Instructions

Inputs are colored blue. In general, these are the only values you need to change.
To add comparable companies, simply copy down the last row in the Comps tab and add a corresponding options table to the
Modify the output pages as necessary to show the multiples and operating metrics that are relevant to you.
nding options table to the Options tab.
Comparable Companies Analysis - Operating Metrics

Stock 08E/09E
Price Diluted Market Net Enterprise Revenue
Company 8/20/08 Shares Cap. Debt Value Growth
Company A $34.25 72.674 $2,489.1 $271.8 $2,760.9 18.6%
Company B $12.84 212.476 $2,728.2 $259.2 $2,987.4 8.3%
Company C $27.59 45.389 $1,252.3 ($56.4) $1,195.9 23.8%

High 23.8%
Mean 16.9%
Median 18.6%
Low 8.3%
 ($ in millions, except per share amounts)

EBITDA Margin Net Margin

LTM CY08E CY09E LTM CY08E CY09E
29.5% 27.7% 26.1% 16.2% 15.6% 14.8%
20.6% 20.4% 21.2% 12.3% 12.0% 12.8%
16.4% 19.4% 19.4% 12.4% 14.0% 14.0%

29.5% 27.7% 26.1% 16.2% 15.6% 14.8%

22.1% 22.5% 22.2% 13.7% 13.9% 13.9%
20.6% 20.4% 21.2% 12.4% 14.0% 14.0%
16.4% 19.4% 19.4% 12.3% 12.0% 12.8%
Comparable Companies Analysis - Valuation Multiples

Stock Enterpris
Price Diluted Market Net Enterprise LTM
Company 8/20/08 Shares Cap. Debt Value Revenue
Company A $34.25 72.674 $2,489.1 $271.8 $2,760.9 1.91x
Company B $12.84 212.476 $2,728.2 $259.2 $2,987.4 1.99x
Company C $27.59 45.389 $1,252.3 ($56.4) $1,195.9 1.70x

High 1.99x
Mean 1.87x
Median 1.91x
Low 1.70x
 ($ in millions, except per share amounts)

Enterprise Value Multiples Equity Value Multiples

CY08E CY09E LTM CY08E CY09E CY08E CY09E CY08E
Revenue Revenue EBITDA EBITDA EBITDA P/E P/E P/E/G
1.67x 1.41x 6.5x 6.0x 5.4x 10.6x 9.6x 1.28x
1.88x 1.74x 9.7x 9.2x 8.2x 16.3x 15.3x 2.54x
1.79x 1.45x 10.3x 9.2x 7.4x 13.9x 12.5x 1.30x

1.88x 1.74x 10.3x 9.2x 8.2x 16.3x 15.3x 2.54x

1.78x 1.53x 8.8x 8.2x 7.0x 13.6x 12.5x 1.71x
1.79x 1.45x 9.7x 9.2x 7.4x 13.9x 12.5x 1.30x
1.67x 1.41x 6.5x 6.0x 5.4x 10.6x 9.6x 1.28x
Comparable Companies Inputs
10 12 14

8/20/2008
LTM Stock Basic Diluted
Company Ticker Date Price Shrs. Out. Shrs. Out.

1 Company A AAA 6/30/2008 $34.25 69.220 72.674

2 Company B BBB 6/30/2008 12.84 212.476 212.476
3 Company C CCC 6/30/2008 27.59 45.335 45.389
 16 18 20 22 24 26 28 30

Market Convertible Conversion Preferred Non-Conv. Minority Net

Cap. Cash Debt Price Stock Debt Interest Debt

$2,489.1 $259.3 $0.0 $0.00 $0.0 $531.1 $0.0 $271.8

$2,728.2 $302.8 $450.0 $15.00 $0.0 $0.0 $112.0 $259.2
$1,252.3 $123.6 $0.0 $0.00 $0.0 $67.2 $0.0 ($56.4)
 32 34 36 38 40 42 44

Enterprise Revenue EBITDA

Value CY07A LTM CY08E CY09E CY07A LTM

$2,760.9 $1,333.6 $1,445.2 $1,652.5 $1,960.0 $406.3 $425.9

$2,987.4 $1,445.1 $1,500.8 $1,589.0 $1,721.3 $295.3 $308.6
$1,195.9 $539.8 $705.5 $668.2 $827.1 $97.6 $115.6
 46 48 50 52 54 56 58 60

EBITDA Net Income EPS

CY08E CY09E CY07A LTM CY08E CY09E CY07A CY08E

$457.1 $511.0 $223.8 $234.7 $257.5 $289.9 $3.01 $3.23

$324.4 $365.0 $163.3 $185.2 $190.9 $221.1 $0.74 $0.79
$129.8 $160.7 $80.4 $87.5 $93.7 $116.0 $1.79 $1.98
 62 64

EPS 5-Year
CY09E EPS CAGR

$3.55 8.3%
$0.84 6.4%
$2.20 10.7%
Options Tables
Tranche 1 Tranche 2 Tranche 3

1 Company A Number of Options (mm) 8.350 7.561 0.391

$34.25 Weighted-Average Strike $24.13 $29.78 $35.11
Treasury Shares 2.467 0.987 0.000

2 Company B Number of Options (mm)

$12.84 Weighted-Average Strike
Treasury Shares 0.000 0.000 0.000

3 Company C Number of Options (mm) 0.042 0.037 2.775

$27.59 Weighted-Average Strike $18.67 $26.33 $27.20
Treasury Shares 0.014 0.002 0.039
Tranche 4 Tranche 5 Tranche 6 Tranche 7 Tranche 8 Tranche 9 Tranche 10 Total

1.313 0.000 3.454

$46.21 $0.00
0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.000

0.000 0.000 0.000 0.000 0.000 0.000 0.000

3.780 3.313 2.007 1.000 0.054

$36.11 $42.57 $47.20 $55.00
0.000 0.000 0.000 0.000 0.000 0.000 0.000