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# Contact Energy Financial Projections Overview

## Overview and Navigation Page Contact Energy Modeling Exercise

The model is developed in steps, starting with sheet Simple1.

go to sheet:
Simple 1 Historical financials as a starting point
Simple 2 Simple financial projections for the following 3 years
Simple 3 Introduce average formulas requiring iterations
Simple 4 Derive cash flow data for company valuation
Enhanced 1 Advanced version including modelling of cash flows statement
includes various examples of derived financial analysis & sensitivity analysis
Simple Dividend Discount Example of a simple dividend discount model
Share Price History Share Price History Contact Energy

## Author: All steps in the simple model

Kurt Hess have been developed based
on historical data up to 1998.
University of Waikato
Waikato Management School
Department of Finance
kurthess@waikato.ac.nz

Kurt Hess, University of Waikato, WMS *** Modelling Exercise Only *** p. 1 of 119 12/02/2009 18:50:26
Contact Energy Financial Projections Simple 1
projected projected projected
(in NZ\$ million) 1996 1997
year ending 30 September 1998 1999 2000 2001
INCOME STATEMENT / STATEMENT OF FINANCIAL PERFORMANCE
Total operating revenue 353.3 471.1 489.4
Total operating expenses (excl. depreciation) 220.2 273.9 278.0
Depreciation and amortisation 39.4 57.1 57.9
Net finance expense 20.6 39.1 38.8
Operating surplus before tax 73.1 101.1 114.7
Tax on operating surplus 16.7 23.7 32.9
Other special items (88.9) 0.0 (1.6)
Net surplus (deficit) for period (32.6) 77.4 80.3
Dividends 150.0 47.0 48.0

## BALANCE SHEET / STATEMENT OF FINANCIAL POSITION

Assets
Short-term deposit (net of overdraft) 32.6 15.0 8.7
Receivables & prepayments 46.2 47.7 74.3
Taxation receivables 1.9 4.7 9.1
Inventories 26.8 21.7 15.3
Total current assets (net of overdraft) 107.5 89.2 107.4
Total non-current assets 1,322.8 1,359.8 1,468.5
Total assets 1,430.3 1,449.0 1,575.9

## Liabilities & equity

Interest-bearing curr. liab. (w/o overdraft) 11.0 200.7 0.0
Payables & accruals 97.7 108.0 117.8
Dividends payable 0.0 36.0 36.0
Total current liabilities 108.7 344.7 153.8

## Estimated liabilities 23.0 27.3 30.0

Interest-bearing non-current liab. (borrowings) 477.6 221.5 482.2
Other non-current liabilities 0.0 4.0 26.0
Non-current liabilities 500.6 252.8 538.3
Total liabilities 609.3 597.5 692.1

## Shareholders' equity 821.1 851.4 883.8

Total liabilities & equity 1,430.4 1,449.0 1,575.9

## page 2 of 119 12/02/2009 18:50:27

Contact Energy Financial Projections Simple 2
projected projected projected
(in NZ\$ million) 1996 1997
year ending 30 September 1998 1999 2000 2001 Model explanatory remarks
INCOME STATEMENT / STATEMENT OF FINANCIAL PERFORMANCE
Total operating revenue (sales) 353.3 471.1 489.4 783.0 861.3 947.5 determined by sales growth parameter below

Total operating expenses (excl. depreciation) 220.2 273.9 278.0 446.3 491.0 540.1 determined by projected operating cost/revenue
Depreciation and amortisation 39.4 57.1 57.9 63.1 75.1 75.8 set as % of previous year non-current assets
Net finance expense 20.6 39.1 38.8 37.9 56.6 51.0 =Interest cost * (Previous Year Debt - Cash)
Operating surplus before tax 73.1 101.1 114.7 235.7 238.6 280.6
Tax on operating surplus 16.7 23.7 32.9 66.0 66.8 78.6 tax rate * pre-tax income
Other special items (88.9) 0.0 (1.6) 0.0 0.0 0.0
Net surplus (deficit) for period (32.6) 77.4 80.3 169.7 171.8 202.0
Dividends 150.0 47.0 48.0 118.8 137.4 161.6 net surplus * assumed dividend payout ratio
Retained earnings (182.6) 30.4 32.3 50.9 34.4 40.4

## BALANCE SHEET / STATEMENT OF FINANCIAL POSITION

Assets
Short-term deposit (net of overdraft) = "Cash" 32.6 15.0 8.7 10.0 10.0 10.0 set as target of liquidity management
Receivables & prepayments 46.2 47.7 74.3 117.5 129.2 142.1 as a % of sales
Taxation receivables 1.9 4.7 9.1 5.0 5.0 5.0 represent timing differences in taxation
Inventories 26.8 21.7 15.3 23.5 25.8 28.4 as a % of sales
Total current assets (net of overdraft) 107.5 89.2 107.4 155.9 170.0 185.5
Total non-current assets 1,322.8 1,359.8 1,468.5 1,747.3 1,762.2 1,776.4 Previous year balance + CAPEX - Deprec.
Total assets 1,430.3 1,449.0 1,575.9 1,903.3 1,932.2 1,962.0

## Liabilities & equity

Interest-bearing curr. liab. (w/o overdraft) 11.0 200.7 0.0 5.0 5.0 5.0 Set as target of liquidity management
Payables & accruals 97.7 108.0 117.8 178.5 196.4 216.0
Dividends payable 0.0 36.0 36.0 32.0 79.2 91.7 set as 2/3 of previous year dividend
Total current liabilities 108.7 344.7 153.8 215.5 280.6 312.7

## Estimated liabilities 23.0 27.3 30.0 30.0 30.0 30.0

Interest-bearing non-current liab. (borrowings) 477.6 221.5 482.2 713.1 642.6 599.8 Debt is plug
Other non-current liabilities 0.0 4.0 26.0 10.0 10.0 10.0
Non-current liabilities 500.6 252.8 538.3 753.1 682.6 639.8
Total liabilities 609.3 597.5 692.1 968.6 963.2 952.5

## Shareholders' equity 821.1 851.4 883.8 934.7 969.0 1,009.4

Total liabilities & equity 1,430.4 1,449.0 1,575.9 1,903.3 1,932.2 1,962.0

Model assumptions
Income statement parameters
Sales revenue growth 33.37% 3.87% 60.0% 10.0% 10.0%
Operating expenses (excl. depr.) as % of revenue 62.3% 58.1% 56.8% 57.0% 57.0% 57.0%
Depreciation /non-curr. assets previous year 4.3% 4.3% 4.3% 4.3% 4.3%
Financing cost / (debt - deposits) previous year 8.6% 9.5% 8.0% 8.0% 8.0%
Tax rate 22.9% 23.4% 28.6% 28.0% 28.0% 28.0%
Dividend payout rate -460.5% 60.7% 59.8% 70.0% 80.0% 80.0%

## Balance sheet parameters

Receivables & prepayments / sales 13.1% 10.1% 15.2% 15.0% 15.0% 15.0%
Inventory / sales 7.6% 4.6% 3.1% 3.0% 3.0% 3.0%
Capital expenditures (\$ million) 94.1 166.6 342.0 90.0 90.0 CAPEX: Investments in fixed assets, investments

Payables & accruals / operating expense 44.4% 39.4% 42.4% 40.0% 40.0% 40.0%
Net interest bearing-debt (debt net of deposits) 456.1 407.2 473.5 708.1 637.6 594.8

## model parameters debt as plug

Kurt Hess, University of Waikato, WMS *** Modelling Exercise Only *** p. 3 of 119 12/02/2009 18:50:27
Contact Energy Financial Projections Simple 3
projected projected projected
(in NZ\$ million) 1996 1997
year ending 30 September 1998 1999 2000 2001
INCOME STATEMENT / STATEMENT OF FINANCIAL PERFORMANCE
Total operating revenue (sales) 353.3 471.1 489.4 783.0 861.3 947.5
Total operating expenses (excl. depreciation) 220.2 273.9 278.0 446.3 491.0 540.1
Depreciation and amortisation 39.4 57.1 57.9 69.0 75.2 75.8
Net finance expense 20.6 39.1 38.8 #VALUE! #VALUE! #VALUE!
Operating surplus before tax 73.1 101.1 114.7 #VALUE! #VALUE! #VALUE!
Tax on operating surplus 16.7 23.7 32.9 #VALUE! #VALUE! #VALUE!
Other special items (88.9) 0.0 (1.6) 0.0 0.0 0.0
Net surplus (deficit) for period (32.6) 77.4 80.3 #VALUE! #VALUE! #VALUE!
Dividends 150.0 47.0 48.0 #VALUE! #VALUE! #VALUE!
Retained earnings (182.6) 30.4 32.3 #VALUE! #VALUE! #VALUE!

## BALANCE SHEET / STATEMENT OF FINANCIAL POSITION

Assets
Short-term deposit (net of overdraft) = "Cash" 32.6 15.0 8.7 10.0 10.0 10.0
Receivables & prepayments 46.2 47.7 74.3 117.5 129.2 142.1
Taxation receivables 1.9 4.7 9.1 5.0 5.0 5.0
Inventories 26.8 21.7 15.3 23.5 25.8 28.4
Total current assets (net of overdraft) 107.5 89.2 107.4 155.9 170.0 185.5
Total non-current assets 1,322.8 1,359.8 1,468.5 1,741.5 1,756.3 1,770.4
Total assets 1,430.3 1,449.0 1,575.9 1,897.4 1,926.3 1,956.0

## Liabilities & equity

Interest-bearing curr. liab. (w/o overdraft) 11.0 200.7 0.0 5.0 5.0 5.0
Payables & accruals 97.7 108.0 117.8 178.5 196.4 216.0
Dividends payable 0.0 36.0 36.0 32.0 #VALUE! #VALUE!
Total current liabilities 108.7 344.7 153.8 215.5 #VALUE! #VALUE!

## Estimated liabilities 23.0 27.3 30.0 30.0 30.0 30.0

Interest-bearing non-current liab. (borrowings) 477.6 221.5 482.2 #VALUE! #VALUE! #VALUE!
Other non-current liabilities 0.0 4.0 26.0 10.0 10.0 10.0
Non-current liabilities 500.6 252.8 538.3 #VALUE! #VALUE! #VALUE!
Total liabilities 609.3 597.5 692.1 #VALUE! #VALUE! #VALUE!

## Shareholders' equity 821.1 851.4 883.8 #VALUE! #VALUE! #VALUE!

Total liabilities & equity 1,430.4 1,449.0 1,575.9 1,897.4 1,926.3 1,956.0

Model assumptions
Income statement parameters
Sales revenue growth 33.37% 3.87% 60.0% 10.0% 10.0%
Operating expenses (excl. depr.) as % of revenue 62.3% 58.1% 56.8% 57.0% 57.0% 57.0%
Depreciation /non-curr. assets previous year 4.3% 4.3% 4.3% 4.3% 4.3%
Financing cost / (debt - deposits) previous year 8.6% 9.5% 8.0% 8.0% 8.0%
Tax rate 22.9% 23.4% 28.6% 28.0% 28.0% 28.0%
Dividend payout rate -460.5% 60.7% 59.8% 70.0% 80.0% 80.0%

## Balance sheet parameters

Receivables & prepayments / sales 13.1% 10.1% 15.2% 15.0% 15.0% 15.0%
Inventory / sales 7.6% 4.6% 3.1% 3.0% 3.0% 3.0%
Capital expenditures (\$ million) 94.1 166.6 342.0 90.0 90.0
Payables & accruals / operating expense 44.4% 39.4% 42.4% 40.0% 40.0% 40.0%
Net interest bearing-debt (debt net of deposits) 456.1 407.2 473.5 #VALUE! #VALUE! #VALUE!

## model parameters debt as plug

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Contact Energy Financial Projections Simple 3

## determined by projected operating cost/revenue

set as % of AVERAGE non-current assets
=Interest cost * (AVERAGE Debt - Cash)

## set as target of liquidity management

as a % of sales
represent timing differences in taxation
as a % of sales

Debt is plug

## CAPEX: Investments in fixed assets, investments

Kurt Hess, University of Waikato, WMS *** Modelling Exercise Only *** p. 5 of 119 12/02/2009 18:50:27
Contact Energy Financial Projections Simple 4
projected projected projected
(in NZ\$ million) 1996 1997
year ending 30 September 1998 1999 2000 2001 Model explanatory remarks
INCOME STATEMENT / STATEMENT OF FINANCIAL PERFORMANCE
Total operating revenue (sales) 353.3 471.1 489.4 783.0 861.3 947.5 determined by sales growth parameter below

Total operating expenses (excl. depreciation) 220.2 273.9 278.0 446.3 491.0 540.1 determined by projected operating cost/revenue
Depreciation and amortisation 39.4 57.1 57.9 #VALUE! #VALUE! #VALUE! set as % of AVERAGE non-current assets
Net finance expense 20.6 39.1 38.8 #VALUE! #VALUE! #VALUE! =Interest cost * (AVERAGE Debt - Cash)
Operating surplus before tax 73.1 101.1 114.7 #VALUE! #VALUE! #VALUE!
Tax on operating surplus 16.7 23.7 32.9 #VALUE! #VALUE! #VALUE! tax rate * pre-tax income
Other special items (88.9) 0.0 (1.6) 0.0 0.0 0.0
Net surplus (deficit) for period (32.6) 77.4 80.3 #VALUE! #VALUE! #VALUE!
Dividends 150.0 47.0 48.0 #VALUE! #VALUE! #VALUE! net surplus * assumed dividend payout ratio
Retained earnings (182.6) 30.4 32.3 #VALUE! #VALUE! #VALUE!

## BALANCE SHEET / STATEMENT OF FINANCIAL POSITION

Assets
Short-term deposit (net of overdraft) = "Cash" 32.6 15.0 8.7 10.0 10.0 10.0 set as target of liquidity management
Receivables & prepayments 46.2 47.7 74.3 117.5 129.2 142.1 as a % of sales
Taxation receivables 1.9 4.7 9.1 5.0 5.0 5.0 represent timing differences in taxation
Inventories 26.8 21.7 15.3 23.5 25.8 28.4 as a % of sales
Total current assets (net of overdraft) 107.5 89.2 107.4 155.9 170.0 185.5
Total non-current assets 1,322.8 1,359.8 1,468.5 #VALUE! #VALUE! #VALUE! Previous year balance + CAPEX - Deprec.
Total assets 1,430.3 1,449.0 1,575.9 #VALUE! #VALUE! #VALUE!

## Liabilities & equity

Interest-bearing curr. liab. (w/o overdraft) 11.0 200.7 0.0 5.0 5.0 5.0 Set as target of liquidity management
Payables & accruals 97.7 108.0 117.8 133.9 147.3 162.0
Dividends payable 0.0 36.0 36.0 32.0 #VALUE! #VALUE! set as 2/3 of previous year dividend
Total current liabilities 108.7 344.7 153.8 170.9 #VALUE! #VALUE!

## Estimated liabilities 23.0 27.3 30.0 30.0 30.0 30.0

Interest-bearing non-current liab. (borrowings) 477.6 221.5 482.2 #VALUE! #VALUE! #VALUE! Debt is plug
Other non-current liabilities 0.0 4.0 26.0 10.0 10.0 10.0
Non-current liabilities 500.6 252.8 538.3 #VALUE! #VALUE! #VALUE!
Total liabilities 609.3 597.5 692.1 #VALUE! #VALUE! #VALUE!

## Shareholders' equity 821.1 851.4 883.8 #VALUE! #VALUE! #VALUE!

Total liabilities & equity 1,430.4 1,449.0 1,575.9 #VALUE! #VALUE! #VALUE!

Model assumptions
Income statement parameters
Sales revenue growth 33.37% 3.87% 60.0% 10.0% 10.0%
Operating expenses (excl. depr.) as % of revenue 62.3% 58.1% 56.8% 57.0% 57.0% 57.0%
Depreciation /non-curr. assets previous year 4.3% 4.3% 4.3% 4.3% 4.3%
Financing cost / (debt - deposits) previous year 8.6% 9.5% 8.0% 8.0% 8.0%
Tax rate 22.9% 23.4% 28.6% 30.0% 30.0% 30.0%
Dividend payout rate -460.5% 60.7% 59.8% 70.0% 80.0% 80.0%

## Balance sheet parameters

Receivables & prepayments / sales 13.1% 10.1% 15.2% 15.0% 15.0% 15.0%
Inventory / sales 7.6% 4.6% 3.1% 3.0% 3.0% 3.0%
Capital expenditures (\$ million) 94.1 166.6 342.0 90.0 90.0 CAPEX: Investments in fixed assets, investments

Payables & accruals / operating expense 44.4% 39.4% 42.4% 30.0% 30.0% 30.0%
Net interest bearing-debt (debt net of deposits) 456.1 407.2 473.5 #VALUE! #VALUE! #VALUE!

Kurt Hess, University of Waikato, WMS *** Modelling Exercise Only *** p. 6 of 119 12/02/2009 18:50:27
Contact Energy Financial Projections Simple 4

## Derive Cash Flow Estimates for Company Valuation

projected projected projected
1996 1997 1998 1999 2000 2001 Model explanatory remarks
Cash Flow from Operating Activities
Net surplus 77.4 80.3 #VALUE! #VALUE! #VALUE! from income statement
add back non cash expense items
Depreciation, amorisation 57.1 57.9 #VALUE! #VALUE! #VALUE! from income statement
adjust for changes in working capital
(Increase) decrease in receivables (1.5) (26.5) (43.2) (11.7) (12.9) from balance sheet
(Increase) decrease in inventories 5.1 6.4 (8.2) (2.3) (2.6) from balance sheet
Increase (decrease) in payables & accruals 10.3 9.8 16.1 13.4 14.7 from balance sheet
Estimate for Cash Flow from Operations 148.5 127.9 #VALUE! #VALUE! #VALUE!
note: cash flow from operations reported 139.7 130.1 compare with figures actually reported

## Cash Flow from Investing Activities

Estimates based on change in assets & depr. (94.1) (166.6) #VALUE! #VALUE! #VALUE! change non-current assets plus depreciation
note: cash flow from investing reported (79.3) (146.7)

Free Cash Flow = Op. CF + Inv. CF 54.4 (38.6) #VALUE! #VALUE! #VALUE!
note: free cash flow reported 60.4 (16.6) compare with figures actually reported

## Simple company valuation based on discounted cash flows (DCF)

Cash flow from firm (excl. any finance expenses)
Net cash from operating activities 139.7 130.1 #VALUE! #VALUE! #VALUE!
Net cash flow from (used in) investing (79.3) (146.7) #VALUE! #VALUE! #VALUE!
Financing costs 39.1 38.8 #VALUE! #VALUE! #VALUE! from income statement
Tax shield of financing costs (9.1) (11.1) #VALUE! #VALUE! #VALUE! adjust for effect of tax effect of interest
Cash flow from firm's operating assets (unlevered firm) 90.4 11.1 #VALUE! #VALUE! #VALUE!
Growth rate (87.7%) #VALUE! #VALUE! #VALUE!

## WACC calculation Cost approx. proportion

Equity 15.0% 60%
Debt 7.5% 40%
Weighted average cost of capital (WACC) 6.0%

Discounted cash flows (assumes valuation 30/9/1998, and cash flows timed mid year, i.e. 30/3/xx)
Number of years to cash flow: 0.5 1.5 2.5 usually more years projected
Discounted cash flows 1999 - 2001 #VALUE! #VALUE! #VALUE!
Terminal value 2002 and later, perpetuity growing @: 5.0% #VALUE! formula for growing perpetuity
Total discounted cash flows #VALUE! #VALUE! #VALUE!

## Value of unlevered firm (=Sum of disc. cash flows) #VALUE!

deduct (market) value of Contact's net debt (30/9/99): (473.5) approximate with book value net debt:
Value of equity (NZ\$ million) #VALUE! borrowings minus cash deposits
Number of shares outstanding (in million per 30/9/98) 603.95
Value per share (NZ\$) #VALUE!

