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PGSC

INCOME STATEMENT ESTADO DE RESULTADOS 06/30/07


Las ventas netas
otros ingresos operacionales
Net sales Total ingresos Brutos V 46,180
Cost of Goods Sold Costo de los bienes vendidos CV - 26,784
Gross Profit Margin Utilidad Bruta MB 19,396

Venta, general, adm.


gasto de administracion
otros ingresos
otros gastos
perdidas netas en ventas de inversion en subsidiarias
R&D Expense R - 739
SG&A Expense SG - 14,916
Total gastos de operacin

Earnings Before Int. & Tax. Utilidad Operativa TAX 3,741


Gastos por intereses
Interest Expense ingresos financieros GINT - 2,906
gastos finacieros
Earnings Before Inco. Tax Utilidad antes de impuestos 835
Income tax Impuesto sobre la renta - 225
Net Income Utilidad netas IN 610

Price/Earnings Ratio Tasa de ganacias sobre precio


Market Value of Equity Valor de equidad de mercado
Common Shares Outstand. Acciones ordinarias sobresalientes.
Price per Share Precio por accin

Growth rate of revenue Tasa de crecimiento de los ingresos

Purchases Compras - 26,784

Income statement ratios: Ratios de los estados de resultados: 06/30/07


Cost of Goods Sold %Sales Costo de los bienes vendidos% Ventas CV/V -58.0%
Gross Profit Margin %Sal. Margen de beneficio bruto% Sal. MB/V 42.0%
R&D Expense % Sales Gastos de I + D% Ventas R/V -1.6%
SG&A Expense % Sales Gastos generales y administrativos% Ventas SG/V -32.3%
Operating Income % Sal. Utilidad Operacional% Sal. TAX/V 8.1%
Net profit margin % Sales Margen de beneficio neto% Ventas IN/V 1.3%

DuPont analysis Anlisis de DuPont 06/30/07


Net profit margin Margen de beneficio neto IN/V 1.3%
Asset turnover Rotacin de activos V/ACT TO 1.26
Return on assets Rentabilidad de los activos ROA IN/ACT TOTAL 1.66%
Equity multiplier Multiplicador de la equidad ACT TOTAL/PAT NET TO 3.50
Return on equity Rentabilidad sobre recursos propios ROE IN/PAT NET TO 5.81%

Activity ratios: Relaciones de actividad: 06/30/07


Days sales outstan. in A/R Das de ventas outstan. En A / R CC/V*365 75
Inventory turnover Volumen de ventas del inventario CV/INV 4.00
PP&E turnover Facturacin de PP & E V/EQ 3.04
Days COGS in A/P Das COGS en A / P CP/CV*365 30.02

Balance Sheet Hoja de balance 06/30/07


Assets Bienes
Cash Efectivo Caja 2,325
Accounts Receivable Cuentas por cobrar CC 9,489
Inventories Inventarios INV 6,697
Prepaid Expenses Gastos pagados por anticipado GP 770
Total Current Assets Total de activos corrientes NWC 19,281

Net Property & Equipment Propiedad y equipo netos EQ 15,200


NFA
Other Long-Term Assets Otros activos a largo plazo 2,241

Total Assets Los activos totales NWC+NFA 36,722

Growth rate of assets Tasa de crecimiento de los activos

Liabilities +OwnersEquity Pasivos + Patrimonio de los Propietarios


Notes Payables to Bank Pagar cuentas al Banco NPB 7,669
Accounts Payable Cuentas por pagar CP 2,203
Curre. p. Long-Term Debt Curre. pag. Deuda a largo plazo CLTD 973
Accrued Expenses Gastos acumulados GA 771
Total Current Liabilities Total pasivos corrientes 11,616

Long -Term Debt Deuda a largo plazo LTD 14,600

Total Liabilities Responsabilidad total NFD 26,216

Commmon Stock Acciones de Commmon AC 6,881


Retained Earnings Ganancias retenidas GR 3,625
Total Shareholder Equity Patrimonio neto total E 10,506

Total Liabilities Net Worth Total Pasivo Patrimonio Neto NFD+E 36,722

Debt ratios Ratios de deuda 06/30/07


Equity multiplier Multiplicador de la equidad ACT TO/E 3.50
Int. bea.debt/total assets Int. Bea.debt / total de activos (NPB+CLTD+LTD)/ACT TO 0.63
Times interest earned Tiempos devengados TAX/GINT 1.29
Bank notes paya./receiva. Billetes de banco paya./receiva. NPB/CC 0.81
Investment Capital 06/30/07
Net Working Capital 13982
Net Fixed Assets 17441
Capital Employed 31423

Net Financial Debt 20917


Book value of Equity 10506
Capital Employed 31423

Tax Rate -27%


At the end
Pre Tax ROCE 11.9%
After Tax ROCE 8.7%

Interest Rate -13.9%

ROE 5.8%

Purchases/COGS 100%

Nr. Days Inventories 91


Aver. Collection Period 75
Nr. Days Account Pay. -30

Vt -V(t-1) 06/30/07
Cash
Accounts Receivable
Inventories
Prepaid Expenses
Total Current Assets
Net Property & Equipment
Other Long-Term Assets

Total Assets

Growth rate of assets

Liabilities +OwnersEquity
Notes Payables to Bank
Accounts Payable
Curre. p. Long-Term Debt
Accrued Expenses
Total Current Liabilities

Long -Term Debt

Total Liabilities

Commmon Stock
Retained Earnings
Total Shareholder Equity

Total Liabilities Net Worth

Cash from Statements 06/30/07


Net Profit
Minus Increase Inventories
Minus Increase A/R
Minus Prepaid Expenses
Plus Increase A/P
Plus Increase Acc/Expenses
Cash Flow from operations
Minus Increase NFA

Cash Flow Before Financing

Plus Increase Long T. Debt


Plus Increase Short T. Debt

Total Cash Flow

Comprobacin
Balance Sheet 06/30/11
Assets
Cash 4102
Accounts Receivable 16632
Inventories 11878
Prepaid Expenses 969
Total Current Assets 33581

Net Property & Equipment 22400


Other Long-Term Assets 3639

Total Assets 59620

Growth rate of assets

Liabilities +OwnersEquity
Notes Payables to Bank 13442
Accounts Payable 3905
Curre. p. Long-Term Debt 1483
Accrued Expenses 1345
Total Current Liabilities 20175

Long -Term Debt 22247

Total Liabilities 42422

Commmon Stock 6881


Retained Earnings 10317
Total Shareholder Equity 17198

Total Liabilities Net Worth 59620


Debt ratios 06/30/11
Equity multiplier 3.47
Int. bea.debt/total assets 62.3%
Times interest earned 2.15
Bank notes paya./receiva. 0.81

Impact on Share Price Price p. Share


Current value of Pacific 32.6
Impact: new equity offer 27.5
Post-offer value 31.2968
Value loss exi. Sharehold. -1.3032
Value taken new shareho. 3.7968

HCS
INCOME STATEMENT 06/30/07
Net sales
Cost of Goods Sold
Gross Profit Margin

R&D Expense
SG&A Expense
Earnings Before Int. & Tax.
Interest Expense
Earnings Before Inco. Tax
Income tax
Net Income
Dividends Paid
Price/Earnings Ratio
Market Value of Equity
Common Shares Outstand.
Price per Share

Growth rate of revenue


Forecasted growth rate of sales
Purchases 0

Income statement ratios: 06/30/07


Cost of Goods Sold %Sales
Gross Profit Margin %Sal.
R&D Expense % Sales
SG&A Expense % Sales
Operating Income % Sal.
Net profit margin % Sales

DuPont analysis 06/30/07


Net profit margin
Asset turnover
Return on assets
Equity multiplier
Return on equity

Activity ratios: 06/30/07


Days sales outstan. in A/R
Inventory turnover
PP&E turnover
Days COGS in A/P
Days of expenses held in cash
Prepaid expenses % of sales
Other long-term assets % of sales
Accrued expenses % of sales

Balance Sheet 06/30/07


Assets
Cash
Accounts Receivable
Inventories
Prepaid Expenses
Total Current Assets

Net Property & Equipment


Other Long-Term Assets

Total Assets

Growth rate of assets

Liabilities +OwnersEquity
Notes Payables to Bank Pagar cuentas al Banco
Accounts Payable
Curre. p. Long-Term Debt
Accrued Expenses
Total Current Liabilities

Long -Term Debt

Total Liabilities

Commmon Stock
Retained Earnings
Total Shareholder Equity

Total Liabilities Net Worth


Debt ratios 06/30/07
Equity multiplier
Int. bea.debt/total assets
Times interest earned
Bank notes paya./receiva.

Investment Capital 06/30/07


Net Working Capital
Net Fixed Assets
Capital Employed

Net Financial Debt


Book value of Equity
Capital Employed

Tax Rate
At the end
Pre Tax ROCE
After Tax ROCE

Interest Rate

ROE

Purchases/COGS

Nr. Days Inventories


Aver. Collection Period
Nr. Days Account Pay.

Vt -V(t-1) 06/30/07
Cash
Accounts Receivable
Inventories
Prepaid Expenses
Total Current Assets

Net Property & Equipment


Other Long-Term Assets

Total Assets

Growth rate of assets

Liabilities +OwnersEquity
Notes Payables to Bank
Accounts Payable
Curre. p. Long-Term Debt
Accrued Expenses
Total Current Liabilities

Long -Term Debt

Total Liabilities

Commmon Stock
Retained Earnings
Total Shareholder Equity

Total Liabilities Net Worth

Cash from Statements 06/30/07


Net Profit
Minus Increase Inventories
Minus Increase A/R
Minus Prepaid Expenses
Plus Increase A/P
Plus Increase Acc/Expenses
Cash Flow from operations

Minus Increase NFA

Cash Flow Before Financing

Plus Increase Long T. Debt


Plus Increase Short T. Debt

Total Cash Flow

Comprobacin
Free Cash Flows & Valuation Analysis
EBIT (Earnings Before Interest & Taxes)
Minus Cash tax on operating income
EBIAT (Earnings Before Interest After Taxes)
Minus Increase in net working capital:
Minus Increase in cash
Minus Increase in accounts receivable
Minus Increase in inventories
Minus Increase in prepaid expenses
Plus Increase in accounts payable
Plus Increase in accrued expenses
Total change in NWC

Minus Increase in other long-term assets

Minus Increase in net property & equipmente


Minus Capital expenditures*
Plus Depreciation*

Equal Yearly Free Cash Flow Flujo de efectivo libre anual igual
Plus Terminal Value of years 2015Plus Valor Terminal de los aos 2015 ^^
Equal Total Free Cash Flow Flujo de efectivo libre total igual

Total Firm Value at WACC Valor total de la empresa en WACC


Minus Current Interest-Bearing D Saldo de deudas con intereses corrientes
Equal Value of Equity Equivalencia de Patrimonio

Perpetual growth rate Tasa de crecimiento perpetuo


WACC WACC
July 2011 Interest Rates:
30-year Treasury Bonds
Long-term AA Corporate Bonds
Long-term BBB Corporate Bonds
Market Risk Premium (S&P 500 vs. L-T Treasuries)

Estimate of High Country's Asset Beta:


Market value of equity ($ in millions)
Book value of interest-bearing debt ($ in millions)
Total capitalization

Weight of debt
Weight of equity
Equity beta coefficient
Asset beta coefficient assuming debt beta = 0.20
BA = BD x (D/V) + BE x (E/V)
Asset beta coefficient using Hamada's equation
BE = BA x [1+(1-t) x B/S]
Estimated asset beta for the industry
Estimated market value of equity ($ in millions)
Book value of interest- bearing debt ($ in millions)
Total capitalization

Weight of debt
Weight of equity
Estimated asset beta
Equity beta at current capital structure
Equity beta at 20/80 capital structure
Equity beta at 30/70 capital structure
WACC at different capital structures:
Weight of debt
Weight of equity
Cost of debt
Income tax rate
Cost of equity
Weighted average cost of capital

PGSC + HC (Consolidated)

INCOME STATEMENT 06/30/07


Net sales 46180
Cost of Goods Sold -26784
Gross Profit Margin 19396

R&D Expense -739


SG&A Expense -14916
Earnings Before Int. & Tax. 3741
Interest Expense -2906
Earnings Before Inco. Tax 835
Income tax -225
Net Income 610

Price/Earnings Ratio
Market Value of Equity
Common Shares Outstand.
Price per Share

Growth rate of revenue

Purchases -26784

Income statement ratios: 06/30/07


Cost of Goods Sold %Sales -58.0%
Gross Profit Margin %Sal. 42.0%
R&D Expense % Sales -1.6%
SG&A Expense % Sales -32.3%
Operating Income % Sal. 8.1%
Net profit margin % Sales 1.3%

DuPont analysis 06/30/07


Net profit margin 1.3%
Asset turnover 1.26
Return on assets 1.66%
Equity multiplier 3.50
Return on equity 5.81%

Activity ratios: 06/30/07


Days sales outstan. in A/R 75
Inventory turnover 4.00
PP&E turnover 3.04
Days COGS in A/P 30.02

Balance Sheet 06/30/07


Assets
Cash 2325
Accounts Receivable 9489
Inventories 6697
Prepaid Expenses 770
Total Current Assets 19281

Net Property & Equipment 15200


Other Long-Term Assets 2241
Goodwill
Total Assets 36722

Growth rate of assets

Liabilities +OwnersEquity
Notes Payables to Bank 7669
Accounts Payable 2203
Curre. p. Long-Term Debt 973
Accrued Expenses 771
Total Current Liabilities 11616

Long -Term Debt 14600

Total Liabilities 26216


Commmon Stock 6881
Retained Earnings 3625
Total Shareholder Equity 10506

Total Liabilities Net Worth 36722

Debt ratios 06/30/07


Equity multiplier 3.50
Int. bea.debt/total assets 0.63
Times interest earned 1.29
Bank notes paya./receiva. 0.81

Capital Budgeting Analysis of Television Program Opportunity

Initial Investment Cash Flows


Equipment

Growth Rate of Sales

Operating Cash Flows


Net sales
Cost of Goods Sold at 58.5% of sales
Gross Profit Margin

Promotion Expense at 11% of sales


General & Administrative Expense
Depreciation Expense
Incremental Operating Profit

Income Taxes at 27%


Incremental Net Income

Plus Depreciation Expense


Incremental Operating Cash Flow

Yearly Net Working Capital Investment


Additional A/R at 75 Days Sales Outstanding
Additional Inventory at 4 Inventory Turns
Additional A/P at 30 days COGS
Total NWC Investment

Terminal Cash Flows Flujos de caja terminales


Recovery of NWC Recuperacin de NWC

Total Project Cash Flows Total de flujos de efectivo del proyecto

Internal Rate of Return Tasa interna de retorno

Net Present Value at 20% Valor Actual Neto al 20%


Net Present Value at 15% Valor Actual Neto al 15%
Net Present Value at 10% Valor Actual Neto al 10%
Net Present Value at 7.72% Valor actual neto en 7.72%
Net Present Value at 0.00% Valor Actual Neto al 0.00%

