RECENT M&A ACTIVITY (pg.2)A focus on the record M&A activity in 2019 and its slowing down in the first half of 2020.

LISTED COMPANIES AND H2 2020 OUTLOOK (pg.8)Public companies in the healthy food industry outperformed the overall food & beverage sector and showed resilience throughout the COVID-19 emergency.

THE PULSES MARKET (pg.9)An overview of trends in the pulses market, with an analysis of key players and recent M&A transactions.

“The healthy food segment has been extremely resilient during the COVID-19 emergency. Health

concerns increased consumer awareness regarding the benefits of healthy nutrition. Furthermore, some market niches, as is the case with pulses,

are experiencing a repositioning of their products within the healthy space. This process is bringing

high product innovation and exciting opportunities in terms of M&A.”

PAOLO RUSSO HEALTHY FOOD SPECIALIST, OAKLINS

Stay hungry, stay healthySPOT ON | HEALTHY FOOD | JULY 2020

2 OAKLINS – Spot On · Healthy food · July 2020

A reminder of the categories we have identified and monitored within the healthy food space:

Recent M&A activity

Producers and/or sellers of non-GMO, organic, free-from (gluten-free, lactose-free, etc.), vegetarian and vegan packaged foods.

Retailers that primarily sell organic foods, fresh products and other foods that generally fit the “healthy” category.

Healthy eating gained relevance in all sub-segments of the food & beverage industry and the broadening of the space has resulted in another record year for M&A, with over 110 transactions completed in 2019.

Demand for natural, organic and free-from products in untapped segments of the industry is reflected in growing diversity among target companies. This trend mostly impacted organic & free-from foods, which represented half of all 2019 transactions. Indeed, transactions in this category involved players in the snacks, seasoning, dried nuts and spreads segments, but also baby food and pet food producers, and a growing number of companies in the organic meat space.

Strong brands remain a key driver for acquisitions by large international players, such as B&G Foods, Unilever, Valeo Foods and PepsiCo, which continue to play a key role in the consolidation process. Moreover, the broadening requirements of healthy foods are also reflected in the growing relevance of natural ingredients. Leading players in food ingredients, such as Agrana, Aromata and Connell, have tapped into the healthy space, acquiring producers with a portfolio of organic or natural ingredients.

ORGANIC & FREE-FROM FOODS

SPECIALIZED RETAILERS

Growers, producers and agribusinesses with a focus on the cultivation and/or commercialization of fresh fruits and vegetables.

FRESH FRUITS & VEGETABLES

Producers and/or sellers of packaged foods with a positive effect on health and performance, beyond nutrition.

SPORTS & DIETARY (FUNCTIONAL) FOODS

3OAKLINS – Spot On · Healthy food · July 2020

In 2019, fresh fruits and vegetables were the second most active category, representing 25% of total transactions, followed by sports & dietary foods, which accounted for 16%. The sports & dietary food category included mostly beverages, where functional ingredients provide an instant source of energy — this category's traditional characteristic. However, the sports & dietary foods and organic & natural categories are becoming more and more interlinked because sports products are also required to be organic and natural,

and consumers look for other health benefits in addition to energy.

Innovation has also influenced specialized retailers, for which consolidation has been vital to expansion to online retail and fresh product delivery solutions. Examples of this are Carrefour, which acquired the French delivery box Potager City, and the acquisition of the UK organic and natural e-commerce company As Nature Intended by Planet Organic.

2019 saw the largest acquisition in the healthy food space by a private equity fund: in September, Wessanen was delisted and acquired by PAI Partners for over US$1 billion. The acquisition aimed to support sustainable long-term growth in an ever-more competitive landscape. The increasing popularity of organic, sustainable and healthy products continues to attract private equity funds, which can find opportunities in a still-fragmented market.

0

20

40

60

80

100

120

2017 2018 2019 June 2020

34

110102103 9

1418

4023

9

28

1926

17

55

3640

Organic & free-from

Fresh fruits & vegetables

Sports & dietary

Specialized retailers

7

35

1%

6%

1%

43%

49%

Europe

United States and Canada

Latin America and Caribbean

Asia Pacific

Africa/Middle East

Sources: Mergermarket; S&P Capital IQ

Sources: Mergermarket; S&P Capital IQ

M&A deals by year

M&A deals by geographic area, 2019

Recent M&A activity

4 OAKLINS – Spot On · Healthy food · July 2020

Selected M&A transactionsDate Target Bidder Category Rationale Product Country Valuation

EV (US$m)

EV/Sales

EV/EBITDA

23-May-20

Support growth through long-

term stability and resources

Organic meat N/A N/A N/A

14-May-20 Geographic expansion

Supplements N/A N/A N/A

1-Apr-20Build a group of

companies in the plant-based segment

Vegetarian meat

alternativesN/A N/A N/A

24-Mar-20Expansion into

complementary baby food products

Baby food N/A N/A N/A

16-Mar-20 Expansion of outlets to accelerate growth

Retailer N/A N/A N/A

28-Feb-20

Acquire production capabilities, leverage

on distribution platform

Healthy snacks

N/A N/A N/A

18-Feb-20Expansion into value-added

fresh-cut products

Fresh fruits & vegetables

N/A N/A N/A

31-Jan-20

Expansion into organic and

non-GMO food ingredients sector

Ingredients N/A N/A N/A

23-Jan-20Expansion of the

fortified water portfolio

Beverages N/A N/A N/A

20-Jan-20 Strengthening the e-commerce offer

Retailer N/A N/A N/A

7-Jan-20 R&D and production capabilities

Beverages N/A N/A N/A

19-Dec-19Expansion of

product portfolio and e-commerce

Pet food 47.0 1.4x N/A

10-Nov-19Expansion of the

portfolio to healthy snacks

Healthy snacks

79.6 0.6x N/A

24-Oct-19Geographic

expansion of the product portfolio

Beverages and

supplements30.7 0.8x N/A

5OAKLINS – Spot On · Healthy food · July 2020

Selected M&A transactions

Date Target Bidder Category Rationale Product Country Valuation

EV (US$m)

