Time Period - Long-term Model

Period 2009 2010 2011

Holding Period 7 2016 1 1
Terminal Period 7 2016 0 0

Assumptions 2009 2010 2011 2018

ROIC Projected 30.12% 15% 15%

Cost of Capital 10% 10% 10%
Growth 35.00% 5% 5%

Partial Year Factor 0%

Depreciation Life 15
Tax Rate 20%
Working Capital/Opening Plant Net 0.5

Amount Pct
Opening Net Plant 1,120,197 67.81%
Opening WC and Other 531,711 47.47%
Opening Invested Capital 1,651,908 100.00%

Historic Year NOPAT (2009) 543,692

Intial Year NOPAT Forecast 497,600
Initial Year ROIC (Opening Balance) 30.12%

Stable Depreciation Analysis

Data Table with Alternative Grow

Growth 5%
Stable Cap Exp/Depreciation 1.45 1.45
Depreciation to Net Plant 11.23% 11.23%

1 2
Opening Balance 0.00 1.00
Add: Capital Expenditures 1 1.00 1.05
Less: Retirements 0.00 0.00
Closing Balance 0.00 1.00 2.05
Depreciation 6.67% 0.00 0.07
Cap Exp to Depreciation 0.00 15.75

Accum Depr
Opening Balance 0.00 0.00
Add: Depreciation Expense 0.00 0.07
 Less: Retirements 0.00 0.00
Closing Balance 0.00 0.07
Net Plant 0.00 1.00
Depreciation to Net Plant 0.00% 6.67%

Investment Balance
Growth Rate Change
Cap Exp to Depreciation (Interpolate) 1.45 1.45
Net Plant Depreciation Rate (Interpolate) 11.23% 11.23%

NOPAT and Free Cash Flow

Plant Balance
Opening Balance 1,120,197 1,176,207
Add: Capital Expenditures 181,837 190,929
Less: Depreciation 125,827 132,118
Closing Balance 1,120,197 1,176,207 1,235,017
Average Balance 1,148,202 1,205,612

WC and Other as Pct of Plant 47.47% 47.47% 47.47%

WC and Other Balance Closing 531,711 558,297 586,211
Change in WC and Other 26,586 27,915

ROIC on Opening Investment

NOPAT
Tax Rate
EBIT =NOPAT/(1-t)
Add: Depreciation 125,826.85 132,118.20
EBITDA 125,826.85 132,118.20
Less: Cap Exp 181,836.70 190,928.54
Less: Change in WC
Less: Taxes on EBIT
FCF -56,009.85 -58,810.34

FCF Growth 5.00%

NOPAT Growth #DIV/0!
Investment Growth 5.00%
Cap Exp Growth 5.00%

Value Driver with Book Value Basis

BV Terminal #REF!
Terminal ROIC 15%
Value Driver Formula with Growth #REF!
PV Factor
PV of Terminal EV ###
 Total Enterprise Value with Explicit CF #REF!

Value Driver with Terminal Date and Growth

NOPAT in Terminal Year #N/A
Plus (1+historic g) #N/A
Value Driver #N/A
PV Factor Err:504
PV of Terminal Value #N/A
PV Explicit ###

Total Value with Driver and NOPAT #N/A

Less: EV to Equity Value Bridge

Total Equity Value

Number of Shares
Equity Value
 2012 2013 2014 2015 2016 2017 2018
1 1 1 1 1 0 0
0 0 0 0 1 0 0

a Table with Alternative Growth

2011 2018
5% 5%
1.45 1.45
11.23% 11.23%

3 4 5 6 7 8 9
2.05 3.15 4.31 5.53 6.80 8.14 9.55
1.10 1.16 1.22 1.28 1.34 1.41 1.48
0.00 0.00 0.00 0.00 0.00 0.00 0.00
3.15 4.31 5.53 6.80 8.14 9.55 11.03
0.14 0.21 0.29 0.37 0.45 0.54 0.64
8.07 5.51 4.23 3.46 2.96 2.59 2.32

0.07 0.20 0.41 0.70 1.07 1.52 2.07

0.14 0.21 0.29 0.37 0.45 0.54 0.64
 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.20 0.41 0.70 1.07 1.52 2.07 2.70
1.98 2.95 3.90 4.82 5.73 6.62 7.48
6.89% 7.13% 7.37% 7.64% 7.91% 8.20% 8.51%

