Oil and Gas Eye Q1 2013

Ernst & Young’s Oil and Gas Eye index monitors the performance of Alternative Investment Market (AIM) oil and gas companies on a weekly basis and can be viewed at www.ey.com/uk/oilandgaseye

Movements and analysis of the index are reported in this quarterly publication. Oil and Gas Eye also provides regular analysis and commentary on activity driving the AIM market.

The Oil and Gas Eye index is constructed on the same basis as the major indices with a normal value of 1,000 assigned to the index levels as of 1 January 2004. It is calculated using the top 20 AIM‑listed oil and gas shares by market weight, representing around 75% of the total AIM oil and gas universe.

Ernst & Young produces a similar index for the mining sector, which can be viewed at www.ey.com/uk/miningeye

To receive copies of the Oil and Gas Eye, please contact Michael Simpson at +44 20 7951 8870 or email [email protected]; to receive copies of the Mining Eye, please contact Olivia Russell at +44 20 7951 5559 or email [email protected].

Market stability is returning — there is a foundation for new entrants to build upon and we see an increase in IPO activity

► Ernst & Young’s Oil and Gas Eye index rose 1% in the first quarter of 2013, compared with a fall of 7% in the fourth quarter of 2012. This muted performance was slightly weaker than the 4% growth in the FTSE 350 oil and gas universe and the 3% growth achieved in the wider AIM market.

► Market volatility has been the norm for many junior oil and gas companies. Indeed, there hasn’t been more than two consecutive quarters of growth in the value of the index since 2009. In economic terms, the Oil and Gas Eye has already achieved a triple dip recession.

► Against this backdrop, a stable quarter will have been welcomed by many market participants, and this dynamic was reflected by a recovery in secondary fundraising activity with the £173.9m raised being more than 48% higher than the previous quarter’s total.

► Nonetheless, the index performance masks a continuing underlying divergence between the haves and have-nots. The best performing stock rose 46% in the quarter and the worst performer fell by 55%. We anticipate this trend to continue, with investor selectivity between the stocks they will continue to support and a universe of companies necessarily seeking alternative financing routes.

► As this trend plays out, we expect an increasing shift in investor focus towards IPOs. This is reflected by the two successful IPOs (Falcon Oil and Gas and Northcote Energy) and two readmissions (Gold Oil and Trinity Exploration & Production) in the quarter. There are a growing number of potential IPO candidates actively working to prepare their businesses for the public market environment.

Oil and Gas EyeQ1 2013

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2 Oil and Gas Eye Q1 2013

Oil and Gas Eye Q1 2013 in review

Performance of the Oil and Gas Eye index since 2008Source: Ernst & Young, Thomson Datastream

Oil and Gas Eye index holds steady in first quarter

There was limited movement in Ernst & Young’s Oil and Gas Eye index in the first quarter of 2013. Against a backdrop of strong gains in global equity markets, the value of the index rose by 1% over the period, compared with a fall of 7% in the fourth quarter of 2012. As with the global economy, it has been two steps forward and one step back for the performance of the Oil and Gas Eye index over the last three years. There hasn’t been more than two consecutive quarters of growth in the value of the index since 2009.

Junior oil and gas companies underperformed their larger peers in the first quarter. The FTSE 350 Oil and Gas Producers Index rose by 4% over the period. Oil and gas companies also underperformed companies in other sectors on AIM in Q1 2013. The FTSE AIM All-Share Index increased 3% in the first quarter. Investor risk appetite is returning, albeit selectively. There was a recovery in secondary fundraising by AIM oil and gas companies in the first quarter. The £173.9m raised was 48% higher than the amount raised in the previous quarter.

However, gains in equity markets have moved ahead of confidence in the health of the global economy. Fluctuating economic indicators are negatively impacting sentiment and eroding some of the investor confidence that we saw earlier this year. The majority of oil and gas companies listed on AIM did not raise any funds in the first quarter. Consolidation in the junior oil and gas sector continues with the proposed acquisition of Valiant Petroleum by Ithaca Energy and strategic alternatives, including the sale of the company, publicly under consideration by Lochard Energy and Independent Resources.

