Contact - Main 2006

Contact Energy Financial Projections Overview
Overview and Navigation Page Contact Energy Modeling Exercise

This page contains hyperlinks to all the sheets in in this modelling 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 89 11/02/2021 19:15:54
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. (borrowing 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 89 11/02/2021 19:15:54

year ending 30 September 1998 1999 2000 2001 Model explanatory remarks
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

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

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
year ending 30 September 1998 1999 2000 2001
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 47.2 53.8 49.2
Tax on operating surplus 16.7 23.7 32.9 61.7 67.6 79.1
Dividends 150.0 47.0 48.0 111.1 139.0 162.7

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 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

Interest-bearing curr. liab. (w/o overdraft) 11.0 200.7 0.0 5.0 5.0 5.0
Dividends payable 0.0 36.0 36.0 32.0 74.1 92.7

Interest-bearing non-current liab. (borrowings) 477.6 221.5 482.2 710.5 644.6 595.4

Model assumptions
Tax rate 22.9% 23.4% 28.6% 28.0% 28.0% 28.0%

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
model parameters debt as plug
Model explanatory remarks
determined by sales growth parameter below
determined by projected operating cost/revenue

set as % of AVERAGE non-current assets
=Interest cost * (AVERAGE Debt - Cash)
tax rate * pre-tax income
net surplus * assumed dividend payout ratio
set as target of liquidity management

as a % of sales
represent timing differences in taxation
as a % of sales
Previous year balance + CAPEX - Deprec.
Set as target of liquidity management
set as 2/3 of previous year dividend
Debt is plug
CAPEX: Investments in fixed assets, investments
year ending 30 September 1998 1999 2000 2001 Model explanatory remarks
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 69.0 75.2 75.8 set as % of AVERAGE non-current assets
Net finance expense 20.6 39.1 38.8 49.0 57.9 53.9 =Interest cost * (AVERAGE Debt - Cash)
Tax on operating surplus 16.7 23.7 32.9 65.6 71.2 83.3 tax rate * pre-tax income
Dividends 150.0 47.0 48.0 107.2 132.9 155.5 net surplus * assumed dividend payout ratio

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 non-current assets 1,322.8 1,359.8 1,468.5 1,741.5 1,756.3 1,770.4 Previous year balance + CAPEX - Deprec.
Total assets 1,430.3 1,449.0 1,575.9 1,897.4 1,926.3 1,956.0

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
Dividends payable 0.0 36.0 36.0 32.0 71.5 88.6 set as 2/3 of previous year dividend

Interest-bearing non-current liab. (borrowings) 477.6 221.5 482.2 756.8 699.6 658.5 Debt is plug

Model assumptions
Tax rate 22.9% 23.4% 28.6% 30.0% 30.0% 30.0%

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
Derive Cash Flow Estimates for Company Valuation

1996 1997 1998 1999 2000 2001 Model explanatory remarks
Cash Flow from Operating Activities
Net surplus 77.4 80.3 153.1 166.1 194.4 from income statement
add back non cash expense items
Depreciation, amorisation 57.1 57.9 69.0 75.2 75.8 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 148.5 127.9 186.8 240.6 269.4
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) (342.0) (90.0) (90.0) 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) (155.2) 150.6 179.4
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 139.7 130.1 186.8 240.6 269.4
Net cash flow from (used in) investing (79.3) (146.7) (342.0) (90.0) (90.0)
Adjustments:
Financing costs 39.1 38.8 49.0 57.9 53.9 from income statement
Tax shield of financing costs (9.1) (11.1) (14.7) (17.4) (16.2) adjust for effect of tax effect of interest
Cash flow from firm's operating assets (unlevered firm) 90.4 11.1 (120.9) 191.1 217.2
Growth rate (87.7%) (1191.8%) 258.1% 13.6%
WACC calculation Cost approx. proportion

Equity 15.0% 60%
Debt 7.5% 40%
Weighted average cost of capital (WACC) 12.0%
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 (114.2) 161.2 163.6
Terminal value 2002 and later, perpetuity growing @ 5.0% 2,453.7 formula for growing perpetuity
Total discounted cash flows (114.2) 161.2 2,617.3
Value of unlevered firm (=Sum of disc. cash flows) 2,664.3

deduct (market) value of Contact's net debt (30/9/99): (473.5) approximate with book value net debt:
Value of equity (NZ$ million) 2,190.8 borrowings minus cash deposits
Number of shares outstanding (in million per 30/9/98) 603.95
Value per share (NZ$) $3.63
Simple Company Valuation Based on Dividend Discount Model
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 48.0 107.2 132.9 155.5

Dividend per share(603.95 million shares) 0.25 0.08 0.08 0.18 0.22 0.26
Growth rate -68.7% 2.1% 123.2% 24.0% 17.0%
Discounted Cash Flows 0.5 1.5 2.5

PV of Dividend 0.165 0.178 0.182
PV of Terminal value (growth rate 10% 3.994
Value of Share (=sum of disc cash flows) $4.52 0.165 0.178 4.175
Sensitivity Analysis
DCF Price Sensitivity to Cost of Equity DCF Price Sensitivity to Cost of Equity
$35 $12
$30 $10
$25 Price (DCF) Price (DDM)

Share Valuation ($)
Share Valuation ($)

$8
$20
Growth: 5.0% $6 Growth: 10.0%
$15
$4
$10
$5 $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)
$3.63 $4.52
5.0% 32.26 12.0% $ 11.21
6.0% 19.73 13.0% $ 7.49
7.0% 14.03 14.0% $ 5.63
8.0% 10.78 15.0% $ 4.52
9.0% 8.67 16.0% $ 3.78
10.0% 7.20 17.0% $ 3.24
11.0% 6.11 18.0% $ 2.85
12.0% 5.28 19.0% $ 2.54
13.0% 4.61 20.0% $ 2.29
14.0% 4.07 21.0% $ 2.09
15.0% 3.63 22.0% $ 1.92
16.0% 3.25 23.0% $ 1.77
17.0% 2.93 24.0% $ 1.65
Contact Energy Financial Projections Enhanced 1
1996 2005
Ended Ended projected projected projected projected projected
(in NZ$ million) year ending 30 September/June 30 Sept 1997 1998 1999 2000 2001 2002 2003 2004 30 June 2006 2007 2008 2009 2010
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 80.5 75.3 71.0 68.1 66.2
Operating surplus before tax 73.1 101.1 114.7 208.9 115.4 194.0 162.6 173.7 240.5 205.6 247.7 272.8 297.2 320.9 344.0
Tax on operating surplus 16.7 23.7 32.9 53.0 19.3 63.1 55.4 55.5 96.4 67.5 81.7 90.0 98.1 105.9 113.5
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 97.0 130.7 107.0 118.3 144.0 138.2 166.0 182.8 199.1 215.0 230.5
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 21.8 27.1 31.9 36.2 45.9
(1) EBITDA: earnings before interest, taxes, depreciation, amorization
prepared by Kurt Hess, University of Waikato, WMS Modeling Exercise Page 9 of 89 25891291.xls Enhanced 1 11/02/2021 19:15:54
1996 2005
(in NZ$ million) year ending 30 September/June 30 Sept 1997 1998 1999 2000 2001 2002 2003 2004 30 June 2006 2007 2008 2009 2010
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

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 1,002.1 939.6 895.6 865.8 848.2
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 22.0 22.0 22.0 22.0 22.0
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 1,024.1 961.6 917.6 887.8 870.2
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 1,251.5 1,197.7 1,163.0 1,143.0 1,135.9
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 3,056.7 3,083.8 3,115.7 3,151.9 3,197.8
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 4,308.2 4,281.4 4,278.7 4,294.9 4,333.8
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 1,002.1 939.6 895.6 865.8 848.2
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 1,041.5 972.1 909.6 865.6 835.8 818.2
1996 2005
(in NZ$ million) year ending 30 September 30 Sept 1997 1998 1999 2000 2001 2002 2003 2004 30 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 97.0 130.7 107.0 118.3 144.0 138.2 166.0 182.8 199.1 215.0 230.5
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 124.7 139.7 130.1 120.9 100.9 255.9 158.4 280.5 379.7 174.9 293.5 318.2 331.2 348.6 362.1
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) (83.8) (62.5) (44.0) (29.8) (17.6)
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) (228.0) (218.2) (211.2) (208.6) (202.1)
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) (14.4) 0.0 0.0 0.0 0.0
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 ok ok ok ok ok

Blance sheet plausi check ok ok ok ok ok ok ok ok ok ok ok ok ok ok ok
1996 2005
30 Sept 1997 1998 1999 2000 2001 2002 2003 2004 30 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 projected projected projected projected projected
1996 1997 1998 1999 2000 2001 2002 2003 2004 30 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 28.78 31.69 34.54 37.28 39.97
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% 86.9% 85.2% 84.0% 83.2% 80.1%
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%
Company valuation based on discounted cash flows (DCF)
2005
Ended projected projected projected projected projected
(in NZ$ million) year ending 30 September/June 2000 2001 2002 2003 2004 30 June 2006 2007 2008 2009 2010
Cash flow from firm (excl. any finance expenses)
Net cash from operating activities 100.9 255.9 158.4 280.5 379.7 174.9 293.5 318.2 331.2 348.6 362.1
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)
Adjustments:
Net financing costs 56.9 64.6 51.8 73.5 86.0 59.5 80.5 75.3 71.0 68.1 66.2
Tax shield of financing costs (9.5) (21.0) (17.7) (23.5) (34.5) (19.5) (26.6) (24.8) (23.4) (22.5) (21.8)
Cash flow from firm's operating assets (unlevered firm) 122.4 313.8 72.9 (198.3) 356.7 147.7 267.5 268.6 258.8 254.2 246.4
Growth rate 156.4% (76.8%) (372.2%) 279.9% (44.8%) 47.7% 0.4% (3.7%) (1.8%) (3.1%)
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 253.8 218.3 191.5 165.7
Terminal value 2010 and later, perpetuity growing @: 7.0% (Growth) 3,546.5
Total discounted cash flows 253.8 218.3 191.5 3,712.2
Value of unlevered firm (=Sum of disc. cash flows) 4,375.8
deduct (market) value of Contact's net debt (30/9/05): (972.1)
Value of equity (NZ$ million) 3,403.8
Number of shares outstanding (in million per 31/3/05) 576.63
Value per share (NZ$) 5.90
Dividend discount model
Discount factor (cost of equity from above): 15.0% (COE)
2005
Ended projected projected projected projected projected
(in NZ$ million) year ending 30 September/June 2000 2001 2002 2003 2004 30 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
Credit analysis
2005
(in NZ$ million) year ending 30 September 1996 1997 1998 1999 2000 2001 2002 2003 2004 30 June 2006 2007 2008 2009 2010
Selected credit ratios
Operating cash flow / total debt 38% 33% 27% 17% 11% 32% 22% 24% 34% 21% 29% 34% 37% 40% 43%
Free operating cash flow / total debt -465% 14% -3% -25% 8% 34% 5% -21% 27% 13% 21% 23% 24% 24% 24%
EBITDA interest coverage 6.5x 5.0x 5.5x 5.8x 4.1x 5.5x 5.8x 5.1x 5.2x 6.1x 5.8x 6.4x 7.1x 7.7x 8.2x
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
80% Contact Energy: Operating cash flow / debt

60%
BBB+ to BBB
43%
22/12/02
38% S&P rating actions 37% 40%
33% 32% 34% 34%
40% 27% 29%
22% 24% 21% AA
17%
A- to BBB+
20% 11% Average

16/6/99
A to A-
20007/9/98
A
0% Average
2005 Ended 30 June
projected 2007
projected 2008
projected 2009
projected 2010
projected 2006
8 mos.
1998
1999
2001
2003
1997
2002
2004
1996
Contact
Energy
BBB
Average
BB
Average
EVA Model
2005
(in NZ$ million) year ending 30 September 1996 1997 1998 1999 2000 2001 2002 2003 2004 30 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) (81.7) (90.0) (98.1) (105.9) (113.5)
adjustments:
Tax shield finance exp. (4.7) (9.1) (11.1) (13.7) (9.5) (21.0) (17.7) (23.5) (34.5) (19.5) (26.6) (24.8) (23.4) (22.5) (21.8)
Non-operational, non-recurring items (14.8)
NOPAT 72.2 107.3 109.5 112.7 129.5 188.9 146.9 186.1 186.8 173.1 219.9 233.2 246.7 260.6 274.8
Growth rate 48.6% 2.0% 2.9% 14.9% 45.8% (22.2%) 26.7% 0.4% 23.6% (6.3%) 6.0% 5.8% 5.6% 5.5%
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 1,002.1 939.6 895.6 865.8 848.2
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 3,056.7 3,083.8 3,115.7 3,151.9 3,197.8
Book equity adjustment:
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 1,992.4 1,957.0 1,944.9 1,951.3 1,979.7
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% 11.23% 11.40% 11.55% 11.67% 11.79%
EVA for rE @ 15% (51.4) (52.0) (59.2) (83.5) (78.0) (18.5) (54.6) (50.1) (35.4) (53.6) (3.8) 10.1 22.1 32.8 41.4
EVA for rE @ 10% (46.5) (9.5) (15.0) (36.3) (32.4) 30.9 (5.5) (1.2) 10.7 (5.2) 45.7 61.0 74.6 87.1 98.0
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% 14.6% 16.0% 17.1% 18.0% 18.7%
EVA for rE @ 10% EVA for rE @ 15%

300 Revaluation 1999 Capital 3,000
200 2,000
100 1,000
Capital (in NZ$ million)

EVA (in NZ$ million)
0 0
(100) (1000)
1997
1998
1999
2002
2003
2004
2005 Ended 30 June
projected 2006
projected 2010
8 mos.
2000
2001
projected 2007
projected 2008
projected 2009
1996
Discounted Cash Flow Valuation (DCF) Sensitivity Analysis
Sensitivity Analysis (Example 1) Data Table (1)

