Excel Model for Valuation of Natural Gas Firm

P/B 3 152.6448
P/E 11 158.0882
EV/EBITDA 6 12564.05
10404.7
138.7298
Y/E March, Fig in Rs. Cr FY2010 FY2011e FY2012e FY2013e Y/E March, Fig in Rs. Cr FY2010 FY2011e FY2012e FY2013e
Net Sales 10649.1 13065.5 18026.6 23587.9 Per Share Data (Rs)
% Chg. 26.3 22.7 38.0 30.9 100 EPS 5.4 7.8 10.4 14.4 149.8209
Total Expenditure 9802.6 11858.7 16458.6 21493.9 Cash EPS 7.5 10.2 12.9 17.5
% Chg. 30.2 21.0 38.8 30.6 DPS 3.2 3.0 3.0 3.0
EBIDTA 846.5 1206.8 1568.0 2094.0 Book Value 29.8 34.8 41.6 50.9
EBIDTA Margin % 7.9 9.2 8.7 8.9 Capital, Liquidity, Returns Ratio
Other Income 97.8 53.5 55.9 97.8 Debt / Equity (x) 1.1 1.3 1.3 1.2
EBIT 944.3 1260.3 1623.8 2191.8 Current Ratio (x) 1.4 1.4 1.4 1.4 15.55%
Depreciation 160.9 185.6 194.8 237.8 ROE (%) 18.1 22.3 24.9 28.2
Interest 184.0 200.0 264.1 335.5 ROCE (%) 18.7 20.2 21.3 24.9
PBT 599.5 874.6 1164.9 1618.4 Dividend Yield (%) 2.5 2.3 2.3 2.3
Tax Provisions 195.0 292.6 388.5 540.6 Valuation Ratio (x)
Profit After Tax 404.5 582.1 776.4 1077.9 P/E 24.5 17.0 12.8 9.2
Minority Interest - - - - P/BV 4.4 3.8 3.2 2.6
Reported PAT 404.5 582.1 776.4 1077.9 EV/Sales 1.1 0.9 0.7 0.5
PAT Margin (%) 3.8 4.5 4.3 4.6 EV/EBIDTA 14.3 10.0 7.7 5.8
Raw Materials / Sales (%) 90.8 89.5 90.0 89.9 Efficiency Ratio (x)
Employee Exp / Sales (%) 0.2 0.2 0.2 0.2 Inventory (days) 8.4 15.0 15.0 15.0
Other Mfr. Exp / Sales (%) 0.1 0.1 0.1 0.1 Debtors (days) 17.3 18.0 18.0 18.0
Tax Rate (%) 32.5 33.4 33.4 33.4 Creditors (days) 22.8 23.0 23.0 23.0
Y/E March, Fig in Rs. Cr FY2010 FY2011e FY2012e FY2013e Y/E March, Fig in Rs. Cr FY2010 FY2011e FY2012e FY2013e
Share Capital 750.0 750.0 750.0 750.0 Profit After Tax 404.5 582.1 776.4 1077.9
Reserves & Surplus 1484.9 1862.7 2366.6 3066.1 Depreciation 160.9 185.6 194.8 237.8
Minority Interest - - - - Working Capital Changes 225.1 -171.2 -63.2 -66.9
Total Loans 2499.8 3301.7 4194.1 4665.6 Others 107.6 0.0 0.0 0.0
Deferred Tax Liability - - - - Operating Cash Flow 898.1 596.6 907.9 1248.8
Total Liabilities 4734.7 5914.4 7310.7 8481.8 Capital Expenditure -1046.1 -1064.2 -1271.4 -1117.7
Change in Investment -234.4 -96.0 -114.0 -135.5
Gross Block 3549.5 4363.7 6589.7 7437.5 Cash Flow from Investing -1280.4 -1160.1 -1385.4 -1253.2
Less: Acc. Depreciation 666.7 852.3 1047.0 1284.9 Proceeds from equity issue 0.0 0.0 0.0 0.0
Net Block 2882.9 3511.4 5542.7 6152.6 Inc/(Dec) in Debt 218.1 801.9 892.4 471.5
Capital Work in Progress 1318.4 1568.4 613.7 883.7 Dividend Paid -153.1 -204.3 -272.5 -378.3
Investments 538.6 634.6 748.6 884.0 Cash Flow from Financing 65.1 597.6 619.9 93.2
Net Current Assets 321.1 526.3 732.0 887.7 Net Change in Cash -317.3 34.1 142.5 88.8
Deferred Tax Assets/Liability -326.2 -326.2 -326.2 -326.2 Opening Cash Balance 657.8 340.5 374.5 517.0
Total Assets 4734.7 5914.4 7310.7 8481.8 Closing Cash Balance 340.5 374.5 517.0 605.8
CMP 132.1
EV 12066.82
Net RevenueEBITDA PAT EPS
2010 10649.1 846.5 404.5 5.4 -28.2 18.1 18.7 24.5 14.3
2011E 13065.5 1206.8 582.1 7.8 43.9 22.3 20.2 17.0 10.0 100
2012E 18026.6 1568.0 776.4 10.4 33.4 24.9 21.3 12.8 7.7
2013E 23587.9 2094.0 1077.9 14.4 38.8 28.2 24.9 9.2 5.8
EV/ EBITDA(X)
Key Ratios
Cash Flow Statement
Profit and Loss Statement
Balance Sheet
Y/E Mar
(Rs Crore)
EPS Growth
(%)
RONW (%) ROCE (%) P/E (X)
0%
100%
200%
300%
400%
500%
600%
700%
800%
900%
1000%
0
5000
10000
15000
20000
25000
FY2010 FY2011e FY2012e FY2013e
Net Sales EBIDTA Margin % PAT Margin (%)
Rs crores
0.0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
1.6
0%
500%
1000%
1500%
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2500%
3000%
FY2010 FY2011e FY2012e FY2013e
ROE (%) ROCE (%) Debt / Equity (x)

Petronet LNG Ltd. Balance Sheet - Standalone - Actual - Schedules- [INR-Crore]
DESCRIPTION Mar-05 Mar-06 Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13
SOURCES OF FUNDS:
Share Capital 750.00 750.00 750.00 750.00 750.00 750.00 750.00 750 750.00
     Face Value 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
Share Warrants & Outstandings 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Reserves 127.02 321.95 525.52 868.55 1233.43 1484.88 1862.66 2366.564 3066.12
Shareholder's Funds 877.02 1071.95 1275.52 1618.55 1983.43 2234.88 2612.66 3116.564 3816.12
Secured Loans 1259.89 1259.89 1383.20 1577.62 2281.70 2299.77 3101.70 3994.10 4465.61
Unsecured Loans 200.04 200.04 200.04 200.04
Total Debts 1259.89 1259.89 1383.20 1577.62 2281.70 2499.81 3301.74 4194.14 4665.65
Total Liabilities 2136.91 2331.84 2658.71 3196.17 4265.13 4734.69 5914.40 7310.705 8481.77
1.44 1.18 1.08 0.97 1.15 1.12 1.26 1.35 1.22
APPLICATION OF FUNDS :
Gross Block 1908.83 1942.10 1945.53 1971.80 1974.82 3549.51 4363.67 6589.75 7437.47
Less: Accumulated Depreciation 98.96 199.70 301.66 403.83 506.20 666.65 852.28 1047.03 1284.88
Net Block 1809.87 1742.39 1643.87 1567.97 1468.62 2882.86 3511.39 5542.714 6152.59
Capital Work in Progress 80.39 120.35 483.39 1061.36 1846.98 1318.36 1568.36 613.67 883.67
Investments 17.89 156.90 278.01 547.32 304.26 538.62 634.58 748.57 884.05
Long Term Investment 0.00 0.00 0.01 21.20 32.06 117.60 129.36 142.29 156.52
Currents Investments 17.89 156.90 278.00 526.12 272.21 421.02 505.23 606.27 727.53
Current Assets, Loans & Advances
Inventories 126.66 103.90 209.93 90.95 385.58 222.26 480.44 666.92 871.15
Sundry Debtors 119.65 127.75 331.29 332.99 671.15 503.48 644.33 888.98 1163.24
Cash and Bank 297.98 250.60 340.47 358.56 657.79 340.50 374.55 517.00 605.80
Other Current Assets 8.58 4.35 6.60 8.07 25.75 12.16 20.28 29.49 40.65
As a % of Net sales 0.44% 0.11% 0.12% 0.12% 0.31% 0.11% 0.16% 0.16% 0.17%
Loans and Advances 20.37 58.57 200.02 356.99 69.40 143.20 195.98 270.40 353.82
As a % of Net sales 1.05% 1.53% 3.63% 5.45% 0.82% 1.34% 1.50% 1.50% 1.50%
Total Current Assets 573.23 545.17 1088.31 1147.56 1809.67 1221.60 1715.57 2372.79 3034.65
Less: Current Liabilities and Provisions
Current Liabilities 357.31 146.06 398.11 428.75 736.52 744.87 993.33 1370.44 1793.17
     Sundry Creditors 350.55 136.85 312.52 338.79 571.51 604.26 823.30 1135.92 1486.36
     Other Deposits 0.12 0.11 0.10 0.16 0.17 0.16 0.17 0.17 0.17
     Other Liabilities 6.64 9.10 85.49 89.80 164.85 140.45 169.85 234.35 306.64
As a % of Net sales 0.3% 0.2% 1.6% 1.4% 2.0% 1.3% 1.30% 1.30% 1.30%
Provisions 1.16 26.42 189.56 430.09 155.69 155.68 195.98 270.40 353.82
As a % of Net sales 0.06% 0.69% 3.44% 6.56% 1.85% 1.46% 1.50% 1.50% 1.50%
Total Current Liabilities 358.47 172.47 587.67 858.84 892.21 900.55 1189.31 1640.84 2146.99
Net Current Assets 214.76 372.70 500.64 288.73 917.46 321.05 526.27 731.95 887.66
Deferred Tax Assets / Liabilities 14.00 -60.50 -247.20 -269.20 -272.20 -326.20 -326.20 -326.20 -326.20
Total Assets 2136.91 2331.84 2658.71 3196.17 4265.13 4734.69 5914.40 7310.71 8481.77
Contingent Liabilities 582.93 702.90 981.14 1270.80 1504.15 1334.28
Book Value 11.69 14.29 17.01 21.58 26.45 29.80 34.84 41.55 50.88
Adjusted Book Value 11.69 14.29 17.01 21.58 26.45 29.80 34.84 41.55 50.88
Cash Flow Statement Mar-05 Mar-06 Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13
PAT -28.45 194.93 313.25 474.65 518.44 404.50 582.09 776.41 1077.87
Dep 96.80 100.96 102.03 102.18 102.52 160.86 185.63 194.75 237.85
Others 148.79 373.33 43.99 5.86 107.59
Operating profit before WC Changes 68.36 444.67 788.61 620.82 626.82 672.95 767.71 971.16 1315.72
Change in Current Assets -19.31 -453.28 -41.15 -362.88 270.77 -459.92 -514.76 -573.06
Change in Current Liabilities -211.25 252.06 30.63 307.78 8.35 248.46 377.11 422.73
Provisions 25.26 163.15 240.53 -274.41 -0.01 40.30 74.42 83.42
Deferred Tax Liability -74.50 -186.70 -22.00 -3.00 -54.00 0.00 0.00 0.00
Net Cash from Operating Activities 164.87 563.84 828.83 294.31 898.06 596.55 907.93 1248.81
Purchase Fixed Asset -33.27 -3.44 -26.26 -3.03 -1574.69 -814.15 -2226.08 -847.72
CWIP -39.96 -363.04 -577.97 -785.63 528.63 -250.00 954.69 -270.00
Purchase/Sale of investments -139.01 -121.11 -269.31 243.06 -234.36 -95.96 -113.98 -135.48
Cash from Investing Activities -212.24 -487.59 -873.54 -545.60 -1280.42 -1160.12 -1385.37 -1253.20
Change in Minority Interest
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Issue of capital 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Debt borowed 0.00 123.30 194.43 704.07 218.12 801.92 892.41 471.51
Premium on Issue of Capital
Repayment of Debt
Dividend Paid and DDT Tax 0.00 -109.68 -131.62 -153.56 -153.05 -204.30 -272.51 -378.32
Cash From Financing Activities 0.00 13.62 62.81 550.52 65.06 597.62 619.90 93.19
Foreign currency translation
Cash from all the activities -47.37 89.87 18.10 299.23 -317.30 34.05 142.45 88.80
Opening balance of Cash 297.98 250.60 340.47 358.56 657.79 340.50 374.55 517.00
Closing balance of Cash 250.60 340.47 358.56 657.79 340.50 374.55 517.00 605.80

Petronet LNG Ltd. Profit And Loss - Standalone - Actual - Schedules- [INR-Crore]
DESCRIPTION Mar-05 Mar-06 Mar-07 Mar-08 Mar-09 FY10 FY11e FY12e FY13e
No of Months
INCOME :
Net Sales 1945.26 3837.17 5508.95 6555.31 8428.70 10649.09 13065.49 18026.6 23587.87 30.4%
Revenue growth rate (%) 97.3% 43.6% 19.0% 28.6% 26.3% 22.7% 38.0% 30.9%
EXPENDITURE :
Raw Material Consumed 1613.41 3092.57 4746.47 5566.42 7375.63 9664.76 11690.66 16228.45 21197.92
As a % of Net Sales 82.9% 80.6% 86.2% 84.9% 87.5% 90.8% 89.5% 90.0% 89.9%
Power & Fuel Cost 31.08 38.08 42.90 44.40 37.54 48.00 58.45 81.14 105.99
As a % of Net Sales 1.9% 1.2% 0.9% 0.8% 0.5% 0.5% 0.5% 0.5% 0.5%
Employee Cost 8.12 10.17 11.32 19.29 17.95 19.01 24.48 31.60 36.25
As a % of Net Sales 0.4% 0.3% 0.2% 0.3% 0.2% 0.2% 0.2% 0.2% 0.2%
Other Manufacturing Expenses 8.86 5.63 14.16 9.38 11.84 12.59 17.19 23.72 31.04
As a % of Net Sales 0.5% 0.2% 0.3% 0.2% 0.2% 0.1% 0.1% 0.1% 0.1%
General and Administration Expenses 124.50 192.12 45.59 48.18 50.32 56.63 65.33 90.13 117.94
As a % of Net Sales 6.4% 5.0% 0.8% 0.7% 0.6% 0.5% 0.5% 0.5% 0.5%
Miscellaneous Expenses 8.82 10.43 0.43 2.30 33.59 1.61 2.61 3.61 4.72
As a % of Net Sales 0.5% 0.3% 0.0% 0.0% 0.4% 0.0% 0.0% 0.0% 0.0%
Total Expenditure 1794.79 3349.01 4860.88 5689.96 7526.86 9802.60 11858.73 16458.65 21493.86
As a % growth 86.6% 45.1% 17.1% 32.3% 30.2% 21.0% 38.8% 30.6%
As a % of Net Sales 92.3% 87.3% 88.2% 86.8% 89.3% 92.1% 90.8% 91.3% 91.1%
Operating Profit (Excl OI) 150.48 488.16 648.07 865.35 901.84 846.49 1206.76 1567.96 2094.01
EBITDA Margin (%) 7.7% 12.7% 11.8% 13.2% 10.7% 7.9% 9.2% 8.7% 8.9%
Other Income 13.27 19.44 36.59 54.38 76.50 97.83 53.49 55.88 97.80
Operating Profit 163.75 507.60 684.66 919.73 978.34 944.32 1260.25 1623.84 2191.81
Interest 109.39 111.61 107.05 102.38 101.78 183.97 199.99 264.14 335.53
As a % of Debt 8.7% 8.9% 7.7% 6.5% 4.5% 7.4% 6.1% 6.3% 7.2%
PBDT 54.36 395.99 577.61 817.35 876.56 760.36 1060.27 1359.70 1856.28
Depreciation 96.80 100.96 102.03 102.18 102.52 160.86 185.63 194.75 237.85
As a % of Gross Fixed Assets 5.1% 5.2% 5.2% 5.2% 5.2% 4.5% 5.1% 5.1% 5.1%
Profit Before Taxation -42.45 295.04 475.58 715.17 774.04 599.50 874.64 1164.94 1618.43
Provision for Tax -14.00 100.11 162.33 240.52 255.60 195.00 292.56 388.53 540.56
Tax rate 33.9% 34.1% 33.6% 33.0% 32.5% 33.4% 33.4% 33.4%
Profit After Tax -28.45 194.93 313.25 474.65 518.44 404.50 582.09 776.41 1077.87 38.6%
PAT growth rate (%) -22.0% 43.9% 33.4% 38.8%
Proposed Equity Dividend 93.75 112.50 131.25 131.25 174.63 232.92 323.36
As a % of PAT 29.9% 23.7% 25.3% 32.4% 30.00% 30.00% 30.00%
Corporate Dividend Tax 15.93 19.12 22.31 21.80 29.68 39.59 54.96
17% 17% 17% 17% 17% 17% 17%
Earnings Per Share -0.38 2.60 4.18 6.33 6.91 5.39 7.76 10.35 14.37
Adjusted EPS -0.38 2.60 4.18 6.33 6.91 5.39 7.76 10.35 14.37
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
0
5000
10000
15000
20000
25000
FY10 FY11e FY12e FY13e
Net Sales Profit After Tax
Revenue growth rate (%) PAT growth rate (%)
Rs crores In (%)

