Investment and Financing of the IMC Subsidiary in Mexico

INVESTMENT FINANCING

Current exchange rate, Ps/US$ 7.20 Equity $10,000,000.00 72,000,000.00

Expected Mexican inflation annually 20.00% Debt

Expected US inflation annually 10.00% Peso debt $0.00 0.00

US$ debt, Ps $0.00 0.00

Installed capacity in units w/ 10% p.a. growth for 10 yrs 200 Total 10,000,000.00 72,000,000.00

Selling price per unit w/ 20% annual increase, Ps 458,000.00

Investment in imported equipment & machinery in US$ $9,000,000.00

Investment in imported equipment & machinery in Ps 65,500,000.00

Investment in land sold by gov't in US$ $902,777.78

Investment in land sold by gov't in Ps 6,500,000.00

Annual depreciation for 10 years, Ps 6,550,000.00

Share of investment of IMC in subsidiary in US$ $6,000,000.00

Total Investment in US$ 9,902,777.78

Total Investment in Ps 72,000,000.00

Cost of Capital: IMC (Parent)

Corporate tax rate 35.00%

Cost of debt pre-tax 12.00%

Cost of debt after tax 7.80%

Marginal cost of new long term debt pre-tax 14.00%

Marginal cost of new long term debt after tax 9.10%

Effective cost of debt in foreign currencies 16.00%

Shareholder's equity ###

Dividend per share $3.20

Annual dividend growth over last 10 years 7.00%

Share price $40.00

Total no. of shares outstanding as of last 12/31 60,000,000.00

Cost of Capital: IMC MEXICO

IMC Mexico corporate tax rate 42.00%

Withholding taxes on licensing and overhead 20.00%

allocation fess

Cost of peso debt for working capital pre tax 15.00%

Cost of peso debt for working capital after tax 8.70%

Peso securities investment rate 15.00% WACC

IMC MEXICO Pro Forma Income Statement given

Exchange Rate (Ps/US$) 7.20 7.85 8.57 9.35 10.20 11.12 12.14 13.24 14.44 15.76 17.19

Project Year YEAR 0 YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10

Sales volume 200 220 242 266 293 322 354 390 429 472

Sales price (US$) 58,310.19 64,141.20 70,555.32 77,610.86 85,371.94 93,909.14 103,300.05 113,630.05 124,993.06 137,492.37

Sales price (Ps) 458,000.00 549,600.00 659,520.00 791,424.00 949,708.80 1,139,650.56 1,367,580.67 1,641,096.81 1,969,316.17 2,363,179.40

Total revenue, Ps 91,600,000.00 ### ### ### ### ### ### ### ### ###

Less cost of goods sold

Imported parts & components from IMC (11,800,000.00) (12,980,000.00) (14,278,000.00) (15,705,800.00) (17,276,380.00) (19,004,018.00) (20,904,419.80) (22,994,861.78) (25,294,347.96) (27,823,782.75)

Local material & labor costs (27,400,000.00) (32,880,000.00) (39,456,000.00) (47,347,200.00) (56,816,640.00) (68,179,968.00) (81,815,961.60) (98,179,153.92) ### ###

Manufacturing Overhead (w/o dep) (9,200,000.00) (10,580,000.00) (12,167,000.00) (13,992,050.00) (16,090,857.50) (18,504,486.12) (21,280,159.04) (24,472,182.90) (28,143,010.34) (32,364,461.89)

Total production costs (48,400,000.00) (56,440,000.00) (65,901,000.00) (77,045,050.00) (90,183,877.50) ### ### ### ### ###

Gross profit 43,200,000.00 64,472,000.00 93,702,840.00 133,632,018.80 187,909,853.32 261,395,252.55 360,549,976.13 493,960,483.28 673,028,477.08 912,884,456.22

Gross Margin 47.16% 53.32% 58.71% 63.43% 67.57% 71.21% 74.41% 77.23% 79.72% 81.91%

Less selling & administrative costs

Variable & selling & admin costs (9,160,000.00) (12,091,200.00) (15,960,384.00) (21,067,706.88) (27,809,373.08) (36,708,372.47) (48,455,051.66) (63,960,668.19) (84,428,082.01) ###

