M&a - Retail Stores

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Sheet Tab Description

1 Contents2 Summary3 Transaction Assumptions4 Operating Assumptions5 Sources and Uses and Goodwill

6 Pro-Forma Balance Sheet7 Target Company8 Acquiring Company9 Consolidated

10 Standalone Sensitivity11 Economic Value Sensitivity12 Rate of Return Sensitivity13 Accretion Sensitivity14 Tornado Chart15 Scenario Analysis16 Model Tests17 Bond Rating Standards18 Chart519 Chart420 Chart20

21 Chart222 Chart1223 Chart324 Chart625 Chart1326 Chart1427 Chart1528 Chart1829 Chart1930 Chart131 DCF32 Stock Price33 Financials

File Name: C:\Users\Nelson Mandela\Documents\Co

Colour Codes

Date 25-Jan-11


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Author

rses\1. Models and Slides\Course Materials\3 M&A Templates and Exercises\Examples\M&A - Retail St


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ores.xls


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ContentsAcquisition Assumptions Standalone Valuation

Cash Value Per Share Paid 22.49 Equity ConsiderationNew Shares Issued 6,000.00 Enterprise Value PaidDebt Issued in Transaction 7,294.80Premium Paid per Share 36% Implied P/E Ratio

Implied EV/EBITDA RatioOperating Assumptions Implied M/B Ratio

Traffic per Store 230,000Margin per Store 30.00% DCF Value - Enterprise ValueCap Exp per New Store 850,000 DCF Value - Equity ValueGrowth Rate in Stores 4.0%

Rate of Return From Transaction

Cost of Capital Assumptions IRR - OverallWACC 9.80% IRR - Equity P/ETerminal EV/EBITDA 8.00 IRR - Equity Market to BookTerminal P/E Ratio 17.30Residual Year 29 Capital Structure

Debt to Capital after Acq - TargetTax and Accounting Debt to EBTIDA after Acquistion

Asset Sale for Tax Purposes TRUEPlant Write-up 800.00 Consolidated Debt to Captial

Consolidated Debt to EBITDA

Synergies as Percent of TargetRevenue Synergies 0.00% Synergy and PremiumCost Synergies 6.70% After Tax PV of SynergiesCapital Expenditures 0.00% Value of PremiumCost to Achieve - Net Value of Transaction


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16,320.0017,819.19

18.13

8.101.57

16,916.9718,116.97

9.66%11.75%12.51%

Rating Tar54.7%

4.17 Business P

38.9%2.10

3,674.184,320.00(645.82)

-

0.20

0.40

0.60

0.80

1.00

1.20

1.40

1.60

1.80

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Accretion and Dilution

Consolidated Earnings Per Share

Acquiring Company EPS

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Funds from Operation to Total Debt

Maximum Minimum

FFO to Debt


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et

rofile


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ContentsModel OK

Transaction Assumptions

Consideration for EquityExchange Rate 7.00

Target Company Shares 400Cash per Share 22.49

Cash Value 8,995.6

Shares of Acquiring Company 6,000.0Value per Share of Acquiring Co before Exchange Adjustment 8.55Value per Share of Acquiring Co 1.22Value of Acquiring Company Shares 7,324.38Value per Target Share 18.31

Total Consideration 16,320.00Total Consideration per Target Share 40.80Pre-Acquistion Share Price of Target 30.00Premium Percent 36%Premium Value 4,320.00

Implied Transaction Multiples

Net Income of Target 900.00EBITDA of Target 2,200.00Existing Book Value per Share 25.95

P/E 18.13Market/Book Ratio 1.57EV/EBITDA 8.10

Existing Debt Repaid 800

Financing of Transaction

New Debt Issued 7,294.80Term of New Debt 15LIBOR 2%

Credit Spread Debt to EBITDAFrom To0 22 33 44

Use of Target Company Cash 600Use of Target Company Investments 1600

Joint Venture Partner 800

Sub Debt Issued 0.00

Interest Rate on Sub Debt 9%Term of Sub Debt 7.00

Fees on Transaction


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Fees on Debt 1.25%Advisory Fees as Pct of Consideration 2.50%

Accounting and Tax Assumptions

Inventory Write-up 10.00Accounts Receivable Write-down 40.00

Plant Write-up 800.00Intangible Assets 400.00

Asset Sale for Tax Purposes TRUETax Rate 30%

Deferred Tax Write-down 1,000.00

Existing Book - Tax Bais 3,333.33Tax Basis of Plant 7,166.67New Deferred Tax Share Exchange 1,240.00Deferred Tax Increase 240.00

Valuation Assumptions

Residual Year 29.00EV/EBITDA 8.00

P/E Ratio Assumption 17.30MB Ratio Assumption 2.16

Terminal Growth Rate 4%WACC 9.80%Stable Cap Exp/Depreciation 120%Stable Def Tax to Cap Exp 20%

Synergy Assumptions

Percent AmountRevenue Synergy 0.00% -Operating Expense Synergies 6.70% 484.09Capital Expenditure Synergies 0.00% 0.01

Cost to Achieve -

Cash Consideration


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Percent1%

1.50%2.00%3.50%

Comments


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65

173216

Growth Rate1% 01% 67 15.00%1% 0

22.48904 Shares Exchanged 6,000.00 P/E 18.13 EV/EBITDA 1.57


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36


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98


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ContentsOperating Assumptions

Exiting Stores 20,000

Retirement of Exiting Stores 800

Growth Rate in Number of Stores From To Growth

1 3 4.00%4 10 4.00%

11 2.00%

Life Time of Stores 20

Yearly Traffic per Store 230,000Ticket per Customer $2.00

Margin per Store 30.00%

Employees per Store 15Cost/Employee 2,666.67

Cap Exp per Store New Store 850,000

Maintenance Cap Exp on Existing Stores 2,000Initial Retirements 610Growth Rate in Retirements 5%

Age Usage PctRamp Rate for New Store -30 0%

1 40%2 60%3 100%

20 100%21 0%

General and Financial Assumptions

Inflation Rate 3%

Interest Rate on New Debt 6%Interest Rate on Cash Balance 4%

Dividend Payout Ratio 40%

A/R Day 10.00Inventory Days 5.00

A/P Days 60.00

Interest Rate on Existing Debt 10%Repayment Percent of Exiting Debt 10%

Intangible Amortization Rate 15%Tax Depreciation Rate 13%Retirement Rate 4%

Book Depreciation Rate 5%


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Minority Interest Percent 10%


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0.00

20,000.00

40,000.00

60,000.00

80,000.00

100,000.00

1 3 5 7 9 11 13 15 17 19 21 23 25 27 29

IRR on Investment 9.66% Investment Cost 850,000

0

1000

2000

3000

4000

5000

1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31

Net Income to Common Shareholders

0

500

1,000

1,500

2,000

2,500

1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31

Total Retirements


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Sens Scenario

40 45

230 230000

30 0.3

850 850000


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ContentsSources and Uses of Funds

Uses of FundsConsideration 16,320.00

Advisory Fees 408.00 Fee PctDebt Issuance Fees 91.19 1.25%Debt Retirement 800.00

Total Uses of Funds 17,619.19

Sources of FundsNew Shares Issued 7,324.38Target Company Cash 600.00Target Company Investments 1,600.00New Senior Debt 7,294.80New Subordinated DebtJoint Venture Partner 800.00Total Sources of Funds 17,619.19

Test TRUE

Goodwill Analysis

Consideration 16,320.00Less: Existing Equity of Target Company 10,380.00

Add: Advisory Fees 408.00Less: Plant Write-up 800.00Less: Intangibles 400.00Less: Inventory Write-up 10.00

Add: Accounts Receivable Write-down 40.00Less: Deferred tax Write-down 1,000.00

Goodwill 4,178.00

Fees = Debt x PctFees = (Total - Equity)*PctFees = (Consideration + Fees - Equity)*PctFees/Pct = (Consideration + Fees - Equity)Fees/Pct-Fees = (Consideration - Equity)Fees*(1/pct-1) = (Consideration - Equity)


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(1/pct-1)

79

Comments


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Contents

Balance Sheet

Existing

Account-

ing Goodwill Use of Cash

AssetsCurrent Assets

Cash 1,200.00 -600.00

Accounts Receivable 160.00 -40.00Inventories 30.00 10.00Other 300.00Total Current Assets 1,690.00

Long-term AssetsFixed Assets - Gross 12,000.00 800.00

Accumulated Depreciation -1,500.00Net Plant 10,500.00

Financial Investments 2,400.00 -1,600.00Fair Value of Derivatives 1,600.00Other Investments 700.00Intangible Assets 400.00Goodwill 240.00 4,178.00

Debt Issuance CostsTotal Other Investments 4,940.00

Total Assets 17,130.00

Liabilities and Capital

Current LiabilitiesAccounts Payable 550.00Short-term Loans 800.00Total 1,350.00

Long-term LiabilitiesLong-Term Debt 4,000.00Pension Obligations 300.00

Deferred Taxes 1,000.00 -1,000.00Other Liabilities 100.00Total Long-term Liabilities 5,400.00

Minority InterestCommon Equity 10,380.00

Total Liabilities and Equity 17,130

Existing Balance Sheet TRUE

Shares 400

Comments


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Retire Debt

Issue of

New Debt

Remove

Existing Eq

New Equity

Issued

Total

Adj

New

Balance

Restated in

Currency

7.00

-600.00 600.00 4,200.00

-40.00 120.00 840.0010.00 40.00 280.000.00 300.00 2,100.000.00 1,060.00 7,420.00

800.00 12,800.00 89,600.000.00 -1,500.00 -10,500.000.00 11,300.00 79,100.00

-1,600.00 800.00 5,600.000.00 1,600.00 11,200.000.00 700.00 4,900.00

400.00 400.00 2,800.004,178.00 4,418.00 30,926.00

91.19 91.19 91.19 638.308,009.19 56,064.30

3,239.19 20,369.19 142,584.30

0.00 550.00 3,850.00-800.00 -800.00 0.00 0.00

0.00 550.00 3,850.00

7,294.80 7,294.80 11,294.80 79,063.620.00 300.00 2,100.00

-1,000.00 0.00 0.000.00 100.00 700.000.00 11,694.80 81,863.62

800.00 800.00 800.00 5,600.00-10,380.00 7,324.38 -3,055.62 7,324.38 51,270.68

3,239.19 20,369.19 142,584.30

TRUE TRUE

6,000 6,000


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Acquiring

Company Consolidated

4,200.00

840.00280.00

2,100.0049,380.00 56,800.00

120,881.00 210,481.00(51,681.00) (62,181.00)69,200.00 148,300.00

2,344.00 7,944.0011,200.00

18,986.00 23,886.0071,181.00 73,981.00

30,926.00

638.3092,511.00 148,575.30

-211,091.00 353,675.30

36,914.00 40,764.008,853.00 8,853.00

45,767.00 49,617.00

34,810.00 113,873.623,354.00 5,454.00

972.00 972.0010,359.00 11,059.0049,495.00 131,358.62

34,192.00 39,792.0081,637.00 132,907.68

211,091.00 353,675.30

TRUE

17,891 23,891


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Contents

2009 2010Year 0 1Explicit Valuation Phase TRUE TRUEStable Valuation Year FALSE FALSETeminal Switch FALSE FALSE

Working AnalysisNumber of Stores

Opening Balance 20,000Add: New Stores 1,410Less: Retirements of Existing Stores 610Less: Retirements of New Stores FALSEClosing Balance 20,000 20,800

Exiting Stores 20,000 19,390New Stores 1,410Total Retirements 610

Traffic per Store 230,000Total Traffic 4,589,420,000

Ticket per Customer $2.00Total Revenues 9,178,840,000

Margin 30.00%Total Variable Costs 6,425,188,000

Employees per Store 15Total Employees 300,000.00Cost per Employee 2,666.67Total Fixed Costs 800,000,000

Number of New Stores 1,410Cap Exp per New Store 850,000

Cap Exp on Existing Stores 2,000

Maintenance Cap Exp 40,000,000

Total Cap Exp 1,238,500,000

EBITDA 1,953,652,000

Real Revenues and Operating Expenses

EBITDA in Millions 1,953.65Cap Exp in Millions 1,238.50Revenues in Millions 9,178.84Operating Expenses in Millions 7,225.19

Inflation Rate 3%Inflation Index 1 1.03

Synergies


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Revenue Percent 0.00%Revenue Syenrgies -Growth 1.00%Revenue Synergies -

Expense Percent 6.70%Expense Synergies 484.09Growth 1.00%

Expense Synergies 484.09

Cap Exp Percent 0.00%Cap Exp Synergies 0.00Growth 1%Cap Exp Synergies 0.00

Cost to Achieve -

Revenues - Inflated 9,454.21Operating Costs - Inflated 6,957.86Cap Exp Inflated 1,275.66

Working Capital

A/R Days 10.00

A/R as Pct of Revenues 2.74%Total Revenues 9,454.21

Level of A/R 120.00 259.02

Inventory Days 5.00Inventories as Pct of Op Exp 1.37%Total CGS 7,225.19

Level of Inventories 40.00 98.98

Other Current Assets 300.00 300.00

A/P days 60.00A/P as Pct of Total Costs 16.44%

Total Op Exp 7,225.19

Level of A/P 550.00 1,187.70

Total Level of Working Capital -90.00 -529.71Change in Working Capital -439.71

Assets

Plant Balance - ExistingOpening Balance 12,800.00

Add: Capital ExpendituresLess: Retirements 512.00

Closing Balance 12,800.00 12,288.00

Depreciation Rate 5%


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Depreciation Expense - Existing 640.00

Accumulated DepreciationOpening Balance (1,500.00)

Add: Depreciation Expense (640.00)Less: Retirements (512.00)