5.90
This graph shows the sensitivity of the share price to changing cost of equity 7.00% 179.108
8.00% 43.799
9.00% 24.468
20 10.00% 16.735
11.00% 12.570
Fair value CEN share (NZ$)

12.00% 9.966
15 13.00% 8.185
14.00% 6.888
15.00% 5.903
10
16.00% 5.128
17.00% 4.503
5 $5.90 18.00% 3.988
19.00% 3.557
20.00% 3.190
- 21.00% 2.874
5%Cost
7%of equity
9% 11% 13% 15% 17% 19% 21% 23% 25% 22.00% 2.599
23.00% 2.357
Terminal growth fixed @ 7.0%
24.00% 2.143
25.00% 1.953
Sensitivity Analysis (Example 2) Data Table (2)

5.90
-2.00% 1.764
This graph shows the sensitivity of the share price to changing assumptions for the growth rate of the -1.00% 1.941
terminal cash flow value 0.00% 2.147
1.00% 2.391
2.00% 2.684
3.00% 3.042
10 4.00% 3.489
5.00% 4.063
Fair value CEN share (NZ$)
8 6.00% 4.830
7.00% 5.903
8.00% 7.512
6 $5.90 9.00% 10.195
10.00% 15.559
4 11.00% 31.654
12.00% #DIV/0!
13.00% - 32.724
2 14.00% - 16.629
15.00% - 11.264
- 16.00% - 8.582
-5% 0% 5% 10%
Growth rate (%)
15.0
Cost of equity fixed @ %
from "Operating revenue (sales) modelling" below

plug: revenue minus EBITDA
determined by assumed EBITDA margins below
as % of previous year fixed assets & investments
as % of average net interest-bearing debt
tax rate (below) times pretax profit

input of special items
calculated as net surplus times payout rate
net surplus minus dividends
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 previous year balance + investm. - deprec.
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
prev. year equity - ret. earnings + new equity issued
set as previous year debt + debt financing (CF stmt.)

gross debt minus short-term deposit (net cash)
net surplus found in income statement above
from income statement

e.g. other non-cash exp./capital gains/cap. interests
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
from balance sheet, resp. previous year target
cash target for end of period as model parameter
plausi checks used while developping the model

(to illustrate the set up of a model, use of conditional formatting)
1 GWh = 1000 MWh (measure of energy)

parameter set by growth/decrease rate below
component of total sales revenue
component of total sales revenue
total operating revenue as input for income statement
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.
Shares issued excluding shares held in treasury
to estimate total dividends, retained earnings
to estimate receivables in balance sheet

to estimate inventories in balance sheet
to estimate payables in balance sheet
from cash flow statement

from cash flow 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
t
Formula for growing perpetuity discounted back:
((1+DGrowth)*DPS/(COE-DGrowth))/(1+COE)^t
free cash flow = CF operations - investments

interest expense = financing cost
AA
Average
A
Average
Contact
Energy
BBB
Average
BB
Average

from inome statement
- tax rate * financing expense

one-off tax refund in fiscal 1999
short- + long-term Interest-bearing liabilities

from balance sheet
revaluations 1999, 2002, 2004
weighted average of rE and rD
NOPAT - (CAPITAL * CCR)
3,000
2,000
1,000
Capital (in NZ$ million)
(1000)
projected 2010
share value DCF valuation above
share value DCF valuation above
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%
Fair value share (NZ$)
16 9.40%
14 9.60%
12 9.80%
10.00%
10
10.20%
8 10.40%
6 10.60%
4 Issue Price $3.10 10.80%
2 11.00%
11.20%
-
11.40%
10% 11% 12% 13% 14% 15% 11.60%
Growth rate (g) in % with rE fixed at 15% 11.80%
12.00%
12.20%
12.40%
12.60%
12.80%
13.00%
13.20%
13.40%
13.60%
13.80%
14.00%
Prepared by Kurt Hess on 11/02/2021 25891291.xls Simple dividend disc. Page 25

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 11/02/2021 25891291.xls Simple dividend disc. Page 26

Share price (NZ$) Share price (NZ$)
14 11
-M -M
2.00
2.50
3.00
3.50
4.00
4.50
5.00
5.50
6.00
6.50
7.00
7.50
8.00
8.50
2.00
2.50
3.00
3.50
4.00
4.50
5.00
5.50
6.00
6.50
7.00
7.50
8.00
8.50
Daily Chart
03 ay 31 ay
-S -9 -A -9
Weekly Chart
24 ep 9 21 ug 9
-D -99 -D -99
14 ec- 11 ec-
-A 9 -A 9
04 pr 9 01 pr 9
-A -0 -A -0
24 ug 0 21 ug 0
-N -0 -N -0
16 ov 0 13 ov 0
-M -00 -M -00
06 ar-0 03 ar-0
- 1 - 1
26 Jul- 23 Jul-
-O 01 -O 01
15 ct 12 ct
-F -01 -F -01
07 eb- 04 eb-
-J 0 -J 0
27 un 2 24 un 2
-S -02 -S -02
17 ep- 14 ep-
- 0 - 0
09 Jan 2 06 Jan 2
-M -0 -M -0
29 ay 3 26 ay 3
Share price
-A -0 -A -0
Share price
19 ug 3 16 ug 3
-D -03 -D -03
page 27 of 89
09 ec- 06 ec-
Trading Volume
-A 03 -A 03
Contact Energy Share Price and Volumes
Trading Volume
30 pr-0 27 pr-0
- -
19 Jul 4 16 Jul 4
-N -04 -N -04
11 ov 08 ov
-M -04 -M -04
01 ar-0 28 ar-
- 5 -J 05
21 Jul- 18 un-
-O 05 -O 05
10 ct 07 ct
-F -05 - -0
02 eb- 30 Feb 5
-J 06 -M -0
un ay 6
-0 -0
6 6
0
0
10
20
30
40
50
60
10
20
30
40
50
60
Trading volume (thousand shares) Trading volume (thousand shares)
11/02/2021 19:15:54
Share price history
Share price history
Weekly Data Daily Data

Start 5/11/1999 Start
End 7/11/2006 End
Frequency W Frequency
Name CONTACT EN CONTACT ENERGY - TURNName
Code Z:CENZ(P) Z:CENZ(VO) Code
5/11/1999 3.34 61927 61.927 5/11/1999
5/18/1999 3.39 56669.1 56.6691 5/12/1999
5/25/1999 3.39 17520.1 17.5201 5/13/1999
6/1/1999 3.32 31191.9 31.1919 5/14/1999
6/8/1999 3.21 12689.4 12.6894 5/17/1999
6/15/1999 3.16 9639.1 9.6391 5/18/1999
6/22/1999 3.04 9140.6 9.1406 5/19/1999
6/29/1999 3.03 7508.1 7.5081 5/20/1999
7/6/1999 3.13 6853.5 6.8535 5/21/1999
7/13/1999 3.08 3878.6 3.8786 5/24/1999
7/20/1999 3.08 7612.5 7.6125 5/25/1999
7/27/1999 2.96 4556.7 4.5567 5/26/1999
8/3/1999 2.97 5547.4 5.5474 5/27/1999
8/10/1999 2.91 6375.7 6.3757 5/28/1999
8/17/1999 3.01 3433 3.433 5/31/1999
8/24/1999 3.2 9492.1 9.4921 6/1/1999
8/31/1999 3.22 7460.3 7.4603 6/2/1999
9/7/1999 3.22 3305.7 3.3057 6/3/1999
9/14/1999 3.24 4275.3 4.2753 6/4/1999
9/21/1999 3.19 2607.9 2.6079 6/7/1999
9/28/1999 3.1 2340.6 2.3406 6/8/1999
10/5/1999 3.24 5574.7 5.5747 6/9/1999
10/12/1999 3.32 4364 4.364 6/10/1999
10/19/1999 3.35 4159 4.159 6/11/1999
10/26/1999 3.44 2995.5 2.9955 6/14/1999
11/2/1999 3.44 2625 2.625 6/15/1999
11/9/1999 3.37 3349 3.349 6/16/1999
11/16/1999 3.27 5001.8 5.0018 6/17/1999
11/23/1999 3.4 2530.7 2.5307 6/18/1999
11/30/1999 3.45 3091.9 3.0919 6/21/1999
12/7/1999 3.42 2482.2 2.4822 6/22/1999
12/14/1999 3.23 5274.2 5.2742 6/23/1999
12/21/1999 3.35 4247.6 4.2476 6/24/1999
12/28/1999 3.35 989.3 0.9893 6/25/1999
1/4/2000 3.35 213.8 0.2138 6/28/1999
1/11/2000 3.38 2125 2.125 6/29/1999
1/18/2000 3.26 3845 3.845 6/30/1999
1/25/2000 3.09 2441.6 2.4416 7/1/1999
2/1/2000 3.1 1346.4 1.3464 7/2/1999
2/8/2000 3.01 2303.6 2.3036 7/5/1999
2/15/2000 2.96 5324.3 5.3243 7/6/1999
2/22/2000 2.72 4430.3 4.4303 7/7/1999
2/29/2000 2.85 3332.6 3.3326 7/8/1999
3/7/2000 2.85 3646.5 3.6465 7/9/1999
3/14/2000 2.78 2295.4 2.2954 7/12/1999
3/21/2000 2.65 2240.6 2.2406 7/13/1999
3/28/2000 2.62 2459.3 2.4593 7/14/1999
4/4/2000 2.7 3609.1 3.6091 7/15/1999
4/11/2000 2.54 4017.9 4.0179 7/16/1999
4/18/2000 2.44 4508.7 4.5087 7/19/1999
4/25/2000 2.47 889.8 0.8898 7/20/1999
5/2/2000 2.42 5788 5.788 7/21/1999
5/9/2000 2.52 3212.5 3.2125 7/22/1999
5/16/2000 2.52 2195.1 2.1951 7/23/1999
page 28 of 89 11/02/2021 19:15:55

Share price history
5/23/2000 2.85 4187.7 4.1877 7/26/1999
5/30/2000 2.73 3396 3.396 7/27/1999
6/6/2000 2.88 3143.6 3.1436 7/28/1999
6/13/2000 3.01 4507.1 4.5071 7/29/1999
6/20/2000 2.88 4309.7 4.3097 7/30/1999
6/27/2000 2.84 1622.1 1.6221 8/2/1999
7/4/2000 2.88 1344.4 1.3444 8/3/1999
7/11/2000 2.86 1762.5 1.7625 8/4/1999
7/18/2000 2.92 1851.9 1.8519 8/5/1999
7/25/2000 2.88 2504.9 2.5049 8/6/1999
8/1/2000 2.66 5286.5 5.2865 8/9/1999
8/8/2000 2.67 4031.7 4.0317 8/10/1999
8/15/2000 2.6 7520.1 7.5201 8/11/1999
8/22/2000 2.57 4895.8 4.8958 8/12/1999
8/29/2000 2.51 7012.9 7.0129 8/13/1999
9/5/2000 2.56 6696.9 6.6969 8/16/1999
9/12/2000 2.55 5729.3 5.7293 8/17/1999
9/19/2000 2.54 3709.7 3.7097 8/18/1999
9/26/2000 2.61 4844.9 4.8449 8/19/1999
10/3/2000 2.62 3674.4 3.6744 8/20/1999
10/10/2000 2.6 2370.4 2.3704 8/23/1999
10/17/2000 2.75 3638.9 3.6389 8/24/1999
10/24/2000 2.81 5422.7 5.4227 8/25/1999
10/31/2000 2.78 3111.4 3.1114 8/26/1999
11/7/2000 2.95 4129.3 4.1293 8/27/1999
11/14/2000 2.93 2973.6 2.9736 8/30/1999
11/21/2000 2.76 2347.7 2.3477 8/31/1999
11/28/2000 2.79 2965.8 2.9658 9/1/1999
12/5/2000 2.9 4637.2 4.6372 9/2/1999
12/12/2000 2.9 5987 5.987 9/3/1999
12/19/2000 2.73 1825 1.825 9/6/1999
12/26/2000 2.6 1603.4 1.6034 9/7/1999
1/2/2001 2.65 405.2 0.4052 9/8/1999
1/9/2001 2.67 1780.9 1.7809 9/9/1999
1/16/2001 2.72 1857.7 1.8577 9/10/1999
1/23/2001 2.85 2835.3 2.8353 9/13/1999
1/30/2001 2.75 2178.9 2.1789 9/14/1999
2/6/2001 2.89 2542.7 2.5427 9/15/1999
2/13/2001 2.87 2319.6 2.3196 9/16/1999
2/20/2001 2.89 2656.8 2.6568 9/17/1999
2/27/2001 2.87 2627.6 2.6276 9/20/1999
3/6/2001 2.89 2884.4 2.8844 9/21/1999
3/13/2001 2.96 4016.7 4.0167 9/22/1999
3/20/2001 3.09 4461.1 4.4611 9/23/1999
3/27/2001 2.92 6369.8 6.3698 9/24/1999
4/3/2001 2.98 3780.4 3.7804 9/27/1999
4/10/2001 2.94 2472.4 2.4724 9/28/1999
4/17/2001 2.95 2842.3 2.8423 9/29/1999
4/24/2001 2.85 3137.4 3.1374 9/30/1999
5/1/2001 3.04 4595.8 4.5958 10/1/1999
5/8/2001 2.94 3106.8 3.1068 10/4/1999
5/15/2001 2.96 2740.3 2.7403 10/5/1999
5/22/2001 2.86 4674.1 4.6741 10/6/1999
5/29/2001 2.86 30174.9 30.1749 10/7/1999
6/5/2001 2.85 3071.6 3.0716 10/8/1999
6/12/2001 2.94 3138.4 3.1384 10/11/1999
6/19/2001 2.91 1241.6 1.2416 10/12/1999
6/26/2001 2.96 2050.6 2.0506 10/13/1999
7/3/2001 3.06 13752.9 13.7529 10/14/1999
7/10/2001 3.16 2400.2 2.4002 10/15/1999
7/17/2001 3.2 2660.4 2.6604 10/18/1999
page 29 of 89 11/02/2021 19:15:55

