|
SPX
|
SX5E
|
NKY
|
XIN0I
|
Initial
Component Level
|
1,425
|
4,300
|
14,750
|
24,750
|
February
2009 Observation Value
|
1,410
|
3,393
|
15,806
|
15,789
|
February
2010 Observation Value
|
|
|
|
|
February
2011 Observation Value
|
|
|
|
|
February
2012 Observation Value
|
1,308
|
1,954
|
14,817
|
9,809
|
Average
Observation Level
|
1,338
|
2,603
|
14,545
|
12,211
|
Index
Performance
|
-6.11%
|
-39.47%
|
-1.39%
|
-50.66%
|
On
the
Final Observation Date, the Index Performance for the SPX would be -6.11%,
the
Index Performance for the SX5E would be -39.47%, the Index Performance for
the
NKY would be -1.39%, and the Index Performance for the XIN0I would be -50.66%,
each as calculated pursuant to the below formula:
In
this
example, using the formula below, the Portfolio Return would be greater than
zero.
Portfolio
Return
Since
the
Portfolio Return would be less than zero, the Cash Settlement Value for each
Note would be the principal amount of $1,000.
Example
3: Some Components move higher while others move lower.
In
this
example, the average Observation Levels for some of the Components increase
relative to the Initial Component Levels for those Components, while the
average
Observation Levels for other of the Components decrease relative to the Initial
Component Levels for those Components.
|
SPX
|
SX5E
|
NKY
|
XIN0I
|
Initial
Component Level
|
1,425
|
4,300
|
14,750
|
24,750
|
February
2009 Observation Value
|
1,323
|
4,396
|
14,549
|
30,553
|
February
2010 Observation Value
|
|
|
|
|
February
2011 Observation Value
|
990
|
|
|
|
February
2012 Observation Value
|
990
|
5,606
|
11,884
|
31,534
|
Average
Observation Level
|
1,078
|
5,048
|
13,069
|
35,317
|
Index
Performance
|
-24.37%
|
17.40%
|
-11.40%
|
42.69%
|
On
the
Final Observation Date, the Index Performance for the SPX would be -24.37%,
the
Index Performance for the SX5E would be 17.40%, the Index Performance for
the
NKY would be -11.40%, and the Index Performance for the XIN0I would be 42.69%,
each as calculated pursuant to the below formula:
In
this
example, using the formula below, the Portfolio Return would be greater than
zero.
Portfolio
Return
The
Cash
Settlement Value, using the formula below, will equal $1,060.80.
Cash
Settlement Value
Summary
of Examples 1-3 Reflecting the Cash Settlement Value
|
Example
1
|
|
Example
2
|
|
Example
3
|
Hypothetical
Initial Component Level for the SPX
|
1,425
|
|
1,425
|
|
1,425
|
Hypothetical
average Observation Level for the SPX
|
2,043
|
|
1,338
|
|
1,078
|
Hypothetical
Initial Component Level for the SX5E
|
4,300
|
|
4,300
|
|
4,300
|
Hypothetical
average Observation Level for the SX5E
|
5,048
|
|
2,603
|
|
5,048
|
Hypothetical
Initial Component Level for the NKY
|
14,750
|
|
14,750
|
|
14,750
|
Hypothetical
average Observation Level for the NKY
|
18,087
|
|
14,545
|
|
13,069
|
Hypothetical
Initial Component Level for the XIN0I
|
24,750
|
|
24,750
|
|
24,750
|
Hypothetical
average Observation Level for the XIN0I
|
56,390
|
|
12,211
|
|
35,317
|
Portfolio
Return
|
Positive
|
|
Negative
|
|
Positive
|
Principal
protected?
|
Yes
|
|
Yes
|
|
Yes
|
Cash
Settlement Value per Note
|
$1,528.03
|
|
$1,000.00
|
|
$1,060.80
|
Discontinuance
of one or more Components
If
a
Component Sponsor discontinues publication of or otherwise fails to publish
any
Component and such Component Sponsor or another entity publishes a successor
or
substitute Component that the Calculation Agent determines to be comparable
to
the discontinued Component (the new Component being referred to as a “Successor
Component”), then the Observation Levels for that Component will be determined
by reference to the level of the Successor Component at the close of trading
on
the Relevant Exchanges or markets for the Successor Component on the Observation
Dates for which the Observation Levels for that Component are to be
determined.
Upon
any
selection by the Calculation Agent of a Successor Component, the Calculation
Agent will cause notice thereof to be furnished to us and the Trustee. If
a
Successor Component is selected by the Calculation Agent, the Successor
Component will be used as a substitute for the Component for all purposes,
including for purposes of determining whether a Market Disruption Event exists
with respect to the Component.
If
a
Component is discontinued or if a Component Sponsor fails to publish the
Component prior to, and such discontinuance is continuing on, any Observation
Date and the Calculation Agent determines that no Successor Component is
available at such time, then the Calculation Agent will determine the level
to
be used for the Observation Level for that Observation Date for such Component.
The Observation Level to be used for that Observation Date will be computed
by
the Calculation Agent in accordance with the formula for and method of
calculating that Component last in effect prior to the discontinuance, failure
or modification but using only those securities that comprised that Component
immediately prior to such discontinuance, failure or modification. In such
event, the Calculation Agent will cause notice thereof to be furnished to
us and
the Trustee.
Notwithstanding
these alternative arrangements, discontinuance of the publication of the
Component may adversely affect the value of, and trading in, the
Notes.
Adjustments
to the Components
If
at any
time the method of calculating a Component or a Successor Component is changed
in a material respect, or if a Component or a Successor Component is in any
other way modified so that such Component or Successor Component does not,
in
the opinion of the Calculation Agent, fairly represent the level of the
Component or Successor Component had such changes or modifications not been
made, then, for purposes of calculating the Observation Levels or the Cash
Settlement Value or making any other determinations as of or after such time,
the Calculation Agent will make such calculations and adjustments as the
Calculation Agent determines may be necessary in order to arrive at a level
of a
Component comparable to the Component or Successor Component, as the case
may
be, as if such changes or modifications had not been made, and calculate
the
Cash Settlement Value (including the components thereof) with reference to
the
Component or the Successor Component, as adjusted. Accordingly, if the method
of
calculating a Component or Successor Component is modified so that the level
of
that Component is a fraction of what it would have been if it had not been
modified (e.g., due to a split in the Component), then the Calculation Agent
will adjust that Component in order to arrive at a level of the Component
or the
Successor Component as if it had not been modified (e.g., as if such split
had
not occurred). In such event, the Calculation Agent will cause notice thereof
to
be furnished to us and the Trustee.