EV/Sales

EV/EBITDA

1-Oct-19 Alimentation Sante SA

Access to the South European Market

Veg meat alternatives

64.2 1.6x 13.1x

25-Sep-19 Support the long-term growth strategy

Diversified group

1,039.7 1.5x 14.0x

15-Sep-19Expansion to China

and other export countries

Baby food 929.3 5.1x 39.9x

3-Sep-19Strengthening of the personalized nutrition business

Supplements N/A N/A N/A

21-Aug-19 MBOSupport the

management in future growth

Sweet ingredients

N/A N/A N/A

26-Jul-19 Support future growth

Spreads N/A N/A N/A

16-Jul-19Expansion to the healthy nutrition

segmentBeverages N/A N/A N/A

4-Jul-19Strengthening of

the position in Continental Europe

Spreads 8.9 N/A 4.4x

21-May-19

Leverage growth through the

distribution channel of the buyer

Supplements N/A N/A N/A

11-Apr-19

Expansion of processing

capabilities to fresh-cut products

Fresh fruits & vegetables

N/A N/A N/A

1-Apr-19 Expansion of the product portfolio

Spreads N/A N/A N/A

11-Mar-19Support

company growth internationally

Seasonings N/A N/A N/A

28-Feb-19Support

company growth internationally

Plant-based milk

N/A N/A N/A

Sources: Mergermarket; S&P Capital IQ

6 OAKLINS – Spot On · Healthy food · July 2020

Company CountryMarket

cap (US$m)EV/

Rev.EV/

EBITDA

Post Holdings Inc. United States 6,114.8 2.2x 11.7x

Beyond Meat Inc. United States 9,506.6 NM NM

The Hain Celestial Group Inc. United States 3,169.5 1.6x 19.1x

The Simply Good Foods Company United States 1,707.2 3.5x 20.1x

Freedom Foods Group Limited Australia 700.4 2.3x 32.9x

Pulmuone Co. Ltd. South Korea 508.8 0.5x 8.5x

Midsona AB (publ) Sweden 378.9 1.6x 18.2x

Raisio plc Finland 601.5 1.9x 13.5x

SunOpta Inc. Canada 425.6 0.9x 20.8x

Valsoia S.p.A. Italy 140.4 1.3x 9.2x

Zanlakol Ltd. Israel 78.7 1.4x 7.3x

Apetit Oyj Finland 60.9 0.3x NM

Lifeway Foods Inc. United States 37.3 0.4x 19.1x

Carmit Candy Industries Ltd. Israel 21.7 0.6x 6.5x

Bio Planet S.A. Poland 12.8 0.4x 8.3x

Median 1.3x 13.5x

Company CountryMarket

cap (US$m)EV/

Rev.EV/

EBITDA

Herbalife Nutrition Ltd. United States 6,179.1 1.5x 11.8x

Glanbia plc Ireland 3,496.5 1.0x 12.3x

USANA Health Sciences Inc. United States 1,661.4 1.4x 9.0x

Jamieson Wellness Inc. Canada 1,000.6 4.5x 24.2x

Pharmanutra S.p.A. Italy 258.9 4.1x 16.8x

LifeVantage Corporation United States 206.6 0.8x 11.2x

Natureʼs Sunshine Products Inc. United States 178.0 0.4x 4.7x

Probiotec Limited Australia 101.1 1.9x 16.8x

Enervit S.p.A. Italy 61.8 1.1x 17.9x

Vita Life Sciences Limited Australia 21.2 0.5x 5.0x

Median 1.2x 12.0x

Selected listed playersOrganic & free-from foods

Sports & dietary foods

7OAKLINS – Spot On · Healthy food · July 2020

Company CountryMarket

cap (US$m)EV/

Rev.EV/

EBITDA

Fresh Del Monte Produce Inc. Cayman Islands 1,153.9 0.5x 11.4x

Costa Group Holdings Limited Australia 822.7 1.6x 18.0x

Hortifrut S.A. Chile 657.9 2.1x 10.9x

Hokuto Corporation Japan 583.5 1.2x 7.7x

Select Harvests Limited Australia 424.5 3.5x 10.8x

Total Produce plc Ireland 508.9 0.2x 11.4x

Seneca Foods Corporation United States 305.7 0.5x 6.7x

Greenyard N.V. Belgium 264.8 0.2x 10.8x

T&G Global Limited New Zealand 210.3 0.4x 10.4x

Orsero S.p.A. Italy 118.2 0.2x 8.0x

Mehadrin Ltd. Israel 109.8 0.6x NM

Crookes Brothers Limited South Africa 42.9 1.7x 11.1x

Agripure Holdings Public Company Limited Thailand 60.1 0.9x 10.8x

Median 0.6x 10.8x

Company CountryMarket

cap (US$m)EV/

Rev.EV/

EBITDA

Sprouts Farmers Market Inc. United States 2.851.9 0.7x 10.8x

Natural Grocers by Vitamin Cottage Inc. United States 302.7 0.7x 12.6x

GNC Holdings Inc. United States 72.0 0.7x 12.3x

Median 0.7x 12.3x

Fresh fruits & vegetables

Specialized retailers

EV/Rev.: Enterprise value on revenues

EV/EBITDA: Enterprise value on EBITDA

Sources: S&P Capital IQ

Values are in US$m — as of 30 June 2020

Selected l isted players

8 OAKLINS – Spot On · Healthy food · July 2020

Date Organic & free-from food Sport & dietary food

Fresh fruit & vegetables Specialized retailers

30-Jun-20 15,3 10,7 10,6 8,729-Jun-20 15,3 10,7 10,6 8,728-Jun-20 15,3 10,7 10,6 8,727-Jun-20 15,2 10,7 10,6 8,726-Jun-20 15,0 10,7 10,7 8,725-Jun-20 15,0 10,7 10,6 8,624-Jun-20 15,0 10,6 10,6 8,623-Jun-20 15,0 12,2 10,6 8,922-Jun-20 15,0 12,2 10,6 8,921-Jun-20 15,0 12,2 10,6 8,920-Jun-20 14,9 12,2 10,7 8,819-Jun-20 15,0 12,2 10,6 8,818-Jun-20 15,1 12,2 10,6 8,817-Jun-20 15,3 12,3 10,6 8,916-Jun-20 15,2 12,2 10,7 8,915-Jun-20 15,2 12,2 10,7 8,914-Jun-20 15,2 12,2 10,7 8,913-Jun-20 15,2 12,3 10,6 8,912-Jun-20 15,1 12,5 10,6 9,011-Jun-20 15,1 12,5 10,6 9,010-Jun-20 15,1 12,5 10,6 9,09-Jun-20 15,0 12,4 10,6 9,18-Jun-20 15,0 12,4 10,6 9,17-Jun-20 15,0 12,4 10,6 9,16-Jun-20 14,9 12,3 10,6 9,05-Jun-20 14,8 12,4 10,6 9,14-Jun-20 14,9 12,3 10,6 9,13-Jun-20 14,9 12,3 10,6 9,12-Jun-20 14,8 12,3 10,6 9,11-Jun-20 14,8 12,3 10,6 9,131-May-20 14,8 12,3 10,6 9,130-May-20 14,9 12,3 10,6 9,229-May-20 14,8 11,9 10,6 9,128-May-20 14,9 11,7 10,7 9,127-May-20 14,9 11,7 11,5 9,026-May-20 15,0 11,8 11,5 8,325-May-20 15,0 11,8 11,5 8,324-May-20 15,0 11,8 11,5 8,323-May-20 15,0 11,8 11,5 8,522-May-20 14,9 12,2 11,4 8,521-May-20 14,9 11,9 11,5 8,420-May-20 15,0 11,8 11,5 8,419-May-20 15,0 11,7 11,4 8,518-May-20 15,0 11,7 11,4 8,517-May-20 15,0 11,7 11,4 8,516-May-20 14,9 11,6 11,5 8,415-May-20 14,9 11,5 11,5 8,414-May-20 14,9 11,5 11,5 8,513-May-20 14,9 11,5 11,5 8,412-May-20 14,8 11,5 11,6 8,511-May-20 14,8 11,5 11,6 8,510-May-20 14,8 11,6 11,6 8,59-May-20 14,8 11,8 11,6 8,48-May-20 14,8 11,8 11,6 8,47-May-20 14,8 11,8 11,1 8,46-May-20 14,6 11,8 11,2 8,05-May-20 14,7 11,8 11,3 8,04-May-20 14,7 11,8 11,3 8,03-May-20 14,7 11,8 11,3 8,02-May-20 14,7 11,8 11,3 7,41-May-20 14,6 11,8 11,3 7,430-Apr-20 14,6 11,8 11,2 7,529-Apr-20 16,9 11,9 11,1 7,428-Apr-20 16,8 11,9 11,2 7,427-Apr-20 16,8 11,9 11,2 7,426-Apr-20 16,8 11,9 11,2 7,425-Apr-20 16,5 11,9 11,2 7,424-Apr-20 16,6 11,9 11,2 7,323-Apr-20 16,6 12,0 11,2 7,522-Apr-20 16,6 12,2 11,2 7,621-Apr-20 16,6 12,0 11,5 7,520-Apr-20 16,6 12,0 11,5 7,519-Apr-20 16,6 12,0 11,5 7,518-Apr-20 16,2 12,1 11,5 7,317-Apr-20 16,4 12,0 11,5 7,316-Apr-20 16,4 12,0 11,4 7,415-Apr-20 16,4 12,1 11,4 7,114-Apr-20 16,4 12,2 11,4 7,213-Apr-20 16,4 12,2 11,4 7,212-Apr-20 16,4 12,2 11,4 7,211-Apr-20 16,3 12,1 11,3 7,110-Apr-20 16,2 12,0 11,4 7,19-Apr-20 16,3 12,1 11,4 7,18-Apr-20 16,2 12,0 11,4 7,17-Apr-20 16,2 12,1 11,4 7,16-Apr-20 16,2 12,1 11,4 7,15-Apr-20 16,2 12,1 11,4 7,14-Apr-20 16,2 12,1 11,3 7,13-Apr-20 16,2 12,1 11,3 7,22-Apr-20 16,2 12,3 11,3 7,21-Apr-20 16,3 12,3 11,5 7,131-Mar-20 16,2 12,0 11,6 7,130-Mar-20 16,2 12,0 11,6 7,129-Mar-20 16,2 12,0 11,6 7,128-Mar-20 16,3 12,2 11,7 7,127-Mar-20 16,3 12,2 11,7 7,126-Mar-20 16,3 12,2 11,8 7,125-Mar-20 16,4 12,2 12,0 7,124-Mar-20 16,5 12,4 12,1 7,123-Mar-20 16,5 12,4 12,1 7,122-Mar-20 16,5 12,4 12,1 7,121-Mar-20 16,6 12,4 12,1 6,920-Mar-20 16,5 12,6 12,1 7,119-Mar-20 16,5 12,4 12,1 7,018-Mar-20 16,5 12,3 12,1 7,117-Mar-20 16,6 12,4 12,1 7,216-Mar-20 16,6 12,4 12,1 7,215-Mar-20 16,5 12,4 12,1 7,214-Mar-20 16,5 12,4 12,1 7,013-Mar-20 16,5 12,4 12,1 6,912-Mar-20 16,4 12,9 12,1 7,011-Mar-20 16,5 13,0 12,1 7,110-Mar-20 16,4 13,0 12,1 7,19-Mar-20 16,4 13,0 12,1 7,18-Mar-20 16,4 13,0 12,1 7,17-Mar-20 16,3 12,9 12,2 7,06-Mar-20 16,3 13,0 12,2 7,05-Mar-20 16,4 13,1 12,2 7,04-Mar-20 16,5 13,0 12,2 6,83-Mar-20 16,5 13,0 12,2 6,72-Mar-20 16,5 13,0 12,2 6,71-Mar-20 16,5 13,0 12,2 6,729-Feb-20 16,4 13,0 12,4 6,928-Feb-20 16,7 13,0 12,8 6,927-Feb-20 16,5 13,0 12,8 7,026-Feb-20 16,5 13,0 13,1 7,025-Feb-20 16,5 12,9 13,3 7,024-Feb-20 16,5 12,9 13,3 7,023-Feb-20 16,5 12,9 13,3 7,022-Feb-20 16,5 12,9 13,3 7,221-Feb-20 16,5 12,7 13,2 7,020-Feb-20 16,6 13,0 13,4 7,119-Feb-20 16,7 12,4 13,3 7,218-Feb-20 16,7 12,4 13,5 7,217-Feb-20 16,7 12,4 13,5 7,216-Feb-20 16,7 12,4 13,5 7,215-Feb-20 16,6 12,7 13,3 7,214-Feb-20 16,6 12,7 13,2 7,113-Feb-20 16,5 12,7 13,1 6,912-Feb-20 16,8 12,6 13,1 7,111-Feb-20 16,8 12,7 13,1 7,410-Feb-20 16,8 12,7 13,1 7,49-Feb-20 16,8 12,7 13,1 7,48-Feb-20 17,0 12,7 13,1 7,67-Feb-20 16,9 12,7 13,1 7,76-Feb-20 17,1 12,8 13,1 7,95-Feb-20 17,1 12,8 12,9 7,94-Feb-20 17,0 12,9 12,8 7,83-Feb-20 17,0 12,9 12,8 7,82-Feb-20 17,0 12,9 12,8 7,81-Feb-20 17,1 12,9 12,7 8,131-Jan-20 16,9 13,0 12,6 8,230-Jan-20 17,2 13,1 13,5 8,329-Jan-20 17,2 13,0 13,3 8,428-Jan-20 17,3 13,0 13,3 8,527-Jan-20 17,3 13,0 13,3 8,526-Jan-20 17,3 13,0 13,3 8,525-Jan-20 17,4 13,0 13,3 8,624-Jan-20 17,3 13,0 13,3 8,523-Jan-20 17,2 13,0 13,3 8,622-Jan-20 17,1 13,1 13,3 8,621-Jan-20 17,2 13,0 13,3 8,620-Jan-20 17,2 13,0 13,3 8,619-Jan-20 17,2 13,0 13,3 8,618-Jan-20 17,3 12,8 13,4 8,617-Jan-20 17,1 12,8 13,4 8,516-Jan-20 17,1 12,8 13,3 8,615-Jan-20 17,1 12,8 13,3 8,614-Jan-20 17,3 12,8 13,4 8,813-Jan-20 17,3 12,8 13,4 8,812-Jan-20 17,3 12,8 13,4 8,811-Jan-20 17,5 12,9 13,7 8,910-Jan-20 17,5 12,9 13,6 8,89-Jan-20 17,6 12,8 13,7 8,98-Jan-20 17,6 12,8 13,7 9,07-Jan-20 17,4 12,9 13,7 9,06-Jan-20 17,4 12,9 13,7 9,05-Jan-20 17,4 12,9 13,7 9,04-Jan-20 17,4 12,9 13,7 9,03-Jan-20 17,4 12,9 13,7 9,02-Jan-20 17,4 13,0 13,7 8,91-Jan-20 17,6 12,9 13,7 8,931-Dec-19 17,9 12,8 13,6 8,930-Dec-19 17,9 12,8 13,6 8,929-Dec-19 17,9 12,8 13,6 8,928-Dec-19 17,9 12,8 13,6 8,927-Dec-19 17,9 12,9 13,6 9,026-Dec-19 17,9 12,9 13,5 8,925-Dec-19 17,9 12,8 13,6 8,824-Dec-19 18,0 12,8 13,7 8,723-Dec-19 18,0 12,8 13,7 8,722-Dec-19 18,0 12,8 13,7 8,721-Dec-19 18,0 12,8 13,8 8,820-Dec-19 18,0 12,7 13,8 8,719-Dec-19 18,0 12,7 13,7 8,718-Dec-19 18,0 12,7 13,7 8,817-Dec-19 17,7 12,7 13,6 9,016-Dec-19 17,7 12,7 13,6 9,015-Dec-19 17,7 12,7 13,6 9,014-Dec-19 17,7 12,7 13,6 9,013-Dec-19 17,8 12,7 13,6 9,112-Dec-19 17,9 12,7 13,6 9,111-Dec-19 17,7 12,6 13,6 9,110-Dec-19 17,7 12,8 13,6 9,39-Dec-19 17,7 12,8 13,6 9,38-Dec-19 17,7 12,8 13,6 9,37-Dec-19 17,9 12,8 13,6 9,36-Dec-19 17,9 12,9 13,7 9,55-Dec-19 18,3 12,8 13,8 9,54-Dec-19 18,1 12,8 13,7 9,53-Dec-19 18,1 12,8 13,7 9,52-Dec-19 18,1 12,8 13,7 9,51-Dec-19 18,1 12,8 13,7 9,530-Nov-19 18,1 12,7 13,6 9,429-Nov-19 18,0 12,8 13,6 9,428-Nov-19 17,7 12,8 13,6 9,627-Nov-19 17,8 12,9 13,9 9,726-Nov-19 17,7 12,7 13,9 8,925-Nov-19 17,7 12,7 13,9 8,924-Nov-19 17,7 12,7 13,9 8,923-Nov-19 17,5 12,5 13,7 8,822-Nov-19 17,3 12,4 13,5 9,021-Nov-19 17,4 12,3 13,6 9,020-Nov-19 17,2 12,1 13,5 8,919-Nov-19 17,1 12,2 13,4 9,018-Nov-19 17,1 12,2 13,4 9,017-Nov-19 17,1 12,2 13,4 9,016-Nov-19 16,9 12,2 13,3 8,815-Nov-19 17,0 12,2 13,3 8,914-Nov-19 17,4 12,2 13,3 9,013-Nov-19 17,4 12,4 13,3 9,012-Nov-19 17,4 12,5 13,4 9,111-Nov-19 17,4 12,5 13,4 9,110-Nov-19 17,4 12,5 13,4 9,19-Nov-19 17,5 12,5 13,4 9,18-Nov-19 17,3 12,5 13,4 8,87-Nov-19 17,4 12,3 13,4 8,86-Nov-19 17,3 11,9 13,5 8,55-Nov-19 17,4 12,1 13,6 8,44-Nov-19 17,4 12,1 13,6 8,43-Nov-19 17,4 12,1 13,6 8,42-Nov-19 17,4 12,1 13,2 8,71-Nov-19 16,4 12,0 13,3 8,631-Oct-19 16,3 11,9 13,4 8,530-Oct-19 16,1 11,9 12,9 8,529-Oct-19 16,1 11,9 12,8 8,628-Oct-19 16,1 11,9 12,8 8,627-Oct-19 16,1 11,9 12,8 8,626-Oct-19 16,3 11,9 12,8 8,525-Oct-19 16,3 12,0 12,9 8,724-Oct-19 16,4 12,1 12,9 8,523-Oct-19 16,4 12,2 12,8 8,222-Oct-19 16,4 12,2 12,8 8,521-Oct-19 16,4 12,2 12,8 8,520-Oct-19 16,4 12,2 12,8 8,519-Oct-19 16,4 12,2 12,8 8,618-Oct-19 16,2 12,1 12,8 8,517-Oct-19 16,3 12,1 12,8 8,416-Oct-19 16,2 12,1 12,7 8,315-Oct-19 16,3 12,0 12,7 8,414-Oct-19 16,3 12,0 12,7 8,413-Oct-19 16,3 12,0 12,7 8,412-Oct-19 16,2 11,9 11,7 8,411-Oct-19 16,4 11,9 11,7 8,410-Oct-19 16,0 11,9 11,7 8,49-Oct-19 16,0 11,8 11,6 8,28-Oct-19 