Performance of the Oil and Gas Eye index over Q1 2013Source: Ernst & Young, Thomson Datastream

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3Oil and Gas Eye Q1 2013

Relatively strong commodity prices are supporting industry investment for the time being. The Brent crude price averaged US$112.50 per barrel in the first three months of 2013, 2% higher than the average for the previous quarter but 5% lower than the average for the comparable quarter of 2012. Uncertainty over the

outlook for oil demand, combined with some strong non-OPEC supply growth, is putting downward pressure on oil prices. In the absence of any supply or geo-political shocks, oil prices are likely to continue to rise and fall in response to the release of new economic data.

Oil and Gas funds raised as a proportion of total funds raised on AIMSource: Ernst & Young analysis of AIM market statistics

Investor and business confidence should improve over the course of the year as economic growth becomes more entrenched. Financial market gains will provide an increasingly supportive backdrop for IPOs during 2013. There have been two oil and gas IPOs on AIM so far in 2013 and the outlook suggests increased appetite for IPO activity in the remainder of the year.

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In January, Bridge Energy announced first oil production from the Cormorant East field in the UK North Sea. Bridge Energy has a 4% interest in the field, which achieved first oil only 85 days after discovery. The following month, Bridge Energy announced a significant increase in the range of the estimated recoverable resources in the Asha discovery in the Norwegian North Sea. The estimates exclude potential additional volumes in neighboring licenses, which are estimated to be of a similar order of magnitude. The share price of Bridge Energy was 25% higher at the end of the quarter.

In January, Independent Resources announced that it is considering a range of strategic alternatives to enhance shareholder value, which may include farm-outs, the sale of assets and the merger or sale of the company. The company’s share price was 24% higher by the end of the first quarter.

Just one company, The Parkmead Group, entered the Oil and Gas Eye index at the end of the first quarter, reflecting the limited movement in the index over the period.

The share price of Bowleven rose by 46% over the first quarter following the announcement of exploration success in Cameroon. In February, Bowleven, announced results of the IM-5 well in the Etinde permit, which included the potentially significant Intra Isongo discovery. In March, following assessment of IM-5 well data, Bowleven announced a substantial increase to the Isongo Marine field in-place hydrocarbon volumes.

In March, Bahamas Petroleum announced that the Government of The Bahamas had decided to defer a referendum on future oil development in the region until after the exploration drilling phase. Bahamas Petroleum is holding discussions with a number of potential farm-in partners and the decision to allow exploration provides clarity for these potential investors. The share price of the company was 29% higher at the end of the first quarter.

During the quarter, Kea Petroleum announced the discovery of further oil at the Puka field in New Zealand. The company has since commenced drilling at its 100% owned Mauku 1 well, which if successful, could prove to be transformational for Kea Petroleum. The company is holding discussions with potential farm-in partners but said it may not be able to conclude the negotiations within the project time constraints. The share price of Kea Petroleum rose by 28% over the first quarter.

Risers Q1 2013 increase reserve potential

In Q1 2013, 37% of the companies in the AIM oil and gas universe recorded share price gains. Exploration success and upward revisions to reserves estimates were the main drivers of share price growth in the first quarter. Anticipation of near‑term production increases was also a key growth factor for companies.

AIM risers and fallers

Performance of the Oil and Gas Eye index and oil price over Q1 2013Source: Ernst & Young, Thomson Datastream

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financial capacity to meet the requirements of the UK Department of Energy & Climate Change to continue as a North Sea operator until the end of 2013 or into 2014. The company added that, as a result, it expected this licence to lapse. Lochard Energy is continuing with the formal sale process of the company. The share price of Lochard Energy was 24% lower at the end of the first quarter.

In March, Trap Oil Group announced that the Magnolia exploration well in the North Sea, in which it has a 10% carried interest, had not encountered hydrocarbons and would be plugged and abandoned. Later the same month, Trap Oil Group announced that operations on the Scotney exploration prospect had experienced operational and weather-related delays and as a result were

24 days behind schedule. Trap Oil Group has a 12.5% carried interest in this licence. The share price of Trap Oil Group ended the quarter down 18%.

In January, Leni Gas & Oil announced that it had launched legal proceedings against Mediterranean Oil & Gas regarding the sale of Leni’s 10% interest in Malta Area 4 Production Sharing Contract (PSC) to Mediterranean Oil & Gas. The share price of Leni Gas & Oil fell by 15% over the first quarter, while the share price of Mediterranean Oil & Gas fell by 8%.

Gulfsands Petroleum was the sole company to exit the Oil and Gas Eye index at the end of the first quarter.

