Author: Abt Associates Inc.

Date Created: 6/18/2008 Date Modified: 3/18/2011 Purpose: This file develops ATCF-adjustment factors to bring certain 316(b) survey-based financial data for manufacturers.

File Contents: Worksheet Contents Assumptions Includes quarterly GDP Deflator-based adjustment indexes to state QFR data in 2008 dollars. SIC_NAICS Contains original QFR data for 2000Q3 and 2000Q4. IncSt_Orig Contains original QFR data for 1998Q1 through 2008Q4. SIC_NAICS_$2008 Reads in data from the SIC_NAICS worksheet, states values in 2008 dollars, and develops SIC-NAICS mapping factors for all industries except Iron&Steel and NonFerrous Metals. SIC_NAICS_Adj Contains original QFR data for Iron&Steel and NonFerrous Metals for 2000Q4 through 2001Q3 in the SIC and NAICS frameworks and develops SIC-NAICS mapping factors. IncSt_$2008 Reads data from the IncSt_Orig worksheet, ensures SIC and NAICS frameworks consistency, and states all values in 2008 dollars.

Calcs Contains regression analysis. Chem Contains an ATCF index series graph against trend for Chemicals (316(b) industrial chemicals) OtherChem Contains an ATCF index series graph against trend for Other Chemicals (316(b) pesticides and fertilizers) Chem_NoTrend Contains an ATCF index series graph against zero trend for Chemicals (316(b) industrial chemicals) FoodBev Contains an ATCF index series graph against trend for Food Processing and Beverages (316(b) Food and IronSteel Contains an ATCF index series graph against trend for Iron and Steel (316(b) iron and steel) IronSteel_NoTrend Contains an ATCF index series graph against zero trend for Iron and Steel (316(b) iron and steel) NonFerMet_Aluminum Contains an ATCF index series graph against trend for NonFerrous Metals (316(b) aluminum) NonFerMet_NoTrend Contains an ATCF index series graph against zero trend for NonFerrous Metals (316(b) aluminum) Paper Contains an ATCF index series graph against trend for Paper (316(b) pulp and paper mills) Paper_NoTrend Contains an ATCF index series graph against zero trend for Paper (316(b) pulp and paper mills) Petrol Contains an ATCF index series graph against trend for Petroleum (316(b) petroleum refining) Pharma Contains an ATCF index series graph against trend for Pharmaceuticals QFR_Crosswalk Contains a QFR SIC-NAICS industry crosswalk. Summary Contains a results summary table (data in orange columns are presented in the report)

Input Files: External data used in calculations/analysis:Non-Trend Adjustment

316(b) Phase III Industry

Group Estimate

d Trend Average of

ATCF Index Values at 1996-1998Average of

Predicted Trend Values at 1996-1998 ATCF

Index Value at 2008 Predicted

Trend Value at 2008 Percentage Difference in Actual and Predicted ATCF Index Values at 1996-1998 Percentage Difference in Actual ATCF Index Values at 1996-1998 and Trend Predicted Value at 2008 Adjust to 2003 Adjust to

2005 Adjust to

2008 Adjust to 2008 -

Symmetric Adjust to 2008 -

Downward Only Adjust to 2008 - Symmetric Significant?P-Value nonfermetAluminum -0.0034 1.1058 1.0034 0.0001 0.9660 -9.6% NA NA NA 0.9044 0.8736 0.8736 0.0001 no 0.7747 foodbev Food Processing & Beverages 0.0321 0.9347 0.9679 1.2113 1.3215 3.5% 41.4% NA NA 1.0355 1.4138 1.0000 1.2960 yes 0.0000 food Beverages NA 1.3076 NA NA NA NA bev Food Processing NA 1.3835 NA NA NA NA chem Industrial Chemicals -0.0095 1.1764 1.0095 0.4562 0.9047 -15.0% NA 0.9228 1.1543 0.8501 0.7691 0.7691 0.3878 no 0.3871 ironsteel Iron and Steel 0.0260 1.3264 0.9740 1.5070 1.2605 -24.6% NA 0.8056 0.9096 0.7539 0.9503 0.9503 1.1362 no 0.1742
paper Pulp and Paper Mills -0.0173 1.1445 1.0173 0.2740 0.8272 -12.6% NA 1.0397 1.0386 0.8737 0.7228 0.7228 0.2394 no 0.1116 petrol Petroleum Refining 0.0438 0.7771 0.9562 1.4330 1.4382 23.0% 85.1% 1.2480 1.4914 1.2304 1.8506 1.0000 1.8439 yes 0.0018 pharma Pharmaceuticals 0.0861 0.7614 0.9139 2.0109 1.8609 20.0% 144.4% 1.3171 1.2526 1.2004 2.4441 1.0000 2.6412 yes 0.0000 otherchemPesticides and Fertilizers 0.0335 1.2123 0.8995 1.5078 1.2680 -25.8% 4.6% NA NA 0.7420 1.0459 1.0000 1.2437 yes 0.0126 Key Results from Analysis of After-Tax Cash Flow Estimated Relationship Between Actual ATCF at Survey Adjusting to ATCF Trend

### QFR Industry - NAICS NAICS QFR Industry - SIC SIC chem Basic Chemicals, Resins, and Synthetics 3251, 3252Industrial Chemicals and Synthetics 281, 282, 286 foodbev Food, Beverage, & Tobacco Products 311, 312 Food & Kindred Products (Incl. Tobacco) 22, 21 ironsteel Iron, Steel, & Ferroalloys 3311, 3312Iron & Steel 331, 332, 329 nonfermetNonferrous Metals 3313, 3314Nonferrous Metals 333-336 paper Paper 322 Paper & Allied Products 26 petrol Petroleum & Coal Products 324 Petroleum & Coal Products 29 pharma Pharmaceuticals & Medicines 3254 Drugs 283

NAICS Definition NAICS SIC Definition SIC Chemicals Basic chemical manufacturing 3251 Industrial Inorganic Chemicals 281 Resin, Synthetic Rubber, and Artificial Synthetic Fibers and Filaments Manufacturing 3252 Plastics Materials & Synthetics 282

Industrial Organic Chemicals 286 Food and Bev Food Manufacturing 311 Textile Mill Products 22 Beverage and Tobacco Product Manufacturing312 Tobacco Products 21 Iron & Steel Iron and Steel Mills and Ferroalloy Manufacturing 3311 Blast Furnace & Basic Steel Products 331 Steel Product Manufacturing from Purchased Steel 3312 Iron & Steel Foundries 332

Miscellaneous Nonmetallic Mineral Products 329 Nonferrous Metals Alumina and Aluminum Production and Processing 3313 Primary Nonferrous Metals 333 Nonferrous Metal (except Aluminum) Production and Processing 3314 Secondary Nonferrous Metals 334

Nonferrous Rolling & Drawing 335 Nonferrous Foundries (Castings) 336 Paper Paper Manufacturing 322 Paper & Allied Products 26 Petroleum Petroleum and Coal Products Manufacturing 324 Petroleum & Coal Products 29 Pharma Pharmaceutical and Medicine Manufacturing 3254 Drugs 283

## 0

0.2 0.4 0.6 0.8 1 1.2 1.4 1.6 1.8 2 2.2ATCF Index 

## ATCFIndex Series

CalculatedTrend

## 0

0.2 0.4 0.6 0.8 1 1.2 1.4 1.6 1.8 2ATCF Index 

## ATCFIndex Series

CalculatedTrend

## 0

0.2 0.4 0.6 0.8 1 1.2 1.4 1.6 1.8ATCF Index 

## ATCFIndex Series

21

-Yr A veATCFIndex

## 0

0.2 0.4 0.6 0.8 1 1.2 1.4 1.6 1.8 

# Paper

ATCFIndex Series
CalculatedTrend

## 0

0.2 0.4 0.6 0.8 1 1.2 1.4 1.6 1.8ATCF Index 

## ATCFIndex Series

21

-Yr A veATCFIndex

## 0

0.2 0.4 0.6 0.8 1 1.2 1.4 1.6 1.8ATCF Index 

## ATCFIndex Series
CalculatedTrend

## 0

0.2 0.4 0.6 0.8 1 1.2 1.4 1.6 1.8 2ATCF Index 

## ATCFIndex Series

21

-Yr A veATCFIndex

## 0

0.2 0.4 0.6 0.8 1 1.2 1.4 1.6 1.8 2 

# Iron & Steel

ATCFIndex Series
CalculatedTrend

## 0

0.2 0.4 0.6 0.8 1 1.2 1.4 1.6 1.8ATCF Index 

## ATCFIndex Series

CalculatedTrend

## 0

0.2 0.4 0.6 0.8 1 1.2 1.4 1.6ATCF Index 

## ATCFIndex Series

21

-Yr A veATCFIndex

## 0

0.2 0.4 0.6 0.8 1 1.2 1.4 1.6 

# Industrial Chemicals

ATCFIndex Series
CalculatedTrend

## 0

0.2 0.4 0.6 0.8 1 1.2 1.4 1.6

19921993199419951996199719981999200020012002200320042005200620072008 ATCFIndex Series
CalculatedTrend1 2 3 4 5 6 7 8 9 10 11 12

vlookup - do not delete Af ter-tax cash flow (A

TCF) - Adjusted

year ind atcf min_atcf atcf_adjave_atcf_adj ATCF Index Series

nterceptyear_coef St Er chem_1988 88 1988 chem 29317.927683.33529317.9221639.6147 1.35482620.03201 -0.009530.010761 chem_1989 89 1989 chem 26223.357683.33526223.3521639.6147 1.21182220.03201 -0.009530.010761 chem_1990 90 1990 chem 23364.287683.33523364.2821639.6147 1.07969920.03201 -0.009530.010761 chem_1991 91 1991 chem 18601 7683.335 18601 21639.6147 0.859581 20.03201 -0.009530.010761 chem_1992 92 1992 chem 7683.3357683.3357683.33521639.6147 0.35505920.03201 -0.009530.010761 chem_1993 93 1993 chem 18495.487683.33518495.4821639.6147 0.85470520.03201 -0.009530.010761 chem_1994 94 1994 chem 25047.71 7683.33525047.71 21639.6147 1.15749320.03201 -0.009530.010761 chem_1995 95 1995 chem 29612.51 7683.33529612.51 21639.6147 1.3684420.03201 -0.009530.010761 chem_1996 96 1996 chem 25870.947683.33525870.9421639.6147 1.19553620.03201 -0.009530.010761 chem_1997 97 1997 chem 26614.857683.33526614.8521639.6147 1.22991320.03201 -0.009530.010761 chem_1998 98 1998 chem 23882.697683.33523882.6921639.6147 1.10365620.03201 -0.009530.010761 chem_1999 99 1999 chem 23254.357683.33523254.3521639.6147 1.07461920.03201 -0.009530.010761 chem_2000 100 2000 chem 24275.947683.33524275.9421639.6147 1.12182920.03201 -0.009530.010761 chem_2001 101 2001 chem 14924.157683.33514924.1521639.6147 0.68966820.03201 -0.009530.010761 chem_2002 102 2002 chem 15936.21 7683.33515936.21 21639.6147 0.73643720.03201 -0.009530.010761 chem_2003 103 2003 chem 12755.367683.33512755.3621639.6147 0.58944520.03201 -0.009530.010761 chem_2004 104 2004 chem 18065.077683.33518065.0721639.6147 0.83481520.03201 -0.009530.010761 chem_2005 105 2005 chem 27561.31 7683.33527561.31 21639.6147 1.273651 20.03201 -0.009530.010761 chem_2006 106 2006 chem 28245.987683.33528245.9821639.6147 1.3052920.03201 -0.009530.010761 chem_2007 107 2007 chem 24828.557683.33524828.5521639.6147 1.14736620.03201 -0.009530.010761 chem_2008 108 2008 chem 9870.9237683.3359870.92321639.6147 0.456151 20.03201 -0.009530.010761 foodbev_198888 1988 foodbev 50260.6239385.9850260.62 56203.423 0.894263 -63.22850.0321460.003638 foodbev_198989 1989 foodbev 42555.4339385.9842555.43 56203.423 0.757168 -63.22850.0321460.003638 foodbev_199090 1990 foodbev 40737.6639385.9840737.66 56203.423 0.724825 -63.22850.0321460.003638 foodbev_199191 1991 foodbev 45625.1739385.9845625.17 56203.423 0.811786 -63.22850.0321460.003638 foodbev_199292 1992 foodbev 41539.3539385.9841539.35 56203.423 0.739089 -63.22850.0321460.003638 foodbev_199393 1993 foodbev 39385.9839385.9839385.98 56203.423 0.700775 -63.22850.0321460.003638 foodbev_199494 1994 foodbev 47217.2739385.9847217.27 56203.423 0.840114 -63.22850.0321460.003638 foodbev_199595 1995 foodbev 51522.4539385.9851522.45 56203.423 0.916714 -63.22850.0321460.003638 foodbev_199696 1996 foodbev 53195.0639385.9853195.06 56203.423 0.946474 -63.22850.0321460.003638 foodbev_199797 1997 foodbev 52302.81 39385.9852302.81 56203.423 0.930598 -63.22850.0321460.003638 foodbev_199898 1998 foodbev 52098.71 39385.9852098.71 56203.423 0.926967 -63.22850.0321460.003638 foodbev_199999 1999 foodbev 56943.2939385.9856943.29 56203.423 1.013164 -63.22850.0321460.003638 foodbev_2000100 2000 foodbev 57180.5939385.9857180.59 56203.423 1.017386 -63.22850.0321460.003638 foodbev_2001101 2001 foodbev 52215.61 39385.9852215.61 56203.423 0.929047 -63.22850.0321460.003638 foodbev_2002102 2002 foodbev 64934.5539385.9864934.55 56203.423 1.155349 -63.22850.0321460.003638 foodbev_2003103 2003 foodbev 60902.81 39385.9860902.81 56203.423 1.083614 -63.22850.0321460.003638 foodbev_2004104 2004 foodbev 71786.81 39385.9871786.81 56203.423 1.277268 -63.22850.0321460.003638 foodbev_2005105 2005 foodbev 71980.1539385.9871980.15 56203.423 1.280708 -63.22850.0321460.003638 foodbev_2006106 2006 foodbev 75486.4439385.9875486.44 56203.423 1.343093 -63.22850.0321460.003638 foodbev_2007107 2007 foodbev 84321.5539385.9884321.55 56203.423 1.500292 -63.22850.0321460.003638 foodbev_2008108 2008 foodbev 68079.5639385.9868079.56 56203.423 1.211306 -63.22850.0321460.003638 ironsteel_198888 1988 ironsteel 7483.674 -2406.35 9891.029887.99062 1.000306 -51.04590.0260490.018453 ironsteel_198989 1989 ironsteel 8821.277 -2406.3511228.629887.99062 1.135582 -51.04590.0260490.018453 ironsteel_199090 1990 ironsteel 5809.909 -2406.358217.2559887.99062 0.831034 -51.04590.0260490.018453 ironsteel_199191 1991 ironsteel -326.459 -2406.352080.8879887.99062 0.210446 -51.04590.0260490.018453 ironsteel_199292 1992 ironsteel 467.6552 -2406.352875.0029887.99062 0.290757 -51.04590.0260490.018453 ironsteel_199393 1993 ironsteel 3621.493 -2406.35 6028.849887.99062 0.609713 -51.04590.0260490.018453 ironsteel_199494 1994 ironsteel 11498.78 -2406.3513906.129887.99062 1.406365 -51.04590.0260490.018453 ironsteel_199595 1995 ironsteel 12101.63 -2406.3514508.989887.99062 1.467333 -51.04590.0260490.018453 ironsteel_199696 1996 ironsteel 9247.628 -2406.3511654.979887.99062 1.1787 -51.04590.0260490.018453 ironsteel_199797 1997 ironsteel 12372.99 -2406.3514780.339887.99062 1.494776 -51.04590.0260490.018453 ironsteel_199898 1998 ironsteel 10503.41 -2406.3512910.759887.99062 1.3057 -51.04590.0260490.018453 ironsteel_199999 1999 ironsteel 6712.898 -2406.359120.2459887.99062 0.922356 -51.04590.0260490.018453 ironsteel_2000100 2000 ironsteel 5400.758 -2406.357808.1049887.99062 0.789655 -51.04590.0260490.018453 ironsteel_2001101 2001 ironsteel -2406.35 -2406.35 1 9887.99062 0.000101 -51.04590.0260490.018453 ironsteel_2002102 2002 ironsteel 1661.84 -2406.354069.1869887.99062 0.411528 -51.04590.0260490.018453 ironsteel_2003103 2003 ironsteel 217.2682 -2406.352624.6159887.99062 0.265435 -51.04590.0260490.018453 ironsteel_2004104 2004 ironsteel 11925.21 -2406.3514332.559887.99062 1.449491 -51.04590.0260490.018453 ironsteel_2005105 2005 ironsteel 12157.66 -2406.3514565.01 9887.99062 1.473 -51.04590.0260490.01845313 14 15 16 17 18 19 20