In
the
event that, on the Final Observation Date, the Portfolio is not calculated
by
the Component Sponsor but is calculated by a third party acceptable to the
Calculation Agent, the Calculation Agent will use such third party’s calculation
as its reference for determining the value of the Portfolio.
Market
Disruption Events
If
there
is a Market Disruption Event on a Observation Date, the Observation Level
of
that Component will be determined on the first succeeding Component Business
Day
on which there is no Market Disruption Event. In no event, however, will
the
Observation Date be a date that is postponed by more than three Component
Business Days following the original date that, but for the Market Disruption
Event, would have been the Observation Date. In that case, the third Component
Business Day will be deemed to be the Observation Date, notwithstanding the
Market Disruption Event, and the Calculation Agent will determine the level
of a
Component on that third Component Business Day in accordance with the formula
for and method of calculating the applicable underlying Component in effect
prior to the Market Disruption Event using the closing level of each security
in
the Component as described above (or, if trading in any such security has
been
materially suspended or materially limited, the Calculation Agent’s estimate of
the closing level that would have prevailed but for such suspension or
limitation) as of that third Component Business Day. If no Market Disruption
Event exists with respect to a Component, the Observation Level of that
Component shall be determined on the scheduled Observation Date. In the event
of
a Market Disruption Event on the Final Observation Date, the Maturity Date
will
be three Business Days following the Final Observation Date, as
postponed.
A
“Market
Disruption Event” means the occurrence or existence at any time of a condition
specified below that the Calculation Agent determines to be
material:
(a)
any
suspension of or limitation imposed on trading by any Relevant Exchange or
Related Exchange or otherwise, and whether by reason of movements in price
exceeding limits permitted by the Relevant Exchanges or Related Exchanges
or
otherwise, (A) relating to any security underlying a Component or (B) in
futures
or options contracts relating to the Component on any Related
Exchange;
(b)
any
event
(other than an event described in (c) below) that disrupts or impairs (as
determined by the Calculation Agent) the ability of market participants in
general (A) to effect transactions in, or obtain market values for or relating
to any security underlying a Component or (B) to effect transactions in,
or
obtain market values for, futures or options contracts relating to the Component
on any Related Exchange;
(c)
the
closure on any Component Business Day of any Relevant Exchange relating to
any
security underlying a Component or any Related Exchange prior to its weekday
closing time, without regard to after hours or any other trading outside
of the
regular trading session hours, unless such earlier closing time is announced
by
such Relevant Exchange or Related Exchange at least one hour prior to the
earlier of (i) the actual closing time for the regular trading session on
such
Relevant Exchange or Related Exchange on such Component Business Day for
such
Relevant Exchange or Related Exchange and (ii) the submission deadline for
orders to be entered into the Relevant Exchange system for execution at the
close of trading on such Component Business Day for such Relevant Exchange
or
Related Exchange; or
(d)
any
Component Business Day on which any Relevant Exchange or Related Exchange
fails
to open for trading during its regular trading session.
“Related
Exchange” means each exchange or quotation system where trading has a material
effect (as determined by the Calculation Agent) on the overall market for
futures or options contracts relating to the Component.
“Relevant
Exchange” means the primary exchange or market of trading of any security then
included in the Component, as listed in the “Summary of
Components.”
“Component
Business Day” means any day on which the Relevant Exchange and each Related
Exchange are scheduled to be open for trading.
For
purposes of the above definition:
(a)
a
limitation on the hours in a trading day and/or number of days of trading
will
not constitute a Market Disruption Event if it results from an announced
change
in the regular business hours of the Relevant Exchange, and
(b)
for
purposes of clause (a) above, any limitations on trading during significant
market fluctuations, under NYSE Rule 80B, NASD Rule 4120 or any analogous
rule
or regulation enacted or promulgated by the NYSE, the Financial Industry
Regulatory Authority, Inc. or any other self regulatory organization or the
SEC
of similar scope as determined by the Calculation Agent, will be considered
“material.”
Redemption;
Defeasance
The
Notes
are not subject to redemption before maturity, and are not subject to the
defeasance provisions described in the section “Description of Debt
Securities—Defeasance” in the accompanying prospectus.
Events
of Default and Acceleration
If
an
Event of Default (as defined in the accompanying prospectus) with respect
to any
Notes has occurred and is continuing, then the amount payable to you, as
a
holder of a Note, upon any acceleration permitted by the Notes will be equal
to
the Cash Settlement Value as though the date of early repayment were the
Maturity Date of the Notes, adjusted by an amount equal to any losses, expenses
and costs to us of unwinding any underlying or related hedging or funding
arrangements, all as determined by the Calculation Agent. If a bankruptcy
proceeding is commenced in respect of us, the claims of the holder of a Note
may
be limited under Title 11 of the United States Code.
Same-Day
Settlement and Payment
Settlement
for the Notes will be made by Bear Stearns in immediately available funds.
Payments of the Cash Settlement Value will be made by us in immediately
available funds, so long as the Notes are maintained in book-entry
form.
Calculation
Agent
The
Calculation Agent for the Notes will be Bear Stearns. All determinations
made by
the Calculation Agent will be at the sole discretion of the Calculation Agent
and will be conclusive for all purposes and binding on us and the holders
of the
Notes, absent manifest error and provided the Calculation Agent shall be
required to act in good faith in making any determination. Manifest error
by the
Calculation Agent, or any failure by it to act in good faith, in making a
determination adversely affecting the payment of principal, interest or premium
on principal to holders would entitle the holders, or the Trustee acting
on
behalf of the holders, to exercise rights and remedies available under the
Indenture. If the Calculation Agent uses its discretion to make any
determination, the Calculation Agent will notify us and the Trustee, who
will
provide notice to the registered holders of the Notes.
DESCRIPTION
OF THE PORTFOLIO
All
disclosures contained in this Supplement regarding the Components are derived
from publicly available information. Neither we nor any Agent takes any
responsibility for the accuracy or completeness of such
information.
The
S&P 500
®
Index
(“SPX”)
We
have
derived all information relating to the SPX, including, without limitation,
its
make-up, performance, method of calculation and changes in its components,
from
publicly available sources. That information reflects the policies of and
is
subject to change by Standard & Poor’s. Standard & Poor’s is under no
obligation to continue to publish, and may discontinue or suspend the
publication of the SPX at any time.
