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

Company
Company A
Company B
Company C

Stock
Price
8/20/08

Diluted
Shares

Market
Cap.

$34.25
$12.84
$27.59

72.674
212.476
45.389

$2,489.1
$2,728.2
$1,252.3

Net
Debt
$271.8
$259.2
($56.4)

Enterprise
Value

08E/09E
Revenue
Growth

$2,760.9
$2,987.4
$1,195.9

18.6%
8.3%
23.8%

High
Mean
Median
Low

23.8%
16.9%
18.6%
8.3%

($ in millions, except per share amounts)

LTM

EBITDA Margin
CY08E
CY09E

LTM

Net Margin
CY08E

CY09E

29.5%
20.6%
16.4%

27.7%
20.4%
19.4%

26.1%
21.2%
19.4%

16.2%
12.3%
12.4%

15.6%
12.0%
14.0%

14.8%
12.8%
14.0%

29.5%
22.1%
20.6%
16.4%

27.7%
22.5%
20.4%
19.4%

26.1%
22.2%
21.2%
19.4%

16.2%
13.7%
12.4%
12.3%

15.6%
13.9%
14.0%
12.0%

14.8%
13.9%
14.0%
12.8%

Comparable Companies Analysis - Valuation Multiples

Company
Company A
Company B
Company C

Stock
Price
8/20/08

Enterpris
Diluted
Shares

Market
Cap.

$34.25
$12.84
$27.59

72.674
212.476
45.389

$2,489.1
$2,728.2
$1,252.3

Net
Debt
$271.8
$259.2
($56.4)

Enterprise
Value

LTM
Revenue

$2,760.9
$2,987.4
$1,195.9

1.91x
1.99x
1.70x

High
Mean
Median
Low

1.99x
1.87x
1.91x
1.70x

($ in millions, except per share amounts)

Enterprise Value Multiples

CY08E
CY09E
LTM
CY08E
Revenue
Revenue
EBITDA
EBITDA

CY09E
EBITDA

Equity Value Multiples

CY08E
CY09E
CY08E
P/E
P/E
P/E/G

1.67x
1.88x
1.79x

1.41x
1.74x
1.45x

6.5x
9.7x
10.3x

6.0x
9.2x
9.2x

5.4x
8.2x
7.4x

10.6x
16.3x
13.9x

9.6x
15.3x
12.5x

1.28x
2.54x
1.30x

1.88x
1.78x
1.79x
1.67x

1.74x
1.53x
1.45x
1.41x

10.3x
8.8x
9.7x
6.5x

9.2x
8.2x
9.2x
6.0x

8.2x
7.0x
7.4x
5.4x

16.3x
13.6x
13.9x
10.6x

15.3x
12.5x
12.5x
9.6x

2.54x
1.71x
1.30x
1.28x

Comparable Companies Inputs

Company
1 Company A
2 Company B
3 Company C

Ticker

LTM
Date

AAA
BBB
CCC

6/30/2008
6/30/2008
6/30/2008

10

12

14

8/20/2008
Stock
Price

Basic
Shrs. Out.

Diluted
Shrs. Out.

$34.25
12.84
27.59

69.220
212.476
45.335

72.674
212.476
45.389

16

18

Market
Cap.

Cash

$2,489.1
$2,728.2
$1,252.3

$259.3
$302.8
$123.6

20

22

Convertible Conversion
Debt
Price
$0.0
$450.0
$0.0

$0.00
$15.00
$0.00

24

26

28

30

Preferred
Stock

Non-Conv.
Debt

Minority
Interest

Net
Debt

$0.0
$0.0
$0.0

$531.1
$0.0
$67.2

$0.0
$112.0
$0.0

$271.8
$259.2
($56.4)

32

34

36

38

Enterprise
Value

CY07A

LTM

$2,760.9
$2,987.4
$1,195.9

$1,333.6
$1,445.1
$539.8

$1,445.2
$1,500.8
$705.5

Revenue
CY08E
$1,652.5
$1,589.0
$668.2

40

42

44

CY09E

CY07A

LTM

EBITDA

$1,960.0
$1,721.3
$827.1

$406.3
$295.3
$97.6

$425.9
$308.6
$115.6

46

EBITDA
CY08E
$457.1
$324.4
$129.8

48

50

CY09E

CY07A

$511.0
$365.0
$160.7

$223.8
$163.3
$80.4

52

54

Net Income
LTM
CY08E
$234.7
$185.2
$87.5

$257.5
$190.9
$93.7

56

58

60

CY09E

CY07A

EPS
CY08E

$289.9
$221.1
$116.0

$3.01
$0.74
$1.79

$3.23
$0.79
$1.98

62

64

CY09E

5-Year
EPS CAGR

EPS

$3.55
$0.84
$2.20

8.3%
6.4%
10.7%

Options Tables
Tranche 1

Tranche 2

Tranche 3

1 Company A
$34.25

Number of Options (mm)

Weighted-Average Strike
Treasury Shares

8.350
$24.13
2.467

7.561
$29.78
0.987

0.391
$35.11
0.000

2 Company B
$12.84

Number of Options (mm)

Weighted-Average Strike
Treasury Shares

0.000

0.000

0.000

Number of Options (mm)

Weighted-Average Strike
Treasury Shares

0.042
$18.67
0.014

0.037
$26.33
0.002

2.775
$27.20
0.039

3 Company C
$27.59

Tranche 4

Tranche 5

1.313
$46.21
0.000

0.000
$0.00
0.000

Tranche 6

Tranche 7

Tranche 8

Tranche 9

Tranche 10

Total
3.454

0.000

0.000

0.000

0.000

0.000
0.000

0.000

0.000

0.000

0.000

3.780
$36.11
0.000

3.313
$42.57
0.000

2.007
$47.20
0.000

1.000
$55.00
0.000

0.000

0.000

0.000
0.054

0.000

0.000

0.000