Closing Balance -1,500.00 (1,628.00)

Net Plant Balance 11,300.00 10,660.00

Book Life 20New Assets

Opening Balance -Add: Cap Exp 1,275.66Less: Retirements FALSEClosing Balance 1,275.66

Depreciation Rate 0.05Depreciation Expense -

Accumulated DeprecaitionOpening Balance -

Add: Depreciation Expense -Less: Retirements -Closing Balance -

Net Plant 1,275.66

Existing Tax BasisOpening Balance 7,166.67

Add: Capital Expenditures -Less: Retirements 512.00


Tax Depreciation Rate 13%Tax Depreciation Expense 895.83

New Tax BasisTax Life 8

Opening Balance -Add: Cap Exp 1,275.66Less Retirements FALSEClosing Balance 1,275.66

Depreciation Rate 0.13Depreciation Expense -

Intangible Assets

Opening Balance 400.00 400.00

Amortiztion Rate 15%Amortization Expense 60.00

Accumulated Amortization


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Opening Balance -Add: Amortization Expense (60.00)Closing Balance - (60.00)

Net Intangible Assets 400.00 340.00

Debt Issuance Costs

Opening Balance 91.19 91.19

Amortization Rate 6.67%Amortization Expense 6.08

Accumulated Amortization 6.08

Net Debt Issuance Cost 91.19 85.11

Derivative Assets 1,600.00 1,600.00

Goodwill 4,418.00 4,418.00

Other Assets 700.00 700.00

Debt Balance

Exiting Long-term DebtOpening Balance 4,000.00

Less: Repayment 400.00Closing Balance 4,000.00 3,600.00

Interest Rate 10%Interest Expense 400.00

New Senior DebtOpening Balance 7,294.80Less: Repayment 486.32Closing Balance 7,294.80 6,808.48

Debt to EBITDA 2.5 2.5LIBOR 2.00%Credit Spread 1.50%Interest Expense 255.32

New Sub Debt DebtOpening Balance 0.00

Add: Interest Expense 0.00Less: Repayment 0.00Closing Balance 0.00 0.00

Interest Rate 9%Interest Expense 0.00

Total Debt Balance 11,294.80 10,408.48Total Long-term Interest ExpenseDebt Balance Test TRUE

Net Cash Position


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Opening Balance 1,400.00Add: Net Cash Flow -439.24

Closing Balance 1,400.00 960.76

Surplus Cash 1,400.00 960.76Short-term Debt 0.00 0.00

Interest Rate on Cash 4%

Interest Rate on Shor-term Debt 6%Interest Expense on New Debt 56.00Interest Expense on Cash 0.00

Pension Liabilities 300.00 300.00

Other Liabilities 100.00 100.00

Income Statement

Revenues 9,454.21Less: Operating Expenses 6,957.86

EBITDA 2,496.35Less: Depreciation - Book 640.00Less: Amortization 66.08

EBIT 1,790.27Less: Interest on Long-term Debt 655.32

Less: Interest on Short-term Debt -Add: Interest Income 56.00

EBT 1,190.95Less: Taxes - Book 357.29

Net Income Before Minorty Interest 833.67Less: Minority Interest 82.09

Net Income to Common Shareholders 751.58

Tax Analysis

Taxes PaidEBT - Books 1,190.95

Add: Book Depreciation 640.00Less: Tax Depreciation 895.83EBT - Taxes 935.12

Taxes Paid 280.54

Taxes Paid Minus Taxes Booked = Change in Def Tax 76.75

Accumulated Deferred TaxOpening Balance 0.00

Add: Change in Deferred Tax 76.75

Closing Balance 0.00 76.75

Cash Flow Statement

EBITDA 2,496.35Less: WC Change -439.71Less: Taxes Paid 280.54

Operating Cash Flow 2,655.52Less: Capital Expenditures 1,275.66

Add: Sale Proceeds


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Cash Before Financing 1,379.87Less: Interest on Long-term 655.32Less: Interest on Short-term 0.00

Add: Interest Income 56.00Less: Debt Repayment 886.32Less: Dividends to Minority 32.84Less: Dividends to Common 300.63

Net Cash Flow (439.24)

Balance Sheet

Common EquityOpening Balance 7,324.38

Add: Net Income to Common 751.58Less: Dividends to Common 300.63


Minority InterestOpening Balance 800.00

Add: Minority Income 82.09Less: Dividends to Minority 32.84

Closing Balance 800.00 849.25

Assets

Current AssetsCash 1,400.00 960.76

Accounts Receivable 120.00 259.02Inventories 40.00 98.98Other 300.00 300.00Total Current Assets 1,860.00 1,618.76

Long-term AssetsFixed Assets - Gross 12,800.00 13,563.66

Accumulated Depreciation -1,500.00 -1,628.00Net Plant 11,300.00 11,935.66

Financial InvestmentsFair Value of Derivatives 1,600.00 1,600.00Other Investments 700.00 700.00

Intangible Assets 400.00 340.00Goodwill 4,418.00 4,418.00Debt Issuance Costs 91.19 85.11Total Other Investments 7,209.19 7,143.11

Total Assets 20,369.19 20,697.52

Liabilities and CapitalCurrent Liabilities

Accounts Payable 550.00 1,187.70Short-term Loans 0.00 0.00Total 550.00 1,187.70

Long-term LiabilitiesLong-Term Debt 11,294.80 10,408.48

Pension Obligations 300.00 300.00


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Deferred Taxes 0.00 76.75Other Liabilities 100.00 100.00Total Long-term Liabilities 11,694.80 10,885.23

Minority Interest 800.00 849.25Common Equity 7,324.38 7,775.33

8,124.38 8,624.58Total Liabilities and Equity 20,369.19 20,697.52

Difference - -

Test TRUE TRUE

Aggregate Test TRUE

Ratios

Credit RatiosDebt to EBITDA 4.17FFO to Debt 20%Interest Coverage 2.73

Debt to Capital 54.7%Return on Equity 9.95%Return on Invested Capital 6.93%

Cap Exp to Depreciation 199.32%

EPS effect on Acquiring Company

New Earnings 751.58Exchange Rate 7.00Earnings after Exchange Rate 5,261.03Shared of Acquiring Company 6,000.00EPS from Acquisition 0.88

Existing EPSExisting Earnings 11,471.52Existing Shares 17,891.13Existing EPS 0.64

New EPSTotal Earnings 16,732.55Total Shares 23,891.13New EPS 0.70

Existing EPS 0.64New EPS 0.70

Free Cash Flow and Overall Rate of Return

Tax Rate 30%Exit EV/EBITDA 8.00

EBITDA 2,496.35Less: Capital Expenditures 1,275.66Less: Working Capital Changes (439.71)Less: EBIT x Taxes 537.08

Add: Change in Deferred Taxes 76.75


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Add: Terminal Proceeds -Total Cash Flow 1,200.07

Free Cash Flow 1,200.07Depreciation -Cap Exp to Depreciation 1.20

Adjusted Cap Exp -Deferred Tax to Cap Exp 0.20

Deferred Tax Change -Stable Cash Flow -Terminal Value -Total Cash Flow 1,200.07

Terminal Growth Rate 4.0%Enterprise Value - Gordons Method 14,754.81

Equity Issued 7,324.38Add: Minority Issued 800.00Add: Debt Issued 11,294.80Total Enterprise Value Paid 17,819.19

Net Cash Flow -17,819.19 1,200.07

Overall IRR on Investment 9.66%

WACC 10.00%Enterprise Value - EV/EBITDA $16,916.97Net Debt 1,200.00Equity Value 18,116.97

Equity Cash Flow

Exit P/E Ratio 17.30Exit M/B Ratio 2.16

Dividends 300.63

Earnings 751.58

Terminal Equity Value 0

Total Equity Inflow 300.63

Total Equity Issued 7,324.38

Net Equity Cash Flow - P/E Ratio -7,324.38 300.63

Equity IRR 11.75%

Equity Book Value 7,775.33Market Terminal Value -

Net Equity Cash Flow - M/B Ratio -7,324.38 300.63

Equity IRR - M/B Ratio 12.51%


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Synergies

Total Pre-Tax Synergies Net of Cost to Achieve 484.09Tax Rate 30%

After Tax Synergies 338.86

Terminal EV/EBITDA 8.00Terminal Value of Synergies -

Cash Flow from Synegies 338.86

PV of Synergies at WACC 3,674.18Premium 4,320.00Net Value (645.82)


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2011 2012 2013 2014 2015 20162 3 4 5 6 7

TRUE TRUE TRUE TRUE TRUE TRUEFALSE FALSE FALSE FALSE FALSE FALSEFALSE FALSE FALSE FALSE FALSE FALSE

20,800 21,632 22,497 23,397 24,333 25,3061,473 1,538 1,606 1,677 1,752 1,829

641 673 706 741 779 817FALSE FALSE FALSE FALSE FALSE FALSE

21,632 22,497 23,397 24,333 25,306 26,318

18,750 18,077 17,371 16,629 15,851 15,0332,883 4,420 6,026 7,704 9,455 11,285

641 673 706 741 779 817

230,000 230,000 230,000 230,000 230,000 230,0004,642,435,000 4,826,661,550 5,018,208,828 5,217,334,769 5,424,342,407 5,639,533,828

$2.00 $2.00 $2.00 $2.00 $2.00 $2.009,284,870,000 9,653,323,100 10,036,417,655 10,434,669,538 10,848,684,815 11,279,067,655

30.00% 30.00% 30.00% 30.00% 30.00% 30.00%6,499,409,000 6,757,326,170 7,025,492,359 7,304,268,676 7,594,079,370 7,895,347,359

15 15 15 15 15 15312,000.00 324,480.00 337,455.00 350,955.00 364,995.00 379,590.00

2,666.67 2,666.67 2,666.67 2,666.67 2,666.67 2,666.67832,000,000 865,280,000 899,880,000 935,880,000 973,320,000 1,012,240,000

1,473 1,538 1,606 1,677 1,752 1,829850,000 850,000 850,000 850,000 850,000 850,000

2,000 2,000 2,000 2,000 2,000 2,000

41,600,000 43,264,000 44,994,000 46,794,000 48,666,000 50,612,000

1,293,225,000 1,350,160,250 1,410,222,563 1,472,633,991 1,537,467,990 1,605,651,590

1,953,461,000 2,030,716,930 2,111,045,297 2,194,520,861 2,281,285,444 2,371,480,297

1,953.46 2,030.72 2,111.05 2,194.52 2,281.29 2,371.481,293.23 1,350.16 1,410.22 1,472.63 1,537.47 1,605.659,284.87 9,653.32 10,036.42 10,434.67 10,848.68 11,279.077,331.41 7,622.61 7,925.37 8,240.15 8,567.40 8,907.59

3% 3% 3% 3% 3% 3%1.0609 1.092727 1.12550881 1.159274074 1.194052297 1.229873865


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1.00% 1.00% 1.00% 1.00% 1.00% 1.00%0.00 0.00 0.00 0.00 0.00 0.00

1.00% 1.00% 1.00% 1.00% 1.00% 1.00%

488.93 493.82 498.76 503.74 508.78 513.87

1.00% 1.00% 1.00% 1.00% 1.00% 1.00%- - - - - -

9,850.32 10,548.45 11,296.08 12,096.64 12,953.90 13,871.837,288.96 7,835.61 8,421.32 9,048.85 9,721.14 10,441.341,371.98 1,475.36 1,587.22 1,707.19 1,835.82 1,974.75

10.00 10.00 10.00 10.00 10.00 10.00

2.74% 2.74% 2.74% 2.74% 2.74% 2.74%9,850.32 10,548.45 11,296.08 12,096.64 12,953.90 13,871.83

269.87 289.00 309.48 331.41 354.90 380.05

5.00 5.00 5.00 5.00 5.00 5.001.37% 1.37% 1.37% 1.37% 1.37% 1.37%

7,331.41 7,622.61 7,925.37 8,240.15 8,567.40 8,907.59

100.43 104.42 108.57 112.88 117.36 122.02

300.00 300.00 300.00 300.00 300.00 300.00

60.00 60.00 60.00 60.00 60.00 60.0016.44% 16.44% 16.44% 16.44% 16.44% 16.44%

7,331.41 7,622.61 7,925.37 8,240.15 8,567.40 8,907.59

1,205.16 1,253.03 1,302.80 1,354.54 1,408.34 1,464.26

-534.86 -559.61 -584.75 -610.25 -636.08 -662.19-5.15 -24.75 -25.14 -25.50 -25.83 -26.11

12,288.00 11,796.48 11,324.62 10,871.64 10,436.77 10,019.30

491.52 471.86 452.98 434.87 417.47 400.77

11,796.48 11,324.62 10,871.64 10,436.77 10,019.30 9,618.53

5% 5% 5% 5% 5% 5%


38/185

614.40 589.82 566.23 543.58 521.84 500.96

(1,628.00) (1,750.88) (1,868.84) (1,982.09) (2,090.81) (2,195.18)(614.40) (589.82) (566.23) (543.58) (521.84) (500.96)(491.52) (471.86) (452.98) (434.87) (417.47) (400.77)

(1,750.88) (1,868.84) (1,982.09) (2,090.81) (2,195.18) (2,295.37)

10,045.60 9,455.78 8,889.54 8,345.96 7,824.12 7,323.16

1,275.66 2,647.64 4,122.99 5,710.21 7,417.40 9,253.221,371.98 1,475.36 1,587.22 1,707.19 1,835.82 1,974.75

FALSE FALSE FALSE FALSE FALSE FALSE2,647.64 4,122.99 5,710.21 7,417.40 9,253.22 11,227.96

0.05 0.05 0.05 0.05 0.05 0.0563.78 132.38 206.15 285.51 370.87 462.66

- (63.78) (196.16) (402.31) (687.82) (1,058.69)