Standard
& Poor’s publishes the SPX. The SPX is a capitalization-weighted index and
is intended to provide an indication of the pattern of common stock price
movement. The calculation of the level of the SPX, discussed below in further
detail, is based on the relative value of the aggregate market value of the
common stocks of 500 companies as of a particular time compared to the aggregate
average market value of the common stocks of 500 similar companies during
the
base period of the years 1941 through 1943. As of
January
30, 2008, 424 companies, or 84.8% of the constituents of the
SPX
,
trade on the New York Stock Exchange (the “NYSE”) and 76 companies, or 15.2% of
the constituents of the
SPX
,
trade on
The
NASDAQ Global Select Market or the NASDAQ Global Market (collectively, the
“NASDAQ”). Standard & Poor’s chooses companies for inclusion in the SPX with
the aim of achieving a distribution by broad industry groupings that
approximates the distribution of these groupings in the common stock population
of the New York Stock Exchange (the “NYSE”), which Standard & Poor’s uses as
an assumed model for the composition of the total market. Relevant criteria
employed by Standard & Poor’s include the viability of the particular
company, the extent to which that company represents the industry group to
which
it is assigned, the extent to which the market price of that company’s common
stock is generally responsive to changes in the affairs of the respective
industry and the market value and trading activity of the common stock of
that
company. Ten main groups of companies comprise the SPX with the number of
companies included in each group, as of January 30, 2008, indicated in
parentheses: Industrials (56), Utilities (31), Telecommunication Services
(9),
Materials (28), Information Technology (71), Energy (36), Consumer Staples
(39),
Consumer Discretionary (87), Health Care (51) and Financials (92).
Changes
in the SPX are reported daily in the financial pages of many major newspapers,
on the Bloomberg Financial Service under the symbol “SPX” and on the Standard
& Poor’s website (http://www.spglobal.com). Information contained in the
Standard & Poor’s website is not incorporated by reference in, and should
not be considered a part of, this pricing supplement. The SPX does not reflect
the payment of dividends on the stocks included in the SPX.
Computation
of the SPX
Standard
& Poor’s currently computes the SPX as of a particular time as
follows:
(i)
the
product of the market price per share and the number of then outstanding
shares
of each component stock as determined as of that time (referred to as the
“market value” of that stock);
(ii)
the
market values of all component stocks as of that time are
aggregated;
(iii)
the
average of the market values as of each week in the base period of the years
1941 through 1943 of the common stock of each company in a group of 500
substantially similar companies is determined;
(iv)
the
mean
average market values of all these common stocks over the base period are
aggregated (the aggregate amount being referred to as the “Base
Value”);
(v)
the
current aggregate market value of all component stocks is divided by the
Base
Value; and
(vi)
the
resulting quotient, expressed in decimals, is multiplied by ten.
While
Standard & Poor’s currently employs the above methodology to calculate the
SPX, no assurance can be given that Standard & Poor’s will not modify or
change this methodology in a manner that may affect the performance of the
SPX.
Standard
& Poor’s adjusts the foregoing formula to offset the effects of changes in
the market value of a component stock that are determined by Standard &
Poor’s to be arbitrary or not due to true market fluctuations.
These
changes may result from causes such as:
|
·
|
the
issuance of stock dividends,
|
|
·
|
the
granting to shareholders of rights to purchase additional shares
of
stock,
|
|
·
|
the
purchase of shares by employees pursuant to employee benefit
plans,
|
|
·
|
consolidations
and acquisitions,
|
|
·
|
the
granting to shareholders of rights to purchase other securities
of the
company,
|
|
·
|
the
substitution by Standard & Poor’s of particular component stocks in
the SPX, and
|
In
these
cases, Standard & Poor’s first recalculates the aggregate market value of
all component stocks, after taking account of the new market price per share
of
the particular component stock or the new number of outstanding shares of
that
stock or both, as the case may be, and then determines the new base value
in
accordance with the following formula:
The
result is that the base value is adjusted in proportion to any change in
the
aggregate market value of all component stocks resulting from the causes
referred to above to the extent necessary to negate the effects of these
causes
upon the SPX.
In
addition, Standard & Poor’s’ standard practice is to remove all closely held
shares and shares held between corporations who are both in the calculations
of
the SPX and an Index component’s market value.
License
Agreement with Standard and Poor’s
The
Company entered into a non-exclusive license agreement with Standard &
Poor’s providing for the license to us, in exchange for a fee, of the right to
use the SPX, which is owned and published by Standard & Poor’s, in
connection with certain securities, including the Notes.
The
license agreement between Standard & Poor’s and us provides that the
following language must be set forth in this pricing supplement.
“The
Notes are not sponsored, endorsed, sold or promoted by Standard & Poor’s.
Standard & Poor’s makes no representation or warranty, express or implied,
to the owners of the Notes or any member of the public regarding the
advisability of investing in securities generally or in the Notes particularly.
Standard & Poor’s only relationship to us is the licensing of certain
trademarks, trade names and service marks of Standard & Poor’s and of the
SPX, which is determined, composed and calculated by Standard & Poor’s
without regard to us or the Notes. Standard & Poor’s has no obligation to
take our needs or the needs of holders of the Notes into consideration in
determining, composing, or calculating the SPX. Standard & Poor’s is not
responsible for and has not participated in the determination of the timing
of,
prices at which Notes are sold, or quantities of the Notes to be issued or
in
the determination or calculation of the amount payable at maturity. Standard
& Poor’s has no obligation or liability in connection with the
administration, marketing, or trading of the Notes.
Standard
& Poor’s does not guarantee the accuracy and/or the completeness of the SPX
or any data included therein and Standard & Poor’s shall have no liability
for any errors, omissions, or interruptions therein. Standard & Poor’s makes
no warranty, express or implied, as to results to be obtained by us, owners
of
the Notes, or any other person or entity from the use of the SPX or any data
included therein. Standard & Poor’s makes no express or implied warranties,
and expressly disclaims all warranties of merchantability or fitness for
a
particular purpose or use with respect to the SPX or any data included therein.
Without limiting any of the foregoing, in no event shall Standard & Poor’s
have any liability for any lost profits or indirect, punitive, special, or
consequential damages or losses, even if notified of the possibility thereof.
There are no third party beneficiaries or any agreements or arrangements
between
Standard & Poor’s and the Company.”