PGSC + HC + TV Program (Consolidated)

INCOME STATEMENT 06/30/07


Net sales 46180
Cost of Goods Sold -26784
Gross Profit Margin 19396

R&D Expense -739


SG&A Expense -14916
Earnings Before Int. & Tax. 3741
Interest Expense -2906
Earnings Before Inco. Tax 835
Income tax -225
Net Income 610

Price/Earnings Ratio
Market Value of Equity
Common Shares Outstand.
Price per Share

Growth rate of revenue

Purchases -26784
Income statement ratios: 06/30/07
Cost of Goods Sold %Sales -58.0%
Gross Profit Margin %Sal. 42.0%
R&D Expense % Sales -1.6%
SG&A Expense % Sales -32.3%
Operating Income % Sal. 8.1%
Net profit margin % Sales 1.3%

DuPont analysis 06/30/07


Net profit margin 1.3%
Asset turnover 1.26
Return on assets 1.66%
Equity multiplier 3.50
Return on equity 5.81%

Activity ratios: 06/30/07


Days sales outstan. in A/R 75
Inventory turnover 4.00
PP&E turnover 3.04
Days COGS in A/P 30.02

Balance Sheet 06/30/07


Assets
Cash 2325
Accounts Receivable 9489
Inventories 6697
Prepaid Expenses 770
Total Current Assets 19281

Net Property & Equipment 15200


Other Long-Term Assets 2241
Goodwill
Total Assets 36722
Growth rate of assets

Liabilities +OwnersEquity
Notes Payables to Bank 7669
Accounts Payable 2203
Curre. p. Long-Term Debt 973
Accrued Expenses 771
Total Current Liabilities 11616

Long -Term Debt 14600

Total Liabilities 26216

Commmon Stock 6881


Retained Earnings 3625
Total Shareholder Equity 10506

Total Liabilities Net Worth 36722

Debt ratios 06/30/07


Equity multiplier 3.50
Int. bea.debt/total assets 0.63
Times interest earned 1.29
Bank notes paya./receiva. 0.81
2013 2012 06/30/08
3,468,480 3,398,219
72,933 68,951
100.0% 3,541,413 3,467,170 53107 100.0%
-58.0% - 949,185 - 948,173 -30802 -58.0%
42.0% 2,592,228 2,518,997 22305 42.0%

- 1,011,658 - 994,171
- 412,453 - 369,547
97,272 52,944
- 58,109 - 52,043

-1.6% -850 -1.6%


-32.3% -17260 -32.5%
- 1,384,948 - 1,362,817

8.1% 1,207,280 1,156,180 4195 7.9%

-6.3% 134,562 179,371 -2940 -5.5%


- 42,306 - 15,373
1.8% 1,299,536 1,320,178 1255 2.4%
-0.5% - 383,921 - 371,469 -339 -0.6%
1.3% 915,615 948,709 916 1.7%

Compras
15.0%

100.0% -30802 100.0%

2013 2012 06/30/08


-27.4% -27.9% -58.0%
74.7% 74.1% 42.0%
0.0% 0.0% -1.6%
0.0% 0.0% -32.5%
34.8% 34.0% 7.9%
26.4% 27.9% 1.7%

2013 2012 06/30/08


26.4% 27.9% 1.7%
94.45 94.42 1.31
2493.37% 2583.49% 2.26%
3.50 3.50 3.56
8715.16% 9030.16% 8.02%

2013 2012 06/30/08


1 1 75
141.73 141.58 4.00
232.99 228.10 3.32
0.85 0.85 30.00

2013 2012 06/30/08

6% 2,325 2,325 2680 7%


26% 9,489 9,489 10912 27%
18% 6,697 6,697 7701 19%
2% 770 770 840 2%
53% 19,281 19,281 22133 54%

41% 15,200 15,200 16000 39%


6% 2,241 2,241 2479 6%

100% 36,722 36,722 40612 100%

10.6%

21% 7,669 7,669 8820 22%


6% 2,203 2,203 2532 6%
3% 973 973 1060 3%
2% 771 771 884 2%
32% 11,616 11,616 13296 33%

40% 14,600 14,600 15894 39%

71% 26,216 26,216 29190 72%

19% 6,881 6,881 6881 17%


10% 3,625 3,625 4541 11%
29% 10,506 10,506 11422 28%

100% 36,722 36,722 40612 100%

2013 2012 06/30/08


3.50 3.50 3.56
0.63 0.63 0.63
-8.97 -6.45 1.43
0.81 0.81 0.81
06/30/08
44% 16037 46%
56% 18479 54%
100% 34516 100%

67% 23094 67%


33% 11422 33%
100% 34516 100%

-27%
Average At the end Average
12.2% 12.7%
12.2% 9.3%

-12.7%

8.0% 8.4%

100%

91
75
-30

06/30/08
355
1423
1004
70
800
238

1151
329
87
113

1294

0
916

06/30/08
916
-1004
-1423
-70
329
113
-1139
-1038

-2177

1294
1238

355

355
06/30/11 What-if issue

7% 4102 7%
28% 16632 28%
20% 11878 20%
2% 969 2%
56% 33581 56%

38% 22400 38%


6% 3639 6%

100% 59620 100%

23% 2442 4%
7% 3905 7%
2% 1483 2%
2% 1345 2%
34% 9175 15%

37% 22247 37%

71% 31422 53%

12% 17881 30%


17% 10317 17%
29% 28198 47%

100% 59620 100%


06/30/11
2.11
43.9%
2.15
0.15

Number Sha,
1165327
400000
1565327
1165327
400000
06/30/08
15401 100.0%
-9887 -64.2%
5514 35.8%

0 0.0%
-4359 -28.3%
1155 7.5%
-57 -0.4%
1098 7.1%
-297 -1.9%
801 5.2%
288

-9887 100.0%

06/30/08
-64.2%
35.8%
0.0%
-28.3%
7.5%
5.2%

06/30/08
5.2%
1.49
7.75%
1.22
9.46%

06/30/08
75
4.80
4.02
30.01
-14.99
1.50%
3.00%
1.70%

06/30/08

585 6%
3165 31%
2060 20%
231 2%
6041 58%

3831 37%
462 4%

10334 100%

791 8%
813 8%
0 0%
262 3%
1866 18%

0 0%

1866 18%

4584 44%
3884 38%
8468 82%

10334 100%
06/30/08
1.22
0.08
20.26
0.25

06/30/08
4381 51%
4293 49%
8674 100%

206 2%
8468 98%
8674 100%

-27%
Average At the end Average
13.3% 26.6%
13.3% 19.4%

-27.7%

9.5% 18.9%

100%

76
75
-30

06/30/08
585
3165
2060
231

3831
462

791
813
0
262

4584
3884

06/30/08
801
-2060
-3165
-231
813
262
-3580

-4293

-7873

0
791

-7082

585
06/30/11

-571 600
19607
-902
18705

4.80%
7.72%
4.25%
5.20%
5.65%
7.00%

McCormick
& Company
$ 6,567.04
$ 989.70
$ 7,556.74

13.1%
86.9%
0.500
0.461

0.450

0.500
High
Country
$ 13.200
$ 0.902
$ 14.102

6.40%
93.6%
0.500
0.521
0.575
0.629
Current
6.4%
93.6%
7.25%
27.0%
7.89%
7.73%

06/30/08
100.0% 53107 100.0%
-58.0% -30802 -58.0%
42.0% 22305 42.0%

-1.6% -850 -1.6%


-32.3% -17260 -32.5%
8.1% 4195 7.9%
-6.3% -2940 -5.5%
1.8% 1255 2.4%
-0.5% -339 -0.6%
1.3% 916 1.7%
15.0%

100.0% -30802 100.0%

06/30/08
-58.0%
42.0%
-1.6%
-32.5%
7.9%
1.7%

06/30/08
1.7%
1.31
2.26%
3.56
8.02%

06/30/08
75
4.00
3.32
30.00

06/30/08

6% 2680 7%
26% 10912 27%
18% 7701 19%
2% 840 2%
53% 22133 54%

41% 16000 39%


6% 2479 6%

100% 40612 100%

10.6%

21% 8820 22%


6% 2532 6%
3% 1060 3%
2% 884 2%
32% 13296 33%

40% 15894 39%

71% 29190 72%


19% 6881 17%
10% 4541 11%
29% 11422 28%

100% 40612 100%

06/30/08
3.56
0.63
1.43
0.81

Year 0
- 1,440,000

Flujos de efectivo operativos


Las ventas netas
Costo de Bienes Vendidos en 58.5% de las ventas
Margen de beneficio bruto

Gastos de promocin en un 11% de las ventas


Gastos generales y administrativos
Gasto de depreciacin
Beneficio Operacional Incremental

Impuestos sobre la renta al 27%


Ingreso Neto Incremental

Ms gastos de depreciacin
Flujo de efectivo de operacin incremental

Inversin Anual de Capital de Trabajo Neto


A / R adicionales a 75 das de ventas pendientes
Inventario adicional en 4 turnos de inventario
A / P adicional a los 30 das COGS
Inversin total de NWC

Year 0

- 1,440,000
- 1,440,000 - 1,133,118
0

1,716,414
2,405,498
3,278,174
3,753,092
5,848,462 OK::OK::

06/30/08
100.0% 53107 100.0%
-58.0% -30802 -58.0%
42.0% 22305 42.0%

-1.6% -850 -1.6%


-32.3% -17260 -32.5%
8.1% 4195 7.9%
-6.3% -2940 -5.5%
1.8% 1255 2.4%
-0.5% -339 -0.6%
1.3% 916 1.7%

15.0%

100.0% -30802 100.0%


06/30/08
-58.0%
42.0%
-1.6%
-32.5%
7.9%
1.7%

06/30/08
1.7%
1.31
2.26%
3.56
8.02%

06/30/08
75
4.00
3.32
30.00

06/30/08

6% 2680 7%
26% 10912 27%
18% 7701 19%
2% 840 2%
53% 22133 54%

41% 16000 39%


6% 2479 6%

100% 40612 100%


10.6%

21% 8820 22%


6% 2532 6%
3% 1060 3%
2% 884 2%
32% 13296 33%

40% 15894 39%

71% 29190 72%

19% 6881 17%


10% 4541 11%
29% 11422 28%

100% 40612 100%

06/30/08
3.56
0.63
1.43
0.81
Debt obj. Debt obj.
15965 22320

06/30/09 06/30/10 06/30/11

57887 100.0% 68017 100.0% 80940


-33575 -58.0% -39790 -58.5% -47512
24312 42.0% 28227 41.5% 33428

-926 -1.6% -1088 -1.6% -1295


-18871 -32.6% -21902 -32.2% -26063

4515 7.8% 5237 7.7% 6070

-2668 -4.6% -2423 -3.6% -2817

1847 3.2% 2814 4.1% 3253


-499 -0.9% -760 -1.1% -879
1348 2.3% 2054 3.0% 2374

16.0
37989660
1165327
32.6

9.0% 17.5% 19.0%

-33575 100.0% -39790 100.0% -47512

06/30/09 06/30/10 06/30/11


-58.0% -58.5% -58.7%
42.0% 41.5% 41.3%
-1.6% -1.6% -1.6%
-32.6% -32.2% -32.2%
7.8% 7.7% 7.5%
2.3% 3.0% 2.9%

06/30/09 06/30/10 06/30/11


2.3% 3.0% 2.9%
1.31 1.35 1.36
3.06% 4.08% 3.98%
3.45 3.40 3.47
10.56% 13.86% 13.80%

06/30/09 06/30/10 06/30/11


75 75 75
4.00 4.00 4.00
3.35 3.56 3.61
30.00 30.01 30.00

06/30/09 06/30/10 06/30/11

15% 2924 7% 26% 3440 7% 48% 4102


15% 11895 27% 25% 13976 28% 47% 16632
15% 8394 19% 25% 9947 20% 49% 11878
9% 910 2% 18% 828 2% 8% 969
15% 24123 55% 25% 28191 56% 46% 33581

5% 17300 39% 14% 19100 38% 26% 22400


11% 2671 6% 19% 3074 6% 37% 3639

11% 44094 100% 20% 50365 100% 37% 59620

8.6% 14.2% 18.4%

15% 9613 22% 25% 11295 22% 47% 13442


15% 2760 6% 25% 3271 6% 48% 3905
9% 1124 3% 16% 1240 2% 27% 1483
15% 965 2% 25% 1129 2% 46% 1345
14% 14462 33% 25% 16935 34% 46% 20175

9% 16862 38% 15% 18606 37% 27% 22247

11% 31324 71% 19% 35541 71% 36% 42422

0% 6881 16% 0% 6881 14% 0% 6881


25% 5889 13% 62% 7943 16% 119% 10317
9% 12770 29% 22% 14824 29% 41% 17198

11% 44094 100% 20% 50365 100% 37% 59620

06/30/09 06/30/10 06/30/11


3.45 3.40 3.47
0.63 0.62 0.62
1.69 2.16 2.15
0.81 0.81 0.81
06/30/09 06/30/10 06/30/11
17474 47% 20351 48% 24229
19971 53% 22174 52% 26039
37445 100% 42525 100% 50268

24675 66% 27701 65% 33070


12770 34% 14824 35% 17198
37445 100% 42525 100% 50268

-27% -27% -27%


At the end Average At the end Average At the end
12.1% 12.5% 12.3% 13.1% 12.1%
8.8% 9.2% 9.0% 9.6% 8.8%

-10.8% -8.7% -8.5%

10.6% 11.1% 13.9% 14.9% 13.8%

100% 100% 100%

91 91 91
75 75 75
-30 -30 -30

06/30/09 06/30/10 06/30/11


244 516 662
983 2081 2656
693 1553 1931
70 -82 141
1300 1800 3300
192 403 565

793 1682 2147


228 511 634
64 116 243
81 164 216

968 1744 3641

0 0 0
1348 2054 2374

06/30/09 06/30/10 06/30/11


1348 2264 2054 2374
-693 -1697 -1553 -1931
-983 -2406 -2081 -2656
-70 -140 82 -141
228 557 511 634
81 194 164 216
-89 -1228 -823 -1504
-1492 -2530 -2203 -3865

-1581 -3758 -3026 -5369

968 2262 1744 3641


857 2095 1798 2390

244 599 516 662

244 599 516 662


06/30/12 06/30/12 What-if issue

0% 4672 7% 14% 4672 7%


0% 19126 28% 15% 19126 28%
0% 13613 20% 15% 13613 20%
0% 1117 2% 15% 1117 2%
0% 38528 57% 15% 38528 57%

0% 25157 37% 12% 25157 37%


0% 4189 6% 15% 4189 6%

0% 67874 100% 14% 67874 100%

13.8% 0.0%

-82% 15492 23% 15% 3831 6%


0% 4476 7% 15% 4476 7%
0% 1614 2% 9% 1614 2%
0% 1545 2% 15% 1545 2%
-55% 23127 34% 15% 11466 17%

0% 24204 36% 9% 24204 36%

-26% 47331 70% 12% 35670 53%

160% 6881 10% 0% 17881 26%


0% 13661 20% 32% 14323 21%
64% 20542 30% 19% 32204 47%

0% 67873 100% 14% 67874 100%


06/30/12 06/30/12
3.30 2.11
60.9% 43.7%
2.42 3.36
0.81 0.20

Value
37989660
11000000
48989660
-1518703
1518703

Debt obj. Debt obj.