Loan Book
Secured Loans
     Term Loans - Banks 1050.89 1050.89 1183.60 1390.57 1432.04 1292.07 1992.07 2832.07 3588.07
Debt Repayment 100.00 300.00 900.00
     Short Term Loan
               Secured Short Term Loans - Banks 0.00 0.00 0.00 0.00 200.00 200.00 200.00 200.00
     Other Secured 209.00 209.00 199.60 187.06 849.65 807.70 1009.62 1262.03 1577.54
Total Secured Loans 1259.89 1259.89 1383.20 1577.62 2281.70 2299.77 3101.70 3994.10 4465.61
Unsecured Loans 200.04
     Unsec. Short Term - Others 200.04 200.04 200.04 200.04
Total Debts 1259.89 1259.89 1383.20 1577.62 2281.70 2499.81 3301.74 4194.14 4665.65
Interest % 8.68% 8.86% 7.74% 6.49% 4.46% 7.36% 8.0% 8.0% 8.0%
Interest 109.39 111.61 107.05 102.38 101.78 183.97 264.14 335.53 373.25
Interest to be capitalized 64.15 71.39 37.72
Interest 199.99 264.14 335.53
Capital Expenditure
Particulars Dahej Terminal Kochi Terminal 2nd Berth at Dahej
Equity 250.00 250.00 60.00
Debt 550.00 600.00 120.00
Total 800.00 850.00 180.00
Completion Q1FY14 Q4FY12 Q1FY12
Particulars FY11E FY12E FY13E
Capital Expenditure---- 1000.00 1200.00 1080.00
Net block 750.00 900.00 810.00
CWIP 250.00 300.00 270.00
Debt Undertaken 700.00 840.00 756.00

EMPLOYEE COST
Salaries, Wages & Bonus 6.79 8.79 9.88 17.11 15.84 16.21 21.08 27.4 31.5
% growth 29.49% 12.36% 73.20% -7.46% 2.39% 30.00% 30.00% 15.00%
Contributions to EPF & Pension Funds 0.96 0.93 1.18 1.87 1.89 1.97 2.53 3.3 3.8
As a % of Salaries, Wages & Bonus 14.2% 10.5% 11.9% 10.9% 11.9% 12.1% 12.0% 12.0% 12.0%
Workmen and Staff Welfare Expenses 0.37 0.45 0.26 0.31 0.22 0.83 0.87 0.91 0.96
As a % of Salaries, Wages & Bonus 5.4% 5.1% 2.7% 1.8% 1.4% 5.1% 4.1% 3.3% 3.0%
TOTAL 8.12 10.17 11.32 19.29 17.95 19.01 24.48 31.60 36.25
MANUFACTURING EXPENSES
Sub-contracted / Outsourced services
Processing Charges 5.76 0.88 0.83 1.52 1.26 1.77 2.61 3.61 4.72
As a % of Net Sales 0.30% 0.02% 0.02% 0.02% 0.01% 0.02% 0.02% 0.02% 0.02%
Repairs and Maintenance 2.52 2.73 9.68 3.32 4.73 4.26 6.53 9.01 11.79
As a % of Net Sales 0.13% 0.07% 0.18% 0.05% 0.06% 0.04% 0.05% 0.05% 0.05%
Stores, spare parts and tools consumed 0.58 2.02 3.65 4.54 5.84 6.56 8.05 11.10 14.52
As a % of Net Sales 0.0% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1%
TOTAL 8.86 5.63 14.16 9.38 11.84 12.59 17.19 23.72 31.04
General Adminstration Expenses
DESCRIPTION Mar-05 Mar-06 Mar-07 Mar-08 Mar-09 Mar-10
Rent, Rates & Taxes 86.57 169.48 7.64 5.60 6.44 7.44
Insurance 13.58 12.68 13.39 12.15 10.79 15.09
Repairs & Maintenance - Others
Printing and stationery
Professional and legal fees 7.86 4.37 6.47 7.25 11.10 10.44
Traveling and conveyance 4.18 4.67 5.65 6.16 5.87 5.99
Payment to Auditors 0.06 0.06 0.07 0.10 0.15 0.26
Hire Charges - Admin 11.53
Packing expenses
Communication Expenses
Training Expenses
Wealth Tax 0.01 0.02 0.01 0.01
Director's remuneration 0.72 0.86 0.79 4.83 3.24 1.54
Other Administration 11.56 12.09 12.72 15.88
Administration Expenses Capitalised
MISCELLANEOUS EXPENSES
DESCRIPTION Mar-05 Mar-06 Mar-07 Mar-08 Mar-09 Mar-10
Deferred Revenue Expenditure Written Off 1.28
Bad debts/advances written off
Provision for doubtful debts 0.80
Loss on disposal of fixed assets (net) 0.04 0.07 0.08 0.06 0.57
Loss on foreign exchange fluctuations 2.06 0.29 1.23 33.26
Loss on sale of non-trade current investments
Diminution in the value of Long Term Investments
Provisions & write off 1.96 0.80
Loss on Future and Options
Donations 0.01 0.06 0.22 0.33 1.04
Other Miscellaneous Expenses 4.73 8.31
Miscellaneous Expenses Capitalised
OTHER INCOME
Interest Received 7.76 13.63 17.46 23.50 42.61 28.49 32.83 39.06 45.28
Interest on Deposits 7.76 13.63 17.46 22.81 39.63 25.62 29.96 36.19 42.41
As a % cash 2.6% 5.4% 5.1% 6.4% 6.0% 7.5% 8.00% 7.00% 7.00%
Interest on Investments 2.20 2.20 2.20 2.20
Interest on Others 0.69 2.98 0.67 0.67 0.67 0.67
Dividend Received 2.41 18.63 29.86 16.68 22.21 26.20 30.94
As a % of Investment 13.45% 3.40% 9.82% 3.10% 3.50% 3.50% 3.50%
Commission Received
Export Incentives
Discounts
Profit on sale of Fixed Assets 0.50
Profits on sale of Investments 2.66 4.76 15.16 8.68 3.12 0.44
Income from mutual Funds
Income from other investments
Diminution in carrying cost of investments
Sale of Scrap - Other Income
Service Fee
Gain on Forward Contracts/Forex
Foreign Exchange Gains 0.35 51.88
Lease / Rental Income
Grants from Government
Transfer from capital reserve / Capital grants
Bad debts recovered
Provision Written Back 2.65 0.92 0.29 0.03
Claims Received 0.80
Others 0.09 1.05 1.33 1.85 0.12 0.31

Total 13.27 19.44 36.59 54.38 76.50 97.83 55.04 65.26 76.22
INVENTORY
Raw Materials 88.48 56.12 161.09 41.68 369.38 137.76 0.0
Stores and Spare 2.86 11.59 13.88 16.71 16.20 17.32
Goods in transit 35.33 36.18 34.96 32.56 0.00 67.18
Total 126.66 103.90 209.93 90.95 385.58 222.26 480.44 666.92 871.15
Inventory Turnover 12.7 29.8 22.6 61.2 19.1 43.5
Inventory Holding Days (In days) 28.65 12.26 16.14 5.96 19.08 8.39 15 15 15
Volume
SUNDRY DEBTORS Mar-05 Mar-06 Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13
Sundry Debtors 119.65 127.75 331.29 332.99 671.15 503.48 644.33 888.98 1163.24
DEBTORS TURNOVER 16.26 30.04 16.63 19.69 12.56 21.15
Debtors turnover days 22.45 12.15 21.95 18.54 29.06 17.26 18 18 18
SUNDRY CREDITORS Mar-05 Mar-06 Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13
Sundry Creditors 350.55 136.85 312.52 338.79 571.51 604.26 823.30 1135.92 1486.36
Creditors turnover 4.60 22.60 15.19 16.43 12.91 15.99
Creditors Holding period 79.30 16.15 24.03 22.21 28.28 22.82 23 23 23

Petronet LNG Ltd. Quarterly-Y-O-Y(%)-Standalone- [INR-Crore]
DESCRIPTION Mar-09 Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 9M FY11
Gross Sales 2654.88 2612.38 3406.66 2213.00 2385.46 2525.96 3057.72 3600.45 9184.13
Less: Excise Duty 0.00 0.00 0.00
Net Sales 2654.88 2612.38 3406.66 2213.00 2385.46 2525.96 3057.72 3600.45 9184.13
Other operating income 0.00 0.00 31.60 0.00 27.19 27.19
Net Sales & Other Operating Income 2654.88 2612.38 3406.66 2244.59 2385.46 2525.96 3057.72 3627.64 9211.32
Total Expenditure 2313.16 2430.61 3152.93 2035.84 2183.25 2278.23 2786.09 3282.03 8346.35
(Increase) / Decrease In Stocks 0.00 0.00 0.00
Purchase of Finished Goods 0.00 0.00 0.00
Cost of Services & Raw Materials 2253.27 2401.97 3118.95 2002.60 2141.25 2233.27 2754.73 3238.91 8226.91
84.9% 91.9% 91.6% 90.5% 89.8% 88.4% 90.1% 90.0% 89.6%
Excise Duty 0.00 0.00 0.00
Operating & Manufacturing Expenses 51.45 24.55 29.90 29.12 33.86 37.63 26.07 37.39 101.09
Electricity, Power & Fuel Cost 0.00 0.00 0.00
Employee Cost 8.44 4.09 4.08 4.12 8.14 7.34 5.29 5.73 18.36
General Administration Expenses 0.00 0.00 0.00
Selling & Distribution Expenses 0.00 0.00 0.00
Loss on Foreign Exchange 0.00 0.00 0.00
Loss on Foreign Exchange Loan 0.00 0.00 0.00
Miscellaneous Expenses 0.00 0.00 0.00
PBIDT (Excl OI) 341.72 181.77 253.73 208.75 202.20 247.72 271.63 345.61 864.96
Other Income 19.92 28.84 19.08 16.73 33.18 12.59 18.59 5.41 36.59
Operating Profit 361.64 210.62 272.81 225.48 235.38 260.32 290.22 351.02 901.56
Interest 26.54 28.35 51.08 53.40 51.10 49.81 49.48 50.70 149.99
0.00
Exceptional Items 0.00 0.00 0.00
PBDT 335.11 182.27 221.73 172.08 184.28 210.51 240.74 300.32 751.57
Depreciation 25.30 25.61 43.05 46.56 45.64 46.13 46.61 46.48 139.22
PBT 309.80 156.66 178.68 125.51 138.64 164.37 194.12 253.84 612.33
Tax 105.45 53.35 58.00 42.30 41.35 53.00 63.00 83.00 199.00
Profit After Tax 204.35 103.31 120.68 83.21 97.29 111.37 131.12 170.84 413.33
Extraordinary Items 0.00 0.00 0.00
Prior Period Expenses 0.00 0.00 0.00
Other Adjustments 0.00 0.00 0.00
Net Profit (after Extraordinary Items) 204.35 103.31 120.68 83.21 97.29 111.37 131.12 170.84 413.33
0.00

Equity Capital 750.00 750.00 750.00 750.00 750.00 750.00 750.00 750.00 2250.00
Face Value (In Rs) 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00 30.00
Reserves 0.00 0.00 0.00 0.00 0.00 0.00
0.00
Basic EPS before Extraordinary Items 2.72 1.38 1.61 1.11 1.30 1.48 1.75 2.28 5.51
Basic EPS after Extraordinary Items 2.72 1.38 1.61 1.11 1.30 1.48 1.75 2.28 5.51
Calculated EPS (Unit.Curr.) 2.72 1.38 1.61 1.11 1.30 1.48 1.75 2.28 5.51
Calculated EPS Annualised (Unit.Curr.) 10.90 5.51 6.44 4.44 5.19 5.94 6.99 9.11 22.04
Adj Calculated EPS (Unit.Curr.) 2.72 1.38 1.61 1.11 1.30 1.48 1.75 2.28 5.51
Adj Calculated EPS Annualised (Unit.Curr.) 10.90 5.51 6.44 4.44 5.19 5.94 6.99 9.11 22.04
Diluted EPS before Extraordinary Items 2.72 1.38 1.61 1.11 1.30 1.48 1.75 2.28 5.51
Diluted EPS after Extraordinary Items 2.72 1.38 1.61 1.11 1.30 1.48 1.75 2.28 5.51
Number of Public Share Holding ######### ######## ######## ######## ######## ######## ######## ########
% of Public Share Holding 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00
PBIDTM% (Excl OI) 12.87 6.96 7.45 9.30 8.48 9.81 8.88 9.53
PBIDTM% 13.62 8.06 8.01 10.05 9.87 10.31 9.49 9.68
PBDTM% 12.62 6.98 6.51 7.67 7.73 8.33 7.87 8.28
PBTM% 11.67 6.00 5.24 5.59 5.81 6.51 6.35 7.00
PATM% 7.70 3.95 3.54 3.71 4.08 4.41 4.29 4.71
Promoters No of Shares 0.00 0.00
Pledged / Encumbered
Encumbered No of Shares 0.00 0.00
Encumbered % of Promoter Holdings
Encumbered % of Share Capital
Non Encumbered 0.00 0.00
Non Encumbered No of Shares ######### ######## ######## ######## ######## ######## ######## ########
Non Encumbered % of Promoter Holdings 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Non Encumbered % of Share Capital 50.00 650.00 50.00 50.00 50.00 50.00 50.00 50.00
Type Reported Reported Reported Reported Reported Reported Reported Reported
Notes Notes Notes Notes Notes Notes Notes Notes

Forecasted Reported
Mar-11 FY11 9MFY10
3854.2 13038.3 8232.04
0.00 Y/E March, Fig in Rs. Cr Q3FY11 Q3FY10 YoY (%) 9MFY11 9MFY10 YoY (%) FY10
3854.2 13038.3 8232.04 Net Sales 3627.6 2244.6 61.6% 9211.3 8263.6 11.5% 10649.1
31.60 Total Expenditure 3282.0 2035.8 61.2% 8346.4 7619.4 9.5% 9802.6
3854.2 13065.5 8263.63 EBDITA 345.6 208.8 65.6% 865.0 644.3 34.3% 846.5
7619.38 EBDITA Margin 9.5% 9.3% 9.4% 7.8% 7.9%
0.00 Other Income 5.4 16.7 -67.7% 36.6 64.7 -43.4% 97.8
0.00 PBDIT 351.0 225.5 55.7% 901.6 708.9 27.2% 944.3
3463.75 11690.66 7523.52 Depreciation 46.5 46.6 -0.2% 139.2 115.2 20.8% 160.9
89.9% 2.74 Interest 50.7 53.4 -5.1% 150.0 115.2 30.2% 184.0
0 0.00 PBT 253.8 125.5 102.2% 612.3 478.5 28.0% 599.5
83.57 Tax Provisions 83.0 42.3 96.2% 199.0 153.7 29.5% 195.0
0.00 Reported PAT 170.8 83.2 105.3% 413.3 324.8 27.3% 404.5
6 12.29 PAT Margin 4.7% 3.7% 4.5% 3.9% 3.8%
0.00
0.00
0.00
0.00
0.00
644.25
64.65
708.91
132.83
0.00
0.00
576.08
185.6266667 115.22
460.85
153.65
307.20
0.00
0.00
0.00
307.20

Domestic
Natural Gas
Particulars (MMSCMD) 2010-11 2011-12 2012-13 2013-14 2014-15
Demand 178.9 253.4 306.4 341.1 381
Supply 146 155 191.6 198.4 202.9
BP Statistical Review
Global (BCM)
Particulars 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Supply 2332 2412.6 2477.5 2520.2 2617.2 2694 2779.5 2880.2 2954.7 3060.8 2987
Demand 2321.3 2410.8 2455.3 2516.5 2600.9 2681.4 2767.5 2829.5 2937.1 3010.8 2940.4
India (BCM)
Particulars 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Supply 25.1 26.4 26.4 27.6 29.5 29.2 29.6 29.3 30.1 30.5 39.3
Demand 25.1 26.4 26.4 27.6 29.5 31.9 35.7 37.3 40.1 41.3 51.9
0
50
100
150
200
250
300
350
400
450
2010-11 2011-12 2012-13 2013-14 2014-15
Demand Supply
2000
2100
2200
2300
2400
2500
2600
2700
2800
2900
3000
3100
3200
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Supply Demand
In BCM
50
60

Another View
Particulars 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011e 2012e 2013e 2014e
Supply 70.28 73.92 73.92 77.28 82.6 81.76 82.88 82.04 84.28 85.4 110.04 146 155 191.6 198.4 202.9
Demand 70.28 73.92 73.92 77.28 82.6 89.32 99.96 104.44 112.28 115.64 145.32 178.9 253.4 306.4 341.1 381
Demand- Supply Gap 0 0 0 0 0 7.56 17.08 22.4 28 30.24 35.28 32.9 98.4 114.8 142.7 178.1
Demand growth rate 5.2% 0.0% 4.5% 6.9% -1.0% 1.4% -1.0% 2.7% 1.3% 28.9% 32.7% 6.2% 23.6% 3.5% 2.3%
Supply growth rate 5.2% 0.0% 4.5% 6.9% -1.0% 1.4% -1.0% 2.7% 1.3% 28.9% 32.7% 6.2% 23.6% 3.5% 2.3%
0.401824
Year Coal Oil Gas Hydel Nuclear
1997-98 55 35 7 2 1
2001-02 50 32 15 2 1
2006-07 50 32 15 2 1
2010-11 53 30 14 2 1
2024-25 50 25 20 2 3
0
10
20
30
40
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Supply Demand
0
50
100
150
200
250
300
350
400
450
Supply Demand
Widening Demand
Supply Gap
In mmscmd
0
20
40
60
80
100
120
1997-98 2001-02 2006-07 2010-11 2024-25
Coal Oil Gas Hydel Nuclear
In (%)
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
0
50
100
150
200
250
Supply Supply growth rate
In mmscmd