## Cost of Equity (from above) 15.0%

Dividend Growth rate (2002 and after) 10.0%
0.0%

## Dividends paid to shareholders 150.0 47.0 48.0 #VALUE! #VALUE! #VALUE!

Dividend per share(603.95 million shares) 0.25 0.08 0.08 #VALUE! #VALUE! #VALUE!
Growth rate -68.7% 2.1% #VALUE! #VALUE! #VALUE!

## Discounted Cash Flows 0.5 1.5 2.5

PV of Dividend #VALUE! #VALUE! #VALUE!
PV of Terminal value (growth rate 10% #VALUE!
Value of Share (=sum of disc cash flows) #VALUE! #VALUE! #VALUE! #VALUE!

Kurt Hess, University of Waikato, WMS *** Modelling Exercise Only *** p. 7 of 119 12/02/2009 18:50:27
Contact Energy Financial Projections Simple 4
Sensitivity Analysis

DCF Price Sensitivity to Cost of Equity DCF Price Sensitivity to Cost of Equity
\$12 \$12

\$10 \$10

## Price (DCF) Price (DDM)

Share Valuation (\$)

## Share Valuation (\$)

\$8 \$8

\$6 \$6

\$4 \$4

\$2 \$2

\$0 \$0
4% 6% 8% 10% 12% 14% 16% 18% 10% 12% 14% 16% 18% 20% 22% 24% 26%
Cost of Equity (%) Cost of Equity (%)

Data Tables
Cost of Price Cost of Price
Equity (DCF) Equity (DDM)
#VALUE! #VALUE!
5.0% #VALUE! 12.0% #VALUE!
6.0% #VALUE! 13.0% #VALUE!
7.0% #VALUE! 14.0% #VALUE!
8.0% #VALUE! 15.0% #VALUE!
9.0% #VALUE! 16.0% #VALUE!
10.0% #VALUE! 17.0% #VALUE!
11.0% #VALUE! 18.0% #VALUE!
12.0% #VALUE! 19.0% #VALUE!
13.0% #VALUE! 20.0% #VALUE!
14.0% #VALUE! 21.0% #VALUE!
15.0% #VALUE! 22.0% #VALUE!
16.0% #VALUE! 23.0% #VALUE!
17.0% #VALUE! 24.0% #VALUE!

Kurt Hess, University of Waikato, WMS *** Modelling Exercise Only *** p. 8 of 119 12/02/2009 18:50:28
Contact Energy Financial Projections Enhanced 1
1996 2005
Ended 30 Ended 30 projected projected projected projected projected
(in NZ\$ million) year ending 30 September/June Sept 1997 1998 1999 2000 2001 2002 2003 2004 June 2006 2007 2008 2009 2010
INCOME STATEMENT / STATEMENT OF FINANCIAL PERFORMANCE
Total operating revenue (sales) 353.3 471.1 489.4 854.8 868.0 1,097.4 1,052.6 1,209.1 1,277.0 999.6 1,369.9 1,422.4 1,478.2 1,537.6 1,600.6
Total cash operating expenses 220.2 273.9 278.0 587.7 635.5 741.6 753.6 832.5 832.9 636.1 904.1 938.8 975.6 1,014.8 1,056.4
EBITDA (1) 133.1 197.3 211.4 267.1 232.5 355.8 299.0 376.6 444.1 363.5 465.8 483.6 502.6 522.8 544.2
Depreciation and amortisation 39.4 57.1 57.9 72.9 74.2 82.8 79.0 111.6 126.4 103.4 137.5 135.6 134.4 133.9 134.1
Other special non-cash item cost/(income) (60.4) (14.0) 14.3 5.5 17.8 (8.8) (5.1) 0.0 0.0 0.0 0.0 0.0
Net finance expense 20.6 39.1 38.8 45.8 56.9 64.6 51.8 73.5 86.0 59.5 #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
Operating surplus before tax 73.1 101.1 114.7 208.9 115.4 194.0 162.6 173.7 240.5 205.6 #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
Tax on operating surplus 16.7 23.7 32.9 53.0 19.3 63.1 55.4 55.5 96.4 67.5 #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
Other special items (88.9) 0.0 (1.6) (0.5) 0.9 (0.3) (0.3) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Net surplus (deficit) for period (32.6) 77.4 80.3 155.4 97.0 130.7 107.0 118.3 144.0 138.2 #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
Dividends provided (150.0) (47.0) (48.0) (95.3) (102.5) (31.3) (109.6) (120.5) (198.9) (102.1) (144.2) (155.7) (167.2) (178.8) (184.5)
Dividend per share (cents) 7.78 7.95 15.79 17.52 5.43 19.00 20.90 34.50 23.61 25.00 27.00 29.00 31.00 32.00
Increase (decrease) retained earnings (182.6) 30.4 32.3 60.1 (5.5) 99.4 (2.6) (2.3) (54.9) 36.1 #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

## (1) EBITDA: earnings before interest, taxes, depreciation, amorization

prepared by Kurt Hess, University of Waikato, WMS Modeling Exercise Page 9 of 119 25891291.xls Enhanced 1 12/02/2009 18:50:28
Contact Energy Financial Projections Enhanced 1
1996 2005
Ended 30 Ended 30 projected projected projected projected projected
(in NZ\$ million) year ending 30 September/June Sept 1997 1998 1999 2000 2001 2002 2003 2004 June 2006 2007 2008 2009 2010
BALANCE SHEET / STATEMENT OF FINANCIAL POSITION
Assets
Short-term deposit (="Net Cash") 32.6 15.0 8.7 3.5 147.8 137.5 44.6 50.4 82.5 44.4 30.0 30.0 30.0 30.0 30.0
Receivables & prepayments 46.2 47.7 74.3 126.7 175.7 148.8 166.8 263.6 159.3 214.6 223.8 231.4 241.7 250.4 261.8
Prepaid gas 6.5 14.2
Taxation receivables 1.9 4.7 9.1 2.5 7.7 7.2 10.5 5.1 - 4.9 0.0 0.0 0.0 0.0 0.0
Inventories 26.8 21.7 15.3 15.1 18.6 12.9 13.4 32.2 31.9 30.4 32.0 33.3 34.6 36.0 37.4
Investment in partnership 52.5
Total current assets (net of overdraft) 107.5 89.2 107.4 206.8 364.1 306.5 235.3 351.4 273.7 294.4 285.8 294.6 306.2 316.3 329.3
Fixed assets, investments, goodwill 1,322.8 1,359.8 1,468.5 2,303.1 2,337.0 2,284.6 3,117.3 3,603.3 4,105.5 4,079.9 4,022.4 3,986.8 3,972.4 3,978.6 4,004.5
Prepaid gas 53.9 30.0
Total assets 1,430.3 1,449.0 1,575.9 2,563.8 2,731.1 2,591.1 3,352.6 3,954.7 4,379.3 4,374.3 4,308.2 4,281.4 4,278.7 4,294.9 4,333.8

## Liabilities & equity

Interest-bearing curr. liab. (w/o overdraft) 11.0 200.7 0.0 0.0 0.0 0.0 0.0 74.3 54.4 25.2 0.0 0.0 0.0 0.0 0.0
Payables & accruals 97.7 108.0 117.8 122.2 111.3 125.1 110.9 167.0 195.1 231.5 227.4 236.1 245.4 255.2 265.7
Deferred taxation 56.3 42.2 0.0 0.0 0.0 0.0 0.0
Dividends payable 0.0 36.0 36.0 66.4 72.3 0.0
Total current liabilities 108.7 344.7 153.8 188.6 183.6 125.1 110.9 297.5 291.7 256.7 227.4 236.1 245.4 255.2 265.7

Interest-bearing non-current liab. 477.6 221.5 482.2 727.5 943.0 789.5 723.3 1,116.8 1,063.6 1,060.7 #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
Estimated & other non-current liabilities 23.0 31.3 56.0 30.4 19.0 15.1 20.3 44.8 35.4 22.0 #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
Non-current liabilities 500.6 252.8 538.2 757.9 962.0 804.6 743.5 1,161.6 1,099.0 1,082.7 #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
Total liabilities 609.3 597.5 692.1 946.5 1,145.6 929.7 854.4 1,459.2 1,390.7 1,339.4 #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

Shareholders' equity 821.1 851.4 883.8 1,617.3 1,585.5 1,661.5 2,498.2 2,495.5 2,988.5 3,034.9 #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
Total liabilities & equity 1,430.4 1,449.0 1,575.8 2,563.8 2,731.1 2,591.1 3,352.6 3,954.7 4,379.3 4,374.3 #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

Gross interest-bearing debt ("borrowings") 488.7 422.2 482.2 727.5 943.0 789.5 723.3 1,191.1 1,118.1 1,085.9 #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
Net interest bearing-debt (debt net of deposits) 456.1 407.2 473.5 724.0 795.1 652.0 678.6 1,140.6 1,035.5 1,041.5 #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

prepared by Kurt Hess, University of Waikato, WMS Modeling Exercise Page 10 of 119 25891291.xls Enhanced 1 12/02/2009 18:50:28
Contact Energy Financial Projections Enhanced 1
1996 2005
Ended 30 Ended 30 projected projected projected projected projected
(in NZ\$ million) year ending 30 September Sept 1997 1998 1999 2000 2001 2002 2003 2004 June 2006 2007 2008 2009 2010
STATEMENT OF CASH FLOWS
Cash from operating activities (calculated from surplus, see reconciliation)
Net surplus (deficit) for period (32.6) 77.4 80.3 155.4 97.0 130.7 107.0 118.3 144.0 138.2 #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
Add back non-cash items from income statement:
Depreciation and amortisation 39.4 57.1 57.9 72.9 74.2 82.8 79.0 111.6 126.4 103.4 137.5 135.6 134.4 133.9 134.1
Other adjustments 87.0 2.4 (0.8) (6.6) (51.7) (2.7) 5.1 28.8 (10.1) (49.3) 0.0 0.0 0.0 0.0 0.0
Adjust for changes in working capital:
(Increase) decrease in receivables (46.2) (1.5) (26.5) (44.8) (14.5) (5.2) (29.8) (27.2) 91.9 (58.8) (9.2) (7.6) (10.3) (8.7) (11.5)
(Increase) decrease in prepaid gas (60.4) 16.2 44.2
(Increase) decr. in tax receivables (1.9) (2.8) (4.4) 6.6 (5.2) 0.5 (3.3) 11.3 43.7 (33.7) 4.9 0.0 0.0 0.0 0.0
(Increase) decr. in inventories 0.8 5.1 6.4 0.2 0.5 3.3 (0.5) (9.4) 0.3 0.5 (1.6) (1.2) (1.3) (1.4) (1.5)
Increase (decr.) in payables & accruals 78.2 2.0 17.2 (2.3) (15.6) 2.3 0.9 47.1 (16.6) 74.6 (4.1) 8.7 9.3 9.9 10.5
Net cash from operating activities 124.7 139.7 130.1 120.9 100.9 255.9 158.4 280.5 379.7 174.9 #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

## Cash from investing activities

Proceeds from sale of fixed assets, other 3.0 0.8 0.0 0.5 89.0 46.8 8.1 45.1 2.0 2.0
(Purchase) of fixed assets (1565.8) (80.1) (96.2) (123.0) (80.7) (28.2) (67.5) (66.0) (64.6) (68.9) (80.0) (100.0) (120.0) (140.0) (160.0)
(Purchase) of investments & other (75.4) 0.0 (50.5) (180.2) (34.1) (4.3) (60.3) (507.9) (11.8) (0.3)
Net cash from (used in) investing activities (1638.3) (79.3) (146.7) (302.7) (25.9) 14.3 (119.7) (528.9) (74.5) (67.1) (80.0) (100.0) (120.0) (140.0) (160.0)

## Cash from financing activities

Issue (redemption) of share capital 1,207.9 0.0 0.0 0.0 (50.1) (23.4) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Net issue (redemption) of debt 488.3 (67.0) 58.3 241.4 216.1 (153.5) (66.2) 418.3 (74.2) (53.3) #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
Dividends paid (150.0) (11.0) (48.0) (64.9) (96.6) (103.6) (109.6) (120.5) (198.9) (102.1) (144.2) (155.7) (167.2) (178.8) (184.5)
Net cash from (used in) financing activities 1,546.2 (78.0) 10.3 176.5 69.4 (280.5) (175.8) 297.8 (273.1) (155.4) #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

Cash at beginning of period 0.0 32.6 15.0 8.7 3.5 147.8 137.5 0.4 50.4 82.5 44.4 30.0 30.0 30.0 30.0
Net increase (decrease) cash 32.6 (17.6) (6.3) (5.3) 144.4 (10.3) (137.1) 49.5 32.1 (47.6) #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
Cash at end of period 32.6 15.0 8.7 3.5 147.8 137.5 0.4 49.9 82.5 34.9 30.0 30.0 30.0 30.0 30.0

## Cash balance plausi check ok ok ok ok ok ok ok ok ok ok #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

Blance sheet plausi check ok ok ok ok ok ok ok ok ok ok #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

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Contact Energy Financial Projections Enhanced 1
1996 2005
Ended 30 Ended 30 projected projected projected projected projected
Sept 1997 1998 1999 2000 2001 2002 2003 2004 June 2006 2007 2008 2009 2010
Operating revenue (sales) modelling

Electricity
Electricity generated (GWh) 4,436 8,343 9,225 8,296 8,450 8,660 8,523 10,049 10,143 7,970.0 10,500 10,500 10,500 10,500 10,500
Average sales price per year (NZ\$/MWh) 54.77 43.95 42.45 62.52 63.81 87.77 89.41 96.26 107.72 108.83 114.27 119.99 125.99 132.28 138.90
growth rate (decrease) (%) (19.8%) (3.4%) 47.3% 2.1% 37.6% 1.9% 7.7% 11.9% 1.0% 5.0% 5.0% 5.0% 5.0% 5.0%
Total electricity sales (NZ\$ million) 243.0 366.7 391.6 518.7 539.2 760.1 762.1 967.3 1,092.6 867.4 1,199.9 1,259.9 1,322.8 1,389.0 1,458.4

Gas
External sales of gas (NZ\$ million) 108.3 102.7 94.6 248.2 240.6 295.2 271.4 217.6 155.5 116.7 150.0 142.5 135.4 128.6 122.2
growth rate (decrease) (%) (5.1%) (7.9%) 162.4% (3.1%) 22.7% (8.1%) (19.8%) (28.5%) (24.9%) (5.0%) (5.0%) (5.0%) (5.0%)

Other
Other operating revenue (NZ\$ million) 2.0 1.8 3.2 87.9 88.2 42.1 19.2 24.2 28.9 15.4 20.0 20.0 20.0 20.0 20.0

Total operating revenue in NZ\$ million 353.3 471.1 489.4 854.8 868.0 1,097.4 1,052.6 1,209.1 1,277.0 999.6 1,369.9 1,422.4 1,478.2 1,537.6 1,600.6

2005
8 mos. Ended 30 projected projected projected projected projected
1996 1997 1998 1999 2000 2001 2002 2003 2004 June 2006 2007 2008 2009 2010
Margins, expense ratios, balance sheet equations
EBITDA margin (%) 37.7% 41.9% 43.2% 31.2% 26.8% 32.4% 28.4% 31.1% 34.8% 36.4% 34.0% 34.0% 34.0% 34.0% 34.0%
Depreciation /average non-curr. assets & investm. 4.3% 4.1% 3.9% 3.2% 3.6% 2.9% 3.3% 3.3% 3.4% 3.4% 3.4% 3.4% 3.4% 3.4%
Net financing cost / net borrowings 9.1% 8.8% 7.6% 7.5% 8.9% 7.8% 8.1% 7.9% 7.6% 8.0% 8.0% 8.0% 8.0% 8.0%
Tax rate 22.9% 23.4% 28.6% 25.4% 16.7% 32.5% 34.1% 31.9% 40.1% 32.8% 33.0% 33.0% 33.0% 33.0% 33.0%
Number of shares issued (in million) 604.0 604.0 604.0 584.9 576.6 576.6 576.6 576.6 576.6 576.6 576.6 576.6 576.6 576.6
Earnings per share (cents) 12.82 13.30 25.73 16.58 22.67 18.55 20.51 24.98 31.95 #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
Dividend per share (cents) 7.78 7.95 15.79 17.52 5.43 19.00 20.90 34.50 23.61 25.00 27.00 29.00 31.00 32.00
Dividend payout rate -460.5% 60.7% 59.8% 61.4% 105.7% n.m. 102.4% 101.9% 138.1% 73.9% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

Receivables & prepayments / sales 8.7% 10.0% 12.5% 11.8% 17.4% 14.8% 15.0% 17.8% 16.6% 14.0% 16.0% 16.0% 16.0% 16.0% 16.0%
Inventory / sales 5.1% 5.2% 3.8% 1.8% 1.9% 1.4% 1.2% 1.9% 2.5% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3%
Payables & accruals / operating expense 29.6% 37.5% 40.6% 20.4% 18.4% 15.9% 15.7% 16.7% 21.7% 25.2% 25.2% 25.2% 25.2% 25.2% 25.2%
Dividend payables as % of dividends decl. 0.0% 76.6% 75.0% 69.7% 70.5% 0.0%

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Contact Energy Financial Projections Enhanced 1
Company valuation based on discounted cash flows (DCF)
2005
Ended 30 projected projected projected projected projected
(in NZ\$ million) year ending 30 September/June 2000 2001 2002 2003 2004 June 2006 2007 2008 2009 2010
Cash flow from firm (excl. any finance expenses)
Net cash from operating activities 100.9 255.9 158.4 280.5 379.7 174.9 #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
Net cash flow from (used in) investing (25.9) 14.3 (119.7) (528.9) (74.5) (67.1) (80.0) (100.0) (120.0) (140.0) (160.0)
Net financing costs 56.9 64.6 51.8 73.5 86.0 59.5 #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
Tax shield of financing costs (9.5) (21.0) (17.7) (23.5) (34.5) (19.5) #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
Cash flow from firm's operating assets (unlevered firm) 122.4 313.8 72.9 (198.3) 356.7 147.7 #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
Growth rate 156.4% (76.8%) (372.2%) 279.9% (44.8%) #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

## WACC calculation Cost approx. proportion

Equity 15.0% 60%
Debt 7.5% 40%
Weighted average cost of capital (WACC) 12.0% (WACC)

Discounted cash flows (assumes valuation 30/6/2006, and cash flows timed mid year, i.e. 31/12/xxxx)
Number of years to cash flow 0.5 1.5 2.5 3.5
Discounted cash flows 2007-2010 #VALUE! #VALUE! #VALUE! #VALUE!
Terminal value 2010 and later, perpetuity growing @: 7.0% (Growth) #VALUE!
Total discounted cash flows #VALUE! #VALUE! #VALUE! #VALUE!
Value of unlevered firm (=Sum of disc. cash flows) #VALUE!
deduct (market) value of Contact's net debt (30/9/05): #VALUE!
Value of equity (NZ\$ million) #VALUE!
Number of shares outstanding (in million per 31/3/05) 576.63
Value per share (NZ\$) #VALUE!