Semi fixed selling costs (4,580,000.00) (5,267,000.00) (6,057,050.00) (6,965,607.50) (8,010,448.62) (9,212,015.92) (10,593,818.31) (12,182,891.05) (14,010,324.71) (16,111,873.42)

Less licensing & overhead allocation fess

Licensing & overhead allocation fees (4,600,000.00) (5,520,000.00) (6,624,000.00) (7,948,800.00) (9,538,560.00) (11,446,272.00) (13,735,526.40) (16,482,631.68) (19,779,158.02) (23,734,989.62)

Withholding tax on lic. Fees/ovrhd alloc. (920,000.00) (1,104,000.00) (1,324,800.00) (1,589,760.00) (1,907,712.00) (2,289,254.40) (2,747,105.28) (3,296,526.34) (3,955,831.60) (4,746,997.92)

EBITDA 24,860,000.00 41,593,800.00 65,061,406.00 97,649,904.42 ### ### ### ### ### 761,592,524.93

Less depreciation

Depreciation (straight line over 10 yrs) (6,550,000.00) (6,550,000.00) (6,550,000.00) (6,550,000.00) (6,550,000.00) (6,550,000.00) (6,550,000.00) (6,550,000.00) (6,550,000.00) (6,550,000.00)

EBIT 18,310,000.00 35,043,800.00 58,511,406.00 91,099,904.42 136,001,471.61 197,478,592.17 281,215,579.77 394,784,292.36 548,260,912.35 755,042,524.93

Less interest expense

Local interest expense @ 15% for wc

Interest Income @ 15% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

EBT 18,310,000.00 35,043,800.00 58,511,406.00 91,099,904.42 ### ### ### ### ### 755,042,524.93

Less income tax @ 42% (7,690,200.00) (14,718,396.00) (24,574,790.52) (38,261,959.86) (57,120,618.08) (82,941,008.71) ### ### ### ###

Net income, Ps 10,619,800.00 20,325,404.00 33,936,615.48 52,837,944.56 78,880,853.53 ### ### ### ### 437,924,664.46

Net income, US$ 1,352,057.87 2,372,081.29 3,630,532.66 5,181,543.82 7,090,817.38 9,438,090.87 12,320,120.30 15,854,292.80 20,183,000.62 25,478,936.74

Return on sales 11.59% 16.81% 21.26% 25.08% 28.36% 31.20% 33.66% 35.80% 37.66% 39.30%

Dividends, Ps 0.00 0.00 0.00 22,191,936.72 33,129,958.48 48,105,785.05 68,504,115.23 96,169,453.62 133,556,358.25 183,928,359.07

Dividends, US$ $0.00 $0.00 $0.00 $2,176,248.40 $2,978,143.30 $3,963,998.16 $5,174,450.53 $6,658,802.98 $8,476,860.26 $10,701,153.43

49.29% 45.20% 42.40% 40.38% 38.88% 37.72%

IMC Mexico's Capital Budget: Project Viewpoint

Exchange Rate (Ps/US$) 7.20 7.85 8.57 9.35 10.20 11.12 12.14 13.24 14.44 15.76 17.19

Project Year YEAR 0 YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10

Sales volume 200.00 220.00 242.00 266.20 292.82 322.10 354.31 389.74 428.72 471.59

Sales price (US$) 58,310.19 64,141.20 70,555.32 77,610.86 85,371.94 93,909.14 103,300.05 113,630.05 124,993.06 137,492.37

Sales price (Ps) 458,000.00 549,600.00 659,520.00 791,424.00 949,708.80 1,139,650.56 1,367,580.67 1,641,096.81 1,969,316.17 2,363,179.40

Total revenue, Ps 91,600,000.00 ### ### ### ### ### ### ### ### ###

Less cost of goods sold

Imported parts & components from IMC (11,800,000.00) (12,980,000.00) (14,278,000.00) (15,705,800.00) (17,276,380.00) (19,004,018.00) (20,904,419.80) (22,994,861.78) (25,294,347.96) (27,823,782.75)

Local material & labor costs (27,400,000.00) (32,880,000.00) (39,456,000.00) (47,347,200.00) (56,816,640.00) (68,179,968.00) (81,815,961.60) (98,179,153.92) ### ###