Sector Wise demand break up in natural gas in India
Sector 2009-10 2010-11e 2011-12e 2012-13e 2013-14e 2014-15e
Power 66.6 68.8 74.6 87.1 96.8 104.8 3.3% 8.4% 16.8% 11.1% 8.3%
Fertilizer 42.9 44.4 44.4 56 57.5 6 3.5% 0.0% 26.1% 2.7% -89.6%
Captive Power 12.1 13.8 15.7 17.7 19.9 22.3 14.0% 13.8% 12.7% 12.4% 12.1%
City gas distribution 10.1 14.4 16.8 21.3 25.8 31.8 42.6% 16.7% 26.8% 21.1% 23.3%
Refinery 11.4 30 42 52 54 58 163.2% 40.0% 23.8% 3.8% 7.4%
Petrochemicals 6.7 8.7 8.7 12.6 13.5 13.5 29.9% 0.0% 44.8% 7.1% 0.0%
Sponge iron 6.3 7.1 7.4 7.5 7.5 7.6 12.7% 4.2% 1.4% 0.0% 1.3%
156.1 187.2 209.6 254.2 275 244 19.9% 12.0% 21.3% 8.2% -11.3%
0
50
100
150
200
250
300
2009-10 2010-11e 2011-12e 2012-13e 2013-14e 2014-15e
Power Fertilizer Captive Power
City gas distribution Refinery Petrochemicals
Sponge iron
In mmscmd
-100.0%
-75.0%
-50.0%
-25.0%
0.0%
25.0%
50.0%
2010-11e 2011-12e 2012-13e 2013-14e 2014-15e
Power Fertilizer Captive Power City gas distribution

Date JCC prices (USD/bbl) LNG CIF Prices (USD/mmbtu) Price to customers
2/28/1999 11.46 2.70 23.6% 4.5
3/31/1999 11.23 2.76 24.6% 4.5
4/30/1999 12.91 2.78 21.5% 4.5
5/31/1999 15.52 2.76 17.8% 4.5
6/30/1999 16.34 2.75 16.8% 4.5
7/31/1999 16.67 2.86 17.2% 4.6
8/31/1999 18.51 3.09 16.7% 4.9
9/30/1999 20.21 3.27 16.2% 5.1
10/31/1999 22.54 3.44 15.3% 5.2
11/30/1999 23.12 3.61 15.6% 5.4
12/31/1999 24.66 3.9 15.8% 5.7
1/31/2000 25.69 4.13 16.1% 6.0
2/29/2000 25.9 4.33 16.7% 6.2
3/31/2000 26.82 4.5 16.8% 6.4
4/30/2000 27.23 4.67 17.2% 6.6
5/31/2000 25.12 4.77 19.0% 6.7
6/30/2000 27.38 4.83 17.6% 6.7
7/31/2000 29.28 4.82 16.5% 6.7
8/31/2000 29.03 4.76 16.4% 6.7
9/30/2000 29.26 4.75 16.2% 6.6
10/31/2000 31.58 4.82 15.3% 6.7
11/30/2000 32.36 4.9 15.1% 6.8
12/31/2000 31.93 4.95 15.5% 6.9 Correlation
1/31/2001 25.59 5.03 19.7% 6.9 0.84
2/28/2001 25.14 5.08 20.2% 7.0
3/31/2001 26.07 4.95 19.0% 6.9
4/30/2001 25.91 4.65 17.9% 6.5
5/31/2001 26.19 4.53 17.3% 6.4
6/30/2001 27.62 4.49 16.3% 6.4
7/31/2001 27.69 4.51 16.3% 6.4
8/31/2001 25.98 4.41 17.0% 6.3
9/30/2001 26.08 4.44 17.0% 6.3
10/31/2001 25.71 4.5 17.5% 6.4
11/30/2001 22.31 4.55 20.4% 6.4
12/31/2001 19.64 4.45 22.7% 6.3
1/31/2002 19.28 4.45 23.1% 6.3
2/28/2002 19.88 4.23 21.3% 6.1
3/31/2002 20.42 3.88 19.0% 5.7
4/30/2002 23.2 3.8 16.4% 5.6
5/31/2002 25.57 3.8 14.9% 5.6
6/30/2002 26.21 4 15.3% 5.8
7/31/2002 25.86 4.21 16.3% 6.1
8/31/2002 26.19 4.44 17.0% 6.3 Average JCC Prices USD/bbl
9/30/2002 26.74 4.5 16.8% 6.4 2000 17.6 USD/mmbtu
10/31/2002 28 4.52 16.1% 6.4 2001 28.5 Fixed Component 2.53
11/30/2002 28.13 4.53 16.1% 6.4 2002 25.3
12/31/2002 26.05 4.59 17.6% 6.5 2003 24.6
1/31/2003 28.25 4.58 16.2% 6.5 2004 29.1
2/28/2003 30.59 4.59 15.0% 6.5 2005 36.4
3/31/2003 32.61 4.6 14.1% 6.5 2006 51.0
4/30/2003 30.86 4.65 15.1% 6.5 2007 64.1
5/31/2003 27.43 4.78 17.4% 6.7 2008 69.0
6/30/2003 27.08 4.87 18.0% 6.8 2009 102.4
7/31/2003 27.58 4.81 17.4% 6.7 2010 60.6
8/31/2003 28.38 4.64 16.3% 6.5 2011 79.2
9/30/2003 29.19 4.62 15.8% 6.5 2012 85.0
10/31/2003 27.93 4.61 16.5% 6.5 2013 85.0
11/30/2003 29.49 4.67 15.8% 6.6 Price at which LNG is procured
12/31/2003 30.23 4.68 15.5% 6.6 Month 2010 2011 2012 2013
1/31/2004 30.89 4.7 15.2% 6.6 Jan 3.29 4.78 6.21 7.41
2/29/2004 31.9 4.71 14.8% 6.6 Feb 3.35 4.87 6.31 7.51
3/31/2004 31.55 4.78 15.2% 6.7 March 3.41 4.96 6.41 7.60
4/30/2004 33.48 4.85 14.5% 6.8 April 3.47 5.05 6.51 7.70
5/31/2004 34.39 4.91 14.3% 6.8 May 3.53 5.14 6.61 7.80
6/30/2004 37.12 4.9 13.2% 6.8 June 3.59 5.23 6.71 7.90
7/31/2004 36.7 4.96 13.5% 6.9 July 3.65 5.31 6.81 8.00
8/31/2004 37.67 5.12 13.6% 7.0 August 3.71 5.40 6.91 8.10
9/30/2004 41.3 5.18 12.5% 7.1 September 3.77 5.49 7.01 8.20
10/31/2004 39.91 5.23 13.1% 7.2 October 3.82 5.58 7.11 8.30
11/30/2004 41.9 5.29 12.6% 7.2 November 3.88 5.67 7.21 8.40
12/31/2004 39.89 5.49 13.8% 7.4 December 3.94 5.76 7.31 8.50
1/31/2005 38.42 5.48 14.3% 7.4
2/28/2005 41.11 5.48 13.3% 7.4
3/31/2005 42.57 5.43 12.8% 7.4 Landed Price
4/30/2005 48.5 5.43 11.2% 7.4 Month 2010 2011 2012 2013
5/31/2005 51.19 5.46 10.7% 7.4 Jan 3.7 5.3 6.8 8.1
USD/mmbtu
LNG prices are determined by JCC crude price and bear a
relationship similar to
LNG Price = A* JCC+ B
0
20
40
60
80
100
120
140
160
2/1/1999
8/1/1999
2/1/2000
8/1/2000
2/1/2001
8/1/2001
2/1/2002
8/1/2002
2/1/2003
8/1/2003
2/1/2004
8/1/2004
2/1/2005
8/1/2005
2/1/2006
8/1/2006
2/1/2007
8/1/2007
2/1/2008
8/1/2008
2/1/2009
8/1/2009
2/1/2010
8/1/2010
LNG CIF Prices (USD/mmbtu) JCC prices (USD/bbl)
0.0
5.0
10.0
15.0
20.0
25.0
LNG Prices
Price to customers
LNG Cost

6/30/2005 49.44 5.67 11.5% 7.6 Feb 3.8 5.4 6.9 8.2
7/31/2005 53.28 5.86 11.0% 7.8 March 3.9 5.5 7.0 8.3
8/31/2005 55.51 6.03 10.9% 8.0 April 3.9 5.6 7.1 8.4
9/30/2005 59.38 6.3 10.6% 8.3 May 4.0 5.7 7.2 8.5
10/31/2005 59.89 6.29 10.5% 8.3 June 4.0 5.8 7.3 8.6
11/30/2005 57.58 6.47 11.2% 8.5 July 4.1 5.9 7.4 8.7
12/31/2005 54.73 6.63 12.1% 8.7 August 4.2 6.0 7.5 8.8
1/31/2006 56.39 6.67 11.8% 8.7 September 4.2 6.1 7.6 8.9
2/28/2006 61.08 7.91 13.0% 10.0 October 4.3 6.1 7.7 9.0
3/31/2006 61.03 6.94 11.4% 9.0 November 4.4 6.2 7.9 9.1
4/30/2006 61.3 7 11.4% 9.1 December 4.4 6.3 8.0 9.2
5/31/2006 66.53 7.63 11.5% 9.7 Dahej Terminal
6/30/2006 67.81 7.96 11.7% 10.1 Regasification Margin FY10 FY11E FY12E FY13E FY14E
7/31/2006 67.96 7.33 10.8% 9.4 Price to the customers-----Dahej USD/mmbtu 0.71 0.75 0.78 0.82 0.86
8/31/2006 71.84 8.18 11.4% 10.3 Month 2010 2011 2012 2013 Rs/mmbtu 32.0 33.5 35.2 37.0
9/30/2006 72.06 8.36 11.6% 10.5 Jan 5.1 7.5 8.6 10.1 45
10/31/2006 64.44 8.18 12.7% 10.3 Feb 5.2 7.6 8.8 10.2
11/30/2006 59.87 7.44 12.4% 9.5 March 5.3 7.7 8.9 10.3 Marketing Margin Q4FY11 FY11E FY12E FY13E FY14E
12/31/2006 58.54 7.7 13.2% 9.8 April 5.3 7.3 9.0 10.5 USD/mmbtu 0.60 0.10 0.10 0.10 0.10
1/31/2007 60.43 7.66 12.7% 9.8 May 5.4 7.4 9.2 10.6 Rs/mmbtu 27.0 4.5 4.5 4.5 4.5
2/28/2007 55.08 7.29 13.2% 9.4 June 5.5 7.5 9.3 10.7 45
3/31/2007 57.05 7.59 13.3% 9.7 July 5.5 7.6 9.4 10.9
4/30/2007 60.85 7.76 12.8% 9.9 August 5.6 7.7 9.5 11.0 Kochi Terminal
5/31/2007 65.66 7.93 12.1% 10.1 September 5.7 7.8 9.6 11.1 Regasification Margin FY10 FY11E FY12E FY13E FY14E
6/30/2007 67.49 7.78 11.5% 9.9 October 5.7 7.9 9.8 11.2 USD/mmbtu 0.00 1.15 1.21 1.27
7/31/2007 69.38 8.04 11.6% 10.2 November 5.8 8.0 9.9 11.3 Rs/mmbtu 0.0 51.8 54.3 57.1
8/31/2007 72.24 8.28 11.5% 10.4 December 5.9 8.1 10.0 11.4
9/30/2007 71.12 8.81 12.4% 11.0
10/31/2007 76.24 8.27 10.8% 10.4 Spot Volumes FY11 FY12 FY13
11/30/2007 81.25 8.45 10.4% 10.6 SP 8 9.00 10
12/31/2007 90.84 9.51 10.5% 11.8 Cost 7 7.50 8
1/31/2008 91.15 9.63 10.6% 11.9
2/29/2008 92.85 10.28 11.1% 12.6 Price to the customers-----KOCHI
3/31/2008 95.39 10.58 11.1% 12.9 Month 2010 2011 2012 2013
4/30/2008 100.97 12.14 12.0% 14.6 Jan 5.1 6.9 9.1 10.5
5/31/2008 107.88 12.41 11.5% 14.9 Feb 5.2 7.0 9.2 10.7
6/30/2008 121.9 12.6 10.3% 15.1 March 5.3 7.1 9.4 10.8
7/31/2008 131.67 13.05 9.9% 15.6 April 5.3 7.3 9.5 10.5
8/31/2008 135.19 14.13 10.5% 16.7 May 5.4 7.4 9.6 10.6
9/30/2008 120.61 15.56 12.9% 18.2 June 5.5 7.5 9.7 10.7
10/31/2008 102.56 15.66 15.3% 18.4 July 5.5 7.6 9.8 10.8
11/30/2008 73.72 16.21 22.0% 18.9 August 5.6 7.7 10.0 10.9
12/31/2008 54.87 16.5 30.1% 19.3 September 5.7 7.2 10.1 11.0
1/31/2009 43.17 15.59 36.1% 18.3 October 5.7 7.3 10.8 11.8
2/28/2009 45.31 14.41 31.8% 17.0 November 5.8 8.0 10.3 11.3
3/31/2009 44.39 12.39 27.9% 14.8 December 5.9 8.1 10.4 11.4
4/30/2009 47.43 10.85 22.9% 13.2
5/31/2009 52.25 8.52 16.3% 10.7 7.98
6/30/2009 59.36 7.99 13.5% 10.1
7/31/2009 69.91 8.37 12.0% 10.5 LNG Prices ( in $/mmbtu) Jan-11 Jan-12 Jan-13 Jan-14
JCC @ USD 85/bbl
Fixed Component 1.5 1.0 0.5 0.0
Variable Component 3.3 5.2 7.0 8.5
LNG Price 4.8 6.2 7.4 8.5
JCC @ USD 100/bbl
8/31/2009 68 8.99 13.2% 11.2 Fixed Component 1.5 1.0 0.5 0.0
9/30/2009 73.01 10.39 14.2% 12.7 Variable Component 4.2 6.2 8.2 10.0
10/31/2009 70.18 11.11 15.8% 13.5 LNG Price 5.6 7.1 8.6 10.0
11/30/2009 74.76 11.42 15.3% 13.8 JCC @ USD 115/bbl
12/31/2009 79.43 11.65 14.7% 14.0 Fixed Component 1.5 1.0 0.5 0.0
1/31/2010 77.68 11.98 15.4% 14.4 Variable Component 4.8 7.1 9.4 11.5
2/28/2010 78.89 12.52 15.9% 15.0 LNG Price 6.3 8.1 9.9 11.5
3/31/2010 76.34 12.45 16.3% 14.9
4/30/2010 79.87 12.78 16.0% 15.3
5/31/2010 85 12.94 15.2% 15.4
6/30/2010 79.9 12.33 15.4% 14.8 SPOT VOLUMES FY11 FY12
7/31/2010 76.33 12.53 16.4% 15.0 Price 11.5 12
8/31/2010 74.7 13.18 17.6% 15.7 Landed Cost 12.4 12.89139
9/30/2010 76.01 12.34 16.2% 14.8 Regasification Charges 0.78 0.82
10/31/2010 77.25 11.91 15.4% 14.3 Marketing margin 0.5 0.5
11/30/2010 82.24 11.62 14.1% 14.0 LNG Price Post Charges 13.6 14.2
12/31/2010 85.91 0.0% CST @ 2% 0.27 0.28
1/31/2011 91.78 12.14 13.2% LNG post CST 13.92 14.50
Transmission Charges 0.6 0.65
Service charge 0.06 0.07
LNG Selling price 14.58 15.21
Insurance & Freight
- $ 0.26/mmbtu
Import Duty
5.15%
Landed Cost
Landed Cost +
Regasification margin
Marketing Margin
CST@ 2%
Transmission Charges
@ 0.60/mmbtu
Service Tax @
10.30%

