Investment Excel.xlsx

APEX Foods Limited Income Statement For the Year Ended 30th June, 2016 Particulars Turnover ( net of VAT) Less : Cost of Goods Sold Gross Profit Less : Operating Expenses Operating Profit/Loss Plus : Other Income Operating Profit before W.P.P.F Less : Provision For W.P.P.F EBT Tax Expense: Current Tax Deffered Tax Total Tax Net Profit/Loss after Tax Other Comprehensive income: Fair valuation surplus of investments TOTAL COMPREHENSIVE INCOME

Depreciation

2012

2013

3,933,346,104 3,629,828,686 303,517,418 284,782,908 18,734,510 30,305,059 49,039,569 2,335,218 46,704,351

3,305,717,280 2,948,342,362 357,374,918 336,710,675 20,664,243 44,985,484 65,649,727 3,282,486 62,367,241

31,164,150 105,984 31,058,166 15,646,185

47,788,736 84,520 47,704,216 14,663,025

143,937,000 159,583,185

-37,906,928 -23,243,903

35,298,774

37,068,833

Limited ement 0th June, 2016 2014

2015

2016

3,844,681,256 3,546,802,966 297,878,290 266,559,246 31,319,044 39,058,056 70,377,100 3,518,855 66,858,245

2,751,779,885 2,534,570,075 217,209,810 270,735,165 -53,525,355 183,855,603 130,330,248 6,516,512 123,813,736

2,031,946,945 1,840,425,960 191,520,985 212,321,398 -20,800,413 30,566,537 9,766,124 488,306 9,277,818

49,476,094 341,576 49,134,518 17,723,727

38,787,121 184,081 38,603,040 85,210,696

19,982,054 2,524,346 17,457,708 -8,179,890

37,415,896 55,139,623

-13,006,024 72,204,672

43,035,502 34,855,612

38,959,773

35,284,955

30,048,979

APEX Foods Limited Balance Sheets As at 30th June, 2016 PARTICULARS

2012

2013

147,408,771 189,186,650 12,039,990 410,573 349,045,984

186,453,636 151,279,722 12,039,990 326,053 350,099,401

715,872,045 82,036,136 37,913,602 54,530,281 0 332,017,196 1,222,369,260

875,860,190 98,149,748 55,735,141 77,357,565 0 301,450,822 1,408,553,466

Assets Non-Current Asset: Property, Plant & Equipment Investment Immovable Properties Deferred Tax Assets Total Non-Current Assets Current Assets: Inventories Trade Receivables Advances, Deposits & Prepayments Other Receivables Short Term Equivalents Cash & Cash Equivalents Total Current Assets

Total Assets

1,571,415,244 1,758,652,867

Equity & Liabilities Shareholders Equity: Share Capital Share Premium Reserve & Surplus Fair valuation Surplus Total Shareholers Equity

57,024,000 209,088,000 141,392,282 143,937,000 551,441,282

57,024,000 209,088,000 145,717,392 106,030,072 517,859,464

Non-Current Liabilities: Deferred Tax Liabilities Long Term Loan Total Non-Current Liabilities

0 142,500,000 142,500,000

0 112,500,000 112,500,000

Current Liabilities: Working Capital Loan (Secured) Long Term Loan-Current Maturity Short Term Loan Trade Payables Sundry Creditors/Other Payables

766,023,738 14,186,667 0 39,503,650 23,259,688

778,328,291 65,817,000 124,376,507 54,259,056 53,741,208

Income Tax Payables Other Liabilities Total Current Liabilities Total Liabilities

Total Equity & Liabilities

Net Asset Per Share

31,164,150 3,336,069 877,473,962

47,788,736 3,982,605 1,128,293,403

1,019,973,962

1,240,793,403

1,571,415,244 1,758,652,867

275.5708550786 308.4057356552

Limited heets ne, 2016 2014

2015

2016

171,963,365 188,695,618 12,039,990 0 372,698,973

155,016,900 175,689,594 0 0 330,706,494

131,304,818 223,506,818 0 0 354,811,636

811,413,008 29,909,719 105,296,212 131,661,450 0 242,049,901 1,320,330,290

906,868,231 0 139,965,723 84,081,039 314,006,675 4,318,400 1,449,240,068

658,163,316 38,621,067 26,551,657 130,296,148 326,190,639 10,875,718 1,190,698,545

1,693,029,263

1,779,946,562

1,545,510,181

57,024,000 209,088,000 152,493,647 143,445,968 562,051,615

57,024,000 209,088,000 225,931,381 130,439,944 622,483,325

57,024,000 209,088,000 192,815,966 160,431,452 619,359,418

15,522 90,000,000 90,015,522

199,603 52,500,000 52,699,603

20,549,666 22,500,000 43,049,666

733,884,440 30,000,000 90,763,232 64,183,333 20,302,178

794,270,004 30,000,000 52,627,377 61,893,746 24,688,471

712,860,848 30,000,000 65,871,088 27,740,829 20,428,089

97,264,830 4,564,113 1,040,962,126

136,051,951 5,232,085 1,104,763,634

19,982,054 6,218,189 883,101,097

1,130,977,648

1,157,463,237

926,150,763

1,693,029,263

1,779,946,562

1,545,510,181

296.8976681748 312.1398993406 271.0280199565

Calculation Particulars

2012

Sales growth Average sales growth COGS in proportion to sales Average COGS Operating Expense in proportion to sales Average O/E Other income growth Average O/I WPPE in proportion to sales Average WPPE

2013

2014

-0.159566132 0.16303995

0.92283481 0.891891869 0.92252198

0.0724022

0.10185707 0.06933195

0.484421594 -0.13176313

0.0005937 0.000992972 0.00091525

Depreciation in proportion to PPE Average Depreciation

0.23946183 0.198809923 0.22655856

Tax Average

0.66499513 0.764892197 0.73490589

PPE growth Average

0.264874775 -0.07771514

Investment in growth Average

-0.20036788 0.24732922

Inventories in proportion to sales Average

0.18200078 0.264953145 0.21104819

Trade Receivables in proportion to sales Average

0.02085658 0.029690908 0.00777951

Advances, Deposits & Prepayments in pro to sales Average

0.00963902 0.016860226

Other Receivables in proportion to sales Average

0.01386359 0.023401144 0.03424509

0.0273875

Short Term Equivalents in pro to sales Average

0

0

0

Working Capital Loan in pro to sales Average

0.19475117

0.23544914 0.19088304

Long Term Loan in pro to sales Average

0.00360677 0.019910051 0.00780299

Short Term Loan in pro to sales Average

0 0.037624666 0.02360748

Trade Payables in pro to sales Average

0.01004327 0.016413701 0.01669406

Sundry Creditors in pro to sales Average

0.00591346 0.016257049 0.00528059

Income Tax Payables in pro to sales Average

0.00792306 0.014456389 0.02529854

Other Liabilities in pro to sales Average

0.00084815 0.001204763 0.00118712

Total Loan Average Loan

14,186,667 190,193,507 120,763,232 102190087 155478370

Interest Rate Average Interest Rate

0.08

0.1738

0.1514

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

-0.28426319 -0.26158812 -0.13559438 -0.13559 -0.13559 -0.13559

-0.13559 -0.13559 -0.13559 -0.13559 -0.13559

0.9210657 0.90574509 0.91281189 0.912812 0.912812 0.912812

0.912812 0.912812 0.912812 0.912812 0.912812

0.09838547 0.10449161 0.08929366 0.089294 0.089294 0.089294

0.089294 0.089294 0.089294 0.089294 0.089294

3.70723896 -0.83374705 0.8065376 0.806538 0.806538 0.806538

0.806538 0.806538 0.806538 0.806538 0.806538

0.00236811 0.00024031 0.00102207 0.001022 0.001022 0.001022

0.001022 0.001022 0.001022 0.001022 0.001022

0.22762005 0.22884902 0.22425988 0.22426 0.22426 0.22426 0.2242599 0.22426 0.22426

0.22426 0.22426

0.31178318 1.88166097 0.87164747 0.871647 0.871647 0.871647 0.8716475 0.871647 0.871647 0.871647 0.871647 -0.09854695 -0.1529645 -0.01608795 -0.01609 -0.01609 -0.01609 -0.016088 -0.01609 -0.01609 -0.01609 -0.01609 -0.06892595 0.27216879 0.06255105 0.062551 0.062551 0.062551

0.062551 0.062551 0.062551 0.062551 0.062551

0.32955697 0.32390773 0.26229336 0.262293 0.262293 0.262293

0.262293 0.262293 0.262293 0.262293 0.262293

0 0.01900693 0.01546678 0.015467 0.015467 0.015467

0.015467 0.015467 0.015467 0.015467 0.015467

0.05086371

0.0130671 0.02356351 0.023564 0.023564 0.023564

0.023564 0.023564 0.023564 0.023564 0.023564

0.03055515 0.06412379 0.03323775 0.033238 0.033238 0.033238

0.033238 0.033238 0.033238 0.033238 0.033238

0.11411039 0.16053108 0.05492829 0.054928 0.054928 0.054928 0.28863864 0.35082651 0.2521097 0.25211 0.25211 0.25211

0.054928 0.054928 0.054928 0.054928 0.054928

0.25211 0.25211 0.25211

0.25211 0.25211

0.01090203 0.01476417 0.0113972 0.011397 0.011397 0.011397

0.011397 0.011397 0.011397 0.011397 0.011397

0.01912485 0.03241772 0.02255494 0.022555 0.022555 0.022555

0.022555 0.022555 0.022555 0.022555 0.022555

0.02249226 0.01365234 0.01585913 0.015859 0.015859 0.015859

0.015859 0.015859 0.015859 0.015859 0.015859

0.00897182 0.01005346 0.00929527 0.009295 0.009295 0.009295

0.009295 0.009295 0.009295 0.009295 0.009295

0.04944144 0.00983394 0.02139068 0.021391 0.021391 0.021391

0.021391 0.021391 0.021391 0.021391 0.021391

0.00190135 0.00306021 0.00164032 0.00164 0.00164 0.00164

0.00164 0.00164 0.00164

0.00164 0.00164

82,627,377 95,871,088 59634490 51548649 44559168 38517390 33294817 28780373 24878042 21504829 101695305 89249232.5 77752789 55591570 48053909 41538279 35906104 31037595 26829208 23191435 0.122

0.1088 0.1272

0.1272

0.1272

0.1272

0.1272

0.1272

0.1272

0.1272

0.1272

2025

2026

-0.13559 -0.13559

0.912812 0.912812

0.089294 0.089294

0.806538 0.806538

0.001022 0.001022

0.22426 0.22426

0.871647 0.871647

-0.01609 -0.01609

0.062551 0.062551

0.262293 0.262293

0.015467 0.015467

0.023564 0.023564

0.033238 0.033238

0.054928 0.054928

0.25211 0.25211

0.011397 0.011397

0.022555 0.022555

0.015859 0.015859

0.009295 0.009295

0.021391 0.021391

0.00164 0.00164 18588989 16068508 20046909 17328748

0.1272

0.1272

Assumptions 1 2 3 4 5 6 7 8 7 9 10 11

12

Assumptions Adjusted beta is used for valuation Perpetual growth rate is equal to population growth rate (1.37%) Risk free rate is the cut off yield of 91 day t-bill rate Sales growth rate is 13.56% Long Term Loan, Share Capital, Share Premium, Fair valuation Surplus are same Assume there has no Deferred Tax Liabilities Assume Risk free rate 7% that is given by BB The company is at 27.5 % income tax Margin Tax Holiday Reserve transferred to shere capital as stock dividend. Profit on Sale of capital asset transferred to other income Provision for WPPF is on profit. But if we wait until profit is calculated then in cannot be calculated Actually a company can make adjustment for it after prifit is recognised. But w cannot .So we will use growth rate of it Provision for tax shows negative balance because of over payment. But it is un usual.so we take positive balance Dividend policy: recently company has collected a huge amount share capital from the market The money was invested in long term asset like land ,building etc. So divedend in the furure year may not rise so high Interest Rate is given to the annual report of that company

