Template Startup Financial Model

ff Venture Capital

ffvc.com
@ffvc
teten.com
@dteten

About
We developed this model as a simple end-to-end financial model for an early-stage startup, although
it is useful to anyone building a model for a company. The model outputs standard financial
statements and key operating metrics based on a wide range of user inputs, and is highly customizable
and entirely transparent.
Credits
This model was developed by Rodi Blokh in association with ff Venture Capital (www.ffvc.com) based
on a sanitized version of a financial model developed by David Teten (www.teten.com) for the
startups he has run. Rodi is a Berkeley MBA student (Haas MBA '13) and former corporate banker at
Bank of America Merrill Lynch (rblokh@gmail.com). David is a Partner at ff Venture Capital, Chair of
Harvard Business School Angels of Greater New York, and former Bear Stearns investment banker
(info@teten.com). Thank you to Adam Kalamchi (Columbia MBA ’13) for some initial input on this
model.
If you have feedback on the model, contact info@teten.com . We are very interested in suggested
additional improvements and will try to reflect them. However, we cannot provide you with user
support.
Most recently updated November 4, 2011.

Instructions
Click on the "Model", "Valuation" and "Funding Rounds" tabs and input relevant data. All input cells
are highlighted yellow with blue-colored text.
To add personnel, add additional rows in the Personnel Assumptions section. Select the columns
where an employee starts to correspond with personnel hiring timing.

To add personnel, add additional rows in the Personnel Assumptions section. Select the columns
where an employee starts to correspond with personnel hiring timing.
The WACC section on the "Valuation" tab and the entire "Funding Rounds" tab is independent of the
"Model" and requires independent inputs.
Non-input cells should not be altered by inexperienced users. Cell A4 on the "Model" tab acts as a
check of the model and will display an error message if the model logic is broken. This error message
tests for most, but definitely not all possible errors.
Model Logic
Revenues in the model are arbitrarily assumed to be based primarily on employee headcount.
However, this is certainly not an accurate approach for all ventures, and in fact as venture capitalists
we prefer companies in which the correlation between headcount and revenues is very low. A
separate row labeled "Other Revenues" may be more relevant for modeling revenue projections for
your particular company.

The default approach to cash shortfalls is a draw-down of the revolver account. For most early-stage
startups, the company doesn't have a bank revolver, but uses the principal's credit cards as a de facto
revolver. This account has no max limit in the model.

The model utilizes a cash flow sweep. Any excess cash flow after dividends and minimum cash
balance is applied to repayment of the revolver account. Any additional cash is applied to the balance
sheet cash balance. You can manually make assumptions about dividends as you wish, but we assume
dividends are zero in perpetuity.
Any discrepancy in assets vs. liabilities and stockholder's equity at day 1 is applied to the revolver
account.

The model treats all interest rate assumptions as nominal interest rates given this is typically the
interest rate quoted by lending institutions to small business entrepreneurs for revolvers (credit cards)
and bank loans. As such, we convert the annual interest rate into a monthly interest rate using the
formula Rate / 12. If the interest rate being used is an effective interest rate, the monthly interest
rate calculation should be adjusted to (1 + Rate) ^ (1/12) - 1.
The model calculates interest income and interest expense using beginning balances for the period
only. The formula applied is (2 x Beginning Balance x Rate) / (2 - Rate).
This model assumes standard taxation for a C-Corporation using net operating loss carryforwards and
a 40% tax rate. If you structure the company as an LLC, note that LLCs do not pay corporate tax unless
they elect to (which is unlikely). However, the owners of the LLC (when combined with the underlying
asset) would face a similar financial environment to that of a conventional corporation, so this model
is still applicable even if the entity is an LLC.

Straight-line depreciation is based on the average useful life of fixed assets.
Accounts receivable is based on an assumption of days sales outstanding.
Accounts payable is based on an assumption of days payables outsanding.
We have built in an automatic carryforward for tax losses.

ff Venture Capital StartupCo Financial Model
(in whole USD; assumes no inflation)
Model logic correctly functioning.
Background Assumptions
Company Name
Annual Nominal Interest Rate earned on Cash
Annual Nominal Interest Rate on Short-Term Debt
Annual Nominal Interest Rate on Long-Term Debt
Principal Payments on LTD as a % of LTD

StartupCo
0.5%
3.5%
5.5%

Federal Tax Rate
State Tax Rate
# of Days Sales Outstanding
# of Days Payables Outstanding
# of Days Inventory Outstanding
Average Useful Life of Gross PP&E in Years

5

Investment and Revolver Assumptions
Starting Capital
Subsequent Investments
Minimum # Months Payroll Needed in Cash
Minimum Cash

2

Personnel Assumptions
Senior Management Compensation
CEO
CTO
Other
Other
Other
Other
Other
Total Senior Management Salaries & Benefits
Total Senior Management Headcount

Base Annual Salary
175,000
150,000
-

Business Development Compensation
Manager
Associate
Associate

Base Annual Salary
75,000
35,000
35,000

Associate
Associate
Other
Other
Total Business Development Salaries & Benefits
Total Business Development Headcount

35,000
35,000
-

Sales Compensation
Manager
Salesperson
Salesperson
Other
Other
Other
Other
Total Salesperson Salaries & Benefits
Total Salesperson Headcount

Base Annual Salary
60,000
30,000
30,000
-

Marketing Compensation
Manager
Associate
Other
Other
Other
Other
Other
Total Marketing Salaries & Benefits
Total Marketing Headcount

Base Annual Salary
75,000
50,000
-

IT Compensation
Manager
Developer
Developer
Other
Other
Other
Other
Total IT Salaries & Benefits
Total IT Headcount

Base Annual Salary
80,000
70,000
70,000
-

Other Compensation
Legal Support
Finance Associate
HR Associate
Compliance Associate
Administrator
Other

Base Annual Salary
125,000
45,000
45,000
45,000
40,000
-

Other
Total Other Salaries & Benefits
Total Other Headcount
Total Salaries & Benefits
Total Headcount
Income Statement
Revenues per Bus Dev Employee
Revenues per Salesperson
Other Revenues
Total Revenues
Cost of Goods Sold
Total Business Development Salaries & Benefits
Other Costs of Goods Sold
Total Cost of Goods Sold
% of Revenues
Gross Income
% of Revenues
Sales & Marketing Expenses
Total Salesperson Salaries & Benefits
Total Marketing Salaries & Benefits
Public Relations
Advertising
Other Sales & Marketing Expenses
Total Sales & Marketing Expenses
% of Revenues
General & Administrative Expenses
Total Senior Management Salaries & Benefits
Total IT Salaries & Benefits
Total Other Salaries & Benefits
Rent Expenses
Utilities Expenses
Other
Other
Other
Other
Other
Total General & Administrative Expenses
% of Revenues

-

Depreciation Expense Total Operating Expenses Operating Income % of Revenues EBITDA % of Revenues Interest Expense Interest Income Pre-Tax Profit (Loss) % of Revenues Add (Subtract) to Tax Loss Carryforward Taxable Income (Loss) Tax Expense Net Income % of Revenues Balance Sheet Assets Cash Accounts Receivable Inventory Gross PP&E Accumulated Depreciation Net PP&E Intangibles Total Assets Liabilities & Shareholder's Equity Revolver (Short-Term Debt) Accounts Payable Total Current Liabilities Long-Term Debt Total Liabilities .

Paid-in Capital Retained Earnings Total Shareholder's Equity Total Liabilities & Shareholder's Equity Balance Sheet Check Off-Balance Sheet Items Tax Loss Carryforward Cash Flow Statement Cash Flow from (to) Operations Net Income Depreciation Expense Change in A/R Change in A/P Change in Inventory Change in Intangibles Total Cash Flow from (to) Operations Cash Flow from (to) Investing Workstations (Computers & Desks) Technology Equipment Other Miscellaneous Items Total Cash Flow from (to) Investing Cash Flow from (to) Financing Revolver Issuance / (Repayment) Long-Term Debt Issuance / (Repayment) New Equity Investments Dividends Total Cash Flow from (to) Financing Beginning Cash Change in Cash Ending Cash Debt Cash Flow available for Financing New Equity Investments Dividends Beginning Cash Minimum Cash Cash Flow available for Debt Repayment .

351 .517) 7.650.Long-Term Debt Issuance / (Repayment) Cash Flow available for Revolver Repayment Long-Term Debt Beginning Balance Long-Term Debt Issuance / (Repayment) Long-Term Debt Ending Balance Long-Term Debt Interest Expense Revolver Beginning Balance Revolver Issuance / (Repayment) Revolver Ending Balance Revolver Interest Expense Summary Total Revenues Total Cost of Goods Sold Total Operating Expenses EBITDA Interest Expense Net Income Cash Total Assets Revolver (Short-Term Debt) Long-Term Debt Total Shareholder's Equity NPV based on terminal year 3 NPV based on terminal year 5 Total Headcount Total Salaries & Benefits (133.

229 18.0% 0.0% 0.Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 0.0% 5.0% 0.458 85.5% 0.0% 0.0% 0.229 18.229 1 18.813 - 7.0% 5.0% 5.0% 0.229 1 18.229 1 25.813 - Benefits % Benefits % .3% 0.0% 0.0% 0.813 - 7.0% 0.0% 18.458 85.0% 10.0% 0.0% 0.3% 0.5% 0.229 18.0% 0.3% 0.229 18.458 85.0% 7.813 - 7.229 1 18.0% 0.0% 35.458 85.0% 5.0% 10.229 18.0% 35.0% 35.813 - 7.229 1 18.0% 0.0% 35.0% 25.0% 5.5% 0.0% 35.0% 15 30 30 15 30 30 15 30 30 15 30 30 15 30 30 50.458 25.3% 0.5% 0.3% 0.000 - - - - - 85.5% 0.

0% 0.0% 15.0% 0.0% 13.813 1 7.0% 0.0% 10.021 3.0% 0.813 1 7.0% 0.0% 0.813 1 25.0% 7.021 3.667 - 13.813 1 7.667 - 13.0% 10.813 1 7.0% 0.0% 0.0% 0.0% - - - - - 25.0% 15.021 3.667 - Benefits % Benefits % Benefits % Benefits % .667 - 13.0% 0.0% 10.0% 0.0% 0.0% 10.0% 15.0% 0.0% 10.0% - - - - - 25.0% 0.0% 10.021 3.10.0% 10.0% - - - - - 25.0% 0.021 3.0% 0.667 - 13.

3%) (250) (500) (250) (1.688) (1.729 4 42.813) (1.0% 16.229) (16.0% (250) (500) (250) (1.000 1.313) (831.000) 100.000 - 1.0% (250) (500) (250) (1.313) 931.500) (750) (37.167) 3.167) 3.688) (1.313) (831.688) (1.0% (250) (500) (250) (1.729 4 42.000 - 1.729 4 42.500) (9.7% .500) (750) (37.000) 100.688 2 42.000 1.688) (1.716.688 2 16.000) 100.000 - 1.813) (1.3%) (8.3%) (8.313) 931.500) (750) (37.3% (7.716.7% (18.3% (7.500) (9.313) (831.000 (7.0% (250) (500) (250) (1.716.167) 3.500) (9.500) (750) (37.500) (750) (37.688 2 16.7% (18.500) (9.688 2 16.729 4 42.000) 100.688 2 16.000 1.3% (8.813) (1.7% (18.313) (831.229) (16.000 1.229) (16.7% (18.000 - 1.3%) (8.3%) (8.688) (1.813) (1.813) (1.729 4 1.313) 931.000 - 1.167) 3.167) 3.000) 100.0% (18.0.229) (16.229) (16.313) 931.313) 931.3% (7.313) (831.716.500) (9.716.3% (7.

075) 63.479) (4.500 (3.898 349.788) (4.792 71.1%) 48.778.358) (47.242) (47.542 - - - - - - 150.4%) (39.755.075) (1.133) (1.696 161.1%) (39.9%) (46.100 75.9%) (46.5%) 47.798.647.458 500 9.729) (4.1%) (577) 82 (48.063 163.371 165.479) (4.650) 70.313 257.271 85.613) (4.313 95.350 (48.350 78.192) (1.824 247.554) (4.5%) (724) 103 (48.165) (4.000 50.798.298 307.835.647.479) (4.981 (47.671) (4.271 85.981) (4.986 9.400) 68.208) 65.313 9.298 298.479) (4.981) (4.313 95.835.816.250) (1.535) (4.313 156.1%) (430) 61 (47.0%) (872) 124 (48.479) (4.475) (47.813 90.0%) 48.458 500 9.781 (47.958) 72.1%) 47.425 68.586 9.767.647.458 500 9.417) (47.313 95.647.164 9.853.535) (4.824 257.625 100.477 197.9%) (39.781) (4.313 307.300) (47.781) (4.778.(1.9%) (46.313 95.9%) (46.500 (1.512 9.3%) (39.761.000 64.350) (4.816.853.500 147.621 167.500 (5.500 10.308) (39.165 (48.500 158.000 (2.535 (48.271 50.271 85.778.500 85.458 500 9.000 (4.165) (4.000 100.625 .5%) 100.647.9%) (264) 38 (47.350) (4.313 206.898 358.000 500 100.8%) (46.500 156.458 500 9.313 358.5%) 48.271 85.313 95.772.477 206.

813 Ok Ok Ok Ok Ok Ok - 100.813) (190.500) (14.458 (85.458) (56.727) .000) (5.000) (3.600) 85.206) 100.308 (47.458) (50.664 50.781) 1.227) (6.927) (93.981) 1.813) 150.664) (50.000 (85.600) (50.500 158.621 167.000 (47.350) 1.100) (48.277) (142.813 (47.458 85.500) (3.727) 85.371 165.458 85.696 161.000 (95.458 85.075 (500) (688) (8.458) (50.250 (47.813) (56.664 56.500) (3.706) (47.474 50.000 (240.458 85.458 85.781 95.474) 85.348 50.192 (46.458) (50.458 (71.500) (3.165) 1.133 (46.474 50.000 50.458 (85.219 50.500) (3.500) (3.500) (3.727 100.50.000 50.848) (48.000 (192.762 143.600 50.348) (50.000 47.277) 50.458) (50.277 240.348) 85.762) 50.458 (85.781) 2.348 50.927) 50.458 (85.458 85.927 192.500) 56.000 (14.500) (3.600 50.500) (3.762) (45.474) (50.063 163.458 85.535) 1.542) 85.974) (48.727 50.000 (143.458 85.

621 298.727) - - - - - 90.000 (9.165) 1.729 4 42.479) (724) (48.512 430 197.000 (9.729 .586 (142.500 56.474) (50.479) (872) (48.475) (46.313) (39.164 50.219 85.063 197.600 298.458 161.727 349.986 50.- 90.813 349.781) 1.500 (56.371 247.535) 85.277) 85.586 50.313) (39.348 197.313) (39.348) (50.300) (46.729 4 42.164 2.927) 85.729 4 42.313) (39.479) (264) (47.458 167.000 (9.813) 4 42.479) (430) (47.664) (50.696 147.458 158.000 (9.479) (577) (48.358) (46.474 247.986 (93.512 (45.458 163.986 577 247.313 (190.000 (9.164 264 147.586 724 298.313) (39.729 4 42.512 50.600) (50.762) 85.313 872 1.664 147.981) 1.350) 1.417) (46.458 165.242) (46.