In tonnes
Date Qatar Algeria Australia Egypt Malaysia Norway Yemen Oman Total In BCM In mmscmd In MMTPA LNG Price (USD/mmbtu)
1/31/2004 60000 60000 0.05 0.14 0.06 4.7
3/31/2004 120000 120000 0.10 0.28 0.12 4.71 Total LNG Volumes (in tonnes)
4/30/2004 60000 60000 0.05 0.14 0.06 4.78
5/31/2004 182000 182000 0.15 0.42 0.18 4.85
6/30/2004 182000 182000 0.15 0.42 0.18 4.91
7/31/2004 182000 182000 0.15 0.42 0.18 4.9
8/31/2004 182000 182000 0.15 0.42 0.18 4.96
9/30/2004 182000 182000 0.15 0.42 0.18 5.12
10/31/2004 242000 242000 0.20 0.56 0.24 5.18
11/30/2004 242000 242000 0.20 0.56 0.24 5.23
12/31/2004 121000 121000 0.10 0.28 0.12 5.29
1/31/2005 242000 242000 0.20 0.56 0.24 5.49
2/28/2005 182000 182000 0.15 0.42 0.18 5.48
3/31/2005 363000 59000 422000 0.35 0.98 0.42 5.48
4/30/2005 60000 60000 0.05 0.14 0.06 5.43
5/31/2005 420000 55000 475000 0.39 1.10 0.48 5.43
6/30/2005 420000 420000 0.35 0.98 0.42 5.46
7/31/2005 360000 360000 0.30 0.84 0.36 5.67
8/31/2005 360000 360000 0.30 0.84 0.36 5.86
9/30/2005 420000 420000 0.35 0.98 0.42 6.03
10/31/2005 250000 50000 300000 0.25 0.70 0.30 6.3
11/30/2005 420000 420000 0.35 0.98 0.42 6.29
12/31/2005 420000 420000 0.35 0.98 0.42 6.47
1/31/2006 420000 420000 0.35 0.98 0.42 6.63
2/28/2006 360000 360000 0.30 0.84 0.36 6.67
3/31/2006 244000 244000 0.20 0.57 0.24 7.91
4/30/2006 363036 363036 0.30 0.84 0.36 6.94
5/31/2006 433026 62865 64895 560786 0.47 1.30 0.56 7
6/30/2006 433026 60000 493026 0.41 1.15 0.49 7.63
7/31/2006 441000 122300 66200 629500 0.52 1.46 0.63 7.96
8/31/2006 378000 378000 0.31 0.88 0.38 7.33
9/30/2006 441000 63000 62500 63000 629500 0.52 1.46 0.63 8.18
10/31/2006 570200 122800 59800 752800 0.62 1.75 0.75 8.36
11/30/2006 573400 573400 0.48 1.33 0.57 8.18
12/31/2006 504000 63000 63000 630000 0.52 1.46 0.63 7.44
1/31/2007 364290 63945 428235 0.36 1.00 0.43 7.7
2/28/2007 492994 60000 63945 616939 0.51 1.43 0.62 7.66
3/31/2007 604617 62000 64000 730617 0.61 1.70 0.73 7.29
4/30/2007 432212 127890 560102 0.46 1.30 0.56 7.59
5/31/2007 732858 732858 0.61 1.70 0.73 7.76
6/30/2007 682159 122638 804797 0.67 1.87 0.80 7.93
7/31/2007 551000 61000 612000 0.51 1.42 0.61 7.78
8/31/2007 679000 679000 0.56 1.58 0.68 8.04
9/30/2007 616000 616000 0.51 1.43 0.62 8.28
10/31/2007 617000 617000 0.51 1.43 0.62 8.81
11/30/2007 551093 551093 0.46 1.28 0.55 8.27
12/31/2007 551000 62000 613000 0.51 1.42 0.61 8.45
1/31/2008 550809 64254 63945 679008 0.56 1.58 0.68 9.51
2/29/2008 553984 63945 617929 0.51 1.44 0.62 9.63
3/31/2008 614842 60402 68134 743378 0.62 1.73 0.74 10.28
4/30/2008 617841 60402 678243 0.56 1.58 0.68 10.58
5/31/2008 621855 60402 682257 0.57 1.59 0.68 12.14
6/30/2008 371540 55623 427163 0.35 0.99 0.43 12.41
7/31/2008 555420 61000 63945 680365 0.56 1.58 0.68 12.6
8/31/2008 492994 60858 63945 617797 0.51 1.44 0.62 13.05
9/30/2008 492971 61000 553971 0.46 1.29 0.55 14.13
10/31/2008 492969 62925 65805 63945 685644 0.57 1.59 0.69 15.56
11/30/2008 426094 63945 490039 0.41 1.14 0.49 15.66
12/31/2008 491513 60402 551915 0.46 1.28 0.55 16.21
1/31/2009 304290 64254 368544 0.31 0.86 0.37 16.5
2/28/2009 490205 490205 0.41 1.14 0.49 15.59
3/31/2009 717918 63945 119520 901383 0.75 2.09 0.90 14.41
4/30/2009 465427 123775 589202 0.49 1.37 0.59 12.39
5/31/2009 566068 566068 0.47 1.32 0.57 10.85
6/30/2009 374254 248656 622910 0.52 1.45 0.62 8.52
7/31/2009 657750 122402 780152 0.65 1.81 0.78 7.99
8/31/2009 745789 180745 59609 986143 0.82 2.29 0.99 8.37
9/30/2009 750000 57000 62000 869000 0.72 2.02 0.87 8.99
10/31/2009 488000 191000 679000 0.56 1.58 0.68 10.39
11/30/2009 428000 64000 492000 0.41 1.14 0.49 11.11
12/31/2009 580000 580000 0.48 1.35 0.58 11.42
1/31/2010 737000 737000 0.61 1.71 0.74 11.65
2/28/2010 580000 580000 0.48 1.35 0.58 11.98
3/31/2010 700000 700000 0.58 1.63 0.70 12.52
4/30/2010 502310 73000 575310 0.48 1.34 0.58 12.45
5/31/2010 570000 570000 0.47 1.32 0.57 12.78
6/30/2010 663000 663000 0.55 1.54 0.66 12.94
7/31/2010 636683 636683 0.53 1.48 0.64 12.33
8/31/2010 636683 70560 707243 0.59 1.64 0.71 12.53
9/30/2010 630000 630000 0.52 1.46 0.63 13.18
10/31/2010 785000 785000 0.65 1.82 0.79 12.34
11/30/2010 663000 663000 0.55 1.54 0.66 11.91
12/31/2010 631000 64000 695000 0.58 1.62 0.70 11.62
1/31/2011 722000 61000 783000 0.65 1.82 0.78 12.14
0
2
4
6
8
10
12
14
16
18
0
200000
400000
600000
800000
1000000
1200000
Total LNG Volumes (in tonnes) LNG Price (USD/mmbtu)

Product FY05 FY06 FY07 FY08 FY09 FY10
Capacity 5.0 5.0 5.0 5.0 5.0 10.0
Production 2.5 4.9 5.6 6.3 6.3 7.6
Capacity Utilization 49% 98% 112% 126% 126% 76%
Sales 1945.3 3837.2 5500.6 6555.3 8428.7 10602.9
Realizations (Rs crore per MMTPA) 794.0 783.1 982.3 1040.5 1340.0 1404.4
Realizations (Rs per mmbtu) 283.6 279.7 350.8 371.6 478.6 501.6
DAHEJ LNG TERMINAL Q4FY11 Q1FY12 Q2FY12 Q3FY12 Q4FY12 Q1FY13 Q2FY13 Q3FY13 Q4FY13
Capacity in MMTPA 10 10 10 10 10 10 10 10 10
Capacity Utilization (%) 100% 93% 93% 93% 93% 93% 93% 93% 93%
Production in MMTPA 2.5 2.3 2.3 2.3 2.3 2.3 2.3 2.3 2.3
LNG price realization USD/mmbtu 7.68 7.78 8.02 8.26 8.83 9.37 9.64 9.90 10.17 2.7%
Revenue 4394.7 4139.6 4460.7 4593.7 4907.9 5212.6 5359.9 5507.2 5654.5
KOCHI LNG TERMINAL Q4FY11 Q1FY12 Q2FY12 Q3FY12 Q4FY12 Q1FY13 Q2FY13 Q3FY13 Q4FY13
Capacity in MMTPA 2.5 2.5 2.5 2.5 5
Capacity Utilization (%) 0% 30% 30% 30% 40%
Production in MMTPA 0.2 0.2 0.2 0.5
LNG price realization 9.70 9.96 10.39 10.49 1.0%
Revenue 435.0 446.8 466.1 1254.9
SPOT CARGOES FY12E FY13E
No of spot cargoes 10 12
Volumes per cargo 0.066 0.066 Additional 10 depending on the demand
Volumes transported 0.66 0.66
Spot Cargo Selling Price USD/mmbtu 14.58 15.21
Revenue 2201.7 2297.2
CST 41.2 42.9
Service tax 9.3 10.1
Net Revenue 2151.2 2244.2
Landed Cost 12.36564 12.89139
Raw Material Cost 1867.3 1946.7
Particulars Q4FY11 FY12 FY13
Gross Sales 4394.7 18101.9 24337.1
Sales tax 87.9 362.0 486.7
Service Tax 452.7 1864.5 2506.7
Net Sales 3854.2 18026.6 23587.9
Raw Material Required 1.89 1.74 1.76 1.77 1.80 1.99 2.01 2.02 2.04
DAHEJ LNG TERMINAL Q4FY11 Q1FY12 Q2FY12 Q3FY12 Q4FY12 Q1FY13 Q2FY13 Q3FY13 Q4FY13 Q1FY14 Q2FY14 Q3FY14 Q4FY14
LNG Procurement Price 5.79 6.04 6.27 6.49 7.03 7.38 7.63 7.88 8.13 3.2%
Cost of Raw Materials 3463.8 3358.2 3484.3 3610.4 3908.3 4103.5 4243.2 4382.8 4522.5
Kochi Terminal Q4FY11 Q1FY12 Q2FY12 Q3FY12 Q4FY12 Q1FY13 Q2FY13 Q3FY13 Q4FY13
Cost of Raw Materials 330.9 342.2 353.5 972.6
LNG Cost 8.05 8.21 8.38 8.54 8.71 8.89 9.07 9.25 9.43 9.62 9.81 10.01 10.21 10.41
LNG RATE 10.49 10.70 10.91 11.13 11.35 11.58 11.81 12.05 12.29 12.54 12.79 13.04 13.30 13.57
VOLUME 3.5 4.75 5 5 5 5 5 5 5 5 5 5 5 5
KOCHI TERMINAL
Particulars FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27
Revenue 2602.9 8782.2 12157.1 13052.9 13314.0 13580.2 13851.8 14128.9 14411.5 14699.7 14993.7 15293.6 15599.4 15911.4 16229.6
Tax 268.1 904.6 1252.2 1344.4 1371.3 1398.8 1426.7 1455.3 1484.4 1514.1 1544.3 1575.2 1606.7 1638.9 1671.7
Net revenue 2334.8 7877.7 10904.9 11708.5 11942.6 12181.5 12425.1 12673.6 12927.1 13185.6 13449.3 13718.3 13992.7 14272.5 14558.0
Cost of Raw Materials 1999.2 6739.5 9329.3 10016.8 10217.1 10421.4 10629.9 10842.5 11059.3 11280.5 11506.1 11736.2 11971.0 12210.4 12454.6
Other Costs 78.09 263.47 364.71 391.59 399.42 407.41 415.56 423.87 432.34 440.99 449.81 458.81 467.98 477.34 486.89
Interest 102.9 164.84 174.64 184.44 194.24 204.04 213.84 223.64 233.44 243.24 253.04 262.84 272.64 282.44 292.24
Depreciation 105 168.20 178.20 188.20 198.20 208.20 218.20 228.20 238.20 248.20 258.20 268.20 278.20 288.20 298.20
PBT 49.65 541.70 858.04 927.47 933.67 940.39 947.64 955.44 963.78 972.69 982.17 992.24 1002.91 1014.18 1026.08
Tax 16.58 180.93 286.59 309.77 311.84 314.09 316.51 319.12 321.90 324.88 328.05 331.41 334.97 338.74 342.71
PAT 33.06 360.77 571.46 617.69 621.82 626.30 631.13 636.32 641.88 647.81 654.13 660.83 667.93 675.44 683.37
PAT+ Dep 138.06 528.97 749.66 805.89 820.02 834.50 849.33 864.52 880.08 896.01 912.33 929.03 946.13 963.64 981.57
LNG Cost 8.05 8.21 8.38 8.54 8.71 8.89 9.065607 9.24692 9.431858
LNG RATE 10.17 10.37 10.58 10.79 11.01 11.23 11.45 11.68 11.91
VOLUME 9.6 11 11 11 11 11 12.5 12.5 12.5
DAHEJ TERMINAL
Particulars FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22
Revenue 21734.3 23347.6 27287.5 27833.3 28389.9 28957.7 29536.9 34235.9 34920.7 35619.1
Tax 2238.6 2404.8 2810.6 2866.8 2924.2 2982.6 3042.3 3526.3 3596.8 3668.8
Revenue 19495.6 20942.8 24476.9 24966.5 25465.8 25975.1 26494.6 30709.6 31323.8 31950.3
Cost of Raw Materials 17252.1 18485.4 21604.8 22036.9 22477.6 22927.2 23385.7 27106.2 27648.3 28201.3
Other Costs 1086.71 1167.38 1364.38 1391.66 1419.50 1447.89 1476.84 1711.80 1746.03 1780.95
Interest 190 199.50 209.48 219.95 230.95 242.49 254.62 267.35 280.72 294.75
Depreciation 216.75 234.75 245.25 255.75 266.25 276.75 287.25 297.75 -307.75 317.75
PBT 750.10 855.81 1053.03 1062.21 1071.47 1080.80 1090.17 1326.58 1956.55 1355.60
Tax 250.53 285.84 351.71 354.78 357.87 360.99 364.12 443.08 653.49 452.77
PAT 499.57 569.97 701.32 707.43 713.60 719.81 726.05 883.50 1303.06 902.83
PAT+ Dep 716.32 804.72 946.57 963.18 979.85 996.56 1013.30 1181.25 995.31 1220.58
Note:
0%
50%
100%
150%
FY05 FY06 FY07 FY08 FY09 FY10
Capacity Utilization
Capacity Utilization
One LNG cargo tank of average capacity of 143384.6 cubic metres. can carry LNG and
LNG equivalent of 67,000 tonnes.
The Average Capacity of three LNG Carriers of Petronet LNG is 143384.6 cubic metres.
LNG equivalent it can carry is 66071.3 tonnes

1 tonne 52 mmbtu
1 MMTPA 52000000 mmmbto
I bcm 2.8 mmscmd
1 mmbtu 26.8 cubic metres
I mmscmd 35700 mmbtu
142800
TBTUS
112.13 90.78
13.62 0.97
MMBTUS
112130000 90780000
13620000 970000
MMTPA
2.156346154 1.745769231
0.261923077 0.018653846
2.418269231 1.764423077

PLL's Existing Contracts
Supplier
Duration
(In Years) Period
Qty. Contracted
(In MMTPA)
RasGas, Qatar 25 2004-29 5
RasGas, Qatar 25 2009-34 2.5
Gorgon LNG, Aus 20 2014-34 1.5-2.5
GAIL 60% 4.5 30% 0.45
IOC 30% 2.25 30% 0.45
BPCL 10% 0.75 40% 0.6
Total 100% 7.5 100% 1.5
417
353.6
0.056512
Dahej
% Quantity (mmtpa)
Kochi
% Quantity (mmtpa)Company
These contracts are back to back long term
sales agreement on a take or pay basis for the
sale of R LNG to the contracted off takers.

DAHEJ TERMINAL
Initial Investment 1900 Starting 2003
Spread over of period 24 Completed in 2004
Expansion Capex 1400 Starting FY06
Spread over the period 36 Completed in FY09
Dahej- Planned Expansion 900 Starting FY11
36 Will be completed in FY14
Maintainence Capex
Year Initial Investment PAT +DEP FCFF
FY03 -950 -950.00
FY04 -950 -950.00
FY05 -95 68.36 -26.64
FY06 -420.00 295.88 295.88 IRR 16%
FY07 -420.00 415.28 -4.72
FY08 -420.00 576.83 156.83
FY09 -165 565.36 400.36
FY10 -165 478.18 313.18
FY11 -150 767.71 617.71
FY12 -300 971.16 671.16
FY13 -300 716.3 416.32
FY14 -360 804.7 444.72
FY15 -210 946.6 736.57
FY16 -220.5 963.2 742.68
FY17 -221.03 979.8 758.82
FY18 -221.05 996.56 775.51
FY19 -221.05 1013.30 792.25
FY20 -221.05 1181.25 960.20
FY21 -221.05 995.31 774.26
FY22 -221.05 1220.58 999.53
Cost of Capital Calculation
Cost of Equity 9.93 0.30
Cost of Debt 8.00 0.70
Cost of Capital 8.58
Kochi Terminal
Particulars In Rs crore
Initial Investment 2100 Starting FY08
Spread over a period of 60 Months
Incremental Capex 1900 Starting Dec 2010
Spread over a period of 25 months
Maintainnence Capex

Year Initial Investment PAT +DEP FCFF
FY08 -420 -420 IRR 12%
FY09 -420 -420
FY10 -420 -420
FY11 -192 -192
FY12 -1332 -1332
FY13 -380 138.1 -241.94
FY14 -200 529.0 328.97
FY15 -200 749.7 549.66
FY16 -200 805.9 605.89
FY17 -200 820.0 620.02
FY18 -200 834.5 634.50
FY19 -200 849.3 649.33
FY20 -200 864.5 664.52
FY21 -200 880.1 680.08
FY22 -200 896.0 696.01
FY23 -200 912.3 712.33
FY24 -200 929.0 729.03
FY25 -200 946.1 746.13
FY26 -200 963.6 763.64
FY27 -200 981.6 781.57
Cost of Capital Calculation
Cost of Equity 9.93 0.30
Cost of Debt 8.00 0.70
Cost of Capital 8.58
Cost of Equity Calculation
Beta 0.8928
Rf 7.6752
Rm 10.2
Cost of Equity 9.93