The share price of Resaca Exploitation fell by 55% over the first quarter. In March, the company announced that ERG Resources had withdrawn its offer to purchase a package of Resaca’s interests in the US. Resaca is continuing to have discussions on a way forward for reducing indebtedness.

In February, San Leon Energy announced that it would be extending the timetable for the opening of the data room for parties interested in taking a stake in its Durresi block in Albania. The deadline has been extended to allow more detailed technical evaluation by interested parties and to accommodate new entrants. The share price of San Leon Energy was 30% lower by the end of the first quarter.

In March, Regal Petroleum announced that flow rates from its SV-53 well in its wholly-owned Svyrydivske gas and condensate field in Ukraine had declined over the testing period and stabilized operating performance had not been established. Regal added that it was not known if the decline is due to mechanical or reservoir issues. The share price of Regal Petroleum fell by 28% over the first quarter.

In January, Lochard Energy announced that due to loan repayments and the costs of the settlement of a legal dispute with Senergy, it was unable to solely fund a well at the Thunderball discovery. Lochard Energy said that it did not have the

Fallers in Q1 2013 suffer operational and deal setbacks

Sixty‑three percent of companies in the AIM oil and gas universe registered a fall in their share price in the first quarter, reflecting delays to strategic deals, lower than expected production rates, poor well results and funding challenges.

Performance of the Oil and Gas Eye index and FTSE 350 Oil and Gas Producers Index since 2008Source: Ernst & Young, Thomson Datastream

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Main market oil and gas movers

On the main market, the majority of companies recorded a gain in their share price in the first quarter. EnQuest was the best performer with a 20% rise in its share price. During the quarter, EnQuest announced that it had agreed to acquire an 8% non-operated interest in the producing Alba oil field in the UK. In February, the company announced it had approved an increase in the scope and specification of the Alma/Gaia project with the objective of extending field life, optimizing operating costs and enabling a potential second phase development. The results of wells drilled to date have been as or better than expected.

Essar Energy announced in February that the gross refining margin at its Stanlow plant was 128% higher in the fourth quarter of 2012 compared to the same period of the prior year. The company added that initiatives were underway to improve the gross refining margin further. The share price of Essar Energy ended the first quarter 15% higher.

The share price of BG Group rose by 12% over the first quarter. In January, the company announced first production from the Sapinhoa field offshore Brazil. In March, the Ophir-BG joint venture in Tanzania announced that a successful appraisal program had confirmed the resource potential of the Jodari field and the potential for the field to underpin an LNG development. Ophir’s share price was 6% higher at the end of the first quarter.

In February, Salamander Energy announced that the South Kecapi well in the Bontang PSC in Indonesia had been completed as an oil and gas discovery. In March, the company announced that it had agreed to an asset swap that will see it acquire the outstanding 15% interest in the Bangkanai PSC in Indonesia. Later the same month, Salamander announced that it had agreed to farm-out a 30% interest in the Bangkanai

Share price movements of FTSE 350 Oil and Gas Producers over Q1 2013Source: Thomson Datastream

PSC, leaving it with a 70% operated interest. The share price of Salamander Energy was 9% higher by the end of the first quarter.

In March, Afren exercised an option to acquire 10.4% of the issued capital of First Hydrocarbon Nigeria (FHN). Following the acquisition, Afren will own 54.8% of FHN. The acquisition will result in a material increase in Afren’s 2P reserves. The share price of Afren was 8% higher at the end of the first quarter.

During the quarter, Cairn Energy announced that it had farmed-in as operator of three blocks offshore Senegal. Cairn will acquire a 65% working interest in the blocks by fully funding, to an investment cap, the costs of one exploration well. The acquisition marks Cairn’s entry into the country and the share price of the company was 3% higher at the end of the first quarter.

The share price of Tullow Oil fell by 2% over the first quarter. In March, the company announced the suspension of the Paipai-1 exploration well onshore Kenya for future evaluation. Tullow was unable to recover to the surface hydrocarbons encountered while drilling the well.

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Quarterly trend of funds raised on AIM — oil and gas, and all sectorsSource: Ernst & Young analysis of AIM market statisticsNote: New issues include IPOs, introductions, transfers and re-admissions (money and non-money raising)

Ins and outs of the AIM oil and gas universe

The AIM oil and gas universe (including oilfield services companies) stood 118 strong at the end of the first quarter, compared to 115 in the previous quarter.