16,0 11,7 11,6 8,17-Oct-19 16,0 11,7 11,6 8,16-Oct-19 16,0 11,7 11,6 8,15-Oct-19 16,8 11,7 11,6 8,14-Oct-19 16,9 11,7 11,6 8,13-Oct-19 16,8 11,9 11,5 8,12-Oct-19 16,8 12,0 11,6 8,11-Oct-19 16,9 12,0 11,6 8,130-Sep-19 16,9 12,0 11,6 8,129-Sep-19 16,9 12,0 11,6 8,128-Sep-19 16,7 11,9 11,6 7,927-Sep-19 16,9 11,9 11,7 8,026-Sep-19 16,9 11,8 12,0 8,125-Sep-19 16,9 12,0 12,2 8,124-Sep-19 16,9 11,7 12,3 8,123-Sep-19 16,9 11,7 12,3 8,122-Sep-19 16,9 11,7 12,3 8,121-Sep-19 16,9 11,7 12,3 8,120-Sep-19 16,8 11,7 12,3 8,219-Sep-19 17,4 11,8 12,2 8,218-Sep-19 17,7 11,8 12,1 8,217-Sep-19 17,9 11,9 12,0 8,116-Sep-19 17,9 11,9 12,0 8,115-Sep-19 17,9 11,9 12,0 8,114-Sep-19 18,0 11,7 12,0 8,313-Sep-19 18,0 11,8 12,1 8,512-Sep-19 18,0 11,8 12,2 8,511-Sep-19 17,9 11,8 12,2 8,510-Sep-19 17,7 11,8 12,2 8,49-Sep-19 17,7 11,8 12,2 8,48-Sep-19 17,7 11,8 12,2 8,47-Sep-19 17,7 11,7 12,2 8,26-Sep-19 17,7 11,6 12,2 8,35-Sep-19 17,7 11,8 12,1 8,34-Sep-19 17,6 11,7 12,2 8,33-Sep-19 17,6 11,8 12,2 8,42-Sep-19 17,6 11,8 12,2 8,41-Sep-19 17,6 11,8 12,2 8,431-Aug-19 17,6 11,8 12,3 8,430-Aug-19 17,5 11,8 12,5 8,229-Aug-19 17,3 11,9 12,5 8,328-Aug-19 17,3 11,9 12,4 7,327-Aug-19 17,5 12,0 12,6 7,826-Aug-19 17,5 12,0 12,6 7,825-Aug-19 17,5 12,0 12,6 7,824-Aug-19 17,6 12,2 12,6 8,023-Aug-19 17,8 12,1 12,6 8,122-Aug-19 17,8 11,9 12,6 8,321-Aug-19 18,0 11,8 12,6 8,420-Aug-19 18,0 11,9 12,6 8,419-Aug-19 18,0 11,9 12,6 8,418-Aug-19 18,1 11,9 12,6 8,417-Aug-19 18,2 11,9 12,6 8,416-Aug-19 17,9 12,0 12,6 8,415-Aug-19 17,6 12,0 12,6 8,614-Aug-19 17,7 12,1 12,6 8,613-Aug-19 17,9 12,1 12,6 8,412-Aug-19 17,9 12,1 12,6 8,411-Aug-19 17,9 12,1 12,6 8,410-Aug-19 17,6 12,0 12,6 8,49-Aug-19 17,7 12,1 12,6 8,48-Aug-19 17,8 12,2 12,5 8,47-Aug-19 17,9 12,2 12,5 8,46-Aug-19 18,0 12,0 12,5 8,45-Aug-19 18,0 12,0 12,5 8,44-Aug-19 18,1 12,0 12,5 8,43-Aug-19 18,0 11,9 12,5 8,42-Aug-19 18,0 12,1 12,7 8,31-Aug-19 17,8 12,1 12,7 8,331-Jul-19 17,9 12,1 12,7 8,330-Jul-19 17,9 12,1 12,7 8,529-Jul-19 17,9 12,1 12,7 8,528-Jul-19 17,9 12,1 12,7 8,527-Jul-19 18,0 12,1 12,8 8,526-Jul-19 18,1 12,1 12,8 8,525-Jul-19 18,2 12,1 12,8 8,624-Jul-19 18,2 12,2 12,7 8,523-Jul-19 18,4 12,2 12,6 8,422-Jul-19 18,4 12,2 12,6 8,421-Jul-19 18,4 12,2 12,6 8,420-Jul-19 18,6 12,2 12,7 8,519-Jul-19 18,8 12,3 13,8 8,518-Jul-19 18,9 12,4 13,8 8,517-Jul-19 19,0 12,5 13,9 8,616-Jul-19 19,0 12,5 14,0 8,515-Jul-19 19,0 12,5 14,0 8,514-Jul-19 19,0 12,5 14,0 8,513-Jul-19 19,0 12,5 14,0 8,512-Jul-19 19,2 12,4 13,9 8,611-Jul-19 19,3 12,4 14,0 8,810-Jul-19 19,4 12,4 14,0 9,09-Jul-19 19,4 12,5 14,0 9,08-Jul-19 19,4 12,5 14,0 9,07-Jul-19 19,4 12,5 14,0 9,06-Jul-19 19,3 12,4 14,0 9,05-Jul-19 19,2 12,4 13,9 9,14-Jul-19 19,3 12,5 13,9 9,23-Jul-19 19,2 12,7 13,8 9,22-Jul-19 19,5 12,6 13,8 9,01-Jul-19 19,5 12,6 13,8 9,030-Jun-19 19,5 12,6 13,8 9,029-Jun-19 19,4 12,7 13,6 9,028-Jun-19 19,3 12,7 13,5 9,027-Jun-19 19,2 12,6 13,5 9,026-Jun-19 19,3 12,7 13,5 9,125-Jun-19 19,4 13,0 13,4 9,224-Jun-19 19,4 13,0 13,4 9,223-Jun-19 19,4 13,0 13,4 9,222-Jun-19 19,3 13,1 13,4 9,321-Jun-19 19,2 13,1 13,5 9,220-Jun-19 19,4 13,0 13,4 9,219-Jun-19 18,9 12,9 13,3 9,818-Jun-19 19,2 13,1 13,3 9,917-Jun-19 19,2 13,1 13,3 9,916-Jun-19 19,2 13,1 13,3 9,915-Jun-19 18,9 13,0 13,4 9,914-Jun-19 18,6 13,1 13,3 9,813-Jun-19 18,8 13,2 13,3 9,812-Jun-19 18,8 13,2 13,3 9,711-Jun-19 18,8 13,2 13,4 9,510-Jun-19 18,8 13,2 13,4 9,59-Jun-19 18,8 13,2 13,4 9,58-Jun-19 18,6 13,1 13,4 9,57-Jun-19 18,5 12,7 13,3 9,36-Jun-19 18,5 13,0 13,4 9,45-Jun-19 18,7 13,1 13,5 9,44-Jun-19 18,6 13,0 13,5 9,33-Jun-19 18,6 13,0 13,5 9,32-Jun-19 18,6 13,0 13,5 9,31-Jun-19 18,5 13,0 13,4 9,431-May-19 18,6 13,0 13,5 9,030-May-19 18,5 13,0 13,6 8,829-May-19 18,4 13,2 13,8 9,328-May-19 18,9 13,3 13,8 10,227-May-19 18,9 13,3 13,8 10,226-May-19 18,8 13,3 13,8 10,225-May-19 18,8 13,3 13,6 10,024-May-19 18,8 13,2 13,6 10,023-May-19 19,0 13,2 13,6 10,422-May-19 18,9 13,4 13,6 10,421-May-19 18,9 13,5 13,6 10,620-May-19 18,9 13,5 13,6 10,619-May-19 18,9 13,5 13,6 10,618-May-19 18,7 13,3 13,5 10,417-May-19 19,2 13,4 13,5 10,916-May-19 19,1 12,8 13,5 10,815-May-19 19,1 13,0 13,5 10,814-May-19 19,3 13,1 13,6 10,813-May-19 19,3 13,1 13,6 10,812-May-19 19,3 13,1 13,6 10,811-May-19 19,3 13,1 13,6 10,810-May-19 19,4 13,0 13,6 10,79-May-19 19,5 13,0 13,6 10,88-May-19 19,5 12,6 13,6 11,07-May-19 19,6 12,8 13,4 11,16-May-19 19,6 12,8 13,4 11,15-May-19 19,7 12,8 13,4 11,14-May-19 19,5 12,8 13,3 10,83-May-19 19,5 12,8 13,3 10,92-May-19 19,7 12,8 13,3 10,81-May-19 17,9 12,7 13,1 11,030-Apr-19 18,4 12,8 13,1 11,329-Apr-19 18,4 12,8 13,1 11,328-Apr-19 18,4 12,8 13,1 11,327-Apr-19 18,4 12,9 13,1 11,326-Apr-19 18,7 12,9 13,0 11,425-Apr-19 18,6 12,8 12,8 11,424-Apr-19 18,6 12,8 12,8 11,423-Apr-19 18,6 12,7 12,9 11,522-Apr-19 18,6 12,7 12,9 11,521-Apr-19 18,6 12,7 12,9 11,520-Apr-19 18,7 12,7 12,9 11,619-Apr-19 18,5 12,6 13,0 11,418-Apr-19 18,4 12,5 12,9 11,417-Apr-19 18,4 12,6 12,9 11,216-Apr-19 18,4 12,7 13,0 11,015-Apr-19 18,4 12,7 13,0 11,014-Apr-19 18,4 12,7 13,0 11,013-Apr-19 18,2 12,6 12,9 10,912-Apr-19 18,1 12,5 12,9 10,811-Apr-19 17,9 12,5 12,9 10,710-Apr-19 17,8 12,8 12,9 10,89-Apr-19 18,0 12,8 12,9 10,88-Apr-19 18,0 12,8 12,9 10,87-Apr-19 18,0 12,8 12,9 10,86-Apr-19 18,1 12,8 12,9 10,95-Apr-19 17,9 12,7 12,9 10,94-Apr-19 17,9 12,6 12,9 10,93-Apr-19 17,9 12,6 12,9 10,82-Apr-19 18,0 12,6 12,9 10,91-Apr-19 18,0 12,6 12,9 10,931-Mar-19 18,0 12,6 12,9 10,930-Mar-19 18,1 12,6 12,9 10,729-Mar-19 17,9 12,5 12,9 10,628-Mar-19 17,9 12,6 12,8 10,527-Mar-19 17,9 12,5 12,8 10,426-Mar-19 17,7 12,4 12,7 10,325-Mar-19 17,7 12,4 12,7 10,324-Mar-19 17,7 12,4 12,7 10,323-Mar-19 17,5 12,3 12,7 10,422-Mar-19 17,3 12,2 12,6 10,421-Mar-19 17,1 12,0 12,8 10,620-Mar-19 16,8 11,9 12,7 10,519-Mar-19 17,0 12,1 12,7 10,618-Mar-19 17,0 12,1 12,7 10,617-Mar-19 17,0 12,1 12,7 10,616-Mar-19 17,0 12,1 12,7 10,715-Mar-19 17,0 12,2 12,8 11,014-Mar-19 17,1 12,1 13,0 10,913-Mar-19 17,1 12,1 12,9 11,212-Mar-19 17,2 12,2 12,9 11,111-Mar-19 17,2 12,2 12,9 11,110-Mar-19 17,2 12,2 12,9 11,19-Mar-19 17,0 12,3 12,9 11,28-Mar-19 17,0 12,0 12,9 11,37-Mar-19 16,9 12,0 12,9 11,16-Mar-19 16,5 12,1 12,9 11,35-Mar-19 16,4 12,0 12,8 11,14-Mar-19 16,4 12,0 12,8 11,13-Mar-19 16,3 12,0 12,8 11,12-Mar-19 16,2 12,0 12,8 11,01-Mar-19 16,3 11,9 12,7 11,328-Feb-19 16,5 11,9 12,8 11,127-Feb-19 16,7 11,9 12,8 10,926-Feb-19 16,7 11,9 12,7 10,825-Feb-19 16,7 11,9 12,7 10,824-Feb-19 16,8 11,9 12,7 10,823-Feb-19 16,5 12,0 12,7 10,622-Feb-19 16,6 12,1 12,9 10,621-Feb-19 17,1 12,0 12,9 10,720-Feb-19 17,0 11,9 12,9 10,919-Feb-19 17,0 11,9 12,9 10,818-Feb-19 17,0 11,9 12,9 10,817-Feb-19 17,0 11,9 12,9 10,816-Feb-19 16,8 11,9 12,8 10,815-Feb-19 16,7 11,9 12,8 10,914-Feb-19 16,6 11,9 12,6 10,913-Feb-19 16,4 11,8 12,6 10,612-Feb-19 16,5 11,9 12,9 12,111-Feb-19 16,5 11,9 12,9 12,110-Feb-19 16,5 11,9 12,9 12,19-Feb-19 16,5 11,8 12,9 11,68-Feb-19 16,1 11,9 12,9 11,97-Feb-19 16,0 11,9 12,9 11,66-Feb-19 16,1 11,9 12,8 11,65-Feb-19 16,0 12,0 12,9 11,84-Feb-19 16,0 12,0 12,9 11,83-Feb-19 16,0 12,0 12,9 11,82-Feb-19 16,0 12,2 12,8 11,41-Feb-19 16,2 12,1 12,1 11,631-Jan-19 16,2 12,1 12,1 11,730-Jan-19 16,3 12,3 12,1 11,629-Jan-19 16,6 12,4 12,3 10,328-Jan-19 16,6 12,4 12,3 10,327-Jan-19 16,6 12,4 12,3 10,326-Jan-19 16,7 12,6 12,3 10,725-Jan-19 16,3 12,5 12,2 10,224-Jan-19 16,1 12,5 12,0 10,223-Jan-19 16,2 12,5 11,9 10,522-Jan-19 15,9 12,4 11,9 10,321-Jan-19 15,9 12,4 11,9 10,320-Jan-19 15,9 12,4 11,9 10,319-Jan-19 15,7 12,4 11,9 10,118-Jan-19 15,6 12,5 12,1 10,317-Jan-19 15,9 12,6 12,2 10,316-Jan-19 15,9 12,5 12,2 10,315-Jan-19 15,6 12,4 12,1 10,314-Jan-19 15,6 12,4 12,1 10,313-Jan-19 15,6 12,4 12,1 10,312-Jan-19 15,5 12,1 12,1 10,011-Jan-19 15,3 12,2 11,8 10,010-Jan-19 15,2 12,0 11,8 9,99-Jan-19 15,0 11,8 11,7 9,88-Jan-19 14,9 11,8 11,6 9,87-Jan-19 14,9 11,8 11,6 9,86-Jan-19 14,9 11,8 11,6 9,85-Jan-19 14,9 11,6 11,6 9,44-Jan-19 14,9 11,6 11,6 9,43-Jan-19 15,1 11,9 11,6 9,72-Jan-19 15,3 11,9 11,7 9,61-Jan-19 15,4 12,0 11,7 9,631-Dec-18 15,4 12,0 11,7 9,630-Dec-18 15,4 12,0 11,7 9,629-Dec-18 15,5 12,1 11,7 9,528-Dec-18 15,5 12,1 11,7 9,527-Dec-18 15,5 12,2 11,7 9,626-Dec-18 15,4 11,9 11,7 9,625-Dec-18 15,1 12,2 11,7 9,724-Dec-18 15,1 12,2 11,7 9,723-Dec-18 15,1 12,2 11,7 9,722-Dec-18 15,2 12,2 11,8 9,821-Dec-18 15,3 12,3 11,8 9,920-Dec-18 15,6 12,2 11,9 9,819-Dec-18 15,7 12,2 11,2 9,818-Dec-18 15,8 12,2 11,3 9,817-Dec-18 15,8 12,2 11,3 9,816-Dec-18 15,8 12,2 11,3 9,815-Dec-18 15,9 12,1 11,3 9,714-Dec-18 16,0 12,2 11,4 9,813-Dec-18 16,1 12,2 11,4 9,912-Dec-18 16,1 12,4 11,4 9,911-Dec-18 16,1 12,4 11,4 10,010-Dec-18 16,1 12,4 11,4 10,09-Dec-18 16,1 12,4 11,4 10,08-Dec-18 16,0 12,4 11,4 10,07-Dec-18 16,0 12,4 11,5 9,96-Dec-18 15,9 12,7 11,5 10,05-Dec-18 15,9 12,4 11,5 9,84-Dec-18 15,8 12,5 11,6 9,53-Dec-18 15,8 12,5 11,6 9,52-Dec-18 15,8 12,5 11,6 9,51-Dec-18 15,8 12,4 11,6 9,430-Nov-18 15,8 12,4 11,6 9,229-Nov-18 15,8 12,5 11,6 9,228-Nov-18 15,8 12,6 11,7 9,227-Nov-18 15,8 12,6 11,6 9,126-Nov-18 15,8 12,6 11,6 9,125-Nov-18 15,8 12,6 11,6 9,124-Nov-18 16,0 12,9 11,5 9,223-Nov-18 16,1 12,9 11,6 9,422-Nov-18 16,1 12,6 11,6 9,321-Nov-18 16,2 12,3 11,5 9,220-Nov-18 16,2 12,4 11,8 9,019-Nov-18 16,2 12,4 11,8 9,018-Nov-18 16,2 12,4 11,8 9,017-Nov-18 16,3 12,5 11,7 9,216-Nov-18 16,4 12,7 11,8 9,215-Nov-18 16,3 12,7 11,7 9,414-Nov-18 15,8 12,6 11,8 9,413-Nov-18 15,8 12,6 11,8 9,612-Nov-18 15,8 12,6 11,8 9,611-Nov-18 15,8 12,6 11,8 9,610-Nov-18 15,8 12,6 11,8 9,69-Nov-18 15,7 12,5 11,6 9,68-Nov-18 15,6 12,3 11,6 9,47-Nov-18 15,4 12,4 11,6 9,06-Nov-18 15,3 12,3 11,5 9,15-Nov-18 15,3 12,3 11,5 9,14-Nov-18 15,3 12,3 11,5 9,13-Nov-18 15,2 12,1 11,4 9,12-Nov-18 15,0 12,1 11,5 9,01-Nov-18 15,1 12,1 11,3 9,031-Oct-18 15,6 12,2 11,4 9,030-Oct-18 15,6 12,2 11,3 9,029-Oct-18 15,6 12,2 11,3 9,028-Oct-18 15,6 12,2 11,3 9,027-Oct-18 15,7 12,3 11,3 8,926-Oct-18 15,8 12,3 11,3 8,925-Oct-18 15,8 12,1 11,3 8,724-Oct-18 15,8 11,8 11,5 8,623-Oct-18 16,0 12,0 11,5 8,522-Oct-18 16,0 12,0 11,5 8,521-Oct-18 15,9 12,0 11,5 8,520-Oct-18 16,1 12,2 11,5 8,519-Oct-18 16,1 12,2 11,4 8,418-Oct-18 16,0 12,0 11,4 8,617-Oct-18 16,1 12,0 11,5 8,516-Oct-18 16,1 12,0 11,5 8,415-Oct-18 16,1 12,0 11,5 8,414-Oct-18 16,1 12,0 11,5 8,413-Oct-18 16,0 11,9 11,2 8,512-Oct-18 16,0 11,9 11,3 8,411-Oct-18 15,5 11,8 11,2 8,310-Oct-18 15,6 11,8 11,3 8,49-Oct-18 15,5 11,3 11,4 8,38-Oct-18 15,5 11,3 11,4 8,37-Oct-18 15,5 11,3 11,4 8,36-Oct-18 15,7 11,3 11,4 8,45-Oct-18 15,7 11,3 11,4 8,44-Oct-18 15,8 11,3 11,5 8,23-Oct-18 15,7 11,3 11,5 8,22-Oct-18 15,6 11,3 11,2 8,11-Oct-18 15,6 11,3 11,2 8,130-Sep-18 15,6 11,3 11,2 8,129-Sep-18 15,7 11,3 11,0 8,228-Sep-18 15,9 11,4 11,0 8,027-Sep-18 16,1 11,3 11,0 7,926-Sep-18 16,4 11,3 10,9 8,125-Sep-18 16,4 11,4 10,9 8,224-Sep-18 16,4 11,4 10,9 8,223-Sep-18 16,4 11,4 10,9 8,222-Sep-18 16,4 11,3 10,9 8,221-Sep-18 16,3 11,3 11,0 8,220-Sep-18 16,3 11,4 10,8 8,319-Sep-18 16,3 11,3 10,6 8,318-Sep-18 16,4 11,2 10,8 8,317-Sep-18 16,4 11,2 10,8 8,316-Sep-18 16,4 11,2 10,8 8,315-Sep-18 16,6 11,2 12,6 8,314-Sep-18 16,6 11,1 12,6 8,113-Sep-18 16,4 11,0 12,6 8,212-Sep-18 16,6 11,0 12,5 8,311-Sep-18 16,6 11,0 12,5 8,310-Sep-18 16,6 11,0 12,5 8,39-Sep-18 16,6 11,0 12,5 8,38-Sep-18 16,6 11,1 12,5 8,27-Sep-18 16,6 11,3 12,5 8,16-Sep-18 16,5 11,1 12,6 8,25-Sep-18 16,5 11,1 12,6 8,14-Sep-18 16,5 11,1 12,6 8,13-Sep-18 16,5 11,1 12,6 8,12-Sep-18 16,5 11,1 12,6 8,11-Sep-18 16,6 11,1 12,7 8,231-Aug-18 16,6 11,1 13,1 8,230-Aug-18 16,7 11,2 13,2 8,129-Aug-18 16,7 11,1 13,1 7,228-Aug-18 16,8 11,2 13,2 