Manufacturing Overhead (w/o dep) (9,200,000.00) (10,580,000.00) (12,167,000.00) (13,992,050.00) (16,090,857.50) (18,504,486.12) (21,280,159.04) (24,472,182.90) (28,143,010.34) (32,364,461.89)

Total production costs (48,400,000.00) (56,440,000.00) (65,901,000.00) (77,045,050.00) (90,183,877.50) ### ### ### ### ###

Gross profit 43,200,000.00 64,472,000.00 93,702,840.00 ### ### ### ### ### ### 912,884,456.22

Gross Margin 47.16% 53.32% 58.71% 63.43% 67.57% 71.21% 74.41% 77.23% 79.72% 81.91%

Less selling & administrative costs

Variable & selling & admin costs (9,160,000.00) (12,091,200.00) (15,960,384.00) (21,067,706.88) (27,809,373.08) (36,708,372.47) (48,455,051.66) (63,960,668.19) (84,428,082.01) ###

Semi fixed selling costs (4,580,000.00) (5,267,000.00) (6,057,050.00) (6,965,607.50) (8,010,448.62) (9,212,015.92) (10,593,818.31) (12,182,891.05) (14,010,324.71) (16,111,873.42)

Less licensing & overhead allocation fess

Licensing & overhead allocation fees (4,600,000.00) (5,520,000.00) (6,624,000.00) (7,948,800.00) (9,538,560.00) (11,446,272.00) (13,735,526.40) (16,482,631.68) (19,779,158.02) (23,734,989.62)

EBITDA 24,860,000.00 41,593,800.00 65,061,406.00 97,649,904.42 ### ### ### ### ### 761,592,524.93

Less recalculated taxes (10,441,200.00) (17,469,396.00) (27,325,790.52) (41,012,959.86) (59,871,618.08) (85,692,008.71) ### ### ### ###

Net operating cash flow 14,418,800.00 24,124,404.00 37,735,615.48 56,636,944.56 82,679,853.53 ### ### ### ### 441,723,664.46

Less

Additions to working capital ### ### ### ### ### ### ### ### ### ###

Initial investment ###

Dividends - - - ### ### ### ### ### ### ###

Terminal value ###

Free cash flow ### ### 4,969,873.75 ### (371,086.28) 2,801,056.11 7,595,369.21 ### ### ### ###

NPV ### 0.00

IRR 46.34%

WACC =

IMC Mexico's Remittance and Capital Budget: Parent Viewpoint

Exchange Rate (Ps/US$) 7.20 7.85 8.57 9.35

Project Year 0 1 2 3

Dividend Remittance

Dividends Paid (Ps) 0.00 0.00 0.00

Net dividend remitted (Ps) 0.00 0.00 0.00

Net dividend remitted (US$) $0.00 $0.00 $0.00

License Fees & Overhead Alloc.Remittance

License fees & Overhead Alloc. remitted (Ps) 4,600,000.00 5,520,000.00 6,624,000.00

Less withholding tax (920,000.00) (1,104,000.00) (1,324,800.00)

Net license fees/Overhead Alloc. remitted (Ps) 3,680,000.00 4,416,000.00 5,299,200.00

Net license fees/Overhead Alloc. remitted (US 468,518.52 515,370.37 566,907.41

Capital Budget: Parent Viewpoint

Net Dividends - - -

Net License Fees/Overhead Alloc. 468,518.52 515,370.37 566,907.41

Total Earnings 468,518.52 515,370.37 566,907.41

Initial investment ###

Terminal Value

Free cash flow (FCF) ### $468,518.52 $515,370.37 $566,907.41

NPV ###

IRR 43.35%

WACC =

10.20 11.12 12.14 13.24 14.44 15.76

4 5 6 7 8 9

22,191,936.72 33,129,958.48 48,105,785.05 68,504,115.23 96,169,453.62 133,556,358.25

22,191,936.72 33,129,958.48 48,105,785.05 68,504,115.23 96,169,453.62 133,556,358.25

$2,176,248.40 $2,978,143.30 $3,963,998.16 $5,174,450.53 $6,658,802.98 $8,476,860.26

7,948,800.00 9,538,560.00 11,446,272.00 13,735,526.40 16,482,631.68 19,779,158.02

(1,589,760.00) (1,907,712.00) (2,289,254.40) (2,747,105.28) (3,296,526.34) (3,955,831.60)