1.45 1.45 1.45 1.45 1.45 1.45 1.45

11.23% 11.23% 11.23% 11.23% 11.23% 11.23% 11.23%

1,235,017 1,296,768 1,361,606 1,429,687 1,501,171 1,576,230 1,655,041

200,475 210,499 221,024 232,075 243,679 255,863 268,656
138,724 145,660 152,943 160,590 168,620 177,051 185,904
1,296,768 1,361,606 1,429,687 1,501,171 1,576,230 1,655,041 1,737,793
1,265,893 1,329,187 1,395,647 1,465,429 1,538,700 1,615,635 1,696,417

47.47% 47.47% 47.47% 47.47% 47.47% 47.47% 47.47%

615,522 646,298 678,613 712,544 748,171 785,579 824,858
29,311 30,776 32,315 33,931 35,627 37,409 39,279

138,724.11 145,660.31 152,943.33 160,590.49 168,620.02 177,051.02 185,903.57

138,724.11 145,660.31 152,943.33 160,590.49 168,620.02 177,051.02 185,903.57
200,474.97 210,498.71 221,023.65 232,074.83 243,678.57 255,862.50 268,655.63

-61,750.86 -64,838.40 -68,080.32 -71,484.34 -75,058.56 -78,811.48 -82,752.06

5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%
5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%
2019 2020 2021 2022 2023 2024 2025
0 0 0 0 0 0 0
0 0 0 0 0 0 0

10 11 12 13 14 15 16
11.03 12.58 14.21 15.92 17.71 19.60 21.58
1.55 1.63 1.71 1.80 1.89 1.98 2.08
0.00 0.00 0.00 0.00 0.00 0.00 1.00
12.58 14.21 15.92 17.71 19.60 21.58 22.66
0.74 0.84 0.95 1.06 1.18 1.31 1.44
2.11 1.94 1.81 1.69 1.60 1.52 1.45

2.70 3.44 4.28 5.22 6.28 7.46 8.77

0.74 0.84 0.95 1.06 1.18 1.31 1.44
 0.00 0.00 0.00 0.00 0.00 0.00 1.00
3.44 4.28 5.22 6.28 7.46 8.77 9.21
8.32 9.14 9.93 10.69 11.43 12.13 12.81
8.83% 9.17% 9.54% 9.92% 10.33% 10.77% 11.23%

1.45 1.45 1.45 1.45 1.45 1.45 1.45

11.23% 11.23% 11.23% 11.23% 11.23% 11.23% 11.23%

1,737,793 1,824,683 1,915,917 2,011,713 2,112,299 2,217,913 2,328,809

282,088 296,193 311,002 326,553 342,880 360,024 378,025
195,199 204,959 215,207 225,967 237,265 249,129 261,585
1,824,683 1,915,917 2,011,713 2,112,299 2,217,913 2,328,809 2,445,250
1,781,238 1,870,300 1,963,815 2,062,006 2,165,106 2,273,361 2,387,029

47.47% 47.47% 47.47% 47.47% 47.47% 47.47% 47.47%

866,101 909,406 954,877 1,002,620 1,052,751 1,105,389 1,160,658
41,243 43,305 45,470 47,744 50,131 52,638 55,269

195,198.75 204,958.69 215,206.62 225,966.95 237,265.30 249,128.56 261,584.99

195,198.75 204,958.69 215,206.62 225,966.95 237,265.30 249,128.56 261,584.99
282,088.41 296,192.83 311,002.47 326,552.59 342,880.22 360,024.23 378,025.45

-86,889.66 -91,234.14 -95,795.85 -100,585.64 -105,614.93 -110,895.67 -116,440.46

5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%
5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%
2026 2027 2028 2029 2030
0 0 0 0 0
0 0 0 0 0