APEX Foods Limited Proforma Income Statement For the Year Ended 30th June, 2017-2026 Particulars Turnover ( net of VAT) Less : Cost of Goods Sold Gross Profit Less : Operating Expenses Operating Profit/Loss Plus : Other Income Operating Profit before W.P.P.F Less : Provision For W.P.P.F EBT Total tax Net Profit/Loss after Tax

2016

2017

2,031,946,945 1,840,425,960 191,520,985 212,321,398 -20,800,413 30,566,537 9,766,124 488,306 9,277,818 2,524,346 6,753,472

1,756,435,259 1,603,295,181 153,140,077 156,839,130 -3,699,053 55,219,611 51,520,558 1,795,077 49,725,481 43,343,090 6,382,391

Limited e Statement h June, 2017-2026 2018

2019

2020

2021

2022

2023

1,518,280,202 1,385,904,388 132,375,814 135,573,312 -3,197,498 99,756,325 96,558,827 1,551,682 95,007,144 82,812,737 12,194,407

1,312,416,589 1,197,989,612 114,426,978 117,190,927 -2,763,949 180,213,592 177,449,642 1,341,290 176,108,353 153,504,400 22,603,952

1,134,466,024 1,035,554,200 98,911,824 101,301,009 -2,389,185 325,562,702 323,173,516 1,159,424 322,014,092 280,682,769 41,331,323

980,643,776 895,143,406 85,500,370 87,565,605 -2,065,236 588,141,392 586,076,156 1,002,218 585,073,938 509,978,219 75,095,719

847,678,286 773,770,912 73,907,374 75,692,585 -1,785,210 1,062,499,774 1,060,714,563 866,327 1,059,848,236 923,814,036 136,034,200

732,741,587 668,855,314 63,886,274 65,429,427 -1,543,154 1,919,446,216 1,917,903,062 748,862 1,917,154,200 1,671,082,613 246,071,587

2024

2025

2026

633,389,156 578,165,222 55,223,934 56,557,851 -1,333,918 3,467,552,528 3,466,218,611 647,324 3,465,571,287 3,020,756,453 444,814,834

547,507,920 499,771,799 47,736,121 48,889,172 -1,153,052 6,264,265,409 6,263,112,357 559,553 6,262,552,804 5,458,738,323 803,814,481

473,271,321 432,007,741 41,263,580 42,260,289 -996,709 11,316,633,504 11,315,636,794 483,683 11,315,153,111 9,862,824,610 1,452,328,500

APEX Foods Limited Proforma Balance Sheets As at 30th June, 2017-2026 PARTICULARS

2016

2017

Assets Non-Current Asset: Property, Plant & Equipment Investment Immovable Properties Deferred Tax Assets Total Non-Current Assets Current Assets: Cash & Cash Equivalents Inventories Trade Receivables Advances, Deposits & Prepayments Other Receivables Short Term Equivalents Total Current Assets

Total Assets

131,304,818 129192392.2005 223,506,818 237487403.3059 0 0 0 0 354,811,636 366,679,796

10,875,718 405,518,725 658,163,316 460700673.3174 38,621,067 0 26,551,657 0 130,296,148 2425830.823599 326,190,639 0 1,190,698,545 868,645,230

1,545,510,181 1,235,325,025

Equity & Liabilities Shareholders Equity: Share Capital Share Premium Reserve & Surplus Fair valuation Surplus Total Shareholers Equity Non-Current Liabilities: Long Term Loan Total Non-Current Liabilities Current Liabilities: Working Capital Loan (Secured) Long Term Loan-Current Maturity Short Term Loan Trade Payables Sundry Creditors/Other Payables

57,024,000 209,088,000 192,815,966 160,431,452 619,359,418

57,024,000 209,088,000 199,198,357 160,431,452 625,741,809

22,500,000 22,500,000

22,500,000 22,500,000

712,860,848 30,000,000 65,871,088 27,740,829 20,428,089

442814893.0778 20018092.64372 39616397.2606 27855306.76816 16326065.72987

Income Tax Payables Other Liabilities Total Current Liabilities

19,982,054 37571906.61944 6,218,189 2880553.824313 883,101,097 587,083,216

Total Liabilities

905,601,097

Total Equity & Liabilities

609,583,216

1,524,960,515 1,235,325,025

Limited nce Sheets 2017-2026 2018

2019

2020

2021

2022

2023

127113951.009 125068947.6826 123056844.2745 121077111.4923 119129228.559 117212683.0757 252342488.8495 268126775.5359 284898385.8684 302719077.9743 321654473.0159 341774296.8282 0 0 0 0 0 0 0 0 0 0 0 0 379,456,440 393,195,723 407,955,230 423,796,189 440,783,702 458,986,980

197,105,423 217,342,616 253,744,954 321,497,316 447,889,416 398234269.0223 344237684.4856 297562496.8462 257215997.8988 222340080.7437 23483239.88428 20299147.38837 17546785.99398 15167617.28106 13111040.05392 35776754.67985 30925784.51281 26732557.39072 23107889.93411 19974691.13794 50,464,597 43,622,103 37,707,382 32,594,638 28,175,131 83396094.93527 72088418.423 62313949.76902 53864801.31984 46561272.90888 788,460,379 728,515,753 695,608,126 703,448,260 778,051,632

1,167,916,819 1,121,711,476 1,103,563,356

1,127,244,450

682,107,173 192192989.1957 11333314.13301 17266322.76655 24,354,865 40248029.91517 967,502,694

1,218,835,334 1,426,489,674

57,024,000 209,088,000 211,392,764 160,431,452 637,936,216

57,024,000 209,088,000 233,996,716 160,431,452 660,540,168

57,024,000 209,088,000 275,328,039 160,431,452 701,871,491

57,024,000 209,088,000 350,423,758 160,431,452 776,967,210

57,024,000 209,088,000 486,457,958 160,431,452 913,001,410

57,024,000 209,088,000 732,529,545 160,431,452 1,159,072,997

22,500,000 22,500,000

22,500,000 22,500,000

22,500,000 22,500,000

22,500,000 22,500,000

22,500,000 22,500,000

22,500,000 22,500,000

382773621.7254 17303839.46216 34244809.95603 24078405.72346 14112414.47756

330873346.3556 14957611.86948 29601556.17409 20813614.69142 12198912.19855

286010229.3233 12929509.2761 25587881.17245 17991496.67541 10544861.69355

247230102.3293 11176397.11335 22118420.36428 15552029.64119 9115083.896518

213708172.7545 9660989.428753 19119383.74708 13443329.94214 7879169.670989

184731481.6107 8351055.872108 16526986.50482 11620548.83529 6810833.055299

32477531.80091 28073903.26402 24267362.72045 20976951.00919 18132686.22185 15674075.29703 2489979.531274 2152363.206629 1860524.279442 1608255.792393 1390192.389502 1201696.203409 507,480,603 438,671,308 379,191,865 327,777,240 283,333,924 244,916,677 529,980,603

461,171,308

401,691,865

350,277,240

1,167,916,819 1,121,711,476 1,103,563,356

1,127,244,450

305,833,924

267,416,677

1,218,835,334 1,426,489,674

2024

2025

2026

115326970.8869 113471595.948 111646070.1947 363152636.67 385868214.0356 410004674.5312 0 0 0 0 0 0 478,479,608 499,339,810 521,650,745

1,112,917,906 166133541.7906 9796630.069714 14925182.06263 21,052,589 34790799.53897 1,359,616,648

1,838,096,256

1,900,616,521 143607494.8592 8468304.998561 12901476.62676 18,198,068 30073515.02948 2,113,865,381

3,334,735,140 124135754.6313 7320087.523807 11152165.41094 15,730,592 25995847.12663 3,519,069,586

2,613,205,191 4,040,720,331

57,024,000 209,088,000 1,177,344,379 160,431,452 1,603,887,831

57,024,000 209,088,000 1,981,158,859 160,431,452 2,407,702,311

57,024,000 209,088,000 3,433,487,360 160,431,452 3,860,030,812

22,500,000 22,500,000

22,500,000 22,500,000

22,500,000 22,500,000

159683740.0191 7218736.206409 14286092.40463 10044918.61871 5887352.201331

138032221.7099 6239947.764182 12349041.13549 8682928.103199 5089086.116353

119316432.7683 5393873.246837 10674634.64793 7505609.881687 4399056.929837

13548827.42751 11711741.91661 10123746.83014 1038758.215189 897912.9887917 776164.9666414 211,708,425 183,002,880 158,189,519 234,208,425

1,838,096,256

205,502,880

180,689,519

2,613,205,191 4,040,720,331

Beta Calculation Date 10/29/2017 10/26/2017 10/25/2017 10/24/2017 10/23/2017 10/22/2017 10/19/2017 10/18/2017 10/17/2017 10/16/2017 10/15/2017 10/12/2017 10/11/2017 10/10/2017 10/9/2017 10/8/2017 10/5/2017 10/4/2017 10/3/2017 10/2/2017 9/28/2017 9/27/2017 9/26/2017 9/25/2017 9/24/2017 9/21/2017 9/20/2017 9/19/2017 9/18/2017 9/17/2017 9/14/2017 9/13/2017 9/12/2017 9/11/2017 9/10/2017

Stock Daily Price Index Daily Price (Close) (Close) 154 155 144.5 135.9 136.3 136.8 140.6 144.7 142.5 140.4 142.9 145.4 135.7 140.3 140.1 141.9 138 138.6 139.4 137.6 142.2 143.9 148.9 148.7 147.1 147.4 150.8 151.5 155 157.9 157.5 159.2 162.5 164.1 170.9

6,007.10 6,018.26 6,001.53 5,968.02 5,981.95 6,041.20 6,039.56 6,025.27 6,031.74 6,013.84 6,008.95 6,064.41 6,108.57 6,141.81 6,128.90 6,205.50 6,202.31 6,159.96 6,133.23 6,092.95 6,092.84 6,079.32 6,104.27 6,106.25 6,165.32 6,170.48 6,172.91 6,236.59 6,235.94 6,240.57 6,203.90 6,184.57 6,149.40 6,151.21 6,167.49

9/7/2017 9/6/2017 9/5/2017 9/4/2017 8/31/2017 8/30/2017 8/29/2017 8/28/2017 8/27/2017 8/24/2017 8/23/2017 8/22/2017 8/21/2017 8/20/2017 8/17/2017 8/16/2017 8/13/2017 8/10/2017 8/9/2017 8/8/2017 8/7/2017 8/6/2017 8/3/2017 8/2/2017 8/1/2017 7/31/2017 7/30/2017 7/27/2017 7/26/2017 7/25/2017 7/24/2017 7/23/2017 7/20/2017 7/19/2017 7/18/2017 7/17/2017 7/16/2017 7/13/2017 7/12/2017 7/11/2017 7/10/2017 7/9/2017 7/6/2017

