You are on page 1of 83

Company Overview

Company Danaher
Ticker DHR
Price (8/25/09) $62.81
52-week high $83.16
% below high 32.4%
52-week low $47.20
% above low 33.1%

Shares Out 319.738
Market Cap $20,082.8

Total Debt $2,904.8
Cash 1,258.4
Net Debt $1,646.4

TEV $21,729.1

Dividend yield 0.19%

TEV / LTM EBITDA 13.3x
Debt / LTM EBITDA 1.8x
Net Debt / LTM EBITDA 1.0x
Debt to Total Capital 21.5%
LTM PE 16.6x

LTM FCF Yield 7.7%

ROE
LTM ROE 12.0% LTM 2008 3-yr avg 5-yr avg 10-yr avg
2008 14.5% ROE 12.0% 14.5% 18.2% 18.8% 18.5%
3-year average 18.2% ROIC 7.5% 8.6% 11.8% 12.1% 10.7%
5-year average 18.8% Debt/Total Cap 21.5% 21.1% 25.7% 23.3% 25.5%
10-year average 18.5%

ROIC
LTM 7.5%
2008 8.6%
3-year average 11.8%
5-year average 12.1%
10-year average 10.7%

FCF Conversion (FCF/NI)
LTM 128.2%
2008 126.4%
3-year average 125.3%
5-year average 124.2%
10-year average 134.3%

Valuation

Christy FCF Model Value $62.22
Premium/(Discount) to Intrinsic 0.9%

DCF Model $66.56
Premium/(Discount) to Intrinsic (6.0%)

ValuePro (KF Adj.) $71.15
Premium/(Discount) to Intrinsic (13.3%)

ValuePro DEFAULT $72.24
Premium/(Discount) to Intrinsic (15.0%)

Note: If Current Price is at greater than (20%) discount to intrinsic value, cell is color coded in green.
Revenue Breakdown
KEY Primary purpose is water
Partial purpose is water