The suspension in trading of shares in Gold Oil was lifted in January following the completion of a placement that raised £2.085m. Gold Oil requested a suspension of trading in its shares in July 2012 when it was left with just one director of the company.

In October 2012, shares in Bayfield Energy were suspended from trading on AIM pending its merger with Trinity Exploration & Production Limited. The merger was completed in February and the company’s enlarged share capital was admitted to trading on AIM under the name Trinity Exploration & Production plc.

Shares in Northcote Energy were admitted to trading on AIM in January following the successful completion of its IPO, which raised £1m. The US-onshore-focused company has existing production and development potential projects primarily located in the Mississippi Lime formation in Oklahoma.

There were ten successful IPOs across other sectors on London’s junior market in the first quarter. Funds raised from new issues by all companies listed on AIM were £124.7m in the first quarter of 2013, 53% lower than the total for the previous quarter but more than double the amount raised in the comparable quarter of 2012.

In conjunction with the merger, the company raised gross proceeds of £57m via a placement. Trading on AIM of shares in Aurelian Oil and gas was cancelled in January following the completion of its merger with San Leon Energy.

Toronto Venture Exchange-listed Falcon Oil and Gas joined AIM and the Enterprise Securities Market (ESM) of the Irish Stock Exchange in March following a placement that raised £16.9m. The Dublin-headquartered company believes the listing on AIM and ESM will provide access to additional sources of finance not currently available. Falcon is engaged in the acquisition, exploration and development of conventional and unconventional oil and gas assets, with the current portfolio spread between South Africa, Australia and Hungary.

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In early 2013, fundraising by AIM-listed oil and gas companies was supported by greater stability in equity markets and a return of selective risk appetite. Secondary fundraising by oil and gas companies on AIM in Q1 2013 was £173.9m, 48% higher than the amount raised in the previous quarter. This was the highest amount raised in a single quarter in over a year. In contrast, secondary fundraising across the wider AIM market was lower in the first quarter. The £503.5m raised was, 16% lower than the total in the previous quarter and 47% lower than the total for the first quarter of 2012.

On the main market, Ophir Energy raised £553.4m through a placement and rights issue in March. The proceeds will be used to add significant value across the company’s portfolio through a combination of a high-impact pan-African drilling program, maintaining the pace of commercialization of its gas assets in Tanzania and making strategic additions to its portfolio.

The AIM-listed oil and gas companies that were successful in raising funds in the first quarter included:

► Madagascar Oil successfully raised £49.5m through a placement. The funds raised will be used to complete the Tsimiroro Steam Flood Pilot and commence evaluation of the commercial potential of the Tsimiroro heavy oil field using thermal recovery methods. In addition, the company intends to progress the further evaluation of the conventional oil and gas potential on its exploration blocks.

► In January, IGas Energy raised £23.1m via a placement. The proceeds will be used to further appraise the company’s unconventional resources and to enhance value ahead of any farm-out. Part of the proceeds of the placement

Oil and gas funds raised on AIM and the main market (£m)Source: London Stock Exchange

Note: New Issues include placements, introductions, transfers and re-admissions (money-raising and non-money raising)

Secondary fundraising recovers in Q1

AIM Main market AIM and main market

New issues Further issues New issues Further issues Total funds raised

Q1 2013 107.4 173.9 0.0 553.4 834.7

2012 Total 177.6 467.0 162.9 288.0 1,095.4

Q4 2012 0.0 117.8 0.0 0.0 117.8

Q3 2012 118.0 48.9 0.0 0.0 166.9

Q2 2012 55.4 115.4 0.0 281.8 452.6

Q1 2012 4.2 184.9 162.9 6.1 358.1

2011 Total 223.1 1,013.1 234.7 457.0 1,927.9

Q4 2011 1.2 265.8 0.0 0.0 267.0

Q3 2011 93.4 168.7 234.7 203.9 700.7

Q2 2011 65.5 268.6 0.0 233.1 567.3

Q1 2011 63.0 309.9 0.0 20.0 392.9

2010 Total 131.9 1,902.7 1,271.7 1,092.9 4,399.2

Q4 2010 103.9 927.1 0.0 6.8 1,037.8

Q3 2010 22.0 326.2 0.0 0.0 348.2

Q2 2010 0.0 467.0 1,271.7 21.3 1,760.1

Q1 2010 6.0 182.3 0.0 1,064.8 1,253.1

is also expected to be used to complete the acquisition of PR Singleton from Providence Resources.