173 167.9 158.6 154.4 153.6 154.1 155.9 155.2 151.4 151.6 153.6 153.8 149.4 148.7 151.2 147.2 148.2 151.1 152.6 153.3 150.2 147.8 148.8 148.9 149.4 149.5 150.5 152.7 151.8 151.2 151.5 153.7 154 156.1 151.5 151.8 150.8 144.1 143.8 144.3 144.8 144.5 146

6,114.99 6,069.18 6,083.01 6,038.38 6,006.43 5,973.95 5,948.50 5,947.25 5,915.42 5,885.42 5,855.88 5,862.33 5,844.11 5,819.27 5,861.12 5,883.24 5,921.60 5,901.81 5,890.13 5,897.68 5,913.60 5,907.63 5,880.45 5,891.16 5,876.26 5,860.65 5,802.04 5,815.07 5,824.43 5,801.90 5,798.12 5,775.60 5,782.47 5,775.59 5,819.26 5,824.43 5,844.72 5,834.87 5,790.79 5,830.77 5,827.19 5,774.30 5,749.66

7/5/2017 7/4/2017 7/3/2017 7/2/2017 6/29/2017 6/28/2017 6/22/2017 6/21/2017 6/20/2017 6/19/2017 6/18/2017 6/15/2017 6/14/2017 6/13/2017 6/12/2017 6/11/2017 6/8/2017 6/7/2017 6/6/2017 6/5/2017 6/4/2017 6/1/2017 5/31/2017 5/30/2017 5/29/2017 5/28/2017 5/25/2017 5/24/2017 5/23/2017 5/22/2017 5/21/2017 5/18/2017 5/17/2017 5/16/2017 5/15/2017 5/14/2017 5/11/2017 5/9/2017 5/8/2017 5/7/2017 5/4/2017 5/3/2017 5/2/2017

148.8 149.5 149.3 150.3 147.4 142.2 140.4 141.8 141.7 141.1 142.2 142.9 138 137.3 136.3 136.3 136.2 136.1 136 135.7 135.6 136.7 136.2 135.8 135.4 135.1 136.1 136.1 135.3 137.4 138.2 140.4 140.2 137.8 141.8 138 134 135.5 133.3 132.4 130.5 130.7 133.2

5,782.66 5,760.50 5,726.38 5,654.62 5,656.05 5,646.28 5,599.08 5,567.70 5,527.22 5,478.82 5,461.63 5,468.33 5,459.72 5,454.78 5,450.12 5,455.17 5,475.75 5,489.88 5,500.66 5,482.53 5,443.99 5,438.71 5,403.12 5,373.26 5,356.58 5,372.86 5,413.82 5,412.69 5,394.82 5,385.36 5,363.73 5,399.66 5,429.67 5,435.68 5,428.06 5,460.07 5,496.21 5,511.06 5,529.51 5,533.45 5,540.71 5,545.10 5,521.38

4/30/2017 4/27/2017 4/26/2017 4/25/2017 4/24/2017 4/23/2017 4/20/2017 4/19/2017 4/18/2017 4/17/2017 4/16/2017 4/13/2017 4/12/2017 4/11/2017 4/10/2017 4/9/2017 4/6/2017 4/5/2017 4/4/2017 4/3/2017 4/2/2017 3/30/2017 3/29/2017 3/28/2017 3/27/2017 3/23/2017 3/22/2017 3/21/2017 3/20/2017 3/19/2017 3/16/2017 3/15/2017 3/14/2017 3/13/2017 3/12/2017 3/9/2017 3/8/2017 3/7/2017 3/6/2017 3/5/2017 3/2/2017 3/1/2017 2/28/2017

134.6 137.6 136.8 136.3 135.7 135.6 138.1 136.1 135.3 136.6 135.5 135.9 135.6 136.4 136.7 137 138.3 140 137.6 137.8 137 135 136.2 136.4 136.2 136.9 137.8 138.7 139.9 141.1 142.4 139.7 139.8 139.2 139.3 140.4 140.3 141.8 142.2 142.3 142.3 142.2 143.5

5,475.55 5,534.42 5,517.37 5,469.47 5,435.63 5,438.25 5,521.66 5,555.10 5,571.52 5,596.12 5,592.83 5,645.86 5,646.38 5,683.46 5,689.67 5,700.79 5,736.40 5,756.92 5,777.12 5,739.34 5,691.37 5,719.61 5,733.24 5,737.42 5,697.93 5,726.23 5,736.31 5,724.86 5,695.72 5,695.45 5,701.27 5,684.31 5,681.26 5,659.72 5,676.26 5,671.62 5,649.99 5,622.49 5,588.83 5,573.08 5,586.75 5,597.22 5,612.70

2/27/2017 2/26/2017 2/23/2017 2/22/2017 2/20/2017 2/19/2017 2/16/2017 2/15/2017 2/14/2017 2/13/2017 2/12/2017 2/9/2017 2/8/2017 2/7/2017 2/6/2017 2/5/2017 2/2/2017 2/1/2017 1/31/2017 1/30/2017 1/29/2017 1/26/2017 1/25/2017 1/24/2017 1/23/2017 1/22/2017 1/19/2017 1/18/2017 1/17/2017 1/16/2017 1/15/2017 1/12/2017 1/11/2017 1/10/2017 1/9/2017 1/8/2017 1/5/2017 1/4/2017 1/3/2017 1/2/2017 1/1/2017 12/29/2016 12/28/2016

144.7 143.4 144 144.1 145.1 145.9 145 144.4 145.4 145 144.1 146.2 147.5 151 146.1 143.4 144.9 141.3 139.8 142.9 145.7 138.7 137.9 139.6 141.3 141.3 141.8 142.2 143.5 144.8 143.5 147.1 147.8 148.4 151.3 149.2 142.7 146.6 145.6 142.1 140.4 137.5 137.4

5,620.25 5,635.11 5,625.33 5,625.84 5,605.00 5,583.01 5,590.67 5,580.64 5,598.71 5,558.57 5,546.29 5,512.46 5,488.23 5,392.10 5,363.09 5,322.87 5,365.14 5,473.89 5,468.34 5,421.21 5,500.85 5,618.65 5,621.28 5,708.25 5,669.80 5,602.85 5,534.07 5,533.50 5,575.47 5,477.86 5,422.80 5,342.88 5,333.88 5,277.39 5,214.60 5,158.70 5,182.25 5,156.60 5,137.74 5,119.59 5,083.89 5,036.05 5,027.92

12/27/2016 12/26/2016 12/22/2016 12/21/2016 12/20/2016 12/19/2016 12/18/2016 12/15/2016 12/14/2016 12/12/2016 12/11/2016 12/8/2016 12/7/2016 12/6/2016 12/5/2016 12/4/2016 12/1/2016 11/30/2016 11/29/2016 11/28/2016 11/27/2016 11/24/2016 11/23/2016 11/22/2016 11/21/2016 11/20/2016 11/17/2016 11/16/2016 11/15/2016 11/14/2016 11/13/2016 11/10/2016 11/9/2016 11/8/2016 11/7/2016 11/6/2016 11/3/2016 11/2/2016 11/1/2016 10/31/2016 10/30/2016 10/27/2016 10/26/2016

137.5 138.2 139.2 139.9 138.2 139.1 141.3 143.3 145.7 148 148.8 153.3 148.9 148 152.1 152.3 145.9 145.6 140.8 141.7 142.6 137.9 138.8 139.4 140.8 142.6 139.2 137.2 136.9 143.9 154.2 153.3 139.2 139.4 144.6 144.5 131.2 130.5 131.4 131.5 137.1 149.5 156.6

5,016.75 4,993.53 4,956.73 4,924.34 4,931.17 4,941.65 4,938.59 4,925.72 4,906.92 4,869.60 4,861.12 4,892.82 4,871.29 4,846.09 4,836.33 4,822.29 4,823.02 4,801.24 4,793.31 4,797.65 4,786.58 4,791.33 4,765.36 4,750.21 4,721.40 4,721.99 4,698.54 4,676.76 4,664.81 4,644.99 4,667.20 4,677.14 4,671.26 4,691.06 4,689.18 4,672.39 4,672.88 4,633.19 4,596.86 4,592.18 4,605.09 4,636.23 4,658.21

10/25/2016 10/24/2016 10/23/2016 10/20/2016 10/19/2016 10/18/2016 10/17/2016 10/16/2016 10/13/2016 10/10/2016 10/9/2016 10/6/2016 10/5/2016 10/4/2016 10/3/2016 10/2/2016 9/29/2016 9/28/2016 9/27/2016 9/26/2016 9/25/2016 9/24/2016 9/22/2016 9/21/2016 9/20/2016 9/19/2016 9/18/2016 9/8/2016 9/7/2016 9/6/2016 9/5/2016 9/4/2016 9/1/2016 8/31/2016 8/30/2016 8/29/2016 8/28/2016 8/24/2016 8/23/2016 8/22/2016 8/21/2016 8/18/2016 8/17/2016

158.3 156.5 152.6 138.6 144.4 149 144.5 149.8 151.4 150.6 147.5 154.8 157.5 162.2 160.7 154.7 159.9 163.6 161.4 159.6 166.1 167.7 175.3 174.6 176.9 179.1 177.4 168.8 164.1 168.8 155.1 156.2 167.7 156.9 153.1 158.5 154.1 144.8 131.5 125 125.7 128.8 129.1

4,681.87 4,693.70 4,693.00 4,692.44 4,702.51 4,711.86 4,692.95 4,709.63 4,701.31 4,689.32 4,698.63 4,723.73 4,714.05 4,708.79 4,691.14 4,690.93 4,695.19 4,690.63 4,677.69 4,683.99 4,673.44 4,680.31 4,665.35 4,660.15 4,639.13 4,626.18 4,623.98 4,601.09 4,594.68 4,568.36 4,563.69 4,557.44 4,549.04 4,526.58 4,523.66 4,534.04 4,534.56 4,554.27 4,563.68 4,577.85 4,579.03 4,585.08 4,595.24

8/16/2016 8/14/2016 8/11/2016 8/10/2016 8/9/2016 8/8/2016 8/7/2016 8/4/2016 8/3/2016 8/2/2016 8/1/2016 7/31/2016 7/28/2016 7/27/2016 7/26/2016 7/25/2016 7/24/2016 7/21/2016 7/20/2016 7/19/2016 7/18/2016 7/17/2016 7/16/2016 7/14/2016 7/13/2016 7/12/2016 7/11/2016 7/10/2016 6/30/2016 6/29/2016 6/28/2016 6/27/2016 6/26/2016 6/23/2016 6/22/2016 6/21/2016 6/20/2016 6/19/2016 6/16/2016 6/15/2016 6/14/2016 6/13/2016 6/12/2016

130.4 126.6 129.3 132.4 129.4 126.5 125.4 119.4 119.7 120.8 120.8 121.1 121.2 122.7 124.3 121.4 122.9 126.6 120.9 116.9 117 115 115.7 115.2 115.1 116.8 114.3 112.7 114.4 114 114.6 115 112.9 113.8 113.6 118.4 115 112.7 110.7 111.5 110.4 110.5 110.9

