HOTEL ACQUISITION MODEL - BASIC

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Hotel Bultonia - Orlando, FL - Version 1.11

General Info and Timing

Property Hotel Bultonia
Address 123 Howard Street
City, State Orlando, FL
Version 1.11
Rooms / Keys 78
Acquisition Start Sep 19
Month 9
Year 2019
Hold Period 10 Years

Acquisition Assumptions
Purchase Price Method Cap Rate on Yr 1 NOI
Discount Rate 12.00%
Cap Rate 6.00%
Purchase Price 7,584,600
Purchase Price $9,881,540
Acquisition Costs (lender's fees excluded) 1.00%
1.00% 98,815
Transfer PIP/ Major Capital Improvement Reserve $320,000
Lender's Fees $59,289
All-in Basis $10,359,644

Financing Assumptions
Loan Amount $5,928,924
LTV 60%
Interest Rate 3.90%
Loan Fees 1.00%
Interest Only Period (Years) 7
Amortization Period (Years) 30
Term 10
Loan Disbursal Amount $5,869,635
I/O Payments (Yearly) $231,228
Amortization Payments (Yearly) $335,578
Loan Balance Repayment $5,597,395

Exit Assumptions
Sale Price $14,731,352
Exit Cap Rate 6.50%
Sales Expense 3.00%
 $441,941
Net Sales Proceeds - (Unlevered) $14,289,412
Net Sales Proceeds - (Levered) $8,692,017
 Summary

Partnership Level Returns Cash Outflow Profit IRR MOIC

Limited Partner (3,987,648) 7,653,641 14.88% 2.92x
General Partner (443,072) 1,805,622 21.40% 5.08x

Property Level Return Metrics

Unlevered
IRR 9.80%
MOIC 2.15x
Total Cash Invested $10,300,355
Total Revenue $22,112,709
Total Profit $11,812,354
Average Free & Clear Return 7.60%
Levered
IRR 15.73%
MOIC 3.13x
Total Cash Invested $4,430,721
Total Revenue $13,889,983
Total Profit $9,459,263
Average Cash on Cash Return 11.73%

Property Metrics Per Key Total

Acquisition
Purchase Price $126,686 $9,881,540
All-in Basis $132,816 $10,359,644
All-in Basis Less Debt Proceeds $57,564 $4,490,010
Exit
Sale Price $188,863 $14,731,352
Net Sales Proceeds - (Unlevered) $183,198 $14,289,412
Net Sales Proceeds - (Levered) $111,436 $8,692,017

Debt Metrics
Min. DSCR 2.56x
Min Debt Yield 10.77%

Sensitivity Analysis on Exit Year and Exit Cap Rate Sensitivity Tested on: IRR

15.73% 5.60% 6.10% 6.60% 7.10%

Year 2
Year 3
Year 4
Year 5
Year 6
Year 7
 Year 8
Year 9
Year 10
Hotel Bultonia - Orlando, FL - Version 1.11
Year 0 Year 1
2019 2020
Year Ending Sep 19 Sep 20
Total Acquisition Costs
Purchase Price 9,881,540
Transfer PIP/ Major Capital Improvement Reserve 320,000
Closing Costs 98,815
Total Acquisition Costs 10,300,355

Departmental Revenues
Rooms 1,866,126
Food & Beverage 281,483
Other Operated Departments 97,063
Misc. Income 33,001
Total Revenue 2,277,674

Departmental Expenses
Rooms 394,764
Food & Beverage 240,684
Other Operated Departments 46,070
Total Departmental Expenses 681,518