7,227-Aug-18 16,8 11,2 13,2 7,226-Aug-18 16,8 11,2 13,2 7,225-Aug-18 16,7 11,3 13,0 7,424-Aug-18 16,8 11,2 13,0 7,323-Aug-18 16,2 11,2 12,9 7,022-Aug-18 16,2 11,1 12,8 7,121-Aug-18 16,2 11,1 12,8 7,120-Aug-18 16,2 11,1 12,8 7,119-Aug-18 16,2 11,1 12,8 7,118-Aug-18 16,1 11,0 12,8 7,017-Aug-18 16,2 10,9 12,7 6,916-Aug-18 16,2 10,4 12,7 7,015-Aug-18 16,2 10,5 12,8 6,914-Aug-18 16,1 10,4 12,8 6,913-Aug-18 16,1 10,4 12,8 6,912-Aug-18 16,1 10,4 12,8 6,911-Aug-18 16,1 10,4 12,8 6,810-Aug-18 16,1 10,4 12,8 6,89-Aug-18 16,1 10,4 12,7 6,78-Aug-18 16,0 10,3 12,7 6,67-Aug-18 16,0 10,3 12,6 6,66-Aug-18 16,0 10,3 12,6 6,65-Aug-18 16,0 10,3 12,6 6,64-Aug-18 16,2 10,3 12,6 6,63-Aug-18 16,5 10,2 12,8 6,62-Aug-18 16,3 10,2 12,7 6,41-Aug-18 16,7 10,3 12,1 6,431-Jul-18 16,6 10,2 12,1 6,430-Jul-18 16,6 10,2 12,1 6,429-Jul-18 16,6 10,2 12,1 6,428-Jul-18 16,4 10,3 12,0 6,427-Jul-18 16,7 10,3 12,0 6,526-Jul-18 16,7 10,3 12,0 6,525-Jul-18 16,5 10,3 12,0 6,424-Jul-18 16,7 10,3 12,0 6,423-Jul-18 16,7 10,3 12,0 6,422-Jul-18 16,7 10,3 12,0 6,421-Jul-18 16,6 10,2 12,2 6,520-Jul-18 16,9 10,3 12,3 6,619-Jul-18 16,8 10,3 11,2 6,618-Jul-18 16,7 10,4 11,2 6,717-Jul-18 16,7 10,4 11,2 6,716-Jul-18 16,7 10,4 11,2 6,715-Jul-18 16,7 10,4 11,2 6,714-Jul-18 16,7 10,3 11,2 6,613-Jul-18 16,9 10,4 11,2 6,512-Jul-18 16,9 10,4 11,2 6,411-Jul-18 16,9 10,2 11,2 6,410-Jul-18 16,8 10,2 11,3 6,19-Jul-18 16,8 10,2 11,3 6,18-Jul-18 16,8 10,2 11,3 6,17-Jul-18 16,8 10,3 11,2 6,26-Jul-18 16,8 10,4 11,2 6,15-Jul-18 16,7 10,3 11,1 6,24-Jul-18 16,8 10,3 11,2 6,13-Jul-18 16,9 10,5 11,2 6,22-Jul-18 16,9 10,5 11,2 6,21-Jul-18 16,8 10,5 11,2 6,230-Jun-18 16,9 10,6 11,1 6,129-Jun-18 16,8 10,6 11,2 6,228-Jun-18 16,8 10,4 11,2 6,227-Jun-18 16,7 10,4 11,2 6,226-Jun-18 16,9 10,4 11,2 6,225-Jun-18 16,9 10,4 11,2 6,224-Jun-18 16,9 10,4 11,2 6,223-Jun-18 16,9 10,4 11,3 6,222-Jun-18 16,9 10,3 11,2 6,221-Jun-18 16,9 10,3 11,4 6,220-Jun-18 16,8 10,3 11,3 6,219-Jun-18 16,7 10,3 11,2 6,218-Jun-18 16,7 10,3 11,2 6,217-Jun-18 16,7 10,3 11,2 6,216-Jun-18 16,8 10,2 11,2 6,215-Jun-18 16,8 10,3 11,2 6,214-Jun-18 16,6 10,2 11,2 6,113-Jun-18 16,6 10,2 11,2 6,112-Jun-18 16,6 10,2 11,2 6,011-Jun-18 16,6 10,2 11,2 6,010-Jun-18 16,6 10,2 11,2 6,09-Jun-18 16,5 10,2 11,1 5,88-Jun-18 16,5 10,3 11,2 5,77-Jun-18 16,5 10,3 11,2 5,86-Jun-18 16,5 10,3 11,2 5,75-Jun-18 16,5 10,3 11,2 5,84-Jun-18 16,5 10,3 11,2 5,83-Jun-18 16,5 10,3 11,2 5,82-Jun-18 16,6 10,3 11,2 5,81-Jun-18 16,5 10,3 10,7 5,931-May-18 16,4 10,7 10,6 5,830-May-18 16,3 10,6 10,6 6,129-May-18 16,1 10,6 10,4 6,728-May-18 16,1 10,6 10,4 6,727-May-18 16,1 10,6 10,4 6,726-May-18 15,7 10,4 10,3 6,625-May-18 15,6 10,4 10,4 6,424-May-18 15,7 10,3 10,6 6,323-May-18 15,7 10,3 10,5 6,322-May-18 15,7 10,3 10,4 6,221-May-18 15,7 10,3 10,4 6,220-May-18 15,7 10,3 10,4 6,219-May-18 15,6 10,3 10,3 6,118-May-18 15,7 10,3 10,2 6,117-May-18 15,3 9,9 10,2 5,916-May-18 15,3 10,0 10,0 5,915-May-18 15,3 9,9 10,1 6,114-May-18 15,3 9,9 10,1 6,113-May-18 15,3 9,9 10,1 6,112-May-18 15,3 10,0 10,1 6,111-May-18 15,4 9,9 10,1 6,110-May-18 15,5 10,0 10,0 6,09-May-18 15,7 10,0 9,4 6,28-May-18 15,7 10,1 9,2 6,17-May-18 15,7 10,1 9,2 6,16-May-18 15,7 10,1 9,2 6,15-May-18 15,6 10,1 9,1 6,24-May-18 15,7 10,2 9,1 6,13-May-18 15,5 10,4 9,1 6,22-May-18 14,7 10,4 9,2 6,11-May-18 15,4 10,5 9,2 6,130-Apr-18 15,4 10,5 9,2 6,129-Apr-18 15,4 10,5 9,2 6,128-Apr-18 15,6 10,4 9,2 6,127-Apr-18 16,0 10,4 9,2 6,026-Apr-18 16,0 10,5 9,2 6,225-Apr-18 16,2 10,6 9,3 6,224-Apr-18 16,0 10,7 9,3 6,223-Apr-18 16,0 10,7 9,3 6,222-Apr-18 16,0 10,7 9,3 6,221-Apr-18 16,0 10,7 9,8 6,320-Apr-18 16,0 10,8 9,5 6,619-Apr-18 16,2 10,9 9,5 6,718-Apr-18 16,2 10,9 9,5 6,717-Apr-18 16,1 10,9 9,5 6,816-Apr-18 16,1 10,9 9,5 6,815-Apr-18 16,1 10,9 9,5 6,814-Apr-18 16,3 10,8 9,5 6,813-Apr-18 16,0 10,7 9,5 6,812-Apr-18 16,1 10,8 9,4 6,711-Apr-18 16,1 10,8 9,4 6,610-Apr-18 16,0 10,8 9,4 6,59-Apr-18 16,0 10,8 9,4 6,58-Apr-18 16,0 10,8 9,4 6,57-Apr-18 16,0 10,9 9,4 6,56-Apr-18 16,0 10,9 9,5 6,55-Apr-18 15,9 10,9 9,6 6,54-Apr-18 15,9 10,8 9,6 6,43-Apr-18 15,7 10,8 9,6 6,42-Apr-18 15,7 10,8 9,6 6,41-Apr-18 15,7 10,8 9,6 6,431-Mar-18 15,6 10,8 9,6 6,430-Mar-18 15,5 10,8 9,5 6,329-Mar-18 15,4 10,7 9,4 6,128-Mar-18 15,3 10,8 9,4 6,027-Mar-18 15,3 10,8 9,5 6,026-Mar-18 15,3 10,8 9,5 6,025-Mar-18 15,3 10,8 9,5 6,024-Mar-18 15,2 10,9 9,5 6,023-Mar-18 15,1 10,8 9,5 6,022-Mar-18 15,6 10,9 9,5 6,021-Mar-18 15,6 11,0 9,5 6,020-Mar-18 15,6 11,0 9,5 6,019-Mar-18 15,6 11,0 9,5 6,018-Mar-18 15,6 11,0 9,5 6,017-Mar-18 15,3 11,1 9,6 6,016-Mar-18 15,4 11,1 9,5 5,915-Mar-18 15,9 11,1 9,6 5,914-Mar-18 16,0 11,1 9,6 5,913-Mar-18 15,8 11,1 9,5 5,912-Mar-18 15,8 11,1 9,5 5,911-Mar-18 15,8 11,1 9,5 5,910-Mar-18 15,8 11,2 9,5 5,89-Mar-18 15,8 11,4 9,5 6,08-Mar-18 15,8 11,4 9,5 6,07-Mar-18 15,8 11,4 9,4 5,96-Mar-18 15,8 11,4 9,4 6,05-Mar-18 15,8 11,4 9,4 6,04-Mar-18 15,9 11,4 9,4 6,03-Mar-18 15,9 11,5 9,4 6,12-Mar-18 15,7 11,5 9,2 6,01-Mar-18 15,7 11,2 8,9 6,728-Feb-18 15,7 10,9 9,0 6,127-Feb-18 15,5 11,0 8,9 6,226-Feb-18 15,5 11,0 8,9 6,225-Feb-18 15,5 11,0 8,9 6,224-Feb-18 15,6 11,1 8,9 6,323-Feb-18 15,4 11,2 8,9 6,322-Feb-18 15,9 11,3 8,9 6,321-Feb-18 15,5 11,4 8,9 6,320-Feb-18 15,7 11,4 9,1 6,219-Feb-18 15,7 11,4 9,1 6,218-Feb-18 15,7 11,4 9,1 6,217-Feb-18 15,7 11,4 9,1 6,216-Feb-18 15,9 11,4 9,1 6,215-Feb-18 16,0 11,4 9,1 6,114-Feb-18 15,9 11,4 9,1 6,413-Feb-18 15,8 11,5 9,3 6,412-Feb-18 15,8 11,5 9,3 6,411-Feb-18 15,8 11,5 9,3 6,410-Feb-18 15,8 11,5 9,3 6,39-Feb-18 15,8 11,5 9,3 6,38-Feb-18 15,8 11,4 9,3 6,37-Feb-18 15,8 11,4 9,2 6,36-Feb-18 15,8 11,4 9,2 6,35-Feb-18 15,8 11,4 9,2 6,34-Feb-18 15,8 11,4 9,2 6,33-Feb-18 15,8 11,5 9,3 6,32-Feb-18 15,8 11,4 9,5 6,31-Feb-18 15,9 11,4 9,4 6,331-Jan-18 15,8 11,5 9,3 6,330-Jan-18 15,9 11,5 9,3 6,429-Jan-18 15,9 11,5 9,3 6,428-Jan-18 15,9 11,5 9,3 6,427-Jan-18 16,0 11,4 9,3 6,426-Jan-18 15,8 11,4 9,3 6,425-Jan-18 15,8 11,4 9,2 6,424-Jan-18 16,1 11,5 9,2 6,423-Jan-18 16,2 11,5 9,2 6,422-Jan-18 16,2 11,5 9,2 6,421-Jan-18 16,2 11,5 9,2 6,420-Jan-18 16,3 11,4 9,2 6,519-Jan-18 16,3 11,4 9,2 6,618-Jan-18 16,2 11,4 9,3 6,517-Jan-18 16,3 11,4 9,2 6,516-Jan-18 16,2 11,5 9,3 6,415-Jan-18 16,2 11,5 9,3 6,414-Jan-18 16,2 11,5 9,3 6,413-Jan-18 16,2 11,4 9,2 6,512-Jan-18 16,2 11,5 9,3 6,511-Jan-18 16,3 11,5 9,2 6,510-Jan-18 16,4 11,7 9,2 6,59-Jan-18 16,3 11,7 9,2 6,58-Jan-18 16,3 11,7 9,2 6,57-Jan-18 16,3 11,7 9,2 6,56-Jan-18 16,3 11,6 9,2 6,65-Jan-18 16,3 11,7 9,2 6,64-Jan-18 16,3 11,7 9,2 6,63-Jan-18 16,3 11,7 9,1 6,62-Jan-18 16,3 11,8 9,1 6,51-Jan-18 16,3 11,8 9,1 6,531-Dec-17 16,3 11,8 9,1 6,530-Dec-17 16,4 11,8 9,2 6,529-Dec-17 16,3 11,8 9,1 6,528-Dec-17 16,4 11,8 9,1 6,527-Dec-17 16,3 11,8 9,1 6,426-Dec-17 16,2 11,8 9,1 6,425-Dec-17 16,2 11,8 9,1 6,424-Dec-17 16,2 11,8 9,1 6,423-Dec-17 16,0 11,9 9,0 6,422-Dec-17 15,9 11,9 9,0 6,421-Dec-17 15,8 11,9 9,0 6,320-Dec-17 16,2 12,0 9,1 6,319-Dec-17 16,3 12,0 9,1 6,318-Dec-17 16,3 12,0 9,1 6,317-Dec-17 16,3 12,0 9,1 6,316-Dec-17 16,2 12,1 9,1 6,315-Dec-17 16,4 12,1 9,0 6,314-Dec-17 16,5 12,1 9,0 6,413-Dec-17 16,7 12,2 9,1 6,412-Dec-17 16,8 12,2 9,2 6,411-Dec-17 16,8 12,2 9,2 6,410-Dec-17 16,8 12,2 9,2 6,49-Dec-17 16,7 12,1 9,2 6,48-Dec-17 16,6 12,1 9,2 6,47-Dec-17 16,7 11,9 9,2 6,46-Dec-17 16,7 12,0 9,2 6,45-Dec-17 16,7 11,9 9,2 6,44-Dec-17 16,7 11,9 9,2 6,43-Dec-17 16,7 11,9 9,2 6,42-Dec-17 16,6 11,8 9,1 6,31-Dec-17 16,5 11,6 9,2 6,430-Nov-17 16,4 11,7 9,1 6,329-Nov-17 16,2 11,7 9,1 6,228-Nov-17 16,2 11,6 9,1 5,927-Nov-17 16,2 11,6 9,1 5,926-Nov-17 16,2 11,6 9,1 5,925-Nov-17 16,1 11,6 9,1 5,824-Nov-17 16,4 11,7 9,1 5,823-Nov-17 16,6 12,1 9,2 5,922-Nov-17 16,4 12,1 9,3 6,321-Nov-17 16,1 12,1 9,3 6,320-Nov-17 16,1 12,1 9,3 6,319-Nov-17 16,1 12,1 9,3 6,318-Nov-17 16,3 12,1 9,3 6,317-Nov-17 16,3 12,1 9,3 6,316-Nov-17 16,6 12,0 9,4 6,315-Nov-17 16,5 11,9 9,4 6,314-Nov-17 16,5 11,9 9,4 6,313-Nov-17 16,5 11,9 9,4 6,312-Nov-17 16,5 11,9 9,4 6,311-Nov-17 16,4 11,9 9,2 6,310-Nov-17 16,3 11,8 9,2 6,39-Nov-17 16,3 11,7 9,1 6,38-Nov-17 16,4 11,6 9,1 6,27-Nov-17 16,3 11,6 9,0 6,46-Nov-17 16,3 11,6 9,0 6,45-Nov-17 16,3 11,4 9,0 6,44-Nov-17 15,8 11,1 8,8 6,33-Nov-17 15,9 10,9 8,9 6,22-Nov-17 15,8 10,8 8,4 6,11-Nov-17 14,4 10,6 8,5 6,231-Oct-17 14,2 10,4 7,9 6,130-Oct-17 14,2 10,4 7,9 6,129-Oct-17 14,2 10,4 7,9 6,128-Oct-17 14,5 10,7 8,0 6,227-Oct-17 14,2 10,6 8,0 6,226-Oct-17 14,1 10,7 8,0 6,225-Oct-17 14,2 10,6 7,9 6,324-Oct-17 14,1 10,5 7,8 6,223-Oct-17 14,1 10,5 7,8 6,222-Oct-17 14,1 10,5 7,8 6,221-Oct-17 13,3 10,1 7,6 6,120-Oct-17 13,3 10,3 7,7 6,119-Oct-17 13,0 10,0 7,6 6,018-Oct-17 12,4 9,2 7,4 5,717-Oct-17 12,9 9,6 7,4 5,916-Oct-17 12,9 9,6 7,4 5,915-Oct-17 12,9 9,6 7,4 5,914-Oct-17 12,5 9,0 7,2 6,113-Oct-17 13,4 9,0 7,3 6,512-Oct-17 13,4 8,6 7,3 6,311-Oct-17 13,5 8,8 7,3 6,410-Oct-17 13,2 8,8 7,4 6,39-Oct-17 13,2 8,8 7,4 6,38-Oct-17 13,2 8,8 7,4 6,37-Oct-17 13,0 8,5 7,1 6,26-Oct-17 13,4 8,9 7,2 6,45-Oct-17 13,4 9,3 7,2 6,34-Oct-17 13,5 9,6 7,3 6,43-Oct-17 13,0 9,3 7,3 6,42-Oct-17 13,0 9,3 7,3 6,41-Oct-17 13,0 9,3 7,3 6,430-Sep-17 13,4 9,5 7,4 6,529-Sep-17 13,6 9,7 7,4 6,528-Sep-17 13,7 9,5 7,4 6,527-Sep-17 13,6 9,8 7,4 6,626-Sep-17 13,6 9,6 7,4 6,625-Sep-17 13,6 9,6 7,4 6,624-Sep-17 13,5 9,6 7,4 6,623-Sep-17 13,2 10,0 7,5 6,722-Sep-17 13,1 10,0 7,6 6,621-Sep-17 13,0 10,1 7,7 6,620-Sep-17 13,0 10,2 7,9 6,619-Sep-17 13,0 10,2 7,9 6,618-Sep-17 13,0 10,2 7,9 6,617-Sep-17 13,1 10,2 7,9 6,616-Sep-17 13,1 10,2 7,9 6,615-Sep-17 13,5 10,4 8,0 6,614-Sep-17 13,6 10,3 8,0 6,613-Sep-17 13,7 10,4 8,0 6,812-Sep-17 14,0 10,4 8,1 6,811-Sep-17 14,0 10,4 8,1 6,810-Sep-17 14,0 10,4 8,1 6,89-Sep-17 13,9 10,5 8,2 6,88-Sep-17 13,6 10,3 8,2 6,87-Sep-17 13,7 10,6 8,2 6,96-Sep-17 13,7 10,7 8,3 7,05-Sep-17 13,7 10,7 8,3 7,14-Sep-17 13,7 10,7 8,3 7,13-Sep-17 13,7 10,7 8,3 7,12-Sep-17 13,8 10,8 8,3 7,11-Sep-17 13,5 11,1 8,4 7,131-Aug-17 13,7 11,3 8,5 7,130-Aug-17 13,5 11,1 8,5 7,129-Aug-17 13,5 11,0 8,5 7,028-Aug-17 13,5 11,0 8,5 7,027-Aug-17 13,5 11,0 8,5 7,026-Aug-17 13,5 11,0 8,4 7,125-Aug-17 13,6 11,0 8,5 6,724-Aug-17 13,6 10,9 8,5 6,823-Aug-17 13,8 11,1 8,5 6,422-Aug-17 14,1 11,3 8,6 7,021-Aug-17 14,1 11,3 8,6 7,020-Aug-17 14,1 11,3 8,6 7,019-Aug-17 13,9 11,2 8,6 7,018-Aug-17 13,9 11,1 8,6 6,917-Aug-17 13,6 10,9 8,6 7,016-Aug-17 13,6 10,8 8,1 6,815-Aug-17 13,1 10,9 8,2 6,914-Aug-17 13,1 10,9 8,2 6,913-Aug-17 13,1 10,9 8,2 6,912-Aug-17 13,1 10,9 8,3 6,911-Aug-17 12,8 10,9 8,3 6,910-Aug-17 12,9 11,0 8,4 6,99-Aug-17 12,8 10,9 8,4 6,88-Aug-17 12,8 10,9 8,4 6,87-Aug-17 12,8 10,9 8,4 6,86-Aug-17 12,8 10,9 8,4 6,85-Aug-17 12,8 11,0 8,5 6,84-Aug-17 13,0 11,0 8,6 6,93-Aug-17 13,2 11,1 8,3 7,02-Aug-17 13,1 11,1 8,3 6,91-Aug-17 12,9 11,2 8,4 6,931-Jul-17 12,9 11,2 8,4 6,930-Jul-17 12,8 11,2 8,4 6,929-Jul-17 12,8 11,2 8,3 6,928-Jul-17 12,8 11,1 8,4 7,027-Jul-17 12,9 11,1 8,5 6,926-Jul-17 13,0 11,1 8,7 6,825-Jul-17 13,1 11,3 8,7 6,924-Jul-17 13,1 11,3 8,7 6,923-Jul-17 13,1 11,3 8,7 6,922-Jul-17 13,3 11,2 8,7 6,921-Jul-17 13,3 11,2 8,7 6,820-Jul-17 13,2 11,1 8,7 6,719-Jul-17 12,7 10,9 8,7 6,618-Jul-17 12,8 11,0 8,6 6,617-Jul-17 12,8 11,0 8,6 6,616-Jul-17 12,8 11,0 8,6 6,615-Jul-17 12,8 11,0 8,4 6,514-Jul-17 13,0 11,1 8,5 6,613-Jul-17 13,0 11,1 8,5 6,512-Jul-17 13,0 11,1 8,5 6,411-Jul-17 13,0 11,0 8,5 6,410-Jul-17 13,0 11,0 8,5 6,49-Jul-17 13,0 11,0 8,5 6,48-Jul-17 13,0 11,0 8,4 6,57-Jul-17 13,1 11,0 8,4 6,56-Jul-17 12,7 10,8 8,4 6,65-Jul-17 12,7 10,8 8,4 6,74-Jul-17 12,6 10,7 8,3 6,73-Jul-17 12,6 10,7 8,3 6,72-Jul-17 12,6 10,7 8,3 6,71-Jul-17 12,7 10,8 8,2 7,030-Jun-17 12,5 11,0 8,5 7,0