4,586.25 4,577.08 4,574.36 4,569.29 4,567.69 4,569.13 4,568.43 4,577.57 4,575.97 4,552.37 4,533.71 4,525.35 4,538.26 4,538.21 4,550.16 4,549.18 4,551.07 4,553.78 4,554.55 4,556.93 4,571.81 4,558.94 4,554.74 4,537.92 4,538.08 4,544.71 4,505.17 4,495.19 4,507.58 4,470.26 4,451.36 4,412.83 4,380.22 4,381.46 4,366.25 4,363.11 4,369.01 4,387.78 4,395.28 4,412.00 4,409.09 4,405.40 4,409.40

6/9/2016 6/8/2016 6/7/2016 6/6/2016 6/5/2016 6/2/2016 6/1/2016 5/31/2016 5/30/2016 5/29/2016 5/26/2016 5/25/2016 5/24/2016 5/22/2016 5/19/2016 5/18/2016 5/17/2016 5/16/2016 5/15/2016 5/12/2016 5/11/2016 5/10/2016 5/9/2016 5/8/2016 5/5/2016 5/4/2016 5/3/2016 5/2/2016 4/28/2016 4/27/2016 4/26/2016 4/25/2016 4/24/2016 4/21/2016 4/20/2016 4/19/2016 4/18/2016 4/17/2016 4/13/2016 4/12/2016 4/11/2016 4/10/2016 4/7/2016

111.2 111.1 110.4 112.4 112.3 113.8 114 116.2 113.7 114.8 117.4 115.8 113.8 113.8 112 111.2 110.6 110 109.8 110.4 110.8 110 109.7 112.1 111.6 108 110.4 108.6 118.6 121 130.7 129.3 121.2 116.5 114.5 114.8 114.7 114.5 113.6 116.7 118.5 116.1 112.9

4,418.99 4,420.43 4,412.51 4,410.93 4,425.90 4,446.09 4,421.79 4,419.39 4,423.00 4,426.78 4,388.01 4,366.03 4,394.07 4,394.32 4,392.88 4,364.31 4,326.64 4,288.65 4,275.48 4,298.65 4,318.45 4,330.32 4,329.40 4,340.07 4,306.80 4,258.20 4,272.18 4,171.41 4,195.70 4,238.95 4,281.93 4,321.63 4,338.25 4,340.34 4,359.40 4,357.63 4,391.42 4,393.34 4,408.64 4,407.52 4,401.79 4,431.13 4,443.07

4/6/2016 4/5/2016 4/4/2016 4/3/2016 3/31/2016 3/30/2016 3/29/2016 3/28/2016 3/27/2016 3/24/2016 3/23/2016 3/22/2016 3/21/2016 3/20/2016 3/16/2016 3/15/2016 3/14/2016 3/13/2016 3/10/2016 3/9/2016 3/8/2016 3/7/2016 3/6/2016 3/3/2016 3/2/2016 3/1/2016 2/29/2016 2/28/2016 2/25/2016 2/24/2016 2/23/2016 2/22/2016 2/18/2016 2/17/2016 2/16/2016 2/15/2016 2/14/2016 2/11/2016 2/10/2016 2/9/2016 2/8/2016 2/7/2016 2/4/2016

111.3 111.7 113.7 113.8 112.4 113.7 116.4 114.1 110.1 110 110 110.7 111.6 110.7 112.4 111.3 111.6 112.5 113.2 116.1 116.5 112.1 110.1 110.3 113.3 117.4 117.3 115.7 114 115.6 116.4 115.1 118.8 121.2 124.5 129.1 128.1 133.2 136.4 134.7 138.4 131.6 138.4

4,413.85 4,409.72 4,431.66 4,379.23 4,357.54 4,335.30 4,311.81 4,302.58 4,355.94 4,370.50 4,381.16 4,410.22 4,442.15 4,430.28 4,446.29 4,475.89 4,467.62 4,480.18 4,484.53 4,457.81 4,453.89 4,443.63 4,435.47 4,472.84 4,462.18 4,484.04 4,511.97 4,536.84 4,567.57 4,579.53 4,598.34 4,577.62 4,587.67 4,580.79 4,578.86 4,585.04 4,580.56 4,581.35 4,573.43 4,570.01 4,560.77 4,580.49 4,571.12

2/3/2016 2/2/2016 2/1/2016 1/31/2016 1/28/2016 1/27/2016 1/26/2016 1/25/2016 1/24/2016 1/21/2016 1/20/2016 1/19/2016 1/18/2016 1/17/2016 1/14/2016 1/13/2016 1/12/2016 1/11/2016 1/10/2016 1/7/2016 1/6/2016 1/5/2016 1/4/2016 1/3/2016 12/31/2015 12/30/2015 12/29/2015 12/28/2015 12/27/2015 12/24/2015 12/23/2015 12/22/2015 12/21/2015 12/20/2015 12/17/2015 12/15/2015 12/14/2015 12/13/2015 12/10/2015 12/9/2015 12/8/2015 12/7/2015 12/6/2015

138.3 125.6 114 103.5 106 107.2 106.9 107.7 106.6 106.1 107 109.8 110.8 110.8 109.3 110.5 113 114.7 113.6 118.2 118.2 120.7 124.6 122.2 118.7 117.2 118.8 120 118.5 124.2 124.5 120.4 125.4 120.8 109.7 102.6 102.4 103.8 106.6 106 101 101.7 104

4,573.33 4,591.10 4,560.42 4,540.89 4,573.58 4,585.99 4,610.12 4,620.32 4,626.14 4,657.94 4,669.51 4,697.51 4,687.20 4,674.83 4,694.95 4,686.05 4,665.44 4,663.62 4,674.84 4,676.08 4,679.81 4,643.25 4,617.73 4,624.02 4,629.64 4,604.92 4,596.81 4,592.33 4,602.52 4,608.32 4,588.75 4,593.74 4,578.88 4,511.54 4,520.88 4,513.97 4,533.91 4,542.73 4,583.42 4,587.38 4,593.49 4,608.05 4,654.75

12/3/2015 12/2/2015 12/1/2015 11/30/2015 11/29/2015 11/26/2015 11/25/2015 11/24/2015 11/23/2015 11/22/2015 11/19/2015 11/18/2015 11/17/2015 11/16/2015 11/15/2015 11/12/2015 11/11/2015 11/10/2015 11/9/2015 11/8/2015 11/5/2015 11/4/2015 11/3/2015 11/2/2015 11/1/2015 10/29/2015 10/28/2015 10/27/2015 10/26/2015 10/25/2015 10/21/2015 10/20/2015 10/19/2015 10/18/2015 10/15/2015 10/14/2015 10/13/2015 10/12/2015 10/11/2015 10/8/2015 10/7/2015 10/6/2015 10/5/2015

100.2 99.8 101.6 99.9 100.3 104.2 103.1 106.6 105 111 110.6 107.7 105.8 98.8 96.6 95.8 94.1 98.2 100.4 101 103.8 104.2 107.1 109.2 104.4 108.4 114.5 116.5 110.6 107.1 106.9 111.6 108.1 102.6 110.5 113.1 117.6 121 120.2 118.6 121.2 125.6 130.1

4,641.04 4,619.51 4,621.67 4,581.00 4,580.76 4,573.75 4,568.01 4,574.06 4,585.11 4,596.81 4,531.63 4,496.68 4,496.36 4,475.81 4,424.21 4,433.58 4,371.54 4,410.58 4,416.91 4,443.15 4,502.16 4,511.31 4,551.51 4,536.05 4,514.85 4,564.49 4,579.37 4,589.33 4,630.58 4,649.29 4,647.68 4,657.65 4,644.64 4,608.03 4,676.63 4,716.08 4,779.66 4,776.15 4,728.13 4,781.36 4,800.63 4,833.33 4,831.60

10/4/2015 10/1/2015 9/30/2015 9/29/2015 9/28/2015 9/22/2015 9/21/2015 9/20/2015 9/17/2015 9/16/2015 9/15/2015 9/14/2015 9/10/2015 9/9/2015 9/8/2015 9/7/2015 9/6/2015 9/3/2015 9/2/2015 9/1/2015 8/31/2015 8/30/2015 8/27/2015 8/26/2015 8/25/2015 8/24/2015 8/23/2015 8/20/2015 8/19/2015 8/18/2015 8/17/2015 8/16/2015 8/13/2015 8/12/2015 8/11/2015 8/10/2015 8/9/2015 8/6/2015 8/5/2015 8/4/2015 8/3/2015 8/2/2015 7/30/2015

128.8 134.9 137 140.6 147.2 146.3 140.6 141.2 142.4 144.4 148 150.9 144.9 144.3 146 144.8 147.7 153.5 142.9 147.6 156.5 156.1 168.9 176.4 169.7 155.4 168.4 169.8 169.1 173.8 157.7 143.1 130.9 124.4 118.7 120.5 125.7 127 128 127.9 129.7 121.9 119.6

4,814.61 4,856.97 4,852.08 4,853.17 4,866.76 4,853.29 4,841.62 4,830.68 4,819.45 4,796.82 4,801.81 4,786.19 4,760.14 4,758.43 4,784.46 4,791.91 4,772.65 4,765.72 4,763.88 4,724.52 4,768.67 4,790.98 4,812.82 4,805.66 4,792.94 4,794.00 4,831.72 4,840.16 4,816.98 4,809.27 4,768.01 4,783.81 4,808.87 4,821.62 4,791.47 4,815.64 4,844.36 4,864.45 4,873.96 4,871.81 4,862.55 4,802.02 4,792.31

7/29/2015 7/28/2015 7/27/2015 7/26/2015 7/23/2015 7/22/2015 7/21/2015 7/14/2015 7/13/2015 7/12/2015 7/9/2015 7/8/2015 7/7/2015 7/6/2015 7/5/2015 7/2/2015 6/30/2015 6/29/2015 6/28/2015 6/25/2015 6/24/2015 6/23/2015 6/22/2015 6/21/2015 6/18/2015 6/17/2015 6/16/2015 6/15/2015 6/14/2015 6/11/2015 6/10/2015 6/9/2015 6/8/2015 6/7/2015 6/4/2015 6/2/2015 6/1/2015 5/31/2015 5/28/2015 5/27/2015 5/26/2015 5/25/2015 5/24/2015

116.2 105.4 104.9 105.2 105.3 102.1 100.2 97 96.6 97 98.2 97.8 102.8 99.5 98.3 98.3 96.1 93.8 92.8 94.7 95.8 95.3 96.7 98.2 99 98.4 97.1 96.1 97.8 99 98.7 96 97.4 96.8 96.5 96.5 98.9 98.6 98.6 96 97.1 98.3 97.9

4,777.90 4,797.17 4,775.28 4,786.49 4,808.40 4,741.98 4,731.32 4,656.14 4,628.85 4,615.20 4,599.91 4,579.73 4,565.25 4,526.72 4,536.00 4,572.59 4,583.11 4,531.99 4,502.22 4,455.28 4,457.24 4,489.46 4,503.99 4,511.47 4,519.85 4,527.42 4,506.72 4,477.56 4,453.37 4,515.14 4,556.69 4,513.98 4,542.27 4,617.70 4,591.43 4,586.85 4,623.63 4,586.95 4,544.71 4,616.12 4,627.17 4,615.02 4,484.62

5/21/2015 5/20/2015 5/19/2015 5/18/2015 5/17/2015 5/14/2015 5/13/2015 5/12/2015 5/11/2015 5/10/2015 5/7/2015 5/6/2015 5/5/2015 5/4/2015 4/30/2015 4/29/2015 4/27/2015 4/26/2015 4/23/2015 4/22/2015 4/21/2015 4/20/2015 4/19/2015 4/16/2015 4/15/2015 4/13/2015 4/12/2015 4/9/2015 4/8/2015 4/7/2015 4/6/2015 4/5/2015 4/2/2015 4/1/2015 3/31/2015 3/30/2015 3/29/2015 3/25/2015 3/24/2015 3/23/2015 3/22/2015 3/19/2015 3/18/2015

