Introduction

This spreadsheet supports STUDENT analysis of the case, "Deutsche Brauerei" (Case 10).
Please note:
1) This is a working model. Assumptions / Inputs presented can be changed to vary the
results.

2) This model intentionally incorporates a circular reference in its logic. In order to resolve
this circularity, please instruct Excel to "iterate" 20 or so times in recalculating the model.
This may be done by clicking on Tools/Options/Calculation, and then on Iteration.
3) As long as default spreadsheet calculation is set as "automatic" impact of changing
assumptions will be computed in real time. Alternatively F9 function key may need to be
invoked to recalculate
results. To set numerical calculation settings to automatic look under tools, options,
calculations menu.

Revised, March 7, 2006.

Copyright 2001 by the Trustees of the University of Virginia Darden School Foundation.

Page 1

Introduction

Page 2

Assumptions

Exhibit 1
Deutsche Brauerei
Forecast Assumptions
Assumptions

Sales Growth: Germany

Sales Growth: Ukraine
Operating Margin: Germany
Operating Margin: Ukraine
Capital Expenditures/Sales
Excise Duties to Sales
Depreciation to Gross PPE
Dividend Payout
Melded Interest Rate
Average Tax Rate
Cash to Sales
Days Sales Outstanding:
Germany
Ukraine
Allowance for Doubtful Accounts
as a % of Accts. Rec.
Payables to Sales
Inventories to Sales
Other Current Liabs. to Sales

1999

2000

2001

(Actual)

(Actual)

(Proj'd)

2.50%
312.00%
6.20%
6.20%

3.11%
47.20%
6.10%
6.10%

3.00%
45.00%
7.00%
7.00%
6,980
11.0%
10.0%
75.0%
6.5%
35.0%
12.0%
41
90
2.0%
5.0%
14.0%
11.0%

Page 3

Assumptions

2002
(Proj'd)
3.00%
30.00%
7.00%
7.00%
6,822
11.0%
10.0%
75.0%
6.5%
35.0%
12.0%
41
90
2.0%
5.0%
14.0%
11.0%

Page 4

Exhibit 1

Exhibit 1
DEUTSCHE BRAUEREI
Historical and Projected Income Statements
Fiscal Year Ended December 31; all figures in thousands
1997
(Actual)
1
2
3

1998
(Actual)

1999
(Actual)

2000
(Actual)

62,032
62,032

62,653
4,262
66,915

64,219
17,559
81,779

66,216
25,847
92,064

4
5
6
7
8
9
10
11
12
13
14

Sales: Germany
Sales: Ukraine
Net Sales
Operating Expenses:
Production Costs and Expenses
Admin. and Selling Expenses
Depreciation
Excise duties
Total Operating Expenses
Operating Profit
Allowance for Doubtful Accounts
Interest Expense
Earnings Before Taxes
Income Taxes
Net Earnings

32,258
12,481
3,609
9,143
(57,491)
4,541
(5)
(1,185)
3,351
(1,132)
2,219

35,366
13,014
4,314
9,108
(61,802)
5,113
(7)
(1,064)
4,042
(1,396)
2,646

44,271
16,274
5,844
10,486
(76,874)
4,904
(38)
(1,046)
3,821
(1,510)
2,311

49,827
18,505
6,068
11,557
(85,957)
6,106
(24)
(1,304)
4,779
(1,864)
2,915

15
16

Dividends on :
Dividends to All Common Shares
Retentions of Earnings

1,669
550

1,988
658

1,734
577

2,186
729

Page 5

Exhibit 1

Exhibit 1 -contdDEUTSCHE BRAUEREI

Historical and Projected Balance Sheets
Fiscal Year Ended December 31; all figures in thousands
1997
(Actual)

1998
(Actual)

1999
(Actual)

2000
(Actual)

Assets
1
2

3
4
5
6
7
8
9

Cash
Accounts Receivable
Germany
Ukraine
Allowance for Doubtful Accounts
Inventories
Total Current Assets
Investments & Other Assets
Gross Property Plant & Equipt.
Accumulated Depreciation
Net Property Plant & Equipt.
Total Assets

5,366

8,183

9,813

11,048

6,933
(69)
6,133
18,363
3,102
58,435
(23,404)
35,031
56,496

7,142
424
(76)
6,401
22,075
3,189
58,435
(27,719)
30,716
55,981

7,222
4,090
(113)
7,817
28,829
3,416
60,682
(33,562)
27,120
59,365

7,517
6,168
(137)
12,889
37,485
3,520
60,682
(39,631)
21,052
62,057

10,236
3,755
7,361
21,352
7,544
27,085
55,981

12,004
4,103
8,996
25,103
6,601
27,661
59,365

13,089
4,792
10,127
28,009
5,658
28,390
62,057

Liabilities and Stockholders' Equity:

10
11
12
13
14
15
16

Bank Borrowings (Short Term)

Accounts Payable
Other Current Liabilities
Total Current Liabilities
Long Term Debt: Bank Borrowings
Shareholders' Equity
Total Liabs. & Stockholders' Equity

2,987
3,578
7,397
13,962
16,107
26,427
56,496

Page 6

Exhibit 1

2001
(Proj'd)

2002
(Proj'd)

68,203
37,479
105,682

70,249
48,722
118,971

61,393
18,500
6,766
11,625
(98,284)
7,398
(201)
(1,468)
5,729
(2,005)
3,724

71,609
18,500
7,448
13,087
(110,644)
8,327
(60)
(1,634)
6,633
(2,322)
4,311

2,793
931

3,234
1,078

Page 7

Exhibit 1

2001
(Proj'd)

2002
(Proj'd)

12,682

14,277

7,661
9,241
(338)
14,795
44,042
3,500
67,663
(46,397)
21,266
68,808

7,891
12,014
(398)
16,656
50,439
3,500
74,485
(53,845)
20,639
74,579

17,862
5,284
11,625
34,771
4,715
29,321
68,808

21,372
5,949
13,087
40,407
3,772
30,399
74,579

Page 8

Exhibit 2
DEUTSCHE BRAUEREI
Historical Exchange Rates: Ukrainian Hryvna versus Deutsche Marks and Euros

Deutsche Marks per 1 Ukrainian Hryvna

DM

1.20
1.00
0.80
0.60
0.40
0.20

DM
4/3/1997
4/4/1997
4/5/1997
4/6/1997
4/7/1997
4/8/1997

0.90
0.90
0.91
0.91
0.91
0.93

4/3/1997
4/4/1997
4/5/1997
4/6/1997
4/7/1997
4/8/1997

0
0
0
0
0
0

10/3/2000

7/3/2000

4/3/2000

1/3/2000

10/3/1999

7/3/1999

4/3/1999

1/3/1999

10/3/1998

7/3/1998

4/3/1998

1/3/1998

10/3/1997

7/3/1997

4/3/1997

4/9/1997
4/10/1997
4/11/1997
4/12/1997
4/13/1997
4/14/1997
4/15/1997
4/16/1997
4/17/1997
4/18/1997
4/19/1997
4/20/1997
4/21/1997
4/22/1997
4/23/1997
4/24/1997
4/25/1997
4/26/1997
4/27/1997
4/28/1997
4/29/1997
4/30/1997
5/1/1997
5/2/1997
5/3/1997
5/4/1997
5/5/1997
5/6/1997
5/7/1997
5/8/1997
5/9/1997
5/10/1997
5/11/1997
5/12/1997
5/13/1997
5/14/1997
5/15/1997
5/16/1997
5/17/1997
5/18/1997
5/19/1997
5/20/1997
5/21/1997
5/22/1997
5/23/1997
5/24/1997
5/25/1997
5/26/1997
5/27/1997
5/28/1997
5/29/1997
5/30/1997

0.93
0.93
0.93
0.93
0.93
0.93
0.94
0.93
0.94
0.93
0.93
0.93
0.93
0.93
0.93
0.93
0.93
0.94
0.94
0.94
0.96
0.95
0.95
0.96
0.96
0.96
0.95
0.95
0.95
0.94
0.93
0.92
0.92
0.92
0.92
0.92
0.91
0.92
0.92
0.92
0.92
0.92
0.91
0.91
0.91
0.91
0.91
0.91
0.91
0.92
0.92
0.91

4/9/1997
4/10/1997
4/11/1997
4/12/1997
4/13/1997
4/14/1997
4/15/1997
4/16/1997
4/17/1997
4/18/1997
4/19/1997
4/20/1997
4/21/1997
4/22/1997
4/23/1997
4/24/1997
4/25/1997
4/26/1997
4/27/1997
4/28/1997
4/29/1997
4/30/1997
5/1/1997
5/2/1997
5/3/1997
5/4/1997
5/5/1997
5/6/1997
5/7/1997
5/8/1997
5/9/1997
5/10/1997
5/11/1997
5/12/1997
5/13/1997
5/14/1997
5/15/1997
5/16/1997
5/17/1997
5/18/1997
5/19/1997
5/20/1997
5/21/1997
5/22/1997
5/23/1997
5/24/1997
5/25/1997
5/26/1997
5/27/1997
5/28/1997
5/29/1997
5/30/1997

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

5/31/1997
6/1/1997
6/2/1997
6/3/1997
6/4/1997
6/5/1997
6/6/1997
6/7/1997
6/8/1997
6/9/1997
6/10/1997
6/11/1997
6/12/1997
6/13/1997
6/14/1997
6/15/1997
6/16/1997
6/17/1997
6/18/1997
6/19/1997
6/20/1997
6/21/1997
6/22/1997
6/23/1997
6/24/1997
6/25/1997
6/26/1997
6/27/1997
6/28/1997
6/29/1997
6/30/1997
7/1/1997
7/2/1997
7/3/1997
7/4/1997
7/5/1997
7/6/1997
7/7/1997
7/8/1997
7/9/1997
7/10/1997
7/11/1997
7/12/1997
7/13/1997
7/14/1997
7/15/1997
7/16/1997
7/17/1997
7/18/1997
7/19/1997
7/20/1997
7/21/1997

0.92
0.92
0.93
0.93
0.93
0.93
0.93
0.93
0.93
0.92
0.92
0.93
0.93
0.93
0.94
0.94
0.93
0.94
0.93
0.93
0.93
0.93
0.93
0.93
0.93
0.93
0.93
0.93
0.94
0.94
0.94
0.94
0.94
0.95
0.94
0.95
0.95
0.94
0.95
0.95
0.95
0.95
0.96
0.96
0.96
0.97
0.97
0.97
0.97
0.97
0.97
0.97