DEPARTMENTAL PROFIT 1,596,155

Undistributed Expenses
Total Undistributed Expenses 813,145

GROSS OPERATING PROFIT 783,010

Management Fee 68,330

INCOME BEFORE FIXED EXPENSES 714,680

Fixed Expenses
Total Fixed Expenses 76,234

EBITDA 638,446

Reserve for Replacement 45,553

NET OPERATING INCOME 592,892

Exit
Sales Price -
 Sales Expense -
Sales Proceeds (Unlevered) -

Debt
Loan Disbursement net Fees 5,869,635
Debt Service 231,228
Loan Repayment -

Cash Flow After Fianancing 361,664

Unlevered Cash Flow (10,300,355) 592,892

Levered Cash Flow (4,430,721) 361,664

Return Metrics
Free and Clear Return - 7.60% Ave 5.76%
Cash on Cash - 11.73% Ave 8.16%

Risk Metrics
DSCR - 2.56x Min 2.56x
Debt Yield - 10.77% Min 10.77%
 Year 2 Year 3 Year 4 Year 5 Year 6
2021 2022 2023 2024 2025
Sep 21 Sep 22 Sep 23 Sep 24 Sep 25

1,954,078 2,051,782 2,113,336 2,182,700 2,242,038

289,136 297,810 306,744 316,812 325,425
99,702 102,693 105,774 109,245 112,215
33,899 34,916 35,963 37,143 38,153
2,376,815 2,487,201 2,561,817 2,645,900 2,717,831

410,935 428,523 441,379 455,418 468,260

247,423 254,846 262,491 270,892 278,478
11,863 3,055 3,147 3,248 3,339
670,222 686,425 707,018 729,558 750,076

1,706,593 1,800,776 1,854,799 1,916,343 1,967,755

831,331 852,272 873,761 898,268 918,445

875,262 948,504 981,038 1,018,074 1,049,310

71,304 74,616 76,854 79,377 81,535

803,957 873,888 904,183 938,697 967,775

77,935 80,153 81,912 83,503 85,127

726,022 793,735 822,272 855,194 882,648

47,536 74,616 76,854 79,377 81,535

678,486 719,119 745,417 775,817 801,113

- - - - -
 - - - - -
- - - - -

231,228 231,228 231,228 231,228 231,228

- - - - -

447,258 487,891 514,189 544,589 569,885

678,486 719,119 745,417 775,817 801,113

447,258 487,891 514,189 544,589 569,885

6.59% 6.98% 7.24% 7.53% 7.78%

10.09% 11.01% 11.61% 12.29% 12.86%

2.93x 3.11x 3.22x 3.36x 3.46x

12.25% 13.39% 13.87% 14.42% 14.89%
 Cash Flow Summary
Year 7 Year 8 Year 9 Year 10
2026 2027 2028 2029
Sep 26 Sep 27 Sep 28 Sep 29

2,309,299 2,378,578 2,456,648 2,523,433

335,187 345,243 356,575 366,268
115,582 119,049 122,957 126,299
39,298 40,477 41,805 42,942
2,799,366 2,883,347 2,977,984 3,058,943

482,308 496,777 512,578 527,032

286,832 295,437 304,892 313,429
3,439 3,542 3,656 3,758
772,578 795,756 821,125 844,219

2,026,788 2,087,591 2,156,859 2,214,724

941,670 965,505 992,679 1,015,073

1,085,118 1,122,086 1,164,180 1,199,651

83,981 86,500 89,340 91,768

1,001,137 1,035,586 1,074,840 1,107,883

86,783 88,472 90,195 91,953

914,354 947,113 984,645 1,015,930

83,981 86,500 89,340 91,768

830,373 860,613 895,305 924,162

- - - 14,731,352
 - - - 441,941
- - - 14,289,412

231,228 335,578 335,578 335,578

- - - 5,597,395

599,145 525,035 559,727 588,584

830,373 860,613 895,305 15,213,574

599,145 525,035 559,727 9,280,601

8.06% 8.36% 8.69% 8.97%

13.52% 11.85% 12.63% 13.28%

3.59x 2.56x 2.67x 2.75x

15.42% 16.87% 18.59% 20.41%
Hotel Bultonia - Orlando, FL - Version 1.11
Historical