DHR Revenue Breakdown 2008 2007 2006 2005 2004
Professional Instrumentation 38.0% 32.0% 31.0% 32.0% 33.0%
Medical Technologies 26.0% 27.0% 23.0% 15.0% 10.0%
Industrial Technologies 26.0% 29.0% 32.0% 37.0% 38.0%
Tools & Components 10.0% 12.0% 14.0% 16.0% 19.0%
Total 100.0% 100.0% 100.0% 100.0% 100.0%
2008 2007 2006 2005 2004
4860.8 3537.9 2906.5 2600.6 2290.6
3277 2998 2220 1181.5 672.9
3265.5 3153.4 2988.8 2908.1 2619.5
1294.2 1336.6 1350.8 1294.5 1306.3
$12,697.50 $11,025.90 $9,466.10 $7,984.70 $6,889.30
Reuters Knowledge Company Comparison
Valuation Ratios DHR ITW ITT DOV CBE
LFI: 7/3/2009 6/30/2009 6/30/2009 6/30/2009 6/30/2009
LFY: ### ### ### ### ###
Curr P/E Excl Extra, LTM: 17.1 24.33 12.17 12.73 11.92
P/E Excl Extra, High - Last 5 Yrs.: n/a n/a n/a n/a 22.23
P/E Excl Extra, Low - Last 5 Yrs.: n/a n/a n/a n/a 5.94
Beta 5Yr Monthly: 0.82 1.03 1.11 1.24 1.64
Curr Price/Rev/Shr, LTM: 1.7 1.46 0.83 1.02 0.96
Curr Price/Bk Val/Shr, Tot Eqty, LFI: 2.09 2.66 2.69 1.7 2
Curr Price/Tang Bk, Tot Eqty, LFI: -- 13.65 -- -- 44.7
Curr Price/CF/Shr, LTM: 12.88 13.63 8.94 8.49 9.03
Curr Price/FCF/Shr, LTM: 13.16 14.55 11.86 11.78 7.92
% Owned Institutions: 74.51 82.31 80.38 88.17 85.88
Dividend (%) DHR ITW ITT DOV CBE
Dividend Yield: 0.19 2.95 1.67 2.93 3
Annual Dividend - 5 Yr. Avg: 0.09 0.81 0.48 0.73 0.8
Dividend 5 Yr. Growth Rate: 19.14 20.21 16.95 9.57 7.39
Dividend Payout Ratio, LTM: 3.16 70.2 18.33 35.6 37.4
Growth Rates (%) DHR ITW ITT DOV CBE
Revenue, %Yr/Yr, LFI: -18.58 -25.53 -9.27 -30.86 -26.36
Revenue, %Yr/Yr, LTM: -4.1 -12.05 5.49 -15.26 -8.52
Revenue - 5 Yr. Growth Rate: 19.12 9.6 17.76 12.68 9.93
EPS, %Yr/Yr, LFI: -18.07 -64.51 -9.03 -44.79 -42.05
EPS, %Yr/Yr, LTM: -6.85 -49.29 11.58 -20.91 -24.07
EPS - 5 Yr. Growth Rate: 18.57 12.52 16.52 22.58 19.11
Capex, 5 Yr.Avg: 19.25 6.59 12.78 14.3 11.39
Financial Strength DHR ITW ITT DOV CBE
Quick Ratio, LFI: 1.48 1.51 1.18 1.89 1.23
Curr Ratio, LFI: 1.91 2.1 1.49 2.48 1.65
LT Debt/Tot Eqty, LFI: 27.01 36.08 42.1 47.25 33.38
Tot Debt/Tot Eqty, LFI: 27.4 38.37 52.38 50.69 43.73
EBIT Interest Cover, LFY: 15.65 9.62 11.58 8.04 9.32
Management Effectiveness (%) DHR ITW ITT DOV CBE
ROA Tot Assets, LTM: 6.67 5.67 7.2 6.5 7.55
ROA Tot Assets, 5 Yr. Avg.: 8.76 11.75 6.85 7.97 9.11
ROC Tot LT Cap, LTM: 7.89 7.19 10.74 7.73 9.66
ROC Tot LT Cap, 5 Yr. Avg.: 10.92 14.56 11.16 9.86 12.41
ROE Comm Eqty, LTM: 11.71 10.19 19.64 13.28 16.72
ROE Comm Eqty, 5 Yr. Avg.: 16.4 18.6 19.85 15.77 20.73
Profitability Ratios (%) DHR ITW ITT DOV CBE
Gross Profit % Margin, LFI: 47.21 33.74 28.01 35.48 30.3
Gross Profit % Margin, 5 Yr. Avg.: 44.79 35.37 28.06 35.82 31.9
EBITDA % Margin, LTM: 16.82 14.86 12.3 15.5 13.57
EBITDA % Margin, 5 Yr. Avg.: 17.92 19.43 12.68 16.55 15.34
Oper Income % Margin, LFI: 13.95 10.3 9.85 11.51 11.08
Oper Income % Margin, 5 Yr. Avg: 15.56 16.31 10.36 13.37 13.1
Income Bef Tax % Margin, LFI: 13.06 9.07 8.9 10.33 9.89
Income Bef Tax % Margin, 5 Yr. Avg.: 14.79 16.21 9.51 12.14 11.96
Income Aft Tax % Margin, LFI: 10.36 6.18 6.89 8.08 8.15
Income Aft Tax % Margin, 5 Yr. Avg.: 11 11.36 6.85 8.91 9.41
Income Tax % Rate, LTM: 20.63 31.87 22.56 21.85 17.61
Income Tax % Rate, 5 Yr. Avg.: 25.64 29.94 27.97 26.6 21.27
Efficiency DHR ITW ITT DOV CBE
Tot Revenue/Employee, LTM: 232.33 221.01 273.56 200.06 185.18
Income Aft Tax/Employee, LTM: 24.08 13.65 18.85 16.16 15.09
Receivable Turnover, LTM: 6.08 5.04 5.95 6.13 5.42
Inventory Turnover, LTM: 5.25 5.79 9.08 6.4 6.15
Asset Turnover, LTM: 0.64 0.92 1.05 0.8 0.93