0x

5x

10x

15x

20x

25x

30-Jun-2

0

20-May

-20

9-Apr-2

0

28-Feb-2

0

18-Ja

n-20

8-Dec-1

9

28-Oct-

19

17-S

ep-19

7-Aug-19

27-Jun-19

17-M

ay-19

6-Apr-1

9

24-Feb-19

14-Ja

n-19

4-Dec-1

8

24-Oct-

18

13-S

ep-18

3-Aug-18

23-Jun-18

13-M

ay-18

2-Apr-1

8

20-Feb-18

10-Ja

n-18

30-Nov-1

7

20-Oct-

17

9-Sep-17

30-Jul-1

7

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Beverage & Tobacco30-Jun-17 0,00 0,002-Jul-17 0,00 0,003-Jul-17 0,02 -0,264-Jul-17 -0,13 -0,265-Jul-17 -0,84 -0,176-Jul-17 -1,49 -0,727-Jul-17 -1,06 -0,739-Jul-17 -1,06 -0,7310-Jul-17 -1,66 -1,2111-Jul-17 -1,42 -1,5012-Jul-17 -1,02 -0,7213-Jul-17 -0,46 -0,9414-Jul-17 -0,29 -0,1016-Jul-17 -0,22 -0,1017-Jul-17 0,20 -0,1718-Jul-17 0,06 -0,2019-Jul-17 0,61 0,4020-Jul-17 0,89 0,2121-Jul-17 0,71 0,5523-Jul-17 0,71 0,5524-Jul-17 0,13 -0,0125-Jul-17 0,93 0,3426-Jul-17 0,24 0,4927-Jul-17 1,26 1,3528-Jul-17 1,29 -0,2230-Jul-17 1,28 -0,2231-Jul-17 1,01 -0,921-Aug-17 0,78 -1,192-Aug-17 0,76 -1,333-Aug-17 0,87 -1,274-Aug-17 -0,14 -1,337-Aug-17 -0,28 -0,668-Aug-17 -1,11 -1,289-Aug-17 -2,36 -1,1910-Aug-17 -2,33 -1,5311-Aug-17 -2,22 -1,3413-Aug-17 -2,26 -1,3414-Aug-17 -2,42 -0,7215-Aug-17 -3,26 0,0116-Aug-17 -3,46 0,3217-Aug-17 -3,56 -0,7318-Aug-17 -3,10 -1,2720-Aug-17 -3,13 -1,2721-Aug-17 -2,16 -0,8322-Aug-17 -2,84 -0,8623-Aug-17 -2,56 -1,2824-Aug-17 -3,06 -2,4625-Aug-17 -2,53 -2,4227-Aug-17 -2,47 -2,4228-Aug-17 -2,83 -2,6629-Aug-17 -2,90 -2,4430-Aug-17 -3,59 -2,4731-Aug-17 -3,28 -2,711-Sep-17 -2,83 -2,243-Sep-17 -2,79 -2,244-Sep-17 -2,91 -2,245-Sep-17 -2,45 -2,276-Sep-17 -1,85 -1,757-Sep-17 -1,45 -1,528-Sep-17 -2,20 -2,0710-Sep-17 -2,26 -2,0711-Sep-17 -2,55 -1,4312-Sep-17 -2,96 -1,6213-Sep-17 -3,04 -1,7214-Sep-17 -3,06 -2,2215-Sep-17 -2,61 -2,0517-Sep-17 -2,6518-Sep-17 -2,98 -1,9219-Sep-17 -3,50 -2,5520-Sep-17 -3,07 -3,7121-Sep-17 -3,43 -4,2722-Sep-17 -3,03 -4,4224-Sep-17 -2,9725-Sep-17 -3,72 -3,7826-Sep-17 -3,61 -3,8327-Sep-17 -4,18 -4,4628-Sep-17 -4,17 -4,2729-Sep-17 -4,10 -4,411-Oct-17 -4,112-Oct-17 -3,79 -4,903-Oct-17 -3,47 -4,884-Oct-17 -3,42 -4,325-Oct-17 -3,11 -3,876-Oct-17 -2,23 -4,258-Oct-17 -2,249-Oct-17 -2,72 -4,1910-Oct-17 -1,87 -3,0711-Oct-17 -2,09 -2,9612-Oct-17 -1,89 -2,5313-Oct-17 -1,68 -2,6515-Oct-17 -1,7116-Oct-17 -1,80 -2,3117-Oct-17 -1,89 -2,7918-Oct-17 -1,85 -3,0319-Oct-17 -1,40 -3,6920-Oct-17 -1,42 -3,5122-Oct-17 -1,3523-Oct-17 -1,38 -3,5724-Oct-17 -1,29 -3,9325-Oct-17 -1,33 -4,5526-Oct-17 -2,55 -4,1427-Oct-17 -2,79 -4,6029-Oct-17 -2,7830-Oct-17 -2,95 -5,6131-Oct-17 -2,50 -4,581-Nov-17 -2,60 -4,762-Nov-17 -2,81 -5,233-Nov-17 -2,97 -5,285-Nov-17 -2,976-Nov-17 -2,67 -6,247-Nov-17 -3,51 -5,198-Nov-17 -3,60 -4,349-Nov-17 -3,22 -4,5910-Nov-17 -3,09 -3,6312-Nov-17 -3,0913-Nov-17 -3,68 -3,0114-Nov-17 -3,69 -2,3715-Nov-17 -3,94 -3,4116-Nov-17 -3,36 -2,7817-Nov-17 -2,16 -3,0319-Nov-17 -2,1620-Nov-17 -2,05 -3,1621-Nov-17 -2,24 -2,8622-Nov-17 -1,30 -2,9823-Nov-17 -1,0824-Nov-17 -0,88 -2,9026-Nov-17 -0,7727-Nov-17 -0,74 -2,9028-Nov-17 -0,49 -2,4029-Nov-17 0,31 -1,9830-Nov-17 0,02 -1,651-Dec-17 0,40 -1,153-Dec-17 0,524-Dec-17 0,49 -0,085-Dec-17 0,34 -0,156-Dec-17 0,16 0,927-Dec-17 0,24 -0,128-Dec-17 -0,32 -0,3510-Dec-17 -0,3211-Dec-17 -0,31 -0,2912-Dec-17 -1,17 -0,0413-Dec-17 -0,87 0,4114-Dec-17 -0,58 0,1515-Dec-17 0,19 1,0717-Dec-17 0,1918-Dec-17 1,73 0,8219-Dec-17 1,49 1,1620-Dec-17 1,69 0,4021-Dec-17 1,95 0,1822-Dec-17 2,26 0,3725-Dec-17 2,2626-Dec-17 2,49 0,5027-Dec-17 2,59 0,7428-Dec-17 2,98 0,3929-Dec-17 3,73 0,5731-Dec-17 3,791-Jan-18 3,82-Jan-18 4,42 -0,413-Jan-18 4,25 -0,604-Jan-18 4,07 -0,215-Jan-18 4,36 0,067-Jan-18 4,418-Jan-18 4,54 -0,049-Jan-18 3,98 0,1110-Jan-18 3,99 -0,2611-Jan-18 4,41 -0,6712-Jan-18 4,22 -0,8314-Jan-18 4,2315-Jan-18 4,3416-Jan-18 4,15 -0,4517-Jan-18 4,27 0,7418-Jan-18 4,50 0,3119-Jan-18 5,12 1,6621-Jan-18 5,1222-Jan-18 5,84 2,2323-Jan-18 6,38 2,4724-Jan-18 7,04 2,7225-Jan-18 7,16 2,0226-Jan-18 6,97 3,2128-Jan-18 6,9729-Jan-18 6,54 2,2330-Jan-18 6,30 1,9031-Jan-18 6,19 2,011-Feb-18 6,83 1,602-Feb-18 5,04 -0,094-Feb-18 5,015-Feb-18 3,67 -3,776-Feb-18 2,28 -3,127-Feb-18 2,83 -3,648-Feb-18 1,32 -5,609-Feb-18 1,23 -5,3311-Feb-18 1,1812-Feb-18 0,94 -4,0813-Feb-18 1,62 -3,7914-Feb-18 2,36 -4,0815-Feb-18 3,66 -2,7216-Feb-18 4,50 -2,6018-Feb-18 4,519-Feb-18 4,4920-Feb-18 3,55 -4,0221-Feb-18 3,10 -4,8922-Feb-18 3,22 -4,8523-Feb-18 3,35 -3,6525-Feb-18 3,2926-Feb-18 3,85 -3,0527-Feb-18 2,97 -4,3328-Feb-18 2,56 -5,131-Mar-18 2,00 -5,632-Mar-18 2,36 -4,654-Mar-18 2,345-Mar-18 3,21 -3,796-Mar-18 4,18 -3,347-Mar-18 4,41 -4,078-Mar-18 3,96 -2,649-Mar-18 4,52 -2,2411-Mar-18 4,5412-Mar-18 4,59 -2,3513-Mar-18 3,82 -2,2114-Mar-18 3,81 -3,4615-Mar-18 3,21 -4,1616-Mar-18 3,33 -4,6418-Mar-18 3,319-Mar-18 2,60 -5,5920-Mar-18 2,66 -6,1721-Mar-18 1,84 -7,7522-Mar-18 1,52 -8,4223-Mar-18 0,91 -9,6625-Mar-18 0,7626-Mar-18 0,78 -8,6327-Mar-18 1,13 -8,3428-Mar-18 1,02 -7,2229-Mar-18 1,59 -6,6830-Mar-18 1,811-Apr-18 1,842-Apr-18 1,03 -8,743-Apr-18 1,11 -7,364-Apr-18 1,84 -5,845-Apr-18 2,28 -5,306-Apr-18 2,82 -6,238-Apr-18 2,779-Apr-18 2,74 -6,3410-Apr-18 2,99 -6,0511-Apr-18 3,75 -6,2312-Apr-18 4,01 -6,4813-Apr-18 3,90 -5,8015-Apr-18 3,8716-Apr-18 4,30 -5,1717-Apr-18 5,09 -5,1218-Apr-18 5,17 -6,4319-Apr-18 4,65 -10,1820-Apr-18 3,89 -11,7123-Apr-18 2,85 -11,6224-Apr-18 2,71 -12,8025-Apr-18 3,57 -12,9926-Apr-18 3,25 -12,6527-Apr-18 3,32 -12,0129-Apr-18 3,3130-Apr-18 3,26 -12,711-May-18 2,90 -13,562-May-18 2,95 -15,223-May-18 2,58 -15,274-May-18 3,75 -14,046-May-18 3,767-May-18 4,7 -14,308-May-18 4,25 -14,859-May-18 4,54 -14,6610-May-18 5,81 -14,0011-May-18 6,36 -14,4513-May-18 7,1714-May-18 7,43 -14,6215-May-18 7,73 -15,0816-May-18 7,71 -14,7317-May-18 7,89 -14,3118-May-18 7,37 -14,7421-May-18 7,46 -14,5122-May-18 7,69 -14,6623-May-18 6,83 -13,9824-May-18 6,76 -14,0225-May-18 5,99 -14,1227-May-18 6,4228-May-18 6,2729-May-18 6,20 -14,1430-May-18 7,03 -13,0431-May-18 6,32 -14,181-Jun-18 6,45 -14,303-Jun-18 6,464-Jun-18 7,59 -13,795-Jun-18 7,44 -14,226-Jun-18 8,28 -14,117-Jun-18 8,56 -14,048-Jun-18 8,30 -12,6310-Jun-18 8,2611-Jun-18 8,62 -11,7712-Jun-18 10,07 -11,4413-Jun-18 10,53 -11,6714-Jun-18 10,66 -11,7015-Jun-18 10,24 -10,4117-Jun-18 10,3618-Jun-18 10,46 -11,7819-Jun-18 10,33 -11,4120-Jun-18 10,50 -11,3621-Jun-18 10,54 -11,6622-Jun-18 10,62 -10,9624-Jun-18 10,5925-Jun-18 10,35 -10,6226-Jun-18 9,44 -11,1427-Jun-18 9,30 -11,4928-Jun-18 9,76 -10,6029-Jun-18 10,13 -10,881-Jul-18 10,182-Jul-18 9,58 -11,433-Jul-18 9,79 -11,124-Jul-18 9,535-Jul-18 10,24 -9,736-Jul-18 11,71 -9,388-Jul-18 11,79-Jul-18 12,34 -9,8410-Jul-18 12,72 -8,6711-Jul-18 12,08 -8,7412-Jul-18 11,93 -9,0013-Jul-18 12,72 -8,6915-Jul-18 12,7116-Jul-18 12,60 -9,4317-Jul-18 12,37 -8,5618-Jul-18 12,63 -9,2119-Jul-18 12,52 -9,2120-Jul-18 12,33 -8,4923-Jul-18 11,62 -9,2824-Jul-18 10,68 -9,0225-Jul-18 12,21 -8,4526-Jul-18 13,09 -8,1327-Jul-18 12,82 -7,8829-Jul-18 12,8330-Jul-18 13,07 -7,8331-Jul-18 11,95 -7,431-Aug-18 11,59 -8,282-Aug-18 12,81 -7,703-Aug-18 15,13 -6,165-Aug-18 15,036-Aug-18 14,55 -6,207-Aug-18 15,04 -7,058-Aug-18 16,55 -8,139-Aug-18 16,23 -7,7710-Aug-18 16,11 -8,4512-Aug-18 16,1613-Aug-18 14,17 -8,6914-Aug-18 15,36 -8,2015-Aug-18 14,21 -7,9016-Aug-18 15,71 -7,2817-Aug-18 16,19 -6,5219-Aug-18 16,1920-Aug-18 16,73 -6,4821-Aug-18 17,13 -7,6422-Aug-18 17,44 -8,4123-Aug-18 17,61 -8,6224-Aug-18 18,21 -9,0026-Aug-18 18,3127-Aug-18 17,90 -8,7928-Aug-18 18,06 -9,5829-Aug-18 17,13 -9,3130-Aug-18 16,87 -9,6831-Aug-18 17,24 -9,812-Sep-18 17,283-Sep-18 17,394-Sep-18 16,98 -9,885-Sep-18 16,41 -8,656-Sep-18 16,31 -8,247-Sep-18 15,36 -8,4810-Sep-18 15,93 -8,2611-Sep-18 15,07 -8,7512-Sep-18 14,33 -7,1113-Sep-18 15,25 -7,3414-Sep-18 15,39 -7,3616-Sep-18 15,6517-Sep-18 14,76 -7,0118-Sep-18 14,06 -7,8919-Sep-18 12,76 -7,9820-Sep-18 15,07 -6,8621-Sep-18 15,19 -6,7224-Sep-18 15,57 -8,3125-Sep-18 15,18 -9,0426-Sep-18 15,16 -9,0427-Sep-18 15,20 -9,2228-Sep-18 15,01 -9,011-Oct-18 14,76 -9,242-Oct-18 14,41 -8,783-Oct-18 13,97 -9,604-Oct-18 12,80 -9,235-Oct-18 12,39 -8,937-Oct-18 12,328-Oct-18 10,56 -7,589-Oct-18 10,75 -7,9610-Oct-18 10,09 -8,8411-Oct-18 8,62 -11,0012-Oct-18 10,48 -10,8815-Oct-18 10,66 -10,1716-Oct-18 12,05 -9,4217-Oct-18 12,11 -9,1218-Oct-18 11,41 -8,9219-Oct-18 11,27 -7,4221-Oct-18 11,4022-Oct-18 11,22 -8,3123-Oct-18 10,49 -7,7624-Oct-18 8,94 -7,1525-Oct-18 9,32 -7,0826-Oct-18 7,90 -8,5828-Oct-18 7,6929-Oct-18 7,58 -7,2630-Oct-18 8,49 -5,7731-Oct-18 8,49 -6,801-Nov-18 10,21 -6,732-Nov-18 10,52 -7,434-Nov-18 10,675-Nov-18 10,25 -5,996-Nov-18 11,84 -5,457-Nov-18 12,60 -4,928-Nov-18 11,68 -4,849-Nov-18 11,28 -4,6311-Nov-18 11,2812-Nov-18 9,66 -5,2913-Nov-18 9,55 -5,9814-Nov-18 8,85 -6,8315-Nov-18 8,17 -7,0816-Nov-18 11,56 -6,6218-Nov-18 11,4219-Nov-18 10,69 -6,4520-Nov-18 11,08 -7,8621-Nov-18 10,89 -8,9422-Nov-18 10,8223-Nov-18 11,42 -8,8225-Nov-18 11,4126-Nov-18 11,12 -9,0127-Nov-18 11,01 -8,1928-Nov-18 10,65 -7,3729-Nov-18 12,44 -7,4130-Nov-18 11,92 -6,452-Dec-18 12,133-Dec-18 13,36 -6,744-Dec-18 11,98 -8,175-Dec-18 10,856-Dec-18 10,52 -8,577-Dec-18 9,99 -9,519-Dec-18 1010-Dec-18 9,17 -9,6811-Dec-18 9,65 -9,0412-Dec-18 10,92 -9,3513-Dec-18 10,22 -8,9914-Dec-18 9,02 -10,6916-Dec-18 