15965 22320
06/30/09 06/30/10 06/30/11
15919 27.5% 16664 24.5% 17564
-10284 -17.8% -10732 -15.8% -11329
5635 9.7% 5932 8.7% 6235

0 0.0% 0 0.0% 0
-4553 -7.9% -4816 -7.1% -5041
1082 1.9% 1116 1.6% 1194
-72 -0.1% -60 -0.1% -63
1010 1.7% 1056 1.6% 1131
-273 -0.5% -285 -0.4% -306
737 1.3% 771 1.1% 825
254 422 401
16.0
13200000

3.4% 4.7% 5.4%

-10284 100.0% -10732 100.0% -11329

06/30/09 06/30/10 06/30/11


-64.6% -64.4% -64.5%
35.4% 35.6% 35.5%
0.0% 0.0% 0.0%
-28.6% -28.9% -28.7%
6.8% 6.7% 6.8%
4.6% 4.6% 4.7%

06/30/09 06/30/10 06/30/11


4.6% 4.6% 4.7%
1.46 1.47 1.48
6.77% 6.81% 6.96%
1.22 1.22 1.22
8.23% 8.29% 8.48%

06/30/09 06/30/10 06/30/11


75 75 75
4.80 4.80 4.80
3.84 3.90 3.97
29.99 30.00 30.00
-15.01 -15.00 -15.01
1.50% 1.50% 1.50%
3.00% 3.00% 3.00%
1.70% 1.70% 1.70%

06/30/09 06/30/10 06/30/11

610 6% 639 6% 673


3271 30% 3424 30% 3609
2142 20% 2236 20% 2360
239 2% 250 2% 263
6262 58% 6549 58% 6905

4146 38% 4273 38% 4424


477 4% 500 4% 527

10885 100% 11322 100% 11856

5.3% 4.0% 4.7%

818 8% 856 8% 902


845 8% 882 8% 931
0 0% 0 0% 0
271 2% 283 2% 299
1934 18% 2021 18% 2132

0 0% 0 0% 0

1934 18% 2021 18% 2132

4584 42% 4584 40% 4584


4367 40% 4716 42% 5140
8951 82% 9300 82% 9724

10885 100% 11321 100% 11856


06/30/09 06/30/10 06/30/11
1.22 1.22 1.22
0.08 0.08 0.08
15.03 18.60 18.95
0.25 0.25 0.25

06/30/09 06/30/10 06/30/11


4536 50% 4745 50% 5002
4623 50% 4773 50% 4951
9159 100% 9518 100% 9953

208 2% 217 2% 229


8951 98% 9300 98% 9724
9159 100% 9517 100% 9953

-27% -27% -27%


At the end Average At the end Average At the end
11.8% 12.1% 11.7% 12.0% 12.0%
8.6% 8.9% 8.6% 8.7% 8.8%

-34.6% -27.6% -27.5%

8.2% 8.5% 8.3% 8.4% 8.5%

100% 100% 100%

76 76 76
75 75 75
-30 -30 -30

06/30/09 06/30/10 06/30/11


25 29 34
106 153 185
82 94 124
8 11 13

315 127 151


15 23 27

27 38 46
32 37 49
0 0 0
9 12 16

0 0 0

0 0 0
483 349 424

06/30/09 06/30/10 06/30/11


737 1538 771 825
-82 -2142 -94 -124
-106 -3271 -153 -185
-8 -239 -11 -13
32 845 37 49
9 271 12 16
582 -2998 562 568

-330 -4623 -150 -178

252 -7621 412 390

0 0 0 0
27 818 38 46

279 -6803 450 436

25 610 29 34
06/30/12 06/30/13 06/30/14
1391 1673 1757
-375 -452 -474
1015 1222 1283

-281 -46 -50


-253 -232 -205
-529 -24 -146
37 -14 -12
19 8 48
13 19 17
-993 -289 -348

-319 -51 -45

-274 -282 -249


0 0 0
0 0 0

-571 600 641

-571 600 641

641 25726
ConAgra Pacific
Foods Grove
$ 11,069.07 $ 37.98
$ 3,233.80 $ 37.20
$ 14,302.87 $ 75.18

22.6% 49.5%
77.4% 50.5%
0.600 0.850
0.510 0.528

0.495 0.496
20/80 30/70
20.0% 30.0%
80.0% 70.0%
7.50% 7.75%
27.0% 27.0%
8.28% 8.65%
7.72% 7.75%

Debt obj. Debt obj.


15965 22320

06/30/09 06/30/10 06/30/11


57887 100.0% 68017 100.0% 98504
-33575 -58.0% -39790 -58.5% -58841
24312 42.0% 28227 41.5% 39663

-926 -1.6% -1088 -1.6% -1295


-18871 -32.6% -21902 -32.2% -31104
4515 7.8% 5237 7.7% 7264
-2668 -4.6% -2423 -3.6% -2880
1847 3.2% 2814 4.1% 4384
-499 -0.9% -760 -1.1% -1185
1348 2.3% 2054 3.0% 3199

16.0
37989660
1165327
32.6

9.0% 17.5% 44.8%

-33575 100.0% -39790 100.0% -58841

06/30/09 06/30/10 06/30/11


-58.0% -58.5% -59.7%
42.0% 41.5% 40.3%
-1.6% -1.6% -1.3%
-32.6% -32.2% -31.6%
7.8% 7.7% 7.4%
2.3% 3.0% 3.2%

06/30/09 06/30/10 06/30/11


2.3% 3.0% 3.2%
1.31 1.35 1.31
3.06% 4.08% 4.27%
3.45 3.40 2.47
10.56% 13.86% 10.52%

06/30/09 06/30/10 06/30/11


75 75 75
4.00 4.00 4.13
3.35 3.56 3.67
30.00 30.01 30.00

06/30/09 06/30/10 06/30/11

15% 2924 7% 26% 3440 7% 48% 4775


15% 11895 27% 25% 13976 28% 47% 20241
15% 8394 19% 25% 9947 20% 49% 14238
9% 910 2% 18% 828 2% 8% 1232
15% 24123 55% 25% 28191 56% 46% 40486

5% 17300 39% 14% 19100 38% 26% 26824


11% 2671 6% 19% 3074 6% 37% 4166
3476
11% 44094 100% 20% 50365 100% 37% 74952

8.6% 14.2% 48.8%

15% 9613 22% 25% 11295 22% 47% 14344


15% 2760 6% 25% 3271 6% 48% 4836
9% 1124 3% 16% 1240 2% 27% 1483
15% 965 2% 25% 1129 2% 46% 1644
14% 14462 33% 25% 16935 34% 46% 22307

9% 16862 38% 15% 18606 37% 27% 22247

11% 31324 71% 19% 35541 71% 36% 44554


0% 6881 16% 0% 6881 14% 0% 20081
25% 5889 13% 62% 7943 16% 119% 10317
9% 12770 29% 22% 14824 29% 41% 30398

11% 44094 100% 20% 50365 100% 37% 74952

06/30/09 06/30/10 06/30/11


3.45 3.40 2.47
0.63 0.62 0.51
1.69 2.16 2.52
0.81 0.81 0.71

5.00% 5.00%

Year 1 Year 2 Year 3


8,100,000 8,505,000 8,930,250
- 4,738,500 - 4,975,425 - 5,224,196
3,361,500 3,529,575 3,706,054

- 891,000 - 935,550 - 982,328


- 760,000 - 798,000 - 837,900
- 288,000 - 288,000 - 288,000
1,422,500 1,508,025 1,597,826

- 384,075 - 407,167 - 431,413


1,038,425 1,100,858 1,166,413

288,000 288,000 288,000


1,326,425 1,388,858 1,454,413

Year 1 Year 2 Year 3


- 1,664,384 - 83,219 - 87,380
- 1,184,625 - 59,231 - 62,193
389,466 19,473 20,447
- 2,459,543 - 122,977 - 129,126

Year 1 Year 2 Year 3

- 1,133,118 1,265,881 1,325,287


1,265,881 1,325,287 1,387,664 4,442,748 5,848,462

Debt obj. Debt obj.


15965 22320

06/30/09 06/30/10 06/30/11


57887 100.0% 68017 100.0% 98504
-33575 -58.0% -39790 -58.5% -58841
24312 42.0% 28227 41.5% 39663

-926 -1.6% -1088 -1.6% -1295


-18871 -32.6% -21902 -32.2% -31104
4515 7.8% 5237 7.7% 7264
-2668 -4.6% -2423 -3.6% -2880
1847 3.2% 2814 4.1% 4384
-499 -0.9% -760 -1.1% -1185
1348 2.3% 2054 3.0% 3199

16.0
37989660
1165327
32.6

9.0% 17.5% 44.8%

-33575 100.0% -39790 100.0% -58841


06/30/09 06/30/10 06/30/11
-58.0% -58.5% -59.7%
42.0% 41.5% 40.3%
-1.6% -1.6% -1.3%
-32.6% -32.2% -31.6%
7.8% 7.7% 7.4%
2.3% 3.0% 3.2%

06/30/09 06/30/10 06/30/11


2.3% 3.0% 3.2%
1.31 1.35 1.31
3.06% 4.08% 4.27%
3.45 3.40 2.47
10.56% 13.86% 10.52%

06/30/09 06/30/10 06/30/11


75 75 75
4.00 4.00 4.13
3.35 3.56 3.67
30.00 30.01 30.00

06/30/09 06/30/10 06/30/11

15% 2924 7% 26% 3440 7% 48% 4775


15% 11895 27% 25% 13976 28% 47% 20241
15% 8394 19% 25% 9947 20% 49% 14238
9% 910 2% 18% 828 2% 8% 1232
15% 24123 55% 25% 28191 56% 46% 40486

5% 17300 39% 14% 19100 38% 26% 26824


11% 2671 6% 19% 3074 6% 37% 4166
3476
11% 44094 100% 20% 50365 100% 37% 74952
8.6% 14.2% 48.8%

15% 9613 22% 25% 11295 22% 47% 14344


15% 2760 6% 25% 3271 6% 48% 4836
9% 1124 3% 16% 1240 2% 27% 1483
15% 965 2% 25% 1129 2% 46% 1644
14% 14462 33% 25% 16935 34% 46% 22307

9% 16862 38% 15% 18606 37% 27% 22247

11% 31324 71% 19% 35541 71% 36% 44554

0% 6881 16% 0% 6881 14% 0% 20081


25% 5889 13% 62% 7943 16% 119% 10317
9% 12770 29% 22% 14824 29% 41% 30398

11% 44094 100% 20% 50365 100% 37% 74952

06/30/09 06/30/10 06/30/11


3.45 3.40 2.47
0.63 0.62 0.51
1.69 2.16 2.52
0.81 0.81 0.71
06/30/12 06/30/13 06/30/14

100.0% 93081 100.0% 105182 100.0% 116751


-58.7% -54452 -58.5% -61531 -58.5% -68300
41.3% 38629 41.5% 43651 41.5% 48451

-1.6% -1489 -1.6% -1683 -1.6% -1868


-32.2% -29321 -31.5% -33132 -31.5% -36777

7.5% 7819 8.4% 8836 8.4% 9806

-3.5% -3237 -3.5% -3582 -3.4% -3894

4.0% 4582 4.9% 5254 5.0% 5912


-1.1% -1237 -1.3% -1418 -1.3% -1597
2.9% 3345 3.6% 3836 3.6% 4315
15.0% 13.0% 11.0%

100.0% -54452 100.0% -61531 100.0% -68300

06/30/12 06/30/13 06/30/14


-58.5% -58.5% -58.5%
41.5% 41.5% 41.5%
-1.6% -1.6% -1.6%
-31.5% -31.5% -31.5%
8.4% 8.4% 8.4%
3.6% 3.6% 3.7%

06/30/12 06/30/13 06/30/14


3.6% 3.6% 3.7%
1.37 1.37 1.37
4.93% 5.00% 5.07%
3.30 3.15 2.97
16.28% 15.74% 15.04%

06/30/12 06/30/13 06/30/14


75 75 75
4.00 4.00 4.00
3.70 3.70 3.70
30.00 30.00 30.00

06/30/12 06/30/13 06/30/14

7% 76% 4672 7% 101% 5279 7% 127% 5860


28% 75% 19126 28% 102% 21613 28% 128% 23990
20% 77% 13613 20% 103% 15383 20% 130% 17075
2% 26% 1117 2% 45% 1262 2% 64% 1401
56% 74% 38528 57% 100% 43537 57% 126% 48326

38% 47% 25157 37% 66% 28427 37% 87% 31554


6% 62% 4189 6% 87% 4733 6% 111% 5254

100% 62% 67874 100% 85% 76697 100% 109% 85134

13.8% 13.0% 11.0%

23% 75% 15492 23% 102% 17506 23% 128% 19432


7% 77% 4476 7% 103% 5057 7% 130% 5614
2% 52% 1614 2% 66% 1751 2% 80% 1842
2% 74% 1545 2% 100% 1746 2% 126% 1938
34% 74% 23127 34% 99% 26060 34% 124% 28826

37% 52% 24204 36% 66% 26258 34% 80% 27614

71% 62% 47331 70% 81% 52318 68% 100% 56440

12% 0% 6881 10% 0% 6881 9% 0% 6881


17% 185% 13661 20% 277% 17497 23% 383% 21813
29% 64% 20542 30% 96% 24378 32% 132% 28694

100% 62% 67873 100% 85% 76696 100% 109% 85134

06/30/12 06/30/13 06/30/14


3.30 3.15 2.97
0.61 0.59 0.57
2.42 2.47 2.52
0.81 0.81 0.81
06/30/12 06/30/13 06/30/14
48% 27835 49% 31455 49% 34914
52% 29346 51% 33160 51% 36808
100% 57181 100% 64615 100% 71722

66% 36638 64% 40236 62% 43028


34% 20542 36% 24378 38% 28694
100% 57180 100% 64614 100% 71722

-27% -27% -27%


Average
13.1% 13.7% 14.6% 13.7% 14.5% 13.7%
9.5% 13.7% 10.6% 10.0% 10.6% 10.0%

-8.8% -8.9% -9.0%

14.8% 16.3% 17.7% 15.7% 17.1% 15.0%

91 91 91
75 75 75
-30 -30 -30

06/30/12 06/30/13 06/30/14


570 607 581
2494 2487 2377
1735 1770 1692
148 145 139
2757 3270 3127
550 544 521

2050 2014 1926


571 581 557
131 137 91
200 201 192

1957 2054 1356

0 0 0
3344 3836 4316

06/30/12 06/30/13 06/30/14


3345 3836 4315
-1735 -1770 -1692
-2494 -2487 -2377
-148 -145 -139
571 581 557
200 201 192
-261 216 856
-3307 -3814 -3648

-3568 -3598 -2792

1957 2054 1356


2181 2151 2017

570 607 581

570 607 581


06/30/12 06/30/13 06/30/14
21.7% 18793 20.2% 19921 18.9% 20917
-14.0% -11558 -12.4% -11654 -11.1% -12237
7.7% 7235 7.8% 8267 7.9% 8681

0.0% -188 -0.2% -319 -0.3% -335


-6.2% -5657 -6.1% -6275 -6.0% -6589
1.5% 1391 1.5% 1673 1.6% 1757
-0.1% 0.0% 0.0%
1.4% 0.0% 0.0%
-0.4% 0.0% 0.0%
1.0% 0.0% 0.0%

7.0% 6.0% 5.0%


7.0% 6.0% 5.0%
100.0% -11557.9902 100.0% -11653.836948 100.0% -12237

06/30/12 06/30/13 06/30/14


-61.5% -58.5% -58.5%
38.5% 41.5% 41.5%
-1.0% -1.6% -1.6%
-30.1% -31.5% -31.5%
7.4% 8.4% 8.4%

06/30/12 06/30/13 06/30/14


0.0% 0.0% 0.0%
1.39 1.41 1.41
0.00% 0.00% 0.00%
#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!