► During the quarter, Victoria Oil and Gas raised £23.4m via an initial and secondary placement. The proceeds will be used for the execution of the company’s downstream strategy at the Logbaba Gas and Condensate Project in Cameroon. Following completion of the placement, and the previously announced reserve-based lending facility, the company will be fully funded to meet its current development and production plan.

► In January, The Parkmead Group completed a placement that raised gross proceeds of £15.9m. The funds

raised will be used to finance the capital commitments of the company in the UK North Sea, evaluation of additional drilling potential on the company’s onshore Netherlands production and development portfolio and potential corporate and asset opportunities.

► Solo Oil raised £3.5m through three placements completed during the quarter. The funds raised will be used to strengthen the company’s balance sheet and allow the company to potentially increase its ownership interest in existing projects and also to investigate new investments opportunities in the oil and gas sector.


Oil and gas constituents at start of each quarter Source: Ernst & Young, Thomson Datastream

Q4 2012 MV £m

Gulf Keystone Petroleum Ltd. 2,057

Indus Gas Ltd. 1,811

Energy XXI (Bermuda) Ltd. 1,743

Coastal Energy Company 1,292

Rockhopper Exploration Plc. 495

Bankers Petroleum Ltd. 467

Providence Resources Plc. 442

Amerisur Resources Plc. 343

Green Dragon Gas Ltd. 333

Faroe Petroleum Plc. 321

Xcite Energy Ltd. 316

Ithaca Energy Inc. 311

Geopark Holdings Ltd. 304

Bowleven Plc. 227

Falkland Oil and Gas Ltd. 210

Valiant Petroleum Plc. 174

Petroceltic International Plc. 168

Eland Oil & Gas Plc. 147

IGas Energy Plc. 124

Gulfsands Petroleum Plc. 122

Exits

Borders & Southern Petroleum Plc.

Chariot Oil and Gas Ltd.

Cove Energy Plc.

Nautical Petroleum Plc.

Entrants

Eland Oil & Gas Plc.

IGas Energy Plc.

Gulfsands Petroleum Plc.

Valiant Petroleum Plc.

Q1 2013 MV £m













Geopark Holdings Ltd. 282



Bowleven Plc. 193



Gulfsands Petroleum Plc. 132

Iofina Plc. 123

Exits

Falkland Oil and Gas Ltd.

Entrants

Iofina Plc.

Q2 2013 MV £m













Geopark Holdings Ltd 287

Bowleven Plc. 282


Iofina Plc. 238




The Parkmead Group Plc. 120

Exits

Gulfsands Petroleum Plc.

Entrants

The Parkmead Group Plc.


Funds raised on AIM to Q1 2013 Source: Ernst & Young analysis of AIM market statisticsNote: New Issues include placements, introductions, transfers and re-admissions (money-raising and non-money raising)

New issues Oil and gas Oil and gas All AIM All AIM Oil and gas as % of all AIM Oil and gas as % of all AIM

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Funds raised (£m)


Funds raised (£m)

No. of companies/Issues Funds raised

Q1 2013 4 107.4 11 124.7 36.4% 86.1%

Q4 2012 1 0.0 15 264.6 6.7% 0.0%

Q3 2012 4 118.0 23 243.0 17.4% 48.6%

Q2 2012 3 55.35 20 154.9 15.0% 35.7%

Q1 2012 1 4.21 14 51.18 7.1% 8.2%

Q4 2011 3 1.21 17 77.3 17.6% 1.6%

Q3 2011 8 93.4 33 271.3 24.2% 34.4%

Q2 2011 2 65.5 23 182.9 8.7% 35.8%

Q1 2011 2 63.0 15 76.5 13.3% 82.3%

Q4 2010 2 103.9 35 541.3 5.7% 19.2%

Q3 2010 1 22.0 31 290.6 3.2% 7.6%

Q2 2010 0 0.0 18 144.6 0.0% 0.0%

Q1 2010 1 6.0 14 237.4 7.1% 2.5%

2009 0 0.0 35 740.4 0.0% 0.0%

2008 13 190.4 115 1,079.4 11.3% 17.6%

2007 17 233.8 284 6,828.6 6.0% 3.4%

2006 28 287.5 462 9,908.6 6.1% 2.9%

2005 38 470.6 519 6,460.8 7.3% 7.3%

2004 20 374.0 356 2,776.0 5.6% 13.5%

2003 5 27.8 163 1,095.4 3.1% 2.5%

2002 6 29.1 161 490.1 3.7% 5.9%

2001 3 1.0 177 593.1 1.7% 0.2%

Further issues Oil and gas Oil and gas All AIM All AIM Oil and gas as % of all AIM Oil and gas as % of all AIMNo. of companies/