Index, Industry/Sector Description
Index Membership: S&P 500
RBSS Industry: Industrial Machinery & Equipment (52121)
Reuters Industry: Scientific & Technical Instr.
Reuters Sector: Technology
NAICS 1: Instruments and Related Products Manufacturing for Measuring, Displaying
NAICS 2: Hand and Edge Tool Manufacturing (332212)
NAICS 3: Motor and Generator Manufacturing (335312)
NAICS 4: Other Communications Equipment Manufacturing (33429)
SIC 1: Process Control Instruments (3823)
SIC 2: Hand And Edge Tools, Nec (3423)
SIC 3: Motors And Generators (3621)
SIC 4: Communications Equipment, Nec (3669)
Sector Breakdown
Communications Equipment Computer Hardware
Computer Networks Computer Peripherals
Computer Services Computer Storage Devices
Electronic Instr. & Controls Office Equipment
Scientific & Technical Instr. Semiconductors
Software & Programming
SNA Industry Sector S&P 500
7/4/2009
1/3/2009
11.88 21.97 25.89 20.26
n/a 38.14 36.11 31.19
n/a 12.55 11.99 10.14
1.61 1.01 1.18 1
0.87 2.14 3.58 2.14
1.74 2.74 4.28 3.46
9.03 7.86 6.42 5.85
8.24 14.05 18.07 13.28
23.41 18.42 18.51 23.81
89.21 17.2 47.3 69.33
SNA Industry Sector S&P 500
3.16 1.88 1.84 2.5
1.08 0.76 0.91 2.02
3.71 12.29 22.38 13
37.25 16.5 12.4 32.32
SNA Industry Sector Index
-22.99 -13.28 -6.12 -9.83
-13.16 -1.91 -8.98 -3.61
5.02 21.92 20.68 13.35
-43.88 -14.58 -17.26 -16.46
-16.15 -4.61 -6.89 -13.6
24.76 17.27 33.86 18.11
20.24 24.19 21.89 12.45
SNA Industry Sector S&P 500
1.84 1.55 2.36 1.42
2.33 2.36 2.81 1.96
51.7 36.3 31.4 68.7
64.9 42.7 38.9 82.4
9.8 11.99 9.73 11.2
SNA Industry Sector S&P 500
6.49 5.92 6.56 6.3
5.8 7 10.36 8.61
8.34 7.73 10.36 9.03
7.76 9.58 15.9 12.39
13.85 12.79 17.19 16.06
12.55 14.93 20.18 20.21
SNA Industry Sector S&P 500
43.05 44.1 53 45.6
44.29 44.17 53.35 45.82
15.47 15.28 19.93 20.7
11.72 15.48 19.45 22.81
12.6 11.58 14.9 14.18
9.26 12.17 16.64 19.13
11.24 11.2 16.01 13.23
8.27 11.78 15.76 18.18
7.64 8.07 10.5 8.6
5.52 8.26 9.58 12.58
32 23.85 26.67 29.71
33.19 28.07 24.72 30.48
SNA Industry Sector S&P 500
219.84 247.13 488.94 845.48
16.8 23.57 79.43 94.71
4.75 5.69 7.46 10.24
4.12 4.59 14.24 10.72
0.85 0.75 0.71 0.93

ng for Measuring, Displaying, and Controlling Industrial Process Variables (334513)
FCF Analsysis - George C. Christy Template - Danaher
Company: DHR (All whole numbers except per share and return numbers)
(000,000's) 2009 2008 2007 2006
ADJUSTMENTS TO GAAP CASH FLOW
Cash provided by operating activities (Net CFO) $1,859.0 $1,645.8 $1,547.3

Changes in Working Capital / Other
Accounts receivable $71.4 $(72.6) $(48.3)
Inventories 33.1 38.1 3.7
Prepaid Expenses (4.8) 38.6 (15.0)
Other Assets -- -- --
Accounts payable 3.7 103.8 75.9
Accrued Expenses (15.0) 5.7 98.1
Payable/Accrued -- -- --
Taxes Payable -- -- --
Other Liabilities -- -- --
Other Assets & Liabilities, Net -- -- --
Other Operating Cash Flow -- -- --
Total Changes in Working Capital / Other $(88.4) $(113.6) $(114.5)
% of Revenues (0.7%) (1.0%) (1.2%)