## Discount factor (cost of equity from above): 15.0% (COE)

2005
Ended 30 projected projected projected projected projected
(in NZ\$ million) year ending 30 September/June 2000 2001 2002 2003 2004 June 2006 2007 2008 2009 2010
Dividends to shareholders (NZ\$ million) 95.3 102.5 31.3 109.6 120.5 198.9 102.1 144.2 155.7 167.2 178.8 184.5
Dividend in NZ\$ per share (576.63 million shares) 0.165 0.178 0.054 0.190 0.209 0.345 0.177 0.250 0.270 0.290 0.310 0.320
Growth rate 7.5% (69.4%) 249.7% 10.0% 65.1% (31.6%) 7.8% 8.0% 7.4% 6.9% 3.2%

Discounted dividends per share (assumes valuation 30/9/05 and full dividend paid mid year, i.e. 30/3/xx)
Number of years to cash flow 0.5 1.5 2.5 3.5
PV cash flows to end of valuation horizon 0.252 0.235 0.219 0.196
Terminal value 2010 and later, perpetuity growing @: 10.0% (DGrowth) 4.316
Total discounted cash flows 0.252 0.235 0.219 4.513
Fair value of share (= Sum of disc. cash flows) 5.22

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Credit analysis
2005
8 mos. Ended 30 projected projected projected projected projected
(in NZ\$ million) year ending 30 September 1996 1997 1998 1999 2000 2001 2002 2003 2004 June 2006 2007 2008 2009 2010
Selected credit ratios
Operating cash flow / total debt 38% 33% 27% 17% 11% 32% 22% 24% 34% 21% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
Free operating cash flow / total debt -465% 14% -3% -25% 8% 34% 5% -21% 27% 13% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
EBITDA interest coverage 6.5x 5.0x 5.5x 5.8x 4.1x 5.5x 5.8x 5.1x 5.2x 6.1x #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

One element in credit analysis is the comparison with average credit ratios per rating category:

Adjusted (*) key industrial financial ratios, Source S&P's Credit Week, January 6, 1999
Three-year (1993-1995) medians AAA AA A BBB BB B
FFO / total debt 116.4% 72.3% 47.5% 34.7% 18.4% 10.9%
Free operating cash flow / total debt 76.8% 30.5% 18.8% 8.4% 2.4% 1.2%
EBITDA interest coverage 20.3x 14.9x 8.5x 6.0x 3.6x 2.3x

(*) Adjustments were made for unusual items (e.g. non-recurring gains) and by capitalizing operating leases (which increases debt)
EBITDA: earnings before interest, taxes, depreciation, amorization
FFO: funds from operations = cash flow from operatingactivities
Free operating cash flow: cash flow from operating activities minus net cash used in investing activities

60%
38%
40% 33% 32% 34%
22% 24% 21%
27%
20% 17% 11%

0% Row 176
1998

2003

## 2005 Ended 30 June

8 mos.

1997

1999

2000

2001

2002

2004

projected 2006

projected 2007

projected 2008

projected 2009

projected 2010
1996

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EVA Model

2005
8 mos. Ended 30 projected projected projected projected projected
(in NZ\$ million) year ending 30 September 1996 1997 1998 1999 2000 2001 2002 2003 2004 June 2006 2007 2008 2009 2010

Operating revenue (sales) 353.3 471.1 489.4 854.8 868.0 1,097.4 1,052.6 1,209.1 1,277.0 999.6 1,369.9 1,422.4 1,478.2 1,537.6 1,600.6
less:
Operating expenses (excl. depreciation) (220.2) (273.9) (278.0) (587.7) (635.5) (741.6) (753.6) (832.5) (832.9) (636.1) (904.1) (938.8) (975.6) (1014.8) (1056.4)
Depreciation and amortisation (39.4) (57.1) (57.9) (72.9) (74.2) (82.8) (79.0) (111.6) (126.4) (103.4) (137.5) (135.6) (134.4) (133.9) (134.1)
Tax expense (16.7) (23.7) (32.9) (53.0) (19.3) (63.1) (55.4) (55.5) (96.4) (67.5) #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
Tax shield finance exp. (4.7) (9.1) (11.1) (13.7) (9.5) (21.0) (17.7) (23.5) (34.5) (19.5) #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
Non-operational, non-recurring items (14.8)
NOPAT 72.2 107.3 109.5 112.7 129.5 188.9 146.9 186.1 186.8 173.1 #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
Growth rate 48.6% 2.0% 2.9% 14.9% 45.8% (22.2%) 26.7% 0.4% 23.6% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

Gross interest-bearing debt (D) 488.7 422.2 482.2 727.5 943.0 789.5 723.3 1,191.1 1,118.1 1,085.9 #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
Shareholders' equity (E) 821.1 851.4 883.8 1,617.3 1,585.5 1,661.5 2,498.2 2,495.5 2,988.5 3,034.9 #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
back out revaluation of generation assets: (673.3) (673.3) (673.3) (1516.3) (1516.3) (2066.3) (2066.3) (2066.3) (2066.3) (2066.3) (2066.3) (2066.3)
Capital 1,309.7 1,273.7 1,366.0 1,671.4 1,855.1 1,777.6 1,705.1 2,170.2 2,040.2 2,054.4 #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
Cost of equity rE and debt rD rE 15.0% rD 7.5%

CCR (see WACC calculation above): 12.20% 12.51% 12.35% 11.74% 11.19% 11.67% 11.82% 10.88% 10.89% 11.04% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

EVA for rE @ 15% (51.4) (52.0) (59.2) (83.5) (78.0) (18.5) (54.6) (50.1) (35.4) (53.6) #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
EVA for rE @ 10% (46.5) (9.5) (15.0) (36.3) (32.4) 30.9 (5.5) (1.2) 10.7 (5.2) #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
Break-even rE that generates EVA = 0 4.3% 8.9% 8.3% 6.2% 6.4% 13.1% 9.4% 9.9% 11.2% 9.5% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

200 2,000

## Capital (in NZ\$ million)

100 1,000
EVA (in NZ\$ million)

0 0

(100) (1000)
1998

2003

projected 2006

projected 2008

projected 2009
1997

1999

2000

2001

2002

2004

## 2005 Ended 30 June

projected 2007

projected 2010
8 mos.
1996

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Discounted Cash Flow Valuation (DCF) Sensitivity Analysis

## Sensitivity Analysis (Example 1) Data Table (1)

#VALUE!
This graph shows the sensitivity of the share price to changing cost of equity 7.00% #VALUE!
8.00% #VALUE!
9.00% #VALUE!
20 10.00% #VALUE!

## Fair value CEN share (NZ\$)

11.00% #VALUE!
12.00% #VALUE!
15 13.00% #VALUE!
14.00% #VALUE!
15.00% #VALUE!
10 16.00% #VALUE!
17.00% #VALUE!
5 18.00% #VALUE!
19.00% #VALUE!
20.00% #VALUE!
- 21.00% #VALUE!
5% 7% 9% 11% 13% 15% 17% 19% 21% 23% 25% 22.00% #VALUE!
23.00% #VALUE!
Cost of equity
24.00% #VALUE!
25.00% #VALUE!

## Sensitivity Analysis (Example 2) Data Table (2)

#VALUE!
-2.00% #VALUE!
This graph shows the sensitivity of the share price to changing assumptions for the growth rate of the -1.00% #VALUE!
terminal cash flow value 0.00% #VALUE!
1.00% #VALUE!
2.00% #VALUE!
3.00% #VALUE!
10
4.00% #VALUE!
5.00% #VALUE!
Fair value CEN share (NZ\$)

8 6.00% #VALUE!
7.00% #VALUE!
8.00% #VALUE!
6 9.00% #VALUE!
10.00% #VALUE!
11.00% #VALUE!
4 12.00% #VALUE!
13.00% #VALUE!
14.00% #VALUE!
2
15.00% #VALUE!
16.00% #VALUE!
-
-5% 0% 5% 10%
Growth rate (%)
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## from "Operating revenue (sales) modelling" below

plug: revenue minus EBITDA
determined by assumed EBITDA margins below

## tax rate (below) times pretax profit

input of special items

## net surplus minus dividends

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## set as target value in cash flow statement below

average receivables as % of sales during period
current value of prepaid gas (see below)
model input (simplified approach)
average inventories as % of sales during period
reclassification of non-current asset to be sold

## set as model target parameter

avg. payables as % of op. expense (excl. depr.)
set as model target parameter (simplified)

## gross debt (see below) minus s.-t. debt (above)

"small plug" to" balance" balance sheet

## set as previous year debt + debt financing (CF stmt.)

gross debt minus short-term deposit (net cash)

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## from income statement

e.g. other non-cash exp./capital gains/cap. interests

## from balance sheet above

from balance sheet above
from balance sheet above

## estimate of future investments

set as investments net of disposal proceeeds
Note: investing means negative cash flow

## model parameter for new issue of equity

"major" plug: financing to meet cash target below
dividend declared minus increase dividend payable

## plausi checks used while developping the model

(to illustrate the set up of a model, use of conditional formatting)

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## 1 GWh = 1000 MWh (measure of energy)

parameter set by growth/decrease rate below

## target margin for EBITDA in income statement

to estimate depreciation charge in income stmt.
to estimate financing expense in income stmt.
to estimate tax expense in income stmt.

## to estimate receivables in balance sheet

to estimate inventories in balance sheet
to estimate payables in balance sheet

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## from cash flow statement

from cash flow statement

## from income statement

from income statement, tax rate
CF

## Ross Westerfield p. 393

t
Formula for growing perpetuity discounted back:
((1+Growth)*CF/(WACC-Growth))/(1+WACC)^t

## Model explanatory remarks

t
Formula for growing perpetuity discounted back:
((1+DGrowth)*DPS/(COE-DGrowth))/(1+COE)^t

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## free cash flow = CF operations - investments

interest expense = financing cost

Row 176
projected 2010

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## from income statement

from income statement
from inome statement

## - tax rate * financing expense

one-off tax refund in fiscal 1999

## short- + long-term Interest-bearing liabilities

from balance sheet

## NOPAT - (CAPITAL * CCR)

3,000

2,000
Capital (in NZ\$ million)

1,000

(1000)

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## share value DCF valuation above

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Simple Dividend Discount Model

## Dividend per share (DPS) 7.9 cts.

Expected growth rate (g) 12%
Cost of equity capital (rE) 15%
DPS
PV =
r E− g
Present value of dividends (PV) 2.63 in NZ\$ (growing perpetuity)

Sensitivity Analysis
The fair value estimate is extremely sensitive to the difference rE - g. As this difference approaches zero,
the estimated share price will go towards infinite values.

growth
20 rate (%)
9.00%
18 9.20%
16
Fair value share (NZ\$)

9.40%
14 9.60%
9.80%
12
10.00%
10 10.20%
8 10.40%
10.60%
6
10.80%
4 11.00%
2 11.20%
11.40%
-
11.60%
10% 11% 12% 13% 14% 15%
11.80%
Growth rate (g) in % with rE fixed at 15% 12.00%
12.20%
12.40%
12.60%
12.80%
13.00%
13.20%
13.40%
13.60%
13.80%
14.00%

aches zero,

Present
value
1.32
1.36
1.41
1.46
1.52
1.58
1.65
1.72
1.80
1.88
1.98
2.08
2.19
2.32
2.47
2.63
2.82
3.04
3.29
3.59
3.95
4.39
4.94
5.64
6.58
7.90

## Prepared by Kurt Hess on 12/02/2009 25891291.xls Simple dividend disc. Page 26

Share price history
Contact Energy Share Price and Volumes
Weekly Chart

8.50 60
8.00 Column O Column Q
7.50 50

7.00
6.50 40
6.00
Share price (NZ\$)

5.50
30
5.00
4.50
4.00 20
3.50
3.00 10
2.50
2.00 0
9

00

02

03

5
99

00

00

00

00
20

20

20
/1

/2

/2
/2

/2
4/

7/

1/
11

27

22

/5

30
4/

/1

/1

10
5/

2/

1/

8/
12

11

Daily Chart

8.50 60
8.00 Column T Column V
7.50 50
7.00
6.50 40
Share price (NZ\$)

6.00
5.50
30
5.00
4.50
4.00 20
3.50
3.00 10
2.50
2.00 0
11/22/1999 12/6/2000 12/21/2001 1/7/2003 1/22/2004 2/7/2005 2/22/2006
5/14/1999 5/30/2000 6/14/2001 7/1/2002 7/16/2003 7/30/2004 8/16/2005

## page 27 of 119 12/02/2009 18:50:29

Share price history

## page 28 of 119 12/02/2009 18:50:31

Share price history

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Share price history

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Share price history

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Share price history

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Share price history

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Share price history

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Share price history

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Share price history

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Share price history

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Share price history

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Share price history

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Share price history

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Share price history

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Share price history

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Share price history

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Share price history

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Share price history

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Share price history

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Share price history

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Share price history

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Share price history

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Share price history

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Share price history

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Share price history

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Share price history

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Share price history

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Share price history

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Share price history

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Share price history

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Share price history

## Weekly Data Daily Data

Start 5/11/1999 Start
End 7/11/2006 End
Frequency W Frequency
Name CONTACT ENERGYCONTACT ENERGY - TURNOVER
Name BY VOLUME
Code Z:CENZ(P) Z:CENZ(VO) Code
5/11/1999 3.34 61927 61.93 5/11/1999
5/18/1999 3.39 56669.1 56.67 5/12/1999
5/25/1999 3.39 17520.1 17.52 5/13/1999
6/1/1999 3.32 31191.9 31.19 5/14/1999
6/8/1999 3.21 12689.4 12.69 5/17/1999
6/15/1999 3.16 9639.1 9.64 5/18/1999
6/22/1999 3.04 9140.6 9.14 5/19/1999
6/29/1999 3.03 7508.1 7.51 5/20/1999
7/6/1999 3.13 6853.5 6.85 5/21/1999
7/13/1999 3.08 3878.6 3.88 5/24/1999
7/20/1999 3.08 7612.5 7.61 5/25/1999
7/27/1999 2.96 4556.7 4.56 5/26/1999
8/3/1999 2.97 5547.4 5.55 5/27/1999
8/10/1999 2.91 6375.7 6.38 5/28/1999
8/17/1999 3.01 3433 3.43 5/31/1999
8/24/1999 3.2 9492.1 9.49 6/1/1999
8/31/1999 3.22 7460.3 7.46 6/2/1999
9/7/1999 3.22 3305.7 3.31 6/3/1999
9/14/1999 3.24 4275.3 4.28 6/4/1999
9/21/1999 3.19 2607.9 2.61 6/7/1999
9/28/1999 3.1 2340.6 2.34 6/8/1999
10/5/1999 3.24 5574.7 5.57 6/9/1999
10/12/1999 3.32 4364 4.36 6/10/1999
10/19/1999 3.35 4159 4.16 6/11/1999
10/26/1999 3.44 2995.5 3 6/14/1999
11/2/1999 3.44 2625 2.63 6/15/1999
11/9/1999 3.37 3349 3.35 6/16/1999
11/16/1999 3.27 5001.8 5 6/17/1999
11/23/1999 3.4 2530.7 2.53 6/18/1999
11/30/1999 3.45 3091.9 3.09 6/21/1999
12/7/1999 3.42 2482.2 2.48 6/22/1999
12/14/1999 3.23 5274.2 5.27 6/23/1999
12/21/1999 3.35 4247.6 4.25 6/24/1999
12/28/1999 3.35 989.3 0.99 6/25/1999
1/4/2000 3.35 213.8 0.21 6/28/1999
1/11/2000 3.38 2125 2.13 6/29/1999
1/18/2000 3.26 3845 3.85 6/30/1999
1/25/2000 3.09 2441.6 2.44 7/1/1999
2/1/2000 3.1 1346.4 1.35 7/2/1999
2/8/2000 3.01 2303.6 2.3 7/5/1999
2/15/2000 2.96 5324.3 5.32 7/6/1999
2/22/2000 2.72 4430.3 4.43 7/7/1999
2/29/2000 2.85 3332.6 3.33 7/8/1999
3/7/2000 2.85 3646.5 3.65 7/9/1999
3/14/2000 2.78 2295.4 2.3 7/12/1999
3/21/2000 2.65 2240.6 2.24 7/13/1999
3/28/2000 2.62 2459.3 2.46 7/14/1999
4/4/2000 2.7 3609.1 3.61 7/15/1999
4/11/2000 2.54 4017.9 4.02 7/16/1999
4/18/2000 2.44 4508.7 4.51 7/19/1999
4/25/2000 2.47 889.8 0.89 7/20/1999
5/2/2000 2.42 5788 5.79 7/21/1999
5/9/2000 2.52 3212.5 3.21 7/22/1999
5/16/2000 2.52 2195.1 2.2 7/23/1999

## page 58 of 119 12/02/2009 18:50:42

Share price history
5/23/2000 2.85 4187.7 4.19 7/26/1999
5/30/2000 2.73 3396 3.4 7/27/1999
6/6/2000 2.88 3143.6 3.14 7/28/1999
6/13/2000 3.01 4507.1 4.51 7/29/1999
6/20/2000 2.88 4309.7 4.31 7/30/1999
6/27/2000 2.84 1622.1 1.62 8/2/1999
7/4/2000 2.88 1344.4 1.34 8/3/1999
7/11/2000 2.86 1762.5 1.76 8/4/1999
7/18/2000 2.92 1851.9 1.85 8/5/1999
7/25/2000 2.88 2504.9 2.5 8/6/1999
8/1/2000 2.66 5286.5 5.29 8/9/1999
8/8/2000 2.67 4031.7 4.03 8/10/1999
8/15/2000 2.6 7520.1 7.52 8/11/1999
8/22/2000 2.57 4895.8 4.9 8/12/1999
8/29/2000 2.51 7012.9 7.01 8/13/1999
9/5/2000 2.56 6696.9 6.7 8/16/1999
9/12/2000 2.55 5729.3 5.73 8/17/1999
9/19/2000 2.54 3709.7 3.71 8/18/1999
9/26/2000 2.61 4844.9 4.84 8/19/1999
10/3/2000 2.62 3674.4 3.67 8/20/1999
10/10/2000 2.6 2370.4 2.37 8/23/1999
10/17/2000 2.75 3638.9 3.64 8/24/1999
10/24/2000 2.81 5422.7 5.42 8/25/1999
10/31/2000 2.78 3111.4 3.11 8/26/1999
11/7/2000 2.95 4129.3 4.13 8/27/1999
11/14/2000 2.93 2973.6 2.97 8/30/1999
11/21/2000 2.76 2347.7 2.35 8/31/1999
11/28/2000 2.79 2965.8 2.97 9/1/1999
12/5/2000 2.9 4637.2 4.64 9/2/1999
12/12/2000 2.9 5987 5.99 9/3/1999
12/19/2000 2.73 1825 1.83 9/6/1999
12/26/2000 2.6 1603.4 1.6 9/7/1999
1/2/2001 2.65 405.2 0.41 9/8/1999
1/9/2001 2.67 1780.9 1.78 9/9/1999
1/16/2001 2.72 1857.7 1.86 9/10/1999
1/23/2001 2.85 2835.3 2.84 9/13/1999
1/30/2001 2.75 2178.9 2.18 9/14/1999
2/6/2001 2.89 2542.7 2.54 9/15/1999
2/13/2001 2.87 2319.6 2.32 9/16/1999
2/20/2001 2.89 2656.8 2.66 9/17/1999
2/27/2001 2.87 2627.6 2.63 9/20/1999
3/6/2001 2.89 2884.4 2.88 9/21/1999
3/13/2001 2.96 4016.7 4.02 9/22/1999
3/20/2001 3.09 4461.1 4.46 9/23/1999
3/27/2001 2.92 6369.8 6.37 9/24/1999
4/3/2001 2.98 3780.4 3.78 9/27/1999
4/10/2001 2.94 2472.4 2.47 9/28/1999
4/17/2001 2.95 2842.3 2.84 9/29/1999
4/24/2001 2.85 3137.4 3.14 9/30/1999
5/1/2001 3.04 4595.8 4.6 10/1/1999
5/8/2001 2.94 3106.8 3.11 10/4/1999
5/15/2001 2.96 2740.3 2.74 10/5/1999
5/22/2001 2.86 4674.1 4.67 10/6/1999
5/29/2001 2.86 30174.9 30.17 10/7/1999
6/5/2001 2.85 3071.6 3.07 10/8/1999
6/12/2001 2.94 3138.4 3.14 10/11/1999
6/19/2001 2.91 1241.6 1.24 10/12/1999
6/26/2001 2.96 2050.6 2.05 10/13/1999
7/3/2001 3.06 13752.9 13.75 10/14/1999
7/10/2001 3.16 2400.2 2.4 10/15/1999
7/17/2001 3.2 2660.4 2.66 10/18/1999

