Excess Preference

Amount 10,000,000 3,000,000

Current Dividend (3M x 12%) (360,000) 360,000
Balance to ordinary 9,640,000
Total 3,360,000
Divided by the Outstanding shares 40,000
BVPS 84.00
1

Excess Preference
Amount 10,000,000 3,000,000
Dividend in arrears (3M x 12% x 3 yrs.) (1,080,000) 1,080,000
Current Dividend (3M x 12%) (360,000) 360,000
Balance to ordinary 8,560,000
Total 4,440,000
Divided by the Outstanding shares 40,000
BVPS 111.00
3

Excess Preference
Amount 10,000,000 3,000,000
Current Dividend:
- Preference (3M x 12%) (360,000) 360,000
- Ordinary (5M x 12%) (600,000)
Balance to be allocated 9,040,000
- Preference (3M/8M) x 9,040,000 3,390,000
- Ordinary (5M/8M) x 9,040,000
Total 6,750,000
Divided by the Outstanding shares 40,000
BVPS 168.75
5

Excess Preference
Amount 10,000,000 3,000,000
Dividend in arrears (3M x 12% x 3 yrs) (1,080,000) 1,080,000
Current Dividend:
 - Preference (3M x 12%) (360,000) 360,000
- Ordinary (5M x 12%) (600,000)
Balance to be allocated 7,960,000
- Preference (3M/8M) x 7,960,000 2,985,000
- Ordinary (5M/8M) x x 7,960,000
Total 7,425,000
Divided by the Outstanding shares 40,000
BVPS 185.63
7

Excess Preference
Amount 10,000,000 3,000,000
Dividend in arrears (3M x 12% x 3 yrs) (1,080,000) 1,080,000
Current Dividend:
- Preference (3M x 12%) (360,000) 360,000
- Ordinary (5M x 12%) (600,000)
Balance 7,960,000
- Preference (20% - 12%) x 3M 240,000
- Ordinary (7,960,000 - 240,000)
Total 4,680,000
Divided by the Outstanding shares 40,000
BVPS 117.00
9

Total preference dividends:

6% Preference shares (3M x 6% x 3 yrs)
8% preference (2M x 8%)

Excess 6% PS
564,000.00 3,000,000.00
Preference dividends (700,000.00) 540,000.00
Balance to ordinary (136,000.00)
3,540,000.00
Divided by the Outstanding shares 30,000
BVPS 118.00
 11

Excess 6% PS
564,000.00 3,000,000.00
Dividend in arrears (3M x 6% x 2 yrs) (360,000.00) 360,000.00
Balance - for current dividends 204,000.00
- 6% (180,000/340,000) x 204,000 (108,000.00) 108,000.00
- 8% (160,000/340,000) x 204,000 (96,000.00)
3,468,000.00
Divided by the Outstanding shares 30,000
BVPS 115.60
14
Ordinary
5,000,000

9,640,000
14,640,000
40,000
366.00
2

Ordinary
5,000,000

8,560,000
13,560,000
40,000
339.00
4

Ordinary
5,000,000

600,000

5,650,000
11,250,000
40,000
281.25
6

Ordinary
5,000,000
 600,000

4,975,000
10,575,000
40,000
264.38
8

Ordinary
5,000,000

600,000

7,720,000
13,320,000
40,000
333.00
10

540,000.00
160,000.00
700,000.00

8% PS OS
2,000,000.00 5,000,000.00
160,000.00
(136,000.00)
2,160,000.00 4,864,000.00
20,000 50,000
108.00 97.28
 12 13

8% PS OS
2,000,000.00 5,000,000.00

96,000.00
2,096,000.00 5,000,000.00
20,000 50,000
104.80 100.00
15
Ordinary share capital
Subscribed share, including subscription receivable
Treasury shares, at par (5,000 shares x P100)
Total
Divided by par value per share
Outstanding ordinary shares

As if treasury shares were retired:

Ordinary share capital 500,000
Treasury shares
Share premium

Excess over par (400,000 + 2,500,000 + 200,000) = 3,100,000

Excess Preference
Balances 3,100,000 1,500,000
Dividends
- 1,500,000 x 12% x 3 years (540,000) 540,000
- 2,500,000 x 12% (300,000)
Balance 2,260,000
- To preference (1.5M/4M) (847,500) 847,500
- To ordinary (2.5M/4M) (1,412,500)
- 2,887,500
Divided by no. of outstanding shares 15,000
BVPS 192.50
2-b

Excess over par (3,000,000 + 5,000,000 + 100,000) = 8,100,000

Excess Preference
Balances 8,100,000 3,500,000
Dividends: 3,500,000 x 10% x 3 years (1,050,000) 1,050,000
Liquidation premium (P100 - P120) x 35,000 (700,000) 700,000
Balance to ordinary 6,350,000
 5,250,000
Divided by no. of outstanding shares 35,000
BVPS 150.00
4-d

Excess over par (1,300,000 + 3,000,000)

Less: Dividend in arrears (2,500,000 x 5% x 2 years)
Liquidation premium (P30 x 25,000 shares)
Balance to ordinary
Divided by the number of outstanding shares

Add: Par value per share

Book value per ordinary share

Book value - preference shares (P45 x 100,00 shares)

Less: Preference share capital, total par
Dividend in arrears, including the current year (3M x 10% x 3 years)
Amount atributable to the balance
Divided by ratio of PS to the total par value of OS and PS
Total
Add: Dividend in arrears, including the current year (3M x 10% x 3 years)
Current dividend for Ordinary shares - 5M x 10%
Total excess over par
Less: Share premium
Retained earnings, 12/31/26

Current Dividend - ordinary

Balance atributable to ordinary (1,600,000 - 600,000)
Total
Divided by the number of oustanding ordinary shares

Add: Par value per share

Book value per ordinary share
 2,000,000
1,000,000
(500,000)
2,500,000
100
25,000 1 - c

300,000
200,000

Ordinary
2,500,000

300,000

1,412,500
4,212,500
25,000
168.50
3-a

Ordinary
13,500,000

6,350,000
19,850,000
270,000
73.52
5-d

4,300,000
250,000
750,000
3,300,000
100,000
33.00
35.00
68.00
6-c

4,500,000
3,000,000
900,000
600,000 Amount %
37.50% * PS 3,000,000 37.50%
1,600,000 OS 5,000,000 62.50%
900,000 Total 8,000,000
500,000
3,000,000
2,000,000
1,000,000
7-a

500,000
1,000,000
1,500,000
100,000
15.00
50.00
65.00
8-b