06/30/12 06/30/13 06/30/14


75 75 75
4.00 4.00 4.00
4.00 4.00 4.00
30.00 30.00 30.00
-20.00 -20.00 -20.00
1.20% 1.20% 1.20%
4.50% 4.50% 4.50%
1.66% 1.66% 1.66%

06/30/12 06/30/13 06/30/14

6% 954 1% 1000 1% 1050


30% 3862 6% 4093 5% 4298
20% 2889 4% 2913 4% 3059
2% 226 0% 239 0% 251
58% 7930 12% 8246 11% 8658

37% 4698 7% 4980 6% 5229


4% 846 1% 896 1% 941

100% 13474 20% 14122 18% 14829

13.7% 4.8% 5.0%

8%
8% 950 958 1006
0%
3% 312 331 347
18%

0%

18%

39% 4584 4584 4584


43%
82%

100%
06/30/12 06/30/13 06/30/14
#DIV/0! #DIV/0! #DIV/0!
0.00 0.00 0.00
#DIV/0! #DIV/0! #DIV/0!
0.00 0.00 0.00

06/30/12 06/30/13 06/30/14


50% 5715 51% 5957 50% 6255
50% 5544 49% 5877 50% 6171
100% 11259 100% 11834 100% 12426

2% -954 100% -1000 100% -1050


98% 0 0% 0 0% 0
100% -954 100% -1000 100% -1050

#DIV/0! #DIV/0! #DIV/0!


Average
12.3% 12.4% 30.9% 14.1% -171.3% 14.1%
8.9% 12.4% #DIV/0! #DIV/0! #DIV/0! #DIV/0!

0.0% 0.0% 0.0%

8.7% #DIV/0! 0.0% #DIV/0! #DIV/0! #DIV/0!

91 91 91
75 75 75
-30 -30 -30

06/30/12 06/30/13 06/30/14


280.5760263014 46.2988964822 49.9937461
252.6739726027 231.7004383562 204.668721
529.49755 23.961687 145.672962
-37.47824 13.5313056 11.9526533

274.37 281.9022 249.01361


318.7066 50.742396 44.8224498

-902 0 0
18.9717972603 7.8778149041 47.8924806
0 0 0
12.971768 18.71830608 16.5345037

0 0 0

0 0 0
-5140 0 0

06/30/12 06/30/13 06/30/14


0 0 0
-529 -24 -146
-253 -232 -205
37 -14 -12
19 8 48
13 19 17
-713 -243 -298

-593 -333 -294

-1306 -575 -592

0 0 0
-902 0 0

-2208 -575 -592

281 46 50
06/30/15
1841
-497
1344

-50
-206
-147
-12
48
17
-351

-45

-251
0
0

697
25029
25726
06/30/12 06/30/13 06/30/14
100.0% 111874 100.0% 125103 100.0% 137668
-59.7% -66010 -59.0% -73185 -58.5% -80537
40.3% 45864 41.0% 51918 41.5% 57132

-1.3% -1677 -1.5% -2002 -1.6% -2203


-31.6% -34978 -31.3% -39407 -31.5% -43366
7.4% 9210 8.2% 10509 8.4% 11563
-2.9% -3080 -2.8% -3180 -2.5% -3280
4.5% 6130 5.5% 7329 5.9% 8283
-1.2% -1655 -1.5% -1979 -1.6% -2236
3.2% 4475 4.0% 5350 4.3% 6047
13.6% 11.8% 10.0%

100.0% -66009.9902 100.0% -73184.836948 100.0% -80537

06/30/12 06/30/13 06/30/14


-59.0% -58.5% -58.5%
41.0% 41.5% 41.5%
-1.5% -1.6% -1.6%
-31.3% -31.5% -31.5%
8.2% 8.4% 8.4%
4.0% 4.3% 4.4%

06/30/12 06/30/13 06/30/14


4.0% 4.3% 4.4%
1.32 1.33 1.33
5.28% 5.67% 5.85%
2.43 2.34 2.24
12.83% 13.30% 13.07%

06/30/12 06/30/13 06/30/14


75 75 75
4.00 4.00 4.00
3.75 3.74 3.74
30.00 30.00 30.00

06/30/12 06/30/13 06/30/14

6% 5626 7% 6279 7% 6910


27% 22988 27% 25706 27% 28288
19% 16502 19% 18296 19% 20134
2% 1343 2% 1501 2% 1652
54% 46458 55% 51783 55% 56984

36% 29855 35% 33407 35% 36783


6% 5035 6% 5629 6% 6195
5% 3476 4% 3476 4% 3476
100% 84824 100% 94295 100% 103439

13.2% 11.2% 9.7%

24% 16851 25% 17972 23% 18808


8% 5426 8% 6015 8% 6620
2% 1614 2% 1751 2% 1842
3% 1857 3% 2077 3% 2285
37% 25748 38% 27814 36% 29555

37% 24204 36% 26258 34% 27614

75% 49952 74% 54072 71% 57169


34% 20081 30% 20081 26% 20081
17% 14792 22% 20142 26% 26189
51% 34873 51% 40223 52% 46270

126% 84824 125% 94295 123% 103439

06/30/12 06/30/13 06/30/14


2.43 2.34 2.24
0.50 0.49 0.47
2.99 3.30 3.53
0.73 0.70 0.66

5.00% 5.00%

Year 4 Year 5
9,376,763 9,845,601
- 5,485,406 - 5,759,676
3,891,356 4,085,924

- 1,031,444 - 1,083,016
- 879,795 - 923,785
- 288,000 - 288,000
1,692,118 1,791,123

- 456,872 - 483,603
1,235,246 1,307,520

288,000 288,000
1,523,246 1,595,520

Year 4 Year 5
- 91,749 - 96,337
- 65,302 - 68,568
21,469 22,543
- 135,582 - 142,361

Year 4 Year 5
2,989,590

1,387,664 4,442,748

06/30/12 06/30/13 06/30/14


100.0% 119974 100.0% 133608 100.0% 146598
-59.7% -70748 -59.0% -78160 -58.5% -85761
40.3% 49226 41.0% 55448 41.5% 60838

-1.3% -1677 -1.4% -2002 -1.5% -2203


-31.6% -36917 -30.8% -41429 -31.0% -45474
7.4% 10632 8.9% 12017 9.0% 13161
-2.9% -3080 -2.6% -3180 -2.4% -3280
4.5% 7552 6.3% 8837 6.6% 9881
-1.2% -2039 -1.7% -2386 -1.8% -2668
3.2% 5513 4.6% 6451 4.8% 7213

21.8% 11.4% 9.7%

100.0% -70748.4902 100.0% -78160.261948 100.0% -85761


06/30/12 06/30/13 06/30/14
-59.0% -58.5% -58.5%
41.0% 41.5% 41.5%
-1.4% -1.5% -1.5%
-30.8% -31.0% -31.0%
8.9% 9.0% 9.0%
4.6% 4.8% 4.9%

06/30/12 06/30/13 06/30/14


4.6% 4.8% 4.9%
1.35 1.36 1.37
6.21% 6.57% 6.73%
2.47 2.32 2.16
15.35% 15.23% 14.55%

06/30/12 06/30/13 06/30/14


75 75 75
4.00 4.00 4.00
3.87 3.90 3.92
30.00 30.00 30.00

06/30/12 06/30/13 06/30/14

6% 5626 6% 6279 6% 6910


27% 24652 28% 27454 28% 30123
19% 17687 20% 19540 20% 21440
2% 1343 2% 1501 2% 1652
54% 49307 56% 54774 56% 60125

36% 31007 35% 34271 35% 37359


6% 5035 6% 5629 6% 6195
5% 3476 4% 3476 4% 3476
100% 88825 100% 98151 100% 107156
18.5% 10.5% 9.2%

24% 19424 29% 19279 25% 18790


8% 5815 9% 6424 8% 7049
2% 1614 2% 1751 2% 1842
3% 1857 3% 2077 3% 2285
37% 28710 42% 29531 39% 29966

37% 24204 36% 26258 34% 27614

75% 52914 78% 55789 73% 57580

34% 20081 30% 20081 26% 20081


17% 15830 23% 22281 29% 29494
51% 35911 53% 42362 55% 49575

126% 88825 131% 98151 128% 107156

06/30/12 06/30/13 06/30/14


2.47 2.32 2.16
0.51 0.48 0.45
3.45 3.78 4.01
0.79 0.70 0.62
06/30/15

100.0% 127259 100.0%


-58.5% -74447 -58.5%
41.5% 52812 41.5%

-1.6% -2036 -1.6%


-31.5% -40087 -31.5%

8.4% 10689 8.4%

-3.3% -4124 -3.2%

5.1% 6565 5.2%


-1.4% -1773 -1.4%
3.7% 4792 3.8%
9.0%

100.0% -74447 100.0%

06/30/15
-58.5%
41.5%
-1.6%
-31.5%
8.4%
3.8%

06/30/15
3.8%
1.37
5.16%
2.77
14.31%

06/30/15
75
4.00
3.70
30.00

06/30/15

7% 152% 6387 7%
28% 153% 26149 28%
20% 155% 18612 20%
2% 82% 1527 2%
57% 151% 52675 57%

37% 108% 34395 37%


6% 134% 5727 6%

100% 132% 92797 100%

9.0%

23% 153% 21181 25%


7% 155% 6119 7%
2% 89% 1869 2%
2% 151% 2113 2%
34% 148% 31282 37%

32% 89% 28028 33%

66% 115% 59310 70%

8% 0% 6881 8%
26% 502% 26606 31%
34% 173% 33487 39%

100% 132% 92797 109%

06/30/15
2.77
0.55
2.59
0.81
06/30/15
49% 38056 49%
51% 40122 51%
100% 78178 100%

60% 44691 57%


40% 33487 43%
100% 78178 100%

-27%

14.4% 13.7% 14.3%


10.5% 10.0% 10.4%

-9.2%

16.3% 14.3% 15.4%

91
75
-30

06/30/15
527
2159
1537
126
2841
473

1749
505
27
175

414

0
4793

06/30/15
4792
-1537
-2159
-126
505
175
1650
-3314

-1664

414
1776

526

527
06/30/15
17.9% 21921 17.2%
-10.5% -12824 -10.1%
7.4% 9097 7.1%

-0.3% -351 -0.3%


-5.6% -6905 -5.4%
1.5% 1841 1.4%
0.0% 0.0%
0.0% 0.0%
0.0% 0.0%
0.0% 0.0%

4.8%
4.80%
100.0% -12824 100.0%

06/30/15
-58.5%
41.5%
-1.6%
-31.5%
8.4%

06/30/15
0.0%
1.41
0.00%
#DIV/0!
#DIV/0!

06/30/15
75
4.00
4.00
30.00
-20.00
1.20%
4.50%
1.66%

06/30/15

1% 1100 1%
5% 4504 5%
4% 3206 3%
0% 263 0%
10% 9074 10%

6% 5480 6%
1% 986 1%

17% 15540 17%

4.8%

1054
364

4584
06/30/15
#DIV/0!
0.00
#DIV/0!
0.00

06/30/15
50% 6555 50%
50% 6467 50%
100% 13022 100%

100% -1100 100%


0% 0 0%
100% -1100 100%

#DIV/0!

-171.4% 14.1% -171.3%


#DIV/0! #DIV/0! #DIV/0!

0.0%

#DIV/0! #DIV/0! #DIV/0!

91
75
-30

06/30/15
50.3936961
206.30607
146.838346
12.0482745

251.005719
45.1810294

0
48.2756205
0
16.6667797

0
0

06/30/15
0
-147
-206
-12
48
17
-300

-296

-596

0
0

-596

50
06/30/15
100.0% 149180 100.0%
-58.5% -87271 -58.5%
41.5% 61909 41.5%

-1.6% -2387 -1.6%


-31.5% -46992 -31.5%
8.4% 12530 8.4%
-2.4% -3380 -2.3%
6.0% 9150 6.1%
-1.6% -2471 -1.7%
4.4% 6680 4.5%
8.4%

100.0% -87271 100.0%

06/30/15
-58.5%
41.5%
-1.6%
-31.5%
8.4%
4.5%

06/30/15
4.5%
1.33
5.97%
2.11
12.62%

06/30/15
75
4.00
3.74
30.00

06/30/15

7% 7487 7%
27% 30653 27%
19% 21818 20%
2% 1790 2%
55% 61749 55%

36% 39875 36%


6% 6713 6%
3% 3476 3%
100% 111813 100%

8.1%

22% 19317 23%


8% 7173 8%
2% 1869 2%
3% 2477 3%
35% 30836 36%

32% 28028 33%

67% 58864 69%


24% 20081 24%
31% 32869 39%
54% 52950 62%

122% 111813 131%

06/30/15
2.11
0.44
3.71
0.63
06/30/15
100.0% 158557 100.0%
-58.5% -92756 -58.5%
41.5% 65801 41.5%

-1.5% -2387 -1.5%


-31.0% -49191 -31.0%
9.0% 14222 9.0%
-2.2% -3380 -2.1%
6.7% 10842 6.8%
-1.8% -2927 -1.8%
4.9% 7915 5.0%

8.2%

100.0% -92756 100.0%


06/30/15
-58.5%
41.5%
-1.5%
-31.0%
9.0%
5.0%

06/30/15
5.0%
1.37
6.86%
2.01
13.77%

06/30/15
75
4.00
3.95
30.00

06/30/15

6% 7487 6%
28% 32580 28%
20% 23189 20%
2% 1790 2%
56% 65047 56%

35% 40163 35%


6% 6713 6%
3% 3476 3%
100% 115399 100%
7.7%

22% 17911 21%


8% 7624 9%
2% 1869 2%
3% 2477 3%
35% 29881 35%

32% 28028 33%

68% 57909 68%

24% 20081 24%


35% 37409 44%
58% 57490 68%

126% 115399 136%

06/30/15
2.01
0.41
4.21
0.55
PGSC

INCOME STATEMENT ESTADO DE RESULTADOS 06/30/07


Las ventas netas
otros ingresos operacionales
Net sales Total ingresos Brutos V 46,180
Cost of Goods Sold Costo de los bienes vendidos CV - 26,784
Gross Profit Margin Utilidad Bruta MB 19,396