Share price history
7/24/2001 3.31 4966.4 4.9664 10/19/1999
7/31/2001 3.29 1470.9 1.4709 10/20/1999
8/7/2001 3.15 2739.8 2.7398 10/21/1999
8/14/2001 3.31 1251.8 1.2518 10/22/1999
8/21/2001 3.26 1986.3 1.9863 10/25/1999
8/28/2001 3.4 3216.4 3.2164 10/26/1999
9/4/2001 3.37 2355.3 2.3553 10/27/1999
9/11/2001 3.28 1454.5 1.4545 10/28/1999
9/18/2001 3.27 1977.9 1.9779 10/29/1999
9/25/2001 3.3 2972.7 2.9727 11/1/1999
10/2/2001 3.42 1914.3 1.9143 11/2/1999
10/9/2001 3.41 1979.2 1.9792 11/3/1999
10/16/2001 3.96 9646.4 9.6464 11/4/1999
10/23/2001 4.02 6957.6 6.9576 11/5/1999
10/30/2001 4.12 6198.9 6.1989 11/8/1999
11/6/2001 4.17 7372.8 7.3728 11/9/1999
11/13/2001 4.09 5768.3 5.7683 11/10/1999
11/20/2001 3.95 6859.7 6.8597 11/11/1999
11/27/2001 4.01 4171.6 4.1716 11/12/1999
12/4/2001 3.99 5307 5.307 11/15/1999
12/11/2001 4.04 2634.7 2.6347 11/16/1999
12/18/2001 4.02 3815.4 3.8154 11/17/1999
12/25/2001 4 3193.3 3.1933 11/18/1999
1/1/2002 3.98 149.8 0.1498 11/19/1999
1/8/2002 3.95 2360.8 2.3608 11/22/1999
1/15/2002 3.9 2135.9 2.1359 11/23/1999
1/22/2002 3.86 2144.8 2.1448 11/24/1999
1/29/2002 3.72 2503.1 2.5031 11/25/1999
2/5/2002 3.76 7930.9 7.9309 11/26/1999
2/12/2002 3.72 2652.3 2.6523 11/29/1999
2/19/2002 3.78 1335 1.335 11/30/1999
2/26/2002 3.98 2957.1 2.9571 12/1/1999
3/5/2002 3.99 2037.6 2.0376 12/2/1999
3/12/2002 3.94 1240.4 1.2404 12/3/1999
3/19/2002 3.9 1224.6 1.2246 12/6/1999
3/26/2002 3.89 2762.1 2.7621 12/7/1999
4/2/2002 3.89 795 0.795 12/8/1999
4/9/2002 3.84 1328.9 1.3289 12/9/1999
4/16/2002 3.98 3541.4 3.5414 12/10/1999
4/23/2002 4.01 3636.4 3.6364 12/13/1999
4/30/2002 4.02 2851 2.851 12/14/1999
5/7/2002 4.08 2711.9 2.7119 12/15/1999
5/14/2002 4.06 1542.6 1.5426 12/16/1999
5/21/2002 4.09 1329.7 1.3297 12/17/1999
5/28/2002 4.03 2200.3 2.2003 12/20/1999
6/4/2002 4 5587.7 5.5877 12/21/1999
6/11/2002 4 1578.6 1.5786 12/22/1999
6/18/2002 4.16 3004.9 3.0049 12/23/1999
6/25/2002 4.03 3135.9 3.1359 12/24/1999
7/2/2002 3.99 1846.1 1.8461 12/27/1999
7/9/2002 3.98 976.8 0.9768 12/28/1999
7/16/2002 3.86 779.5 0.7795 12/29/1999
7/23/2002 3.8 1032 1.032 12/30/1999
7/30/2002 3.84 1418.3 1.4183 12/31/1999
8/6/2002 3.82 2177.7 2.1777 1/3/2000
8/13/2002 3.9 929.4 0.9294 1/4/2000
8/20/2002 3.97 2184 2.184 1/5/2000
8/27/2002 3.9 1470.9 1.4709 1/6/2000
9/3/2002 3.92 1336.1 1.3361 1/7/2000
9/10/2002 3.86 711.8 0.7118 1/10/2000
9/17/2002 3.86 927.6 0.9276 1/11/2000
page 30 of 89 11/02/2021 19:15:55

Share price history
9/24/2002 3.81 741.6 0.7416 1/12/2000
10/1/2002 3.78 1927.9 1.9279 1/13/2000
10/8/2002 3.87 2956 2.956 1/14/2000
10/15/2002 3.84 1772.5 1.7725 1/17/2000
10/22/2002 3.91 1152.7 1.1527 1/18/2000
10/29/2002 3.87 1896.2 1.8962 1/19/2000
11/5/2002 3.84 2276.1 2.2761 1/20/2000
11/12/2002 3.71 1094.4 1.0944 1/21/2000
11/19/2002 3.76 1275.4 1.2754 1/24/2000
11/26/2002 3.88 2054.1 2.0541 1/25/2000
12/3/2002 3.89 1865 1.865 1/26/2000
12/10/2002 3.97 1809.8 1.8098 1/27/2000
12/17/2002 3.77 1070.5 1.0705 1/28/2000
12/24/2002 3.91 848.5 0.8485 1/31/2000
12/31/2002 3.97 164.2 0.1642 2/1/2000
1/7/2003 3.96 380.7 0.3807 2/2/2000
1/14/2003 4.09 1890.9 1.8909 2/3/2000
1/21/2003 4.07 1269.5 1.2695 2/4/2000
1/28/2003 4.07 761.2 0.7612 2/7/2000
2/4/2003 4.22 3507.4 3.5074 2/8/2000
2/11/2003 4.47 1163.5 1.1635 2/9/2000
2/18/2003 4.64 2427.6 2.4276 2/10/2000
2/25/2003 4.37 2588.2 2.5882 2/11/2000
3/4/2003 4.36 2628.2 2.6282 2/14/2000
3/11/2003 4.46 1024.7 1.0247 2/15/2000
3/18/2003 4.57 2428.6 2.4286 2/16/2000
3/25/2003 4.45 3441.2 3.4412 2/17/2000
4/1/2003 4.26 2817.9 2.8179 2/18/2000
4/8/2003 4.46 1159.9 1.1599 2/21/2000
4/15/2003 4.64 1672.7 1.6727 2/22/2000
4/22/2003 4.47 535.6 0.5356 2/23/2000
4/29/2003 4.37 1596.8 1.5968 2/24/2000
5/6/2003 4.34 2094.6 2.0946 2/25/2000
5/13/2003 4.56 876.9 0.8769 2/28/2000
5/20/2003 4.58 3280.5 3.2805 2/29/2000
5/27/2003 4.7 1838.1 1.8381 3/1/2000
6/3/2003 4.68 1544 1.544 3/2/2000
6/10/2003 4.89 3511 3.511 3/3/2000
6/17/2003 4.91 1275.4 1.2754 3/6/2000
6/24/2003 4.88 2594 2.594 3/7/2000
7/1/2003 5 3144.8 3.1448 3/8/2000
7/8/2003 4.75 2006.6 2.0066 3/9/2000
7/15/2003 4.72 1266 1.266 3/10/2000
7/22/2003 4.74 1819.6 1.8196 3/13/2000
7/29/2003 4.77 1016.7 1.0167 3/14/2000
8/5/2003 4.81 1083.8 1.0838 3/15/2000
8/12/2003 4.92 1568.1 1.5681 3/16/2000
8/19/2003 4.87 1085.2 1.0852 3/17/2000
8/26/2003 4.83 1123.8 1.1238 3/20/2000
9/2/2003 4.85 736.2 0.7362 3/21/2000
9/9/2003 4.75 3765.8 3.7658 3/22/2000
9/16/2003 4.83 1161.4 1.1614 3/23/2000
9/23/2003 4.83 1741.6 1.7416 3/24/2000
9/30/2003 5 2317.5 2.3175 3/27/2000
10/7/2003 5.08 2047.6 2.0476 3/28/2000
10/14/2003 4.93 2010.6 2.0106 3/29/2000
10/21/2003 5.08 1256.5 1.2565 3/30/2000
10/28/2003 5.08 1275.7 1.2757 3/31/2000
11/4/2003 5.05 1647.5 1.6475 4/3/2000
11/11/2003 5.13 703.4 0.7034 4/4/2000
11/18/2003 5.34 3303.5 3.3035 4/5/2000
page 31 of 89 11/02/2021 19:15:55

Share price history
11/25/2003 5.39 1043 1.043 4/6/2000
12/2/2003 5.54 5254.7 5.2547 4/7/2000
12/9/2003 5.33 2008 2.008 4/10/2000
12/16/2003 5.31 4884.1 4.8841 4/11/2000
12/23/2003 5.43 1932.3 1.9323 4/12/2000
12/30/2003 5.4 567.4 0.5674 4/13/2000
1/6/2004 5.44 445.4 0.4454 4/14/2000
1/13/2004 5.55 2307.1 2.3071 4/17/2000
1/20/2004 5.6 1195.9 1.1959 4/18/2000
1/27/2004 5.75 3807 3.807 4/19/2000
2/3/2004 5.38 2709.8 2.7098 4/20/2000
2/10/2004 5.22 2811.5 2.8115 4/21/2000
2/17/2004 5.1 4197.4 4.1974 4/24/2000
2/24/2004 5.07 2104.1 2.1041 4/25/2000
3/2/2004 5.1 1269.9 1.2699 4/26/2000
3/9/2004 5.1 951.3 0.9513 4/27/2000
3/16/2004 5.18 1344.6 1.3446 4/28/2000
3/23/2004 5.17 1789.9 1.7899 5/1/2000
3/30/2004 5.57 1276.3 1.2763 5/2/2000
4/6/2004 5.5 2104.1 2.1041 5/3/2000
4/13/2004 5.48 1085.2 1.0852 5/4/2000
4/20/2004 5.61 1817.5 1.8175 5/5/2000
4/27/2004 5.78 2223.5 2.2235 5/8/2000
5/4/2004 5.9 1606.7 1.6067 5/9/2000
5/11/2004 5.74 1954.4 1.9544 5/10/2000
5/18/2004 5.56 1617 1.617 5/11/2000
5/25/2004 5.6 2530.3 2.5303 5/12/2000
6/1/2004 5.57 2274.5 2.2745 5/15/2000
6/8/2004 5.74 2456.9 2.4569 5/16/2000
6/15/2004 5.76 2492.1 2.4921 5/17/2000
6/22/2004 5.91 2024.6 2.0246 5/18/2000
6/29/2004 5.83 1715.3 1.7153 5/19/2000
7/6/2004 5.78 2118.8 2.1188 5/22/2000
7/13/2004 5.8 1405.8 1.4058 5/23/2000
7/20/2004 5.94 1160.8 1.1608 5/24/2000
7/27/2004 5.95 2892.4 2.8924 5/25/2000
8/3/2004 6.02 1473.7 1.4737 5/26/2000
8/10/2004 5.95 1197.4 1.1974 5/29/2000
8/17/2004 5.94 2907.1 2.9071 5/30/2000
8/24/2004 5.81 2545.7 2.5457 5/31/2000
8/31/2004 5.8 1863.7 1.8637 6/1/2000
9/7/2004 5.85 1649.4 1.6494 6/2/2000
9/14/2004 5.76 1164 1.164 6/5/2000
9/21/2004 5.97 1931.3 1.9313 6/6/2000
9/28/2004 6 1623.4 1.6234 6/7/2000
10/5/2004 6.08 1689.7 1.6897 6/8/2000
10/12/2004 5.96 1297.6 1.2976 6/9/2000
10/19/2004 6.11 1185.4 1.1854 6/12/2000
10/26/2004 5.92 812.7 0.8127 6/13/2000
11/2/2004 6.08 2285 2.285 6/14/2000
11/9/2004 6.27 1849.9 1.8499 6/15/2000
11/16/2004 6.26 747.1 0.7471 6/16/2000
11/23/2004 6.26 1536.7 1.5367 6/19/2000
11/30/2004 6.32 770 0.77 6/20/2000
12/7/2004 6.43 1224.4 1.2244 6/21/2000
12/14/2004 6.23 2246.2 2.2462 6/22/2000
12/21/2004 6.21 2010.1 2.0101 6/23/2000
12/28/2004 6.25 302.9 0.3029 6/26/2000
1/4/2005 6.4 189.2 0.1892 6/27/2000
1/11/2005 6.44 775 0.775 6/28/2000
1/18/2005 6.52 647.8 0.6478 6/29/2000
page 32 of 89 11/02/2021 19:15:55