100.6 99.1 94.9 95.3 90.1 89.7 88.8 85.3 87 85 84.8 86.4 84.6 85 85.3 88.7 93.1 90.4 83 86.7 86.6 87.9 88.7 89.4 89.3 86.9 86.5 87.2 89 87.8 87.8 90.6 92.2 92.1 91.7 94.1 96.6 94.4 93.1 93 91.8 91 90.5

4,483.28 4,455.57 4,459.29 4,407.43 4,316.00 4,314.89 4,342.66 4,326.61 4,349.22 4,277.05 4,122.32 4,089.88 4,014.37 3,959.74 4,047.29 4,099.21 4,118.49 4,094.48 4,192.21 4,252.95 4,283.25 4,308.45 4,373.66 4,373.34 4,360.50 4,291.62 4,305.27 4,345.89 4,347.14 4,345.03 4,397.26 4,431.11 4,472.14 4,513.11 4,530.48 4,509.28 4,558.08 4,509.30 4,493.40 4,506.56 4,533.21 4,468.02 4,442.82

3/16/2015 3/15/2015 3/12/2015 3/11/2015 3/10/2015 3/9/2015 3/8/2015 3/5/2015 3/4/2015 3/3/2015 3/2/2015 3/1/2015 2/26/2015 2/25/2015 2/24/2015 2/23/2015 2/22/2015 2/19/2015 2/18/2015 2/17/2015 2/16/2015 2/15/2015 2/12/2015 2/11/2015 2/10/2015 2/9/2015 2/8/2015 2/5/2015 2/4/2015 2/3/2015 2/2/2015 2/1/2015 1/29/2015 1/28/2015 1/27/2015 1/26/2015 1/25/2015 1/22/2015 1/21/2015 1/20/2015 1/19/2015 1/18/2015 1/15/2015

91.9 92.7 93.1 93.3 93.7 93.5 93.7 94 94.8 95.1 98.3 100.6 97.5 92.5 93.5 94.7 94.5 93.9 95.3 96.5 96.6 96.3 94 93.5 94.7 93.9 93.1 92.9 91.3 90.7 90.9 91.4 91.3 93.8 93 93 90.6 92.7 92.2 94.7 93.7 95 95.7

4,478.00 4,536.40 4,556.94 4,585.73 4,649.30 4,626.23 4,624.95 4,664.91 4,681.54 4,695.80 4,719.41 4,739.65 4,763.22 4,742.22 4,801.15 4,808.64 4,802.18 4,788.23 4,802.27 4,800.41 4,769.47 4,831.18 4,841.72 4,810.54 4,786.69 4,712.57 4,701.60 4,685.04 4,668.06 4,656.47 4,618.43 4,654.95 4,724.05 4,747.64 4,757.10 4,708.33 4,716.76 4,797.96 4,783.21 4,856.95 4,867.08 4,917.38 4,956.09

1/14/2015 1/13/2015 1/12/2015 1/11/2015 1/8/2015 1/7/2015 1/6/2015 1/5/2015 1/1/2015 12/30/2014 12/29/2014 12/28/2014 12/24/2014 12/23/2014 12/22/2014 12/21/2014 12/18/2014 12/17/2014 12/15/2014 12/14/2014 12/11/2014 12/10/2014 12/9/2014 12/8/2014 12/7/2014 12/4/2014 12/3/2014 12/2/2014 12/1/2014 11/30/2014 11/27/2014 11/26/2014 11/25/2014 11/24/2014 11/23/2014 11/20/2014 11/19/2014 11/18/2014 11/17/2014 11/16/2014 11/13/2014 11/12/2014 11/11/2014

95 95.6 93.8 95 95.3 94.9 95.2 93.8 94.1 92.7 90.5 89.9 92.6 93 92.8 93.2 94.8 94.6 94.6 94.4 95.7 95.8 95.8 96 96.2 96.6 98.9 99.3 96.7 95.8 96.4 95.9 98.5 99.1 102.9 100.3 107.1 110.8 100.5 101.8 99 96.2 96.7

4,951.69 4,969.73 4,956.93 4,943.99 4,968.71 4,963.66 4,969.67 4,926.41 4,941.52 4,864.96 4,814.16 4,801.35 4,823.57 4,838.64 4,868.47 4,849.69 4,856.42 4,837.93 4,878.65 4,892.96 4,933.03 4,943.73 4,944.03 4,930.82 4,930.37 4,961.85 4,992.00 4,932.89 4,868.65 4,769.43 4,772.56 4,756.61 4,804.45 4,768.90 4,838.11 4,899.61 4,926.24 4,898.82 4,917.43 4,963.90 4,984.46 5,005.66 4,934.78

11/10/2014 11/9/2014 11/6/2014 11/5/2014 11/3/2014 11/2/2014 10/30/2014 10/29/2014 10/28/2014 10/27/2014 10/26/2014 10/23/2014 10/22/2014 10/21/2014 10/20/2014 10/19/2014 10/16/2014 10/15/2014 10/14/2014 10/13/2014 10/12/2014 10/2/2014 10/1/2014 9/30/2014 9/29/2014 9/28/2014 9/25/2014 9/24/2014 9/23/2014 9/22/2014 9/21/2014 9/18/2014 9/17/2014 9/16/2014 9/15/2014 9/14/2014 9/11/2014 9/10/2014 9/9/2014 9/8/2014 9/7/2014 9/4/2014 9/3/2014

96.9 95.9 95.7 94.9 95.1 96.3 97.1 97.2 97.3 98.6 99.8 102.3 102.9 99.5 99 97.4 97.1 98.8 99.5 100 99.4 97.8 98.4 98.3 96.7 95.9 97.1 95.9 96.9 98.3 99.8 98 97.1 97.7 99.1 103.4 106.6 107.4 102.8 95.1 96.7 96.2 98

4,914.71 4,938.65 5,025.10 5,017.22 5,065.15 5,105.22 5,173.23 5,109.43 5,128.84 5,157.24 5,111.64 5,154.11 5,170.15 5,233.82 5,144.50 5,176.75 5,285.84 5,315.12 5,292.61 5,309.24 5,334.04 5,237.72 5,153.27 5,074.31 5,050.35 5,072.20 5,026.93 4,979.72 4,967.11 4,924.53 4,913.24 4,866.19 4,798.40 4,759.40 4,709.92 4,713.58 4,675.92 4,663.14 4,647.43 4,608.96 4,641.45 4,642.38 4,632.46

9/2/2014 9/1/2014 8/31/2014 8/28/2014 8/27/2014 8/26/2014 8/25/2014 8/24/2014 8/20/2014 8/19/2014 8/18/2014 8/14/2014 8/13/2014 8/12/2014 8/11/2014 8/10/2014 8/7/2014 8/6/2014 8/5/2014 8/4/2014 8/3/2014 7/24/2014 7/23/2014 7/22/2014 7/21/2014 7/20/2014 7/17/2014 7/16/2014 7/15/2014 7/14/2014 7/13/2014 7/10/2014 7/9/2014 7/8/2014 7/7/2014 7/6/2014 7/3/2014 7/2/2014 6/30/2014 6/29/2014 6/26/2014 6/25/2014 6/24/2014

94.6 94.3 94.8 95.5 95.5 96.8 98.2 94.3 96.3 94.9 97.2 99.1 99.4 100 102.5 97.3 95.1 95.7 99.9 96.3 93.8 92.2 93.1 94 94.9 95.2 95.5 95.1 91.2 92.4 90.8 93.6 95.2 95.3 95.8 96.4 96.8 97.1 97.2 98.4 97.5 98.3 97.9

4,602.44 4,554.98 4,549.52 4,578.00 4,599.47 4,590.65 4,564.35 4,540.61 4,553.87 4,576.37 4,554.15 4,554.51 4,527.21 4,526.50 4,565.14 4,530.84 4,486.20 4,484.90 4,472.18 4,467.00 4,420.62 4,427.16 4,388.69 4,424.60 4,394.95 4,374.19 4,392.15 4,389.36 4,362.79 4,376.90 4,344.37 4,363.09 4,371.00 4,376.52 4,376.77 4,411.16 4,436.21 4,466.62 4,480.52 4,487.07 4,409.43 4,403.65 4,392.94

6/23/2014 6/22/2014 6/19/2014 6/18/2014 6/17/2014 6/16/2014 6/15/2014 6/12/2014 6/11/2014 6/10/2014 6/9/2014 6/8/2014 6/5/2014 6/4/2014 6/3/2014 6/2/2014 6/1/2014 5/29/2014 5/28/2014 5/27/2014 5/26/2014 5/25/2014 5/22/2014 5/21/2014 5/20/2014 5/19/2014 5/18/2014 5/15/2014 5/14/2014 5/12/2014 5/11/2014 5/8/2014 5/7/2014 5/6/2014 5/5/2014 5/4/2014 4/30/2014 4/29/2014 4/28/2014 4/27/2014 4/24/2014 4/23/2014 4/22/2014

99.1 99.6 98.4 97 98.5 97.2 99 102.1 100.1 101.8 105.1 104.4 107.4 111 106.6 106.1 109.6 106.1 100.8 98 95.6 95.7 95.6 95.9 96 95.6 95.9 94.2 96.7 98 99.3 100.7 102.7 100.4 96.2 96.6 99.1 94.1 96.4 99.2 98.3 100.9 102.8

4,367.90 4,322.26 4,328.41 4,340.46 4,338.87 4,358.75 4,361.59 4,408.80 4,411.17 4,401.88 4,415.96 4,346.34 4,396.54 4,401.00 4,418.79 4,447.46 4,448.58 4,430.48 4,430.98 4,415.75 4,378.34 4,378.25 4,384.06 4,410.63 4,363.50 4,364.27 4,402.51 4,416.96 4,457.49 4,497.12 4,498.35 4,555.12 4,575.51 4,562.97 4,506.45 4,504.78 4,566.86 4,567.04 4,624.76 4,666.41 4,702.45 4,694.22 4,659.99

4/21/2014 4/20/2014 4/17/2014 4/16/2014 4/15/2014 4/13/2014 4/10/2014 4/9/2014 4/8/2014 4/7/2014 4/6/2014 4/3/2014 4/2/2014 4/1/2014 3/31/2014 3/30/2014 3/27/2014 3/25/2014 3/24/2014 3/23/2014 3/20/2014 3/19/2014 3/18/2014 3/16/2014 3/13/2014 3/12/2014 3/11/2014 3/10/2014 3/9/2014 3/6/2014 3/5/2014 3/4/2014 3/3/2014 3/2/2014 2/27/2014 2/26/2014 2/25/2014 2/24/2014 2/23/2014 2/20/2014 2/19/2014 2/18/2014 2/17/2014

103.4 104.5 104.3 106 106.7 109 110.9 112.1 113.2 117.9 114.7 112.5 110.3 115.1 111.4 115.5 122 122 122.6 127.5 126.7 123.8 123.8 131.6 124.7 121.3 122.9 115.1 112.1 107.6 103.4 102.8 103.8 104.8 109.3 105.5 106 102.2 98.2 98 98.6 96.2 95.3