Venta, general, adm.


gasto de administracion
otros ingresos
otros gastos
perdidas netas en ventas de inversion en subsidiarias
R&D Expense R - 739
SG&A Expense SG - 14,916
Total gastos de operacin

Earnings Before Int. & Tax. Utilidad Operativa TAX 3,741


Gastos por intereses
Interest Expense ingresos financieros GINT - 2,906
gastos finacieros
Earnings Before Inco. Tax Utilidad antes de impuestos 835
Income tax Impuesto sobre la renta - 225
Net Income Utilidad netas IN 610

Price/Earnings Ratio Tasa de ganacias sobre precio


Market Value of Equity Valor de equidad de mercado
Common Shares Outstand. Acciones ordinarias sobresalientes.
Price per Share Precio por accin

Growth rate of revenue Tasa de crecimiento de los ingresos

Purchases Compras - 26,784

Income statement ratios: Ratios de los estados de resultados: 06/30/07


Cost of Goods Sold %Sales Costo de los bienes vendidos% Ventas CV/V -58.0%
Gross Profit Margin %Sal. Margen de beneficio bruto% Sal. MB/V 42.0%
R&D Expense % Sales Gastos de I + D% Ventas R/V -1.6%
SG&A Expense % Sales Gastos generales y administrativos% Ventas SG/V -32.3%
Operating Income % Sal. Utilidad Operacional% Sal. TAX/V 8.1%
Net profit margin % Sales Margen de beneficio neto% Ventas IN/V 1.3%

DuPont analysis Anlisis de DuPont 06/30/07


Net profit margin Margen de beneficio neto IN/V 1.3%
Asset turnover Rotacin de activos V/ACT TO 1.26
Return on assets Rentabilidad de los activos ROA IN/ACT TOTAL 1.66%
Equity multiplier Multiplicador de la equidad ACT TOTAL/PAT NET TO 3.50
Return on equity Rentabilidad sobre recursos propios ROE IN/PAT NET TO 5.81%

Activity ratios: Relaciones de actividad: 06/30/07


Days sales outstan. in A/R Das de ventas outstan. En A / R CC/V*365 75
Inventory turnover Volumen de ventas del inventario CV/INV 4.00
PP&E turnover Facturacin de PP & E V/EQ 3.04
Days COGS in A/P Das COGS en A / P CP/CV*365 30.02

Balance Sheet Hoja de balance 06/30/07


Assets Bienes
Cash Efectivo Caja 2,325
Accounts Receivable Cuentas por cobrar CC 9,489
Inventories Inventarios INV 6,697
Prepaid Expenses Gastos pagados por anticipado GP 770
Total Current Assets Total de activos corrientes NWC 19,281

Net Property & Equipment Propiedad y equipo netos EQ 15,200


NFA
Other Long-Term Assets Otros activos a largo plazo 2,241

Total Assets Los activos totales NWC+NFA 36,722

Growth rate of assets Tasa de crecimiento de los activos

Liabilities +OwnersEquity Pasivos + Patrimonio de los Propietarios


Notes Payables to Bank Pagar cuentas al Banco NPB 7,669
Accounts Payable Cuentas por pagar CP 2,203
Curre. p. Long-Term Debt Curre. pag. Deuda a largo plazo CLTD 973
Accrued Expenses Gastos acumulados GA 771
Total Current Liabilities Total pasivos corrientes 11,616

Long -Term Debt Deuda a largo plazo LTD 14,600

Total Liabilities Responsabilidad total NFD 26,216

Commmon Stock Acciones de Commmon AC 6,881


Retained Earnings Ganancias retenidas GR 3,625
Total Shareholder Equity Patrimonio neto total E 10,506

Total Liabilities Net Worth Total Pasivo Patrimonio Neto NFD+E 36,722

Debt ratios Ratios de deuda 06/30/07


Equity multiplier Multiplicador de la equidad ACT TO/E 3.50
Int. bea.debt/total assets Int. Bea.debt / total de activos (NPB+CLTD+LTD)/ACT TO 0.63
Times interest earned Tiempos devengados TAX/GINT 1.29
Bank notes paya./receiva. Billetes de banco paya./receiva. NPB/CC 0.81
Investment Capital 06/30/07
Net Working Capital 13982
Net Fixed Assets 17441
Capital Employed 31423

Net Financial Debt 20917


Book value of Equity 10506
Capital Employed 31423

Tax Rate -27%


At the end
Pre Tax ROCE 11.9%
After Tax ROCE 8.7%

Interest Rate -13.9%

ROE 5.8%

Purchases/COGS 100%

Nr. Days Inventories 91


Aver. Collection Period 75
Nr. Days Account Pay. -30

Vt -V(t-1) 06/30/07
Cash
Accounts Receivable
Inventories
Prepaid Expenses
Total Current Assets
Net Property & Equipment
Other Long-Term Assets

Total Assets

Growth rate of assets

Liabilities +OwnersEquity
Notes Payables to Bank
Accounts Payable
Curre. p. Long-Term Debt
Accrued Expenses
Total Current Liabilities

Long -Term Debt

Total Liabilities

Commmon Stock
Retained Earnings
Total Shareholder Equity

Total Liabilities Net Worth

Cash from Statements 06/30/07


Net Profit
Minus Increase Inventories
Minus Increase A/R
Minus Prepaid Expenses
Plus Increase A/P
Plus Increase Acc/Expenses
Cash Flow from operations
Minus Increase NFA

Cash Flow Before Financing

Plus Increase Long T. Debt


Plus Increase Short T. Debt

Total Cash Flow

Comprobacin
Balance Sheet 06/30/11
Assets
Cash 4102
Accounts Receivable 16632
Inventories 11878
Prepaid Expenses 969
Total Current Assets 33581

Net Property & Equipment 22400


Other Long-Term Assets 3639

Total Assets 59620

Growth rate of assets

Liabilities +OwnersEquity
Notes Payables to Bank 13442
Accounts Payable 3905
Curre. p. Long-Term Debt 1483
Accrued Expenses 1345
Total Current Liabilities 20175

Long -Term Debt 22247

Total Liabilities 42422

Commmon Stock 6881


Retained Earnings 10317
Total Shareholder Equity 17198

Total Liabilities Net Worth 59620


Debt ratios 06/30/11
Equity multiplier 3.47
Int. bea.debt/total assets 62.3%
Times interest earned 2.15
Bank notes paya./receiva. 0.81

Impact on Share Price Price p. Share


Current value of Pacific 32.6
Impact: new equity offer 27.5
Post-offer value 31.2968
Value loss exi. Sharehold. -1.3032
Value taken new shareho. 3.7968

HCS
INCOME STATEMENT 06/30/07
Net sales
Cost of Goods Sold
Gross Profit Margin

R&D Expense
SG&A Expense
Earnings Before Int. & Tax.
Interest Expense
Earnings Before Inco. Tax
Income tax
Net Income
Dividends Paid
Price/Earnings Ratio
Market Value of Equity
Common Shares Outstand.
Price per Share

Growth rate of revenue


Forecasted growth rate of sales
Purchases 0

Income statement ratios: 06/30/07


Cost of Goods Sold %Sales
Gross Profit Margin %Sal.
R&D Expense % Sales
SG&A Expense % Sales
Operating Income % Sal.
Net profit margin % Sales

DuPont analysis 06/30/07


Net profit margin
Asset turnover
Return on assets
Equity multiplier
Return on equity

Activity ratios: 06/30/07


Days sales outstan. in A/R
Inventory turnover
PP&E turnover
Days COGS in A/P
Days of expenses held in cash
Prepaid expenses % of sales
Other long-term assets % of sales
Accrued expenses % of sales

Balance Sheet 06/30/07


Assets
Cash
Accounts Receivable
Inventories
Prepaid Expenses
Total Current Assets

Net Property & Equipment


Other Long-Term Assets

Total Assets

Growth rate of assets

Liabilities +OwnersEquity
Notes Payables to Bank Pagar cuentas al Banco
Accounts Payable
Curre. p. Long-Term Debt
Accrued Expenses
Total Current Liabilities

Long -Term Debt

Total Liabilities

Commmon Stock
Retained Earnings
Total Shareholder Equity

Total Liabilities Net Worth


Debt ratios 06/30/07
Equity multiplier
Int. bea.debt/total assets
Times interest earned
Bank notes paya./receiva.

Investment Capital 06/30/07


Net Working Capital
Net Fixed Assets
Capital Employed

Net Financial Debt


Book value of Equity
Capital Employed

Tax Rate
At the end
Pre Tax ROCE
After Tax ROCE

Interest Rate

ROE

Purchases/COGS

Nr. Days Inventories


Aver. Collection Period
Nr. Days Account Pay.

Vt -V(t-1) 06/30/07
Cash
Accounts Receivable
Inventories
Prepaid Expenses
Total Current Assets

Net Property & Equipment


Other Long-Term Assets

Total Assets

Growth rate of assets

Liabilities +OwnersEquity
Notes Payables to Bank
Accounts Payable
Curre. p. Long-Term Debt
Accrued Expenses
Total Current Liabilities

Long -Term Debt

Total Liabilities

Commmon Stock
Retained Earnings
Total Shareholder Equity

Total Liabilities Net Worth

Cash from Statements 06/30/07


Net Profit
Minus Increase Inventories
Minus Increase A/R
Minus Prepaid Expenses
Plus Increase A/P
Plus Increase Acc/Expenses
Cash Flow from operations

Minus Increase NFA

Cash Flow Before Financing

Plus Increase Long T. Debt


Plus Increase Short T. Debt

Total Cash Flow

Comprobacin
Free Cash Flows & Valuation Analysis
EBIT (Earnings Before Interest & Taxes)
Minus Cash tax on operating income
EBIAT (Earnings Before Interest After Taxes)
Minus Increase in net working capital:
Minus Increase in cash
Minus Increase in accounts receivable
Minus Increase in inventories
Minus Increase in prepaid expenses
Plus Increase in accounts payable
Plus Increase in accrued expenses
Total change in NWC

Minus Increase in other long-term assets

Minus Increase in net property & equipmente


Minus Capital expenditures*
Plus Depreciation*

Equal Yearly Free Cash Flow Flujo de efectivo libre anual igual
Plus Terminal Value of years 2015Plus Valor Terminal de los aos 2015 ^^
Equal Total Free Cash Flow Flujo de efectivo libre total igual

Total Firm Value at WACC Valor total de la empresa en WACC


Minus Current Interest-Bearing D Saldo de deudas con intereses corrientes
Equal Value of Equity Equivalencia de Patrimonio

Perpetual growth rate Tasa de crecimiento perpetuo


WACC WACC
July 2011 Interest Rates:
30-year Treasury Bonds
Long-term AA Corporate Bonds
Long-term BBB Corporate Bonds
Market Risk Premium (S&P 500 vs. L-T Treasuries)

Estimate of High Country's Asset Beta:


Market value of equity ($ in millions)
Book value of interest-bearing debt ($ in millions)
Total capitalization

Weight of debt
Weight of equity
Equity beta coefficient
Asset beta coefficient assuming debt beta = 0.20
BA = BD x (D/V) + BE x (E/V)
Asset beta coefficient using Hamada's equation
BE = BA x [1+(1-t) x B/S]
Estimated asset beta for the industry
Estimated market value of equity ($ in millions)
Book value of interest- bearing debt ($ in millions)
Total capitalization

Weight of debt
Weight of equity
Estimated asset beta
Equity beta at current capital structure
Equity beta at 20/80 capital structure
Equity beta at 30/70 capital structure
WACC at different capital structures:
Weight of debt
Weight of equity
Cost of debt
Income tax rate
Cost of equity
Weighted average cost of capital

PGSC + HC (Consolidated)

INCOME STATEMENT 06/30/07


Net sales 46180
Cost of Goods Sold -26784
Gross Profit Margin 19396

R&D Expense -739


SG&A Expense -14916
Earnings Before Int. & Tax. 3741
Interest Expense -2906
Earnings Before Inco. Tax 835
Income tax -225
Net Income 610

Price/Earnings Ratio
Market Value of Equity
Common Shares Outstand.
Price per Share

Growth rate of revenue

Purchases -26784

Income statement ratios: 06/30/07


Cost of Goods Sold %Sales -58.0%
Gross Profit Margin %Sal. 42.0%
R&D Expense % Sales -1.6%
SG&A Expense % Sales -32.3%
Operating Income % Sal. 8.1%
Net profit margin % Sales 1.3%

DuPont analysis 06/30/07


Net profit margin 1.3%
Asset turnover 1.26
Return on assets 1.66%
Equity multiplier 3.50
Return on equity 5.81%

Activity ratios: 06/30/07


Days sales outstan. in A/R 75
Inventory turnover 4.00
PP&E turnover 3.04
Days COGS in A/P 30.02

Balance Sheet 06/30/07


Assets
Cash 2325
Accounts Receivable 9489
Inventories 6697
Prepaid Expenses 770
Total Current Assets 19281

Net Property & Equipment 15200


Other Long-Term Assets 2241
Goodwill
Total Assets 36722

Growth rate of assets

Liabilities +OwnersEquity
Notes Payables to Bank 7669
Accounts Payable 2203
Curre. p. Long-Term Debt 973
Accrued Expenses 771
Total Current Liabilities 11616

Long -Term Debt 14600

Total Liabilities 26216


Commmon Stock 6881
Retained Earnings 3625
Total Shareholder Equity 10506

Total Liabilities Net Worth 36722

Debt ratios 06/30/07


Equity multiplier 3.50
Int. bea.debt/total assets 0.63
Times interest earned 1.29
Bank notes paya./receiva. 0.81

Capital Budgeting Analysis of Television Program Opportunity

Initial Investment Cash Flows


Equipment

Growth Rate of Sales

Operating Cash Flows


Net sales
Cost of Goods Sold at 58.5% of sales
Gross Profit Margin

Promotion Expense at 11% of sales


General & Administrative Expense
Depreciation Expense
Incremental Operating Profit

Income Taxes at 27%


Incremental Net Income

Plus Depreciation Expense


Incremental Operating Cash Flow

Yearly Net Working Capital Investment


Additional A/R at 75 Days Sales Outstanding
Additional Inventory at 4 Inventory Turns
Additional A/P at 30 days COGS
Total NWC Investment

Terminal Cash Flows Flujos de caja terminales


Recovery of NWC Recuperacin de NWC

Total Project Cash Flows Total de flujos de efectivo del proyecto

Internal Rate of Return Tasa interna de retorno

Net Present Value at 20% Valor Actual Neto al 20%


Net Present Value at 15% Valor Actual Neto al 15%
Net Present Value at 10% Valor Actual Neto al 10%
Net Present Value at 7.72% Valor actual neto en 7.72%
Net Present Value at 0.00% Valor Actual Neto al 0.00%

PGSC + HC + TV Program (Consolidated)