5/31/1997
6/1/1997
6/2/1997
6/3/1997
6/4/1997
6/5/1997
6/6/1997
6/7/1997
6/8/1997
6/9/1997
6/10/1997
6/11/1997
6/12/1997
6/13/1997
6/14/1997
6/15/1997
6/16/1997
6/17/1997
6/18/1997
6/19/1997
6/20/1997
6/21/1997
6/22/1997
6/23/1997
6/24/1997
6/25/1997
6/26/1997
6/27/1997
6/28/1997
6/29/1997
6/30/1997
7/1/1997
7/2/1997
7/3/1997
7/4/1997
7/5/1997
7/6/1997
7/7/1997
7/8/1997
7/9/1997
7/10/1997
7/11/1997
7/12/1997
7/13/1997
7/14/1997
7/15/1997
7/16/1997
7/17/1997
7/18/1997
7/19/1997
7/20/1997
7/21/1997

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

7/22/1997
7/23/1997
7/24/1997
7/25/1997
7/26/1997
7/27/1997
7/28/1997
7/29/1997
7/30/1997
7/31/1997
8/1/1997
8/2/1997
8/3/1997
8/4/1997
8/5/1997
8/6/1997
8/7/1997
8/8/1997
8/9/1997
8/10/1997
8/11/1997
8/12/1997
8/13/1997
8/14/1997
8/15/1997
8/16/1997
8/17/1997
8/18/1997
8/19/1997
8/20/1997
8/21/1997
8/22/1997
8/23/1997
8/24/1997
8/25/1997
8/26/1997
8/27/1997
8/28/1997
8/29/1997
8/30/1997
8/31/1997
9/1/1997
9/2/1997
9/3/1997
9/4/1997
9/5/1997
9/6/1997
9/7/1997
9/8/1997
9/9/1997
9/10/1997
9/11/1997

0.98
0.98
0.99
0.99
0.99
0.99
0.99
0.99
0.99
0.99
1.00
1.00
1.00
1.01
1.01
1.02
1.01
1.01
1.00
1.00
1.00
1.00
1.00
0.99
0.99
0.98
0.98
0.98
0.99
1.00
1.00
0.98
0.98
0.98
0.98
0.97
0.97
0.97
0.97
0.97
0.97
0.98
0.98
0.98
0.98
0.98
0.97
0.97
0.97
0.98
0.97
0.96

7/22/1997
7/23/1997
7/24/1997
7/25/1997
7/26/1997
7/27/1997
7/28/1997
7/29/1997
7/30/1997
7/31/1997
8/1/1997
8/2/1997
8/3/1997
8/4/1997
8/5/1997
8/6/1997
8/7/1997
8/8/1997
8/9/1997
8/10/1997
8/11/1997
8/12/1997
8/13/1997
8/14/1997
8/15/1997
8/16/1997
8/17/1997
8/18/1997
8/19/1997
8/20/1997
8/21/1997
8/22/1997
8/23/1997
8/24/1997
8/25/1997
8/26/1997
8/27/1997
8/28/1997
8/29/1997
8/30/1997
8/31/1997
9/1/1997
9/2/1997
9/3/1997
9/4/1997
9/5/1997
9/6/1997
9/7/1997
9/8/1997
9/9/1997
9/10/1997
9/11/1997

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

9/12/1997
9/13/1997
9/14/1997
9/15/1997
9/16/1997
9/17/1997
9/18/1997
9/19/1997
9/20/1997
9/21/1997
9/22/1997
9/23/1997
9/24/1997
9/25/1997
9/26/1997
9/27/1997
9/28/1997
9/29/1997
9/30/1997
10/1/1997
10/2/1997
10/3/1997
10/4/1997
10/5/1997
10/6/1997
10/7/1997
10/8/1997
10/9/1997
10/10/1997
10/11/1997
10/12/1997
10/13/1997
10/14/1997
10/15/1997
10/16/1997
10/17/1997
10/18/1997
10/19/1997
10/20/1997
10/21/1997
10/22/1997
10/23/1997
10/24/1997
10/25/1997
10/26/1997
10/27/1997
10/28/1997
10/29/1997
10/30/1997
10/31/1997
11/1/1997
11/2/1997

0.96
0.95
0.95
0.95
0.95
0.95
0.95
0.96
0.95
0.95
0.96
0.96
0.95
0.95
0.94
0.94
0.94
0.94
0.94
0.94
0.94
0.95
0.94
0.94
0.94
0.94
0.94
0.93
0.93
0.94
0.94
0.94
0.94
0.94
0.93
0.94
0.95
0.95
0.95
0.95
0.95
0.95
0.95
0.94
0.94
0.94
0.92
0.93
0.92
0.92
0.92
0.92

9/12/1997
9/13/1997
9/14/1997
9/15/1997
9/16/1997
9/17/1997
9/18/1997
9/19/1997
9/20/1997
9/21/1997
9/22/1997
9/23/1997
9/24/1997
9/25/1997
9/26/1997
9/27/1997
9/28/1997
9/29/1997
9/30/1997
10/1/1997
10/2/1997
10/3/1997
10/4/1997
10/5/1997
10/6/1997
10/7/1997
10/8/1997
10/9/1997
10/10/1997
10/11/1997
10/12/1997
10/13/1997
10/14/1997
10/15/1997
10/16/1997
10/17/1997
10/18/1997
10/19/1997
10/20/1997
10/21/1997
10/22/1997
10/23/1997
10/24/1997
10/25/1997
10/26/1997
10/27/1997
10/28/1997
10/29/1997
10/30/1997
10/31/1997
11/1/1997
11/2/1997

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

11/3/1997
11/4/1997
11/5/1997
11/6/1997
11/7/1997
11/8/1997
11/9/1997
11/10/1997
11/11/1997
11/12/1997
11/13/1997
11/14/1997
11/15/1997
11/16/1997
11/17/1997
11/18/1997
11/19/1997
11/20/1997
11/21/1997
11/22/1997
11/23/1997
11/24/1997
11/25/1997
11/26/1997
11/27/1997
11/28/1997
11/29/1997
11/30/1997
12/1/1997
12/2/1997
12/3/1997
12/4/1997
12/5/1997
12/6/1997
12/7/1997
12/8/1997
12/9/1997
12/10/1997
12/11/1997
12/12/1997
12/13/1997
12/14/1997
12/15/1997
12/16/1997
12/17/1997
12/18/1997
12/19/1997
12/20/1997
12/21/1997
12/22/1997
12/23/1997
12/24/1997

0.93
0.92
0.92
0.92
0.91
0.91
0.91
0.91
0.91
0.91
0.91
0.92
0.92
0.91
0.92
0.91
0.90
0.89
0.92
0.92
0.92
0.92
0.93
0.93
0.94
0.93
0.93
0.93
0.94
0.94
0.94
0.91
0.94
0.94
0.94
0.94
0.94
0.94
0.93
0.93
0.94
0.94
0.94
0.94
0.93
0.92
0.92
0.92
0.92
0.94
0.94
0.94

11/3/1997
11/4/1997
11/5/1997
11/6/1997
11/7/1997
11/8/1997
11/9/1997
11/10/1997
11/11/1997
11/12/1997
11/13/1997
11/14/1997
11/15/1997
11/16/1997
11/17/1997
11/18/1997
11/19/1997
11/20/1997
11/21/1997
11/22/1997
11/23/1997
11/24/1997
11/25/1997
11/26/1997
11/27/1997
11/28/1997
11/29/1997
11/30/1997
12/1/1997
12/2/1997
12/3/1997
12/4/1997
12/5/1997
12/6/1997
12/7/1997
12/8/1997
12/9/1997
12/10/1997
12/11/1997
12/12/1997
12/13/1997
12/14/1997
12/15/1997
12/16/1997
12/17/1997
12/18/1997
12/19/1997
12/20/1997
12/21/1997
12/22/1997
12/23/1997
12/24/1997

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

12/25/1997
12/26/1997
12/27/1997
12/28/1997
12/29/1997
12/30/1997
12/31/1997
1/1/1998
1/2/1998
1/3/1998
1/4/1998
1/5/1998
1/6/1998
1/7/1998
1/8/1998
1/9/1998
1/10/1998
1/11/1998
1/12/1998
1/13/1998
1/14/1998
1/15/1998
1/16/1998
1/17/1998
1/18/1998
1/19/1998
1/20/1998
1/21/1998
1/22/1998
1/23/1998
1/24/1998
1/25/1998
1/26/1998
1/27/1998
1/28/1998
1/29/1998
1/30/1998
1/31/1998
2/1/1998
2/2/1998
2/3/1998
2/4/1998
2/5/1998
2/6/1998
2/7/1998
2/8/1998
2/9/1998
2/10/1998
2/11/1998
2/12/1998
2/13/1998
2/14/1998

0.94
0.94
0.94
0.94
0.94
0.94
0.94
0.95
0.95
0.95
0.95
0.95
0.94
0.94
0.96
0.95
0.96
0.96
0.95
0.96
0.96
0.96
0.96
0.96
0.96
0.96
0.96
0.96
0.94
0.93
0.93
0.92
0.92
0.93
0.93
0.93
0.95
0.95
0.95
0.95
0.94
0.94
0.93
0.92
0.93
0.93
0.93
0.93
0.94
0.93
0.94
0.93

12/25/1997
12/26/1997
12/27/1997
12/28/1997
12/29/1997
12/30/1997
12/31/1997
1/1/1998
1/2/1998
1/3/1998
1/4/1998
1/5/1998
1/6/1998
1/7/1998
1/8/1998
1/9/1998
1/10/1998
1/11/1998
1/12/1998
1/13/1998
1/14/1998
1/15/1998
1/16/1998
1/17/1998
1/18/1998
1/19/1998
1/20/1998
1/21/1998
1/22/1998
1/23/1998
1/24/1998
1/25/1998
1/26/1998
1/27/1998
1/28/1998
1/29/1998
1/30/1998
1/31/1998
2/1/1998
2/2/1998
2/3/1998
2/4/1998
2/5/1998
2/6/1998
2/7/1998
2/8/1998
2/9/1998
2/10/1998
2/11/1998
2/12/1998
2/13/1998
2/14/1998

