Assumptions

1) Sale to happen after the operational Year

2) The model is built on an annual basis, rather than monthly
3)Year 1 - No principal & interst payment, Year 2 - Only interest payment , from Year 3 PMT for 240 months

Summary

Avg Free Return 23%

Unlevered IRR 27%
Unlevered Equity Multiple 5.52X

COC Return 37%

Levered IRR 39%
Levered Equity Multiple 9.37X

WACC 8.81%
Exit Cap Rate 6.7%
Selling Price 595,100,181
Pv of Land 246,738,021

Space Details
Land Area .6 acres 25,204 sm
Build up Area .7 acres 30,245 sm
Construction Cost 3,450 sar/sqm
Leasable Area .5 acres 21,171 sm
y
est payment , from Year 3 PMT for 240 months

Development Sources & Uses

SOURCES 161,564,011
Equity 52% 84,013,286
Debt 48% 77,550,725

USES
161,564,011
Construction cost 104,345,250
Soft Costs 25% 26,086,313
Contigency Cost 10% 10,434,525
Marketing 3% 3,130,358
Developers Profit 15% 15,651,788
Interest Reserve for Year 2 1,915,779

Debt
Loan Amount 77,550,725
Interest Rate 5.0%
Amortization 240 Months
Monthly Payment 511,800
Interest Only period 2nd Year 12 months
Calculation of WACC and CapRate
Risk free rate 2.42%
Equity risk Premium 6.00%
Size premium 3.21%
Un levered beta 0.58
D/E 0.92
Cost of debt 5.00%
Growth rate 2.00%
Levered Beta 1.115
Cost of Equity 12.32%
WACC 8.81%
Exit Cap Rate 6.7%

Operating Assumptions
Rental revenue 2,503 sar/sqm
Operating Expense 25.0%
Occupancy 90%
Leasing cost 2.5%
Rent revenue increase 2%
Land Deevelopment Model
Annual Cash Flow

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

Development
Construction cost pre intrest reserve 79,824,116 79,824,116 - - - - - - - -
Intrest Reserve - 1,915,779 - - - - - - - -
Total development Cost 79,824,116 81,739,895 - - - - - - - -

Operating Cash Flow

Revenue
Rental income 52,991,013 54,050,833 55,131,850 56,234,487 57,359,177 58,506,360 59,676,487 60,870,017
Other Income - - - - - - - -
Potential Gross Income 52,991,013 54,050,833 55,131,850 56,234,487 57,359,177 58,506,360 59,676,487 60,870,017

General Vaccancy 5,299,101 5,405,083 5,513,185 5,623,449 5,735,918 5,850,636 5,967,649 6,087,002
Gross Revenue 47,691,912 48,645,750 49,618,665 50,611,038 51,623,259 52,655,724 53,708,839 54,783,015

Expenses
Leasing Cost 1,192,298 1,216,144 1,240,467 1,265,276 1,290,581 1,316,393 1,342,721 1,369,575
Non re Opex 11,922,978 12,161,437 12,404,666 12,652,760 12,905,815 13,163,931 13,427,210 13,695,754
Operating Expense 13,115,276 13,377,581 13,645,133 13,918,036 14,196,396 14,480,324 14,769,931 15,065,329

Net Operating Income 34,576,636 35,268,169 35,973,532 36,693,003 37,426,863 38,175,400 38,938,908 39,717,686
Capex - - - - - - - -
Cash Flow from Operations 34,576,636 35,268,169 35,973,532 36,693,003 37,426,863 38,175,400 38,938,908 39,717,686

Debt Service (Principal payment from Year 3) 6,141,606 6,141,606 6,141,606 6,141,606 6,141,606 6,141,606 6,141,606 6,141,606
Before Tax Cash Flow 28,435,030 29,126,563 29,831,927 30,551,397 31,285,257 32,033,794 32,797,302 33,576,081
Loan Balance (principal payment from year 3 (77,550,725) (75,234,044) (72,798,836) (70,239,039) (67,548,278) (64,719,852) (61,746,718) (58,621,474) (55,336,336)
Debt Service 5.63X 5.74X 5.86X 5.97X 6.09X 6.22X 6.34X 6.47X
Debt Yield 46% 48% 51% 54% 58% 62% 66% 72%