INCOME STATEMENT 06/30/07


Net sales 46180
Cost of Goods Sold -26784
Gross Profit Margin 19396

R&D Expense -739


SG&A Expense -14916
Earnings Before Int. & Tax. 3741
Interest Expense -2906
Earnings Before Inco. Tax 835
Income tax -225
Net Income 610

Price/Earnings Ratio
Market Value of Equity
Common Shares Outstand.
Price per Share

Growth rate of revenue

Purchases -26784
Income statement ratios: 06/30/07
Cost of Goods Sold %Sales -58.0%
Gross Profit Margin %Sal. 42.0%
R&D Expense % Sales -1.6%
SG&A Expense % Sales -32.3%
Operating Income % Sal. 8.1%
Net profit margin % Sales 1.3%

DuPont analysis 06/30/07


Net profit margin 1.3%
Asset turnover 1.26
Return on assets 1.66%
Equity multiplier 3.50
Return on equity 5.81%

Activity ratios: 06/30/07


Days sales outstan. in A/R 75
Inventory turnover 4.00
PP&E turnover 3.04
Days COGS in A/P 30.02

Balance Sheet 06/30/07


Assets
Cash 2325
Accounts Receivable 9489
Inventories 6697
Prepaid Expenses 770
Total Current Assets 19281

Net Property & Equipment 15200


Other Long-Term Assets 2241
Goodwill
Total Assets 36722
Growth rate of assets

Liabilities +OwnersEquity
Notes Payables to Bank 7669
Accounts Payable 2203
Curre. p. Long-Term Debt 973
Accrued Expenses 771
Total Current Liabilities 11616

Long -Term Debt 14600

Total Liabilities 26216

Commmon Stock 6881


Retained Earnings 3625
Total Shareholder Equity 10506

Total Liabilities Net Worth 36722

Debt ratios 06/30/07


Equity multiplier 3.50
Int. bea.debt/total assets 0.63
Times interest earned 1.29
Bank notes paya./receiva. 0.81
2013 2012 06/30/08
3,468,480 3,398,219
72,933 68,951
100.0% 3,541,413 3,467,170 53107 100.0%
-58.0% - 949,185 - 948,173 -30802 -58.0%
42.0% 2,592,228 2,518,997 22305 42.0%

- 1,011,658 - 994,171
- 412,453 - 369,547
97,272 52,944
- 58,109 - 52,043

-1.6% -850 -1.6%


-32.3% -17260 -32.5%
- 1,384,948 - 1,362,817

8.1% 1,207,280 1,156,180 4195 7.9%

-6.3% 134,562 179,371 -2940 -5.5%


- 42,306 - 15,373
1.8% 1,299,536 1,320,178 1255 2.4%
-0.5% - 383,921 - 371,469 -339 -0.6%
1.3% 915,615 948,709 916 1.7%

Compras
15.0%

100.0% -30802 100.0%

06/30/07 06/30/07 06/30/08


-26.8% -27.3% -58.0%
73.2% 72.7% 42.0%
0.0% 0.0% -1.6%
0.0% 0.0% -32.5%
34.1% 33.3% 7.9%
25.9% 27.4% 1.7%

06/30/07 06/30/07 06/30/08


25.9% 27.4% 1.7%
96.44 94.42 1.31
2493.37% 2583.49% 2.26%
3.50 3.50 3.56
8715.16% 9030.16% 8.02%

06/30/07 06/30/07 06/30/08


1 1 75
141.73 141.58 4.00
232.99 228.10 3.32
0.85 0.85 30.00

06/30/07 06/30/07 06/30/08

6% 2,325 2,325 2680 7%


26% 9,489 9,489 10912 27%
18% 6,697 6,697 7701 19%
2% 770 770 840 2%
53% 19,281 19,281 22133 54%

41% 15,200 15,200 16000 39%


6% 2,241 2,241 2479 6%

100% 36,722 36,722 40612 100%

10.6%

21% 7,669 7,669 8820 22%


6% 2,203 2,203 2532 6%
3% 973 973 1060 3%
2% 771 771 884 2%
32% 11,616 11,616 13296 33%

40% 14,600 14,600 15894 39%

71% 26,216 26,216 29190 72%

19% 6,881 6,881 6881 17%


10% 3,625 3,625 4541 11%
29% 10,506 10,506 11422 28%

100% 36,722 36,722 40612 100%

06/30/07 06/30/07 06/30/08


3.50 3.50 3.56
0.63 0.63 0.63
-8.97 -6.45 1.43
0.81 0.81 0.81
06/30/08
44% 16037 46%
56% 18479 54%
100% 34516 100%

67% 23094 67%


33% 11422 33%
100% 34516 100%

-27%
Average At the end Average
12.2% 12.7%
12.2% 9.3%

-12.7%

8.0% 8.4%

100%

91
75
-30

06/30/08
355
1423
1004
70
800
238

1151
329
87
113

1294

0
916

06/30/08
916
-1004
-1423
-70
329
113
-1139
-1038

-2177

1294
1238

355

355
06/30/11 What-if issue

7% 4102 7%
28% 16632 28%
20% 11878 20%
2% 969 2%
56% 33581 56%

38% 22400 38%


6% 3639 6%

100% 59620 100%

23% 2442 4%
7% 3905 7%
2% 1483 2%
2% 1345 2%
34% 9175 15%

37% 22247 37%

71% 31422 53%

12% 17881 30%


17% 10317 17%
29% 28198 47%

100% 59620 100%


06/30/11
2.11
43.9%
2.15
0.15

Number Sha,
1165327
400000
1565327
1165327
400000
06/30/08
15401 100.0%
-9887 -64.2%
5514 35.8%

0 0.0%
-4359 -28.3%
1155 7.5%
-57 -0.4%
1098 7.1%
-297 -1.9%
801 5.2%
288

-9887 100.0%

06/30/08
-64.2%
35.8%
0.0%
-28.3%
7.5%
5.2%

06/30/08
5.2%
1.49
7.75%
1.22
9.46%

06/30/08
75
4.80
4.02
30.01
-14.99
1.50%
3.00%
1.70%

06/30/08

585 6%
3165 31%
2060 20%
231 2%
6041 58%

3831 37%
462 4%

10334 100%

791 8%
813 8%
0 0%
262 3%
1866 18%

0 0%

1866 18%

4584 44%
3884 38%
8468 82%

10334 100%
06/30/08
1.22
0.08
20.26
0.25

06/30/08
4381 51%
4293 49%
8674 100%

206 2%
8468 98%
8674 100%

-27%
Average At the end Average
13.3% 26.6%
13.3% 19.4%

-27.7%

9.5% 18.9%

100%

76
75
-30

06/30/08
585
3165
2060
231

3831
462

791
813
0
262

4584
3884

06/30/08
801
-2060
-3165
-231
813
262
-3580

-4293

-7873

0
791

-7082

585
06/30/11

-571 600
19607
-902
18705

4.80%
7.72%
4.25%
5.20%
5.65%
7.00%

McCormick
& Company
$ 6,567.04
$ 989.70
$ 7,556.74

13.1%
86.9%
0.500
0.461

0.450

0.500
High
Country
$ 13.200
$ 0.902
$ 14.102

6.40%
93.6%
0.500
0.521
0.575
0.629
Current
6.4%
93.6%
7.25%
27.0%
7.89%
7.73%

06/30/08
100.0% 53107 100.0%
-58.0% -30802 -58.0%
42.0% 22305 42.0%

-1.6% -850 -1.6%


-32.3% -17260 -32.5%
8.1% 4195 7.9%
-6.3% -2940 -5.5%
1.8% 1255 2.4%
-0.5% -339 -0.6%
1.3% 916 1.7%
15.0%

100.0% -30802 100.0%

06/30/08
-58.0%
42.0%
-1.6%
-32.5%
7.9%
1.7%

06/30/08
1.7%
1.31
2.26%
3.56
8.02%

06/30/08
75
4.00
3.32
30.00

06/30/08

6% 2680 7%
26% 10912 27%
18% 7701 19%
2% 840 2%
53% 22133 54%

41% 16000 39%


6% 2479 6%

100% 40612 100%

10.6%

21% 8820 22%


6% 2532 6%
3% 1060 3%
2% 884 2%
32% 13296 33%

40% 15894 39%

71% 29190 72%


19% 6881 17%
10% 4541 11%
29% 11422 28%

100% 40612 100%

06/30/08
3.56
0.63
1.43
0.81

Year 0
- 1,440,000

Flujos de efectivo operativos


Las ventas netas
Costo de Bienes Vendidos en 58.5% de las ventas
Margen de beneficio bruto

Gastos de promocin en un 11% de las ventas


Gastos generales y administrativos
Gasto de depreciacin
Beneficio Operacional Incremental

Impuestos sobre la renta al 27%


Ingreso Neto Incremental

Ms gastos de depreciacin
Flujo de efectivo de operacin incremental

Inversin Anual de Capital de Trabajo Neto


A / R adicionales a 75 das de ventas pendientes
Inventario adicional en 4 turnos de inventario
A / P adicional a los 30 das COGS
Inversin total de NWC

Year 0

- 1,440,000
- 1,440,000 - 1,133,118
0

1,716,414
2,405,498
3,278,174
3,753,092
5,848,462 OK::OK::

06/30/08
100.0% 53107 100.0%
-58.0% -30802 -58.0%
42.0% 22305 42.0%

-1.6% -850 -1.6%


-32.3% -17260 -32.5%
8.1% 4195 7.9%
-6.3% -2940 -5.5%
1.8% 1255 2.4%
-0.5% -339 -0.6%
1.3% 916 1.7%

15.0%

100.0% -30802 100.0%


06/30/08
-58.0%
42.0%
-1.6%
-32.5%
7.9%
1.7%

06/30/08
1.7%
1.31
2.26%
3.56
8.02%

06/30/08
75
4.00
3.32
30.00

06/30/08

6% 2680 7%
26% 10912 27%
18% 7701 19%
2% 840 2%
53% 22133 54%

41% 16000 39%


6% 2479 6%

100% 40612 100%


10.6%

21% 8820 22%


6% 2532 6%
3% 1060 3%
2% 884 2%
32% 13296 33%

40% 15894 39%

71% 29190 72%

19% 6881 17%


10% 4541 11%
29% 11422 28%

100% 40612 100%

06/30/08
3.56
0.63
1.43
0.81
Debt obj. Debt obj.
15965 22320

06/30/09 06/30/10 06/30/11

57887 100.0% 68017 100.0% 80940


-33575 -58.0% -39790 -58.5% -47512
24312 42.0% 28227 41.5% 33428

-926 -1.6% -1088 -1.6% -1295


-18871 -32.6% -21902 -32.2% -26063

4515 7.8% 5237 7.7% 6070

-2668 -4.6% -2423 -3.6% -2817

1847 3.2% 2814 4.1% 3253


-499 -0.9% -760 -1.1% -879
1348 2.3% 2054 3.0% 2374

16.0
37989660
1165327
32.6

9.0% 17.5% 19.0%

-33575 100.0% -39790 100.0% -47512

06/30/09 06/30/10 06/30/11


-58.0% -58.5% -58.7%
42.0% 41.5% 41.3%
-1.6% -1.6% -1.6%
-32.6% -32.2% -32.2%
7.8% 7.7% 7.5%
2.3% 3.0% 2.9%

06/30/09 06/30/10 06/30/11


2.3% 3.0% 2.9%
1.31 1.35 1.36
3.06% 4.08% 3.98%
3.45 3.40 3.47
10.56% 13.86% 13.80%

06/30/09 06/30/10 06/30/11


75 75 75
4.00 4.00 4.00
3.35 3.56 3.61
30.00 30.01 30.00

06/30/09 06/30/10 06/30/11

15% 2924 7% 26% 3440 7% 48% 4102


15% 11895 27% 25% 13976 28% 47% 16632
15% 8394 19% 25% 9947 20% 49% 11878
9% 910 2% 18% 828 2% 8% 969
15% 24123 55% 25% 28191 56% 46% 33581

5% 17300 39% 14% 19100 38% 26% 22400


11% 2671 6% 19% 3074 6% 37% 3639

11% 44094 100% 20% 50365 100% 37% 59620

8.6% 14.2% 18.4%

15% 9613 22% 25% 11295 22% 47% 13442


15% 2760 6% 25% 3271 6% 48% 3905
9% 1124 3% 16% 1240 2% 27% 1483
15% 965 2% 25% 1129 2% 46% 1345
14% 14462 33% 25% 16935 34% 46% 20175

9% 16862 38% 15% 18606 37% 27% 22247

11% 31324 71% 19% 35541 71% 36% 42422

0% 6881 16% 0% 6881 14% 0% 6881


25% 5889 13% 62% 7943 16% 119% 10317
9% 12770 29% 22% 14824 29% 41% 17198

11% 44094 100% 20% 50365 100% 37% 59620

06/30/09 06/30/10 06/30/11


3.45 3.40 3.47
0.63 0.62 0.62
1.69 2.16 2.15
0.81 0.81 0.81
06/30/09 06/30/10 06/30/11
17474 47% 20351 48% 24229
19971 53% 22174 52% 26039
37445 100% 42525 100% 50268

24675 66% 27701 65% 33070


12770 34% 14824 35% 17198
37445 100% 42525 100% 50268

-27% -27% -27%


At the end Average At the end Average At the end
12.1% 12.5% 12.3% 13.1% 12.1%
8.8% 9.2% 9.0% 9.6% 8.8%

-10.8% -8.7% -8.5%

10.6% 11.1% 13.9% 14.9% 13.8%

100% 100% 100%

91 91 91
75 75 75
-30 -30 -30

06/30/09 06/30/10 06/30/11


244 516 662
983 2081 2656
693 1553 1931
70 -82 141
1300 1800 3300
192 403 565

793 1682 2147


228 511 634
64 116 243
81 164 216

968 1744 3641

0 0 0
1348 2054 2374

06/30/09 06/30/10 06/30/11


1348 2264 2054 2374
-693 -1697 -1553 -1931
-983 -2406 -2081 -2656
-70 -140 82 -141
228 557 511 634
81 194 164 216
-89 -1228 -823 -1504
-1492 -2530 -2203 -3865

-1581 -3758 -3026 -5369

968 2262 1744 3641


857 2095 1798 2390

244 599 516 662

244 599 516 662


06/30/12 06/30/12 What-if issue

0% 4672 7% 14% 4672 7%


0% 19126 28% 15% 19126 28%
0% 13613 20% 15% 13613 20%
0% 1117 2% 15% 1117 2%
0% 38528 57% 15% 38528 57%

0% 25157 37% 12% 25157 37%


0% 4189 6% 15% 4189 6%

0% 67874 100% 14% 67874 100%

13.8% 0.0%

-82% 15492 23% 15% 3831 6%


0% 4476 7% 15% 4476 7%
0% 1614 2% 9% 1614 2%
0% 1545 2% 15% 1545 2%
-55% 23127 34% 15% 11466 17%

0% 24204 36% 9% 24204 36%

-26% 47331 70% 12% 35670 53%

160% 6881 10% 0% 17881 26%


0% 13661 20% 32% 14323 21%
64% 20542 30% 19% 32204 47%

0% 67873 100% 14% 67874 100%


06/30/12 06/30/12
3.30 2.11
60.9% 43.7%
2.42 3.36
0.81 0.20

Value
37989660
11000000
48989660
-1518703
1518703

Debt obj. Debt obj.