4,648.75 4,616.44 4,598.92 4,590.15 4,606.76 4,573.57 4,592.73 4,594.33 4,586.91 4,608.29 4,588.79 4,621.23 4,595.81 4,526.94 4,491.98 4,478.69 4,508.06 4,498.77 4,466.08 4,519.55 4,558.93 4,519.02 4,554.78 4,591.17 4,635.34 4,660.53 4,672.64 4,665.57 4,687.20 4,699.63 4,697.54 4,703.88 4,687.19 4,697.30 4,749.87 4,750.26 4,756.89 4,751.58 4,727.44 4,761.18 4,749.24 4,671.57 4,684.07

2/16/2014 2/13/2014 2/12/2014 2/11/2014 2/10/2014 2/9/2014 2/6/2014 2/5/2014 2/4/2014 2/3/2014 2/2/2014 1/30/2014 1/29/2014 1/28/2014 1/27/2014 1/26/2014 1/23/2014 1/22/2014 1/21/2014 1/20/2014 1/19/2014 1/16/2014 1/15/2014 1/13/2014 1/12/2014 1/9/2014 1/8/2014 1/7/2014 1/6/2014 1/2/2014 1/1/2014 12/30/2013 12/29/2013 12/26/2013 12/24/2013 12/23/2013 12/22/2013 12/19/2013 12/18/2013 12/17/2013 12/15/2013 12/12/2013 12/11/2013

97.1 100.6 101.7 101.2 101.8 104.3 100.9 102.9 100.2 101.4 101.3 100.6 100.8 102.3 103.8 104.9 106.1 108 112.5 108.3 102.1 103 103.2 105.8 101.4 96.7 95.9 97.3 96.2 90.7 89.2 89.4 89 89.2 90.7 92.6 93.8 93.4 96.3 103.7 103 99.1 89.7

4,713.88 4,759.33 4,763.71 4,763.47 4,797.97 4,822.72 4,845.09 4,811.50 4,809.55 4,826.51 4,787.66 4,753.17 4,748.51 4,706.54 4,751.62 4,758.38 4,702.66 4,640.56 4,584.63 4,550.48 4,565.40 4,519.36 4,494.02 4,454.83 4,437.82 4,407.83 4,391.27 4,330.63 4,296.34 4,314.09 4,286.15 4,266.55 4,209.69 4,200.96 4,228.91 4,265.24 4,288.87 4,244.64 4,240.13 4,270.59 4,280.72 4,299.58 4,333.79

12/10/2013 12/9/2013 12/8/2013 12/5/2013 12/4/2013 12/3/2013 12/2/2013 12/1/2013 11/28/2013 11/27/2013 11/26/2013 11/25/2013 11/24/2013 11/21/2013 11/20/2013 11/19/2013 11/18/2013 11/17/2013 11/14/2013 11/13/2013 11/12/2013 11/11/2013 11/10/2013 11/7/2013 11/6/2013 11/5/2013 11/4/2013 11/3/2013 10/31/2013 10/30/2013 10/29/2013 10/28/2013 10/27/2013 10/24/2013 10/23/2013 10/22/2013 10/21/2013 10/20/2013 10/10/2013 10/9/2013 10/8/2013 10/7/2013 10/6/2013

85.9 86.1 87.8 89 90.4 85.9 81.7 80.1 81.4 83 81.1 83.8 82.6 86.3 89.4 89.6 88.4 84.9 84 82.8 84.4 83.5 83 82.7 83.9 85.4 86.7 85 82.4 82.2 81.6 83.4 84.3 85 86 89.2 85 81.6 82.2 84 81.5 85.4 86.4

4,329.54 4,289.82 4,302.57 4,277.39 4,294.23 4,310.72 4,197.92 4,147.21 4,230.73 4,268.66 4,277.55 4,354.89 4,324.70 4,395.94 4,439.60 4,381.37 4,279.43 4,256.42 4,241.54 4,212.72 4,197.71 4,198.51 4,244.70 4,200.81 4,111.97 4,090.12 4,085.21 3,993.33 3,967.73 3,946.02 3,989.14 3,951.51 3,909.14 3,799.27 3,883.86 3,814.67 3,763.89 3,771.68 3,843.56 3,821.57 3,792.36 3,857.25 3,882.33

10/3/2013 10/2/2013 10/1/2013 9/30/2013 9/29/2013 9/26/2013 9/25/2013 9/24/2013 9/23/2013 9/22/2013 9/19/2013 9/18/2013 9/17/2013 9/16/2013 9/15/2013 9/12/2013

Covariance Variance of market return Beta Market return Market return -yearly

89.5 90.9 90.2 87.4 89.3 95.3 92 96.3 100.3 97.2 101.1 105.2 110.8 109.8 107.9 113.8

3.28991142E-05 5.03883822E-05 0.6529107052 0.04% 0.1511481672

3,948.44 3,954.49 3,928.49 3,937.68 3,968.79 4,013.38 4,005.92 4,030.10 4,021.08 4,036.79 4,097.71 4,116.17 4,118.81 4,137.94 4,123.91 4,077.95

ulation Excess Stock Returns

Excess Market Returns

-0.65% 7.27% 6.33% -0.29% -0.37% -2.70% -2.83% 1.54% 1.50% -1.75% -1.72% 7.15% -3.28% 0.14% -1.27% 2.83% -0.43% -0.57% 1.31% -3.23% -1.18% -3.36% 0.13% 1.09% -0.20% -2.25% -0.46% -2.26% -1.84% 0.25% -1.07% -2.03% -0.98% -3.98% -1.21%

-0.19% 0.28% 0.56% -0.23% -0.98% 0.03% 0.24% -0.11% 0.30% 0.08% -0.91% -0.72% -0.54% 0.21% -1.23% 0.05% 0.69% 0.44% 0.66% 0.00% 0.22% -0.41% -0.03% -0.96% -0.08% -0.04% -1.02% 0.01% -0.07% 0.59% 0.31% 0.57% -0.03% -0.26% 0.86%

3.04% 5.86% 2.72% 0.52% -0.32% -1.15% 0.45% 2.51% -0.13% -1.30% -0.13% 2.95% 0.47% -1.65% 2.72% -0.67% -1.92% -0.98% -0.46% 2.06% 1.62% -0.67% -0.07% -0.33% -0.07% -0.66% -1.44% 0.59% 0.40% -0.20% -1.43% -0.19% -1.35% 3.04% -0.20% 0.66% 4.65% 0.21% -0.35% -0.35% 0.21% -1.03% -1.88%

0.75% -0.23% 0.74% 0.53% 0.54% 0.43% 0.02% 0.54% 0.51% 0.50% -0.11% 0.31% 0.43% -0.71% -0.38% -0.65% 0.34% 0.20% -0.13% -0.27% 0.10% 0.46% -0.18% 0.25% 0.27% 1.01% -0.22% -0.16% 0.39% 0.07% 0.39% -0.12% 0.12% -0.75% -0.09% -0.35% 0.17% 0.76% -0.69% 0.06% 0.92% 0.43% -0.57%

-0.47% 0.13% -0.67% 1.97% 3.66% 1.28% -0.99% 0.07% 0.43% -0.77% -0.49% 3.55% 0.51% 0.73% 0.00% 0.07% 0.07% 0.07% 0.22% 0.07% -0.80% 0.37% 0.29% 0.30% 0.22% -0.73% 0.00% 0.59% -1.53% -0.58% -1.57% 0.14% 1.74% -2.82% 2.75% 2.99% -1.11% 1.65% 0.68% 1.46% -0.15% -1.88% -1.04%

0.38% 0.60% 1.27% -0.03% 0.17% 0.84% 0.56% 0.73% 0.88% 0.31% -0.12% 0.16% 0.09% 0.09% -0.09% -0.38% -0.26% -0.20% 0.33% 0.71% 0.10% 0.66% 0.56% 0.31% -0.30% -0.76% 0.02% 0.33% 0.18% 0.40% -0.67% -0.55% -0.11% 0.14% -0.59% -0.66% -0.27% -0.33% -0.07% -0.13% -0.08% 0.43% 0.84%

-2.18% 0.58% 0.37% 0.44% 0.07% -1.81% 1.47% 0.59% -0.95% 0.81% -0.29% 0.22% -0.59% -0.22% -0.22% -0.94% -1.21% 1.74% -0.15% 0.58% 1.48% -0.88% -0.15% 0.15% -0.51% -0.65% -0.65% -0.86% -0.85% -0.91% 1.93% -0.07% 0.43% -0.07% -0.78% 0.07% -1.06% -0.28% -0.07% 0.00% 0.07% -0.91% -0.83%

-1.06% 0.31% 0.88% 0.62% -0.05% -1.51% -0.60% -0.29% -0.44% 0.06% -0.94% -0.01% -0.65% -0.11% -0.20% -0.62% -0.36% -0.35% 0.66% 0.84% -0.49% -0.24% -0.07% 0.69% -0.49% -0.18% 0.20% 0.51% 0.00% -0.10% 0.30% 0.05% 0.38% -0.29% 0.08% 0.38% 0.49% 0.60% 0.28% -0.24% -0.19% -0.28% -0.13%

0.91% -0.42% -0.07% -0.69% -0.55% 0.62% 0.42% -0.69% 0.28% 0.62% -1.44% -0.88% -2.32% 3.35% 1.88% -1.04% 2.55% 1.07% -2.17% -1.92% 5.05% 0.58% -1.22% -1.20% 0.00% -0.35% -0.28% -0.91% -0.90% 0.91% -2.45% -0.47% -0.40% -1.92% 1.41% 4.56% -2.66% 0.69% 2.46% 1.21% 2.11% 0.07% -0.07%

-0.26% 0.17% -0.01% 0.37% 0.39% -0.14% 0.18% -0.32% 0.72% 0.22% 0.61% 0.44% 1.78% 0.54% 0.76% -0.79% -1.99% 0.10% 0.87% -1.45% -2.10% -0.05% -1.52% 0.68% 1.19% 1.24% 0.01% -0.75% 1.78% 1.02% 1.50% 0.17% 1.07% 1.20% 1.08% -0.45% 0.50% 0.37% 0.35% 0.70% 0.95% 0.16% 0.22%

-0.51% -0.72% -0.50% 1.23% -0.65% -1.56% -1.40% -1.65% -1.55% -0.54% -2.94% 2.96% 0.61% -2.70% -0.13% 4.39% 0.21% 3.41% -0.64% -0.63% 3.41% -0.65% -0.43% -0.99% -1.26% 2.44% 1.46% 0.22% -4.86% -6.68% 0.59% 10.13% -0.14% -3.60% 0.07% 10.14% 0.54% -0.68% -0.08% -4.08% -8.29% -4.53% -1.07%

0.47% 0.74% 0.66% -0.14% -0.21% 0.06% 0.26% 0.38% 0.77% 0.17% -0.65% 0.44% 0.52% 0.20% 0.29% -0.02% 0.45% 0.17% -0.09% 0.23% -0.10% 0.54% 0.32% 0.61% -0.01% 0.50% 0.47% 0.26% 0.43% -0.48% -0.21% 0.13% -0.42% 0.04% 0.36% -0.01% 0.86% 0.79% 0.10% -0.28% -0.67% -0.47% -0.51%

1.15% 2.56% 10.10% -4.02% -3.09% 3.11% -3.54% -1.06% 0.53% 2.10% -4.72% -1.71% -2.90% 0.93% 3.88% -3.25% -2.26% 1.36% 1.13% -3.91% -0.95% -4.34% 0.40% -1.30% -1.23% 0.96% 5.09% 2.86% -2.78% 8.83% -0.70% -6.86% 6.88% 2.48% -3.41% 2.86% 6.42% 10.11% 5.20% -0.56% -2.41% -0.23% -1.00%

