KEENON - Kentucky cases/2015-00400/20151229... · 2015. 12. 29. · a. List and describe...

STOLL

KEENON

OGDENPLLC

300 West Vine Street

SLJiTE2l00

Lexington, KY 40507-1801Main: (859) 231-3000Fax:(859)253-1093

December 29, 2015

HAND DELIVERED

Jeff Derouen

Executive Director

Public Service Commission

211 Sower Boulevard

Frankfort, Kentucky 40601

Re: Case No. 2015-00400

Dear Mr. Derouen:

Enclosed please find an original and ten copies of Kentucky American Water'sResponses to Commission Staff s First Set of Data Requests in the above-referenced matter.

Very truly yours,

Stoll Keenon Ogden PLLC

010311,003026/4472344.1

'7 -Lindsey W/Ingram III

LINDSEY W. lNGR\M HI

UiREcr Dial: (859)231-3982Direct F--\x. (859)246-3672

L.lngram^kofirm.com

RECEIVED

DEC 2 9 Z015

PUBLIC SERVICECOMMISSION

LEXINGTON I LOUISVILLE I FRANKFORT I OWENSBORO I EVANSVILLE | GREATER PITTSBURGH I SKOFIRM.COM

COMMONWEALTH OF KENTUCKY

BEFORE THE PUBLIC SERVICE COMMISSION

receivedDEC 2 9 2015

PUBLIC SERVICECOMMISSION

In the Matter of:

APPLICATION OF KENTUCKY-AMERICANWATER COMPANY FOR ISSUANCE OF

INDEBTEDNESS AND CONTINUED

PARTICIPATION WITH AMERICAN WATERCAPITAL CORP.

CASE NO. 2015-00400

CERTIFICATION OF RESPONSES TO INFORMATION REOUESTS

This is to certify that I have supervised the preparation of Kentucky-American Water

Company's December 29, 2015 Responses to the Commission Staff's First Request for

Information and that the responses are true and accurate to the best of my knowledge,

information and beliefformed afterreasonable inquiry.

Date:

Linda Bridwell

Manager, Rates and RegulationKentucky-American Water Company

KENTUCKY AMERICAN WATER COMPANYCASE NO. 2015-00400

FIRST DISCOVERY REQUEST OF THEPUBLIC SERVICE COMMISSION STAFF

Responsible Witness: Linda C. Bridwell

Question:

1. At paragraph 10 of its application, Kentucky-American states that "[a]II theproceeds from these [long-term debt] financings will be used to refinance short-term debt necessary to (i) fund construction expenditures, and (ii) meet otherInternal cash requirements."

a. List and describe each construction expenditure for which Kentucky-American intends to use the proceeds of the financings to partially orfullyfinance. This description should include the project name and the estimatedcost of the project.

b. Identify and describe the "other Internal cash requirements" for which theproceeds will be used.

Response:

a. Kentucky American Water utilizes a combination ofshort-term debt and equity toprovide cash for construction expenditures. Then at an appropriate time, theshort-term debt is converted to long-term debt. There are not specificconstruction expenditures that are tied specifically with the proceeds of thefinancings. The appropriate level of short-term debt may fluctuate based on anumber of factors, Including interest rates, anticipated expenditures, and overallmarket conditions. With that said, KAW has provided a list of the 2015-2017construction expenditures by year by project with a total project cost that will befinanced as described. Please refer to the attachment.

b. The only other cash requirement funded by the long-term debt financing is thetransaction cost of the financing itself.

STRATtGIC CAPITALEXPENDITURE PLANPROGRAM

Business Unit KentuckyRevision Date ||||||||||||^Description ^BP201^020SCEP

Business UnitBusiness Unit

No.Project Title

Kentucky DV

Kentucky A

Kentucky B

Kentucky C

Kentucky D

Kentucky EKentucky F

Kentucky Q

Kentucky H

Kentucky 1

Kentucky JKentucky K

Kentucky L

Kentucky M

Kentucky N

Kentucky 0

Kentucky P

Kentucky QKentucky 5

Kentucky

KentuckyKentuckyKentuckyKentuckyKentuckyKentuckyKentuckyKentuckyKentuckyKentuckyKentuckyKentuckyKentuckyKentuckyKentucky