15965 22320
06/30/09 06/30/10 06/30/11
15919 27.5% 16664 24.5% 17564
-10284 -17.8% -10732 -15.8% -11329
5635 9.7% 5932 8.7% 6235

0 0.0% 0 0.0% 0
-4553 -7.9% -4816 -7.1% -5041
1082 1.9% 1116 1.6% 1194
-72 -0.1% -60 -0.1% -63
1010 1.7% 1056 1.6% 1131
-273 -0.5% -285 -0.4% -306
737 1.3% 771 1.1% 825
254 422 401
16.0
13200000

3.4% 4.7% 5.4%

-10284 100.0% -10732 100.0% -11329

06/30/09 06/30/10 06/30/11


-64.6% -64.4% -64.5%
35.4% 35.6% 35.5%
0.0% 0.0% 0.0%
-28.6% -28.9% -28.7%
6.8% 6.7% 6.8%
4.6% 4.6% 4.7%

06/30/09 06/30/10 06/30/11


4.6% 4.6% 4.7%
1.46 1.47 1.48
6.77% 6.81% 6.96%
1.22 1.22 1.22
8.23% 8.29% 8.48%

06/30/09 06/30/10 06/30/11


75 75 75
4.80 4.80 4.80
3.84 3.90 3.97
29.99 30.00 30.00
-15.01 -15.00 -15.01
1.50% 1.50% 1.50%
3.00% 3.00% 3.00%
1.70% 1.70% 1.70%

06/30/09 06/30/10 06/30/11

610 6% 639 6% 673


3271 30% 3424 30% 3609
2142 20% 2236 20% 2360
239 2% 250 2% 263
6262 58% 6549 58% 6905

4146 38% 4273 38% 4424


477 4% 500 4% 527

10885 100% 11322 100% 11856

5.3% 4.0% 4.7%

818 8% 856 8% 902


845 8% 882 8% 931
0 0% 0 0% 0
271 2% 283 2% 299
1934 18% 2021 18% 2132

0 0% 0 0% 0

1934 18% 2021 18% 2132

4584 42% 4584 40% 4584


4367 40% 4716 42% 5140
8951 82% 9300 82% 9724

10885 100% 11321 100% 11856


06/30/09 06/30/10 06/30/11
1.22 1.22 1.22
0.08 0.08 0.08
15.03 18.60 18.95
0.25 0.25 0.25

06/30/09 06/30/10 06/30/11


4536 50% 4745 50% 5002
4623 50% 4773 50% 4951
9159 100% 9518 100% 9953

208 2% 217 2% 229


8951 98% 9300 98% 9724
9159 100% 9517 100% 9953

-27% -27% -27%


At the end Average At the end Average At the end
11.8% 12.1% 11.7% 12.0% 12.0%
8.6% 8.9% 8.6% 8.7% 8.8%

-34.6% -27.6% -27.5%

8.2% 8.5% 8.3% 8.4% 8.5%

100% 100% 100%

76 76 76
75 75 75
-30 -30 -30

06/30/09 06/30/10 06/30/11


25 29 34
106 153 185
82 94 124
8 11 13

315 127 151


15 23 27

27 38 46
32 37 49
0 0 0
9 12 16

0 0 0

0 0 0
483 349 424

06/30/09 06/30/10 06/30/11


737 1538 771 825
-82 -2142 -94 -124
-106 -3271 -153 -185
-8 -239 -11 -13
32 845 37 49
9 271 12 16
582 -2998 562 568

-330 -4623 -150 -178

252 -7621 412 390

0 0 0 0
27 818 38 46

279 -6803 450 436

25 610 29 34
06/30/12 06/30/13 06/30/14
1391 1673 1757
-375 -452 -474
1015 1222 1283

-281 -46 -50


-253 -232 -205
-529 -24 -146
37 -14 -12
19 8 48
13 19 17
-993 -289 -348

-319 -51 -45

-274 -282 -249


0 0 0
0 0 0

-571 600 641

-571 600 641

641 25726
ConAgra Pacific
Foods Grove
$ 11,069.07 $ 37.98
$ 3,233.80 $ 37.20
$ 14,302.87 $ 75.18

22.6% 49.5%
77.4% 50.5%
0.600 0.850
0.510 0.528

0.495 0.496
20/80 30/70
20.0% 30.0%
80.0% 70.0%
7.50% 7.75%
27.0% 27.0%
8.28% 8.65%
7.72% 7.75%

Debt obj. Debt obj.


15965 22320

06/30/09 06/30/10 06/30/11


57887 100.0% 68017 100.0% 98504
-33575 -58.0% -39790 -58.5% -58841
24312 42.0% 28227 41.5% 39663

-926 -1.6% -1088 -1.6% -1295


-18871 -32.6% -21902 -32.2% -31104
4515 7.8% 5237 7.7% 7264
-2668 -4.6% -2423 -3.6% -2880
1847 3.2% 2814 4.1% 4384
-499 -0.9% -760 -1.1% -1185
1348 2.3% 2054 3.0% 3199

16.0
37989660
1165327
32.6

9.0% 17.5% 44.8%

-33575 100.0% -39790 100.0% -58841

06/30/09 06/30/10 06/30/11


-58.0% -58.5% -59.7%
42.0% 41.5% 40.3%
-1.6% -1.6% -1.3%
-32.6% -32.2% -31.6%
7.8% 7.7% 7.4%
2.3% 3.0% 3.2%

06/30/09 06/30/10 06/30/11


2.3% 3.0% 3.2%
1.31 1.35 1.31
3.06% 4.08% 4.27%
3.45 3.40 2.47
10.56% 13.86% 10.52%

06/30/09 06/30/10 06/30/11


75 75 75
4.00 4.00 4.13
3.35 3.56 3.67
30.00 30.01 30.00

06/30/09 06/30/10 06/30/11

15% 2924 7% 26% 3440 7% 48% 4775


15% 11895 27% 25% 13976 28% 47% 20241
15% 8394 19% 25% 9947 20% 49% 14238
9% 910 2% 18% 828 2% 8% 1232
15% 24123 55% 25% 28191 56% 46% 40486

5% 17300 39% 14% 19100 38% 26% 26824


11% 2671 6% 19% 3074 6% 37% 4166
3476
11% 44094 100% 20% 50365 100% 37% 74952

8.6% 14.2% 48.8%

15% 9613 22% 25% 11295 22% 47% 14344


15% 2760 6% 25% 3271 6% 48% 4836
9% 1124 3% 16% 1240 2% 27% 1483
15% 965 2% 25% 1129 2% 46% 1644
14% 14462 33% 25% 16935 34% 46% 22307

9% 16862 38% 15% 18606 37% 27% 22247

11% 31324 71% 19% 35541 71% 36% 44554


0% 6881 16% 0% 6881 14% 0% 20081
25% 5889 13% 62% 7943 16% 119% 10317
9% 12770 29% 22% 14824 29% 41% 30398

11% 44094 100% 20% 50365 100% 37% 74952

06/30/09 06/30/10 06/30/11


3.45 3.40 2.47
0.63 0.62 0.51
1.69 2.16 2.52
0.81 0.81 0.71

5.00% 5.00%

Year 1 Year 2 Year 3


8,100,000 8,505,000 8,930,250
- 4,738,500 - 4,975,425 - 5,224,196
3,361,500 3,529,575 3,706,054

- 891,000 - 935,550 - 982,328


- 760,000 - 798,000 - 837,900
- 288,000 - 288,000 - 288,000
1,422,500 1,508,025 1,597,826

- 384,075 - 407,167 - 431,413


1,038,425 1,100,858 1,166,413

288,000 288,000 288,000


1,326,425 1,388,858 1,454,413

Year 1 Year 2 Year 3


- 1,664,384 - 83,219 - 87,380
- 1,184,625 - 59,231 - 62,193
389,466 19,473 20,447
- 2,459,543 - 122,977 - 129,126

Year 1 Year 2 Year 3

- 1,133,118 1,265,881 1,325,287


1,265,881 1,325,287 1,387,664 4,442,748 5,848,462

Debt obj. Debt obj.


15965 22320

06/30/09 06/30/10 06/30/11


57887 100.0% 68017 100.0% 98504
-33575 -58.0% -39790 -58.5% -58841
24312 42.0% 28227 41.5% 39663

-926 -1.6% -1088 -1.6% -1295


-18871 -32.6% -21902 -32.2% -31104
4515 7.8% 5237 7.7% 7264
-2668 -4.6% -2423 -3.6% -2880
1847 3.2% 2814 4.1% 4384
-499 -0.9% -760 -1.1% -1185
1348 2.3% 2054 3.0% 3199

16.0
37989660
1165327
32.6

9.0% 17.5% 44.8%

-33575 100.0% -39790 100.0% -58841


06/30/09 06/30/10 06/30/11
-58.0% -58.5% -59.7%
42.0% 41.5% 40.3%
-1.6% -1.6% -1.3%
-32.6% -32.2% -31.6%
7.8% 7.7% 7.4%
2.3% 3.0% 3.2%

06/30/09 06/30/10 06/30/11


2.3% 3.0% 3.2%
1.31 1.35 1.31
3.06% 4.08% 4.27%
3.45 3.40 2.47
10.56% 13.86% 10.52%

06/30/09 06/30/10 06/30/11


75 75 75
4.00 4.00 4.13
3.35 3.56 3.67
30.00 30.01 30.00

06/30/09 06/30/10 06/30/11

15% 2924 7% 26% 3440 7% 48% 4775


15% 11895 27% 25% 13976 28% 47% 20241
15% 8394 19% 25% 9947 20% 49% 14238
9% 910 2% 18% 828 2% 8% 1232
15% 24123 55% 25% 28191 56% 46% 40486

5% 17300 39% 14% 19100 38% 26% 26824


11% 2671 6% 19% 3074 6% 37% 4166
3476
11% 44094 100% 20% 50365 100% 37% 74952
8.6% 14.2% 48.8%

15% 9613 22% 25% 11295 22% 47% 14344


15% 2760 6% 25% 3271 6% 48% 4836
9% 1124 3% 16% 1240 2% 27% 1483
15% 965 2% 25% 1129 2% 46% 1644
14% 14462 33% 25% 16935 34% 46% 22307

9% 16862 38% 15% 18606 37% 27% 22247

11% 31324 71% 19% 35541 71% 36% 44554

0% 6881 16% 0% 6881 14% 0% 20081


25% 5889 13% 62% 7943 16% 119% 10317
9% 12770 29% 22% 14824 29% 41% 30398

11% 44094 100% 20% 50365 100% 37% 74952

06/30/09 06/30/10 06/30/11


3.45 3.40 2.47
0.63 0.62 0.51
1.69 2.16 2.52
0.81 0.81 0.71
06/30/12 06/30/13 06/30/14

100.0% 93081 100.0% 105182 100.0% 116751


-58.7% -54452 -58.5% -61531 -58.5% -68300
41.3% 38629 41.5% 43651 41.5% 48451

-1.6% -1489 -1.6% -1683 -1.6% -1868


-32.2% -29321 -31.5% -33132 -31.5% -36777

7.5% 7819 8.4% 8836 8.4% 9806

-3.5% -3237 -3.5% -3582 -3.4% -3894

4.0% 4582 4.9% 5254 5.0% 5912


-1.1% -1237 -1.3% -1418 -1.3% -1597
2.9% 3345 3.6% 3836 3.6% 4315
15.0% 13.0% 11.0%

100.0% -54452 100.0% -61531 100.0% -68300

06/30/12 06/30/13 06/30/14


-58.5% -58.5% -58.5%
41.5% 41.5% 41.5%
-1.6% -1.6% -1.6%
-31.5% -31.5% -31.5%
8.4% 8.4% 8.4%
3.6% 3.6% 3.7%

06/30/12 06/30/13 06/30/14


3.6% 3.6% 3.7%
1.37 1.37 1.37
4.93% 5.00% 5.07%
3.30 3.15 2.97
16.28% 15.74% 15.04%

06/30/12 06/30/13 06/30/14


75 75 75
4.00 4.00 4.00
3.70 3.70 3.70
30.00 30.00 30.00

06/30/12 06/30/13 06/30/14

7% 76% 4672 7% 101% 5279 7% 127% 5860


28% 75% 19126 28% 102% 21613 28% 128% 23990
20% 77% 13613 20% 103% 15383 20% 130% 17075
2% 26% 1117 2% 45% 1262 2% 64% 1401
56% 74% 38528 57% 100% 43537 57% 126% 48326

38% 47% 25157 37% 66% 28427 37% 87% 31554


6% 62% 4189 6% 87% 4733 6% 111% 5254

100% 62% 67874 100% 85% 76697 100% 109% 85134

13.8% 13.0% 11.0%

23% 75% 15492 23% 102% 17506 23% 128% 19432


7% 77% 4476 7% 103% 5057 7% 130% 5614
2% 52% 1614 2% 66% 1751 2% 80% 1842
2% 74% 1545 2% 100% 1746 2% 126% 1938
34% 74% 23127 34% 99% 26060 34% 124% 28826

37% 52% 24204 36% 66% 26258 34% 80% 27614

71% 62% 47331 70% 81% 52318 68% 100% 56440

12% 0% 6881 10% 0% 6881 9% 0% 6881


17% 185% 13661 20% 277% 17497 23% 383% 21813
29% 64% 20542 30% 96% 24378 32% 132% 28694

100% 62% 67873 100% 85% 76696 100% 109% 85134

06/30/12 06/30/13 06/30/14


3.30 3.15 2.97
0.61 0.59 0.57
2.42 2.47 2.52
0.81 0.81 0.81
06/30/12 06/30/13 06/30/14
48% 27835 49% 31455 49% 34914
52% 29346 51% 33160 51% 36808
100% 57181 100% 64615 100% 71722

66% 36638 64% 40236 62% 43028


34% 20542 36% 24378 38% 28694
100% 57180 100% 64614 100% 71722

-27% -27% -27%


Average
13.1% 13.7% 14.6% 13.7% 14.5% 13.7%
9.5% 13.7% 10.6% 10.0% 10.6% 10.0%

-8.8% -8.9% -9.0%

14.8% 16.3% 17.7% 15.7% 17.1% 15.0%

91 91 91
75 75 75
-30 -30 -30

06/30/12 06/30/13 06/30/14


570 607 581
2494 2487 2377
1735 1770 1692
148 145 139
2757 3270 3127
550 544 521

2050 2014 1926


571 581 557
131 137 91
200 201 192

1957 2054 1356

0 0 0
3344 3836 4316

06/30/12 06/30/13 06/30/14


3345 3836 4315
-1735 -1770 -1692
-2494 -2487 -2377
-148 -145 -139
571 581 557
200 201 192
-261 216 856
-3307 -3814 -3648

-3568 -3598 -2792

1957 2054 1356


2181 2151 2017

570 607 581

570 607 581


06/30/12 06/30/13 06/30/14
21.7% 18793 20.2% 19921 18.9% 20917
-14.0% -11558 -12.4% -11654 -11.1% -12237
7.7% 7235 7.8% 8267 7.9% 8681

0.0% -188 -0.2% -319 -0.3% -335


-6.2% -5657 -6.1% -6275 -6.0% -6589
1.5% 1391 1.5% 1673 1.6% 1757
-0.1% 0.0% 0.0%
1.4% 0.0% 0.0%
-0.4% 0.0% 0.0%
1.0% 0.0% 0.0%

7.0% 6.0% 5.0%


7.0% 6.0% 5.0%
100.0% -11557.9902 100.0% -11653.836948 100.0% -12237

06/30/12 06/30/13 06/30/14


-61.5% -58.5% -58.5%
38.5% 41.5% 41.5%
-1.0% -1.6% -1.6%
-30.1% -31.5% -31.5%
7.4% 8.4% 8.4%

06/30/12 06/30/13 06/30/14


0.0% 0.0% 0.0%
1.39 1.41 1.41
0.00% 0.00% 0.00%
#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!