854 2 18.333 174.0% 0.625 33.854 2 7.813 - 7.0% 0.854 18.333 174.229 15.0% 5.0% 0.0% 35.0% 0.854 2 18.229 15.625 33.0% 5.5% 0.229 15.0% 35.0% 5.813 - 7.3% 0.813 - .229 15.813 - 7.0% 5.625 33.813 - 7.5% 0.813 - 7.229 15.0% 5.0% 0.854 2 18.000 15 30 30 - 15 30 30 - 15 30 30 - 15 30 30 - 15 30 30 - 129.0% 35.3% 0.5% 0.0% 35.0% 0.625 33.229 1 18.0% 0.854 2 18.625 33.896 174.5% 0.0% 35.0% 35.0% 0.0% 5.Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 0.5% 0.3% 0.229 15.5% 0.5% 0.0% 0.0% 15 30 30 - 15 30 30 400.0% 5.229 18.854 2 18.333 195.3% 0.0% 0.3% 0.333 174.0% 0.3% 0.333 174.625 33.0% 0.0% 35.813 - 7.0% 0.3% 0.

417 14.813 1 7.7.250 1 6.813 1 7.250 6.750 2 13.333 6.813 1 7.250 1 6.813 1 7.667 - 13.333 6.813 7.250 1 6.750 2 8.813 1 7.667 - 13.417 14.813 1 7.667 - 13.021 3.813 1 7.813 7.021 3.333 6.417 14.021 3.333 6.813 1 7.750 2 8.750 2 8.021 3.250 6.813 7.250 6.250 6.750 2 8.667 - 13.813 1 7.813 1 - 6.250 6.417 14.417 14.021 3.021 3.813 1 7.250 6.667 - 13.813 7.813 1 7.333 6.250 1 - 7.750 2 8.250 1 6.813 7.813 7.667 - .813 1 - 8.667 - 13.021 3.417 14.250 1 6.333 6.

000 10.6% (7.000 25.000 5.854) (14.542) 270.688 37.854) (14.000 10.3% 5.3% (6.813) (1.167) 247.500) (750) (67.000 20.000 5.542) 270.313) 46.750) (16.813) (250) (500) (250) (15.4% 10.167 9 10.854) (14.542) 337.854) (14.688 62.8% 15.688 53.063) 75.000) 6.500) (750) (67.542) 337.729 4 87.688 2 16.000 (7.250) (7.688 2 16.000 10.000 10.688) (1.000 10.1% (7.3% (6.000 5.000 10.7% (33.500) (9.750) (16.688 2 16.813) (1.3% (6.500) (9.500) (750) (67.3% (18.688) (1.000 5.250) (7.3% (7.063) 60.500) (750) (67.688) (1.542) 337.688 53.750) (16.688) (1.313) 37.688 2 16.000 20.063) 75.813) (250) (500) (250) (15.4% 10.6% (7.250) (7.854) (14.500) (9.813) (250) (500) (250) (15.167 9 87.000 5.813) (1.000 10.000 5.813) (1.313) 46.250) (7.688 62.688 2 16.7% (33.000 10.000 5.313) 46.688 2 42.000 15.313) 62.813) (1.250) (7.8% (250) (500) (250) (1.8% 15.000 5.2% (33.813) (250) (500) (250) (15.813) (1.813) (250) (500) (250) (15.854) (14.750) (16.6% (7.16.167 9 87.167 9 87.063) 60.750) (16.063) 75.313) 37.688 53.2% (33.813) (1.000 25.3% (7.500) (9.813) (250) (500) (250) (15.229) (16.000 5.4% 15.500) (750) (67.250) (7.688) (1.500) (750) (37.500) (750) (67.063) 60.8% (33.688 62.167 9 87.688 2 16.9% 10.3% (6.167 9 87.7% (6.000 20.000 5.500) (9.313) 37.500) (9.688) (1.7% (33.750) (16.688) (1.542) 270.000 10.3% (6.500) (9.2% .000 5.000 25.

496 285.705 320.854 12.842) (39.771 279.0%) (936) 134 (69.3%) (84.329) (68.675 93.705 329.917) (267.444) (277.846) (225.500) 93.000 9.333 10.313 403.000 (12.0%) (32.658) 91.313 446.646 174.734 394.9%) (84.020) 146 (34.917) (267.483) 86.771 287.8%) (1.333 12.333 10.271) (73.721) (231.0%) (69.647 9.687 - 69.500 9.7%) (74.8%) (73.500 9.917) (267.7%) (1.313 193.857 567.313 177.444) (277.6%) (71.125 96.500 9.017 - - - - - - - 221.5%) (71.421 9.857 558.947 - 74.625 107.325) 74.7%) (69.444 - 69.734 403.313 329.924) (279.453 465.278) 182 (74.6%) (71.924) (279.917) (359.608) (1.646 174.667 437.000 (7.687) (278.453 474.875) 89.642) (274.000 (8.896 7.500 (13.917) (359.000 9.141 9.467) (367.313 567.333 10.663 281.6%) (66.563) (372.146 195.5%) (1.500 (17.563) (372.725) (1.313 474.721 - 74.667) (1.667 100.195) (371.500 9.6%) (84.960 446.947) (369.875) 84.604 9.488 310.550) (1.721) (231.7%) 34.000 82.150) 87.917) (359.500 (10.479) (216.342 110.544 9.6%) (84.6%) (84.446) (68.583) (367.7%) (1.7%) (66.195) (371.917 168.313 146.195 - 69.393 9.525) (367.924 - (34.687) (278.213) (73.388) (68.154) (73.7%) (714) 102 (74.313 196.533) (33.8%) (492) 70 (73.313 217.(1.554 9.646 174.947) (369.758) (275.146 174.867 253.313 196.333 12.383 277.783) (1.313 193.700) (274.7%) 129.313 253.8%) (69.8%) (84.313 193.960 .708 174.7%) (66.151) 164 (69.367) (1.563 - 73.867 244.000 9.917 177.5%) (74.000 (15.360) 194 (69.850 103.

488 310.667 (72.333) (76.103) .500) (75.333 (174.293) 221.333 174.50.333 21.367 (7.333) (75.771 287.500) (3.333 174.550 (2.842 (68.333 (174.854) 85.719) 174.000 (350.444) 1.500) (3.333 174.043) 25.663 281.000 (275.721) 1.333) (71.238) (48.333) 269.333 (174.050 (75.000 129.000 (498.896 (174.219) (69.354) (74.500) (70.000 130.043 498.500) (3.719 71.339) (74.291 88.513) (73.333 174.291) (86.096 424.096) 99.957 450.000 (424.500) (3.500) (3.369) (187.029) (73.904 450.500) 88.238) 450.529) (69.904) (69.687) 1.771 279.333 174.029 76.404 93.667 Ok Ok Ok Ok Ok Ok Ok 275.839) (76.000 (567.924) 1.458 (129.500) (3.458 44.682) (117.496 285.500) (11.369) 450.533) 450.000 (707.839) 174.513) 400.333 174.333 (195.404) 174.719 73.896 44.103 85.783 (67.333 174.293 (34.238 567.947) 1.333) (73.383 277.438 174.029) 174.682 637.839 75.500) (3.333 174.500) (3.950 75.839 76.582) 174.291 (269.500) (3.082) (3.500) (3.896 129.000) (40.050) 400.725 (2.533 350.029 73.404) (71.333 (174.682) 450.438 129.500) (3.719) (71.608 (72.404 71.369 707.854) (93.521 195.000) (3.333 174.500) (7.000 (637.195) 1.563) 1.533) (225.293) (257.103 93.896) (88.854 (43.

333 281.854 310.020) (34.029) (73.554 99.213) (71.563) 20.167 .917) (1.293) 4 42.719 394.278) (74.020 437.421 (48.957 174.291 437.917) (936) (69.313) (39.103 558.496 320.533) (32.647 1.729 9 87.050) 168.291) - 269.141 936 394.917) (1.393 25.271) (71.369) 195.333 287.029 320.000 (9.924) 129.488 465.917) (714) (74.667 558.050 - (75.393 492 244.360) (69.000 (9.154) (71.313) (84.917) (1.604 1.278 168.404 465.167 9 87.333 285.404) (93.647 (257.917) (492) (73.663 244.000 (9.771 168.721) 20.604 (225.238) 174.141 (117.313) (84.000 (9.167 9 87.896 221.195) 25.604 (269.388) (66.839 244.313) (84.167 9 87.771 394.444) 25.167 9 87.313 88.554 1.687) 25.151) (69.151 465.479) (1.000 (9.544 1.313) (84.141 71.000 (9.313) (84.360 15.446) (66.(88.839) (76.544 93.533) 174.904 174.544 (187.313) (84.554 75.333 277.421 714 320.947) 20.421 73.167 9 87.000 (9.103) - - - - - 349.393 76.333 279.719) (71.682) 174.329) (66.383 437.

375 220.0% 5.0% 0.5% 0.813 3.0% 35.0% 0.0% 0.0% 0.813 3.208 - 7.854 2 18.625 33.3% 0.0% 35.229 15.208 .5% 0.0% 0.3% 0.208 - 7.229 15.229 15.3% 0.0% 5.0% 5.0% 0.5% 0.208 - 7.229 15.813 3.0% 0.0% 35.625 33.0% 0.854 2 18.000 15 30 30 - 15 30 30 - 15 30 30 - 217.3% 0.854 2 18.375 217.0% 0.854 2 7.625 33.625 33.0% 5.208 - 7.375 217.375 217.208 - 7.625 33.5% 0.813 3.3% 0.854 2 18.5% 0.3% 0.3% 0.Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 0.854 2 18.5% 0.625 33.792 18.813 3.0% 15 30 30 - 15 30 30 - 15 30 30 - 15 30 30 1.0% 5.0% 5.0% 35.375 217.208 - 7.000.0% 0.0% 0.0% 5.0% 35.0% 0.0% 0.625 33.5% 0.229 15.229 15.583 223.813 3.229 15.0% 35.0% 35.854 2 18.208 3.813 3.

667 - 13.813 7.667 - 13.000 3 6.417 14.667 - 13.313 4.333 6.000 3 6.313 4.021 2 11.813 7.125 4.875 12.750 2 8.750 2 8.125 4.125 3.667 - 13.813 1 7.813 7.813 1 7.813 1 8.750 2 8.021 4.750 2 8.125 4.875 12.125 3.021 4.813 7.875 2.875 2.125 4.750 2 13.021 4.875 2.333 6.125 3.333 6.021 2 11.250 2.000 3 7.021 4.125 3.313 4.333 6.021 4.750 2 8.750 2 8.417 14.125 4.125 3.000 3 6.813 1 7.125 4.250 2.875 2.021 4.875 12.250 2.000 3 6.875 12.250 2.250 2.313 4.125 3.813 7.021 2 14.875 2.875 2.021 4.333 6.813 1 7.313 4.813 7.250 2.021 2 11.667 - 13.813 1 7.000 3 6.125 4.667 - 13.417 14.125 3.333 6.813 7.313 4.250 2.000 3 6.875 2.313 4.021 2 11.11.417 14.417 14.229 3 6.667 - .417 14.417 14.875 12.875 12.333 6.875 12.021 2 11.813 1 7.

000 20.813) 37.521) 22.000 55.521) 22.1% (33.1% (33.000) (80.000 5.000) (80.0% (33.000 55.688 15 108.500) (1.2% 42.854) (14.750) (29.250 5 108.354) 146.688 15 111.354) 146.813) 37.021) (1.500) (1.000 10.500) (1.750) (29.000 5.479 77.250 5 29.000 5.250) (1.500) (1.521) 22.000 80.500) (12.250) (1.8% (12.854) (14.000 (11.854) (14.000 55.813) (250) (500) (250) (20.000) (80.000 55.000) (7.8% (14.250) (1.000 10.500) (15.500) (12.521) 22.021) (1.250 5 29.750) (29.000 35.500) (12.000 55.000 20.500) (1.750) (29.000 10.500) (1.750) (29.000) (7.7% 42.000) (80.021) (1.813) 37.250) (1.250) (1.2% 42.000 20.8% (11.354) 146.688 15 108.479 77.813) (250) (500) (250) (20.250) (1.1% (33.000 5.000 55.000 5.354) 100.2% 42.688 15 108.29.479 77.8% (12.813) (250) (500) (250) (20.000) (7.896 16 10.813) (250) (500) (250) (20.813) 37.8% (11.8% (12.271 80.000 10.813) 37.021) (1.8% (12.500) (12.521) 22.000 10.000) (80.813) 26.500) (12.250) (1.1% (33.250 5 29.500) (12.000) (80.021) (1.813) 37.750) (29.1% (33.000 20.479 77.2% 64.688 15 108.229) (1.2% 42.854) (14.000) (7.813) (250) (500) (250) (20.8% (12.354) 146.854) (14.000 20.250 5 29.250 5 29.000 10.000) (7.1% (33.000) (80.729) 19.854) (14.3% (12.521) 22.8% (11.8% (12.854) (14.4% .2% 42.000 5.750) (29.479 77.000 5.021) (1.000) (7.8% (11.354) 146.813) (250) (500) (250) (20.688 15 108.479 77.250 5 29.354) 146.500) (1.813) (250) (500) (250) (20.8% (11.000 20.000) (7.

500 (26.688) (106.396 217.500 12.013 - 61.375) (2.147 799.1%) (1.500 (19.500 (31.632) 233 (62.013) (110.096 366.346) (49.063) (111.375 27.625) 110.500 12.396 217.521 12.776 748.6%) (103.755) (114.521 684.521 332.1%) (62.813) (110.271 366.521 12.864 231.521 748.676 12.492) (61.7%) (58.500 (21.688) (106.700 133.739 382.755) (114.1%) (2.964) (114.7%) (58.625) 107.500 12.964 - 61.013) (110.7%) (58.334) 333 (62.500 147.342) (60.177 223.375 27.8%) (103.0%) (39.500 (24.800) 108.375 27.875 142.521 271.546) (113.500 12.521 127.688) (106.5%) (61.521 12.521 46.325) (2.546 - 62.9%) (61.521 62.392) (60.013) (110.156 27.729 279.964) 280 (62.7%) (58.5%) (61.(2.792 40.2%) 62.677 393.2%) 217.147 811.913) (110.063) (111.071 672.211) (113.521 12.875 130.626 12.8%) (103.9%) (103.871 504.896) (46.9%) (61.7%) (58.063) (111.025) 109.521 257.225) (2.125) (2.521 12.688) (106.542) (61.863) (110.688) (106.963) (110.211) (113.346 - (62.688) (106.500 12.000 (33.7%) (2.521 811.521 12.211 - 62.2%) (58.442) (60.729 62.475 136.450) (103.546) (113.755 - 62.1%) (1.7%) (62.000) 111.292) (60.7%) (103.063 - 39.346) (49.346) (49.617) (39.776 735.149) 307 (62.175) (2.521 257.155 12.261 .300) 110.7%) (36.0%) (103.000 15.261 684.275) (2.521 257.550 - - - - - - - 365.531 27.0%) (39.500 (28.200 139.752 443.500 12.1%) (62.552 292.450) 113.843 27.521 12.396 354.521 394.964) (114.676 12.255 12.532 15.