(63.78) (132.38) (206.15) (285.51) (370.87) (462.66)- - - - - -

(63.78) (196.16) (402.31) (687.82) (1,058.69) (1,521.36)

2,583.85 3,926.83 5,307.90 6,729.57 8,194.52 9,706.61

6,654.67 6,163.15 5,691.29 5,238.30 4,803.44 4,385.97- - - - - -

491.52 471.86 452.98 434.87 417.47 400.77

6,163.15 5,691.29 5,238.30 4,803.44 4,385.97 3,985.19

13% 13% 13% 13% 13% 13%831.83 770.39 711.41 654.79 600.43 548.25

1,275.66 2,647.64 4,122.99 5,710.21 7,417.40 9,253.221,371.98 1,475.36 1,587.22 1,707.19 1,835.82 1,974.75


0.13 0.13 0.13 0.13 0.13 0.13159.46 330.95 515.37 713.78 927.17 1,156.65

400.00 400.00 400.00 400.00 400.00 400.00

15% 15% 15% 15% 15% 15%60.00 60.00 60.00 60.00 60.00 40.00


39/185

(60.00) (120.00) (180.00) (240.00) (300.00) (360.00)(60.00) (60.00) (60.00) (60.00) (60.00) (40.00)

(120.00) (180.00) (240.00) (300.00) (360.00) (400.00)

280.00 220.00 160.00 100.00 40.00 0.00

91.19 91.19 91.19 91.19 91.19 91.19

6.67% 6.67% 6.67% 6.67% 6.67% 6.67%6.08 6.08 6.08 6.08 6.08 6.08

12.16 18.24 24.32 30.40 36.47 42.55

79.03 72.95 66.87 60.79 54.71 48.63

1,600.00 1,600.00 1,600.00 1,600.00 1,600.00 1,600.00

4,418.00 4,418.00 4,418.00 4,418.00 4,418.00 4,418.00

700.00 700.00 700.00 700.00 700.00 700.00

3,600.00 3,200.00 2,800.00 2,400.00 2,000.00 1,600.00

400.00 400.00 400.00 400.00 400.00 400.003,200.00 2,800.00 2,400.00 2,000.00 1,600.00 1,200.00

10% 10% 10% 10% 10% 10%360.00 320.00 280.00 240.00 200.00 160.00

6,808.48 6,322.16 5,835.84 5,349.52 4,863.20 4,376.88486.32 486.32 486.32 486.32 486.32 486.32

6,322.16 5,835.84 5,349.52 4,863.20 4,376.88 3,890.56

2.5 2.5 2.5 2.5 2.5 2.52.00% 2.00% 2.00% 2.00% 2.00% 2.00%1.50% 1.50% 1.50% 1.50% 1.50% 1.50%

238.30 221.28 204.25 187.23 170.21 153.19

0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00

9% 9% 9% 9% 9% 9%0.00 0.00 0.00 0.00 0.00 0.00

9,522.16 8,635.84 7,749.52 6,863.20 5,976.88 5,090.56


40/185

960.76 73.84 -778.84 -1,620.23 -2,447.39 -3,256.54-886.92 -852.68 -841.39 -827.16 -809.15 -799.75

73.84 -778.84 -1,620.23 -2,447.39 -3,256.54 -4,056.28

73.84 0.00 0.00 0.00 0.00 0.000.00 778.84 1,620.23 2,447.39 3,256.54 4,056.28

4% 4% 4% 4% 4% 4%

6% 6% 6% 6% 6% 6%38.43 2.95 0.00 0.00 0.00 0.000.00 0.00 46.73 97.21 146.84 195.39

300.00 300.00 300.00 300.00 300.00 300.00

100.00 100.00 100.00 100.00 100.00 100.00

9,850.32 10,548.45 11,296.08 12,096.64 12,953.90 13,871.837,288.96 7,835.61 8,421.32 9,048.85 9,721.14 10,441.342,561.36 2,712.84 2,874.76 3,047.79 3,232.76 3,430.49

678.18 722.21 772.38 829.09 892.71 963.6366.08 66.08 66.08 66.08 66.08 46.08

1,817.09 1,924.55 2,036.30 2,152.62 2,273.97 2,420.79598.30 541.28 484.25 427.23 370.21 313.19

- - 46.73 97.21 146.84 195.3938.43 2.95 - - - -

1,257.23 1,386.23 1,505.31 1,628.18 1,756.91 1,912.20377.17 415.87 451.59 488.45 527.07 573.66880.06 970.36 1,053.72 1,139.72 1,229.84 1,338.5486.66 95.55 103.76 112.23 121.10 131.80

793.40 874.81 949.96 1,027.50 1,108.74 1,206.74

1,257.23 1,386.23 1,505.31 1,628.18 1,756.91 1,912.20678.18 722.21 772.38 829.09 892.71 963.63

991.29 1,101.35 1,226.79 1,368.56 1,527.60 1,704.90944.12 1,007.09 1,050.91 1,088.70 1,122.02 1,170.93

283.24 302.13 315.27 326.61 336.60 351.28

93.93 113.74 136.32 161.84 190.47 222.38

76.75 170.68 284.42 420.75 582.59 773.0693.93 113.74 136.32 161.84 190.47 222.38

170.68 284.42 420.75 582.59 773.06 995.44

2,561.36 2,712.84 2,874.76 3,047.79 3,232.76 3,430.49-5.15 -24.75 -25.14 -25.50 -25.83 -26.11

283.24 302.13 315.27 326.61 336.60 351.282,283.27 2,435.46 2,584.62 2,746.68 2,921.98 3,105.321,371.98 1,475.36 1,587.22 1,707.19 1,835.82 1,974.75


41/185

911.29 960.11 997.41 1,039.50 1,086.16 1,130.57598.30 541.28 484.25 427.23 370.21 313.19

0.00 0.00 46.73 97.21 146.84 195.3938.43 2.95 0.00 0.00 0.00 0.00

886.32 886.32 886.32 886.32 886.32 886.3234.66 38.22 41.50 44.89 48.44 52.72

317.36 349.92 379.98 411.00 443.50 482.69(886.92) (852.68) (841.39) (827.16) (809.15) (799.75)

7,775.33 8,251.37 8,776.25 9,346.23 9,962.73 10,627.97793.40 874.81 949.96 1,027.50 1,108.74 1,206.74317.36 349.92 379.98 411.00 443.50 482.69

8,251.37 8,776.25 9,346.23 9,962.73 10,627.97 11,352.01

849.25 901.25 958.58 1,020.83 1,088.17 1,160.8386.66 95.55 103.76 112.23 121.10 131.8034.66 38.22 41.50 44.89 48.44 52.72

901.25 958.58 1,020.83 1,088.17 1,160.83 1,239.91

73.84 0.00 0.00 0.00 0.00 0.00269.87 289.00 309.48 331.41 354.90 380.05100.43 104.42 108.57 112.88 117.36 122.02300.00 300.00 300.00 300.00 300.00 300.00744.14 693.42 718.05 744.29 772.26 802.07

14,444.12 15,447.61 16,581.85 17,854.17 19,272.52 20,846.49-1,814.66 -2,065.01 -2,384.41 -2,778.63 -3,253.87 -3,816.7212,629.45 13,382.61 14,197.44 15,075.54 16,018.65 17,029.77

1,600.00 1,600.00 1,600.00 1,600.00 1,600.00 1,600.00700.00 700.00 700.00 700.00 700.00 700.00

280.00 220.00 160.00 100.00 40.00 0.004,418.00 4,418.00 4,418.00 4,418.00 4,418.00 4,418.00

79.03 72.95 66.87 60.79 54.71 48.637,077.03 7,010.95 6,944.87 6,878.79 6,812.71 6,766.63

20,450.63 21,086.97 21,860.36 22,698.62 23,603.62 24,598.47

1,205.16 1,253.03 1,302.80 1,354.54 1,408.34 1,464.260.00 778.84 1,620.23 2,447.39 3,256.54 4,056.28

1,205.16 2,031.87 2,923.03 3,801.93 4,664.88 5,520.55

9,522.16 8,635.84 7,749.52 6,863.20 5,976.88 5,090.56

300.00 300.00 300.00 300.00 300.00 300.00


42/185

170.68 284.42 420.75 582.59 773.06 995.44100.00 100.00 100.00 100.00 100.00 100.00

10,092.84 9,320.27 8,570.27 7,845.79 7,149.94 6,486.00

901.25 958.58 1,020.83 1,088.17 1,160.83 1,239.918,251.37 8,776.25 9,346.23 9,962.73 10,627.97 11,352.019,152.62 9,734.83 10,367.06 11,050.90 11,788.80 12,591.93

20,450.63 21,086.97 21,860.36 22,698.62 23,603.62 24,598.47

- - - - - -

TRUE TRUE TRUE TRUE TRUE TRUE

3.72 3.47 3.26 3.05 2.86 2.6718% 20% 22% 24% 26% 28%

3.04 3.56 3.83 4.10 4.40 4.76

51.0% 49.2% 47.5% 45.7% 43.9% 42.1%9.90% 10.28% 10.48% 10.64% 10.77% 10.98%6.84% 7.04% 7.22% 7.40% 7.57% 7.80%

202.30% 204.28% 205.50% 205.91% 205.65% 204.93%

793.40 874.81 949.96 1,027.50 1,108.74 1,206.747.00 7.00 7.00 7.00 7.00 7.00

5,553.80 6,123.67 6,649.72 7,192.47 7,761.16 8,447.166,000.00 6,000.00 6,000.00 6,000.00 6,000.00 6,000.00

0.93 1.02 1.11 1.20 1.29 1.41

12,836.67 14,473.43 16,279.15 18,408.16 20,690.02 23,280.2217,891.13 17,891.13 17,891.13 17,891.13 17,891.13 17,891.13

0.72 0.81 0.91 1.03 1.16 1.30

18,390.47 20,597.11 22,928.86 25,600.63 28,451.18 31,727.3823,891.13 23,891.13 23,891.13 23,891.13 23,891.13 23,891.13

0.77 0.86 0.96 1.07 1.19 1.33

0.72 0.81 0.91 1.03 1.16 1.300.77 0.86 0.96 1.07 1.19 1.33

30% 30% 30% 30% 30% 30%8.00 8.00 8.00 8.00 8.00 8.00

2,561.36 2,712.84 2,874.76 3,047.79 3,232.76 3,430.491,371.98 1,475.36 1,587.22 1,707.19 1,835.82 1,974.75

(5.15) (24.75) (25.14) (25.50) (25.83) (26.11)545.13 577.37 610.89 645.79 682.19 726.2493.93 113.74 136.32 161.84 190.47 222.38


43/185

- - - - - -743.33 798.61 838.11 882.16 931.04 978.00

743.33 798.61 838.11 882.16 931.04 978.00- - - - - -

1.20 1.20 1.20 1.20 1.20 1.20- - - - - -

0.20 0.20 0.20 0.20 0.20 0.20

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

743.33 798.61 838.11 882.16 931.04 978.00

743.33 798.61 838.11 882.16 931.04 978.00

IRR on Investment 9.66% Investment Cost 850,000

17.30 17.30 17.30 17.30 17.30 17.302.16 2.16 2.16 2.16 2.16 2.16

317.36 349.92 379.98 411.00 443.50 482.69

793.40 874.81 949.96 1,027.50 1,108.74 1,206.74

0 0 0 0 0 0

317.36 349.92 379.98 411.00 443.50 482.69

317.36 349.92 379.98 411.00 443.50 482.69

8,251.37 8,776.25 9,346.23 9,962.73 10,627.97 11,352.01- - - - - -

317.36 349.92 379.98 411.00 443.50 482.69


44/185

488.93 493.82 498.76 503.74 508.78 513.8730% 30% 30% 30% 30% 30%

342.25 345.67 349.13 352.62 356.15 359.71

8.00 8.00 8.00 8.00 8.00 8.00- - - - - -

342.25 345.67 349.13 352.62 356.15 359.71


45/185

2017 2018 2019 2020 2021 20228 9 10 11 12 13


26,318 27,371 28,466 29,605 30,197 30,8011,911 1,996 2,085 1,586 1,647 1,711

858 901 946 994 1,043 1,095FALSE FALSE FALSE FALSE FALSE FALSE

27,371 28,466 29,605 30,197 30,801 31,417

14,175 13,274 12,327 11,334 10,291 9,19513,196 15,192 17,278 18,863 20,510 22,222

858 901 946 994 1,043 1,095

230,000 230,000 230,000 230,000 230,000 230,0005,863,256,119 6,095,855,325 6,337,722,391 6,534,645,111 6,711,024,066 6,838,174,570

$2.00 $2.00 $2.00 $2.00 $2.00 $2.0011,726,512,238 12,191,710,650 12,675,444,783 13,069,290,222 13,422,048,133 13,676,349,139

30.00% 30.00% 30.00% 30.00% 30.00% 30.00%8,208,558,567 8,534,197,455 8,872,811,348 9,148,503,155 9,395,433,693 9,573,444,398

15 15 15 15 15 15394,770.00 410,565.00 426,990.00 444,075.00 452,955.00 462,015.00

2,666.67 2,666.67 2,666.67 2,666.67 2,666.67 2,666.671,052,720,000 1,094,840,000 1,138,640,000 1,184,200,000 1,207,880,000 1,232,040,000

1,911 1,996 2,085 1,586 1,647 1,711850,000 850,000 850,000 850,000 850,000 850,000

2,000 2,000 2,000 2,000 2,000 2,000

52,636,000 54,742,000 56,932,000 59,210,000 60,394,000 61,602,000

1,677,267,569 1,751,552,648 1,829,445,680 1,406,991,864 1,460,604,957 1,516,353,505