IssuesFunds raised

(£m)No. of companies/

IssuesFunds raised

(£m)No. of companies/Issues Funds raised

Q1 2013 59 173.9 432 503.5 13.7% 34.5%

Q4 2012 70 117.8 485 599.9 14.4% 19.6%

Q3 2012 83 48.9 585 305.7 14.2% 16.0%

Q2 2012 52 115.4 477 512.2 10.9% 22.5%

Q1 2012 96 184.9 533 955.0 18.0% 19.4%

Q4 2011 114 265.8 548 758.8 20.8% 35.0%

Q3 2011 77 168.7 485 413.8 15.9% 40.8%

Q2 2011 61 268.6 588 954.0 10.4% 28.2%

Q1 2011 102 309.9 753 1,600.6 13.5% 19.4%

Q4 2010 121 927.1 741 2,557.1 16.3% 36.3%

Q3 2010 58 326.2 594 982.4 9.8% 33.2%


Further issues Oil and gas Oil and gas All AIM All AIM Oil and gas as % of all AIM Oil and gas as % of all AIMQ2 2010 62 467.0 679 1,404.3 9.1% 33.3%

Q1 2010 68 182.3 580 694.0 11.7% 26.3%

2009 262 1,125.2 2,596 4,771.2 10.1% 23.6%

2008 238 693.1 3,148 3,214.5 7.6% 21.6%

2007 287 858.6 3,904 9,610.2 7.4% 8.9%

2006 261 1,262.3 3,389 5,734.3 7.7% 22.0%

2005 186 527.0 2,506 2,481.2 7.4% 21.2%

2004 144 328.9 2,024 1,880.3 7.1% 17.5%

2003 80 193.4 1,473 999.7 5.4% 19.3%

2002 67 22.7 1,126 485.8 6.0% 4.7%

2001 39 8.3 1,026 535.3 3.8% 1.6%

Total issues Oil and gas Oil and gas All AIM All AIM Oil and gas as % of all AIM Oil and gas as % of all AIM


Funds raised (£m)


Funds raised (£m)

No. of companies/Issues Funds raised

Q1 2013 63 281.2 443 628.2 14.2% 44.8%

Q4 2012 71 117.8 500 864.4 14.2% 13.6%

Q3 2012 87 166.9 608 548.7 14.3% 30.4%

Q2 2012 55 170.7 497 667.1 11.1% 25.6%

Q1 2012 97 189.1 547 1,006.2 17.7% 18.8%

Q4 2011 117 267.0 565 836.1 20.7% 31.9%

Q3 2011 85 262.1 518 685.2 16.4% 38.3%

Q2 2011 63 334.1 611 1,136.9 10.3% 29.4%

Q1 2011 104 372.9 768 1,677.1 13.5% 22.2%

Q4 2010 123 1,031.0 776 3,098.4 15.9% 33.3%

Q3 2010 59 348.2 625 1,273.0 9.4% 27.4%

Q2 2010 62 467.0 697 1,548.9 8.9% 30.2%

Q1 2010 69 188.3 594 931.4 11.6% 20.2%

2009 262 1,125.2 2,631 5,511.7 10.0% 20.4%

2008 251 883.5 3,263 4,293.9 7.7% 20.6%

2007 304 1,092.5 4,188 16,423.7 7.3% 6.7%

2006 289 1,549.8 3,851 15,642.9 7.5% 9.9%2005 224 997.6 3,025 8,942.4 7.4% 11.2%

2004 164 702.9 2,380 4,656.2 6.9% 15.1%

2003 85 221.2 1,636 2,095.2 5.2% 10.6%

2002 73 51.8 1,287 975.8 5.7% 5.3%

2001 42 9.3 1,203 1,128.4 3.5% 0.8%

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