17 18 19 20 21 21 21 21
22.66 23.79 24.98 26.23 27.54 28.92 30.36 31.88
2.18 2.29 2.41 2.53 2.65 2.79 2.93 3.07
1.05 1.10 1.16 1.22 1.28 1.34 1.41 1.48
23.79 24.98 26.23 27.54 28.92 30.36 31.88 33.48
1.51 1.59 1.67 1.75 1.84 1.93 2.02 2.13
1.45 1.45 1.45 1.45 1.45 1.45 1.45 1.45

9.21 9.67 10.15 10.66 11.19 11.75 12.34 12.96

1.51 1.59 1.67 1.75 1.84 1.93 2.02 2.13
 1.05 1.10 1.16 1.22 1.28 1.34 1.41 1.48
9.67 10.15 10.66 11.19 11.75 12.34 12.96 13.61
13.45 14.12 14.83 15.57 16.35 17.16 18.02 18.92
11.23% 11.23% 11.23% 11.23% 11.23% 11.23% 11.23% 11.23%

1.45 1.45 1.45 1.45 1.45 1.45 1.45 1.45

11.23% 11.23% 11.23% 11.23% 11.23% 11.23% 11.23% 11.23%

2,445,250 2,567,512 2,695,888 2,830,682 2,972,216

396,927 416,773 437,612 459,492 482,467
274,664 288,397 302,817 317,958 333,856
2,567,512 2,695,888 2,830,682 2,972,216 3,120,827
2,506,381 2,631,700 2,763,285 2,901,449 3,046,522

47.47% 47.47% 47.47% 47.47% 47.47%

1,218,691 1,279,626 1,343,607 1,410,788 1,481,327
58,033 60,935 63,981 67,180 70,539

274,664.24 288,397.45 302,817.33 317,958.19 333,856.10

274,664.24 288,397.45 302,817.33 317,958.19 333,856.10
396,926.72 416,773.05 437,611.71 459,492.29 482,466.91

-122,262.48 -128,375.60 -134,794.38 -141,534.10 -148,610.81

5.00% 5.00% 5.00% 5.00% 5.00%

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
5.00% 5.00% 5.00% 5.00% 5.00%
5.00% 5.00% 5.00% 5.00% 5.00%
 21 21 21 21 21 21 21 21 21 21
33.48 35.15 36.91 38.75 40.69 42.72 44.86 47.10 49.46 51.93
3.23 3.39 3.56 3.73 3.92 4.12 4.32 4.54 4.76 5.00
1.55 1.63 1.71 1.80 1.89 1.98 2.08 2.18 2.29 2.41
35.15 36.91 38.75 40.69 42.72 44.86 47.10 49.46 51.93 54.53
2.23 2.34 2.46 2.58 2.71 2.85 2.99 3.14 3.30 3.46
1.45 1.45 1.45 1.45 1.45 1.45 1.45 1.45 1.45 1.45

13.61 14.29 15.00 15.75 16.54 17.37 18.24 19.15 20.10 21.11
2.23 2.34 2.46 2.58 2.71 2.85 2.99 3.14 3.30 3.46
 1.55 1.63 1.71 1.80 1.89 1.98 2.08 2.18 2.29 2.41
14.29 15.00 15.75 16.54 17.37 18.24 19.15 20.10 21.11 22.16
19.87 20.86 21.90 23.00 24.15 25.36 26.63 27.96 29.35 30.82
11.23% 11.23% 11.23% 11.23% 11.23% 11.23% 11.23% 11.23% 11.23% 11.23%

1.45 1.45 1.45 1.45 1.45 1.45 1.45 1.45 1.45 1.45
11.23% 11.23% 11.23% 11.23% 11.23% 11.23% 11.23% 11.23% 11.23% 11.23%
 21 21 21 21 21 21 21 21 21 21
54.53 57.25 60.12 63.12 66.28 69.59 73.07 76.73 80.56 84.59
5.25 5.52 5.79 6.08 6.39 6.70 7.04 7.39 7.76 8.15
2.53 2.65 2.79 2.93 3.07 3.23 3.39 3.56 3.73 3.92
57.25 60.12 63.12 66.28 69.59 73.07 76.73 80.56 84.59 88.82
3.64 3.82 4.01 4.21 4.42 4.64 4.87 5.12 5.37 5.64
1.45 1.45 1.45 1.45 1.45 1.45 1.45 1.45 1.45 1.45