Year 2016 Actual 2017 Actual

Rooms 78 78
Days 366 365
Available Rooms 28,548 28,470
Occupied Rooms 18,536 19,520
Occupancy 64.9% 68.6%
ADR $78.60 $79.33
ADR Growth - 0.92%
RevPAR $51.03 $54.39
RevPAR Growth - 6.57%
TRevPAR $45.55 $51.59
TRevPAR Growth - 13.27%
$ % $ %
Departmental Revenues
Rooms 1,456,926 79.7% 1,548,456 70.8%
Food & Beverage 261,952 14.3% 462,605 21.2%
Other Operated Departments 90,254 4.9% 89,562 4.1%
Misc. Income 18,663 1.0% 85,996 3.9%
Total Revenue 1,827,795 100.0% 2,186,619 100.0%
Departmental Expenses
Rooms 300,000 20.6% 312,546 20.2%
Food & Beverage 187,540 71.6% 363,991 78.7%
Other Operated Departments 40,000 44.3% 41,254 46.1%
Total Departmental Expenses 527,540 28.9% 717,791 32.8%
DEPARTMENTAL PROFIT 1,300,255 71.1% 1,468,828 67.2%
Undistributed Expenses
Admin. & General 192,481 10.5% 233,793 10.7%
Information and Telecommunications Systems 36,556 2.0% 43,569 2.0%
Sales & Marketing 38,082 2.1% 32,219 1.5%
Prop. Op. & Maintenance 130,423 7.1% 167,990 7.7%
Utilities 88,541 4.8% 162,763 7.4%
Total Undistributed Expenses 486,083 26.6% 640,333 29.3%
GROSS OPERATING PROFIT 814,172 44.5% 828,495 37.9%
Management Fee 54,834 3.0% 65,599 3.0%
INCOME BEFORE FIXED EXPENSES 759,338 41.5% 762,896 34.9%
Fixed Expenses
Property Taxes 49,048 2.7% 110,728 5.1%
Insurance 12,180 0.7% 25,457 1.2%
Lease & Rental Expense 1,000 0.1% 1,234 0.1%
Total Fixed Expenses 62,228 3.4% 137,418 6.3%
EBITDA 697,110 38.1% 625,478 28.6%
Reserve for Replacement 73,112 4.0% 0.0%
NET OPERATING INCOME 623,998 34.1% 625,478 28.6%
Historical
Year 1 Year 2
Year Ending Year Ending
September September
2018 Actual TTM - Aug 2019 2020 2021
78 78 78 78
365 365 366 365
28,470 28,470 28,548 28,470
19,980 18,985 19,413 19,360
70.2% 66.7% 68.0% 68.0%
$82.80 $92.43 $96.13 $100.94
4.37% 11.64% 4.00% 5.00%
$58.11 $61.64 $65.37 $68.64
6.83% 6.08% 6.05% 5.00%
$53.74 $57.05 $55.91 $59.94
4.16% 6.17% -2.00% 7.21%
$ % $ % $ % $ %

1,654,258 72.6% 1,754,824 73.3% 1,866,126 81.9% 1,954,078 82.2%

512,587 22.5% 512,487 21.4% 281,483 12.4% 289,136 12.2%
93,652 4.1% 95,000 4.0% 97,063 4.3% 99,702 4.2%
18,743 0.8% 31,986 1.3% 33,001 1.4% 33,899 1.4%
2,279,240 100.0% 2,394,297 100.0% 2,277,674 100.0% 2,376,815 100.0%

330,475 20.0% 375,468 21.4% 394,764 21.2% 410,935 21.0%

372,541 72.7% 349,492 68.2% 240,684 85.5% 247,423 85.6%
46,258 49.4% 45,000 47.4% 46,070 47.5% 11,863.15 11.9%
749,274 32.9% 769,960 32.2% 681,518 29.9% 670,222 28.2%
1,529,966 67.1% 1,624,337 67.8% 1,596,155 70.1% 1,706,593 71.8%