R12-01K3

112-020011

112-020012112-020021112-020032112-020037

112-020039

112-020040

112-020043

112-020049

112-020050

112-020051

112-020052

112-020055

112-020056112-000001

RECURRING PROJECTSProjects Funded by Others

Mains - New

Mains • Replaced / RestoredMains - Unscheduled

Mains - Relocated

Hydrants. Valves, and Manholes - NewHydrants,Valves,and Manholes - ReplacedServices and Laterals - NewSen/ices and Laterals - ReplacedMeters - New

Meters - ReplacedITS EQuipment and SystemsSCAOA Equipment and Systems

Security Equipment and SystemsOffices and Operations CentersVehicles

Tools and EquipmentProcess Plant Facilities and EquipmentEnRineering StudiesTotal Recurring Projects

CENTRALLY SPONSORED PROJECTSITS Equipment and Systems- CentrallySponsoredTotal Centrally Sponsored Projectsinvestment projectsNew Circle Rd Main Relocation Phase 1KRS HighService Pumps fll2 & 15Power Reliability at Remote SitesRRSFilter Building ReplacementKRSlChemical Storage and Feed ImprovementsGeorgetown Bypass and US 25 AreaKRS ValveHouse Rehabilitation(Phase 2)Athens Boonesboro Main ExtensionKRS - Raw Water Access

Paving Field Ops and Front EntranceKRS High Service Pumps ReplacementMillersburg Tank ReplacementNew Circle Rd Main Relocation Phase 2KRS Valve HouseRehabilitation (Phasel.BjPost Acquisition BDCapex

Total Investment ProjectsTotal Investment and Centrally Sponsored Projectt"

Contributions

Advances

Total Refunds

Gross minus ITS CS

Net minus ITS CS

Total

2.718,902.901,400,000.00

1,200,000.00

13,150.164.512,500,000.001,350,000.00

950.000.CX)

1.405.100.001,000,000.00

350,000,002,680,000.00

450,000.00

775,000.00900.000.00120,000.00

KAW_R_PSCDR1_NUM1_122915Attachment

Page 1 of 1

Est. In-Servlce

Dale

8/31/201612y3l720:5_12/31/20175/30/201612/31/20187/30/201^12/3i/20i612A3i/2bl6__7/3j/20i86730/20179/30/2017_

_6/30/20i68731/20163/3172016

U.S.S

Total 2015

2,095,296.66779.926.46

4.431,111.84

358,526.11

1,072,349.10

284,233.27

633.273.56

927,887.77

537.473.25

562,194.10475,281.49131,221-20223,877.54

167,872.4919,583.57

654,597.23

397.248,732,322,212.04

601.459,67

$14,630,329.42

1.741,477.951,741,477.95

1,943,902.901,400,000.00

0.00

10,825,866.65

0.00

0.00

0.00

355,000.00

0.00

0.00

0.00

0.00

0.00

600,000.00

0.00

15,124,769.55

16,866,247.50(4.406,690 35)

(1.485.765.60)1.084.999.99

0.00

31,850,395.63

31,850,395.63

US.i

Total 2016

2,500,000.001.265.000.00

3,521.000.00335,000.00250.000.00

200,100.00352,050.00

679,140.00452,500.00

374,220.00461,850.00213,117.00

260,000.00112,350.00

225,000.00660,060.00

283,060.001,718,000.00

50,000.00

11,412,447.00

1,441,132.00

1,441,132.00

,000.00o.oo

1,000.00297.86

000.00

,000.00

.000.00

,100.00

0,00

0.00

,000.00

.000.00

.000.00

.000.00

.000.00

0.00

775,

200.

2,324.

500.

250,

950,

1,051,

1,000,

450,775,300,

60,

8,635,397.86

10,076,529.86

(2,220.000 001

(1,550,000.00)1,100,000.00

0.00

22,547,844.86

(2,670,000 OO)

19,877.844.86

US.S

Total 2017

2,500,000.00753,500-00

3,470,000.00335,000.00

375,000.00200,100.00

352,050.00

679,140.00452,500.00

374,220.00509,050.00

361,288.00

250,000.00219.082.50

275,000.00

660,000-00253,000.00

1,411,000.0050,000.00

10,979,930.50

1,410,360.00

1,410,360.00

0.00

0.00

1,000,000.00

0.00

2.000,000.00

1,100.000.000.00

0.00

1,000,000.00

350.000.001,680.000.00

0.00

0.00

0.00

60,000.00

7,190,000.00

8,600,360.00

(1,860,000 00)

11.5SO.ODO.OC1)

"1.100,000.00

0.00

20,669,930.50

(2,310,000.00)

