Copy of model_template22

Security Analysis: Valuation Project #REF! (2) Value Drivers (5-Year Averages) Sales growth (%) Oper margin (%) #REF! #REF! Cash tax rate (%) 39.0% W/C needs (% sales) #REF! Inc fixed cap needs (%) #REF! Security Analysis: Valuation Project #REF! (3) Forecast Period NOPLAT Sales Sales growth (%) Operating Income Operating Margin (%) Interest Expense / Sales Interest Expense Base Year 2000 #REF! 12.6% #REF! #REF! 9.70% #REF! #REF! #REF! #REF! 22.0% 9.70% #REF! 2001 #REF! #REF! #REF! 22.0% 9.70% #REF! 2002 #REF! #REF! #REF! 23.0% 9.70% #REF! 2003 #REF! #REF! #REF! 24.0% 9.70% #REF! 2004 #REF! #REF! #REF! 25.0% 9.70% #REF! 2005 #REF! #REF! #REF! 25.0% 9.70% #REF! 2006 #REF! #REF! #REF! 25.0% 9.70% #REF! 2007 Cash Taxes Tax rate (%) NOPLAT Change in NWC Change in NWC 0 W/C needs (% sales) 8 Net Liabilities 8 Incremental Cap Ex Asset sales Investment (Inflow) Free Cash Flow #REF! #REF! #REF! #REF! 4.2 13.2 9 #REF! #REF! #REF! #REF! 7.5 2 2 0% #REF! 33.5% #REF! #REF! 5.9 22.7 16.8 #REF! 0 #REF! #REF! #REF! 35.0% #REF! #REF! 7.5 15.8 8.3 #REF! 0 #REF! #REF! #REF! 35.0% #REF! #REF! 9.6 19.5 9.9 #REF! 0 #REF! #REF! #REF! 35.0% #REF! #REF! 10.9 24.4 13.5 #REF! 0 #REF! #REF! #REF! 35.0% #REF! #REF! #REF! 35.0% #REF! #REF! #REF! 35.0% #REF! #REF! #REF! 0 #REF! #REF! #REF! 0 #REF! #REF! #REF! 0 #REF! #REF! EBITDA Multiple to Use for Terminal Value <---- Choose 1 for Perpetuity Term Value or 2 for EBITDA Multiple Based Terminal Value <----- Choose 1 for after Tax WACC & 2 for Pre-Tax WACC Option <----- Perpetuity Growth Forecast year PV of FCF Cumulative PV of FCF Terminal Value (next NOPAT /( WACC-g)) PV of Terminal Value For APV Method: PV of Tax Savings PV of Terminal Value of Tax Savings 1 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! 2 #REF! #REF! #REF! #REF! #REF! #REF! 3 #REF! #REF! #REF! #REF! #REF! #REF! 4 #REF! #REF! #REF! #REF! #REF! #REF! 5 #REF! #REF! #REF! #REF! #REF! #REF! 6 #REF! #REF! #REF! #REF! #REF! #REF! 7 Security Analysis: Valuation Project #REF! (3) Forecast Period NOPLAT Sales Sales growth (%) Operating Income Operating Margin (%) Interest Expense / Sales Interest Expense #REF! #REF! #REF! 25.0% 9.70% #REF! 2008 #REF! #REF! #REF! 25.0% 9.70% #REF! 2009 #REF! #REF! #REF! 25.0% 9.70% #REF! 2010 Cash Taxes Tax rate (%) NOPLAT Change in NWC Change in NWC 0 W/C needs (% sales) 8 Net Liabilities 8 Incremental Cap Ex Asset sales Investment (Inflow) Free Cash Flow #REF! 35.0% #REF! #REF! #REF! 35.0% #REF! #REF! #REF! 35.0% #REF! #REF! #REF! 0 #REF! #REF! #REF! 0 #REF! #REF! #REF! 0 #REF! #REF! Forecast year PV of FCF Cumulative PV of FCF 8 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! 9 #REF! #REF! #REF! #REF! #REF! #REF! 10 Terminal Value (next NOPAT /(#REF! WACC-g)) PV of Terminal Value #REF! For APV Method: PV of Tax Savings #REF! PV of Terminal Value of Tax Savings #REF! Security Analysis: Valuation Project #REF! (2) Value Drivers (5-Year Averages) Security Analysis: Valuation Project #REF! (3) Forecast Period NOPLAT Base Year 2000 2001 2002 2003 2004 2005 2006 2007 Value of operating assets Short-term investments Marketable securities Total firm value - after Tax WACC method Total Firm Value APV Method Less Debt Total equity value Shares outstanding W/C needs (% sales) Inc fixed cap needs (%) #REF! #REF! #REF! 119.3 18.5 NA #REF! #REF! 119.3 18.5 NA #REF! #REF! 119.3 18.5 NA #REF! #REF! 119.3 18.5 NA #REF! #REF! 119.3 18.5 NA #REF! #REF! 119.3 18.5 NA #REF! #REF! 119.3 18.5 NA #REF! #REF! #REF! #REF! 35.8% #REF! 35.8% #REF! 35.8% #REF! 35.8% #REF! 35.8% #REF! 35.8% Security Analysis: Valuation Project #REF! (3) Forecast Period NOPLAT 2008 2009 2010 Value of operating assets #REF! Short-term investments 119.3 Marketable securities 18.5 Total firm value - after Tax WACC method NA Total Firm Value APV Method #REF! Less Debt Total equity value Shares outstanding W/C needs (% sales) Inc fixed cap needs (%) #REF! 35.8% #REF! 119.3 18.5 NA #REF! #REF! 119.3 18.5 NA #REF! #REF! 35.8% #REF! 35.8% Estimation of Current Cost of Capital Inputs Equity Number of Shares outstanding = Current Market Price per share = Number of Warrants Outstanding = Current Market Price per Warrant = Current Beta = Riskfree Rate = Risk Premium = Debt Book Value of Straight Debt = Interest Expense on Debt = Average Maturity = Pre-tax Cost of Debt = Tax Rate = Book Value of Convertible Debt = Interest Expense on Convertible = Maturity of Convertible Bond = Market Value of Convertible = 1000 10 200 3 1.2 6% 5.50% 5000 600 5 7% 40% 3000 150 10 4000 Preferred Stock Number of Preferred Shares = Current Market Price per Share= Annual Dividend per Share = 50 70 5 Output Estimating Market Value of Straight Debt = $ 6,025.05 Estimated Value of Straight Debt in Convertible = $ 2,578.59 Estimated Value of Equity in Convertible = $ 1,421.41 Equity Debt Preferred Stock Capital $ 12,021.41 $ 8,603.63 $ 3,500.00 $ 24,125.05 49.83% 35.66% 14.51% 100.00% 12.60% 4.20% 7.14% 8.81% Market Value Weight in Cost of Capital Cost of Component Non-Tax Adjusted WACC Market Value Weight in Cost of Capital Cost of Component Equity Debt Preferred Stock Capital $ 12,021.41 $ 8,603.63 $ 3,500.00 $ 24,125.05 49.83% 35.66% 14.51% 100.00% 12.60% 7.00% 7.14% 9.81% WACC to Use 9.81% Sales 1. Recent Historical Growth Year Sales Growth % 1997 #REF! 1998 #REF! 1999 #REF! Hist. Avg 2000 #REF! #REF! 1999E 2000E 2001E 2002E 2003E 2. Industry Growth Rate Sales Growth % 1997 1998 1999 Hist. Avg 2000 #DIV/0! 1999E 2000E 2001E 2002E 2003E 100.00% 80.00% 60.00% Sales Growth % 40.00% 20.00% 0.00% 1996 1997 1998 1999 2000 3. Market Share Percent 1997 1998 1999 2000 1999E 2000E 2001E 2002E 2003E Hist. Avg #DIV/0! 3. Capital Investment Investment (% of Sales) -Capex to EBITDA Capex to EBITDA 1997 1998 1999 2000 1999E 2000E 2001E 2002E 2003E 4. Economic Variables Current Risk Free Rate Current Inflation Rate Forecast Inflation Rate 5.80% 2.50% 3% Operating Margin 1. Recent Historical Growth Year Sales Growth % 1996 #REF! 1997 #REF! 1998 #REF! 1999 #REF! 1998 #REF! 100.00% 80.00% 60.00% Operating Margin Growth % 40.00% 20.00% 0.00% 1995 1996 1997 1998 1999 2001 2. Industry Growth Rate 1997 1998 1999 2000 1999E 2000E 2001E 2002E 2003E 1999 2000 Industry Name Advertising Aerospace/Defense Air Transport Aluminum Apparel Auto & Truck Auto Parts (OEM) Auto Parts (Replacement) Bank Bank (Canadian) Bank (Foreign) Bank (Midwest) Beverage (Alcoholic) Beverage (Soft Drink) Building Materials Cable TV Canadian Energy Cement & Aggregates Chemical (Basic) Chemical (Diversified) Chemical (Specialty) Coal/Alternate Energy Computer & Peripherals Computer Software & Svcs Copper Diversified Co. Drug Drugstore Educational Services Electric Util. (Central) Electric Utility (East) Electric Utility (West) Electrical Equipment Electronics Entertainment Environmental Financial Services Food Processing Food Wholesalers Foreign Electron/Entertn Foreign Telecom. Furn./Home Furnishings Gold/Silver Mining Grocery Healthcare Info Systems Home Appliance Homebuilding Hotel/Gaming Household Products Number of Expected Firms Growth in EBIT 25 48 44 9 61 20 36 36 162 8 2 34 22 13 57 22 15 15 18 35 89 6 166 355 7 101 229 12 21 36 38 19 104 152 70 61 101 93 18 13 19 36 34 29 32 15 66 56 33 -1.07% 0.17% 8.89% 4.21% 1.59% 3.02% 7.27% 6.08% NA NA NA NA 3.72% 3.17% 5.85% -0.10% 9.17% 6.19% 5.76% 4.28% 5.93% 5.32% 9.23% 2.45% 7.86% 2.60% 4.59% 10.79% 4.91% -0.02% -0.41% 0.39% 4.61% 7.12% -0.40% 1.56% 5.25% 1.65% 6.46% 3.83% -0.22% 4.73% 6.64% 7.07% 4.13% 2.68% 5.90% 13.88% 5.85% Growth Rate in Sales 0.64% 0.20% 7.20% 7.63% 2.71% 5.55% 12.22% 8.16% NA NA NA NA 2.94% 8.45% 5.49% 10.11% 12.00% 3.85% 0.55% 5.56% 9.26% 11.88% 13.59% 10.91% 13.20% 3.99% 12.41% 9.92% 9.50% 6.06% 1.95% 1.84% 7.56% 8.90% 6.45% 4.80% 10.79% 4.56% 8.55% 4.83% 10.78% 8.10% 7.62% 3.45% 11.92% 3.31% 8.28% 10.24% 7.82% Capital Exp $ 619 $ 3,997 $ 13,958 $ 2,227 $ 870 $ 41,080 $ 3,476 $ 1,208 NA NA NA NA $ 2,360 $ 4,179 $ 2,463 $ 4,331 $ 9,622 $ 998 $ 7,537 $ 10,239 $ 4,534 $ 949 $ 16,400 $ 8,963 $ 2,166 $ 7,587 $ 10,100 $ 1,615 $ 230 $ 8,592 $ 11,546 $ 5,945 $ 7,332 $ 3,905 $ 5,347 $ 1,631 $ 2,849 $ 9,915 $ 2,358 $ 20,394 $ 26,126 $ 762 $ 2,501 $ 6,625 $ 346 $ 932 $ 1,141 $ 8,147 $ 5,305 Depreciation $ $ $ $ $ $ $ $ 728 3,908 7,568 1,842 846 39,747 2,186 803 NA NA NA NA 1,483 3,128 1,551 4,348 4,851 595 4,739 7,896 3,196 400 12,063 9,290 1,170 6,326 7,970 822 149 9,050 12,490 5,726 5,621 2,681 6,628 1,440 3,117 8,788 1,369 16,276 30,416 645 1,383 3,916 328 789 496 2,158 3,592 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ Industrial Services Insurance (Diversified) Insurance (Life) Insurance (Prop/Casualty) Internet Investment Co. (Domestic) Investment Co. (Foreign) Investment Co. (Income) Machinery Manuf. Housing/Rec Veh Maritime Medical Services Medical Supplies Metal Fabricating Metals & Mining (Div.) Natural Gas (Distrib.) Natural Gas (Diversified) Newspaper Office Equip & Supplies Oilfield Services/Equip. Packaging & Container Paper & Forest Products Petroleum (Integrated) Petroleum (Producing) Precision Instrument Publishing R.E.I.T. Railroad Recreation Restaurant Retail (Special Lines) Retail Building Supply Retail Store Securities Brokerage Semiconductor Semiconductor Cap Equip Shoe Steel (General) Steel (Integrated) Telecom. Equipment Telecom. Services Textile Thrift Tire & Rubber Tobacco Toiletries/Cosmetics Trucking/Transp. Leasing Utility (Foreign) Water Utility 157 57 32 66 28 18 24 13 140 21 22 191 210 42 29 54 41 20 31 93 33 63 41 104 101 57 87 15 90 90 172 14 49 35 69 8 26 31 20 100 131 27 120 10 16 25 51 2 17 2.20% 2.86% NA NA 14.39% NA NA NA 5.98% 10.57% 6.47% 2.15% 8.88% 4.07% 9.08% 7.74% 9.90% -0.60% 4.81% 11.96% 3.03% 2.19% 7.15% 15.71% 8.62% -0.23% 17.35% 7.08% 8.43% 8.46% 7.75% 13.74% 5.46% 9.37% 9.56% 10.08% 6.32% 8.69% 2.59% 12.11% 6.74% 5.31% NA 8.47% 0.87% 8.94% 15.77% 7.25% 4.84% 10.24% 6.72% NA 6.50% 15.83% NA NA NA 8.16% 12.97% 0.25% 11.57% 10.20% 3.46% -5.87% 2.29% 10.05% 4.03% 11.30% 5.62% 6.92% 6.08% 2.29% 5.95% 7.63% 8.61% -6.00% 6.22% 8.91% 9.65% 8.97% 6.50% 4.98% 14.76% 12.66% 24.31% 3.25% 6.55% -3.17% 9.91% 11.67% 4.03% NA 9.20% 2.63% 6.00% 11.17% 6.00% 1.36% $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 3,146 3,232 NA NA 578 NA NA NA 5,855 271 1,454 6,322 7,795 1,313 6,900 5,398 11,958 2,754 2,290 10,147 2,566 9,802 74,194 14,729 2,818 2,303 2,925 8,439 3,604 5,969 6,016 2,425 11,451 1,873 12,973 669 780 2,056 3,920 6,062 54,188 1,052 3 1,180 3,765 1,519 8,254 6,801 786 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 3,468 765 NA