## page 59 of 119 12/02/2009 18:50:42

Share price history
7/24/2001 3.31 4966.4 4.97 10/19/1999
7/31/2001 3.29 1470.9 1.47 10/20/1999
8/7/2001 3.15 2739.8 2.74 10/21/1999
8/14/2001 3.31 1251.8 1.25 10/22/1999
8/21/2001 3.26 1986.3 1.99 10/25/1999
8/28/2001 3.4 3216.4 3.22 10/26/1999
9/4/2001 3.37 2355.3 2.36 10/27/1999
9/11/2001 3.28 1454.5 1.45 10/28/1999
9/18/2001 3.27 1977.9 1.98 10/29/1999
9/25/2001 3.3 2972.7 2.97 11/1/1999
10/2/2001 3.42 1914.3 1.91 11/2/1999
10/9/2001 3.41 1979.2 1.98 11/3/1999
10/16/2001 3.96 9646.4 9.65 11/4/1999
10/23/2001 4.02 6957.6 6.96 11/5/1999
10/30/2001 4.12 6198.9 6.2 11/8/1999
11/6/2001 4.17 7372.8 7.37 11/9/1999
11/13/2001 4.09 5768.3 5.77 11/10/1999
11/20/2001 3.95 6859.7 6.86 11/11/1999
11/27/2001 4.01 4171.6 4.17 11/12/1999
12/4/2001 3.99 5307 5.31 11/15/1999
12/11/2001 4.04 2634.7 2.63 11/16/1999
12/18/2001 4.02 3815.4 3.82 11/17/1999
12/25/2001 4 3193.3 3.19 11/18/1999
1/1/2002 3.98 149.8 0.15 11/19/1999
1/8/2002 3.95 2360.8 2.36 11/22/1999
1/15/2002 3.9 2135.9 2.14 11/23/1999
1/22/2002 3.86 2144.8 2.14 11/24/1999
1/29/2002 3.72 2503.1 2.5 11/25/1999
2/5/2002 3.76 7930.9 7.93 11/26/1999
2/12/2002 3.72 2652.3 2.65 11/29/1999
2/19/2002 3.78 1335 1.34 11/30/1999
2/26/2002 3.98 2957.1 2.96 12/1/1999
3/5/2002 3.99 2037.6 2.04 12/2/1999
3/12/2002 3.94 1240.4 1.24 12/3/1999
3/19/2002 3.9 1224.6 1.22 12/6/1999
3/26/2002 3.89 2762.1 2.76 12/7/1999
4/2/2002 3.89 795 0.8 12/8/1999
4/9/2002 3.84 1328.9 1.33 12/9/1999
4/16/2002 3.98 3541.4 3.54 12/10/1999
4/23/2002 4.01 3636.4 3.64 12/13/1999
4/30/2002 4.02 2851 2.85 12/14/1999
5/7/2002 4.08 2711.9 2.71 12/15/1999
5/14/2002 4.06 1542.6 1.54 12/16/1999
5/21/2002 4.09 1329.7 1.33 12/17/1999
5/28/2002 4.03 2200.3 2.2 12/20/1999
6/4/2002 4 5587.7 5.59 12/21/1999
6/11/2002 4 1578.6 1.58 12/22/1999
6/18/2002 4.16 3004.9 3 12/23/1999
6/25/2002 4.03 3135.9 3.14 12/24/1999
7/2/2002 3.99 1846.1 1.85 12/27/1999
7/9/2002 3.98 976.8 0.98 12/28/1999
7/16/2002 3.86 779.5 0.78 12/29/1999
7/23/2002 3.8 1032 1.03 12/30/1999
7/30/2002 3.84 1418.3 1.42 12/31/1999
8/6/2002 3.82 2177.7 2.18 1/3/2000
8/13/2002 3.9 929.4 0.93 1/4/2000
8/20/2002 3.97 2184 2.18 1/5/2000
8/27/2002 3.9 1470.9 1.47 1/6/2000
9/3/2002 3.92 1336.1 1.34 1/7/2000
9/10/2002 3.86 711.8 0.71 1/10/2000
9/17/2002 3.86 927.6 0.93 1/11/2000

## page 60 of 119 12/02/2009 18:50:42

Share price history
9/24/2002 3.81 741.6 0.74 1/12/2000
10/1/2002 3.78 1927.9 1.93 1/13/2000
10/8/2002 3.87 2956 2.96 1/14/2000
10/15/2002 3.84 1772.5 1.77 1/17/2000
10/22/2002 3.91 1152.7 1.15 1/18/2000
10/29/2002 3.87 1896.2 1.9 1/19/2000
11/5/2002 3.84 2276.1 2.28 1/20/2000
11/12/2002 3.71 1094.4 1.09 1/21/2000
11/19/2002 3.76 1275.4 1.28 1/24/2000
11/26/2002 3.88 2054.1 2.05 1/25/2000
12/3/2002 3.89 1865 1.87 1/26/2000
12/10/2002 3.97 1809.8 1.81 1/27/2000
12/17/2002 3.77 1070.5 1.07 1/28/2000
12/24/2002 3.91 848.5 0.85 1/31/2000
12/31/2002 3.97 164.2 0.16 2/1/2000
1/7/2003 3.96 380.7 0.38 2/2/2000
1/14/2003 4.09 1890.9 1.89 2/3/2000
1/21/2003 4.07 1269.5 1.27 2/4/2000
1/28/2003 4.07 761.2 0.76 2/7/2000
2/4/2003 4.22 3507.4 3.51 2/8/2000
2/11/2003 4.47 1163.5 1.16 2/9/2000
2/18/2003 4.64 2427.6 2.43 2/10/2000
2/25/2003 4.37 2588.2 2.59 2/11/2000
3/4/2003 4.36 2628.2 2.63 2/14/2000
3/11/2003 4.46 1024.7 1.02 2/15/2000
3/18/2003 4.57 2428.6 2.43 2/16/2000
3/25/2003 4.45 3441.2 3.44 2/17/2000
4/1/2003 4.26 2817.9 2.82 2/18/2000
4/8/2003 4.46 1159.9 1.16 2/21/2000
4/15/2003 4.64 1672.7 1.67 2/22/2000
4/22/2003 4.47 535.6 0.54 2/23/2000
4/29/2003 4.37 1596.8 1.6 2/24/2000
5/6/2003 4.34 2094.6 2.09 2/25/2000
5/13/2003 4.56 876.9 0.88 2/28/2000
5/20/2003 4.58 3280.5 3.28 2/29/2000
5/27/2003 4.7 1838.1 1.84 3/1/2000
6/3/2003 4.68 1544 1.54 3/2/2000
6/10/2003 4.89 3511 3.51 3/3/2000
6/17/2003 4.91 1275.4 1.28 3/6/2000
6/24/2003 4.88 2594 2.59 3/7/2000
7/1/2003 5 3144.8 3.14 3/8/2000
7/8/2003 4.75 2006.6 2.01 3/9/2000
7/15/2003 4.72 1266 1.27 3/10/2000
7/22/2003 4.74 1819.6 1.82 3/13/2000
7/29/2003 4.77 1016.7 1.02 3/14/2000
8/5/2003 4.81 1083.8 1.08 3/15/2000
8/12/2003 4.92 1568.1 1.57 3/16/2000
8/19/2003 4.87 1085.2 1.09 3/17/2000
8/26/2003 4.83 1123.8 1.12 3/20/2000
9/2/2003 4.85 736.2 0.74 3/21/2000
9/9/2003 4.75 3765.8 3.77 3/22/2000
9/16/2003 4.83 1161.4 1.16 3/23/2000
9/23/2003 4.83 1741.6 1.74 3/24/2000
9/30/2003 5 2317.5 2.32 3/27/2000
10/7/2003 5.08 2047.6 2.05 3/28/2000
10/14/2003 4.93 2010.6 2.01 3/29/2000
10/21/2003 5.08 1256.5 1.26 3/30/2000
10/28/2003 5.08 1275.7 1.28 3/31/2000
11/4/2003 5.05 1647.5 1.65 4/3/2000
11/11/2003 5.13 703.4 0.7 4/4/2000
11/18/2003 5.34 3303.5 3.3 4/5/2000

## page 61 of 119 12/02/2009 18:50:43

Share price history
11/25/2003 5.39 1043 1.04 4/6/2000
12/2/2003 5.54 5254.7 5.25 4/7/2000
12/9/2003 5.33 2008 2.01 4/10/2000
12/16/2003 5.31 4884.1 4.88 4/11/2000
12/23/2003 5.43 1932.3 1.93 4/12/2000
12/30/2003 5.4 567.4 0.57 4/13/2000
1/6/2004 5.44 445.4 0.45 4/14/2000
1/13/2004 5.55 2307.1 2.31 4/17/2000
1/20/2004 5.6 1195.9 1.2 4/18/2000
1/27/2004 5.75 3807 3.81 4/19/2000
2/3/2004 5.38 2709.8 2.71 4/20/2000
2/10/2004 5.22 2811.5 2.81 4/21/2000
2/17/2004 5.1 4197.4 4.2 4/24/2000
2/24/2004 5.07 2104.1 2.1 4/25/2000
3/2/2004 5.1 1269.9 1.27 4/26/2000
3/9/2004 5.1 951.3 0.95 4/27/2000
3/16/2004 5.18 1344.6 1.34 4/28/2000
3/23/2004 5.17 1789.9 1.79 5/1/2000
3/30/2004 5.57 1276.3 1.28 5/2/2000
4/6/2004 5.5 2104.1 2.1 5/3/2000
4/13/2004 5.48 1085.2 1.09 5/4/2000
4/20/2004 5.61 1817.5 1.82 5/5/2000
4/27/2004 5.78 2223.5 2.22 5/8/2000
5/4/2004 5.9 1606.7 1.61 5/9/2000
5/11/2004 5.74 1954.4 1.95 5/10/2000
5/18/2004 5.56 1617 1.62 5/11/2000
5/25/2004 5.6 2530.3 2.53 5/12/2000
6/1/2004 5.57 2274.5 2.27 5/15/2000
6/8/2004 5.74 2456.9 2.46 5/16/2000
6/15/2004 5.76 2492.1 2.49 5/17/2000
6/22/2004 5.91 2024.6 2.02 5/18/2000
6/29/2004 5.83 1715.3 1.72 5/19/2000
7/6/2004 5.78 2118.8 2.12 5/22/2000
7/13/2004 5.8 1405.8 1.41 5/23/2000
7/20/2004 5.94 1160.8 1.16 5/24/2000
7/27/2004 5.95 2892.4 2.89 5/25/2000
8/3/2004 6.02 1473.7 1.47 5/26/2000
8/10/2004 5.95 1197.4 1.2 5/29/2000
8/17/2004 5.94 2907.1 2.91 5/30/2000
8/24/2004 5.81 2545.7 2.55 5/31/2000
8/31/2004 5.8 1863.7 1.86 6/1/2000
9/7/2004 5.85 1649.4 1.65 6/2/2000
9/14/2004 5.76 1164 1.16 6/5/2000
9/21/2004 5.97 1931.3 1.93 6/6/2000
9/28/2004 6 1623.4 1.62 6/7/2000
10/5/2004 6.08 1689.7 1.69 6/8/2000
10/12/2004 5.96 1297.6 1.3 6/9/2000
10/19/2004 6.11 1185.4 1.19 6/12/2000
10/26/2004 5.92 812.7 0.81 6/13/2000
11/2/2004 6.08 2285 2.29 6/14/2000
11/9/2004 6.27 1849.9 1.85 6/15/2000
11/16/2004 6.26 747.1 0.75 6/16/2000
11/23/2004 6.26 1536.7 1.54 6/19/2000
11/30/2004 6.32 770 0.77 6/20/2000
12/7/2004 6.43 1224.4 1.22 6/21/2000
12/14/2004 6.23 2246.2 2.25 6/22/2000
12/21/2004 6.21 2010.1 2.01 6/23/2000
12/28/2004 6.25 302.9 0.3 6/26/2000
1/4/2005 6.4 189.2 0.19 6/27/2000
1/11/2005 6.44 775 0.78 6/28/2000
1/18/2005 6.52 647.8 0.65 6/29/2000

## page 62 of 119 12/02/2009 18:50:43

Share price history
1/25/2005 6.58 2227.2 2.23 6/30/2000
2/1/2005 6.55 1156.9 1.16 7/3/2000
2/8/2005 6.81 2180.6 2.18 7/4/2000
2/15/2005 6.96 3062.4 3.06 7/5/2000
2/22/2005 7.01 1408.4 1.41 7/6/2000
3/1/2005 7 1195.1 1.2 7/7/2000
3/8/2005 7.21 2484 2.48 7/10/2000
3/15/2005 6.99 1538.5 1.54 7/11/2000
3/22/2005 6.8 990.6 0.99 7/12/2000
3/29/2005 6.6 1014.5 1.01 7/13/2000
4/5/2005 6.55 2693.7 2.69 7/14/2000
4/12/2005 6.6 1300.9 1.3 7/17/2000
4/19/2005 6.79 2035.9 2.04 7/18/2000
4/26/2005 6.72 1120.5 1.12 7/19/2000
5/3/2005 6.93 1366.3 1.37 7/20/2000
5/10/2005 6.85 1998.4 2 7/21/2000
5/17/2005 6.85 2656.8 2.66 7/24/2000
5/24/2005 7.03 1247.5 1.25 7/25/2000
5/31/2005 7.05 1245.1 1.25 7/26/2000
6/7/2005 6.95 895.1 0.9 7/27/2000
6/14/2005 7.32 1513.6 1.51 7/28/2000
6/21/2005 7.55 1513.6 1.51 7/31/2000
6/28/2005 7.8 1791.7 1.79 8/1/2000
7/5/2005 7.85 1692.4 1.69 8/2/2000
7/12/2005 8 3118.6 3.12 8/3/2000
7/19/2005 7.71 1375.3 1.38 8/4/2000
7/26/2005 7.73 1681.4 1.68 8/7/2000
8/2/2005 7.73 1276 1.28 8/8/2000
8/9/2005 7.56 1399.9 1.4 8/9/2000
8/16/2005 7.71 1197 1.2 8/10/2000
8/23/2005 7.44 2164.8 2.16 8/11/2000
8/30/2005 7.38 1862.3 1.86 8/14/2000
9/6/2005 7.35 2071.6 2.07 8/15/2000
9/13/2005 7.38 2091.6 2.09 8/16/2000
9/20/2005 7.37 1723.7 1.72 8/17/2000
9/27/2005 7.49 1410.7 1.41 8/18/2000
10/4/2005 7.67 1999.2 2 8/21/2000
10/11/2005 7.37 1497.6 1.5 8/22/2000
10/18/2005 7.17 2059.8 2.06 8/23/2000
10/25/2005 6.76 2934.5 2.93 8/24/2000
11/1/2005 6.8 2219.4 2.22 8/25/2000
11/8/2005 6.76 1512.9 1.51 8/28/2000
11/15/2005 6.55 1991.1 1.99 8/29/2000
11/22/2005 6.39 1456.6 1.46 8/30/2000
11/29/2005 6.45 4084.2 4.08 8/31/2000
12/6/2005 6.37 2915.5 2.92 9/1/2000
12/13/2005 6.23 2259.5 2.26 9/4/2000
12/20/2005 6.37 2298.2 2.3 9/5/2000
12/27/2005 6.45 725.9 0.73 9/6/2000
1/3/2006 6.63 561 0.56 9/7/2000
1/10/2006 6.7 784.5 0.78 9/8/2000
1/17/2006 6.63 787 0.79 9/11/2000
1/24/2006 6.55 526 0.53 9/12/2000
1/31/2006 6.52 1315.1 1.32 9/13/2000
2/7/2006 6.75 872.6 0.87 9/14/2000
2/14/2006 6.61 2518.9 2.52 9/15/2000
2/21/2006 7.25 4531.5 4.53 9/18/2000
2/28/2006 7.19 3522.6 3.52 9/19/2000
3/7/2006 7.22 3257.1 3.26 9/20/2000
3/14/2006 7.53 1967.4 1.97 9/21/2000
3/21/2006 7.29 2851.7 2.85 9/22/2000

## page 63 of 119 12/02/2009 18:50:44

Share price history
3/28/2006 7.7 1787.2 1.79 9/25/2000
4/4/2006 7.94 1309.3 1.31 9/26/2000
4/11/2006 8 1469.9 1.47 9/27/2000
4/18/2006 7.8 1162.2 1.16 9/28/2000
4/25/2006 7.8 468.7 0.47 9/29/2000
5/2/2006 7.95 1892.4 1.89 10/2/2000
5/9/2006 7.9 1812.3 1.81 10/3/2000
5/16/2006 7.85 1837.5 1.84 10/4/2000
5/23/2006 7.78 783.2 0.78 10/5/2000
5/30/2006 7.76 1129.6 1.13 10/6/2000
6/6/2006 7.7 2092.6 2.09 10/9/2000
6/13/2006 7.73 990.1 0.99 10/10/2000
6/20/2006 7.3 4842.1 4.84 10/11/2000
6/27/2006 7.49 4280.9 4.28 10/12/2000
7/4/2006 7.11 6538.8 6.54 10/13/2000
7/11/2006 7.1 6315.1 6.32 10/16/2000
10/17/2000
10/18/2000
10/19/2000
10/20/2000
10/23/2000
10/24/2000
10/25/2000
10/26/2000
10/27/2000
10/30/2000
10/31/2000
11/1/2000
11/2/2000
11/3/2000
11/6/2000
11/7/2000
11/8/2000
11/9/2000
11/10/2000
11/13/2000
11/14/2000
11/15/2000
11/16/2000
11/17/2000
11/20/2000
11/21/2000
11/22/2000
11/23/2000
11/24/2000
11/27/2000
11/28/2000
11/29/2000
11/30/2000
12/1/2000
12/4/2000
12/5/2000
12/6/2000
12/7/2000
12/8/2000
12/11/2000
12/12/2000
12/13/2000
12/14/2000
12/15/2000
12/18/2000

## page 64 of 119 12/02/2009 18:50:44

Share price history
12/19/2000
12/20/2000
12/21/2000
12/22/2000
12/25/2000
12/26/2000
12/27/2000
12/28/2000
12/29/2000
1/1/2001
1/2/2001
1/3/2001
1/4/2001
1/5/2001
1/8/2001
1/9/2001
1/10/2001
1/11/2001
1/12/2001
1/15/2001
1/16/2001
1/17/2001
1/18/2001
1/19/2001
1/22/2001
1/23/2001
1/24/2001
1/25/2001
1/26/2001
1/29/2001
1/30/2001
1/31/2001
2/1/2001
2/2/2001
2/5/2001
2/6/2001
2/7/2001
2/8/2001
2/9/2001
2/12/2001
2/13/2001
2/14/2001
2/15/2001
2/16/2001
2/19/2001
2/20/2001
2/21/2001
2/22/2001
2/23/2001
2/26/2001
2/27/2001
2/28/2001
3/1/2001
3/2/2001
3/5/2001
3/6/2001
3/7/2001
3/8/2001
3/9/2001
3/12/2001
3/13/2001

## page 65 of 119 12/02/2009 18:50:44

Share price history
3/14/2001
3/15/2001
3/16/2001
3/19/2001
3/20/2001
3/21/2001
3/22/2001
3/23/2001
3/26/2001
3/27/2001
3/28/2001
3/29/2001
3/30/2001
4/2/2001
4/3/2001
4/4/2001
4/5/2001
4/6/2001
4/9/2001
4/10/2001
4/11/2001
4/12/2001
4/13/2001
4/16/2001
4/17/2001
4/18/2001
4/19/2001
4/20/2001
4/23/2001
4/24/2001
4/25/2001
4/26/2001
4/27/2001
4/30/2001
5/1/2001
5/2/2001
5/3/2001
5/4/2001
5/7/2001
5/8/2001
5/9/2001
5/10/2001
5/11/2001
5/14/2001
5/15/2001
5/16/2001
5/17/2001
5/18/2001
5/21/2001
5/22/2001
5/23/2001
5/24/2001
5/25/2001
5/28/2001
5/29/2001
5/30/2001
5/31/2001
6/1/2001
6/4/2001
6/5/2001
6/6/2001