156 (7.450.000 (1.086) 195.573 (53.000) (3.155) 1.532 46.375 217.805) 1.375) (63.208) (49.769) 492.854 21.530) (62.000) (1.190) 330.505 832.000) (3.871 504.275 (60.371) (62.156 1.792 (92.208) (75.500) 3.000) (3.752 443.000.063) 2.396) (9.375) (63.450.964) 2.000 217.500) 113.530) (63.531 354.346) 2.844 1.000) (3.375) 75.375 (217.531 (217.505) 450.018.532) 1.375 (217.530 63.505) (319.000) (5.375 217.500) (3.000.532 195.000) (3.175 (60.000 (832.792) (46.845 - - 46.371 63.843 (61.051) 450.688) (39.371) 217.810 1.769 (62.208 (3.311 (61.688) (61.805 957.051) (382.583) 10.689) (61.190 .071 Ok Ok Ok Ok Ok Ok Ok 769.156 231.607 63.843 (220.450 (12.375 217.607 113.156 (223.000 (1.364) 223.125 (15.271 366.375 217.371) (63.688) 354.688) 292.079.782 1.805) (444.677 393.000) (3.468 (61.375) (113.000) (3.000) (3.119.000 (957.211) 2.225 (60.450.156 354.013) 2.079.375 217.607) (63.218 365.000 (1.688) 231.371 63.000 (894.531 (61.000 200.000) (3.096 366.018.521 217.119.000) (17.375) 936.051 894.689) 1.450.208 (3.000) (4.854 (217.755) 2.739 382.782) 431.375 (58.844) 370.000) (3.546) 2.375 137.450.000) (3.843 292.896) 231.325 (58.530) 217.000) 3.688) 292.086) (62.000 (769.530 (799.231 1.375 (217.

573 (46.792 393.964 735.755) 55.000 (12.546) 55.342) (58.000 (15.271 672.626 (382.964) 55.000 (12.896 .311 - 75.292) (58.521) (103.000 (12.688) (1.255 63.334 55.051) 217.626 1.532 330.688 16 111.521) (103.000 (12.729) (103.542) (58.375 366.492) (58.688 15 108.375 366.392) (58.688 15 108.607) - (63.156 382.521) (103.688) (1.647 113.000 (12.156 223.626 63.688) (61.149 799.632) (62.843 443.532) - - - - - 46.255 1.752 492.688) (61.255 (319.505) 217.617) (36.532 46.688 15 108.375 365.896) (39.964) (62.334) (62.000 (12.688 15 108.521) (103.688) (2.521) (103.607 672.346) 217.371) (63.155 (444.231 292.155) 2.531 504.155 (799.688 15 108.155 2.218 231.071 46.530) - - 936.532 - 558.096 735.211) 55.677 370.632 672.805) 354.810 15 108.521) (103.688) (2.739 431.(113.442) (58.871 799.468 10.063) 80.530 799.149) (62.013) 55.371 735.

0% 0.Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 0.3% 0.813 3.229 15.854 2 18.0% 0.208 7.0% 0.0% 5.0% 5.0% 0.5% 0.813 3.3% 0.3% 0.0% 35.854 2 18.0% 35.0% 35.854 2 18.813 3.0% 0.208 3.5% 0.208 7.792 223.854 2 18.208 3.792 223.792 234.229 15.0% 5.792 18.3% 0.208 .208 7.625 33.625 33.5% 0.5% 0.208 3.0% 5.0% 35.208 3.625 33.792 223.0% 0.854 2 18.5% 0.208 3.0% 0.0% 0.625 33.813 3.0% 35.229 15.3% 0.792 245.0% 15 30 30 - 15 30 30 - 15 30 30 - 15 30 30 - 15 30 30 - 15 30 30 - 15 30 30 - 223.3% 0.208 7.813 3.0% 0.229 15.208 7.5% 0.854 2 7.792 245.208 7.0% 0.0% 0.813 3.625 33.208 3.229 15.208 3.229 15.625 33.0% 0.854 2 18.625 33.0% 5.0% 35.813 3.0% 5.5% 0.3% 0.0% 35.0% 0.0% 5.229 15.

313 4.813 7.000 3 6.313 4.313 4.750 2 8.875 2.583 12.250 2.875 12.313 4.125 4.417 6.875 2.417 14.813 7.333 6.813 1 7.000 3 6.125 4.125 3.813 1 7.229 3 14.021 4.000 3 6.229 3 14.229 3 14.875 12.313 4.417 6.417 21.813 7.000 3 6.125 4.813 1 7.021 4.750 2 8.813 1 7.417 14.875 2.417 21.167 3 8.667 - 13.333 6.667 - 13.125 3.125 4.250 2.750 2 8.875 12.875 2.813 7.229 3 6.875 12.875 2.250 2.000 3 7.417 14.396 2 7.667 - 13.250 2.813 4.333 6.021 4.875 12.813 1 7.125 4.125 3.667 - 13.167 3 13.875 12.125 4.333 6.875 12.396 2 8.313 4.021 4.583 12.14.000 3 6.021 4.417 14.813 4.667 - 13.021 4.333 6.333 6.813 7.229 3 14.313 4.125 3.250 2.417 14.875 2.229 3 14.125 3.250 2.250 2.667 - 13.021 4.000 3 6.125 4.667 - .229 3 14.333 6.750 2 8.750 2 8.125 3.875 2.125 3.

250) (88.000 80.7% (14.854) (14.4% (33.813) (250) (500) (250) (20.000 5.354) 100.250) (3.7% (33.813) 26.729) 19.0% (12.229) (1.000) (750) (26.0% (12.271 80.813) 26.271 80.354) 100.854) (14.854) (14.854) (21.0% (12.729) 19.729) 19.500) (15.000) (1.000 10.250 5 29.000) (1.896 16 111.250 5 29.896 16 111.500) (1.000 35.000 5.229) (1.729) 12.729) 19.250) (88.896 18 10.000 80.354) 100.000) (750) (26.000 10.000 10.1% .000 130.4% (33.500) (15.729) 19.4% (33.396) (750) (1.896) 20.500 7.896 16 111.521) 68.7% (14.229) (1.000) (80.000 5.000) (80.271 80.500 70.500) (1.3% 64.1% (33.250) (3.000 (14.354) 100.750) (29.854) (14.000 35.896 18 122.000) (7.0% (12.854) (21.729) 12.813) (250) (500) (250) (20.250) (1.500) (15.500) (1.0% (12.271 80.000 35.271 87.813) 26.250 5 29.000 80.9% (12.750) (29.000 5.354) 100.000 12.896) 20.000 10.000 80.500) (15.229) (1.813) 26.500) (15.000 12.167) (29.271 87.3% 64.229) (1.396) (750) (1.000) (12.250) (1.750) (29.854) (14.000) (12.813) (250) (500) (250) (20.000 35.7% (12.000) (80.000) (80.3% 64.3% 114.250) (1.813) 26.229) (1.000) (7.229) (1.500 70.000) (80.000 5.750) (29.250 5 29.896 16 122.500) (1.813) (250) (500) (250) (20.813) (250) (500) (250) (20.500 7.271 80.1% (14.750) (29.000 130.250) (1.250 5 29.7% (14.521) 68.000) (7.000 35.4% (33.1% 64.9% 114.250 5 111.29.4% (33.500) (15.250) (1.000) (7.500) (1.250 5 29.7% (14.000 80.000) (7.500) (15.3% 64.7% (14.896 16 111.167) (29.

3%) (103.817) (39.521 245.496) (49.000 (49.000 15.6%) (4.663) (49.396) (49.896) (46.792 65.000 (43.599 207.883) (2.663 - 39.4%) (103.677) (3.729 222.677) (3.000 15.521 234.521 223.1%) (118.000 15.000 (52.333) 123.036 .792 40.771 406.849 - (39.813) (49.0%) (605) 86 (40.000 15.867) (39.546) (49.050 153.4%) (103.386 182.677 - 4.386 166.950) 114.500 156.036 102.273 142.4%) (253) 36 (39.350) (4.7%) 223.1%) (36.146) (0.750) 115.813 - 39.599 222.000 (35.500) 114.550 173.729 323.849) (3.500) (2.307 15.183 15.115 - 4.9%) (1.273 126.792 40.521 223.7%) 39.792 40.729 326.115) (50.964 - 40.1%) (36.000 15.1%) (36.1%) (1.896) (46.2%) (103.650) (2.000 (46.896) (46.1%) (755) 108 (4.(2.849) (3.512) (49.550) (2.1%) (4.327 307.0%) (40.6%) (39.8%) (487) 70 (39.512 - 39.729 274.029) (3.188 450.964) (50.521 150.729 326.912 258.729 182.450) 115.813) (49.900 159.896) (46.9%) (136) 19 (39.000 15.000 15.729 102.446) (49.512) (49.521 223.600) (2.792 40.421 394.896) (46.071 450.792 40.115) (50.729 290.729 279.120 312.079) (3.729 279.254 86.700) (2.656 15.663) (49.1%) (36.598 15.933) (103.596) (49.717) (39.300) (4.869 15.327 323.250 162.571 394.391 15.729 279.1%) (36.000 (38.767) (39.792 65.964) (50.729 328.8%) (39.146) (0.544 15.267) 123.667 176.000 (41.6%) (898) 128 (4.733 - - - - - - - 393.100) 114.667) (39.729 142.912 274.521 245.120 328.4%) (39.021 394.6%) (370) 53 (39.729 279.5%) (118.

000) (3.571 394.450.793) (4.238.314) (40.198.782 (39.450.158.792 (223.021 394.278.792 11.792 223.000) (3.822 1.012) (40.415 51.071 450.792 223.254 Ok Ok Ok Ok Ok Ok Ok 1.744 1.916 223.916) .314) (40.142) 171.500 (37.113 40.916) 245.256 1.663) 2.782) 122.677) 2.792 (223.322.318.314 40.113 40.793 4.964) 2.415) 223.000) (3.792 (223.000 (1.000 (1.421 394.933 (1.450.327.792) (4.327.883 (25.000) (3.793 48.1.916) (3.198.012 40.792 11.365) 251.635 1.178) 211.000 (1.000) (3.213 40.238.858 1.000 (1.450.792 (40.000) (3.813) 2.792 (0) 245.000) (3.256) 131.792 223.450.550 (37.322.650 (37.450.792) (51.178 1.792 (245.000 (1.113) (39.000) (3.365 1.792) (40.792 223.792 234.000 (1.000) (3.000) 40.512) 2.000) (26.000) (3.000) (3.792) (48.012) 223.188 450.000 234.792) (40.771 406.158.792) (40.213 40.113) (40.115) 2.792 223.792 223.012) (39.113) 223.849) 2.000 (1.000) (3.415) (37.213) (39.792 (234.415 48.933) 127.318.415) (4.792 (245.218 393.298 1.213) 223.314 51.793) 234.793) (4.000) (5.600 (37.700 (37.933 1.792 223.792 245.702 1.000) (11.000) (3.314) 223.213) (40.012 40.792 (223.142 1.450.278.000 245.702) 291.067 1.792 223.792) (40.916 4.

218 16 111.793 307.858 234.817) (36.896 18 122.867) (36.391 127.146) (755) (4.183 487 207.012) (40.896 16 111.(40.916) - - - - - - - 46.391 755 307.021 126.115) 130.717) (36.113 126.896) (487) (39.729) (103.307 122.188 307.767) (36.663) 80.415) (48.000 (15.792 450.729) (103.544 291.113) (40.000 (15.792 394.792 394.415 258.314 207.744 245.213) (40.677) 130.544 40.729) (118.916 312.896 16 111.793) (4.000 (15.896) (136) (39.813) 80.012 86.598 131.667) (36.896 18 122.421 166.183 171.350) (1.896) (605) (40.729) (103.314) (51.896) (370) (39.598 605 258.213 166.896 16 111.792 450.771 207.656 251.146) (898) (4.656 253 126.512) 80.729) (103.869 40.822 223.000 (15.532 40.869 370 166.544 136 86.000 (15.849) 223.071 258.635 223.300) (1.869 211.000 (15.254 312.598 48.391 4.729) (103.792 406.896 16 111.571 86.964) 80.729) (118.307 898 80.298 223.896) (253) (39.000 (15.792 393.656 40.067 245.792 394.896 .183 51.

0% 15 30 30 - 15 30 30 - 15 30 30 - 15 30 30 - 15 30 30 - 15 30 30 - 15 30 30 - 245.625 33.208 7.0% 0.0% 35.854 2 18.5% 0.0% 0.0% 0.229 15.813 3.208 7.5% 0.854 2 7.625 33.0% 35.854 2 18.5% 0.792 245.792 245.3% 0.0% 0.0% 35.813 3.208 7.625 33.0% 0.0% 5.625 33.3% 0.3% 0.229 15.854 2 18.813 3.0% 5.0% 0.813 3.0% 35.0% 0.792 245.229 15.0% 5.792 245.0% 35.5% 0.0% 5.208 7.854 2 18.0% 0.208 3.0% 0.0% 0.0% 35.208 3.229 15.792 245.208 3.625 33.0% 35.0% 0.208 7.813 3.792 18.3% 0.0% 5.792 245.5% 0.0% 5.3% 0.208 3.625 33.208 3.3% 0.5% 0.229 15.208 3.854 2 18.229 15.208 .3% 0.229 15.0% 5.208 3.625 33.Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 0.208 7.813 3.0% 0.854 2 18.0% 0.5% 0.813 3.

313 4.125 4.125 3.583 12.229 3 14.813 4.250 2.875 2.313 4.396 2 7.250 2.167 3 8.875 12.417 21.667 - 13.167 3 8.250 2.583 12.229 3 14.417 21.125 4.417 21.583 12.021 4.333 6.417 6.14.021 4.229 3 6.229 3 14.417 6.667 - 13.313 4.333 6.396 2 7.167 3 8.417 21.813 4.313 4.875 2.167 3 13.417 6.875 12.000 3 6.021 4.875 12.167 3 8.417 6.000 3 6.313 4.417 21.167 3 8.250 2.333 6.167 3 8.417 6.583 12.125 3.313 4.813 4.813 4.667 - 13.021 4.125 4.125 3.333 6.229 3 14.583 12.021 4.417 6.417 21.875 2.396 2 7.125 3.125 3.667 - .875 2.313 4.250 2.250 2.417 6.417 21.396 2 7.125 3.229 3 14.667 - 13.813 4.875 2.875 12.813 4.333 6.125 4.021 4.000 3 6.583 12.667 - 13.396 2 7.125 3.000 3 7.125 4.667 - 13.333 6.875 2.021 4.000 3 6.813 4.875 12.875 12.000 3 6.250 2.333 6.396 2 8.000 3 6.875 12.125 4.396 2 7.125 4.229 3 14.875 2.583 12.

500 70.500) (15.271 90.500 7.896 18 122.8% (12.729) 9.1% (33.8% (12.9% 114.396) (750) (1.521) 55.250) (3.8% (14.000) (12.500 7.521) 68.7% (12.000 12.000 130.854) (21.000 12.167) (29.250) (3.000 160.250 5 29.250 5 122.3% .500 70.500) (15.1% (14.000 160.250) (88.000 12.896) 20.729) 9.000) (1.167) (29.000 130.7% (12.250 5 29.229) (1.000 (14.396) (750) (1.000) (750) (26.29.000) (12.000) (12.500 7.896 18 122.500 70.1% (33.854) (21.854) (21.3% (33.250 5 29.229) (1.167) (29.500) (15.271 87.896) 20.000) (1.1% (14.167) (29.1% (33.271 87.250) (88.250) (3.896) 20.521) 68.7% (12.000) (750) (26.271 90.521) 68.250) (88.854) (21.396) (750) (1.000) (1.500 100.000) (12.500) (15.250) (88.000) (1.000) (750) (26.2% 144.500 100.500 7.896 18 122.500 100.854) (21.3% (33.000 12.000 130.500) (15.000) (12.271 90.250 5 29.250) (88.896) 16.229) (1.8% 114.896) 16.896 18 12.896 18 122.229) (1.9% 114.854) (21.2% 144.000 160.500 7.000) (12.167) (29.271 87.229) (1.8% (33.7% (12.250) (3.1% (14.729) 12.521) 68.9% 144.1% (33.9% 114.500) (15.729) 12.396) (750) (1.500 70.896 18 122.896 18 122.521) 55.396) (750) (1.229) (1.167) (29.500) (15.000 12.000) (750) (26.896) 20.250 5 29.729) 9.396) (750) (1.167) (29.396) (750) (1.250) (3.500 7.521) 55.250) (3.2% (12.250) (3.000) (1.500 7.000) (1.250 5 29.271 87.000 130.250) (88.896) 16.729) 12.250) (88.729) 12.8% (14.854) (21.000 12.229) (1.000) (12.000) (750) (26.000) (1.000) (750) (26.000) (750) (26.1% (14.