240,159 10.5% 240,136 10.0% 245,570 10.8% 249,797 10.5%

44,587 2.0% 46,587 1.9% 47,561 2.1% 48,854 2.1%
93,729 4.1% 109,016 4.6% 96,819 4.3% 99,451 4.2%
271,816 11.9% 268,860 11.2% 275,659 12.1% 283,154 11.9%
157,491 6.9% 150,480 6.3% 147,536 6.5% 150,076 6.3%
807,782 35.4% 815,114 34.0% 813,145 35.7% 831,331 35.0%
722,184 31.7% 809,223 33.8% 783,010 34.4% 875,262 36.8%
68,377 3.0% 71,829 3.0% 68,330 3.0% 71,304 3.0%
653,807 28.7% 737,394 30.8% 714,680 31.4% 803,957 33.8%

98,991 4.3% 100,782 4.2% 50,000 2.2% 51,000 2.1%

20,016 0.9% 22,482 0.9% 25,000 1.1% 25,500 1.1%
1,324 0.1% 1,432 0.1% 1,234 0.1% 1,435 0.1%
120,331 5.3% 124,696 5.2% 76,234 3.3% 77,935 3.3%
533,476 23.4% 612,698 25.6% 638,446 28.0% 726,022 30.5%
 0.0% 0.0% 45,553 2.0% 47,536 2.0%
533,476 23.4% 612,698 25.6% 592,892 26.0% 678,486 28.5%
 Projected
Year 3 Year 4 Year 5 Year 6
Year Ending Year Ending Year Ending Year Ending
September September September September
2022 2023 2024 2025
78 78 78 78
365 365 366 365
28,470 28,470 28,548 28,470
19,360 19,360 19,413 19,360
68.0% 68.0% 68.0% 68.0%
$105.98 $109.16 $112.44 $115.81
5.00% 3.00% 3.00% 3.00%
$72.07 $74.23 $76.46 $78.75
5.00% 3.00% 3.00% 3.00%
$63.25 $65.15 $67.13 $69.12
5.52% 3.00% 3.04% 2.96%
$ % $ % $ % $ %

2,051,782 82.5% 2,113,336 82.5% 2,182,700 82.5% 2,242,038 82.5%

297,810 12.0% 306,744 12.0% 316,812 12.0% 325,425 12.0%
102,693 4.1% 105,774 4.1% 109,245 4.1% 112,215 4.1%
34,916 1.4% 35,963 1.4% 37,143 1.4% 38,153 1.4%
2,487,201 100.0% 2,561,817 100.0% 2,645,900 100.0% 2,717,831 100.0%

428,523 20.9% 441,379 20.9% 455,418 20.9% 468,260 20.9%

254,846 85.6% 262,491 85.6% 270,892 85.5% 278,478 85.6%
3,055.34 3.0% 3,147.00 3.0% 3,248.07 3.0% 3,338.66 3.0%
686,425 27.6% 707,018 27.6% 729,558 27.6% 750,076 27.6%
1,800,776 72.4% 1,854,799 72.4% 1,916,343 72.4% 1,967,755 72.4%

254,793 10.2% 259,889 10.1% 265,813 10.0% 270,388 9.9%

50,320 2.0% 51,829 2.0% 53,530 2.0% 54,986 2.0%
102,434 4.1% 105,507 4.1% 108,970 4.1% 111,933 4.1%
291,648 11.7% 300,398 11.7% 310,257 11.7% 318,692 11.7%
153,077 6.2% 156,139 6.1% 159,698 6.0% 162,447 6.0%
852,272 34.3% 873,761 34.1% 898,268 33.9% 918,445 33.8%
948,504 38.1% 981,038 38.3% 1,018,074 38.5% 1,049,310 38.6%
74,616 3.0% 76,854 3.0% 79,377 3.0% 81,535 3.0%
873,888 35.1% 904,183 35.3% 938,697 35.5% 967,775 35.6%