2,465,233,671 2,562,673,195 2,663,993,435 2,736,587,067 2,818,734,440 2,870,864,742

2,465.23 2,562.67 2,663.99 2,736.59 2,818.73 2,870.861,677.27 1,751.55 1,829.45 1,406.99 1,460.60 1,516.35

11,726.51 12,191.71 12,675.44 13,069.29 13,422.05 13,676.359,261.28 9,629.04 10,011.45 10,332.70 10,603.31 10,805.48

3% 3% 3% 3% 3% 3%1.266770081 1.304773184 1.343916379 1.384233871 1.425760887 1.468533713


46/185

1.00% 1.00% 1.00% 1.00% 1.00% 1.00%0.00 0.00 0.00 0.00 0.00 0.00

1.00% 1.00% 1.00% 1.00% 1.00% 1.00%

519.01 524.20 529.44 534.73 540.08 545.48

1.00% 1.00% 1.00% 1.00% 1.00% 1.00%- - - - - -

14,854.79 15,907.42 17,034.74 18,090.95 19,136.63 20,084.1811,212.90 12,039.51 12,925.11 13,768.14 14,577.71 15,322.742,124.71 2,285.38 2,458.62 1,947.61 2,082.47 2,226.82

10.00 10.00 10.00 10.00 10.00 10.00

2.74% 2.74% 2.74% 2.74% 2.74% 2.74%14,854.79 15,907.42 17,034.74 18,090.95 19,136.63 20,084.18

406.98 435.82 466.71 495.64 524.29 550.25

5.00 5.00 5.00 5.00 5.00 5.001.37% 1.37% 1.37% 1.37% 1.37% 1.37%

9,261.28 9,629.04 10,011.45 10,332.70 10,603.31 10,805.48

126.87 131.90 137.14 141.54 145.25 148.02

300.00 300.00 300.00 300.00 300.00 300.00

60.00 60.00 60.00 60.00 60.00 60.0016.44% 16.44% 16.44% 16.44% 16.44% 16.44%

9,261.28 9,629.04 10,011.45 10,332.70 10,603.31 10,805.48

1,522.40 1,582.86 1,645.72 1,698.53 1,743.01 1,776.24

-688.55 -715.13 -741.87 -761.34 -773.47 -777.97-26.37 -26.58 -26.74 -19.47 -12.13 -4.50

9,618.53 9,233.79 8,864.44 8,509.86 8,169.46 7,842.68

384.74 369.35 354.58 340.39 326.78 313.71

9,233.79 8,864.44 8,509.86 8,169.46 7,842.68 7,528.98

5% 5% 5% 5% 5% 5%


47/185

480.93 461.69 443.22 425.49 408.47 392.13

(2,295.37) (2,391.55) (2,483.89) (2,572.54) (2,657.63) (2,739.33)(480.93) (461.69) (443.22) (425.49) (408.47) (392.13)(384.74) (369.35) (354.58) (340.39) (326.78) (313.71)

(2,391.55) (2,483.89) (2,572.54) (2,657.63) (2,739.33) (2,817.76)

6,842.23 6,380.54 5,937.32 5,511.83 5,103.36 4,711.22

11,227.96 13,352.68 15,638.06 18,096.68 20,044.28 22,126.762,124.71 2,285.38 2,458.62 1,947.61 2,082.47 2,226.82


0.05 0.05 0.05 0.05 0.05 0.05561.40 667.63 781.90 904.83 1,002.21 1,106.34

(1,521.36) (2,082.75) (2,750.39) (3,532.29) (4,437.12) (5,439.34)

(561.40) (667.63) (781.90) (904.83) (1,002.21) (1,106.34)- - - - - -

(2,082.75) (2,750.39) (3,532.29) (4,437.12) (5,439.34) (6,545.68)

11,269.92 12,887.67 14,564.39 15,607.16 16,687.42 17,807.90

3,985.19 3,600.45 3,231.10 2,876.52 2,536.13 2,209.35- - - - - -

384.74 369.35 354.58 340.39 326.78 313.71

3,600.45 3,231.10 2,876.52 2,536.13 2,209.35 1,895.64

13% 13% 13% 13% 13% 13%498.15 450.06 403.89 359.57 317.02 276.17

11,227.96 13,352.68 14,362.40 15,449.04 15,921.29 16,416.552,124.71 2,285.38 2,458.62 1,947.61 2,082.47 2,226.82

FALSE 1,275.66 1,371.98 1,475.36 1,587.22 1,707.1913,352.68 14,362.40 15,449.04 15,921.29 16,416.55 16,936.17

0.13 0.13 0.13 0.13 0.13 0.131,403.50 1,669.08 1,795.30 1,931.13 1,990.16 2,052.07

400.00 400.00 400.00 400.00 400.00 400.00

15% 15% 15% 15% 15% 15%- - - - - -


48/185

(400.00) (400.00) (400.00) (400.00) (400.00) (400.00)- - - - - -

(400.00) (400.00) (400.00) (400.00) (400.00) (400.00)

0.00 0.00 0.00 0.00 0.00 0.00

91.19 91.19 91.19 91.19 91.19 91.19

6.67% 6.67% 6.67% 6.67% 6.67% 6.67%6.08 6.08 6.08 6.08 6.08 6.08

48.63 54.71 60.79 66.87 72.95 79.03

42.55 36.47 30.40 24.32 18.24 12.16

1,600.00 1,600.00 1,600.00 1,600.00 1,600.00 1,600.00

4,418.00 4,418.00 4,418.00 4,418.00 4,418.00 4,418.00

700.00 700.00 700.00 700.00 700.00 700.00

1,200.00 800.00 400.00 0.00 0.00 0.00

400.00 400.00 400.00 - - -800.00 400.00 - - - -

10% 10% 10% 10% 10% 10%120.00 80.00 40.00 0.00 0.00 0.00

3,890.56 3,404.24 2,917.92 2,431.60 1,945.28 1,458.96486.32 486.32 486.32 486.32 486.32 486.32

3,404.24 2,917.92 2,431.60 1,945.28 1,458.96 972.64

2.5 2.5 2.5 2.5 2.5 2.52.00% 2.00% 2.00% 2.00% 2.00% 2.00%1.50% 1.50% 1.50% 1.50% 1.50% 1.50%

136.17 119.15 102.13 85.11 68.08 51.06

0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00

9% 9% 9% 9% 9% 9%0.00 0.00 0.00 0.00 0.00 0.00

4,204.24 3,317.92 2,431.60 1,945.28 1,458.96 972.64


49/185

-4,056.28 -4,855.30 -5,626.42 -6,413.74 -6,146.76 -5,881.50-799.01 -771.12 -787.32 266.98 265.26 243.08

-4,855.30 -5,626.42 -6,413.74 -6,146.76 -5,881.50 -5,638.42

0.00 0.00 0.00 0.00 0.00 0.004,855.30 5,626.42 6,413.74 6,146.76 5,881.50 5,638.42

4% 4% 4% 4% 4% 4%

6% 6% 6% 6% 6% 6%0.00 0.00 0.00 0.00 0.00 0.00

243.38 291.32 337.58 384.82 368.81 352.89

300.00 300.00 300.00 300.00 300.00 300.00

100.00 100.00 100.00 100.00 100.00 100.00

14,854.79 15,907.42 17,034.74 18,090.95 19,136.63 20,084.1811,212.90 12,039.51 12,925.11 13,768.14 14,577.71 15,322.743,641.89 3,867.90 4,109.62 4,322.81 4,558.92 4,761.441,042.32 1,129.32 1,225.12 1,330.33 1,410.69 1,498.47

6.08 6.08 6.08 6.08 6.08 6.082,593.49 2,732.50 2,878.42 2,986.40 3,142.16 3,256.89

256.17 199.15 142.13 85.11 68.08 51.06

243.38 291.32 337.58 384.82 368.81 352.89- - - - - -

2,093.94 2,242.04 2,398.71 2,516.47 2,705.27 2,852.94628.18 672.61 719.61 754.94 811.58 855.88

1,465.76 1,569.43 1,679.10 1,761.53 1,893.69 1,997.06144.33 154.54 165.34 173.46 186.47 196.65

1,321.43 1,414.89 1,513.76 1,588.08 1,707.22 1,800.41

2,093.94 2,242.04 2,398.71 2,516.47 2,705.27 2,852.941,042.32 1,129.32 1,225.12 1,330.33 1,410.69 1,498.47

1,901.64 2,119.14 2,199.19 2,290.70 2,307.18 2,328.241,234.62 1,252.22 1,424.64 1,556.11 1,808.78 2,023.17

370.39 375.67 427.39 466.83 542.63 606.95

257.80 296.95 292.22 288.11 268.95 248.93

995.44 1,253.23 1,550.18 1,842.40 2,130.51 2,399.46257.80 296.95 292.22 288.11 268.95 248.93

1,253.23 1,550.18 1,842.40 2,130.51 2,399.46 2,648.39

3,641.89 3,867.90 4,109.62 4,322.81 4,558.92 4,761.44-26.37 -26.58 -26.74 -19.47 -12.13 -4.50

370.39 375.67 427.39 466.83 542.63 606.953,297.87 3,518.82 3,708.97 3,875.45 4,028.42 4,159.002,124.71 2,285.38 2,458.62 1,947.61 2,082.47 2,226.82


50/185

1,173.16 1,233.44 1,250.35 1,927.84 1,945.94 1,932.18256.17 199.15 142.13 85.11 68.08 51.06243.38 291.32 337.58 384.82 368.81 352.89

0.00 0.00 0.00 0.00 0.00 0.00886.32 886.32 886.32 486.32 486.32 486.3257.73 61.82 66.14 69.38 74.59 78.66

528.57 565.95 605.50 635.23 682.89 720.16(799.01) (771.12) (787.32) 266.98 265.26 243.08

11,352.01 12,144.87 12,993.80 13,902.05 14,854.90 15,879.231,321.43 1,414.89 1,513.76 1,588.08 1,707.22 1,800.41

528.57 565.95 605.50 635.23 682.89 720.16

12,144.87 12,993.80 13,902.05 14,854.90 15,879.23 16,959.47

1,239.91 1,326.51 1,419.24 1,518.44 1,622.51 1,734.40144.33 154.54 165.34 173.46 186.47 196.6557.73 61.82 66.14 69.38 74.59 78.66

1,326.51 1,419.24 1,518.44 1,622.51 1,734.40 1,852.39

0.00 0.00 0.00 0.00 0.00 0.00406.98 435.82 466.71 495.64 524.29 550.25126.87 131.90 137.14 141.54 145.25 148.02300.00 300.00 300.00 300.00 300.00 300.00833.85 867.72 903.85 937.19 969.54 998.27

22,586.46 24,502.49 26,606.54 28,213.75 29,969.44 31,882.55-4,474.31 -5,234.28 -6,104.83 -7,094.76 -8,178.67 -9,363.4318,112.16 19,268.21 20,501.71 21,118.99 21,790.77 22,519.12

1,600.00 1,600.00 1,600.00 1,600.00 1,600.00 1,600.00700.00 700.00 700.00 700.00 700.00 700.00

0.00 0.00 0.00 0.00 0.00 0.004,418.00 4,418.00 4,418.00 4,418.00 4,418.00 4,418.00

42.55 36.47 30.40 24.32 18.24 12.166,760.55 6,754.47 6,748.40 6,742.32 6,736.24 6,730.16

25,706.56 26,890.41 28,153.95 28,798.49 29,496.55 30,247.55

1,522.40 1,582.86 1,645.72 1,698.53 1,743.01 1,776.244,855.30 5,626.42 6,413.74 6,146.76 5,881.50 5,638.426,377.70 7,209.27 8,059.46 7,845.29 7,624.51 7,414.66

4,204.24 3,317.92 2,431.60 1,945.28 1,458.96 972.64

300.00 300.00 300.00 300.00 300.00 300.00


51/185

1,253.23 1,550.18 1,842.40 2,130.51 2,399.46 2,648.39100.00 100.00 100.00 100.00 100.00 100.00

5,857.48 5,268.10 4,674.00 4,475.79 4,258.42 4,021.03

1,326.51 1,419.24 1,518.44 1,622.51 1,734.40 1,852.3912,144.87 12,993.80 13,902.05 14,854.90 15,879.23 16,959.4713,471.38 14,413.04 15,420.50 16,477.41 17,613.63 18,811.8625,706.56 26,890.41 28,153.95 28,798.49 29,496.55 30,247.55

- - - - - -


2.49 2.31 2.15 1.87 1.61 1.3931% 34% 37% 42% 49% 57%

5.19 5.57 6.00 6.35 7.19 8.06

40.2% 38.3% 36.5% 32.9% 29.4% 26.0%11.25% 11.26% 11.26% 11.04% 11.11% 10.97%8.06% 8.19% 8.30% 8.51% 8.81% 8.97%

203.84% 202.37% 200.68% 146.40% 147.62% 148.61%

1,321.43 1,414.89 1,513.76 1,588.08 1,707.22 1,800.417.00 7.00 7.00 7.00 7.00 7.00

9,249.99 9,904.20 10,596.30 11,116.53 11,950.52 12,602.866,000.00 6,000.00 6,000.00 6,000.00 6,000.00 6,000.00

1.54 1.65 1.77 1.85 1.99 2.10

26,171.22 27,335.79 28,629.36 28,918.26 29,297.34 29,751.3217,891.13 17,891.13 17,891.13 17,891.13 17,891.13 17,891.13

1.46 1.53 1.60 1.62 1.64 1.66

35,421.21 37,239.99 39,225.66 40,034.79 41,247.86 42,354.1823,891.13 23,891.13 23,891.13 23,891.13 23,891.13 23,891.13