175 15.729 347.792 80.633 188.000 (55.827 15.854 18.9%) (956) 136 (5.070 15.917) 123.400) (4.279) (3.500 191.283) 123.9%) (1.000 15.133) (3.521 245.235 15.911 - 4.9%) 28.000 15.000 (74.000 15.792 65.000 15.814 15.717 185.5% 24.911) (3.621 16.700) 25.000 (61.179) (3.098) (3.093 15.098) (3.0% 28.238 450.0% (118.036 - 5.729 341.854 18.750 182.9%) (1.5% 4.8%) (941) 134 (5.283) (118.0% 28.(2.317 194.3%) (118.814) - (24.146) (0.550) (4.5% (941) 134 24.521 245.450) (4.729 341.3%) (118.9%) (5.729 326.521 245.964 337.729 312.822 322.0% (912) 130 (4.146) (0.128 15.146) (0.857 347.912 15.800 - - - - - - - 450.521 245.521 245.5% 245.827) - (4.838 464.000 15.983) (3.321 317.571 16.729 337.839) - (24.792 65.904 342.250) 123.8%) (4.154 450.521 179.799 312.098 - (24.729 341.683) 123.792 65.857 332.500) 123.600) 25.5% 24.974) (3.8%) (927) 132 (4.729 337.0% (1.827 15.839 15.036) (3.729 332.974 - 5.271 450.033) (3.521 245.752 287.729 287.367) 123.083) (3.8%) (5.022 15.641 332.036) (3.729 326.129) (3.604 464.021 464.9%) (1.0% (118.904 327.974) (3.911) (3.000 15.183) (3.000 (58.2%) (118.2%) (118.650) 25.792 80.814 15.200) 122.500) (4.822 337.233) (3.641 .000 (70.792 80.854 18.9%) 24.000 (64.229) (3.000 (67.5% (868) 124 24.9%) (970) 138 24.729 326.146) (0.799 297.964 322.792 65.752 271.000 15.729 342.083 197.671 16.729 326.839 15.

199 1.298.322.307 1.337.928) (4.792 (245.110 (3.792) 25.000 (1.110 .023 25.928) (4.000) (3.450.792 245.450.604 464.940) (5.000 (1.021 464.792 245.332.273.928 4.839 3.098) 3.183 (15.048) (25.792 245.000 (1.940) (4.801) 102.792 245.110) 245.792 245.048 245.000 (1.940 4.792 (245.450.000 (1.792 245.792 245.953) (4.083 (1.000) (3.333 1.1.792 245.000) (3.154 450.298.965) 10.450.792 245.792 245.000) (3.023) (25.000 (1.147) 151.953 4.792) 25.703 1.048 25.965) 24.000) (3.347.792 245.792 (245.332.928) 245.023) (10.233 28.962) 127.320) 176.133 (1.953) (5.023 24.000) 4.450.792) (4.337.965 4.814 3.792 (245.792 (245.827 3.023 245.680 450.000 (1.036) 3.110 245.147 1.048 24.000) (3.940) 245.792) (4.792) (4.000) (3.238 450.347.273.283 28.038 1.667) 112.792 (245.703) 107.838 464.953) 245.000) (3.342.911) 2.974) 3.320 (4.792 245.693 1.928 4.965 (10.953 4.792) (4.000) (3.322.801 1.297 1.792) 10.983 (1.940 4.853 1.000) (3.048) (25.000) (3.962 1.450.450.000) 13.110) (25.342.792 (4.693) 117.667 1.000) (3.000) (3.033 (1.792 245.271 450.792 (245.321 Ok Ok Ok Ok Ok Ok Ok 1.965) 245.

098) 160.814 160.048 25.953 327.896 18 122.912 868 130.896 18 122.023 25.729) (118.839 160.297 245.792 450.940) (4.000 (15.965) 10.023) 322.175 4.792 450.928) (4.500) (1.000 (15.854 (868) 24.700) 28.022 151.022 941 297.235 4.792 464.974) 130.854 (941) 24.128 107.093 956 332.022 (25.604 297.146) (912) (4.110) 271.896 18 122.729) (118.896 18 122.175 927 322.271 317.896 18 122.928 317.110 - - - - - - - 312.070 (25.070 127.729) (118.792 464.235 912 317.036) 130.400) (1.048) 297.911) 130.550) (1.000 (15.953) (4.321 271.896 .307 4.650) 28.146) (941) (5.792 450.792 464.729) (118.146) (927) (4.854 (970) 24.450) (1.729) (118.000 (15.038 245.307 245.000 (15.093 (10.093 102.680 18 122.146) (956) (5.838 322.154 327.965 332.792 450.827 245.000 (15.600) 28.896 18 122.199 245.(4.000 (15.070 970 322.729) (118.238 322.333 245.853 245.235 117.729) (118.175 112.021 332.128 4.128 941 327.912 176.940 322.

5% 0.854 2 18.854 2 18.0% 5.0% 0.854 2 18.3% 0.854 2 18.3% 0.625 258.229 15.208 7.0% 0.0% 5.813 3.625 33.0% 35.625 33.229 15.208 3.3% 0.813 3.208 3.625 33.813 3.0% 35.0% 0.208 7.625 18.208 3.208 .0% 5.0% 0.813 3.5% 0.5% 0.625 33.792 245.854 2 18.208 258.3% 0.0% 35.625 33.0% 0.0% 5.5% 0.0% 0.813 3.0% 35.0% 0.208 7.0% 0.5% 0.3% 0.0% 0.229 15.0% 35.0% 0.0% 15 30 30 - 15 30 30 15 30 30 - 15 30 30 - 15 30 30 - 15 30 30 - 15 30 30 - 245.0% 5.229 15.0% 5.813 3.625 258.208 3.3% 0.0% 0.Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 0.208 7.208 7.3% 0.625 258.229 15.5% 0.229 15.854 2 7.5% 0.813 3.208 3.625 33.792 252.229 15.0% 5.0% 35.208 7.208 3.0% 0.0% 35.0% 0.208 3.625 33.854 2 18.

208 3.646 5 3.208 3.313 4.667 - 13.208 20.250 2.125 3.000 3 6.167 3 8.417 6.000 3 6.313 4.021 4.417 21.125 3.396 2 7.875 12.875 2.125 4.396 2 7.229 3 14.813 4.021 4.583 12.417 21.250 2.313 4.417 6.417 6.125 4.125 3.875 12.333 6.250 2.646 5 3.875 2.813 4.583 12.333 6.875 12.875 12.875 2.667 - 13.396 2 7.208 20.417 21.396 2 7.396 2 7.021 4.813 4.417 21.813 4.000 3 6.333 6.667 - 13.208 3.417 6.875 2.125 3.813 4.875 12.167 3 8.396 2 8.313 4.000 3 7.875 2.229 3 3.417 6.021 4.583 12.396 2 7.14.125 3.125 3.125 4.646 5 6.583 12.583 12.125 3.167 3 8.125 4.167 3 13.000 3 6.417 6.667 - 13.250 2.333 6.667 - 13.021 4.125 4.875 2.417 21.000 3 6.875 2.583 12.208 3.333 6.875 12.208 20.208 20.875 12.583 12.167 3 8.313 4.333 6.021 4.229 3 14.125 4.021 4.667 - 13.125 4.250 2.417 21.333 6.167 3 8.167 3 8.313 4.813 4.813 4.313 4.417 21.417 6.646 5 3.000 3 6.250 2.250 2.667 - .

000 12.4% (12.4% 144.000) (750) (26.000 12.8% (12.854) (21.500 150.2% 212.250) (3.000) (1.500) (88.896 18 122.2% 144.146) 9.146) 9.6% 212.3% (33.500 150.854 90.167) (29.000) (750) (26.646) (1.396) (750) (1.500 7.000) (12.000) (1.500) (88.500 7.313 20 129.167) (29.313 20 129.250) (3.000) (12.500 7.500 150.000) (750) (26.896 18 122.8% (33.771) 37.500 100.500 7.500) (22.396) (750) (1.729) 9.229) (1.167) (29.000) (1.250) (88.146) 9.896) 16.000) (12.729) 9.500 100.521) 55.854) (21.4% (12.000) (1.854 90.3% (33.000 235.521) 55.646) (1.4% (20.313 20 12.896) 11.229) (1.396) (750) (1.000) (1.250) (3.000) (1.771) 37.250 5 29.500 7.500 7.8% (12.500 7.500) (15.250) (3.521) 55.500) (88.000 12.000 160.4% (20.000) (750) (26.2% 144.771) 37.854) (21.000) (12.6% (12.500) (22.000 12.8% (14.250 5 29.000) (1.396) (750) (1.167) (29.396) (750) (1.896 18 129.854) (21.729) 9.500) (22.896) 16.854) (21.000 235.271 90.4% (20.6% 212.000) (750) (26.854 90.8% (14.8% (20.000 235.6% 212.000 12.000 235.896) 11.8% .8% (33.4% (12.271 90.000) (750) (26.250 5 29.167) (29.146) 9.396) (750) (1.250 5 29.271 90.000) (12.000 160.250 5 29.500) (88.771) 37.167) (29.854 90.500) (15.250) (88.250 5 29.500) (15.500 100.646) (1.313 20 129.250) (3.8% (12.000 160.29.396) (750) (1.250) (3.000 (14.896) 16.250 5 122.229) (1.8% (33.854) (21.000 12.000) (750) (26.896) 11.896) 11.000) (12.3% (33.000) (12.500) (22.167) (29.500 150.4% (33.250) (3.854) (21.250) (88.646) (1.

406 200.633) 128.000 (99.000 (87.421 39.0% (118.869 646.4% 97.883 - - - - - - - 463.8% 28.5% (592) 84 93.383) 93.729 262.625 117.146 22.421) - 24.146 398.967) 129.350) 127.854 18.000 (95.421 39.000 (91.729 347.118 39.7% 93.000 15.7% 93.002 67.000 (80.760 117.421 39.9% (119.146 89.638 552.232 202.853) - (24.854 18.349 183.063 39.938 258.033 220.188 41.146 519.333) 93.840 15.6% (196) 28 93.521 16.729 341.767) (118.4% 97.063 39.146 398.521 39.217 22.5% 24.5% 93.604 469.188 41.350) 121.840 15.303) - (93.6% 93.5% (647) 92 24.468 221.800) 25.367 223.219 379.853 15.000 15.217 22.0% 28.471 39.866 15.146 262.000 (77.500 22.588 527.4% 97.000 (84.303 39.625 117.271 285.0% 28.650 217.667) (3.271 258.146 22.717) (3.853 15.383) (3.533) 122.792 80.146 425.433) 93.521 245.617) (3.650 226.0% 97.188 41.729 237.866) - (93.620 15.729 341.349 160.917) 122.6% 93.739 15.866 15.8% 245.503 15.188 41.304 526.471 15.8% (119.571 39.002 89.5% 24.433) (3.5% (721) 103 24.468 237.146 .729 218.850) 25.421 15.146 22.146 183.467 203.072 22.208 80.792 80.6% (470) 67 93.8% (119.303 39.500 22.333) (3.118) - (93.146 22.750) 25.988 463.290 246.4% (794) 113 24.000 15.8% (119.8% (24.521 252.283) 93.856 22.117) 126.854 18.9% (118.840) - (24.500 22.500 22.573 117.083 206.232 218.118 39.063) - (93.(3.

760 25.625 258.180 93.866 3.173) (25.208 6.000) (3.188 285.000 (1.223.573 (258.020 258.723 1.450.000) (3.000) (3.236) (18.290 Ok Ok Ok Ok Ok Ok Ok 1.792) 25.698) 344.698 24.883) (18.383 28.020 93.000) (3.236 24.856) 624.105.248.480) 201.450.785 258.299 93.248.000 (919.208 (258.625) 41.763) (41.072) - 245.277) 530.188 (3.580 919.628) 226.761) 251.792 245.573 285.604 469.208) 18.625) 121.792 6.063 3.433 28.792 (252.236 245.785) (67.173) (25.450.072) (67.792 245.450.302 1.000 (1.628 1.625) 94.277 825.763 93.000) (3.000 (1.480 1.000) (5.333 28.785) (93.304 526.625 (258.421 3.588 527.223.856 1.299 245.638 552.012.580) 437.012.450.1.761 1.883 48.853 3.000) (3.236 25.000) (3.625 258.667 96.450.417 (6.417 252.785 93.000) (3.625) 93.840 3.000) (25.573 94.717 97.198.000 (1.188 379.105.198.948 285.135 .144 463.000 (1.173 245.118 3.208 252.792 (245.792 245.450.617 (37.417 258.420 1.180 252.000) (3.000) (3.500) 6.000) (3.988 463.000 (825.625 258.869 646.625 26.792 245.883) (41.000) (3.520 1.236) (25.000) (11.173 24.239 1.417) 59.763) (93.625 (258.000) (3.792) 25.303 3.173 25.785 94.767 97.020 94.372 1.792 (245.

792 463.283) 97.503 (18.146) (119.313 20 129.135 - - - - - - - 271.146) (119.383) 97.869 530.000 (22.729) (118.188 (196) 93.333) 97.883 41.792 463.173 25.144 18 122.520 245.503 226.625 527.000 (15.020 121.739 201.072) 196 160.854 (647) 24.072 437.302 258.313 20 129.000 (15.866 235.000 (22.421 245.785) 67.840 160.729) (118.188 (470) 93.854 (721) 24.854 (794) 24.303 235.573 552.853 160.620 (41.620 251.313 .072 (67.313 20 129.620 647 202.988 246.896 20 129.000 (22.729) (118.856 (93.290 624.604 221.625 526.739 794 246.208 469.236 18.638 67.883) 202.750) 28.063 235.420 285.146) (119.146) (119.072 470 67.912 (25.188 (592) 93.000 (22.188 93.850) 28.25.118 235.896 18 122.856 344.739 (25.785 94.763) 160.856 592 160.763 93.588 202.000 (15.239 258.173) 246.236) 221.723 379.896 18 122.372 252.503 721 221.760 646.304 160.800) 28.433) 97.

0% 0.0% 5.0% 35.854 2 7.813 3.0% 0.625 258.0% 0.208 7.813 3.854 2 18.0% 5.0% 5.0% 35.854 2 18.813 3.625 258.5% 0.208 3.208 7.813 3.5% 0.813 3.625 33.625 18.0% 5.0% 0.5% 0.0% 0.3% 0.208 7.229 15.625 258.229 15.5% 0.208 .208 7.229 15.0% 35.0% 35.0% 35.0% 35.625 33.625 33.0% 0.625 258.625 258.0% 0.0% 5.854 2 18.208 3.5% 0.208 7.5% 0.229 15.3% 0.208 3.May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 0.0% 0.0% 0.229 15.3% 0.229 15.0% 5.0% 15 30 30 - 15 30 30 - 15 30 30 - 15 30 30 - 15 30 30 - 15 30 30 - 15 30 30 - 258.208 3.3% 0.5% 0.3% 0.229 15.854 2 18.0% 0.208 3.625 33.3% 0.0% 5.0% 0.0% 0.625 33.625 33.0% 35.854 2 18.208 3.813 3.625 258.854 2 18.3% 0.625 33.208 7.813 3.0% 0.208 3.