18,359,930.50

Gross plus ITS CS 33,591,873.58 23,988,976.86 22,080,290.50

Net plus ITS CS(4,807.455.96)

28,784,417.62

(2,670,000.00)

21,318,976.86

(2.310,000 00]

19,770,290.50

REMOVALS RECURRING PROJECTS

Business UnitBusiness Unit

No.Project Title Total 2015 Total 2016 Total 2017

Kentucky

Kentucky

KentuckyKentucky

Kentucky

Kentucky

Kentucky

B

C

F

H

J

0

Q

Mams - Replaced / Restored

Mains - Unscheduled

Hydrants. Valves, and Manholes - ReplacedServices and Laterals - Replaced

Meters - Replaced

Vehicles

Process Plant Facilities and Equipment

155.850-00

73,700.00

102,966.50

201,500.00

121,929.18

(60,000.00)

145,487.50

176,050.00

73,700.00

109,135.50

140,275-00

60,040.50

(100,000.00)

172,550.00

173300.00

73,700.00

109.135.50

140.275.00

66.176.50

(75,000.00)

Total Removals $741,433.18 $631,751.00 $628,887.00



Responsible Witness: Linda C. Brldwell

Question:

2. Describe Kentucky-American's efforts, if any, to reduce the cost of its long-termdebt through the refinancing ofexisting long-term debt with higher than currentmarket interest rates.

Response:

Kentucky-American regularly reviews its portfolio of existing long-term debtobligations, as well as its other capital structure components, to identifyopportunities to reduce its financing costs

On December 15, 2015, the Company redeemed 22,500 shares of the preferredstock at 8.47%. The Company plans to refinance the redemption with short-termdebt until such time next year when it issues long-term debt at then marketinterest rates.

In 2019 and 2020, the following three bonds listed below become callable at par.At such time, the Company will evaluate refinancing the bonds if they result in apositive net present value on a matched maturity basis. As for other outstandingbonds, they have substantial make-whole premiums which make them costprohibitive to refinance at this time.

69069AAA8

69069AAB6

69069AAC4

Maturity Date Can Date

6/1/2039 6/1/2019

9/1/2039 12/1/2019

6/1/2040 6/1/2020

Interest Rate

6.25%

5.63%

5.38%

/Vmount Outstanding

$45,390,000

$26,000,000

$26,000,000



Responsible Witness: Linda C. Bridwell

Question:

3. a. Provide all studies, analyses, reports, and reviews that compareKentucky-American's cost for the proposed financing as a participant in theborrowing program with American WaterCapital Corp. with Kentucky-Americanborrowing directly from third parties.

b. If no studies have been conducted, explain why Kentucky-American's continuedparticipation is more cost-effective than obtaining the proposed financing from athird party.

Response:

a. No additional studies, analyses, reports or reviews have been formallyconducted for the proposed financing comparing as a participant in theborrowing program with American Water Capital Corp. ("AWCC") with Kentucky-American Water ("KAWC") borrowing directiy from third parties.

However, KAWC verifies with each debt issuance that AWCC has receivedreasonable rates that are equal to or slightly better than what is available fortaxable utility bonds with the same credit rating. Please refer to the attachmentwhich Includes reports that were filed In Case No. 2011-00115 and 2012-00393.

b. In general, AWCC is able to issue long-term debt on terms more favorable thanKentucky-American could achieve directly from a third party due to AWCC'seconomies of scale achieved through larger long-term offerings, greater accessto capital markets, and geographic diversification. Although KAWC is notcurrently rated by any of the major rating agencies, these factors all contribute toAWCC having a stronger corporate credit rating (currently A3 (stable outlook)and A (stable outlook) from Moody's and Standard & Poor's, respectively) thanKAWC could obtain on its own.

AWCC's economies of scale result In lower long-term debt issuance costs forKAWC when it participates in the AWCC borrowing program. This occursbecause AWCC is able to spread the fixed portion of the total issuance costspro-rata across all participating subsidiaries in contrast to any one subsidiary

incurring all of the costs on its own. Having said that, the Financial ServicesAgreement between KAW and AWCC (please see Exhibit 1 to KAW's December2, 2015 Application in this matter) allows KAW the discretion to issue debtdirectly to a third party lender. KAW would issue third party debt if it were ableto secure the financing at a lower all-in cost than It would incur by issuing debtthrough AWCC.