Share price history
1/25/2005 6.58 2227.2 2.2272 6/30/2000
2/1/2005 6.55 1156.9 1.1569 7/3/2000
2/8/2005 6.81 2180.6 2.1806 7/4/2000
2/15/2005 6.96 3062.4 3.0624 7/5/2000
2/22/2005 7.01 1408.4 1.4084 7/6/2000
3/1/2005 7 1195.1 1.1951 7/7/2000
3/8/2005 7.21 2484 2.484 7/10/2000
3/15/2005 6.99 1538.5 1.5385 7/11/2000
3/22/2005 6.8 990.6 0.9906 7/12/2000
3/29/2005 6.6 1014.5 1.0145 7/13/2000
4/5/2005 6.55 2693.7 2.6937 7/14/2000
4/12/2005 6.6 1300.9 1.3009 7/17/2000
4/19/2005 6.79 2035.9 2.0359 7/18/2000
4/26/2005 6.72 1120.5 1.1205 7/19/2000
5/3/2005 6.93 1366.3 1.3663 7/20/2000
5/10/2005 6.85 1998.4 1.9984 7/21/2000
5/17/2005 6.85 2656.8 2.6568 7/24/2000
5/24/2005 7.03 1247.5 1.2475 7/25/2000
5/31/2005 7.05 1245.1 1.2451 7/26/2000
6/7/2005 6.95 895.1 0.8951 7/27/2000
6/14/2005 7.32 1513.6 1.5136 7/28/2000
6/21/2005 7.55 1513.6 1.5136 7/31/2000
6/28/2005 7.8 1791.7 1.7917 8/1/2000
7/5/2005 7.85 1692.4 1.6924 8/2/2000
7/12/2005 8 3118.6 3.1186 8/3/2000
7/19/2005 7.71 1375.3 1.3753 8/4/2000
7/26/2005 7.73 1681.4 1.6814 8/7/2000
8/2/2005 7.73 1276 1.276 8/8/2000
8/9/2005 7.56 1399.9 1.3999 8/9/2000
8/16/2005 7.71 1197 1.197 8/10/2000
8/23/2005 7.44 2164.8 2.1648 8/11/2000
8/30/2005 7.38 1862.3 1.8623 8/14/2000
9/6/2005 7.35 2071.6 2.0716 8/15/2000
9/13/2005 7.38 2091.6 2.0916 8/16/2000
9/20/2005 7.37 1723.7 1.7237 8/17/2000
9/27/2005 7.49 1410.7 1.4107 8/18/2000
10/4/2005 7.67 1999.2 1.9992 8/21/2000
10/11/2005 7.37 1497.6 1.4976 8/22/2000
10/18/2005 7.17 2059.8 2.0598 8/23/2000
10/25/2005 6.76 2934.5 2.9345 8/24/2000
11/1/2005 6.8 2219.4 2.2194 8/25/2000
11/8/2005 6.76 1512.9 1.5129 8/28/2000
11/15/2005 6.55 1991.1 1.9911 8/29/2000
11/22/2005 6.39 1456.6 1.4566 8/30/2000
11/29/2005 6.45 4084.2 4.0842 8/31/2000
12/6/2005 6.37 2915.5 2.9155 9/1/2000
12/13/2005 6.23 2259.5 2.2595 9/4/2000
12/20/2005 6.37 2298.2 2.2982 9/5/2000
12/27/2005 6.45 725.9 0.7259 9/6/2000
1/3/2006 6.63 561 0.561 9/7/2000
1/10/2006 6.7 784.5 0.7845 9/8/2000
1/17/2006 6.63 787 0.787 9/11/2000
1/24/2006 6.55 526 0.526 9/12/2000
1/31/2006 6.52 1315.1 1.3151 9/13/2000
2/7/2006 6.75 872.6 0.8726 9/14/2000
2/14/2006 6.61 2518.9 2.5189 9/15/2000
2/21/2006 7.25 4531.5 4.5315 9/18/2000
2/28/2006 7.19 3522.6 3.5226 9/19/2000
3/7/2006 7.22 3257.1 3.2571 9/20/2000
3/14/2006 7.53 1967.4 1.9674 9/21/2000
3/21/2006 7.29 2851.7 2.8517 9/22/2000
page 33 of 89 11/02/2021 19:15:55

Share price history
3/28/2006 7.7 1787.2 1.7872 9/25/2000
4/4/2006 7.94 1309.3 1.3093 9/26/2000
4/11/2006 8 1469.9 1.4699 9/27/2000
4/18/2006 7.8 1162.2 1.1622 9/28/2000
4/25/2006 7.8 468.7 0.4687 9/29/2000
5/2/2006 7.95 1892.4 1.8924 10/2/2000
5/9/2006 7.9 1812.3 1.8123 10/3/2000
5/16/2006 7.85 1837.5 1.8375 10/4/2000
5/23/2006 7.78 783.2 0.7832 10/5/2000
5/30/2006 7.76 1129.6 1.1296 10/6/2000
6/6/2006 7.7 2092.6 2.0926 10/9/2000
6/13/2006 7.73 990.1 0.9901 10/10/2000
6/20/2006 7.3 4842.1 4.8421 10/11/2000
6/27/2006 7.49 4280.9 4.2809 10/12/2000
7/4/2006 7.11 6538.8 6.5388 10/13/2000
7/11/2006 7.1 6315.1 6.3151 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 34 of 89 11/02/2021 19:15:55

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 35 of 89 11/02/2021 19:15:55

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 36 of 89 11/02/2021 19:15:55

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 37 of 89 11/02/2021 19:15:55

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 38 of 89 11/02/2021 19:15:55

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 39 of 89 11/02/2021 19:15:55

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 40 of 89 11/02/2021 19:15:55

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 41 of 89 11/02/2021 19:15:55

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 42 of 89 11/02/2021 19:15:55

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 43 of 89 11/02/2021 19:15:55

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 44 of 89 11/02/2021 19:15:55

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 45 of 89 11/02/2021 19:15:55

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 46 of 89 11/02/2021 19:15:55

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 47 of 89 11/02/2021 19:15:55

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 48 of 89 11/02/2021 19:15:55

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 49 of 89 11/02/2021 19:15:55

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 50 of 89 11/02/2021 19:15:55

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 51 of 89 11/02/2021 19:15:55

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 52 of 89 11/02/2021 19:15:55

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 53 of 89 11/02/2021 19:15:55

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 54 of 89 11/02/2021 19:15:55

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 55 of 89 11/02/2021 19:15:55

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 56 of 89 11/02/2021 19:15:55

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 57 of 89 11/02/2021 19:15:55

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 58 of 89 11/02/2021 19:15:55

Share price history
5/11/1999
7/11/2006
D
CONTACT EN CONTACT ENERGY - TURNOVER BY VOLUME
Z:CENZ(P) Z:CENZ(VO)
3.34 61927 61.927
3.35 22333.8 22.3338
3.46 19749.6 19.7496
3.5 6854.5 6.8545
3.43 3110.5 3.1105
3.39 4620.7 4.6207
3.43 3121.5 3.1215
3.5 4699.3 4.6993
3.55 4270.2 4.2702
3.52 2598.4 2.5984
3.39 2830.7 2.8307
3.34 3335.1 3.3351
3.34 3250.2 3.2502
3.41 6129.6 6.1296
3.35 13661.7 13.6617
3.32 4815.3 4.8153
3.36 7064.8 7.0648
3.3 1099.8 1.0998
3.28 2798.8 2.7988
3.28 #NA #VALUE!
3.21 1726 1.726
3.19 2480.7 2.4807
3.25 2703.1 2.7031
3.23 1297.3 1.2973
3.2 616.8 0.6168
3.16 2541.2 2.5412
3.15 804 0.804
3.09 2207.1 2.2071
3.05 3597.4 3.5974
3.01 1636.8 1.6368
3.04 895.2 0.8952
3.06 2417.8 2.4178
3.07 2089.7 2.0897
3.07 1591.9 1.5919
3.04 854.3 0.8543
3.03 554.4 0.5544
3.06 1757.9 1.7579
3.08 2091.3 2.0913
3.09 1168.5 1.1685
3.1 445.4 0.4454
3.13 1390.4 1.3904
3.14 753.3 0.7533
3.12 443.4 0.4434
3.08 1553.7 1.5537
3.09 452.8 0.4528
3.08 675.4 0.6754
3.06 711.1 0.7111
3.07 238.8 0.2388
3.05 429.2 0.4292
3.05 1661.8 1.6618
3.08 4571.5 4.5715
3.06 610.1 0.6101
3.05 266.3 0.2663
3.05 1176.1 1.1761
page 59 of 89 11/02/2021 19:15:55

Share price history
3.03 255.2 0.2552
2.96 2249.1 2.2491
2.98 1067 1.067
3 1256.9 1.2569
3 472.5 0.4725
2.97 819.2 0.8192
2.97 1931.7 1.9317
2.93 1668.6 1.6686
2.94 1746.7 1.7467
2.92 1679.2 1.6792
2.91 400 0.4
2.91 881.2 0.8812
2.91 544.7 0.5447
2.94 591.4 0.5914
2.93 382.9 0.3829
2.96 832.5 0.8325
3.01 1081.5 1.0815
3.16 2185.5 2.1855
3.18 1436.3 1.4363
3.24 3396.3 3.3963
3.2 1610.4 1.6104
3.2 863.6 0.8636
3.16 3224.9 3.2249
3.23 1778.6 1.7786
3.25 1123.5 1.1235
3.25 790.2 0.7902
3.22 543.1 0.5431
3.21 457 0.457
3.18 1195.9 1.1959
3.19 399.8 0.3998
3.23 693.8 0.6938
3.22 559.1 0.5591
3.2 597.2 0.5972
3.2 352.1 0.3521
3.25 676.4 0.6764
3.23 1564 1.564
3.24 1085.7 1.0857
3.18 637.5 0.6375
3.2 496.8 0.4968
3.18 929.3 0.9293
3.2 201.8 0.2018
3.19 342.4 0.3424
3.19 305.2 0.3052
3.18 308.7 0.3087
3.15 791.8 0.7918
3.12 406.7 0.4067
3.1 528.2 0.5282
3.07 542.5 0.5425
3.14 919.4 0.9194
3.24 714.8 0.7148
3.23 2177.2 2.1772
3.24 1220.8 1.2208
3.23 391.9 0.3919
3.29 820.1 0.8201
3.38 1400.5 1.4005
3.35 432.9 0.4329
3.32 1318.5 1.3185
3.32 434.3 0.4343
3.38 1365.1 1.3651
3.39 593.1 0.5931
3.37 765.1 0.7651
page 60 of 89 11/02/2021 19:15:55

Share price history
3.35 1001.6 1.0016
3.38 501.7 0.5017
3.4 717.3 0.7173
3.4 866.4 0.8664
3.4 #NA #VALUE!
3.44 910.1 0.9101
3.44 266.5 0.2665
3.41 344.7 0.3447
3.43 332.7 0.3327
3.44 546.3 0.5463
3.44 1134.8 1.1348
3.4 714.2 0.7142
3.39 263.5 0.2635
3.46 1298.3 1.2983
3.45 636.9 0.6369
3.37 436.1 0.4361
3.35 2524.5 2.5245
3.35 1132.4 1.1324
3.32 369.2 0.3692
3.26 513.4 0.5134
3.27 462.2 0.4622
3.34 198.3 0.1983
3.35 237.4 0.2374
3.4 1288.3 1.2883
3.4 467.1 0.4671
3.4 339.7 0.3397
3.35 609.3 0.6093
3.35 478.9 0.4789
3.36 423.8 0.4238
3.41 484.9 0.4849
3.45 1095 1.095
3.48 975 0.975
3.43 164.9 0.1649
3.45 357.9 0.3579
3.46 494.9 0.4949
3.42 489.5 0.4895
3.43 1102 1.102
3.41 2150.4 2.1504
3.39 1299.9 1.2999
3.25 584.7 0.5847
3.23 137.2 0.1372
3.24 414.2 0.4142
3.23 614.9 0.6149
3.27 994.8 0.9948
3.39 690.1 0.6901
3.35 1533.6 1.5336
3.36 529.6 0.5296
3.35 310.4 0.3104
3.35 149.3 0.1493
3.35 #NA #VALUE!
3.35 #NA #VALUE!
3.32 64 0.064
3.35 149.8 0.1498
3.35 #NA #VALUE!
3.35 #NA #VALUE!
3.35 #NA #VALUE!
3.24 300.3 0.3003
3.25 450.6 0.4506
3.28 208.2 0.2082
3.37 696.5 0.6965
3.38 469.3 0.4693
page 61 of 89 11/02/2021 19:15:55

Share price history
3.31 527.2 0.5272
3.29 1108.7 1.1087
3.27 1017.1 1.0171
3.24 343.5 0.3435
3.26 848.5 0.8485
3.23 193.8 0.1938
3.2 688.3 0.6883
3.18 608.4 0.6084
3.16 262.7 0.2627
3.09 688.4 0.6884
3.1 287.5 0.2875
3.13 200.9 0.2009
3.16 221.8 0.2218
3.18 295.3 0.2953
3.1 341 0.341
3.09 259.3 0.2593
3.09 625.4 0.6254
3.06 546.8 0.5468
3.02 716.7 0.7167
3.01 155.3 0.1553
3.04 1200.1 1.2001
3.01 612 0.612
2.98 1059.8 1.0598
2.95 339.7 0.3397
2.96 2112.7 2.1127
2.91 897.8 0.8978
2.95 795.6 0.7956
2.87 868.4 0.8684
2.8 830.2 0.8302
2.72 1038.4 1.0384
2.82 1196.2 1.1962
2.89 961.3 0.9613
2.87 591.5 0.5915
2.86 436.1 0.4361
2.85 147.4 0.1474
2.8 1466.3 1.4663
2.84 450.5 0.4505
2.9 912.1 0.9121
2.9 614.4 0.6144
2.85 203.3 0.2033
2.76 584.7 0.5847
2.81 376.1 0.3761
2.82 303.3 0.3033
2.82 623 0.623
2.78 408.3 0.4083
2.7 637.4 0.6374
2.7 810 0.81
2.74 328.1 0.3281
2.68 223.2 0.2232
2.65 241.9 0.2419
2.59 314.5 0.3145
2.53 515.4 0.5154
2.51 317.5 0.3175
2.64 619 0.619
2.62 692.8 0.6928
2.61 886.8 0.8868
2.66 491.8 0.4918
2.67 510.3 0.5103
2.68 442.9 0.4429
2.7 1277.2 1.2772
2.64 1061.2 1.0612
page 62 of 89 11/02/2021 19:15:55