t-Statistic P-ValueCalculated Trend ave_atcf_1996th ru1998 ave_trend_1996th

ru1999 21-Yr A ve ATCF Index Adj Coef -

Non Sig Adj Coef - Sig -0.885221056 0.38710351781.095255 1.176368452 1.009525532 1.00 0.8500738 0.858171205 -0.885221056 0.3871035178 1.08573 1.176368452 1.009525532 1.00 0.8500738 0.858171205 -0.885221056 0.38710351781.076204 1.176368452 1.009525532 1.00 0.8500738 0.858171205 -0.885221056 0.38710351781.066679 1.176368452 1.009525532 1.00 0.8500738 0.858171205 -0.885221056 0.38710351781.057153 1.176368452 1.009525532 1.00 0.8500738 0.858171205 -0.885221056 0.38710351781.047628 1.176368452 1.009525532 1.00 0.8500738 0.858171205 -0.885221056 0.38710351781.038102 1.176368452 1.009525532 1.00 0.8500738 0.858171205 -0.885221056 0.38710351781.028577 1.176368452 1.009525532 1.00 0.8500738 0.858171205 -0.885221056 0.38710351781.019051 1.176368452 1.009525532 1.00 0.8500738 0.858171205 -0.885221056 0.38710351781.009526 1.176368452 1.009525532 1.00 0.8500738 0.858171205 -0.885221056 0.3871035178 1 1.176368452 1.009525532 1.00 0.8500738 0.858171205 -0.885221056 0.38710351780.990474 1.176368452 1.009525532 1.00 0.8500738 0.858171205 -0.885221056 0.38710351780.980949 1.176368452 1.009525532 1.00 0.8500738 0.858171205 -0.885221056 0.38710351780.971423 1.176368452 1.009525532 1.00 0.8500738 0.858171205 -0.885221056 0.38710351780.961898 1.176368452 1.009525532 1.00 0.8500738 0.858171205 -0.885221056 0.38710351780.952372 1.176368452 1.009525532 1.00 0.8500738 0.858171205 -0.885221056 0.38710351780.942847 1.176368452 1.009525532 1.00 0.8500738 0.858171205 -0.885221056 0.38710351780.933321 1.176368452 1.009525532 1.00 0.8500738 0.858171205 -0.885221056 0.38710351780.923796 1.176368452 1.009525532 1.00 0.8500738 0.858171205 -0.885221056 0.3871035178 0.91427 1.176368452 1.009525532 1.00 0.8500738 0.858171205 -0.885221056 0.38710351780.904745 1.176368452 1.009525532 1.00 0.8500738 0.858171205 8.835322797 0.00000003720.678536 0.93467959 0.967853585 1.00 1.06988535 1.035492372 8.835322797 0.00000003720.710682 0.93467959 0.967853585 1.00 1.06988535 1.035492372 8.835322797 0.00000003720.742829 0.93467959 0.967853585 1.00 1.06988535 1.035492372 8.835322797 0.00000003720.774975 0.93467959 0.967853585 1.00 1.06988535 1.035492372 8.835322797 0.00000003720.807122 0.93467959 0.967853585 1.00 1.06988535 1.035492372 8.835322797 0.00000003720.839268 0.93467959 0.967853585 1.00 1.06988535 1.035492372 8.835322797 0.00000003720.871414 0.93467959 0.967853585 1.00 1.06988535 1.035492372 8.835322797 0.00000003720.903561 0.93467959 0.967853585 1.00 1.06988535 1.035492372 8.835322797 0.00000003720.935707 0.93467959 0.967853585 1.00 1.06988535 1.035492372 8.835322797 0.00000003720.967854 0.93467959 0.967853585 1.00 1.06988535 1.035492372 8.835322797 0.0000000372 1 0.93467959 0.967853585 1.00 1.06988535 1.035492372 8.835322797 0.0000000372 1.032146 0.93467959 0.967853585 1.00 1.06988535 1.035492372 8.835322797 0.0000000372 1.064293 0.93467959 0.967853585 1.00 1.06988535 1.035492372 8.835322797 0.0000000372 1.096439 0.93467959 0.967853585 1.00 1.06988535 1.035492372 8.835322797 0.0000000372 1.128586 0.93467959 0.967853585 1.00 1.06988535 1.035492372 8.835322797 0.0000000372 1.160732 0.93467959 0.967853585 1.00 1.06988535 1.035492372 8.835322797 0.0000000372 1.192878 0.93467959 0.967853585 1.00 1.06988535 1.035492372 8.835322797 0.0000000372 1.225025 0.93467959 0.967853585 1.00 1.06988535 1.035492372 8.835322797 0.0000000372 1.257171 0.93467959 0.967853585 1.00 1.06988535 1.035492372 8.835322797 0.0000000372 1.289318 0.93467959 0.967853585 1.00 1.06988535 1.035492372 8.835322797 0.0000000372 1.321464 0.93467959 0.967853585 1.00 1.06988535 1.035492372 1.411641554 0.1742229021 0.73951 1.326392182 0.973951025 1.00 0.75392483 0.734285861 1.411641554 0.1742229021 0.765559 1.326392182 0.973951025 1.00 0.75392483 0.734285861 1.411641554 0.1742229021 0.791608 1.326392182 0.973951025 1.00 0.75392483 0.734285861 1.411641554 0.1742229021 0.817657 1.326392182 0.973951025 1.00 0.75392483 0.734285861 1.411641554 0.1742229021 0.843706 1.326392182 0.973951025 1.00 0.75392483 0.734285861 1.411641554 0.1742229021 0.869755 1.326392182 0.973951025 1.00 0.75392483 0.734285861 1.411641554 0.1742229021 0.895804 1.326392182 0.973951025 1.00 0.75392483 0.734285861 1.411641554 0.1742229021 0.921853 1.326392182 0.973951025 1.00 0.75392483 0.734285861 1.411641554 0.1742229021 0.947902 1.326392182 0.973951025 1.00 0.75392483 0.734285861 1.411641554 0.1742229021 0.973951 1.326392182 0.973951025 1.00 0.75392483 0.734285861 1.411641554 0.1742229021 1 1.326392182 0.973951025 1.00 0.75392483 0.734285861 1.411641554 0.1742229021 1.026049 1.326392182 0.973951025 1.00 0.75392483 0.734285861 1.411641554 0.1742229021 1.052098 1.326392182 0.973951025 1.00 0.75392483 0.734285861 1.411641554 0.1742229021 1.078147 1.326392182 0.973951025 1.00 0.75392483 0.734285861 1.411641554 0.1742229021 1.104196 1.326392182 0.973951025 1.00 0.75392483 0.734285861 1.411641554 0.1742229021 1.130245 1.326392182 0.973951025 1.00 0.75392483 0.734285861 1.411641554 0.1742229021 1.156294 1.326392182 0.973951025 1.00 0.75392483 0.734285861 1.411641554 0.1742229021 1.182343 1.326392182 0.973951025 1.00 0.75392483 0.7342858611 2 3 4 5 6 7 8 9 10 11 12

vlookup - do not delete Af ter-tax cash flow (A

TCF) - Adjusted

year ind atcf min_atcf atcf_adjave_atcf_adj ATCF Index Series

nterceptyear_coef St Er ironsteel_2006106 2006 ironsteel 14743.87 -2406.3517151.229887.99062 1.734551 -51.04590.0260490.018453 ironsteel_2007107 2007 ironsteel 12584.47 -2406.3514991.829887.99062 1.516164 -51.04590.0260490.018453 ironsteel_2008108 2008 ironsteel 12493.92 -2406.3514901.279887.99062 1.507007 -51.04590.0260490.018453 nonfermet_1988

88 1988 nonfermet 10398.04 -7957.1 18356.14 15198.2529 1.207787.792134 -0.00340.011711 nonfermet_1989

89 1989 nonfermet 9522.491 -7957.1 17480.5915198.2529 1.150171 7.792134 -0.00340.011711 nonfermet_1990

90 1990 nonfermet 7640.84 -7957.1 15598.94 15198.2529 1.0263647.792134 -0.00340.011711 nonfermet_1991

91 1991 nonfermet 5470.069 -7957.1 13428.17 15198.2529 0.8835347.792134 -0.00340.011711 nonfermet_1992

92 1992 nonfermet 2073.802 -7957.1 10031.915198.2529 0.6600697.792134 -0.00340.011711 nonfermet_1993

93 1993 nonfermet 2911.701 -7957.1 10869.815198.2529 0.715201 7.792134 -0.00340.011711 nonfermet_1994

94 1994 nonfermet 6829.231 -7957.1 14787.33 15198.2529 0.9729627.792134 -0.00340.011711 nonfermet_1995

95 1995 nonfermet 11328.27 -7957.1 19286.37 15198.2529 1.2689867.792134 -0.00340.011711 nonfermet_1996

96 1996 nonfermet 8819.517 -7957.1 16777.62 15198.2529 1.1039177.792134 -0.00340.011711 nonfermet_1997

97 1997 nonfermet 8997.176 -7957.1 16955.27 15198.2529 1.1156077.792134 -0.00340.011711 nonfermet_1998

98 1998 nonfermet 8726.042 -7957.1 16684.14 15198.2529 1.0977677.792134 -0.00340.011711 nonfermet_1999

99 1999 nonfermet 7983.721 -7957.1 15941.82 15198.2529 1.0489247.792134 -0.00340.011711 nonfermet_2000

100 2000 nonfermet 8461.386 -7957.1 16419.4915198.2529 1.0803537.792134 -0.00340.011711 nonfermet_2001

101 2001 nonfermet 6010.171 -7957.1 13968.27 15198.2529 0.919071 7.792134 -0.00340.011711 nonfermet_2002

102 2002 nonfermet 2285.883 -7957.1 10243.9815198.2529 0.6740247.792134 -0.00340.011711 nonfermet_2003

103 2003 nonfermet 5284.58 -7957.1 13242.6815198.2529 0.8713297.792134 -0.00340.011711 nonfermet_2004

104 2004 nonfermet 9685.987 -7957.1 17644.0915198.2529 1.1609297.792134 -0.00340.011711 nonfermet_2005

105 2005 nonfermet 8586.887 -7957.1 16544.9915198.2529 1.088611 7.792134 -0.00340.011711 nonfermet_2006

106 2006 nonfermet 13760.96 -7957.1 21719.0515198.2529 1.4290497.792134 -0.00340.011711 nonfermet_2007

107 2007 nonfermet 15223.59 -7957.1 23181.6815198.2529 1.5252867.792134 -0.00340.011711 nonfermet_2008

108 2008 nonfermet -7957.1 -7957.1 1 15198.2529 6.58E-057.792134 -0.00340.011711 paper_1988 88 1988 paper 21210.094480.92921210.0916352.3937 1.29706335.51558 -0.017280.010353 paper_1989 89 1989 paper 19395.694480.92919395.6916352.3937 1.18610735.51558 -0.017280.010353 paper_1990 90 1990 paper 16240.294480.92916240.2916352.3937 0.99314535.51558 -0.017280.010353 paper_1991 91 1991 paper 13000.644480.92913000.64 16352.3937 0.7950335.51558 -0.017280.010353 paper_1992 92 1992 paper 11958.224480.92911958.22 16352.3937 0.73128335.51558 -0.017280.010353 paper_1993 93 1993 paper 10200.884480.92910200.8816352.3937 0.62381635.51558 -0.017280.010353 paper_1994 94 1994 paper 18017.494480.92918017.4916352.3937 1.10182635.51558 -0.017280.010353 paper_1995 95 1995 paper 27713.21 4480.92927713.21 16352.3937 1.69474935.51558 -0.017280.010353 paper_1996 96 1996 paper 20331.54480.929 20331.516352.3937 1.24333535.51558 -0.017280.010353 paper_1997 97 1997 paper 16976.64480.929 16976.6 16352.3937 1.03817235.51558 -0.017280.010353 paper_1998 98 1998 paper 18837.894480.92918837.8916352.3937 1.15199635.51558 -0.017280.010353 paper_1999 99 1999 paper 21370.01 4480.92921370.01 16352.3937 1.30684335.51558 -0.017280.010353 paper_2000 100 2000 paper 21730.654480.92921730.6516352.3937 1.32889735.51558 -0.017280.010353 paper_2001 101 2001 paper 12973.344480.92912973.34 16352.3937 0.7933635.51558 -0.017280.010353 paper_2002 102 2002 paper 14741.544480.92914741.54 16352.3937 0.901491 35.51558 -0.017280.010353 paper_2003 103 2003 paper 14012.81 4480.92914012.81 16352.3937 0.85692735.51558 -0.017280.010353 paper_2004 104 2004 paper 16660.634480.92916660.63 16352.3937 1.0188535.51558 -0.017280.010353 paper_2005 105 2005 paper 14357.324480.92914357.32 16352.3937 0.87799535.51558 -0.017280.010353 paper_2006 106 2006 paper 15095.064480.92915095.06 16352.3937 0.92311 35.51558 -0.017280.010353 paper_2007 107 2007 paper 14095.484480.92914095.4816352.3937 0.86198335.51558 -0.017280.010353 paper_2008 108 2008 paper 4480.9294480.9294480.92916352.3937 0.27402335.51558 -0.017280.010353 petrol_1988 88 1988 petrol 88492.21 38980.3388492.21 81606.9164 1.084371 -86.55540.0438220.012061 petrol_1989 89 1989 petrol 78643.41 38980.3378643.41 81606.9164 0.963686 -86.55540.0438220.012061 petrol_1990 90 1990 petrol 72891.438980.33 72891.481606.9164 0.893201 -86.55540.0438220.012061 petrol_1991 91 1991 petrol 55674.338980.33 55674.381606.9164 0.682225 -86.55540.0438220.012061 petrol_1992 92 1992 petrol 40296.4538980.3340296.4581606.9164 0.493787 -86.55540.0438220.012061 petrol_1993 93 1993 petrol 55994.4738980.3355994.4781606.9164 0.686149 -86.55540.0438220.012061 petrol_1994 94 1994 petrol 57705.2838980.3357705.2881606.9164 0.707113 -86.55540.0438220.012061 petrol_1995 95 1995 petrol 54686.7938980.3354686.7981606.9164 0.670124 -86.55540.0438220.012061 petrol_1996 96 1996 petrol 74385.8338980.3374385.8381606.9164 0.911514 -86.55540.0438220.012061 petrol_1997 97 1997 petrol 76896.2338980.3376896.2381606.9164 0.942276 -86.55540.0438220.012061 petrol_1998 98 1998 petrol 38980.3338980.3338980.3381606.9164 0.47766 -86.55540.0438220.012061 petrol_1999 99 1999 petrol 51118.738980.33 51118.781606.9164 0.626402 -86.55540.0438220.012061 petrol_2000 100 2000 petrol 90664.6438980.3390664.6481606.9164 1.110992 -86.55540.0438220.012061 petrol_2001 101 2001 petrol 71632.31 38980.3371632.31 81606.9164 0.877773 -86.55540.0438220.012061 petrol_2002 102 2002 petrol 49572.2538980.3349572.2581606.9164 0.607452 -86.55540.0438220.01206113 14 15 16 17 18 19 20

t-Statistic P-ValueCalculated Trend ave_atcf_1996th ru1998 ave_trend_1996th

ru1999 21-Yr A ve ATCF Index Adj Coef -

Non Sig Adj Coef - Sig
1.411641554 0.1742229021 1.208392 1.326392182 0.973951025 1.00 0.75392483 0.734285861 1.411641554 0.1742229021 1.234441 1.326392182 0.973951025 1.00 0.75392483 0.734285861 1.411641554 0.1742229021 1.26049 1.326392182 0.973951025 1.00 0.75392483 0.734285861 -0.290284786 0.7747429123 1.033995 1.105763759 1.003399466 1.00 0.9043523 0.907426616 -0.290284786 0.7747429123 1.030595 1.105763759 1.003399466 1.00 0.9043523 0.907426616 -0.290284786 0.7747429123 1.027196 1.105763759 1.003399466 1.00 0.9043523 0.907426616 -0.290284786 0.7747429123 1.023796 1.105763759 1.003399466 1.00 0.9043523 0.907426616 -0.290284786 0.7747429123 1.020397 1.105763759 1.003399466 1.00 0.9043523 0.907426616 -0.290284786 0.7747429123 1.016997 1.105763759 1.003399466 1.00 0.9043523 0.907426616 -0.290284786 0.7747429123 1.013598 1.105763759 1.003399466 1.00 0.9043523 0.907426616 -0.290284786 0.7747429123 1.010198 1.105763759 1.003399466 1.00 0.9043523 0.907426616 -0.290284786 0.7747429123 1.006799 1.105763759 1.003399466 1.00 0.9043523 0.907426616 -0.290284786 0.7747429123 1.003399 1.105763759 1.003399466 1.00 0.9043523 0.907426616 -0.290284786 0.7747429123 1 1.105763759 1.003399466 1.00 0.9043523 0.907426616 -0.290284786 0.77474291230.996601 1.105763759 1.003399466 1.00 0.9043523 0.907426616 -0.290284786 0.77474291230.993201 1.105763759 1.003399466 1.00 0.9043523 0.907426616 -0.290284786 0.77474291230.989802 1.105763759 1.003399466 1.00 0.9043523 0.907426616 -0.290284786 0.77474291230.986402 1.105763759 1.003399466 1.00 0.9043523 0.907426616 -0.290284786 0.77474291230.983003 1.105763759 1.003399466 1.00 0.9043523 0.907426616 -0.290284786 0.77474291230.979603 1.105763759 1.003399466 1.00 0.9043523 0.907426616 -0.290284786 0.77474291230.976204 1.105763759 1.003399466 1.00 0.9043523 0.907426616 -0.290284786 0.77474291230.972804 1.105763759 1.003399466 1.00 0.9043523 0.907426616 -0.290284786 0.77474291230.969405 1.105763759 1.003399466 1.00 0.9043523 0.907426616 -0.290284786 0.77474291230.966005 1.105763759 1.003399466 1.00 0.9043523 0.907426616 -1.6685904850.11159441081.172751 1.144500886 1.017275065 1.00 0.87374332 0.888837289 -1.6685904850.11159441081.155476 1.144500886 1.017275065 1.00 0.87374332 0.888837289 -1.6685904850.11159441081.138201 1.144500886 1.017275065 1.00 0.87374332 0.888837289 -1.6685904850.11159441081.120925 1.144500886 1.017275065 1.00 0.87374332 0.888837289 -1.6685904850.1115944108 1.10365 1.144500886 1.017275065 1.00 0.87374332 0.888837289 -1.6685904850.11159441081.086375 1.144500886 1.017275065 1.00 0.87374332 0.888837289 -1.6685904850.1115944108 1.0691 1.144500886 1.017275065 1.00 0.87374332 0.888837289 -1.6685904850.11159441081.051825 1.144500886 1.017275065 1.00 0.87374332 0.888837289 -1.6685904850.1115944108 1.03455 1.144500886 1.017275065 1.00 0.87374332 0.888837289 -1.6685904850.11159441081.017275 1.144500886 1.017275065 1.00 0.87374332 0.888837289 -1.6685904850.1115944108 1 1.144500886 1.017275065 1.00 0.87374332 0.888837289 -1.6685904850.11159441080.982725 1.144500886 1.017275065 1.00 0.87374332 0.888837289 -1.6685904850.1115944108 0.96545 1.144500886 1.017275065 1.00 0.87374332 0.888837289 -1.6685904850.11159441080.948175 1.144500886 1.017275065 1.00 0.87374332 0.888837289 -1.6685904850.1115944108 0.9309 1.144500886 1.017275065 1.00 0.87374332 0.888837289 -1.6685904850.11159441080.913625 1.144500886 1.017275065 1.00 0.87374332 0.888837289 -1.6685904850.1115944108 0.89635 1.144500886 1.017275065 1.00 0.87374332 0.888837289 -1.6685904850.11159441080.879075 1.144500886 1.017275065 1.00 0.87374332 0.888837289 -1.6685904850.11159441080.861799 1.144500886 1.017275065 1.00 0.87374332 0.888837289 -1.6685904850.11159441080.844524 1.144500886 1.017275065 1.00 0.87374332 0.888837289 -1.6685904850.11159441080.827249 1.144500886 1.017275065 1.00 0.87374332 0.888837289 3.633339541 0.0017689901 0.561785 0.77714978 0.95617849 1.00 1.28675324 1.230365773 3.633339541 0.0017689901 0.605606 0.77714978 0.95617849 1.00 1.28675324 1.230365773 3.633339541 0.0017689901 0.649428 0.77714978 0.95617849 1.00 1.28675324 1.230365773 3.633339541 0.0017689901 0.693249 0.77714978 0.95617849 1.00 1.28675324 1.230365773 3.633339541 0.0017689901 0.737071 0.77714978 0.95617849 1.00 1.28675324 1.230365773 3.633339541 0.0017689901 0.780892 0.77714978 0.95617849 1.00 1.28675324 1.230365773 3.633339541 0.0017689901 0.824714 0.77714978 0.95617849 1.00 1.28675324 1.230365773 3.633339541 0.0017689901 0.868535 0.77714978 0.95617849 1.00 1.28675324 1.230365773 3.633339541 0.0017689901 0.912357 0.77714978 0.95617849 1.00 1.28675324 1.230365773 3.633339541 0.0017689901 0.956178 0.77714978 0.95617849 1.00 1.28675324 1.230365773 3.633339541 0.0017689901 1 0.77714978 0.95617849 1.00 1.28675324 1.230365773 3.633339541 0.0017689901 1.043822 0.77714978 0.95617849 1.00 1.28675324 1.230365773 3.633339541 0.0017689901 1.087643 0.77714978 0.95617849 1.00 1.28675324 1.230365773 3.633339541 0.0017689901 1.131465 0.77714978 0.95617849 1.00 1.28675324 1.230365773 3.633339541 0.0017689901 1.175286 0.77714978 0.95617849 1.00 1.28675324 1.2303657731 2 3 4 5 6 7 8 9 10 11 12