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

2/15/1998
2/16/1998
2/17/1998
2/18/1998
2/19/1998
2/20/1998
2/21/1998
2/22/1998
2/23/1998
2/24/1998
2/25/1998
2/26/1998
2/27/1998
2/28/1998
3/1/1998
3/2/1998
3/3/1998
3/4/1998
3/5/1998
3/6/1998
3/7/1998
3/8/1998
3/9/1998
3/10/1998
3/11/1998
3/12/1998
3/13/1998
3/14/1998
3/15/1998
3/16/1998
3/17/1998
3/18/1998
3/19/1998
3/20/1998
3/21/1998
3/22/1998
3/23/1998
3/24/1998
3/25/1998
3/26/1998
3/27/1998
3/28/1998
3/29/1998
3/30/1998
3/31/1998
4/1/1998
4/2/1998
4/3/1998
4/4/1998
4/5/1998
4/6/1998
4/7/1998

0.93
0.93
0.93
0.92
0.92
0.91
0.91
0.91
0.91
0.90
0.89
0.90
0.89
0.90
0.90
0.88
0.89
0.89
0.89
0.90
0.90
0.90
0.90
0.90
0.90
0.90
0.89
0.89
0.89
0.89
0.89
0.90
0.90
0.90
0.90
0.90
0.90
0.90
0.90
0.90
0.89
0.90
0.90
0.90
0.90
0.90
0.90
0.91
0.90
0.90
0.90
0.90

2/15/1998
2/16/1998
2/17/1998
2/18/1998
2/19/1998
2/20/1998
2/21/1998
2/22/1998
2/23/1998
2/24/1998
2/25/1998
2/26/1998
2/27/1998
2/28/1998
3/1/1998
3/2/1998
3/3/1998
3/4/1998
3/5/1998
3/6/1998
3/7/1998
3/8/1998
3/9/1998
3/10/1998
3/11/1998
3/12/1998
3/13/1998
3/14/1998
3/15/1998
3/16/1998
3/17/1998
3/18/1998
3/19/1998
3/20/1998
3/21/1998
3/22/1998
3/23/1998
3/24/1998
3/25/1998
3/26/1998
3/27/1998
3/28/1998
3/29/1998
3/30/1998
3/31/1998
4/1/1998
4/2/1998
4/3/1998
4/4/1998
4/5/1998
4/6/1998
4/7/1998

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

4/8/1998
4/9/1998
4/10/1998
4/11/1998
4/12/1998
4/13/1998
4/14/1998
4/15/1998
4/16/1998
4/17/1998
4/18/1998
4/19/1998
4/20/1998
4/21/1998
4/22/1998
4/23/1998
4/24/1998
4/25/1998
4/26/1998
4/27/1998
4/28/1998
4/29/1998
4/30/1998
5/1/1998
5/2/1998
5/3/1998
5/4/1998
5/5/1998
5/6/1998
5/7/1998
5/8/1998
5/9/1998
5/10/1998
5/11/1998
5/12/1998
5/13/1998
5/14/1998
5/15/1998
5/16/1998
5/17/1998
5/18/1998
5/19/1998
5/20/1998
5/21/1998
5/22/1998
5/23/1998
5/24/1998
5/25/1998
5/26/1998
5/27/1998
5/28/1998
5/29/1998

0.90
0.89
0.89
0.89
0.89
0.89
0.89
0.88
0.88
0.88
0.89
0.89
0.89
0.88
0.88
0.88
0.88
0.88
0.88
0.88
0.88
0.88
0.88
0.87
0.87
0.87
0.87
0.87
0.87
0.86
0.86
0.87
0.86
0.87
0.86
0.87
0.87
0.87
0.87
0.87
0.87
0.87
0.86
0.86
0.86
0.86
0.86
0.86
0.86
0.86
0.86
0.87

4/8/1998
4/9/1998
4/10/1998
4/11/1998
4/12/1998
4/13/1998
4/14/1998
4/15/1998
4/16/1998
4/17/1998
4/18/1998
4/19/1998
4/20/1998
4/21/1998
4/22/1998
4/23/1998
4/24/1998
4/25/1998
4/26/1998
4/27/1998
4/28/1998
4/29/1998
4/30/1998
5/1/1998
5/2/1998
5/3/1998
5/4/1998
5/5/1998
5/6/1998
5/7/1998
5/8/1998
5/9/1998
5/10/1998
5/11/1998
5/12/1998
5/13/1998
5/14/1998
5/15/1998
5/16/1998
5/17/1998
5/18/1998
5/19/1998
5/20/1998
5/21/1998
5/22/1998
5/23/1998
5/24/1998
5/25/1998
5/26/1998
5/27/1998
5/28/1998
5/29/1998

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

5/30/1998
5/31/1998
6/1/1998
6/2/1998
6/3/1998
6/4/1998
6/5/1998
6/6/1998
6/7/1998
6/8/1998
6/9/1998
6/10/1998
6/11/1998
6/12/1998
6/13/1998
6/14/1998
6/15/1998
6/16/1998
6/17/1998
6/18/1998
6/19/1998
6/20/1998
6/21/1998
6/22/1998
6/23/1998
6/24/1998
6/25/1998
6/26/1998
6/27/1998
6/28/1998
6/29/1998
6/30/1998
7/1/1998
7/2/1998
7/3/1998
7/4/1998
7/5/1998
7/6/1998
7/7/1998
7/8/1998
7/9/1998
7/10/1998
7/11/1998
7/12/1998
7/13/1998
7/14/1998
7/15/1998
7/16/1998
7/17/1998
7/18/1998
7/19/1998
7/20/1998

0.87
0.87
0.86
0.86
0.86
0.86
0.86
0.86
0.86
0.86
0.87
0.87
0.87
0.88
0.88
0.88
0.88
0.87
0.87
0.87
0.87
0.87
0.87
0.87
0.87
0.87
0.87
0.87
0.87
0.88
0.88
0.87
0.88
0.88
0.88
0.88
0.88
0.87
0.87
0.87
0.88
0.87
0.86
0.86
0.85
0.85
0.85
0.84
0.84
0.84
0.84
0.84

5/30/1998
5/31/1998
6/1/1998
6/2/1998
6/3/1998
6/4/1998
6/5/1998
6/6/1998
6/7/1998
6/8/1998
6/9/1998
6/10/1998
6/11/1998
6/12/1998
6/13/1998
6/14/1998
6/15/1998
6/16/1998
6/17/1998
6/18/1998
6/19/1998
6/20/1998
6/21/1998
6/22/1998
6/23/1998
6/24/1998
6/25/1998
6/26/1998
6/27/1998
6/28/1998
6/29/1998
6/30/1998
7/1/1998
7/2/1998
7/3/1998
7/4/1998
7/5/1998
7/6/1998
7/7/1998
7/8/1998
7/9/1998
7/10/1998
7/11/1998
7/12/1998
7/13/1998
7/14/1998
7/15/1998
7/16/1998
7/17/1998
7/18/1998
7/19/1998
7/20/1998

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

7/21/1998
7/22/1998
7/23/1998
7/24/1998
7/25/1998
7/26/1998
7/27/1998
7/28/1998
7/29/1998
7/30/1998
7/31/1998
8/1/1998
8/2/1998
8/3/1998
8/4/1998
8/5/1998
8/6/1998
8/7/1998
8/8/1998
8/9/1998
8/10/1998
8/11/1998
8/12/1998
8/13/1998
8/14/1998
8/15/1998
8/16/1998
8/17/1998
8/18/1998
8/19/1998
8/20/1998
8/21/1998
8/22/1998
8/23/1998
8/24/1998
8/25/1998
8/26/1998
8/27/1998
8/28/1998
8/29/1998
8/30/1998
8/31/1998
9/1/1998
9/2/1998
9/3/1998
9/4/1998
9/5/1998
9/6/1998
9/7/1998
9/8/1998
9/9/1998
9/10/1998

0.84
0.85
0.85
0.84
0.84
0.84
0.84
0.84
0.83
0.83
0.83
0.83
0.83
0.83
0.83
0.83
0.83
0.83
0.83
0.83
0.83
0.83
0.83
0.83
0.83
0.84
0.84
0.82
0.81
0.80
0.79
0.78
0.78
0.79
0.79
0.78
0.81
0.81
0.69
0.68
0.68
0.66
0.66
0.58
0.58
0.58
0.58
0.58
0.57
0.58
0.59
0.55

7/21/1998
7/22/1998
7/23/1998
7/24/1998
7/25/1998
7/26/1998
7/27/1998
7/28/1998
7/29/1998
7/30/1998
7/31/1998
8/1/1998
8/2/1998
8/3/1998
8/4/1998
8/5/1998
8/6/1998
8/7/1998
8/8/1998
8/9/1998
8/10/1998
8/11/1998
8/12/1998
8/13/1998
8/14/1998
8/15/1998
8/16/1998
8/17/1998
8/18/1998
8/19/1998
8/20/1998
8/21/1998
8/22/1998
8/23/1998
8/24/1998
8/25/1998
8/26/1998
8/27/1998
8/28/1998
8/29/1998
8/30/1998
8/31/1998
9/1/1998
9/2/1998
9/3/1998
9/4/1998
9/5/1998
9/6/1998
9/7/1998
9/8/1998
9/9/1998
9/10/1998

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

9/11/1998
9/12/1998
9/13/1998
9/14/1998
9/15/1998
9/16/1998
9/17/1998
9/18/1998
9/19/1998
9/20/1998
9/21/1998
9/22/1998
9/23/1998
9/24/1998
9/25/1998
9/26/1998
9/27/1998
9/28/1998
9/29/1998
9/30/1998
10/1/1998
10/2/1998
10/3/1998
10/4/1998
10/5/1998
10/6/1998
10/7/1998
10/8/1998
10/9/1998
10/10/1998
10/11/1998
10/12/1998
10/13/1998
10/14/1998
10/15/1998
10/16/1998
10/17/1998
10/18/1998
10/19/1998
10/20/1998
10/21/1998
10/22/1998
10/23/1998
10/24/1998
10/25/1998
10/26/1998
10/27/1998
10/28/1998
10/29/1998
10/30/1998
10/31/1998
11/1/1998

0.54
0.55
0.55
0.55
0.55
0.55
0.54
0.55
0.55
0.55
0.54
0.54
0.54
0.50
0.49
0.50
0.50
0.44
0.44
0.43
0.43
0.43
0.43
0.43
0.40
0.40
0.39
0.39
0.40
0.40
0.40
0.42
0.43
0.42
0.42
0.42
0.42
0.42
0.43
0.44
0.45
0.46
0.45
0.45
0.45
0.45
0.46
0.46
0.48
0.47
0.47
0.47