NA 259 NA NA NA 4,143 128 694 5,524 4,380 900 2,736 2,497 5,318 3,145 2,289 4,265 2,067 8,675 45,211 6,230 1,765 2,941 312 3,807 1,693 2,971 3,782 653 7,182 1,414 8,161 389 386 1,053 2,720 2,787 36,633 677 1 729 3,809 809 4,008 3,702 324 Cap Ex/Depreciation 84.97% 102.26% 184.45% 120.93% 102.94% 103.35% 159.03% 150.40% NA NA NA NA 159.20% 133.61% 158.84% 99.59% 198.37% 167.74% 159.05% 129.68% 141.87% 236.99% 135.95% 96.47% 185.12% 119.92% 126.73% 196.41% 154.03% 94.94% 92.44% 103.83% 130.44% 145.67% 80.67% 113.29% 91.40% 112.82% 172.17% 125.30% 85.90% 118.11% 180.81% 169.19% 105.20% 118.22% 230.29% 377.52% 147.67% Net Cap Ex/Sales -0.63% 0.06% 4.40% 1.08% 0.08% 0.20% 2.22% 1.65% NA NA NA NA 3.08% 1.67% 1.63% -0.09% 11.08% 4.40% 3.23% 1.97% 1.94% 12.90% 1.46% -0.25% 6.91% 0.74% 1.44% 1.64% 2.59% -0.48% -0.82% 0.44% 1.10% 1.66% -1.75% 0.86% -0.31% 0.37% 1.04% 1.37% -1.94% 0.54% 14.18% 1.56% 0.30% 0.70% 1.84% 17.54% 1.95% Net Cap Ex / EBIT(1-t) -7.47% 0.30% 46.20% 10.49% 1.17% 1.78% 36.30% 21.90% NA NA NA NA 32.39% 11.81% 27.19% -0.27% 71.03% 29.13% 19.88% 16.74% 17.41% 57.13% 16.45% -1.68% 34.31% 10.21% 7.68% 39.21% 27.59% -3.18% -4.27% 2.45% 10.53% 22.21% -18.87% 8.27% -1.67% 4.99% 38.31% 24.46% -9.55% 7.24% 88.36% 41.40% 2.14% 8.48% 31.92% 132.61% 15.49% Dividend Yield 0.47% 1.61% 0.51% 1.59% 0.90% 1.91% 1.37% 1.84% 1.49% 3.20% 1.32% 1.33% 1.58% 0.94% 1.22% 0.09% 2.58% 1.02% 2.45% 2.51% 1.91% 0.08% 0.17% 0.09% 7.58% 0.98% 0.93% 0.52% 0.02% 4.41% 4.27% 4.01% 1.18% 0.47% 0.38% 0.30% 0.64% 1.79% 0.80% 0.91% 1.55% 0.92% 0.95% 0.62% 0.18% 1.39% 1.22% 0.47% 1.24% Dividend Payout 23.23% 29.46% 5.20% 38.94% 14.62% 57.04% 22.74% 44.81% 32.69% 75.01% 37.86% 41.96% 60.13% 47.57% 18.20% -2.98% 80.54% 16.72% 53.79% 48.56% 38.75% 1.97% 8.31% 4.40% 144.02% 21.39% 69.21% 22.46% 0.94% 81.07% 81.15% 71.39% 37.58% 20.04% 42.02% 7.67% 27.06% 41.86% 20.75% 40.33% 72.21% 17.36% NA 24.44% 7.89% 40.94% 17.53% 8.89% 47.80% Market Cap $ 43,391 $ 96,118 $ 81,928 $ 25,943 $ 24,635 $ 386,119 $ 37,360 $ 23,059 $ 660,602 $ 66,605 $ 62,019 $ 227,553 $ 55,057 $ 269,338 $ 36,132 $ 64,730 $ 44,062 $ 16,618 $ 100,513 $ 139,119 $ 75,236 $ 11,224 $ 788,090 $ 757,514 $ 6,469 $ 204,083 $ 1,200,018 $ 65,013 $ 10,695 $ 119,959 $ 169,470 $ 59,186 $ 443,923 $ 83,931 $ 221,738 $ 53,840 $ 396,728 $ 349,832 $ 36,185 $ 200,373 $ 629,369 $ 22,354 $ 29,727 $ 122,603 $ 33,181 $ 17,152 $ 24,855 $ 39,699 $ 225,276 90.71% 422.52% NA NA 223.08% NA NA NA 141.31% 211.54% 209.36% 114.44% 177.98% 145.92% 252.18% 216.24% 224.87% 87.58% 100.03% 237.89% 124.15% 112.99% 164.11% 236.40% 159.61% 78.29% 938.39% 221.70% 212.91% 200.93% 159.08% 371.10% 159.44% 132.45% 158.96% 172.18% 202.17% 195.13% 144.10% 217.50% 147.92% 155.36% 357.89% 161.87% 98.85% 187.89% 205.93% 183.70% 242.57% -0.37% 17.45% NA NA 6.33% NA NA NA 1.34% 1.22% 7.54% 0.49% 2.39% 1.54% 13.14% 8.16% 7.71% -0.77% 0.00% 9.66% 1.35% 0.84% 3.51% 27.49% 2.74% -1.54% 99.69% 10.35% 5.67% 5.49% 1.32% 4.00% 1.15% 0.43% 5.38% 3.48% 1.83% 3.42% 2.30% 5.25% 7.18% 2.33% 8.25% 2.05% -0.03% 2.73% 9.33% 17.32% 14.29% -5.18% 137.69% NA NA 203.29% NA NA NA 15.33% 23.40% 63.23% 7.83% 25.02% 17.07% 158.43% 60.28% 69.00% -5.36% 0.01% 60.37% 12.77% 9.40% 36.95% 97.85% 28.52% -13.18% 143.00% 59.94% 43.54% 50.12% 28.28% 73.86% 23.24% 1.14% 30.62% 21.96% 29.86% 43.31% 23.76% 54.40% 35.18% 29.62% 17.83% 24.46% -0.29% 25.76% 93.49% 72.38% 49.47% 0.51% 0.79% 0.84% 1.27% 0.00% 0.19% 2.98% 0.00% 1.57% 0.70% 2.26% 0.41% 0.74% 1.09% 2.97% 4.14% 1.76% 1.16% 0.91% 0.76% 1.10% 2.25% 2.80% 1.34% 1.18% 1.75% 0.42% 1.96% 0.68% 0.38% 0.43% 0.17% 0.63% 0.56% 0.18% 0.01% 1.28% 1.95% 3.05% 0.11% 1.30% 1.22% 1.05% 1.84% 3.32% 0.95% 0.69% 1.41% 3.19% 14.96% 19.12% 22.51% 22.02% NA 52.13% NA NA 19.18% 10.06% 35.60% 10.70% 31.33% 30.67% 92.85% 91.18% 76.00% 38.42% 26.00% 10.56% 28.06% 74.48% 55.53% 74.23% 51.31% 66.59% 7.22% 59.26% 22.33% 10.56% 12.07% 8.83% 29.94% 10.91% 17.03% 0.50% 23.57% 21.95% 94.79% 7.56% 67.54% 23.29% 21.01% 23.47% 57.48% 36.15% 8.46% 53.16% 63.77% $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 91,233 215,980 175,442 147,988 149,928 10,796 5,206 7,982 92,503 7,765 6,011 143,821 382,738 25,952 34,695 33,968 78,910 111,624 97,257 94,342 31,454 94,547 767,729 50,579 60,871 71,368 75,257 65,663 76,886 91,282 149,619 115,936 336,486 132,705 362,545 38,357 12,377 12,135 21,165 221,758 975,755 8,399 200,844 15,103 182,321 75,287 20,960 52,196 8,237 Insider Holdings 42.57% 15.57% 22.97% 2.14% 29.77% 26.00% 20.85% 30.00% 14.33% 11.20% 0.00% 16.20% 37.15% 22.40% 21.22% 41.17% 1.60% 11.58% 15.31% 8.68% 18.17% 23.25% 30.36% 33.84% 3.33% 19.80% 28.37% 10.00% 43.47% 1.62% 1.07% 0.93% 30.19% 26.01% 41.25% 29.88% 27.38% 25.98% 15.78% 12.90% 6.50% 27.34% 11.29% 32.65% 37.22% 19.08% 35.81% 36.40% 21.41% Institutional Std Dev in Stock Holdings Prices 37.92% 47.43% 42.44% 57.49% 39.60% 34.70% 45.83% 35.08% 26.27% 10.20% 0.54% 29.92% 27.99% 33.22% 41.96% 44.73% 13.06% 57.84% 51.47% 43.33% 41.15% 43.64% 31.74% 37.85% 47.71% 43.75% 30.38% 40.67% 43.11% 41.11% 40.88% 47.53% 32.63% 40.47% 42.81% 32.07% 43.47% 36.68% 42.28% 4.21% 10.89% 52.44% 21.49% 40.03% 40.56% 44.49% 41.67% 38.59% 50.48% 40.76% 41.59% 47.25% 32.19% 48.52% 33.71% 36.08% 36.33% 25.95% 24.87% 33.26% 23.10% 29.77% 37.17% 37.64% 45.99% 27.50% 34.07% 33.93% 30.62% 38.83% 41.48% 62.99% 62.08% 31.17% 37.59% 64.84% 44.50% 56.30% 16.77% 19.20% 17.89% 48.48% 53.56% 37.64% 57.37% 39.76% 33.84% 31.97% 27.63% 39.42% 34.77% 56.14% 34.80% 70.20% 38.18% 43.98% 49.01% 35.37% P/S Ratio Net Margin 2.60 0.77 0.55 0.72 0.77 1.08 0.57 0.83 NA NA NA NA 1.91 4.60 0.61 3.05 1.05 1.65 1.47 1.17 1.07 1.99 2.50 5.14 0.54 1.15 8.28 1.26 3.00 1.04 1.33 0.96 2.61 1.11 2.77 1.66 3.97 1.17 0.37 1.25 3.46 0.94 3.85 0.65 5.30 0.76 0.62 1.07 2.59 4.50% 4.02% 5.35% 4.51% 4.26% 3.96% 3.60% 3.83% NA NA NA NA 6.04% 10.61% 3.61% -10.63% 5.80% 10.22% 8.74% 6.62% 6.84% 8.27% 6.47% 9.52% 7.93% 4.84% 13.78% 2.77% 6.60% 7.00% 8.46% 7.41% 9.11% 3.94% 2.48% 3.11% 13.42% 5.13% 1.39% 2.63% 7.93% 5.16% -0.29% 1.88% 11.12% 2.41% 3.70% 6.12% 8.91% Payout 23.23% 29.46% 5.20% 38.94% 14.62% 57.04% 22.74% 44.81% 32.69% 75.01% 37.86% 41.96% 60.13% 47.57% 18.20% -2.98% 80.54% 16.72% 53.79% 48.56% 38.75% 1.97% 8.31% 4.40% 144.02% 21.39% 69.21% 22.46% 0.94% 81.07% 81.15% 71.39% 37.58% 20.04% 42.02% 7.67% 27.06% 41.86% 20.75% 40.33% 72.21% 17.36% NA 24.44% 7.89% 40.94% 17.53% 8.89% 47.80% V/S Ratio Oper. Mgn 2.91 1.09 0.82 0.96 0.93 2.22 0.78 1.06 NA NA NA NA 2.27 4.98 0.78 5.02 1.70 1.82 1.84 1.51 1.34 3.56 2.63 5.27 1.13 1.40 8.52 1.35 3.13 1.79 2.12 1.67 2.75 1.28 3.42 2.01 5.95 1.37 0.47 1.71 4.07 1.09 4.51 0.78 5.38 1.01 0.99 1.67 2.85 8.37% 21.04% 9.53% 10.33% 7.05% 11.01% 6.12% 7.53% NA NA NA NA 9.52% 14.18% 5.98% 34.88% 15.59% 15.12% 16.23% 11.80% 11.15% 22.59% 8.89% 14.94% 20.13% 7.26% 18.76% 4.19% 9.40% 15.22% 19.16% 17.99% 10.47% 7.49% 9.25% 10.39% 18.59% 7.34% 2.71% 5.61% 20.27% 7.48% 16.05% 3.76% 14.02% 8.31% 5.78% 13.23% 12.60% 35.12% 22.29% 16.30% 22.75% 41.56% 1.92% 1.78% 0.00% 23.61% 35.10% 34.08% 26.41% 25.14% 22.39% 10.23% 6.25% 13.91% 12.25% 16.73% 21.20% 22.59% 16.19% 7.23% 18.08% 25.33% 27.82% 7.12% 25.87% 28.59% 29.57% 30.30% 25.80% 26.71% 29.92% 27.98% 4.38% 36.14% 13.64% 19.69% 30.59% 25.35% 24.84% 18.62% 10.60% 14.88% 33.67% 38.14% 1.00% 7.09% 40.83% 47.94% 41.61% 52.99% 32.98% 13.28% 17.96% 2.36% 42.98% 38.02% 44.03% 39.66% 36.04% 45.82% 24.27% 25.35% 43.05% 41.60% 48.79% 38.16% 49.99% 47.33% 45.84% 31.51% 37.08% 41.01% 41.95% 54.66% 35.14% 40.45% 45.32% 45.94% 53.18% 29.02% 43.47% 68.90% 49.56% 52.87% 39.99% 36.44% 35.66% 45.88% 27.33% 29.16% 40.98% 34.73% 48.84% 3.12% 20.26% 45.01% 30.73% 28.87% 28.60% 72.04% 24.07% 31.76% 12.23% 38.42% 38.66% 36.05% 58.39% 56.18% 37.75% 56.00% 20.38% 37.09% 24.83% 37.14% 51.59% 34.36% 31.90% 27.87% 49.98% 49.15% 50.96% 21.88% 35.91% 50.57% 41.39% 58.34% 43.30% 45.50% 42.19% 63.35% 58.26% 42.88% 36.76% 37.58% 63.32% 51.66% 34.26% 28.78% 26.72% 36.91% 44.87% 35.74% 25.69% 22.56% 0.90 13.89 NA NA 23.27 NA NA NA 0.68 0.57 0.55 0.77 2.48 0.91 1.13 0.97 0.80 2.17 1.31 1.30 0.80 0.71 1.20 1.84 1.60 1.86 0.64 1.50 2.14 1.62 0.83 2.26 0.86 1.10 4.17 4.64 0.60 0.43 0.61 3.32 3.46 0.48 NA 0.68 1.30 2.84 0.43 6.83 2.56 3.75% 68.61% NA NA -2.89% NA NA NA 5.98% 4.25% 4.23% 3.38% 6.67% 6.11% 4.76% 5.67% 4.36% 7.33% 5.09% 10.50% 4.03% 1.88% 5.90% 6.67% 5.79% 5.56% NA 8.93% 7.46% 5.74% 3.09% 3.92% 2.81% 7.29% 12.07% 12.84% 4.25% 4.50% 2.00% 5.77% 7.35% 3.61% NA 5.36% 7.02% 8.46% 3.09% 12.89% 12.32% 14.96% 19.12% 22.51% 22.02% NA 52.13% NA NA 19.18% 10.06% 35.60% 10.70% 31.33% 30.67% 92.85% 91.18% 76.00% 38.42% 26.00% 10.56% 28.06% 74.48% 55.53% 74.23% 51.31% 66.59% 7.22% 59.26% 22.33% 10.56% 12.07% 8.83% 29.94% 10.91% 17.03% 0.50% 23.57% 21.95% 94.79% 7.56% 67.54% 23.29% 21.01% 23.47% 57.48% 36.15% 8.46% 53.16% 63.77% 1.08 15.63 NA NA 23.37 NA NA NA 0.91 0.66 1.13 1.02 2.62 1.10 1.67 1.57 1.18 2.67 1.64 1.52 1.23 1.14 1.38 2.78 1.76 2.16 0.72 2.24 2.45 1.93 0.92 2.34 1.04 2.91 4.30 4.80 0.76 0.64 0.98 3.48 4.00 0.82 NA 0.81 1.56 3.02 0.86 9.97 4.37 7.13% 12.68% NA NA 3.11% NA NA NA 8.74% 5.21% 11.93% 6.24% 9.57% 9.05% 8.29% 13.54% 11.17% 14.41% 8.21% 16.00% 10.59% 8.94% 9.51% 28.10% 9.61% 11.68% NA 17.27% 13.01% 10.95% 4.66% 5.42% 4.97% 37.84% 17.57% 15.86% 6.12% 7.89% 9.70% 9.66% 20.40% 7.86% NA 8.40% 10.34% 10.59% 9.98% 23.93% 28.89% Value / Value / EBITDA EBIT 14.63 3.74 4.41 4.84 7.12 5.39 5.89 8.21 NA NA NA NA 9.87 17.86 6.67 9.91 4.44 6.80 4.62 6.12 6.42 11.42 15.81 19.63 2.82 9.01 25.56 16.60 16.62 6.08 5.77 5.15 16.13 8.80 12.69 13.01 22.15 9.34 8.19 5.49 7.13 7.93 10.01 10.05 21.28 7.51 10.93 6.64 12.35 18.76 4.19 6.05 6.53 8.92 7.37 7.88 10.59 NA NA NA NA 12.71 22.09 8.60 16.62 6.36 8.74 5.59 8.37 8.19 14.79 20.53 25.65 3.72 11.69 30.60 20.68 21.37 8.30 7.89 7.24 20.02 11.63 18.33 18.25 25.07 11.69 10.80 8.12 10.08 9.88 16.65 13.76 26.86 10.15 12.65 8.66 15.04 Value / EBIT(1t) R-squared 33.07 4.71 8.90 9.37 13.97 10.63 14.32 15.90 NA NA NA NA 24.11 32.78 13.76 16.03 10.64 13.19 8.95 12.81 12.34 20.88 31.48 39.87 4.69 20.12 44.51 34.26 38.17 14.31 12.17 11.43 28.73 17.55 40.29 28.19 37.03 18.14 17.98 16.36 16.50 16.07 27.48 22.30 42.23 13.45 19.65 13.62 22.39 12.27% 12.78% 15.50% 23.50% 6.67% 16.21% 12.57% 9.08% 19.44% 36.38% 34.00% 22.64% 12.85% 14.58% 13.59% 13.00% 13.79% 14.42% 10.91% 17.22% 12.57% 9.83% 9.60% 10.48% 13.60% 14.12% 10.66% 14.89% 9.67% 4.63% 8.61% 7.73% 12.41% 9.27% 10.90% 7.34% 18.78% 9.59% 15.31% 17.33% 22.59% 10.17% 6.42% 8.32% 10.13% 12.38% 9.30% 9.67% 15.00% Correlation 35.03% 35.75% 39.37% 48.48% 25.82% 40.27% 35.46% 30.13% 44.09% 60.31% 