150 150 150 150 150 150
1,163,080 1,893,903 2,993,342 376,951 1,779,749 3,680,623
- -45,096 -34,862 -1,143 -1,143 -1,143
1,163,530 1,849,257 2,958,930 13,390,258 14,793,056 16,693,930

6,919 8,044 10,852 14,104 17,912.08 22,748.34

722,318 3,442,567 3,275,067 4,541,854 4,541,854 4,541,854
- - - 2,733,293 2,860,158 2,860,158
5,243,472 2,330,446 1,825,792 - - -
- - - 11,948 - -
5,972,709 5,781,057 5,111,711 7,301,199 7,419,924 7,424,760

- - - 21,961 46,419.89 50,940.50

 - 90,000 180,000 0 0 0
191,655 276,582 335,605 404,758 600,077.22 654,284.04
332,686 394,878 448,942 482,627 496,664.91 640,418.29
- - - 4,076 - -
345,908 370,875 376,497 430,236 418,407.89 437,788.99
870,249 1,132,335 1,341,044 1,343,658 1,561,570 1,783,432
6,842,958 6,913,392 6,452,755 8,644,857 8,981,494 9,208,192
8,006,488 8,762,649 9,411,685 22,035,115 23,774,550 25,902,122
2017F 2018F 2019F 2020F

204,265 163,153 121,177 78,320

21,881,797 21,851,600 21,835,722 21,819,509
- - - -
22,086,062 22,014,753 21,956,899 21,897,829

11,731.28 11,019.07 8,780.28 8,514.17

437,747.35 440,294.41 471,180.27 480,878.42
36,967.77 43,944.31 51,765.30 52,426.33
35,630.61 38,475.04 39,999.92 46,693.08
2,416,515 2,161,765 2,063,970 2,050,208
2,938,592 2,695,498 2,635,696 2,638,720
25,024,654 24,710,251 24,592,595 24,536,549

13,014,300 13,014,300 13,014,300 13,014,300

150 150 150 150
2,623,731 1,978,338 1,600,088 1,297,075
-1,143 -1,143 -1,143 -1,143
15,637,038 14,991,645 14,613,395 14,310,382

28,890.39 36,690.80 46,597.32 59,178.59

4,541,854 4,541,854 4,541,854 4,541,854
2,860,158 2,860,158 2,860,158 2,860,158
- - - -
- - - -
7,430,902 7,438,703 7,448,609 7,461,191

75,659.46 77,154.88 59,850.89 58,607.67

 0 0 0 0
674,047.75 722,804.98 821,826.61 932,138.07
708,713.88 850,000.29 951,152.41 1,070,486.80
- - - -
498,293.52 629,943.38 697,760.79 703,744.51
1,956,715 2,279,904 2,530,591 2,764,977
9,387,617 9,718,606 9,979,200 10,226,168
25,024,655 24,710,252 24,592,595 24,536,549
Column1 Column2 Column3 Column4 Column5

Mean 6.8074349 Mean 7.0066098 Mean 7.2091733 Mean 7.4151541 Mean

Standard Er0.0851009 Standard Er 0.087411 Standard Er0.0897607 Standard Er0.0921504 Standard Er
Median 6.803468 Median 7.0025351 Median 7.2049889 Median 7.4108581 Median
Mode #N/A Mode #N/A Mode #N/A Mode #N/A Mode
Standard De0.2251558 Standard De0.2312678 Standard De0.2374846 Standard De 0.243807 Standard De
Sample Var0.0506951 Sample Var0.0534848 Sample Var0.0563989 Sample Var0.0594419 Sample Var
Kurtosis -1.195431 Kurtosis -1.195431 Kurtosis -1.19543 Kurtosis -1.19543 Kurtosis
Skewness 0.0555155 Skewness 0.0555173 Skewness 0.0555191 Skewness 0.0555209 Skewness
Range 0.625371 Range 0.6423471 Range 0.6596142 Range 0.6771748 Range
Minimum 6.4997091 Minimum 6.6905307 Minimum 6.8845977 Minimum 7.0819377 Minimum
Maximum 7.12508 Maximum 7.3328778 Maximum 7.5442119 Maximum 7.7591125 Maximum
Sum 47.652044 Sum 49.046269 Sum 50.464213 Sum 51.906078 Sum
Count 7 Count 7 Count 7 Count 7 Count
 Column6 Column7

7.624581 Mean 7.8374828 Mean 8.0538883

0.0945803 Standard Er0.0970509 Standard Er0.0995624
7.6201716 Median 7.8329581 Median 8.0492464
#N/A Mode #N/A Mode #N/A
0.250236 Standard De0.2567725 Standard De0.2634173
0.0626181 Sample Var0.0659321 Sample Var0.0693887
-1.19543 Kurtosis -1.19543 Kurtosis -1.195429
0.0555227 Skewness 0.0555245 Skewness 0.0555263
0.6950314 Range 0.7131864 Range 0.7316423
7.2825781 Minimum 7.4865466 Minimum 7.6938707
7.9776095 Maximum 8.199733 Maximum 8.425513
53.372067 Sum 54.862379 Sum 56.377218
7 Count 7 Count 7