1.48 1.56 1.64 1.68 1.73 1.77

1.46 1.53 1.60 1.62 1.64 1.661.48 1.56 1.64 1.68 1.73 1.77

30% 30% 30% 30% 30% 30%8.00 8.00 8.00 8.00 8.00 8.00

3,641.89 3,867.90 4,109.62 4,322.81 4,558.92 4,761.442,124.71 2,285.38 2,458.62 1,947.61 2,082.47 2,226.82

(26.37) (26.58) (26.74) (19.47) (12.13) (4.50)778.05 819.75 863.53 895.92 942.65 977.07257.80 296.95 292.22 288.11 268.95 248.93


52/185

- - - - - -1,023.29 1,086.30 1,106.43 1,786.86 1,814.88 1,810.99

1,023.29 1,086.30 1,106.43 1,786.86 1,814.88 1,810.99- - - - - -

1.20 1.20 1.20 1.20 1.20 1.20- - - - - -

0.20 0.20 0.20 0.20 0.20 0.20

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

1,023.29 1,086.30 1,106.43 1,786.86 1,814.88 1,810.99

1,023.29 1,086.30 1,106.43 1,786.86 1,814.88 1,810.99

17.30 17.30 17.30 17.30 17.30 17.302.16 2.16 2.16 2.16 2.16 2.16

528.57 565.95 605.50 635.23 682.89 720.16

1,321.43 1,414.89 1,513.76 1,588.08 1,707.22 1,800.41

0 0 0 0 0 0

528.57 565.95 605.50 635.23 682.89 720.16

528.57 565.95 605.50 635.23 682.89 720.16

12,144.87 12,993.80 13,902.05 14,854.90 15,879.23 16,959.47- - - - - -

528.57 565.95 605.50 635.23 682.89 720.16


53/185

519.01 524.20 529.44 534.73 540.08 545.4830% 30% 30% 30% 30% 30%

363.31 366.94 370.61 374.31 378.06 381.84

8.00 8.00 8.00 8.00 8.00 8.00- - - - - -

363.31 366.94 370.61 374.31 378.06 381.84


54/185

2023 2024 2025 2026 2027 202814 15 16 17 18 19


31,417 32,045 32,686 33,340 34,007 34,6871,778 1,849 1,922 1,999 2,078 2,1621,150 1,208 1,268 1,332 1,398 1,468

FALSE FALSE FALSE FALSE FALSE FALSE32,045 32,686 33,340 34,007 34,687 35,381

8,045 6,837 5,569 4,237 2,839 1,37124,000 25,849 27,771 29,770 31,848 34,0101,150 1,208 1,268 1,332 1,398 1,468

230,000 230,000 230,000 230,000 230,000 230,0006,967,496,598 7,099,052,728 7,232,858,064 7,368,972,168 7,507,360,976 7,648,080,725

$2.00 $2.00 $2.00 $2.00 $2.00 $2.0013,934,993,196 14,198,105,456 14,465,716,129 14,737,944,335 15,014,721,952 15,296,161,450

30.00% 30.00% 30.00% 30.00% 30.00% 30.00%9,754,495,237 9,938,673,819 10,126,001,290 10,316,561,035 10,510,305,367 10,707,313,015

15 15 15 15 15 15471,255.00 480,675.00 490,290.00 500,100.00 510,105.00 520,305.00

2,666.67 2,666.67 2,666.67 2,666.67 2,666.67 2,666.671,256,680,000 1,281,800,000 1,307,440,000 1,333,600,000 1,360,280,000 1,387,480,000

1,778 1,849 1,922 1,999 2,078 2,162850,000 850,000 850,000 850,000 850,000 850,000

2,000 2,000 2,000 2,000 2,000 2,000

62,834,000 64,090,000 65,372,000 66,680,000 68,014,000 69,374,000

1,574,343,080 1,635,534,534 1,699,196,261 1,765,450,474 1,834,425,498 1,907,106,073

2,923,817,959 2,977,631,637 3,032,274,839 3,087,783,301 3,144,136,586 3,201,368,435

2,923.82 2,977.63 3,032.27 3,087.78 3,144.14 3,201.371,574.34 1,635.53 1,699.20 1,765.45 1,834.43 1,907.11

13,934.99 14,198.11 14,465.72 14,737.94 15,014.72 15,296.1611,011.18 11,220.47 11,433.44 11,650.16 11,870.59 12,094.79

3% 3% 3% 3% 3% 3%1.512589725 1.557967417 1.604706439 1.652847632 1.702433061 1.753506053


55/185

1.00% 1.00% 1.00% 1.00% 1.00% 1.00%0.00 0.00 0.00 0.00 0.00 0.00

1.00% 1.00% 1.00% 1.00% 1.00% 1.00%

550.94 556.45 562.01 567.63 573.31 579.04

1.00% 1.00% 1.00% 1.00% 1.00% 1.00%- - - - - -

21,077.93 22,120.19 23,213.23 24,359.58 25,561.56 26,821.9116,104.45 16,924.69 17,785.31 18,688.31 19,635.57 20,629.252,381.34 2,548.11 2,726.71 2,918.02 3,122.99 3,344.12

10.00 10.00 10.00 10.00 10.00 10.00

2.74% 2.74% 2.74% 2.74% 2.74% 2.74%21,077.93 22,120.19 23,213.23 24,359.58 25,561.56 26,821.91

577.48 606.03 635.98 667.39 700.32 734.85

5.00 5.00 5.00 5.00 5.00 5.001.37% 1.37% 1.37% 1.37% 1.37% 1.37%

11,011.18 11,220.47 11,433.44 11,650.16 11,870.59 12,094.79

150.84 153.71 156.62 159.59 162.61 165.68

300.00 300.00 300.00 300.00 300.00 300.00

60.00 60.00 60.00 60.00 60.00 60.0016.44% 16.44% 16.44% 16.44% 16.44% 16.44%

11,011.18 11,220.47 11,433.44 11,650.16 11,870.59 12,094.79

1,810.06 1,844.46 1,879.47 1,915.09 1,951.33 1,988.19

-781.74 -784.72 -786.87 -788.12 -788.40 -787.66-3.77 -2.98 -2.14 -1.25 -0.28 0.75

7,528.98 7,227.82 6,938.71 6,661.16 6,394.71 6,138.92

301.16 289.11 277.55 266.45 255.79 245.56

7,227.82 6,938.71 6,661.16 6,394.71 6,138.92 5,893.37

5% 5% 5% 5% 5% 5%


56/185

376.45 361.39 346.94 333.06 319.74 306.95

(2,817.76) (2,893.05) (2,965.32) (3,034.71) (3,101.32) (3,165.27)(376.45) (361.39) (346.94) (333.06) (319.74) (306.95)(301.16) (289.11) (277.55) (266.45) (255.79) (245.56)

(2,893.05) (2,965.32) (3,034.71) (3,101.32) (3,165.27) (3,226.66)

4,334.77 3,973.38 3,626.45 3,293.39 2,973.65 2,666.71

24,353.57 26,734.91 29,283.02 32,009.73 34,927.75 38,050.742,381.34 2,548.11 2,726.71 2,918.02 3,122.99 3,344.12


0.05 0.05 0.05 0.05 0.05 0.051,217.68 1,336.75 1,464.15 1,600.49 1,746.39 1,902.54

(6,545.68) (7,763.36) (9,100.10) (10,564.25) (12,164.74) (13,911.13)

(1,217.68) (1,336.75) (1,464.15) (1,600.49) (1,746.39) (1,902.54)- - - - - -

(7,763.36) (9,100.10) (10,564.25) (12,164.74) (13,911.13) (15,813.66)

18,971.55 20,182.92 21,445.48 22,763.01 24,139.61 25,581.20

1,895.64 1,594.49 1,305.37 1,027.82 761.38 505.59- - - - - -

301.16 289.11 277.55 266.45 255.79 245.56

1,594.49 1,305.37 1,027.82 761.38 505.59 260.03

13% 13% 13% 13% 13% 13%236.96 199.31 163.17 128.48 95.17 63.20

16,936.17 17,481.69 18,055.05 18,657.05 19,289.69 19,954.062,381.34 2,548.11 2,726.71 2,918.02 3,122.99 3,344.121,835.82 1,974.75 2,124.71 2,285.38 2,458.62 1,947.61

17,481.69 18,055.05 18,657.05 19,289.69 19,954.06 21,350.57

0.13 0.13 0.13 0.13 0.13 0.132,117.02 2,185.21 2,256.88 2,332.13 2,411.21 2,494.26

400.00 400.00 400.00 400.00 400.00 400.00

15% 15% 15% 15% 15% 15%- - - - - -


57/185

(400.00) (400.00) (400.00) (400.00) (400.00) (400.00)- - - - - -

(400.00) (400.00) (400.00) (400.00) (400.00) (400.00)

0.00 0.00 0.00 0.00 0.00 0.00

91.19 91.19 91.19 91.19 91.19 91.19

6.67% 6.67% 6.67% 6.67% 6.67% 6.67%6.08 6.08 - - - -

85.11 91.19 91.19 91.19 91.19 91.19

6.08 0.00 0.00 0.00 0.00 0.00

1,600.00 1,600.00 1,600.00 1,600.00 1,600.00 1,600.00

4,418.00 4,418.00 4,418.00 4,418.00 4,418.00 4,418.00

700.00 700.00 700.00 700.00 700.00 700.00

0.00 0.00 0.00 0.00 0.00 0.00

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

10% 10% 10% 10% 10% 10%0.00 0.00 0.00 0.00 0.00 0.00

972.64 486.32 0.00 0.00 0.00 0.00486.32 486.32 0.00 0.00 0.00 0.00486.32 0.00 0.00 0.00 0.00 0.00

2.5 2.5 2.5 2.5 2.5 2.52.00% 2.00% 2.00% 2.00% 2.00% 2.00%1.50% 1.50% 1.50% 1.50% 1.50% 1.50%34.04 17.02 - - - -

0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00

9% 9% 9% 9% 9% 9%0.00 0.00 0.00 0.00 0.00 0.00

486.32 0.00 0.00 0.00 0.00 0.00


58/185

-5,638.42 -5,413.76 -5,212.31 -4,555.38 -3,925.44 -3,327.72224.66 201.45 656.93 629.94 597.72 558.08

-5,413.76 -5,212.31 -4,555.38 -3,925.44 -3,327.72 -2,769.63

0.00 0.00 0.00 0.00 0.00 0.005,413.76 5,212.31 4,555.38 3,925.44 3,327.72 2,769.63

4% 4% 4% 4% 4% 4%

6% 6% 6% 6% 6% 6%0.00 0.00 0.00 0.00 0.00 0.00

338.31 324.83 312.74 273.32 235.53 199.66

300.00 300.00 300.00 300.00 300.00 300.00

100.00 100.00 100.00 100.00 100.00 100.00

21,077.93 22,120.19 23,213.23 24,359.58 25,561.56 26,821.9116,104.45 16,924.69 17,785.31 18,688.31 19,635.57 20,629.254,973.47 5,195.50 5,427.92 5,671.27 5,925.99 6,192.661,594.13 1,698.14 1,811.09 1,933.54 2,066.12 2,209.48

6.08 6.08 - - - -3,373.27 3,491.28 3,616.84 3,737.72 3,859.87 3,983.18

34.04 17.02 - - - -

338.31 324.83 312.74 273.32 235.53 199.66- - - - - -

3,000.92 3,149.44 3,304.10 3,464.40 3,624.34 3,783.51900.28 944.83 991.23 1,039.32 1,087.30 1,135.05

2,100.64 2,204.61 2,312.87 2,425.08 2,537.04 2,648.46206.85 217.09 227.75 238.80 249.82 260.79

1,893.80 1,987.52 2,085.12 2,186.28 2,287.22 2,387.67

3,000.92 3,149.44 3,304.10 3,464.40 3,624.34 3,783.511,594.13 1,698.14 1,811.09 1,933.54 2,066.12 2,209.48

2,353.98 2,384.52 2,420.05 2,460.61 2,506.38 2,557.462,241.07 2,463.05 2,695.13 2,937.33 3,184.08 3,435.54

672.32 738.92 808.54 881.20 955.22 1,030.66

227.95 205.92 182.69 158.12 132.08 104.39

2,648.39 2,876.34 3,082.26 3,264.95 3,423.07 3,555.14227.95 205.92 182.69 158.12 132.08 104.39

2,876.34 3,082.26 3,264.95 3,423.07 3,555.14 3,659.54

4,973.47 5,195.50 5,427.92 5,671.27 5,925.99 6,192.66-3.77 -2.98 -2.14 -1.25 -0.28 0.75

672.32 738.92 808.54 881.20 955.22 1,030.664,304.92 4,459.57 4,621.53 4,791.32 4,971.05 5,161.252,381.34 2,548.11 2,726.71 2,918.02 3,122.99 3,344.12


59/185

1,923.59 1,911.46 1,894.82 1,873.29 1,848.06 1,817.1334.04 17.02 - - - -338.31 324.83 312.74 273.32 235.53 199.66

0.00 0.00 0.00 0.00 0.00 0.00486.32 486.32 - - - -82.74 86.83 91.10 95.52 99.93 104.32

757.52 795.01 834.05 874.51 914.89 955.07224.66 201.45 656.93 629.94 597.72 558.08

16,959.47 18,095.75 19,288.26 20,539.34 21,851.11 23,223.441,893.80 1,987.52 2,085.12 2,186.28 2,287.22 2,387.67

757.52 795.01 834.05 874.51 914.89 955.07

18,095.75 19,288.26 20,539.34 21,851.11 23,223.44 24,656.04

1,852.39 1,976.49 2,106.75 2,243.39 2,386.67 2,536.56206.85 217.09 227.75 238.80 249.82 260.7982.74 86.83 91.10 95.52 99.93 104.32