Share price history
2.63 646.6 0.6466
2.64 949.8 0.9498
2.59 501.3 0.5013
2.54 859.1 0.8591
2.52 968.5 0.9685
2.54 801.1 0.8011
2.52 1496 1.496
2.43 769.4 0.7694
2.44 473.6 0.4736
2.45 672 0.672
2.47 217.8 0.2178
2.47 #NA #VALUE!
2.47 #NA #VALUE!
2.47 #NA #VALUE!
2.43 561.9 0.5619
2.36 1673.8 1.6738
2.36 1611.2 1.6112
2.35 992.1 0.9921
2.42 949.1 0.9491
2.47 836.4 0.8364
2.47 457.9 0.4579
2.48 557.9 0.5579
2.52 780.1 0.7801
2.52 580.3 0.5803
2.52 522.7 0.5227
2.51 378.9 0.3789
2.51 518 0.518
2.54 401.4 0.4014
2.52 374.2 0.3742
2.51 199.3 0.1993
2.51 690.2 0.6902
2.65 775.5 0.7755
2.71 640.9 0.6409
2.85 1881.8 1.8818
2.8 874.1 0.8741
2.83 881.2 0.8812
2.78 402.6 0.4026
2.74 398.2 0.3982
2.73 839.9 0.8399
2.75 578.1 0.5781
2.76 787.8 0.7878
2.81 987.7 0.9877
2.81 #NA #VALUE!
2.88 790 0.79
2.91 842.2 0.8422
2.93 534.8 0.5348
2.95 1481.1 1.4811
2.97 838.9 0.8389
3.01 810.1 0.8101
3.07 2611.9 2.6119
3.03 636 0.636
2.95 471.7 0.4717
2.96 262.4 0.2624
2.88 327.7 0.3277
2.86 370.9 0.3709
2.85 364.9 0.3649
2.84 421.9 0.4219
2.84 227.6 0.2276
2.84 236.8 0.2368
2.83 224.7 0.2247
2.81 192 0.192
page 63 of 89 11/02/2021 19:15:55

Share price history
2.85 575.5 0.5755
2.88 148.7 0.1487
2.88 203.5 0.2035
2.88 380.6 0.3806
2.9 519 0.519
2.85 354.1 0.3541
2.89 285.6 0.2856
2.86 223.3 0.2233
2.91 366.1 0.3661
2.91 282.5 0.2825
2.91 422.3 0.4223
2.9 451.7 0.4517
2.92 329.3 0.3293
2.92 548.1 0.5481
2.94 222.1 0.2221
2.95 960.4 0.9604
2.9 517.2 0.5172
2.88 257.2 0.2572
2.87 1257.3 1.2573
2.76 567.6 0.5676
2.7 1591.2 1.5912
2.68 1238.1 1.2381
2.66 632.4 0.6324
2.69 1274.8 1.2748
2.67 535.3 0.5353
2.6 1389.9 1.3899
2.64 398.1 0.3981
2.67 433.6 0.4336
2.61 759.1 0.7591
2.63 939.9 0.9399
2.54 2796.9 2.7969
2.6 1354.2 1.3542
2.6 1670 1.67
2.65 985.9 0.9859
2.68 607.2 0.6072
2.6 1139.5 1.1395
2.6 1144.2 1.1442
2.57 1019.1 1.0191
2.56 2521 2.521
2.59 1137.4 1.1374
2.53 1437.7 1.4377
2.51 851.9 0.8519
2.51 1065 1.065
2.55 2029.4 2.0294
2.58 1802 1.802
2.55 1135.2 1.1352
2.56 652.4 0.6524
2.56 1078 1.078
2.56 834.6 0.8346
2.52 1057.5 1.0575
2.55 752.4 0.7524
2.58 761.6 0.7616
2.55 2323.2 2.3232
2.55 672.1 0.6721
2.55 806.7 0.8067
2.55 792.2 0.7922
2.54 622.1 0.6221
2.54 816.6 0.8166
2.53 1952.5 1.9525
2.54 560.7 0.5607
2.52 521.4 0.5214
page 64 of 89 11/02/2021 19:15:55

Share price history
2.57 1198.1 1.1981
2.61 612.3 0.6123
2.69 1027 1.027
2.63 895.2 0.8952
2.62 644.4 0.6444
2.62 303.4 0.3034
2.62 804.3 0.8043
2.59 451.1 0.4511
2.57 459.3 0.4593
2.58 480.8 0.4808
2.58 426 0.426
2.6 553.3 0.5533
2.63 345.6 0.3456
2.6 858.3 0.8583
2.65 401.9 0.4019
2.76 1330.4 1.3304
2.75 702.6 0.7026
2.78 2175.3 2.1753
2.8 1180.4 1.1804
2.9 1629.1 1.6291
2.9 #NA #VALUE!
2.81 438 0.438
2.8 306.5 0.3065
2.85 1059.5 1.0595
2.84 884.8 0.8848
2.82 448.7 0.4487
2.78 411.8 0.4118
2.79 440.2 0.4402
2.75 637 0.637
2.95 1395.1 1.3951
2.97 988.1 0.9881
2.95 669 0.669
2.97 593.4 0.5934
2.97 1018.9 1.0189
3.04 712.5 0.7125
3 332.1 0.3321
2.93 316.7 0.3167
2.83 971.2 0.9712
2.83 235.4 0.2354
2.83 393.2 0.3932
2.77 314.5 0.3145
2.76 433.4 0.4334
2.85 759.6 0.7596
2.85 1212.4 1.2124
2.81 198.9 0.1989
2.81 378.2 0.3782
2.79 416.7 0.4167
2.8 2069.6 2.0696
2.85 921.8 0.9218
2.83 298.9 0.2989
2.85 459.5 0.4595
2.9 887.4 0.8874
2.9 965.8 0.9658
2.93 1578.4 1.5784
2.95 1875.8 1.8758
2.89 407.1 0.4071
2.9 1159.8 1.1598
2.87 367.3 0.3673
2.82 164.5 0.1645
2.81 384.2 0.3842
2.76 268.6 0.2686
page 65 of 89 11/02/2021 19:15:55

Share price history
2.73 640.5 0.6405
2.69 538.4 0.5384
2.64 449.5 0.4495
2.6 615.5 0.6155
2.6 #NA #VALUE!
2.6 #NA #VALUE!
2.65 109.9 0.1099
2.65 96.3 0.0963
2.65 199 0.199
2.65 #NA #VALUE!
2.65 #NA #VALUE!
2.66 120 0.12
2.7 184.7 0.1847
2.66 325 0.325
2.64 221.1 0.2211
2.67 930.1 0.9301
2.64 443.6 0.4436
2.62 473.8 0.4738
2.64 159.9 0.1599
2.66 338.2 0.3382
2.72 442.2 0.4422
2.77 742 0.742
2.77 340.7 0.3407
2.81 542.2 0.5422
2.8 359.9 0.3599
2.85 850.5 0.8505
2.84 795.7 0.7957
2.83 568.9 0.5689
2.83 277.8 0.2778
2.8 93.1 0.0931
2.75 443.3 0.4433
2.84 394.3 0.3943
2.89 806.8 0.8068
2.89 1115.7 1.1157
2.89 226 0.226
2.89 #NA #VALUE!
2.93 621.4 0.6214
2.96 645.5 0.6455
2.92 350.2 0.3502
2.92 273.4 0.2734
2.87 429 0.429
2.82 1270.1 1.2701
2.83 269.7 0.2697
2.89 348.4 0.3484
2.87 208 0.208
2.89 560.5 0.5605
2.95 469 0.469
2.94 729.1 0.7291
2.91 472.1 0.4721
2.88 490 0.49
2.87 467.4 0.4674
2.84 566.1 0.5661
2.85 622.4 0.6224
2.86 244 0.244
2.9 418.9 0.4189
2.89 1032.9 1.0329
2.99 2377.5 2.3775
2.96 612 0.612
2.95 567.5 0.5675
2.97 150.8 0.1508
2.96 308.9 0.3089
page 66 of 89 11/02/2021 19:15:55

Share price history
2.97 1419.3 1.4193
3 448.8 0.4488
3 676.5 0.6765
3.01 368.4 0.3684
3.09 1548.1 1.5481
3.09 1909.7 1.9097
2.92 1838.2 1.8382
2.95 1753.3 1.7533
2.92 702.5 0.7025
2.92 166.2 0.1662
2.95 1108.8 1.1088
2.9 645.9 0.6459
2.89 424.8 0.4248
2.94 450.6 0.4506
2.98 1150.2 1.1502
2.91 312.1 0.3121
2.95 177.7 0.1777
2.86 772 0.772
2.92 419.5 0.4195
2.94 791.1 0.7911
2.95 2005.1 2.0051
2.96 536.6 0.5366
2.96 #NA #VALUE!
2.96 #NA #VALUE!
2.95 300.7 0.3007
2.99 243.3 0.2433
3.03 810.5 0.8105
2.97 385.7 0.3857
2.9 621.9 0.6219
2.85 1075.9 1.0759
2.85 #NA #VALUE!
2.88 1250.6 1.2506
3.05 1361.8 1.3618
3.06 1347.1 1.3471
3.04 636.3 0.6363
2.97 596.8 0.5968
2.98 1003.6 1.0036
2.95 851.8 0.8518
2.94 211.6 0.2116
2.94 442.9 0.4429
2.96 423.6 0.4236
2.96 353.5 0.3535
2.97 601.5 0.6015
2.96 324.9 0.3249
2.96 1036.8 1.0368
2.95 886 0.886
2.96 868.4 0.8684
2.99 759.6 0.7596
2.93 733.5 0.7335
2.86 1426.6 1.4266
2.88 897.6 0.8976
2.88 596.7 0.5967
2.88 26791.2 26.7912
2.87 443.4 0.4434
2.86 1445.9 1.4459
2.84 645.9 0.6459
2.82 690.4 0.6904
2.78 1233 1.233
2.78 #NA #VALUE!
2.85 502.2 0.5022
2.85 1417 1.417
page 67 of 89 11/02/2021 19:15:55

Share price history
2.87 398.3 0.3983
2.9 486.6 0.4866
2.88 260.6 0.2606
2.94 575.9 0.5759
2.95 401.6 0.4016
2.96 246.8 0.2468
2.93 366.3 0.3663
2.91 103.4 0.1034
2.91 123.4 0.1234
2.91 110.4 0.1104
2.89 388.5 0.3885
2.84 614.4 0.6144
2.9 349.4 0.3494
2.96 587.9 0.5879
2.95 9156.3 9.1563
2.96 338.5 0.3385
3 2499.7 2.4997
3.02 727.3 0.7273
3.06 1031.1 1.0311
3.06 247 0.247
3.08 374.3 0.3743
3.14 591.7 0.5917
3.17 673.2 0.6732
3.16 513.9 0.5139
3.15 377.1 0.3771
3.15 694.1 0.6941
3.14 353.3 0.3533
3.17 373 0.373
3.2 862.8 0.8628
3.25 746.6 0.7466
3.28 1917.1 1.9171
3.31 1033.2 1.0332
3.35 458.8 0.4588
3.31 810.7 0.8107
3.27 232.1 0.2321
3.29 433.3 0.4333
3.3 401.7 0.4017
3.3 190.5 0.1905
3.29 213.3 0.2133
3.25 554.4 0.5544
3.22 204.6 0.2046
3.17 1151.6 1.1516
3.17 589.4 0.5894
3.15 239.8 0.2398
3.22 310 0.31
3.23 133.6 0.1336
3.26 199.6 0.1996
3.27 211.8 0.2118
3.31 396.9 0.3969
3.34 602.9 0.6029
3.28 253 0.253
3.25 443.1 0.4431
3.24 344.5 0.3445
3.26 342.8 0.3428
3.25 550.2 0.5502
3.26 207 0.207
3.35 909.2 0.9092
3.37 793.6 0.7936
3.4 756.4 0.7564
3.48 810.8 0.8108
3.47 677.2 0.6772
page 68 of 89 11/02/2021 19:15:55

Share price history
3.41 362.2 0.3622
3.42 261.1 0.2611
3.37 243.9 0.2439
3.33 137.2 0.1372
3.27 394.1 0.3941
3.29 592.8 0.5928
3.23 186 0.186
3.28 144.4 0.1444
3.21 430.2 0.4302
3.24 412.7 0.4127
3.22 177.3 0.1773
3.16 450.3 0.4503
3.27 507.4 0.5074
3.25 740.7 0.7407
3.3 684.3 0.6843
3.31 449.7 0.4497
3.32 680.1 0.6801
3.3 417.9 0.4179
3.39 454.3 0.4543
3.4 323.6 0.3236
3.4 505.3 0.5053
3.37 272.3 0.2723
3.42 358.9 0.3589
3.47 314.2 0.3142
3.41 593.7 0.5937
3.38 600.6 0.6006
3.41 229.3 0.2293
3.41 241.3 0.2413
3.42 90.8 0.0908
3.45 297.4 0.2974
3.91 4389.8 4.3898
3.98 3411 3.411
3.96 1457.3 1.4573
3.98 1689.8 1.6898
3.95 1968.3 1.9683
3.97 1396.4 1.3964
3.97 #NA #VALUE!
4.02 1903 1.903
4.02 664.2 0.6642
4.08 1163.7 1.1637
4.05 1100.3 1.1003
4.16 1611.8 1.6118
4.12 1658.9 1.6589
4.15 992.2 0.9922
4.12 1242.9 1.2429
4.17 1594.1 1.5941
4.19 2759.7 2.7597
4.17 784 0.784
4.09 1362.8 1.3628
4.06 1770.4 1.7704
4.09 1234.6 1.2346
4.04 650.4 0.6504
4.09 750.1 0.7501
4.04 1386.7 1.3867
4.04 494.6 0.4946
4.05 1898.6 1.8986
3.94 1357.2 1.3572
3.95 1722.5 1.7225
3.93 1737 1.737
3.93 1201.3 1.2013
3.96 252.3 0.2523
page 69 of 89 11/02/2021 19:15:55