Unleverd IRR calculation

Development (79,824,116) (81,739,895)
Cash flow from Operations 34,576,636 35,268,169 35,973,532 36,693,003 37,426,863 38,175,400 38,938,908 39,717,686
Selling Price 595,100,181
Total unleverd Cash Flow (79,824,116) (81,739,895) 34,576,636 35,268,169 35,973,532 36,693,003 37,426,863 38,175,400 38,938,908 39,717,686 595,100,181
Free and Clear Return 21% 22% 22% 23% 23% 24% 24% 25% 23%
Unleverd IRR 27%
Unleverd Equity Multiple 5.52X

leverd IRR calculation

Development (79,824,116) (81,739,895)
Loan Funding 38,775,363 38,775,363
Before Tax Cash Flow 28,435,030 29,126,563 29,831,927 30,551,397 31,285,257 32,033,794 32,797,302 33,576,081
selling price 595,100,181
Loan payoff (55,336,336)
Total leverd Cash Flow (41,048,754) (42,964,532) 28,435,030 29,126,563 29,831,927 30,551,397 31,285,257 32,033,794 32,797,302 33,576,081 539,763,845
Cash on Cash return 34% 35% 36% 36% 37% 38% 39% 40% 37%
leverd IRR 39%
leverd Equity Multiple 9.37X

Unleverd Cash Flow -79,824,116 -81,739,895 34,576,636 35,268,169 35,973,532 36,693,003 37,426,863 38,175,400 38,938,908 39,717,686
NPV -73,362,629 -69,042,358 26,841,393 25,162,048 23,587,772 22,111,992 20,728,544 19,431,653 18,215,902 17,076,216
Terminal Value 595,100,181
PV of Terminal Value 235,146,512
PV of Land 246,738,021
 Construction Period
Years 0 1 2

Project Cost 79,824,116 81,739,895

construction Cost - Preinterest 159,648,233
Phasing 50% 50%
Hard cost 79,824,116 79,824,116

Funding
Equity 52% 41,508,540 42,504,745
Debt 48% 38,315,576 39,235,150

Cum Equity 41,508,540 84,013,286

Capitalized Interest

opening Debt 38,315,576

Interest Reserve 1,915,779
Interest Rate 5% 5%
Additions 38,315,576 39,235,150
Clsong Debt 38,315,576 77,550,725
 Debt
Loan Amount 77,550,725 interest only
Interest Rate 5.0% Duration
Amortization 240 Months
Interest Only period 2nd Year 12 Months
PMT from third year 6,141,605.56 TRUE

Month Beg. Balance PMT Interest

1 77,550,725 (323,128) (323,128)