22.16 23.27 24.44 25.66 26.94 28.29 29.70 31.19 32.75 34.39
3.64 3.82 4.01 4.21 4.42 4.64 4.87 5.12 5.37 5.64
 2.53 2.65 2.79 2.93 3.07 3.23 3.39 3.56 3.73 3.92
23.27 24.44 25.66 26.94 28.29 29.70 31.19 32.75 34.39 36.10
32.36 33.98 35.68 37.46 39.34 41.30 43.37 45.54 47.81 50.21
11.23% 11.23% 11.23% 11.23% 11.23% 11.23% 11.23% 11.23% 11.23% 11.23%

1.45 1.45 1.45 1.45 1.45 1.45 1.45 1.45 1.45 1.45
11.23% 11.23% 11.23% 11.23% 11.23% 11.23% 11.23% 11.23% 11.23% 11.23%
 21 21 21 21 21 21
88.82 93.26 97.92 102.82 107.96 113.36
8.56 8.99 9.43 9.91 10.40 10.92
4.12 4.32 4.54 4.76 5.00 5.25
93.26 97.92 102.82 107.96 113.36 119.03
5.92 6.22 6.53 6.85 7.20 7.56
1.45 1.45 1.45 1.45 1.45 1.45

36.10 37.91 39.81 41.80 43.89 46.08

5.92 6.22 6.53 6.85 7.20 7.56
 4.12 4.32 4.54 4.76 5.00 5.25
37.91 39.81 41.80 43.89 46.08 48.38
52.72 55.35 58.12 61.03 64.08 67.28
11.23% 11.23% 11.23% 11.23% 11.23% 11.23%

1.45 1.45 1.45 1.45 1.45 1.45

11.23% 11.23% 11.23% 11.23% 11.23% 11.23%
Historic Financial Statements
Profit and Loss
Net sales . . . . . . . . . . . . . . . . . . . .
Cost of sales . . . . . . . . . . . . . . . . . .
Gross profit . . . . . . . . . . . . . . . . . .
Operating expenses:
Research and development . . . . . . . . . . . .
Selling, general and administrative . . . . . . .
Production start-up . . . . . . . . . . . . . . .
Restructuring and asset impairments . . . . . . .
Goodwill impairment . . . . . . . . . . . . . . .
Total operating expenses . . . . . . . . . . . .

Operating income (loss) . . . . . . . . . . . . .

Foreign currency loss, net . . . . . . . . . . .

Interest income . . . . . . . . . . . . . . . . .
Interest expense, net . . . . . . . . . . . . . .
Other (expense) income, net . . . . . . . . . . .
Income (loss) before taxes and equity in earnings

Income tax expense . . . . . . . . . . . . . . .

Equity in earnings of unconsolidated affiliates,
Net income (loss) . . . . . . . . . . . . . . . .

Net income (loss) per share:

Basic . . . . . . . . . . . . . . . . . . . . . .
Diluted . . . . . . . . . . . . . . . . . . . . .
Basic . . . . . . . . . . . . . . . . . . . . . .
Diluted . . . . . . . . . . . . . . . . . . . . .

Depreciation and amortization . . . . . . . . . . . . . . .

Capital Expenditures
Cap Exp/Depreciation

Balance Sheet Assets & Net Finance

ASSETS Liab Assoc and Other Working
Current assets: with EBIT with EBIT Capital
Cash and cash equivalents . . . . . . . . . . . . -1
Marketable securities . . . . . . . . . . . . . . -1
Accounts receivable trade, net . . . . . . . . . 1 1
Accounts receivable, unbilled and retainage . . . 1 1
Accounts receivable, unbilled . . . . . . . . . . 1 1
Inventories . . . . . . . . . . . . . . . . . . . 1 1
Balance of systems parts . . . . . . . . . . . . 1 1
 Deferred project costs . . . . . . . . . . . . . 1 1
Economic development funding receivable . . . . . 1 1
Deferred tax assets, net . . . . . . . . . . . . 1 1
Assets held for sale . . . . . . . . . . . . . . -1
Notes receivable, affiliate . . . . . . . . . . . -1
Prepaid expenses and other current assets . . . . 1 1
Total current assets . . . . . . . . . . . . . .