583 12.167 3 13.417 21.208 3.333 6.396 2 7.167 3 8.021 4.167 3 8.333 6.3.813 4.000 3 6.250 2.208 3.167 3 8.667 - 13.646 5 3.000 3 6.125 3.000 3 6.813 4.313 4.313 4.583 12.813 4.021 4.813 4.667 - 13.333 6.583 12.208 3.646 5 3.125 4.208 20.125 3.396 2 7.417 6.417 21.875 2.021 4.813 4.875 12.125 3.000 3 6.208 3.208 20.021 4.250 2.667 - 13.417 21.875 12.208 20.313 4.417 6.333 6.250 2.396 2 7.583 12.125 3.250 2.396 2 7.167 3 8.417 21.875 12.417 21.250 2.875 2.125 3.208 20.208 3.646 5 6.583 12.813 4.000 3 6.396 2 7.875 12.125 4.417 6.875 12.167 3 8.646 5 3.125 4.208 3.583 12.583 12.396 2 7.417 6.125 3.417 21.208 20.667 - 13.000 3 7.208 20.021 4.333 6.875 2.417 6.417 21.250 2.313 4.813 4.646 5 3.125 3.250 2.667 - .125 4.333 6.125 4.313 4.125 4.667 - 13.396 2 8.646 5 3.875 12.313 4.167 3 8.875 2.021 4.333 6.875 2.875 12.313 4.875 2.208 3.125 4.021 4.417 6.000 3 6.417 6.208 20.667 - 13.875 2.646 5 3.

500 150.146) 9.771) 37.250 5 29.167) (29.000 235.000 235.146) 9.396) (750) (1.8% (33.396) (750) (1.4% (20.313 20 129.6% 212.000 235.396) (750) (1.000) (12.167) (29.854) (21.500 7.500 7.500) (22.854) (21.500 150.146) 9.896) 11.771) 37.250) (3.000) (750) (26.500) (88.000) (12.167) (29.896) 11.896) 11.4% (20.396) (750) (1.500) (88.646) (1.250) (3.313 20 129.854) (21.4% (20.500 150.250) (3.000 12.4% (20.167) (29.146) 9.000) (12.8% .000 235.313 20 12.000 235.4% (20.000) (750) (26.896) 11.4% (12.854 90.167) (29.646) (1.771) 37.854) (21.8% (33.8% (33.500 7.8% (33.29.500 150.4% (33.854) (21.646) (1.146) 9.500) (88.896) 11.396) (750) (1.000 235.771) 37.250 5 129.000) (1.896) 11.396) (750) (1.000 12.500) (88.000) (12.896) 11.000 12.250 5 29.146) 9.000 235.4% 212.500) (22.4% (12.000) (1.167) (29.000 12.500) (88.146) 9.854) (21.4% (20.771) 37.000) (1.6% 212.6% (12.000 12.000) (12.250 5 29.500) (88.646) (1.167) (29.500 150.6% 212.500 7.313 20 129.4% (12.854 90.000) (12.250 5 29.6% 212.313 20 129.500) (22.000) (12.854 90.4% (12.000 12.500 7.854 90.000 (20.313 20 129.000) (750) (26.500) (22.646) (1.313 20 129.646) (1.000) (750) (26.000) (750) (26.8% (33.250 5 29.000) (1.6% 212.000) (1.4% (12.500 7.000) (750) (26.250) (3.500) (22.646) (1.000) (1.500) (88.500) (22.771) 37.396) (750) (1.854 90.4% (12.8% (33.771) 37.250) (3.500 150.500 7.500 150.500) (22.854 90.250 5 29.6% 212.000) (1.000) (750) (26.854) (21.854 90.250) (3.250) (3.

283 238.019.510 117.717) 124.531 1.6% 93.071 39.146 22.4% 97.321 39.344 944.171 39.633) 93.371 39.917) (3.767) 121.188 41.533) 93.252 1.146 22.700) 122.783) 93.146 22.300 - - - - - 244.146 22.146 22.817) (3.121) - (93.7% 93.071) - 93.683) 123.146 22.188 41.867) (3.146 22.7% (119.146 .146 22.117) (119.188 41.112.7% (119.084.500 22.719 229.221 39.146 990.221 39.171 39.073 117.6% 93.271 39.121 39.733) 93.039.7% (119.146 22.371 39.7% 93.4% 93.6% 93.371) - (93.121 39.156 850.6% (119.000 (118.6% 97.178.321 39.4% 97.7% 93.146 22.583) 93.683) 93.500 22.067) (4.6% 93.017) (4.271) - (93.765 1.371 39.500 22.171) - (93.835 22.644 1.4% 97.7% 93.271 39.500 22.298.000 (122.7% (119.271 39.121 39.146 1.000 (110.500 22.948 117.594 568.6% (119.321 39.473 1.146 1.500 22.483) 93.146 22.660 832.000 (102.7% 93.146 801.188 41.146 22.205.6% 473.146 22.969 756.146 22.188 41.885 117.781 662.6% (93.317 241.4% 97.067 232.800) 125.221) - (93.221 39.7% 93.146 896.321) - (93.(3.323 117.7% 93.000 (114.698 117.188 41.4% 97.233 - 247.117 - 739.171 39.146 22.146 22.200 235.000 (106.146 22.883) 120.146 707.933) 126.146 22.188 41.000 (126.135 117.500 22.4% 97.981 926.146 22.7% 93.071 39.967) (4.071 39.146 613.146 22.

498 1.000) (3.450.1.000) (3.221 3.000 (732.450.112.039.188 662.000) (3.188 756.867 97.073 94.000 (359.000 (545.188 662.188 93.698 850.327 1.188 379.188 93.450.183.321 3.885 94.000 (266.371 3.000) (3.171 4.252 1.000 (452.619 1.625) 215.381 173.073 94.067 97.981 926.188 93.817 97.644 1.698 (258.135 94.948 473.271 3.000) (3.188 850.000) (3.310 93.485) 717.000 (639.625) 403.510 756.188 944.071 4.885 (258.000) - - - - - - - 379.000 (173.188 (3.188 473.515 1.450.835 Ok Ok Ok Ok Ok Ok Ok 732.017 97.660 832.625) 497.485 639.502) 1.885 94.188 568.625) 309.000) (3.165) 810.473 1.205.188 568.625) 592.276.698 94.760 94.117 97.765 1.298.260 944.188 944.000) (3.323 94.510 94.835 1.121 4.948 (258.917 97.188 1.625) 686.510 (258.450.450.894 452.188 93.000) (3.188 93.019.323 (258.000) (3.188 473.673 359.948 94.690 739.673) 997.000) (3.135 (258.625) 780.135 568.310) 1.323 94.000) (3.450.106 1.885 94.760 (258.165 545.323 662.090.188 93.894) 904.000) (3.188 756.448 .188 850.502 266.698 94.967 97.381) 1.510 94.

313 20 129.252 904.146) (119.039.019.885 1.000 (22.188 93.188 93.188 93.000 (22.135 832.183.981 810.835 662.112.313 20 129.073 1.698 1.146) (119.619 1.321 235.146) (119.533) 97.323 926.215.146) (119.660 717.733) 97.313 20 129.000 (22.000 (22.644 1.583) 97.765 1.690 20 129.146) (119.948 739.121 235.146) (119.205.510 1.000 (22.188 93.000 (22.633) 97.885 592.000 (22.313 20 129.090.171 235.221 235.835 1.188 93.510 403.448 - - - - - - - - - - - - - - 235.271 235.371 235.683) 97.276.313 20 129.106 756.313 20 129.323 309.498 944.188 93.260 780.188 93.313 .071 473.698 497.327 850.783) 97.298.473 997.073 686.146) (119.515 568.483) 97.

625 258.229 15.0% 35.854 2 18.5% 0.5% 0.813 3.813 3.3% 0.3% 0.229 15.208 3.Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 0.208 7.813 3.0% 35.625 258.854 2 18.5% 0.229 15.0% 5.0% 0.0% 0.0% 5.0% 35.854 2 18.813 3.625 33.3% 0.5% 100.854 2 7.0% 0.0% 35.0% 0.5% 0.0% 0.813 3.0% 15 30 30 - 15 30 30 - 15 30 30 - 15 30 30 - 15 30 30 - 15 30 30 - 15 30 30 - 258.0% 35.208 7.0% 5.3% 0.3% 0.0% 0.625 33.229 15.208 7.0% 5.208 3.208 .208 7.625 33.625 258.0% 0.854 2 18.625 33.229 15.0% 35.5% 0.3% 0.0% 0.208 3.625 18.229 15.625 33.0% 0.0% 0.3% 0.625 33.625 33.208 7.5% 0.625 258.0% 5.813 3.813 3.854 2 18.854 2 18.208 7.625 258.208 3.208 3.0% 35.0% 5.0% 0.229 15.0% 0.0% 5.625 258.208 3.0% 0.208 3.

875 12.208 20.021 4.417 21.396 2 7.167 3 8.000 3 6.396 2 7.396 2 7.125 4.583 12.313 4.125 4.125 3.125 3.208 20.000 3 6.417 6.667 - 13.875 12.875 2.417 21.167 3 8.208 3.208 3.333 6.813 4.396 2 7.000 3 6.125 3.667 - 13.333 6.667 - 13.646 5 3.875 2.208 3.875 12.417 21.875 2.000 3 6.417 21.813 4.417 21.125 3.250 2.208 20.208 3.021 4.208 20.333 6.875 2.125 3.417 6.167 3 8.125 4.667 - 13.250 2.250 2.313 4.250 2.313 4.417 6.583 12.813 4.583 12.125 4.875 2.208 20.583 12.667 - 13.875 2.396 2 7.208 3.167 3 8.583 12.125 4.875 12.313 4.021 4.3.875 12.021 4.646 5 3.875 2.417 21.208 20.000 3 6.646 5 3.583 12.021 4.646 5 3.125 3.250 2.396 2 8.208 3.313 4.417 6.208 20.000 3 7.167 3 8.417 6.167 3 8.333 6.813 4.125 4.813 4.875 12.125 3.021 4.813 4.313 4.667 - 13.583 12.021 4.333 6.646 5 3.417 6.813 4.646 5 6.646 5 3.167 3 13.250 2.417 21.208 3.667 - .333 6.333 6.313 4.125 4.000 3 6.875 12.396 2 7.417 6.250 2.

000 235.000) (12.500) (22.854 90.896) 11.000) (750) (26.4% (20.4% (12.500 7.4% (12.000) (1.646) (1.854 90.021) 37.000) (750) (26.500 7.000 12.500) (22.000) (12.500 150.500 150.250) (3.000 12.313 20 129.000 12.167) (29.313 20 129.854) (21.4% (20.854) (21.9% .021) 37.000 235.750) (89.500 7.396) (750) (1.000) (12.500) (88.854 90.854) (21.021) 37.000) (1.6% (12.854 90.854) (21.6% 212.500 7.4% (20.313 20 129.750) (89.29.4% 212.6% 212.250) (3.000 235.000 (20.000) (1.854) (21.146) 9.250) (3.396) (750) (1.000) (1.000) (750) (26.500 150.854 90.000 12.9% (33.313 20 129.896) 11.896) 11.146) 9.854) (21.750) (89.396) (750) (1.250 5 129.167) (29.646) (1.396) (750) (1.021) 37.9% (33.896) 11.9% (33.500) (22.8% (33.646) (1.250 5 29.000) (12.500) (22.000) (750) (26.646) (1.167) (29.396) (750) (1.000) (12.4% (12.167) (29.646) (1.250) (3.167) (29.4% (33.167) (29.000 235.854 90.6% 212.250) (3.500 150.750) (89.396) (750) (1.313 20 129.000) (1.4% (20.250) (3.500 150.4% (12.313 20 12.250 5 29.750) (89.854) (21.896) 11.000) (1.250 5 29.4% (12.500 150.750) (89.021) 37.500) (22.4% (20.9% (33.6% 212.250 5 29.146) 9.500) (22.646) (1.854 90.146) 9.4% (12.000) (750) (26.250) (3.167) (29.000 12.500 7.000) (750) (26.000 235.000) (1.146) 9.646) (1.896) 11.146) 9.250 5 29.000 12.500 7.000) (750) (26.6% 212.500) (22.6% 212.000) (12.4% (20.896) 11.771) 37.000) (12.500 150.250 5 29.500 7.000 235.396) (750) (1.313 20 129.146) 9.9% (33.021) 37.000 235.

6% 55.000 (131.146 1.450 - 270.939) 92.538 (37.550) 118.133.833) 93.331.641.050) 118.701.588 (37.527.950 - 258.438 39.290) 12.501.391.217) 92.259 117.500 22.938 41.167) (4.3% (120.493 23.146 22.500 22.146 1.488 (36.500 22.4% 92.(4.388 39.000 (139.107 1.488 39.317) 92.015) 92.479.6% 1.050) 116.906 1.388.488 39.400) (4.000 (157.971 117.348 (4.000 (148.500) (4.267) 92.146 22.975) 92.122 1.3% (93.6% 55.4% (120.6% 92.650 - 261.4% 92.433 23.400 - 1.730 1.146 22.146 22.146 22.638 39.146 22.538 39.585 1.555 1.146 22.757.146 22.6% 87.356.035) 92.146 22.600) 115.146 22.146 22.146 1.535.300 - 264.3% 55.3% 96.000 (153.698 37.938 41.617 250.672 1.367) 92.017 22.021 39.000 (135.3% 97.995) 92.955) 93.388 (36.438 (36.413.146 .146 22.635 1.6% 55.100) 119.3% 96.188 41.467) 92.146 1.950 - 273.146 22.584.274.4% 92.500 22.161 117.260 117.630 1.938 41.026 117.500 22.084 117.856 1.938 41.146 1.4% (120.3% 92.989 117.588 39.450) (4.900 - 267.146 1.3% 96.500 22.6% 55.4% 92.700) 121.000 (144.021 39.021) - (80.350) 122.538 39.146 22.146 22.3% 96.146 1.6% (120.444.807 1.146 22.463 23.417) 92.550) (119.646.388 39.638 39.217.146 22.4% (120.146 22.350) (4.438 39.272.4% 96.588 39.938 41.146 22.021 39.3% 93.300) (4.470.938 41.905 1.3% 96.523 23.4% (120.146 22.590.553 23.500 22.

484 1.590.000) (3.983 (3.217.698 4.401 56.856 1.000) (3.290) 1.555 1.000 62.129.000 7.000) (3.961 1.923 1.450.963 1.331.625) 1.757.000) (3.500 59.433 4.450.625) 958.000) (5.943 1.646.871 1.450.369.039.260 1.133.167 97.073 94.409 1.000) (3.000 118.635 83.274.484 1.976 1.188 87.710 1.243.122 1.331.536 56.479.260 (258.998 55.364 56.133.923 55.400 59.017 Ok Ok Ok Ok Ok Ok Ok 80.971 94.000) (3.000) (3.444.259 1.512.989 56.000) (3.501.084 56.290 - - - - - - 93.450.274.535.444.450.439 1.963 55.107 1.000 229.450.000) (3.000) (3.015.409 1.701.161 (258.444.625) 1.026 (258.439 1.625) 1.000) (8.072.630 1.961 1.734.903 55.388.493 4.976 1.983 1.388.000) (3.000) - - - - - - - 1.457.388.989 (258.000 (80.300 91.903 1.450 59.463 4.331.983 1.026 1.084 (258.459 56.026 56.1.450.553 4.963 1.391.989 1.350 59.585 1.623.625) 1.903 1.133.679.998 1.634 56.021 4.259 (258.871 1.188 1.217.188 1.260 83.000) (3.217.161 56.943 55.000 284.000 173.568.073 (258.523 4.039.186.923 1.625) 1.259 56.998 1.161 1.943 1.550 59.625) 874.274.084 1.346 .