Historical
D
ata
on the
SPX
The
following table sets forth the month-end closing index levels of the
SPX
for each
month in the period from January 2002 through January 2008. The
SPX’s
closing
index levels listed below were obtained from Bloomberg, without independent
verification by the Company.
The
historical values of the
SPX
should not be taken as an indication of future performance, and no assurance
can
be given that the level of the
SPX
will increase relative to its the Initial Component Level during the term
of the
Notes.
Month
End Closing Index Levels: January 2002 - January 2008
|
2002
|
2003
|
2004
|
2005
|
2006
|
2007
|
2008
|
January
|
1,130.20
|
855.70
|
1,131.13
|
1,181.27
|
1,280.08
|
1,438.24
|
1,378.55
|
February
|
1,106.73
|
841.15
|
1,144.94
|
1,203.60
|
1,280.66
|
1,406.82
|
|
March
|
1,147.39
|
848.18
|
1,126.21
|
1,180.59
|
1,294.83
|
1,420.86
|
|
April
|
1,076.92
|
916.92
|
1,107.30
|
1,156.85
|
1,310.61
|
1,482.37
|
|
May
|
1,067.14
|
963.59
|
1,120.68
|
1,191.50
|
1,270.09
|
1,530.62
|
|
June
|
989.82
|
974.50
|
1,140.84
|
1,191.33
|
1,270.20
|
1,503.35
|
|
July
|
911.62
|
990.31
|
1,101.72
|
1,234.18
|
1,276.66
|
1,455.27
|
|
August
|
916.07
|
1,008.01
|
1,104.24
|
1,220.33
|
1,303.82
|
1,473.99
|
|
September
|
815.28
|
995.97
|
1,114.58
|
1,228.81
|
1,335.85
|
1,526.75
|
|
October
|
885.76
|
1,050.71
|
1,130.20
|
1,207.01
|
1,377.94
|
1,549.38
|
|
November
|
936.31
|
1,058.20
|
1,173.82
|
1,249.48
|
1,400.63
|
1,481.14
|
|
December
|
879.82
|
1,111.92
|
1,211.92
|
1,248.29
|
1,418.30
|
1,468.36
|
|
The
Dow Jones EURO STOXX 50
®
Index
(“SX5E”)
We
have
derived all information relating to the SX5E, including, without limitation,
its
make-up, method of calculation and changes in its components, from publicly
available sources. That information reflects the policies of and is subject
to
change by STOXX Limited. STOXX Limited is under no obligation to continue
to
publish, and may discontinue or suspend the publication of the SX5E at any
time.
We do not assume any responsibility for the accuracy or completeness of any
information relating to the SX5E. You should make your own investigation
into
the SX5E.
The
SX5E
was created by STOXX Limited, a joint venture between Deutsche Börse AG, Dow
Jones & Company and the SWX Group. Publication of the SX5E began on February
28, 1998, based on an initial EURO STOXX 50
®
Index
value of 1,000 at December 31, 1991. The SX5E is reported daily in the financial
pages of many major newspapers, on Bloomberg Page SX5E <Index> <Go>
and on the STOXX Limited website:
http://www.stoxx.com
.
Information contained in the STOXX Limited website is not incorporated by
reference in, and should not be considered a part of, this Pricing
Supplement.
Computation
of the SX5E
The
SX5E
is composed of 50 component stocks of market sector leaders from within the
Dow
Jones EURO STOXX
SM
Index,
which includes stocks selected from the Eurozone. The component stocks have
a
high degree of liquidity and represent the largest companies across all market
sectors defined by the Dow Jones Global Classification Standard. The composition
of the SX5E is reviewed annually in September, based on the closing stock
data
on the last trading day in August. The component stocks are announced the
first
trading day in September. Changes to the component stocks are implemented
on the
third Friday in September and are effective the following trading day. Changes
in the composition of the SX5E are made to ensure that the SX5E includes
the 50
market sector leaders from within the Dow Jones EURO STOXX
SM
Index.
The
SX5E
is calculated with the “Laspeyres formula”, which measures the aggregate price
changes in the component stocks against a fixed base quantity weight. The
formula for calculating the SX5E value can be expressed as follows:
Each
component’s weight is capped at 10% of the SX5E’s total free-float market
capitalization. Weights are reviewed quarterly. Within each of the SX5E market
sector indices, the component stocks are ranked by free-float market
capitalization. The largest stocks are added to the selection list until
the
coverage is close to, but still less than, 60% of the free-float market
capitalization of the corresponding SX5E market sector index. If the next-ranked
stock brings the coverage closer to 60% in absolute terms, then it is also
added
to the selection list. Any remaining stocks that are current SX5E components
are
added to the selection list. The stocks on the selection list are ranked
by
free-float market capitalization. In exceptional cases, the STOXX Limited
Supervisory Board may make additions and deletions to the selection
list.
The
40
largest stocks on the selection list are chosen as components. Any remaining
current components of the SX5E ranked between 41 and 60 are added as index
components. If the component number is still below 50, then the largest stocks
on the selection list are added until the index contains 50 stocks.
The
divisor of the aforementioned formula is adjusted to maintain the continuity
of
the SX5E value across changes due to corporate actions such as the issuance
of
dividends, the occurrence of stock splits, stock repurchase by the issuer
and
other reasons.
License
Agreement with STOXX Limited
The
Company has entered or expects to enter into non-exclusive license agreement
with STOXX Limited, whereby the Company and its affiliates, in exchange for
a
fee, will be permitted to use the SX5E in connection with the offer and sale
of
the Notes.
STOXX
LIMITED and Dow Jones & Company, Inc. (“
Dow
Jones
”)
have
no relationship to the Company, other than the licensing of the SX5E and
the
related trademarks for use in connection with the Notes.
STOXX
Limited and Dow Jones do
not
:
·
|
Component
Sponsor, endorse, sell or promote the
Notes.
|
·
|
Recommend
that any person invest in the Notes or any other
securities.
|
·
|
Have
any responsibility or liability for or make any decisions about
the
timing, amount or pricing of Notes.
|
·
|
Have
any responsibility or liability for the administration, management
or
marketing of the Notes.
|
·
|
Consider
the needs of the Notes or the owners of the Notes in determining,
composing or calculating the SX5E or have any obligation to do
so.
|
STOXX
Limited and Dow Jones will not have any liability in connection with the
Notes.