## page 66 of 119 12/02/2009 18:50:45

Share price history
6/7/2001
6/8/2001
6/11/2001
6/12/2001
6/13/2001
6/14/2001
6/15/2001
6/18/2001
6/19/2001
6/20/2001
6/21/2001
6/22/2001
6/25/2001
6/26/2001
6/27/2001
6/28/2001
6/29/2001
7/2/2001
7/3/2001
7/4/2001
7/5/2001
7/6/2001
7/9/2001
7/10/2001
7/11/2001
7/12/2001
7/13/2001
7/16/2001
7/17/2001
7/18/2001
7/19/2001
7/20/2001
7/23/2001
7/24/2001
7/25/2001
7/26/2001
7/27/2001
7/30/2001
7/31/2001
8/1/2001
8/2/2001
8/3/2001
8/6/2001
8/7/2001
8/8/2001
8/9/2001
8/10/2001
8/13/2001
8/14/2001
8/15/2001
8/16/2001
8/17/2001
8/20/2001
8/21/2001
8/22/2001
8/23/2001
8/24/2001
8/27/2001
8/28/2001
8/29/2001
8/30/2001

## page 67 of 119 12/02/2009 18:50:45

Share price history
8/31/2001
9/3/2001
9/4/2001
9/5/2001
9/6/2001
9/7/2001
9/10/2001
9/11/2001
9/12/2001
9/13/2001
9/14/2001
9/17/2001
9/18/2001
9/19/2001
9/20/2001
9/21/2001
9/24/2001
9/25/2001
9/26/2001
9/27/2001
9/28/2001
10/1/2001
10/2/2001
10/3/2001
10/4/2001
10/5/2001
10/8/2001
10/9/2001
10/10/2001
10/11/2001
10/12/2001
10/15/2001
10/16/2001
10/17/2001
10/18/2001
10/19/2001
10/22/2001
10/23/2001
10/24/2001
10/25/2001
10/26/2001
10/29/2001
10/30/2001
10/31/2001
11/1/2001
11/2/2001
11/5/2001
11/6/2001
11/7/2001
11/8/2001
11/9/2001
11/12/2001
11/13/2001
11/14/2001
11/15/2001
11/16/2001
11/19/2001
11/20/2001
11/21/2001
11/22/2001
11/23/2001

## page 68 of 119 12/02/2009 18:50:45

Share price history
11/26/2001
11/27/2001
11/28/2001
11/29/2001
11/30/2001
12/3/2001
12/4/2001
12/5/2001
12/6/2001
12/7/2001
12/10/2001
12/11/2001
12/12/2001
12/13/2001
12/14/2001
12/17/2001
12/18/2001
12/19/2001
12/20/2001
12/21/2001
12/24/2001
12/25/2001
12/26/2001
12/27/2001
12/28/2001
12/31/2001
1/1/2002
1/2/2002
1/3/2002
1/4/2002
1/7/2002
1/8/2002
1/9/2002
1/10/2002
1/11/2002
1/14/2002
1/15/2002
1/16/2002
1/17/2002
1/18/2002
1/21/2002
1/22/2002
1/23/2002
1/24/2002
1/25/2002
1/28/2002
1/29/2002
1/30/2002
1/31/2002
2/1/2002
2/4/2002
2/5/2002
2/6/2002
2/7/2002
2/8/2002
2/11/2002
2/12/2002
2/13/2002
2/14/2002
2/15/2002
2/18/2002

## page 69 of 119 12/02/2009 18:50:46

Share price history
2/19/2002
2/20/2002
2/21/2002
2/22/2002
2/25/2002
2/26/2002
2/27/2002
2/28/2002
3/1/2002
3/4/2002
3/5/2002
3/6/2002
3/7/2002
3/8/2002
3/11/2002
3/12/2002
3/13/2002
3/14/2002
3/15/2002
3/18/2002
3/19/2002
3/20/2002
3/21/2002
3/22/2002
3/25/2002
3/26/2002
3/27/2002
3/28/2002
3/29/2002
4/1/2002
4/2/2002
4/3/2002
4/4/2002
4/5/2002
4/8/2002
4/9/2002
4/10/2002
4/11/2002
4/12/2002
4/15/2002
4/16/2002
4/17/2002
4/18/2002
4/19/2002
4/22/2002
4/23/2002
4/24/2002
4/25/2002
4/26/2002
4/29/2002
4/30/2002
5/1/2002
5/2/2002
5/3/2002
5/6/2002
5/7/2002
5/8/2002
5/9/2002
5/10/2002
5/13/2002
5/14/2002

## page 70 of 119 12/02/2009 18:50:46

Share price history
5/15/2002
5/16/2002
5/17/2002
5/20/2002
5/21/2002
5/22/2002
5/23/2002
5/24/2002
5/27/2002
5/28/2002
5/29/2002
5/30/2002
5/31/2002
6/3/2002
6/4/2002
6/5/2002
6/6/2002
6/7/2002
6/10/2002
6/11/2002
6/12/2002
6/13/2002
6/14/2002
6/17/2002
6/18/2002
6/19/2002
6/20/2002
6/21/2002
6/24/2002
6/25/2002
6/26/2002
6/27/2002
6/28/2002
7/1/2002
7/2/2002
7/3/2002
7/4/2002
7/5/2002
7/8/2002
7/9/2002
7/10/2002
7/11/2002
7/12/2002
7/15/2002
7/16/2002
7/17/2002
7/18/2002
7/19/2002
7/22/2002
7/23/2002
7/24/2002
7/25/2002
7/26/2002
7/29/2002
7/30/2002
7/31/2002
8/1/2002
8/2/2002
8/5/2002
8/6/2002
8/7/2002

## page 71 of 119 12/02/2009 18:50:46

Share price history
8/8/2002
8/9/2002
8/12/2002
8/13/2002
8/14/2002
8/15/2002
8/16/2002
8/19/2002
8/20/2002
8/21/2002
8/22/2002
8/23/2002
8/26/2002
8/27/2002
8/28/2002
8/29/2002
8/30/2002
9/2/2002
9/3/2002
9/4/2002
9/5/2002
9/6/2002
9/9/2002
9/10/2002
9/11/2002
9/12/2002
9/13/2002
9/16/2002
9/17/2002
9/18/2002
9/19/2002
9/20/2002
9/23/2002
9/24/2002
9/25/2002
9/26/2002
9/27/2002
9/30/2002
10/1/2002
10/2/2002
10/3/2002
10/4/2002
10/7/2002
10/8/2002
10/9/2002
10/10/2002
10/11/2002
10/14/2002
10/15/2002
10/16/2002
10/17/2002
10/18/2002
10/21/2002
10/22/2002
10/23/2002
10/24/2002
10/25/2002
10/28/2002
10/29/2002
10/30/2002
10/31/2002

## page 72 of 119 12/02/2009 18:50:47

Share price history
11/1/2002
11/4/2002
11/5/2002
11/6/2002
11/7/2002
11/8/2002
11/11/2002
11/12/2002
11/13/2002
11/14/2002
11/15/2002
11/18/2002
11/19/2002
11/20/2002
11/21/2002
11/22/2002
11/25/2002
11/26/2002
11/27/2002
11/28/2002
11/29/2002
12/2/2002
12/3/2002
12/4/2002
12/5/2002
12/6/2002
12/9/2002
12/10/2002
12/11/2002
12/12/2002
12/13/2002
12/16/2002
12/17/2002
12/18/2002
12/19/2002
12/20/2002
12/23/2002
12/24/2002
12/25/2002
12/26/2002
12/27/2002
12/30/2002
12/31/2002
1/1/2003
1/2/2003
1/3/2003
1/6/2003
1/7/2003
1/8/2003
1/9/2003
1/10/2003
1/13/2003
1/14/2003
1/15/2003
1/16/2003
1/17/2003
1/20/2003
1/21/2003
1/22/2003
1/23/2003
1/24/2003

## page 73 of 119 12/02/2009 18:50:47

Share price history
1/27/2003
1/28/2003
1/29/2003
1/30/2003
1/31/2003
2/3/2003
2/4/2003
2/5/2003
2/6/2003
2/7/2003
2/10/2003
2/11/2003
2/12/2003
2/13/2003
2/14/2003
2/17/2003
2/18/2003
2/19/2003
2/20/2003
2/21/2003
2/24/2003
2/25/2003
2/26/2003
2/27/2003
2/28/2003
3/3/2003
3/4/2003
3/5/2003
3/6/2003
3/7/2003
3/10/2003
3/11/2003
3/12/2003
3/13/2003
3/14/2003
3/17/2003
3/18/2003
3/19/2003
3/20/2003
3/21/2003
3/24/2003
3/25/2003
3/26/2003
3/27/2003
3/28/2003
3/31/2003
4/1/2003
4/2/2003
4/3/2003
4/4/2003
4/7/2003
4/8/2003
4/9/2003
4/10/2003
4/11/2003
4/14/2003
4/15/2003
4/16/2003
4/17/2003
4/18/2003
4/21/2003

## page 74 of 119 12/02/2009 18:50:47

Share price history
4/22/2003
4/23/2003
4/24/2003
4/25/2003
4/28/2003
4/29/2003
4/30/2003
5/1/2003
5/2/2003
5/5/2003
5/6/2003
5/7/2003
5/8/2003
5/9/2003
5/12/2003
5/13/2003
5/14/2003
5/15/2003
5/16/2003
5/19/2003
5/20/2003
5/21/2003
5/22/2003
5/23/2003
5/26/2003
5/27/2003
5/28/2003
5/29/2003
5/30/2003
6/2/2003
6/3/2003
6/4/2003
6/5/2003
6/6/2003
6/9/2003
6/10/2003
6/11/2003
6/12/2003
6/13/2003
6/16/2003
6/17/2003
6/18/2003
6/19/2003
6/20/2003
6/23/2003
6/24/2003
6/25/2003
6/26/2003
6/27/2003
6/30/2003
7/1/2003
7/2/2003
7/3/2003
7/4/2003
7/7/2003
7/8/2003
7/9/2003
7/10/2003
7/11/2003
7/14/2003
7/15/2003

## page 75 of 119 12/02/2009 18:50:48

Share price history
7/16/2003
7/17/2003
7/18/2003
7/21/2003
7/22/2003
7/23/2003
7/24/2003
7/25/2003
7/28/2003
7/29/2003
7/30/2003
7/31/2003
8/1/2003
8/4/2003
8/5/2003
8/6/2003
8/7/2003
8/8/2003
8/11/2003
8/12/2003
8/13/2003
8/14/2003
8/15/2003
8/18/2003
8/19/2003
8/20/2003
8/21/2003
8/22/2003
8/25/2003
8/26/2003
8/27/2003
8/28/2003
8/29/2003
9/1/2003
9/2/2003
9/3/2003
9/4/2003
9/5/2003
9/8/2003
9/9/2003
9/10/2003
9/11/2003
9/12/2003
9/15/2003
9/16/2003
9/17/2003
9/18/2003
9/19/2003
9/22/2003
9/23/2003
9/24/2003
9/25/2003
9/26/2003
9/29/2003
9/30/2003
10/1/2003
10/2/2003
10/3/2003
10/6/2003
10/7/2003
10/8/2003

## page 76 of 119 12/02/2009 18:50:48

Share price history
10/9/2003
10/10/2003
10/13/2003
10/14/2003
10/15/2003
10/16/2003
10/17/2003
10/20/2003
10/21/2003
10/22/2003
10/23/2003
10/24/2003
10/27/2003
10/28/2003
10/29/2003
10/30/2003
10/31/2003
11/3/2003
11/4/2003
11/5/2003
11/6/2003
11/7/2003
11/10/2003
11/11/2003
11/12/2003
11/13/2003
11/14/2003
11/17/2003
11/18/2003
11/19/2003
11/20/2003
11/21/2003
11/24/2003
11/25/2003
11/26/2003
11/27/2003
11/28/2003
12/1/2003
12/2/2003
12/3/2003
12/4/2003
12/5/2003
12/8/2003
12/9/2003
12/10/2003
12/11/2003
12/12/2003
12/15/2003
12/16/2003
12/17/2003
12/18/2003
12/19/2003
12/22/2003
12/23/2003
12/24/2003
12/25/2003
12/26/2003
12/29/2003
12/30/2003
12/31/2003
1/1/2004

## page 77 of 119 12/02/2009 18:50:48

Share price history
1/2/2004
1/5/2004
1/6/2004
1/7/2004
1/8/2004
1/9/2004
1/12/2004
1/13/2004
1/14/2004
1/15/2004
1/16/2004
1/19/2004
1/20/2004
1/21/2004
1/22/2004
1/23/2004
1/26/2004
1/27/2004
1/28/2004
1/29/2004
1/30/2004
2/2/2004
2/3/2004
2/4/2004
2/5/2004
2/6/2004
2/9/2004
2/10/2004
2/11/2004
2/12/2004
2/13/2004
2/16/2004
2/17/2004
2/18/2004
2/19/2004
2/20/2004
2/23/2004
2/24/2004
2/25/2004
2/26/2004
2/27/2004
3/1/2004
3/2/2004
3/3/2004
3/4/2004
3/5/2004
3/8/2004
3/9/2004
3/10/2004
3/11/2004
3/12/2004
3/15/2004
3/16/2004
3/17/2004
3/18/2004
3/19/2004
3/22/2004
3/23/2004
3/24/2004
3/25/2004
3/26/2004

## page 78 of 119 12/02/2009 18:50:49

Share price history
3/29/2004
3/30/2004
3/31/2004
4/1/2004
4/2/2004
4/5/2004
4/6/2004
4/7/2004
4/8/2004
4/9/2004
4/12/2004
4/13/2004
4/14/2004
4/15/2004
4/16/2004
4/19/2004
4/20/2004
4/21/2004
4/22/2004
4/23/2004
4/26/2004
4/27/2004
4/28/2004
4/29/2004
4/30/2004
5/3/2004
5/4/2004
5/5/2004
5/6/2004
5/7/2004
5/10/2004
5/11/2004
5/12/2004
5/13/2004
5/14/2004
5/17/2004
5/18/2004
5/19/2004
5/20/2004
5/21/2004
5/24/2004
5/25/2004
5/26/2004
5/27/2004
5/28/2004
5/31/2004
6/1/2004
6/2/2004
6/3/2004
6/4/2004
6/7/2004
6/8/2004
6/9/2004
6/10/2004
6/11/2004
6/14/2004
6/15/2004
6/16/2004
6/17/2004
6/18/2004
6/21/2004

## page 79 of 119 12/02/2009 18:50:49

Share price history
6/22/2004
6/23/2004
6/24/2004
6/25/2004
6/28/2004
6/29/2004
6/30/2004
7/1/2004
7/2/2004
7/5/2004
7/6/2004
7/7/2004
7/8/2004
7/9/2004
7/12/2004
7/13/2004
7/14/2004
7/15/2004
7/16/2004
7/19/2004
7/20/2004
7/21/2004
7/22/2004
7/23/2004
7/26/2004
7/27/2004
7/28/2004
7/29/2004
7/30/2004
8/2/2004
8/3/2004
8/4/2004
8/5/2004
8/6/2004
8/9/2004
8/10/2004
8/11/2004
8/12/2004
8/13/2004
8/16/2004
8/17/2004
8/18/2004
8/19/2004
8/20/2004
8/23/2004
8/24/2004
8/25/2004
8/26/2004
8/27/2004
8/30/2004
8/31/2004
9/1/2004
9/2/2004
9/3/2004
9/6/2004
9/7/2004
9/8/2004
9/9/2004
9/10/2004
9/13/2004
9/14/2004

## page 80 of 119 12/02/2009 18:50:49

Share price history
9/15/2004
9/16/2004
9/17/2004
9/20/2004
9/21/2004
9/22/2004
9/23/2004
9/24/2004
9/27/2004
9/28/2004
9/29/2004
9/30/2004
10/1/2004
10/4/2004
10/5/2004
10/6/2004
10/7/2004
10/8/2004
10/11/2004
10/12/2004
10/13/2004
10/14/2004
10/15/2004
10/18/2004
10/19/2004
10/20/2004
10/21/2004
10/22/2004
10/25/2004
10/26/2004
10/27/2004
10/28/2004
10/29/2004
11/1/2004
11/2/2004
11/3/2004
11/4/2004
11/5/2004
11/8/2004
11/9/2004
11/10/2004
11/11/2004
11/12/2004
11/15/2004
11/16/2004
11/17/2004
11/18/2004
11/19/2004
11/22/2004
11/23/2004
11/24/2004
11/25/2004
11/26/2004
11/29/2004
11/30/2004
12/1/2004
12/2/2004
12/3/2004
12/6/2004
12/7/2004
12/8/2004

## page 81 of 119 12/02/2009 18:50:50

Share price history
12/9/2004
12/10/2004
12/13/2004
12/14/2004
12/15/2004
12/16/2004
12/17/2004
12/20/2004
12/21/2004
12/22/2004
12/23/2004
12/24/2004
12/27/2004
12/28/2004
12/29/2004
12/30/2004
12/31/2004
1/3/2005
1/4/2005
1/5/2005
1/6/2005
1/7/2005
1/10/2005
1/11/2005
1/12/2005
1/13/2005
1/14/2005
1/17/2005
1/18/2005
1/19/2005
1/20/2005
1/21/2005
1/24/2005
1/25/2005
1/26/2005
1/27/2005
1/28/2005
1/31/2005
2/1/2005
2/2/2005
2/3/2005
2/4/2005
2/7/2005
2/8/2005
2/9/2005
2/10/2005
2/11/2005
2/14/2005
2/15/2005
2/16/2005
2/17/2005
2/18/2005
2/21/2005
2/22/2005
2/23/2005
2/24/2005
2/25/2005
2/28/2005
3/1/2005
3/2/2005
3/3/2005

## page 82 of 119 12/02/2009 18:50:50

Share price history
3/4/2005
3/7/2005
3/8/2005
3/9/2005
3/10/2005
3/11/2005
3/14/2005
3/15/2005
3/16/2005
3/17/2005
3/18/2005
3/21/2005
3/22/2005
3/23/2005
3/24/2005
3/25/2005
3/28/2005
3/29/2005
3/30/2005
3/31/2005
4/1/2005
4/4/2005
4/5/2005
4/6/2005
4/7/2005
4/8/2005
4/11/2005
4/12/2005
4/13/2005
4/14/2005
4/15/2005
4/18/2005
4/19/2005
4/20/2005
4/21/2005
4/22/2005
4/25/2005
4/26/2005
4/27/2005
4/28/2005
4/29/2005
5/2/2005
5/3/2005
5/4/2005
5/5/2005
5/6/2005
5/9/2005
5/10/2005
5/11/2005
5/12/2005
5/13/2005
5/16/2005
5/17/2005
5/18/2005
5/19/2005
5/20/2005
5/23/2005
5/24/2005
5/25/2005
5/26/2005
5/27/2005

## page 83 of 119 12/02/2009 18:50:51

Share price history
5/30/2005
5/31/2005
6/1/2005
6/2/2005
6/3/2005
6/6/2005
6/7/2005
6/8/2005
6/9/2005
6/10/2005
6/13/2005
6/14/2005
6/15/2005
6/16/2005
6/17/2005
6/20/2005
6/21/2005
6/22/2005
6/23/2005
6/24/2005
6/27/2005
6/28/2005
6/29/2005
6/30/2005
7/1/2005
7/4/2005
7/5/2005
7/6/2005
7/7/2005
7/8/2005
7/11/2005
7/12/2005
7/13/2005
7/14/2005
7/15/2005
7/18/2005
7/19/2005
7/20/2005
7/21/2005
7/22/2005
7/25/2005
7/26/2005
7/27/2005
7/28/2005
7/29/2005
8/1/2005
8/2/2005
8/3/2005
8/4/2005
8/5/2005
8/8/2005
8/9/2005
8/10/2005
8/11/2005
8/12/2005
8/15/2005
8/16/2005
8/17/2005
8/18/2005
8/19/2005
8/22/2005

## page 84 of 119 12/02/2009 18:50:51

Share price history
8/23/2005
8/24/2005
8/25/2005
8/26/2005
8/29/2005
8/30/2005
8/31/2005
9/1/2005
9/2/2005
9/5/2005
9/6/2005
9/7/2005
9/8/2005
9/9/2005
9/12/2005
9/13/2005
9/14/2005
9/15/2005
9/16/2005
9/19/2005
9/20/2005
9/21/2005
9/22/2005
9/23/2005
9/26/2005
9/27/2005
9/28/2005
9/29/2005
9/30/2005
10/3/2005
10/4/2005
10/5/2005
10/6/2005
10/7/2005
10/10/2005
10/11/2005
10/12/2005
10/13/2005
10/14/2005
10/17/2005
10/18/2005
10/19/2005
10/20/2005
10/21/2005
10/24/2005
10/25/2005
10/26/2005
10/27/2005
10/28/2005
10/31/2005
11/1/2005
11/2/2005
11/3/2005
11/4/2005
11/7/2005
11/8/2005
11/9/2005
11/10/2005
11/11/2005
11/14/2005
11/15/2005