52,020 2.1% 53,060 2.1% 54,122 2.0% 55,204 2.0%

26,010 1.0% 26,530 1.0% 27,061 1.0% 27,602 1.0%
2,123 0.1% 2,321 0.1% 2,321 0.1% 2,321 0.1%
80,153 3.2% 81,912 3.2% 83,503 3.2% 85,127 3.1%
793,735 31.9% 822,272 32.1% 855,194 32.3% 882,648 32.5%
 74,616 3.0% 76,854 3.0% 79,377 3.0% 81,535 3.0%
719,119 28.9% 745,417 29.1% 775,817 29.3% 801,113 29.5%
 Operating Ca
ed
Year 7 Year 8 Year 9 Year 10
Year Ending Year Ending Year Ending Year Ending
September September September September
2026 2027 2028 2029
78 78 78 78
365 365 366 365
28,470 28,470 28,548 28,470
19,360 19,360 19,413 19,360
68.0% 68.0% 68.0% 68.0%
$119.28 $122.86 $126.55 $130.35
3.00% 3.00% 3.00% 3.00%
$81.11 $83.55 $86.05 $88.63
3.00% 3.00% 3.00% 3.00%
$71.19 $73.33 $75.55 $77.79
3.00% 3.00% 3.04% 2.96%
$ % $ % $ % $ %

2,309,299 82.5% 2,378,578 82.5% 2,456,648 82.5% 2,523,433 82.5%

335,187 12.0% 345,243 12.0% 356,575 12.0% 366,268 12.0%
115,582 4.1% 119,049 4.1% 122,957 4.1% 126,299 4.1%
39,298 1.4% 40,477 1.4% 41,805 1.4% 42,942 1.4%
2,799,366 100.0% 2,883,347 100.0% 2,977,984 100.0% 3,058,943 100.0%

482,308 20.9% 496,777 20.9% 512,578 20.9% 527,032 20.9%

286,832 85.6% 295,437 85.6% 304,892 85.5% 313,429 85.6%
3,438.82 3.0% 3,541.98 3.0% 3,655.74 3.0% 3,757.69 3.0%
772,578 27.6% 795,756 27.6% 821,125 27.6% 844,219 27.6%
2,026,788 72.4% 2,087,591 72.4% 2,156,859 72.4% 2,214,724 72.4%

275,796 9.9% 281,312 9.8% 287,724 9.7% 292,677 9.6%

56,635 2.0% 58,334 2.0% 60,249 2.0% 61,887 2.0%
115,291 4.1% 118,749 4.1% 122,647 4.1% 125,981 4.1%
328,253 11.7% 338,100 11.7% 349,197 11.7% 358,690 11.7%
165,696 5.9% 169,010 5.9% 172,862 5.8% 175,838 5.7%
941,670 33.6% 965,505 33.5% 992,679 33.3% 1,015,073 33.2%
1,085,118 38.8% 1,122,086 38.9% 1,164,180 39.1% 1,199,651 39.2%
83,981 3.0% 86,500 3.0% 89,340 3.0% 91,768 3.0%
1,001,137 35.8% 1,035,586 35.9% 1,074,840 36.1% 1,107,883 36.2%

56,308 2.0% 57,434 2.0% 58,583 2.0% 59,755 2.0%

28,154 1.0% 28,717 1.0% 29,291 1.0% 29,877 1.0%
2,321 0.1% 2,321 0.1% 2,321 0.1% 2,321 0.1%
86,783 3.1% 88,472 3.1% 90,195 3.0% 91,953 3.0%
914,354 32.7% 947,113 32.8% 984,645 33.1% 1,015,930 33.2%
 83,981 3.0% 86,500 3.0% 89,340 3.0% 91,768 3.0%
830,373 29.7% 860,613 29.8% 895,305 30.1% 924,162 30.2%
Operating Cash Flow

Year 11
Year Ending
September
2030
78
365
28,470
19,360
68.0%
$134.26
3.00%
$91.29
3.00%
$80.13
3.00%
$ %