-0.25% 0.01% 0.01% -0.21% -0.20% 0.40% -0.35% 0.18% 0.26% -0.20% -0.53% 0.21% 0.11% 0.38% 0.00% -0.09% 0.10% 0.28% -0.13% 0.23% -0.15% 0.32% 0.11% 0.45% 0.28% 0.05% 0.50% 0.14% 0.58% 0.10% 0.14% 0.18% 0.50% 0.06% -0.23% -0.01% -0.43% -0.21% -0.31% -0.03% -0.13% -0.22% 0.20%

3.00% -2.09% -2.34% 2.32% 2.29% 0.88% 5.03% -0.25% -0.91% 0.00% -0.25% -0.08% -1.22% -1.29% 2.39% -1.22% -2.92% 4.71% 3.42% -0.09% 1.74% -0.61% 0.43% 0.09% -1.46% 2.19% 1.42% -1.49% 0.35% -0.52% -0.35% 1.86% -0.79% 0.18% -4.05% 2.96% 2.04% 1.81% -0.72% 1.00% -0.09% -0.36% -0.27%

0.20% 0.06% 0.11% 0.04% -0.03% 0.02% -0.20% 0.03% 0.52% 0.41% 0.18% -0.28% 0.00% -0.26% 0.02% -0.04% -0.06% -0.02% -0.05% -0.33% 0.28% 0.09% 0.37% 0.00% -0.15% 0.88% 0.22% -0.27% 0.83% 0.42% 0.87% 0.74% -0.03% 0.35% 0.07% -0.14% -0.43% -0.17% -0.38% 0.07% 0.08% -0.09% -0.22%

0.09% 0.63% -1.78% 0.09% -1.32% -0.18% -1.89% 2.20% -0.96% -2.21% 1.38% 1.76% 0.00% 1.61% 0.72% 0.54% 0.55% 0.18% -0.54% -0.36% 0.73% 0.27% -2.14% 0.45% 3.33% -2.17% 1.66% -8.43% -1.98% -7.42% 1.08% 6.68% 4.03% 1.75% -0.26% 0.09% 0.17% 0.79% -2.66% -1.52% 2.07% 2.83% 1.44%

-0.03% 0.18% 0.04% -0.34% -0.45% 0.55% 0.05% -0.08% -0.09% 0.88% 0.50% -0.64% -0.01% 0.03% 0.65% 0.87% 0.89% 0.31% -0.54% -0.46% -0.27% 0.02% -0.25% 0.77% 1.14% -0.33% 2.42% -0.58% -1.02% -1.00% -0.92% -0.38% -0.05% -0.44% 0.04% -0.77% -0.04% -0.35% 0.03% 0.13% -0.66% -0.27% 0.66%

-0.36% -1.76% -0.09% 1.25% -1.14% -2.32% 2.02% 3.63% 0.09% 0.00% -0.63% -0.81% 0.81% -1.51% 0.99% -0.27% -0.80% -0.62% -2.50% -0.34% 3.93% 1.82% -0.18% -2.65% -3.49% 0.09% 1.38% 1.49% -1.38% -0.69% 1.13% -3.11% -1.98% -2.65% -3.56% 0.78% -3.83% -2.35% 1.26% -2.67% 5.17% -4.91% 0.07%

0.09% -0.50% 1.20% 0.50% 0.51% 0.54% 0.21% -1.22% -0.33% -0.24% -0.66% -0.72% 0.27% -0.36% -0.66% 0.19% -0.28% -0.10% 0.60% 0.09% 0.23% 0.18% -0.84% 0.24% -0.49% -0.62% -0.55% -0.67% -0.26% -0.41% 0.45% -0.22% 0.15% 0.04% -0.13% 0.10% -0.02% 0.17% 0.07% 0.20% -0.43% 0.20% -0.05%

10.11% 10.18% 10.14% -2.36% -1.12% 0.28% -0.74% 1.03% 0.47% -0.84% -2.55% -0.90% 0.00% 1.37% -1.09% -2.21% -1.48% 0.97% -3.89% 0.00% -2.07% -3.13% 1.96% 2.95% 1.28% -1.35% -1.00% 1.27% -4.59% -0.24% 3.41% -3.99% 3.81% 10.12% 6.92% 0.20% -1.35% -2.63% 0.57% 4.95% -0.69% -2.21% 3.79%

-0.39% 0.67% 0.43% -0.71% -0.27% -0.52% -0.22% -0.13% -0.68% -0.25% -0.60% 0.22% 0.26% -0.43% 0.19% 0.44% 0.04% -0.24% -0.03% -0.08% 0.79% 0.55% -0.14% -0.12% 0.54% 0.18% 0.10% -0.22% -0.13% 0.43% -0.11% 0.32% 1.49% -0.21% 0.15% -0.44% -0.19% -0.89% -0.09% -0.13% -0.32% -1.00% 0.30%

0.40% -1.77% 1.70% -0.40% -3.74% 1.07% -3.28% 1.52% -5.41% 0.36% 2.69% 1.80% 7.09% 2.28% 0.84% 1.81% -4.18% -2.19% -0.59% -2.70% -0.38% -2.71% -1.92% 4.60% -3.69% -5.33% -1.72% 5.33% 3.27% 0.19% -4.21% 3.24% 5.36% -7.15% -2.30% -3.83% -2.81% 0.67% 1.35% -2.15% -3.50% -3.46% 1.01%

0.47% -0.05% 0.89% 0.01% 0.15% 0.13% -0.13% -0.24% -0.25% 1.44% 0.78% 0.01% 0.46% 1.17% -0.21% 1.42% -0.89% -0.14% -0.59% -1.31% -0.20% -0.88% 0.34% 0.47% -1.09% -0.32% -0.22% -0.89% -0.40% 0.03% -0.21% 0.28% 0.79% -1.47% -0.84% -1.33% 0.07% 1.02% -1.11% -0.40% -0.68% 0.04% 0.35%

-4.52% -1.53% -2.56% -4.48% 0.62% 4.05% -0.42% -0.84% -1.39% -2.43% -1.92% 4.14% 0.42% -1.16% 0.83% -1.96% -3.78% 7.42% -3.18% -5.69% 0.26% -7.58% -4.25% 3.95% 9.20% -7.72% -0.82% 0.41% -2.70% 10.21% 10.20% 9.32% 5.23% 4.80% -1.49% -4.14% -1.02% -0.78% 0.08% -1.39% 6.40% 1.92% 2.93%

-0.87% 0.10% -0.02% -0.28% 0.28% 0.24% 0.23% 0.23% 0.47% -0.10% 0.33% 0.55% 0.04% -0.54% -0.16% 0.40% 0.15% 0.04% 0.83% -0.93% -0.47% -0.45% 0.15% 0.27% -0.02% -0.78% -0.17% 0.48% 0.16% 0.87% -0.33% -0.52% -0.26% 0.63% -0.50% -0.59% -0.41% -0.20% 0.04% 0.19% 1.26% 0.20% 0.30%

10.25% 0.48% -0.29% -0.09% 3.13% 1.90% 3.30% 0.41% -0.41% -1.22% 0.41% -4.86% 3.32% 1.22% 0.00% 2.29% 2.45% 1.08% -2.01% -1.15% 0.52% -1.45% -1.53% -0.81% 0.61% 1.34% 1.04% -1.74% -1.21% 0.30% 2.81% -1.44% 0.62% 0.31% 0.00% -2.43% 0.30% 0.00% 2.71% -1.13% -1.22% 0.41% -2.68%

-0.40% 0.46% -0.23% -0.46% 1.40% 0.23% 1.61% 0.59% 0.30% 0.33% 0.44% 0.32% 0.85% -0.20% -0.80% -0.23% 1.13% 0.66% 1.05% -0.04% -0.72% -0.32% -0.17% -0.19% -0.17% 0.46% 0.65% 0.54% -1.37% -0.91% 0.95% -0.62% -1.63% 0.57% 0.10% -0.80% 0.80% 0.93% -1.55% -0.24% 0.26% 2.91% 0.03%

1.51% 4.43% -0.42% 5.77% 0.45% 1.01% 4.10% -1.95% 2.35% 0.24% -1.85% 2.13% -0.47% -0.35% -3.83% -4.73% 2.99% 8.92% -4.27% 0.12% -1.48% -0.90% -0.78% 0.11% 2.76% 0.46% -0.80% -2.02% 1.37% 0.00% -3.09% -1.74% 0.11% 0.44% -2.55% -2.59% 2.33% 1.40% 0.11% 1.31% 0.88% 0.55% -1.52%

0.62% -0.08% 1.18% 2.12% 0.03% -0.64% 0.37% -0.52% 1.69% 3.75% 0.79% 1.88% 1.38% -2.16% -1.27% -0.47% 0.59% -2.33% -1.43% -0.71% -0.58% -1.49% 0.01% 0.29% 1.60% -0.32% -0.93% -0.03% 0.05% -1.19% -0.76% -0.92% -0.91% -0.38% 0.47% -1.07% 1.08% 0.35% -0.29% -0.59% 1.46% 0.57% -0.79%

-0.86% -0.43% -0.21% -0.43% 0.21% -0.21% -0.32% -0.84% -0.32% -3.26% -2.29% 3.18% 5.41% -1.07% -1.27% 0.21% 0.64% -1.47% -1.24% -0.10% 0.31% 2.45% 0.53% -1.27% 0.85% 0.86% 0.22% 1.75% 0.66% -0.22% -0.55% 0.11% -2.67% 0.86% 0.00% 2.65% -2.27% 0.54% -2.64% 1.07% -1.37% -0.73% 0.74%

-1.29% -0.45% -0.63% -1.37% 0.50% 0.03% -0.86% -0.36% -0.30% -0.50% -0.43% -0.49% 0.44% -1.23% -0.16% 0.13% 0.29% -0.29% 0.04% 0.65% -1.28% -0.22% 0.65% 0.50% 1.57% 0.23% 0.35% 0.36% 0.25% 0.82% -0.78% -1.46% -0.50% -0.20% 1.04% -0.18% -1.69% 0.31% -1.52% -0.21% -1.02% -0.78% 0.09%

-0.63% 1.92% -1.26% -0.31% 0.42% -0.32% 1.49% -0.32% 1.51% 2.43% 0.67% -2.92% -0.43% 0.22% -0.43% -1.69% 0.21% 0.00% 0.21% -1.36% -0.10% 0.00% -0.21% -0.21% -0.41% -2.33% -0.40% 2.69% 0.94% -0.62% 0.52% -2.64% -0.61% -3.69% 2.59% -6.35% -3.34% 10.25% -1.28% 2.83% 2.91% -0.52% -0.21%

-0.36% 0.26% 0.26% -0.50% 0.10% -0.12% 0.88% -0.31% 1.57% 1.06% 0.27% -0.46% -0.31% -0.61% 0.39% -0.14% 0.38% -0.83% -0.29% -0.81% -0.22% -0.01% 0.27% 0.01% -0.63% -0.60% 1.20% 1.32% 2.08% -0.07% 0.34% -1.00% 0.75% -1.43% -1.26% -0.54% 0.56% -0.38% -0.94% -0.41% -0.42% 1.44% 0.41%