vlookup - do not delete Af ter-tax cash flow (A

TCF) - Adjusted

year ind atcf min_atcf atcf_adjave_atcf_adj ATCF Index Series

nterceptyear_coef St Er petrol_2003 103 2003 petrol 81956.7438980.3381956.7481606.9164 1.004287 -86.55540.0438220.012061 petrol_2004 104 2004 petrol 113984.938980.33 113984.981606.9164 1.396756 -86.55540.0438220.012061 petrol_2005 105 2005 petrol 140499.638980.33 140499.681606.9164 1.721663 -86.55540.0438220.012061 petrol_2006 106 2006 petrol 155297.338980.33 155297.381606.9164 1.902992 -86.55540.0438220.012061 petrol_2007 107 2007 petrol 147432.638980.33 147432.681606.9164 1.806619 -86.55540.0438220.012061 petrol_2008 108 2008 petrol 116939.438980.33 116939.481606.9164 1.43296 -86.55540.0438220.012061 pharma_198888 1988 pharma 16050.42 16050.42 16050.4242936.4082 0.373818 -171.0030.0860870.005578 pharma_198989 1989 pharma 16561.56 16050.42 16561.5642936.4082 0.385723 -171.0030.0860870.005578 pharma_199090 1990 pharma 18986.916050.42 18986.942936.4082 0.44221 -171.0030.0860870.005578 pharma_199191 1991 pharma 19908.4516050.42 19908.4542936.4082 0.463673 -171.0030.0860870.005578 pharma_199292 1992 pharma 18845.8816050.42 18845.8842936.4082 0.438925 -171.0030.0860870.005578 pharma_199393 1993 pharma 19971.21 16050.42 19971.21 42936.4082 0.465135 -171.0030.0860870.005578 pharma_199494 1994 pharma 25247.22 16050.4225247.2242936.4082 0.588014 -171.0030.0860870.005578 pharma_199595 1995 pharma 28359.81 16050.4228359.81 42936.4082 0.660507 -171.0030.0860870.005578 pharma_199696 1996 pharma 29070.72 16050.4229070.7242936.4082 0.677065 -171.0030.0860870.005578 pharma_199797 1997 pharma 30731.24 16050.4230731.2442936.4082 0.715738 -171.0030.0860870.005578 pharma_199898 1998 pharma 38268.57 16050.4238268.5742936.4082 0.891285 -171.0030.0860870.005578 pharma_199999 1999 pharma 41948.3 16050.42 41948.342936.4082 0.976987 -171.0030.0860870.005578 pharma_2000100 2000 pharma 44749.51 16050.4244749.51 42936.4082 1.042228 -171.0030.0860870.005578 pharma_2001101 2001 pharma 58488.14 16050.4258488.1442936.4082 1.362204 -171.0030.0860870.005578 pharma_2002102 2002 pharma 53594.6916050.4253594.6942936.4082 1.248234 -171.0030.0860870.005578 pharma_2003103 2003 pharma 63413.46 16050.4263413.4642936.4082 1.476916 -171.0030.0860870.005578 pharma_2004104 2004 pharma 52389.6816050.4252389.6842936.4082 1.220169 -171.0030.0860870.005578 pharma_2005105 2005 pharma 73282.64 16050.4273282.6442936.4082 1.706771 -171.0030.0860870.005578 pharma_2006106 2006 pharma 83358.91 16050.4283358.91 42936.4082 1.94145 -171.0030.0860870.005578 pharma_2007107 2007 pharma 82096.0816050.4282096.0842936.4082 1.912039 -171.0030.0860870.005578 pharma_2008108 2008 pharma 86341.21 16050.4286341.21 42936.4082 2.010909 -171.0030.0860870.005578 otherchem_1992

92 1992 otherchem18891.269696.37518891.2625959.7732 0.727713 -66.00150.033501 0.012166 otherchem_1993

93 1993 otherchem9696.3759696.3759696.37525959.7732 0.373515 -66.00150.033501 0.012166 otherchem_1994

94 1994 otherchem21637.479696.37521637.4725959.7732 0.8335 -66.00150.033501 0.012166 otherchem_1995

95 1995 otherchem 24777.1 9696.375 24777.1 25959.7732 0.954442 -66.00150.033501 0.012166 otherchem_1996

96 1996 otherchem33879.41 9696.37533879.41 25959.7732 1.305073 -66.00150.033501 0.012166 otherchem_1997

97 1997 otherchem32462.669696.37532462.6625959.7732 1.250499 -66.00150.033501 0.012166 otherchem_1998

98 1998 otherchem28074.279696.37528074.2725959.7732 1.081453 -66.00150.033501 0.012166 otherchem_1999

99 1999 otherchem23045.629696.37523045.6225959.7732 0.887743 -66.00150.033501 0.012166 otherchem_2000

100 2000 otherchem21681.879696.37521681.8725959.7732 0.83521 -66.00150.033501 0.012166 otherchem_2001

101 2001 otherchem15003.249696.37515003.2425959.7732 0.577942 -66.00150.033501 0.012166 otherchem_2002

102 2002 otherchem23164.249696.37523164.2425959.7732 0.892313 -66.00150.033501 0.012166 otherchem_2003

103 2003 otherchem27345.379696.37527345.3725959.7732 1.053375 -66.00150.033501 0.012166 otherchem_2004

104 2004 otherchem31296.889696.37531296.8825959.7732 1.205591 -66.00150.033501 0.012166 otherchem_2005

105 2005 otherchem25300.449696.37525300.4425959.7732 0.974602 -66.00150.033501 0.012166 otherchem_2006

106 2006 otherchem29976.959696.37529976.9525959.7732 1.154746 -66.00150.033501 0.012166 otherchem_2007

107 2007 otherchem35942.139696.37535942.1325959.7732 1.384532 -66.00150.033501 0.012166 otherchem_2008

108 2008 otherchem39140.869696.37539140.8625959.7732 1.507751 -66.00150.033501 0.01216613 14 15 16 17 18 19 20

t-Statistic P-ValueCalculated Trend ave_atcf_1996th ru1998 ave_trend_1996th

ru1999 21-Yr A ve ATCF Index Adj Coef -

Non Sig Adj Coef - Sig
3.633339541 0.0017689901 1.219108 0.77714978 0.95617849 1.00 1.28675324 1.230365773 3.633339541 0.0017689901 1.262929 0.77714978 0.95617849 1.00 1.28675324 1.230365773 3.633339541 0.0017689901 1.306751 0.77714978 0.95617849 1.00 1.28675324 1.230365773 3.633339541 0.0017689901 1.350572 0.77714978 0.95617849 1.00 1.28675324 1.230365773 3.633339541 0.0017689901 1.394394 0.77714978 0.95617849 1.00 1.28675324 1.230365773 3.633339541 0.0017689901 1.438215 0.77714978 0.95617849 1.00 1.28675324 1.230365773 15.43407711 0.00000000000.139126 0.761362558 0.913912627 1.00 1.3134347 1.200364554 15.43407711 0.00000000000.225214 0.761362558 0.913912627 1.00 1.3134347 1.200364554 15.43407711 0.00000000000.311301 0.761362558 0.913912627 1.00 1.3134347 1.200364554 15.43407711 0.00000000000.397388 0.761362558 0.913912627 1.00 1.3134347 1.200364554 15.43407711 0.00000000000.483476 0.761362558 0.913912627 1.00 1.3134347 1.200364554 15.43407711 0.00000000000.569563 0.761362558 0.913912627 1.00 1.3134347 1.200364554 15.43407711 0.00000000000.655651 0.761362558 0.913912627 1.00 1.3134347 1.200364554 15.43407711 0.00000000000.741738 0.761362558 0.913912627 1.00 1.3134347 1.200364554 15.43407711 0.00000000000.827825 0.761362558 0.913912627 1.00 1.3134347 1.200364554 15.43407711 0.00000000000.913913 0.761362558 0.913912627 1.00 1.3134347 1.200364554 15.43407711 0.0000000000 1 0.761362558 0.913912627 1.00 1.3134347 1.200364554 15.43407711 0.0000000000 1.086087 0.761362558 0.913912627 1.00 1.3134347 1.200364554 15.43407711 0.0000000000 1.172175 0.761362558 0.913912627 1.00 1.3134347 1.200364554 15.43407711 0.0000000000 1.258262 0.761362558 0.913912627 1.00 1.3134347 1.200364554 15.43407711 0.0000000000 1.344349 0.761362558 0.913912627 1.00 1.3134347 1.200364554 15.43407711 0.0000000000 1.430437 0.761362558 0.913912627 1.00 1.3134347 1.200364554 15.43407711 0.0000000000 1.516524 0.761362558 0.913912627 1.00 1.3134347 1.200364554 15.43407711 0.0000000000 1.602612 0.761362558 0.913912627 1.00 1.3134347 1.200364554 15.43407711 0.0000000000 1.688699 0.761362558 0.913912627 1.00 1.3134347 1.200364554 15.43407711 0.0000000000 1.774786 0.761362558 0.913912627 1.00 1.3134347 1.200364554 15.43407711 0.0000000000 1.860874 0.761362558 0.913912627 1.00 1.3134347 1.200364554 2.753614826 0.01263553090.731994 1.212341585 0.899497718 1.00 0.82485004 0.741950725 2.753614826 0.01263553090.765495 1.212341585 0.899497718 1.00 0.82485004 0.741950725 2.753614826 0.01263553090.798995 1.212341585 0.899497718 1.00 0.82485004 0.741950725 2.753614826 0.01263553090.832496 1.212341585 0.899497718 1.00 0.82485004 0.741950725 2.753614826 0.01263553090.865997 1.212341585 0.899497718 1.00 0.82485004 0.741950725 2.753614826 0.01263553090.899498 1.212341585 0.899497718 1.00 0.82485004 0.741950725 2.753614826 0.01263553090.932998 1.212341585 0.899497718 1.00 0.82485004 0.741950725 2.753614826 0.01263553090.966499 1.212341585 0.899497718 1.00 0.82485004 0.741950725 2.753614826 0.0126355309 1 1.212341585 0.899497718 1.00 0.82485004 0.741950725 2.753614826 0.01263553091.033501 1.212341585 0.899497718 1.00 0.82485004 0.741950725 2.753614826 0.01263553091.067002 1.212341585 0.899497718 1.00 0.82485004 0.741950725 2.753614826 0.01263553091.100502 1.212341585 0.899497718 1.00 0.82485004 0.741950725 2.753614826 0.01263553091.134003 1.212341585 0.899497718 1.00 0.82485004 0.741950725 2.753614826 0.01263553091.167504 1.212341585 0.899497718 1.00 0.82485004 0.741950725 2.753614826 0.01263553091.201005 1.212341585 0.899497718 1.00 0.82485004 0.741950725 2.753614826 0.01263553091.234505 1.212341585 0.899497718 1.00 0.82485004 0.741950725 2.753614826 0.01263553091.268006 1.212341585 0.899497718 1.00 0.82485004 0.7419507251 2 3 4 5 6 7 8 9 10 SIC - Excel ind_item Industry ITEM 1988Q1 1988Q2 1988Q3 1988Q4 1989Q1 1989Q2 1989Q3 chem_After-tax cash flow (ATCF) chem After-tax cash flow (ATCF) 7382.72 8180.76 7831.62 6525.59 7910.15 7640.7 6539.03 chem_After-tax cash flow (ATCF) - Adjusted chem After-tax cash flow (ATCF) - Adjusted 7233.99 8015.96 7673.85 6394.13 7750.8 7486.77 6407.3 chem_Depreciation, depletion, and amortization or property, plant, and equipment chem Depreciation, depletion, and amortization or property, plant, and equipment 2847.06 2796.7 2928.91 2831.18 2637.31 2666.3 2750.6 chem_Income (or loss) after income taxes chem Income (or loss) after income taxes 4535.65 5384.06 4902.71 3694.41 5272.84 4974.39 3788.43 pharma_After-tax cash flow (ATCF) pharma After-tax cash flow (ATCF) 4995.34 3477.97 3322.94 4660.36 4479.87 4270.32 3688.5 pharma_After-tax cash flow (ATCF) - Adjustedpharma After-tax cash flow (ATCF) - Adjusted 4872.04 3392.13 3240.93 4545.33 4369.29 4164.92 3597.46 pharma_Depreciation, depletion, and amortization or property, plant, and equipment pharma Depreciation, depletion, and amortization or property, plant, and equipment 711.766 751.051 778.985 749.695 739.516 871.71 759.088 pharma_Income (or loss) after income taxes pharma Income (or loss) after income taxes 4283.57 2726.92 2543.96 3910.67 3740.35 3398.61 2929.42 foodbev_After-tax cash flow (ATCF) foodbev After-tax cash flow (ATCF) 12294.6 15272.6 13985.4 12811.5 11196.1 11132.8 10062.7 foodbev_After-tax cash flow (ATCF) - Adjustedfoodbev After-tax cash flow (ATCF) - Adjusted 11366.6 14119.8 12929.8 11844.4 10351 10292.5 9303.19 foodbev_Depreciation, depletion, and amortization or property, plant, and equipment foodbev Depreciation, depletion, and amortization or property, plant, and equipment 4044.46 4188.62 4223.59 4290.92 4326.62 4210.32 4245.99 foodbev_Income (or loss) after income taxes foodbev Income (or loss) after income taxes 8250.18 11084 9761.83 8520.57 6869.48 6922.51 5816.76 ironsteel_After-tax cash flow (ATCF) ironsteel After-tax cash flow (ATCF) 1569.4 2543.64 -799.32 1795.53 1749.48 1674.45 1590.02 ironsteel_After-tax cash flow (ATCF) - Adjusted ironsteel After-tax cash flow (ATCF) - Adjusted 2298.75 3725.74 -1170.8 2629.97 2562.52 2452.62 2328.96 ironsteel_Depreciation, depletion, and amortization or property, plant, and equipment ironsteel Depreciation, depletion, and amortization or property, plant, and equipment 740.866 759.227 733.585 676.944 732.164 735.643 687.147 ironsteel_Income (or loss) after income taxes ironsteel Income (or loss) after income taxes 828.537 1784.41-1532.91 1118.59 1017.32 938.81 902.877 nonfermet_After-tax cash flow (ATCF) nonfermet After-tax cash flow (ATCF) 2327.16 2803.23 2631.99 2740.45 2876.3 2851.71 2611.1 nonfermet_After-tax cash flow (ATCF) - Adjusted nonfermetAfter-tax cash flow (ATCF) - Adjusted 2303.94 2775.26 2605.73 2713.11 2847.6 2823.26 2585.05 nonfermet_Depreciation, depletion, and amortization or property, plant, and equipment nonfermet Depreciation, depletion, and amortization or property, plant, and equipment 787.844 732.961 728.024 798.179 770.145 800.454 796.801 nonfermet_Income (or loss) after income taxes nonfermet Income (or loss) after income taxes 1539.31 2070.27 1903.97 1942.27 2106.15 2051.26 1814.3 petrol_After-tax cash flow (ATCF) petrol After-tax cash flow (ATCF) 18502.2 16853.7 19505.5 20108.4 18288.3 14831.4 16195.1

petrol_After-tax cash flow (ATCF) - Adjusted petrol After-tax cash flow (ATCF) - Adjusted 21839.5 19893.6 23023.8 23735.4 21587 17506.6 19116.2 petrol_Depreciation, depletion, and amortization or property, plant, and equipment petrol Depreciation, depletion, and amortization or property, plant, and equipment 9201.06 9157.68 8841.21 9286.48 8239.82 8140.08 7939.75 petrol_Income (or loss) after income taxes petrol Income (or loss) after income taxes 9301.15 7695.97 10664.3 10821.9 10048.5 6691.34 8255.31 paper_After-tax cash flow (ATCF) paper After-tax cash flow (ATCF) 5373.46 6072.68 6135.65 5516.38 5666.66 5724.35 5469.64

paper_After-tax cash flow (ATCF) - Adjusted paper After-tax cash flow (ATCF) - Adjusted 4934.23 5576.29 5634.11 5065.47 5203.46 5256.43 5022.55 paper_Depreciation, depletion, and amortization or property, plant, and equipment paper Depreciation, depletion, and amortization or property, plant, and equipment 2168.66 2065.85 2111.79 2103.11 2138.36 2203.98 2208.89 paper_Income (or loss) after income taxes paper Income (or loss) after income taxes 3204.8 4006.83 4023.85 3413.27 3528.3 3520.37 3260.75 otherchem_After-tax cash flow (ATCF) otherchem After-tax cash flow (ATCF) 0 0 0 0 0 0 0 otherchem_After-tax cash flow (ATCF) - Adjusted otherchem After-tax cash flow (ATCF) - Adjusted #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! otherchem_Depreciation, depletion, and amortization or property, plant, and equipment otherchem Depreciation, depletion, and amortization or property, plant, and equipment 0 0 0 0 0 0 0

otherchem_Income (or loss) after income taxes otherchem Income (or loss) after income taxes 0 0 0 0 0 0 01

ind_item chem_After-tax cash flow (ATCF) chem_After-tax cash flow (ATCF) - Adjusted chem_Depreciation, depletion, and amortization or property, plant, and equipment chem_Income (or loss) after income taxes pharma_After-tax cash flow (ATCF) pharma_After-tax cash flow (ATCF) - Adjusted pharma_Depreciation, depletion, and amortization or property, plant, and equipment pharma_Income (or loss) after income taxes foodbev_After-tax cash flow (ATCF) foodbev_After-tax cash flow (ATCF) - Adjusted foodbev_Depreciation, depletion, and amortization or property, plant, and equipment foodbev_Income (or loss) after income taxes ironsteel_After-tax cash flow (ATCF) ironsteel_After-tax cash flow (ATCF) - Adjusted ironsteel_Depreciation, depletion, and amortization or property, plant, and equipment ironsteel_Income (or loss) after income taxes nonfermet_After-tax cash flow (ATCF) nonfermet_After-tax cash flow (ATCF) - Adjusted nonfermet_Depreciation, depletion, and amortization or property, plant, and equipment nonfermet_Income (or loss) after income taxes petrol_After-tax cash flow (ATCF)

petrol_After-tax cash flow (ATCF) - Adjusted petrol_Depreciation, depletion, and amortization or property, plant, and equipment petrol_Income (or loss) after income taxes paper_After-tax cash flow (ATCF)

paper_After-tax cash flow (ATCF) - Adjusted paper_Depreciation, depletion, and amortization or property, plant, and equipment paper_Income (or loss) after income taxes otherchem_After-tax cash flow (ATCF) otherchem_After-tax cash flow (ATCF) - Adjusted otherchem_Depreciation, depletion, and amortization or property, plant, and equipment

otherchem_Income (or loss) after income taxes 11 12 13 14 15 16 17 18 19 20 21 22 23