523 235.590.630 1.331.129.459 1.313 20 129.701.217) 96.000 (22.444.259 1.856 1.568.369.084 1.346 - - - - - - - - - - - - - - 235.000 (22.493 235.267) 96.000 (22.401 1.989 1.734.938 55.313 20 129.679.000 (22.874.317) 96.634 1.961 1.021 235.313 20 129.188 93.133.535.585 1.457.646.146) (119.710 1.433 1.623.439 1.217.260 1.976 1.364 1.467) 96.463 235.146) (120.000 (22.274.938 55.313 .072.833) 97.388.186.938 55.553 235.313 20 129.391.146) (120.757.146) (120.243.146) (120.026 1.938 87.146) (120.367) 96.512.479.015.698 235.107 1.938 55.938 55.313 20 129.122 1.146) (120.484 1.017 1.635 958.971 1.501.000 (22.871 20 129.409 1.313 20 129.417) 96.000 (22.536 1.161 1.555 1.

208 7.208 3.208 7.0% 0.0% 15 30 30 - 15 30 30 - 15 30 30 - 15 30 30 - 15 30 30 - 15 30 30 - 15 30 30 - 258.625 33.0% 35.5% 0.0% 0.625 33.625 258.229 15.0% 0.0% 5.229 15.0% 5.3% 0.0% 5.625 85.229 15.625 33.5% 0.625 33.208 7.625 258.208 3.3% 0.0% 35.0% 0.5% 0.854 2 18.813 3.208 3.0% 35.625 258.0% 0.0% 0.0% 0.0% 0.688 54.0% 0.625 33.813 3.3% 0.0% 0.854 2 54.0% 5.854 2 18.229 15.229 15.813 3.0% 35.458 18.854 2 18.5% 0.688 1 7.4% 0.0% 35.0% 35.0% 5.438 - .813 3.1% 0.229 15.625 33.0% 0.625 258.208 3.208 23.854 2 18.Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Q1 2012 0.0% 0.5% 0.208 7.3% 0.208 3.3% 0.3% 0.5% 0.0% 5.813 3.813 3.0% 5.854 2 18.208 7.625 258.0% 35.208 3.9% 1.

167 3 8.417 21.813 4.417 21.313 4.813 4.208 3.875 12.208 3.333 6.438 1 6.021 4.875 2.125 3.208 3.667 - 13.021 4.125 3.417 6.167 3 - 13.396 2 7.646 5 3.417 6.417 21.021 4.583 12.000 3 6.417 6.583 12.208 20.583 12.646 5 3.313 4.667 - 39.000 3 6.250 2.646 5 3.125 4.125 3.125 4.333 6.250 2.417 6.208 3.875 12.875 2.417 6.417 6.250 2.208 20.396 2 7.875 12.875 2.396 2 7.583 12.813 4.813 4.125 4.333 6.396 2 7.667 - 13.417 21.875 12.208 20.250 2.000 3 6.208 3.667 - 13.646 5 3.583 12.875 2.333 6.000 3 6.000 - .167 3 8.646 5 3.125 4.125 3.875 12.208 3.208 20.208 20.3.021 4.021 4.000 3 6.021 4.333 6.125 4.167 3 8.167 3 8.125 4.875 2.417 21.000 3 - 7.583 12.167 3 8.813 4.875 2.667 - 13.813 4.125 3.250 2.250 2.313 4.125 3.417 21.396 2 - 8.667 - 13.875 12.333 6.208 20.313 4.313 4.313 4.646 5 23.396 2 7.063 11.

646) (1.000) (1.250 5 29.500) (22.716.500) (2.000 12.250) (3.6% 212.854) (21.146) 9.7% .854 90.500 150.021) 37.313 20 129.000 - 235.4% (20.6% 212.000 3.646) (1.4% (23.313 20 129.000) (750) (26.854) (21.000 12.500 150.500 150.021) 37.9% (33.000) (12.250) (3.250) (3.167) (29.167) (29.4% (12.4% (20.000) 100.250 5 29.396) (750) (1.146) 9.396) (750) (1.250 5 29.750) (89.396) (750) (1.000) (1.000) (1.021) 37.896) 11.438) (4.500) (27.000) (1.4% (12.6% 212.167) (29.6% 212.4% (750) (1.000 235.646) (1.896) 11.396) (750) (1.250 5 29.063) (4.750) (89.500) (750) (3.000 12.313 20 129.500 7.021) 37.646) (1.0% (33.3%) (12.500 7.396) (750) (1.500) (22.854 90.854 90.000) (750) (26.896) 11.646) (1.000) (750) (26.4% (12.500 150.000) (750) (26.250 5 29.750) (89.250) (3.500 7.938) 931.313 20 128.854) (21.167) (29.854 90.021) 37.854) (21.167) (29.396) (750) (1.146) 9.167) (29.854) (21.000 12.000) (12.000) (12.000 12.500) (22.500) (22.000) (1.4% (20.250) (3.000 235.500) 3.9% (33.000 3.4% (20.9% (33.188 4 12.9% (54.854) (21.500 7.688) (50.313 20 129.4% (20.021) 37.146) 9.000 (20.3% 212.146) 9.000) (12.000) (750) (26.250) (111.250 5 50.854 90.500 150.500) (22.000) (12.6% (24.9% (33.750) (89.000 235.750) (89.854 90.646) (1.063 2 129.000) (12.146) 9.000) (1.313 20 129.500 7.000 235.500 150.250) (3.896) 11.000) (750) (26.938) (831.750) (89.896) 11.500 7.000 235.4% (12.500) (22.896) 11.9% (33.29.4% (12.6% 212.

642 1.146 22.146 1.500 22.188 39.200) 113.926.3% 92.088 39.938 41.313 23.500 22.938 41.146 22.797.792 1.403 23.088 (36.800 - 279.146 22.974 117.033.338 39.730 2.755.138 (36.150 - 282.500 (3.288 39.3% 96.238 39.146 247.830 1.5% 55.2% 92.188 39.146 22.869.253 23.146 22.797.5% (143.2% (120.3% (120.(4.850) 112.750) (4.3% (120.835) 143.567) 92.9%) 92.986 9.000 (166.2% (117.900 - 291.146 22.146 22.558.343 23.6% 55.447 2.400) (120.371 22.6%) 92.938 41.927) (4.647.146 22.673.867.685 1.517) 92.6% 55.286 117.767) 92.617) 92.787.146 22.938 41.895) 92.938 41.135 1.146 22.6% 55.146 1.927) (4.915) 92.100) 106.146 1.238 (36.146 22.3% 96.101 117.3% 96.717) 92.188 (36.438) (4.927 - 55.761.620 1.288 (36.283 23.298 .338 (36.730.271 71.500 22.146 1.288 39.850) (3.700 - 288.313 95.5% 55.812.146 257.313 257.500 22.3% 92.373 23.146 1.3%) 96.000 (162.938 41.700) (4.838) (4.300) 108.000 (185.000 (181.698.184 117.747 1.050 - 85.6%) 1.500 22.2% 92.950) 105.420 1.667) 92.2% (120.923.996 117.875) 92.298 22.812.400) 68.932 276.146 22.855) 92.146 22.3% (139.146 1.138 39.983.600) (4.500 22.935) 92.615.550) 110.088 39.978.3% 96.458 500 9.450 - 285.271) 181 (143.3% 96.3% (120.2% (1.800) (4.146 22.146 22.900) (142.000 (176.982 163.650) (4.088.3% 92.844.000 (171.146 22.338 39.238 39.039 117.138 39.100 - 1.

083 1.450.184 1.003 55.043 1.000 340.000) (3.101 (258.039 (258.996 (258.787.083 55.000 450.000) (3.625) 1.625) 1.787.027) 100.615.011.996 57.800 60.000) (3.253 4.000) (10.101 57.850 60.646 1.750 60.003 1.043 1.184 57.558.000) (3.558.003 1.286 100.501.646 1.673.792 1.486) .000 (14.927) 3.996 1.867.923.450.730.625) 1.063 1.500) (21.927) 1.501.700 60.301 1.971 57.836 2.974 57.313 4.978.787.103 1.447 2.000) (6.063 1.527) (3.371 57.989 1.486 157.813) (150.450.063 55.414.844.039 1.471.812.283 4.585.673.584 1.023 55.730.066.974 (258.000 561.625) 1.301 1.135 1.039 57.615.000) (3.927 55.000 616.615.184 (258.845.500) - - - - - - 157.450.000 (85.450.528.088.400 (500) (688) (8.414 57.661 (172.650 60.458 57.956.927) (93.274 1.420 1.000 (143.971 (258.790.982 163.101 1.000) (3.000) (5.730 2.836 50.450.103 1.542) 85.023 1.343 4.900.584 2.1.000 506.989 1.403 4.103 (143.000 395.486 1.625) 1.476 57.000) (3.357.349 57.000) (3.600 60.625) 1.559 57.083 1.000) (3.000) (3.023 1.033.300.000) (3.373 4.274 1.974 1.730.043 55.558.458) (157.371 Ok Ok Ok Ok Ok Ok Ok - - - - - - 143.673.

438) (1.313 20 129.938 55.146) (120.146) (120.729 .000 (22.844.927) 4 42.938 55.101 1.300.517) 96.447 1.000 (22.033.867.996 1.730.486) 90.271 3.476 1.349 1.900) (139.661 - - - - - - - - - - - - 235.146) (120.286 2.471.135 1.486 247.938 55.790.146) (120.584 1.585.313 20 129.528.717) 96.559 1.938 55.313 (157.812.845.938 55.767) 96.730 2.458 163.011.567) 96.313 20 129.271) (143.414 1.615.088.000 (22.313 235.923.373 235.836 20 129.301 1.787.253 1.792 1.986 1.986 (93.371 247.274 1.974 1.617) 96.646 1.146) (120.982 2.146) (120.558.313 20 129.000 (22.371 1.184 2.938) (117.978.414.000 (27.403 235.000 (22.357.938 55.066.500 157.343 235.039 1.313 20 129.667) 96.989 1.000 (22.900.1.956.673.420 1.927) 85.283 235.

000.875 101.688 46.9% 1.271 174.4% 0.625 .875 101.875 101.0% 35.0% 15 30 30 - 15 30 30 400.688 46.625 9.0% 35.0% 35.9% 1.4% 0.9% 1.0% 5.438 9.438 - 23.688 54.438 9.4% 0.1% 0.0% 35.875 101.1% 0.0% 5.1% 0.0% 5.9% 1.0% 35.0% 35.1% 0.1% 0.625 23.438 9.875 101.4% 0.0% 5.688 46.9% 1.9% 1.333 181.563 2 23.000 15 30 30 - 15 30 30 - 100.438 9.0% 5.563 2 54.0% 0.9% 1.688 1 54.625 9.563 2 54.875 101.458 54.563 2 54.438 - 23.688 46.625 - 23.000 15 30 30 - 15 30 30 - 15 30 30 1.1% 0.0% 5.1% 0.0% 0.563 2 54.0% 0.0% 35.0% 0.688 46.375 218.444 223.507 217.438 - 23.688 46.0% 0.0% 0.0% 5.563 2 54.Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 0.792 227.625 - 23.4% 0.4% 0.4% 0.

250 44.438 23.000 19.000 - 39.000 - 39.250 44.000 - 39.250 2 25.375 12.438 23.250 44.000 - 39.250 44.000 19.000 19.375 12.625 36.000 - 39.438 23.063 2 42.063 2 33.625 36.625 36.250 2 25.625 8.438 1 23.438 1 23.000 3 18.000 3 - 23.438 1 - 25.438 1 23.000 19.250 2 25.375 11.250 2 25.375 12.438 1 33.250 44.750 18.938 12.000 - 39.688 3 42.000 3 18.063 12.063 11.438 1 23.063 11.000 3 18.625 8.438 23.438 1 23.750 8.750 8.000 19.250 2 25.063 11.250 44.250 2 39.438 1 23.438 23.750 1 18.063 12.375 11.438 23.063 12.000 19.625 8.625 8.938 12.938 12.625 36.750 18.750 1 18.750 8.938 12.375 12.063 12.750 8.23.688 3 - 18.375 11.375 11.000 - .438 1 23.

250) (87.438) (750) (1.000 15.438) 26.4% .250) (202.438) (4.500) (750) (62.000 60.625) 337.625) 270.438) (750) (1.000 (23.500) (750) (62.4% 47.438) (4.000 5.8% (36.750 5 87.8% 127.000 165.000 240.000 15.3% (36.063 2 50.3% (23.438 77.063) 100.438) (750) (1.438) 26.250) (87.250) (50.500) (27.063 62.000 30.438) (750) (1.438) (750) (1.063 53.250) (50.750) (4.188) 19.8% (33.938) 164.000 15.000) (23.063) (4.750) (23.063 2 50.0% (54.000 105.000 15.1% (101.813 80.3% 192.1% (101.3% (18.938) (64.000 17.063 2 87.000 15.688) (4.2% 192.563) (44.6% (18.000) (23.8% (36.500) (27.3% (750) (1.438) 37.500) (47.688 16 12.0% (36.500) (37.000) 17.500) (750) (62.000 30.000) (241.3%) 32.750 5 128.500) 655.500) (2.2% (101.063 15 326.563) (44.500) (750) (45.4% (101.938) 37.7% (10.500) (27.688) (4.500) (47.500) (2.000 240.250) (87.500) (3.000 30.500) (750) (3.000) (23.000 15.50.000 30.063) (4.813 80.750 5 87.188) 75.000 5.438) (750) (1.750 5 87.750) (4.2% 127.000 30.063) (4.500) (3.063) (4.000 15.8% (42.188 4 261.250) (111.000 30.500 9 261.438) 37.000) (241.500) (750) (62.000) (241.063) 146.500) (37.000 105.000 75.000 60.688) (50.563) (44.9% (101.500) (2.250) (202.063) (4.6% (23.000) (241.188) 60.563) (44.688 16 335.063) 100.7% (101.063 15 335.750) (4.000 60.563) 22.750) (4.000 30.750) (23.563) (44.438 77.250) (87.438) (4.563) (44.188) 19.000 165.000) (23.500 9 326.500) (3.500) (3.3% (33.063) 146.563) 22.938) 46.7% (42.500) (750) (45.

960 811.500 9.8%) (310.500 (24.000 133.327 446.854 12.925) (4.327 .617) 373 (131.6%) (253.334) 333 (185.550 82.4%) (119.667 366.512 - 185.156 27.0%) 129.383 281.000) 111.688) (46.155 12.705) (371.6%) (200.729 142.521 234.055) (278.656 15.7%) (310.100) (274.4%) (125.000 15.000 (7.386 258.500 162.000 (38.705 - 209.917 329.6%) (185.1%) (118.675 - - - - - - - 221.177 223.475 142.588) (110.792 40.500 12.638) (49.734 567.055) (278.0%) 131.1%) (110.521) (49.313 446.646 195.891 - (131.350) (6.150) 87.896 7.521 12.688) (46.4%) (1.333 10.647 9.1%) (2.063) (106.7%) (187.606) (774.677 394.500 153.500 12.025) 109.000 9.606) (774.512) (113.2%) (209.521 - 119.450) (118.500 9.521 126.(3.825) (5.313 193.705) (371.521 257.500) 114.0%) (252.7%) (110.638) (220.729 290.055 - 187.188) (49.2%) (2.734 558.750) (267.000) (118.891) (50.676 12.960 799.496 310.9%) (215.708 174.063) (106.375 27.521) (49.950) (118.729 279.450) 115.475) (183.525) (6.676 12.604 9.2%) (311.421 9.500) (7.521 142.039) (112.521 811.521 100.2%) (3.021 406.667 217.463) 209 (119.891) (50.039 - 118.000 (46.575) (367.325) 74.598 15.7%) (176.313 217.729 274.484) 354 (222.917 320.000 15.750) (359.512) (113.363) (761.744) 820 (187.025) (182.7%) (5.500 (31.425) (129.871 382.071 437.313 329.313 567.313 146.2%) (222.386 274.1%) (389) 55 (118.039) (112.9%) (311.500 (17.038) (110.975) (7.163) (206.396 231.438) (737.850 110.500) 93.447) 492 (209.792 40.7%) (176.000 (12.6%) (2.521 271.606 - 222.