Page 1 of 13

RECEIVEDCOMMONWEALTH OF KENTUCKY

BEFORE THE PUBLIC SERVICE COMMISSION DEC 0 1 2011

PUBLIC SERVICEIN THE MATTER OF: ) COMMISSION

)APPLICATION OF KENTUCKY-AMERICAN ) CASE NO. 2011-00115WATER COMPANY FORISSUANCE )OF INDEBTEDNESS AND CONTINUED )PARTICIPATION WITH AMERICAN WATER )CAPITAL CORP. )

ORDERING PARAGRAPH 4 REPORT

In accordance with Ordering Paragraph 4 of the Commission's May 26, 2011 Order in

this matter, this is to report to the Commission that Kentucky American Water ("KAW") issued

debt in the amountof $20,000,000 on November 21, 2011 in accordance withthe Commission's

May 26, 2011 Order. The debt was issued pursuant to KAW's participation in the American

Water Capital Corporation borrowing program. The interest rate is 5.05% and it matures on

October 15,2037.

The attached analysis shows that the rate of 5.05% was the most reasonable at the time of

issuance as described in Ordering Paragraph 4 ofthe May 26, 2011 Order. To explain, the page

captioned "Bloomberg Valuation Price" shows Bloomberg's valuation of the debtat issue at an

interest rate of 5.071% onNovember 18, 2011, thelastbusiness day before the debt was issued.

Further, the page captioned "Secondary Traded Price" shows the interest rate at which the debt

that KAW assumed was trading for on the secondaiy market onNovember 17,2011, the lastdate

for which information was available prior to the issuance. That secondary market interest rate

was 5.169%. Thus, the rate of 5.05%is the most reasonable imderthe circumstances that existed

at the time of issuance.


Page 2 of 13

Respectfully submitted,

Lindsey W. Ingram IIISTOLL KEENON OGDEN PLLC

300 West Vine Street, Suite 2100Lexington, Kentucky 40507-1801Telepbone: (859)[email protected]

Counselfdr Kentuc^American Water Compcmy

CERTIFICATE

This is to certify that the original and ten copies of the foregoing have been hand-delivered to the Kentucky Public Service Commission, 211 Sower Boulevard, Frankfort,Kentucky 40601 onthis 1^^ dayofDecember, 2011.

Counselfoj Kentm^American Water Company

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Page 5 of 13

COMMONWEALTH OF KENTUCKY

BEFORE THE PUBLIC SERVICE COMMISSION

IN THE MATTER OF: )

)APPLICATION OF KENTUCKY-AMERICAN ) CASE NO. 2012-00393WATER COMPANY FOR ISSUANCE OF )INDEBTEDNESS AND CONTINUED )PARTICIPATION WITH AMERICAN WATER )CAPITAL CORP. )

ORDERING PARAGRAPH 4 REPORT

In accordance with OrderingParagraph4 of the Commission's October 29, 2012 Order in

this matter, this is to report to the Commission that Kentucky American Water ("KAW") issued

debt in the amount of $7,859,000 on May 15, 2013 in accordance with the Commission's

October 29, 2012 Order. The debt was issued pursuant to KAW's participation in the American

Water Capital Corporation ("AWCC") borrowing program. The interest rate for the issuance is

4.00% and it matures on October 15, 2037.

The attached documentation shows that the rate of 4.00% was the most reasonable at the

time of issuance. The page captioned "Bloomberg Valuation Price" shows Bloomberg's

valuation of the debt at issue at an interest rate of 4.385% on May 15, 2013. Further, the page

captioned "Secondary Traded Price" shows the interest rate at which the debt that KAW assumed

was trading for on the secondary market on May 15, 2013. That secondary market interest rate

was 4.525%. During the last two calendar years, AWCC has onlyissued one external borrowing

and it was at a coupon rate of 4.3%. Finally, the attached also includes information regarding

recent utility issuances and the advantages derived from KAW's participation in the AWCC

borrowing program which ensure thatKAW receives the lowest available rate for itsborrowings.


Page 6 of 13

In sum, the attached shows the rate of 4.00% to be the most reasonable under the circumstances

that existed at the time of issuance.