2 77,550,725 (323,128) (323,128)
3 77,550,725 (323,128) (323,128)
4 77,550,725 (323,128) (323,128)
5 77,550,725 (323,128) (323,128)
6 77,550,725 (323,128) (323,128)
7 77,550,725 (323,128) (323,128)
8 77,550,725 (323,128) (323,128)
9 77,550,725 (323,128) (323,128)
10 77,550,725 (323,128) (323,128)
11 77,550,725 (323,128) (323,128)
12 77,550,725 (323,128) (323,128)
13 77,550,725 (511,800) (323,128)
14 77,362,053 (511,800) (322,342)
15 77,172,594 (511,800) (321,552)
16 76,982,346 (511,800) (320,760)
17 76,791,306 (511,800) (319,964)
18 76,599,469 (511,800) (319,164)
19 76,406,833 (511,800) (318,362)
20 76,213,394 (511,800) (317,556)
21 76,019,150 (511,800) (316,746)
22 75,824,096 (511,800) (315,934)
23 75,628,229 (511,800) (315,118)
24 75,431,546 (511,800) (314,298)
25 75,234,044 (511,800) (313,475)
26 75,035,719 (511,800) (312,649)
27 74,836,567 (511,800) (311,819)
28 74,636,585 (511,800) (310,986)
29 74,435,771 (511,800) (310,149)
30 74,234,119 (511,800) (309,309)
31 74,031,628 (511,800) (308,465)
32 73,828,292 (511,800) (307,618)
33 73,624,110 (511,800) (306,767)
34 73,419,076 (511,800) (305,913)
35 73,213,189 (511,800) (305,055)
36 73,006,443 (511,800) (304,194)
37 72,798,836 (511,800) (303,328)
38 72,590,364 (511,800) (302,460)
39 72,381,024 (511,800) (301,588)
40 72,170,811 (511,800) (300,712)
41 71,959,722 (511,800) (299,832)
42 71,747,754 (511,800) (298,949)
43 71,534,902 (511,800) (298,062)
44 71,321,164 (511,800) (297,172)
45 71,106,535 (511,800) (296,277)
46 70,891,012 (511,800) (295,379)
47 70,674,591 (511,800) (294,477)
48 70,457,268 (511,800) (293,572)
49 70,239,039 (511,800) (292,663)
50 70,019,901 (511,800) (291,750)
51 69,799,850 (511,800) (290,833)
52 69,578,883 (511,800) (289,912)
53 69,356,994 (511,800) (288,987)
54 69,134,181 (511,800) (288,059)
55 68,910,440 (511,800) (287,127)
56 68,685,766 (511,800) (286,191)
57 68,460,156 (511,800) (285,251)
58 68,233,607 (511,800) (284,307)
59 68,006,113 (511,800) (283,359)
60 67,777,671 (511,800) (282,407)
61 67,548,278 (511,800) (281,451)
62 67,317,928 (511,800) (280,491)
63 67,086,619 (511,800) (279,528)
64 66,854,346 (511,800) (278,560)
65 66,621,106 (511,800) (277,588)
66 66,386,893 (511,800) (276,612)
67 66,151,705 (511,800) (275,632)
68 65,915,536 (511,800) (274,648)
69 65,678,384 (511,800) (273,660)
70 65,440,243 (511,800) (272,668)
71 65,201,111 (511,800) (271,671)
72 64,960,981 (511,800) (270,671)
73 64,719,852 (511,800) (269,666)
74 64,477,717 (511,800) (268,657)
75 64,234,574 (511,800) (267,644)
76 63,990,418 (511,800) (266,627)
77 63,745,244 (511,800) (265,605)
78 63,499,049 (511,800) (264,579)
79 63,251,828 (511,800) (263,549)
80 63,003,576 (511,800) (262,515)
81 62,754,291 (511,800) (261,476)
82 62,503,967 (511,800) (260,433)
83 62,252,599 (511,800) (259,386)
 84 62,000,185 (511,800) (258,334)
85 61,746,718 (511,800) (257,278)
86 61,492,196 (511,800) (256,217)