58.31% 47.58% 35.84% 38.19% 36.86% 36.06% 37.13% 37.97% 33.03% 41.50% 35.46% 31.36% 30.99% 32.37% 36.88% 37.58% 32.65% 38.59% 31.09% 21.51% 29.33% 27.81% 35.23% 30.44% 33.01% 27.09% 43.34% 30.96% 39.13% 41.63% 47.53% 31.89% 25.35% 28.85% 31.82% 35.19% 30.49% 31.09% 38.73% Total Beta 3.32 2.83 3.21 2.09 3.83 2.58 2.57 2.82 2.01 1.65 1.88 1.93 2.16 2.56 2.55 3.05 2.41 2.43 2.88 2.27 2.58 2.65 4.26 4.32 2.70 2.50 3.69 2.56 3.65 2.94 2.26 2.40 3.17 3.86 3.05 3.54 2.86 2.56 2.05 2.08 2.33 3.16 2.38 2.75 3.73 2.65 3.23 3.45 2.49 P/BV Ratio 7.99 2.30 2.35 2.02 2.45 2.45 2.38 3.12 3.85 1.56 4.92 5.21 3.18 13.48 2.93 NA 1.67 2.86 4.09 3.08 2.97 4.63 8.61 10.63 0.79 3.86 12.45 7.19 5.57 1.89 2.06 1.79 6.74 3.14 3.51 4.71 5.23 3.97 3.87 1.66 4.75 3.37 2.37 6.65 9.32 3.15 2.08 1.85 9.00 ROE 16.27% 12.56% 22.94% 8.29% 15.06% 8.21% 14.36% 12.83% 17.61% 6.66% 17.17% 16.50% 8.34% 26.68% 19.67% NA 5.37% 17.52% 18.62% 15.90% 14.59% 18.28% 17.29% 20.59% 4.18% 17.62% 16.69% 16.73% 14.58% 10.30% 10.81% 10.06% 21.22% 7.35% 3.17% 18.42% 12.44% 16.97% 14.90% 3.72% 10.18% 17.89% -0.03% 16.73% 21.13% 10.74% 14.44% 9.72% 23.41% 8.52 NA NA NA 324.72 NA NA NA 5.89 8.00 5.35 8.47 16.75 6.58 7.56 5.60 6.26 9.73 10.78 6.12 6.15 5.91 4.83 4.09 9.06 7.86 47.06 6.31 11.75 9.08 9.39 26.47 10.96 5.44 11.72 17.46 6.25 4.18 3.64 19.34 9.62 5.38 NA 5.20 7.39 14.41 3.59 6.38 8.34 11.66 NA NA NA 736.32 NA NA NA 7.35 9.04 7.66 11.23 20.46 8.13 12.69 7.52 8.77 12.52 13.52 8.01 8.34 8.95 6.43 6.13 11.89 10.90 56.85 8.35 15.18 12.08 11.94 30.94 13.60 5.56 15.75 21.07 7.39 5.53 5.13 25.19 13.97 7.23 NA 6.59 8.48 16.86 5.47 9.25 10.32 17.64 NA NA NA 959.41 NA NA NA 11.04 14.64 10.28 18.68 29.62 12.84 19.49 11.43 12.10 18.87 21.39 11.34 12.42 12.58 11.21 8.80 18.22 17.10 46.64 12.70 20.03 18.16 21.10 49.85 22.03 8.69 23.79 31.04 11.77 7.84 6.76 38.56 22.64 11.24 NA 9.76 14.33 29.03 9.24 17.80 15.05 8.22% 15.73% 15.76% 14.76% 12.40% 35.40% 29.67% 14.42% 9.72% 10.00% 7.56% 10.51% 8.50% 11.03% 9.13% 11.12% 12.97% 19.33% 11.88% 9.35% 9.67% 16.30% 18.48% 6.64% 9.32% 9.18% 7.30% 19.08% 9.35% 10.84% 7.74% 10.14% 12.20% 24.13% 15.98% 24.75% 10.35% 14.00% 12.38% 8.82% 12.37% 6.64% 16.68% 22.29% 10.50% 13.67% 9.15% 38.00% 7.00% 28.67% 39.67% 39.70% 38.42% 35.21% 59.50% 54.47% 37.97% 31.17% 31.62% 27.50% 32.41% 29.15% 33.21% 30.21% 33.35% 36.02% 43.97% 34.46% 30.58% 31.09% 40.37% 42.98% 25.78% 30.54% 30.30% 27.01% 43.68% 30.57% 32.93% 27.82% 31.85% 34.93% 49.12% 39.97% 49.75% 32.17% 37.42% 35.18% 29.70% 35.17% 25.76% 40.84% 47.21% 32.40% 36.97% 30.24% 61.64% 26.46% 3.82 2.35 2.47 2.36 5.17 1.39 2.04 1.47 3.08 2.89 3.60 3.56 3.75 2.95 2.91 1.92 2.59 2.10 3.08 3.76 2.95 2.32 2.08 3.51 3.61 3.23 3.00 2.43 3.22 3.06 4.06 3.39 3.31 2.58 3.85 3.27 3.00 2.45 2.70 4.74 3.47 3.66 2.30 2.07 2.51 2.78 3.18 1.65 2.32 3.37 2.94 3.29 1.97 54.32 27.71 3.30 NA 2.29 2.49 1.11 2.25 8.06 2.59 1.37 1.98 2.40 4.22 5.01 2.42 3.07 1.80 2.47 1.77 4.09 5.82 14.31 1.95 4.20 5.00 3.81 9.78 4.85 3.46 6.12 6.44 2.06 1.27 0.98 7.64 7.22 1.87 4.09 2.32 6.29 10.26 1.99 2.62 2.18 11.58% 12.21% 12.28% 11.35% -0.04% 10.11% 1.23% NA 18.73% 17.22% 7.00% 8.63% 19.17% 9.22% 4.37% 9.01% 5.56% 12.74% 17.56% 17.50% 11.99% 5.45% 12.47% 0.41% 9.37% 15.28% 82.40% 6.47% 12.82% 17.97% 13.71% 18.59% 10.21% 17.71% 6.31% 13.29% 11.20% 11.29% 3.14% 11.21% 3.50% 9.79% 20.40% 18.16% 36.41% 26.97% 16.30% 6.94% 10.94% EPS Growth 17.83% 16.27% 12.50% 14.33% 20.50% 15.00% 14.69% 27.08% 12.91% 11.17% 15.75% 14.13% 12.67% 13.83% 14.86% 14.00% 10.42% 17.14% 4.42% 9.41% 9.72% 18.75% 19.18% 23.95% 2.50% 13.91% 20.25% 15.58% 24.70% 5.65% 4.24% 2.71% 13.21% 15.23% 25.00% 20.92% 18.15% 14.88% 14.50% 9.09% 14.86% 17.42% 14.00% 13.50% 23.40% 16.83% 20.00% 11.82% 17.31% Accounts Receivable/Sales 51.39% 13.35% 9.31% 13.49% 12.29% 45.47% 15.41% 13.10% NA NA NA NA 13.12% 10.19% 11.72% 9.01% 14.47% 13.78% 15.40% 17.72% 15.82% 18.30% 19.38% 22.16% 9.59% 15.82% 17.79% 2.69% 14.47% 12.42% 11.63% 14.28% 17.47% 17.50% 17.39% 20.64% 167.94% 9.68% 3.71% 20.71% 25.74% 13.39% 7.74% 1.90% 25.81% 17.26% 7.85% 7.83% 11.05% Inventory / Sales 2.09% 20.38% 2.35% 14.09% 20.95% 7.49% 8.99% 17.54% NA NA NA NA 17.28% 5.03% 9.63% 2.81% 4.62% 10.53% 10.36% 14.30% 13.32% 2.24% 9.00% 2.38% 12.72% 11.91% 11.79% 18.80% 2.91% 4.96% 4.96% 3.77% 13.12% 16.39% 13.18% 4.75% 4.34% 10.95% 6.55% 16.57% 7.72% 13.56% 13.09% 8.06% 0.83% 14.44% 36.74% 1.87% 11.12% Accounts Payable/Sales 56.05% 14.79% 8.16% 8.76% 6.76% 11.15% 12.63% 9.15% NA NA NA NA 12.79% 9.67% 8.49% 12.96% 16.01% 8.11% 8.19% 12.11% 8.35% 10.58% 8.59% 6.55% 11.46% 9.02% 8.30% 8.11% 5.31% 9.96% 7.69% 9.61% 10.34% 9.63% 13.15% 10.03% 15.39% 11.32% 6.88% 13.91% 17.71% 6.02% 12.76% 5.85% 4.58% 8.97% 12.21% 9.18% 6.78% Non-Cash Working Capital/Sales -2.57% 18.95% 3.51% 18.82% 26.48% 41.80% 11.77% 21.49% NA NA NA NA 17.61% 5.54% 12.87% -1.14% 3.07% 16.20% 17.57% 19.92% 20.79% 9.97% 19.79% 18.00% 10.86% 18.71% 21.27% 13.37% 12.07% 7.42% 8.89% 8.44% 20.25% 24.26% 17.43% 15.35% 156.89% 9.30% 3.38% 23.37% 15.75% 20.93% 8.07% 4.11% 22.06% 22.74% 32.38% 0.53% 15.39% 18.11% 11.77% 14.54% 9.60% 46.25% NA NA NA 11.52% 12.75% 28.38% 11.19% 18.17% 11.63% 10.40% 7.96% 15.10% 13.10% 14.30% 19.17% 13.64% 9.79% 10.92% 13.32% 16.00% 12.82% 25.75% 11.86% 18.03% 17.56% 18.49% 18.21% 15.55% 12.13% 14.17% 11.50% 18.19% 12.62% 7.93% 23.92% 18.48% 14.33% 17.53% 9.90% 9.30% 18.21% 19.53% 13.25% 8.00% 15.41% NA NA NA 25.68% NA NA NA 21.65% 16.40% 14.72% 17.72% 14.27% 15.61% 15.29% 10.67% 15.25% 16.18% 21.53% 23.42% 13.24% 10.91% 12.43% 16.85% 20.15% 16.70% NA 10.00% 14.14% 2.19% 5.56% 3.66% 10.88% NA 15.53% 22.80% 14.13% 11.46% 15.40% 20.97% 21.21% 14.08% NA 13.11% 6.70% 16.18% 13.83% 14.48% 9.02% 3.74% NA NA NA 2.77% NA NA NA 15.37% 9.38% 5.61% 1.31% 13.69% 14.41% 18.77% 5.98% 2.58% 3.71% 13.75% 9.23% 13.08% 12.24% 5.60% 4.17% 14.36% 6.76% NA 3.02% 11.13% 2.01% 17.57% 15.85% 15.99% NA 11.08% 16.63% 18.26% 15.12% 15.36% 12.19% 1.35% 19.04% NA 12.87% 13.86% 14.21% 7.65% 4.76% 2.71% 4.30% NA NA NA 7.35% NA NA NA 12.63% 5.30% 9.48% 10.68% 9.29% 7.97% 14.73% 10.35% 13.96% 15.99% 8.20% 11.94% 13.40% 7.69% 11.60% 17.67% 7.95% 7.09% NA 11.35% 6.57% 3.92% 9.11% 7.21% 9.31% NA 9.52% 16.47% 5.83% 8.41% 12.45% 8.92% 15.81% 6.47% NA 8.84% 4.79% 6.52% 7.28% 11.13% 8.14% 14.85% NA NA NA 21.09% NA NA NA 24.39% 20.48% 10.85% 8.36% 18.67% 22.05% 19.33% 6.30% 3.88% 3.90% 27.07% 20.72% 12.92% 15.45% 6.43% 3.35% 26.56% 16.37% NA 1.67% 18.71% 0.28% 14.01% 12.30% 17.56% NA 17.09% 22.97% 26.56% 18.16% 18.31% 24.25% 6.75% 26.65% NA 17.14% 15.77% 23.87% 14.21% 8.11% 3.58% Cash / Sales 16.76% 5.55% 10.03% 5.24% 4.08% 13.90% 4.17% 4.31% NA NA NA NA 7.60% 10.91% 3.53% 15.15% 3.76% 9.13% 2.59% 5.78% 3.89% 51.35% 14.26% 30.62% 10.57% 8.49% 18.10% 1.08% 20.91% 3.07% 3.01% 11.06% 6.27% 7.96% 9.13% 3.57% 92.50% 8.11% 1.82% 18.47% 12.15% 4.18% 35.89% 0.91% 25.18% 6.18% 5.93% 10.72% 3.91% Current PE Trailing PE 55.11 17.31 10.55 16.19 19.14 14.36 17.87 24.55 23.48 9.07 28.63 34.64 31.99 40.45 17.87 NA 17.64 17.77 13.25 17.69 15.95 31.91 41.04 60.99 5.66 24.77 58.88 48.63 52.16 18.08 17.36 16.04 31.40 28.97 121.60 77.70 34.25 22.19 27.34 25.40 35.81 20.12 NA 37.42 52.51 34.93 19.17 18.99 28.82 49.12 18.29 10.24 24.41 16.29 29.86 16.55 24.32 21.87 23.47 28.63 31.59 38.12 50.50 14.88 NA 31.19 16.32 21.99 19.34 20.32 25.31 49.79 51.64 18.99 21.91 74.57 42.99 38.21 18.38 19.02 17.80 31.75 42.71 110.68 25.56 42.07 23.42 25.96 44.44 46.67 18.84 NA 39.74 44.11 29.35 14.39 19.04 38.46 PEG Ratio 3.09 1.06 0.84 1.13 0.93 0.96 1.22 0.91 1.82 0.81 1.82 2.45 2.53 2.92 1.20 NA 1.69 1.04 3.00 1.88 1.64 1.70 2.14 2.55 2.26 1.78 2.91 3.12 2.11 3.20 4.09 5.93 2.38 1.90 4.86 3.71 1.89 1.49 1.89 2.79 2.41 1.16 NA 2.77 2.24 2.08 0.96 1.61 1.66 Beta 1.16 1.01 1.26 1.01 0.99 1.04 0.91 0.85 0.89 0.99 1.10 0.92 0.77 0.98 0.94 1.10 0.89 0.92 0.95 0.94 0.92 0.83 1.32 1.40 1.00 0.94 1.21 0.99 1.14 0.63 0.66 0.67 1.12 1.18 1.01 0.96 1.24 0.79 0.80 0.87 1.11 1.01 0.60 0.79 1.19 0.93 0.98 1.07 0.97 Growth Rate Growth Rate in in EPS Dividends 9.30% 2.63% 21.50% 4.63% 0.85% 10.25% 26.30% 9.40% 14.15% 17.93% -1.25% 12.08% 2.28% 20.69% 17.25% 27.25% 16.05% 2.67% 12.00% 11.22% 14.02% 18.63% 19.18% 16.87% 11.25% 11.12% 12.31% 5.42% -9.67% 2.08% 0.81% 4.03% 16.41% 19.45% 18.35% -1.78% 10.19% 1.30% 15.41% 16.45% 11.47% 16.36% 0.50% 8.40% 28.67% 10.70% 11.35% 7.30% 8.97% 7.50% 9.20% 8.85% -6.75% 5.33% 6.00% 9.63% -4.50% 10.43% 3.08% 4.00% 13.58% 4.25% 10.36% 1.03% 4.25% 3.56% 4.36% -2.40% 4.95% 9.91% -0.50% 7.88% 12.41% 0.00% 8.75% 9.57% 7.30% NA 2.67% 1.09% -0.55% 8.23% 8.24% 9.31% 9.00% 10.18% 5.53% 9.00% 2.73% 9.92% 11.18% 1.73% 9.86% 4.50% 0.58% 5.38% -1.88% 12.92% ROC 13.93% 35.11% 18.20% 17.24% 14.05% 13.20% 12.15% 13.46% NA NA NA NA 9.82% 20.97% 15.00% 16.03% 12.50% 18.60% 28.13% 16.38% 17.10% 8.53% 19.76% 21.40% 18.98% 12.71% 21.12% 15.22% 12.34% 9.63% 12.14% 11.75% 18.35% 13.94% 5.91% 10.13% 5.87% 15.31% 13.20% 8.59% 18.38% 15.82% 7.20% 15.66% 19.78% 15.29% 7.53% 10.44% 23.35% 4.93% NA NA NA 39.53% NA NA NA 3.10% 6.44% 7.80% 10.49% 6.73% 3.07% 8.56% 2.44% 1.99% 8.20% 2.42% 9.13% 2.73% 2.86% 3.06% 5.56% 9.48% 8.93% NA 3.50% 8.71% 4.16% 4.94% 1.19% 1.31% NA 25.59% 34.21% 3.59% 5.56% 10.99% 15.13% 6.12% 1.73% NA 3.60% 3.54% 3.95% 2.72% 2.35% 3.17% 27.92 22.27 25.42 13.60 NA 292.24 131.24 NA 12.11 15.57 14.10 26.09 40.22 15.87 22.98 16.85 21.02 30.13 27.49 14.76 21.17 37.42 15.77 24.53 27.40 30.94 165.19 16.43 30.55 29.08 28.59 66.73 32.41 17.08 33.57 37.12 13.51 9.19 20.30 61.66 54.29 14.46 23.92 12.84 17.63 34.18 14.90 22.63 20.68 29.12 24.10 26.78 17.37 NA 274.00 268.37 NA 12.24 14.45 15.78 26.09 42.06 28.06 31.26 22.02 43.12 33.15 28.51 13.84 25.60 33.04 19.84 427.73 43.65 38.11 17.37 30.18 32.76 27.83 27.80 52.61 47.46 19.57 96.96 48.45 18.36 11.27 31.07 68.17 206.29 19.12 20.06 12.76 17.29 38.03 12.24 37.71 19.98 1.54 1.89 1.75 1.42 NA NA NA NA 1.05 1.22 0.50 2.33 2.21 1.36 2.21 2.12 1.39 2.30 1.92 0.77 1.55 3.82 1.44 1.84 1.71 2.41 6.42 1.39 1.69 1.66 1.55 3.66 2.08 1.41 2.37 3.23 0.74 0.73 2.56 2.58 2.94 1.01 1.36 1.30 1.90 1.88 0.76 1.71 2.58 1.09 0.93 0.98 0.91 1.82 0.83 1.11 0.56 0.96 0.91 0.99 1.15 1.09 0.98 0.88 0.64 0.93 0.92 1.06 1.15 0.92 0.94 0.90 0.90 1.10 0.98 0.81 1.06 0.98 1.01 1.13 1.08 1.15 1.27 1.54 1.63 0.97 0.92 0.95 1.41 1.22 0.94 0.94 0.98 0.81 1.03 0.96 1.02 0.61 15.41% 14.16% 15.15% 11.11% 35.50% 14.25% 1.50% NA 15.60% 21.75% -5.68% 11.87% 11.67% 15.30% 4.50% 5.24% 13.25% 13.13% 14.05% 18.64% 11.32% 14.21% 8.50% 8.61% 17.40% 11.70% -12.50% 11.56% 8.94% 5.75% 5.39% 10.36% 5.20% 23.50% 31.69% 45.83% -3.77% 11.33% -10.83% 14.30% 6.82% 13.27% 10.77% 