2,599,136 82.5%
377,256 12.0%
130,088 4.1%
44,230 1.4%
3,150,711 100.0%

542,843 20.9%
322,832 85.6%
3,870.42 3.0%
869,545 27.6%
2,281,166 72.4%

298,530 9.5%
63,743 2.0%
129,761 4.1%
369,451 11.7%
179,354 5.7%
1,040,840 33.0%
1,240,326 39.4%
94,521 3.0%
1,145,805 36.4%

60,950 1.9%
30,475 1.0%
2,321 0.1%
93,746 3.0%
1,052,059 33.4%
 94,521 3.0%
957,538 30.4%
Hotel Bultonia - Orlando, FL - Version 1.11

Promote Structure
Equity Split Limited Partner
LP 90.0% General Partner
GP 10.0%
Tier 1
LP Share of Tier 1 Profits 90.0%
GP Share of Tier 1 Profits 10.0%
Hurdle 10.0%
Tier 2
GP Promote 15.0%
LP Share of Tier 2 Profits 76.5%
GP Share of Tier 2 Profits 8.5%
Hurdle 12.0%
Tier 3
GP Promote 20.0%
LP Share of Tier 3 Profits 72.0%
GP Share of Tier 3 Profits 8.0%
Hurdle 15.0%
Thereafter
LP 70.0%
GP 30.0%

Year Ending Sep 19

Total Partnership Cash Flow

Levered Cash Flow (4,430,721)

Tier 1
Limited Partner Distribution Calcs
Beginning Balance
Capital Contribution 3,987,648
Accrued Interest
Proceeds Avilable for Distribution
Ending Balance 3,987,648
Sponsor Distribution Calcs
Beginning Principal
Capital Contribution 443,072
Accrued Interest
Proceeds Avilable for Distribution
Ending Balance 443,072
LP Cash Flow in Tier 1 10.0% (3,987,648)
Sponsor Cash Flow in Tier 1 10.0% (443,072)
Money Available for Further Distribution

Tier 2
Limited Partner Distribution Calcs
Beginning Balance
Cash Flow in Tier 1 3,987,648
Accrued Interest
Proceeds Avilable for Distribution
Ending Balance 3,987,648
Sponsor Distribution Calcs
Beginning Balance
Cash Flow in Tier 1 443,072
Accrued Interest
Proceeds Avilable for Distribution
Ending Balance 443,072
LP Cash Flow - Tier 2 12.0% (3,987,648)
Sponsor Cash Flow - Tier 2 14.8% (443,072)
Money Available for Further Distribution

Tier 3
Limited Partner Distribution Calcs
Beginning Balance
Cash Flow in Tier 1 + Tier 2 3,987,648
Accrued Interest
Proceeds Avilable for Distribution
Ending Balance 3,987,648
Sponsor Distribution Calcs
Beginning Balance
Cash Flow in Tier 1 + Tier 2 443,072
Accrued Interest
Proceeds Avilable for Distribution
Ending Balance 443,072
LP Cash Flow - Tier 3 14.9% (3,987,648)
Sponsor Cash Flow - Tier 3 21.4% (443,072)
Money Available for Further Distribution

Tier 4
Limited Partner Distribution Calcs #DIV/0!
Sponsor Distribution Calcs #DIV/0!

Total Cash Flow

LP Cash Flow 14.9% (3,987,648)
Sponsor Cash Flow 21.4% (443,072)
Cash Outflow Profit IRR MOIC
(3,987,648) 7,653,641 14.9% 2.92x
(443,072) 1,805,622 21.4% 5.08x

Year 1 Year 2 Year 3 Year 4 Year 5

2020 2021 2022 2023 2024
Sep 20 Sep 21 Sep 22 Sep 23 Sep 24

361,664 447,258 487,891 514,189 544,589

3,987,648 4,060,915 4,064,475 4,031,820 3,972,232

- - - - -
398,765 406,092 406,447 403,182 397,223
(325,498) (402,532) (439,102) (462,770) (490,130)
4,060,915 4,064,475 4,031,820 3,972,232 3,879,326