9/11/1998
9/12/1998
9/13/1998
9/14/1998
9/15/1998
9/16/1998
9/17/1998
9/18/1998
9/19/1998
9/20/1998
9/21/1998
9/22/1998
9/23/1998
9/24/1998
9/25/1998
9/26/1998
9/27/1998
9/28/1998
9/29/1998
9/30/1998
10/1/1998
10/2/1998
10/3/1998
10/4/1998
10/5/1998
10/6/1998
10/7/1998
10/8/1998
10/9/1998
10/10/1998
10/11/1998
10/12/1998
10/13/1998
10/14/1998
10/15/1998
10/16/1998
10/17/1998
10/18/1998
10/19/1998
10/20/1998
10/21/1998
10/22/1998
10/23/1998
10/24/1998
10/25/1998
10/26/1998
10/27/1998
10/28/1998
10/29/1998
10/30/1998
10/31/1998
11/1/1998

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

11/2/1998
11/3/1998
11/4/1998
11/5/1998
11/6/1998
11/7/1998
11/8/1998
11/9/1998
11/10/1998
11/11/1998
11/12/1998
11/13/1998
11/14/1998
11/15/1998
11/16/1998
11/17/1998
11/18/1998
11/19/1998
11/20/1998
11/21/1998
11/22/1998
11/23/1998
11/24/1998
11/25/1998
11/26/1998
11/27/1998
11/28/1998
11/29/1998
11/30/1998
12/1/1998
12/2/1998
12/3/1998
12/4/1998
12/5/1998
12/6/1998
12/7/1998
12/8/1998
12/9/1998
12/10/1998
12/11/1998
12/12/1998
12/13/1998
12/14/1998
12/15/1998
12/16/1998
12/17/1998
12/18/1998
12/19/1998
12/20/1998
12/21/1998
12/22/1998
12/23/1998

0.48
0.48
0.47
0.46
0.45
0.44
0.45
0.45
0.43
0.44
0.43
0.41
0.41
0.41
0.41
0.45
0.44
0.44
0.43
0.43
0.43
0.43
0.43
0.45
0.45
0.45
0.45
0.45
0.45
0.45
0.45
0.45
0.43
0.44
0.44
0.44
0.44
0.44
0.44
0.44
0.43
0.43
0.43
0.44
0.43
0.43
0.43
0.43
0.43
0.44
0.45
0.45

11/2/1998
11/3/1998
11/4/1998
11/5/1998
11/6/1998
11/7/1998
11/8/1998
11/9/1998
11/10/1998
11/11/1998
11/12/1998
11/13/1998
11/14/1998
11/15/1998
11/16/1998
11/17/1998
11/18/1998
11/19/1998
11/20/1998
11/21/1998
11/22/1998
11/23/1998
11/24/1998
11/25/1998
11/26/1998
11/27/1998
11/28/1998
11/29/1998
11/30/1998
12/1/1998
12/2/1998
12/3/1998
12/4/1998
12/5/1998
12/6/1998
12/7/1998
12/8/1998
12/9/1998
12/10/1998
12/11/1998
12/12/1998
12/13/1998
12/14/1998
12/15/1998
12/16/1998
12/17/1998
12/18/1998
12/19/1998
12/20/1998
12/21/1998
12/22/1998
12/23/1998

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.2226
0.222
0.2215
0.2199
0.2203
0.2199
0.2251
0.2304
0.2279

12/24/1998
12/25/1998
12/26/1998
12/27/1998
12/28/1998
12/29/1998
12/30/1998
12/31/1998
1/1/1999
1/2/1999
1/3/1999
1/4/1999
1/5/1999
1/6/1999
1/7/1999
1/8/1999
1/9/1999
1/10/1999
1/11/1999
1/12/1999
1/13/1999
1/14/1999
1/15/1999
1/16/1999
1/17/1999
1/18/1999
1/19/1999
1/20/1999
1/21/1999
1/22/1999
1/23/1999
1/24/1999
1/25/1999
1/26/1999
1/27/1999
1/28/1999
1/29/1999
1/30/1999
1/31/1999
2/1/1999
2/2/1999
2/3/1999
2/4/1999
2/5/1999
2/6/1999
2/7/1999
2/8/1999
2/9/1999
2/10/1999
2/11/1999
2/12/1999
2/13/1999

0.45
0.44
0.44
0.44
0.43
0.43
0.42
0.42
0.42
0.42
0.42
0.42
0.42
0.41
0.42
0.43
0.43
0.42
0.41
0.41
0.41
0.41
0.41
0.41
0.41
0.41
0.42
0.42
0.42
0.42
0.42
0.42
0.42
0.44
0.45
0.45
0.44
0.44
0.44
0.43
0.44
0.44
0.44
0.44
0.45
0.45
0.47
0.45
0.45
0.44
0.44
0.44

12/24/1998
12/25/1998
12/26/1998
12/27/1998
12/28/1998
12/29/1998
12/30/1998
12/31/1998
1/1/1999
1/2/1999
1/3/1999
1/4/1999
1/5/1999
1/6/1999
1/7/1999
1/8/1999
1/9/1999
1/10/1999
1/11/1999
1/12/1999
1/13/1999
1/14/1999
1/15/1999
1/16/1999
1/17/1999
1/18/1999
1/19/1999
1/20/1999
1/21/1999
1/22/1999
1/23/1999
1/24/1999
1/25/1999
1/26/1999
1/27/1999
1/28/1999
1/29/1999
1/30/1999
1/31/1999
2/1/1999
2/2/1999
2/3/1999
2/4/1999
2/5/1999
2/6/1999
2/7/1999
2/8/1999
2/9/1999
2/10/1999
2/11/1999
2/12/1999
2/13/1999

0.2294
0.225
0.2232
0.2231
0.222
0.2205
0.2168
0.2159
0.2159
0.2159
0.215
0.2145
0.2135
0.2109
0.2154
0.2196
0.2216
0.2148
0.2119
0.2121
0.2097
0.2085
0.2077
0.2111
0.2109
0.2099
0.2123
0.2144
0.2133
0.2144
0.2148
0.2148
0.2147
0.2245
0.2278
0.2324
0.2258
0.2251
0.2238
0.2223
0.2254
0.2245
0.2256
0.2274
0.2287
0.2285
0.2381
0.231
0.2325
0.2238
0.2252
0.224

2/14/1999
2/15/1999
2/16/1999
2/17/1999
2/18/1999
2/19/1999
2/20/1999
2/21/1999
2/22/1999
2/23/1999
2/24/1999
2/25/1999
2/26/1999
2/27/1999
2/28/1999
3/1/1999
3/2/1999
3/3/1999
3/4/1999
3/5/1999
3/6/1999
3/7/1999
3/8/1999
3/9/1999
3/10/1999
3/11/1999
3/12/1999
3/13/1999
3/14/1999
3/15/1999
3/16/1999
3/17/1999
3/18/1999
3/19/1999
3/20/1999
3/21/1999
3/22/1999
3/23/1999
3/24/1999
3/25/1999
3/26/1999
3/27/1999
3/28/1999
3/29/1999
3/30/1999
3/31/1999
4/1/1999
4/2/1999
4/3/1999
4/4/1999
4/5/1999
4/6/1999

0.44
0.44
0.44
0.45
0.45
0.45
0.46
0.46
0.46
0.47
0.47
0.46
0.46
0.46
0.46
0.47
0.47
0.46
0.46
0.46
0.46
0.46
0.46
0.46
0.45
0.45
0.45
0.45
0.45
0.45
0.45
0.45
0.45
0.45
0.45
0.45
0.45
0.46
0.45
0.43
0.43
0.43
0.43
0.43
0.44
0.44
0.44
0.43
0.43
0.43
0.43
0.44

2/14/1999
2/15/1999
2/16/1999
2/17/1999
2/18/1999
2/19/1999
2/20/1999
2/21/1999
2/22/1999
2/23/1999
2/24/1999
2/25/1999
2/26/1999
2/27/1999
2/28/1999
3/1/1999
3/2/1999
3/3/1999
3/4/1999
3/5/1999
3/6/1999
3/7/1999
3/8/1999
3/9/1999
3/10/1999
3/11/1999
3/12/1999
3/13/1999
3/14/1999
3/15/1999
3/16/1999
3/17/1999
3/18/1999
3/19/1999
3/20/1999
3/21/1999
3/22/1999
3/23/1999
3/24/1999
3/25/1999
3/26/1999
3/27/1999
3/28/1999
3/29/1999
3/30/1999
3/31/1999
4/1/1999
4/2/1999
4/3/1999
4/4/1999
4/5/1999
4/6/1999

0.2241
0.2252
0.2264
0.2289
0.2311
0.2319
0.2358
0.2361
0.2365
0.2395
0.2383
0.2368
0.2372
0.2369
0.2365
0.2384
0.2392
0.2362
0.2362
0.2355
0.2355
0.2357
0.2352
0.2346
0.2318
0.2323
0.231
0.2305
0.2306
0.2297
0.2323
0.23
0.2292
0.2311
0.2318
0.2319
0.2304
0.2348
0.2318
0.2198
0.219
0.2196
0.22
0.2204
0.2225
0.2239
0.2246
0.2221
0.2204
0.2212
0.2214
0.2246

4/7/1999
4/8/1999
4/9/1999
4/10/1999
4/11/1999
4/12/1999
4/13/1999
4/14/1999
4/15/1999
4/16/1999
4/17/1999
4/18/1999
4/19/1999
4/20/1999
4/21/1999
4/22/1999
4/23/1999
4/24/1999
4/25/1999
4/26/1999
4/27/1999
4/28/1999
4/29/1999
4/30/1999
5/1/1999
5/2/1999
5/3/1999
5/4/1999
5/5/1999
5/6/1999
5/7/1999
5/8/1999
5/9/1999
5/10/1999
5/11/1999
5/12/1999
5/13/1999
5/14/1999
5/15/1999
5/16/1999
5/17/1999
5/18/1999
5/19/1999
5/20/1999
5/21/1999
5/22/1999
5/23/1999
5/24/1999
5/25/1999
5/26/1999
5/27/1999
5/28/1999

0.44
0.44
0.44
0.44
0.44
0.44
0.44
0.44
0.45
0.46
0.46
0.46
0.46
0.46
0.46
0.47
0.46
0.47
0.47
0.47
0.45
0.46
0.46
0.46
0.47
0.47
0.47
0.46
0.45
0.45
0.45
0.45
0.45
0.46
0.45
0.46
0.45
0.45
0.45
0.45
0.46
0.46
0.46
0.46
0.46
0.46
0.46
0.46
0.47
0.47
0.48
0.47