825 (2.079.198.781 231.500) (10.000.438 174.450.521) (119.805 (131.521 217.656) (120.000 (894.896 129.000.993) (238.000) (9.805) (444.183 (216.226 238.854 (217.364) 223.208) (195.000) 189.333) 117.155) 1.000 200.064) (118.205) (187.500) (9.000) (23.271) (159.854 21.000) (134.438 129.198.079.458) (124.525 (15.383 281.507) (223.879) (218.055) 5.000 (1.896 44.500) (206.000 282.350 (2.508) (187.805) 1.226 240.987) (185.792 223.508 (799.618 (117.950 (111.208 (3.656 126.867 (134.365) 251.941) (10.380) (209.871 382.238) (48.000) (9.845 126.375) (240.618 189.375 217.000 129.941 131.156 221.635 1.500) (7.500) (9.792) (126.975 (178.792 (227.256) 131.000) (10.50.156 (223.521 195.000 234.208) (123.987) 195.533) 450.333 21.521) 7.000 (707.000 217.365 1.156 231.891) 7.608) 1.071 Ok Ok Ok Ok Ok Ok Ok 275.375 13.667 366.000 (498.656 131.496 310.444) 811.156 (7.500) (18.000) (10.854 195.681) (222.000) 3.500) (220.705) 174.064) 1.000 (1.333 174.000 (275.925 (7.450.500 (12.238 707.941 85.500) (10.896 (174.744 1.039) 6.606) 3.844) 370.508 240.817 238.021 406.380) 400.000) (5.318.792 (145.293) 450.333 (181.705) 4.000) (1.256 .293 894.238) 450.533 498.293) (257.533) (225.318.677 394.021) 231.500) (9.000) (9.500) (10.375 (218.183) 400.208 (3.792 11.500) 3.941) 223.181) 85.458 44.450.458 (100.000 (1.000) (9.512) 6.844 1.

656 131.063) (2.647 3.475) (176.608) - 247.425) (125.744 4 42.656 126.025) (176.163) (200.334) (185.188) (311.421 238.744) (187.896 16 111.677 370.617 437.805) 231.705) 75.167 9 87.484 320.604 (117.656 251.000 (47.(159.155 (444.750) (3.450) (110.533) 174.635 234.688 15 108.226 558.879) - (240.375 366.167 15 108.896 .993) - 117.744 799.792 394.647 240.604 (225.055) 165.688 16 111.792 406.496 320.155) 2.000) (110.156 382.508 799.155 5.750) (2.598 1.688) (1.383 437.647 (257.438) (2.521) 240.606) 60.667 558.867 - (126.463) (119.421 2.333 281.638) (215.986 189.000 (37.938) (253.000 (47.512) 165.463 17.071 258.871 799.021 126.155 (799.000 (37.063) (5.508) - 811.598 131.447) (209.938) (252.000 (27.183) 320.618 437.563) (310.656) - (124.941 258.039) 240.688) (389) (118.617) (131.656 389 126.563) (310.729 9 87.891) 129.447 558.188) (311.854 310.238) 195.938) (118.000 (27.183 - (223.421 (48.334 126.896 221.604 2.293) 217.156 223.484) (222.000 (27.

1% 0.625 258.625 23.625 9.0% 5.625 9.563 2 54.875 101.792 247.563 2 54.625 9.9% 1.688 46.4% 0.563 2 54.438 9.1% 0.625 23.875 101.0% 0.1% 0.0% 0.875 101.0% 35.563 2 54.438 9.625 258.0% 35.625 9.625 23.625 23.4% 0.0% 5.688 46.931 258.438 9.0% 35.9% 1.625 .1% 0.438 9.0% 0.0% 35.563 2 23.0% 35.4% 0.1% 0.4% 0.688 46.625 9.688 46.0% 35.0% 5.792 245.625 9.4% 0.9% 1.625 54.0% 5.0% 35.0% 5.875 101.1% 0.625 23.4% 0.0% 0.0% 0.563 2 54.875 101.438 9.792 245.438 9.9% 1.0% 15 30 30 - 15 30 30 - 15 30 30 - 15 30 30 - 15 30 30 - 15 30 30 - 15 30 30 - 245.563 2 54.688 46.9% 1.0% 5.1% 0.438 9.625 9.9% 1.0% 0.9% 1.0% 5.875 101.4% 0.688 46.688 46.625 23.875 101.Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 0.

000 3 18.750 37.375 11.000 - .938 12.625 8.063 12.750 8.625 61.625 8.625 36.375 12.625 36.750 8.063 12.375 12.250 19.250 63.938 12.250 19.938 12.250 63.000 3 23.250 63.750 37.625 36.625 8.750 37.188 2 23.500 3 25.250 19.625 36.688 3 42.063 12.188 2 23.250 63.250 19.000 - 39.000 19.188 2 23.438 13.000 19.375 12.688 3 9.688 3 42.625 8.000 - 39.250 19.625 36.625 36.438 13.438 13.625 8.063 12.063 12.375 11.250 19.000 - 39.500 3 25.500 3 25.375 11.250 19.000 - 39.500 3 25.375 12.625 8.750 37.938 12.500 3 39.438 13.500 3 25.000 19.750 8.750 37.750 37.250 63.750 8.688 3 42.000 3 18.375 11.063 12.250 63.625 61.000 19.938 5 18.000 3 18.438 13.750 8.375 11.938 5 9.938 12.188 2 23.250 63.938 5 9.625 9.000 3 18.188 2 23.375 11.000 19.000 - 39.438 13.625 36.188 2 25.625 61.000 3 18.375 12.625 8.750 37.000 - 39.938 12.500 3 25.625 9.000 19.438 13.375 12.42.063 12.750 8.750 8.000 3 18.375 12.188 2 23.625 9.000 19.375 11.938 12.

188) 12.500 22.500 450.000 480.000 390.438) 9.000) (37.1% (101.500) (47.250) (80.8% (42.000 705.6% (36.188) 9.250) (3.750) (9.500 210.750) (9.688) (4.688 18 387.000 480.000) (4.688) 11.9% 342.563 90.750) (9.8% (101.750) (9.750 5 87.4% 342.313) 37.000) (2.000) (2.688) 16.188) (2.563) (63.8% (36.750 5 87.250) (3.500) (66.000 37.563) 68.4% (36.188) (2.000 (42.000 37.000) (3.250) (80.500) (87.750) (265.500) (87.750 5 368.438) 9.313) 37.500 300.000) (37.000 37.000) (37.000) (37.500) (87.500 22.4% (36.250) (3.688) (4.750) (265.688) 20.688 18 368.3% (101.500 22.188) (2.250) (80.438) 9.750 5 87.6% 638.250) (80.188) (2.500) (266.938) (4.188) (2.000) (2.688) (4.500 22.000) (4.563 90.500) (266.250) (3.750 5 87.750 5 87.500 450.563) (63.000) (2.500 210.1% (42.500 450.000 37.250) (3.188) 9.4% (61.1% (42.7% (36.750) (9.563) (63.313) 37.1% (101.6% 638.000) (37.563) 55.688 18 368.750) (9.500) (66.500) (87.7% (36.188) (2.000 37.000) (3.500) (87.688) 11.563 90.563) 68.500) (47.000 705.563) 55.250) (3.3% (101.000) (2.2% 638.2% 432.500) (47.500 22.9% 432.938) (4.750) (265.563) (63.8% (36.8% (101.750) (265.000) (2.938) (4.688) 11.87.938 20 387.500) (87.500) (87.000) (37.000) (3.188) 12.188) (2.500) (266.500) (47.250) (80.000 37.000 705.000) (2.688) 20.813 90.000 390.500 22.688) (4.813 90.4% (101.688 18 368.813 87.250) (80.938 20 37.500) (66.563) (63.8% (61.750 5 87.000) (3.563) (63.8% .500 22.000) (4.500 300.688) 16.750) (9.938 20 387.250) (80.563) (63.250) (3.813 87.000) (37.4% (61.

700) 122.7%) (15.698 117.563 39.000 (84.146 425.563 41.112.950) 76.641 202.350) 121.644 317.113 39.641 218.565) 366 (14.9%) 74.437) (3.6% 280.729 326.4% 291.5% (1.559 15.778) 396 74.208 80.400) 76.800) (9.438) (0.563 18.146 .200) 122.964 332.800 206.500 197.863 16.108) (3.108) (3.500) (12.7% (358.200 241.588 552.9%) 86.650 232.4% (2.250) (9.688) (3.7% 245.7% (3.500) 123.437) (3.146 22.0% (356.000) (11.4% 291.559) - (279.481) - (74.559 15.5% 74.800) 125.573 117.093 15.729 341.481 15.792 65.792 80.0% 86.146 22.650 223.146 22.729 347.000 (95.663 39.349 22.822 271.344 179.8% (358.964 347.050) (12.146 22.7% 14.663) - (14.729 332.1%) (355.300 - - - - - - - 450.437 - 15.235 15.500 22.729 347.021 464.349 22.108 - (74.869 832.000 (106.9% (358.413 15.938 285.146 990.9%) (2.750 188.146 707.7% 279.700) (10.113 39.781 850.521 252.484) - (280.6% 280.450) (11.258) 179 279.162) 308 74.500 22.321 469.000 15.900) (355.146 22.350) 127.150) (11.146 22.521 245.146 332.(8.981 1.000 15.484 39.729 326.135 117.113) - (279.729 218.5% 279.563 18.000 15.3%) (355.113 39.000 15.521 245.438) (0.620 15.146 22.7%) (2.900) 279.563 41.481 15.663 39.000 (74.000) 280.792 65.484 39.000 (55.7% 279.450) 280.5% (2.663 39.219 568.250) 123.500 22.729 287.238) (3.912 15.823) 403 (15.271 450.0% 291.9%) (3.822 287.000 (64.000 (118.563 41.

984 252.000 (1.792) (14.000) (9.417) 252.000 (37.000) (5.761 (14.792 11.332.000 (1.000) (17.277) 530.563 285.450 291.000) (9.858) 60.450.000) 58.620) (202.000) (9.208 33.792 245.573 282.292) (69.000 (919.000) (30.450.273.481 9.320) 176.792) 60.181 74.000) (9.570 235.573 (258.858 (60.417 252.709 279.761) 251.723 1.620) - - 234.000) (9.637) 234.801) 102.000) (17.090.637 58.450.498 1.450.198.271 450.320 1.347.858) 245.500) 6.588 552.347.112.502 280.700 (15.000 (1.709 245.307 1.931) 73.900 291.502) 1.698 (47.563 568.637) (15.199 1.273.858) 74.1.792 245.437) 8.000 (639.801 1.150 84.365 285.000) (9.693 1.510 282.637) (14.208 252.792 245.332.800 (25.239 1.000) (9.021 464.450.625) 229.563 279.693) 117.625) 592.663 11.292) (202.165 359.563 568.000) (9.637 14.113 11.135 (258.181 75.000 245.000) (9.644 450.563 1.000) (3.792 (245.484 11.680 1.321 469.000) (9.984 (3.000) (9.792) (58.563 850.858 14.000 (1.135 568.792 (247.450.198.277 639.625) 309.108) 9.792 245.000) (5.417 (6.792 (245.450.559 10.181) (69.181 245.250 (5.000) (9.181) (60.869 832.208 (258.000) 69.573 285.792 6.835 1.792 245.792 (245.000 (359.568 282.135 282.165) 810.981 Ok Ok Ok Ok Ok Ok Ok 919.073 .

858 332.912 2.896 18 122.450) 291.637 317.510 592.050) (3.698 1.620) 1.073 - - - - 258.162 202.912 (69.438) (358.090.258) 279.(58.208 469.565 317.563 (2.000 (66.588 202.188) (355.484 705.093 2.235 14.498 18 122.563 (2.235 117.313 20 129.896 20 129.000 (66.644 1.563 280.258 390.792 450.000 (47.400) 86.896 18 122.321 271.437) 390.307 245.108) 480.792 450.869 530.792 464.637) (14.663 .113 245.181) 271.271 317.112.565) (14.620 (202.563 (1.000 (47.021 332.778 271.568 - 309.620 2.438) (358.438) (2.313 20 129.199 245.680 252.135 832.598 58.000 (47.823 332.239 285.000) 291.093 102.835 850.981 810.896 18 122.188) (355.188) (355.292) 202.438) (2.162) 74.188) (356.481 480.559 705.181 73.778) 74.438) (358.858) 60.912 176.563 279.823) (15.093 (60.000 (47.500) (3.570 - - - - 229.900) 291.723 568.313 705.235 2.000 (66.620 251.950) 86.573 552.

500 406.688 46.500 2 218.9% 1.750 93.625 23.688 46.4% 0.875 101.750 312.0% 35.0% 5.563 2 54.625 258.625 9.500 19.9% 1.0% 5.625 258.5% 3.875 101.5% 5.625 258.625 23.0% 35.625 9.438 9.0% 0.000 1.9% 1.4% 0.767 54.4% 100.5% 3.0% 5.0% 0.0% 5.625 93.438 9.625 258.000 258.250 .563 2 218.0% 5.392 221.625 9.0% 0.Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 2012 2013 0.688 46.0% 0.0% 0.625 135.4% 0.5% 0.000.438 9.1% 0.750 - 93.1% 0.250 2 23.5% 5.0% 35.0% 35.688 46.875 101.688 46.4% 0.0% 35.9% 1.625 9.625 23.5% 0.0% 35.1% 0.563 2 54.1% 0.563 2 54.9% 1.438 9.750 187.0% 35.563 2 54.0% 0.625 23.0% 5.438 9.0% 15 30 30 - 15 30 30 - 15 30 30 - 15 30 30 - 15 30 30 - 15 30 30 15 30 30 400.750 38.625 9.875 101.1% 0.0% 5.875 101.

938 5 93.750 1 25.438 13.625 61.375 12.375 12.375 11.500 3 25.000 77.938 12.625 36.438 13.750 8.500 3 25.063 12.000 34.625 61.875 1 93.000 19.750 8.625 9.000 - 39.625 8.000 3 18.000 2 39.625 9.625 8.625 8.375 11.188 2 23.625 36.438 13.188 2 46.188 2 23.625 8.250 63.250 44.625 36.188 2 23.000 - 39.375 12.000 177.938 5 9.500 49.250 63.750 37.625 61.000 19.625 9.750 93.438 13.500 1 75.375 11.250 19.063 12.500 144.750 8.000 19.000 19.250 63.375 11.375 12.500 3 50.750 8.000 19.375 11.625 8.250 19.375 12.875 46.500 3 18.000 3 18.250 19.000 - 156.625 9.250 19.500 88.938 12.750 37.000 - 39.938 12.438 13.250 19.063 12.250 63.000 3 23.9.625 61.625 36.938 5 9.000 - 156.000 3 18.750 37.188 2 23.750 37.938 5 9.250 51.000 3 37.000 38.063 12.625 61.938 12.500 3 25.750 1 151.750 8.750 37.000 3 18.500 37.000 - 39.625 36.250 63.000 - .750 49.500 3 25.500 34.938 12.625 9.938 5 9.063 12.500 44.500 1 100.