Property, plant and equipment, net . . . . . . . 1

PV solar power systems, net . . . . . . . . . . . 1
Project assets and deferred project costs . . . . 1
Deferred tax assets, net LT. . . . . . . . . . . . 1 1
Restricted cash and investments . . . . . . . . . -1
Investment in related party . . . . . . . . . . . -1
Investments in unconsolidated affiliates and join -1
Goodwill . . . . . . . . . . . . . . . . . . . . 1 1
Other intangibles, net . . . . . . . . . . . . . 1 1
Inventories LT. . . . . . . . . . . . . . . . . . . 1 1
Retainage . . . . . . . . . . . . . . . . . . . . 1 1
Note receivable, affiliate . . . . . . . . . . . -1
Marketable securities LT. . . . . . . . . . . . . . -1
Other assets . . . . . . . . . . . . . . . . . . 1 1
Total assets . . . . . . . . . . . . . . . . . .

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:
Accounts payable . . . . . . . . . . . . . . . . -1 -1
Income taxes payable . . . . . . . . . . . . . . -1 -1
Accrued expenses . . . . . . . . . . . . . . . . -1 -1
Short-term debt . . . . . . . . . . . . . . . . . 1
Note payable to a related party . . . . . . . . . 1
Current portion of long-term debt . . . . . . . . 1
Billings in excess of costs and estimated earning -1 -1
Payments and billings for deferred project costs -1 -1
Other current liabilities . . . . . . . . . . . . -1 -1
Total current liabilities . . . . . . . . . . . .

Accrued solar module collection and recycling lia -1 -1

Long-term debt . . . . . . . . . . . . . . . . . 1
Other liabilities . . . . . . . . . . . . . . . . -1 -1
Payments and billings for deferred project costs LT -1 -1
Total liabilities . . . . . . . . . . . . . . . .

Commitments and Contingencies

Total stockholders’ equity . . . . . . . . . . . 1
Total liabilities and stockholders’ equity . . .

Invested Capital - Direct Asset Basis with SUMPRODUCT

Invested Capital - Net Financing and other with SUMPRODUCT

Average Invested Capital

Operating Income + Writeoffs

Income Tax Rate
Applied Tax Rate

Operating Income Forecast

Net Operating Income after Tax

Return on Invested Capital

Plant Investment Net

Working Capital and Other

EBITDA
Percent of EBITDA
Working Capital as Pct of Opening Plant Net

EV to Equity Value Bridge

Net Plant Depreciation Rate

 2004 2005 2006 2007 2008

13,522 48,063 134,974 503,976 1,246,301

18,851 31,483 80,730 252,573 567,908
(5,329) 16,580 54,244 251,403 678,393

1,240 2,372 6,361 15,107 33,517

9,312 15,825 33,348 82,248 174,039
900 3,173 11,725 16,867 32,498
- - - - -
- - - - -
11,452 21,370 51,434 114,222 240,054

(16,781) (4,790) 2,810 137,181 438,339

116 (1,715) - - -
- - 2,648 20,413 21,158
(100) (418) (1,023) (2,294) (509)
(6) 372 (799) (1,219) (934)
(16,771) (6,551) 9,180 155,962 463,776

- - (5,206) 2,392 (115,446)

- 89 - - -
(16,771) (6,462) 3,974 158,354 348,330

- - - - -
0.07 2.12 4.34
0.07 2.03 4.24
56,771 74,695 80,260
56,771 78,007 82,153
- - -
1,944.00 3,376.00 10,210.00 24,481.00 59,518.00

7,733 42,481 153,150 242,371 459,271

3.98 12.58 15.00 9.90 7.72

EV to Equity
Bridge
-1 16,721.00 308,092.00 404,264.00 716,218.00
-1 312.00 323.00 232,686.00 76,042.00
1,098.00 27,966.00 18,165.00 61,703.00
- - - -
- - - -
6,917.00 16,510.00 40,204.00 121,554.00
- - - -
 - - 2,643.00 -
- 27,515.00 35,877.00 -
- - 3,890.00 9,922.00
-1 - - - -
-1 - - - -
1,505.00 8,116.00 64,780.00 91,962.00
26,553.00 388,522.00 802,509.00 1,077,401.00