87 61,236,613 (511,800) (255,153)
88 60,979,965 (511,800) (254,083)
89 60,722,248 (511,800) (253,009)
90 60,463,457 (511,800) (251,931)
91 60,203,587 (511,800) (250,848)
92 59,942,635 (511,800) (249,761)
93 59,680,596 (511,800) (248,669)
94 59,417,464 (511,800) (247,573)
95 59,153,237 (511,800) (246,472)
96 58,887,908 (511,800) (245,366)
97 58,621,474 (511,800) (244,256)
98 58,353,929 (511,800) (243,141)
99 58,085,270 (511,800) (242,022)
100 57,815,492 (511,800) (240,898)
101 57,544,589 (511,800) (239,769)
102 57,272,558 (511,800) (238,636)
103 56,999,393 (511,800) (237,497)
104 56,725,090 (511,800) (236,355)
105 56,449,644 (511,800) (235,207)
106 56,173,051 (511,800) (234,054)
107 55,895,304 (511,800) (232,897)
108 55,616,401 (511,800) (231,735)
109 55,336,336 (511,800) (230,568)
110 55,055,103 (511,800) (229,396)
111 54,772,699 (511,800) (228,220)
112 54,489,118 (511,800) (227,038)
113 54,204,356 (511,800) (225,851)
114 53,918,407 (511,800) (224,660)
115 53,631,266 (511,800) (223,464)
116 53,342,929 (511,800) (222,262)
117 53,053,391 (511,800) (221,056)
118 52,762,646 (511,800) (219,844)
119 52,470,690 (511,800) (218,628)
120 52,177,518 (511,800) (217,406)
121 51,883,124 (511,800) (216,180)
122 51,587,503 (511,800) (214,948)
123 51,290,650 (511,800) (213,711)
124 50,992,561 (511,800) (212,469)
125 50,693,229 (511,800) (211,222)
126 50,392,651 (511,800) (209,969)
127 50,090,820 (511,800) (208,712)
128 49,787,731 (511,800) (207,449)
129 49,483,379 (511,800) (206,181)
130 49,177,760 (511,800) (204,907)
131 48,870,867 (511,800) (203,629)
132 48,562,695 (511,800) (202,345)
133 48,253,239 (511,800) (201,055)
134 47,942,493 (511,800) (199,760)
135 47,630,453 (511,800) (198,460)
136 47,317,113 (511,800) (197,155)
137 47,002,467 (511,800) (195,844)
138 46,686,510 (511,800) (194,527)
139 46,369,237 (511,800) (193,205)
140 46,050,642 (511,800) (191,878)
141 45,730,719 (511,800) (190,545)
142 45,409,463 (511,800) (189,206)
143 45,086,869 (511,800) (187,862)
144 44,762,930 (511,800) (186,512)
145 44,437,642 (511,800) (185,157)
146 44,110,998 (511,800) (183,796)
147 43,782,994 (511,800) (182,429)
148 43,453,623 (511,800) (181,057)
149 43,122,879 (511,800) (179,679)
150 42,790,757 (511,800) (178,295)
151 42,457,251 (511,800) (176,905)
152 42,122,356 (511,800) (175,510)
153 41,786,065 (511,800) (174,109)
154 41,448,374 (511,800) (172,702)
155 41,109,275 (511,800) (171,289)
156 40,768,763 (511,800) (169,870)
157 40,426,832 (511,800) (168,445)
158 40,083,477 (511,800) (167,014)
159 39,738,691 (511,800) (165,578)
160 39,392,468 (511,800) (164,135)
161 39,044,803 (511,800) (162,687)
162 38,695,689 (511,800) (161,232)
163 38,345,121 (511,800) (159,771)
164 37,993,092 (511,800) (158,305)
165 37,639,596 (511,800) (156,832)
166 37,284,627 (511,800) (155,353)
167 36,928,179 (511,800) (153,867)
168 36,570,246 (511,800) (152,376)