Date: May21, 2013 Respectfully submitted,

STOLL KEENON OGDEN PLLC

300 West Vine Street, Suite 2100Lexington, Kentucky 40507-1 801Telephone: (859) 231-3000

By:Lindsey Ingram IIK^L.Ingram(fli,skofi im.com

Attorneys for Kentucky-American Water Company


Page 7 of 13

CERTIFICATE

In accordance with Ordering Paragraph No. 10 of the Commission's August 31, 2012Order, this is to certify that Kentucky-American Water Company's May 21, 2013 electronicfiling is a true and accurate copy of the documents to be filed in paper medium; that theelectronic filing has been transmitted to the Commission on May 21, 2013; that no party to thiscase has been excused from participation by electronic means; and that an original and one copyof the filing will be delivered to the Commission on May 22, 2013.

010311.003026/4125519.1

STOLL KEENON OGDEN PLLC

iJ. "7^By /

Attorneys for Kentucky-American Water Company

American Water

To; Kentucky American Water (KAW)

Date: May 15,2013

RE: KAW Debt Financing Interest Rate

KAW R PSCDR1 NUM3 122915

a

WiHpid D Rolcis "Vice President and Treasurer1025 Laure! Oak Road

Voorhees,NJ [email protected](856) 309^572

KAW is currently not rated by the credit rating agencies but if it were, it is likely thatKAW would be rated lower than American Water Capital Corp (AWCC)'s Baa2(positive outlook) and BBB+ (positive outlook) from Moody's and Standard and Poor's,respectively.

As shown in the credit metrics below, American Water Works Company (AWK) hasstronger coverage ratios than that ofKAW with ratios such as EBITDA/Interest at 4xcompared to KAW's 3x. In addition, AWCC enjoys the benefit ofsize (economy ofscale), diversification, and greater access to a broader base of investors through largercapital markets' offerings.

EBITDA/Inteiest ExpenseTotal Debt/EBITDA

Total Debt/Total CapitalizationCash FIowfitnnOperations/InterestB^enseCash Flow from Operations/Debt

• SoureeiAWKandKAWslOK

As ofl2/31/20I2«

American Water Works Company, Inc.

3.97X

4,28x

55.7%

190x

17.1%

I&ntucky-Ameriean Water Company

2.92X

5.20X

55.3%

2.12X

13.9%

It should also be noted that as a result of aggregating the financing needs of all theoperating subsidiaries, AWCC is able to issue larger amounts and obtain lowerunderwriting fee as a percentage of total debt issuance. Furthermore, the fixed portion ofthe issuance costs may be spread over a number of operating subsidiaries whichotherwise would have been borne in its entirety by one entity.

Therefore, AWCC is able to issue debt more cost efficiently at a lower all-in-rate thanotherwise feasible for operating subsidiaries on a stand-alone basis, including KAW.AWCC then loans the proceeds to the operating subsidiaries as needed at the same orbetter terms (including maturity and interest rates) than those obtained by AWCC.

Respectfully,

William D RogersVice President and Treasurer

Term Sheet


Page 9 of 13

★American Water

Lender: American Water Capital Corp.

Lender's Credit Rating Baa2 (positive outlook) / BBB+ (positive outlook)

Borrower: Kentucky American Water

Borrower's Credit Rating Not Rated

Amount $7,859,000

Security: Unsecured

Tax Type: Taxable

Issuance Date: May 15. 2013

Maturity Date: October 15, 2037

U.S. Treasury Rate: 2.81%

Credit Spread to U.S. Treasury: 1.19%

Coupon 4.00%

Issuance Costs None

Redemption Provisions: Make-whole call at T+25 bps

CUSIP: 03040WAC9

Trustee for Lender Wells Fargo Bank

Use of Proceeds To reduce short-term debt and fund capital expenditures

KAW_R_PSCDR1__NUM3„122915Attachment

Page 10 of 13

★ AMERICAN WATER

Comparable Transactions: Recent Utility New Issuances

Issue Date IssuerRatings

(Moody's 1S&P)Tenor

(years)Amount

($ In millions)Coupon

Spreadto Treasury

5/15/2013 Kentucky American Water Not Rated 24.4 $7,859 4.00% 1.19%

10-year Issuances

3/13/2013 Indiana Michigan Power Baa2/BBB+ 10 $250 3.20% 1.20%

3/11/2013 Kansas City Power & Light Baa2/BBB 10 $300 3.15% 1.10%

2/25/2013 Spectra Energy Capital Baa2/BBB 10 $650 3.30% 1.44%

Average 10-year issuances 10

ffir

$400 3.22% 1.25%

30-year Issuances

2/21/2013 Kinder Morgan Energy Partners Baa2/BBB 30 $400 5.00% 1.85%

12/12/2012 American Water Capital Corp Baa2/BBB+ 30 $300 4.30% 1.42%

12/3/2012 Plains All American Pipeline Baa2/BBB 30 $350 4.30% 1.50%

Average 30-year Issuances 30 $350 4.53% 1.59%

U.S. Treasury Rates

HhLi'; for explanation.