Operating Cash Flow (OCF) $1,770.6 $1,532.2 $1,432.8

Capital expenditures (Capex) $(164.5) $(193.8) $(162.1) $(136.4)
Adjustments to Capex:

Adjusted Capex $(164.5) $(193.8) $(162.1) $(136.4)

FROM THE BALANCE SHEET
Accounts receivable $1,894.6 $1,984.4 $1,654.7
Inventories 1,142.3 1,193.6 988.7
Accounts payable 1,109.0 1,125.6 932.9
Net of receivables, inventories and payables $1,927.9 $2,052.4 $1,710.6
Net as % of Revenues 15% 19% 18%
Total debt $2,619.3 $3,726.2 $2,433.7

FREE CASH FLOW STATEMENT 2009 2008 2007 2006
Revenues $10,929.0 $12,697.5 $11,025.9 $9,466.1
Cash Operating Costs 9,405.0 10,926.9 9,493.7 8,033.3
Operating Cash Flow 1,524.0 1,770.6 1,532.2 1,432.8
∆ Working Capital (76.1) (88.4) (113.6) (114.5)
Capex (164.5) (193.8) (162.1) (136.4)
Free Cash Flow $1,435.6 $1,665.3 $1,483.7 $1,410.8

Weighted avg. shares - diluted 319.7 335.9 329.5 325.3
Free Cash Flow per share (FCS) $4.49 $4.96 $4.50 $4.34
Stock price $62.81
7.1%

GAAP Data 2009 2008 2007 2006
EPS $3.36 $3.95 $3.72 $3.44
Net Income $1,126.7 $1,317.6 $1,214.0 $1,109.2
Net Income as % of Net CFO 71% 74% 72%
% ∆ EPS -15% 6% 8% 26%
EPS as % of OCF per share 70% 75% 80% 78%
EPS as % of FCS 75% 80% 83% 79%

Percentages 2009 2008 2007 2006
% Δ Revenues (13.9%) 15.2% 16.5% 20.3%
% Δ Cash Operating Costs (13.9%) 15.1% 18.2% 20.2%
% Δ Operating Cash Flow (13.9%) 15.6% 6.9% 20.8%
% Δ Capex (15.1%) 19.6% 18.8% 13.9%
% Δ Free Cash Flow (13.8%) 12.2% 5.2% 30.1%
% ∆ in # of diluted shares (4.8%) 1.9% 1.3% (0.8%)
% Δ FCS (9.4%) 10.1% 3.8% 31.2%
OCF Margin (OCF as % of Revenues) 13.9% 13.9% 13.9% 15.1%
Capex as % of Revenues (1.5%) (1.5%) (1.5%) (1.4%)
FCF Margin (FCF as % of Revenues) 13.1% 13.1% 13.5% 14.9%

Per Share Data 2009 2008 2007 2006
Revenues $34.18 $37.81 $33.47 $29.10
Cash Operating Costs 29.41 32.53 28.82 24.70
Operating Cash Flow 4.77 5.27 4.65 4.41
Capex (0.51) (0.58) (0.49) (0.42)
Free Cash Flow $4.49 $4.96 $4.50 $4.34

Incremental Data 2009 2008 2007 2006
Incremental OCF per $1 of additional Rev. N/A $0.14 $0.06 $0.15
Incremental FCF per $1 of additional Rev. N/A $0.11 $0.05 $0.20

Company's Reinvestment Return 2009 2008 2007 2006
Incremental OCF N/A $238.4 $99.4 $247.0
Reinvestment (∆ WC + Capex) (240.6) (282.2) (275.7) (250.9)
Reinvestment Return N/A N/A N/A N/A
Reinvestment Return on Prior Year's Capex N/A N/A N/A N/A