2007 2008 2009 2010 2011 2012 2013
EPS 4.18 6.33 6.91 5.39 7.76 10.35 14.37
5.00 8.00 11.00 14.00 17.00
Date Close PE EPS CMP 5x 8x 11x 14x 17x x
4.18 Date Close (Unit Curr) Date
0.01 30-Mar-07 41.95 6.63 10.04 4.18 3/30/2007 41.95 20.88 33.41 45.94 58.47 71.00
02-Apr-07 41.25 6.52 9.86 4.19 4/2/2007 41.25 20.93 33.48 46.04 58.59 71.15
03-Apr-07 41.70 6.58 9.94 4.19 4/3/2007 41.70 20.97 33.55 46.13 58.71 71.30
04-Apr-07 42.05 6.64 10.01 4.20 4/4/2007 42.05 21.01 33.62 46.23 58.83 71.44
05-Apr-07 42.70 6.74 10.14 4.21 4/5/2007 42.70 21.06 33.69 46.32 58.95 71.59
09-Apr-07 45.35 7.15 10.75 4.22 4/9/2007 45.35 21.10 33.76 46.42 59.07 71.73
10-Apr-07 45.00 7.09 10.64 4.23 39,182.00 45.00 21.14 33.83 46.51 59.19 71.88
11-Apr-07 44.95 7.08 10.61 4.24 4/11/2007 44.95 21.18 33.89 46.60 59.31 72.02
12-Apr-07 44.75 7.05 10.54 4.25 4/12/2007 44.75 21.23 33.96 46.70 59.43 72.17
13-Apr-07 45.00 7.09 10.58 4.25 4/13/2007 45.00 21.27 34.03 46.79 59.55 72.32
16-Apr-07 46.45 7.31 10.90 4.26 4/16/2007 46.45 21.31 34.10 46.89 59.67 72.46
17-Apr-07 46.00 7.24 10.77 4.27 4/17/2007 46.00 21.36 34.17 46.98 59.79 72.61
18-Apr-07 45.85 7.21 10.71 4.28 4/18/2007 45.85 21.40 34.24 47.08 59.91 72.75
19-Apr-07 45.85 7.21 10.69 4.29 4/19/2007 45.85 21.44 34.31 47.17 60.03 72.90
20-Apr-07 45.60 7.17 10.61 4.30 4/20/2007 45.60 21.48 34.37 47.26 60.15 73.04
23-Apr-07 45.60 7.16 10.59 4.31 4/23/2007 45.60 21.53 34.44 47.36 60.27 73.19
24-Apr-07 45.90 7.21 10.64 4.31 4/24/2007 45.90 21.57 34.51 47.45 60.39 73.34
25-Apr-07 45.70 7.17 10.57 4.32 4/25/2007 45.70 21.61 34.58 47.55 60.51 73.48
26-Apr-07 45.40 7.12 10.48 4.33 4/26/2007 45.40 21.66 34.65 47.64 60.63 73.63
27-Apr-07 45.35 7.11 10.45 4.34 4/27/2007 45.35 21.70 34.72 47.74 60.75 73.77
30-Apr-07 45.35 7.11 10.43 4.35 4/30/2007 45.35 21.74 34.79 47.83 60.87 73.92
03-May-07 45.85 7.19 10.52 4.36 5/3/2007 45.85 21.78 34.85 47.92 60.99 74.06
04-May-07 45.90 7.19 10.51 4.37 5/4/2007 45.90 21.83 34.92 48.02 61.11 74.21
07-May-07 45.30 7.10 10.36 4.37 5/7/2007 45.30 21.87 34.99 48.11 61.23 74.36
08-May-07 44.80 7.01 10.22 4.38 5/8/2007 44.80 21.91 35.06 48.21 61.35 74.50
09-May-07 44.95 7.04 10.24 4.39 5/9/2007 44.95 21.96 35.13 48.30 61.47 74.65
10-May-07 45.80 7.17 10.41 4.40 5/10/2007 45.80 22.00 35.20 48.40 61.59 74.79
11-May-07 45.65 7.14 10.36 4.41 5/11/2007 45.65 22.04 35.27 48.49 61.71 74.94
14-May-07 47.05 7.36 10.65 4.42 5/14/2007 47.05 22.08 35.33 48.58 61.83 75.09
15-May-07 50.75 7.93 11.47 4.43 5/15/2007 50.75 22.13 35.40 48.68 61.95 75.23
16-May-07 51.75 8.08 11.67 4.43 5/16/2007 51.75 22.17 35.47 48.77 62.07 75.38
17-May-07 52.15 8.14 11.74 4.44 5/17/2007 52.15 22.21 35.54 48.87 62.19 75.52
18-May-07 51.85 8.09 11.65 4.45 5/18/2007 51.85 22.26 35.61 48.96 62.32 75.67
21-May-07 53.55 8.36 12.01 4.46 5/21/2007 53.55 22.30 35.68 49.06 62.44 75.81
22-May-07 52.85 8.24 11.83 4.47 5/22/2007 52.85 22.34 35.75 49.15 62.56 75.96
23-May-07 51.25 7.99 11.45 4.48 5/23/2007 51.25 22.38 35.81 49.24 62.68 76.11
24-May-07 50.85 7.93 11.34 4.49 5/24/2007 50.85 22.43 35.88 49.34 62.80 76.25
25-May-07 51.20 7.98 11.39 4.49 5/25/2007 51.20 22.47 35.95 49.43 62.92 76.40
28-May-07 51.95 8.09 11.54 4.50 5/28/2007 51.95 22.51 36.02 49.53 63.04 76.54
29-May-07 53.20 8.28 11.79 4.51 5/29/2007 53.20 22.56 36.09 49.62 63.16 76.69
30-May-07 52.35 8.15 11.58 4.52 5/30/2007 52.35 22.60 36.16 49.72 63.28 76.83
31-May-07 51.80 8.06 11.44 4.53 5/31/2007 51.80 22.64 36.23 49.81 63.40 76.98
01-Jun-07 55.75 8.67 12.29 4.54 6/1/2007 55.75 22.68 36.29 49.90 63.52 77.13
04-Jun-07 55.50 8.63 12.21 4.55 6/4/2007 55.50 22.73 36.36 50.00 63.64 77.27
05-Jun-07 57.60 8.95 12.65 4.55 6/5/2007 57.60 22.77 36.43 50.09 63.76 77.42
06-Jun-07 55.60 8.64 12.19 4.56 6/6/2007 55.60 22.81 36.50 50.19 63.88 77.56
07-Jun-07 55.20 8.57 12.08 4.57 6/7/2007 55.20 22.86 36.57 50.28 64.00 77.71
08-Jun-07 55.40 8.60 12.10 4.58 6/8/2007 55.40 22.90 36.64 50.38 64.12 77.85
11-Jun-07 54.40 8.44 11.86 4.59 6/11/2007 54.40 22.94 36.71 50.47 64.24 78.00
12-Jun-07 53.75 8.34 11.69 4.60 6/12/2007 53.75 22.98 36.77 50.57 64.36 78.15
13-Jun-07 53.55 8.30 11.63 4.61 6/13/2007 53.55 23.03 36.84 50.66 64.48 78.29
14-Jun-07 55.35 8.58 12.00 4.61 6/14/2007 55.35 23.07 36.91 50.75 64.60 78.44
15-Jun-07 54.55 8.45 11.80 4.62 6/15/2007 54.55 23.11 36.98 50.85 64.72 78.58
18-Jun-07 54.05 8.37 11.67 4.63 6/18/2007 54.05 23.16 37.05 50.94 64.84 78.73
19-Jun-07 54.90 8.50 11.83 4.64 6/19/2007 54.90 23.20 37.12 51.04 64.96 78.87
20-Jun-07 54.95 8.51 11.82 4.65 6/20/2007 54.95 23.24 37.19 51.13 65.08 79.02
21-Jun-07 54.45 8.42 11.69 4.66 6/21/2007 54.45 23.28 37.25 51.23 65.20 79.17
22-Jun-07 55.00 8.51 11.79 4.67 6/22/2007 55.00 23.33 37.32 51.32 65.32 79.31
25-Jun-07 56.10 8.67 12.00 4.67 6/25/2007 56.10 23.37 37.39 51.41 65.44 79.46
26-Jun-07 56.85 8.79 12.14 4.68 6/26/2007 56.85 23.41 37.46 51.51 65.56 79.60
27-Jun-07 55.55 8.58 11.84 4.69 6/27/2007 55.55 23.46 37.53 51.60 65.68 79.75
28-Jun-07 55.00 8.49 11.70 4.70 6/28/2007 55.00 23.50 37.60 51.70 65.80 79.90
29-Jun-07 56.20 8.68 11.94 4.71 6/29/2007 56.20 23.54 37.67 51.79 65.92 80.04
02-Jul-07 57.30 8.84 12.15 4.72 7/2/2007 57.30 23.58 37.73 51.89 66.04 80.19
03-Jul-07 58.65 9.05 12.41 4.73 7/3/2007 58.65 23.63 37.80 51.98 66.16 80.33
04-Jul-07 57.50 8.87 12.15 4.73 7/4/2007 57.50 23.67 37.87 52.07 66.28 80.48
05-Jul-07 56.65 8.73 11.94 4.74 7/5/2007 56.65 23.71 37.94 52.17 66.40 80.62
06-Jul-07 56.35 8.68 11.86 4.75 7/6/2007 56.35 23.76 38.01 52.26 66.52 80.77
09-Jul-07 57.60 8.87 12.10 4.76 7/9/2007 57.60 23.80 38.08 52.36 66.64 80.92
10-Jul-07 56.90 8.76 11.93 4.77 7/10/2007 56.90 23.84 38.15 52.45 66.76 81.06
11-Jul-07 58.10 8.94 12.16 4.78 7/11/2007 58.10 23.88 38.21 52.55 66.88 81.21
12-Jul-07 58.60 9.02 12.25 4.79 7/12/2007 58.60 23.93 38.28 52.64 67.00 81.35
13-Jul-07 61.35 9.44 12.80 4.79 7/13/2007 61.35 23.97 38.35 52.73 67.12 81.50
16-Jul-07 61.65 9.48 12.84 4.80 7/16/2007 61.65 24.01 38.42 52.83 67.24 81.64
17-Jul-07 60.50 9.30 12.57 4.81 7/17/2007 60.50 24.06 38.49 52.92 67.36 81.79
18-Jul-07 61.10 9.39 12.68 4.82 7/18/2007 61.10 24.10 38.56 53.02 67.48 81.94
19-Jul-07 62.20 9.55 12.88 4.83 7/19/2007 62.20 24.14 38.63 53.11 67.60 82.08
20-Jul-07 65.75 10.09 13.59 4.84 7/20/2007 65.75 24.18 38.70 53.21 67.72 82.23
23-Jul-07 66.80 10.25 13.79 4.85 7/23/2007 66.80 24.23 38.76 53.30 67.84 82.37
24-Jul-07 65.70 10.08 13.54 4.85 7/24/2007 65.70 24.27 38.83 53.39 67.96 82.52
25-Jul-07 65.25 10.01 13.42 4.86 7/25/2007 65.25 24.31 38.90 53.49 68.08 82.66
26-Jul-07 65.55 10.05 13.46 4.87 7/26/2007 65.55 24.36 38.97 53.58 68.20 82.81
27-Jul-07 63.00 9.65 12.91 4.88 7/27/2007 63.00 24.40 39.04 53.68 68.32 82.96
30-Jul-07 62.80 9.62 12.85 4.89 7/30/2007 62.80 24.44 39.11 53.77 68.44 83.10
31-Jul-07 63.25 9.69 12.92 4.90 7/31/2007 63.25 24.48 39.18 53.87 68.56 83.25
01-Aug-07 58.90 9.02 12.01 4.91 8/1/2007 58.90 24.53 39.24 53.96 68.68 83.39
02-Aug-07 59.50 9.10 12.11 4.91 8/2/2007 59.50 24.57 39.31 54.05 68.80 83.54
03-Aug-07 60.30 9.22 12.25 4.92 8/3/2007 60.30 24.61 39.38 54.15 68.92 83.68
06-Aug-07 60.15 9.20 12.20 4.93 8/6/2007 60.15 24.66 39.45 54.24 69.04 83.83
07-Aug-07 62.55 9.56 12.66 4.94 8/7/2007 62.55 24.70 39.52 54.34 69.16 83.98
08-Aug-07 64.00 9.78 12.93 4.95 8/8/2007 64.00 24.74 39.59 54.43 69.28 84.12
09-Aug-07 62.70 9.58 12.65 4.96 8/9/2007 62.70 24.78 39.66 54.53 69.40 84.27
10-Aug-07 62.80 9.59 12.65 4.97 8/10/2007 62.80 24.83 39.72 54.62 69.52 84.41
13-Aug-07 63.35 9.67 12.74 4.97 8/13/2007 63.35 24.87 39.79 54.71 69.64 84.56
14-Aug-07 64.25 9.80 12.89 4.98 8/14/2007 64.25 24.91 39.86 54.81 69.76 84.70
16-Aug-07 62.55 9.54 12.53 4.99 8/16/2007 62.55 24.96 39.93 54.90 69.88 84.85
17-Aug-07 61.10 9.31 12.22 5.00 8/17/2007 61.10 25.00 40.00 55.00 70.00 85.00
20-Aug-07 62.10 9.46 12.40 5.01 8/20/2007 62.10 25.04 40.07 55.09 70.12 85.14
21-Aug-07 59.20 9.02 11.80 5.02 8/21/2007 59.20 25.08 40.14 55.19 70.24 85.29
22-Aug-07 59.10 9.00 11.76 5.03 8/22/2007 59.10 25.13 40.20 55.28 70.36 85.43
23-Aug-07 58.05 8.84 11.53 5.03 8/23/2007 58.05 25.17 40.27 55.37 70.48 85.58
24-Aug-07 58.90 8.96 11.68 5.04 8/24/2007 58.90 25.21 40.34 55.47 70.60 85.73
27-Aug-07 60.05 9.13 11.89 5.05 8/27/2007 60.05 25.26 40.41 55.56 70.72 85.87
28-Aug-07 59.80 9.09 11.82 5.06 8/28/2007 59.80 25.30 40.48 55.66 70.84 86.02
29-Aug-07 59.90 9.11 11.82 5.07 8/29/2007 59.90 25.34 40.55 55.75 70.96 86.16
30-Aug-07 60.45 9.19 11.91 5.08 8/30/2007 60.45 25.38 40.62 55.85 71.08 86.31
31-Aug-07 61.60 9.36 12.11 5.09 8/31/2007 61.60 25.43 40.68 55.94 71.20 86.45
03-Sep-07 62.55 9.50 12.28 5.09 9/3/2007 62.55 25.47 40.75 56.04 71.32 86.60
04-Sep-07 62.75 9.52 12.30 5.10 9/4/2007 62.75 25.51 40.82 56.13 71.44 86.75
05-Sep-07 62.15 9.43 12.16 5.11 9/5/2007 62.15 25.56 40.89 56.22 71.56 86.89
06-Sep-07 62.80 9.53 12.27 5.12 9/6/2007 62.80 25.60 40.96 56.32 71.68 87.04
07-Sep-07 64.35 9.76 12.55 5.13 9/7/2007 64.35 25.64 41.03 56.41 71.80 87.18
10-Sep-07 66.75 10.12 12.99 5.14 9/10/2007 66.75 25.68 41.10 56.51 71.92 87.33
11-Sep-07 67.20 10.18 13.06 5.15 9/11/2007 67.20 25.73 41.16 56.60 72.04 87.47
12-Sep-07 67.00 10.15 13.00 5.15 9/12/2007 67.00 25.77 41.23 56.70 72.16 87.62
13-Sep-07 66.20 10.02 12.82 5.16 9/13/2007 66.20 25.81 41.30 56.79 72.28 87.77
14-Sep-07 64.55 9.77 12.48 5.17 9/14/2007 64.55 25.86 41.37 56.88 72.40 87.91
17-Sep-07 64.35 9.74 12.42 5.18 9/17/2007 64.35 25.90 41.44 56.98 72.52 88.06
18-Sep-07 65.35 9.88 12.60 5.19 9/18/2007 65.35 25.94 41.51 57.07 72.64 88.20
19-Sep-07 66.25 10.02 12.75 5.20 9/19/2007 66.25 25.98 41.58 57.17 72.76 88.35
20-Sep-07 68.65 10.37 13.19 5.21 9/20/2007 68.65 26.03 41.64 57.26 72.88 88.49
21-Sep-07 72.15 10.90 13.84 5.21 9/21/2007 72.15 26.07 41.71 57.36 73.00 88.64
24-Sep-07 77.70 11.73 14.88 5.22 9/24/2007 77.70 26.11 41.78 57.45 73.12 88.79
25-Sep-07 86.30 13.03 16.50 5.23 9/25/2007 86.30 26.16 41.85 57.54 73.24 88.93
26-Sep-07 83.95 12.67 16.02 5.24 9/26/2007 83.95 26.20 41.92 57.64 73.36 89.08
27-Sep-07 80.20 12.10 15.28 5.25 9/27/2007 80.20 26.24 41.99 57.73 73.48 89.22
28-Sep-07 80.50 12.14 15.31 5.26 9/28/2007 80.50 26.29 42.06 57.83 73.60 89.37
01-Oct-07 82.60 12.45 15.69 5.27 10/1/2007 82.60 26.33 42.12 57.92 73.72 89.51
03-Oct-07 80.20 12.09 15.21 5.27 10/3/2007 80.20 26.37 42.19 58.02 73.84 89.66
04-Oct-07 81.15 12.22 15.36 5.28 10/4/2007 81.15 26.41 42.26 58.11 73.96 89.81
05-Oct-07 79.70 12.00 15.06 5.29 10/5/2007 79.70 26.46 42.33 58.20 74.08 89.95
08-Oct-07 72.70 10.94 13.72 5.30 10/8/2007 72.70 26.50 42.40 58.30 74.20 90.10
09-Oct-07 76.30 11.48 14.37 5.31 10/9/2007 76.30 26.54 42.47 58.39 74.32 90.24
10-Oct-07 76.90 11.57 14.46 5.32 10/10/2007 76.90 26.59 42.54 58.49 74.44 90.39
0
20
40
60
80
100
120
140
160
180
200
Date
8/22/2007
1/14/2008
6/11/2008
11/5/2008
4/9/2009
9/2/2009
2/2/2010
6/28/2010
11/16/2010
4/1/2011
7/10/2011
10/18/2011
1/26/2012
5/5/2012
8/13/2012
11/21/2012
3/1/2013
CMP 5x 8x 11x 14x 17x