9,0217-Dec-18 7,40 -12,2018-Dec-18 6,80 -13,9119-Dec-18 5,96 -14,8920-Dec-18 4,21 -16,1621-Dec-18 3,21 -17,4423-Dec-18 3,2124-Dec-18 1,27 -19,7025-Dec-18 1,2726-Dec-18 3,46 -18,0327-Dec-18 4,20 -17,4728-Dec-18 5,50 -17,4930-Dec-18 5,5231-Dec-18 6,07 -17,371-Jan-19 6,072-Jan-19 5,75 -17,753-Jan-19 5,48 -18,174-Jan-19 6,78 -16,166-Jan-19 6,737-Jan-19 7,67 -16,918-Jan-19 8,20 -15,959-Jan-19 8,93 -17,0410-Jan-19 7,52 -16,4111-Jan-19 7,65 -16,0613-Jan-19 7,7514-Jan-19 7,62 -16,3815-Jan-19 9,11 -15,6016-Jan-19 8,80 -16,1717-Jan-19 9,53 -15,5018-Jan-19 10,31 -14,3720-Jan-19 10,3321-Jan-19 10,1022-Jan-19 9,38 -15,2923-Jan-19 10,75 -14,6824-Jan-19 8,60 -16,2425-Jan-19 9,22 -16,0627-Jan-19 9,2228-Jan-19 8,99 -15,5529-Jan-19 8,33 -15,2430-Jan-19 8,61 -14,2531-Jan-19 9,85 -12,561-Feb-19 9,87 -12,773-Feb-19 10,024-Feb-19 10,31 -12,385-Feb-19 10,79 -12,446-Feb-19 9,28 -12,607-Feb-19 7,91 -12,508-Feb-19 8,40 -11,8210-Feb-19 8,3711-Feb-19 9,14 -11,8112-Feb-19 9,96 -11,0913-Feb-19 10,18 -11,0214-Feb-19 10,07 -12,8615-Feb-19 10,04 -12,0017-Feb-19 10,0618-Feb-19 10,1319-Feb-19 9,95 -12,0720-Feb-19 9,45 -11,3721-Feb-19 8,76 -10,8822-Feb-19 8,90 -11,5924-Feb-19 9,0425-Feb-19 8,06 -12,1726-Feb-19 7,43 -12,1527-Feb-19 7,69 -11,9528-Feb-19 7,72 -11,471-Mar-19 7,84 -11,113-Mar-19 7,634-Mar-19 7,67 -11,265-Mar-19 7,89 -11,356-Mar-19 6,51 -11,127-Mar-19 5,96 -11,368-Mar-19 6,18 -11,5910-Mar-19 5,8411-Mar-19 7,02 -10,1912-Mar-19 6,90 -10,5013-Mar-19 6,89 -10,0914-Mar-19 7,40 -10,3315-Mar-19 7,93 -10,0517-Mar-19 7,8418-Mar-19 7,45 -9,6419-Mar-19 7,24 -9,8920-Mar-19 6,51 -10,0521-Mar-19 7,22 -8,7622-Mar-19 6,20 -8,6424-Mar-19 6,3425-Mar-19 6,50 -8,7026-Mar-19 6,57 -7,8727-Mar-19 6,13 -8,4228-Mar-19 6,46 -8,1629-Mar-19 6,25 -7,4031-Mar-19 6,081-Apr-19 6,67 -7,702-Apr-19 6,65 -8,123-Apr-19 7,04 -9,194-Apr-19 7,67 -8,655-Apr-19 8,18 -8,507-Apr-19 8,248-Apr-19 7,36 -8,229-Apr-19 6,82 -8,1810-Apr-19 7,12 -7,9811-Apr-19 6,46 -7,8912-Apr-19 6,42 -7,7414-Apr-19 6,4115-Apr-19 6,91 -7,0816-Apr-19 6,46 -7,5217-Apr-19 5,90 -6,8318-Apr-19 5,93 -7,0419-Apr-19 5,8721-Apr-19 6,1622-Apr-19 6,68 -7,0423-Apr-19 7,27 -6,4324-Apr-19 6,11 -6,5425-Apr-19 5,66 -7,5226-Apr-19 5,96 -6,5628-Apr-19 6,0829-Apr-19 6,60 -6,2530-Apr-19 7,04 -5,111-May-19 8,07 -5,942-May-19 7,59 -6,483-May-19 7,88 -5,685-May-19 7,886-May-19 8,78 -5,917-May-19 8,02 -6,758-May-19 7,68 -7,069-May-19 7,44 -7,1510-May-19 7,34 -6,2412-May-19 7,5613-May-19 6,40 -7,0814-May-19 5,85 -6,3915-May-19 6,24 -5,5416-May-19 7,73 -5,0117-May-19 6,94 -4,9919-May-19 6,6520-May-19 7,11 -5,4621-May-19 7,23 -5,8622-May-19 6,46 -5,1623-May-19 5,98 -5,0124-May-19 6,32 -5,7026-May-19 6,3127-May-19 5,6528-May-19 5,70 -7,9329-May-19 4,36 -8,6130-May-19 4,00 -8,5531-May-19 3,75 -9,492-Jun-19 3,813-Jun-19 3,87 -8,054-Jun-19 4,64 -7,555-Jun-19 4,57 -6,766-Jun-19 3,90 -6,077-Jun-19 4,79 -5,2610-Jun-19 4,86 -5,4811-Jun-19 5,17 -5,1012-Jun-19 5,29 -5,2113-Jun-19 5,68 -5,4814-Jun-19 5,61 -5,5516-Jun-19 5,4617-Jun-19 4,81 -5,9318-Jun-19 5,55 -6,6119-Jun-19 5,15 -6,1320-Jun-19 5,04 -5,3421-Jun-19 4,73 -5,6023-Jun-19 4,7124-Jun-19 5,39 -5,6425-Jun-19 5,78 -5,5426-Jun-19 5,50 -6,8027-Jun-19 5,81 -6,8728-Jun-19 7,42 -6,7430-Jun-19 7,251-Jul-19 7,77 -6,162-Jul-19 8,13 -5,323-Jul-19 7,59 -4,154-Jul-19 7,665-Jul-19 7,80 -4,577-Jul-19 7,798-Jul-19 7,33 -4,759-Jul-19 6,86 -5,4010-Jul-19 7,08 -4,4711-Jul-19 6,45 -4,6312-Jul-19 7,11 -4,5914-Jul-19 7,1115-Jul-19 6,86 -4,4816-Jul-19 7,13 -4,5917-Jul-19 6,69 -4,6218-Jul-19 6,20 -3,1819-Jul-19 6,14 -3,8821-Jul-19 6,3322-Jul-19 6,44 -4,4423-Jul-19 6,48 -2,9624-Jul-19 6,36 -3,7625-Jul-19 5,8 -3,9126-Jul-19 5,86 -2,8328-Jul-19 5,8529-Jul-19 5,45 -2,7030-Jul-19 5,55 -3,2931-Jul-19 4,58 -5,281-Aug-19 3,81 -5,462-Aug-19 4,06 -5,134-Aug-19 4,15-Aug-19 2,26 -7,556-Aug-19 2,10 -6,857-Aug-19 1,37 -5,988-Aug-19 1,69 -4,739-Aug-19 1,26 -5,2412-Aug-19 0,36 -5,6213-Aug-19 0,34 -4,6814-Aug-19 -1,84 -5,9615-Aug-19 -1,21 -4,8616-Aug-19 -1,03 -3,8518-Aug-19 -1,0519-Aug-19 -1,08 -3,3420-Aug-19 -1,26 -4,5821-Aug-19 -0,69 -4,2722-Aug-19 0,11 -3,8223-Aug-19 -1,01 -5,3425-Aug-19 -1,1826-Aug-19 -1,08 -4,5127-Aug-19 -0,41 -6,0528-Aug-19 -0,27 -4,9529-Aug-19 0,12 -5,2530-Aug-19 0,69 -5,161-Sep-19 1,072-Sep-19 1,023-Sep-19 1,42 -4,524-Sep-19 1,38 -4,005-Sep-19 3,00 -5,086-Sep-19 3,27 -4,508-Sep-19 2,989-Sep-19 3,63 -4,7310-Sep-19 4,28 -4,9811-Sep-19 5,66 -4,4512-Sep-19 5,77 -4,2313-Sep-19 6,13 -5,4715-Sep-19 6,1416-Sep-19 6,04 -5,7817-Sep-19 5,50 -5,5218-Sep-19 5,91 -5,7619-Sep-19 5,59 -5,7620-Sep-19 5,52 -6,1522-Sep-19 5,1923-Sep-19 5,69 -5,9824-Sep-19 5,45 -5,9225-Sep-19 5,70 -5,4326-Sep-19 5,09 -4,9827-Sep-19 5,33 -5,3330-Sep-19 4,34 -4,691-Oct-19 3,53 -4,522-Oct-19 2,41 -6,543-Oct-19 2,33 -5,554-Oct-19 2,98 -4,066-Oct-19 2,877-Oct-19 3,33 -5,028-Oct-19 2,05 -5,779-Oct-19 3,07 -5,1510-Oct-19 3,64 -4,8911-Oct-19 4,36 -5,1414-Oct-19 4,25 -5,2615-Oct-19 3,41 -5,2616-Oct-19 4,24 -5,2317-Oct-19 5,02 -4,5818-Oct-19 4,37 -4,2821-Oct-19 4,96 -4,1822-Oct-19 5,73 -4,4823-Oct-19 5,70 -3,8824-Oct-19 4,97 -3,9025-Oct-19 5,35 -4,5527-Oct-19 5,5328-Oct-19 5,99 -4,8429-Oct-19 6,2 -4,6730-Oct-19 5,78 -4,6531-Oct-19 4,77 -4,271-Nov-19 4,88 -4,203-Nov-19 4,704-Nov-19 5,85 -4,545-Nov-19 5,39 -4,786-Nov-19 6,52 -4,447-Nov-19 7,21 -5,158-Nov-19 7,12 -4,9410-Nov-19 7,0011-Nov-19 8,44 -5,2112-Nov-19 8,36 -4,8413-Nov-19 9,12 -4,1014-Nov-19 9,00 -4,3515-Nov-19 10,34 -3,8117-Nov-19 10,3718-Nov-19 10,24 -3,5119-Nov-19 10,19 -3,7420-Nov-19 9,74 -3,4521-Nov-19 9,52 -3,8022-Nov-19 9,20 -3,9724-Nov-19 9,3925-Nov-19 10,64 -3,7026-Nov-19 9,43 -2,8927-Nov-19 9,85 -2,6328-Nov-19 9,7929-Nov-19 10,41 -2,911-Dec-19 10,642-Dec-19 10,88 -2,523-Dec-19 10,91 -2,634-Dec-19 10,98 -2,145-Dec-19 10,44 -2,276-Dec-19 11,01 -1,838-Dec-19 10,939-Dec-19 11,54 -1,7810-Dec-19 11,05 -2,1011-Dec-19 11,26 -1,8712-Dec-19 11,78 -2,2613-Dec-19 11,84 -1,8315-Dec-19 11,8516-Dec-19 11,89 -1,3317-Dec-19 12,37 -1,4118-Dec-19 12,48 -1,4619-Dec-19 12,99 -0,8120-Dec-19 13,20 -0,0522-Dec-19 13,4223-Dec-19 12,74 -0,2524-Dec-19 12,89 -0,5025-Dec-19 12,7726-Dec-19 12,87 -0,3927-Dec-19 13,43 0,0929-Dec-19 13,5630-Dec-19 14,21 -0,4231-Dec-19 14,28 -0,311-Jan-20 14,552-Jan-20 14,02 -1,203-Jan-20 13,66 -1,145-Jan-20 13,546-Jan-20 13,61 -0,867-Jan-20 13,55 -1,648-Jan-20 13,35 -1,019-Jan-20 13,18 -0,5010-Jan-20 12,93 -0,5712-Jan-20 12,9213-Jan-20 13,14 0,4114-Jan-20 13,42 0,3715-Jan-20 13,65 1,2316-Jan-20 14,65 1,6017-Jan-20 14,63 1,9319-Jan-20 14,5620-Jan-20 14,1021-Jan-20 14,79 2,2222-Jan-20 14,17 2,5623-Jan-20 14,86 2,4624-Jan-20 13,81 1,7926-Jan-20 14,0127-Jan-20 12,67 1,0228-Jan-20 12,60 0,9829-Jan-20 13,91 0,6230-Jan-20 13,54 2,1731-Jan-20 12,60 0,702-Feb-20 12,623-Feb-20 12,21 0,854-Feb-20 12,96 1,235-Feb-20 15,73 1,716-Feb-20 16,13 1,947-Feb-20 15,00 2,429-Feb-20 15,1610-Feb-20 16,08 3,0911-Feb-20 15,70 3,2012-Feb-20 18,00 2,7813-Feb-20 17,31 3,1214-Feb-20 16,73 3,3116-Feb-20 16,6117-Feb-20 16,1618-Feb-20 14,71 2,6319-Feb-20 14,12 2,6120-Feb-20 13,76 2,5721-Feb-20 13,30 3,0023-Feb-20 13,2724-Feb-20 9,39 0,3725-Feb-20 8,79 -1,3426-Feb-20 7,79 -1,6027-Feb-20 6,00 -5,6128-Feb-20 3,87 -7,681-Mar-20 3,82-Mar-20 6,73 -3,733-Mar-20 5,27 -4,584-Mar-20 5,40 0,245-Mar-20 4,76 -2,066-Mar-20 3,61 -3,598-Mar-20 3,699-Mar-20 -2,57 -8,6710-Mar-20 -1,65 -5,9111-Mar-20 -3,80 -9,6212-Mar-20 -12,90 -18,5113-Mar-20 -10,42 -12,6615-Mar-20 -10,4716-Mar-20 -15,38 -19,7417-Mar-20 -13,74 -13,5018-Mar-20 -16,56 -18,5819-Mar-20 -15,65 -20,8720-Mar-20 -15,75 -26,5622-Mar-20 -15,8223-Mar-20 -18,56 -28,8424-Mar-20 -15,08 -23,9225-Mar-20 -12,36 -22,5126-Mar-20 -9,45 -17,6327-Mar-20 -13,15 -18,6829-Mar-20 -13,0330-Mar-20 -10,38 -15,1031-Mar-20 -8,21 -16,381-Apr-20 -9,46 -18,722-Apr-20 -8,34 -16,363-Apr-20 -9,07 -15,715-Apr-20 -8,856-Apr-20 -7,32 -12,507-Apr-20 -7,04 -12,578-Apr-20 -6,39 -11,079-Apr-20 -5,22 -9,4810-Apr-20 -5,2412-Apr-20 -5,0413-Apr-20 -4,97 -11,4414-Apr-20 -1,85 -7,6015-Apr-20 -2,09 -9,6816-Apr-20 -1,87 -9,4717-Apr-20 0,01 -8,0619-Apr-20 0,2320-Apr-20 -0,08 -9,7721-Apr-20 -2,99 -12,6522-Apr-20 -0,86 -11,8723-Apr-20 0,10 -12,8624-Apr-20 0,35 -11,4726-Apr-20 0,427-Apr-20 1,81 -10,3728-Apr-20 4,63 -9,2829-Apr-20 6,17 -9,6030-Apr-20 5,30 -11,131-May-20 4,12 -12,623-May-20 4,134-May-20 4,25 -12,925-May-20 4,65 -12,916-May-20 5,31 -13,627-May-20 7,29 -13,958-May-20 10,98 -11,5610-May-20 11,0611-May-20 9,81 -11,9512-May-20 8,95 -12,6813-May-20 6,48 -13,5314-May-20 5,42 -13,7715-May-20 7,82 -13,3417-May-20 8,0918-May-20 9,02 -11,8719-May-20 7,86 -13,2220-May-20 9,70 -12,0821-May-20 8,27 -13,1122-May-20 8,47 -12,8424-May-20 8,2125-May-20 8,5226-May-20 10,98 -12,0027-May-20 12,18 -10,3628-May-20 11,79 -9,9329-May-20 12,16 -9,8831-May-20 12,11-Jun-20 12,38 -9,302-Jun-20 12,93 -9,203-Jun-20 13,83 -8,894-Jun-20 13,53 -9,095-Jun-20 15,98 -7,418-Jun-20 16,23 -6,049-Jun-20 15,86 -7,1010-Jun-20 14,72 -7,4711-Jun-20 11,49 -12,2712-Jun-20 11,70 -12,0314-Jun-20 11,5115-Jun-20 11 -10,6316-Jun-20 12,72 -9,0017-Jun-20 12,70 -9,1618-Jun-20 12,10 -8,4719-Jun-20 11,19 -9,8521-Jun-20 10,9922-Jun-20 11,49 -10,2223-Jun-20 12,15 -10,4824-Jun-20 10,46 -12,2225-Jun-20 10,01 -11,4926-Jun-20 9,07 -13,6428-Jun-20 9,0029-Jun-20 11,18 -11,9530-Jun-20 12,67 -11,40