443,072 451,213 451,608 447,980 441,359

- - - - -
44,307 45,121 45,161 44,798 44,136
(36,166) (44,726) (48,789) (51,419) (54,459)
451,213 451,608 447,980 441,359 431,036
325,498 402,532 439,102 462,770 490,130
 36,166 44,726 48,789 51,419 54,459
- - - - -

3,987,648 4,140,668 4,235,016 4,304,117 4,357,840

(325,498) (402,532) (439,102) (462,770) (490,130)
478,518 496,880 508,202 516,494 522,941
- - - - -
4,140,668 4,235,016 4,304,117 4,357,840 4,390,651

443,072 460,074 470,557 478,235 484,204

(36,166) (44,726) (48,789) (51,419) (54,459)
53,169 55,209 56,467 57,388 58,105
- - - - -
460,074 470,557 478,235 484,204 487,850
325,498 402,532 439,102 462,770 490,130
36,166 44,726 48,789 51,419 54,459
- - - - -

3,987,648 4,260,298 4,496,810 4,732,230 4,979,294

(325,498) (402,532) (439,102) (462,770) (490,130)
598,147 639,045 674,522 709,835 746,894
- - - - -
4,260,298 4,496,810 4,732,230 4,979,294 5,236,059

443,072 473,366 499,646 525,803 553,255

(36,166) (44,726) (48,789) (51,419) (54,459)
66,461 71,005 74,947 78,871 82,988
- - - - -
473,366 499,646 525,803 553,255 581,784
325,498 402,532 439,102 462,770 490,130
36,166 44,726 48,789 51,419 54,459
- - - - -

- - - - -
- - - - -

325,498 402,532 439,102 462,770 490,130

36,166 44,726 48,789 51,419 54,459
 Waterfall

Year 6 Year 7 Year 8 Year 9 Year 10

2025 2026 2027 2028 2029
Sep 25 Sep 26 Sep 27 Sep 28 Sep 29

569,885 599,145 525,035 559,727 9,280,601

3,879,326 3,754,362 3,590,568 3,477,093 3,321,048

- - - - -
387,933 375,436 359,057 347,709 332,105
(512,897) (539,230) (472,531) (503,754) (3,653,153)
3,754,362 3,590,568 3,477,093 3,321,048 -

431,036 417,151 398,952 386,344 369,005

- - - - -
43,104 41,715 39,895 38,634 36,901
(56,989) (59,914) (52,503) (55,973) (405,906)
417,151 398,952 386,344 369,005 -
512,897 539,230 472,531 503,754 3,653,153
 56,989 59,914 52,503 55,973 405,906
- - - - 5,221,542

4,390,651 4,404,633 4,393,959 4,448,702 4,478,792

(512,897) (539,230) (472,531) (503,754) (3,653,153)
526,878 528,556 527,275 533,844 537,455
- - - - (1,363,095)
4,404,633 4,393,959 4,448,702 4,478,792 -

487,850 489,404 488,218 494,300 497,644

(56,989) (59,914) (52,503) (55,973) (405,906)
58,542 58,728 58,586 59,316 59,717
- - - - (418,728)
489,404 488,218 494,300 497,644 -
512,897 539,230 472,531 503,754 5,016,247
56,989 59,914 52,503 55,973 824,634
- - - - 3,439,719

5,236,059 5,508,571 5,795,626 6,192,439 6,617,550

(512,897) (539,230) (472,531) (503,754) (5,016,247)
785,409 826,286 869,344 928,866 992,633
- - - - (2,476,598)
5,508,571 5,795,626 6,192,439 6,617,550 117,338

581,784 612,063 643,958 688,049 735,283

(56,989) (59,914) (52,503) (55,973) (824,634)
87,268 91,810 96,594 103,207 110,293
- - - - (963,121)
612,063 643,958 688,049 735,283 -
512,897 539,230 472,531 503,754 7,492,845
56,989 59,914 52,503 55,973 1,787,756
- - - - -

- - - - -
- - - - -

512,897 539,230 472,531 503,754 7,492,845

56,989 59,914 52,503 55,973 1,787,756