11-Oct-07 77.10 11.59 14.48 5.33 10/11/2007 77.10 26.63 42.60 58.58 74.56 90.54
12-Oct-07 76.65 11.52 14.37 5.33 10/12/2007 76.65 26.67 42.67 58.68 74.68 90.68
15-Oct-07 78.45 11.79 14.68 5.34 10/15/2007 78.45 26.71 42.74 58.77 74.80 90.83
16-Oct-07 77.60 11.66 14.50 5.35 10/16/2007 77.60 26.76 42.81 58.86 74.92 90.97
17-Oct-07 74.85 11.24 13.96 5.36 10/17/2007 74.85 26.80 42.88 58.96 75.04 91.12
18-Oct-07 73.65 11.05 13.72 5.37 10/18/2007 73.65 26.84 42.95 59.05 75.16 91.26
19-Oct-07 73.20 10.98 13.61 5.38 10/19/2007 73.20 26.89 43.02 59.15 75.28 91.41
22-Oct-07 72.15 10.82 13.40 5.39 10/22/2007 72.15 26.93 43.08 59.24 75.40 91.56
23-Oct-07 75.00 11.24 13.90 5.39 10/23/2007 75.00 26.97 43.15 59.34 75.52 91.70
24-Oct-07 76.25 11.43 14.11 5.40 10/24/2007 76.25 27.01 43.22 59.43 75.64 91.85
25-Oct-07 81.15 12.16 15.00 5.41 10/25/2007 81.15 27.06 43.29 59.52 75.76 91.99
26-Oct-07 82.40 12.34 15.20 5.42 10/26/2007 82.40 27.10 43.36 59.62 75.88 92.14
29-Oct-07 83.55 12.51 15.39 5.43 10/29/2007 83.55 27.14 43.43 59.71 76.00 92.28
30-Oct-07 84.20 12.60 15.49 5.44 10/30/2007 84.20 27.19 43.50 59.81 76.12 92.43
31-Oct-07 87.75 13.13 16.11 5.45 10/31/2007 87.75 27.23 43.56 59.90 76.24 92.58
01-Nov-07 87.05 13.02 15.96 5.45 11/1/2007 87.05 27.27 43.63 60.00 76.36 92.72
02-Nov-07 89.55 13.39 16.39 5.46 11/2/2007 89.55 27.31 43.70 60.09 76.48 92.87
05-Nov-07 93.70 14.00 17.13 5.47 11/5/2007 93.70 27.36 43.77 60.18 76.60 93.01
06-Nov-07 92.50 13.82 16.88 5.48 11/6/2007 92.50 27.40 43.84 60.28 76.72 93.16
07-Nov-07 91.20 13.62 16.62 5.49 11/7/2007 91.20 27.44 43.91 60.37 76.84 93.30
08-Nov-07 90.45 13.50 16.45 5.50 11/8/2007 90.45 27.49 43.98 60.47 76.96 93.45
09-Nov-07 90.00 13.43 16.35 5.51 11/9/2007 90.00 27.53 44.05 60.56 77.08 93.60
12-Nov-07 92.40 13.78 16.76 5.51 11/12/2007 92.40 27.57 44.11 60.66 77.20 93.74
13-Nov-07 98.65 14.71 17.86 5.52 11/13/2007 98.65 27.61 44.18 60.75 77.32 93.89
14-Nov-07 102.10 15.22 18.46 5.53 11/14/2007 102.10 27.66 44.25 60.84 77.44 94.03
15-Nov-07 112.80 16.81 20.36 5.54 11/15/2007 112.80 27.70 44.32 60.94 77.56 94.18
16-Nov-07 108.40 16.15 19.54 5.55 11/16/2007 108.40 27.74 44.39 61.03 77.68 94.32
19-Nov-07 110.85 16.51 19.95 5.56 11/19/2007 110.85 27.79 44.46 61.13 77.80 94.47
20-Nov-07 107.55 16.01 19.32 5.57 11/20/2007 107.55 27.83 44.53 61.22 77.92 94.62
21-Nov-07 98.70 14.69 17.71 5.57 11/21/2007 98.70 27.87 44.59 61.32 78.04 94.76
22-Nov-07 92.40 13.74 16.55 5.58 11/22/2007 92.40 27.91 44.66 61.41 78.16 94.91
23-Nov-07 96.50 14.35 17.26 5.59 11/23/2007 96.50 27.96 44.73 61.51 78.28 95.05
26-Nov-07 99.75 14.83 17.81 5.60 11/26/2007 99.75 28.00 44.80 61.60 78.40 95.20
27-Nov-07 105.30 15.65 18.78 5.61 11/27/2007 105.30 28.04 44.87 61.69 78.52 95.34
28-Nov-07 102.05 15.16 18.17 5.62 11/28/2007 102.05 28.09 44.94 61.79 78.64 95.49
29-Nov-07 100.30 14.89 17.83 5.63 11/29/2007 100.30 28.13 45.01 61.88 78.76 95.64
30-Nov-07 103.60 15.38 18.39 5.63 11/30/2007 103.60 28.17 45.07 61.98 78.88 95.78
03-Dec-07 108.30 16.07 19.19 5.64 12/3/2007 108.30 28.21 45.14 62.07 79.00 95.93
04-Dec-07 109.65 16.26 19.40 5.65 12/4/2007 109.65 28.26 45.21 62.17 79.12 96.07
05-Dec-07 113.85 16.88 20.11 5.66 12/5/2007 113.85 28.30 45.28 62.26 79.24 96.22
06-Dec-07 110.30 16.35 19.46 5.67 12/6/2007 110.30 28.34 45.35 62.35 79.36 96.37
07-Dec-07 109.15 16.17 19.23 5.68 12/7/2007 109.15 28.39 45.42 62.45 79.48 96.51
10-Dec-07 111.60 16.53 19.63 5.69 12/10/2007 111.60 28.43 45.49 62.54 79.60 96.66
11-Dec-07 110.25 16.32 19.36 5.69 12/11/2007 110.25 28.47 45.55 62.64 79.72 96.80
12-Dec-07 110.40 16.34 19.36 5.70 12/12/2007 110.40 28.51 45.62 62.73 79.84 96.95
13-Dec-07 109.60 16.22 19.19 5.71 12/13/2007 109.60 28.56 45.69 62.83 79.96 97.09
14-Dec-07 109.95 16.26 19.22 5.72 12/14/2007 109.95 28.60 45.76 62.92 80.08 97.24
17-Dec-07 103.20 15.26 18.02 5.73 12/17/2007 103.20 28.64 45.83 63.01 80.20 97.39
18-Dec-07 103.60 15.31 18.06 5.74 12/18/2007 103.60 28.69 45.90 63.11 80.32 97.53
19-Dec-07 103.55 15.30 18.02 5.75 12/19/2007 103.55 28.73 45.97 63.20 80.44 97.68
20-Dec-07 101.50 14.99 17.64 5.75 12/20/2007 101.50 28.77 46.03 63.30 80.56 97.82
24-Dec-07 103.40 15.27 17.94 5.76 12/24/2007 103.40 28.81 46.10 63.39 80.68 97.97
26-Dec-07 105.10 15.51 18.21 5.77 12/26/2007 105.10 28.86 46.17 63.49 80.80 98.11
27-Dec-07 103.85 15.32 17.97 5.78 12/27/2007 103.85 28.90 46.24 63.58 80.92 98.26
28-Dec-07 105.30 15.53 18.19 5.79 12/28/2007 105.30 28.94 46.31 63.67 81.04 98.41
31-Dec-07 107.30 15.82 18.51 5.80 12/31/2007 107.30 28.99 46.38 63.77 81.16 98.55
01-Jan-08 110.50 16.29 19.03 5.81 1/1/2008 110.50 29.03 46.45 63.86 81.28 98.70
02-Jan-08 112.60 16.59 19.37 5.81 1/2/2008 112.60 29.07 46.51 63.96 81.40 98.84
03-Jan-08 118.30 17.42 20.32 5.82 1/3/2008 118.30 29.11 46.58 64.05 81.52 98.99
04-Jan-08 117.20 17.25 20.10 5.83 1/4/2008 117.20 29.16 46.65 64.15 81.64 99.13
07-Jan-08 119.15 17.54 20.40 5.84 1/7/2008 119.15 29.20 46.72 64.24 81.76 99.28
08-Jan-08 114.90 16.90 19.65 5.85 1/8/2008 114.90 29.24 46.79 64.33 81.88 99.43
09-Jan-08 111.70 16.43 19.07 5.86 1/9/2008 111.70 29.29 46.86 64.43 82.00 99.57
10-Jan-08 106.55 15.66 18.16 5.87 1/10/2008 106.55 29.33 46.93 64.52 82.12 99.72
11-Jan-08 106.90 15.71 18.20 5.87 1/11/2008 106.90 29.37 46.99 64.62 82.24 99.86
14-Jan-08 112.05 16.46 19.05 5.88 1/14/2008 112.05 29.41 47.06 64.71 82.36 100.01
15-Jan-08 110.05 16.16 18.68 5.89 1/15/2008 110.05 29.46 47.13 64.81 82.48 100.15
16-Jan-08 107.30 15.75 18.19 5.90 1/16/2008 107.30 29.50 47.20 64.90 82.60 100.30
17-Jan-08 108.55 15.93 18.37 5.91 1/17/2008 108.55 29.54 47.27 64.99 82.72 100.45
18-Jan-08 101.70 14.92 17.19 5.92 1/18/2008 101.70 29.59 47.34 65.09 82.84 100.59
21-Jan-08 79.15 11.61 13.36 5.93 1/21/2008 79.15 29.63 47.41 65.18 82.96 100.74
22-Jan-08 64.25 9.42 10.83 5.93 1/22/2008 64.25 29.67 47.47 65.28 83.08 100.88
23-Jan-08 73.90 10.83 12.44 5.94 1/23/2008 73.90 29.71 47.54 65.37 83.20 101.03
24-Jan-08 70.80 10.37 11.90 5.95 1/24/2008 70.80 29.76 47.61 65.47 83.32 101.17
25-Jan-08 77.25 11.31 12.96 5.96 1/25/2008 77.25 29.80 47.68 65.56 83.44 101.32
28-Jan-08 77.20 11.30 12.93 5.97 1/28/2008 77.20 29.84 47.75 65.65 83.56 101.47
29-Jan-08 77.15 11.29 12.91 5.98 1/29/2008 77.15 29.89 47.82 65.75 83.68 101.61
30-Jan-08 72.15 10.55 12.05 5.99 1/30/2008 72.15 29.93 47.89 65.84 83.80 101.76
31-Jan-08 72.45 10.60 12.09 5.99 1/31/2008 72.45 29.97 47.95 65.94 83.92 101.90
01-Feb-08 73.95 10.81 12.32 6.00 2/1/2008 73.95 30.01 48.02 66.03 84.04 102.05
04-Feb-08 77.15 11.27 12.83 6.01 2/4/2008 77.15 30.06 48.09 66.13 84.16 102.20
05-Feb-08 79.20 11.57 13.16 6.02 2/5/2008 79.20 30.10 48.16 66.22 84.28 102.34
06-Feb-08 80.00 11.68 13.27 6.03 2/6/2008 80.00 30.14 48.23 66.31 84.40 102.49
07-Feb-08 75.65 11.04 12.53 6.04 2/7/2008 75.65 30.19 48.30 66.41 84.52 102.63
08-Feb-08 74.50 10.87 12.32 6.05 2/8/2008 74.50 30.23 48.37 66.50 84.64 102.78
11-Feb-08 69.10 10.08 11.41 6.05 2/11/2008 69.10 30.27 48.43 66.60 84.76 102.92
12-Feb-08 68.20 9.95 11.25 6.06 2/12/2008 68.20 30.31 48.50 66.69 84.88 103.07
13-Feb-08 66.90 9.75 11.02 6.07 2/13/2008 66.90 30.36 48.57 66.79 85.00 103.22
14-Feb-08 74.05 10.79 12.18 6.08 2/14/2008 74.05 30.40 48.64 66.88 85.12 103.36
15-Feb-08 75.35 10.98 12.38 6.09 2/15/2008 75.35 30.44 48.71 66.98 85.24 103.51
18-Feb-08 76.20 11.10 12.50 6.10 2/18/2008 76.20 30.49 48.78 67.07 85.36 103.65
19-Feb-08 75.15 10.94 12.31 6.11 2/19/2008 75.15 30.53 48.85 67.16 85.48 103.80
20-Feb-08 73.85 10.75 12.08 6.11 2/20/2008 73.85 30.57 48.91 67.26 85.60 103.94
21-Feb-08 74.85 10.89 12.22 6.12 2/21/2008 74.85 30.61 48.98 67.35 85.72 104.09
22-Feb-08 73.40 10.67 11.97 6.13 2/22/2008 73.40 30.66 49.05 67.45 85.84 104.24
25-Feb-08 73.40 10.67 11.95 6.14 2/25/2008 73.40 30.70 49.12 67.54 85.96 104.38
26-Feb-08 74.60 10.84 12.13 6.15 2/26/2008 74.60 30.74 49.19 67.64 86.08 104.53
27-Feb-08 75.50 10.97 12.26 6.16 2/27/2008 75.50 30.79 49.26 67.73 86.20 104.67
28-Feb-08 74.35 10.80 12.06 6.17 2/28/2008 74.35 30.83 49.33 67.82 86.32 104.82
29-Feb-08 73.85 10.72 11.96 6.17 2/29/2008 73.85 30.87 49.40 67.92 86.44 104.96
03-Mar-08 70.05 10.17 11.33 6.18 3/3/2008 70.05 30.91 49.46 68.01 86.56 105.11
04-Mar-08 69.40 10.07 11.21 6.19 3/4/2008 69.40 30.96 49.53 68.11 86.68 105.26
05-Mar-08 69.05 10.01 11.14 6.20 3/5/2008 69.05 31.00 49.60 68.20 86.80 105.40
07-Mar-08 65.75 9.53 10.59 6.21 3/7/2008 65.75 31.04 49.67 68.30 86.92 105.55
10-Mar-08 65.70 9.52 10.57 6.22 3/10/2008 65.70 31.09 49.74 68.39 87.04 105.69
11-Mar-08 69.40 10.05 11.15 6.23 3/11/2008 69.40 31.13 49.81 68.48 87.16 105.84
12-Mar-08 69.05 10.00 11.08 6.23 3/12/2008 69.05 31.17 49.88 68.58 87.28 105.98
13-Mar-08 68.20 9.87 10.92 6.24 3/13/2008 68.20 31.21 49.94 68.67 87.40 106.13
14-Mar-08 70.10 10.14 11.21 6.25 3/14/2008 70.10 31.26 50.01 68.77 87.52 106.28
17-Mar-08 65.70 9.50 10.50 6.26 3/17/2008 65.70 31.30 50.08 68.86 87.64 106.42
18-Mar-08 66.60 9.64 10.62 6.27 3/18/2008 66.60 31.34 50.15 68.96 87.76 106.57
19-Mar-08 63.75 9.24 10.16 6.28 3/19/2008 63.75 31.39 50.22 69.05 87.88 106.71
24-Mar-08 61.90 8.98 9.85 6.29 3/24/2008 61.90 31.43 50.29 69.14 88.00 106.86
25-Mar-08 65.30 9.48 10.37 6.29 3/25/2008 65.30 31.47 50.36 69.24 88.12 107.01
26-Mar-08 65.45 9.51 10.38 6.30 3/26/2008 65.45 31.51 50.42 69.33 88.24 107.15
27-Mar-08 65.05 9.46 10.31 6.31 3/27/2008 65.05 31.56 50.49 69.43 88.36 107.30
28-Mar-08 70.15 10.21 11.10 6.32 3/28/2008 70.15 31.60 50.56 69.52 88.48 107.44
6.33 31-Mar-08 70.30 10.24 11.11 6.33 3/31/2008 70.30 31.64 50.63 69.62 88.60 107.59
0.00 01-Apr-08 72.15 10.52 11.40 6.33 4/1/2008 72.15 31.66 50.65 69.64 88.64 107.63
02-Apr-08 71.35 10.42 11.27 6.33 4/2/2008 71.35 31.67 50.67 69.67 88.67 107.67
03-Apr-08 71.55 10.45 11.29 6.34 4/3/2008 71.55 31.68 50.69 69.70 88.70 107.71
04-Apr-08 69.85 10.22 11.02 6.34 4/4/2008 69.85 31.69 50.71 69.72 88.74 107.75
07-Apr-08 72.60 10.63 11.45 6.34 4/7/2008 72.60 31.70 50.73 69.75 88.77 107.79
08-Apr-08 73.85 10.82 11.64 6.34 4/8/2008 73.85 31.72 50.75 69.77 88.80 107.83
09-Apr-08 74.70 10.95 11.77 6.35 4/9/2008 74.70 31.73 50.76 69.80 88.84 107.87
10-Apr-08 75.30 11.05 11.86 6.35 4/10/2008 75.30 31.74 50.78 69.83 88.87 107.91
11-Apr-08 75.90 11.15 11.95 6.35 4/11/2008 75.90 31.75 50.80 69.85 88.90 107.96
15-Apr-08 77.45 11.39 12.19 6.35 4/15/2008 77.45 31.76 50.82 69.88 88.94 108.00
16-Apr-08 76.80 11.30 12.08 6.36 4/16/2008 76.80 31.78 50.84 69.91 88.97 108.04
17-Apr-08 79.60 11.73 12.52 6.36 4/17/2008 79.60 31.79 50.86 69.93 89.01 108.08
21-Apr-08 80.65 11.89 12.68 6.36 4/21/2008 80.65 31.80 50.88 69.96 89.04 108.12
22-Apr-08 81.15 11.98 12.75 6.36 4/22/2008 81.15 31.81 50.90 69.99 89.07 108.16
23-Apr-08 83.55 12.34 13.13 6.36 4/23/2008 83.55 31.82 50.92 70.01 89.11 108.20
24-Apr-08 79.35 11.73 12.46 6.37 4/24/2008 79.35 31.84 50.94 70.04 89.14 108.24
25-Apr-08 79.90 11.82 12.54 6.37 4/25/2008 79.90 31.85 50.96 70.07 89.17 108.28
28-Apr-08 79.85 11.83 12.53 6.37 4/28/2008 79.85 31.86 50.98 70.09 89.21 108.32
29-Apr-08 80.40 11.92 12.61 6.37 4/29/2008 80.40 31.87 50.99 70.12 89.24 108.36
30-Apr-08 80.20 11.90 12.58 6.38 4/30/2008 80.20 31.88 51.01 70.14 89.27 108.41
02-May-08 82.95 12.32 13.00 6.38 5/2/2008 82.95 31.90 51.03 70.17 89.31 108.45