11.83% 7.42% 15.32% 16.18% 6.50% 3.25% 6.70% 10.59% 9.87% 11.47% NA 20.00% -5.50% NA 8.73% 7.13% -8.45% 8.56% 12.12% 7.44% 4.57% 2.63% 6.15% 2.65% 5.71% -6.33% 5.81% 2.64% 3.46% -2.90% 4.74% 3.91% 4.33% 3.00% 7.76% 6.38% 8.40% 13.90% 8.00% 16.30% 15.50% NA 4.88% 4.62% -0.13% 4.17% 3.58% 4.25% 19.35% 11.50% 8.92% 8.92% 10.69% 13.50% 1.23% 13.66% 1.78% NA NA 4.63% NA NA NA 15.70% 14.21% 10.20% 9.22% 19.77% 15.96% 6.27% 12.62% 13.66% 13.94% 12.91% 17.69% 14.31% 11.01% 18.58% 15.94% 17.37% 20.41% 11.99% 11.69% 14.96% 16.80% 14.02% 15.50% 13.35% 15.74% 22.27% 17.63% 14.37% 14.88% 14.59% 15.27% 17.27% 12.27% NA 19.59% 23.47% 22.76% 14.42% 9.74% 9.74% Reinvestment Rate -7.66% 0.48% 48.85% 24.39% 11.35% 22.84% 59.80% 45.18% NA NA NA NA 37.84% 15.11% 38.98% -0.60% 73.39% 33.26% 20.47% 26.12% 34.67% 62.37% 46.71% 11.46% 41.43% 20.49% 21.74% 70.88% 39.79% -0.22% -3.36% 3.31% 25.15% 51.06% -6.72% 15.36% 89.34% 10.77% 48.97% 44.59% -1.17% 29.89% 92.19% 45.17% 20.90% 17.55% 78.36% 133.02% 25.03% 16.14% 160.39% NA NA 310.56% NA NA NA 38.10% 74.37% 63.46% 23.32% 44.91% 25.50% 144.76% 61.35% 72.48% -4.27% 37.27% 67.65% 21.20% 19.92% 38.50% 98.56% 49.60% -1.12% 144.67% 60.54% 56.34% 50.37% 55.24% 88.62% 40.86% 59.52% 42.93% 57.16% 43.96% 58.38% 17.78% 79.29% 39.04% 43.28% NA 43.23% 3.71% 39.28% 109.39% 74.41% 49.64% Comparable Company Analysis (in millions ex. Per share) Company Common Shares Outstanding Options In-the-Money Share Price Average Options Price Option Proceeds Market Cap or Equity Value Plus Preferred Equity Plus Minority Interest Plus ST Debt + LT Debt Less Cash & Equivalents Enterprise Value Genzyme Medimmune 405.1 0 35.44 0 0 14,357 $ Affymetrix 136.9 7.8 67.88 36.4 283.92 9,538 Comps Avg. $ 152.8 12 77.63 47.6 571.2 12,222 $ 0 0 2206.2 18.9 14409.524 2238.1 140.4 16454.444 902 300.2 10140.116 Ticker/Exchange Currency 52-Wk High 52-WK Low Dividend Yield Fiscal Year End Latest 12 Months Ended Balance Sheet Date Total Book Value (2) Total BV Debt / Total BV Capital (6) LTM Operating Results Sales EBITDA EBIT Net Income (5) 1999E Operating Results (7) Sales EBITDA GIS / NYSE $US 84.69 59.19 2.80% 31-May 2/28/1999 2/28/1999 741.6 74.8% K / NYSE $US 42.25 28.5 2.70% 31-Dec 3/31/1999 3/31/1999 883.5 71.7% OAT / NYSE $US 70.55 50.88 1.70% 31-Dec 3/31/1999 3/31/1999 504.9 64.1% 6199.1 1192.5 999.4 553.9 6864.5 1205.1 926.3 522.6 4824.8 761.7 632.7 385 6490 1276 6967 1315 4728 787 EBIT Net Income Book Value 1072 598 998.6 1035 588 1062.2 651 363 709.6 2000E Operating Results (7) Sales EBITDA EBIT Net Income Book Value L-T Future Growth Estimate (8) EPS / (8) P/E Multiples 6805 1420 1150 630 1055 10% 7254 1390 1105 636 1257.3 9.90% 4940 831 691 394 949.2 10.00% LTM RESULTS Ind. Avg. ENTERPRISE VALUE AS A MULTIPLE OF: BOOK VALUE 742 884 505 0 0 0 0 0 0 0 SALES 2.3 2.4 2.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 EBITDA 12.1 13.7 13.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 EBIT 14.4 17.8 16.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 COMPANY Genzyme Medimmune Affymetrix EQUITY VALUE 12222 14357 9538 0 0 0 0 0 ENTERPRISE VALUE 14410 16454 10140 0 0 0 0 0 0 0 SALES 6199 6865 4825 0 0 0 0 0 0 0 EBITDA 1193 1205 762 0 0 0 0 0 0 0 EBIT 999 926 633 0 0 0 0 0 0 0 NET INCOME 554 523 385 0 0 0 0 0 0 0 Comps Avg. Ind. Avg. 0 0 EQUITY VALUE AS A MULTIPLE OF: NET BOOK INCOME VALUE 22.1 27.5 24.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16.5 16.2 18.9 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Microsoft MICROSOFT CORPORATION CUSIP NO: SEDOL NO: ISIN NO: TICKER SYMBOL: BALANCE SHEET ASSETS (000'S) FISCAL YEAR ENDING CASH & EQUIVALENTS SHORT TERM INVSTMTS NET RECEIVABLES RAW MATERIALS WORK IN PROCESS FINISHED GOODS PROGRESS PAYMENT&OTH INVENTORIES PREPAID EXPENSES OTHER CURRENT ASSETS TOTAL CURRENT ASSETS OTHER INVESTMENTS INVST IN ASSOC COMP LONG TERM RECEIVBLES PROP PLANT EQ-GROSS ACCUM DEPRECIATION NET PP&E DEFERRED CHARGES OTH TANGIBLE ASSETS INTANGIBLE OTH ASSTS OTHER ASSETS TOTAL ASSETS LIABILITIES (000'S) FISCAL YEAR ENDING ACCOUNTS PAYABLE ST DEBT & CUR LTD ACCRUED PAYROLL DIVIDENDS PAYABLE INCOME TAXES PAYABLE OTHER CURRENT LIAB TOT CUR LIABILITIES LONG TERM DEBT PROV RISKS/CHARGES DEFERRED INCOME DEFERRED TAXES DEF TAX LIAB UNTX RE OTHER LIABILITIES UNREAL SEC GAIN/LOSS TOTAL LIABILITIES NON EQUITY RESERVES MINORITY INTEREST PREFERRED STOCK COMMON STOCK/ORD CAP CAPITAL SURPLUS REVALUATION RESERVES OTH APPROPRIATED RES UNAPPROPRIATED RESRV RETAINED EARNINGS EQTY IN UNTAXED RESV ESOP GUARANTEES UNRZD FOR EXC GN/LOS TREASURY STOCK COMMON SHLDRS EQUITY TOTAL LIABS & EQUITY INCOME STATEMENT (000'S) FISCAL YEAR ENDING NET SALES OR REVENUE COST OF GOODS SOLD GROSS INCOME DEPRECIATION & AMORT SELL GEN & ADMIN EXP OTHER OPTG EXPENSES TOTAL OPER EXPENSES OPERATING INCOME NON OPER INT INCOME EXTRA-CREDIT-PRETAX EXTRA-CHARGE-PRETAX PRETAX EQTY IN EARNS OTHER INC/EXP - NET RESERVES - INCR/DECR INTEREST EXPENSE INTEREST CAPITALIZED PRETAX INCOME INCOME TAXES MINORITY INTEREST EQUITY IN EARNINGS AFT TAX OTH INC/EXP DISC OPERATIONS NET INC BEF EX ITEMS EXTRA ITEMS NET INC BEF PREF DIV PFD DIV REQUIREMENTS NET INCOME KEY FINANCIAL ITEMS (000'S US$) FISCAL YEAR ENDING MARKET CAPITAL (US$) COMMON EQUITY (US$) TOTAL ASSETS (US$) SALES (US$) NET INCOME (US$) 594918104 2588173 US5949181045 MSFT 1 06/30/2000 23798000 22949000 3250000 0 0 0 0 0 NA 3260000 30308000 17726000 NA 0 4314000 2411000 1903000 NA NA NA 2213000 52150000 06/30/1999 17236000 16601000 2245000 0 0 0 0 0 NA 752000 20233000 14372000 NA 0 3516000 1905000 1611000 NA NA NA 940000 37156000 06/30/1998 13927000 13732000 1460000 0 0 0 0 0 NA 502000 15889000 4703000 NA 0 3052000 1547000 1505000 NA NA NA 260000 22357000 06/30/1997 8966000 8962294 980000 0 0 0 0 0 NA 427000 10373000 2346000 NA 0 2777000 1312000 1465000 NA NA NA 203000 14387000 06/30/1996 6940000 4339000 639000 0 0 0 0 0 NA 260000 7839000 0 0 0 2346000 1020000 1326000 NA NA NA 928000 10093000 06/30/1995 4750000 4615000 581000 NA NA NA NA 88000 NA 201000 5620000 0 0 0 1907000 715000 1192000 NA NA NA 398000 7210000 06/30/1994 3614000 3351000 475000 NA NA NA NA 102000 NA 121000 4312000 0 0 0 1445000 515000 930000 NA NA NA 121000 5363000 06/30/1993 2290000 2065000 338000 NA NA NA NA 127000 NA 95000 2850000 0 0 0 1181000 314000 867000 NA NA NA 88000 3805000 06/30/1992 1344901 1144824 270215 36057 NA 49816 0 85873 NA 68715 1769704 0 0 NA 977199 210569 766630 0 65769 37800 103569 2639903 06/30/1991 686314 NA 243304 15748 NA 31358 0 47106 NA 51779 1028503 0 0 NA 648649 118458 530191 NA NA NA 85490 1644184 2 06/30/2000 1083000 0 557000 NA 585000 7530000 9755000 0 NA 0 1027000 NA 0 NA 10782000 0 0 0 23195000 NA 0 1527000 NA 16646000 NA 0 NA 0 41368000 52150000 06/30/1999 874000 0 396000 NA 1607000 5841000 8718000 0 NA 0 0 NA 0 NA 8718000 0 0 980000 13844000 NA 0 1787000 NA 11827000 NA 0 NA 0 27458000 37156000 06/30/1998 759000 0 359000 NA 915000 3697000 5730000 0 NA 0 0 NA 0 0 5730000 0 0 980000 8025000 NA 0 NA NA 7622000 NA 0 0 0 15647000 22357000 06/30/1997 721000 0 336000 0 466000 2087000 3610000 0 0 0 0 NA 0 0 3610000 0 0 980000 4509000 NA NA NA NA 5288000 NA 0 0 0 9797000 14387000 06/30/1996 808000 0 202000 0 484000 931000 2425000 0 0 0 0 NA 635000 0 3060000 0 125000 0 2924000 NA NA NA NA 3984000 NA 0 0 0 6908000 10093000 06/30/1995 563000 0 130000 0 410000 244000 1347000 0 0 0 0 NA 405000 0 1752000 NA 125000 0 2005000 NA NA NA NA 3328000 NA 0 0 0 5333000 7210000 06/30/1994 324000 0 96000 0 305000 188000 913000 0 0 0 0 NA 0 0 913000 NA 0 0 1500000 NA NA NA NA 2950000 NA 0 0 0 4450000 5363000 06/30/1993 239000 0 86000 0 127000 111000 563000 0 0 0 0 NA 0 0 563000 NA 0 0 1086000 NA NA NA NA 2156000 NA 0 0 0 3242000 3805000 06/30/1992 187519 8324 62083 0 73033 115986 446945 0 0 0 0 NA 0 0 446945 NA 0 0 656855 NA NA NA NA 1536103 NA 0 0 0 2192958 2639903 06/30/1991 85923 19456 41643 0 44445 101886 293353 0 NA NA 0 NA 0 0 293353 NA 0 0 394542 0 NA NA NA 956289 NA 0 0 0 1350831 1644184 3 06/30/2000 22956000 2254000 19954000 748000 8925000 92000 12019000 10937000 3182000 NA 0 NA 156000 0 0 0 14275000 4854000 0 NA 0 0 9421000 0 9421000 13000 9408000 06/30/1999 19747000 1804000 16933000 1010000 6890000 115000 9819000 9928000 1803000 NA 0 NA 160000 0 0 0 11891000 4106000 0 NA 0 0 7785000 0 7785000 28000 7757000 06/30/1998 14484000 173000 13287000 1024000 6347000 230000 7774000 6710000 703000 0 296000 NA 0 NA 0 0 7117000 2627000 0 0 0 0 4490000 0 4490000 28000 4462000 06/30/1997 11358000 528000 10273000 557000 5143000 0 6228000 5130000 443000 0 0 NA -259000 NA 0 0 5314000 1860000 0 0 0 0 3454000 0 3454000 15000 3454000 06/30/1996 8671000 708000 7483000 480000 4405000 0 5593000 3078000 320000 0 0 NA -19000 NA 0 0 3379000 1184000 0 0 0 0 2195000 0 2195000 0 2195000 06/30/1995 5937000 608000 5060000 269000 3022000 0 3899000 2038000 191000 0 46000 NA -16000 NA 0 0 2167000 714000 0 0 0 0 1453000 0 1453000 0 1453000 06/30/1994 4649000 526000 3886000 237000 2160000 0 2923000 1726000 102000 0 90000 0 -16000 NA 0 0 1722000 576000 0 0 0 0 1146000 0 1146000 0 1146000 06/30/1993 3753000 482000 3120000 151000 1794000 0 2427000 1326000 82000 0 0 0 -7000 NA 0 0 1401000 448000 0 0 0 0 953000 0 953000 0 953000 06/30/1992 2758725 354103 2292301 112321 1296322 0 1762746 995979 57882 0 0 0 -10608 NA 1988 0 1041265 333205 0 0 0 0 708060 0 708060 0 708060 06/30/1991 1843432 286827 1480843 75762 831001 0 1193590 649842 41780 0 0 NA -16463 NA 4515 0 670644 207901 0 0 0 0 462743 0 462743 0 462743 06/30/2000 229150125 41368000 52150000 22956000 9421000 06/30/1999 596475750 27458000 37156000 19747000 7785000 06/30/1998 333960704 15647000 22357000 14484000 4490000 06/30/1997 155617000 9797000 14387000 11358000 3454000 06/30/1996 98654250 6908000 10093000 8671000 2195000 06/30/1995 51597000 5333000 7210000 5937000 1453000 06/30/1994 35513625 4450000 5363000 4649000 1146000 06/30/1993 22736250 3242000 3805000 3753000 953000 06/30/1992 23233867 2192958 2639903 2758725 708060 06/30/1991 19385094 1350831 1644184 1843432 462743 FUNDS FLOW STATEMENT (000's) SOURCES OF FUNDS DATE FISCAL YEAR END NET INCOME/START LIN DEPRE, DEPLE & AMORT DEFER TAX & ITC OTHER CASH FLOW FUNDS FROM OPERATION EXTRAORDINARY ITEMS FUNDS-OTH OPER ACT PROCEED SALE/ISS STK STOCKOPTION PROCEEDS OTHER STOCK SALES DISPOSAL FIX ASSETS INCR/DECR IN ST DEBT LONG TERM BORROWING DECR IN INVESTMENTS CHGS IN CSH &/OR LIQ OTH SOURCE/USE-FIN EFFECT-EXCH ON CASH OTHER SOURCES TOTAL SOURCES USES OF FUNDS FISCAL PERIOD END CASH DIVS PAID-TOTAL CAPITAL EXPENDITURE NET ASSETS-ACQUISITN ADDITS TO OTH ASSETS REDUCTION IN LT DEBT COM/PFD PURCH