1.04% 0.21% 0.84% -0.21% -1.25% -0.82% -0.10% -0.10% -1.32% -1.20% -2.44% -0.58% 3.42% 0.51% 1.64% 0.31% -1.72% -0.70% -0.50% 0.60% 1.64% -0.61% 0.10% 1.65% 0.83% -1.24% 1.25% -1.03% -1.42% -1.50% 1.84% 0.93% -0.61% -1.41% -4.16% -3.00% -0.74% 4.47% 8.10% -1.65% 0.52% -1.84% 3.59%

-0.48% -1.72% 0.16% -0.95% -0.78% -1.31% 1.25% -0.38% -0.55% 0.89% -0.82% -0.31% -1.22% 1.74% -0.62% -2.06% -0.55% 0.43% -0.31% -0.46% 1.84% 1.64% 1.56% 0.47% -0.43% 0.90% 0.95% 0.25% 0.86% 0.23% 0.97% 1.41% 0.82% 1.05% -0.08% 0.81% 0.27% 0.34% 0.83% -0.70% -0.02% 0.21% 0.65%

0.32% -0.53% -0.73% 0.00% -1.34% -1.43% 4.14% -2.08% 1.48% -2.37% -1.92% -0.30% -0.60% -2.44% 5.34% 2.31% -0.63% -4.20% 3.74% 2.67% 1.74% -0.97% -0.96% -0.95% -0.32% -0.31% 0.42% 4.28% -1.30% 1.76% -2.99% -1.68% -0.10% -0.52% -0.62% -0.41% -0.31% -0.10% -1.22% 0.92% -0.81% 0.41% -1.21%

1.04% 0.12% -0.62% -0.47% 0.19% 0.58% 0.52% -0.29% -0.49% 0.49% -0.01% 0.60% 0.02% -0.85% 0.76% 1.00% 0.03% 0.28% 0.12% 1.05% -0.15% 0.88% -0.81% 0.67% 0.47% -0.41% 0.06% 0.61% -0.32% 0.75% -0.43% -0.18% -0.13% -0.01% -0.78% -0.56% -0.68% -0.31% -0.15% 1.76% 0.13% 0.24% 0.57%

-0.50% 1.22% 1.44% -1.52% 1.34% -1.82% -3.04% 2.00% -1.67% -3.14% 0.67% -2.79% -3.24% 4.13% 0.47% -3.19% 3.30% 5.26% 2.86% 2.51% -0.10% 0.10% -0.31% -0.10% 0.42% -0.31% 1.80% -2.59% -1.33% -1.31% -1.39% -1.95% 2.29% 4.37% -0.41% -2.52% 5.31% -2.39% -2.82% 0.92% -2.58% -1.85% -0.58%

1.06% -0.14% -0.28% 0.04% -0.46% -0.07% -1.07% -0.05% 0.21% -0.32% 1.60% -1.14% -0.10% -0.40% -0.64% -0.03% 0.41% -0.01% 0.34% 0.85% 0.00% -0.13% -0.60% 1.08% -0.02% -0.87% -0.33% -0.91% -0.88% -0.03% -1.25% -0.45% 0.27% 1.25% 0.04% -1.36% 0.00% -1.25% -0.89% -0.77% 0.18% 0.73% 0.24%

-1.05% 0.19% -1.60% -0.66% -2.11% -1.71% -1.07% -0.97% -3.99% 2.79% 1.96% 1.99% -4.17% 3.32% -3.55% -5.33% 0.00% -0.49% -3.84% 0.63% 2.34% 0.00% -5.93% 5.53% 2.80% -1.30% 6.78% 2.68% 4.18% 4.06% 0.58% -0.96% -0.95% -4.12% 3.60% -0.47% 3.72% 4.07% 0.20% -0.61% 2.49% 0.94% -1.85%

0.70% 0.38% 0.19% -0.36% 0.73% -0.42% -0.03% 0.16% -0.46% 0.42% -0.70% 0.55% 1.52% 0.78% 0.30% -0.65% 0.21% 0.73% -1.18% -0.86% 0.88% -0.79% -0.79% -0.95% -0.54% -0.26% 0.15% -0.46% -0.26% 0.04% -0.13% 0.36% -0.22% -1.11% -0.01% -0.14% 0.11% 0.51% -0.71% 0.25% 1.66% -0.27% -0.63%

-3.48% -1.08% 0.49% -0.59% -2.40% 3.37% -1.94% 2.69% -1.18% 0.10% 0.70% -0.20% -1.47% -1.45% -1.05% -1.13% -1.76% -4.00% 3.88% 6.07% -0.87% -0.19% -2.46% 4.34% 4.86% 0.83% -1.44% 1.14% 6.06% 1.68% -0.22% 0.45% -0.22% -1.65% -2.05% -1.28% 0.43% -3.01% -7.14% 0.68% 3.94% 10.48% 4.42%

-0.95% -0.09% 0.01% -0.72% -0.51% -0.46% 0.70% 0.04% -0.35% 0.81% 0.73% 0.10% 0.89% -0.95% -0.14% 1.18% 1.34% 1.22% 0.75% -0.33% 1.02% 0.56% 0.88% 0.38% 0.68% 0.38% 1.40% 0.80% -0.41% 0.65% 0.46% 1.35% 0.21% -0.66% -0.85% -0.55% 1.04% 0.11% -0.71% -0.24% -0.44% -0.79% 0.10%

-0.23% -1.94% -1.35% -1.55% 5.24% 5.14% 2.00% -1.60% -1.93% 2.34% -3.22% 1.45% -4.29% -3.47% -0.22% 1.36% 4.12% 1.07% 1.45% -1.90% 1.08% 0.60% 0.36% -1.43% -1.76% -1.50% 2.00% 3.16% 0.24% 0.74% -2.16% -1.07% -0.82% -1.16% -3.59% 4.94% 4.17% -0.73% -2.14% 3.07% -4.57% -1.16% -3.46%

0.93% -0.30% 0.59% -0.39% -0.38% 2.69% 1.22% -1.97% -0.89% -0.21% -1.78% 0.70% -1.62% -0.98% 1.33% 2.38% 0.54% 0.35% 0.68% 0.36% -0.02% -1.09% 1.04% 2.16% 0.53% 0.12% 2.30% 0.65% 0.55% -1.08% 0.95% 1.08% 2.89% -2.18% 1.81% 1.35% -0.21% -1.87% 0.58% 0.77% -1.68% -0.65% -1.67%

-1.54% 0.78% 3.20% -2.13% -6.30% 3.59% -4.47% -3.99% 3.19% -3.86% -3.90% -5.05% 0.91% 1.76% -5.18%

-0.15% 0.66% -0.23% -0.78% -1.11% 0.19% -0.60% 0.22% -0.39% -1.49% -0.45% -0.06% -0.46% 0.34% 1.13%

WACC Calculation 0.07

Risk-free rate Market return Beta Cost of equity Cost of debt After tax cost of debt

0.15 0.6529107052 0.1229825071 0.1272 0.09222

Total market value of equity Book value of debt Weight of equity Weight of debt

57,024,000 22,500,000 0.7170665459 0.2829334541

WACC

0.1241757769

Number of shares outstanding

5,702,400

Value of the firm E/V D/V

79,524,000 0.7170665459 0.2829334541

WACC

0.1241757769

Change in Net Working Capital Particulars Inventories Trade Receivables Advances, Deposits & Prepayments Other Receivables Short Term Equivalents Total Non-cash Current asset

2017 460700673.317 0 0 2,425,831 0 463,126,504

2018 2019 398234269.022 344237684.486 23483239.8843 20299147.3884 35776754.6798 30925784.5128 50,464,597 43,622,103 83396094.9353 72088418.423 591,354,956 511,173,137

Trade Payables Sundry Creditors/Other Payables Income Tax Payables Other Liabilities Total Current Liabilities

27855306.7682 16326065.7299 37571906.6194 2880553.82431 84633832.9418

24078405.7235 14112414.4776 32477531.8009 2489979.53127 73158331.5332

20813614.6914 12198912.1985 28073903.264 2152363.20663 63238793.3606

378,492,671

518,196,624

447,934,344

0

139,703,953

-70,262,280

Net Working capital Change in NWC

2020 297562496.846 17546785.994 26732557.3907 37,707,382 62313949.769 441,863,172

2021 257215997.899 15167617.2811 23107889.9341 32,594,638 53864801.3198 381,950,944

2022 2023 2024 2025 222340080.744 192192989.196 166133541.791 143607494.859 13111040.0539 11333314.133 9796630.06971 8468304.99856 19974691.1379 17266322.7665 14925182.0626 12901476.6268 28,175,131 24,354,865 21,052,589 18,198,068 46561272.9089 40248029.9152 34790799.539 30073515.0295 330,162,216 285,395,521 246,698,742 213,248,860

17991496.6754 10544861.6935 24267362.7205 1860524.27944 54664245.3689

15552029.6412 9115083.89652 20976951.0092 1608255.79239 47252320.3393

13443329.9421 11620548.8353 10044918.6187 8682928.1032 7879169.67099 6810833.0553 5887352.20133 5089086.11635 18132686.2219 15674075.297 13548827.4275 11711741.9166 1390192.3895 1201696.20341 1038758.21519 897912.988792 40845378.2245 35307153.391 30519856.4627 26381669.125

387,198,926

334,698,624

289,316,837

250,088,368

216,178,886

186,867,191

-60,735,418

-52,500,302

-45,381,786

-39,228,470

-33,909,482

-29,311,695

2026 124135754.631 7320087.52381 11152165.4109 15,730,592 25995847.1266 184,334,447 7505609.88169 4399056.92984 10123746.8301 776164.966641 22804578.6083 161,529,868 -25,337,322

Free cash flow and valuation Particulars EBIT EBIT(1-tc) Depreciation Capital expenditure Change in NWC Free cashflow

2017 2018 2019 49,725,481 95,007,144 176,108,353 6,382,391 12,194,407 22,603,952 28972670.11174 28506559.14372 28047946.94726 -2,112,426 -2,078,441 -2,045,003 0 139703953.1432 -70262280.29459 37,467,487 -96,924,546 122,959,183

Present value discount factor Present value of free cashflow Terminal value

0.8895406044 0.7912824868 0.7038779015 33328851.11316 -76694695.54441 86548251.51762

Enterprise value Cash Interest-bearing debt Equity value

1420506696.214 10,875,718 95,871,088 1,335,511,326

Value per share

234.2016214602

2020 2021 2022 2023 2024 2025 322,014,092 585,073,938 1,059,848,236 1,917,154,200 3,465,571,287 6,262,552,804 41,331,323 75,095,719 136,034,200 246,071,587 444,814,834 803,814,481 27596712.88246 27152738.25029 26715906.26134 26286102.00509 25863212.4197 25447126.26228 -2,012,103 -1,979,733 -1,947,883 -1,916,545 -1,885,712 -1,855,375 -60735417.70945 -52500302.42222 -45381786.4168 -39228469.9965 -33909481.74971 -29311695.11927 131,675,557 156,728,492 210,079,775 313,502,705 506,473,240 860,428,677 0.6261279739 0.5569662563 0.4954441002 0.4407176444 0.3920362397 0.3487321536 82445749.44798 87292481.53505 104082785.3159 138166173.4903 198555864.5847 300059145.6096

2026 11,315,153,111 1,452,328,500 25037734.07959 -1,825,526 -25337322.37805 1,504,529,083 0.3102114107 466722089.1444