Last ID IW IH

ffj Actions^ W Table wJeBSDate • Lover Chart

« 125 US Tr««(ury Act^vM Cmv* OS/lS/13# US US Trtwury Actives Curve 05A5/13 Interpoljted:24.4Y

IM AM 2Y 5V 7Y lOY

Actual Matun


Page 11 of 13

★ AMERICAN Water

Graph Curves» Q^^ &RciyBnValue O

Curve List

Plot Seculties/Pbfrrts

tenor

Secondary Trading Levels


Page 12 of 13

★American water

<HELP> for explanation, for similar functions.

•F

IT

W

T

M 5/20

;f 5/17il 5/16iW 5/15T 5/14Im 5/13

130.553

130,291

131.734

130.358

H 135.416

134.586

4.514'M 4/29 134715

4.529 F 4/264.448 T 4/254.525;W 4/24

T 4/23M 4/22

132.568

133.719

133.673

132.413

.514) TRACHigh 135.416 on 5/ 3/1

4.249 F 4/124.294 T 4/11

:w 4/lCT 4/ 9

4.287 M 4/ 8

F

T

4.405 W

4.342 T

M

F

T

4.345W

4.414 T

M

128.484

118.684 on 8/21/12

133.275

130.836

129.023

128.788

4.368

4.503

4.606

4,620Australio €i 2 977? 8600 Brazil 5511 3048 4500 Europ* 44 20 7330 7500 6»rtnang 49 69 9204 1210 Hong Kong 852 2977 6000Japan 81 3 3201 8900 Singopor* 65 6212 1000 U.S. 1 212 318 2000 Copuright 2013 Bloomberg Finonoe L.P.

SN 316971 6564-3116-2 21-May-13 7=53=56 EOT 6MT-400

Bloomberg Valuation Price

<HELP for explanation.


Page 13 of 13

★AMERICAN WATER

AMERICAN WATER AWK 6.593 10/37 131.859/133.272 (4.441/4.363) BVAL1 1 i0kwi 1 1 WW 1 EJh/kW

Source Q 136.401 on 4/18/13Range H ^ - BHBMBBE3 Period QE Avg 129.924

Market iB Low 122.965 on 10/25/12

r Mimim -

iilTIITT fPrice wmmsmimmm IPrice" "F YIELDIF F 5/ 3 135.536 4.243 F 4/12 134.193 4.317

T T 5/2 134.948 4.274T 4/11 134.137 4,321

'W W 5/1 134.856 4.279 W 4/10 134.242 4.315

T 5/21 132.566 4.402:1 4/30 134.826 4.281T 4/ 9 134.366 4.309M 5/20 132.680 4.395:M 4/29 134.492 4.299 M 4/ 8 132.356 4.418

F 5/17 132.877 4.385iF 4/26 133.996 4.326 F 4/5 131.887 4.444

T 5/16 133.379 4.357T 4/25 131.097 4.486 T 4/4 131.853 4.446iw 5/15 132.882 4.385 W 4/24 130.971 4.493 !w 4/3 131.383 4.472

T 5/14 132.923 4.383:T 4/23 135.721 4.234T 4/2 130.926 4.498

M 5/13 133.116 4.372M 4/22 135.888 4.226 iM 4/ 1 130.925 4.498

F 5/10 134.267 4.310:F 4/19 135.861 4.227 F 3/29T 5/9 135.431 4,247T 4/18 H 136.401 4.199 T 3/28 130.780 4.507W 5/ 8 135.495 4.244'W 4/17 135.106 4.268:w 3/27 130.805 4.505T 5/7 135.604 4.239 T 4/16 135.094 4.269 T 3/26 130.310 4.533M 5/6 135,500 4.244! M 4/15 134.415 4.305 M 3/25 130.482 4.524Australia 61 2 9777 8600 Brazil 5511 3048 4500 Europe 44 20 7330 7500 Germany 49 69 9204 1210 Hons Kona 852 2977 6000Japan 81 3 3201 8900 Singapore 65 6212 1000 U.S. 1 212 318 2000 CopLright 2013 Bloomberg Finance L.P.

SN 316971 G564-3116-2 21-May-13 7-54=41 EDT CMT-4-00

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