-36%

-24%

-12%

0%

12%

24%

30-Jun-17

22-Aug-17

12-O

ct-17

3-Dec-1

7

24-Jan-18

16-M

ar-18

8-May

-18

29-Jun-18

21-Aug-18

16-O

ct-18

6-Dec-1

8

27-Jan

-19

19-M

ar-19

9-May

-19

1-Jul-1

9

22-Aug-19

15-O

ct-19

6-Dec-1

9

27-Jan

-20

18-M

ar-2

0

8-May

-20

30-Jun-2

0

Healthy food S&P 500 Food Beverage & Tobacco

Dates Healthy FoodS&P 500 Food

Beverage & Tobacco30-Jun-17 0,00 0,002-Jul-17 0,00 0,003-Jul-17 0,02 -0,264-Jul-17 -0,13 -0,265-Jul-17 -0,84 -0,176-Jul-17 -1,49 -0,727-Jul-17 -1,06 -0,739-Jul-17 -1,06 -0,7310-Jul-17 -1,66 -1,2111-Jul-17 -1,42 -1,5012-Jul-17 -1,02 -0,7213-Jul-17 -0,46 -0,9414-Jul-17 -0,29 -0,1016-Jul-17 -0,22 -0,1017-Jul-17 0,20 -0,1718-Jul-17 0,06 -0,2019-Jul-17 0,61 0,4020-Jul-17 0,89 0,2121-Jul-17 0,71 0,5523-Jul-17 0,71 0,5524-Jul-17 0,13 -0,0125-Jul-17 0,93 0,3426-Jul-17 0,24 0,4927-Jul-17 1,26 1,3528-Jul-17 1,29 -0,2230-Jul-17 1,28 -0,2231-Jul-17 1,01 -0,921-Aug-17 0,78 -1,192-Aug-17 0,76 -1,333-Aug-17 0,87 -1,274-Aug-17 -0,14 -1,337-Aug-17 -0,28 -0,668-Aug-17 -1,11 -1,289-Aug-17 -2,36 -1,1910-Aug-17 -2,33 -1,5311-Aug-17 -2,22 -1,3413-Aug-17 -2,26 -1,3414-Aug-17 -2,42 -0,7215-Aug-17 -3,26 0,0116-Aug-17 -3,46 0,3217-Aug-17 -3,56 -0,7318-Aug-17 -3,10 -1,2720-Aug-17 -3,13 -1,2721-Aug-17 -2,16 -0,8322-Aug-17 -2,84 -0,8623-Aug-17 -2,56 -1,2824-Aug-17 -3,06 -2,4625-Aug-17 -2,53 -2,4227-Aug-17 -2,47 -2,4228-Aug-17 -2,83 -2,6629-Aug-17 -2,90 -2,4430-Aug-17 -3,59 -2,4731-Aug-17 -3,28 -2,711-Sep-17 -2,83 -2,243-Sep-17 -2,79 -2,244-Sep-17 -2,91 -2,245-Sep-17 -2,45 -2,276-Sep-17 -1,85 -1,757-Sep-17 -1,45 -1,528-Sep-17 -2,20 -2,0710-Sep-17 -2,26 -2,0711-Sep-17 -2,55 -1,4312-Sep-17 -2,96 -1,6213-Sep-17 -3,04 -1,7214-Sep-17 -3,06 -2,2215-Sep-17 -2,61 -2,0517-Sep-17 -2,6518-Sep-17 -2,98 -1,9219-Sep-17 -3,50 -2,5520-Sep-17 -3,07 -3,7121-Sep-17 -3,43 -4,2722-Sep-17 -3,03 -4,4224-Sep-17 -2,9725-Sep-17 -3,72 -3,7826-Sep-17 -3,61 -3,8327-Sep-17 -4,18 -4,4628-Sep-17 -4,17 -4,2729-Sep-17 -4,10 -4,411-Oct-17 -4,112-Oct-17 -3,79 -4,903-Oct-17 -3,47 -4,884-Oct-17 -3,42 -4,325-Oct-17 -3,11 -3,876-Oct-17 -2,23 -4,258-Oct-17 -2,249-Oct-17 -2,72 -4,1910-Oct-17 -1,87 -3,0711-Oct-17 -2,09 -2,9612-Oct-17 -1,89 -2,5313-Oct-17 -1,68 -2,6515-Oct-17 -1,7116-Oct-17 -1,80 -2,3117-Oct-17 -1,89 -2,7918-Oct-17 -1,85 -3,0319-Oct-17 -1,40 -3,6920-Oct-17 -1,42 -3,5122-Oct-17 -1,3523-Oct-17 -1,38 -3,5724-Oct-17 -1,29 -3,9325-Oct-17 -1,33 -4,5526-Oct-17 -2,55 -4,1427-Oct-17 -2,79 -4,6029-Oct-17 -2,7830-Oct-17 -2,95 -5,6131-Oct-17 -2,50 -4,581-Nov-17 -2,60 -4,762-Nov-17 -2,81 -5,233-Nov-17 -2,97 -5,285-Nov-17 -2,976-Nov-17 -2,67 -6,247-Nov-17 -3,51 -5,198-Nov-17 -3,60 -4,349-Nov-17 -3,22 -4,5910-Nov-17 -3,09 -3,6312-Nov-17 -3,0913-Nov-17 -3,68 -3,0114-Nov-17 -3,69 -2,3715-Nov-17 -3,94 -3,4116-Nov-17 -3,36 -2,7817-Nov-17 -2,16 -3,0319-Nov-17 -2,1620-Nov-17 -2,05 -3,1621-Nov-17 -2,24 -2,8622-Nov-17 -1,30 -2,9823-Nov-17 -1,0824-Nov-17 -0,88 -2,9026-Nov-17 -0,7727-Nov-17 -0,74 -2,9028-Nov-17 -0,49 -2,4029-Nov-17 0,31 -1,9830-Nov-17 0,02 -1,651-Dec-17 0,40 -1,153-Dec-17 0,524-Dec-17 0,49 -0,085-Dec-17 0,34 -0,156-Dec-17 0,16 0,927-Dec-17 0,24 -0,128-Dec-17 -0,32 -0,3510-Dec-17 -0,3211-Dec-17 -0,31 -0,2912-Dec-17 -1,17 -0,0413-Dec-17 -0,87 0,4114-Dec-17 -0,58 0,1515-Dec-17 0,19 1,0717-Dec-17 0,1918-Dec-17 1,73 0,8219-Dec-17 1,49 1,1620-Dec-17 1,69 0,4021-Dec-17 1,95 0,1822-Dec-17 2,26 0,3725-Dec-17 2,2626-Dec-17 2,49 0,5027-Dec-17 2,59 0,7428-Dec-17 2,98 0,3929-Dec-17 3,73 0,5731-Dec-17 3,791-Jan-18 3,82-Jan-18 4,42 -0,413-Jan-18 4,25 -0,604-Jan-18 4,07 -0,215-Jan-18 4,36 0,067-Jan-18 4,418-Jan-18 4,54 -0,049-Jan-18 3,98 0,1110-Jan-18 3,99 -0,2611-Jan-18 4,41 -0,6712-Jan-18 4,22 -0,8314-Jan-18 4,2315-Jan-18 4,3416-Jan-18 4,15 -0,4517-Jan-18 4,27 0,7418-Jan-18 4,50 0,3119-Jan-18 5,12 1,6621-Jan-18 5,1222-Jan-18 5,84 2,2323-Jan-18 6,38 2,4724-Jan-18 7,04 2,7225-Jan-18 7,16 2,0226-Jan-18 6,97 3,2128-Jan-18 6,9729-Jan-18 6,54 2,2330-Jan-18 6,30 1,9031-Jan-18 6,19 2,011-Feb-18 6,83 1,602-Feb-18 5,04 -0,094-Feb-18 5,015-Feb-18 3,67 -3,776-Feb-18 2,28 -3,127-Feb-18 2,83 -3,648-Feb-18 1,32 -5,609-Feb-18 1,23 -5,3311-Feb-18 1,1812-Feb-18 0,94 -4,0813-Feb-18 1,62 -3,7914-Feb-18 2,36 -4,0815-Feb-18 3,66 -2,7216-Feb-18 4,50 -2,6018-Feb-18 4,519-Feb-18 4,4920-Feb-18 3,55 -4,0221-Feb-18 3,10 -4,8922-Feb-18 3,22 -4,8523-Feb-18 3,35 -3,6525-Feb-18 3,2926-Feb-18 3,85 -3,0527-Feb-18 2,97 -4,3328-Feb-18 2,56 -5,131-Mar-18 2,00 -5,632-Mar-18 2,36 -4,654-Mar-18 2,345-Mar-18 3,21 -3,796-Mar-18 4,18 -3,347-Mar-18 4,41 -4,078-Mar-18 3,96 -2,649-Mar-18 4,52 -2,2411-Mar-18 4,5412-Mar-18 4,59 -2,3513-Mar-18 3,82 -2,2114-Mar-18 3,81 -3,4615-Mar-18 3,21 -4,1616-Mar-18 3,33 -4,6418-Mar-18 3,319-Mar-18 2,60 -5,5920-Mar-18 2,66 -6,1721-Mar-18 1,84 -7,7522-Mar-18 1,52 -8,4223-Mar-18 0,91 -9,6625-Mar-18 0,7626-Mar-18 0,78 -8,6327-Mar-18 1,13 -8,3428-Mar-18 1,02 -7,2229-Mar-18 1,59 -6,6830-Mar-18 1,811-Apr-18 1,842-Apr-18 1,03 -8,743-Apr-18 1,11 -7,364-Apr-18 1,84 -5,845-Apr-18 2,28 -5,306-Apr-18 2,82 -6,238-Apr-18 2,779-Apr-18 2,74 -6,3410-Apr-18 2,99 -6,0511-Apr-18 3,75 -6,2312-Apr-18 4,01 -6,4813-Apr-18 3,90 -5,8015-Apr-18 3,8716-Apr-18 4,30 -5,1717-Apr-18 5,09 -5,1218-Apr-18 5,17 -6,4319-Apr-18 4,65 -10,1820-Apr-18 3,89 -11,7123-Apr-18 2,85 -11,6224-Apr-18 2,71 -12,8025-Apr-18 3,57 -12,9926-Apr-18 3,25 -12,6527-Apr-18 3,32 -12,0129-Apr-18 3,3130-Apr-18 3,26 -12,711-May-18 2,90 -13,562-May-18 2,95 -15,223-May-18 2,58 -15,274-May-18 3,75 -14,046-May-18 3,767-May-18 4,7 -14,308-May-18 4,25 -14,859-May-18 4,54 -14,6610-May-18 5,81 -14,0011-May-18 6,36 -14,4513-May-18 7,1714-May-18 7,43 -14,6215-May-18 7,73 -15,0816-May-18 7,71 -14,7317-May-18 7,89 -14,3118-May-18 7,37 -14,7421-May-18 7,46 -14,5122-May-18 7,69 -14,6623-May-18 6,83 -13,9824-May-18 6,76 -14,0225-May-18 5,99 -14,1227-May-18 6,4228-May-18 6,2729-May-18 6,20 -14,1430-May-18 7,03 -13,0431-May-18 6,32 -14,181-Jun-18 6,45 -14,303-Jun-18 6,464-Jun-18 7,59 -13,795-Jun-18 7,44 -14,226-Jun-18 8,28 -14,117-Jun-18 8,56 -14,048-Jun-18 8,30 -12,6310-Jun-18 8,2611-Jun-18 8,62 -11,7712-Jun-18 10,07 -11,4413-Jun-18 10,53 -11,6714-Jun-18 10,66 -11,7015-Jun-18 10,24 -10,4117-Jun-18 10,3618-Jun-18 10,46 -11,7819-Jun-18 10,33 -11,4120-Jun-18 10,50 -11,3621-Jun-18 10,54 -11,6622-Jun-18 10,62 -10,9624-Jun-18 10,5925-Jun-18 10,35 -10,6226-Jun-18 9,44 -11,1427-Jun-18 9,30 -11,4928-Jun-18 9,76 -10,6029-Jun-18 10,13 -10,881-Jul-18 10,182-Jul-18 9,58 -11,433-Jul-18 9,79 -11,124-Jul-18 9,535-Jul-18 10,24 -9,736-Jul-18 11,71 -9,388-Jul-18 11,79-Jul-18 12,34 -9,8410-Jul-18 12,72 -8,6711-Jul-18 12,08 -8,7412-Jul-18 11,93 -9,0013-Jul-18 12,72 -8,6915-Jul-18 12,7116-Jul-18 12,60 -9,4317-Jul-18 12,37 -8,5618-Jul-18 12,63 -9,2119-Jul-18 12,52 -9,2120-Jul-18 12,33 -8,4923-Jul-18 11,62 -9,2824-Jul-18 10,68 -9,0225-Jul-18 12,21 -8,4526-Jul-18 13,09 -8,1327-Jul-18 12,82 -7,8829-Jul-18 12,8330-Jul-18 13,07 -7,8331-Jul-18 11,95 -7,431-Aug-18 11,59 -8,282-Aug-18 12,81 -7,703-Aug-18 15,13 -6,165-Aug-18 15,036-Aug-18 14,55 -6,207-Aug-18 15,04 -7,058-Aug-18 16,55 -8,139-Aug-18 16,23 -7,7710-Aug-18 16,11 -8,4512-Aug-18 16,1613-Aug-18 14,17 -8,6914-Aug-18 15,36 -8,2015-Aug-18 14,21 -7,9016-Aug-18 15,71 -7,2817-Aug-18 16,19 -6,5219-Aug-18 16,1920-Aug-18 16,73 -6,4821-Aug-18 17,13 -7,6422-Aug-18 17,44 -8,4123-Aug-18 17,61 -8,6224-Aug-18 18,21 -9,0026-Aug-18 18,3127-Aug-18 17,90 -8,7928-Aug-18 18,06 -9,5829-Aug-18 17,13 -9,3130-Aug-18 16,87 -9,6831-Aug-18 17,24 -9,812-Sep-18 17,283-Sep-18 17,394-Sep-18 16,98 -9,885-Sep-18 16,41 -8,656-Sep-18 16,31 -8,247-Sep-18 15,36 -8,4810-Sep-18 15,93 -8,2611-Sep-18 15,07 -8,7512-Sep-18 14,33 -7,1113-Sep-18 15,25 -7,3414-Sep-18 15,39 -7,3616-Sep-18 15,6517-Sep-18 14,76 -7,0118-Sep-18 14,06 -7,8919-Sep-18 12,76 -7,9820-Sep-18 15,07 -6,8621-Sep-18 15,19 -6,7224-Sep-18 15,57 -8,3125-Sep-18 15,18 -9,0426-Sep-18 15,16 -9,0427-Sep-18 15,20 -9,2228-Sep-18 15,01 -9,011-Oct-18 14,76 -9,242-Oct-18 14,41 -8,783-Oct-18 13,97 -9,604-Oct-18 12,80 -9,235-Oct-18 12,39 -8,937-Oct-18 12,328-Oct-18 10,56 -7,589-Oct-18 10,75 -7,9610-Oct-18 10,09 -8,8411-Oct-18 8,62 -11,0012-Oct-18 10,48 -10,8815-Oct-18 10,66 -10,1716-Oct-18 12,05 -9,4217-Oct-18 12,11 -9,1218-Oct-18 11,41 -8,9219-Oct-18 11,27 -7,4221-Oct-18 11,4022-Oct-18 11,22 -8,3123-Oct-18 10,49 -7,7624-Oct-18 8,94 -7,1525-Oct-18 9,32 -7,0826-Oct-18 7,90 -8,5828-Oct-18 7,6929-Oct-18 7,58 -7,2630-Oct-18 8,49 -5,7731-Oct-18 8,49 -6,801-Nov-18 10,21 -6,732-Nov-18 10,52 -7,434-Nov-18 10,675-Nov-18 10,25 -5,996-Nov-18 11,84 -5,457-Nov-18 12,60 -4,928-Nov-18 11,68 -4,849-Nov-18 11,28 -4,6311-Nov-18 11,2812-Nov-18 9,66 -5,2913-Nov-18 9,55 -5,9814-Nov-18 8,85 -6,8315-Nov-18 8,17 -7,0816-Nov-18 11,56 -6,6218-Nov-18 11,4219-Nov-18 10,69 -6,4520-Nov-18 11,08 -7,8621-Nov-18 10,89 -8,9422-Nov-18 10,8223-Nov-18 11,42 -8,8225-Nov-18 11,4126-Nov-18 11,12 -9,0127-Nov-18 11,01 -8,1928-Nov-18 10,65 -7,3729-Nov-18 12,44 -7,4130-Nov-18 11,92 -6,452-Dec-18 12,133-Dec-18 13,36 -6,744-Dec-18 11,98 -8,175-Dec-18 10,856-Dec-18 10,52 -8,577-Dec-18 9,99 -9,519-Dec-18 1010-Dec-18 9,17 -9,6811-Dec-18 9,65 -9,0412-Dec-18 10,92 -9,3513-Dec-18 10,22 -8,9914-Dec-18 9,02 -10,6916-Dec-18 9,0217-Dec-18 7,40 -12,2018-Dec-18 6,80 -13,9119-Dec-18 5,96 -14,8920-Dec-18 4,21 -16,1621-Dec-18 3,21 -17,4423-Dec-18 3,2124-Dec-18 1,27 -19,7025-Dec-18 1,2726-Dec-18 3,46 -18,0327-Dec-18 4,20 -17,4728-Dec-18 5,50 -17,4930-Dec-18 5,5231-Dec-18 6,07 -17,371-Jan-19 6,072-Jan-19 5,75 -17,753-Jan-19 5,48 -18,174-Jan-19 6,78 -16,166-Jan-19 6,737-Jan-19 7,67 -16,918-Jan-19 8,20 -15,959-Jan-19 8,93 -17,0410-Jan-19 7,52 -16,4111-Jan-19 7,65 -16,0613-Jan-19 7,7514-Jan-19 7,62 -16,3815-Jan-19 9,11 -15,6016-Jan-19 8,80 -16,1717-Jan-19 9,53 -15,5018-Jan-19 10,31 -14,3720-Jan-19 10,3321-Jan-19 10,1022-Jan-19 9,38 -15,2923-Jan-19 10,75 -14,6824-Jan-19 8,60 -16,2425-Jan-19 9,22 -16,0627-Jan-19 9,2228-Jan-19 8,99 -15,5529-Jan-19 8,33 -15,2430-Jan-19 8,61 -14,2531-Jan-19 9,85 -12,561-Feb-19 9,87 -12,773-Feb-19 10,024-Feb-19 10,31 -12,385-Feb-19 10,79 -12,446-Feb-19 9,28 -12,607-Feb-19 7,91 -12,508-Feb-19 8,40 -11,8210-Feb-19 8,3711-Feb-19 9,14 -11,8112-Feb-19 9,96 -11,0913-Feb-19 10,18 -11,0214-Feb-19 10,07 -12,8615-Feb-19 10,04 -12,0017-Feb-19 10,0618-Feb-19 10,1319-Feb-19 9,95 -12,0720-Feb-19 9,45 -11,3721-Feb-19 8,76 -10,8822-Feb-19 8,90 -11,5924-Feb-19 9,0425-Feb-19 8,06 -12,1726-Feb-19 7,43 -12,1527-Feb-19 7,69 -11,9528-Feb-19 7,72 -11,471-Mar-19 7,84 -11,113-Mar-19 7,634-Mar-19 7,67 -11,265-Mar-19 7,89 -11,356-Mar-19 6,51 -11,127-Mar-19 5,96 -11,368-Mar-19 6,18 -11,5910-Mar-19 5,8411-Mar-19 7,02 -10,1912-Mar-19 6,90 -10,5013-Mar-19 6,89 -10,0914-Mar-19 7,40 -10,3315-Mar-19 7,93 -10,0517-Mar-19 7,8418-Mar-19 7,45 -9,6419-Mar-19 7,24 -9,8920-Mar-19 6,51 -10,0521-Mar-19 7,22 -8,7622-Mar-19 6,20 -8,6424-Mar-19 6,3425-Mar-19 6,50 -8,7026-Mar-19 6,57 -7,8727-Mar-19 6,13 -8,4228-Mar-19 6,46 -8,1629-Mar-19 6,25 -7,4031-Mar-19 6,081-Apr-19 6,67 -7,702-Apr-19 6,65 -8,123-Apr-19 7,04 -9,194-Apr-19 7,67 -8,655-Apr-19 8,18 -8,507-Apr-19 8,248-Apr-19 7,36 -8,229-Apr-19 6,82 -8,1810-Apr-19 7,12 -7,9811-Apr-19 6,46 -7,8912-Apr-19 6,42 -7,7414-Apr-19 6,4115-Apr-19 6,91 -7,0816-Apr-19 6,46 -7,5217-Apr-19 5,90 -6,8318-Apr-19 5,93 -7,0419-Apr-19 5,8721-Apr-19 6,1622-Apr-19 6,68 -7,0423-Apr-19 7,27 -6,4324-Apr-19 6,11 -6,5425-Apr-19 5,66 -7,5226-Apr-19 5,96 -6,5628-Apr-19 6,0829-Apr-19 6,60 -6,2530-Apr-19 7,04 -5,111-May-19 8,07 -5,942-May-19 7,59 -6,483-May-19 7,88 -5,685-May-19 7,886-May-19 8,78 -5,917-May-19 8,02 -6,758-May-19 7,68 -7,069-May-19 7,44 -7,1510-May-19 7,34 -6,2412-May-19 7,5613-May-19 6,40 -7,0814-May-19 5,85 -6,3915-May-19 6,24 -5,5416-May-19 7,73 -5,0117-May-19 6,94 -4,9919-May-19 6,6520-May-19 7,11 -5,4621-May-19 7,23 -5,8622-May-19 6,46 -5,1623-May-19 5,98 -5,0124-May-19 6,32 -5,7026-May-19 6,3127-May-19 5,6528-May-19 5,70 -7,9329-May-19 4,36 -8,6130-May-19 4,00 -8,5531-May-19 3,75 -9,492-Jun-19 3,813-Jun-19 3,87 -8,054-Jun-19 4,64 -7,555-Jun-19 4,57 -6,766-Jun-19 3,90 -6,077-Jun-19 4,79 -5,2610-Jun-19 4,86 -5,4811-Jun-19 5,17 -5,1012-Jun-19 5,29 -5,2113-Jun-19 5,68 -5,4814-Jun-19 5,61 -5,5516-Jun-19 5,4617-Jun-19 4,81 -5,9318-Jun-19 5,55 -6,6119-Jun-19 5,15 -6,1320-Jun-19 5,04 -5,3421-Jun-19 4,73 -5,6023-Jun-19 4,7124-Jun-19 5,39 -5,6425-Jun-19 5,78 -5,5426-Jun-19 5,50 -6,8027-Jun-19 5,81 -6,8728-Jun-19 7,42 -6,7430-Jun-19 7,251-Jul-19 7,77 -6,162-Jul-19 8,13 -5,323-Jul-19 7,59 -4,154-Jul-19 7,665-Jul-19 7,80 -4,577-Jul-19 7,798-Jul-19 7,33 -4,759-Jul-19 6,86 -5,4010-Jul-19 7,08 -4,4711-Jul-19 6,45 -4,6312-Jul-19 7,11 -4,5914-Jul-19 7,1115-Jul-19 6,86 -4,4816-Jul-19 7,13 -4,5917-Jul-19 6,69 -4,6218-Jul-19 6,20 -3,1819-Jul-19 6,14 -3,8821-Jul-19 6,3322-Jul-19 6,44 -4,4423-Jul-19 6,48 -2,9624-Jul-19 6,36 -3,7625-Jul-19 5,8 -3,9126-Jul-19 5,86 -2,8328-Jul-19 5,8529-Jul-19 5,45 -2,7030-Jul-19 5,55 -3,2931-Jul-19 4,58 -5,281-Aug-19 3,81 -5,462-Aug-19 4,06 -5,134-Aug-19 4,15-Aug-19 2,26 -7,556-Aug-19 2,10 -6,857-Aug-19 1,37 -5,988-Aug-19 1,69 -4,739-Aug-19 1,26 -5,2412-Aug-19 0,36 -5,6213-Aug-19 0,34 -4,6814-Aug-19 -1,84 -5,9615-Aug-19 -1,21 -4,8616-Aug-19 -1,03 -3,8518-Aug-19 -1,0519-Aug-19 -1,08 -3,3420-Aug-19 -1,26 -4,5821-Aug-19 -0,69 -4,2722-Aug-19 0,11 -3,8223-Aug-19 -1,01 -5,3425-Aug-19 -1,1826-Aug-19 -1,08 -4,5127-Aug-19 -0,41 -6,0528-Aug-19 -0,27 -4,9529-Aug-19 0,12 -5,2530-Aug-19 0,69 -5,161-Sep-19 1,072-Sep-19 1,023-Sep-19 1,42 -4,524-Sep-19 1,38 -4,005-Sep-19 3,00 -5,086-Sep-19 3,27 -4,508-Sep-19 2,989-Sep-19 3,63 -4,7310-Sep-19 4,28 -4,9811-Sep-19 5,66 -4,4512-Sep-19 5,77 -4,2313-Sep-19 6,13 -5,4715-Sep-19 6,1416-Sep-19 6,04 -5,7817-Sep-19 5,50 -5,5218-Sep-19 5,91 -5,7619-Sep-19 5,59 -5,7620-Sep-19 5,52 -6,1522-Sep-19 5,1923-Sep-19 5,69 -5,9824-Sep-19 5,45 -5,9225-Sep-19 5,70 -5,4326-Sep-19 5,09 -4,9827-Sep-19 5,33 -5,3330-Sep-19 4,34 -4,691-Oct-19 3,53 -4,522-Oct-19 2,41 -6,543-Oct-19 2,33 -5,554-Oct-19 2,98 -4,066-Oct-19 2,877-Oct-19 3,33 -5,028-Oct-19 2,05 -5,779-Oct-19 3,07 -5,1510-Oct-19 3,64 -4,8911-Oct-19 4,36 -5,1414-Oct-19 4,25 -5,2615-Oct-19 3,41 -5,2616-Oct-19 4,24 -5,2317-Oct-19 5,02 -4,5818-Oct-19 4,37 -4,2821-Oct-19 4,96 -4,1822-Oct-19 5,73 -4,4823-Oct-19 5,70 -3,8824-Oct-19 4,97 -3,9025-Oct-19 5,35 -4,5527-Oct-19 5,5328-Oct-19 5,99 -4,8429-Oct-19 6,2 -4,6730-Oct-19 5,78 -4,6531-Oct-19 4,77 -4,271-Nov-19 4,88 -4,203-Nov-19 4,704-Nov-19 5,85 -4,545-Nov-19 5,39 -4,786-Nov-19 6,52 -4,447-Nov-19 7,21 -5,158-Nov-19 7,12 -4,9410-Nov-19 7,0011-Nov-19 8,44 -5,2112-Nov-19 8,36 -4,8413-Nov-19 9,12 -4,1014-Nov-19 9,00 -4,3515-Nov-19 10,34 -3,8117-Nov-19 10,3718-Nov-19 10,24 -3,5119-Nov-19 10,19 -3,7420-Nov-19 9,74 -3,4521-Nov-19 9,52 -3,8022-Nov-19 9,20 -3,9724-Nov-19 9,3925-Nov-19 10,64 -3,7026-Nov-19 9,43 -2,8927-Nov-19 9,85 -2,6328-Nov-19 9,7929-Nov-19 10,41 -2,911-Dec-19 10,642-Dec-19 10,88 -2,523-Dec-19 10,91 -2,634-Dec-19 10,98 -2,145-Dec-19 10,44 -2,276-Dec-19 11,01 -1,838-Dec-19 10,939-Dec-19 11,54 -1,7810-Dec-19 11,05 -2,1011-Dec-19 11,26 -1,8712-Dec-19 11,78 -2,2613-Dec-19 11,84 -1,8315-Dec-19 11,8516-Dec-19 11,89 -1,3317-Dec-19 12,37 -1,4118-Dec-19 12,48 -1,4619-Dec-19 12,99 -0,8120-Dec-19 13,20 -0,0522-Dec-19 13,4223-Dec-19 12,74 -0,2524-Dec-19 12,89 -0,5025-Dec-19 12,7726-Dec-19 12,87 -0,3927-Dec-19 13,43 0,0929-Dec-19 13,5630-Dec-19 14,21 -0,4231-Dec-19 14,28 -0,311-Jan-20 14,552-Jan-20 14,02 -1,203-Jan-20 13,66 -1,145-Jan-20 13,546-Jan-20 13,61 -0,867-Jan-20 13,55 -1,648-Jan-20 13,35 -1,019-Jan-20 13,18 -0,5010-Jan-20 12,93 -0,5712-Jan-20 12,9213-Jan-20 13,14 0,4114-Jan-20 13,42 0,3715-Jan-20 13,65 1,2316-Jan-20 14,65 1,6017-Jan-20 14,63 1,9319-Jan-20 14,5620-Jan-20 14,1021-Jan-20 14,79 2,2222-Jan-20 14,17 2,5623-Jan-20 14,86 2,4624-Jan-20 13,81 1,7926-Jan-20 14,0127-Jan-20 12,67 1,0228-Jan-20 12,60 0,9829-Jan-20 13,91 0,6230-Jan-20 13,54 2,1731-Jan-20 12,60 0,702-Feb-20 12,623-Feb-20 12,21 0,854-Feb-20 12,96 1,235-Feb-20 15,73 1,716-Feb-20 16,13 1,947-Feb-20 15,00 2,429-Feb-20 15,1610-Feb-20 16,08 3,0911-Feb-20 15,70 3,2012-Feb-20 18,00 2,7813-Feb-20 17,31 3,1214-Feb-20 16,73 3,3116-Feb-20 16,6117-Feb-20 16,1618-Feb-20 14,71 2,6319-Feb-20 14,12 2,6120-Feb-20 13,76 2,5721-Feb-20 13,30 3,0023-Feb-20 13,2724-Feb-20 9,39 0,3725-Feb-20 8,79 -1,3426-Feb-20 7,79 -1,6027-Feb-20 6,00 -5,6128-Feb-20 3,87 -7,681-Mar-20 3,82-Mar-20 6,73 -3,733-Mar-20 5,27 -4,584-Mar-20 5,40 0,245-Mar-20 4,76 -2,066-Mar-20 3,61 -3,598-Mar-20 3,699-Mar-20 -2,57 -8,6710-Mar-20 -1,65 -5,9111-Mar-20 -3,80 -9,6212-Mar-20 -12,90 -18,5113-Mar-20 -10,42 -12,6615-Mar-20 -10,4716-Mar-20 -15,38 -19,7417-Mar-20 -13,74 -13,5018-Mar-20 -16,56 -18,5819-Mar-20 -15,65 -20,8720-Mar-20 -15,75 -26,5622-Mar-20 -15,8223-Mar-20 -18,56 -28,8424-Mar-20 -15,08 -23,9225-Mar-20 -12,36 -22,5126-Mar-20 -9,45 -17,6327-Mar-20 -13,15 -18,6829-Mar-20 -13,0330-Mar-20 -10,38 -15,1031-Mar-20 -8,21 -16,381-Apr-20 -9,46 -18,722-Apr-20 -8,34 -16,363-Apr-20 -9,07 -15,715-Apr-20 -8,856-Apr-20 -7,32 -12,507-Apr-20 -7,04 -12,578-Apr-20 -6,39 -11,079-Apr-20 -5,22 -9,4810-Apr-20 -5,2412-Apr-20 -5,0413-Apr-20 -4,97 -11,4414-Apr-20 -1,85 -7,6015-Apr-20 -2,09 -9,6816-Apr-20 -1,87 -9,4717-Apr-20 0,01 -8,0619-Apr-20 0,2320-Apr-20 -0,08 -9,7721-Apr-20 -2,99 -12,6522-Apr-20 -0,86 -11,8723-Apr-20 0,10 -12,8624-Apr-20 0,35 -11,4726-Apr-20 0,427-Apr-20 1,81 -10,3728-Apr-20 4,63 -9,2829-Apr-20 6,17 -9,6030-Apr-20 5,30 -11,131-May-20 4,12 -12,623-May-20 4,134-May-20 4,25 -12,925-May-20 4,65 -12,916-May-20 5,31 -13,627-May-20 7,29 -13,958-May-20 10,98 -11,5610-May-20 11,0611-May-20 9,81 -11,9512-May-20 8,95 -12,6813-May-20 6,48 -13,5314-May-20 5,42 -13,7715-May-20 7,82 -13,3417-May-20 8,0918-May-20 9,02 -11,8719-May-20 7,86 -13,2220-May-20 9,70 -12,0821-May-20 8,27 -13,1122-May-20 8,47 -12,8424-May-20 8,2125-May-20 8,5226-May-20 10,98 -12,0027-May-20 12,18 -10,3628-May-20 11,79 -9,9329-May-20 12,16 -9,8831-May-20 12,11-Jun-20 12,38 -9,302-Jun-20 12,93 -9,203-Jun-20 13,83 -8,894-Jun-20 13,53 -9,095-Jun-20 15,98 -7,418-Jun-20 16,23 -6,049-Jun-20 15,86 -7,1010-Jun-20 14,72 -7,4711-Jun-20 11,49 -12,2712-Jun-20 11,70 -12,0314-Jun-20 11,5115-Jun-20 11 -10,6316-Jun-20 12,72 -9,0017-Jun-20 12,70 -9,1618-Jun-20 12,10 -8,4719-Jun-20 11,19 -9,8521-Jun-20 10,9922-Jun-20 11,49 -10,2223-Jun-20 12,15 -10,4824-Jun-20 10,46 -12,2225-Jun-20 10,01 -11,4926-Jun-20 9,07 -13,6428-Jun-20 9,0029-Jun-20 11,18 -11,9530-Jun-20 12,67 -11,40