Specifically,
·
|
STOXX
Limited and Dow Jones do not make any warranty, express or implied
and
disclaim any and all warranty
about:
|
|
·
|
The
results to be obtained by the Notes, the owner of the Notes or
any other
person in connection with the use of the SX5E and the data included
in the
SX5E;
|
|
·
|
The
accuracy or completeness of the SX5E and its
data;
|
|
·
|
The
merchantability and the fitness for a particular purpose or use
of the
SX5E and its data;
|
·
|
STOXX
Limited and Dow Jones will have no liability for any errors, omissions
or
interruptions in the SX5E or its
data;
|
·
|
Under
no circumstances will STOXX Limited
or
Dow Jones be liable for any lost profits or indirect, punitive,
special or
consequential damages or losses, even if STOXX Limited or Dow Jones
knows
that they might occur.
|
The
licensing agreement between the Company and STOXX Limited is solely for their
benefit and not for the benefit of the owners of the Notes or any other third
parties.
Historical
Data on the SX5E
The
following table sets forth the month-end closing index levels of the SX5E
for
each month in the period from January 2002 through January 2008. The SX5E
closing index levels listed below were obtained from Bloomberg, without
independent verification by the Company.
The
historical values of the EURO STOXX 50
®
Index should not be taken as an indication of future performance, and no
assurance can be given that the level of the SX5E will increase relative
to its
the Initial Component Level during the term of the Notes.
Month
End Closing Index Levels: January 2002 - January 2008
|
2002
|
2003
|
2004
|
2005
|
2006
|
2007
|
2008
|
January
|
3,670.26
|
2,248.17
|
2,839.13
|
2,984.59
|
3,691.41
|
4,178.54
|
3,792.80
|
February
|
3,624.74
|
2,140.73
|
2,893.18
|
3,058.32
|
3,774.51
|
4,087.12
|
|
March
|
3,784.05
|
2,036.86
|
2,787.49
|
3,055.73
|
3,853.74
|
4,181.03
|
|
April
|
3,574.23
|
2,324.23
|
2,787.48
|
2,930.10
|
3,839.90
|
4,392.34
|
|
May
|
3,425.79
|
2,330.06
|
2,749.62
|
3,076.70
|
3,637.17
|
4,512.65
|
|
June
|
3,133.39
|
2,419.51
|
2,811.08
|
3,181.54
|
3,648.92
|
4,489.77
|
|
July
|
2,685.79
|
2,519.79
|
2,720.05
|
3,326.51
|
3,691.87
|
4,315.69
|
|
August
|
2,709.29
|
2,556.71
|
2,670.79
|
3,263.78
|
3,808.70
|
4,294.56
|
|
September
|
2,204.39
|
2,395.87
|
2,726.30
|
3,428.51
|
3,899.41
|
4,381.71
|
|
October
|
2,518.99
|
2,575.04
|
2,811.72
|
3,320.15
|
4,004.80
|
4,489.79
|
|
November
|
2,656.85
|
2,630.47
|
2,876.39
|
3,447.07
|
3,987.23
|
4,394.95
|
|
December
|
2,386.41
|
2,760.66
|
2,951.01
|
3,578.93
|
4,119.94
|
4,399.72
|
|
The
Nikkei 225
®
Index
(“NKY”)
We
have
derived all information relating to the NKY, including, without limitation,
its
make-up, method of calculation and changes in its components, from publicly
available sources. That information reflects the policies of and is subject
to
change by Nihon Keizai Shimbun (“NKS”). NKS has no obligation to continue to
publish, and may discontinue publication of, the NKY. We do not assume any
responsibility for the accuracy or completeness of any information relating
to
the NKY. You should make your own investigation into the NKY.
The
NKY
is a stock index calculated, published and disseminated by NKS that measures
the
composite price performance of selected Japanese stocks. NKS first calculated
and published the NKY in 1970. The NKY currently is based on 225 underlying
stocks (the “
Nikkei
Underlying Stocks
”)
trading on the Tokyo Stock Exchange (the “
TSE
”)
representing a broad cross-section of Japanese industries. All 225 Nikkei
Underlying Stocks are stocks listed in the First Section of the TSE. Stocks
listed in the First Section of the TSE are among the most actively traded
stocks
on the TSE. NKS rules require that the 75 most liquid issues (one-third of
the
component count of the NKY) be included in the NKY.
The
225
companies included in the NKY are divided into six sector categories:
Technology, Financials, Consumer Goods, Materials, Capital Goods/Others and
Transportation and Utilities. These six sector categories are further divided
into 36 industrial classifications as follows:
·
Technology
— Pharmaceuticals, Electrical Machinery, Automobiles, Precision Machinery,
Telecommunications;
·
Financials
— Banks, Miscellaneous Finance, Securities, Insurance;
·
Consumer
Goods — Marine Products, Food, Retail, Services;
·
Materials
— Mining, Textiles, Paper and Pulp, Chemicals, Oil, Rubber, Ceramics, Steel,
Nonferrous Metals, Trading House;
·
Capital
Goods/Others — Construction, Machinery, Shipbuilding, Transportation Equipment,
Miscellaneous Manufacturing, Real Estate; and
·
Transportation
and Utilities — Railroads and Buses, Trucking, Shipping, Airlines, Warehousing,
Electric Power, Gas.
The
NKY
is a modified, price-weighted index (i.e., a Nikkei Underlying Stock’s weight in
the index is based on its price per share rather than the total market
capitalization of the issuer) that is calculated by (i) multiplying the
per-share price of each Nikkei Underlying Stock by the corresponding weighting
factor for such Nikkei Underlying Stock (a “
Weight
Factor
”),
(ii)
calculating the sum of all these products and (iii) dividing such sum by
a
divisor (the “
Divisor
”).
The
Divisor was initially set at 225 for the date of May 16, 1949 using historical
numbers from May 16, 1949, the date on which the TSE was reopened. The Divisor
was 24.336 as of January 30, 2008 and is subject to periodic adjustments
as set
forth below. Each Weight Factor is computed by dividing ¥50 by the par value of
the relevant Nikkei Underlying Stock, so that the share price of each Nikkei
Underlying Stock, when multiplied by its Weight Factor, corresponds to a
share
price based on a uniform par value of ¥50. The stock prices used in the
calculation of the NKY are those reported by a primary market for the Nikkei
Underlying Stocks (currently the TSE). The level of the NKY is calculated
once
per minute during TSE trading hours.