1,976.49 2,106.75 2,243.39 2,386.67 2,536.56 2,693.04

0.00 0.00 0.00 0.00 0.00 0.00577.48 606.03 635.98 667.39 700.32 734.85150.84 153.71 156.62 159.59 162.61 165.68300.00 300.00 300.00 300.00 300.00 300.00

1,028.32 1,059.74 1,092.60 1,126.98 1,162.93 1,200.53

33,962.73 36,221.72 38,670.89 41,322.46 44,189.66 47,288.22-10,656.40 -12,065.42 -13,598.96 -15,266.06 -17,076.39 -19,040.3223,306.33 24,156.30 25,071.92 26,056.40 27,113.26 28,247.90

1,600.00 1,600.00 1,600.00 1,600.00 1,600.00 1,600.00700.00 700.00 700.00 700.00 700.00 700.00

0.00 0.00 0.00 0.00 0.00 0.004,418.00 4,418.00 4,418.00 4,418.00 4,418.00 4,418.00

6.08 0.00 0.00 0.00 0.00 0.006,724.08 6,718.00 6,718.00 6,718.00 6,718.00 6,718.00

31,058.72 31,934.04 32,882.53 33,901.38 34,994.19 36,166.43

1,810.06 1,844.46 1,879.47 1,915.09 1,951.33 1,988.195,413.76 5,212.31 4,555.38 3,925.44 3,327.72 2,769.637,223.81 7,056.77 6,434.85 5,840.53 5,279.05 4,757.82

486.32 0.00 0.00 0.00 0.00 0.00

300.00 300.00 300.00 300.00 300.00 300.00


60/185

2,876.34 3,082.26 3,264.95 3,423.07 3,555.14 3,659.54100.00 100.00 100.00 100.00 100.00 100.00

3,762.66 3,482.26 3,664.95 3,823.07 3,955.14 4,059.54

1,976.49 2,106.75 2,243.39 2,386.67 2,536.56 2,693.0418,095.75 19,288.26 20,539.34 21,851.11 23,223.44 24,656.0420,072.25 21,395.01 22,782.73 24,237.78 25,760.00 27,349.0831,058.72 31,934.04 32,882.53 33,901.38 34,994.19 36,166.43

- - - - - -


1.19 1.00 0.84 0.69 0.56 0.4567% 79% 95% 115% 142% 179%

9.06 10.21 11.57 13.68 16.39 19.95

22.7% 19.6% 16.7% 13.9% 11.4% 9.2%10.80% 10.63% 10.47% 10.31% 10.15% 9.97%9.09% 9.19% 9.26% 9.29% 9.29% 9.26%

149.38% 150.05% 150.56% 150.92% 151.15% 151.35%

1,893.80 1,987.52 2,085.12 2,186.28 2,287.22 2,387.677.00 7.00 7.00 7.00 7.00 7.00

13,256.57 13,912.64 14,595.85 15,303.99 16,010.53 16,713.686,000.00 6,000.00 6,000.00 6,000.00 6,000.00 6,000.00

2.21 2.32 2.43 2.55 2.67 2.79

30% 30% 30% 30% 30% 30%8.00 8.00 8.00 8.00 8.00 8.00

4,973.47 5,195.50 5,427.92 5,671.27 5,925.99 6,192.662,381.34 2,548.11 2,726.71 2,918.02 3,122.99 3,344.12

(3.77) (2.98) (2.14) (1.25) (0.28) 0.751,011.98 1,047.39 1,085.05 1,121.32 1,157.96 1,194.95

227.95 205.92 182.69 158.12 132.08 104.39


61/185

- - - - - -1,811.88 1,808.90 1,800.99 1,791.30 1,777.40 1,757.23

1,811.88 1,808.90 1,800.99 1,791.30 1,777.40 1,757.23- - - - - -

1.20 1.20 1.20 1.20 1.20 1.20- - - - - -

0.20 0.20 0.20 0.20 0.20 0.20

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

1,811.88 1,808.90 1,800.99 1,791.30 1,777.40 1,757.23

1,811.88 1,808.90 1,800.99 1,791.30 1,777.40 1,757.23

17.30 17.30 17.30 17.30 17.30 17.302.16 2.16 2.16 2.16 2.16 2.16

757.52 795.01 834.05 874.51 914.89 955.07

1,893.80 1,987.52 2,085.12 2,186.28 2,287.22 2,387.67

0 0 0 0 0 0

757.52 795.01 834.05 874.51 914.89 955.07

757.52 795.01 834.05 874.51 914.89 955.07

18,095.75 19,288.26 20,539.34 21,851.11 23,223.44 24,656.04- - - - - -

757.52 795.01 834.05 874.51 914.89 955.07


62/185

550.94 556.45 562.01 567.63 573.31 579.0430% 30% 30% 30% 30% 30%

385.66 389.51 393.41 397.34 401.31 405.33

8.00 8.00 8.00 8.00 8.00 8.00- - - - - -

385.66 389.51 393.41 397.34 401.31 405.33


63/185

2029 2030 2031 2032 2033 203420 21 22 23 24 25


35,381 36,089 36,811 37,547 38,298 39,0642,079 2,132 2,209 2,289 2,372 2,4581,371 0 0 0 0 0

- 1,410 1,473 1,538 1,606 1,67736,089 36,811 37,547 38,298 39,064 39,845

0 0 0 0 0 036,089 36,811 37,547 38,298 39,064 39,8451,371 1,410 1,473 1,538 1,606 1,677

230,000 230,000 230,000 230,000 230,000 230,0007,814,631,878 7,981,026,899 8,134,893,000 8,289,541,550 8,446,818,828 8,606,844,769

$2.00 $2.00 $2.00 $2.00 $2.00 $2.0015,629,263,755 15,962,053,799 16,269,786,000 16,579,083,100 16,893,637,655 17,213,689,538

30.00% 30.00% 30.00% 30.00% 30.00% 30.00%10,940,484,629 11,173,437,659 11,388,850,200 11,605,358,170 11,825,546,359 12,049,582,676

15 15 15 15 15 15530,715.00 541,335.00 552,165.00 563,205.00 574,470.00 585,960.00

2,666.67 2,666.67 2,666.67 2,666.67 2,666.67 2,666.671,415,240,000 1,443,560,000 1,472,440,000 1,501,880,000 1,531,920,000 1,562,560,000

2,079 2,132 2,209 2,289 2,372 2,458850,000 850,000 850,000 850,000 850,000 850,000

2,000 2,000 2,000 2,000 2,000 2,000

70,762,000 72,178,000 73,622,000 75,094,000 76,596,000 78,128,000

1,838,088,474 1,884,378,000 1,950,847,000 2,020,340,250 2,092,924,563 2,167,817,991

3,273,539,127 3,345,056,140 3,408,495,800 3,471,844,930 3,536,171,297 3,601,546,861

3,273.54 3,345.06 3,408.50 3,471.84 3,536.17 3,601.551,838.09 1,884.38 1,950.85 2,020.34 2,092.92 2,167.82

15,629.26 15,962.05 16,269.79 16,579.08 16,893.64 17,213.6912,355.72 12,617.00 12,861.29 13,107.24 13,357.47 13,612.14

3% 3% 3% 3% 3% 3%1.806111235 1.860294572 1.916103409 1.973586511 2.032794106 2.09377793


64/185

1.00% 1.00% 1.00% 1.00% 1.00% 1.00%0.00 0.00 0.00 0.00 0.00 0.00

1.00% 1.00% 1.00% 1.00% 1.00% 1.00%

584.83 590.68 596.59 602.55 608.58 614.66

1.00% 1.00% 1.00% 1.00% 1.00% 1.00%- - - - - -

28,228.19 29,694.12 31,174.59 32,720.25 34,341.29 36,041.6421,730.98 22,880.65 24,046.98 25,265.72 26,544.40 27,886.143,319.79 3,505.50 3,738.02 3,987.32 4,254.48 4,538.93

10.00 10.00 10.00 10.00 10.00 10.00

2.74% 2.74% 2.74% 2.74% 2.74% 2.74%28,228.19 29,694.12 31,174.59 32,720.25 34,341.29 36,041.64

773.38 813.54 854.10 896.45 940.86 987.44

5.00 5.00 5.00 5.00 5.00 5.001.37% 1.37% 1.37% 1.37% 1.37% 1.37%

12,355.72 12,617.00 12,861.29 13,107.24 13,357.47 13,612.14

169.26 172.84 176.18 179.55 182.98 186.47

300.00 300.00 300.00 300.00 300.00 300.00

60.00 60.00 60.00 60.00 60.00 60.0016.44% 16.44% 16.44% 16.44% 16.44% 16.44%

12,355.72 12,617.00 12,861.29 13,107.24 13,357.47 13,612.14

2,031.08 2,074.03 2,114.18 2,154.61 2,195.75 2,237.61

-788.45 -787.65 -783.90 -778.62 -771.91 -763.70-0.79 0.79 3.75 5.29 6.71 8.21

5,893.37 5,657.63 5,431.33 5,214.07 5,005.51 4,805.29

235.73 226.31 217.25 208.56 200.22 192.21

5,657.63 5,431.33 5,214.07 5,005.51 4,805.29 4,613.08

5% 5% 5% 5% 5% 5%


65/185

294.67 282.88 271.57 260.70 250.28 240.26

(3,226.66) (3,285.59) (3,342.17) (3,396.48) (3,448.62) (3,498.68)(294.67) (282.88) (271.57) (260.70) (250.28) (240.26)(235.73) (226.31) (217.25) (208.56) (200.22) (192.21)

(3,285.59) (3,342.17) (3,396.48) (3,448.62) (3,498.68) (3,546.73)

2,372.04 2,089.16 1,817.59 1,556.89 1,306.61 1,066.35

41,394.86 44,714.65 46,944.49 49,310.54 51,822.50 54,489.763,319.79 3,505.50 3,738.02 3,987.32 4,254.48 4,538.93

FALSE 1,275.66 1,371.98 1,475.36 1,587.22 1,707.1944,714.65 46,944.49 49,310.54 51,822.50 54,489.76 57,321.51

0.05 0.05 0.05 0.05 0.05 0.052,069.74 2,235.73 2,347.22 2,465.53 2,591.12 2,724.49

(15,813.66) (17,883.40) (18,843.48) (19,818.72) (20,808.90) (21,812.80)

(2,069.74) (2,235.73) (2,347.22) (2,465.53) (2,591.12) (2,724.49)- (1,275.66) (1,371.98) (1,475.36) (1,587.22) (1,707.19)

(17,883.40) (18,843.48) (19,818.72) (20,808.90) (21,812.80) (22,830.10)

26,831.25 28,101.01 29,491.81 31,013.60 32,676.96 34,491.40

260.03 24.30 0.00 0.00 0.00 0.00- - - - - -

235.73 24.30 - - - -

24.30 - - - - -

13% 13% 13% 13% 13% 13%32.50 3.04 - - - -

21,350.57 22,587.89 23,866.58 25,223.26 26,662.47 28,190.253,319.79 3,505.50 3,738.02 3,987.32 4,254.48 4,538.932,082.47 2,226.82 2,381.34 2,548.11 2,726.71 2,918.02

22,587.89 23,866.58 25,223.26 26,662.47 28,190.25 29,811.15

0.13 0.13 0.13 0.13 0.13 0.132,668.82 2,823.49 2,983.32 3,152.91 3,332.81 3,523.78

400.00 400.00 400.00 400.00 400.00 400.00

15% 15% 15% 15% 15% 15%- - - - - -


66/185

(400.00) (400.00) (400.00) (400.00) (400.00) (400.00)- - - - - -

(400.00) (400.00) (400.00) (400.00) (400.00) (400.00)

0.00 0.00 0.00 0.00 0.00 0.00

91.19 91.19 91.19 91.19 91.19 91.19

6.67% 6.67% 6.67% 6.67% 6.67% 6.67%- - - - - -

91.19 91.19 91.19 91.19 91.19 91.19

0.00 0.00 0.00 0.00 0.00 0.00

1,600.00 1,600.00 1,600.00 1,600.00 1,600.00 1,600.00

4,418.00 4,418.00 4,418.00 4,418.00 4,418.00 4,418.00

700.00 700.00 700.00 700.00 700.00 700.00

0.00 0.00 0.00 0.00 0.00 0.00

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

10% 10% 10% 10% 10% 10%0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00

2.5 2.5 2.5 2.5 2.5 2.52.00% 2.00% 2.00% 2.00% 2.00% 2.00%1.50% 1.50% 1.50% 1.50% 1.50% 1.50%

- - - - - -

0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00

9% 9% 9% 9% 9% 9%0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00


67/185

-2,769.63 -1,957.17 -1,097.96 -245.54 595.79 1,414.74812.46 859.21 852.41 841.33 818.94 789.20

-1,957.17 -1,097.96 -245.54 595.79 1,414.74 2,203.94

0.00 0.00 0.00 595.79 1,414.74 2,203.941,957.17 1,097.96 245.54 0.00 0.00 0.00

4% 4% 4% 4% 4% 4%

6% 6% 6% 6% 6% 6%0.00 0.00 0.00 0.00 23.83 56.59

166.18 117.43 65.88 14.73 0.00 0.00

300.00 300.00 300.00 300.00 300.00 300.00

100.00 100.00 100.00 100.00 100.00 100.00

28,228.19 29,694.12 31,174.59 32,720.25 34,341.29 36,041.6421,730.98 22,880.65 24,046.98 25,265.72 26,544.40 27,886.146,497.21 6,813.47 7,127.62 7,454.54 7,796.89 8,155.502,364.41 2,518.61 2,618.79 2,726.23 2,841.40 2,964.75