73,778.00 178,868.00 430,104.00 842,622.00

- - - -
- - - -
- - 51,811.00 61,325.00
-1 1,267.00 8,224.00 14,695.00 30,059.00
-1 - - - 25,000.00
-1 - - - -
- - 33,449.00 33,829.00
- - - -
- - - -
- - - -
-1 - - - -
-1 - - 32,713.00 29,559.00
286.00 2,896.00 6,031.00 14,707.00
101,884.00 578,510.00 1,371,312.00 2,114,502.00

- - - -
13,771.00 32,083.00 132,366.00 46,251.00
- - - 99,938.00
- - - 140,899.00
1 - 16,339.00 24,473.00 -
1 20,000.00 - - -
1 142.00 3,311.00 14,836.00 34,951.00
- - - -
- - - -
- 340.00 14,803.00 59,738.00
33,913.00 52,073.00 186,478.00 381,777.00

917.00 3,724.00 13,079.00 35,238.00

1 19,881.00 61,047.00 68,856.00 163,519.00
79.00 - 5,632.00 20,926.00
8,700.00 - - -
63,490.00 116,844.00 274,045.00 601,460.00

- - - -
38,394.00 461,666.00 1,097,267.00 1,513,042.00
 101,884.00 578,510.00 1,371,312.00 2,114,502.00
1 1 1 1
60,117 225,724 521,074 834,634
60,117 225,724 521,074 834,634
- - - -
60,117 142,921 373,399 677,854

(4,790) 2,810 137,181 438,339

0.00% 56.71% -1.53% 24.89%
20.00% 20.00% 20.00% 20.00%

(3,832) 2,248 109,745 350,671

-6.37% 1.57% 29.39% 51.73%

73,778 178,868 430,104 842,622

(13,661) 46,856 90,970 (7,988)

1,944.00 (1,414.00) 13,020.00 161,662.00 497,857.00
9.66 3.60 0.56 -0.02
0.64 0.51 -0.02

21,723 (235,942) (576,193) (678,408)

4.58% 5.71% 5.69% 7.06%

 2009 2010 2011 2012 2013 2014

2,066,200 2,563,515 2,766,207 3,368,545 3,308,989 3,391,814

1,021,618 1,378,669 1,794,456 2,515,796 2,446,235 2,564,709
1,044,582 1,184,846 971,751 852,749 862,754 827,105

78,161 94,797 140,523 132,460 134,300 143,969

272,898 321,704 412,541 280,928 270,261 253,827
13,908 19,442 33,620 7,823 2,768 5,146
- - 60,366 469,101 86,896 -
- - 393,365
364,967 435,943 1,040,415 890,312 494,225 402,942

679,615 748,903 (68,664) (37,563) 368,529 424,163

- - - (2,122) (259) (3,017)

9,735 14,375 13,391 12,824 16,752 18,030
(5,258) (6) (100) (13,888) (1,884) (1,982)
(2,985) 2,273 665 945 (4,758) (5,203)
686,314 762,077 (53,713) (39,804) 378,380 431,991

(46,176) (97,876) 14,220 (56,534) (25,179) (30,124)

- - - - (163) (4,949)
640,138 664,201 (39,493) (96,338) 353,038 396,918

- - - - - -
7.67 7.82 -0.46 -1.11 3.77 3.97
7.53 7.68 -0.46 -1.11 3.70 3.91
83,460 84,936 85,854 86,791 93,644 99,979
85,012 86,485 85,854 86,791 95,416 101,514
- - - - - -
129,628.00 156,093.00 235,231.00 262,716.00 234,370.00 245,798.00