RTRD INCR IN INVESTMENTS OTH USE/SOURCE-INV OTHER USES TOTAL USES RECONCILIATION OF SOURCES FISCAL PERIOD END INC/DEC CASH&ST INVS INC/DEC WORK CAPITAL NT-CASH-FL-OPER-ACTV NET-CSH-FLOW-INVESTG NET-CSH-FLOW-FINCING FOOTNOTES TO FINANCIAL STATEMENTS: 1: 1992 - INCLUDES WORK IN PROGRESS 2: 2000, 1999, 1998, 1997, 1996, 1995, 1994, 1993, 1992, 1991 - INCLUDES CAPITAL SURPLUS 3: 2000, 1999, 1998, 1997, 1996, 1995, 1994 ACQ'D(2000 - NETGAMES USA INC & VISIOCORPORATION IN FIS 2000)(1999 VALENCE RESEARCH INC, COMPARENET INC, SHADOWFACTOR SOFTWARE & LINKEXCHANGE IN FIS 1999)(1998 - HOTMAIL & MESA GROUP IN FIS 1998)(1997 - NETCARTA, COOPER & PETERS INC, LINKAGE SOFTWARE INC & VXTREME INC IN FIS 97)(1996 - VERMEER TECHNOLOGIES INC, AHA SOFTWARE CORP, EXOS INC & ESHOP INC IN FIS 96)(1995 - NETWORK MANAGERS LTD, NETWISE INC, BRUCE ARTWICK ORGANIZATION LTD IN FIS 95)(1994 - SOFTIMAGE INC, ALTAMIRA SOFTWARE CORP, VULCAN VENTURES INC, (CNET), ONE TREE SOFTWARE IN FIS 94) 4: 1992 - ESTIMATED 4 6302000 9421000 748000 0 5956000 16125000 0 -2164000 2717000 472000 2245000 0 0 0 32110000 NA 0 29000 NA 48817000 6301999 7785000 1010000 0 1191000 9986000 0 44000 2116000 766000 1350000 79000 0 0 25754000 NA 3107000 52000 NA 41138000 6301998 4490000 1024000 0 1766000 7280000 0 -400000 3050000 2091000 959000 0 0 0 0 NA 0 -29000 NA 9901000 6301997 3454000 557000 0 858000 4869000 0 -180000 1635000 891000 744000 0 0 0 0 NA 980000 -6000 NA 7298000 6301996 2195000 480000 0 0 2675000 0 1044000 856000 352000 504000 0 0 0 0 NA 0 5000 NA 4580000 6301995 1453000 269000 0 0 1722000 0 268000 511000 179000 332000 0 0 0 0 NA 0 9000 NA 2510000 6301994 1146000 237000 0 0 1383000 0 210000 431000 151000 280000 0 0 0 0 NA 0 -10000 NA 2014000 6301993 953000 151000 0 0 1104000 0 -30000 436000 207000 229000 0 0 0 0 NA 0 -62000 0 1448000 6301992 708060 112321 0 0 820381 0 86598 265112 129911 135201 0 -11132 0 0 NA NA -10133 0 1150826 6301991 462743 75762 0 0 538505 0 19373 94406 0 94406 0 12913 0 0 NA 85310 -2004 0 748503 6302000 13000 879000 0 0 0 4896000 43158000 0 NA 48946000 6301999 28000 583000 NA 0 0 2950000 36441000 0 NA 40002000 6301998 28000 656000 0 0 0 2468000 6426000 190000 NA 9768000 6301997 15000 499000 0 NA 0 3101000 2590000 0 NA 6205000 6301996 0 494000 0 625000 0 1261000 1551000 0 NA 3931000 6301995 0 495000 0 230000 0 649000 651000 0 NA 2025000 6301994 0 278000 0 64000 0 348000 860000 0 NA 1550000 6301993 0 236000 0 17000 0 250000 723000 0 0 1226000 6301992 0 316642 0 40618 0 134979 284320 NA 0 776559 6301991 0 264395 0 0 0 196973 76621 39659 0 577648 6302000 -129000 9038000 13961000 11927000 -2192000 6301999 1136000 1356000 10030000 11191000 2245000 6301998 133000 3396000 6880000 7272000 554000 6301997 1093000 1349000 4689000 3089000 -501000 6301996 649000 1141000 3719000 2670000 -405000 6301995 485000 874000 1990000 1376000 -138000 6301994 464000 1112000 1593000 1202000 83000 6301993 222000 964241 1074000 976000 186000 6301992 374267 587609 906979 641580 119001 6301991 170855 202046 557878 380675 -4344 Page 32 GE GENERAL ELECTRIC COMPANY CUSIP NO: SEDOL NO: ISIN NO: TICKER SYMBOL: BALANCE SHEET ASSETS (000'S) FISCAL YEAR ENDING CASH & EQUIVALENTS SHORT TERM INVSTMTS NET RECEIVABLES RAW MATERIALS WORK IN PROCESS FINISHED GOODS PROGRESS PAYMENT&OTH INVENTORIES PREPAID EXPENSES OTHER CURRENT ASSETS TOTAL CURRENT ASSETS OTHER INVESTMENTS INVST IN ASSOC COMP LONG TERM RECEIVBLES PROP PLANT EQ-GROSS ACCUM DEPRECIATION NET PP&E DEFERRED CHARGES OTH TANGIBLE ASSETS INTANGIBLE OTH ASSTS OTHER ASSETS TOTAL ASSETS LIABILITIES (000'S) FISCAL YEAR ENDING ACCOUNTS PAYABLE ST DEBT & CUR LTD ACCRUED PAYROLL DIVIDENDS PAYABLE INCOME TAXES PAYABLE OTHER CURRENT LIAB TOT CUR LIABILITIES LONG TERM DEBT PROV RISKS/CHARGES DEFERRED INCOME DEFERRED TAXES DEF TAX LIAB UNTX RE OTHER LIABILITIES UNREAL SEC GAIN/LOSS TOTAL LIABILITIES NON EQUITY RESERVES MINORITY INTEREST PREFERRED STOCK COMMON STOCK/ORD CAP CAPITAL SURPLUS REVALUATION RESERVES OTH APPROPRIATED RES UNAPPROPRIATED RESRV RETAINED EARNINGS EQTY IN UNTAXED RESV ESOP GUARANTEES UNRZD FOR EXC GN/LOS TREASURY STOCK COMMON SHLDRS EQUITY TOTAL LIABS & EQUITY INCOME STATEMENT (000'S) FISCAL YEAR ENDING NET SALES OR REVENUE COST OF GOODS SOLD GROSS INCOME DEPRECIATION & AMORT SELL GEN & ADMIN EXP OTHER OPTG EXPENSES TOTAL OPER EXPENSES OPERATING INCOME NON OPER INT INCOME EXTRA-CREDIT-PRETAX EXTRA-CHARGE-PRETAX PRETAX EQTY IN EARNS OTHER INC/EXP - NET RESERVES - INCR/DECR INTEREST EXPENSE INTEREST CAPITALIZED PRETAX INCOME INCOME TAXES MINORITY INTEREST EQUITY IN EARNINGS AFT TAX OTH INC/EXP DISC OPERATIONS NET INC BEF EX ITEMS EXTRA ITEMS NET INC BEF PREF DIV PFD DIV REQUIREMENTS NET INCOME KEY FINANCIAL ITEMS (000'S US$) FISCAL YEAR ENDING MARKET CAPITAL (US$) COMMON EQUITY (US$) TOTAL ASSETS (US$) SALES (US$) NET INCOME (US$) FUNDS FLOW STATEMENT (000's) SOURCES OF FUNDS DATE FISCAL YEAR END NET INCOME/START LIN DEPRE, DEPLE & AMORT DEFER TAX & ITC OTHER CASH FLOW FUNDS FROM OPERATION EXTRAORDINARY ITEMS FUNDS-OTH OPER ACT PROCEED SALE/ISS STK STOCKOPTION PROCEEDS OTHER STOCK SALES DISPOSAL FIX ASSETS INCR/DECR IN ST DEBT LONG TERM BORROWING DECR IN INVESTMENTS CHGS IN CSH &/OR LIQ OTH SOURCE/USE-FIN EFFECT-EXCH ON CASH OTHER SOURCES TOTAL SOURCES USES OF FUNDS FISCAL PERIOD END CASH DIVS PAID-TOTAL CAPITAL EXPENDITURE NET ASSETS-ACQUISITN ADDITS TO OTH ASSETS REDUCTION IN LT DEBT COM/PFD PURCH RTRD INCR IN INVESTMENTS OTH USE/SOURCE-INV OTHER USES TOTAL USES RECONCILIATION OF SOURCES FISCAL PERIOD END INC/DEC CASH&ST INVS INC/DEC WORK CAPITAL NT-CASH-FL-OPER-ACTV NET-CSH-FLOW-INVESTG NET-CSH-FLOW-FINCING FOOTNOTES TO FINANCIAL STATEMENTS: 1: 2000, 1999, 1998, 1997, 1996, 1995, 1994, 1993, 1992, 1991 - INCLUDES WORK IN PROGRESS 2: 2000, 1999, 1998, 1997, 1996, 1995, 1994, 1993 - COMPANY DOES NOT REPORT CURRENT ASSETS; CALCULATED 3: 1994 - INCLUDES ASSETS OF DISCONTINUED KIDDER-PEABODY OPERATIONS 4: 1999, 1998, 1997, 1996, 1995, 1994, 1993 INCLUDES OTHER TAXES 5: 2000, 1999, 1998, 1997, 1996, 1995, 1994, 1993 - COMPANY DOES NOT REPORT CURRENT LIABILITIES; CALCULATED 6: 2000, 1999, 1998, 1997, 1996, 1995, 1994 ACQ'D(2000 - SHOWPOWER INC, MECON INC, LUNAR CORP & HARMON INDUSTRIES INC IN 2000 & NBC INTERNET INC IN 2001)(1999 GEC ALSTOM LOW VOLTAGE BUSINESS, AEGNGEF LTD, OEC MEDICAL SYSTEMS, APPLICARE & MONTGOMERY WARD LLC IN 1999)(1998 DISKO FACTORING FINANZ GMBH, PACIFIC TECHNOLOGY CONSULTING INC, FIRST FACTORS CORP, BARCOM PLC, CSI FLEET SERVICES, UNILEC CORP & INNOSERV TECHNOLOGIES INC, CASHWAY ELECTRIC SUPPLY CO, TURBINE BLADING GROUP LTD, MARQUETTE SYSTEMS INC IN 1998)(1997 BANCO ALIANZA, MULTISERVIS, SYSTEMS INTERNATIONAL, IMP LEAS, TRIDOM CORP, GREENWICH AIR SERVICES INC, UNC INC, CENTRAL TRANSPORT RENTAL GROUP PLC & EXPRESS SYSTEMS INC IN 97)(1996 - OUTLET COMMUNICATIONS INC, MIETFINANZ GMBH, AMERIDATA TECHNOLOGIES, UNIVERSAL DATA CONSULTANTS INC & BARCLAYS FACTORING SPA IN 96)(1995 GRAND TRANSPORT SYSTEMS PLC IN 95)(1994 TOTAL AUDIO VISUAL SERVICES INC & CONSOLIDATED INSURANCE GROUP IN 94) 7: 2000, 1999 - EXTRAORDINARY ITEM EXIST, BUT CANNOT BE BROKEN OUT 8: 2000, 1999 - OTHER FINANCIAL CHARGES MAY BE INCLUDED 369604103 2380498 US3696041033 GE 1 2 3 12/31/2000 99534000 91339000 9502000 4134000 NA 4523000 -845000 7812000 0 0 116848000 6252000 15455000 180802000 67990000 27975000 40015000 17192000 33001000 27441000 77634000 437006000 12/31/1999 90312000 81758000 8531000 3438000 NA 4263000 -694000 7007000 0 0 105850000 5165000 13976000 169361000 68359000 27337000 41022000 14079000 29737000 26010000 69826000 405200000 12/31/1998 83034000 78717000 8224000 3154000 NA 3711000 -816000 6049000 0 0 97307000 13245000 10006000 146355000 61100000 25370000 35730000 11078000 18579000 23635000 53292000 355935000 12/31/1997 76482000 70621000 8924000 3070000 NA 3681000 -856000 5895000 0 0 91301000 10320000 5983000 121454000 55657000 23341000 32316000 9095000 14422000 19121000 42638000 304012000 12/31/1996 64080000 59889000 8704000 3028000 NA 2404000 -959000 4473000 0 0 77257000 9148000 6442000 115132000 50784000 21989000 28795000 7832000 11789000 16007000 35628000 272402000 12/31/1995 43890000 41067000 8735000 3205000 NA 2277000 -1087000 4395000 0 0 57020000 9306000 4767000 105689000 45946000 20267000 25679000 1336000 10896000 13342000 25574000 228035000 12/31/1994 33556000 30965000 7527000 2933000 NA 2165000 -1218000 3880000 0 0 44963000 8905000 4043000 82120000 41670000 18205000 23465000 1290000 18325000 11373000 30988000 194484000 12/31/1993 60194000 56976000 8195000 2983000 NA 2314000 -1473000 3824000 0 0 72213000 58561000 3415000 79564000 38179000 16951000 21228000 4827000 1334000 10364000 16525000 251506000 12/31/1992 38539000 35410000 7150000 3598000 NA 2596000 -1620000 4574000 0 26788000 77051000 6268000 3021000 67413000 35655000 15268000 20387000 720000 8506000 9510000 18736000 192876000 12/31/1991 27792000 25821000 8231000 5141000 NA 3194000 -1937000 6398000 0 19402000 61823000 2207000 3271000 62897000 34004000 15028000 18976000 NA 9276000 9809000 19085000 168259000 4 5 12/31/2000 14853000 119180000 NA 1589000 NA 20490000 156112000 82132000 6268000 NA 8690000 NA 128376000 74000 381578000 0 4936000 0 669000 15195000 0 NA NA 61572000 NA 0 -2574000 24444000 50492000 437006000 12/31/1999 13676000 130346000 1648000 1347000 3940000 10259000 161216000 71427000 5839000 NA 9238000 NA 109709000 626000 357429000 0 5214000 0 594000 10790000 0 NA NA 54484000 NA 0 -1370000 22567000 42557000 405200000 12/31/1998 12502000 115378000 1487000 1146000 3415000 7651000 141579000 59663000 5594000 NA 9340000 NA 96604000 2402000 312780000 0 4275000 0 594000 6808000 0 NA NA 48553000 NA 0 -738000 18739000 38880000 355935000 12/31/1997 10407000 98075000 1321000 979000 2866000 7020000 120668000 46603000 5484000 NA 8651000 NA 84486000 2138000 265892000 0 3682000 0 594000 4434000 0 NA NA 43338000 NA 0 -798000 15268000 34438000 304012000 12/31/1996 10205000 80200000 1315000 855000 2487000 5445000 100507000 49246000 5177000 NA 8273000 NA 75067000 671000 238270000 0 3007000 0 594000 2554000 0 NA NA 38670000 NA 0 -56000 11308000 31125000 272402000 12/31/1995 9061000 64463000 1233000 767000 1598000 4879000 82001000 51027000 4858000 NA 7380000 NA 50204000 1000000 195470000 0 2956000 0 594000 1602000 0 0 0 34528000 NA 0 61000 8176000 29609000 228035000 12/31/1994 8831000 57781000 1191000 699000 1238000 3114000 72854000 36979000 4632000 NA 5205000 NA 46580000 -810000 166250000 0 1847000 0 594000 1188000 0 0 0 30793000 NA 0 -66000 5312000 26387000 194484000 12/31/1993 11956000 62135000 1311000 615000 1664000 78048000 155729000 