4/7/1999
4/8/1999
4/9/1999
4/10/1999
4/11/1999
4/12/1999
4/13/1999
4/14/1999
4/15/1999
4/16/1999
4/17/1999
4/18/1999
4/19/1999
4/20/1999
4/21/1999
4/22/1999
4/23/1999
4/24/1999
4/25/1999
4/26/1999
4/27/1999
4/28/1999
4/29/1999
4/30/1999
5/1/1999
5/2/1999
5/3/1999
5/4/1999
5/5/1999
5/6/1999
5/7/1999
5/8/1999
5/9/1999
5/10/1999
5/11/1999
5/12/1999
5/13/1999
5/14/1999
5/15/1999
5/16/1999
5/17/1999
5/18/1999
5/19/1999
5/20/1999
5/21/1999
5/22/1999
5/23/1999
5/24/1999
5/25/1999
5/26/1999
5/27/1999
5/28/1999

0.2233
0.2225
0.2225
0.2229
0.2232
0.2227
0.2244
0.2258
0.2288
0.2333
0.2375
0.2376
0.2356
0.2365
0.2372
0.2405
0.2332
0.2411
0.2411
0.241
0.2322
0.2332
0.2348
0.2351
0.2413
0.2415
0.2411
0.2346
0.231
0.2315
0.2314
0.2321
0.2322
0.2328
0.2325
0.233
0.2314
0.2312
0.2312
0.2314
0.2344
0.2339
0.235
0.2349
0.2361
0.2364
0.2365
0.237
0.2378
0.2381
0.2434
0.2397

5/29/1999
5/30/1999
5/31/1999
6/1/1999
6/2/1999
6/3/1999
6/4/1999
6/5/1999
6/6/1999
6/7/1999
6/8/1999
6/9/1999
6/10/1999
6/11/1999
6/12/1999
6/13/1999
6/14/1999
6/15/1999
6/16/1999
6/17/1999
6/18/1999
6/19/1999
6/20/1999
6/21/1999
6/22/1999
6/23/1999
6/24/1999
6/25/1999
6/26/1999
6/27/1999
6/28/1999
6/29/1999
6/30/1999
7/1/1999
7/2/1999
7/3/1999
7/4/1999
7/5/1999
7/6/1999
7/7/1999
7/8/1999
7/9/1999
7/10/1999
7/11/1999
7/12/1999
7/13/1999
7/14/1999
7/15/1999
7/16/1999
7/17/1999
7/18/1999
7/19/1999

0.47
0.47
0.47
0.47
0.47
0.47
0.48
0.47
0.47
0.48
0.47
0.47
0.47
0.47
0.47
0.47
0.47
0.48
0.47
0.47
0.48
0.47
0.47
0.47
0.48
0.48
0.48
0.47
0.47
0.48
0.48
0.48
0.48
0.48
0.48
0.48
0.48
0.48
0.48
0.48
0.48
0.48
0.48
0.48
0.49
0.49
0.49
0.48
0.49
0.49
0.49
0.49

5/29/1999
5/30/1999
5/31/1999
6/1/1999
6/2/1999
6/3/1999
6/4/1999
6/5/1999
6/6/1999
6/7/1999
6/8/1999
6/9/1999
6/10/1999
6/11/1999
6/12/1999
6/13/1999
6/14/1999
6/15/1999
6/16/1999
6/17/1999
6/18/1999
6/19/1999
6/20/1999
6/21/1999
6/22/1999
6/23/1999
6/24/1999
6/25/1999
6/26/1999
6/27/1999
6/28/1999
6/29/1999
6/30/1999
7/1/1999
7/2/1999
7/3/1999
7/4/1999
7/5/1999
7/6/1999
7/7/1999
7/8/1999
7/9/1999
7/10/1999
7/11/1999
7/12/1999
7/13/1999
7/14/1999
7/15/1999
7/16/1999
7/17/1999
7/18/1999
7/19/1999

0.2403
0.2399
0.2403
0.2409
0.2424
0.2424
0.2438
0.2422
0.2421
0.2442
0.2419
0.2403
0.2399
0.2413
0.241
0.2412
0.2424
0.2436
0.2427
0.2428
0.243
0.2415
0.2417
0.2426
0.2432
0.2438
0.2449
0.2424
0.2428
0.243
0.2437
0.2447
0.2453
0.245
0.2462
0.2459
0.2459
0.2462
0.2465
0.2463
0.2473
0.2476
0.2476
0.2479
0.2491
0.2485
0.2484
0.2473
0.2483
0.2484
0.2482
0.2492

7/20/1999
7/21/1999
7/22/1999
7/23/1999
7/24/1999
7/25/1999
7/26/1999
7/27/1999
7/28/1999
7/29/1999
7/30/1999
7/31/1999
8/1/1999
8/2/1999
8/3/1999
8/4/1999
8/5/1999
8/6/1999
8/7/1999
8/8/1999
8/9/1999
8/10/1999
8/11/1999
8/12/1999
8/13/1999
8/14/1999
8/15/1999
8/16/1999
8/17/1999
8/18/1999
8/19/1999
8/20/1999
8/21/1999
8/22/1999
8/23/1999
8/24/1999
8/25/1999
8/26/1999
8/27/1999
8/28/1999
8/29/1999
8/30/1999
8/31/1999
9/1/1999
9/2/1999
9/3/1999
9/4/1999
9/5/1999
9/6/1999
9/7/1999
9/8/1999
9/9/1999

0.48
0.46
0.45
0.47
0.47
0.47
0.45
0.43
0.43
0.43
0.42
0.42
0.41
0.42
0.41
0.41
0.41
0.41
0.41
0.41
0.41
0.41
0.41
0.40
0.40
0.41
0.41
0.42
0.42
0.42
0.42
0.42
0.42
0.42
0.42
0.42
0.43
0.43
0.43
0.42
0.43
0.43
0.42
0.42
0.41
0.41
0.41
0.41
0.41
0.41
0.40
0.40

7/20/1999
7/21/1999
7/22/1999
7/23/1999
7/24/1999
7/25/1999
7/26/1999
7/27/1999
7/28/1999
7/29/1999
7/30/1999
7/31/1999
8/1/1999
8/2/1999
8/3/1999
8/4/1999
8/5/1999
8/6/1999
8/7/1999
8/8/1999
8/9/1999
8/10/1999
8/11/1999
8/12/1999
8/13/1999
8/14/1999
8/15/1999
8/16/1999
8/17/1999
8/18/1999
8/19/1999
8/20/1999
8/21/1999
8/22/1999
8/23/1999
8/24/1999
8/25/1999
8/26/1999
8/27/1999
8/28/1999
8/29/1999
8/30/1999
8/31/1999
9/1/1999
9/2/1999
9/3/1999
9/4/1999
9/5/1999
9/6/1999
9/7/1999
9/8/1999
9/9/1999

0.2437
0.2332
0.2323
0.2399
0.2393
0.2392
0.2304
0.2213
0.2198
0.2184
0.2125
0.2122
0.2121
0.2124
0.2109
0.2087
0.2083
0.2092
0.21
0.2097
0.2102
0.2093
0.2104
0.2056
0.2051
0.2103
0.2103
0.2126
0.2153
0.2153
0.2163
0.2136
0.2141
0.2145
0.2123
0.2149
0.2173
0.2177
0.2181
0.2162
0.2174
0.2184
0.2166
0.2153
0.2075
0.2094
0.2094
0.2101
0.2093
0.209
0.2046
0.2048

9/10/1999
9/11/1999
9/12/1999
9/13/1999
9/14/1999
9/15/1999
9/16/1999
9/17/1999
9/18/1999
9/19/1999
9/20/1999
9/21/1999
9/22/1999
9/23/1999
9/24/1999
9/25/1999
9/26/1999
9/27/1999
9/28/1999
9/29/1999
9/30/1999
10/1/1999
10/2/1999
10/3/1999
10/4/1999
10/5/1999
10/6/1999
10/7/1999
10/8/1999
10/9/1999
10/10/1999
10/11/1999
10/12/1999
10/13/1999
10/14/1999
10/15/1999
10/16/1999
10/17/1999
10/18/1999
10/19/1999
10/20/1999
10/21/1999
10/22/1999
10/23/1999
10/24/1999
10/25/1999
10/26/1999
10/27/1999
10/28/1999
10/29/1999
10/30/1999
10/31/1999

0.41
0.41
0.41
0.42
0.42
0.42
0.42
0.42
0.42
0.42
0.43
0.42
0.42
0.42
0.42
0.42
0.42
0.41
0.41
0.42
0.41
0.41
0.41
0.41
0.41
0.41
0.41
0.41
0.41
0.41
0.41
0.41
0.41
0.40
0.40
0.40
0.40
0.40
0.40
0.38
0.39
0.40
0.40
0.40
0.40
0.40
0.40
0.41
0.41
0.41
0.41
0.41

9/10/1999
9/11/1999
9/12/1999
9/13/1999
9/14/1999
9/15/1999
9/16/1999
9/17/1999
9/18/1999
9/19/1999
9/20/1999
9/21/1999
9/22/1999
9/23/1999
9/24/1999
9/25/1999
9/26/1999
9/27/1999
9/28/1999
9/29/1999
9/30/1999
10/1/1999
10/2/1999
10/3/1999
10/4/1999
10/5/1999
10/6/1999
10/7/1999
10/8/1999
10/9/1999
10/10/1999
10/11/1999
10/12/1999
10/13/1999
10/14/1999
10/15/1999
10/16/1999
10/17/1999
10/18/1999
10/19/1999
10/20/1999
10/21/1999
10/22/1999
10/23/1999
10/24/1999
10/25/1999
10/26/1999
10/27/1999
10/28/1999
10/29/1999
10/30/1999
10/31/1999

0.2076
0.2107
0.2108
0.2145
0.2156
0.2161
0.2169
0.2158
0.2152
0.2154
0.2176
0.2169
0.2151
0.2147
0.2129
0.2136
0.2135
0.2114
0.2111
0.2125
0.211
0.2093
0.2095
0.2102
0.2083
0.2102
0.2095
0.2104
0.2088
0.2095
0.2097
0.2095
0.2088
0.2068
0.2052
0.2037
0.2033
0.2031
0.2036
0.1946
0.1982
0.2048
0.203
0.2037
0.205
0.2041
0.2023
0.2102
0.2114
0.2113
0.2091
0.2101