Share price history
3.96 345.9 0.3459
4.01 635.2 0.6352
4.04 1299.8 1.2998
4.07 1261.1 1.2611
4.04 1428 1.428
4.03 769.9 0.7699
3.99 548.2 0.5482
3.99 978.8 0.9788
4 650.7 0.6507
4.02 684.2 0.6842
4 88.8 0.0888
4.04 232.2 0.2322
4.04 266.8 0.2668
4.02 362.6 0.3626
4.01 758.6 0.7586
4 829.8 0.8298
4.02 1597.5 1.5975
3.98 695.3 0.6953
3.96 2099.3 2.0993
3.95 366.7 0.3667
4 32 0.032
4 #NA #VALUE!
4 #NA #VALUE!
4 29.8 0.0298
4 97.1 0.0971
3.98 22.9 0.0229
3.98 #NA #VALUE!
3.98 #NA #VALUE!
3.98 101.3 0.1013
3.99 322.9 0.3229
3.97 1531.3 1.5313
3.95 405.3 0.4053
3.91 905.9 0.9059
3.9 502.9 0.5029
3.93 177.8 0.1778
3.9 234.6 0.2346
3.9 314.8 0.3148
3.88 610.2 0.6102
3.9 166.8 0.1668
3.85 838.5 0.8385
3.85 411.3 0.4113
3.86 118 0.118
3.84 237.7 0.2377
3.84 1338.5 1.3385
3.8 325.7 0.3257
3.78 139.9 0.1399
3.72 461.2 0.4612
3.7 3134 3.134
3.76 1255.8 1.2558
3.78 979.9 0.9799
3.75 1110.3 1.1103
3.76 1450.9 1.4509
3.76 #NA #VALUE!
3.75 1049.4 1.0494
3.76 467 0.467
3.75 420.9 0.4209
3.72 715.1 0.7151
3.73 177.5 0.1775
3.74 411.5 0.4115
3.71 220.1 0.2201
3.72 283.6 0.2836
page 70 of 89 11/02/2021 19:15:55

Share price history
3.78 242.3 0.2423
3.9 686.7 0.6867
3.87 128.5 0.1285
3.89 185.3 0.1853
3.9 555.6 0.5556
3.98 1401 1.401
3.97 243 0.243
4 589 0.589
4 385.7 0.3857
4 401 0.401
3.99 418.9 0.4189
3.99 101.3 0.1013
3.99 349.2 0.3492
3.96 401.6 0.4016
3.98 188.7 0.1887
3.94 199.5 0.1995
3.91 349.4 0.3494
3.93 287.6 0.2876
3.9 155.3 0.1553
3.93 77.3 0.0773
3.9 355.1 0.3551
3.9 383.8 0.3838
3.9 637 0.637
3.9 885.6 0.8856
3.93 103.1 0.1031
3.89 752.7 0.7527
3.9 269.8 0.2698
3.89 129.4 0.1294
3.89 #NA #VALUE!
3.89 #NA #VALUE!
3.89 395.8 0.3958
3.85 143.5 0.1435
3.83 255.4 0.2554
3.84 322.8 0.3228
3.82 256 0.256
3.84 351.3 0.3513
3.88 1548.7 1.5487
3.92 1016.7 1.0167
3.95 126 0.126
3.97 413.1 0.4131
3.98 436.8 0.4368
3.98 832.8 0.8328
3.94 416.1 0.4161
3.93 410.8 0.4108
3.98 136.6 0.1366
4.01 1840 1.84
4.04 845.2 0.8452
4.04 #NA #VALUE!
4.01 314.5 0.3145
4.06 920.8 0.9208
4.02 770.4 0.7704
4.04 323.5 0.3235
4.12 1290 1.29
4.11 617.2 0.6172
4.09 267.8 0.2678
4.08 213.4 0.2134
4.03 417.9 0.4179
3.98 375.7 0.3757
4.01 368.3 0.3683
4.02 221 0.221
4.06 159.8 0.1598
page 71 of 89 11/02/2021 19:15:55

Share price history
4.07 160.3 0.1603
4.06 282.3 0.2823
4.08 157.8 0.1578
4.1 402.7 0.4027
4.09 326.6 0.3266
4.14 433.9 0.4339
4.14 208.4 0.2084
4.12 411.5 0.4115
4 363.5 0.3635
4.03 783 0.783
4.06 282.7 0.2827
4.04 735.7 0.7357
3.99 2439.4 2.4394
3.99 #NA #VALUE!
4 2129.9 2.1299
4 258.3 0.2583
4 360.5 0.3605
4.01 498.7 0.4987
4.04 310.3 0.3103
4 150.6 0.1506
4 800.6 0.8006
4.02 418.8 0.4188
4.08 268.3 0.2683
4.14 560.7 0.5607
4.16 956.4 0.9564
4.15 868.2 0.8682
4.11 1227.2 1.2272
4.06 436.6 0.4366
4.02 361.5 0.3615
4.03 242.5 0.2425
3.99 303.8 0.3038
3.99 400 0.4
3.99 257.9 0.2579
3.99 195.2 0.1952
3.99 689.2 0.6892
4 225.9 0.2259
3.98 109.9 0.1099
3.95 232.1 0.2321
4 300.7 0.3007
3.98 108.1 0.1081
3.9 130.2 0.1302
3.87 204.7 0.2047
3.92 182.4 0.1824
3.89 116.1 0.1161
3.86 146.1 0.1461
3.82 233.1 0.2331
3.85 259.7 0.2597
3.82 186.8 0.1868
3.78 183.6 0.1836
3.8 168.9 0.1689
3.82 149.4 0.1494
3.85 197.3 0.1973
3.81 311.3 0.3113
3.82 594.3 0.5943
3.84 166 0.166
3.8 704.5 0.7045
3.82 393.9 0.3939
3.81 518.3 0.5183
3.8 180.9 0.1809
3.82 380.1 0.3801
3.85 62.1 0.0621
page 72 of 89 11/02/2021 19:15:55

Share price history
3.95 273.6 0.2736
3.95 243.2 0.2432
3.88 268.5 0.2685
3.9 82.1 0.0821
3.88 64.7 0.0647
3.93 174.7 0.1747
3.94 1299.6 1.2996
3.94 482.7 0.4827
3.97 162.2 0.1622
3.95 103.4 0.1034
3.94 179.9 0.1799
3.93 394.5 0.3945
3.93 671.1 0.6711
3.9 122 0.122
3.92 362.4 0.3624
3.95 204.9 0.2049
3.92 438.5 0.4385
3.93 98.5 0.0985
3.92 231.6 0.2316
3.94 137.6 0.1376
3.87 232.5 0.2325
3.9 211.6 0.2116
3.86 62.3 0.0623
3.86 67.8 0.0678
3.87 228.5 0.2285
3.88 144.6 0.1446
3.88 329.3 0.3293
3.88 90.5 0.0905
3.86 134.8 0.1348
3.85 50.7 0.0507
3.81 268.5 0.2685
3.85 139.2 0.1392
3.85 30.3 0.0303
3.81 252.7 0.2527
3.85 232.8 0.2328
3.81 259.5 0.2595
3.76 313 0.313
3.78 547.1 0.5471
3.78 575.5 0.5755
3.78 253 0.253
3.74 254.3 0.2543
3.75 765.4 0.7654
3.85 678 0.678
3.87 1005.4 1.0054
3.82 398.2 0.3982
3.8 447.6 0.4476
3.82 105.7 0.1057
3.85 147.8 0.1478
3.84 673.2 0.6732
3.84 194.8 0.1948
3.85 129.8 0.1298
3.86 426.4 0.4264
3.95 118.2 0.1182
3.91 283.5 0.2835
3.9 641.8 0.6418
3.84 560 0.56
3.8 327 0.327
3.8 #NA #VALUE!
3.87 367.4 0.3674
3.88 234.1 0.2341
3.83 156.4 0.1564
page 73 of 89 11/02/2021 19:15:55

Share price history
3.9 398.2 0.3982
3.83 570.8 0.5708
3.84 916.6 0.9166
3.81 369.1 0.3691
3.77 176.7 0.1767
3.75 118.3 0.1183
3.75 152 0.152
3.71 278.2 0.2782
3.77 326.5 0.3265
3.75 69.7 0.0697
3.78 69.6 0.0696
3.8 97.8 0.0978
3.76 711.8 0.7118
3.73 610.9 0.6109
3.87 839.4 0.8394
3.87 270.5 0.2705
3.89 256.3 0.2563
3.88 76.8 0.0768
3.9 184.3 0.1843
3.86 311.1 0.3111
3.82 846.3 0.8463
3.84 302.6 0.3026
3.89 220.5 0.2205
3.95 491.2 0.4912
3.96 460.4 0.4604
3.95 267.6 0.2676
3.97 201.2 0.2012
3.97 389.3 0.3893
3.98 289.3 0.2893
3.97 168.6 0.1686
3.99 178.8 0.1788
3.77 262.5 0.2625
3.77 171.4 0.1714
3.8 82.3 0.0823
3.87 467.7 0.4677
3.85 134.4 0.1344
3.85 109.4 0.1094
3.91 54.7 0.0547
3.91 #NA #VALUE!
3.91 #NA #VALUE!
3.98 56.5 0.0565
3.98 36.5 0.0365
3.97 71.2 0.0712
3.97 #NA #VALUE!
3.97 #NA #VALUE!
3.95 52.7 0.0527
3.96 243.3 0.2433
3.96 84.6 0.0846
3.94 114.8 0.1148
4.02 255.9 0.2559
4.07 328.1 0.3281
4.1 444.2 0.4442
4.09 747.9 0.7479
4.02 266.7 0.2667
4.09 160.9 0.1609
4.1 516.6 0.5166
4.09 101.2 0.1012
4.07 224.2 0.2242
4.04 239.8 0.2398
4.03 142.6 0.1426
4.05 74.1 0.0741
page 74 of 89 11/02/2021 19:15:55

Share price history
4.03 45.4 0.0454
4.07 259.4 0.2594
4.11 878.3 0.8783
4.12 919.8 0.9198
4.25 1285.6 1.2856
4.2 187.4 0.1874
4.22 236.3 0.2363
4.2 226.4 0.2264
4.2 #NA #VALUE!
4.2 206.6 0.2066
4.26 354.3 0.3543
4.47 376.2 0.3762
4.4 298.2 0.2982
4.51 601.8 0.6018
4.52 381 0.381
4.56 483.6 0.4836
4.64 663.1 0.6631
4.62 451.5 0.4515
4.6 379.2 0.3792
4.51 1123.8 1.1238
4.41 197.5 0.1975
4.37 436.2 0.4362
4.36 249.6 0.2496
4.37 506.5 0.5065
4.4 755.8 0.7558
4.39 821 0.821
4.36 295.4 0.2954
4.4 231.2 0.2312
4.46 175.6 0.1756
4.48 165.1 0.1651
4.44 78.4 0.0784
4.46 374.3 0.3743
4.45 156.4 0.1564
4.46 91.2 0.0912
4.47 544 0.544
4.52 671.2 0.6712
4.57 965.9 0.9659
4.5 674.4 0.6744
4.5 1817.1 1.8171
4.45 464 0.464
4.47 142.7 0.1427
4.45 343 0.343
4.31 1760.8 1.7608
4.25 233.1 0.2331
4.21 344.1 0.3441
4.22 252.7 0.2527
4.26 227.1 0.2271
4.32 142.2 0.1422
4.36 178.6 0.1786
4.43 315.3 0.3153
4.5 252.4 0.2524
4.46 271.5 0.2715
4.54 415.5 0.4155
4.57 232.7 0.2327
4.64 267.7 0.2677
4.69 588.8 0.5888
4.64 168 0.168
4.55 257.3 0.2573
4.52 158.4 0.1584
4.52 #NA #VALUE!
4.52 #NA #VALUE!
page 75 of 89 11/02/2021 19:15:55

Share price history
4.47 120 0.12
4.52 273.4 0.2734
4.59 253.1 0.2531
4.59 #NA #VALUE!
4.51 343.7 0.3437
4.37 726.7 0.7267
4.35 374 0.374
4.3 406.1 0.4061
4.28 478.1 0.4781
4.3 212.1 0.2121
4.34 624.3 0.6243
4.41 235.1 0.2351
4.5 165.2 0.1652
4.49 117.4 0.1174
4.5 134.6 0.1346
4.56 224.7 0.2247
4.55 73.3 0.0733
4.52 81.2 0.0812
4.57 2602.7 2.6027
4.55 173.7 0.1737
4.58 349.7 0.3497
4.6 459.5 0.4595
4.6 308.6 0.3086
4.68 571 0.571
4.65 286.7 0.2867
4.7 212.3 0.2123
4.68 381.4 0.3814
4.71 279.8 0.2798
4.65 654.6 0.6546
4.65 #NA #VALUE!
4.68 228.2 0.2282
4.7 192.4 0.1924
4.8 863.7 0.8637
4.83 369.4 0.3694
4.87 742.8 0.7428
4.89 1342.7 1.3427
4.77 295.8 0.2958
4.79 140.5 0.1405
4.82 140.6 0.1406
4.85 349.2 0.3492
4.91 349.2 0.3492
4.91 137.9 0.1379
4.9 279.3 0.2793
4.88 653.9 0.6539
4.88 393.4 0.3934
4.88 1129.5 1.1295
4.89 604.3 0.6043
4.84 238.2 0.2382
4.9 238.2 0.2382
5.05 967.2 0.9672
5 1097 1.097
5.08 966.9 0.9669
4.99 463.9 0.4639
4.95 101 0.101
4.9 65.5 0.0655
4.75 409.3 0.4093
4.64 257.1 0.2571
4.65 532.2 0.5322
4.71 209.2 0.2092
4.72 137.3 0.1373
4.72 130.2 0.1302
page 76 of 89 11/02/2021 19:15:55