- - - - - -4,132.80 4,294.85 4,508.83 4,728.31 4,955.48 5,190.75

- - - - - -

166.18 117.43 65.88 14.73 - -- - - - 23.83 56.59

3,966.62 4,177.42 4,442.95 4,713.57 4,979.32 5,247.341,189.99 1,253.23 1,332.88 1,414.07 1,493.79 1,574.202,776.63 2,924.20 3,110.06 3,299.50 3,485.52 3,673.14

273.41 287.94 306.24 324.90 343.22 361.692,503.22 2,636.25 2,803.82 2,974.60 3,142.31 3,311.45

3,966.62 4,177.42 4,442.95 4,713.57 4,979.32 5,247.342,364.41 2,518.61 2,618.79 2,726.23 2,841.40 2,964.75

2,701.33 2,826.52 2,983.32 3,152.91 3,332.81 3,523.783,629.70 3,869.51 4,078.42 4,286.90 4,487.91 4,688.31

1,088.91 1,160.85 1,223.53 1,286.07 1,346.37 1,406.49

101.07 92.37 109.36 128.00 147.42 167.71

3,659.54 3,760.61 3,852.98 3,962.34 4,090.35 4,237.77101.07 92.37 109.36 128.00 147.42 167.71

3,760.61 3,852.98 3,962.34 4,090.35 4,237.77 4,405.48

6,497.21 6,813.47 7,127.62 7,454.54 7,796.89 8,155.50-0.79 0.79 3.75 5.29 6.71 8.21

1,088.91 1,160.85 1,223.53 1,286.07 1,346.37 1,406.495,409.09 5,651.82 5,900.34 6,163.18 6,443.81 6,740.803,319.79 3,505.50 3,738.02 3,987.32 4,254.48 4,538.93


68/185

2,089.29 2,146.32 2,162.32 2,175.87 2,189.32 2,201.87- - - - - -

166.18 117.43 65.88 14.73 0.00 0.000.00 0.00 0.00 0.00 23.83 56.59- - - - - -

109.36 115.18 122.50 129.96 137.29 144.681,001.29 1,054.50 1,121.53 1,189.84 1,256.92 1,324.58

812.46 859.21 852.41 841.33 818.94 789.20

24,656.04 26,157.97 27,739.72 29,422.02 31,206.78 33,092.162,503.22 2,636.25 2,803.82 2,974.60 3,142.31 3,311.451,001.29 1,054.50 1,121.53 1,189.84 1,256.92 1,324.58

26,157.97 27,739.72 29,422.02 31,206.78 33,092.16 35,079.03

2,693.04 2,857.08 3,029.85 3,213.60 3,408.54 3,614.47273.41 287.94 306.24 324.90 343.22 361.69109.36 115.18 122.50 129.96 137.29 144.68

2,857.08 3,029.85 3,213.60 3,408.54 3,614.47 3,831.48

0.00 0.00 0.00 595.79 1,414.74 2,203.94773.38 813.54 854.10 896.45 940.86 987.44169.26 172.84 176.18 179.55 182.98 186.47300.00 300.00 300.00 300.00 300.00 300.00

1,242.63 1,286.37 1,330.28 1,971.79 2,838.57 3,677.85

50,372.28 52,375.82 54,524.61 56,828.01 59,295.05 61,934.58-21,169.00 -22,185.65 -23,215.21 -24,257.52 -25,311.48 -26,376.8329,203.28 30,190.17 31,309.40 32,570.49 33,983.57 35,557.75

1,600.00 1,600.00 1,600.00 1,600.00 1,600.00 1,600.00700.00 700.00 700.00 700.00 700.00 700.00

0.00 0.00 0.00 0.00 0.00 0.004,418.00 4,418.00 4,418.00 4,418.00 4,418.00 4,418.00

0.00 0.00 0.00 0.00 0.00 0.006,718.00 6,718.00 6,718.00 6,718.00 6,718.00 6,718.00

37,163.92 38,194.54 39,357.68 41,260.27 43,540.14 45,953.60

2,031.08 2,074.03 2,114.18 2,154.61 2,195.75 2,237.611,957.17 1,097.96 245.54 0.00 0.00 0.003,988.25 3,171.98 2,359.73 2,154.61 2,195.75 2,237.61

0.00 0.00 0.00 0.00 0.00 0.00

300.00 300.00 300.00 300.00 300.00 300.00


69/185

3,760.61 3,852.98 3,962.34 4,090.35 4,237.77 4,405.48100.00 100.00 100.00 100.00 100.00 100.00

4,160.61 4,252.98 4,362.34 4,490.35 4,637.77 4,805.48

2,857.08 3,029.85 3,213.60 3,408.54 3,614.47 3,831.4826,157.97 27,739.72 29,422.02 31,206.78 33,092.16 35,079.0329,015.06 30,769.57 32,635.61 34,615.31 36,706.63 38,910.5137,163.92 38,194.54 39,357.68 41,260.27 43,540.14 45,953.60

- - - - - -


0.30 0.16 0.03 - - -268% 504% 2376% FALSE FALSE FALSE

24.87 36.57 68.44 320.94 FALSE FALSE

6.3% 3.4% 0.7% 0.0% 0.0% 0.0%9.85% 9.78% 9.81% 9.81% 9.77% 9.72%9.34% 9.43% 9.60% 9.73% 9.83% 9.90%

140.41% 139.18% 142.74% 146.26% 149.73% 153.10%

2,503.22 2,636.25 2,803.82 2,974.60 3,142.31 3,311.457.00 7.00 7.00 7.00 7.00 7.00

17,522.54 18,453.78 19,626.73 20,822.23 21,996.14 23,180.136,000.00 6,000.00 6,000.00 6,000.00 6,000.00 6,000.00

2.92 3.08 3.27 3.47 3.67 3.86

30% 30% 30% 30% 30% 30%8.00 8.00 8.00 8.00 8.00 8.00

6,497.21 6,813.47 7,127.62 7,454.54 7,796.89 8,155.503,319.79 3,505.50 3,738.02 3,987.32 4,254.48 4,538.93

(0.79) 0.79 3.75 5.29 6.71 8.211,239.84 1,288.46 1,352.65 1,418.49 1,486.65 1,557.22

101.07 92.37 109.36 128.00 147.42 167.71


70/185

- - - - - -2,039.44 2,111.09 2,142.55 2,171.45 2,196.47 2,218.85

2,039.44 2,111.09 2,142.55 2,171.45 2,196.47 2,218.85- - - - - -

1.20 1.20 1.20 1.20 1.20 1.20- - - - - -

0.20 0.20 0.20 0.20 0.20 0.20

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

2,039.44 2,111.09 2,142.55 2,171.45 2,196.47 2,218.85

2,039.44 2,111.09 2,142.55 2,171.45 2,196.47 2,218.85

17.30 17.30 17.30 17.30 17.30 17.302.16 2.16 2.16 2.16 2.16 2.16

1,001.29 1,054.50 1,121.53 1,189.84 1,256.92 1,324.58

2,503.22 2,636.25 2,803.82 2,974.60 3,142.31 3,311.45

0 0 0 0 0 0

1,001.29 1,054.50 1,121.53 1,189.84 1,256.92 1,324.58

1,001.29 1,054.50 1,121.53 1,189.84 1,256.92 1,324.58

26,157.97 27,739.72 29,422.02 31,206.78 33,092.16 35,079.03- - - - - -

1,001.29 1,054.50 1,121.53 1,189.84 1,256.92 1,324.58


71/185

584.83 590.68 596.59 602.55 608.58 614.6630% 30% 30% 30% 30% 30%

409.38 413.48 417.61 421.79 426.00 430.26

8.00 8.00 8.00 8.00 8.00 8.00- - - - - -

409.38 413.48 417.61 421.79 426.00 430.26


72/185

2035 2036 2037 2038 203926 27 28 29 30

TRUE TRUE TRUE TRUE FALSEFALSE FALSE FALSE FALSE TRUEFALSE FALSE FALSE TRUE FALSE

39,845 40,642 41,455 42,284 43,1302,549 2,642 2,740 2,842 2,948

0 0 0 0 01,752 1,829 1,911 1,996 2,08540,642 41,455 42,284 43,130 43,993

0 0 0 0 040,642 41,455 42,284 43,130 43,9931,752 1,829 1,911 1,996 2,085

230,000 230,000 230,000 230,000 230,0008,769,784,407 8,935,525,828 9,104,048,119 9,275,559,325 9,450,036,391

$2.00 $2.00 $2.00 $2.00 $2.0017,539,568,815 17,871,051,655 18,208,096,238 18,551,118,650 18,900,072,783

30.00% 30.00% 30.00% 30.00% 30.00%12,277,698,170 12,509,736,159 12,745,667,367 12,985,783,055 13,230,050,948

15 15 15 15 15597,675.00 609,630.00 621,825.00 634,260.00 646,950.00

2,666.67 2,666.67 2,666.67 2,666.67 2,666.671,593,800,000 1,625,680,000 1,658,200,000 1,691,360,000 1,725,200,000

2,549 2,642 2,740 2,842 2,948850,000 850,000 850,000 850,000 850,000

2,000 2,000 2,000 2,000 2,000

79,690,000 81,284,000 82,910,000 84,568,000 86,260,000

2,245,941,990 2,327,373,590 2,412,191,569 2,500,478,648 2,592,323,680

3,668,070,644 3,735,635,497 3,804,228,871 3,873,975,595 3,944,821,835

3,668.07 3,735.64 3,804.23 3,873.98 3,944.822,245.94 2,327.37 2,412.19 2,500.48 2,592.32

17,539.57 17,871.05 18,208.10 18,551.12 18,900.0713,871.50 14,135.42 14,403.87 14,677.14 14,955.25

3% 3% 3% 3% 3%2.156591268 2.221289006 2.287927676 2.356565506 2.427262471


73/185

1.00% 1.00% 1.00% 1.00% 1.00%0.00 0.00 0.00 0.00 0.00

1.00% 1.00% 1.00% 1.00% 1.00%

620.81 627.02 633.29 639.62 646.02

1.00% 1.00% 1.00% 1.00% 1.00%- - - - -

37,825.68 39,696.77 41,658.81 43,716.93 45,875.4429,294.34 30,771.83 32,321.72 33,948.03 35,654.304,843.58 5,169.77 5,518.92 5,892.54 6,292.25

10.00 10.00 10.00 10.00 10.00

2.74% 2.74% 2.74% 2.74% 2.74%37,825.68 39,696.77 41,658.81 43,716.93 45,875.44

1,036.32 1,087.58 1,141.34 1,197.72 1,256.86

5.00 5.00 5.00 5.00 5.001.37% 1.37% 1.37% 1.37% 1.37%

13,871.50 14,135.42 14,403.87 14,677.14 14,955.25

190.02 193.64 197.31 201.06 204.87

300.00 300.00 300.00 300.00 300.00

60.00 60.00 60.00 60.00 60.0016.44% 16.44% 16.44% 16.44% 16.44%

13,871.50 14,135.42 14,403.87 14,677.14 14,955.25

2,280.25 2,323.63 2,367.76 2,412.68 2,458.40

-753.91 -742.41 -729.11 -713.90 -696.679.80 11.49 13.30 15.21 17.23

4,613.08 4,428.55 4,251.41 4,081.36 3,918.10

184.52 177.14 170.06 163.25 156.72

4,428.55 4,251.41 4,081.36 3,918.10 3,761.38

5% 5% 5% 5% 5%


74/185

230.65 221.43 212.57 204.07 195.91

(3,546.73) (3,592.86) (3,637.15) (3,679.66) (3,720.47)(230.65) (221.43) (212.57) (204.07) (195.91)(184.52) (177.14) (170.06) (163.25) (156.72)

(3,592.86) (3,637.15) (3,679.66) (3,720.47) (3,759.66)

835.69 614.27 401.70 197.63 1.72

57,321.51 60,329.27 63,524.29 66,918.50 70,525.664,843.58 5,169.77 5,518.92 5,892.54 6,292.251,835.82 1,974.75 2,124.71 2,285.38 2,458.62

60,329.27 63,524.29 66,918.50 70,525.66 74,359.29

0.05 0.05 0.05 0.05 0.052,866.08 3,016.46 3,176.21 3,345.92 3,526.28

(22,830.10) (23,860.36) (24,902.08) (25,953.58) (27,014.12)

(2,866.08) (3,016.46) (3,176.21) (3,345.92) (3,526.28)(1,835.82) (1,974.75) (2,124.71) (2,285.38) (2,458.62)

(23,860.36) (24,902.08) (25,953.58) (27,014.12) (28,081.78)

36,468.91 38,622.21 40,964.92 43,511.53 46,277.50

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

- - - - -

13% 13% 13% 13% 13%- - - - -

29,811.15 31,531.75 33,357.39 35,556.52 37,943.564,843.58 5,169.77 5,518.92 5,892.54 6,292.253,122.99 3,344.12 3,319.79 3,505.50 3,738.02

31,531.75 33,357.39 35,556.52 37,943.56 40,497.79

0.13 0.13 0.13 0.13 0.133,726.39 3,941.47 4,169.67 4,444.57 4,742.95

400.00 400.00 400.00 400.00 400.00

15% 15% 15% 15% 15%- - - - -


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(400.00) (400.00) (400.00) (400.00) (400.00)- - - - -

(400.00) (400.00) (400.00) (400.00) (400.00)

0.00 0.00 0.00 0.00 0.00

91.19 91.19 91.19 91.19 91.19

6.67% 6.67% 6.67% 6.67% 6.67%- - - - -

91.19 91.19 91.19 91.19 91.19

0.00 0.00 0.00 0.00 0.00

1,600.00 1,600.00 1,600.00 1,600.00 1,600.00

4,418.00 4,418.00 4,418.00 4,418.00 4,418.00

700.00 700.00 700.00 700.00 700.00

0.00 0.00 0.00 0.00 0.00

- - - - -- - - - -

10% 10% 10% 10% 10%0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00

2.5 2.5 2.5 2.5 2.52.00% 2.00% 2.00% 2.00% 2.00%1.50% 1.50% 1.50% 1.50% 1.50%

- - - - -

0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00

9% 9% 9% 9% 9%0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00


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2,203.94 2,955.75 3,661.67 4,312.31 4,907.31751.82 705.92 650.63 595.00 530.94