05-May-08 81.95 12.18 12.84 6.38 5/5/2008 81.95 31.91 51.05 70.20 89.34 108.49
06-May-08 80.10 11.92 12.55 6.38 5/6/2008 80.10 31.92 51.07 70.22 89.38 108.53
07-May-08 80.05 11.92 12.53 6.39 5/7/2008 80.05 31.93 51.09 70.25 89.41 108.57
08-May-08 78.35 11.68 12.26 6.39 5/8/2008 78.35 31.94 51.11 70.28 89.44 108.61
09-May-08 75.65 11.29 11.84 6.39 5/9/2008 75.65 31.96 51.13 70.30 89.48 108.65
12-May-08 73.80 11.02 11.54 6.39 5/12/2008 73.80 31.97 51.15 70.33 89.51 108.69
13-May-08 72.15 10.79 11.28 6.40 5/13/2008 72.15 31.98 51.17 70.36 89.54 108.73
14-May-08 71.75 10.74 11.21 6.40 5/14/2008 71.75 31.99 51.19 70.38 89.58 108.77
15-May-08 73.30 10.98 11.45 6.40 5/15/2008 73.30 32.00 51.21 70.41 89.61 108.81
16-May-08 76.40 11.45 11.93 6.40 5/16/2008 76.40 32.02 51.23 70.44 89.64 108.85
20-May-08 75.50 11.33 11.79 6.41 5/20/2008 75.50 32.03 51.24 70.46 89.68 108.90
21-May-08 77.50 11.64 12.09 6.41 5/21/2008 77.50 32.04 51.26 70.49 89.71 108.94
22-May-08 74.50 11.20 11.62 6.41 5/22/2008 74.50 32.05 51.28 70.51 89.75 108.98
23-May-08 73.20 11.02 11.41 6.41 5/23/2008 73.20 32.06 51.30 70.54 89.78 109.02
26-May-08 71.25 10.73 11.11 6.42 5/26/2008 71.25 32.08 51.32 70.57 89.81 109.06
27-May-08 69.95 10.55 10.90 6.42 5/27/2008 69.95 32.09 51.34 70.59 89.85 109.10
28-May-08 70.75 10.68 11.02 6.42 5/28/2008 70.75 32.10 51.36 70.62 89.88 109.14
29-May-08 69.65 10.52 10.84 6.42 5/29/2008 69.65 32.11 51.38 70.65 89.91 109.18
30-May-08 69.70 10.54 10.85 6.42 5/30/2008 69.70 32.12 51.40 70.67 89.95 109.22
02-Jun-08 67.00 10.14 10.42 6.43 6/2/2008 67.00 32.14 51.42 70.70 89.98 109.26
03-Jun-08 68.10 10.32 10.59 6.43 6/3/2008 68.10 32.15 51.44 70.73 90.01 109.30
04-Jun-08 66.75 10.12 10.38 6.43 6/4/2008 66.75 32.16 51.46 70.75 90.05 109.34
05-Jun-08 67.15 10.19 10.44 6.43 6/5/2008 67.15 32.17 51.48 70.78 90.08 109.39
06-Jun-08 65.85 10.00 10.23 6.44 6/6/2008 65.85 32.18 51.49 70.81 90.12 109.43
09-Jun-08 62.40 9.49 9.69 6.44 6/9/2008 62.40 32.20 51.51 70.83 90.15 109.47
10-Jun-08 61.75 9.40 9.59 6.44 6/10/2008 61.75 32.21 51.53 70.86 90.18 109.51
11-Jun-08 62.65 9.54 9.72 6.44 6/11/2008 62.65 32.22 51.55 70.88 90.22 109.55
12-Jun-08 63.65 9.71 9.87 6.45 6/12/2008 63.65 32.23 51.57 70.91 90.25 109.59
13-Jun-08 63.45 9.68 9.84 6.45 6/13/2008 63.45 32.24 51.59 70.94 90.28 109.63
16-Jun-08 63.55 9.71 9.85 6.45 6/16/2008 63.55 32.26 51.61 70.96 90.32 109.67
17-Jun-08 64.55 9.87 10.00 6.45 6/17/2008 64.55 32.27 51.63 70.99 90.35 109.71
18-Jun-08 64.35 9.85 9.97 6.46 6/18/2008 64.35 32.28 51.65 71.02 90.38 109.75
19-Jun-08 64.70 9.91 10.02 6.46 6/19/2008 64.70 32.29 51.67 71.04 90.42 109.79
20-Jun-08 61.85 9.49 9.57 6.46 6/20/2008 61.85 32.30 51.69 71.07 90.45 109.83
23-Jun-08 59.80 9.18 9.25 6.46 6/23/2008 59.80 32.32 51.71 71.10 90.49 109.88
24-Jun-08 57.80 8.88 8.94 6.47 6/24/2008 57.80 32.33 51.73 71.12 90.52 109.92
25-Jun-08 58.05 8.93 8.97 6.47 6/25/2008 58.05 32.34 51.74 71.15 90.55 109.96
26-Jun-08 60.40 9.30 9.33 6.47 6/26/2008 60.40 32.35 51.76 71.18 90.59 110.00
27-Jun-08 59.05 9.10 9.12 6.47 6/27/2008 59.05 32.36 51.78 71.20 90.62 110.04
30-Jun-08 56.75 8.75 8.76 6.48 6/30/2008 56.75 32.38 51.80 71.23 90.65 110.08
01-Jul-08 52.40 8.09 8.09 6.48 7/1/2008 52.40 32.39 51.82 71.25 90.69 110.12
02-Jul-08 55.15 8.52 8.51 6.48 7/2/2008 55.15 32.40 51.84 71.28 90.72 110.16
03-Jul-08 52.30 8.09 8.07 6.48 7/3/2008 52.30 32.41 51.86 71.31 90.75 110.20
04-Jul-08 53.55 8.29 8.26 6.48 7/4/2008 53.55 32.42 51.88 71.33 90.79 110.24
07-Jul-08 55.95 8.67 8.62 6.49 7/7/2008 55.95 32.44 51.90 71.36 90.82 110.28
08-Jul-08 56.10 8.70 8.64 6.49 7/8/2008 56.10 32.45 51.92 71.39 90.86 110.32
09-Jul-08 57.70 8.96 8.89 6.49 7/9/2008 57.70 32.46 51.94 71.41 90.89 110.37
10-Jul-08 57.50 8.94 8.85 6.49 7/10/2008 57.50 32.47 51.96 71.44 90.92 110.41
11-Jul-08 56.40 8.78 8.68 6.50 7/11/2008 56.40 32.48 51.98 71.47 90.96 110.45
14-Jul-08 55.50 8.64 8.54 6.50 7/14/2008 55.50 32.50 51.99 71.49 90.99 110.49
15-Jul-08 53.45 8.33 8.22 6.50 7/15/2008 53.45 32.51 52.01 71.52 91.02 110.53
16-Jul-08 53.25 8.31 8.19 6.50 7/16/2008 53.25 32.52 52.03 71.55 91.06 110.57
17-Jul-08 54.50 8.51 8.38 6.51 7/17/2008 54.50 32.53 52.05 71.57 91.09 110.61
18-Jul-08 55.50 8.68 8.53 6.51 7/18/2008 55.50 32.54 52.07 71.60 91.12 110.65
21-Jul-08 54.90 8.59 8.43 6.51 7/21/2008 54.90 32.56 52.09 71.62 91.16 110.69
22-Jul-08 56.25 8.81 8.64 6.51 7/22/2008 56.25 32.57 52.11 71.65 91.19 110.73
23-Jul-08 59.20 9.28 9.09 6.52 7/23/2008 59.20 32.58 52.13 71.68 91.23 110.77
24-Jul-08 58.75 9.22 9.01 6.52 7/24/2008 58.75 32.59 52.15 71.70 91.26 110.82
25-Jul-08 60.90 9.57 9.34 6.52 7/25/2008 60.90 32.60 52.17 71.73 91.29 110.86
28-Jul-08 61.45 9.66 9.42 6.52 7/28/2008 61.45 32.62 52.19 71.76 91.33 110.90
29-Jul-08 59.85 9.42 9.17 6.53 7/29/2008 59.85 32.63 52.21 71.78 91.36 110.94
30-Jul-08 60.60 9.55 9.28 6.53 7/30/2008 60.60 32.64 52.23 71.81 91.39 110.98
31-Jul-08 59.75 9.42 9.15 6.53 7/31/2008 59.75 32.65 52.24 71.84 91.43 111.02
01-Aug-08 61.35 9.69 9.39 6.53 8/1/2008 61.35 32.66 52.26 71.86 91.46 111.06
04-Aug-08 63.65 10.06 9.74 6.54 8/4/2008 63.65 32.68 52.28 71.89 91.49 111.10
05-Aug-08 63.80 10.09 9.76 6.54 8/5/2008 63.80 32.69 52.30 71.92 91.53 111.14
06-Aug-08 62.10 9.83 9.50 6.54 8/6/2008 62.10 32.70 52.32 71.94 91.56 111.18
07-Aug-08 62.10 9.84 9.49 6.54 8/7/2008 62.10 32.71 52.34 71.97 91.60 111.22
08-Aug-08 61.85 9.81 9.45 6.54 8/8/2008 61.85 32.72 52.36 71.99 91.63 111.26
11-Aug-08 63.00 10.01 9.62 6.55 8/11/2008 63.00 32.74 52.38 72.02 91.66 111.31
12-Aug-08 61.75 9.82 9.43 6.55 8/12/2008 61.75 32.75 52.40 72.05 91.70 111.35
13-Aug-08 61.40 9.77 9.37 6.55 8/13/2008 61.40 32.76 52.42 72.07 91.73 111.39
14-Aug-08 62.05 9.88 9.47 6.55 8/14/2008 62.05 32.77 52.44 72.10 91.76 111.43
18-Aug-08 60.80 9.70 9.27 6.56 8/18/2008 60.80 32.78 52.46 72.13 91.80 111.47
19-Aug-08 60.00 9.58 9.15 6.56 8/19/2008 60.00 32.80 52.48 72.15 91.83 111.51
20-Aug-08 61.30 9.79 9.34 6.56 8/20/2008 61.30 32.81 52.49 72.18 91.87 111.55
21-Aug-08 61.70 9.87 9.40 6.56 8/21/2008 61.70 32.82 52.51 72.21 91.90 111.59
22-Aug-08 60.25 9.65 9.18 6.57 8/22/2008 60.25 32.83 52.53 72.23 91.93 111.63
25-Aug-08 60.25 9.66 9.17 6.57 8/25/2008 60.25 32.84 52.55 72.26 91.97 111.67
26-Aug-08 60.10 9.64 9.15 6.57 8/26/2008 60.10 32.86 52.57 72.29 92.00 111.71
27-Aug-08 59.55 9.56 9.06 6.57 8/27/2008 59.55 32.87 52.59 72.31 92.03 111.75
28-Aug-08 58.95 9.48 8.96 6.58 8/28/2008 58.95 32.88 52.61 72.34 92.07 111.80
29-Aug-08 59.65 9.60 9.07 6.58 8/29/2008 59.65 32.89 52.63 72.36 92.10 111.84
01-Sep-08 58.95 9.49 8.96 6.58 9/1/2008 58.95 32.91 52.65 72.39 92.13 111.88
02-Sep-08 60.10 9.69 9.13 6.58 9/2/2008 60.10 32.92 52.67 72.42 92.17 111.92
04-Sep-08 61.95 10.00 9.41 6.59 9/4/2008 61.95 32.93 52.69 72.44 92.20 111.96
05-Sep-08 61.05 9.86 9.27 6.59 9/5/2008 61.05 32.94 52.71 72.47 92.24 112.00
08-Sep-08 61.30 9.91 9.30 6.59 9/8/2008 61.30 32.95 52.72 72.50 92.27 112.04
09-Sep-08 60.80 9.84 9.22 6.59 9/9/2008 60.80 32.97 52.74 72.52 92.30 112.08
10-Sep-08 61.55 9.97 9.33 6.60 9/10/2008 61.55 32.98 52.76 72.55 92.34 112.12
11-Sep-08 60.20 9.76 9.12 6.60 9/11/2008 60.20 32.99 52.78 72.58 92.37 112.16
12-Sep-08 58.50 9.50 8.86 6.60 9/12/2008 58.50 33.00 52.80 72.60 92.40 112.20
15-Sep-08 54.40 8.84 8.24 6.60 9/15/2008 54.40 33.01 52.82 72.63 92.44 112.24
16-Sep-08 54.05 8.79 8.18 6.61 9/16/2008 54.05 33.03 52.84 72.66 92.47 112.29
17-Sep-08 55.40 9.02 8.38 6.61 9/17/2008 55.40 33.04 52.86 72.68 92.50 112.33
18-Sep-08 57.25 9.33 8.66 6.61 9/18/2008 57.25 33.05 52.88 72.71 92.54 112.37
19-Sep-08 56.95 9.29 8.61 6.61 9/19/2008 56.95 33.06 52.90 72.73 92.57 112.41
22-Sep-08 55.60 9.08 8.41 6.61 9/22/2008 55.60 33.07 52.92 72.76 92.61 112.45
23-Sep-08 54.00 8.83 8.16 6.62 9/23/2008 54.00 33.09 52.94 72.79 92.64 112.49
24-Sep-08 54.45 8.91 8.23 6.62 9/24/2008 54.45 33.10 52.96 72.81 92.67 112.53
25-Sep-08 53.80 8.82 8.12 6.62 9/25/2008 53.80 33.11 52.97 72.84 92.71 112.57
26-Sep-08 52.85 8.67 7.98 6.62 9/26/2008 52.85 33.12 52.99 72.87 92.74 112.61
29-Sep-08 53.05 8.71 8.01 6.63 9/29/2008 53.05 33.13 53.01 72.89 92.77 112.65
30-Sep-08 52.30 8.60 7.89 6.63 9/30/2008 52.30 33.15 53.03 72.92 92.81 112.69
01-Oct-08 52.65 8.66 7.94 6.63 10/1/2008 52.65 33.16 53.05 72.95 92.84 112.73
03-Oct-08 51.75 8.52 7.80 6.63 10/3/2008 51.75 33.17 53.07 72.97 92.87 112.78
06-Oct-08 46.75 7.71 7.04 6.64 10/6/2008 46.75 33.18 53.09 73.00 92.91 112.82
07-Oct-08 44.35 7.32 6.68 6.64 10/7/2008 44.35 33.19 53.11 73.03 92.94 112.86
08-Oct-08 41.35 6.83 6.23 6.64 10/8/2008 41.35 33.21 53.13 73.05 92.98 112.90
10-Oct-08 38.55 6.37 5.80 6.64 10/10/2008 38.55 33.22 53.15 73.08 93.01 112.94
13-Oct-08 41.15 6.81 6.19 6.65 10/13/2008 41.15 33.23 53.17 73.10 93.04 112.98
14-Oct-08 42.65 7.07 6.42 6.65 10/14/2008 42.65 33.24 53.19 73.13 93.08 113.02
15-Oct-08 40.45 6.71 6.08 6.65 10/15/2008 40.45 33.25 53.21 73.16 93.11 113.06
16-Oct-08 40.85 6.78 6.14 6.65 10/16/2008 40.85 33.27 53.22 73.18 93.14 113.10
17-Oct-08 38.60 6.42 5.80 6.66 10/17/2008 38.60 33.28 53.24 73.21 93.18 113.14
20-Oct-08 39.10 6.51 5.87 6.66 10/20/2008 39.10 33.29 53.26 73.24 93.21 113.18
21-Oct-08 42.05 7.00 6.31 6.66 10/21/2008 42.05 33.30 53.28 73.26 93.24 113.23
22-Oct-08 40.60 6.77 6.09 6.66 10/22/2008 40.60 33.31 53.30 73.29 93.28 113.27
23-Oct-08 40.60 6.78 6.09 6.67 10/23/2008 40.60 33.33 53.32 73.32 93.31 113.31
24-Oct-08 37.15 6.21 5.57 6.67 10/24/2008 37.15 33.34 53.34 73.34 93.35 113.35
27-Oct-08 34.90 5.84 5.23 6.67 10/27/2008 34.90 33.35 53.36 73.37 93.38 113.39
28-Oct-08 37.55 6.29 5.63 6.67 10/28/2008 37.55 33.36 53.38 73.40 93.41 113.43
29-Oct-08 35.10 5.88 5.26 6.67 10/29/2008 35.10 33.37 53.40 73.42 93.45 113.47
31-Oct-08 37.70 6.33 5.65 6.68 10/31/2008 37.70 33.39 53.42 73.45 93.48 113.51
03-Nov-08 40.50 6.80 6.06 6.68 11/3/2008 40.50 33.40 53.44 73.47 93.51 113.55
04-Nov-08 41.90 7.05 6.27 6.68 11/4/2008 41.90 33.41 53.46 73.50 93.55 113.59
05-Nov-08 40.45 6.81 6.05 6.68 11/5/2008 40.45 33.42 53.47 73.53 93.58 113.63
06-Nov-08 38.95 6.56 5.82 6.69 11/6/2008 38.95 33.43 53.49 73.55 93.61 113.67
07-Nov-08 38.20 6.44 5.71 6.69 11/7/2008 38.20 33.45 53.51 73.58 93.65 113.72
10-Nov-08 39.20 6.62 5.86 6.69 11/10/2008 39.20 33.46 53.53 73.61 93.68 113.76
11-Nov-08 38.00 6.42 5.68 6.69 11/11/2008 38.00 33.47 53.55 73.63 93.72 113.80
12-Nov-08 37.10 6.28 5.54 6.70 11/12/2008 37.10 33.48 53.57 73.66 93.75 113.84
14-Nov-08 37.25 6.31 5.56 6.70 11/14/2008 37.25 33.49 53.59 73.69 93.78 113.88
17-Nov-08 36.20 6.14 5.40 6.70 11/17/2008 36.20 33.51 53.61 73.71 93.82 113.92
18-Nov-08 34.15 5.80 5.09 6.70 11/18/2008 34.15 33.52 53.63 73.74 93.85 113.96
19-Nov-08 32.45 5.51 4.84 6.71 11/19/2008 32.45 33.53 53.65 73.77 93.88 114.00
20-Nov-08 32.00 5.44 4.77 6.71 11/20/2008 32.00 33.54 53.67 73.79 93.92 114.04
21-Nov-08 32.75 5.58 4.88 6.71 11/21/2008 32.75 33.55 53.69 73.82 93.95 114.08
24-Nov-08 32.65 5.57 4.86 6.71 11/24/2008 32.65 33.57 53.71 73.84 93.98 114.12