6,359,040.00 7,630,848.00 9,157,017.60 10,988,421.12 13,186,105.34 15,823,326.41

623,598.15 685,957.96 754,553.76 830,009.14 913,010.05 1,004,311.05

2,176,248.40 2,978,143.30 3,963,998.16 5,174,450.53 6,658,802.98 8,476,860.26

623,598.15 685,957.96 754,553.76 830,009.14 913,010.05 1,004,311.05

2,799,846.55 3,664,101.26 4,718,551.92 6,004,459.66 7,571,813.03 9,481,171.31

$2,799,846.55 $3,664,101.26 $4,718,551.92 $6,004,459.66 $7,571,813.03 $9,481,171.31

17.19

10

183,928,359.07

183,928,359.07

$10,701,153.43

23,734,989.62

(4,746,997.92)

18,987,991.70

1,104,742.16

10,701,153.43

1,104,742.16

11,805,895.59

###

###

Parent company capital structure

Equity

Shareholders' Equity 1,500,000,000.00

(capital surplus, retained earnings)

No. of shares outstanding as of 12/31 60,000,000.00

Per Share Market price 40.00

Book equity per share 25.00

Dividend growth = 7%

Dividend per share 3.20

Earnings per share 6.22

Earnings 373,440,000.00

Market value of parent -

Cost of Equity 15.56%

Debt

Domestic debt 1,000,000,000.00

Ave. before tax int. cost is 12%

Cost of new long term debt is 14%

Debt in foreign currencies 600,000,000.00

Ave. cost of debt is 16%

Total Debt 1,600,000,000.00

Average cost of debt 0.14

After tax cost of debt 0.09

Total Equity & Debt 3,100,000,000.00

Parent Company WACC =

V V

0.1206

ke x E + kd x D

0.48387096774

0.51612903226

Change in working capital

Current Assets

0 1 2 3 4 5 6 7 8 9 10

Cash balance 4,580,000.00 6,045,600.00 7,980,192.00 10,533,853.44 13,904,686.54 18,354,186.23 24,227,525.83 31,980,334.09 42,214,041.00 55,722,534.13

Accounts Receivable 1,254,794.52 1,656,328.77 2,186,353.97 2,885,987.24 3,809,503.16 5,028,544.17 6,637,678.31 8,761,735.37 11,565,490.69 15,266,447.71

Inventory 18,320,000.00 24,182,400.00 31,920,768.00 42,135,413.76 55,618,746.16 73,416,744.94 96,910,103.31 ### ### ###

Total current assets 24,154,794.52 31,884,328.77 42,087,313.97 55,555,254.44 73,332,935.87 96,799,475.34 ### ### ### ###

Short term liabilities

Accounts Payable 9,160,000.00 12,091,200.00 15,960,384.00 21,067,706.88 27,809,373.08 36,708,372.47 48,455,051.66 63,960,668.19 84,428,082.01 ###

Other payables 4,580,000.00 6,045,600.00 7,980,192.00 10,533,853.44 13,904,686.54 18,354,186.23 24,227,525.83 31,980,334.09 42,214,041.00 55,722,534.13

Licensing & overhead alloc. Fees 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Income taxes payable 7,690,200.00 14,718,396.00 24,574,790.52 38,261,959.86 57,120,618.08 82,941,008.71 ### ### ### ###

Total Liabilities 21,430,200.00 32,855,196.00 48,515,366.52 69,863,520.18 98,834,677.70 ### ### ### ### ###

Investments ###

Net change in working capital 45,584,994.52 64,739,524.77 90,602,680.49 ### ### ### ### ### ### ###

### ### ### ### ### ### ### ### ### ###

Balance Sheet of IMC Mexico

Current Assets

YEAR 0 YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10

Cash balance 9,160,000.00 2,931,200.00 13,029,184.00 8,038,522.88 19,770,850.20 16,937,522.27 31,517,529.39 32,443,138.80 51,984,943.21 59,460,125.04

Accounts Receivable 1,254,794.52 1,656,328.77 2,186,353.97 2,885,987.24 3,809,503.16 5,028,544.17 6,637,678.31 8,761,735.37 11,565,490.69 15,266,447.71