In
order
to maintain continuity in the NKY in the event of certain changes due to
non-market factors affecting the Nikkei Underlying Stocks, such as the addition
or deletion of stocks, substitution of stocks, stock splits or distributions
of
assets to stockholders, the Divisor used in calculating the NKY is adjusted
in a
manner designed to prevent any instantaneous change or discontinuity in the
level of the NKY. Thereafter, the Divisor remains at the new value until
a
further adjustment is necessary as the result of another change. As a result
of
such change affecting any Nikkei Underlying Stock, the Divisor is adjusted
in
such a way that the sum of all share prices immediately after such change
multiplied by the applicable Weight Factor and divided by the new Divisor
(i.e.,
the level of the NKY immediately after such change) will equal the level
of the
NKY immediately prior to the change.
A
Nikkei
Underlying Stock may be deleted or added by NKS. Any stock becoming ineligible
for listing in the First Section of the TSE due to any of the following reasons
will be deleted from the Nikkei Underlying Stocks: (i) bankruptcy of the
issuer,
(ii) merger of the issuer with, or acquisition of the issuer by, another
company, (iii) delisting of such stock, (iv) transfer of such stock to the
“Seiri-Post” because of excess debt of the issuer or because of any other reason
or (v) transfer of such stock to the Second Section. In addition, a component
stock transferred to the “Kanri-Post” (Posts for stocks under supervision) is in
principle a candidate for deletion. Nikkei Underlying Stocks with relatively
low
liquidity, based on trading value and rate of price fluctuation over the
past
four years, may be deleted by NKS. Upon deletion of a stock from the Nikkei
Underlying Stocks, NKS will select a replacement for such deleted Nikkei
Underlying Stock in accordance with certain criteria. In an exceptional case,
a
newly listed stock in the First Section of the TSE that is recognized by
NKS to
be representative of a market may be added to the Nikkei Underlying Stocks.
In
such a case, an existing Underlying Stock with low trading volume and deemed
not
to be representative of a market will be deleted by NKS.
A
list of
the issuers of the Nikkei Underlying Stocks constituting the NKY is available
from the Nikkei Economic Electronic Databank System and from the Stock Market
Indices Data Book published by NKS.
License
Agreement with NKS
The
Company has entered or expects to enter into non-exclusive license agreement
with NKS, whereby the Company and its affiliates, in exchange for a fee,
will be
permitted to use the NKY in connection with the offer and sale of the
Notes.
The
copyright relating to the NKY and intellectual property rights as to “Nikkei”
(including in combination with other words) and the NKY and any other rights
will belong to NKS.
NKS
will
be entitled to change the details of the NKY and to suspend the announcement
thereof.
All
the
businesses and implementation relating to the use of the NKY and related
intellectual property rights will be conducted exclusively at the risk of
the
Company and Nihon Keizei assumes no obligation or responsibility
therefor.
The
Tokyo Stock Exchange
The
TSE
is one of the world’s largest securities exchanges in terms of market
capitalization. Trading hours are currently from 9:00 a.m. to 11:00 a.m.
and
from 12:30 p.m. to 3:00 p.m., Tokyo time, Monday through Friday.
Due
to
the time zone difference, on any normal trading day the TSE will close prior
to
the opening of business in New York City on the same calendar day. Therefore,
the closing level of the NKY on a trading day will generally be available
in the
United States by the opening of business on the same calendar day.
The
TSE
has adopted certain measures, including daily price floors and ceilings on
individual stocks, intended to prevent any extreme short-term price fluctuations
resulting from order imbalances. In general, any stock listed on the TSE
cannot
be traded at a price lower than the applicable price floor or higher than
the
applicable price ceiling. These price floors and ceilings are expressed in
absolute Japanese yen, rather than percentage limits based on the closing
price
of the stock on the previous trading day. In addition, when there is a major
order imbalance in a listed stock, the TSE posts a “special bid quote” or a
“special asked quote” for that stock at a specified higher or lower price level
than the stock’s last sale price in order to solicit counter orders and balance
supply and demand for the stock. The TSE may suspend the trading of individual
stocks in certain limited and extraordinary circumstances, including, for
example, unusual trading activity in that stock. As a result, changes in
the NKY
may be limited by price limitations or special quotes, or by suspension of
trading, on individual stocks that make up the NKY, and these limitations,
in
turn, may adversely affect the value of the Notes.
Historical
D
ata
on the NKY
The
following table sets forth the month-end closing index levels of the NKY
for
each month in the period from January 2002 through January 2008. The NKY
closing
index levels listed below were obtained from Bloomberg, without independent
verification by the Company.
The
historical values of the NKY should not be taken as an indication of future
performance, and no assurance can be given that the level of the NKY will
increase relative to its the Initial Component Level during the term of the
Notes.
Month
End Closing Index Levels: January 2002 - January 2008
|
2002
|
2003
|
2004
|
2005
|
2006
|
2007
|
2008
|
January
|
9,997.80
|
8,339.94
|
10,783.61
|
11,387.59
|
16,649.82
|
17,383.42
|
13,592.47
|
February
|
10,587.83
|
8,363.04
|
11,041.92
|
11,740.60
|
16,205.43
|
17,604.12
|
|
March
|
11,024.94
|
7,972.71
|
11,715.39
|
11,668.95
|
17,059.66
|
17,287.65
|
|
April
|
11,492.54
|
7,831.42
|
11,761.79
|
11,008.90
|
16,906.23
|
17,400.41
|
|
May
|
11,763.70
|
8,424.51
|
11,236.37
|
11,276.59
|
15,467.33
|
17,875.75
|
|
June
|
10,621.84
|
9,083.11
|
11,858.87
|
11,584.01
|
15,505.18
|
18,138.36
|
|
July
|
9,877.94
|
9,563.21
|
11,325.78
|
11,899.60
|
15,456.81
|
17,248.89
|
|
August
|
9,619.30
|
10,343.55
|
11,081.79
|
12,413.60
|
16,140.76
|
16,569.09
|
|
September
|
9,383.29
|
10,219.05
|
10,823.57
|
13,574.30
|
16,127.58
|
16,785.69
|
|
October
|
8,640.48
|
10,559.59
|
10,771.42
|
13,606.50
|
16,399.39
|
16,737.63
|
|
November
|
9,215.56
|
10,100.57
|
10,899.25
|
14,872.15
|
16,274.33
|
15,680.67
|
|
December
|
8,578.95
|
10,676.64
|
11,488.76
|
16,111.43
|
17,225.83
|
15,307.78
|
|
FTSE/Xinhua
China 25 Index (“XIN0I”)
Unless
otherwise stated, all information regarding the XIN0I provided in this pricing
supplement is derived from the FTSE/Xinhua Index Limited (“FTSE”), Xinhua
Financial Network (“XFN”) or other publicly available sources. Such information
reflects the policies of FTSE as stated in such sources, and such policies
are
subject to change by FTSE. We do not assume any responsibility for the accuracy
or completeness of such information. FTSE is under no obligation to continue
to
publish the XIN0I and may discontinue publication of the XIN0I at any
time.