-36%

-24%

-12%

0%

12%

24%

30-Jun-17

22-Aug-17

12-O

ct-17

3-Dec-1

7

24-Jan-18

16-M

ar-18

8-May

-18

29-Jun-18

21-Aug-18

16-O

ct-18

6-Dec-1

8

27-Jan

-19

19-M

ar-19

9-May

-19

1-Jul-1

9

22-Aug-19

15-O

ct-19

6-Dec-1

9

27-Jan

-20

18-M

ar-2

0

8-May

-20

30-Jun-2

0

Healthy food S&P 500 Food Beverage & Tobacco

Listed companies and H2 2020 outlook

Share price index over three years of healthy food vs food & beverage industry

Healthy food categories EV/EBITDA three-year evolution

Source: S&P Capital IQ

Source: S&P Capital IQ

Over the past three years, healthy food companies have enjoyed double-digit valuations and have outperformed the overall food & beverage industry (according to the S&P 500 Food Beverage & Tobacco industry index). The COVID-19 emergency caused a global shock to stock prices of both the traditional food & beverage industry and healthy food companies between February and March this year.

Despite challenges in production and global trade generated by lockdowns, the food industry remained resilient. During this period, consumers have become more conscious of their health, recognizing the positive impact of healthy eating and its medical benefits. Consumer surveys by McKinsey showed how healthy eating remained the highest priority of food shoppers across Europe throughout the pandemic.

As the wellness trend endured — if not strengthened — during the pandemic, we expect a speedy recovery for healthy food companies. After the initial shock, listed healthy food companies are continuing to show double-digit EV/EBITDA valuations, with the organic and free-from food category reinforcing its strong performance over the past three years. Market uncertainties certainly dampened the predicted strong start of M&A activity in 2020, but nonetheless, 34 transactions were closed the first five months of the year and new opportunities for consolidation are likely to arise.

9OAKLINS – Spot On · Healthy food · July 2020

GLOBAL CONSUMERS TRENDS

Pulses have historically been part of many traditional cuisines around the world: beans are key ingredients for South American soups and stews, mung beans are consumed in China during summer as they provide a cooling function according to traditional medicine, and a large variety of pulses are the cornerstone of the Mediterranean diet.

Despite usually being associated with simple and poor cuisines, pulses have started to receive renewed attention thanks to their nutritious properties and being a source of protein, vitamins, complex carbohydrates and fiber. Global consumption has risen in the past five years by a CAGR of about 3%, reaching 53 million tons in 2019. However, strong differences in consumption among regions will impact growth in the upcoming years.

Asia-Pacific countries count for the vast majority of the global sales volume of fresh pulses. However, growing preference for other fresh vegetables, poor harvest seasons and a westernization of eating habits are going to dampen market growth in countries such as China and India, where the consumption of pulses remains largely related to traditional dishes.

Other countries that have traditionally consumed pulses, such as Brazil, Mexico and Italy, are experiencing a different shift towards non-traditional varieties of pulses and towards processed pulse-based products. These products have been able to meet both the demand for healthier options and hectic lifestyles. One example is the consumption of lentils in Italy. Lentils are a traditional Christmas food, with 70% of sales occurring in November and December.

However, during 2019, sales of lentils were spread evenly across the whole year, thanks to product innovations in terms of cooking time and convenience.

A third type of consumption change characterizes western countries where pulses have not been part of the traditional cuisine. The USA, Germany, France and the UK, amongst many others, have shown the fastest growth in terms of sales volumes, thanks to the growing inclusion of pulses in everyday diets as source of proteins and nutrients.

The differences between regions are reflected in historical and forecasted growth trends. While the market remains rather stagnant in the Asia-Pacific region, sales in Europe and the Americas have grown by an average 4% CAGR and are expected to continue their growth during the coming five years at a 3% rate.

The pulses market

2014 2015 2016 2017 2018 201935,174.42 29,461.28 30,036.23 39,671.91 41,242.55 40,380.312,297.98 2,320.89 2,389.76 2,511.52 2,589.87 2,678.17

397.10 427.61 431.75 468.79 530.76 580.124,669.78 4,588.45 4,271.01 4,568.40 4,670.13 4,805.863,603.46 3,747.41 3,934.56 4,631.32 4,547.65 4,601.01

46,142.74 40,545.63 41,063.31 51,851.94 53,580.96 53,045.48

0

10,000

20,000

30,000

40,000

50,000

60,000

2014 2015 2016 2017 2018 2019

53,04553,58151,852

41,06340,54646,143

Europe North America South AmericaAsia-Pacific Africa/Middle East

Pulses volume growth (ʼ000 tons) by geographic region

Source: Euromonitor

10 OAKLINS – Spot On · Healthy food · July 2020

2014 2019 2024North America 869.33 1,031.14 1,188.39

Europe 786.97 929.72 1,125.04Asia-Pacific 442.80 515.24 621.23

South America 33.97 76.63 140.27Middle East

and Africa 22.00 30.62 36.77

North America

Europe

Asia-Pacific

South America

Middle East and Africa 22

34

443

787

869

31

77

515

930

1,031

37

140

621

1,125

1,188

20192024E 2014

Pulses packaged food retail value growth (US$m) by geographic region

Source: Euromonitor

WHAT DRIVES THE PULSES MARKET?

A combination of awareness regarding the nutritional benefits of pulses and product innovation has allowed the market to evolve to better respond to changed lifestyles.

The spread of information about the health benefits of pulses has often been supported by governments and international health organizations. The emphasis on the consumption of pulses suits different types of health-conscious diets, including the ever-more popular flexitarian diet. Pulses are, indeed, a cheap alternative source of protein to meat and fish. Additionally, they are naturally gluten-free, allergen-free,

low in fat, and their cultivation is considered more sustainable. All these characteristics appeal not only to consumers with restricted diets, but to all health-conscious consumers.

Additionally, modern consumers look for convenience products and time-saving processed solutions. Canned pulses and precooked products, which were not even present in the market until a few years ago, have increased their shelf space. The success of these products is putting pressure on sales of fresh pulses, which require long cooking times and usually compete on price.

Supported by the large variety of legumes and their easy combination with grains and vegetables, pulses have also been largely used to create complete and easy-to-cook meals. One example is their use in gluten-free pasta and vegetarian hamburgers. As their nutritious benefits gain even more awareness, pulses have even started to be used as ingredients in energy bars, vegetable chips and sweet snacks.

These products have experienced a faster volume growth compared with the overall pulses market and are expected to continue their growth in terms of both volume and value.

11OAKLINS – Spot On · Healthy food · July 2020

Company LTM RevThe Kraft Heinz Company 22705.3

The Andersons Inc. 7322.3Greenyard N.V. 4061.0Bonduelle SCA 2812.7B&G Foods Inc. 1530.6

AGT Food and Ingredients Inc.* 1159.5Camil Alimentos S.A. 1089.0

La Doria S.p.A. 750.6

The Kraft Heinz Company

The Andersons Inc.

Greenyard N.V.

Bonduelle SCA

B&G Foods Inc.

AGT Food and Ingredients Inc.*

Camil Alimentos S.A.

La Doria S.p.A. 751

1,089

1,160

1,531

2,813

4,061

7,322

22,705

Listed market leaders in the pulses segment by last-twelve-months (LTM) revenues (US$m)

Source: S&P Capital IQ; *FY2018 revenues, AGT underwent a management buy-out in 2019

The pulses market

PLAYERS AND M&A ACTIVITY

The pulses market is rather fragmented, with numerous local players that offer varying types of agricultural and processed products that better suit local dietary preferences.

On an international level, we can identify only a few players that are spread across the whole supply chain. These food ingredients companies are AGT Foods and The Andersons, which are involved in harvesting, the first stages of processing and trading of legumes.

Further down the supply chain, there are agricultural companies that also process fresh vegetables, offering canned and frozen products for the retail market. This is the case for Bonduelle and Greenyard, the product portfolios of which include freshly cut salads and canned pulses. Over the last few years, the demand for convenience foods has boosted the demand for these ready-to-eat products, bringing innovation through an increased mix of fresh vegetables and precooked pulses.

Finally, processed pulses have been traditionally marketed as convenience foods in canned format, ready-to-cook soups and sauces by notorious international brands such as Kraft Heinz and B&G Food, as well as by private-label producers such as La Doria.

12 OAKLINS – Spot On · Healthy food · July 2020

Selected M&A transactions in the pulses segment (US$m)

Sources: Mergermarket, S&P Capital IQ

WHAT’S DRIVING THE M&A ACTIVITY NOWADAYS?

Identified international players hold a large market share when it comes to so-called traditional products, but the current rediscovery of pulses has opened the market to a wider set of players that are now able to offer additional healthy retail products.

These products include vegetarian alternatives, such as veggie burgers and nuggets, but also savory and sweet snacks. The combination of the feeling of indulgence and healthy features has attracted consumers and driven M&A activity in recent years.

As a result, we have seen acquisitions in the segment by both traditional food & beverage players and by healthy food companies. The acquisition of Farmwise by B&G Food, the acquisition of Enjoy Life Natural Brands by Mondelez and the acquisition of The Better Bean Co. by Hain Celestial again underline the relevance of brands in M&A in the healthy food space.

More traditional products are offered by Davert and Geovita Group, which have been bought by Midsona and Ebro Foods, respectively. Both companies offer dried pulses within a larger product

portfolio that also includes grains. The acquisition of Geovita Group, in particular, allowed Ebro Foods to expand to the healthy food industry through the diversification of its product portfolio to segments adjacent to its traditional offering of pasta and rice.

Finally, the expanded use of legumes has allowed private-equity-based companies to grow their product portfolio while gaining operational synergies. This is the case of The Good Bean Company, which offers chickpea snacks and, backed by L Catterton, has acquired Beanitos, a brand of bean-made chips.

Organic Gluten-free Allergen-freeVegetarian

Rationale

DateHealthy food

category Target AcquirorProduct

diversification

Access to the healthy

segmentAccess to new geographies

Consolidation /Buy-and-

build

EV

(US$m)EV/

SalesEV/

EBITDA

Feb-20 N/A N/A N/A

Dec-19 N/A N/A N/A

Mar-19 N/A N/A N/A

May-18 42.8 0.6x 8.1x

Oct-17 N/A N/A N/A

Sep-17 42.9 2.5x 23.4x

Jun-17 7.4 N/A N/A

Feb-15 71.1 1.8x N/A

The pulses market

13OAKLINS – Spot On · Healthy food · July 2020

Key takeaways and prospects2019 was a record year for M&A in the healthy food segment. The large number of deals closed mirrored the broadening of consumers’ demand for healthy features to all categories of food & beverages. Strategic buyers are interested in diversifying their product range and acquiring market shares in the fastest-growing niches. Consolidation has also been led by private equity firms through buy-and-build projects in specialized market segments.

The beginning of 2020 was instead characterized by a slowdown in M&A activity caused by the COVID-19 emergency. Despite an initial market

shock that has impacted all sectors, valuations of listed healthy food companies rebounded to a double-digit EV/EBITDA multiple.

The pandemic has actually raised consumer awareness regarding the health benefits of a natural and nutritious diet, further promoting the growth of the health food segment. While consumers demand is expected to remain strong for the whole segment, small niches are bringing product innovation. The pulses segment is one example of a traditional product that quickly developed new solutions in accordance with healthy diets.

The presence of very diversified niches that are slowly embracing the healthy space highlights the presence of some still-segmented markets, where opportunities for consolidation are supported by the growth of consumers’ demand and the presence of small and mid-size companies.

14 OAKLINS – Spot On · Healthy food · July 2020

BIOTOBIO HAS MERGED WITH LA FINESTRA SUL CIELO

BiotoBio has merged with its domestic competitor La Finestra sul Cielo S.p.A.

BiotoBio is the leading Italian distributor of healthy food, serving 1,000 specialty shops throughout the country. It has a turnover of US$60 million. BiotoBio is part of EcorNaturaSì, a company founded in January 2009 from the merger between Ecor, the first wholesale distributor of organic and biodynamic products, and the main Italian chain of supermarkets specialized in the retail distribution of such products.

La Finestra sul Cielo has been active in the organic food sector since 1978, selling its products in Italy and abroad and focusing in particular on food intolerances, macrobiotics and vegan foods. The company has a turnover of US$38 million.

Oaklins’ team in Italy advised BiotoBio’s minority shareholders on their merger with La Finestra sul Cielo. The team had previously advised the EcorNaturaSì group on another transaction.

Our healthy food specialist said: “We are happy to have advised the minority shareholders of the company on another transformational deal in the healthy food sector in Italy. This transaction shows that the dynamics of the industry have not been impacted by COVID-19, and we expect many other companies to join forces with domestic or international groups in order to provide a wider offering to consumers in different geographic areas.”

Case study

15OAKLINS – Spot On · Healthy food · July 2020

Deep local roots, global commitmentOaklins brings you opportunities from across the world and

we meet you with our expertise wherever you are

About Oakl ins

Oaklins is the world’s most experienced mid-market M&A

advisor, with over 850 professionals globally and dedicated

industry teams in more than 45 countries. We have closed

1,700 transactions in the past five years.

PAOLO RUSSO

Partner Turin, ItalyT: +39 02 7631 1445

Paolo leads Oaklins’ healthy food team and is a partner at Oaklins Italy. With extensive experience in the sector, high-profile transactions he has completed include advising Sanpellegrino on the sale of its Recoaro and San Bernardo mineral water brands, businesses and assets to Refresco, the listed Dutch beverage group, and Gruppo Montecristo, a fast-growing Italian mineral water and soft drinks player. Paolo also advised the shareholders of BiotoBio, the largest Italian healthy food distributor (owned by EcorNaturaSì), on a merger with Finestra sul Cielo, a leading healthy food manufacturer and distributor located in Italy, Spain and France.

OAKLINS OFFERS A COMPREHENSIVE RANGE OF SERVICES

– M&A advisory (buy-side and sell-side)

– Growth equity and equity capital markets advisory

– Debt advisory

– Corporate finance services

Healthy food is one of our focus areas. Combining comprehensive sector knowledge with global execution has led Oaklins to become one of the most experienced M&A advisors in the healthy food sector, with a large network of relevant market players worldwide. This results in the best possible merger, acquisition and divestment opportunities for healthy food companies.

If mergers, acquisitions, or divestitures of businesses or business units are part of your strategy, we would welcome the opportunity to exchange ideas with you.

16OAKLINS – Spot On · Healthy food · July 2020

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