When viewed from theperspective of how the capital is used, it includes CNX Gas’ property, plant,and equipment and other assets less liabilities.As of As ofCapital Employed March 31, December 31, 2009 2008 —- —-Total assets $2,216,936 $2,124,973Less liabilities: Total current liabilities (other thancurrent portion of indebtedness) (189,838)(199,888) Total long-term liabilities (other thanindebtedness)(396,881)(384,367) ——– ——–Total Capital Employed $1,630,217 $1,540,718 ========== ==========Return on average capital employed (ROCE) is a performance measure ratio. ROCEis defined as net income plus after-tax interest expense, divided by averagecapital employed. Below is a calculation of ROCE for the March 2009 quarter.In order to annualize the result on a compounded basis, a “1″ is added to thequarterly ROCE, before it is raised to the fourth power. Quarter EndedReturn on Capital EmployedMarch 31,2009—-Net Income $54,904Financing costs (after-tax):(1,203)——Earnings excluding financing costs $56,107Average capital employed$1,585,468Return on average capital employed3.5%Return on average capital employed-annualized 14.9%Although ROCE is not a measure of performance calculated in accordance withgenerally accepted accounting principles, management believes that ROCE is auseful measure because it indicates the return on all capital, which includesequity and debt, employed in the business. Management believes that ROCE is anadditional measure of efficiency when considered in conjunction with return onequity, which measures the return on only the shareholders’ equity componentof total capital employed.CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTSVarious statements in this document, including those that express a belief,expectation, or intention, as well as those that are not statements ofhistorical fact, are forward-looking statements (as defined in Section 21E ofthe Securities Exchange Act of 1934 and the Private Securities LitigationReform Act of 1995). The forward-looking statements may include projectionsand estimates concerning the timing and success of specific projects, ourfuture production, revenues, income and capital spending.

When we use thewords “believe,” “intend,” “expect,” “may,” “should,” “anticipate,” “could,”"would,” “will,” “estimate,” “plan,” “predict,” “project,” or their negatives,or other similar expressions, the statements which include those words areusually forward-looking statements. When we describe strategy that involvesrisks or uncertainties, we are making forward-looking statements. Theforward-looking statements in this document speak only as of the date of thisdocument; we disclaim any obligation to update these statements unlessrequired by securities law, and we caution you not to rely on them unduly. Wehave based these forward-looking statements on our current expectations andassumptions about future events. While our management considers theseexpectations and assumptions to be reasonable, they are inherently subject tosignificant business, economic, competitive, regulatory and other risks,contingencies and uncertainties, most of which are difficult to predict andmany of which are beyond our control. VIENNA, April 23 (Reuters) – Austria’s Erste Group Bank(ERST.VI), emerging Europe’s No.3 lender, is “satisfied” withprivate investor demand for a 2.7 billion euro ($3.5 billion)state-sponsored capital issue, a board member said on Thursday. A good private take-up would improve the quality of thecapital Erste can raise in the deal.

The more it can sell toprivate investors, the less lower-quality hybrid capital it willneed to hit the target amount of the capital hike. The head of Erste’s Austrian business, ElisabethBleyleben-Koren, told journalists in a briefing that sheexpected around 400 million euros of the capital could be raisedfrom private investors. The capital issue, announced in February, is a mixture ofparticipation capital — a form similar to preference shares –to be bought by private investors and the government, and hybriddebt issued to the government. [ID:nLR890108] “The take-up of the participation capital (by privateinvestors) is satisfactory,” Bleyleben-Koren said in thebriefing She declined to be more specific. Erste opened the books for private investors last week andwill keep them open until April 29.

Erste will have anopportunity to publish the result of the sale when it reportsfirst-quarter numbers on April 30. How much Erste can raise with private investors will definethe structure of the capital issue. To avoid restrictions on dividend payments and to be allowedto pay only an 8-percent coupon on the capital, Erste needs tosell 30 percent of the total to private investors. This means the amount it can take from the government iscapped by 2.3 times the amount it gets from investors. If it sold 400 million euros, for instance, it could takearound 900 million euros from the government. In this case itwould top up the amount with 1.4 billion euros in hybrid debtfrom the government to reach the 2.7 billion euro target sum. The participation capital conforms to the more strict rulesfor core tier 1 capital, whereas hybrid capital would be countedonly towards tier 1 capital.

To raise the entire 2.7 billion euros as participationcapital, it would need to raise around 800 million euros frominvestors, which would increase the amount it can take from thegovernment to 1.9 billion euros. (Reporting by Boris Groendahl; Editing by Rupert Winchester). I’ve had more time for Louis Saha than a lot of reds I know. Those who sit around me at Old Trafford have called him all the names under the sun in the few appearances he’s made for us this season.