169 36,210,822 (511,800) (150,878)
170 35,849,900 (511,800) (149,375)
171 35,487,474 (511,800) (147,864)
172 35,123,538 (511,800) (146,348)
173 34,758,086 (511,800) (144,825)
174 34,391,110 (511,800) (143,296)
175 34,022,606 (511,800) (141,761)
176 33,652,567 (511,800) (140,219)
177 33,280,985 (511,800) (138,671)
178 32,907,856 (511,800) (137,116)
179 32,533,171 (511,800) (135,555)
180 32,156,926 (511,800) (133,987)
181 31,779,112 (511,800) (132,413)
182 31,399,725 (511,800) (130,832)
183 31,018,757 (511,800) (129,245)
184 30,636,201 (511,800) (127,651)
185 30,252,051 (511,800) (126,050)
186 29,866,301 (511,800) (124,443)
187 29,478,943 (511,800) (122,829)
188 29,089,972 (511,800) (121,208)
189 28,699,380 (511,800) (119,581)
190 28,307,160 (511,800) (117,946)
191 27,913,306 (511,800) (116,305)
192 27,517,811 (511,800) (114,658)
193 27,120,668 (511,800) (113,003)
194 26,721,870 (511,800) (111,341)
195 26,321,411 (511,800) (109,673)
196 25,919,283 (511,800) (107,997)
197 25,515,480 (511,800) (106,314)
198 25,109,994 (511,800) (104,625)
199 24,702,818 (511,800) (102,928)
200 24,293,946 (511,800) (101,225)
201 23,883,370 (511,800) (99,514)
202 23,471,084 (511,800) (97,796)
203 23,057,080 (511,800) (96,071)
204 22,641,350 (511,800) (94,339)
205 22,223,889 (511,800) (92,600)
206 21,804,688 (511,800) (90,853)
207 21,383,740 (511,800) (89,099)
208 20,961,039 (511,800) (87,338)
209 20,536,576 (511,800) (85,569)
210 20,110,345 (511,800) (83,793)
211 19,682,337 (511,800) (82,010)
212 19,252,547 (511,800) (80,219)
213 18,820,965 (511,800) (78,421)
214 18,387,585 (511,800) (76,615)
215 17,952,400 (511,800) (74,802)
216 17,515,401 (511,800) (72,981)
217 17,076,581 (511,800) (71,152)
218 16,635,933 (511,800) (69,316)
219 16,193,449 (511,800) (67,473)
220 15,749,121 (511,800) (65,621)
221 15,302,942 (511,800) (63,762)
222 14,854,904 (511,800) (61,895)
223 14,404,999 (511,800) (60,021)
224 13,953,220 (511,800) (58,138)
225 13,499,557 (511,800) (56,248)
226 13,044,005 (511,800) (54,350)
227 12,586,555 (511,800) (52,444)
228 12,127,198 (511,800) (50,530)
229 11,665,928 (511,800) (48,608)
230 11,202,735 (511,800) (46,678)
231 10,737,613 (511,800) (44,740)
232 10,270,553 (511,800) (42,794)
233 9,801,546 (511,800) (40,840)
234 9,330,585 (511,800) (38,877)
235 8,857,662 (511,800) (36,907)
236 8,382,769 (511,800) (34,928)
237 7,905,897 (511,800) (32,941)
238 7,427,037 (511,800) (30,946)
239 6,946,183 (511,800) (28,942)
240 6,463,325 (511,800) (26,931)
241 5,978,455 (511,800) (24,910)
242 5,491,565 (511,800) (22,882)
243 5,002,646 (511,800) (20,844)
244 4,511,690 (511,800) (18,799)
245 4,018,688 (511,800) (16,745)
246 3,523,632 (511,800) (14,682)
247 3,026,513 (511,800) (12,610)
248 2,527,323 (511,800) (10,531)
249 2,026,053 (511,800) (8,442)
250 1,522,695 (511,800) (6,345)
251 1,017,239 (511,800) (4,238)
252 509,677 (511,800) (2,124)
 12
12