25-Nov-08 32.15 5.49 4.79 6.72 11/25/2008 32.15 33.58 53.72 73.87 94.02 114.16
26-Nov-08 31.90 5.45 4.75 6.72 11/26/2008 31.90 33.59 53.74 73.90 94.05 114.21
28-Nov-08 31.25 5.34 4.65 6.72 11/28/2008 31.25 33.60 53.76 73.92 94.09 114.25
01-Dec-08 30.90 5.29 4.60 6.72 12/1/2008 30.90 33.61 53.78 73.95 94.12 114.29
02-Dec-08 30.20 5.18 4.49 6.73 12/2/2008 30.20 33.63 53.80 73.98 94.15 114.33
03-Dec-08 30.85 5.29 4.59 6.73 12/3/2008 30.85 33.64 53.82 74.00 94.19 114.37
04-Dec-08 31.95 5.49 4.75 6.73 12/4/2008 31.95 33.65 53.84 74.03 94.22 114.41
05-Dec-08 31.70 5.45 4.71 6.73 12/5/2008 31.70 33.66 53.86 74.06 94.25 114.45
08-Dec-08 32.00 5.51 4.75 6.73 12/8/2008 32.00 33.67 53.88 74.08 94.29 114.49
10-Dec-08 32.50 5.60 4.82 6.74 12/10/2008 32.50 33.69 53.90 74.11 94.32 114.53
11-Dec-08 33.90 5.85 5.03 6.74 12/11/2008 33.90 33.70 53.92 74.14 94.35 114.57
12-Dec-08 34.90 6.03 5.18 6.74 12/12/2008 34.90 33.71 53.94 74.16 94.39 114.61
15-Dec-08 36.60 6.33 5.43 6.74 12/15/2008 36.60 33.72 53.96 74.19 94.42 114.65
16-Dec-08 37.65 6.51 5.58 6.75 12/16/2008 37.65 33.73 53.97 74.21 94.46 114.70
17-Dec-08 35.05 6.07 5.19 6.75 12/17/2008 35.05 33.75 53.99 74.24 94.49 114.74
18-Dec-08 34.55 5.99 5.12 6.75 12/18/2008 34.55 33.76 54.01 74.27 94.52 114.78
19-Dec-08 35.70 6.20 5.29 6.75 12/19/2008 35.70 33.77 54.03 74.29 94.56 114.82
22-Dec-08 40.10 6.97 5.94 6.76 12/22/2008 40.10 33.78 54.05 74.32 94.59 114.86
23-Dec-08 38.45 6.69 5.69 6.76 12/23/2008 38.45 33.79 54.07 74.35 94.62 114.90
24-Dec-08 38.50 6.70 5.69 6.76 12/24/2008 38.50 33.81 54.09 74.37 94.66 114.94
26-Dec-08 37.40 6.52 5.53 6.76 12/26/2008 37.40 33.82 54.11 74.40 94.69 114.98
29-Dec-08 37.45 6.54 5.54 6.77 12/29/2008 37.45 33.83 54.13 74.43 94.72 115.02
30-Dec-08 39.35 6.88 5.81 6.77 12/30/2008 39.35 33.84 54.15 74.45 94.76 115.06
31-Dec-08 39.60 6.93 5.85 6.77 12/31/2008 39.60 33.85 54.17 74.48 94.79 115.10
01-Jan-09 40.40 7.07 5.96 6.77 1/1/2009 40.40 33.87 54.19 74.51 94.83 115.15
02-Jan-09 41.30 7.24 6.10 6.78 1/2/2009 41.30 33.88 54.21 74.53 94.86 115.19
05-Jan-09 42.60 7.48 6.29 6.78 1/5/2009 42.60 33.89 54.22 74.56 94.89 115.23
06-Jan-09 41.85 7.35 6.17 6.78 1/6/2009 41.85 33.90 54.24 74.58 94.93 115.27
07-Jan-09 37.10 6.52 5.47 6.78 1/7/2009 37.10 33.91 54.26 74.61 94.96 115.31
09-Jan-09 36.10 6.36 5.32 6.79 1/9/2009 36.10 33.93 54.28 74.64 94.99 115.35
12-Jan-09 35.60 6.27 5.24 6.79 1/12/2009 35.60 33.94 54.30 74.66 95.03 115.39
13-Jan-09 34.45 6.08 5.07 6.79 1/13/2009 34.45 33.95 54.32 74.69 95.06 115.43
14-Jan-09 37.30 6.59 5.49 6.79 1/14/2009 37.30 33.96 54.34 74.72 95.09 115.47
15-Jan-09 36.80 6.51 5.42 6.79 1/15/2009 36.80 33.97 54.36 74.74 95.13 115.51
16-Jan-09 36.90 6.53 5.43 6.80 1/16/2009 36.90 33.99 54.38 74.77 95.16 115.55
19-Jan-09 37.15 6.58 5.46 6.80 1/19/2009 37.15 34.00 54.40 74.80 95.20 115.59
20-Jan-09 36.80 6.53 5.41 6.80 1/20/2009 36.80 34.01 54.42 74.82 95.23 115.64
21-Jan-09 36.10 6.41 5.31 6.80 1/21/2009 36.10 34.02 54.44 74.85 95.26 115.68
22-Jan-09 34.70 6.17 5.10 6.81 1/22/2009 34.70 34.03 54.46 74.88 95.30 115.72
23-Jan-09 33.50 5.96 4.92 6.81 1/23/2009 33.50 34.05 54.47 74.90 95.33 115.76
27-Jan-09 34.55 6.16 5.07 6.81 1/27/2009 34.55 34.06 54.49 74.93 95.36 115.80
28-Jan-09 35.10 6.26 5.15 6.81 1/28/2009 35.10 34.07 54.51 74.95 95.40 115.84
29-Jan-09 36.50 6.52 5.35 6.82 1/29/2009 36.50 34.08 54.53 74.98 95.43 115.88
30-Jan-09 37.10 6.63 5.44 6.82 1/30/2009 37.10 34.09 54.55 75.01 95.46 115.92
02-Feb-09 36.05 6.45 5.28 6.82 2/2/2009 36.05 34.11 54.57 75.03 95.50 115.96
03-Feb-09 36.05 6.46 5.28 6.82 2/3/2009 36.05 34.12 54.59 75.06 95.53 116.00
04-Feb-09 36.10 6.48 5.29 6.83 2/4/2009 36.10 34.13 54.61 75.09 95.57 116.04
05-Feb-09 35.30 6.34 5.17 6.83 2/5/2009 35.30 34.14 54.63 75.11 95.60 116.08
06-Feb-09 36.05 6.48 5.28 6.83 2/6/2009 36.05 34.15 54.65 75.14 95.63 116.13
09-Feb-09 37.65 6.78 5.51 6.83 2/9/2009 37.65 34.17 54.67 75.17 95.67 116.17
10-Feb-09 37.85 6.82 5.54 6.84 2/10/2009 37.85 34.18 54.69 75.19 95.70 116.21
11-Feb-09 38.50 6.95 5.63 6.84 2/11/2009 38.50 34.19 54.70 75.22 95.73 116.25
12-Feb-09 37.60 6.79 5.50 6.84 2/12/2009 37.60 34.20 54.72 75.25 95.77 116.29
13-Feb-09 37.60 6.80 5.49 6.84 2/13/2009 37.60 34.21 54.74 75.27 95.80 116.33
16-Feb-09 35.95 6.51 5.25 6.85 2/16/2009 35.95 34.23 54.76 75.30 95.83 116.37
17-Feb-09 34.55 6.26 5.05 6.85 2/17/2009 34.55 34.24 54.78 75.32 95.87 116.41
18-Feb-09 35.40 6.42 5.17 6.85 2/18/2009 35.40 34.25 54.80 75.35 95.90 116.45
19-Feb-09 35.45 6.44 5.17 6.85 2/19/2009 35.45 34.26 54.82 75.38 95.94 116.49
20-Feb-09 34.60 6.29 5.05 6.85 2/20/2009 34.60 34.27 54.84 75.40 95.97 116.53
24-Feb-09 33.25 6.05 4.85 6.86 2/24/2009 33.25 34.29 54.86 75.43 96.00 116.57
25-Feb-09 33.55 6.11 4.89 6.86 2/25/2009 33.55 34.30 54.88 75.46 96.04 116.62
26-Feb-09 33.75 6.16 4.92 6.86 2/26/2009 33.75 34.31 54.90 75.48 96.07 116.66
27-Feb-09 33.80 6.17 4.92 6.86 2/27/2009 33.80 34.32 54.92 75.51 96.10 116.70
02-Mar-09 33.35 6.10 4.86 6.87 3/2/2009 33.35 34.33 54.94 75.54 96.14 116.74
03-Mar-09 32.85 6.01 4.78 6.87 3/3/2009 32.85 34.35 54.95 75.56 96.17 116.78
04-Mar-09 32.60 5.98 4.74 6.87 3/4/2009 32.60 34.36 54.97 75.59 96.20 116.82
05-Mar-09 32.45 5.95 4.72 6.87 3/5/2009 32.45 34.37 54.99 75.62 96.24 116.86
06-Mar-09 32.15 5.91 4.68 6.88 3/6/2009 32.15 34.38 55.01 75.64 96.27 116.90
09-Mar-09 32.00 5.89 4.65 6.88 3/9/2009 32.00 34.39 55.03 75.67 96.31 116.94
12-Mar-09 33.00 6.08 4.80 6.88 3/12/2009 33.00 34.41 55.05 75.69 96.34 116.98
13-Mar-09 34.15 6.30 4.96 6.88 3/13/2009 34.15 34.42 55.07 75.72 96.37 117.02
16-Mar-09 35.15 6.49 5.10 6.89 3/16/2009 35.15 34.43 55.09 75.75 96.41 117.06
17-Mar-09 34.95 6.46 5.07 6.89 3/17/2009 34.95 34.44 55.11 75.77 96.44 117.11
18-Mar-09 37.80 6.99 5.49 6.89 3/18/2009 37.80 34.45 55.13 75.80 96.47 117.15
19-Mar-09 37.90 7.02 5.50 6.89 3/19/2009 37.90 34.47 55.15 75.83 96.51 117.19
20-Mar-09 37.95 7.04 5.50 6.90 3/20/2009 37.95 34.48 55.17 75.85 96.54 117.23
23-Mar-09 38.40 7.11 5.57 6.90 3/23/2009 38.40 34.49 55.19 75.88 96.57 117.27
24-Mar-09 36.55 6.75 5.30 6.90 3/24/2009 36.55 34.50 55.20 75.91 96.61 117.31
25-Mar-09 37.50 6.92 5.43 6.90 3/25/2009 37.50 34.51 55.22 75.93 96.64 117.35
26-Mar-09 38.25 7.04 5.54 6.91 3/26/2009 38.25 34.53 55.24 75.96 96.68 117.39
27-Mar-09 38.35 7.05 5.55 6.91 3/27/2009 38.35 34.54 55.26 75.99 96.71 117.43
30-Mar-09 37.85 6.95 5.48 6.91 3/30/2009 37.85 34.55 55.28 76.01 96.74 117.47
6.91 31-Mar-09 38.85 7.12 5.62 6.91 3/31/2009 38.85 34.56 55.30 76.04 96.78 117.51
-0.01 01-Apr-09 41.00 7.50 5.94 6.91 4/1/2009 41.00 34.53 55.25 75.97 96.69 117.41
02-Apr-09 44.05 8.05 6.38 6.90 4/2/2009 44.05 34.50 55.20 75.90 96.60 117.30
06-Apr-09 46.05 8.40 6.68 6.89 4/6/2009 46.05 34.47 55.15 75.83 96.51 117.20
08-Apr-09 46.50 8.46 6.75 6.89 4/8/2009 46.50 34.44 55.10 75.76 96.43 117.09
09-Apr-09 45.20 8.21 6.57 6.88 4/9/2009 45.20 34.41 55.05 75.70 96.34 116.98
13-Apr-09 48.45 8.79 7.05 6.88 4/13/2009 48.45 34.38 55.00 75.63 96.25 116.88
15-Apr-09 50.70 9.18 7.38 6.87 4/15/2009 50.70 34.35 54.95 75.56 96.17 116.77
16-Apr-09 45.10 8.16 6.57 6.86 4/16/2009 45.10 34.31 54.90 75.49 96.08 116.67
17-Apr-09 45.85 8.28 6.69 6.86 4/17/2009 45.85 34.28 54.85 75.42 95.99 116.56
20-Apr-09 47.80 8.62 6.98 6.85 4/20/2009 47.80 34.25 54.80 75.35 95.90 116.46
21-Apr-09 47.85 8.61 6.99 6.84 4/21/2009 47.85 34.22 54.75 75.29 95.82 116.35
22-Apr-09 47.25 8.49 6.91 6.84 4/22/2009 47.25 34.19 54.70 75.22 95.73 116.24
23-Apr-09 50.05 8.98 7.33 6.83 4/23/2009 50.05 34.16 54.65 75.15 95.64 116.14
24-Apr-09 53.00 9.49 7.77 6.83 4/24/2009 53.00 34.13 54.60 75.08 95.56 116.03
27-Apr-09 52.00 9.30 7.63 6.82 4/27/2009 52.00 34.10 54.55 75.01 95.47 115.93
28-Apr-09 50.40 9.00 7.40 6.81 4/28/2009 50.40 34.06 54.50 74.94 95.38 115.82
29-Apr-09 51.45 9.17 7.56 6.81 4/29/2009 51.45 34.03 54.45 74.87 95.29 115.71
04-May-09 52.70 9.38 7.75 6.80 5/4/2009 52.70 34.00 54.40 74.81 95.21 115.61
05-May-09 53.05 9.42 7.81 6.79 5/5/2009 53.05 33.97 54.35 74.74 95.12 115.50
06-May-09 52.65 9.34 7.76 6.79 5/6/2009 52.65 33.94 54.30 74.67 95.03 115.40
07-May-09 51.70 9.15 7.62 6.78 5/7/2009 51.70 33.91 54.25 74.60 94.95 115.29
08-May-09 52.95 9.36 7.81 6.78 5/8/2009 52.95 33.88 54.20 74.53 94.86 115.19
11-May-09 55.55 9.80 8.21 6.77 5/11/2009 55.55 33.85 54.16 74.46 94.77 115.08
12-May-09 56.80 10.01 8.40 6.76 5/12/2009 56.80 33.82 54.11 74.39 94.68 114.97
13-May-09 56.05 9.86 8.30 6.76 5/13/2009 56.05 33.78 54.06 74.33 94.60 114.87
14-May-09 57.05 10.02 8.45 6.75 5/14/2009 57.05 33.75 54.01 74.26 94.51 114.76
15-May-09 56.50 9.91 8.38 6.74 5/15/2009 56.50 33.72 53.96 74.19 94.42 114.66
18-May-09 63.40 11.10 9.41 6.74 5/18/2009 63.40 33.69 53.91 74.12 94.34 114.55
19-May-09 61.45 10.74 9.13 6.73 5/19/2009 61.45 33.66 53.86 74.05 94.25 114.44
20-May-09 64.85 11.32 9.64 6.73 5/20/2009 64.85 33.63 53.81 73.98 94.16 114.34
21-May-09 64.05 11.16 9.53 6.72 5/21/2009 64.05 33.60 53.76 73.92 94.07 114.23
22-May-09 64.15 11.16 9.56 6.71 5/22/2009 64.15 33.57 53.71 73.85 93.99 114.13
25-May-09 70.00 12.16 10.44 6.71 5/25/2009 70.00 33.54 53.66 73.78 93.90 114.02
26-May-09 66.15 11.47 9.87 6.70 5/26/2009 66.15 33.50 53.61 73.71 93.81 113.92
27-May-09 69.45 12.02 10.37 6.69 5/27/2009 69.45 33.47 53.56 73.64 93.73 113.81
28-May-09 68.90 11.91 10.30 6.69 5/28/2009 68.90 33.44 53.51 73.57 93.64 113.70
29-May-09 70.65 12.19 10.57 6.68 5/29/2009 70.65 33.41 53.46 73.50 93.55 113.60
01-Jun-09 73.00 12.58 10.93 6.68 6/1/2009 73.00 33.38 53.41 73.44 93.46 113.49
02-Jun-09 72.20 12.42 10.82 6.67 6/2/2009 72.20 33.35 53.36 73.37 93.38 113.39
03-Jun-09 71.00 12.20 10.66 6.66 6/3/2009 71.00 33.32 53.31 73.30 93.29 113.28
04-Jun-09 72.15 12.37 10.84 6.66 6/4/2009 72.15 33.29 53.26 73.23 93.20 113.17
05-Jun-09 77.25 13.23 11.61 6.65 6/5/2009 77.25 33.26 53.21 73.16 93.12 113.07
08-Jun-09 75.25 12.87 11.32 6.64 6/8/2009 75.25 33.22 53.16 73.09 93.03 112.96
09-Jun-09 78.45 13.39 11.82 6.64 6/9/2009 78.45 33.19 53.11 73.02 92.94 112.86
10-Jun-09 77.80 13.26 11.73 6.63 6/10/2009 77.80 33.16 53.06 72.96 92.85 112.75
11-Jun-09 76.20 12.97 11.50 6.63 6/11/2009 76.20 33.13 53.01 72.89 92.77 112.64
12-Jun-09 73.35 12.46 11.08 6.62 6/12/2009 73.35 33.10 52.96 72.82 92.68 112.54
15-Jun-09 71.00 12.05 10.74 6.61 6/15/2009 71.00 33.07 52.91 72.75 92.59 112.43
16-Jun-09 74.20 12.57 11.23 6.61 6/16/2009 74.20 33.04 52.86 72.68 92.50 112.33
17-Jun-09 70.60 11.94 10.69 6.60 6/17/2009 70.60 33.01 52.81 72.61 92.42 112.22
18-Jun-09 66.85 11.29 10.14 6.60 6/18/2009 66.85 32.98 52.76 72.55 92.33 112.12
19-Jun-09 67.60 11.40 10.26 6.59 6/19/2009 67.60 32.94 52.71 72.48 92.24 112.01
22-Jun-09 72.75 12.25 11.05 6.58 6/22/2009 72.75 32.91 52.66 72.41 92.16 111.90
23-Jun-09 73.90 12.42 11.24 6.58 6/23/2009 73.90 32.88 52.61 72.34 92.07 111.80
24-Jun-09 74.80 12.55 11.38 6.57 6/24/2009 74.80 32.85 52.56 72.27 91.98 111.69
25-Jun-09 71.65 12.01 10.92 6.56 6/25/2009 71.65 32.82 52.51 72.20 91.89 111.59

Excel Model for Valuation of Natural Gas Firm

Excel Model for Valuation of Natural Gas Firm

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Excel Model for Valuation of Natural Gas Firm