2,955.75 3,661.67 4,312.31 4,907.31 5,438.24

2,955.75 3,661.67 4,312.31 4,907.31 5,438.240.00 0.00 0.00 0.00 0.00

4% 4% 4% 4% 4%

6% 6% 6% 6% 6%88.16 118.23 146.47 172.49 196.290.00 0.00 0.00 0.00 0.00

300.00 300.00 300.00 300.00 300.00

100.00 100.00 100.00 100.00 100.00

37,825.68 39,696.77 41,658.81 43,716.93 45,875.4429,294.34 30,771.83 32,321.72 33,948.03 35,654.308,531.34 8,924.94 9,337.09 9,768.90 10,221.133,096.73 3,237.89 3,388.79 3,549.99 3,722.19

- - - - -5,434.61 5,687.05 5,948.30 6,218.91 6,498.95

- - - - -

- - - - -88.16 118.23 146.47 172.49 196.29

5,522.77 5,805.28 6,094.77 6,391.40 6,695.241,656.83 1,741.58 1,828.43 1,917.42 2,008.573,865.94 4,063.70 4,266.34 4,473.98 4,686.67

380.68 400.15 420.10 440.55 461.493,485.26 3,663.55 3,846.24 4,033.43 4,225.18

5,522.77 5,805.28 6,094.77 6,391.40 6,695.243,096.73 3,237.89 3,388.79 3,549.99 3,722.19

3,726.39 3,941.47 4,169.67 4,444.57 4,742.954,893.10 5,101.71 5,313.88 5,496.82 5,674.48

1,467.93 1,530.51 1,594.16 1,649.05 1,702.34

188.90 211.07 234.27 268.37 306.23

4,405.48 4,594.38 4,805.45 5,039.72 5,308.09188.90 211.07 234.27 268.37 306.23

4,594.38 4,805.45 5,039.72 5,308.09 5,614.32

8,531.34 8,924.94 9,337.09 9,768.90 10,221.139.80 11.49 13.30 15.21 17.23

1,467.93 1,530.51 1,594.16 1,649.05 1,702.347,053.61 7,382.94 7,729.62 8,104.64 8,501.564,843.58 5,169.77 5,518.92 5,892.54 6,292.25


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2,210.03 2,213.17 2,210.70 2,212.10 2,209.31- - - - -0.00 0.00 0.00 0.00 0.00

88.16 118.23 146.47 172.49 196.29- - - - -

152.27 160.06 168.04 176.22 184.601,394.10 1,465.42 1,538.49 1,613.37 1,690.07

751.82 705.92 650.63 595.00 530.94

35,079.03 37,170.19 39,368.32 41,676.06 44,096.123,485.26 3,663.55 3,846.24 4,033.43 4,225.181,394.10 1,465.42 1,538.49 1,613.37 1,690.07

37,170.19 39,368.32 41,676.06 44,096.12 46,631.22

3,831.48 4,059.88 4,299.97 4,552.04 4,816.36380.68 400.15 420.10 440.55 461.49152.27 160.06 168.04 176.22 184.60

4,059.88 4,299.97 4,552.04 4,816.36 5,093.26

2,955.75 3,661.67 4,312.31 4,907.31 5,438.241,036.32 1,087.58 1,141.34 1,197.72 1,256.86

190.02 193.64 197.31 201.06 204.87300.00 300.00 300.00 300.00 300.00

4,482.10 5,242.89 5,950.96 6,606.09 7,199.97

64,757.82 67,775.70 70,999.85 74,443.76 78,120.66-27,453.22 -28,539.22 -29,633.24 -30,734.60 -31,841.4437,304.60 39,236.48 41,366.61 43,709.16 46,279.22

1,600.00 1,600.00 1,600.00 1,600.00 1,600.00700.00 700.00 700.00 700.00 700.00

0.00 0.00 0.00 0.00 0.004,418.00 4,418.00 4,418.00 4,418.00 4,418.00

0.00 0.00 0.00 0.00 0.006,718.00 6,718.00 6,718.00 6,718.00 6,718.00

48,504.69 51,197.37 54,035.57 57,033.25 60,197.19

2,280.25 2,323.63 2,367.76 2,412.68 2,458.400.00 0.00 0.00 0.00 0.00

2,280.25 2,323.63 2,367.76 2,412.68 2,458.40

0.00 0.00 0.00 0.00 0.00

300.00 300.00 300.00 300.00 300.00


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4,594.38 4,805.45 5,039.72 5,308.09 5,614.32100.00 100.00 100.00 100.00 100.00

4,994.38 5,205.45 5,439.72 5,708.09 6,014.32

4,059.88 4,299.97 4,552.04 4,816.36 5,093.2637,170.19 39,368.32 41,676.06 44,096.12 46,631.2241,230.07 43,668.29 46,228.09 48,912.48 51,724.4848,504.69 51,197.37 54,035.57 57,033.25 60,197.19

- - - - -

TRUE TRUE TRUE TRUE TRUE

- - - - -FALSE FALSE FALSE FALSE FALSEFALSE FALSE FALSE FALSE FALSE

0.0% 0.0% 0.0% 0.0% 0.0%9.65% 9.57% 9.49% 9.40% 9.31%9.94% 9.95% 9.93% 9.89% 9.83%

156.41% 159.66% 162.86% 165.99% 169.05%

3,485.26 3,663.55 3,846.24 4,033.43 4,225.187.00 7.00 7.00 7.00 7.00

24,396.83 25,644.85 26,923.66 28,234.01 29,576.236,000.00 6,000.00 6,000.00 6,000.00 6,000.00

4.07 4.27 4.49 4.71 4.93

30% 30% 30% 30% 30%8.00 8.00 8.00 8.00 8.00

8,531.34 8,924.94 9,337.09 9,768.90 10,221.134,843.58 5,169.77 5,518.92 5,892.54 6,292.25

9.80 11.49 13.30 15.21 17.231,630.38 1,706.12 1,784.49 1,865.67 1,949.68

188.90 211.07 234.27 268.37 306.23


79/185

- - - 78,151.18 -2,236.48 2,248.64 2,254.64 80,415.03 2,268.20

2,236.48 2,248.64 2,254.64 2,263.85 -- - - - 3,722.19

1.20 1.20 1.20 1.20 1.20- - - - 4,466.63

0.20 0.20 0.20 0.20 0.20

- - - - 893.33- - - - 2,894.27- - - - 48,237.82

2,236.48 2,248.64 2,254.64 2,263.85 48,237.82

2,236.48 2,248.64 2,254.64 80,415.03 0.00

17.30 17.30 17.30 17.30 17.302.16 2.16 2.16 2.16 2.16

1,394.10 1,465.42 1,538.49 1,613.37 1,690.07

3,485.26 3,663.55 3,846.24 4,033.43 4,225.18

0 0 0 69778.33888 0

1,394.10 1,465.42 1,538.49 71,391.71 1,690.07

1,394.10 1,465.42 1,538.49 71,391.71 0.00

37,170.19 39,368.32 41,676.06 44,096.12 46,631.22- - - 95,247.61 -

1,394.10 1,465.42 1,538.49 96,860.98 -


80/185

620.81 627.02 633.29 639.62 646.0230% 30% 30% 30% 30%

434.57 438.91 443.30 447.73 452.21

8.00 8.00 8.00 8.00 8.00- - - 3,581.88 -

434.57 438.91 443.30 4,029.61 -


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Conte Amounts expressed in millions of Mexican pesos (Ps.) as of December 31.(1)

2009

Balance Sheet

AssetsCurrent assets 49,380

Gross Plant 120,881Accumulated Depreciation -51,681

Property, plant and equipment, net (3) 69,200

Investment in shares 2,344Intangible assets 71,181Other assets 18,986Total assets 211,091

LiabilitiesShort-term debt 8,853Current liabilities 36,914

Long-term debt 34,810Pension Liabilities 3,354Deferred income taxes liabilities 972Other 10,359

Total liabilities 95,262Minority Interest 34,192Controlling interest 81,637Stockholders equity 115,829Total Liabilities and Equity 211,091

Income Statement

Total revenues 197,033Cost of Sales without Depreciation 96,117Operating expenses 63,826Other expenses, net 3,506EBITDA 33,584Depreciation 5,596

Amortization 4,482EBIT 23,506

Interest Expense 5,179Interest Income 769Exchange and Other 106EBT 18,990Income taxes 3,908Consolidated net income for the year 15,082

Minoirty Interest 5,174Net controlling interest income 9,908

Other information

Depreciation 5,596Amortization and other non-cash charges toincome from operations 4,482

Capital expenditures(2)

13,178Intangible Asset Increase 9,803Interest Expense 5,179

Interest Income 769


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Exchange and Other 106Net Interest Expense 4,516

2,255

Financial ratios (%)

Liquidity 1.08Leverage 18%

Capitalization 29%Data per share

Book value (4) 4.56

Net controlling interest income (5) 0.55

Number of outstanding shares(8)

17,891

Stock Price 8.55Market Cap 152,882

P/E Ratio 15.43Market to Book 1.32EV/EBITDA 5.88

Return on Equity 13.17%Return on Investment Capital 11.63%

Year 2009

Sales Growth 16%Cost of Goods as Percent of Sales 49%Operating Expense Growth 16%Depreciation Rate 4.6%

Amortization Rate 6.3%

Average Debt 27,006Average Interest Expense 19%

Average Investments 2,155Average Interest Income Rate 36%

Income Tax Rate 21%

Dividend Payout Ratio 15%

Minority Interest Percent 34%

Current Assets to Sales 25%Current Liabilities to Sales 19%

Capital Expenditures to Sales 7%Increase in Intangible as Percent of Sales 5%

Working Analysis

Revenues


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Growth Rate 16%Base Revenues 197,033

Add: Revenues for AcquisitionAdd: SynergiesTotal Revenues 197,033

Cost of Goods Sold Percent 49%

Cost of Goods Sold 96,117Add: Cost of Goods Sold from AcquisitionTotal Cost of Goods Sold 96,117

Increase in Other Expenses 16%Other Expenses 63,826Other Net 3,506

Add: Other Costs from AcquistionTotal Other Costs from Acquistion 67,332

Total Expenses 163,449

Capital Expenditures to Sales 7%Capital Expenditures 13,178

Add: Capital Expenditures from AcquistionTotal Captial Expenditures

Intangible Assets to Sales 5%Intangible Assets Increase 9,803

Working Capital

Current Assets as Percent of Assets 25%

Level of A/R 49,380

Add: Level of A/R from AcquistionTotal Level of A/R 49,380

Currentl Liabilities as Percent of Liabilities 19%

Level of A/P 36,914Add: Level of A/P from AcquisitionTotal Level of A/P 36,914

Other Current Assets

Level of WC 12,466Change in WC 5,925

Asset Schedule

Plant BalanceOpening Balance

Add: Capital Expenditures

Closing Balance 120,881


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Deprecitaion RateDepreciation

Accumulated DepreciationOpening Balance

Add: Intangible Assets Increase

Closing Balance -51,681

Total Net Plant 69,200Add: Net Plant from AcquisitionTotal Net Plant 69,200

Intangible AssetsOpening Balance

Add: New Intangibles


Intangible RateIntangible Amortization

Accumulated AmoritizationOpening Balance

Add: Amortization

Closing Balance 0

Net Intangible Assets 71,181Add: Intangible Assets from AcquistionTotal Intangible Assets

Other Assets 18,986

Add: Other Assets from AcquistionTotal Other Assets 18,986

Debt Schedule

Long-term DebtOpening BalanceLess: Repayment


Interest Rate 19%Interest Expense - Long-term 0

Debt Less CashOpening Balance

Add: Net Cash Flow

Closing Balance -6,509

Financial Investments 2,344Debt Balance 8,853

Interest Rate on CashInterest Rate on Debt


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Interest Income 3,354Interest Expense 972

Pension Liabilities 3,354Deferred Tax Liabilities 972Other Liabilities 10,359

Profit and Loss

RevenuesLess: Operating Expenses

EBITDALess: DepreciationLess: Amortization

EBITLess: Interest

Add: Interest IncomeLess: Other

EBTLess: Income Tax

Income After TaxLess: Minority Interest

Income to Common Shares

Cash Flow

EBITDALess: Income TaxLess: WC Change

Cash Flow from OperationsLess: Capital ExpendituresLess: Intangible Assets Increase

Cash Flow Before FinancingLess: Common DividendLess: Minority DivdendsLess: Interest ExpenseLess: Debt Repayment

Add: Interest Income

Net Cash Flow

Total Shares 17,891Add: New Shares

Earnings Per Share

Balance Sheet

Common EquityOpening Balance

Add: Net IncomeLess: Dividends


Minority InterestOpening Balance


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Add: Net IncomeLess: Dividends


AssetsCurrent assets 49,380

Property, plant and equipment, net (3) 69,200

Investment in shares 2,344Intangible assets 71,181Other assets 18,986Total assets 211,091

LiabilitiesShort-term debt 8,853Current liabilities 36,914

Long-term debt 34,810Pension Liabilities 3,354Deferred income taxes liabilities 972Other 10,359

Total liabilities 95,262

Minority Interest 34,192Controlling interest 81,637

Stockholders equity 115,829Total Liabilities and Equity 211,091

Difference 0

Debt to Capital 27%Return on EquityReturn on Invested Capital

8/22/2019

M&a - Retail Stores

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