Principal end Balance

77,550,725
- 77,550,725
- 77,550,725
- 77,550,725
- 77,550,725
- 77,550,725
- 77,550,725
- 77,550,725
- 77,550,725
- 77,550,725
- 77,550,725
- 77,550,725
- 77,550,725
(188,672) 77,362,053
(189,459) 77,172,594
(190,248) 76,982,346
(191,041) 76,791,306
(191,837) 76,599,469
(192,636) 76,406,833
(193,439) 76,213,394
(194,245) 76,019,150
(195,054) 75,824,096
(195,867) 75,628,229
(196,683) 75,431,546
(197,502) 75,234,044
(198,325) 75,035,719
(199,152) 74,836,567
(199,981) 74,636,585
(200,815) 74,435,771
(201,651) 74,234,119
(202,492) 74,031,628
(203,335) 73,828,292
(204,183) 73,624,110
(205,033) 73,419,076
(205,888) 73,213,189
(206,746) 73,006,443
(207,607) 72,798,836
(208,472) 72,590,364
(209,341) 72,381,024
(210,213) 72,170,811
(211,089) 71,959,722
(211,968) 71,747,754
(212,851) 71,534,902
(213,738) 71,321,164
(214,629) 71,106,535
(215,523) 70,891,012
(216,421) 70,674,591
(217,323) 70,457,268
(218,229) 70,239,039
(219,138) 70,019,901
(220,051) 69,799,850
(220,968) 69,578,883
(221,888) 69,356,994
(222,813) 69,134,181
(223,741) 68,910,440
(224,674) 68,685,766
(225,610) 68,460,156
(226,550) 68,233,607
(227,494) 68,006,113
(228,442) 67,777,671
(229,394) 67,548,278
(230,349) 67,317,928
(231,309) 67,086,619
(232,273) 66,854,346
(233,241) 66,621,106
(234,213) 66,386,893
(235,188) 66,151,705
(236,168) 65,915,536
(237,152) 65,678,384
(238,141) 65,440,243
(239,133) 65,201,111
(240,129) 64,960,981
(241,130) 64,719,852
(242,134) 64,477,717
(243,143) 64,234,574
(244,156) 63,990,418
(245,174) 63,745,244
(246,195) 63,499,049
(247,221) 63,251,828
(248,251) 63,003,576
(249,286) 62,754,291
(250,324) 62,503,967
(251,367) 62,252,599
(252,415) 62,000,185
(253,466) 61,746,718
(254,522) 61,492,196
(255,583) 61,236,613
(256,648) 60,979,965
(257,717) 60,722,248
(258,791) 60,463,457
(259,869) 60,203,587
(260,952) 59,942,635
(262,039) 59,680,596
(263,131) 59,417,464
(264,228) 59,153,237
(265,329) 58,887,908
(266,434) 58,621,474
(267,544) 58,353,929
(268,659) 58,085,270
(269,779) 57,815,492
(270,903) 57,544,589
(272,031) 57,272,558
(273,165) 56,999,393
(274,303) 56,725,090
(275,446) 56,449,644
(276,594) 56,173,051
(277,746) 55,895,304
(278,903) 55,616,401
(280,065) 55,336,336
(281,232) 55,055,103
(282,404) 54,772,699
(283,581) 54,489,118
(284,762) 54,204,356
(285,949) 53,918,407
(287,140) 53,631,266
(288,337) 53,342,929
(289,538) 53,053,391
(290,745) 52,762,646
(291,956) 52,470,690
(293,173) 52,177,518
(294,394) 51,883,124
(295,621) 51,587,503
(296,853) 51,290,650
(298,089) 50,992,561
(299,331) 50,693,229
(300,579) 50,392,651
(301,831) 50,090,820
(303,089) 49,787,731
(304,352) 49,483,379
(305,620) 49,177,760
(306,893) 48,870,867
(308,172) 48,562,695
(309,456) 48,253,239
(310,745) 47,942,493
(312,040) 47,630,453
(313,340) 47,317,113
(314,646) 47,002,467
(315,957) 46,686,510
(317,273) 46,369,237
(318,595) 46,050,642
(319,923) 45,730,719
(321,256) 45,409,463
(322,594) 45,086,869
(323,939) 44,762,930
(325,288) 44,437,642
(326,644) 44,110,998
(328,005) 43,782,994
(329,371) 43,453,623
(330,744) 43,122,879
(332,122) 42,790,757
(333,506) 42,457,251
(334,895) 42,122,356
(336,291) 41,786,065
(337,692) 41,448,374
(339,099) 41,109,275
(340,512) 40,768,763
(341,931) 40,426,832
(343,355) 40,083,477
(344,786) 39,738,691
(346,223) 39,392,468
(347,665) 39,044,803
(349,114) 38,695,689
(350,568) 38,345,121
(352,029) 37,993,092
(353,496) 37,639,596
(354,969) 37,284,627
(356,448) 36,928,179
(357,933) 36,570,246
(359,424) 36,210,822
(360,922) 35,849,900
(362,426) 35,487,474
(363,936) 35,123,538
(365,452) 34,758,086
(366,975) 34,391,110
(368,504) 34,022,606
(370,040) 33,652,567
(371,581) 33,280,985
(373,130) 32,907,856
(374,684) 32,533,171
(376,246) 32,156,926
(377,813) 31,779,112
(379,387) 31,399,725
(380,968) 31,018,757
(382,556) 30,636,201
(384,150) 30,252,051
(385,750) 29,866,301
(387,358) 29,478,943
(388,972) 29,089,972
(390,592) 28,699,380
(392,220) 28,307,160
(393,854) 27,913,306
(395,495) 27,517,811
(397,143) 27,120,668
(398,798) 26,721,870
(400,459) 26,321,411
(402,128) 25,919,283
(403,803) 25,515,480
(405,486) 25,109,994
(407,175) 24,702,818
(408,872) 24,293,946
(410,576) 23,883,370
(412,286) 23,471,084
(414,004) 23,057,080
(415,729) 22,641,350
(417,462) 22,223,889
(419,201) 21,804,688
(420,948) 21,383,740
(422,702) 20,961,039
(424,463) 20,536,576
(426,231) 20,110,345
(428,007) 19,682,337
(429,791) 19,252,547
(431,582) 18,820,965
(433,380) 18,387,585
(435,186) 17,952,400
(436,999) 17,515,401
(438,820) 17,076,581
(440,648) 16,635,933
(442,484) 16,193,449
(444,328) 15,749,121
(446,179) 15,302,942
(448,038) 14,854,904
(449,905) 14,404,999
(451,780) 13,953,220
(453,662) 13,499,557
(455,552) 13,044,005
(457,450) 12,586,555
(459,356) 12,127,198
(461,270) 11,665,928
(463,192) 11,202,735
(465,122) 10,737,613
(467,060) 10,270,553
(469,006) 9,801,546
(470,961) 9,330,585
(472,923) 8,857,662
(474,894) 8,382,769
(476,872) 7,905,897
(478,859) 7,427,037
(480,854) 6,946,183
(482,858) 6,463,325
(484,870) 5,978,455
(486,890) 5,491,565
(488,919) 5,002,646
(490,956) 4,511,690
(493,002) 4,018,688
(495,056) 3,523,632
(497,119) 3,026,513
(499,190) 2,527,323
(501,270) 2,026,053
(503,359) 1,522,695
(505,456) 1,017,239
(507,562) 509,677
(509,677) (0)