## page 85 of 119 12/02/2009 18:50:51

Share price history
11/16/2005
11/17/2005
11/18/2005
11/21/2005
11/22/2005
11/23/2005
11/24/2005
11/25/2005
11/28/2005
11/29/2005
11/30/2005
12/1/2005
12/2/2005
12/5/2005
12/6/2005
12/7/2005
12/8/2005
12/9/2005
12/12/2005
12/13/2005
12/14/2005
12/15/2005
12/16/2005
12/19/2005
12/20/2005
12/21/2005
12/22/2005
12/23/2005
12/26/2005
12/27/2005
12/28/2005
12/29/2005
12/30/2005
1/2/2006
1/3/2006
1/4/2006
1/5/2006
1/6/2006
1/9/2006
1/10/2006
1/11/2006
1/12/2006
1/13/2006
1/16/2006
1/17/2006
1/18/2006
1/19/2006
1/20/2006
1/23/2006
1/24/2006
1/25/2006
1/26/2006
1/27/2006
1/30/2006
1/31/2006
2/1/2006
2/2/2006
2/3/2006
2/6/2006
2/7/2006
2/8/2006

## page 86 of 119 12/02/2009 18:50:52

Share price history
2/9/2006
2/10/2006
2/13/2006
2/14/2006
2/15/2006
2/16/2006
2/17/2006
2/20/2006
2/21/2006
2/22/2006
2/23/2006
2/24/2006
2/27/2006
2/28/2006
3/1/2006
3/2/2006
3/3/2006
3/6/2006
3/7/2006
3/8/2006
3/9/2006
3/10/2006
3/13/2006
3/14/2006
3/15/2006
3/16/2006
3/17/2006
3/20/2006
3/21/2006
3/22/2006
3/23/2006
3/24/2006
3/27/2006
3/28/2006
3/29/2006
3/30/2006
3/31/2006
4/3/2006
4/4/2006
4/5/2006
4/6/2006
4/7/2006
4/10/2006
4/11/2006
4/12/2006
4/13/2006
4/14/2006
4/17/2006
4/18/2006
4/19/2006
4/20/2006
4/21/2006
4/24/2006
4/25/2006
4/26/2006
4/27/2006
4/28/2006
5/1/2006
5/2/2006
5/3/2006
5/4/2006

## page 87 of 119 12/02/2009 18:50:52

Share price history
5/5/2006
5/8/2006
5/9/2006
5/10/2006
5/11/2006
5/12/2006
5/15/2006
5/16/2006
5/17/2006
5/18/2006
5/19/2006
5/22/2006
5/23/2006
5/24/2006
5/25/2006
5/26/2006
5/29/2006
5/30/2006
5/31/2006
6/1/2006
6/2/2006
6/5/2006
6/6/2006
6/7/2006
6/8/2006
6/9/2006
6/12/2006
6/13/2006
6/14/2006
6/15/2006
6/16/2006
6/19/2006
6/20/2006
6/21/2006
6/22/2006
6/23/2006
6/26/2006
6/27/2006
6/28/2006
6/29/2006
6/30/2006
7/3/2006
7/4/2006
7/5/2006
7/6/2006
7/7/2006
7/10/2006
7/11/2006

## page 88 of 119 12/02/2009 18:50:52

Share price history

5/11/1999
7/11/2006
D
CONTACT ENERGYCONTACT ENERGY - TURNOVER BY VOLUME
Z:CENZ(P) Z:CENZ(VO)
3.34 61927 61.93
3.35 22333.8 22.33
3.46 19749.6 19.75
3.5 6854.5 6.85
3.43 3110.5 3.11
3.39 4620.7 4.62
3.43 3121.5 3.12
3.5 4699.3 4.7
3.55 4270.2 4.27
3.52 2598.4 2.6
3.39 2830.7 2.83
3.34 3335.1 3.34
3.34 3250.2 3.25
3.41 6129.6 6.13
3.35 13661.7 13.66
3.32 4815.3 4.82
3.36 7064.8 7.06
3.3 1099.8 1.1
3.28 2798.8 2.8
3.28 #NA #VALUE!
3.21 1726 1.73
3.19 2480.7 2.48
3.25 2703.1 2.7
3.23 1297.3 1.3
3.2 616.8 0.62
3.16 2541.2 2.54
3.15 804 0.8
3.09 2207.1 2.21
3.05 3597.4 3.6
3.01 1636.8 1.64
3.04 895.2 0.9
3.06 2417.8 2.42
3.07 2089.7 2.09
3.07 1591.9 1.59
3.04 854.3 0.85
3.03 554.4 0.55
3.06 1757.9 1.76
3.08 2091.3 2.09
3.09 1168.5 1.17
3.1 445.4 0.45
3.13 1390.4 1.39
3.14 753.3 0.75
3.12 443.4 0.44
3.08 1553.7 1.55
3.09 452.8 0.45
3.08 675.4 0.68
3.06 711.1 0.71
3.07 238.8 0.24
3.05 429.2 0.43
3.05 1661.8 1.66
3.08 4571.5 4.57
3.06 610.1 0.61
3.05 266.3 0.27
3.05 1176.1 1.18

## page 89 of 119 12/02/2009 18:50:53

Share price history
3.03 255.2 0.26
2.96 2249.1 2.25
2.98 1067 1.07
3 1256.9 1.26
3 472.5 0.47
2.97 819.2 0.82
2.97 1931.7 1.93
2.93 1668.6 1.67
2.94 1746.7 1.75
2.92 1679.2 1.68
2.91 400 0.4
2.91 881.2 0.88
2.91 544.7 0.54
2.94 591.4 0.59
2.93 382.9 0.38
2.96 832.5 0.83
3.01 1081.5 1.08
3.16 2185.5 2.19
3.18 1436.3 1.44
3.24 3396.3 3.4
3.2 1610.4 1.61
3.2 863.6 0.86
3.16 3224.9 3.22
3.23 1778.6 1.78
3.25 1123.5 1.12
3.25 790.2 0.79
3.22 543.1 0.54
3.21 457 0.46
3.18 1195.9 1.2
3.19 399.8 0.4
3.23 693.8 0.69
3.22 559.1 0.56
3.2 597.2 0.6
3.2 352.1 0.35
3.25 676.4 0.68
3.23 1564 1.56
3.24 1085.7 1.09
3.18 637.5 0.64
3.2 496.8 0.5
3.18 929.3 0.93
3.2 201.8 0.2
3.19 342.4 0.34
3.19 305.2 0.31
3.18 308.7 0.31
3.15 791.8 0.79
3.12 406.7 0.41
3.1 528.2 0.53
3.07 542.5 0.54
3.14 919.4 0.92
3.24 714.8 0.71
3.23 2177.2 2.18
3.24 1220.8 1.22
3.23 391.9 0.39
3.29 820.1 0.82
3.38 1400.5 1.4
3.35 432.9 0.43
3.32 1318.5 1.32
3.32 434.3 0.43
3.38 1365.1 1.37
3.39 593.1 0.59
3.37 765.1 0.77

## page 90 of 119 12/02/2009 18:50:53

Share price history
3.35 1001.6 1
3.38 501.7 0.5
3.4 717.3 0.72
3.4 866.4 0.87
3.4 #NA #VALUE!
3.44 910.1 0.91
3.44 266.5 0.27
3.41 344.7 0.34
3.43 332.7 0.33
3.44 546.3 0.55
3.44 1134.8 1.13
3.4 714.2 0.71
3.39 263.5 0.26
3.46 1298.3 1.3
3.45 636.9 0.64
3.37 436.1 0.44
3.35 2524.5 2.52
3.35 1132.4 1.13
3.32 369.2 0.37
3.26 513.4 0.51
3.27 462.2 0.46
3.34 198.3 0.2
3.35 237.4 0.24
3.4 1288.3 1.29
3.4 467.1 0.47
3.4 339.7 0.34
3.35 609.3 0.61
3.35 478.9 0.48
3.36 423.8 0.42
3.41 484.9 0.48
3.45 1095 1.1
3.48 975 0.98
3.43 164.9 0.16
3.45 357.9 0.36
3.46 494.9 0.49
3.42 489.5 0.49
3.43 1102 1.1
3.41 2150.4 2.15
3.39 1299.9 1.3
3.25 584.7 0.58
3.23 137.2 0.14
3.24 414.2 0.41
3.23 614.9 0.61
3.27 994.8 0.99
3.39 690.1 0.69
3.35 1533.6 1.53
3.36 529.6 0.53
3.35 310.4 0.31
3.35 149.3 0.15
3.35 #NA #VALUE!
3.35 #NA #VALUE!
3.32 64 0.06
3.35 149.8 0.15
3.35 #NA #VALUE!
3.35 #NA #VALUE!
3.35 #NA #VALUE!
3.24 300.3 0.3
3.25 450.6 0.45
3.28 208.2 0.21
3.37 696.5 0.7
3.38 469.3 0.47

## page 91 of 119 12/02/2009 18:50:53

Share price history
3.31 527.2 0.53
3.29 1108.7 1.11
3.27 1017.1 1.02
3.24 343.5 0.34
3.26 848.5 0.85
3.23 193.8 0.19
3.2 688.3 0.69
3.18 608.4 0.61
3.16 262.7 0.26
3.09 688.4 0.69
3.1 287.5 0.29
3.13 200.9 0.2
3.16 221.8 0.22
3.18 295.3 0.3
3.1 341 0.34
3.09 259.3 0.26
3.09 625.4 0.63
3.06 546.8 0.55
3.02 716.7 0.72
3.01 155.3 0.16
3.04 1200.1 1.2
3.01 612 0.61
2.98 1059.8 1.06
2.95 339.7 0.34
2.96 2112.7 2.11
2.91 897.8 0.9
2.95 795.6 0.8
2.87 868.4 0.87
2.8 830.2 0.83
2.72 1038.4 1.04
2.82 1196.2 1.2
2.89 961.3 0.96
2.87 591.5 0.59
2.86 436.1 0.44
2.85 147.4 0.15
2.8 1466.3 1.47
2.84 450.5 0.45
2.9 912.1 0.91
2.9 614.4 0.61
2.85 203.3 0.2
2.76 584.7 0.58
2.81 376.1 0.38
2.82 303.3 0.3
2.82 623 0.62
2.78 408.3 0.41
2.7 637.4 0.64
2.7 810 0.81
2.74 328.1 0.33
2.68 223.2 0.22
2.65 241.9 0.24
2.59 314.5 0.31
2.53 515.4 0.52
2.51 317.5 0.32
2.64 619 0.62
2.62 692.8 0.69
2.61 886.8 0.89
2.66 491.8 0.49
2.67 510.3 0.51
2.68 442.9 0.44
2.7 1277.2 1.28
2.64 1061.2 1.06

## page 92 of 119 12/02/2009 18:50:54

Share price history
2.63 646.6 0.65
2.64 949.8 0.95
2.59 501.3 0.5
2.54 859.1 0.86
2.52 968.5 0.97
2.54 801.1 0.8
2.52 1496 1.5
2.43 769.4 0.77
2.44 473.6 0.47
2.45 672 0.67
2.47 217.8 0.22
2.47 #NA #VALUE!
2.47 #NA #VALUE!
2.47 #NA #VALUE!
2.43 561.9 0.56
2.36 1673.8 1.67
2.36 1611.2 1.61
2.35 992.1 0.99
2.42 949.1 0.95
2.47 836.4 0.84
2.47 457.9 0.46
2.48 557.9 0.56
2.52 780.1 0.78
2.52 580.3 0.58
2.52 522.7 0.52
2.51 378.9 0.38
2.51 518 0.52
2.54 401.4 0.4
2.52 374.2 0.37
2.51 199.3 0.2
2.51 690.2 0.69
2.65 775.5 0.78
2.71 640.9 0.64
2.85 1881.8 1.88
2.8 874.1 0.87
2.83 881.2 0.88
2.78 402.6 0.4
2.74 398.2 0.4
2.73 839.9 0.84
2.75 578.1 0.58
2.76 787.8 0.79
2.81 987.7 0.99
2.81 #NA #VALUE!
2.88 790 0.79
2.91 842.2 0.84
2.93 534.8 0.53
2.95 1481.1 1.48
2.97 838.9 0.84
3.01 810.1 0.81
3.07 2611.9 2.61
3.03 636 0.64
2.95 471.7 0.47
2.96 262.4 0.26
2.88 327.7 0.33
2.86 370.9 0.37
2.85 364.9 0.36
2.84 421.9 0.42
2.84 227.6 0.23
2.84 236.8 0.24
2.83 224.7 0.22
2.81 192 0.19

## page 93 of 119 12/02/2009 18:50:54

Share price history
2.85 575.5 0.58
2.88 148.7 0.15
2.88 203.5 0.2
2.88 380.6 0.38
2.9 519 0.52
2.85 354.1 0.35
2.89 285.6 0.29
2.86 223.3 0.22
2.91 366.1 0.37
2.91 282.5 0.28
2.91 422.3 0.42
2.9 451.7 0.45
2.92 329.3 0.33
2.92 548.1 0.55
2.94 222.1 0.22
2.95 960.4 0.96
2.9 517.2 0.52
2.88 257.2 0.26
2.87 1257.3 1.26
2.76 567.6 0.57
2.7 1591.2 1.59
2.68 1238.1 1.24
2.66 632.4 0.63
2.69 1274.8 1.27
2.67 535.3 0.54
2.6 1389.9 1.39
2.64 398.1 0.4
2.67 433.6 0.43
2.61 759.1 0.76
2.63 939.9 0.94
2.54 2796.9 2.8
2.6 1354.2 1.35
2.6 1670 1.67
2.65 985.9 0.99
2.68 607.2 0.61
2.6 1139.5 1.14
2.6 1144.2 1.14
2.57 1019.1 1.02
2.56 2521 2.52
2.59 1137.4 1.14
2.53 1437.7 1.44
2.51 851.9 0.85
2.51 1065 1.07
2.55 2029.4 2.03
2.58 1802 1.8
2.55 1135.2 1.14
2.56 652.4 0.65
2.56 1078 1.08
2.56 834.6 0.83
2.52 1057.5 1.06
2.55 752.4 0.75
2.58 761.6 0.76
2.55 2323.2 2.32
2.55 672.1 0.67
2.55 806.7 0.81
2.55 792.2 0.79
2.54 622.1 0.62
2.54 816.6 0.82
2.53 1952.5 1.95
2.54 560.7 0.56
2.52 521.4 0.52

## page 94 of 119 12/02/2009 18:50:54

Share price history
2.57 1198.1 1.2
2.61 612.3 0.61
2.69 1027 1.03
2.63 895.2 0.9
2.62 644.4 0.64
2.62 303.4 0.3
2.62 804.3 0.8
2.59 451.1 0.45
2.57 459.3 0.46
2.58 480.8 0.48
2.58 426 0.43
2.6 553.3 0.55
2.63 345.6 0.35
2.6 858.3 0.86
2.65 401.9 0.4
2.76 1330.4 1.33
2.75 702.6 0.7
2.78 2175.3 2.18
2.8 1180.4 1.18
2.9 1629.1 1.63
2.9 #NA #VALUE!
2.81 438 0.44
2.8 306.5 0.31
2.85 1059.5 1.06
2.84 884.8 0.88
2.82 448.7 0.45
2.78 411.8 0.41
2.79 440.2 0.44
2.75 637 0.64
2.95 1395.1 1.4
2.97 988.1 0.99
2.95 669 0.67
2.97 593.4 0.59
2.97 1018.9 1.02
3.04 712.5 0.71
3 332.1 0.33
2.93 316.7 0.32
2.83 971.2 0.97
2.83 235.4 0.24
2.83 393.2 0.39
2.77 314.5 0.31
2.76 433.4 0.43
2.85 759.6 0.76
2.85 1212.4 1.21
2.81 198.9 0.2
2.81 378.2 0.38
2.79 416.7 0.42
2.8 2069.6 2.07
2.85 921.8 0.92
2.83 298.9 0.3
2.85 459.5 0.46
2.9 887.4 0.89
2.9 965.8 0.97
2.93 1578.4 1.58
2.95 1875.8 1.88
2.89 407.1 0.41
2.9 1159.8 1.16
2.87 367.3 0.37
2.82 164.5 0.16
2.81 384.2 0.38
2.76 268.6 0.27

## page 95 of 119 12/02/2009 18:50:55

Share price history
2.73 640.5 0.64
2.69 538.4 0.54
2.64 449.5 0.45
2.6 615.5 0.62
2.6 #NA #VALUE!
2.6 #NA #VALUE!
2.65 109.9 0.11
2.65 96.3 0.1
2.65 199 0.2
2.65 #NA #VALUE!
2.65 #NA #VALUE!
2.66 120 0.12
2.7 184.7 0.18
2.66 325 0.33
2.64 221.1 0.22
2.67 930.1 0.93
2.64 443.6 0.44
2.62 473.8 0.47
2.64 159.9 0.16
2.66 338.2 0.34
2.72 442.2 0.44
2.77 742 0.74
2.77 340.7 0.34
2.81 542.2 0.54
2.8 359.9 0.36
2.85 850.5 0.85
2.84 795.7 0.8
2.83 568.9 0.57
2.83 277.8 0.28
2.8 93.1 0.09
2.75 443.3 0.44
2.84 394.3 0.39
2.89 806.8 0.81
2.89 1115.7 1.12
2.89 226 0.23
2.89 #NA #VALUE!
2.93 621.4 0.62
2.96 645.5 0.65
2.92 350.2 0.35
2.92 273.4 0.27
2.87 429 0.43
2.82 1270.1 1.27
2.83 269.7 0.27
2.89 348.4 0.35
2.87 208 0.21
2.89 560.5 0.56
2.95 469 0.47
2.94 729.1 0.73
2.91 472.1 0.47
2.88 490 0.49
2.87 467.4 0.47
2.84 566.1 0.57
2.85 622.4 0.62
2.86 244 0.24
2.9 418.9 0.42
2.89 1032.9 1.03
2.99 2377.5 2.38
2.96 612 0.61
2.95 567.5 0.57
2.97 150.8 0.15
2.96 308.9 0.31

## page 96 of 119 12/02/2009 18:50:55

Share price history
2.97 1419.3 1.42
3 448.8 0.45
3 676.5 0.68
3.01 368.4 0.37
3.09 1548.1 1.55
3.09 1909.7 1.91
2.92 1838.2 1.84
2.95 1753.3 1.75
2.92 702.5 0.7
2.92 166.2 0.17
2.95 1108.8 1.11
2.9 645.9 0.65
2.89 424.8 0.42
2.94 450.6 0.45
2.98 1150.2 1.15
2.91 312.1 0.31
2.95 177.7 0.18
2.86 772 0.77
2.92 419.5 0.42
2.94 791.1 0.79
2.95 2005.1 2.01
2.96 536.6 0.54
2.96 #NA #VALUE!
2.96 #NA #VALUE!
2.95 300.7 0.3
2.99 243.3 0.24
3.03 810.5 0.81
2.97 385.7 0.39
2.9 621.9 0.62
2.85 1075.9 1.08
2.85 #NA #VALUE!
2.88 1250.6 1.25
3.05 1361.8 1.36
3.06 1347.1 1.35
3.04 636.3 0.64
2.97 596.8 0.6
2.98 1003.6 1
2.95 851.8 0.85
2.94 211.6 0.21
2.94 442.9 0.44
2.96 423.6 0.42
2.96 353.5 0.35
2.97 601.5 0.6
2.96 324.9 0.32
2.96 1036.8 1.04
2.95 886 0.89
2.96 868.4 0.87
2.99 759.6 0.76
2.93 733.5 0.73
2.86 1426.6 1.43
2.88 897.6 0.9
2.88 596.7 0.6
2.88 26791.2 26.79
2.87 443.4 0.44
2.86 1445.9 1.45
2.84 645.9 0.65
2.82 690.4 0.69
2.78 1233 1.23
2.78 #NA #VALUE!
2.85 502.2 0.5
2.85 1417 1.42