Share price history
4.64 503.9 0.5039
4.6 828 0.828
4.63 223.9 0.2239
4.74 164.7 0.1647
4.74 99 0.099
4.76 246.1 0.2461
4.73 105.9 0.1059
4.73 83.8 0.0838
4.75 499.9 0.4999
4.77 81 0.081
4.72 134.7 0.1347
4.85 521.9 0.5219
4.8 65.1 0.0651
4.8 153.9 0.1539
4.81 208.1 0.2081
4.81 558.2 0.5582
4.82 443.3 0.4433
4.84 209.8 0.2098
4.95 211.5 0.2115
4.92 145.3 0.1453
4.98 230.5 0.2305
4.89 242.8 0.2428
4.85 181.6 0.1816
4.87 210.5 0.2105
4.87 219.7 0.2197
4.85 183.5 0.1835
4.84 285 0.285
4.85 144.9 0.1449
4.87 298.7 0.2987
4.83 211.7 0.2117
4.86 145.4 0.1454
4.9 226.2 0.2262
4.95 253.7 0.2537
4.9 65.9 0.0659
4.85 45 0.045
4.82 937.3 0.9373
4.81 207.9 0.2079
4.78 848.1 0.8481
4.77 311.1 0.3111
4.75 1461.4 1.4614
4.71 238.3 0.2383
4.72 347.4 0.3474
4.78 104.3 0.1043
4.89 185 0.185
4.83 286.5 0.2865
4.77 584.5 0.5845
4.78 440.5 0.4405
4.76 478.5 0.4785
4.8 110.9 0.1109
4.83 127.2 0.1272
4.89 425.2 0.4252
4.95 578.9 0.5789
4.94 355 0.355
5.02 501.6 0.5016
5 456.7 0.4567
4.99 344.9 0.3449
5.05 710 0.71
5.12 294 0.294
5.1 71.7 0.0717
5.08 627 0.627
5.14 378 0.378
page 77 of 89 11/02/2021 19:15:55

Share price history
5.1 386.3 0.3863
4.99 237 0.237
4.96 716 0.716
4.93 293.2 0.2932
4.93 256 0.256
4.95 219.5 0.2195
5.06 345.5 0.3455
5.09 172.2 0.1722
5.08 263.2 0.2632
5.07 256.2 0.2562
5.01 309.6 0.3096
4.97 189.3 0.1893
4.97 #NA #VALUE!
5.08 520.6 0.5206
5.05 324 0.324
5.06 288.8 0.2888
5.05 590.3 0.5903
5.03 238.4 0.2384
5.05 206 0.206
5.08 121.1 0.1211
5.05 139.8 0.1398
5.05 133.9 0.1339
5.04 133.3 0.1333
5.13 175.4 0.1754
5.07 896.1 0.8961
5.08 206.6 0.2066
5.15 798.7 0.7987
5.23 837.3 0.8373
5.34 564.7 0.5647
5.3 220.4 0.2204
5.3 180.5 0.1805
5.3 282 0.282
5.34 124.7 0.1247
5.39 235.4 0.2354
5.6 1573.1 1.5731
5.41 1786.9 1.7869
5.44 596.8 0.5968
5.51 536.5 0.5365
5.54 761.5 0.7615
5.46 355.7 0.3557
5.47 177.3 0.1773
5.45 455.2 0.4552
5.28 223.2 0.2232
5.33 796.7 0.7967
5.32 583.2 0.5832
5.33 1287.9 1.2879
5.3 1628.6 1.6286
5.31 533.3 0.5333
5.31 851 0.851
5.27 323.1 0.3231
5.3 501.7 0.5017
5.34 112.8 0.1128
5.4 147.2 0.1472
5.43 847.5 0.8475
5.43 96.6 0.0966
5.43 #NA #VALUE!
5.43 #NA #VALUE!
5.4 74.8 0.0748
5.4 396 0.396
5.38 68 0.068
5.38 #NA #VALUE!
page 78 of 89 11/02/2021 19:15:55

Share price history
5.38 #NA #VALUE!
5.39 242.7 0.2427
5.44 134.7 0.1347
5.48 734.5 0.7345
5.4 93.2 0.0932
5.48 50 0.05
5.52 569.6 0.5696
5.55 859.8 0.8598
5.6 412.7 0.4127
5.63 329 0.329
5.58 54.8 0.0548
5.58 167 0.167
5.6 232.4 0.2324
5.63 424.3 0.4243
5.66 1400.4 1.4004
5.7 746.8 0.7468
5.7 41.4 0.0414
5.75 1194.1 1.1941
5.7 229.7 0.2297
5.6 336.9 0.3369
5.48 934 0.934
5.42 375.4 0.3754
5.38 833.8 0.8338
5.33 872.5 0.8725
5.23 858 0.858
5.23 #NA #VALUE!
5.26 652.1 0.6521
5.22 428.9 0.4289
5.1 2734.8 2.7348
5.11 687.9 0.6879
5.17 320.6 0.3206
5.18 108.3 0.1083
5.1 345.8 0.3458
5.08 826 0.826
5.13 401.5 0.4015
5.1 427.9 0.4279
5.1 156.1 0.1561
5.07 292.5 0.2925
5.05 368.4 0.3684
5.08 73.6 0.0736
5.04 185.6 0.1856
5 214.3 0.2143
5.1 428.1 0.4281
5.12 257.5 0.2575
5.16 147.6 0.1476
5.19 187.6 0.1876
5.18 220.5 0.2205
5.1 138.1 0.1381
5.14 325.1 0.3251
5.18 351.6 0.3516
5.16 196.8 0.1968
5.12 315.2 0.3152
5.18 155.9 0.1559
5.18 450.7 0.4507
5.1 420.9 0.4209
5.07 456.4 0.4564
5.12 224.2 0.2242
5.17 237.8 0.2378
5.24 305 0.305
5.28 174.8 0.1748
5.33 250.7 0.2507
page 79 of 89 11/02/2021 19:15:55

Share price history
5.4 245.5 0.2455
5.57 300.2 0.3002
5.59 363.9 0.3639
5.5 403.7 0.4037
5.48 208.9 0.2089
5.48 164.2 0.1642
5.5 963.5 0.9635
5.5 659.9 0.6599
5.49 172.7 0.1727
5.49 #NA #VALUE!
5.49 #NA #VALUE!
5.48 252.6 0.2526
5.4 585.3 0.5853
5.42 214 0.214
5.44 193.5 0.1935
5.48 149.4 0.1494
5.61 675.4 0.6754
5.73 706.1 0.7061
5.78 463.6 0.4636
5.88 531.4 0.5314
5.8 187.8 0.1878
5.78 334.7 0.3347
5.91 877.5 0.8775
5.91 272.9 0.2729
5.8 143 0.143
5.78 250.8 0.2508
5.9 62.5 0.0625
5.83 863.1 0.8631
5.77 421.7 0.4217
5.81 234.2 0.2342
5.82 277.7 0.2777
5.74 157.7 0.1577
5.73 117 0.117
5.75 78.1 0.0781
5.66 926.6 0.9266
5.6 148.8 0.1488
5.56 346.5 0.3465
5.6 407 0.407
5.57 964.4 0.9644
5.52 423.7 0.4237
5.56 152.6 0.1526
5.6 582.6 0.5826
5.62 895.3 0.8953
5.63 304.5 0.3045
5.64 736.8 0.7368
5.62 81.3 0.0813
5.57 256.6 0.2566
5.63 354.8 0.3548
5.69 571.2 0.5712
5.75 293.7 0.2937
5.75 #NA #VALUE!
5.74 1237.1 1.2371
5.81 1363.1 1.3631
5.77 496.1 0.4961
5.76 144.9 0.1449
5.76 110.1 0.1101
5.76 377.9 0.3779
5.88 529.7 0.5297
5.87 619.2 0.6192
5.86 166.3 0.1663
5.84 205.3 0.2053
page 80 of 89 11/02/2021 19:15:55

Share price history
5.91 504.2 0.5042
5.84 605.6 0.6056
5.77 177.5 0.1775
5.72 168.1 0.1681
5.72 421.4 0.4214
5.83 342.7 0.3427
5.86 199.1 0.1991
5.87 693.8 0.6938
5.86 291.3 0.2913
5.95 461 0.461
5.78 473.6 0.4736
5.78 482.7 0.4827
5.77 98.4 0.0984
5.88 388.5 0.3885
5.78 229.7 0.2297
5.8 206.5 0.2065
5.81 168.6 0.1686
5.91 449.6 0.4496
5.95 260.2 0.2602
5.95 139.8 0.1398
5.94 142.6 0.1426
5.88 1383.9 1.3839
6 699.6 0.6996
5.94 200 0.2
5.98 206.3 0.2063
5.95 402.7 0.4027
6 225.6 0.2256
6 244.1 0.2441
6.02 645.1 0.6451
6.04 263.3 0.2633
6.02 95.6 0.0956
5.99 369.9 0.3699
6 69.2 0.0692
5.96 458.9 0.4589
5.96 203.8 0.2038
5.95 95.5 0.0955
5.98 162.1 0.1621
5.93 295.1 0.2951
5.84 1850.8 1.8508
5.85 161.9 0.1619
5.94 437.2 0.4372
5.9 405.9 0.4059
5.78 219.9 0.2199
5.75 248.7 0.2487
5.79 807.5 0.8075
5.81 863.7 0.8637
5.79 357.5 0.3575
5.77 303.2 0.3032
5.76 309 0.309
5.79 133.5 0.1335
5.8 760.5 0.7605
5.88 364 0.364
5.86 351 0.351
5.85 391.7 0.3917
5.88 135.2 0.1352
5.85 407.6 0.4076
5.85 54.7 0.0547
5.87 163.3 0.1633
5.85 363 0.363
5.8 100.7 0.1007
5.76 482.3 0.4823
page 81 of 89 11/02/2021 19:15:55

Share price history
5.73 611.8 0.6118
5.82 183.8 0.1838
5.87 167.5 0.1675
5.95 730.9 0.7309
5.97 237.2 0.2372
6 312.3 0.3123
5.98 233.5 0.2335
6.03 176.5 0.1765
5.9 370.4 0.3704
6 530.8 0.5308
6.01 391.3 0.3913
6.04 401.9 0.4019
6.08 569.6 0.5696
6.03 97.6 0.0976
6.08 229.3 0.2293
6.08 437.4 0.4374
5.98 361.7 0.3617
6.04 174.7 0.1747
5.99 190.3 0.1903
5.96 133.5 0.1335
5.93 382.6 0.3826
6.05 248.9 0.2489
6.08 126.5 0.1265
6.12 243.4 0.2434
6.11 184 0.184
6.08 282.6 0.2826
6.03 258.8 0.2588
5.95 134.2 0.1342
5.95 #NA #VALUE!
5.92 137.1 0.1371
5.96 312.7 0.3127
6 159.6 0.1596
5.97 1542.8 1.5428
5.99 115 0.115
6.08 155 0.155
6.07 485.2 0.4852
6.15 709.8 0.7098
6.18 227.6 0.2276
6.19 130.8 0.1308
6.27 296.5 0.2965
6.21 168.1 0.1681
6.2 154.7 0.1547
6.24 54 0.054
6.25 115.4 0.1154
6.26 254.9 0.2549
6.23 85.1 0.0851
6.23 567.2 0.5672
6.24 199.9 0.1999
6.27 563.6 0.5636
6.26 120.9 0.1209
6.32 173.5 0.1735
6.36 100.9 0.1009
6.39 133.1 0.1331
6.38 121.5 0.1215
6.32 241.1 0.2411
6.32 184.4 0.1844
6.38 344.5 0.3445
6.37 183.2 0.1832
6.31 127.7 0.1277
6.43 384.6 0.3846
6.28 498.1 0.4981
page 82 of 89 11/02/2021 19:15:55

Share price history
6.27 364.9 0.3649
6.27 221.7 0.2217
6.26 625.1 0.6251
6.23 536.4 0.5364
6.21 152.2 0.1522
6.24 862.1 0.8621
6.21 486.6 0.4866
6.2 233 0.233
6.21 276.2 0.2762
6.22 154 0.154
6.25 81.5 0.0815
6.25 67.4 0.0674
6.25 #NA #VALUE!
6.25 #NA #VALUE!
6.32 45.5 0.0455
6.4 63.9 0.0639
6.4 79.8 0.0798
6.4 #NA #VALUE!
6.4 #NA #VALUE!
6.37 84.2 0.0842
6.53 129 0.129
6.52 322.7 0.3227
6.5 87.5 0.0875
6.44 151.7 0.1517
6.4 147.4 0.1474
6.45 99.6 0.0996
6.42 96.2 0.0962
6.42 68.8 0.0688
6.52 235.8 0.2358
6.64 309.6 0.3096
6.6 340 0.34
6.45 502.7 0.5027
6.43 233.8 0.2338
6.58 841.2 0.8412
6.6 398 0.398
6.55 117.2 0.1172
6.48 228.5 0.2285
6.43 143.3 0.1433
6.55 270.1 0.2701
6.53 199.9 0.1999
6.57 530.5 0.5305
6.63 290.1 0.2901
6.73 898.4 0.8984
6.81 261.6 0.2616
6.9 638.1 0.6381
6.95 676.1 0.6761
7.02 530.3 0.5303
7.1 852.6 0.8526
6.96 365.4 0.3654
6.85 266.4 0.2664
6.93 365.5 0.3655
7 236.9 0.2369
7.18 394.2 0.3942
7.01 145.4 0.1454
6.9 213.1 0.2131
6.86 144.3 0.1443
6.86 184.9 0.1849
7.1 373.3 0.3733
7 279.5 0.2795
7 148.7 0.1487
7 535.8 0.5358
page 83 of 89 11/02/2021 19:15:55