11/1/1999
11/2/1999
11/3/1999
11/4/1999
11/5/1999
11/6/1999
11/7/1999
11/8/1999
11/9/1999
11/10/1999
11/11/1999
11/12/1999
11/13/1999
11/14/1999
11/15/1999
11/16/1999
11/17/1999
11/18/1999
11/19/1999
11/20/1999
11/21/1999
11/22/1999
11/23/1999
11/24/1999
11/25/1999
11/26/1999
11/27/1999
11/28/1999
11/29/1999
11/30/1999
12/1/1999
12/2/1999
12/3/1999
12/4/1999
12/5/1999
12/6/1999
12/7/1999
12/8/1999
12/9/1999
12/10/1999
12/11/1999
12/12/1999
12/13/1999
12/14/1999
12/15/1999
12/16/1999
12/17/1999
12/18/1999
12/19/1999
12/20/1999
12/21/1999
12/22/1999

0.41
0.41
0.40
0.41
0.41
0.41
0.41
0.41
0.41
0.41
0.38
0.37
0.38
0.38
0.38
0.39
0.39
0.38
0.38
0.38
0.38
0.38
0.38
0.38
0.38
0.38
0.38
0.38
0.38
0.38
0.38
0.38
0.38
0.38
0.38
0.38
0.37
0.36
0.35
0.36
0.36
0.36
0.36
0.36
0.36
0.34
0.35
0.36
0.36
0.36
0.36
0.37

11/1/1999
11/2/1999
11/3/1999
11/4/1999
11/5/1999
11/6/1999
11/7/1999
11/8/1999
11/9/1999
11/10/1999
11/11/1999
11/12/1999
11/13/1999
11/14/1999
11/15/1999
11/16/1999
11/17/1999
11/18/1999
11/19/1999
11/20/1999
11/21/1999
11/22/1999
11/23/1999
11/24/1999
11/25/1999
11/26/1999
11/27/1999
11/28/1999
11/29/1999
11/30/1999
12/1/1999
12/2/1999
12/3/1999
12/4/1999
12/5/1999
12/6/1999
12/7/1999
12/8/1999
12/9/1999
12/10/1999
12/11/1999
12/12/1999
12/13/1999
12/14/1999
12/15/1999
12/16/1999
12/17/1999
12/18/1999
12/19/1999
12/20/1999
12/21/1999
12/22/1999

0.2093
0.2082
0.206
0.2101
0.212
0.212
0.2109
0.2117
0.2118
0.2117
0.1925
0.1911
0.192
0.1918
0.1965
0.1999
0.1978
0.1924
0.1941
0.1944
0.1942
0.1939
0.1939
0.1955
0.1935
0.193
0.192
0.1924
0.1932
0.1937
0.1935
0.1942
0.195
0.1949
0.1948
0.1924
0.191
0.1841
0.1779
0.1825
0.1828
0.1828
0.1829
0.1834
0.1823
0.1753
0.1806
0.1831
0.183
0.183
0.1828
0.1868

12/23/1999
12/24/1999
12/25/1999
12/26/1999
12/27/1999
12/28/1999
12/29/1999
12/30/1999
12/31/1999
1/1/2000
1/2/2000
1/3/2000
1/4/2000
1/5/2000
1/6/2000
1/7/2000
1/8/2000
1/9/2000
1/10/2000
1/11/2000
1/12/2000
1/13/2000
1/14/2000
1/15/2000
1/16/2000
1/17/2000
1/18/2000
1/19/2000
1/20/2000
1/21/2000
1/22/2000
1/23/2000
1/24/2000
1/25/2000
1/26/2000
1/27/2000
1/28/2000
1/29/2000
1/30/2000
1/31/2000
2/1/2000
2/2/2000
2/3/2000
2/4/2000
2/5/2000
2/6/2000
2/7/2000
2/8/2000
2/9/2000
2/10/2000
2/11/2000
2/12/2000

0.37
0.37
0.36
0.36
0.36
0.35
0.36
0.37
0.37
0.37
0.37
0.37
0.37
0.37
0.35
0.35
0.35
0.35
0.35
0.34
0.34
0.35
0.35
0.35
0.35
0.35
0.35
0.35
0.35
0.34
0.34
0.34
0.34
0.35
0.35
0.35
0.36
0.36
0.36
0.36
0.37
0.37
0.36
0.36
0.35
0.35
0.35
0.35
0.36
0.35
0.35
0.35

12/23/1999
12/24/1999
12/25/1999
12/26/1999
12/27/1999
12/28/1999
12/29/1999
12/30/1999
12/31/1999
1/1/2000
1/2/2000
1/3/2000
1/4/2000
1/5/2000
1/6/2000
1/7/2000
1/8/2000
1/9/2000
1/10/2000
1/11/2000
1/12/2000
1/13/2000
1/14/2000
1/15/2000
1/16/2000
1/17/2000
1/18/2000
1/19/2000
1/20/2000
1/21/2000
1/22/2000
1/23/2000
1/24/2000
1/25/2000
1/26/2000
1/27/2000
1/28/2000
1/29/2000
1/30/2000
1/31/2000
2/1/2000
2/2/2000
2/3/2000
2/4/2000
2/5/2000
2/6/2000
2/7/2000
2/8/2000
2/9/2000
2/10/2000
2/11/2000
2/12/2000

0.1895
0.1867
0.1862
0.1863
0.1863
0.1812
0.1823
0.1912
0.1912
0.191
0.1913
0.1913
0.1875
0.187
0.1795
0.1806
0.181
0.1809
0.181
0.1742
0.175
0.1771
0.1773
0.1777
0.1778
0.1777
0.1782
0.1769
0.177
0.1756
0.1761
0.1761
0.1761
0.1765
0.1793
0.1805
0.1837
0.1856
0.1854
0.1854
0.1867
0.1878
0.186
0.1823
0.1808
0.1805
0.1805
0.1806
0.1817
0.177
0.1792
0.1792

2/13/2000
2/14/2000
2/15/2000
2/16/2000
2/17/2000
2/18/2000
2/19/2000
2/20/2000
2/21/2000
2/22/2000
2/23/2000
2/24/2000
2/25/2000
2/26/2000
2/27/2000
2/28/2000
2/29/2000
3/1/2000
3/2/2000
3/3/2000
3/4/2000
3/5/2000
3/6/2000
3/7/2000
3/8/2000
3/9/2000
3/10/2000
3/11/2000
3/12/2000
3/13/2000
3/14/2000
3/15/2000
3/16/2000
3/17/2000
3/18/2000
3/19/2000
3/20/2000
3/21/2000
3/22/2000
3/23/2000
3/24/2000
3/25/2000
3/26/2000
3/27/2000
3/28/2000
3/29/2000
3/30/2000
3/31/2000
4/1/2000
4/2/2000
4/3/2000
4/4/2000

0.35
0.35
0.35
0.36
0.35
0.35
0.35
0.35
0.35
0.35
0.35
0.35
0.36
0.36
0.36
0.36
0.36
0.36
0.36
0.36
0.36
0.36
0.36
0.37
0.37
0.37
0.37
0.37
0.37
0.37
0.37
0.37
0.37
0.37
0.37
0.37
0.37
0.36
0.37
0.37
0.37
0.37
0.37
0.37
0.37
0.37
0.37
0.38
0.37
0.37
0.37
0.38

2/13/2000
2/14/2000
2/15/2000
2/16/2000
2/17/2000
2/18/2000
2/19/2000
2/20/2000
2/21/2000
2/22/2000
2/23/2000
2/24/2000
2/25/2000
2/26/2000
2/27/2000
2/28/2000
2/29/2000
3/1/2000
3/2/2000
3/3/2000
3/4/2000
3/5/2000
3/6/2000
3/7/2000
3/8/2000
3/9/2000
3/10/2000
3/11/2000
3/12/2000
3/13/2000
3/14/2000
3/15/2000
3/16/2000
3/17/2000
3/18/2000
3/19/2000
3/20/2000
3/21/2000
3/22/2000
3/23/2000
3/24/2000
3/25/2000
3/26/2000
3/27/2000
3/28/2000
3/29/2000
3/30/2000
3/31/2000
4/1/2000
4/2/2000
4/3/2000
4/4/2000

0.1792
0.1795
0.1807
0.1817
0.1789
0.1776
0.18
0.1799
0.1801
0.1793
0.178
0.1803
0.1827
0.1834
0.1834
0.1834
0.1831
0.1848
0.1832
0.1848
0.1852
0.1849
0.1854
0.1892
0.1879
0.1875
0.1882
0.1887
0.1887
0.1889
0.19
0.1879
0.1894
0.1891
0.1871
0.1871
0.187
0.1862
0.1889
0.1897
0.1882
0.1871
0.1871
0.1872
0.1894
0.1895
0.191
0.1918
0.1897
0.1897
0.1896
0.192

4/5/2000
4/6/2000
4/7/2000
4/8/2000
4/9/2000
4/10/2000
4/11/2000
4/12/2000
4/13/2000
4/14/2000
4/15/2000
4/16/2000
4/17/2000
4/18/2000
4/19/2000
4/20/2000
4/21/2000
4/22/2000
4/23/2000
4/24/2000
4/25/2000
4/26/2000
4/27/2000
4/28/2000
4/29/2000
4/30/2000
5/1/2000
5/2/2000
5/3/2000
5/4/2000
5/5/2000
5/6/2000
5/7/2000
5/8/2000
5/9/2000
5/10/2000
5/11/2000
5/12/2000
5/13/2000
5/14/2000
5/15/2000
5/16/2000
5/17/2000
5/18/2000
5/19/2000
5/20/2000
5/21/2000
5/22/2000
5/23/2000
5/24/2000
5/25/2000
5/26/2000

0.37
0.37
0.37
0.37
0.37
0.37
0.37
0.37
0.37
0.38
0.37
0.37
0.37
0.37
0.37
0.38
0.38
0.38
0.38
0.38
0.38
0.39
0.39
0.40
0.39
0.39
0.39
0.39
0.39
0.40
0.40
0.40
0.40
0.40
0.40
0.40
0.39
0.39
0.38
0.38
0.38
0.39
0.40
0.40
0.40
0.39
0.39
0.39
0.39
0.39
0.39
0.40

4/5/2000
4/6/2000
4/7/2000
4/8/2000
4/9/2000
4/10/2000
4/11/2000
4/12/2000
4/13/2000
4/14/2000
4/15/2000
4/16/2000
4/17/2000
4/18/2000
4/19/2000
4/20/2000
4/21/2000
4/22/2000
4/23/2000
4/24/2000
4/25/2000
4/26/2000
4/27/2000
4/28/2000
4/29/2000
4/30/2000
5/1/2000
5/2/2000
5/3/2000
5/4/2000
5/5/2000
5/6/2000
5/7/2000
5/8/2000
5/9/2000
5/10/2000
5/11/2000
5/12/2000
5/13/2000
5/14/2000
5/15/2000
5/16/2000
5/17/2000
5/18/2000
5/19/2000
5/20/2000
5/21/2000
5/22/2000
5/23/2000
5/24/2000
5/25/2000
5/26/2000