## page 97 of 119 12/02/2009 18:50:55

Share price history
2.87 398.3 0.4
2.9 486.6 0.49
2.88 260.6 0.26
2.94 575.9 0.58
2.95 401.6 0.4
2.96 246.8 0.25
2.93 366.3 0.37
2.91 103.4 0.1
2.91 123.4 0.12
2.91 110.4 0.11
2.89 388.5 0.39
2.84 614.4 0.61
2.9 349.4 0.35
2.96 587.9 0.59
2.95 9156.3 9.16
2.96 338.5 0.34
3 2499.7 2.5
3.02 727.3 0.73
3.06 1031.1 1.03
3.06 247 0.25
3.08 374.3 0.37
3.14 591.7 0.59
3.17 673.2 0.67
3.16 513.9 0.51
3.15 377.1 0.38
3.15 694.1 0.69
3.14 353.3 0.35
3.17 373 0.37
3.2 862.8 0.86
3.25 746.6 0.75
3.28 1917.1 1.92
3.31 1033.2 1.03
3.35 458.8 0.46
3.31 810.7 0.81
3.27 232.1 0.23
3.29 433.3 0.43
3.3 401.7 0.4
3.3 190.5 0.19
3.29 213.3 0.21
3.25 554.4 0.55
3.22 204.6 0.2
3.17 1151.6 1.15
3.17 589.4 0.59
3.15 239.8 0.24
3.22 310 0.31
3.23 133.6 0.13
3.26 199.6 0.2
3.27 211.8 0.21
3.31 396.9 0.4
3.34 602.9 0.6
3.28 253 0.25
3.25 443.1 0.44
3.24 344.5 0.34
3.26 342.8 0.34
3.25 550.2 0.55
3.26 207 0.21
3.35 909.2 0.91
3.37 793.6 0.79
3.4 756.4 0.76
3.48 810.8 0.81
3.47 677.2 0.68

## page 98 of 119 12/02/2009 18:50:56

Share price history
3.41 362.2 0.36
3.42 261.1 0.26
3.37 243.9 0.24
3.33 137.2 0.14
3.27 394.1 0.39
3.29 592.8 0.59
3.23 186 0.19
3.28 144.4 0.14
3.21 430.2 0.43
3.24 412.7 0.41
3.22 177.3 0.18
3.16 450.3 0.45
3.27 507.4 0.51
3.25 740.7 0.74
3.3 684.3 0.68
3.31 449.7 0.45
3.32 680.1 0.68
3.3 417.9 0.42
3.39 454.3 0.45
3.4 323.6 0.32
3.4 505.3 0.51
3.37 272.3 0.27
3.42 358.9 0.36
3.47 314.2 0.31
3.41 593.7 0.59
3.38 600.6 0.6
3.41 229.3 0.23
3.41 241.3 0.24
3.42 90.8 0.09
3.45 297.4 0.3
3.91 4389.8 4.39
3.98 3411 3.41
3.96 1457.3 1.46
3.98 1689.8 1.69
3.95 1968.3 1.97
3.97 1396.4 1.4
3.97 #NA #VALUE!
4.02 1903 1.9
4.02 664.2 0.66
4.08 1163.7 1.16
4.05 1100.3 1.1
4.16 1611.8 1.61
4.12 1658.9 1.66
4.15 992.2 0.99
4.12 1242.9 1.24
4.17 1594.1 1.59
4.19 2759.7 2.76
4.17 784 0.78
4.09 1362.8 1.36
4.06 1770.4 1.77
4.09 1234.6 1.23
4.04 650.4 0.65
4.09 750.1 0.75
4.04 1386.7 1.39
4.04 494.6 0.49
4.05 1898.6 1.9
3.94 1357.2 1.36
3.95 1722.5 1.72
3.93 1737 1.74
3.93 1201.3 1.2
3.96 252.3 0.25

## page 99 of 119 12/02/2009 18:50:56

Share price history
3.96 345.9 0.35
4.01 635.2 0.64
4.04 1299.8 1.3
4.07 1261.1 1.26
4.04 1428 1.43
4.03 769.9 0.77
3.99 548.2 0.55
3.99 978.8 0.98
4 650.7 0.65
4.02 684.2 0.68
4 88.8 0.09
4.04 232.2 0.23
4.04 266.8 0.27
4.02 362.6 0.36
4.01 758.6 0.76
4 829.8 0.83
4.02 1597.5 1.6
3.98 695.3 0.7
3.96 2099.3 2.1
3.95 366.7 0.37
4 32 0.03
4 #NA #VALUE!
4 #NA #VALUE!
4 29.8 0.03
4 97.1 0.1
3.98 22.9 0.02
3.98 #NA #VALUE!
3.98 #NA #VALUE!
3.98 101.3 0.1
3.99 322.9 0.32
3.97 1531.3 1.53
3.95 405.3 0.41
3.91 905.9 0.91
3.9 502.9 0.5
3.93 177.8 0.18
3.9 234.6 0.23
3.9 314.8 0.31
3.88 610.2 0.61
3.9 166.8 0.17
3.85 838.5 0.84
3.85 411.3 0.41
3.86 118 0.12
3.84 237.7 0.24
3.84 1338.5 1.34
3.8 325.7 0.33
3.78 139.9 0.14
3.72 461.2 0.46
3.7 3134 3.13
3.76 1255.8 1.26
3.78 979.9 0.98
3.75 1110.3 1.11
3.76 1450.9 1.45
3.76 #NA #VALUE!
3.75 1049.4 1.05
3.76 467 0.47
3.75 420.9 0.42
3.72 715.1 0.72
3.73 177.5 0.18
3.74 411.5 0.41
3.71 220.1 0.22
3.72 283.6 0.28

## page 100 of 119 12/02/2009 18:50:56

Share price history
3.78 242.3 0.24
3.9 686.7 0.69
3.87 128.5 0.13
3.89 185.3 0.19
3.9 555.6 0.56
3.98 1401 1.4
3.97 243 0.24
4 589 0.59
4 385.7 0.39
4 401 0.4
3.99 418.9 0.42
3.99 101.3 0.1
3.99 349.2 0.35
3.96 401.6 0.4
3.98 188.7 0.19
3.94 199.5 0.2
3.91 349.4 0.35
3.93 287.6 0.29
3.9 155.3 0.16
3.93 77.3 0.08
3.9 355.1 0.36
3.9 383.8 0.38
3.9 637 0.64
3.9 885.6 0.89
3.93 103.1 0.1
3.89 752.7 0.75
3.9 269.8 0.27
3.89 129.4 0.13
3.89 #NA #VALUE!
3.89 #NA #VALUE!
3.89 395.8 0.4
3.85 143.5 0.14
3.83 255.4 0.26
3.84 322.8 0.32
3.82 256 0.26
3.84 351.3 0.35
3.88 1548.7 1.55
3.92 1016.7 1.02
3.95 126 0.13
3.97 413.1 0.41
3.98 436.8 0.44
3.98 832.8 0.83
3.94 416.1 0.42
3.93 410.8 0.41
3.98 136.6 0.14
4.01 1840 1.84
4.04 845.2 0.85
4.04 #NA #VALUE!
4.01 314.5 0.31
4.06 920.8 0.92
4.02 770.4 0.77
4.04 323.5 0.32
4.12 1290 1.29
4.11 617.2 0.62
4.09 267.8 0.27
4.08 213.4 0.21
4.03 417.9 0.42
3.98 375.7 0.38
4.01 368.3 0.37
4.02 221 0.22
4.06 159.8 0.16

## page 101 of 119 12/02/2009 18:50:57

Share price history
4.07 160.3 0.16
4.06 282.3 0.28
4.08 157.8 0.16
4.1 402.7 0.4
4.09 326.6 0.33
4.14 433.9 0.43
4.14 208.4 0.21
4.12 411.5 0.41
4 363.5 0.36
4.03 783 0.78
4.06 282.7 0.28
4.04 735.7 0.74
3.99 2439.4 2.44
3.99 #NA #VALUE!
4 2129.9 2.13
4 258.3 0.26
4 360.5 0.36
4.01 498.7 0.5
4.04 310.3 0.31
4 150.6 0.15
4 800.6 0.8
4.02 418.8 0.42
4.08 268.3 0.27
4.14 560.7 0.56
4.16 956.4 0.96
4.15 868.2 0.87
4.11 1227.2 1.23
4.06 436.6 0.44
4.02 361.5 0.36
4.03 242.5 0.24
3.99 303.8 0.3
3.99 400 0.4
3.99 257.9 0.26
3.99 195.2 0.2
3.99 689.2 0.69
4 225.9 0.23
3.98 109.9 0.11
3.95 232.1 0.23
4 300.7 0.3
3.98 108.1 0.11
3.9 130.2 0.13
3.87 204.7 0.2
3.92 182.4 0.18
3.89 116.1 0.12
3.86 146.1 0.15
3.82 233.1 0.23
3.85 259.7 0.26
3.82 186.8 0.19
3.78 183.6 0.18
3.8 168.9 0.17
3.82 149.4 0.15
3.85 197.3 0.2
3.81 311.3 0.31
3.82 594.3 0.59
3.84 166 0.17
3.8 704.5 0.7
3.82 393.9 0.39
3.81 518.3 0.52
3.8 180.9 0.18
3.82 380.1 0.38
3.85 62.1 0.06

## page 102 of 119 12/02/2009 18:50:57

Share price history
3.95 273.6 0.27
3.95 243.2 0.24
3.88 268.5 0.27
3.9 82.1 0.08
3.88 64.7 0.06
3.93 174.7 0.17
3.94 1299.6 1.3
3.94 482.7 0.48
3.97 162.2 0.16
3.95 103.4 0.1
3.94 179.9 0.18
3.93 394.5 0.39
3.93 671.1 0.67
3.9 122 0.12
3.92 362.4 0.36
3.95 204.9 0.2
3.92 438.5 0.44
3.93 98.5 0.1
3.92 231.6 0.23
3.94 137.6 0.14
3.87 232.5 0.23
3.9 211.6 0.21
3.86 62.3 0.06
3.86 67.8 0.07
3.87 228.5 0.23
3.88 144.6 0.14
3.88 329.3 0.33
3.88 90.5 0.09
3.86 134.8 0.13
3.85 50.7 0.05
3.81 268.5 0.27
3.85 139.2 0.14
3.85 30.3 0.03
3.81 252.7 0.25
3.85 232.8 0.23
3.81 259.5 0.26
3.76 313 0.31
3.78 547.1 0.55
3.78 575.5 0.58
3.78 253 0.25
3.74 254.3 0.25
3.75 765.4 0.77
3.85 678 0.68
3.87 1005.4 1.01
3.82 398.2 0.4
3.8 447.6 0.45
3.82 105.7 0.11
3.85 147.8 0.15
3.84 673.2 0.67
3.84 194.8 0.19
3.85 129.8 0.13
3.86 426.4 0.43
3.95 118.2 0.12
3.91 283.5 0.28
3.9 641.8 0.64
3.84 560 0.56
3.8 327 0.33
3.8 #NA #VALUE!
3.87 367.4 0.37
3.88 234.1 0.23
3.83 156.4 0.16

## page 103 of 119 12/02/2009 18:50:58

Share price history
3.9 398.2 0.4
3.83 570.8 0.57
3.84 916.6 0.92
3.81 369.1 0.37
3.77 176.7 0.18
3.75 118.3 0.12
3.75 152 0.15
3.71 278.2 0.28
3.77 326.5 0.33
3.75 69.7 0.07
3.78 69.6 0.07
3.8 97.8 0.1
3.76 711.8 0.71
3.73 610.9 0.61
3.87 839.4 0.84
3.87 270.5 0.27
3.89 256.3 0.26
3.88 76.8 0.08
3.9 184.3 0.18
3.86 311.1 0.31
3.82 846.3 0.85
3.84 302.6 0.3
3.89 220.5 0.22
3.95 491.2 0.49
3.96 460.4 0.46
3.95 267.6 0.27
3.97 201.2 0.2
3.97 389.3 0.39
3.98 289.3 0.29
3.97 168.6 0.17
3.99 178.8 0.18
3.77 262.5 0.26
3.77 171.4 0.17
3.8 82.3 0.08
3.87 467.7 0.47
3.85 134.4 0.13
3.85 109.4 0.11
3.91 54.7 0.05
3.91 #NA #VALUE!
3.91 #NA #VALUE!
3.98 56.5 0.06
3.98 36.5 0.04
3.97 71.2 0.07
3.97 #NA #VALUE!
3.97 #NA #VALUE!
3.95 52.7 0.05
3.96 243.3 0.24
3.96 84.6 0.08
3.94 114.8 0.11
4.02 255.9 0.26
4.07 328.1 0.33
4.1 444.2 0.44
4.09 747.9 0.75
4.02 266.7 0.27
4.09 160.9 0.16
4.1 516.6 0.52
4.09 101.2 0.1
4.07 224.2 0.22
4.04 239.8 0.24
4.03 142.6 0.14
4.05 74.1 0.07

## page 104 of 119 12/02/2009 18:50:58

Share price history
4.03 45.4 0.05
4.07 259.4 0.26
4.11 878.3 0.88
4.12 919.8 0.92
4.25 1285.6 1.29
4.2 187.4 0.19
4.22 236.3 0.24
4.2 226.4 0.23
4.2 #NA #VALUE!
4.2 206.6 0.21
4.26 354.3 0.35
4.47 376.2 0.38
4.4 298.2 0.3
4.51 601.8 0.6
4.52 381 0.38
4.56 483.6 0.48
4.64 663.1 0.66
4.62 451.5 0.45
4.6 379.2 0.38
4.51 1123.8 1.12
4.41 197.5 0.2
4.37 436.2 0.44
4.36 249.6 0.25
4.37 506.5 0.51
4.4 755.8 0.76
4.39 821 0.82
4.36 295.4 0.3
4.4 231.2 0.23
4.46 175.6 0.18
4.48 165.1 0.17
4.44 78.4 0.08
4.46 374.3 0.37
4.45 156.4 0.16
4.46 91.2 0.09
4.47 544 0.54
4.52 671.2 0.67
4.57 965.9 0.97
4.5 674.4 0.67
4.5 1817.1 1.82
4.45 464 0.46
4.47 142.7 0.14
4.45 343 0.34
4.31 1760.8 1.76
4.25 233.1 0.23
4.21 344.1 0.34
4.22 252.7 0.25
4.26 227.1 0.23
4.32 142.2 0.14
4.36 178.6 0.18
4.43 315.3 0.32
4.5 252.4 0.25
4.46 271.5 0.27
4.54 415.5 0.42
4.57 232.7 0.23
4.64 267.7 0.27
4.69 588.8 0.59
4.64 168 0.17
4.55 257.3 0.26
4.52 158.4 0.16
4.52 #NA #VALUE!
4.52 #NA #VALUE!

## page 105 of 119 12/02/2009 18:50:58

Share price history
4.47 120 0.12
4.52 273.4 0.27
4.59 253.1 0.25
4.59 #NA #VALUE!
4.51 343.7 0.34
4.37 726.7 0.73
4.35 374 0.37
4.3 406.1 0.41
4.28 478.1 0.48
4.3 212.1 0.21
4.34 624.3 0.62
4.41 235.1 0.24
4.5 165.2 0.17
4.49 117.4 0.12
4.5 134.6 0.13
4.56 224.7 0.22
4.55 73.3 0.07
4.52 81.2 0.08
4.57 2602.7 2.6
4.55 173.7 0.17
4.58 349.7 0.35
4.6 459.5 0.46
4.6 308.6 0.31
4.68 571 0.57
4.65 286.7 0.29
4.7 212.3 0.21
4.68 381.4 0.38
4.71 279.8 0.28
4.65 654.6 0.65
4.65 #NA #VALUE!
4.68 228.2 0.23
4.7 192.4 0.19
4.8 863.7 0.86
4.83 369.4 0.37
4.87 742.8 0.74
4.89 1342.7 1.34
4.77 295.8 0.3
4.79 140.5 0.14
4.82 140.6 0.14
4.85 349.2 0.35
4.91 349.2 0.35
4.91 137.9 0.14
4.9 279.3 0.28
4.88 653.9 0.65
4.88 393.4 0.39
4.88 1129.5 1.13
4.89 604.3 0.6
4.84 238.2 0.24
4.9 238.2 0.24
5.05 967.2 0.97
5 1097 1.1
5.08 966.9 0.97
4.99 463.9 0.46
4.95 101 0.1
4.9 65.5 0.07
4.75 409.3 0.41
4.64 257.1 0.26
4.65 532.2 0.53
4.71 209.2 0.21
4.72 137.3 0.14
4.72 130.2 0.13

## page 106 of 119 12/02/2009 18:50:59

Share price history
4.64 503.9 0.5
4.6 828 0.83
4.63 223.9 0.22
4.74 164.7 0.16
4.74 99 0.1
4.76 246.1 0.25
4.73 105.9 0.11
4.73 83.8 0.08
4.75 499.9 0.5
4.77 81 0.08
4.72 134.7 0.13
4.85 521.9 0.52
4.8 65.1 0.07
4.8 153.9 0.15
4.81 208.1 0.21
4.81 558.2 0.56
4.82 443.3 0.44
4.84 209.8 0.21
4.95 211.5 0.21
4.92 145.3 0.15
4.98 230.5 0.23
4.89 242.8 0.24
4.85 181.6 0.18
4.87 210.5 0.21
4.87 219.7 0.22
4.85 183.5 0.18
4.84 285 0.29
4.85 144.9 0.14
4.87 298.7 0.3
4.83 211.7 0.21
4.86 145.4 0.15
4.9 226.2 0.23
4.95 253.7 0.25
4.9 65.9 0.07
4.85 45 0.05
4.82 937.3 0.94
4.81 207.9 0.21
4.78 848.1 0.85
4.77 311.1 0.31
4.75 1461.4 1.46
4.71 238.3 0.24
4.72 347.4 0.35
4.78 104.3 0.1
4.89 185 0.19
4.83 286.5 0.29
4.77 584.5 0.58
4.78 440.5 0.44
4.76 478.5 0.48
4.8 110.9 0.11
4.83 127.2 0.13
4.89 425.2 0.43
4.95 578.9 0.58
4.94 355 0.36
5.02 501.6 0.5
5 456.7 0.46
4.99 344.9 0.34
5.05 710 0.71
5.12 294 0.29
5.1 71.7 0.07
5.08 627 0.63
5.14 378 0.38

## page 107 of 119 12/02/2009 18:50:59

Share price history
5.1 386.3 0.39
4.99 237 0.24
4.96 716 0.72
4.93 293.2 0.29
4.93 256 0.26
4.95 219.5 0.22
5.06 345.5 0.35
5.09 172.2 0.17
5.08 263.2 0.26
5.07 256.2 0.26
5.01 309.6 0.31
4.97 189.3 0.19
4.97 #NA #VALUE!
5.08 520.6 0.52
5.05 324 0.32
5.06 288.8 0.29
5.05 590.3 0.59
5.03 238.4 0.24
5.05 206 0.21
5.08 121.1 0.12
5.05 139.8 0.14
5.05 133.9 0.13
5.04 133.3 0.13
5.13 175.4 0.18
5.07 896.1 0.9
5.08 206.6 0.21
5.15 798.7 0.8
5.23 837.3 0.84
5.34 564.7 0.56
5.3 220.4 0.22
5.3 180.5 0.18
5.3 282 0.28
5.34 124.7 0.12
5.39 235.4 0.24
5.6 1573.1 1.57
5.41 1786.9 1.79
5.44 596.8 0.6
5.51 536.5 0.54
5.54 761.5 0.76
5.46 355.7 0.36
5.47 177.3 0.18
5.45 455.2 0.46
5.28 223.2 0.22
5.33 796.7 0.8
5.32 583.2 0.58
5.33 1287.9 1.29
5.3 1628.6 1.63
5.31 533.3 0.53
5.31 851 0.85
5.27 323.1 0.32
5.3 501.7 0.5
5.34 112.8 0.11
5.4 147.2 0.15
5.43 847.5 0.85
5.43 96.6 0.1
5.43 #NA #VALUE!
5.43 #NA #VALUE!
5.4 74.8 0.07
5.4 396 0.4
5.38 68 0.07
5.38 #NA #VALUE!