000) (169.000) (37.688) 11.250) (267.000) (93.000) (5.6% 638.000) (18.000 810.9% (101.500) (266.688) 11.063) 37.4% (37.750) (9.500) (46.938) (4.000 5 387.500 450.313) 37.000 120.750) (9.063) 37.250) (80.500 450.000 155.250) (3.438) 9.4% (61.438) 9.500 22.000) (37.6% 638.500) (87.000 705.000) (5.063) 37.750 5 200.1% (151.4% (61.000) (4.938) (4.250) (3.688) 11.9% (101.000 60.000) (9.4% (61.2% (144.250) (177.750 5 87.375) 62.000) (2.250) (267.500) (66.750) 72.938) (4.500 450.500 450.563 90.563) (63.000 75.000 330.000) (6.000 705.500) (18.323.563 90.563) (63.4% (36.375 7 1.500) (87.4% (36.000 705.500) 20.500) (66.938 20 387.250) 405.938) (4.000) (5.000 37.87.000) (2.000 37.938 20 779.8% (101.750) 30.6% 638.500) (88.188) (2.750) (3.000 50.250) (267.000) (2.563 90.188) (2.500 450.9% (101.500 16 37.3% (406.250) (3.688) 11.500) (66.4% (61.0% .938 20 387.250) (18.563) (63.500 22.000) (6.438) 9.4% (36.750) (9.750) (9.6% 43.563 90.750 5 87.000) (3.250) (80.438) 9.9% (312.188) (2.500 79.500) (87.750) (9.000) (37.000) (628.000 37.688) 11.000) (351.063) 37.938 20 387.4% (36.938) (4.250 27.500 22.9% 640.250) (3.9% 638.250) 119.8% (101.750 5 87.000 (61.4% (93.250 2 351.000) (2.500) (200.250) (3.000 705.250) (80.750) (18.000) (249.563) (63.938 20 387.500) (87.000) (96.563) (63.000) (964.000) (37.750 5 87.188) (2.250) (80.000 705.000 37.000) (2.000) (3.250) (80.000 35.000) (111.500) (66.1% (36.500) (66.250) (267.000) (12.563 90.500 22.500) (87.000) (37.500 22.6% 638.438) 9.000) (5.188) (2.875) (3.

3%) (9.146 1.500 (17.146 22.963) (75.450) (74.3% (681.3% (362.146 22.313 567.844.084 117.813 41.813 41.350) 279.000 (46.730 1.000 15.293) (456.000 (171.290) 197.4%) (279.213 39.146 22.930) 1.146 1.3% 290.6% 166.4% 290.000 162.388 23.313 217.146 22.391.071 22.6% (360.146 22.293) (456.500 22.242.950 - 264.863 (110.413 39.667 406.500 9.673.272.925) 276.550 250.763 39.135 2.088.923.763 39.125) (698.819) 1.100) 119.286 117.960 274.400 - 282.773 28.982 310.550) 110.6% 198.863 39.863 39.313 (110.6% 277.989) 277.146 1.641.500) (28.813 41.950) (602.2% (742.6% 165.875) (450.413 (110.146 22.146 1.813 41.757.521 110.4% (361.213 39.050) (13.146 1.598 15.745) 276.450) 115.932 195.500) (13.146 22.2% (9.667 234.812.250) 277.2% 166.792 40.856 1.630 1.(12.617 1.050) 118.401 (707.400) (17.4%) 1.563 41.500 22.331.000 (131.3% (361.729 290.3% 290.3% 276.3%) (610.350) (13.017 1.729 274.963) (75.600) 115.470.260 117.133.450 - 291.501.327 .327 22.685 1.213) - (80.039 117.118 23.146 567.000 (144.963 - 279.8%) 279.565) 707.146 22.150) 276.500 22.050 - - - 1.4% 277.3% 290.590.950) 105.417 (610.213 39.146 22.000 (157.313 39.848 23.000 (185.800) 277.971 117.146 558.950) (14.4%) 291.900 - 273.9%) (1.146 22.854 12.700) 276.6%) (573.413 39.146 22.500) 93.473 (78.960 258.500 22.293 - 610.983.500) (70.313 39.950) (359.906 1.375) (439.500 22.5% (707.146 22.146 22.3% 276.647 9.

331.000) (9.888 1.854 195.000) (9.000) (36.635 1.000) (9.350 291.290) 1.710 1.938 234.630 1.318.500 (12.417 (6.000 (707.625) 1.000) (42.000 (135.000) (9.513) (10.293) 400.000 868.500 179.369.068 1.856 1.450.000 118.792 197.256 (707.950 180.417) (609.848 14.000 450.501.346 171.072.414 171.757.248 1.000 95.260 282.000) (9.286 100.563 Ok - 198.484 1.982 310.854 195.000) (9.084 (258.500) (5.000) (60.331.260 (258.050 211.590.000 100.484 1.450.854 38.900.290 279.133.500) 6.989 1.673.293) (257.088.000 (80.000) (51.667 406.000) (13.844.039 171.293 1.989 1.133.923.147 400.585.501.813) (711.013) 1.400 180.963) 28.500) - - - - - 468.823 Ok - 166.391.066.068 - 165.450.773 13.661 (772.247 .000.450.000.625) 1.388 13.000 284.971 (258.084 170.000 (1.039 (258.000) (9.950 (27.118 13.414.563 850.888 Ok - 166.459 170.500) (9.293) 1.000) (14.734.673.068 1.673.500) (5.000) (5.392) (468.836 2.744 1.871 1.147 (300.625) 1.871 1.793) (610.823 1.854 (221.133.017 1.971 1.084 1.568.625) 874.450.256) 131.147) (661.050) 1.293) 17.767) 523.248 707.563 1.000 699.071 Ok Ok Ok Ok 80.000 195.318.135 2.888 1.331.625) 1.836 450.698 282.500) (688) (8.971 171.260 197.248 1.450.243.698 (258.501.039 1.000 616.000) (9.1.823 1.950 850.213 12.

242.167 16 111.710 1.414.635 1.930 810.375) (9.000 (111.813 198.568.000 (66.484 1.844.744 9 87.590.250) 290.930) (610.848 1.563 279.125) (681.213 705.950) (573.438) (360.313 20 129.350) 291.391.331.438) (359.757.819) (707.900.792 406.963) 195.438) (361.000 (66.050) 258.260 1.286 2.734.982 2.836 20 129.661 - - - - - - - - - - 705.313 20 129.438) (362.585.598 131.459 1.313 20 129.813 166.346 1.673.147) 90.039 1.414 1.369.647 (300.800) 290.856 1.813 166.647 (257.247 558.072.854 310.150) 290.630 1.647 9.000 (66.066.989 1.313 20 129.133.500) (9.750) (742.017 1.819 155.135 1.071 258.700) 290.500 468.000 (66.000 (66.388 705.598 9.243.500) (1.293) 523.000 (169.813 165.118 705.773 705.667 558.501.088.084 1.923.874.438) (361.896 .313 (468.871 1.147 558.293) 234.971 1.

2014

2015

2016

Checksum
Ok
2012

Checksum
Ok
2013

Checksum
Ok
2014

Checksum
Ok
2015

0.5%
3.5%
5.5%
0.0%

0.5%
3.5%
5.5%
100.0%

0.5%
3.5%
5.5%
0.0%

Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok

35.0%
5.0%

35.0%
5.0%

35.0%
5.0%

Ok
Ok

Ok
Ok

Ok
Ok

Ok
Ok

Ok
Ok
Ok

Ok
Ok
Ok

Ok
Ok
Ok

Ok
Ok
Ok

Ok

Ok

Ok

Ok

15
30
30

-

15
30
30

-

15
30
30

-

246,326

258,625

258,625

Ok

Ok

Ok

Ok

218,750
187,500
406,250
2

218,750
187,500
406,250
2

218,750
187,500
406,250
2

Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok

93,750
38,500
38,500

93,750
38,500
38,500

93,750
38,500
38,500

Ok
Ok
Ok

Ok
Ok
Ok

Ok
Ok
Ok

Ok
Ok
Ok

170,750
3

38,500
38,500
247,750
5

38,500
38,500
247,750
5

Ok
Ok
Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok
Ok
Ok

75,000
34,500
34,500
144,000
3

75,000
34,500
34,500
144,000
3

75,000
34,500
34,500
144,000
3

Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok

93,750
55,000
148,750
2

93,750
55,000
148,750
2

93,750
55,000
148,750
2

Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok

100,000
77,000
77,000
254,000
3

100,000
77,000
77,000
254,000
3

100,000
77,000
77,000
254,000
3

Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok

156,250
51,750
49,500
49,500
44,000
-

156,250
51,750
49,500
49,500
44,000
-

156,250
51,750
49,500
49,500
44,000
-

Ok
Ok
Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok
Ok
Ok

351,000
5

351,000
5

351,000
5

Ok
Ok
Ok

Ok
Ok
Ok

Ok
Ok
Ok

Ok
Ok
Ok

1,474,750
18

1,551,750
20

1,551,750
20

Ok
Ok

Ok
Ok

Ok
Ok

Ok
Ok

150,000
90,000
1,020,000

150,000
90,000
1,800,000

150,000
90,000
1,800,000

Ok
Ok
Ok

Ok
Ok
Ok

Ok
Ok
Ok

Ok
Ok
Ok

1,740,000

2,820,000

2,820,000

Ok

Ok

Ok

Ok

Ok
Ok
Ok

Ok
Ok
Ok

Ok
Ok
Ok

Ok
Ok
Ok

Ok

Ok

Ok

Ok

(170,750)
(18,000)
(188,750)
10.8%
1,551,250
89.2%

(247,750)
(18,000)
(265,750)
9.4%
2,554,250
90.6%

(247,750)
(18,000)
(265,750)
9.4%
2,554,250
90.6%

(144,000)
(148,750)
(9,000)
(12,000)
(9,000)
(322,750)
18.5%

(144,000)
(148,750)
(9,000)
(12,000)
(9,000)
(322,750)
11.4%

(144,000)
(148,750)
(9,000)
(12,000)
(9,000)
(322,750)
11.4%

Ok
Ok
Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok
Ok
Ok

(406,250)
(254,000)
(351,000)
(36,000)
(15,000)
(1,062,250)
61.0%

(406,250)
(254,000)
(351,000)
(36,000)
(18,000)
(1,065,250)
37.8%

(406,250)
(254,000)
(351,000)
(36,000)
(21,000)
(1,068,250)
37.9%

Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok

Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok

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000 100. Janu (4) Available on Yahoo! Finance under "Key Statistics" for publicly-traded companies .500 (60.9 0.000) (763.500) (22.9% 9.000 200.6 Startup % Debt Startup % Equity Startup Tax Rate Levered Equity Beta Equity Risk Premium 40.1 1.0% 9.7% 9.0% 40.000 200. these returns range from 18-37% to 27% to 30%. Valuation Weighted Average Cost of Capital Terminal Value Growth Operating Income Tax Expense Tax-Effected EBIT (Earnings Before Interest) Plus: Depreciation Expense Capital Expenditures Changes in Working Capital Changes in Other Assets & Liabilities Unlevered Free Cash Flow 9.0% 2012 (698.0% 1.875) (698.000 200.3 0.875) .0% 60.8 0. (3) Initial placeholder based on the difference between the 1928-2010 arithmetic average return of stocks (Damodaran.2% 3.0% 38.000 40. (2) Initial placeholder based on the 10-Year Treasury Yield as of 9/9/2011.000 300.2% (1) Choosing WACC for an early-stage startup is a highly arbitrary exercise. A good baseline is to reflect the average IRR of an investors (http://goo.8% Cost of Equity Cost of Debt Weighted Average Cost of Capital 11.875) 17.ff Venture Capital StartupCo Financial Model (in whole USD.gl/Wcoiw ) . assumes no inflation) WACC (SECTION INDEPENDENT OF PRIMARY MODEL. YELLOW CELLS BELOW REQUIRE INDIVIDUAL INPUTS) (1) Risk-Free Rate (2) Market Risk Premium (3) Equity Debt Tax Rate Levered Equity Beta (4) Unlevered Equity Beta 1.0% 1.0 9.8 0.0% 35.4% Comparable Comparable Comparable Firm 1 Firm 2 Firm 3 200.

517) 7.Present Value of Unlevered Free Cash Flow (699.351 .650.543) Terminal Value Present Value of Terminal Value NPV based on terminal year 3 NPV based on terminal year 5 (133.

126 54.900 (41.000) 82.Average 0.350 37. 2013 (602.119.700 (44.250 2015 1. According to three studies of early-stage stocks (Damodaran.026 .950 (51.750 2016 1.500) 1.000) (37.084.119.224) 697.550 46.000) 711.500) (652.350 128.500) 2014 128.450) (602. January 2011) and the 10-Year Treasury Yield as of 9/9/2011.550 1.000) (40.900 (44.7 ect the average IRR of angel investors.450) 28.108.500) (27.350 (411.

170 1.242 1.080 762.981 11.050.613.955 457.819.(547.224) 63.367.383 7.012 .

000 1. assumes no inflation) Friends / Family Funding Rounds (SECTION INDEPENDENT OF MODEL.000 10.000 250.000 250.000 240.000.000 Round 2 Investment Dollar Amount Additional Common Shares Additional Preferred Shares Additional Options Granted Cumulative Common Shares Cumulative Preferred Shares Cumulative Options Granted Total Cumulative Shares 1.000 200.000 240.000 10.000 10.000.000 240.ff Venture Capital StartupCo Financial Model (in whole USD.000 Round 1 Investment Dollar Amount Additional Common Shares Additional Preferred Shares Additional Options Granted Cumulative Common Shares Cumulative Preferred Shares Cumulative Options Granted Total Cumulative Shares 1.000 Round 3 Investment Dollar Amount Additional Common Shares Additional Preferred Shares Additional Options Granted Cumulative Common Shares Cumulative Preferred Shares Cumulative Options Granted Total Cumulative Shares 1.000 250.000.000.000 250.000 1.000 200. REQUIRES INDIVIDUAL INPUTS) Founders Angel / Seed Initial Funding Existing Common Shares Existing Preferred Shares Existing Options Granted Total Cumulative Shares 1.000 10.000 240.000 10.000 240.000.000.000 250.000 240.000 1.000.000 1.000 10.000 240.000 10.000.000 Round 4 Investment Dollar Amount Additional Common Shares Additional Preferred Shares - - - - - .000 10.000 240.000 250.

000 240.000 240.000 250.000.000 .000.000 10.000 250.000 1.Additional Options Granted Cumulative Common Shares Cumulative Preferred Shares Cumulative Options Granted Total Cumulative Shares 1.000 10.

000 200.000.000.000 1.000 366.000 1.000.000 480.000 - - - 336.000 1.000 20.000 200.000 1.000 2.000 480.000 30.000 1.000.000 - - - - 200.016.000 30.000 30.680.000 366.000 336.250.000 30.000 200.000 200.000 1.000 2.000 - - - - - - .000 336.Series A Series B Series C Series D - - - - Options Available 200.016.000 816.000 Total Shares Pre-Money Valuation 1.000 336.000 - 200.000 - - - 200.000 1.000 500.000 816.200.000.

016.000.000 200.000 30.000 2.000 1.336.000 - - - 200.000 .000 816.000 366.

000 $0.250.000 $0.Price / Share Total Investment Post-Money Valuation $0.000 900.74 1.42 400.000 2.00 - - $0.00 - - .000.

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