1989Q4 1990Q1 1990Q2 1990Q3 1990Q4 1991Q1 1991Q2 1991Q3 1991Q4 1992Q1 1992Q2 1992Q3 1992Q4 4672.61 5423.86 7146.04 5853.81 5420.92 5662.67 4896.58 3776.54 4647.64 -6257.4 5989.82 5568.13 2540.74 4578.48 5314.6 7002.08 5735.89 5311.72 5548.59 4797.94 3700.46 4554.01 -6131.3 5869.15 5455.96 2489.56 2795.21 2701.61 2745.47 2855.27 2912.78 2792.46 2932.03 2796.95 3231.31 3145.63 3067.02 3175.64 3260.78 1877.41 2722.26 4400.57 2998.54 2508.14 2870.21 1964.55 979.586 1416.33-9403.02 2922.8 2392.5-720.036 4542 4405.17 4347.84 4990.83 5723.57 4618.81 4536.85 5983.46 5273.16 3384.25 5390.52 5556.97 4991.09 4429.89 4296.44 4240.52 4867.64 5582.3 4504.8 4424.87 5835.77 5143 3300.72 5257.46 5419.81 4867.9 980.5 822.528 957.682 888.269 1041.71 908.211 992.128 935.578 918.832 1010.92 1083.23 1051.1 1022.96 3561.5 3582.64 3390.16 4102.56 4681.86 3710.6 3544.72 5047.88 4354.32 2373.33 4307.28 4505.87 3968.13 13638.2 10205.9 12950 12801.5 8106.3 12547.9 12864.8 13347.5 10590.1 9025.74 13601.3 11809.4 10494.4 12608.7 9435.52 11972.5 11835.2 7494.42 11600.7 11893.8 12340 9790.71 8344.46 12574.6 10918 9702.31 4258.12 4217.6 4196.45 4213.8 4300.62 4347.5 4384.09 4433.4 4129.07 4006.6 4108.59 4497.89 4339.25 9380.06 5988.28 8753.52 8587.73 3805.68 8200.37 8480.72 8914.07 6460.99 5019.14 9492.69 7311.47 6155.2 1008.5 1357.41 1681.43 1335.56-407.868 132.65 555.432 705.97-1616.93-1524.81 1182.75 1423.98-762.641 1477.18 1988.25 2462.84 1956.24 -597.42 194.296 813.558 1034.05 -2368.4 -2233.4 1732.41 2085.75 -1117.1

672.15 701.102 741.312 707.024 672.646 671.177 679.136 692.111 664.434 690.176 694.201 680.021 680.267 336.353 656.312 940.118 628.537-1080.51-538.527-123.703 13.8588-2281.37-2214.99 488.547 743.96-1442.91 1279.34 2195.28 2410.53 1971.45 1140.58 1845.76 1631.74 1393.56 654.137-1824.64 1661.78 1756.33 501.221

1266.58 2173.38 2386.48 1951.78 1129.2 1827.34 1615.46 1379.66 647.61 -1806.4 1645.2 1738.81 496.22

835.105 865.084 888.579 865.425 889.885 980.867 985.661 998.435 1020.16 980.448 998.751 1014.07 981.43 444.234 1330.19 1521.95 1106.03 250.699 864.889 646.076 395.129-366.027-2805.09 663.033 742.266-480.209 17311.1 14948.3 14469 16245 16090.5 15315.5 11325.7 9834.98 10690.5 1057.68 10875.6 10694.5 11511.1

20433.6 17644.6 17078.8 19175.2 18992.8 18078 13368.5 11608.9 12618.8 1248.45 12837.2 12623.4 13587.3

8209.73 7958.56 7768.62 7788.79 8076.2 7320.28 7199.5 7271.1 7663.42 7400.53 7380.71 6976.52 7444.6 9101.41 6989.76 6700.37 8456.26 8014.34 7995.23 4126.2 2563.88 3027.12-6342.85 3494.86 3717.94 4066.46 4261.6 4819.87 4992.53 4367.18 3506.38 4079.5 3952.09 4065.04 2061.3 1949.29 4198.32 3906.15 2968.96

3913.26 4425.89 4584.44 4010.2 3219.76 3746.04 3629.04 3732.76 1892.8 1789.95 3855.14 3586.85 2726.27

2265.77 2333.36 2299.8 2341.19 2476.37 2670.04 2618.3 2686.12 2670.61 2769.96 2813.84 2757.75 2808.78 1995.83 2486.51 2692.74 2026 1030.01 1409.46 1333.79 1378.92-609.314-820.669 1384.48 1148.4 160.184 0 0 0 0 0 0 0 0 0 3585.79 4164.67 4486.73 4044.26

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0 4160.57 4832.24 5205.92 4692.53

0 0 0 0 0 0 0 0 0 1736.46 1743.42 1674.75 1665.28

0 0 0 0 0 0 0 0 0 1849.33 2421.25 2811.98 2378.971

ind_item chem_After-tax cash flow (ATCF) chem_After-tax cash flow (ATCF) - Adjusted chem_Depreciation, depletion, and amortization or property, plant, and equipment chem_Income (or loss) after income taxes pharma_After-tax cash flow (ATCF) pharma_After-tax cash flow (ATCF) - Adjusted pharma_Depreciation, depletion, and amortization or property, plant, and equipment pharma_Income (or loss) after income taxes foodbev_After-tax cash flow (ATCF) foodbev_After-tax cash flow (ATCF) - Adjusted foodbev_Depreciation, depletion, and amortization or property, plant, and equipment foodbev_Income (or loss) after income taxes ironsteel_After-tax cash flow (ATCF) ironsteel_After-tax cash flow (ATCF) - Adjusted ironsteel_Depreciation, depletion, and amortization or property, plant, and equipment ironsteel_Income (or loss) after income taxes nonfermet_After-tax cash flow (ATCF) nonfermet_After-tax cash flow (ATCF) - Adjusted nonfermet_Depreciation, depletion, and amortization or property, plant, and equipment nonfermet_Income (or loss) after income taxes petrol_After-tax cash flow (ATCF)

petrol_After-tax cash flow (ATCF) - Adjusted petrol_Depreciation, depletion, and amortization or property, plant, and equipment petrol_Income (or loss) after income taxes paper_After-tax cash flow (ATCF)

paper_After-tax cash flow (ATCF) - Adjusted paper_Depreciation, depletion, and amortization or property, plant, and equipment paper_Income (or loss) after income taxes otherchem_After-tax cash flow (ATCF) otherchem_After-tax cash flow (ATCF) - Adjusted otherchem_Depreciation, depletion, and amortization or property, plant, and equipment

otherchem_Income (or loss) after income taxes 24 25 26 27 28 29 30 31 32 33 34 35 36 BASED ON SIC FRAMEWORK 1993Q1 1993Q2 1993Q3 1993Q4 1994Q1 1994Q2 1994Q3 1994Q4 1995Q1 1995Q2 1995Q3 1995Q4 1996Q1 5442.29 6124.2 3133.88 4175.37 6271.95 6319.09 7088.38 5883.26 $8,650 $9,352 $7,272 $4,948 $8,672 5332.66 6000.83 3070.74 4091.26 6145.6 6191.79 6945.58 5764.74 $8,476 $9,164 $7,125 $4,848 $8,497 3118.44 3127.95 3194.74 3357.37 3160.68 3216.4 3313.51 3506.25 $3,249 $3,320 $3,417 $3,707 $3,397 2323.85 2996.25-60.8671 818 3111.27 3102.68 3774.87 2377.02 $5,401 $6,031 $3,854 $1,241 $5,275 5877.42 5203.85 6259.95 3135.41 7250.88 5619.87 6139.7 6875.71 $6,415 $7,410 $8,762 $6,491 $6,473 5732.35 5075.4 6105.44 3058.02 7071.91 5481.16 5988.15 6706 $6,257 $7,227 $8,545 $6,331 $6,314 1125.67 1110.07 1151.79 1120.68 1242.96 1332.36 1387.12 1483.35 $1,378 $1,479 $1,246 $1,555 $1,311 4751.76 4093.78 5108.16 2014.73 6007.91 4287.51 4752.57 5392.36 $5,037 $5,931 $7,516 $4,936 $5,162 8951.72 11848.6 11552.3 10249.1 12800.2 11462.6 13280 13529.5 $13,348$14,616 $14,600 $13,165 $14,050 8276.03 10954.2 10680.3 9475.44 11834 10597.3 12277.6 12508.3 $12,341$13,513 $13,498 $12,171 $12,990 4363.92 4302.31 4593.13 4616.19 4300.19 4339.76 4421.07 4450.06 $4,458 $4,516 $4,573 $4,710 $4,580 4587.8 7546.28 6959.14 5632.87 8500.02 7122.8 8858.94 9079.47 $8,890 $10,100 $10,027 $8,455 $9,470 -795.647 2014.72 808.302 445.087 1563.36 2050.96 2123.52 2112.6 $2,384 $1,985 $2,156 $1,738 $1,218 -1165.4 2951.02 1183.94 651.932 2289.9 3004.1 3110.39 3094.39 $3,491 $2,907 $3,157 $2,546 $1,785

711.461 719.679 732.473 761.832 773.769 818.98 802.325 829.563 $833 $857 $850 $822 $831 -1507.11 1295.04 75.8292-316.746 789.592 1231.98 1321.2 1283.03 $1,551 $1,128 $1,306 $916 $387 97.8862 1354.39 1175.07 313.694 1326.75 1639.51 1790.85 2140.94 $3,194 $2,987 $2,797 $2,464 $2,466

96.9096 1340.88 1163.35 310.564 1313.51 1623.15 1772.99 2119.58 $3,162 $2,957 $2,769 $2,439 $2,441

972.785 959.037 936.516 893.985 889.303 864.509 904.419 821.066 $862 $871 $879 $855 $853 -874.898 395.356 238.556-580.291 437.449 775.002 886.435 1319.87 $2,332 $2,117 $1,919 $1,609 $1,612 10823.1 11831.3 11352.5 13431 10070.3 10574.3 12977.5 15265.2 $11,418$12,069 $13,534 $9,309 $13,559

12775.3 13965.4 13400.2 15853.6 11886.7 12481.6 15318.3 18018.6 $13,478$14,246 $15,975 $10,988 $16,004

6735.07 6746.65 6731.28 6953.78 6573.04 6564.97 6477.31 6524.63 $6,309 $6,355 $5,939 $6,520 $5,836 4088.03 5084.69 4621.22 6477.26 3497.28 4009.36 6500.23 8740.55 $5,109 $5,714 $7,595 $2,789 $7,722 3963.48 4187.85 129.538 2828.08 3920.35 4441.19 4920.62 6339.21 $6,749 $7,915 $8,363 $7,153 $6,313

3639.5 3845.53 118.949 2596.91 3599.9 4078.16 4518.4 5821.04 $6,197 $7,268 $7,680 $6,568 $5,797

2837.81 2928.83 2871.68 2851.36 2899.73 2904.44 2972.84 2946.95 $3,000 $3,059 $3,094 $3,114 $3,049 1125.67 1259.02-2742.14-23.2827 1020.62 1536.74 1947.78 3392.26 $3,749 $4,856 $5,270 $4,039 $3,265 1195.03-634.998 3731.62 4065.17 3823.08 4803.86 5249.07 4772.27 $4,899 $5,318 $5,839 $5,298 $6,275

1386.59 -736.78 4329.78 4716.79 4435.89 5573.89 6090.46 5537.23 $5,684 $6,171 $6,774 $6,147 $7,281

1606.52 1702.73 1629.37 1685.67 1490.01 1535.21 1513.92 1559.35 $1,504 $1,498 $1,599 $1,712 $1,689

-411.483-2337.73 2102.26 2379.5 2333.07 3268.65 3735.15 3212.92 $3,396 $3,820 $4,239 $3,586 $4,5861

ind_item chem_After-tax cash flow (ATCF) chem_After-tax cash flow (ATCF) - Adjusted chem_Depreciation, depletion, and amortization or property, plant, and equipment chem_Income (or loss) after income taxes pharma_After-tax cash flow (ATCF) pharma_After-tax cash flow (ATCF) - Adjusted pharma_Depreciation, depletion, and amortization or property, plant, and equipment pharma_Income (or loss) after income taxes foodbev_After-tax cash flow (ATCF) foodbev_After-tax cash flow (ATCF) - Adjusted foodbev_Depreciation, depletion, and amortization or property, plant, and equipment foodbev_Income (or loss) after income taxes ironsteel_After-tax cash flow (ATCF) ironsteel_After-tax cash flow (ATCF) - Adjusted ironsteel_Depreciation, depletion, and amortization or property, plant, and equipment ironsteel_Income (or loss) after income taxes nonfermet_After-tax cash flow (ATCF) nonfermet_After-tax cash flow (ATCF) - Adjusted nonfermet_Depreciation, depletion, and amortization or property, plant, and equipment nonfermet_Income (or loss) after income taxes petrol_After-tax cash flow (ATCF)

petrol_After-tax cash flow (ATCF) - Adjusted petrol_Depreciation, depletion, and amortization or property, plant, and equipment petrol_Income (or loss) after income taxes paper_After-tax cash flow (ATCF)

paper_After-tax cash flow (ATCF) - Adjusted paper_Depreciation, depletion, and amortization or property, plant, and equipment paper_Income (or loss) after income taxes otherchem_After-tax cash flow (ATCF) otherchem_After-tax cash flow (ATCF) - Adjusted otherchem_Depreciation, depletion, and amortization or property, plant, and equipment

otherchem_Income (or loss) after income taxes 37 38 39 40 41 42 43 44 45 46 47 48 49 BASED ON SIC FRAMEWORK 1996Q2 1996Q3 1996Q4 1997Q1 1997Q2 1997Q3 1997Q4 1998Q1 1998Q2 1998Q3 1998Q4 1999Q1 1999Q2 $2,996 $8,424 $6,311 $8,236 $8,968 $6,497 $3,461 $7,372 $7,038 $5,225 $4,738 $5,911 $6,752 $2,935 $8,255 $6,184 $8,070 $8,787 $6,366 $3,392 $7,224 $6,896 $5,120 $4,643 $5,792 $6,616 $3,329 $3,426 $3,602 $3,286 $3,380 $3,356 $3,520 $3,227 $3,160 $3,320 $3,595 $3,224 $3,320 -$334 $4,998 $2,709 $4,949 $5,587 $3,142 -$59 $4,145 $3,877 $1,906 $1,144 $2,687 $3,432 $7,535 $8,001 $7,797 $9,024 $3,253 $7,788 $11,445 $9,208 $9,336 $9,772 $10,921 $10,712 $6,378 $7,349 $7,803 $7,605 $8,801 $3,172 $7,596 $11,162 $8,981 $9,106 $9,531 $10,651 $10,447 $6,220 $1,316 $1,402 $1,375 $1,435 $1,501 $1,500 $1,435 $1,702 $1,689 $1,681 $1,695 $1,788 $1,857 $6,218 $6,599 $6,422 $7,589 $1,752 $6,288 $10,009 $7,506 $7,647 $8,091 $9,226 $8,924 $4,521 $13,649 $14,632 $15,207 $13,224 $15,147 $16,184 $12,018 $13,968 $13,499 $17,843 $11,042 $13,998 $16,717 $12,618 $13,528 $14,059 $12,226 $14,004 $14,962 $11,111 $12,914 $12,480 $16,496 $10,208 $12,942 $15,455 $4,547 $4,572 $4,787 $4,426 $4,661 $4,526 $4,439 $4,270 $4,571 $4,420 $4,670 $4,463 $4,646 $9,102 $10,060 $10,420 $8,798 $10,486 $11,658 $7,579 $9,698 $8,928 $13,423 $6,372 $9,535 $12,072 $2,049 $1,964 $1,083 $1,938 $2,513 $1,995 $2,002 $2,095 $2,207 $1,777 $1,091 $940 $1,684 $3,001 $2,876 $1,586 $2,838 $3,681 $2,922 $2,932 $3,068 $3,233 $2,603 $1,599 $1,377 $2,467

$855 $865 $859 $887 $893 $877 $929 $956 $1,002 $1,019 $1,014 $1,002 $1,066 $1,194 $1,099 $224 $1,051 $1,621 $1,118 $1,072 $1,138 $1,205 $758 $78 -$62 $618 $2,477 $2,083 $1,884 $2,464 $2,643 $2,387 $1,594 $2,528 $2,061 $2,391 $1,834 $1,892 $2,170

$2,452 $2,062 $1,865 $2,439 $2,617 $2,363 $1,578 $2,503 $2,041 $2,367 $1,816 $1,873 $2,148

$876 $901 $877 $896 $935 $976 $926 $925 $937 $983 $984 $927 $908 $1,600 $1,182 $1,007 $1,568 $1,708 $1,411 $669 $1,602 $1,124 $1,407 $850 $965 $1,261 $17,686 $15,376 $16,398 $16,980 $16,013 $15,068 $17,085 $10,949 $9,774 $12,133 $168 $7,546 $10,277

