AIG - All of the Money - September 2012

	B	C	D	E	F	H	I	J
1
2
3			Disregarding remaining AIG stake			Including remaining AIG stake
4	$ in mm
5			Total	Fed	Treasury	Total	Fed	Treasury
6	Dollar Amounts
7	Contributed		239,479	171,644	67,835	239,479	171,644	67,835
8	Returned		254,452	189,227	65,225	262,208	189,227	72,981
9	Accounting profit		14,973	17,583	(2,610)	22,729	17,583	5,146
10
11	NPV at government cost of capital		3,012	10,228	(7,215)	9,892	10,228	(336)
12	NPV at AIG cost of capital		(24,580)	(7,238)	(17,342)	(19,653)	(7,238)	(12,415)
13
14	IRR		3.87%	7.93%	-1.53%	5.69%	7.93%	2.84%
15
16
17
18
19	Assumptions
20	Government cost of capital =	3.04%
21	AIG cost of capital =	12.00%
22	AIG stock price =	$33.12
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100