0.1887
0.188
0.1901
0.1895
0.1895
0.1893
0.1883
0.1893
0.1888
0.193
0.1879
0.1878
0.1878
0.1895
0.1908
0.1961
0.1954
0.1952
0.195
0.1948
0.1948
0.1989
0.1991
0.2022
0.1995
0.1994
0.1995
0.1986
0.2002
0.2058
0.2054
0.2037
0.2067
0.2068
0.2043
0.2026
0.2011
0.2008
0.1962
0.1962
0.1963
0.1988
0.2035
0.2035
0.2069
0.2012
0.2016
0.2018
0.2014
0.2002
0.2001
0.2028

5/27/2000
5/28/2000
5/29/2000
5/30/2000
5/31/2000
6/1/2000
6/2/2000
6/3/2000
6/4/2000
6/5/2000
6/6/2000
6/7/2000
6/8/2000
6/9/2000
6/10/2000
6/11/2000
6/12/2000
6/13/2000
6/14/2000
6/15/2000
6/16/2000
6/17/2000
6/18/2000
6/19/2000
6/20/2000
6/21/2000
6/22/2000
6/23/2000
6/24/2000
6/25/2000
6/26/2000
6/27/2000
6/28/2000
6/29/2000
6/30/2000
7/1/2000
7/2/2000
7/3/2000
7/4/2000
7/5/2000
7/6/2000
7/7/2000
7/8/2000
7/9/2000
7/10/2000
7/11/2000
7/12/2000
7/13/2000
7/14/2000
7/15/2000
7/16/2000
7/17/2000

0.38
0.38
0.38
0.39
0.38
0.38
0.38
0.37
0.37
0.37
0.37
0.38
0.37
0.37
0.37
0.37
0.37
0.38
0.37
0.38
0.37
0.36
0.36
0.36
0.37
0.38
0.38
0.38
0.38
0.38
0.38
0.38
0.38
0.38
0.38
0.38
0.38
0.37
0.37
0.37
0.38
0.38
0.38
0.38
0.38
0.38
0.38
0.38
0.38
0.38
0.38
0.38

5/27/2000
5/28/2000
5/29/2000
5/30/2000
5/31/2000
6/1/2000
6/2/2000
6/3/2000
6/4/2000
6/5/2000
6/6/2000
6/7/2000
6/8/2000
6/9/2000
6/10/2000
6/11/2000
6/12/2000
6/13/2000
6/14/2000
6/15/2000
6/16/2000
6/17/2000
6/18/2000
6/19/2000
6/20/2000
6/21/2000
6/22/2000
6/23/2000
6/24/2000
6/25/2000
6/26/2000
6/27/2000
6/28/2000
6/29/2000
6/30/2000
7/1/2000
7/2/2000
7/3/2000
7/4/2000
7/5/2000
7/6/2000
7/7/2000
7/8/2000
7/9/2000
7/10/2000
7/11/2000
7/12/2000
7/13/2000
7/14/2000
7/15/2000
7/16/2000
7/17/2000

0.1946
0.1938
0.1933
0.1993
0.1945
0.193
0.1935
0.1909
0.1903
0.1905
0.1897
0.1929
0.1871
0.1881
0.1884
0.1883
0.1884
0.193
0.1915
0.192
0.1881
0.1858
0.1859
0.1862
0.1879
0.1922
0.1945
0.1963
0.1965
0.1965
0.1965
0.1964
0.1945
0.1919
0.1933
0.1929
0.1929
0.1913
0.1913
0.1908
0.1931
0.1934
0.193
0.1927
0.193
0.1932
0.194
0.1952
0.1965
0.1961
0.1961
0.196

7/18/2000
7/19/2000
7/20/2000
7/21/2000
7/22/2000
7/23/2000
7/24/2000
7/25/2000
7/26/2000
7/27/2000
7/28/2000
7/29/2000
7/30/2000
7/31/2000
8/1/2000
8/2/2000
8/3/2000
8/4/2000
8/5/2000
8/6/2000
8/7/2000
8/8/2000
8/9/2000
8/10/2000
8/11/2000
8/12/2000
8/13/2000
8/14/2000
8/15/2000
8/16/2000
8/17/2000
8/18/2000
8/19/2000
8/20/2000
8/21/2000
8/22/2000
8/23/2000
8/24/2000
8/25/2000
8/26/2000
8/27/2000
8/28/2000
8/29/2000
8/30/2000
8/31/2000
9/1/2000
9/2/2000
9/3/2000
9/4/2000
9/5/2000
9/6/2000
9/7/2000

0.38
0.39
0.39
0.39
0.38
0.38
0.38
0.39
0.38
0.38
0.39
0.39
0.39
0.39
0.39
0.40
0.39
0.40
0.40
0.40
0.40
0.40
0.40
0.40
0.40
0.40
0.40
0.40
0.40
0.39
0.39
0.39
0.40
0.40
0.40
0.40
0.40
0.40
0.40
0.40
0.40
0.40
0.40
0.40
0.40
0.40
0.40
0.40
0.40
0.40
0.40
0.41

7/18/2000
7/19/2000
7/20/2000
7/21/2000
7/22/2000
7/23/2000
7/24/2000
7/25/2000
7/26/2000
7/27/2000
7/28/2000
7/29/2000
7/30/2000
7/31/2000
8/1/2000
8/2/2000
8/3/2000
8/4/2000
8/5/2000
8/6/2000
8/7/2000
8/8/2000
8/9/2000
8/10/2000
8/11/2000
8/12/2000
8/13/2000
8/14/2000
8/15/2000
8/16/2000
8/17/2000
8/18/2000
8/19/2000
8/20/2000
8/21/2000
8/22/2000
8/23/2000
8/24/2000
8/25/2000
8/26/2000
8/27/2000
8/28/2000
8/29/2000
8/30/2000
8/31/2000
9/1/2000
9/2/2000
9/3/2000
9/4/2000
9/5/2000
9/6/2000
9/7/2000

0.1942
0.1973
0.1989
0.197
0.1962
0.1965
0.1963
0.1982
0.1962
0.1954
0.199
0.1991
0.1992
0.1991
0.1994
0.2034
0.2013
0.2066
0.2027
0.2027
0.2026
0.2024
0.204
0.2045
0.2025
0.2037
0.2037
0.2035
0.2031
0.2014
0.201
0.2005
0.2029
0.2027
0.2027
0.204
0.205
0.2044
0.2037
0.204
0.2036
0.2038
0.2042
0.2061
0.2059
0.2069
0.2036
0.203
0.2037
0.2047
0.2065
0.2112

9/8/2000
9/9/2000
9/10/2000
9/11/2000
9/12/2000
9/13/2000
9/14/2000
9/15/2000
9/16/2000
9/17/2000
9/18/2000
9/19/2000
9/20/2000
9/21/2000
9/22/2000
9/23/2000
9/24/2000
9/25/2000
9/26/2000
9/27/2000
9/28/2000
9/29/2000
9/30/2000
10/1/2000
10/2/2000
10/3/2000
10/4/2000
10/5/2000
10/6/2000
10/7/2000
10/8/2000
10/9/2000
10/10/2000
10/11/2000
10/12/2000
10/13/2000
10/14/2000
10/15/2000
10/16/2000
10/17/2000
10/18/2000
10/19/2000
10/20/2000
10/21/2000
10/22/2000
10/23/2000
10/24/2000
10/25/2000
10/26/2000
10/27/2000
10/28/2000
10/29/2000

0.41
0.41
0.41
0.41
0.42
0.42
0.42
0.42
0.42
0.42
0.42
0.42
0.42
0.42
0.42
0.41
0.41
0.41
0.41
0.41
0.41
0.41
0.41
0.41
0.41
0.41
0.41
0.41
0.41
0.41
0.41
0.41
0.41
0.41
0.41
0.42
0.42
0.42
0.42
0.42
0.42
0.43
0.43
0.43
0.43
0.43
0.43
0.43
0.43
0.43
0.43
0.43

9/8/2000
9/9/2000
9/10/2000
9/11/2000
9/12/2000
9/13/2000
9/14/2000
9/15/2000
9/16/2000
9/17/2000
9/18/2000
9/19/2000
9/20/2000
9/21/2000
9/22/2000
9/23/2000
9/24/2000
9/25/2000
9/26/2000
9/27/2000
9/28/2000
9/29/2000
9/30/2000
10/1/2000
10/2/2000
10/3/2000
10/4/2000
10/5/2000
10/6/2000
10/7/2000
10/8/2000
10/9/2000
10/10/2000
10/11/2000
10/12/2000
10/13/2000
10/14/2000
10/15/2000
10/16/2000
10/17/2000
10/18/2000
10/19/2000
10/20/2000
10/21/2000
10/22/2000
10/23/2000
10/24/2000
10/25/2000
10/26/2000
10/27/2000
10/28/2000
10/29/2000

0.2108
0.2115
0.2121
0.2121
0.2138
0.2132
0.2141
0.2125
0.2153
0.2156
0.2156
0.2154
0.216
0.2167
0.2142
0.2093
0.2098
0.2098
0.2104
0.2083
0.2082
0.2091
0.2091
0.2091
0.2082
0.2091
0.2091
0.2101
0.2105
0.2116
0.2115
0.2115
0.2115
0.2109
0.2115
0.2133
0.2154
0.2147
0.2147
0.2162
0.2152
0.219
0.2182
0.2187
0.2184
0.2184
0.2202
0.2198
0.2221
0.2218
0.219
0.2192

10/30/2000
10/31/2000
11/1/2000
11/2/2000
11/3/2000
11/4/2000
11/5/2000
11/6/2000
11/7/2000
11/8/2000
11/9/2000
11/10/2000
11/11/2000
11/12/2000
11/13/2000
11/14/2000
11/15/2000
11/16/2000
11/17/2000
11/18/2000
11/19/2000
11/20/2000
11/21/2000
11/22/2000
11/23/2000
11/24/2000
11/25/2000
11/26/2000
11/27/2000
11/28/2000
11/29/2000
11/30/2000
12/1/2000
12/2/2000
12/3/2000
12/4/2000
12/5/2000
12/6/2000
12/7/2000
12/8/2000
12/9/2000
12/10/2000
12/11/2000
12/12/2000
12/13/2000
12/14/2000
12/15/2000
12/16/2000
12/17/2000
12/18/2000
12/19/2000
12/20/2000