$20,876 $18,150 $19,356 $20,043 $18,901 $17,786 $20,166 $12,923 $11,537 $14,322 $198 $8,907 $12,131

$5,678 $5,780 $6,119 $5,539 $5,350 $5,474 $6,165 $5,245 $5,318 $5,164 $5,351 $4,777 $4,653 $12,008 $9,597 $10,279 $11,441 $10,663 $9,594 $10,919 $5,704 $4,455 $6,970 -$5,183 $2,769 $5,625 $5,515 $5,808 $4,506 $4,920 $4,830 $5,590 $3,147 $5,288 $5,647 $5,474 $4,106 $4,872 $5,745

$5,064 $5,333 $4,138 $4,518 $4,436 $5,133 $2,890 $4,856 $5,185 $5,026 $3,770 $4,473 $5,275

$3,164 $3,230 $3,199 $3,318 $3,332 $3,324 $3,287 $3,384 $3,367 $3,481 $3,511 $3,372 $3,329 $2,351 $2,577 $1,306 $1,602 $1,498 $2,266 -$140 $1,905 $2,280 $1,993 $595 $1,500 $2,416 $7,483 $10,340 $5,101 $7,904 $6,713 $8,083 $5,278 $6,761 $7,201 $6,770 $3,464 $7,408 $7,614

$8,683 $11,997 $5,919 $9,171 $7,789 $9,378 $6,124 $7,845 $8,356 $7,855 $4,019 $8,596 $8,834

$1,673 $1,631 $1,596 $1,551 $1,620 $1,536 $1,758 $1,598 $1,719 $1,710 $1,806 $1,862 $2,011

$5,810 $8,708 $3,505 $6,353 $5,093 $6,546 $3,520 $5,163 $5,482 $5,060 $1,658 $5,547 $5,6031

ind_item chem_After-tax cash flow (ATCF) chem_After-tax cash flow (ATCF) - Adjusted chem_Depreciation, depletion, and amortization or property, plant, and equipment chem_Income (or loss) after income taxes pharma_After-tax cash flow (ATCF) pharma_After-tax cash flow (ATCF) - Adjusted pharma_Depreciation, depletion, and amortization or property, plant, and equipment pharma_Income (or loss) after income taxes foodbev_After-tax cash flow (ATCF) foodbev_After-tax cash flow (ATCF) - Adjusted foodbev_Depreciation, depletion, and amortization or property, plant, and equipment foodbev_Income (or loss) after income taxes ironsteel_After-tax cash flow (ATCF) ironsteel_After-tax cash flow (ATCF) - Adjusted ironsteel_Depreciation, depletion, and amortization or property, plant, and equipment ironsteel_Income (or loss) after income taxes nonfermet_After-tax cash flow (ATCF) nonfermet_After-tax cash flow (ATCF) - Adjusted nonfermet_Depreciation, depletion, and amortization or property, plant, and equipment nonfermet_Income (or loss) after income taxes petrol_After-tax cash flow (ATCF)

petrol_After-tax cash flow (ATCF) - Adjusted petrol_Depreciation, depletion, and amortization or property, plant, and equipment petrol_Income (or loss) after income taxes paper_After-tax cash flow (ATCF)

paper_After-tax cash flow (ATCF) - Adjusted paper_Depreciation, depletion, and amortization or property, plant, and equipment paper_Income (or loss) after income taxes otherchem_After-tax cash flow (ATCF) otherchem_After-tax cash flow (ATCF) - Adjusted otherchem_Depreciation, depletion, and amortization or property, plant, and equipment

otherchem_Income (or loss) after income taxes 50 51 52 53 54 55 56 57 58 59 60 61 62 BASED ON NAICS FRAMEWORK 1999Q3 1999Q4 2000Q1 2000Q2 2000Q3 2000Q4 2001Q1 2001Q2 2001Q3 2001Q4 2002Q1 2002Q2 2002Q3 $5,802 $5,267 $7,221 $7,186 $6,222 $4,062 $2,936 $3,129 $2,391 $6,467 $3,589 $4,419 $5,215 $5,685 $5,161 $7,076 $7,041 $6,097 $4,062 $2,936 $3,129 $2,391 $6,467 $3,589 $4,419 $5,215 $3,139 $3,313 $3,126 $3,169 $3,324 $3,332 $3,340 $3,261 $3,311 $3,423 $3,121 $3,103 $3,178 $2,663 $1,954 $4,096 $4,017 $2,898 $730 -$404 -$131 -$920 $3,044 $468 $1,316 $2,037 $13,605 $12,316 $12,135 $13,744 $12,238 $7,574 $14,673 $17,590 $11,530 $14,696 $14,585 $11,863 $10,037 $13,269 $12,012 $11,835 $13,404 $11,936 $7,574 $14,673 $17,590 $11,530 $14,696 $14,585 $11,863 $10,037 $2,042 $2,086 $1,913 $2,026 $1,982 $1,980 $2,055 $2,000 $1,995 $2,169 $2,044 $2,103 $2,266 $11,562 $10,230 $10,221 $11,718 $10,256 $5,594 $12,618 $15,589 $9,534 $12,527 $12,541 $9,760 $7,771 $15,057 $15,820 $14,914 $15,775 $16,178 $13,851 $12,036 $13,711 $15,620 $10,849 $13,875 $16,477 $20,682 $13,921 $14,625 $13,788 $14,584 $14,957 $13,851 $12,036 $13,711 $15,620 $10,849 $13,875 $16,477 $20,682 $4,526 $4,828 $4,606 $4,591 $4,521 $4,398 $4,349 $4,282 $4,555 $4,470 $4,188 $4,253 $4,444 $10,532 $10,992 $10,308 $11,183 $11,657 $9,454 $7,687 $9,429 $11,065 $6,379 $9,686 $12,224 $16,238 $1,183 $776 $1,824 $1,459 $1,141 -$1,079 -$234 -$1,209 $67 -$1,031 $334 $915 $896 $1,733 $1,137 $2,671 $2,136 $1,672 -$1,079 -$234 -$1,209 $67 -$1,031 $334 $915 $896

$1,106 $1,136 $1,163 $1,179 $1,130 $1,128 $1,125 $1,118 $1,085 $989 $1,006 $936 $927 $77 -$360 $661 $279 $12 -$2,207 -$1,358 -$2,327 -$1,018 -$2,020 -$672 -$21 -$30 $2,163 $1,840 $2,454 $2,304 $2,048 $1,724 $1,926 $2,031 $1,579 $474 $1,141 $1,336 $947

$2,142 $1,821 $2,430 $2,281 $2,027 $1,724 $1,926 $2,031 $1,579 $474 $1,141 $1,336 $947

$965 $936 $926 $908 $934 $921 $914 $928 $955 $924 $895 $900 $912 $1,198 $904 $1,528 $1,397 $1,113 $802 $1,012 $1,103 $625 -$450 $246 $435 $34 $14,448 $11,036 $17,246 $20,107 $20,756 $22,074 $22,144 $23,780 $17,684 $8,025 $12,055 $13,816 $11,226

$17,054 $13,027 $20,357 $23,734 $24,500 $22,074 $22,144 $23,780 $17,684 $8,025 $12,055 $13,816 $11,226

$4,739 $4,932 $4,587 $5,057 $5,165 $6,632 $5,000 $6,132 $5,811 $6,316 $6,070 $5,729 $6,185 $9,708 $6,105 $12,660 $15,051 $15,591 $15,442 $17,143 $17,648 $11,873 $1,709 $5,985 $8,087 $5,041 $6,225 $6,431 $6,859 $6,557 $5,877 $4,014 $4,162 $4,186 $3,777 $848 $3,747 $4,243 $4,147

$5,716 $5,906 $6,299 $6,021 $5,396 $4,014 $4,162 $4,186 $3,777 $848 $3,747 $4,243 $4,147

$3,291 $3,319 $3,323 $3,345 $3,384 $3,153 $3,035 $3,032 $2,881 $2,932 $2,841 $3,059 $2,897 $2,934 $3,113 $3,536 $3,212 $2,492 $861 $1,127 $1,153 $895 -$2,083 $906 $1,184 $1,250 $3,319 $1,521 $4,570 $4,839 $4,759 $5,242 $3,946 $3,704 $3,988 $3,365 $4,501 $7,802 $5,965

$3,851 $1,764 $5,303 $5,615 $5,522 $5,242 $3,946 $3,704 $3,988 $3,365 $4,501 $7,802 $5,965

$1,819 $1,919 $1,759 $1,745 $1,572 $1,945 $1,829 $1,886 $1,833 $1,816 $1,731 $1,764 $1,779

$1,501 -$398 $2,811 $3,095 $3,188 $3,297 $2,117 $1,818 $2,156 $1,549 $2,770 $6,038 $4,1861

ind_item chem_After-tax cash flow (ATCF) chem_After-tax cash flow (ATCF) - Adjusted chem_Depreciation, depletion, and amortization or property, plant, and equipment chem_Income (or loss) after income taxes pharma_After-tax cash flow (ATCF) pharma_After-tax cash flow (ATCF) - Adjusted pharma_Depreciation, depletion, and amortization or property, plant, and equipment pharma_Income (or loss) after income taxes foodbev_After-tax cash flow (ATCF) foodbev_After-tax cash flow (ATCF) - Adjusted foodbev_Depreciation, depletion, and amortization or property, plant, and equipment foodbev_Income (or loss) after income taxes ironsteel_After-tax cash flow (ATCF) ironsteel_After-tax cash flow (ATCF) - Adjusted ironsteel_Depreciation, depletion, and amortization or property, plant, and equipment ironsteel_Income (or loss) after income taxes nonfermet_After-tax cash flow (ATCF) nonfermet_After-tax cash flow (ATCF) - Adjusted nonfermet_Depreciation, depletion, and amortization or property, plant, and equipment nonfermet_Income (or loss) after income taxes petrol_After-tax cash flow (ATCF)

petrol_After-tax cash flow (ATCF) - Adjusted petrol_Depreciation, depletion, and amortization or property, plant, and equipment petrol_Income (or loss) after income taxes paper_After-tax cash flow (ATCF)

paper_After-tax cash flow (ATCF) - Adjusted paper_Depreciation, depletion, and amortization or property, plant, and equipment paper_Income (or loss) after income taxes otherchem_After-tax cash flow (ATCF) otherchem_After-tax cash flow (ATCF) - Adjusted otherchem_Depreciation, depletion, and amortization or property, plant, and equipment

otherchem_Income (or loss) after income taxes 63 64 65 66 67 68 69 70 71 72 73 74 75

2002Q4 2003Q1 2003Q2 2003Q3 2003Q4 2004Q1 2004Q2 2004Q3 2004Q4 2005Q1 2005Q2 2005Q3 2005Q4 $2,714 $4,523 $5,297 $3,229 -$294 $4,577 $4,631 $5,176 $3,681 $7,157 $6,956 $4,627 $8,821 $2,714 $4,523 $5,297 $3,229 -$294 $4,577 $4,631 $5,176 $3,681 $7,157 $6,956 $4,627 $8,821 $3,101 $3,086 $3,017 $3,135 $2,812 $2,569 $2,645 $2,844 $2,543 $2,635 $2,770 $2,661 $2,794 -$388 $1,437 $2,281 $95 -$3,107 $2,008 $1,986 $2,332 $1,138 $4,522 $4,186 $1,966 $6,028 $17,110 $20,910 $12,448 $12,443 $17,613 $13,262 $13,472 $16,764 $8,891 $19,326 $17,749 $23,145 $13,063 $17,110 $20,910 $12,448 $12,443 $17,613 $13,262 $13,472 $16,764 $8,891 $19,326 $17,749 $23,145 $13,063 $2,220 $2,243 $2,402 $2,324 $2,167 $2,264 $2,276 $2,383 $2,482 $2,683 $2,664 $2,715 $2,643 $14,891 $18,667 $10,045 $10,119 $15,446 $10,999 $11,196 $14,381 $6,409 $16,643 $15,085 $20,430 $10,421 $13,901 $13,669 $17,684 $12,727 $16,823 $17,086 $19,499 $18,072 $17,130 $16,229 $18,739 $18,497 $18,515 $13,901 $13,669 $17,684 $12,727 $16,823 $17,086 $19,499 $18,072 $17,130 $16,229 $18,739 $18,497 $18,515 $4,555 $4,421 $4,293 $4,432 $4,605 $4,476 $4,447 $4,437 $4,335 $4,456 $4,358 $4,452 $4,470 $9,345 $9,248 $13,391 $8,295 $12,218 $12,610 $15,052 $13,635 $12,796 $11,773 $14,381 $14,045 $14,045 -$484 $213 $465 $44 -$505 $1,561 $3,013 $3,715 $3,636 $3,506 $2,986 $2,706 $2,959 -$484 $213 $465 $44 -$505 $1,561 $3,013 $3,715 $3,636 $3,506 $2,986 $2,706 $2,959

$920 $934 $878 $801 $712 $815 $806 $787 $779 $784 $780 $734 $740 -$1,404 -$721 -$414 -$756 -$1,217 $746 $2,208 $2,928 $2,857 $2,722 $2,206 $1,972 $2,219 -$1,138 $1,303 $1,216 $1,312 $1,453 $2,173 $2,695 $2,308 $2,511 $2,279 $3,191 $2,394 $722

-$1,138 $1,303 $1,216 $1,312 $1,453 $2,173 $2,695 $2,308 $2,511 $2,279 $3,191 $2,394 $722

$793 $944 $836 $839 $808 $745 $745 $732 $715 $728 $764 $786 $795 -$1,931 $360 $380 $472 $645 $1,428 $1,950 $1,576 $1,795 $1,551 $2,427 $1,609 -$72 $12,475 $24,160 $17,667 $18,032 $22,098 $22,768 $28,977 $28,275 $33,964 $31,887 $33,566 $35,310 $39,737

$12,475 $24,160 $17,667 $18,032 $22,098 $22,768 $28,977 $28,275 $33,964 $31,887 $33,566 $35,310 $39,737

$5,694 $6,737 $6,358 $6,281 $5,883 $5,336 $5,611 $6,113 $6,270 $5,805 $5,588 $5,463 $5,877 $6,780 $17,423 $11,309 $11,751 $16,215 $17,432 $23,366 $22,162 $27,694 $26,082 $27,979 $29,847 $33,860 $2,605 $3,078 $3,879 $3,595 $3,460 $3,942 $4,561 $4,862 $3,295 $3,761 $3,899 $4,582 $2,115

$2,605 $3,078 $3,879 $3,595 $3,460 $3,942 $4,561 $4,862 $3,295 $3,761 $3,899 $4,582 $2,115

$2,891 $2,709 $2,700 $2,778 $2,686 $2,564 $2,577 $2,577 $2,753 $2,304 $2,144 $2,397 $2,186 -$286 $369 $1,180 $817 $774 $1,378 $1,984 $2,285 $541 $1,457 $1,756 $2,185 -$71 $4,895 $5,593 $7,046 $5,687 $9,019 $6,183 $6,107 $7,911 $11,096 $5,844 $5,796 $5,938 $7,724

$4,895 $5,593 $7,046 $5,687 $9,019 $6,183 $6,107 $7,911 $11,096 $5,844 $5,796 $5,938 $7,724

$1,870 $1,741 $1,707 $1,710 $1,739 $1,677 $1,864 $1,640 $1,882 $1,753 $1,707 $1,736 $1,884

$3,025 $3,853 $5,339 $3,977 $7,281 $4,505 $4,243 $6,271 $9,215 $4,091 $4,089 $4,202 $5,8401

ind_item chem_After-tax cash flow (ATCF) chem_After-tax cash flow (ATCF) - Adjusted chem_Depreciation, depletion, and amortization or property, plant, and equipment chem_Income (or loss) after income taxes pharma_After-tax cash flow (ATCF) pharma_After-tax cash flow (ATCF) - Adjusted pharma_Depreciation, depletion, and amortization or property, plant, and equipment pharma_Income (or loss) after income taxes foodbev_After-tax cash flow (ATCF) foodbev_After-tax cash flow (ATCF) - Adjusted foodbev_Depreciation, depletion, and amortization or property, plant, and equipment foodbev_Income (or loss) after income taxes ironsteel_After-tax cash flow (ATCF) ironsteel_After-tax cash flow (ATCF) - Adjusted ironsteel_Depreciation, depletion, and amortization or property, plant, and equipment ironsteel_Income (or loss) after income taxes nonfermet_After-tax cash flow (ATCF) nonfermet_After-tax cash flow (ATCF) - Adjusted nonfermet_Depreciation, depletion, and amortization or property, plant, and equipment nonfermet_Income (or loss) after income taxes petrol_After-tax cash flow (ATCF)

petrol_After-tax cash flow (ATCF) - Adjusted petrol_Depreciation, depletion, and amortization or property, plant, and equipment petrol_Income (or loss) after income taxes paper_After-tax cash flow (ATCF)

paper_After-tax cash flow (ATCF) - Adjusted paper_Depreciation, depletion, and amortization or property, plant, and equipment paper_Income (or loss) after income taxes otherchem_After-tax cash flow (ATCF) otherchem_After-tax cash flow (ATCF) - Adjusted otherchem_Depreciation, depletion, and amortization or property, plant, and equipment

otherchem_Income (or loss) after income taxes 76 77 78 79 80 81 82 83 84 85 86 87 ANNUAL ESTIMATES 2006Q1 2006Q2 2006Q3 2006Q4 2007Q1 2007Q2 2007Q3 2007Q4 2008Q1 2008Q2 2008Q3 2008Q4 $6,546 $7,697 $6,732 $7,270 $7,150 $6,366 $6,165 $5,148 $6,532 $6,079 $4,725 -$7,465 $6,546 $7,697 $6,732 $7,270 $7,150 $6,366 $6,165 $5,148 $6,532 $6,079 $4,725 -$7,465 $2,594 $2,587 $2,606 $2,955 $2,814 $2,844 $2,990 $2,832 $2,807 $2,771 $2,778 $3,079 $3,952 $5,111 $4,126 $4,315 $4,336 $3,522 $3,175 $2,316 $3,725 $3,308 $1,947-$10,544 $27,625 $17,942 $21,170 $16,621 $24,562 $21,783 $21,152 $14,599 $23,941 $24,595 $24,036 $13,769 $27,625 $17,942 $21,170 $16,621 $24,562 $21,783 $21,152 $14,599 $23,941 $24,595 $24,036 $13,769 $2,824 $2,819 $2,776 $2,791 $2,851 $2,962 $3,189 $3,259 $3,111 $2,938 $2,896 $2,908 $24,801 $15,124 $18,394 $13,830 $21,711 $18,821 $17,964 $11,340 $20,831 $21,657 $21,140 $10,860 $17,569 $19,980 $20,195 $17,742 $17,888 $21,696 $21,370 $23,368 $19,816 $15,546 $20,145 $12,573 $17,569 $19,980 $20,195 $17,742 $17,888 $21,696 $21,370 $23,368 $19,816 $15,546 $20,145 $12,573 $4,372 $4,418 $4,295 $4,296 $4,410 $4,661 $4,269 $4,121 $4,320 $4,420 $4,193 $4,384 $13,197 $15,562 $15,900 $13,446 $13,478 $17,035 $17,101 $19,247 $15,495 $11,126 $15,952 $8,188 $3,579 $4,088 $4,170 $2,907 $3,208 $3,541 $3,200 $2,635 $3,312 $4,465 $4,973 -$257 $3,579 $4,088 $4,170 $2,907 $3,208 $3,541 $3,200 $2,635 $3,312 $4,465 $4,973 -$257