06/30/12 06/30/13 06/30/14


75 75 75
4.00 4.00 4.00
4.00 4.00 4.00
30.00 30.00 30.00
-20.00 -20.00 -20.00
1.20% 1.20% 1.20%
4.50% 4.50% 4.50%
1.66% 1.66% 1.66%

06/30/12 06/30/13 06/30/14

6% 954 1% 1000 1% 1050


30% 3862 6% 4093 5% 4298
20% 2889 4% 2913 4% 3059
2% 226 0% 239 0% 251
58% 7930 12% 8246 11% 8658

37% 4698 7% 4980 6% 5229


4% 846 1% 896 1% 941

100% 13474 20% 14122 18% 14829

13.7% 4.8% 5.0%

8%
8% 950 958 1006
0%
3% 312 331 347
18%

0%

18%

39% 4584 4584 4584


43%
82%

100%
06/30/12 06/30/13 06/30/14
#DIV/0! #DIV/0! #DIV/0!
0.00 0.00 0.00
#DIV/0! #DIV/0! #DIV/0!
0.00 0.00 0.00

06/30/12 06/30/13 06/30/14


50% 5715 51% 5957 50% 6255
50% 5544 49% 5877 50% 6171
100% 11259 100% 11834 100% 12426

2% -954 100% -1000 100% -1050


98% 0 0% 0 0% 0
100% -954 100% -1000 100% -1050

#DIV/0! #DIV/0! #DIV/0!


Average
12.3% 12.4% 30.9% 14.1% -171.3% 14.1%
8.9% 12.4% #DIV/0! #DIV/0! #DIV/0! #DIV/0!

0.0% 0.0% 0.0%

8.7% #DIV/0! 0.0% #DIV/0! #DIV/0! #DIV/0!

91 91 91
75 75 75
-30 -30 -30

06/30/12 06/30/13 06/30/14


280.5760263014 46.2988964822 49.9937461
252.6739726027 231.7004383562 204.668721
529.49755 23.961687 145.672962
-37.47824 13.5313056 11.9526533

274.37 281.9022 249.01361


318.7066 50.742396 44.8224498

-902 0 0
18.9717972603 7.8778149041 47.8924806
0 0 0
12.971768 18.71830608 16.5345037

0 0 0

0 0 0
-5140 0 0

06/30/12 06/30/13 06/30/14


0 0 0
-529 -24 -146
-253 -232 -205
37 -14 -12
19 8 48
13 19 17
-713 -243 -298

-593 -333 -294

-1306 -575 -592

0 0 0
-902 0 0

-2208 -575 -592

281 46 50
06/30/15
1841
-497
1344

-50
-206
-147
-12
48
17
-351

-45

-251
0
0

697
25029
25726
06/30/12 06/30/13 06/30/14
100.0% 111874 100.0% 125103 100.0% 137668
-59.7% -66010 -59.0% -73185 -58.5% -80537
40.3% 45864 41.0% 51918 41.5% 57132

-1.3% -1677 -1.5% -2002 -1.6% -2203


-31.6% -34978 -31.3% -39407 -31.5% -43366
7.4% 9210 8.2% 10509 8.4% 11563
-2.9% -3080 -2.8% -3180 -2.5% -3280
4.5% 6130 5.5% 7329 5.9% 8283
-1.2% -1655 -1.5% -1979 -1.6% -2236
3.2% 4475 4.0% 5350 4.3% 6047
13.6% 11.8% 10.0%

100.0% -66009.9902 100.0% -73184.836948 100.0% -80537

06/30/12 06/30/13 06/30/14


-59.0% -58.5% -58.5%
41.0% 41.5% 41.5%
-1.5% -1.6% -1.6%
-31.3% -31.5% -31.5%
8.2% 8.4% 8.4%
4.0% 4.3% 4.4%

06/30/12 06/30/13 06/30/14


4.0% 4.3% 4.4%
1.32 1.33 1.33
5.28% 5.67% 5.85%
2.43 2.34 2.24
12.83% 13.30% 13.07%

06/30/12 06/30/13 06/30/14


75 75 75
4.00 4.00 4.00
3.75 3.74 3.74
30.00 30.00 30.00

06/30/12 06/30/13 06/30/14

6% 5626 7% 6279 7% 6910


27% 22988 27% 25706 27% 28288
19% 16502 19% 18296 19% 20134
2% 1343 2% 1501 2% 1652
54% 46458 55% 51783 55% 56984

36% 29855 35% 33407 35% 36783


6% 5035 6% 5629 6% 6195
5% 3476 4% 3476 4% 3476
100% 84824 100% 94295 100% 103439

13.2% 11.2% 9.7%

24% 16851 25% 17972 23% 18808


8% 5426 8% 6015 8% 6620
2% 1614 2% 1751 2% 1842
3% 1857 3% 2077 3% 2285
37% 25748 38% 27814 36% 29555

37% 24204 36% 26258 34% 27614

75% 49952 74% 54072 71% 57169


34% 20081 30% 20081 26% 20081
17% 14792 22% 20142 26% 26189
51% 34873 51% 40223 52% 46270

126% 84824 125% 94295 123% 103439

06/30/12 06/30/13 06/30/14


2.43 2.34 2.24
0.50 0.49 0.47
2.99 3.30 3.53
0.73 0.70 0.66

5.00% 5.00%

Year 4 Year 5
9,376,763 9,845,601
- 5,485,406 - 5,759,676
3,891,356 4,085,924

- 1,031,444 - 1,083,016
- 879,795 - 923,785
- 288,000 - 288,000
1,692,118 1,791,123

- 456,872 - 483,603
1,235,246 1,307,520

288,000 288,000
1,523,246 1,595,520

Year 4 Year 5
- 91,749 - 96,337
- 65,302 - 68,568
21,469 22,543
- 135,582 - 142,361

Year 4 Year 5
2,989,590

1,387,664 4,442,748

06/30/12 06/30/13 06/30/14


100.0% 119974 100.0% 133608 100.0% 146598
-59.7% -70748 -59.0% -78160 -58.5% -85761
40.3% 49226 41.0% 55448 41.5% 60838

-1.3% -1677 -1.4% -2002 -1.5% -2203


-31.6% -36917 -30.8% -41429 -31.0% -45474
7.4% 10632 8.9% 12017 9.0% 13161
-2.9% -3080 -2.6% -3180 -2.4% -3280
4.5% 7552 6.3% 8837 6.6% 9881
-1.2% -2039 -1.7% -2386 -1.8% -2668
3.2% 5513 4.6% 6451 4.8% 7213

21.8% 11.4% 9.7%

100.0% -70748.4902 100.0% -78160.261948 100.0% -85761


06/30/12 06/30/13 06/30/14
-59.0% -58.5% -58.5%
41.0% 41.5% 41.5%
-1.4% -1.5% -1.5%
-30.8% -31.0% -31.0%
8.9% 9.0% 9.0%
4.6% 4.8% 4.9%

06/30/12 06/30/13 06/30/14


4.6% 4.8% 4.9%
1.35 1.36 1.37
6.21% 6.57% 6.73%
2.47 2.32 2.16
15.35% 15.23% 14.55%

06/30/12 06/30/13 06/30/14


75 75 75
4.00 4.00 4.00
3.87 3.90 3.92
30.00 30.00 30.00

06/30/12 06/30/13 06/30/14

6% 5626 6% 6279 6% 6910


27% 24652 28% 27454 28% 30123
19% 17687 20% 19540 20% 21440
2% 1343 2% 1501 2% 1652
54% 49307 56% 54774 56% 60125

36% 31007 35% 34271 35% 37359


6% 5035 6% 5629 6% 6195
5% 3476 4% 3476 4% 3476
100% 88825 100% 98151 100% 107156
18.5% 10.5% 9.2%

24% 19424 29% 19279 25% 18790


8% 5815 9% 6424 8% 7049
2% 1614 2% 1751 2% 1842
3% 1857 3% 2077 3% 2285
37% 28710 42% 29531 39% 29966

37% 24204 36% 26258 34% 27614

75% 52914 78% 55789 73% 57580

34% 20081 30% 20081 26% 20081


17% 15830 23% 22281 29% 29494
51% 35911 53% 42362 55% 49575

126% 88825 131% 98151 128% 107156

06/30/12 06/30/13 06/30/14


2.47 2.32 2.16
0.51 0.48 0.45
3.45 3.78 4.01
0.79 0.70 0.62
06/30/15

100.0% 127259 100.0%


-58.5% -74447 -58.5%
41.5% 52812 41.5%

-1.6% -2036 -1.6%


-31.5% -40087 -31.5%

8.4% 10689 8.4%

-3.3% -4124 -3.2%

5.1% 6565 5.2%


-1.4% -1773 -1.4%
3.7% 4792 3.8%
9.0%

100.0% -74447 100.0%

06/30/15
-58.5%
41.5%
-1.6%
-31.5%
8.4%
3.8%

06/30/15
3.8%
1.37
5.16%
2.77
14.31%

06/30/15
75
4.00
3.70
30.00

06/30/15

7% 152% 6387 7%
28% 153% 26149 28%
20% 155% 18612 20%
2% 82% 1527 2%
57% 151% 52675 57%

37% 108% 34395 37%


6% 134% 5727 6%

100% 132% 92797 100%

9.0%

23% 153% 21181 25%


7% 155% 6119 7%
2% 89% 1869 2%
2% 151% 2113 2%
34% 148% 31282 37%

32% 89% 28028 33%

66% 115% 59310 70%

8% 0% 6881 8%
26% 502% 26606 31%
34% 173% 33487 39%

100% 132% 92797 109%

06/30/15
2.77
0.55
2.59
0.81
06/30/15
49% 38056 49%
51% 40122 51%
100% 78178 100%

60% 44691 57%


40% 33487 43%
100% 78178 100%

-27%

14.4% 13.7% 14.3%


10.5% 10.0% 10.4%

-9.2%

16.3% 14.3% 15.4%

91
75
-30

06/30/15
527
2159
1537
126
2841
473

1749
505
27
175

414

0
4793

06/30/15
4792
-1537
-2159
-126
505
175
1650
-3314

-1664

414
1776

526

527
06/30/15
17.9% 21921 17.2%
-10.5% -12824 -10.1%
7.4% 9097 7.1%

-0.3% -351 -0.3%


-5.6% -6905 -5.4%
1.5% 1841 1.4%
0.0% 0.0%
0.0% 0.0%
0.0% 0.0%
0.0% 0.0%

4.8%
4.80%
100.0% -12824 100.0%

06/30/15
-58.5%
41.5%
-1.6%
-31.5%
8.4%

06/30/15
0.0%
1.41
0.00%
#DIV/0!
#DIV/0!

06/30/15
75
4.00
4.00
30.00
-20.00
1.20%
4.50%
1.66%

06/30/15

1% 1100 1%
5% 4504 5%
4% 3206 3%
0% 263 0%
10% 9074 10%

6% 5480 6%
1% 986 1%

17% 15540 17%

4.8%

1054
364

4584
06/30/15
#DIV/0!
0.00
#DIV/0!
0.00

06/30/15
50% 6555 50%
50% 6467 50%
100% 13022 100%

100% -1100 100%


0% 0 0%
100% -1100 100%

#DIV/0!

-171.4% 14.1% -171.3%


#DIV/0! #DIV/0! #DIV/0!

0.0%

#DIV/0! #DIV/0! #DIV/0!

91
75
-30

06/30/15
50.3936961
206.30607
146.838346
12.0482745

251.005719
45.1810294

0
48.2756205
0
16.6667797

0
0

06/30/15
0
-147
-206
-12
48
17
-300

-296

-596

0
0

-596

50
06/30/15
100.0% 149180 100.0%
-58.5% -87271 -58.5%
41.5% 61909 41.5%

-1.6% -2387 -1.6%


-31.5% -46992 -31.5%
8.4% 12530 8.4%
-2.4% -3380 -2.3%
6.0% 9150 6.1%
-1.6% -2471 -1.7%
4.4% 6680 4.5%
8.4%

100.0% -87271 100.0%

06/30/15
-58.5%
41.5%
-1.6%
-31.5%
8.4%
4.5%

06/30/15
4.5%
1.33
5.97%
2.11
12.62%

06/30/15
75
4.00
3.74
30.00

06/30/15

7% 7487 7%
27% 30653 27%
19% 21818 20%
2% 1790 2%
55% 61749 55%

36% 39875 36%


6% 6713 6%
3% 3476 3%
100% 111813 100%

8.1%

22% 19317 23%


8% 7173 8%
2% 1869 2%
3% 2477 3%
35% 30836 36%

32% 28028 33%

67% 58864 69%


24% 20081 24%
31% 32869 39%
54% 52950 62%

122% 111813 131%

06/30/15
2.11
0.44
3.71
0.63
06/30/15
100.0% 158557 100.0%
-58.5% -92756 -58.5%
41.5% 65801 41.5%

-1.5% -2387 -1.5%


-31.0% -49191 -31.0%
9.0% 14222 9.0%
-2.2% -3380 -2.1%
6.7% 10842 6.8%
-1.8% -2927 -1.8%
4.9% 7915 5.0%

8.2%

100.0% -92756 100.0%


06/30/15
-58.5%
41.5%
-1.5%
-31.0%
9.0%
5.0%

06/30/15
5.0%
1.37
6.86%
2.01
13.77%

06/30/15
75
4.00
3.95
30.00

06/30/15

6% 7487 6%
28% 32580 28%
20% 23189 20%
2% 1790 2%
56% 65047 56%

35% 40163 35%


6% 6713 6%
3% 3476 3%
100% 115399 100%
7.7%

22% 17911 21%


8% 7624 9%
2% 1869 2%
3% 2477 3%
35% 29881 35%

32% 28028 33%

68% 57909 68%

24% 20081 24%


35% 37409 44%
58% 57490 68%

126% 115399 136%

06/30/15
2.01
0.41
4.21
0.55

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