Share price history
7.08 480 0.48
7.08 445.5 0.4455
7.21 874.1 0.8741
7.27 171.8 0.1718
7.24 278.1 0.2781
7.17 365.8 0.3658
7.01 590.4 0.5904
6.99 132.4 0.1324
6.9 97.3 0.0973
6.75 298.8 0.2988
6.81 226.8 0.2268
6.9 255.6 0.2556
6.8 112.1 0.1121
6.7 199.9 0.1999
6.65 124.5 0.1245
6.65 #NA #VALUE!
6.65 #NA #VALUE!
6.6 690.1 0.6901
6.57 514.3 0.5143
6.5 724.1 0.7241
6.61 597.6 0.5976
6.7 481.5 0.4815
6.55 376.2 0.3762
6.67 455.2 0.4552
6.65 292.5 0.2925
6.61 215.7 0.2157
6.6 171.9 0.1719
6.6 165.6 0.1656
6.66 458.7 0.4587
6.71 295.4 0.2954
6.78 225 0.225
6.72 540.3 0.5403
6.79 516.6 0.5166
6.78 213.2 0.2132
6.67 432.9 0.4329
6.72 330.8 0.3308
6.72 #NA #VALUE!
6.72 143.4 0.1434
6.9 407 0.407
6.95 261.2 0.2612
7.12 304.3 0.3043
6.96 218.7 0.2187
6.93 175.1 0.1751
6.9 380.8 0.3808
6.91 457.8 0.4578
6.84 182.4 0.1824
6.81 718.2 0.7182
6.85 259.2 0.2592
6.82 800.4 0.8004
6.85 136.1 0.1361
6.86 721.9 0.7219
6.84 696 0.696
6.85 302.4 0.3024
6.85 246.3 0.2463
6.87 356.4 0.3564
6.96 150.9 0.1509
7 206.6 0.2066
7.03 287.4 0.2874
7 204.6 0.2046
7 222.5 0.2225
6.95 187.5 0.1875
page 84 of 89 11/02/2021 19:15:55

Share price history
6.97 123.5 0.1235
7.05 507 0.507
6.94 365.8 0.3658
6.9 176.3 0.1763
6.94 159.2 0.1592
6.94 #NA #VALUE!
6.95 193.8 0.1938
6.96 218.1 0.2181
7.1 281.9 0.2819
7.09 101.8 0.1018
7.18 238.8 0.2388
7.32 672.9 0.6729
7.36 304.6 0.3046
7.45 353.3 0.3533
7.47 207.2 0.2072
7.45 320.7 0.3207
7.55 327.8 0.3278
7.57 144.7 0.1447
7.55 58.1 0.0581
7.57 270.2 0.2702
7.65 123.9 0.1239
7.8 1194.7 1.1947
7.7 76.2 0.0762
7.7 754.5 0.7545
7.63 458.8 0.4588
7.77 180.9 0.1809
7.85 222 0.222
7.85 496.9 0.4969
7.8 714 0.714
7.85 632.6 0.6326
8 839.3 0.8393
8 435.7 0.4357
7.9 176.9 0.1769
7.88 694.4 0.6944
7.85 132.4 0.1324
7.75 103 0.103
7.71 268.7 0.2687
7.88 1011.8 1.0118
7.79 125.7 0.1257
7.74 100.8 0.1008
7.73 316.8 0.3168
7.73 126.3 0.1263
7.74 97.7 0.0977
7.67 170 0.17
7.7 452.9 0.4529
7.74 270.8 0.2708
7.73 284.7 0.2847
7.64 362.6 0.3626
7.56 412.8 0.4128
7.51 342.9 0.3429
7.55 65.6 0.0656
7.56 216 0.216
7.47 91.3 0.0913
7.55 154.2 0.1542
7.58 229.4 0.2294
7.57 173.5 0.1735
7.71 548.5 0.5485
7.57 1361.5 1.3615
7.48 232.3 0.2323
7.4 232.4 0.2324
7.43 145 0.145
page 85 of 89 11/02/2021 19:15:55

Share price history
7.44 193.5 0.1935
7.44 256.6 0.2566
7.49 779.2 0.7792
7.45 595.4 0.5954
7.36 143.3 0.1433
7.38 87.8 0.0878
7.41 291.8 0.2918
7.36 309.6 0.3096
7.42 276 0.276
7.4 863 0.863
7.35 331.3 0.3313
7.31 519.7 0.5197
7.38 684.3 0.6843
7.31 503.8 0.5038
7.36 318.2 0.3182
7.38 65.6 0.0656
7.4 332.6 0.3326
7.35 457.3 0.4573
7.4 323.4 0.3234
7.39 289.5 0.2895
7.37 320.9 0.3209
7.3 199.4 0.1994
7.34 772 0.772
7.4 164.2 0.1642
7.4 158.5 0.1585
7.49 116.6 0.1166
7.52 359.2 0.3592
7.68 486.3 0.4863
7.6 406.9 0.4069
7.65 365.5 0.3655
7.67 381.2 0.3812
7.66 503 0.503
7.57 373.7 0.3737
7.5 178 0.178
7.48 104.2 0.1042
7.37 338.8 0.3388
7.28 624 0.624
7.02 647.8 0.6478
7.16 357.4 0.3574
7.21 147.5 0.1475
7.17 283.1 0.2831
6.92 211.3 0.2113
6.83 1473.7 1.4737
6.75 642.1 0.6421
6.75 #NA #VALUE!
6.76 607.4 0.6074
6.84 834.6 0.8346
6.89 525 0.525
6.86 346.8 0.3468
6.9 387 0.387
6.8 126.1 0.1261
6.86 285.6 0.2856
6.87 226.3 0.2263
6.9 98.3 0.0983
6.74 335.7 0.3357
6.76 567 0.567
6.75 171.8 0.1718
6.68 825.2 0.8252
6.56 429.3 0.4293
6.55 191.3 0.1913
6.55 373.5 0.3735
page 86 of 89 11/02/2021 19:15:55

Share price history
6.66 145.3 0.1453
6.55 426.9 0.4269
6.48 172.6 0.1726
6.4 341.7 0.3417
6.39 370.1 0.3701
6.42 592.5 0.5925
6.5 1346.3 1.3463
6.5 573.3 0.5733
6.44 623.6 0.6236
6.45 948.5 0.9485
6.58 1164 1.164
6.59 290 0.29
6.59 259.1 0.2591
6.55 446.5 0.4465
6.37 755.8 0.7558
6.37 732 0.732
6.39 237.4 0.2374
6.27 323.5 0.3235
6.25 370.1 0.3701
6.23 596.5 0.5965
6.22 363 0.363
6.2 432.4 0.4324
6.25 219.9 0.2199
6.3 545 0.545
6.37 738 0.738
6.5 271 0.271
6.48 402.2 0.4022
6.45 52.7 0.0527
6.45 #NA #VALUE!
6.45 #NA #VALUE!
6.68 260.1 0.2601
6.63 105.5 0.1055
6.63 195.4 0.1954
6.63 #NA #VALUE!
6.63 #NA #VALUE!
6.7 193 0.193
6.63 96.1 0.0961
6.58 53.6 0.0536
6.55 179.6 0.1796
6.7 262.3 0.2623
6.83 328.6 0.3286
6.85 237.2 0.2372
6.75 55.3 0.0553
6.74 75 0.075
6.63 90.9 0.0909
6.55 167.2 0.1672
6.68 148 0.148
6.7 119.8 0.1198
6.61 44 0.044
6.55 47 0.047
6.45 869.6 0.8696
6.54 79.5 0.0795
6.45 122.8 0.1228
6.51 28.2 0.0282
6.52 214.9 0.2149
6.64 154.4 0.1544
6.71 164.8 0.1648
6.65 400 0.4
6.65 #NA #VALUE!
6.75 153.5 0.1535
6.8 815.9 0.8159
page 87 of 89 11/02/2021 19:15:55

Share price history
6.8 247.8 0.2478
6.8 659.4 0.6594
6.73 532 0.532
6.61 263.8 0.2638
6.53 404.2 0.4042
6.47 51.1 0.0511
6.52 252.8 0.2528
7.07 1839.1 1.8391
7.25 1984.3 1.9843
7.4 1614 1.614
7.3 297.6 0.2976
7.15 897.8 0.8978
7.14 378.9 0.3789
7.19 334.3 0.3343
7.16 112.4 0.1124
7.21 126.4 0.1264
7.2 87.6 0.0876
7.13 2487.8 2.4878
7.22 442.8 0.4428
7.25 476.8 0.4768
7.28 213.5 0.2135
7.24 224.6 0.2246
7.3 259.2 0.2592
7.53 793.2 0.7932
7.5 630.1 0.6301
7.46 1289.4 1.2894
7.45 264.8 0.2648
7.36 419.5 0.4195
7.29 247.9 0.2479
7.3 320.9 0.3209
7.37 335.5 0.3355
7.5 539.9 0.5399
7.7 143.1 0.1431
7.7 447.9 0.4479
7.76 225 0.225
7.73 151.2 0.1512
7.76 265.5 0.2655
7.85 290.6 0.2906
7.94 377.1 0.3771
7.93 515.3 0.5153
7.98 130.2 0.1302
8.1 427.5 0.4275
7.9 129.9 0.1299
8 267 0.267
7.95 337.6 0.3376
7.9 607 0.607
7.9 #NA #VALUE!
7.9 #NA #VALUE!
7.8 217.7 0.2177
7.7 131.9 0.1319
7.7 116.8 0.1168
7.82 146.2 0.1462
7.8 73.8 0.0738
7.8 #NA #VALUE!
8.06 668.8 0.6688
8.05 225.5 0.2255
7.96 213.8 0.2138
7.82 216.1 0.2161
7.95 568.1 0.5681
7.97 75.8 0.0758
8.05 665.7 0.6657
page 88 of 89 11/02/2021 19:15:55

Share price history
7.96 359.6 0.3596
7.8 210.6 0.2106
7.9 500.6 0.5006
8.1 383.8 0.3838
8.08 566.2 0.5662
7.95 388 0.388
7.85 278.2 0.2782
7.85 221.3 0.2213
7.9 152.3 0.1523
7.8 147.7 0.1477
7.9 51.5 0.0515
7.91 224.4 0.2244
7.78 207.3 0.2073
7.7 261.1 0.2611
7.65 474.2 0.4742
7.78 293.3 0.2933
7.88 81.6 0.0816
7.76 19.5 0.0195
7.77 501.8 0.5018
7.74 711 0.711
7.85 120.3 0.1203
7.85 #NA #VALUE!
7.7 759.5 0.7595
7.8 139.7 0.1397
7.95 279 0.279
7.87 247.4 0.2474
7.83 164.1 0.1641
7.73 160 0.16
7.45 862.5 0.8625
7.35 422.5 0.4225
7.36 1649.8 1.6498
7.35 884.3 0.8843
7.3 1023 1.023
7.35 927.5 0.9275
7.38 1168.9 1.1689
7.35 1359.3 1.3593
7.42 527.6 0.5276
7.49 297.6 0.2976
7.17 2731.1 2.7311
7.16 994.4 0.9944
7.12 879.1 0.8791
7.18 1038 1.038 8.1
7.11 896.2 0.8962
7.14 701.8 0.7018
7.15 2975.2 2.9752
7.15 1607 1.607
7.07 524.2 0.5242
7.1 506.9 0.5069
page 89 of 89 11/02/2021 19:15:56

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Contact Energy Financial Projections Overview

Overview and Navigation Page Contact Energy Modeling Exercise

Author: All steps in the simple model

BALANCE SHEET / STATEMENT OF FINANCIAL POSITION

Liabilities & equity

Estimated liabilities 23.0 27.3 30.0

Shareholders' equity 821.1 851.4 883.8

page 2 of 89 11/02/2021 19:15:54

BALANCE SHEET / STATEMENT OF FINANCIAL POSITION

Liabilities & equity

Estimated liabilities 23.0 27.3 30.0 30.0 30.0 30.0

Shareholders' equity 821.1 851.4 883.8 934.7 969.0 1,009.4

Balance sheet parameters

model parameters debt as plug

BALANCE SHEET / STATEMENT OF FINANCIAL POSITION

Liabilities & equity

Estimated liabilities 23.0 27.3 30.0 30.0 30.0 30.0

Shareholders' equity 821.1 851.4 883.8 931.4 966.2 1,006.8

Balance sheet parameters

model parameters debt as plug

Model explanatory remarks

determined by sales growth parameter below

determined by projected operating cost/revenue

tax rate * pre-tax income

net surplus * assumed dividend payout ratio

set as target of liquidity management

Previous year balance + CAPEX - Deprec.

Set as target of liquidity management

set as 2/3 of previous year dividend

CAPEX: Investments in fixed assets, investments

BALANCE SHEET / STATEMENT OF FINANCIAL POSITION

Liabilities & equity

Estimated liabilities 23.0 27.3 30.0 30.0 30.0 30.0

Shareholders' equity 821.1 851.4 883.8 929.7 962.9 1,001.8

Balance sheet parameters

Derive Cash Flow Estimates for Company Valuation

Cash Flow from Investing Activities

Simple company valuation based on discounted cash flows (DCF)

WACC calculation Cost approx. proportion

Value of unlevered firm (=Sum of disc. cash flows) 2,664.3

Simple Company Valuation Based on Dividend Discount Model

Cost of Equity (from above) 15.0%

Dividends paid to shareholders 150.0 47.0 48.0 107.2 132.9 155.5

Discounted Cash Flows 0.5 1.5 2.5

$25 Price (DCF) Price (DDM)

Share Valuation ($)

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

Liabilities & equity

Cash from investing activities

Cash from financing activities

Cash balance plausi check ok ok ok ok ok ok ok ok ok ok ok ok ok ok ok

WACC calculation Cost approx. proportion

Dividend discount model

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

80% Contact Energy: Operating cash flow / debt

20% 11% Average

2005 Ended 30 June

Cost of equity rE and debt rD rE 15.0% rD 7.5%

EVA for rE @ 10% EVA for rE @ 15%

Capital (in NZ$ million)

2005 Ended 30 June

Sensitivity Analysis (Example 1) Data Table (1)