$762 $762 $777 $816 $795 $817 $822 $850 $814 $894 $920 $981 $2,817 $3,326 $3,393 $2,091 $2,413 $2,724 $2,378 $1,785 $2,499 $3,571 $4,053 -$1,237 $2,691 $3,454 $3,594 $4,021 $3,771 $4,092 $3,691 $3,669 $4,964 $4,425 $2,678 -$20,024

$2,691 $3,454 $3,594 $4,021 $3,771 $4,092 $3,691 $3,669 $4,964 $4,425 $2,678 -$20,024

$778 $879 $848 $899 $730 $904 $923 $825 $914 $973 $899 $962 $1,913 $2,575 $2,747 $3,122 $3,042 $3,188 $2,768 $2,844 $4,051 $3,452 $1,779-$20,985 $34,599 $44,005 $43,204 $33,489 $35,322 $40,529 $35,074 $36,507 $36,862 $44,125 $52,250-$16,297

$34,599 $44,005 $43,204 $33,489 $35,322 $40,529 $35,074 $36,507 $36,862 $44,125 $52,250-$16,297

$5,210 $5,872 $6,036 $6,623 $5,991 $6,302 $6,526 $7,157 $5,591 $6,799 $6,045 $7,278 $29,390 $38,133 $37,168 $26,866 $29,332 $34,227 $28,548 $29,350 $31,270 $37,326 $46,205-$23,575 $1,931 $4,007 $3,341 $5,816 $3,289 $2,891 $3,531 $4,384 $2,610 $2,677 $3,310 -$4,115

$1,931 $4,007 $3,341 $5,816 $3,289 $2,891 $3,531 $4,384 $2,610 $2,677 $3,310 -$4,115

$1,878 $2,021 $2,067 $1,894 $1,903 $1,955 $1,945 $1,927 $1,874 $1,801 $1,730 $1,797 $53 $1,986 $1,274 $3,922 $1,386 $936 $1,586 $2,457 $736 $875 $1,579 -$5,912 $6,900 $7,468 $7,656 $7,953 $7,695 $9,731 $8,518 $9,998 $8,996 $11,390 $10,516 $8,239

$6,900 $7,468 $7,656 $7,953 $7,695 $9,731 $8,518 $9,998 $8,996 $11,390 $10,516 $8,239

$1,702 $1,699 $1,585 $1,654 $1,522 $1,727 $1,598 $1,659 $1,590 $1,731 $1,681 $1,621

$5,198 $5,769 $6,071 $6,299 $6,173 $8,005 $6,920 $8,339 $7,406 $9,659 $8,835 $6,6181

ind_item chem_After-tax cash flow (ATCF) chem_After-tax cash flow (ATCF) - Adjusted chem_Depreciation, depletion, and amortization or property, plant, and equipment chem_Income (or loss) after income taxes pharma_After-tax cash flow (ATCF) pharma_After-tax cash flow (ATCF) - Adjusted pharma_Depreciation, depletion, and amortization or property, plant, and equipment pharma_Income (or loss) after income taxes foodbev_After-tax cash flow (ATCF) foodbev_After-tax cash flow (ATCF) - Adjusted foodbev_Depreciation, depletion, and amortization or property, plant, and equipment foodbev_Income (or loss) after income taxes ironsteel_After-tax cash flow (ATCF) ironsteel_After-tax cash flow (ATCF) - Adjusted ironsteel_Depreciation, depletion, and amortization or property, plant, and equipment ironsteel_Income (or loss) after income taxes nonfermet_After-tax cash flow (ATCF) nonfermet_After-tax cash flow (ATCF) - Adjusted nonfermet_Depreciation, depletion, and amortization or property, plant, and equipment nonfermet_Income (or loss) after income taxes petrol_After-tax cash flow (ATCF)

petrol_After-tax cash flow (ATCF) - Adjusted petrol_Depreciation, depletion, and amortization or property, plant, and equipment petrol_Income (or loss) after income taxes paper_After-tax cash flow (ATCF)

paper_After-tax cash flow (ATCF) - Adjusted paper_Depreciation, depletion, and amortization or property, plant, and equipment paper_Income (or loss) after income taxes otherchem_After-tax cash flow (ATCF) otherchem_After-tax cash flow (ATCF) - Adjusted otherchem_Depreciation, depletion, and amortization or property, plant, and equipment

otherchem_Income (or loss) after income taxes 88 89 90 91 92 93 94 95 96 97 98 99 100 ANNUAL ESTIMATES

1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 $29,921$26,762 $23,845 $18,983 $7,841 $18,876 $25,563 $30,221 $26,403 $27,162 $24,374 $23,732 $24,692 $29,318 $26,223 $23,364 $18,601 $7,683 $18,495 $25,048 $29,613 $25,871 $26,615 $23,883 $23,254 $24,276 $11,404 $10,849 $11,215 $11,753 $12,649 $12,799 $13,197 $13,693 $13,754 $13,543 $13,302 $12,997 $12,951 $18,517 $15,913 $12,630 $7,231 -$4,808 $6,077 $12,366 $16,528 $12,649 $13,619 $11,072 $10,736 $11,740 $16,457 $16,981 $19,467 $20,412 $19,323 $20,477 $25,886 $29,078 $29,806 $31,509 $39,237 $43,010 $45,690 $16,050 $16,562 $18,987 $19,908 $18,846 $19,971 $25,247 $28,360 $29,071 $30,731 $38,269 $41,948 $44,750 $2,991 $3,351 $3,710 $3,755 $4,168 $4,508 $5,446 $5,658 $5,404 $5,871 $6,767 $7,773 $7,901 $13,465 $13,630 $15,757 $16,658 $15,155 $15,968 $20,440 $23,419 $24,402 $25,638 $32,470 $35,237 $37,790 $54,364 $46,030 $44,064 $49,350 $44,931 $42,602 $51,072 $55,729 $57,538 $56,573 $56,352 $61,592 $60,718 $50,261 $42,555 $40,738 $45,625 $41,539 $39,386 $47,217 $51,522 $53,195 $52,303 $52,099 $56,943 $57,181 $16,748 $17,041 $16,928 $17,294 $16,952 $17,876 $17,511 $18,257 $18,485 $18,052 $17,931 $18,462 $18,116 $37,617 $28,989 $27,135 $32,056 $27,978 $24,726 $33,561 $37,472 $39,053 $38,521 $38,421 $43,130 $42,602 $5,109 $6,022 $3,967 -$223 $319 $2,472 $7,850 $8,262 $6,314 $8,447 $7,171 $4,583 $3,345 $7,484 $8,821 $5,810 -$326 $468 $3,621 $11,499 $12,102 $9,248 $12,373 $10,503 $6,713 $5,401

$2,911 $2,827 $2,822 $2,707 $2,745 $2,925 $3,225 $3,362 $3,410 $3,586 $3,991 $4,310 $4,600 $2,199 $3,195 $1,144 -$2,930 -$2,425 -$453 $4,626 $4,900 $2,903 $4,861 $3,180 $273 -$1,255 $10,503 $9,618 $7,718 $5,525 $2,095 $2,941 $6,898 $11,442 $8,908 $9,088 $8,814 $8,064 $8,529

$10,398 $9,522 $7,641 $5,470 $2,074 $2,912 $6,829 $11,328 $8,820 $8,997 $8,726 $7,984 $8,461

$3,047 $3,203 $3,509 $3,985 $3,975 $3,762 $3,479 $3,467 $3,507 $3,732 $3,830 $3,736 $3,689 $7,456 $6,416 $4,209 $1,540 -$1,880 -$821 $3,419 $7,976 $5,401 $5,356 $4,984 $4,328 $4,841 $74,970 $66,626 $61,753 $47,167 $34,139 $47,438 $48,887 $46,330 $63,019 $65,146 $33,024 $43,307 $80,183

$88,492 $78,643 $72,891 $55,674 $40,296 $55,994 $57,705 $54,687 $74,386 $76,896 $38,980 $51,119 $90,665

$36,486 $32,529 $31,592 $29,454 $29,202 $27,167 $26,140 $25,123 $23,414 $22,528 $21,078 $19,101 $21,440 $38,483 $34,097 $30,161 $17,712 $4,936 $20,271 $22,747 $21,207 $39,605 $42,617 $11,946 $24,207 $58,743 $23,098 $21,122 $17,686 $14,158 $13,023 $11,109 $19,621 $30,180 $22,141 $18,488 $20,515 $23,272 $23,308

$21,210 $19,396 $16,240 $13,001 $11,958 $10,201 $18,017 $27,713 $20,331 $16,977 $18,838 $21,370 $21,731

$8,449 $8,817 $9,451 $10,645 $11,150 $11,490 $11,724 $12,266 $12,642 $13,262 $13,742 $13,310 $13,206 $14,649 $12,305 $8,235 $3,513 $1,872 -$381 $7,897 $17,914 $9,499 $5,226 $6,773 $9,962 $10,102 $0 $0 $0 $0 $16,281 $8,357 $18,648 $21,354 $29,199 $27,978 $24,196 $19,862 $19,411

#DIV/0! #DIV/0! #DIV/0! #DIV/0! $18,891 $9,696 $21,637 $24,777 $33,879 $32,463 $28,074 $23,046 $21,682

$0 $0 $0 $0 $6,820 $6,624 $6,098 $6,313 $6,590 $6,465 $6,833 $7,610 $7,021

$0 $0 $0 $0 $9,462 $1,733 $12,550 $15,041 $22,609 $21,513 $17,362 $12,252 $12,3901

ind_item chem_After-tax cash flow (ATCF) chem_After-tax cash flow (ATCF) - Adjusted chem_Depreciation, depletion, and amortization or property, plant, and equipment chem_Income (or loss) after income taxes pharma_After-tax cash flow (ATCF) pharma_After-tax cash flow (ATCF) - Adjusted pharma_Depreciation, depletion, and amortization or property, plant, and equipment pharma_Income (or loss) after income taxes foodbev_After-tax cash flow (ATCF) foodbev_After-tax cash flow (ATCF) - Adjusted foodbev_Depreciation, depletion, and amortization or property, plant, and equipment foodbev_Income (or loss) after income taxes ironsteel_After-tax cash flow (ATCF) ironsteel_After-tax cash flow (ATCF) - Adjusted ironsteel_Depreciation, depletion, and amortization or property, plant, and equipment ironsteel_Income (or loss) after income taxes nonfermet_After-tax cash flow (ATCF) nonfermet_After-tax cash flow (ATCF) - Adjusted nonfermet_Depreciation, depletion, and amortization or property, plant, and equipment nonfermet_Income (or loss) after income taxes petrol_After-tax cash flow (ATCF)

petrol_After-tax cash flow (ATCF) - Adjusted petrol_Depreciation, depletion, and amortization or property, plant, and equipment petrol_Income (or loss) after income taxes paper_After-tax cash flow (ATCF)

paper_After-tax cash flow (ATCF) - Adjusted paper_Depreciation, depletion, and amortization or property, plant, and equipment paper_Income (or loss) after income taxes otherchem_After-tax cash flow (ATCF) otherchem_After-tax cash flow (ATCF) - Adjusted otherchem_Depreciation, depletion, and amortization or property, plant, and equipment

otherchem_Income (or loss) after income taxes 101 102 103 104 105 106 107 108

2001 2002 2003 2004 2005 2006 2007 2008 $14,924 $15,936 $12,755 $18,065 $27,561 $28,246 $24,829 $9,871 $14,924 $15,936 $12,755 $18,065 $27,561 $28,246 $24,829 $9,871 $13,334 $12,503 $12,050 $10,602 $10,860 $10,742 $11,480 $11,435 $1,590 $3,433 $706 $7,463 $16,702 $17,504 $13,349 -$1,564 $58,488 $53,595 $63,413 $52,390 $73,283 $83,359 $82,096 $86,341 $58,488 $53,595 $63,413 $52,390 $73,283 $83,359 $82,096 $86,341 $8,220 $8,632 $9,136 $9,405 $10,705 $11,209 $12,261 $11,853 $50,268 $44,962 $54,277 $42,985 $62,578 $72,149 $69,835 $74,488 $52,216 $64,935 $60,903 $71,787 $71,980 $75,486 $84,322 $68,080 $52,216 $64,935 $60,903 $71,787 $71,980 $75,486 $84,322 $68,080 $17,655 $17,441 $17,751 $17,694 $17,736 $17,380 $17,461 $17,318 $34,560 $47,493 $43,152 $54,092 $54,244 $58,106 $66,860 $50,762 -$2,406 $1,662 $217 $11,925 $12,158 $14,744 $12,584 $12,494 -$2,406 $1,662 $217 $11,925 $12,158 $14,744 $12,584 $12,494

$4,317 $3,789 $3,326 $3,187 $3,039 $3,117 $3,284 $3,609 -$6,724 -$2,127 -$3,108 $8,738 $9,119 $11,627 $9,300 $8,885 $6,010 $2,286 $5,285 $9,686 $8,587 $13,761 $15,224 -$7,957

$6,010 $2,286 $5,285 $9,686 $8,587 $13,761 $15,224 -$7,957

$3,720 $3,501 $3,427 $2,937 $3,073 $3,405 $3,382 $3,747 $2,290 -$1,215 $1,857 $6,749 $5,514 $10,356 $11,842-$11,704 $71,632 $49,572 $81,957$113,985$140,500$155,297$147,433$116,939

$71,632 $49,572 $81,957$113,985$140,500$155,297$147,433$116,939

$23,259 $23,679 $25,259 $23,330 $22,732 $23,740 $25,975 $25,714 $48,373 $25,893 $56,697 $90,655$117,767$131,557$121,457 $91,225 $12,973 $14,742 $14,013 $16,661 $14,357 $15,095 $14,095 $4,481

$12,973 $14,742 $14,013 $16,661 $14,357 $15,095 $14,095 $4,481

$11,881 $11,688 $10,872 $10,472 $9,031 $7,861 $7,730 $7,202 $1,093 $3,054 $3,140 $6,189 $5,327 $7,234 $6,365 -$2,722 $15,003 $23,164 $27,345 $31,297 $25,300 $29,977 $35,942 $39,141

$15,003 $23,164 $27,345 $31,297 $25,300 $29,977 $35,942 $39,141

$7,363 $7,145 $6,896 $7,063 $7,079 $6,641 $6,506 $6,623

$7,640 $16,019 $20,450 $24,234 $18,221 $23,336 $29,436 $32,5181 2 3 4 5 6 7 8 SIC - 2001Q3 NAICS - 2001Q4 ind_item IndustryITEM 2000Q4 2001Q1 2001Q2 2001Q3 2000Q4 ironsteel_Net sales, receipts, and operating revenues

ironsteelNet sales, receipts, and operating revenues 18,606 18,040 19,442 18,478 15,295 ironsteel_Depreciation, depletion, and amortization or property, plant, and equipment

ironsteelDepreciation, depletion, and amortization or property, plant, and equipment 927 946 971 980 824 ironsteel_Income (or loss) after income taxes

ironsteelIncome (or loss) after income taxes -1,551 -834 -1,340 -566 -1,612 nonfermet_Net sales, receipts, and operating revenues

nonfermetNet sales, receipts, and operating revenues 21,532 20,256 18,763 17,088 19,466 nonfermet_Depreciation, depletion, and amortization or property, plant, and equipment

nonfermetDepreciation, depletion, and amortization or property, plant, and equipment 744 768 783 775 673 nonfermet_Income (or loss) after income taxes

nonfermetIncome (or loss) after income taxes 616 726 786 528 5869 10 11 12 13 14 15 16 NAICS - 2001Q4 SIC-NAICS Adj Factors