279,941 588,914 731,814 379,228 282,576 257,549

2.16 3.77 3.11 1.44 1.21 1.05

664,499.00 765,689.00 605,619.00 901,294.00 1,325,072.00 1,482,054.00

120,236.00 167,889.00 66,146.00 102,578.00 439,102.00 509,032.00
226,826.00 305,537.00 310,568.00 553,567.00 136,383.00 135,434.00
- - - 400,987.00 521,323.00 76,971.00
58.00 1,482.00 533,399.00 -
152,821.00 200,442.00 475,867.00 434,921.00 388,951.00 505,088.00
- - 53,784.00 98,903.00 133,731.00 125,083.00
 1,081.00 - - 21,390.00 556,957.00 29,354.00
- - - -
21,679.00 388.00 41,144.00 44,070.00 63,899.00 91,565.00
- - - 49,521.00 132,626.00 20,728.00
- - - 17,725.00 - 12,487.00
164,071.00 143,033.00 526,734.00 207,368.00 94,720.00 202,670.00
1,351,271.00 1,584,460.00 2,613,261.00 2,832,324.00 3,792,764.00 3,190,466.00

988,782.00 1,430,789.00 1,815,958.00 1,525,382.00 1,385,084.00 1,402,304.00

- - - - - 46,393.00
131,415.00 320,140.00 374,881.00 845,478.00 720,916.00 810,348.00
130,515.00 259,236.00 340,274.00 317,473.00 296,603.00 222,326.00
36,494.00 86,003.00 200,550.00 301,400.00 279,441.00 407,053.00
25,000.00 - - -
- - - - 17,321.00 255,029.00
286,515.00 433,288.00 65,444.00 65,444.00 84,985.00 84,985.00
- - - - 117,416.00 119,236.00
21,695.00 42,728.00 60,751.00 134,375.00 129,664.00 115,617.00
- - - 270,364.00
- - - - - 9,127.00
329,608.00 180,271.00 116,192.00 -
48,217.00 43,488.00 190,303.00 56,452.00 59,308.00 61,555.00
3,349,512.00 4,380,403.00 5,777,614.00 6,348,692.00 6,883,502.00 6,724,439.00

- - - - - -
75,744.00 82,312.00 176,448.00 350,230.00 261,333.00 214,656.00
8,740.00 16,831.00 9,541.00 5,474.00 6,707.00 1,727.00
193,277.00 244,271.00 406,659.00 554,433.00 320,077.00 388,156.00
- - - -
- - - -
28,559.00 26,587.00 44,505.00 62,349.00 60,543.00 51,918.00
- - - - 117,766.00 195,346.00
- - - 94,535.00 642,214.00 60,591.00
88,607.00 99,676.00 336,571.00 34,353.00 179,421.00 88,702.00
394,927.00 469,677.00 973,724.00 1,101,374.00 1,588,061.00 1,001,096.00

92,799.00 132,951.00 167,378.00 212,835.00 225,163.00 246,307.00

146,399.00 210,804.00 619,143.00 500,223.00 162,780.00 165,003.00
62,600.00 112,026.00 373,506.00 292,216.00 404,381.00 284,546.00
- - - 636,518.00
696,725.00 925,458.00 2,133,751.00 2,743,166.00 2,380,385.00 1,696,952.00

- - - - - -
2,652,787.00 3,454,945.00 3,643,863.00 3,605,526.00 4,503,117.00 5,027,487.00
3,349,512.00 4,380,403.00 5,777,614.00 6,348,692.00 6,883,502.00 6,724,439.00
1 1 1 1 1 1
1,651,908 2,492,484 3,772,735 3,718,412 3,542,606 3,558,626
1,651,908 2,492,484 3,772,735 3,718,412 3,542,606 3,558,626
- - - - - -
1,243,271 2,072,196 3,132,610 3,745,574 3,630,509 3,550,616

679,615 748,903 385,067 431,538 455,425 424,163

6.73% 12.84% 26.47% -142.03% 6.65% 6.97%
20.00% 20.00% 20.00% 20.00% 20.00% 20.00%

622 874

543,692 599,122 308,054 345,230 364,340 339,330

43.73% 28.91% 9.83% 9.22% 10.04% 9.56%

1,120,197 1,750,929 2,190,839 2,370,860 2,106,000 2,259,045

531,711 741,555 1,128,165 424,720 426,878 289,853

809,243.00 904,996.00 620,298.00 694,254.00 689,795.00 669,961.00
0.66 0.82 1.82 0.61 0.62 0.43
0.63 0.66 0.64 0.19 0.18 0.14

(1,000,879) (962,461) (324,859) (809,946) (1,970,239) (2,478,589)

11.57% 8.91% 10.74% 11.08% 11.13% 10.88%