## page 108 of 119 12/02/2009 18:50:59

Share price history
5.38 #NA #VALUE!
5.39 242.7 0.24
5.44 134.7 0.13
5.48 734.5 0.73
5.4 93.2 0.09
5.48 50 0.05
5.52 569.6 0.57
5.55 859.8 0.86
5.6 412.7 0.41
5.63 329 0.33
5.58 54.8 0.05
5.58 167 0.17
5.6 232.4 0.23
5.63 424.3 0.42
5.66 1400.4 1.4
5.7 746.8 0.75
5.7 41.4 0.04
5.75 1194.1 1.19
5.7 229.7 0.23
5.6 336.9 0.34
5.48 934 0.93
5.42 375.4 0.38
5.38 833.8 0.83
5.33 872.5 0.87
5.23 858 0.86
5.23 #NA #VALUE!
5.26 652.1 0.65
5.22 428.9 0.43
5.1 2734.8 2.73
5.11 687.9 0.69
5.17 320.6 0.32
5.18 108.3 0.11
5.1 345.8 0.35
5.08 826 0.83
5.13 401.5 0.4
5.1 427.9 0.43
5.1 156.1 0.16
5.07 292.5 0.29
5.05 368.4 0.37
5.08 73.6 0.07
5.04 185.6 0.19
5 214.3 0.21
5.1 428.1 0.43
5.12 257.5 0.26
5.16 147.6 0.15
5.19 187.6 0.19
5.18 220.5 0.22
5.1 138.1 0.14
5.14 325.1 0.33
5.18 351.6 0.35
5.16 196.8 0.2
5.12 315.2 0.32
5.18 155.9 0.16
5.18 450.7 0.45
5.1 420.9 0.42
5.07 456.4 0.46
5.12 224.2 0.22
5.17 237.8 0.24
5.24 305 0.31
5.28 174.8 0.17
5.33 250.7 0.25

## page 109 of 119 12/02/2009 18:51:00

Share price history
5.4 245.5 0.25
5.57 300.2 0.3
5.59 363.9 0.36
5.5 403.7 0.4
5.48 208.9 0.21
5.48 164.2 0.16
5.5 963.5 0.96
5.5 659.9 0.66
5.49 172.7 0.17
5.49 #NA #VALUE!
5.49 #NA #VALUE!
5.48 252.6 0.25
5.4 585.3 0.59
5.42 214 0.21
5.44 193.5 0.19
5.48 149.4 0.15
5.61 675.4 0.68
5.73 706.1 0.71
5.78 463.6 0.46
5.88 531.4 0.53
5.8 187.8 0.19
5.78 334.7 0.33
5.91 877.5 0.88
5.91 272.9 0.27
5.8 143 0.14
5.78 250.8 0.25
5.9 62.5 0.06
5.83 863.1 0.86
5.77 421.7 0.42
5.81 234.2 0.23
5.82 277.7 0.28
5.74 157.7 0.16
5.73 117 0.12
5.75 78.1 0.08
5.66 926.6 0.93
5.6 148.8 0.15
5.56 346.5 0.35
5.6 407 0.41
5.57 964.4 0.96
5.52 423.7 0.42
5.56 152.6 0.15
5.6 582.6 0.58
5.62 895.3 0.9
5.63 304.5 0.3
5.64 736.8 0.74
5.62 81.3 0.08
5.57 256.6 0.26
5.63 354.8 0.35
5.69 571.2 0.57
5.75 293.7 0.29
5.75 #NA #VALUE!
5.74 1237.1 1.24
5.81 1363.1 1.36
5.77 496.1 0.5
5.76 144.9 0.14
5.76 110.1 0.11
5.76 377.9 0.38
5.88 529.7 0.53
5.87 619.2 0.62
5.86 166.3 0.17
5.84 205.3 0.21

## page 110 of 119 12/02/2009 18:51:00

Share price history
5.91 504.2 0.5
5.84 605.6 0.61
5.77 177.5 0.18
5.72 168.1 0.17
5.72 421.4 0.42
5.83 342.7 0.34
5.86 199.1 0.2
5.87 693.8 0.69
5.86 291.3 0.29
5.95 461 0.46
5.78 473.6 0.47
5.78 482.7 0.48
5.77 98.4 0.1
5.88 388.5 0.39
5.78 229.7 0.23
5.8 206.5 0.21
5.81 168.6 0.17
5.91 449.6 0.45
5.95 260.2 0.26
5.95 139.8 0.14
5.94 142.6 0.14
5.88 1383.9 1.38
6 699.6 0.7
5.94 200 0.2
5.98 206.3 0.21
5.95 402.7 0.4
6 225.6 0.23
6 244.1 0.24
6.02 645.1 0.65
6.04 263.3 0.26
6.02 95.6 0.1
5.99 369.9 0.37
6 69.2 0.07
5.96 458.9 0.46
5.96 203.8 0.2
5.95 95.5 0.1
5.98 162.1 0.16
5.93 295.1 0.3
5.84 1850.8 1.85
5.85 161.9 0.16
5.94 437.2 0.44
5.9 405.9 0.41
5.78 219.9 0.22
5.75 248.7 0.25
5.79 807.5 0.81
5.81 863.7 0.86
5.79 357.5 0.36
5.77 303.2 0.3
5.76 309 0.31
5.79 133.5 0.13
5.8 760.5 0.76
5.88 364 0.36
5.86 351 0.35
5.85 391.7 0.39
5.88 135.2 0.14
5.85 407.6 0.41
5.85 54.7 0.05
5.87 163.3 0.16
5.85 363 0.36
5.8 100.7 0.1
5.76 482.3 0.48

## page 111 of 119 12/02/2009 18:51:00

Share price history
5.73 611.8 0.61
5.82 183.8 0.18
5.87 167.5 0.17
5.95 730.9 0.73
5.97 237.2 0.24
6 312.3 0.31
5.98 233.5 0.23
6.03 176.5 0.18
5.9 370.4 0.37
6 530.8 0.53
6.01 391.3 0.39
6.04 401.9 0.4
6.08 569.6 0.57
6.03 97.6 0.1
6.08 229.3 0.23
6.08 437.4 0.44
5.98 361.7 0.36
6.04 174.7 0.17
5.99 190.3 0.19
5.96 133.5 0.13
5.93 382.6 0.38
6.05 248.9 0.25
6.08 126.5 0.13
6.12 243.4 0.24
6.11 184 0.18
6.08 282.6 0.28
6.03 258.8 0.26
5.95 134.2 0.13
5.95 #NA #VALUE!
5.92 137.1 0.14
5.96 312.7 0.31
6 159.6 0.16
5.97 1542.8 1.54
5.99 115 0.12
6.08 155 0.16
6.07 485.2 0.49
6.15 709.8 0.71
6.18 227.6 0.23
6.19 130.8 0.13
6.27 296.5 0.3
6.21 168.1 0.17
6.2 154.7 0.15
6.24 54 0.05
6.25 115.4 0.12
6.26 254.9 0.25
6.23 85.1 0.09
6.23 567.2 0.57
6.24 199.9 0.2
6.27 563.6 0.56
6.26 120.9 0.12
6.32 173.5 0.17
6.36 100.9 0.1
6.39 133.1 0.13
6.38 121.5 0.12
6.32 241.1 0.24
6.32 184.4 0.18
6.38 344.5 0.34
6.37 183.2 0.18
6.31 127.7 0.13
6.43 384.6 0.38
6.28 498.1 0.5

## page 112 of 119 12/02/2009 18:51:01

Share price history
6.27 364.9 0.36
6.27 221.7 0.22
6.26 625.1 0.63
6.23 536.4 0.54
6.21 152.2 0.15
6.24 862.1 0.86
6.21 486.6 0.49
6.2 233 0.23
6.21 276.2 0.28
6.22 154 0.15
6.25 81.5 0.08
6.25 67.4 0.07
6.25 #NA #VALUE!
6.25 #NA #VALUE!
6.32 45.5 0.05
6.4 63.9 0.06
6.4 79.8 0.08
6.4 #NA #VALUE!
6.4 #NA #VALUE!
6.37 84.2 0.08
6.53 129 0.13
6.52 322.7 0.32
6.5 87.5 0.09
6.44 151.7 0.15
6.4 147.4 0.15
6.45 99.6 0.1
6.42 96.2 0.1
6.42 68.8 0.07
6.52 235.8 0.24
6.64 309.6 0.31
6.6 340 0.34
6.45 502.7 0.5
6.43 233.8 0.23
6.58 841.2 0.84
6.6 398 0.4
6.55 117.2 0.12
6.48 228.5 0.23
6.43 143.3 0.14
6.55 270.1 0.27
6.53 199.9 0.2
6.57 530.5 0.53
6.63 290.1 0.29
6.73 898.4 0.9
6.81 261.6 0.26
6.9 638.1 0.64
6.95 676.1 0.68
7.02 530.3 0.53
7.1 852.6 0.85
6.96 365.4 0.37
6.85 266.4 0.27
6.93 365.5 0.37
7 236.9 0.24
7.18 394.2 0.39
7.01 145.4 0.15
6.9 213.1 0.21
6.86 144.3 0.14
6.86 184.9 0.18
7.1 373.3 0.37
7 279.5 0.28
7 148.7 0.15
7 535.8 0.54

## page 113 of 119 12/02/2009 18:51:01

Share price history
7.08 480 0.48
7.08 445.5 0.45
7.21 874.1 0.87
7.27 171.8 0.17
7.24 278.1 0.28
7.17 365.8 0.37
7.01 590.4 0.59
6.99 132.4 0.13
6.9 97.3 0.1
6.75 298.8 0.3
6.81 226.8 0.23
6.9 255.6 0.26
6.8 112.1 0.11
6.7 199.9 0.2
6.65 124.5 0.12
6.65 #NA #VALUE!
6.65 #NA #VALUE!
6.6 690.1 0.69
6.57 514.3 0.51
6.5 724.1 0.72
6.61 597.6 0.6
6.7 481.5 0.48
6.55 376.2 0.38
6.67 455.2 0.46
6.65 292.5 0.29
6.61 215.7 0.22
6.6 171.9 0.17
6.6 165.6 0.17
6.66 458.7 0.46
6.71 295.4 0.3
6.78 225 0.23
6.72 540.3 0.54
6.79 516.6 0.52
6.78 213.2 0.21
6.67 432.9 0.43
6.72 330.8 0.33
6.72 #NA #VALUE!
6.72 143.4 0.14
6.9 407 0.41
6.95 261.2 0.26
7.12 304.3 0.3
6.96 218.7 0.22
6.93 175.1 0.18
6.9 380.8 0.38
6.91 457.8 0.46
6.84 182.4 0.18
6.81 718.2 0.72
6.85 259.2 0.26
6.82 800.4 0.8
6.85 136.1 0.14
6.86 721.9 0.72
6.84 696 0.7
6.85 302.4 0.3
6.85 246.3 0.25
6.87 356.4 0.36
6.96 150.9 0.15
7 206.6 0.21
7.03 287.4 0.29
7 204.6 0.2
7 222.5 0.22
6.95 187.5 0.19

## page 114 of 119 12/02/2009 18:51:01

Share price history
6.97 123.5 0.12
7.05 507 0.51
6.94 365.8 0.37
6.9 176.3 0.18
6.94 159.2 0.16
6.94 #NA #VALUE!
6.95 193.8 0.19
6.96 218.1 0.22
7.1 281.9 0.28
7.09 101.8 0.1
7.18 238.8 0.24
7.32 672.9 0.67
7.36 304.6 0.3
7.45 353.3 0.35
7.47 207.2 0.21
7.45 320.7 0.32
7.55 327.8 0.33
7.57 144.7 0.14
7.55 58.1 0.06
7.57 270.2 0.27
7.65 123.9 0.12
7.8 1194.7 1.19
7.7 76.2 0.08
7.7 754.5 0.75
7.63 458.8 0.46
7.77 180.9 0.18
7.85 222 0.22
7.85 496.9 0.5
7.8 714 0.71
7.85 632.6 0.63
8 839.3 0.84
8 435.7 0.44
7.9 176.9 0.18
7.88 694.4 0.69
7.85 132.4 0.13
7.75 103 0.1
7.71 268.7 0.27
7.88 1011.8 1.01
7.79 125.7 0.13
7.74 100.8 0.1
7.73 316.8 0.32
7.73 126.3 0.13
7.74 97.7 0.1
7.67 170 0.17
7.7 452.9 0.45
7.74 270.8 0.27
7.73 284.7 0.28
7.64 362.6 0.36
7.56 412.8 0.41
7.51 342.9 0.34
7.55 65.6 0.07
7.56 216 0.22
7.47 91.3 0.09
7.55 154.2 0.15
7.58 229.4 0.23
7.57 173.5 0.17
7.71 548.5 0.55
7.57 1361.5 1.36
7.48 232.3 0.23
7.4 232.4 0.23
7.43 145 0.15

## page 115 of 119 12/02/2009 18:51:02

Share price history
7.44 193.5 0.19
7.44 256.6 0.26
7.49 779.2 0.78
7.45 595.4 0.6
7.36 143.3 0.14
7.38 87.8 0.09
7.41 291.8 0.29
7.36 309.6 0.31
7.42 276 0.28
7.4 863 0.86
7.35 331.3 0.33
7.31 519.7 0.52
7.38 684.3 0.68
7.31 503.8 0.5
7.36 318.2 0.32
7.38 65.6 0.07
7.4 332.6 0.33
7.35 457.3 0.46
7.4 323.4 0.32
7.39 289.5 0.29
7.37 320.9 0.32
7.3 199.4 0.2
7.34 772 0.77
7.4 164.2 0.16
7.4 158.5 0.16
7.49 116.6 0.12
7.52 359.2 0.36
7.68 486.3 0.49
7.6 406.9 0.41
7.65 365.5 0.37
7.67 381.2 0.38
7.66 503 0.5
7.57 373.7 0.37
7.5 178 0.18
7.48 104.2 0.1
7.37 338.8 0.34
7.28 624 0.62
7.02 647.8 0.65
7.16 357.4 0.36
7.21 147.5 0.15
7.17 283.1 0.28
6.92 211.3 0.21
6.83 1473.7 1.47
6.75 642.1 0.64
6.75 #NA #VALUE!
6.76 607.4 0.61
6.84 834.6 0.83
6.89 525 0.53
6.86 346.8 0.35
6.9 387 0.39
6.8 126.1 0.13
6.86 285.6 0.29
6.87 226.3 0.23
6.9 98.3 0.1
6.74 335.7 0.34
6.76 567 0.57
6.75 171.8 0.17
6.68 825.2 0.83
6.56 429.3 0.43
6.55 191.3 0.19
6.55 373.5 0.37

## page 116 of 119 12/02/2009 18:51:02

Share price history
6.66 145.3 0.15
6.55 426.9 0.43
6.48 172.6 0.17
6.4 341.7 0.34
6.39 370.1 0.37
6.42 592.5 0.59
6.5 1346.3 1.35
6.5 573.3 0.57
6.44 623.6 0.62
6.45 948.5 0.95
6.58 1164 1.16
6.59 290 0.29
6.59 259.1 0.26
6.55 446.5 0.45
6.37 755.8 0.76
6.37 732 0.73
6.39 237.4 0.24
6.27 323.5 0.32
6.25 370.1 0.37
6.23 596.5 0.6
6.22 363 0.36
6.2 432.4 0.43
6.25 219.9 0.22
6.3 545 0.55
6.37 738 0.74
6.5 271 0.27
6.48 402.2 0.4
6.45 52.7 0.05
6.45 #NA #VALUE!
6.45 #NA #VALUE!
6.68 260.1 0.26
6.63 105.5 0.11
6.63 195.4 0.2
6.63 #NA #VALUE!
6.63 #NA #VALUE!
6.7 193 0.19
6.63 96.1 0.1
6.58 53.6 0.05
6.55 179.6 0.18
6.7 262.3 0.26
6.83 328.6 0.33
6.85 237.2 0.24
6.75 55.3 0.06
6.74 75 0.08
6.63 90.9 0.09
6.55 167.2 0.17
6.68 148 0.15
6.7 119.8 0.12
6.61 44 0.04
6.55 47 0.05
6.45 869.6 0.87
6.54 79.5 0.08
6.45 122.8 0.12
6.51 28.2 0.03
6.52 214.9 0.21
6.64 154.4 0.15
6.71 164.8 0.16
6.65 400 0.4
6.65 #NA #VALUE!
6.75 153.5 0.15
6.8 815.9 0.82

## page 117 of 119 12/02/2009 18:51:02

Share price history
6.8 247.8 0.25
6.8 659.4 0.66
6.73 532 0.53
6.61 263.8 0.26
6.53 404.2 0.4
6.47 51.1 0.05
6.52 252.8 0.25
7.07 1839.1 1.84
7.25 1984.3 1.98
7.4 1614 1.61
7.3 297.6 0.3
7.15 897.8 0.9
7.14 378.9 0.38
7.19 334.3 0.33
7.16 112.4 0.11
7.21 126.4 0.13
7.2 87.6 0.09
7.13 2487.8 2.49
7.22 442.8 0.44
7.25 476.8 0.48
7.28 213.5 0.21
7.24 224.6 0.22
7.3 259.2 0.26
7.53 793.2 0.79
7.5 630.1 0.63
7.46 1289.4 1.29
7.45 264.8 0.26
7.36 419.5 0.42
7.29 247.9 0.25
7.3 320.9 0.32
7.37 335.5 0.34
7.5 539.9 0.54
7.7 143.1 0.14
7.7 447.9 0.45
7.76 225 0.23
7.73 151.2 0.15
7.76 265.5 0.27
7.85 290.6 0.29
7.94 377.1 0.38
7.93 515.3 0.52
7.98 130.2 0.13
8.1 427.5 0.43
7.9 129.9 0.13
8 267 0.27
7.95 337.6 0.34
7.9 607 0.61
7.9 #NA #VALUE!
7.9 #NA #VALUE!
7.8 217.7 0.22
7.7 131.9 0.13
7.7 116.8 0.12
7.82 146.2 0.15
7.8 73.8 0.07
7.8 #NA #VALUE!
8.06 668.8 0.67
8.05 225.5 0.23
7.96 213.8 0.21
7.82 216.1 0.22
7.95 568.1 0.57
7.97 75.8 0.08
8.05 665.7 0.67

## page 118 of 119 12/02/2009 18:51:03

Share price history
7.96 359.6 0.36
7.8 210.6 0.21
7.9 500.6 0.5
8.1 383.8 0.38
8.08 566.2 0.57
7.95 388 0.39
7.85 278.2 0.28
7.85 221.3 0.22
7.9 152.3 0.15
7.8 147.7 0.15
7.9 51.5 0.05
7.91 224.4 0.22
7.78 207.3 0.21
7.7 261.1 0.26
7.65 474.2 0.47
7.78 293.3 0.29
7.88 81.6 0.08
7.76 19.5 0.02
7.77 501.8 0.5
7.74 711 0.71
7.85 120.3 0.12
7.85 #NA #VALUE!
7.7 759.5 0.76
7.8 139.7 0.14
7.95 279 0.28
7.87 247.4 0.25
7.83 164.1 0.16
7.73 160 0.16
7.45 862.5 0.86
7.35 422.5 0.42
7.36 1649.8 1.65
7.35 884.3 0.88
7.3 1023 1.02
7.35 927.5 0.93
7.38 1168.9 1.17
7.35 1359.3 1.36
7.42 527.6 0.53
7.49 297.6 0.3
7.17 2731.1 2.73
7.16 994.4 0.99
7.12 879.1 0.88
7.18 1038 1.04 8.1
7.11 896.2 0.9
7.14 701.8 0.7
7.15 2975.2 2.98
7.15 1607 1.61
7.07 524.2 0.52
7.1 506.9 0.51