2001Q1 2001Q2 2001Q3 2000Q4 2001Q1 2001Q2 2001Q3 4-Q A ve 14,533 15,258 14,831 0.82 0.81 0.78 0.80 0.80 827 828 806 0.89 0.87 0.85 0.82 0.86 -999 -1,723 -756 1.04 1.20 1.29 1.34 1.21 18,002 16,723 15,070 0.90 0.89 0.89 0.88 0.89 672 687 709 0.90 0.88 0.88 0.91 0.89 744 817 464 0.95 1.02 1.04 0.88 0.971 2 3 4 5 6 7 SIC - Excel ind_item Industry ITEM 1988Q1 1988Q2 1988Q3 1988Q4 chem_After-Tax Cash Flow (ATCF) chem After-Tax Cash Flow (ATCF) 3,983 4,455 4,313 3,621 chem_Depreciation, depletion, and amortization or property, plant, and equipment chem Depreciation, depletion, and amortization or property, plant, and equipment 1,536 1,523 1,613 1,571 chem_Income (or loss) after income taxes chem Income (or loss) after income taxes 2,447 2,932 2,700 2,050 pharma_After-Tax Cash Flow (ATCF) pharma After-Tax Cash Flow (ATCF) 2,695 1,894 1,830 2,586 pharma_Depreciation, depletion, and amortization or property, plant, and equipment pharma Depreciation, depletion, and amortization or property, plant, and equipment 384 409 429 416 pharma_Income (or loss) after income taxes pharma Income (or loss) after income taxes 2,311 1,485 1,401 2,170 foodbev_After-Tax Cash Flow (ATCF) foodbev After-Tax Cash Flow (ATCF) 6,633 8,317 7,702 7,109 foodbev_Depreciation, depletion, and amortization or property, plant, and equipment foodbev Depreciation, depletion, and amortization or property, plant, and equipment 2,182 2,281 2,326 2,381 foodbev_Income (or loss) after income taxes foodbev Income (or loss) after income taxes 4,451 6,036 5,376 4,728 food_After-Tax Cash Flow (ATCF) food After-Tax Cash Flow (ATCF) 0 0 0 0 food_Depreciation, depletion, and amortization or property, plant, and equipment food Depreciation, depletion, and amortization or property, plant, and equipment food_Income (or loss) after income taxes food Income (or loss) after income taxes bev_After-Tax Cash Flow (ATCF) bev After-Tax Cash Flow (ATCF) 0 0 0 0 bev_Depreciation, depletion, and amortization or property, plant, and equipment bev Depreciation, depletion, and amortization or property, plant, and equipment bev_Income (or loss) after income taxes bev Income (or loss) after income taxes ironsteel_After-Tax Cash Flow (ATCF) ironsteel After-Tax Cash Flow (ATCF) 833 1,281 -225 948 ironsteel_Depreciation, depletion, and amortization or property, plant, and equipment ironsteel Depreciation, depletion, and amortization or property, plant, and equipment 465 481 470 437 ironsteel_Income (or loss) after income taxes ironsteel Income (or loss) after income taxes 368 800 -695 511 nonfermet_After-Tax Cash Flow (ATCF) nonfermetAfter-Tax Cash Flow (ATCF) 1,329 1,605 1,526 1,603 nonfermet_Depreciation, depletion, and amortization or property, plant, and equipment nonfermetDepreciation, depletion, and amortization or property, plant, and equipment 476 447 449 496

nonfermet_Income (or loss) after income taxes nonfermetIncome (or loss) after income taxes 853 1,158 1,077 1,107 petrol_After-Tax Cash Flow (ATCF) petrol After-Tax Cash Flow (ATCF) 9,982 9,178 10,742 11,158 petrol_Depreciation, depletion, and amortization or property, plant, and equipment petrol Depreciation, depletion, and amortization or property, plant, and equipment 4,964 4,987 4,869 5,153 petrol_Income (or loss) after income taxes petrol Income (or loss) after income taxes 5,018 4,191 5,873 6,005 paper_After-Tax Cash Flow (ATCF) paper After-Tax Cash Flow (ATCF) 2,899 3,307 3,379 3,061 paper_Depreciation, depletion, and amortization or property, plant, and equipment paper Depreciation, depletion, and amortization or property, plant, and equipment 1,170 1,125 1,163 1,167 paper_Income (or loss) after income taxes paper Income (or loss) after income taxes 1,729 2,182 2,216 1,894 otherchem_After-Tax Cash Flow (ATCF) otherchemAfter-Tax Cash Flow (ATCF) 0 0 0 0 otherchem_Depreciation, depletion, and amortization or property, plant, and equipment otherchemDepreciation, depletion, and amortization or property, plant, and equipment 0 0 0 0

otherchem_Income (or loss) after income taxes otherchemIncome (or loss) after income taxes 0 0 0 08 9 10 11 12 13 14 15 16

1989Q1 1989Q2 1989Q3 1989Q4 1990Q1 1990Q2 1990Q3 1990Q4 1991Q1 4,439 4,330 3,730 2,683 3,152 4,201 3,473 3,242 3,423

1,480 1,511 1,569 1,605 1,570 1,614 1,694 1,742 1,688 2,959 2,819 2,161 1,078 1,582 2,587 1,779 1,500 1,735 2,514 2,420 2,104 2,608 2,560 2,556 2,961 3,423 2,792

415 494 433 563 478 563 527 623 549 2,099 1,926 1,671 2,045 2,082 1,993 2,434 2,800 2,243 6,283 6,309 5,740 7,831 5,931 7,613 7,595 4,848 7,585

2,428 2,386 2,422 2,445 2,451 2,467 2,500 2,572 2,628 3,855 3,923 3,318 5,386 3,480 5,146 5,095 2,276 4,957 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0

948 923 880 608 788 962 795 -64 204

478 485 456 449 474 507 488 468 472 470 438 424 159 314 455 307 -532 -268 1,698 1,702 1,572 799 1,357 1,504 1,249 750 1,201

484 508 509 537 563 585 575 596 664

1,214 1,194 1,063 262 794 919 674 154 537 10,263 8,405 9,238 9,940 8,687 8,506 9,638 9,623 9,258

4,624 4,613 4,529 4,714 4,625 4,567 4,621 4,830 4,425 5,639 3,792 4,709 5,226 4,062 3,939 5,017 4,793 4,833 3,180 3,244 3,120 2,447 2,801 2,935 2,591 2,097 2,466

1,200 1,249 1,260 1,301 1,356 1,352 1,389 1,481 1,614 1,980 1,995 1,860 1,146 1,445 1,583 1,202 616 852 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 017 18 19 20 21 22 23 24 25 26

1991Q2 1991Q3 1991Q4 1992Q1 1992Q2 1992Q3 1992Q4 1993Q1 1993Q2 1993Q3 2,981 2,317 2,868 -3,881 3,738 3,491 1,602 3,452 3,906 2,008

1,785 1,716 1,994 1,951 1,914 1,991 2,056 1,978 1,995 2,047 1,196 601 874 -5,832 1,824 1,500 -454 1,474 1,911 -39 2,762 3,671 3,254 2,099 3,364 3,484 3,147 3,728 3,319 4,011

604 574 567 627 676 659 645 714 708 738 2,158 3,097 2,687 1,472 2,688 2,825 2,502 3,014 2,611 3,273 7,832 8,189 6,535 5,598 8,488 7,404 6,617 5,678 7,557 7,402

2,669 2,720 2,548 2,485 2,564 2,820 2,736 2,768 2,744 2,943 5,163 5,469 3,987 3,113 5,924 4,584 3,881 2,910 4,813 4,459 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0

419 501 -682 -633 755 880 -250 -262 1,214 586

481 494 477 498 504 496 499 525 534 546 -62 7 -1159 -1131 251 384 -749 -787 680 40 1,076 935 473 -1,106 1,123 1,190 382 121 944 829

672 686 705 681 698 712 693 691 685 672

404 249 -232 -1,787 425 478 -311 -570 259 157 6,895 6,034 6,597 656 6,787 6,705 7,258 6,865 7,546 7,274

4,383 4,461 4,729 4,590 4,606 4,374 4,694 4,272 4,303 4,313 2,512 1,573 1,868 -3,934 2,181 2,331 2,564 2,593 3,243 2,961 2,406 2,494 1,272 1,209 2,620 2,449 1,872 2,514 2,671 83

1,594 1,648 1,648 1,718 1,756 1,729 1,771 1,800 1,868 1,840 812 846 -376 -509 864 720 101 714 803 -1,757 0 0 0 2,224 2,599 2,813 2,550 758 -405 2,391

0 0 0 1,077 1,088 1,050 1,050 1,019 1,086 1,044

0 0 0 1,147 1,511 1,763 1,500 -261 -1,491 1,34727 28 29 30 31 32 33 34 35 36 37 BASED ON SIC FRAMEWORK 1993Q4 1994Q1 1994Q2 1994Q3 1994Q4 1995Q1 1995Q2 1995Q3 1995Q4 1996Q1 1996Q2 2,690 4,062 4,112 4,640 3,871 5,724 6,216 4,856 3,321 5,854 2,030

2,163 2,047 2,093 2,169 2,307 2,150 2,207 2,282 2,488 2,293 2,256 527 2,015 2,019 2,471 1,564 3,574 4,009 2,574 833 3,561 -226 2,020 4,696 3,657 4,019 4,524 4,245 4,925 5,851 4,357 4,370 5,106

722 805 867 908 976 912 983 832 1,044 885 892 1,298 3,891 2,790 3,111 3,548 3,333 3,942 5,019 3,313 3,485 4,214 6,603 8,290 7,459 8,693 8,902 8,833 9,715 9,750 8,836 9,485 9,249

2,974 2,785 2,824 2,894 2,928 2,950 3,002 3,054 3,161 3,092 3,081 3,629 5,505 4,635 5,799 5,974 5,883 6,713 6,696 5,675 6,393 6,168 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0

403 1,004 1,280 1,323 1,330 1,486 1,280 1,378 1,148 868 1,340

571 583 620 611 635 641 663 660 642 653 674 -168 421 660 712 695 845 617 718 506 215 666 261 936 1,148 1,259 1,497 2,224 2,093 1,973 1,752 1,763 1,779

645 645 630 663 605 639 648 657 643 645 665

-384 291 518 596 892 1,585 1,445 1,316 1,109 1,118 1,114 8,653 6,522 6,881 8,495 10,044 7,556 8,022 9,038 6,248 9,153 11,985

4,480 4,257 4,272 4,240 4,293 4,175 4,224 3,966 4,376 3,940 3,848 4,173 2,265 2,609 4,255 5,751 3,381 3,798 5,072 1,872 5,213 8,137 1,822 2,539 2,890 3,221 4,171 4,466 5,261 5,585 4,801 4,262 3,737

1,837 1,878 1,890 1,946 1,939 1,985 2,033 2,066 2,090 2,058 2,144 -15 661 1,000 1,275 2,232 2,481 3,228 3,519 2,711 2,204 1,593 2,619 2,476 3,126 3,436 3,140 3,242 3,535 3,899 3,556 4,236 5,071

1,086 965 999 991 1,026 995 996 1,068 1,149 1,140 1,134

1,533 1,511 2,127 2,445 2,114 2,247 2,539 2,831 2,407 3,096 3,93738 39 40 41 42 43 44 45 46 47 48 49 50

1996Q3 1996Q4 1997Q1 1997Q2 1997Q3 1997Q4 1998Q1 1998Q2 1998Q3 1998Q4 1999Q1 1999Q2 1999Q3 5,727 4,314 5,666 6,184 4,496 2,404 5,129 4,908 3,658 3,327 4,169 4,779 4,122

2,329 2,462 2,261 2,331 2,322 2,445 2,245 2,204 2,324 2,524 2,274 2,350 2,230 3,398 1,852 3,405 3,853 2,174 -41 2,884 2,704 1,334 803 1,895 2,429 1,892 5,439 5,330 6,208 2,243 5,389 7,949 6,406 6,511 6,841 7,668 7,555 4,514 9,665

953 940 987 1,035 1,038 997 1,184 1,178 1,177 1,190 1,261 1,314 1,451 4,486 4,390 5,221 1,208 4,351 6,952 5,222 5,333 5,664 6,478 6,294 3,200 8,214 9,947 10,395 9,098 10,445 11,199 8,347 9,718 9,414 12,491 7,753 9,873 11,832 10,697

3,108 3,272 3,045 3,214 3,132 3,083 2,971 3,188 3,094 3,279 3,148 3,288 3,215 6,839 7,123 6,053 7,231 8,067 5,264 6,747 6,226 9,397 4,474 6,725 8,544 7,482 0 0 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0 0 0

1,299 809 1,305 1,636 1,343 1,364 1,426 1,505 1,267 873 786 1,238 959

684 683 710 716 706 751 774 813 830 828 822 878 914 615 126 595 920 637 613 652 692 437 45 -36 360 45 1,511 1,378 1,798 1,932 1,759 1,197 1,866 1,537 1,783 1,387 1,431 1,637 1,642

686 671 690 722 756 720 721 732 771 774 732 720 768

825 707 1,108 1,210 1,003 477 1,145 805 1,012 613 699 917 874 10,453 11,209 11,682 11,042 10,427 11,866 7,617 6,816 8,494 118 5,322 7,274 10,264

3,929 4,183 3,811 3,689 3,788 4,282 3,649 3,709 3,615 3,757 3,369 3,293 3,367 6,524 7,026 7,871 7,353 6,639 7,584 3,968 3,107 4,879 -3,639 1,953 3,981 6,897 3,948 3,080 3,385 3,331 3,868 2,186 3,679 3,938 3,832 2,883 3,436 4,066 4,422

2,196 2,187 2,283 2,298 2,300 2,283 2,354 2,348 2,437 2,465 2,378 2,356 2,338 1,752 893 1,102 1,033 1,568 -97 1,325 1,590 1,395 418 1,058 1,710 2,084 7,029 3,487 5,438 4,629 5,593 3,666 4,704 5,022 4,739 2,432 5,225 5,389 2,358

1,109 1,091 1,067 1,117 1,063 1,221 1,112 1,199 1,197 1,268 1,313 1,423 1,292

5,920 2,396 4,371 3,512 4,530 2,445 3,592 3,823 3,542 1,164 3,912 3,966 1,06651 52 53 54 55 56 57 58 59 60 61 62 63 BASED ON NAICS FRAMEWORK 1999Q4 2000Q1 2000Q2 2000Q3 2000Q4 2001Q1 2001Q2 2001Q3 2001Q4 2002Q1 2002Q2 2002Q3 2002Q4 3,755 5,189 5,190 4,521 2,967 2,159 2,317 1,776 4,818 2,683 3,318 3,933 2,059

2,362 2,246 2,289 2,415 2,434 2,456 2,414 2,459 2,550 2,333 2,330 2,397 2,353 1,393 2,943 2,901 2,106 533 -297 -97 -683 2,268 350 988 1,536 -294 8,780 8,720 9,926 8,892 5,532 10,790 13,023 8,563 10,948 10,903 8,908 7,570 12,981

1,487 1,375 1,463 1,440 1,446 1,511 1,481 1,482 1,616 1,528 1,579 1,709 1,684 7,293 7,345 8,463 7,452 4,086 9,279 11,542 7,081 9,332 9,375 7,329 5,861 11,297 11,278 10,717 11,393 11,755 10,117 8,851 10,151 11,601 8,082 10,372 12,373 15,599 10,546

3,442 3,310 3,316 3,285 $3,212 $3,198 $3,170 $3,383 $3,330 $3,131 $3,194 $3,352 $3,456 7,836 7,407 8,077 8,470 $6,905 $5,653 $6,981 $8,218 $4,752 $7,241 $9,179 $12,247 $7,090 0 0 0 0 5,507 4,596 4,587 5,402 4,678 5,070 5,464 6,479 5,715

2,100 2,136 2,098 2,310 2,211 1,946 2,052 2,200 2,319 3,407 2,460 2,489 3,092 2,467 3,124 3,412 4,279 3,396 0 0 0 0 4,610 4,255 5,564 6,199 3,404 5,302 6,909 9,120 4,831

1,112 1,062 1,072 1,073 1,119 1,185 1,142 1,152 1,137 3,498 3,193 4,492 5,126 2,285 4,117 5,767 7,968 3,694 731 1,363 1,157 962 -788 -172 -895 50 -768 250 687 676 -367

942 972 991 955 824 827 828 806 737 752 703 699 698 -211 391 166 7 -1,612 -999 -1,723 -756 -1,505 -502 -16 -23 -1,065 1,409 1,873 1,770 1,591 1,259 1,416 1,504 1,173 353 853 1,003 714 -863

747 745 734 760 673 672 687 709 688 669 676 688 602

662 1,128 1,036 831 586 744 817 464 -335 184 327 26 -1,465 7,868 12,393 14,522 15,081 16,123 16,284 17,606 13,134 5,978 9,012 10,375 8,467 9,464

3,516 3,296 3,652 3,753 4,844 3,677 4,540 4,316 4,705 4,538 4,302 4,665 4,320 4,352 9,097 10,870 11,328 11,279 12,607 13,066 8,818 1,273 4,474 6,073 3,802 5,144 4,585 4,929 4,736 4,270 2,932 3,061 3,099 2,805 632 2,801 3,186 3,128 1,976

2,366 2,388 2,416 2,459 2,303 2,232 2,245 2,140 2,184 2,124 2,297 2,185 2,193 2,219 2,541 2,320 1,811 629 829 854 665 -1,552 677 889 943 -217 1,084 3,284 3,495 3,458 3,829 2,902 2,742 2,962 2,507 3,365 5,859 4,499 3,714

1,368 1,264 1,260 1,142 1,421 1,345 1,396 1,361 1,353 1,294 1,325 1,342 1,419

-284 2,020 2,235 2,316 2,408 1,557 1,346 1,601 1,154 2,071 4,534 3,157 2,29564 65 66 67 68 69 70 71 72 73 74 75 76 77 78

2003Q1 2003Q2 2003Q3 2003Q4 2004Q1 2004Q2 2004Q3 2004Q4 2005Q1 2005Q2 2005Q3 2005Q4 2006Q1 2006Q2 2006Q3 3,456 4,060 2,489 -228 3,577 3,650 4,109 2,944 5,777 5,653 3,799 7,304 5,461 6,478 5,709

2,358 2,312 2,416 2,179 2,008 2,085 2,258 2,034 2,127 2,251 2,185 2,313 2,164 2,177 2,210 1,098 1,748 73 -2,407 1,569 1,565 1,851 910 3,650 3,402 1,614 4,991 3,297 4,301 3,499 15,978 9,540 9,590 13,646 10,365 10,618 13,308 7,111 15,600 14,424 19,003 10,816 23,045 15,100 17,952

1,714 1,841 1,791 1,679 1,769 1,794 1,892 1,985 2,166 2,165 2,229 2,188 2,356 2,372 2,354 14,264 7,699 7,799 11,967 8,596 8,824 11,416 5,126 13,434 12,259 16,774 8,628 20,689 12,728 15,598 10,445 13,553 9,809 13,034 13,353 15,368 14,346 13,701 13,100 15,229 15,187 15,330 14,656 16,815 17,125

$3,378 $3,290 $3,416 $3,568 $3,498 $3,505 $3,522 $3,467 $3,597 $3,542 $3,655 $3,701 $3,647 $3,718 $3,642 $7,067 $10,263 $6,393 $9,466 $9,855 $11,863 $10,824 $10,234 $9,503 $11,687 $11,532 $11,629 $11,009 $13,097 $13,483 5,334 5,981 6,465 7,573 7,060 7,241 7,586 7,784 7,819 7,034 7,576 8,504 7,501 8,153 8,985

2,154 2,163 2,240 2,351 2,321 2,352 2,385 2,450 2,484 2,407 2,432 2,687 2,520 2,546 2,483 3,180 3,818 4,225 5,222 4,739 4,889 5,201 5,334 5,335 4,627 5,144 5,817 4,981 5,607 6,502 5,111 7,572 3,344 5,461 6,293 8,127 6,760 5,917 5,281 8,195 7,611 6,826 7,155 8,662 8,140

1,224 1,127 1,176 1,217 1,177 1,153 1,137 1,017 1,113 1,135 1,223 1,014 1,127 1,172 1,159 3,887 6,445 2,168 4,244 5,116 6,974 5,623 4,900 4,168 7,060 6,388 5,812 6,028 7,490 6,981 163 356 34 -391 1,220 2,375 2,949 2,908 2,830 2,427 2,222 2,450 2,986 3,440 3,536