Inventory 18,320,000.00 24,182,400.00 31,920,768.00 42,135,413.76 55,618,746.16 73,416,744.94 96,910,103.31 127,921,336.38 168,856,164.02 222,890,136.50

Total current assets 28,734,794.52 28,769,928.77 47,136,305.97 53,059,923.88 79,199,099.53 95,382,811.38 135,065,311.02 169,126,210.54 232,406,597.91 297,616,709.25

Long Term Assets

Land 6,500,000.00 6,500,000.00 6,500,000.00 6,500,000.00 6,500,000.00 6,500,000.00 6,500,000.00 6,500,000.00 6,500,000.00 6,500,000.00

Plant & equipment 65,000,000.00 65,000,000.00 65,000,000.00 65,000,000.00 65,000,000.00 65,000,000.00 65,000,000.00 65,000,000.00 65,000,000.00 65,000,000.00

less Dep. (6,550,000.00) (13,100,000.00) (19,650,000.00) (26,200,000.00) (32,750,000.00) (39,300,000.00) (45,850,000.00) (52,400,000.00) (58,950,000.00) (65,500,000.00)

Total Long term assets 64,950,000.00 58,400,000.00 51,850,000.00 45,300,000.00 38,750,000.00 32,200,000.00 25,650,000.00 19,100,000.00 12,550,000.00 6,000,000.00

Total assets 93,684,794.52 87,169,928.77 98,986,305.97 98,359,923.88 117,949,099.53 127,582,811.38 160,715,311.02 188,226,210.54 244,956,597.91 303,616,709.25

Liabilities

Short term liabilities

Accounts Payable 9,160,000.00 12,091,200.00 15,960,384.00 21,067,706.88 27,809,373.08 36,708,372.47 48,455,051.66 63,960,668.19 84,428,082.01 111,445,068.25

Other payables 4,580,000.00 6,045,600.00 7,980,192.00 10,533,853.44 13,904,686.54 18,354,186.23 24,227,525.83 31,980,334.09 42,214,041.00 55,722,534.13

Licensing & overhead alloc. Fees 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Less withholding tax 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Income taxes payable 7,690,200.00 14,718,396.00 24,574,790.52 38,261,959.86 57,120,618.08 82,941,008.71 118,110,543.50 165,809,402.79 230,269,583.19 317,117,860.47

Total Liabilities 21,430,200.00 32,855,196.00 48,515,366.52 69,863,520.18 98,834,677.70 138,003,567.41 190,793,120.99 261,750,405.07 356,911,706.20 484,285,462.85

Equity 43,200,000.00 72,000,000.00 72,000,000.00 72,000,000.00 72,000,000.00 72,000,000.00 72,000,000.00 72,000,000.00 72,000,000.00 72,000,000.00

Retained Earnings 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Stockholders equity 43,200,000.00 72,000,000.00 72,000,000.00 72,000,000.00 72,000,000.00 72,000,000.00 72,000,000.00 72,000,000.00 72,000,000.00 72,000,000.00

Total Liabilities & equity 64,630,200.00 104,855,196.00 120,515,366.52 141,863,520.18 170,834,677.70 210,003,567.41 262,793,120.99 333,750,405.07 428,911,706.20 556,285,462.85

29,054,594.52 -17,685,267.23 -21,529,060.55 -43,503,596.29 -52,885,578.17 -82,420,756.04 -102,077,809.97 -145,524,194.53 -183,955,108.28 -252,668,753.60

Exports lost by parent company

Exhange Rate (Ps/US$) 7.20 7.85 8.57

Project Year 0 1 2

After tax cash flow

Exports No. of Units 0 25 25

Exports Value, Ps 0.00 11,450,000.00 16,488,000.00

Exports Value, US$ 0 $1,457,754.63 $1,924,236.11

After tax effects on income (648,000.00) (742,000.00) (930,000.00)