28270000 4507000 NA 5109000 NA 30411000 812000 224026000 0 1656000 0 584000 865000 0 0 0 28613000 NA 0 -279000 4771000 25824000 251506000 12/31/1992 8245000 56389000 705000 539000 1460000 53137000 120475000 25376000 0 NA 4540000 NA 17682000 30000 168073000 0 1344000 0 584000 934000 0 0 0 26527000 NA 0 -209000 4407000 23459000 192876000 12/31/1991 8205000 51350000 983000 477000 1376000 40220000 102611000 22682000 0 NA 3808000 NA 16256000 45000 145357000 0 1219000 0 584000 1068000 0 0 0 23787000 NA 0 -175000 3626000 21683000 168259000 6 7 8 12/31/2000 128543000 44087000 76720000 7736000 10585000 36037000 98445000 30098000 55000 NA 815000 NA 1366000 0 11720000 NA 18984000 5711000 427000 -111000 0 0 12735000 0 12735000 0 12735000 12/31/1999 111108000 51973000 52442000 6691000 9749000 17201000 85614000 25494000 111000 388000 61000 NA 24000 0 10013000 NA 15943000 4860000 365000 -1000 0 0 10717000 0 10717000 0 10725000 12/31/1998 100330000 47637000 46833000 5860000 9107000 14370000 76974000 23356000 122000 0 0 NA 8000 NA 9753000 NA 13733000 4181000 265000 9000 0 0 9296000 0 9296000 0 9309000 12/31/1997 89111000 44091000 40938000 4082000 9367000 11175000 68715000 20396000 129000 1538000 2322000 0 62000 NA 8384000 NA 11419000 2976000 240000 0 0 0 8203000 0 8203000 0 8213000 12/31/1996 78845000 36797000 38263000 3785000 8160000 11458000 60200000 18645000 140000 0 0 0 194000 NA 7904000 NA 11075000 3526000 269000 0 0 0 7280000 0 7280000 0 7280000 12/31/1995 69576000 33778000 32204000 3594000 7635000 7794000 52801000 16775000 199000 0 0 0 253000 NA 7286000 NA 9941000 3164000 204000 0 0 0 6573000 0 6573000 0 6573000 12/31/1994 59654000 30135000 26312000 3207000 6952000 6035000 46329000 13325000 213000 NA NA 0 242000 NA 4970000 21000 8831000 2746000 170000 0 0 -1189000 4726000 0 4726000 0 4726000 12/31/1993 60206000 29812000 27133000 3261000 7079000 6695000 46847000 13359000 161000 0 0 0 195000 NA 7015000 26000 6726000 2151000 151000 0 0 0 4424000 -109000 4315000 0 4424000 12/31/1992 56274000 18890000 34566000 2818000 6672000 0 28380000 27894000 70000 0 0 0 -14778000 NA 6895000 35000 6326000 1968000 53000 0 0 420000 4725000 0 4725000 0 4725000 12/31/1991 59379000 21803000 34744000 2832000 7937000 0 32572000 26807000 72000 0 0 0 -12913000 NA 7504000 46000 6508000 2001000 72000 0 0 0 4435000 -1799000 2636000 0 4435000 12/31/2000 476120504 50492000 437006000 128543000 12735000 12/31/1999 508329454 42557000 405200000 111106000 10717000 12/31/1998 333672192 38880000 355935000 100330000 9296000 12/31/1997 239539438 34438000 304012000 89111000 8203000 12/31/1996 162604090 31125000 272402000 78845000 7280000 12/31/1995 119988864 29609000 228035000 69576000 6573000 12/31/1994 87004317 26387000 194484000 59654000 4726000 12/31/1993 89526649 25824000 251506000 60206000 4315000 12/31/1992 73139180 23459000 192876000 56274000 4725000 12/31/1991 66105333 21683000 168259000 59379000 2636000 12312000 12735000 7736000 1153000 239000 21863000 0 827000 469000 0 469000 6767000 -8243000 47645000 0 NA 12942000 NA NA 82270000 12311999 10717000 6691000 1502000 -130000 18780000 0 5813000 0 0 0 6262000 6171000 48158000 0 NA 622000 NA NA 85806000 12311998 9296000 5860000 1143000 -2984000 13315000 0 6045000 0 0 0 4043000 -3139000 36127000 0 NA -114000 NA NA 56391000 12311997 8203000 4082000 284000 -62000 12507000 0 1733000 0 0 0 2251000 -4134000 17747000 0 NA 785000 0 NA 30889000 12311996 7280000 3785000 1145000 3467000 15677000 0 2174000 0 0 0 1363000 -6467000 18092000 0 NA 28000 0 NA 30867000 12311995 6573000 3594000 1047000 1575000 12789000 0 2157000 0 0 0 1542000 -17017000 35059000 0 NA 259000 0 NA 34789000 12311994 4726000 3207000 1228000 425000 9586000 0 3806000 771000 771000 0 2506000 -10030000 20025000 0 NA -1988000 0 NA 27551000 12311993 4424000 3261000 461000 -4331000 3815000 0 6372000 406000 406000 0 1155000 -229000 11153000 0 NA -69000 0 NA 23558000 12311992 4725000 2818000 707000 321000 8571000 0 1678000 425000 425000 0 1793000 3092000 13084000 0 NA 0 0 0 28733000 12311991 4435000 2832000 866000 -2577000 5556000 0 1941000 410000 410000 0 1696000 6126000 15374000 0 NA NA 0 0 31103000 12312000 5401000 13967000 2332000 0 32762000 0 0 28167000 NA 82629000 12311999 4587000 15502000 11654000 0 27539000 1002000 0 21285000 NA 81569000 12311998 3913000 8982000 18610000 0 6913000 2819000 0 16584000 NA 57935000 12311997 3411000 8388000 5245000 0 2467000 2815000 0 6893000 NA 29219000 12311996 3050000 7760000 5516000 0 2551000 2323000 0 8299000 NA 29499000 12311995 2770000 6447000 5641000 0 2505000 2523000 0 14671000 NA 34557000 12311994 2462000 7492000 2606000 0 2638000 1124000 0 8819000 NA 28016000 12311993 2153000 4739000 2090000 0 2845000 770000 0 9917000 NA 23469000 12311992 1925000 4824000 2013000 4683000 9008000 1206000 0 3826000 0 27575000 12311991 1780000 5000000 3769000 7254000 10158000 1112000 0 2034000 0 31107000 12312000 -359000 16102000 22690000 37699000 14650000 12311999 4237000 -11094000 24593000 42179000 21823000 12311998 -1544000 -14905000 19360000 40133000 19229000 12311997 1670000 -6117000 14240000 18275000 5705000 12311996 1368000 1731000 17851000 20212000 3729000 12311995 232000 2910000 14946000 25217000 10503000 12311994 -465000 55625000 13392000 16411000 2554000 12311993 89000 -40092000 10187000 15591000 5493000 12311992 1158000 -2636000 10249000 13553000 4462000 12311991 -4000 -7004000 7497000 16361000 8860000 Page 33 Hershey HERSHEY FOODS CORPORATION CUSIP NO: SEDOL NO: ISIN NO: TICKER SYMBOL: BALANCE SHEET ASSETS (000'S) FISCAL YEAR ENDING CASH & EQUIVALENTS SHORT TERM INVSTMTS NET RECEIVABLES RAW MATERIALS WORK IN PROCESS FINISHED GOODS PROGRESS PAYMENT&OTH INVENTORIES PREPAID EXPENSES OTHER CURRENT ASSETS TOTAL CURRENT ASSETS OTHER INVESTMENTS INVST IN ASSOC COMP LONG TERM RECEIVBLES PROP PLANT EQ-GROSS ACCUM DEPRECIATION NET PP&E DEFERRED CHARGES OTH TANGIBLE ASSETS INTANGIBLE OTH ASSTS OTHER ASSETS TOTAL ASSETS LIABILITIES (000'S) FISCAL YEAR ENDING ACCOUNTS PAYABLE ST DEBT & CUR LTD ACCRUED PAYROLL DIVIDENDS PAYABLE INCOME TAXES PAYABLE OTHER CURRENT LIAB TOT CUR LIABILITIES LONG TERM DEBT PROV RISKS/CHARGES DEFERRED INCOME DEFERRED TAXES DEF TAX LIAB UNTX RE OTHER LIABILITIES UNREAL SEC GAIN/LOSS TOTAL LIABILITIES NON EQUITY RESERVES MINORITY INTEREST PREFERRED STOCK COMMON STOCK/ORD CAP CAPITAL SURPLUS REVALUATION RESERVES OTH APPROPRIATED RES UNAPPROPRIATED RESRV RETAINED EARNINGS EQTY IN UNTAXED RESV ESOP GUARANTEES UNRZD FOR EXC GN/LOS TREASURY STOCK COMMON SHLDRS EQUITY TOTAL LIABS & EQUITY INCOME STATEMENT (000'S) FISCAL YEAR ENDING NET SALES OR REVENUE COST OF GOODS SOLD GROSS INCOME DEPRECIATION & AMORT SELL GEN & ADMIN EXP OTHER OPTG EXPENSES TOTAL OPER EXPENSES OPERATING INCOME NON OPER INT INCOME EXTRA-CREDIT-PRETAX EXTRA-CHARGE-PRETAX PRETAX EQTY IN EARNS OTHER INC/EXP - NET RESERVES - INCR/DECR INTEREST EXPENSE INTEREST CAPITALIZED PRETAX INCOME INCOME TAXES MINORITY INTEREST EQUITY IN EARNINGS AFT TAX OTH INC/EXP DISC OPERATIONS NET INC BEF EX ITEMS EXTRA ITEMS NET INC BEF PREF DIV PFD DIV REQUIREMENTS NET INCOME KEY FINANCIAL ITEMS (000'S US$) FISCAL YEAR ENDING MARKET CAPITAL (US$) COMMON EQUITY (US$) TOTAL ASSETS (US$) SALES (US$) NET INCOME (US$) 427866108 2422806 US4278661081 HSY 1 12/31/2000 31969 NA 379680 263658 47866 338749 -45100 605173 NA 278526 1295348 0 0 0 2764845 1179457 1585388 NA 26380 540648 567028 3447764 12/31/1999 118078 NA 352750 270711 49412 365575 -83496 602202 NA 206950 1279980 0 0 0 2572268 1061808 1510460 0 106047 450165 556212 3346652 12/31/1998 39024 NA 451324 205111 38420 340442 -90724 493249 91864 58505 1133966 0 0 0 2702787 1054729 1648058 NA 91610 530464 622074 3404098 12/31/1997 54237 NA 360831 223702 36015 334639 -88831 505525 30197 84024 1034814 0 0 0 2587230 938993 1648237 NA 56336 551849 608185 3291236 12/31/1996 61422 NA 294606 204419 31444 316726 -77611 474978 60759 94464 986229 0 0 0 2422702 820807 1601895 NA 30710 565962 596672 3184796 12/31/1995 32346 NA 326024 189371 28201 249106 -69108 397570 81598 84785 922323 0 0 0 2190386 754377 1436009 NA 43577 428714 472291 2830623 12/31/1994 26738 NA 331670 234317 28680 247272 -64567 445702 38608 105948 948666 0 0 0 2123529 655132 1468397 NA 20336 453582 473918 2890981 12/31/1993 15959 NA 294974 209570 37261 265616 -59005 453442 39073 85548 888996 0 0 0 2041764 580860 1460904 NA 31783 473408 505191 2855091 12/31/1992 24114 NA 173646 243243 30965 231313 -48342 457179 105966 179076 939981 0 0 0 1797437 501448 1295989 NA 37171 399768 436939 2672909 12/31/1991 71124 NA 159805 236846 30039 227405 -57373 436917 NA 76633 744479 0 0 0 1581296 435630 1145666 NA 29983 421694 451677 2341822 12/31/2000 149232 258123 107914 0 1479 250153 766901 877654 194354 NA 300499 NA 133320 NA 2272728 0 0 0 179950 13124 NA -56716 NA 2702927 NA 19161 NA 1645088 1175036 3447764 12/31/1999 136567 211606 98527 0 72159 193970 712829 878213 194563 NA 326045 NA 136375 0 2248025 0 0 0 179950 30079 0 NA NA 2513275 NA 22354 -49615 1552708 1098627 3346652 12/31/1998 156937 345997 87666 0 17475 206749 814824 879103 206345 NA 321101 NA 140424 0 2361797 0 0 0 179950 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0 0 90186 52129 0 NA NA 1365188 NA 44708 2484 0 1465279 2672909 12/31/1991 137890 84575 55346 0 22000 170921 470732 282933 0 NA 171999 NA 80907 0 1006571 0 0 0 90186 52509 0 NA NA 1214034 NA 47902 26424 0 1335251 2341822 2 12/31/2000 4220976 2295187 1749825 175964 1134475 0 3605626 615350 4945 NA 0 0 7300 NA 81101 145 546639 212096 0 0 0 0 334543 0 334543 0 334543 12/31/1999 3970924 2191416 1616200 163308 1057840 0 3412564 558360 3029 NA 0 0 243785 NA 78514 1214 727874 267564 0 0 0 0 460310 0 460310 0 460310 12/31/1998 4435615 2466896 1810558 158161 1167895 0 3792952 642663 2991 0 0 0 0 NA 91195 2547 557006 216118 0 0 0 0 340888 0 340888 0 340888 12/31/1997 4302236 2336146 1813340 152750 1183130 0 3672026 630210 2883 0 0 0 0 0 81021 1883 553955 217704 0 0 0 0 336251 0 336251 0 336251 12/31/1996 3989308 2168613 1687219 133476 1124087 0 3426176 563132 3993 0 NA 0 -35352 0 53570 1534 479737 206551 0 0 0 0 273186 0 273186 0 273186 12/31/1995 3690667 1992390 1564393 133884 1053758 0 3180032 510635 2735 151 0 0 0 0 49525 1957 465953 184034 0 0 0 0 281919 0 281919 0 281919 12/31/1994 3606271 1968515 1508715 129041 1034115 0 3131671 474600 1892 0 106105 0 0 0 40258 3009 333138 148919 0 0 0 0 184219 0 184219 0 184219 12/31/1993 3488249 1882438 1492747 113064 1035519 0 3031021 457228 83871 0 0 0 0 0 34870 4646 510875 213642 0 0 0 0 297233 -103908 193325 0 297233 12/31/1992 3219805 1736301 1386417 97087 958189 0 2791577 428228 