714 673 617 552 637 635 625 623 633 634 603 613 636 641 659 -551 -317 -583 -943 583 1,740 2,324 2,285 2,197 1,793 1,619 1,837 2,350 2,799 2,877 996 932 1,011 1,126 1,698 2,124 1,832 2,008 1,840 2,593 1,966 598 2,245 2,907 3,048

721 641 647 626 582 587 581 572 588 621 645 658 649 740 719

275 291 364 500 1,116 1,537 1,251 1,436 1,252 1,972 1,321 -60 1,596 2,167 2,329 18,461 13,540 13,898 17,121 17,794 22,838 22,446 27,165 25,739 27,279 28,991 32,901 28,863 37,034 36,636

5,148 4,873 4,841 4,558 4,170 4,422 4,853 5,015 4,686 4,541 4,485 4,866 4,346 4,942 5,118 13,313 8,667 9,057 12,563 13,624 18,416 17,593 22,150 21,053 22,738 24,506 28,035 24,517 32,092 31,518 2,352 2,973 2,771 2,681 3,081 3,595 3,860 2,635 3,036 3,169 3,762 1,751 1,611 3,372 2,833

2,070 2,069 2,141 2,081 2,004 2,031 2,046 2,202 1,860 1,742 1,968 1,810 1,567 1,701 1,753 282 904 630 600 1,077 1,564 1,814 433 1,176 1,427 1,794 -59 44 1,671 1,080 4,274 5,400 4,383 6,988 4,832 4,813 6,280 8,875 4,717 4,710 4,875 6,395 5,756 6,285 6,492

1,330 1,308 1,318 1,347 1,311 1,469 1,302 1,505 1,415 1,387 1,425 1,560 1,420 1,430 1,344

2,944 4,092 3,065 5,641 3,521 3,344 4,978 7,370 3,302 3,323 3,450 4,835 4,336 4,855 5,14879 80 81 82 83 84 85 86 87

2006Q4 2007Q1 2007Q2 2007Q3 2007Q4 2008Q1 2008Q2 2008Q3 2008Q4 6,192 6,154 5,515 5,363 4,505 $5,741 $5,369 $4,216 -$6,661

2,517 2,422 2,464 2,601 2,478 $2,467 $2,447 $2,479 $2,747 3,675 3,732 3,051 2,762 2,027 $3,274 $2,922 $1,737 -$9,408 14,157 21,140 18,872 18,402 12,775 $21,041 $21,723 $21,446 $12,285

2,377 2,454 2,566 2,774 2,852 $2,734 $2,595 $2,584 $2,595 11,780 18,686 16,306 15,628 9,923 $18,307 $19,128 $18,862 $9,690 15,112 15,396 18,797 18,591 20,448 $17,415 $13,731 $17,974 $11,218

$3,659 $3,796 $4,038 $3,714 $3,606 $3,797 $3,904 $3,741 $3,912 $11,453 $11,600 $14,759 $14,877 $16,842 $13,618 $9,827 $14,233 $7,306 9,931 8,290 10,784 10,388 13,232 $10,594 $10,736 $11,105 $7,818

2,602 2,648 3,013 2,699 2,713 $2,796 $2,870 $2,796 $2,861 7,329 5,642 7,771 7,689 10,519 $7,798 $7,866 $8,309 $4,957 5,181 7,106 8,013 8,203 7,216 $6,821 $2,995 $6,869 $3,400

1,057 1,148 1,025 1,015 893 $1,001 $1,034 $945 $1,051 4,124 5,958 6,988 7,188 6,323 $5,820 $1,961 $5,924 $2,349 2,476 2,761 3,068 2,784 2,306 $2,911 $3,944 $4,437 -$229

695 684 708 715 744 $715 $790 $821 $875 1,781 2,077 2,360 2,069 1,562 $2,196 $3,154 $3,616 -$1,104 3,425 3,246 3,545 3,211 3,211 $4,363 $3,908 $2,389 -$17,866

766 628 783 803 722 $803 $859 $802 $858

2,659 2,618 2,762 2,408 2,489 $3,560 $3,049 $1,587 -$18,724 28,524 30,401 35,114 30,513 31,946 $32,396 $38,972 $46,620 -$14,541

5,641 5,156 5,460 5,677 6,263 $4,914 $6,005 $5,394 $6,494 22,883 25,245 29,654 24,836 25,683 $27,482 $32,967 $41,226 -$21,035 4,954 2,831 2,505 3,072 3,836 $2,294 $2,364 $2,953 -$3,672

1,613 1,638 1,694 1,692 1,686 $1,647 $1,591 $1,544 $1,603 3,341 1,193 811 1,380 2,150 $647 $773 $1,409 -$5,275 6,774 6,623 8,431 7,410 8,749 $7,906 $10,060 $9,383 $7,351

1,409 1,310 1,496 1,390 1,452 $1,397 $1,529 $1,500 $1,446

5,365 5,313 6,935 6,020 7,297 $6,509 $8,531 $7,883 $5,9051 2 3 4 5 6 SIC Adj Factors ind_item Industry ITEM 2000Q3 2000Q4 2000 Q3-Q4 chem_After-Tax Cash Flow (ATCF) chem After-Tax Cash Flow (ATCF) 6,222 4,146 1.50 chem_Depreciation, depletion, and amortization or property, plant, and equipment chem Depreciation, depletion, and amortization or property, plant, and equipment 3,324 3,372 0.99 chem_Income (or loss) after income taxes chem Income (or loss) after income taxes 2,898 773.5362 3.75 pharma_After-Tax Cash Flow (ATCF) pharma After-Tax Cash Flow (ATCF) 12,238 7,765 1.58 pharma_Depreciation, depletion, and amortization or property, plant, and equipment pharma Depreciation, depletion, and amortization or property, plant, and equipment 1,982 1,991 1.00 pharma_Income (or loss) after income taxes pharma Income (or loss) after income taxes 10,256 5,775 1.78 foodbev_After-Tax Cash Flow (ATCF) foodbev After-Tax Cash Flow (ATCF) 16,178 14,982 1.08 foodbev_Depreciation, depletion, and amortization or property, plant, and equipment foodbev Depreciation, depletion, and amortization or property, plant, and equipment 4,521 4,543 1.00 foodbev_Income (or loss) after income taxes foodbev Income (or loss) after income taxes 11,657 10,439 1.12 food_After-Tax Cash Flow (ATCF) food After-Tax Cash Flow (ATCF) 0 0 food_Depreciation, depletion, and amortization or property, plant, and equipment food Depreciation, depletion, and amortization or property, plant, and equipment 0 0 food_Income (or loss) after income taxes food Income (or loss) after income taxes 0 0 bev_After-Tax Cash Flow (ATCF) bev After-Tax Cash Flow (ATCF) 0 0 bev_Depreciation, depletion, and amortization or property, plant, and equipment bev Depreciation, depletion, and amortization or property, plant, and equipment 0 0 bev_Income (or loss) after income taxes bev Income (or loss) after income taxes 0 0 ironsteel_After-Tax Cash Flow (ATCF) ironsteel After-Tax Cash Flow (ATCF) 1,324 -854 -1.55 ironsteel_Depreciation, depletion, and amortization or property, plant, and equipment ironsteel Depreciation, depletion, and amortization or property, plant, and equipment 1,314 1269.147 1.04 ironsteel_Income (or loss) after income taxes ironsteel Income (or loss) after income taxes 10 -2,123 0.00 nonfermet_After-Tax Cash Flow (ATCF) nonfermet After-Tax Cash Flow (ATCF) 2,190 1,862 1.18 nonfermet_Depreciation, depletion, and amortization or property, plant, and equipment nonfermet Depreciation, depletion, and amortization or property, plant, and equipment 1,046 1018.603 1.03 nonfermet_Income (or loss) after income taxes nonfermet Income (or loss) after income taxes 1,144 843.3598 1.36 petrol_After-Tax Cash Flow (ATCF) petrol After-Tax Cash Flow (ATCF) 4,759 4,288 1.11 petrol_Depreciation, depletion, and amortization or property, plant, and equipment petrol Depreciation, depletion, and amortization or property, plant, and equipment 1,572 1,696 0.93 petrol_Income (or loss) after income taxes petrol Income (or loss) after income taxes 3,188 2,592 1.23 paper_After-Tax Cash Flow (ATCF) paper After-Tax Cash Flow (ATCF) 5,877 4,372 1.34 paper_Depreciation, depletion, and amortization or property, plant, and equipment paper Depreciation, depletion, and amortization or property, plant, and equipment 3,384 3,326 1.02 paper_Income (or loss) after income taxes paper Income (or loss) after income taxes 2,492 1045.985 2.38 otherchem_After-Tax Cash Flow (ATCF) otherchem After-Tax Cash Flow (ATCF) 4,368 4,147 1.05 otherchem_Depreciation, depletion, and amortization or property, plant, and equipment otherchem Depreciation, depletion, and amortization or property, plant, and equipment 1,496 1,620 0.92 otherchem_Income (or loss) after income taxes otherchem Income (or loss) after income taxes 2,872 2,527 1.141 2 3 4 5 SIC ind_item Industry ITEM 2000Q3 2000Q4 chem_After-Tax Cash Flow (ATCF) chem After-Tax Cash Flow (ATCF) 4,521 3,028 chem_Depreciation, depletion, and amortization or property, plant, and equipment chem Depreciation, depletion, and amortization or property, plant, and equipment 2,415 2,463 chem_Income (or loss) after income taxes chem Income (or loss) after income taxes 2,106 565 pharma_After-Tax Cash Flow (ATCF) pharma After-Tax Cash Flow (ATCF) 8,892 5,672 pharma_Depreciation, depletion, and amortization or property, plant, and equipment pharma Depreciation, depletion, and amortization or property, plant, and equipment 1,440 1,454 pharma_Income (or loss) after income taxes pharma Income (or loss) after income taxes 7,452 4,218 foodbev_After-Tax Cash Flow (ATCF) foodbev After-Tax Cash Flow (ATCF) 11,755 10,943 foodbev_Depreciation, depletion, and amortization or property, plant, and equipment foodbev Depreciation, depletion, and amortization or property, plant, and equipment 3,285 3,318 foodbev_Income (or loss) after income taxes foodbev Income (or loss) after income taxes 8,470 7,625 food_After-Tax Cash Flow (ATCF) food After-Tax Cash Flow (ATCF) 0 0 food_Depreciation, depletion, and amortization or property, plant, and equipment food Depreciation, depletion, and amortization or property, plant, and equipment food_Income (or loss) after income taxes food Income (or loss) after income taxes bev_After-Tax Cash Flow (ATCF) bev After-Tax Cash Flow (ATCF) 0 0 bev_Depreciation, depletion, and amortization or property, plant, and equipment bev Depreciation, depletion, and amortization or property, plant, and equipment bev_Income (or loss) after income taxes bev Income (or loss) after income taxes ironsteel_After-Tax Cash Flow (ATCF) ironsteel After-Tax Cash Flow (ATCF) 962 -624 ironsteel_Depreciation, depletion, and amortization or property, plant, and equipment ironsteel Depreciation, depletion, and amortization or property, plant, and equipment 955 927 ironsteel_Income (or loss) after income taxes ironsteel Income (or loss) after income taxes 7 -1,551 nonfermet_After-Tax Cash Flow (ATCF) nonfermet After-Tax Cash Flow (ATCF) 1,591 1,360 nonfermet_Depreciation, depletion, and amortization or property, plant, and equipment nonfermet Depreciation, depletion, and amortization or property, plant, and equipment 760 744 nonfermet_Income (or loss) after income taxes nonfermet Income (or loss) after income taxes 831 616 petrol_After-Tax Cash Flow (ATCF) petrol After-Tax Cash Flow (ATCF) 3,458 3,132 petrol_Depreciation, depletion, and amortization or property, plant, and equipment petrol Depreciation, depletion, and amortization or property, plant, and equipment 1,142 1,239 petrol_Income (or loss) after income taxes petrol Income (or loss) after income taxes 2,316 1,893 paper_After-Tax Cash Flow (ATCF) paper After-Tax Cash Flow (ATCF) 4,270 3,193 paper_Depreciation, depletion, and amortization or property, plant, and equipment paper Depreciation, depletion, and amortization or property, plant, and equipment 2,459 2,429 paper_Income (or loss) after income taxes paper Income (or loss) after income taxes 1,811 764 otherchem_After-Tax Cash Flow (ATCF) otherchem After-Tax Cash Flow (ATCF) 3,174 3,029 otherchem_Depreciation, depletion, and amortization or property, plant, and equipment otherchem Depreciation, depletion, and amortization or property, plant, and equipment 1,087 1,183 otherchem_Income (or loss) after income taxes otherchem Income (or loss) after income taxes 2,087 1,846

### GDP Deflator Adjustment Factors 1988Q1 GDP_Adj_1988Q1_2008 1.853556929 1988Q2 GDP_Adj_1988Q2_2008 1.836309881 1988Q3 GDP_Adj_1988Q3_2008 1.815816811 1988Q4 GDP_Adj_1988Q4_2008 1.802150379 1989Q1 GDP_Adj_1989Q1_2008 1.781967261 1989Q2 GDP_Adj_1989Q2_2008 1.764594751 1989Q3 GDP_Adj_1989Q3_2008 1.753091196 1989Q4 GDP_Adj_1989Q4_2008 1.741563118 1990Q1 GDP_Adj_1990Q1_2008 1.720768993 1990Q2 GDP_Adj_1990Q2_2008 1.701032934 1990Q3 GDP_Adj_1990Q3_2008 1.685520642 1990Q4 GDP_Adj_1990Q4_2008 1.672091943 1991Q1 GDP_Adj_1991Q1_2008 1.654300123 1991Q2 GDP_Adj_1991Q2_2008 1.642596322 1991Q3 GDP_Adj_1991Q3_2008 1.629927134 1991Q4 GDP_Adj_1991Q4_2008 1.620515198 1992Q1 GDP_Adj_1992Q1_2008 1.612315355 1992Q2 GDP_Adj_1992Q2_2008 1.602412321 1992Q3 GDP_Adj_1992Q3_2008 1.594996937 1992Q4 GDP_Adj_1992Q4_2008 1.585982968 1993Q1 GDP_Adj_1993Q1_2008 1.576562299 1993Q2 GDP_Adj_1993Q2_2008 1.567895539 1993Q3 GDP_Adj_1993Q3_2008 1.560695927 1993Q4 GDP_Adj_1993Q4_2008 1.552182572 1994Q1 GDP_Adj_1994Q1_2008 1.544053808 1994Q2 GDP_Adj_1994Q2_2008 1.536742819 1994Q3 GDP_Adj_1994Q3_2008 1.527667491 1994Q4 GDP_Adj_1994Q4_2008 1.519830574 1995Q1 GDP_Adj_1995Q1_2008 1.511158592 1995Q2 GDP_Adj_1995Q2_2008 1.504487999 1995Q3 GDP_Adj_1995Q3_2008 1.497454412 1995Q4 GDP_Adj_1995Q4_2008 1.489887367 1996Q1 GDP_Adj_1996Q1_2008 1.481319613 1996Q2 GDP_Adj_1996Q2_2008 1.475674176 1996Q3 GDP_Adj_1996Q3_2008 1.471008307 1996Q4 GDP_Adj_1996Q4_2008 1.462935508 1997Q1 GDP_Adj_1997Q1_2008 1.453533542 1997Q2 GDP_Adj_1997Q2_2008 1.450157037 1997Q3 GDP_Adj_1997Q3_2008 1.445121591 1997Q4 GDP_Adj_1997Q4_2008 1.439799016 1998Q1 GDP_Adj_1998Q1_2008 1.437380323 1998Q2 GDP_Adj_1998Q2_2008 1.433943911 1998Q3 GDP_Adj_1998Q3_2008 1.428469693 1998Q4 GDP_Adj_1998Q4_2008 1.424179994 1999Q1 GDP_Adj_1999Q1_2008 1.417842824 1999Q2 GDP_Adj_1999Q2_2008 1.412865754 1999Q3 GDP_Adj_1999Q3_2008 1.407631954 1999Q4 GDP_Adj_1999Q4_2008 1.402694027 2000Q1 GDP_Adj_2000Q1_2008 1.39162231 2000Q2 GDP_Adj_2000Q2_2008 1.384598846 2000Q3 GDP_Adj_2000Q3_2008 1.376297763 2000Q4 GDP_Adj_2000Q4_2008 1.369090645 2001Q1 GDP_Adj_2001Q1_2008 1.359839518 2001Q2 GDP_Adj_2001Q2_2008 1.350667844 2001Q3 GDP_Adj_2001Q3_2008 1.346446728 2001Q4 GDP_Adj_2001Q4_2008 1.342354993 2002Q1 GDP_Adj_2002Q1_2008 1.337688179 2002Q2 GDP_Adj_2002Q2_2008 1.331689903 2002Q3 GDP_Adj_2002Q3_2008 1.325874474

### GDP Deflator Adjustment Factors 2002Q4 GDP_Adj_2002Q4_2008 1.318104451 2003Q1 GDP_Adj_2003Q1_2008 1.308687003 2003Q2 GDP_Adj_2003Q2_2008 1.304779474 2003Q3 GDP_Adj_2003Q3_2008 1.297474126 2003Q4 GDP_Adj_2003Q4_2008 1.290699269 2004Q1 GDP_Adj_2004Q1_2008 1.279536946 2004Q2 GDP_Adj_2004Q2_2008 1.268802821 2004Q3 GDP_Adj_2004Q3_2008 1.259711112 2004Q4 GDP_Adj_2004Q4_2008 1.250301445 2005Q1 GDP_Adj_2005Q1_2008 1.238857502 2005Q2 GDP_Adj_2005Q2_2008 1.230485328 2005Q3 GDP_Adj_2005Q3_2008 1.217955226 2005Q4 GDP_Adj_2005Q4_2008 1.207760416 2006Q1 GDP_Adj_2006Q1_2008 1.198744012 2006Q2 GDP_Adj_2006Q2_2008 1.18824352 2006Q3 GDP_Adj_2006Q3_2008 1.179276379 2006Q4 GDP_Adj_2006Q4_2008 1.174048629 2007Q1 GDP_Adj_2007Q1_2008 1.161874466 2007Q2 GDP_Adj_2007Q2_2008 1.154224209 2007Q3 GDP_Adj_2007Q3_2008 1.149464053 2007Q4 GDP_Adj_2007Q4_2008 1.142786427 2008Q1 GDP_Adj_2008Q1_2008 1.137844775 2008Q2 GDP_Adj_2008Q2_2008 1.132211828 2008Q3 GDP_Adj_2008Q3_2008 1.120772726 2008Q4 GDP_Adj_2008Q4_2008 1.120772726