The
XIN0I
is a stock index calculated, published and disseminated by FTSE that measures
the composite price performance of selected Chinese stocks. The XIN0I currently
is based on 25 underlying stocks (the “Xinhua Underlying Stocks”) trading on the
Hong Kong Stock Exchange (the “HKSE”) and is designed to represent the
performance of investments in the mainland Chinese market available to
international investors. The XIN0I consists of the largest 25 companies by
full
market value, weighted based on the free float-adjusted total market value
of
their shares, so that securities with higher total market values generally
have
a higher representation in the XIN0I. XIN0I constituents are screened for
liquidity and weightings are capped to avoid over-concentration in any one
stock. The inception date of the XIN0I was March 2001.
Calculation
of the XIN0I
The
XIN0I
is rule-based and is monitored by a governing committee. The FTSE XIN0I
Committee (the “Index Committee”) is responsible for conducting the quarterly
review of constituents of the XIN0I and for making changes to the XIN0I in
accordance with the index procedures. Until further notice, only “Red Chip”
shares and “H” shares are eligible for the XIN0I. Red Chip shares are securities
of Hong Kong incorporated companies that trade on the HKSE and are quoted
in
Hong Kong Dollars. Red Chip shares are of companies that are substantially
owned
directly or indirectly by the Chinese government and have the majority of
their
business interests in mainland China. H shares are securities of companies
incorporated in the People's Republic of China and nominated by the Chinese
government for listing and trading on the HKSE. H shares are quoted and traded
in Hong Kong Dollars. Like other securities trading on the HKSE, there are
no
restrictions on who can trade H shares. The XIN0I also provides for A shares
and
B shares, neither of which is currently eligible for inclusion in the index.
Although only eligible share classes are included in the index weighting,
in
determining the full market capitalization of a company for index ranking
purposes, all share classes, including A shares and B shares, are included.
A
shares are securities of Chinese incorporated companies that trade on either
the
Shanghai or Shenzhen stock exchanges. They are quoted in Chinese RenMinBi
and
can only be traded by residents of the People's Republic of China or under
the
Qualified Foreign Institutional Investor rules. B shares are securities of
Chinese incorporated companies that trade on either the Shanghai or Shenzhen
stock exchanges. B shares are quoted in U.S. Dollars on the Shanghai stock
exchange and Hong Kong Dollars on the Shenzhen Stock Exchange. Additionally,
B
shares can be traded by non-residents of the People's Republic of China and
also
residents of the People's Republic of China with appropriate foreign currency
dealing accounts.
The
weight of each Xinhua Underlying Stock in the XIN0I is calculated by (i)
multiplying the per share price of each Xinhua Underlying Stock by the exchange
rate required to convert the security's home currency into the XIN0I base
currency (the “Base Currency”), (ii) multiplying each resulting product by the
number of shares in issue according to Xinhua Sponsor, (iii) multiplying
each
resulting product by the product of each security's float factor (the “Free
Float Factor”) multiplied by its capping factor (the “Capping Factor”), (iv)
calculating the sum of all these products and (v) dividing such sum by a
divisor
(the “Divisor”). The Base Currency for the XIN0I is the Hong Kong Dollar. The
Free Float Factor is a number between 1 and 0, where 1 represents a 100%
free
float, and is published by FTSE. The Capping Factor is a number between 1
and 0,
where 1 represents no cap, that allows the weight of each security to be
capped
at no more than 10%, and is published by FTSE. The Divisor represents the
total
issued share capital of the XIN0I at the base date and can be adjusted to
allow
changes in the issued share capital of individual securities without distorting
the XIN0I.
When
calculating the weight of a Xinhua Underlying Stock, individual constituents'
shares held by governments, corporations, strategic partners or other control
groups are excluded from the company's shares outstanding. Shares owned by
other
companies are also excluded regardless of whether such companies are index
constituents. Where a foreign investment limit exists at the sector or company
level, the constituent's weight will reflect either the foreign investment
limit
or the percentage float, whichever is the more restrictive. Stocks are screened
to ensure there is sufficient liquidity to be traded. Factors in determining
liquidity include the availability of current and reliable price information
and
the level of trading volume relative to shares outstanding. Value traded
and
float turnover are also analyzed on a monthly basis to ensure ample liquidity.
Fundamental analysis is not part of the selection criteria for inclusion
or
exclusion of stocks from the XIN0I. The financial and operating condition
of a
company are not analyzed.
Adjustment
to the Composition of the XIN0I
A
Xinhua
Underlying Stock may be added or deleted by FTSE or the percentage of that
Xinhua Underlying Stock or the Capping Factor or Free Float Factor may be
adjusted. Any stock becoming ineligible for any of the following reasons,
among
others, will be deleted from the XIN0I: (i) delisting of such stock, (ii)
such
stock ceases to have a firm quotation or accurate and reliable price, (iii)
the
constituent company is subject to a takeover, (iv) the constituent company
ceases, in the opinion of the Index Committee, or its nominated deputies,
to be
a viable constituent due to changes in liquidity or total market capitalization,
(v) the constituent company, at the time of the periodic review, has fallen
to
36th position or below in the ranking of eligible companies by full market
value
as computed by FTSE before the application of any investability weightings,
or
(vi) the company has the lowest ranking full market value on the XIN0I as
computed by FTSE and another security has qualified for inclusion in the
XIN0I.
After deletion of a stock, FTSE will select a new Xinhua Underlying Stock
from
the reserve list of the four highest-ranking non-constituents of the XIN0I
that
are constituents of the FTSE All World Index and meet the XIN0I
requirements.
The
Index
Committee is responsible for undertaking the review of the XIN0I and for
approving changes of constituents in accordance with the index rules and
procedures. The FTSE Global Classification Committee is responsible for the
industry classification of constituents of the XIN0I within the FTSE Global
Classification System. The FTSE Global Classification Committee may approve
changes to the FTSE Global Classification System and Management Rules. FTSE
appoints the Chairman and Deputy Chairman of the Index Committee. The Chairman
chairs meetings of the Index Committee and represents the Index Committee
outside meetings. Adjustments to reflect a major change in the amount or
structure of a constituent company's issued capital will be made before the
start of the index calculation on the day on which the change takes effect.