0.43
0.43
0.42
0.42
0.42
0.42
0.41
0.41
0.42
0.42
0.42
0.42
0.42
0.42
0.42
0.42
0.42
0.42
0.42
0.42
0.42
0.42
0.42
0.43
0.43
0.43
0.43
0.43
0.43
0.42
0.42
0.42
0.41
0.41
0.41
0.41
0.40
0.41
0.40
0.40
0.41
0.41
0.41
0.41
0.41
0.41
0.40
0.40
0.40
0.40
0.40
0.40

10/30/2000
10/31/2000
11/1/2000
11/2/2000
11/3/2000
11/4/2000
11/5/2000
11/6/2000
11/7/2000
11/8/2000
11/9/2000
11/10/2000
11/11/2000
11/12/2000
11/13/2000
11/14/2000
11/15/2000
11/16/2000
11/17/2000
11/18/2000
11/19/2000
11/20/2000
11/21/2000
11/22/2000
11/23/2000
11/24/2000
11/25/2000
11/26/2000
11/27/2000
11/28/2000
11/29/2000
11/30/2000
12/1/2000
12/2/2000
12/3/2000
12/4/2000
12/5/2000
12/6/2000
12/7/2000
12/8/2000
12/9/2000
12/10/2000
12/11/2000
12/12/2000
12/13/2000
12/14/2000
12/15/2000
12/16/2000
12/17/2000
12/18/2000
12/19/2000
12/20/2000

0.2191
0.2187
0.2168
0.2136
0.2142
0.2123
0.2119
0.2119
0.2136
0.2138
0.215
0.2124
0.2139
0.2138
0.2138
0.214
0.2144
0.2145
0.2159
0.2171
0.2171
0.2171
0.216
0.2181
0.2181
0.2193
0.2195
0.2195
0.2192
0.216
0.2149
0.2146
0.211
0.2094
0.2093
0.2093
0.2068
0.209
0.2064
0.2067
0.2089
0.2075
0.2075
0.2099
0.2094
0.2099
0.2066
0.2055
0.2052
0.2052
0.2059
0.2056

12/21/2000
12/22/2000
12/23/2000
12/24/2000
12/25/2000
12/26/2000
12/27/2000
12/28/2000
12/29/2000
12/30/2000
12/31/2000

0.40
0.39
0.39
0.39
0.39
0.39
0.39
0.39
0.39
0.38
0.38

12/21/2000
12/22/2000
12/23/2000
12/24/2000
12/25/2000
12/26/2000
12/27/2000
12/28/2000
12/29/2000
12/30/2000
12/31/2000

0.2023
0.201
0.1991
0.1993
0.1993
0.1989
0.1974
0.1978
0.198
0.1954
0.1954

12/15/2000

10/15/2000

8/15/2000

6/15/2000

4/15/2000

2/15/2000

12/15/1999

10/15/1999

8/15/1999

6/15/1999

4/15/1999

2/15/1999

12/15/1998

Euros per 1 Ukrainian Hryvna

0.30

0.25

0.20

0.15

0.10

0.05

0.00

UAH
dm

500000
0.95
475000

500000
0.5
250000

4.25
1.886 2.2534464
1.2534464
2.364
1.2534464

Exhibit 3

Exhibit 3
DEUTSCHE BRAUEREI
Sources and Uses of Funds
Fiscal Year Ended December 31; all figures in EUR thousands
1997
(Actual)

1998
(Actual)

1999
(Actual)

1
2
3
4
5
6
7

Sources of Funds
Net Income
Increases in Allowance for Doubtful Accts.
Depreciation
Increases in Short Term Debt
Increases in Accounts Payable
Increases in Other Current Liabilities
Total Sources of Cash

2,646
7
4,314
7,249
177
(36)
14,357

2,311
38
5,844
1,768
348
1,635
11,943

8
9
10
11
12
13
14
15
16

Uses of Funds
Dividend Payments
Increases in Cash Balance
Increases in Accts. Receivable (Germany)
Increases in Accts Receivable (Ukraine)
Increases in Inventories
Increases in Other Assets
Reductions in Long Term Debt
Capital Expenditures
Total Uses of Cash

1,988
2,817
209
424
267
87
8,563
0
14,357

1,734
1,630
79
3,665
1,417
227
943
2,247
11,943

Page 39

Exhibit 3

2000
(Actual)

2001
(Proj'd)

2002
(Proj'd)

2,915
24
6,068
1,085
690
1,131
11,913

3,724
201
6,766
4,773
492
1,498
17,454

4,311
60
7,448
3,510
664
1,462
17,456

2,186
1,234
296
2,078
5,072
104
943
0
11,913

2,793
1,634
144
3,074
1,906
(20)
943
6,980
17,454

3,234
1,595
230
2,772
1,861
0
943
6,822
17,456

Page 40

Exhibit 4

Exhibit 4
DEUTSCHE BRAUEREI
Ratio Analyses of Historical and Projected Financial Statements

1997
(Actual)

1998
(Actual)

1999
(Actual)

2000
(Actual)

2001
(Proj'd)

2002
(Proj'd)

Profitability
1
2
3
4
5
6

Operating Profit Margin (%)

Average Tax Rate (%)
Return on Sales (%)
Return on Equity (%)
Return on Net Assets (%)
Return on Assets (%)

7.3%
33.8%
3.6%
8.4%
6.5%
3.9%

7.6%
34.5%
4.0%
9.8%
7.4%
4.7%

6.0%
39.5%
2.8%
8.4%
6.9%
3.9%

6.6%
39.0%
3.2%
10.3%
8.4%
4.7%

7.0%
35.0%
3.5%
12.7%
9.3%
5.4%

7.0%
35.0%
3.6%
14.2%
9.7%
5.8%

72.3%
41.9%
3.8

65.6%
39.6%
4.8

67.3%
40.2%
4.7

66.0%
39.8%
4.7

77.0%
43.5%
5.0

82.7%
45.3%
5.1

1.10
4.0%
6.0%
4.0%
4.0%
0.0%
40.8
40.8
NMF
5.8%
9.9%

1.20
7.9%
-0.9%
9.1%
3.0%
NMF
41.3
41.6
36.3
5.6%
9.6%

1.38
22.2%
6.0%
49.5%
1.1%
863.5%
50.5
41.0
85.0
5.0%
9.6%

1.48
12.6%
4.5%
21.0%
4.1%
50.8%
54.3
41.4
87.1
5.2%
14.0%

1.54
14.8%
10.9%
23.5%
1.9%
49.8%
58.4
41.0
90.0
5.0%
14.0%

1.60
12.6%
8.4%
17.8%
3.0%
30.0%
61.1
41.0
90.0
5.0%
14.0%

1.32
0.88

1.03
0.73

1.34
0.88

1.27
0.84

1.25
0.84

Leverage
7
8
9

Debt/Equity Ratio (%)

Debt/Total Capital (%)
EBIT/Interest (x)

Asset Utilization
10
11
12
13
14
15
16
17
18
19
20

Sales/Assets
Sales Growth Rate (%)
Assets Growth Rate (%)
Receivables Growth Rate (%)
Receivables Growth Rate: Germany
Receivables Growth Rate: Ukraine
Days in Receivables
Days in Receivables: Germany
Days in Receivables: Ukraine
Payables to Sales
Inventories to Sales

Liquidity
21
22

Current Ratio
Quick Ratio

1.15
0.84

Page 41

Data for Profit Break-even Analysis Graph

Breakeven Analysis
Volume
Fixed costs
Rev/Unit
VC/Unit
BreakevenFC/Contrib

24,573
78.49
52.31
938,799

Change in WC/Unit

1
2
3
4

30.57

Volume
Base
1,173,000
101% Volume 1,184,730
Change
11,730
% Change
1.00%

Operating Leverage =

EBIT
6,130,200
6,437,233
307,033
5.01%

5.0

0
50
100
150
200
250
300
350
400
450
500
550
600
650
700
750
800
850
900
950
1000

Revenues Var. Cost

0
4
8
12
16
20
24
27
31
35
39
43
47
51
55
59
63
67
71
75
78

0
3
5
8
10
13
16
18
21
24
26
29
31
34
37
39
42
44
47
50
52

Exhibit 5

Breakeven Chart for Deutsche Brauerei, 2000

90
80

Millions of Euros

70
Revenues

60
50
40
30
20
10

Variable Cost
Fixed Cost
Total Cost

10
0

Thousands of Hectolitres of Beer Sold

Break-even Analysis Graph

Fixed Cost Tot. Cost

25
25
25
25
25
25
25
25
25
25
25
25
25
25
25
25
25
25
25
25
25

Revenues
Variable Cost
Fixed Cost
Total Cost

25
27
30
32
35
38
40
43
45
48
51
53
56
59
61
64
66
69
72
74
77

(25)
(23)
(22)
(21)
(19)
(18)
(17)
(15)
(14)
(13)
(11)
(10)
(9)
(8)
(6)
(5)
(4)
(2)
(1)
0
2

Exhibit 6
Oleg Pinchuk's Analysis of the Return on Investment from
Investment in Accounts Receivable in Ukraine
Assumptions
Revenue per HL ()
Variable Costs per HL ()
Contribution Percentage
Tax Rate

Sales in Ukraine (, thousands)

Change in Sales (, thousands)
Variable Costs on the Marginal Sales
Contribution on the Marginal Sales
Taxes on the Marginal Contribution
Marginal After-tax Profits ( thousands)

78.49
52.31
33%
35%
1997
(Actual)
-

Variable Costs/Sales
Change in Accounts Receivable, Ukraine ( thousands)
Investment in Accts. Receivable ( thousands)

Return on Marginal Investment in Receivables

0%

1998
(Actual)
4,262
4,262
(2,841)
1,421
(497)
924

1999
(Actual)
17,559
13,297
(8,863)
4,435
(1,552)
2,883

2000
(Actual)
25,847
8,288
(5,524)
2,764
(967)
1,797

2001
(Proj'd)
37,479
11,631
(7,752)
3,879
(1,358)
2,521

2002
(Proj'd)
48,722
11,244
(7,494)
3,750
(1,312)
2,437

67%
424
283

67%
3,665
2,443

67%
2,078
1,385

67%
3,074
2,049

67%
2,772
1,848

327%

118%

130%

123%

132%