2468 0 0 0 0 0 41763 12055 400988 158390 0 0 0 0 242598 0 242598 0 242598 12/31/1991 2899165 1608991 1204761 85413 814459 0 2508863 390302 2424 0 0 0 0 0 39655 10386 363457 143929 0 0 0 0 219528 0 219528 0 219528 12/31/2000 8773127 1175036 3447764 4220976 334543 12/31/1999 6568247 1098627 3346652 3970924 460310 12/31/1998 8902190 1042301 3404098 4435615 340888 12/31/1997 8852941 852806 3291236 4302236 336251 12/31/1996 6691213 1161021 3184796 3989308 273186 12/31/1995 5022282 1082959 2830623 3690667 281919 12/31/1994 4195815 1441100 2890981 3606271 184219 12/31/1993 4293049 1412344 2855091 3488249 193325 12/31/1992 4238758 1465279 2672909 3219805 242598 12/31/1991 4002019 1335251 2341822 2899165 219528 FUNDS FLOW STATEMENT (000's) SOURCES OF FUNDS DATE FISCAL YEAR END NET INCOME/START LIN DEPRE, DEPLE & AMORT DEFER TAX & ITC OTHER CASH FLOW FUNDS FROM OPERATION EXTRAORDINARY ITEMS FUNDS-OTH OPER ACT PROCEED SALE/ISS STK STOCKOPTION PROCEEDS OTHER STOCK SALES DISPOSAL FIX ASSETS INCR/DECR IN ST DEBT LONG TERM BORROWING DECR IN INVESTMENTS CHGS IN CSH &/OR LIQ OTH SOURCE/USE-FIN EFFECT-EXCH ON CASH OTHER SOURCES TOTAL SOURCES USES OF FUNDS FISCAL PERIOD END CASH DIVS PAID-TOTAL CAPITAL EXPENDITURE NET ASSETS-ACQUISITN ADDITS TO OTH ASSETS REDUCTION IN LT DEBT COM/PFD PURCH RTRD INCR IN INVESTMENTS OTH USE/SOURCE-INV OTHER USES TOTAL USES RECONCILIATION OF SOURCES FISCAL PERIOD END INC/DEC CASH&ST INVS INC/DEC WORK CAPITAL NT-CASH-FL-OPER-ACTV NET-CSH-FLOW-INVESTG NET-CSH-FLOW-FINCING FOOTNOTES TO FINANCIAL STATEMENTS: 1: 1999, 1998, 1997, 1996, 1995, 1994, 1993, 1992, 1991 - MAY INCLUDE INTANGIBLE ASSETS AND/OR DEFERRED CHARGES 2: 2000, 1991 - ACQ'D(2000 - CERTAIN BUSINESSES OF NABISCO INC IN 2000 AND CERTAIN CONFECTIONERY BUSINESS OF VISAGIS IN 2001)(1991 - ITALIAA PASTA CO IN 91) 12312000 334543 175964 -16400 0 494107 0 -81898 24376 24376 0 0 48428 187 0 NA 0 NA NA 491406 12311999 460310 163308 -8336 -165016 450266 0 -122583 18878 18878 0 0 -136742 1696 0 NA 0 NA NA 675041 12311998 340888 158161 82241 745 582035 0 -192330 19368 19368 0 0 -36543 0 0 NA -22458 NA NA 381814 12311997 336251 152750 16915 4018 509934 0 -33076 14397 14397 0 0 -217018 550000 0 NA -35063 NA NA 845605 12311996 273186 133476 22863 40945 470470 NA -6727 22049 22049 0 0 210929 0 149222 NA -45634 NA NA 855276 12311995 281919 133884 26380 -151 442032 0 52897 15106 15106 0 0 103530 202448 0 NA -21903 0 NA 824733 12311994 184219 129041 -2328 106105 417037 0 -79731 0 0 0 0 -20503 102 0 NA 0 0 NA 316905 12311993 193325 113064 11047 23266 340702 0 38239 0 0 0 0 67485 1130 259718 NA 0 0 NA 707274 12311992 242598 97087 21404 0 361089 0 -64876 0 0 0 0 201425 1259 0 NA NA 0 0 505478 12311991 219528 85413 20654 0 325595 0 21745 47902 0 47902 0 56489 23620 0 NA -47902 0 0 475351 12312000 144891 138333 135000 4686 2815 151790 0 -6206 NA 577515 12311999 136728 115448 0 25394 393 318024 0 -463526 NA 595987 12311998 129044 161328 0 42859 25187 16151 0 -9284 NA 397027 12311997 121546 172939 0 0 15588 507654 0 -21368 NA 852790 12311996 114763 159433 437195 0 3103 66072 0 -9333 NA 826200 12311995 110090 140626 12500 0 7887 526119 0 -8720 NA 819125 12311994 106961 138711 0 0 14413 39748 0 6293 NA 306126 12311993 100499 211621 164787 0 104792 131783 0 1947 NA 715429 12311992 91444 249795 0 0 32173 0 179076 -6581 0 552488 12311991 83401 226071 44108 0 27861 0 0 1510 0 430853 12312000 -86109 -38704 412209 271813 -226505 12311999 79054 248009 327683 -322684 -571313 12311998 -15213 80043 389705 194903 -210015 12311997 -7185 70144 476858 151571 -332472 12311996 29076 110987 463743 438073 3406 12311995 5608 -94477 494929 144406 -344915 12311994 10779 77294 337306 145004 -181523 12311993 -8155 -127888 378941 118637 -268459 12311992 -47010 -70708 296213 422290 79067 12311991 44498 -46805 347340 271689 -31153 Page 34 RD ROYAL DUTCH PETROLEUM COMPANY- ADR CUSIP NO: SEDOL NO: ISIN NO: TICKER SYMBOL: BALANCE SHEET ASSETS (000'S) FISCAL YEAR ENDING CASH & EQUIVALENTS SHORT TERM INVSTMTS NET RECEIVABLES RAW MATERIALS WORK IN PROCESS FINISHED GOODS PROGRESS PAYMENT&OTH INVENTORIES PREPAID EXPENSES OTHER CURRENT ASSETS TOTAL CURRENT ASSETS OTHER INVESTMENTS INVST IN ASSOC COMP LONG TERM RECEIVBLES PROP PLANT EQ-GROSS ACCUM DEPRECIATION NET PP&E DEFERRED CHARGES OTH TANGIBLE ASSETS INTANGIBLE OTH ASSTS OTHER ASSETS TOTAL ASSETS LIABILITIES (000'S) FISCAL YEAR ENDING ACCOUNTS PAYABLE ST DEBT & CUR LTD ACCRUED PAYROLL DIVIDENDS PAYABLE INCOME TAXES PAYABLE OTHER CURRENT LIAB TOT CUR LIABILITIES LONG TERM DEBT PROV RISKS/CHARGES DEFERRED INCOME DEFERRED TAXES DEF TAX LIAB UNTX RE OTHER LIABILITIES UNREAL SEC GAIN/LOSS TOTAL LIABILITIES NON EQUITY RESERVES MINORITY INTEREST PREFERRED STOCK COMMON STOCK/ORD CAP CAPITAL SURPLUS REVALUATION RESERVES OTH APPROPRIATED RES UNAPPROPRIATED RESRV RETAINED EARNINGS EQTY IN UNTAXED RESV ESOP GUARANTEES UNRZD FOR EXC GN/LOS TREASURY STOCK COMMON SHLDRS EQUITY TOTAL LIABS & EQUITY INCOME STATEMENT (000'S) FISCAL YEAR ENDING NET SALES OR REVENUE COST OF GOODS SOLD GROSS INCOME DEPRECIATION & AMORT SELL GEN & ADMIN EXP OTHER OPTG EXPENSES TOTAL OPER EXPENSES OPERATING INCOME NON OPER INT INCOME EXTRA-CREDIT-PRETAX EXTRA-CHARGE-PRETAX PRETAX EQTY IN EARNS OTHER INC/EXP - NET RESERVES - INCR/DECR INTEREST EXPENSE INTEREST CAPITALIZED PRETAX INCOME INCOME TAXES MINORITY INTEREST EQUITY IN EARNINGS AFT TAX OTH INC/EXP DISC OPERATIONS NET INC BEF EX ITEMS EXTRA ITEMS NET INC BEF PREF DIV PFD DIV REQUIREMENTS NET INCOME KEY FINANCIAL ITEMS (000'S US$) FISCAL YEAR ENDING MARKET CAPITAL (US$) COMMON EQUITY (US$) TOTAL ASSETS (US$) SALES (US$) NET INCOME (US$) FUNDS FLOW STATEMENT (000's) SOURCES OF FUNDS DATE FISCAL YEAR END NET INCOME/START LIN DEPRE, DEPLE & AMORT DEFER TAX & ITC OTHER CASH FLOW FUNDS FROM OPERATION EXTRAORDINARY ITEMS FUNDS-OTH OPER ACT PROCEED SALE/ISS STK STOCKOPTION PROCEEDS OTHER STOCK SALES DISPOSAL FIX ASSETS INCR/DECR IN ST DEBT LONG TERM BORROWING DECR IN INVESTMENTS CHGS IN CSH &/OR LIQ OTH SOURCE/USE-FIN EFFECT-EXCH ON CASH OTHER SOURCES TOTAL SOURCES USES OF FUNDS FISCAL PERIOD END CASH DIVS PAID-TOTAL CAPITAL EXPENDITURE NET ASSETS-ACQUISITN ADDITS TO OTH ASSETS REDUCTION IN LT DEBT COM/PFD PURCH RTRD INCR IN INVESTMENTS OTH USE/SOURCE-INV OTHER USES TOTAL USES RECONCILIATION OF SOURCES FISCAL PERIOD END INC/DEC CASH&ST INVS INC/DEC WORK CAPITAL NT-CASH-FL-OPER-ACTV NET-CSH-FLOW-INVESTG NET-CSH-FLOW-FINCING FOOTNOTES TO FINANCIAL STATEMENTS: 1: 1997, 1996, 1995, 1994 - ADJUSTED TO EXCLUDE LONG TERM RECEIVABLES 2: 1997, 1996, 1995, 1994 - INCLUDES OTHER INVESTMENTS 3: 2000, 1999, 1998, 1997, 1996, 1995, 1994 INCLUDES OTHER TAXES 4: 1996 - ACCOUNTS CONVERTED FROM GBP. EXCHANGE RATE CALCULATED USING 1.57716 IN 96. 1997 - ACCOUNTS CONVERTED FROM GBP. EXCHANGE RATE CALCULATED USING 1.9113 IN 97. 1998 - ACCOUNTS CONVERTED FROM U.S. DOLLARS. EXCHANGE RATE CALCULATED USING 1.1881 IN 1998. 1999 - ACCOUNTS CONVERTED FROM U.S DOLLARS. EXCHANGE RATE CALCULATED USING 0.56690 IN 1999. 2000, 1998, 1997, 1994 - ACQ'D(2000 - 62.5% (FROM 25%) OF SAKHALIN ENERGY INVESTMENT COMPANY LTD, FLETCHER CHALLENGE ENERGY (FCE) (NEW ZEALAND) in 2000)(1998 - NOCIL PETROCHEMICALS IN 98)(1997 - REMAINING INTEREST IN MONTELL (ITALY) IN 97)(1994 - 50% OF MONTESHELL (ITALY) IN 94). 2000 - ACCOUNTS CONVERTED FROM U.S DOLLARS. EXCHANGE RATE CALCULATED USING 2.39183 IN 2000 5: 1999, 1998, 1997, 1996, 1995, 1994 INCLUDES OTHER INCOME 6: 2000, 1999, 1998, 1997, 1996, 1995 DIVIDENDS AND INTEREST INCOME 7: 1999, 1998, 1997, 1996, 1995, 1994 - AVERAGE EMPLOYEES 780257804 2016748 US7802578044 RD 1 2 12/31/2000 7196006 4228203 15257812 378600 NA 4351804 NA 4730404 4768804 0 31953026 1657801 11188809 NA 66965454 38577031 28388423 3144603 1568601 603000 5316204 78504263 12/31/1999 2694603 4798 12383932 454012 NA 4186863 NA 4640874 756286 0 20475696 1561752 10007447 0 73259601 39314886 33944715 2975965 302315 1583943 4862223 70851833 12/31/1998 2155892 11400 9861872 518998 NA 3066588 NA 3585586 560398 0 16163748 1611594 10011560 0 77044494 40578439 36466055 2826589 375005 1565394 4766987 69019945 12/31/1997 3320233 518768 11137470 547478 NA 3940260 NA 4487738 497978 0 19443419 1496903 7789438 661330 79324950 40140157 39184793 2247334 0 0 2247334 70823216 12/31/1996 7544465 2802808 12073895 569734 NA 4372380 0 4942115 574830 0 25135305 503486 5318200 729749 86734162 43843049 42891113 2113827 0 0 2113827 76691681 12/31/1995 6856679 2770848 11054677 613990 NA 3921730 0 4535720 530390 0 22977466 665078 4986227 519244 82494742 40952452 41542290 1832680 0 0 1832680 72522985 12/31/1994 6964863 2644138 7632688 665015 NA 3557363 0 4222378 497356 0 19317285 576971 4727227 562921 75799549 37897433 37902116 1668158 0 0 1668158 64754678 12/31/1993 NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA 12/31/1992 NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA 12/31/1991 NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA 3 12/31/2000 6413205 2014202 112200 5836205 1956602 11162409 27494822 2442002 2851202 NA 4204803 NA 2401802 0 39394632 NA 1728601 1000 1146001 1000 0 21959018 15102012 2546002 NA 0 -2822002 552000 37380030 78504263 12/31/1999 5568905 4151477 115152 3870937 1432422 6801778 21940672 3603905 3059930 NA 4230045 NA 1944993 0 34779544 0 1704493 1008 1225298 1008 0 19451606 14892006 405074 NA 0 -1161816 446387 34366788 70851833 12/31/1998 3872726 4666781 111600 4170059 921262 7052972 20795401 3619186 3258587 NA 4292983 NA 1588194 0 33554350 0 1620594 797 1424981 851 0 17655326 14702972 526686 NA 0 -310312 156299 33844204 69019945 12/31/1997 4812607 2865103 106922 3992009 1173168 6748932 19698742 3472973 3081917 NA 5306480 NA 1538952 0 33099063 0 1324640 740 1322349 789 0 20618997 14709327 468821 NA 0 -595264 126246 36398773 70823216 12/31/1996 5537459 3421464 165111 3740701 1937505 7044730 21846969 3683399 4009544 NA 5345719 NA 1861484 0 36747115 0 2053694 862 1539568 919 0 20044081 14960301 127570 NA 0 1308955 91384 37890011 76691681 12/31/1995 4439987 3259439 171843 3644865 2055611 7248978 20820723 4409392 3843705 NA 4796735 NA 1503867 0 35374422 0 1863333 933 1666914 995 0 15977598 13364167 114614 NA 0 4219710 59701 35284297 72522985 12/31/1994 3525517 3397197 172342 1432124 1924797 6421611 16873588 3574222 3474002 NA 4585795 NA 1410581 0 29918188 0 1128652 864 1544018 922 0 14973699 13616088 59908 NA 0 3533307 20968 33706974 64754678 12/31/1993 NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA 12/31/1992 NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA 12/31/1991 NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA 4 5 12/31/2000 89487618 66718814 18037804 4731001 5657201 0 77107016 12380603 398200 0 0 NA NA NA 526200 30600 12343803 5860801 26400 1178400 NA NA 7635002 0 7635002 25 7634976 12/31/1999 63216255 46660731 12643731 3911793 4901774 0 55474298 7741957 295919 0 0 NA NA 0 600568 52197 7473661 2842083 144592 657565 0 NA 5144551 0 5144551 29 5144522 12/31/1998 56215423 42299568 8406633 5509222 6094816 0 53903605 2311818 350430 0 0 NA NA 0 667803 55800 2092398 859352 85200 -866403 0 NA 281442 0 281442 30 281412 12/31/1997 76403856 57212056 14906878 4284922 6670537 0 68167515 8236341 522045 0 0 NA NA 0 613387 51767 8199132 4004798 26372 734502 0 0 4902464 0 4902464 31 4902433 12/31/1996 76566806 56421133 15782768 4362906 6710019 0 67494058 9072748 525850 0 0 NA NA 0 571866 132464 9431828 4209979 159516 604482 0 0 5666815 0 5666815 35 5666779 12/31/1995 66453635 48275923 13268765 4908947 6869487 0 60054356 6399278 616234 0 0 NA NA 0 658855 93576 6823576 2892403 110764 579601 0 0 4400010 0 4400010 38 4399972 12/31/1994 57263009 42192044 10906315 4164650 6084433 0 52441126 4821883 447533 0 0 NA NA 0 606574 66575 5191410 1712573 69349 538150 0 0 3947637 0 3947637 33 3947604 12/31/1993 NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA 12/31/1992 NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA 12/31/1991 NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA 12/31/2000 129257125 37380030 78504263 89487618 7635002 12/31/1999 129009482 34366788 70851833 63216255 5144551 12/31/1998 102324413 33844204 69019945 56215423 281442 12/31/1997 115912145 36398773 70823216 76403856 4902464 12/31/1996 91353594 37890011 76691681 76566806 5666815 12/31/1995 75546301 35284297 72522985 66453635 4400010 12/31/1994 57724508 33706974 64754678 57263009 3947637 12/31/1993 NA NA NA NA NA 12/31/1992 NA NA NA NA NA 12/31/1991 NA NA NA NA NA 6 12312000 3113001 4731001 NA 6622801 14466803 0 -341400 0 0 0 2311200 NA 567000 1369800 NA -3313801 -45000 NA 18328404 12311999 3155945 3911793 NA 4693835 11761573 0 -1972696 0 0 0 3015440 NA 1078743 329383 NA -3334024 -25799 NA 14219043 12311998 3617084 5509222 NA 751953 9878259 0 2356209 0 0 0 852603 NA 943204 217201 698677 NA -15600 522602 14754478 12311997 3190462 4284922 NA -309237 7166147 0 1385005 0 0 0 616318 NA 2302156 313531 1760520 NA -172882 1573515 13183790 12311996 3223571 4362906 NA 803451 8389928 0 -542915 0 0 0 809708 NA 541982 234144 -252965 NA -366607 2469235 11535474 12311995 3012327 4908947 NA -54056 7867217 0 -41059 0 0 0 651216 NA 702779 172830 233618 NA 153733 1760766 11267482 12311994 3947604 4164650 NA -621967 7490286 0 171141 0 0 0 1117290 NA 1378981 773009 625024 NA 253044 69349 11253101 12311993 NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA 12311992 NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA 12311991 NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA 12312000 3025001 3606001 0 119400 765600 120000 898200 0 NA 11848002 12311999 3340095 4445165 0 0 944950 246587 713362 0 NA 13056581 12311998 3352307 7715431 0 0 919204 0 854403 NA 3721815 16563159 12311997 3058463 7300092 0 0 2454527 0 1720024 NA 503017 15036124 12311996 3133194 6566281 0 0 1038254 0 458959 NA 89553 11286240 12311995 2989458 6637247 0 0 999741 0 447830 NA 82118 11156394 12311994 2634395 5726576 1480666 0 1573857 0 349849 NA 364264 12129608 12311993 NA NA NA NA NA NA NA NA NA NA 12311992 NA NA NA NA NA NA NA NA NA NA 12311991 NA NA NA NA NA NA NA NA NA NA 12312000 4517801 NA 14125403 942600 -8620002 12311999 609292 NA 9788877 1813704 -7340083 12311998 NA NA NA NA NA 12311997 NA NA NA NA NA 12311996 NA NA NA NA NA 12311995 NA NA NA NA NA 12311994 NA NA NA NA NA 12311993 NA NA NA NA NA 12311992 NA NA NA NA NA 12311991 NA NA NA NA NA Page 35 Nabisco NABISCO INC ANNUAL FINANCIAL INFORMATION BALANCE SHEET ANNUAL ASSETS (000s) FISCAL YEAR ENDING CASH MRKTABLE SECURITIES RECEIVABLES INVENTORIES RAW MATERIALS WORK IN PROGRESS FINISHED GOODS NOTES RECEIVABLE OTHER CURRENT ASSETS TOTAL CURRENT ASSETS PROP, PLANT & EQUIP ACCUMULATED DEP NET PROP & EQUIP INVEST & ADV TO SUBS OTHER NON-CUR ASSETS DEFERRED CHARGES INTANGIBLES DEPOSITS & OTH ASSET TOTAL ASSETS ANNUAL LIABILITIES (000S) FISCAL YEAR ENDING NOTES PAYABLE ACCOUNTS PAYABLE CUR LONG TERM DEBT CUR PORT CAP LEASES ACCRUED EXPENSES INCOME TAXES OTHER CURRENT LIAB TOTAL CURRENT LIAB MORTGAGES DEFERRED CHARGES/INC CONVERTIBLE DEBT LONG TERM DEBT NON-CUR CAP LEASES OTHER LONG TERM LIAB TOTAL LIABILITIES MINORITY INT (LIAB) PREFERRED STOCK COMMON STOCK NET CAPITAL SURPLUS RETAINED EARNINGS TREASURY STOCK OTHER EQUITIES SHAREHOLDER EQUITY TOT LIAB & NET WORTH ANNUAL INCOME (000s) FISCAL YEAR ENDING NET SALES COST OF GOODS GROSS PROFIT R & D EXPENDITURES SELL GEN & ADMIN EXP INC BEF DEP & AMORT DEPRECIATION & AMORT NON-OPERATING INC INTEREST EXPENSE INCOME BEFORE TAX PROV FOR INC TAXES MINORITY INT (INC) INVEST GAINS/LOSSES OTHER INCOME NET INC BEF EX ITEMS EX ITEMS & DISC OPS NET INCOME OUTSTANDING SHARES CASH FLOW PROVIDED BY OPERATING ACTIVITY (000s) Fiscal Year Ending Net Income (Loss) Depreciation/Amortization Net Incr (Decr) Assets/Liabs Cash Prov (Used) by Disc Oper Other Adjustments, Net Net Cash Prov (Used) by Oper CASH FLOW PROVIDED BY INVESTING ACTIVITY (000s) Fiscal Year Ending (Incr) Decr in Prop, Plant (Acq) Disp of Subs, Business (Incr) Decr in Securities Inv Other Cash Inflow (Outflow) Net Cash Prov (Used) by Inv CASH FLOW PROVIDED BY FINANCING ACTIVITY (000s) Fiscal Year Ending Issue (Purchase) of Equity Issue (Repayment) of Debt Incr (Decr) In Borrowing Dividends, Other Distribution Other Cash Inflow (Outflow) Net Cash Prov (Used) by Finan Effect of Exchg Rate On Cash Net Change in Cash or Equiv Cash or Equiv at Year Start Cash or Equiv at Year End 12/31/2000 95,000 NA 826,000 885,000 NA NA NA NA 201,000 2,007,000 4,843,000 1,962,000 2,881,000 NA NA NA 6,183,000 530,000 11,601,000 12/31/1999 110,000 NA 681,000 898,000 NA NA NA NA 195,000 1,884,000 5,053,000 1,966,000 3,087,000 NA NA NA 6,602,000 134,000 11,707,000 12/31/1998 111,000 NA 506,000 753,000 NA NA NA NA 167,000 1,537,000 4,806,000 1,859,000 2,947,000 NA NA NA 6,550,000 82,000 11,116,000 12/31/1997 127,000 NA 521,000 865,000 NA NA NA NA 86,000 1,599,000 5,030,000 1,713,000 3,317,000 NA NA NA 7,068,000 133,000 12,117,000 12/31/1996 93,000 NA 556,000 879,000 NA NA NA NA 101,000 1,629,000 4,798,000 1,511,000 3,287,000 NA NA NA 7,307,000 67,000 12,290,000 12/31/1995 121,000 NA 523,000 865,000 NA NA NA NA 115,000 1,624,000 4,424,000 1,292,000 3,132,000 NA NA NA 7,454,000 93,000 12,303,000 12/31/1994 245,000 NA 346,000 783,000 NA NA NA NA 125,000 1,499,000 3,971,000 1,098,000 2,873,000 NA NA NA 7,431,000 46,000 11,849,000 12/31/1993 NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA 12/31/2000 104,000 367,000 515,000 NA 976,000 161,000 147,000 2,270,000 NA 1,141,000 NA 2,356,000 NA 1,712,000 7,479,000 NA NA NA 4,242,000 209,000 NA -329,000 4,122,000 11,601,000 12/31/1999 39,000 642,000 158,000 NA 970,000 104,000 7,000 1,920,000 NA 1,176,000 NA 3,892,000 NA 744,000 7,732,000 NA NA NA 4,141,000 127,000 NA -293,000 3,975,000 11,707,000 12/31/1998 68,000 407,000 118,000 NA 997,000 111,000 5,000 1,706,000 NA 1,162,000 NA 3,619,000 NA 704,000 7,191,000 NA NA NA 4,141,000 -31,000 NA -185,000 3,925,000 11,116,000 12/31/1997 180,000 435,000 21,000 NA 818,000 131,000 13,000 1,598,000 NA 1,293,000 NA 4,334,000 NA 646,000 7,871,000 NA NA NA 4,151,000 225,000 NA -130,000 4,246,000 12,117,000 12/31/1996 251,000 427,000 24,000 NA 1,155,000 112,000 NA 1,969,000 NA 1,316,000 NA 4,213,000 NA 708,000 8,206,000 NA NA 3,000 4,087,000 43,000 NA -49,000 4,084,000 12,290,000 12/31/1995 76,000 511,000 24,000 NA 846,000 131,000 26,000 1,614,000 NA 1,356,000 NA 4,355,000 NA 724,000 8,049,000 NA NA NA 4,174,000 110,000 NA -30,000 4,254,000 12,303,000 12/31/1994 1,387,000 356,000 142,000 NA 782,000 48,000 162,000 2,877,000 NA 1,329,000 NA 3,943,000 NA 772,000 8,921,000 NA NA NA 2,928,000 NA NA NA 2,928,000 11,849,000 12/31/1993 NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA 12/31/2000 8,888,000 4,857,000 4,031,000 NA 3,120,000 911,000 219,000 18,000 280,000 430,000 199,000 NA NA NA 231,000 NA 231,000 0 12/31/1999 8,268,000 4,502,000 3,766,000 NA 2,747,000 1,019,000 213,000 36,000 260,000 582,000 222,000 NA NA NA 360,000 -3,000 357,000 0 12/31/1998 8,400,000 4,683,000 3,717,000 NA 2,672,000 1,045,000 221,000 -559,000 296,000 -31,000 40,000 NA NA NA -71,000 NA -71,000 264,685 12/31/1997 8,734,000 4,950,000 3,784,000 NA 2,476,000 1,308,000 226,000 -32,000 326,000 724,000 293,000 NA NA NA 431,000 -26,000 405,000 264,388 12/31/1996 8,889,000 5,226,000 3,663,000 NA 2,533,000 1,130,000 228,000 -460,000 329,000 113,000 96,000 NA NA NA 17,000 NA 17,000 265,070 12/31/1995 8,294,000 4,776,000 3,518,000 NA 2,387,000 1,131,000 NA -243,000 345,000 543,000 224,000 NA NA NA 319,000 -19,000 300,000 NA 12/31/1994 7,699,000 4,295,000 3,404,000 NA 2,299,000 1,105,000 NA -244,000 463,000 398,000 191,000 NA NA NA 207,000 NA 207,000 NA 12/31/1993 7,025,000 3,831,000 3,194,000 NA 2,252,000 942,000 NA -389,000 547,000 6,000 3,000 NA NA NA 3,000 NA 3,000 NA 12/31/2000 231,000 485,000 -441,000 NA 106,000 381,000 12/31/1999 357,000 478,000 -7,000 3,000 -109,000 722,000 12/31/1998 -71,000 494,000 -75,000 NA 289,000 637,000 12/31/1997 405,000 503,000 -244,000 43,000 -156,000 551,000 12/31/1996 17,000 270,000 -87,000 NA 550,000 750,000 12/31/1995 NA NA NA NA 668,000 668,000 12/31/1994 NA NA NA NA 433,000 433,000 12/31/1993 NA NA NA NA 449,000 449,000 12/31/2000 -251,000 -151,000 NA 178,000 -224,000 12/31/1999 -241,000 -578,000 NA 36,000 -783,000 12/31/1998 -340,000 541,000 NA 13,000 214,000 12/31/1997 -392,000 4,000 NA 15,000 -373,000 12/31/1996 -437,000 -173,000 NA 16,000 -594,000 12/31/1995 -513,000 -129,000 NA 14,000 -628,000 12/31/1994 -455,000 -449,000 NA 18,000 -886,000 12/31/1993 -391,000 335,000 NA 15,000 -41,000 12/31/2000 1,039,000 NA -1,007,000 -198,000 NA -166,000 -6,000 -15,000 110,000 95,000 12/31/1999 NA 777,000 -514,000 -195,000 NA 68,000 -8,000 -1,000 111,000 110,000 12/31/1998 41,000 1,279,000 -1,996,000 -185,000 NA -861,000 -6,000 -16,000 127,000 111,000 12/31/1997 NA 1,229,000 -1,190,000 -175,000 NA -136,000 -8,000 34,000 93,000 127,000 12/31/1996 NA NA -27,000 -155,000 NA -182,000 -2,000 -28,000 121,000 93,000 12/31/1995 1,487,000 2,871,000 -4,083,000 -438,000 NA -163,000 -1,000 -124,000 245,000 121,000 12/31/1994 NA 3,000 1,746,000 -1,162,000 NA 587,000 -1,000 133,000 112,000 245,000 12/31/1993 NA NA -202,000 NA -130,000 -332,000 -2,000 74,000 38,000 112,000 Page 36