Net Income $373,440,000.00 $399,580,800.00 $427,551,456.00

Consolidated Income $372,792,000.00 $398,838,800.00 $426,621,456.00

Per share after tax effects on income $6.21 $6.65 $7.11

Per share dividend $0.53 $0.57 $0.61

9.35 10.20 11.12 12.14 13.24

3 4 5 6 7

25 0 0 0 0

19,785,600.00 0.00 0.00 0.00 0.00

$2,116,659.72 $0.00 $0.00 $0.00 $0.00

0 0 0 0 0

$457,480,057.92 $489,503,661.97 $523,768,918.31 $560,432,742.59 $599,663,034.58

$457,480,057.92 $489,503,661.97 $523,768,918.31 $560,432,742.59 $599,663,034.58

$7.62 $8.16 $8.73 $9.34 $9.99

$0.65 $0.70 $0.75 $0.80 $0.86

14.44 15.76 17.19

8 9 10

0 0 0

0.00 0.00 0.00

$0.00 $0.00 $0.00

0 0 0

$641,639,447.00 $686,554,208.29 $734,613,002.87

$641,639,447.00 $686,554,208.29 $734,613,002.87

$10.69 $11.44 $12.24

$0.92 $0.98 $1.05

Parent Company Dividend Per Share

Project Year 0 1 2 3 4

Dividend w/o exports loss $3.20 $3.42 $3.66 $3.92 $4.19

Per share dividend incl. exports loss $0.00 $0.00 $0.00 $0.00 $0.00

Difference $3.20 $3.42 $3.66 $3.92 $4.19

5 6 7 8 9 10

$4.49 $4.80 $5.14 $5.50 $5.88 $6.29

$0.00 $0.00 $0.00 $0.00 $0.00 $0.00

$4.49 $4.80 $5.14 $5.50 $5.88 $6.29

Parent company

P0 = Div 1 40 = 3.424

r - g (r-7%)

r = 15.56%

r (cost of equity) =

r = EPS

Po

EPS = r x Po EPS = (15.56%*40)

= 6.22

Dividend Yield = Div 1 DY = 3.424

P0 40

= 0.0856

Plowback ratio = 1 - payout ratio Plowback = [1-(3.2/6)]

= 0.466667

=

EPS

Payout ratio = 1 - Plowback ratio Payout = 0.533333

Dividend growth ra = plowback ratio x ROE

ROE = Dividend growth rate ROE = 7%

Plowback ratio 0.466667

= 0.15

1 - DIV

2.8

1.222857

Changes in Financial Position of Mexican Subsidiary

Exhange Rate (Ps/US$) 7.20 7.85 8.57

Project Year 0 1 2

Operations

Cash received

Net Sales 91600000 120912000

Other

0 91,600,000.00 120,912,000.00

Cash Expended

Variable & selling & admin costs 9160000 12091200

Semifixed selling costs 4580000 5267000

Accounts Payable 9160000 12091200

Other payables 4580000 6045600

Licensing & overhead alloc. Fees 4600000 5520000

Less withholding tax -920000 -1104000

Interest Expense 0 0

Dividends 0 0

Taxes 10441200 17469396

0.00 41,601,200.00 57,380,396.00

Net change in cash 0.00 49,998,800.00 63,531,604.00

9.35 10.20 11.12 12.14 13.24

3 4 5 6 7

159603840 210677069 278093731 367083725 484550517

159,603,840.00 210,677,068.80 278,093,730.82 367,083,724.68 484,550,516.57

15960384 21067707 27809373 36708372 48455052

6057050 6965607 8010449 9212016 10593818

15960384 21067707 27809373 36708372 48455052

7980192 10533853 13904687 18354186 24227526

6624000 7948800 9538560 11446272 13735526

-1324800 -1589760 -1907712 -2289254 -2747105

0 0 0 0 0

0 22191937 33129958 48105785 68504115

27325791 41012960 59871618 85692009 120861544

78,583,000.52 129,198,811.27 178,166,305.89 243,937,758.45 332,085,527.30

81,020,839.48 81,478,257.53 99,927,424.93 123,145,966.23 152,464,989.27

14.44 15.76 17.19

8 9 10

639606682 844280820 1114450683

639,606,681.88 844,280,820.08 1,114,450,682.50

63960668 84428082 111445068

12182891 14010325 16111873

63960668 84428082 111445068

31980334 42214041 55722534

16482632 19779158 23734990

-3296526 -3955832 -4746998

0 0 0

96169454 133556358 183928359

168560403 233020583 319868860

450,000,523.27 607,480,797.58 817,509,755.28

189,606,158.60 236,800,022.50 296,940,927.22