Adjustments to reflect less significant changes will be implemented before
the
start of the index calculation on the day following the announcement of the
change. All adjustments are made before the start of the index calculations
on
the day concerned, unless market conditions prevent this.
The
XIN0I
is reviewed quarterly for changes in free float. These reviews will coincide
with the quarterly reviews undertaken of the XIN0I as a whole. Implementation
of
any changes will be after the close of the index calculation on the third
Friday
in January, April, July and October. The quarterly review of the XIN0I
constituents takes place in January, April, July and October. Any constituent
changes will be implemented on the next trading day following the third Friday
of the same month of the review meeting. Details of the outcome of the review
and the dates on which any changes are to be implemented will be published
as
soon as possible after the Index Committee meeting has concluded.
The
XIN0I
is calculated in real time and published every minute during the index period
(09:15-16:00 Local Hong Kong Time). It is available in real time directly
from
FTSE and from the following vendors: Reuters, Bloomberg, Telekurs, FTID and
LSE/Proquote. The end of day index value is distributed at 16:15 (Local Hong
Kong Time). Daily values are also made available to the Financial Times Asia
Edition and other major newspapers and are available at the FTSE Index Services
web site: www.ftse.com. The XIN0I uses local stock exchange trade prices
and
Reuters real-time spot currency rates.
Neither
we nor any of our affiliates accepts any responsibility for the calculation,
maintenance or publication of, or for any error, omission or disruption in,
the
XIN0I or any successor index. FTSE does not guarantee the accuracy or
completeness of the XIN0I or any data included in the XIN0I. FTSE assumes
no
liability for any errors, omissions or disruption in the calculation and
dissemination of the XIN0I. FTSE disclaims all responsibility for any errors
or
omissions in the calculation and dissemination of the XIN0I or the manner
in
which the XIN0I is applied in determining the amount payable on the
securities.
License
Agreement with FTSE
We
and
FTSE have entered into a non-exclusive license agreement providing for the
license to us, in exchange for a fee, of the right to use certain indices
calculated by FTSE/XIN0I Limited in connection with certain securities,
including these securities.
The
license agreement between FTSE and us provides that the following information
must be set forth in this pricing supplement:
“The
securities are not in any way sponsored, endorsed, sold or promoted by
FTSE/XIN0I Limited (“FXI”), FTSE International Limited (“FTSE”) or Xinhua
Financial Network Limited (“Xinhua”) or by the London Stock Exchange PLC (the
“Exchange”) or by The Financial Times Limited (“FT”) and neither FXI, FTSE,
Xinhua, the Exchange nor FT makes any warranty or representation whatsoever,
expressly or impliedly, either as to the results to be obtained from the
use of
the XIN0I and/or the figure at which the said XIN0I stands at any particular
time on any particular day or otherwise. The XIN0I is compiled and calculated
by
or on behalf of FXI. However, neither FXI or FTSE or Xinhua or the Exchange
or
FT shall be liable (whether in negligence or otherwise) to any person for
any
error in the XIN0I and neither FXI, FTS, Xinhua, the Exchange nor FT shall
be
under any obligation to advise any person of any error therein.”
FTSE™
IS
A TRADEMARK OF LONDON STOCK EXCHANGE LIMITED AND THE FINANCIAL TIMES LIMITED
AND
IS USED BY FTSE INTERNATIONAL LIMITED UNDER LICENSE.
Historical
Data on the XIN0I
The
following table sets forth the month-end closing index levels of the XIN0I
for
each month in the period from January 2002 through January 2008. The XIN0I
closing index levels listed below were obtained from Bloomberg, without
independent verification by the Company.
The
historical values of the XIN0I should not be taken as an indication of future
performance, and no assurance can be given that the level of the XIN0I will
increase relative to its the Initial Component Level during the term of the
Notes.
Since
its
inception, the XIN0I has experienced significant fluctuations. Any historical
upward or downward trend in the level of the XIN0I during any period shown
in
the following table is not an indication that the Component Level of the
XIN0I
is more or less likely to increase or decrease at any time during the term
of
the Notes. The historical Component Level during any period shown in the
following table is not an indication of the future performance of the XIN0I.
The
results shown should not be considered as a representation of the income,
yield
or capital gain or loss that may be generated by the XIN0I in the future.
The
actual performance of the XIN0I over the life of the Notes may bear little
relation to the historical terms shown below.
Month
End Closing Index Levels: January 2002 - January 2008
|
2002
|
2003
|
2004
|
2005
|
2006
|
2007
|
2008
|
January
|
4,556.58
|
4,601.71
|
8,260.51
|
8,155.44
|
10,490.11
|
15,586.50
|
20,416.73
|
February
|
4,660.83
|
4,554.19
|
8,795.51
|
8,767.79
|
10,914.41
|
15,110.18
|
|
March
|
4,822.18
|
4,437.62
|
8,207.84
|
8,254.83
|
11,069.71
|
15,634.92
|
|
April
|
4,922.55
|
4,403.46
|
7,029.97
|
8,226.15
|
11,625.95
|
16,095.23
|
|
May
|
5,027.92
|
4,860.58
|
7,450.70
|
8,105.44
|
10,937.19
|
16,849.14
|
|
June
|
4,934.55
|
5,169.87
|
7,414.40
|
8,496.46
|
11,314.83
|
19,050.96
|
|
July
|
4,723.40
|
5,672.64
|
7,442.02
|
9,117.31
|
11,590.71
|
20,888.16
|
|
August
|
4,602.79
|
6,124.15
|
7,481.39
|
9,072.70
|
11,783.91
|
22,056.45
|
|
September
|
4,329.55
|
6,089.77
|
7,916.39
|
9,404.92
|
12,012.99
|
26,121.81
|
|
October
|
4,284.63
|
7,177.30
|
7,727.28
|
8,391.56
|
12,551.81
|
30,711.05
|
|
November
|
4,408.58
|
7,282.98
|
8,409.06
|
8,927.68
|
13,977.39
|
26,949.78
|
|
December
|
4,317.23
|
8,324.97
|
8,294.66
|
9,203.65
|
16,603.60
|
25,507.18
|
|