CASH SOURCES AND CASH DEPLOYMENTS
CASH SOURCES 2009 2008 2007 2006
Free Cash Flow $1,435.6 $1,665.3 $1,483.7 $1,410.8

Total Cash Sources $1,435.6 $1,665.3 $1,483.7 $1,410.8

FCF as a % of Total Cash Sources 100% 100% 100% 100%

CASH DEPLOYMENTS 2009 2008 2007 2006
Acquisitions
Acquisitions $(462.0) $(423.2) $(3,599.8) $(2,740.1)
Acquired firm(s) projected FCS $0.00

∆ in # of shares 2009 2008 2007 2006
Buybacks $74.2 $74.2 $117.5 $-
Stock price $62.81
# of shares purchased 1.2
Shares issued 86.3 82.4 733.0 98.4
Stock price $62.81
# of shares issued 1.4
Net ∆ in # of shares 0.2
Weighted avg. shares - diluted 336.1 335.9 329.5 325.3
∆ FCS due to ∆ in # of shares $(0.00) $(0.10) $(0.06) $0.04
∆ Share value due to ∆ in # of shares -0.1%

Dividends 2009 2008 2007 2006
Dividends $40.3 $38.3 $34.3 $24.6
Weighted avg. shares - diluted 336.1 335.9 329.5 325.3
Dividend paid per share $0.12 $0.11 $0.10 $0.08
Dividend Yield 0.2%
(Dividends + Debt Service) as % of FCF 7%

Debt 2009 2008 2007 2006
Interest paid $59 $72.0 $95.0 $48.0
Debt Repayments - 259.3 10.6 459.4
Borrowings 72.7 493.7 757.5
Total Cash Sources $1,435.6
Total Cash Deployed (347.5)
∆ in Debt (1,783.2) (186.7) 483.2 298.1
∆ in Debt per share $(5.31) $(0.56) $1.47 $0.92
∆ Share value due to ∆ Debt per share 8.4%

OPERATIONS 2009 2008 2007
Free Cash Flow per share (FCS) $4.49 $4.96 $4.50
∆ FCS from previous year (0.47) 0.45 0.17
Less ∆ FCS due to ∆ in # of shares (0.00) (0.10) (0.06)
∆ FCS due to existing operations (0.47) 0.55 0.22
∆ FCS due to acquisition(s) 0.00
∆ FCS due to existing operations + acquisition(s) (0.46)
∆ Share value due to ∆ Operations' FCS -9.3%

INVESTOR RETURN 2009
Stock price $62.81
∆ Share value due to ∆ in # of shares -0.1%
Dividend Yield 0.2%
∆ Share value due to ∆ Debt per share 8.4%
∆ Share value due to ∆ Operations' FCS -9.3%
Total Investor Return -0.7%
Target price $62.22

RETURN MULTIPLE 5 Years
Treasuries 2.5%
Investor Return Multiple versus Treasuries N/A
Corporate Bonds - AAA 3.1%
Investor Return Multiple versus AAA's N/A
Corporate Bonds - AA 4.1%
Investor Return Multiple versus AA's N/A
Corporate Bonds - A 4.7%
Investor Return Multiple versus A's N/A
anaher

2005

$1,203.8

$(66.5)
(20.6)
(38.3)
--
136.3
7.1
--
--
--
--
--
$(18.0)
(0.2%)

$1,185.8

$(119.7)

$(119.7)

$1,407.9
825.3
782.9
$1,450.3
18%
$1,041.7

2005
$7,871.5
6,685.7
1,185.8
(18.0)
(119.7)
$1,084.1

328.0
$3.31
$2.73
$885.6

2005
$24.00
20.38
3.62
(0.37)
$3.31

2005
$(885.1)

2005
$257.7

59.9

328.0

2005
$21.6
328.0
$0.07

2005
$43.0
648.0
355.8

(292.2)
$(0.89)
All Financial Reports
Danaher Corp
Income Statement - Interim -
Standardised in Millions of US
Dollar
Fiscal Period: 2009 Q2 2009 Q1 2008 Q4 2008 Q3 2008 Q2
Period End Date: 7/3/2009 4/3/2009 12/31/2008 9/26/2008 6/27/2008
Period Length: 3 Months 3 Months 3 Months 3 Months 3 Months
Update Type: Update Update Update Update Update
Update Date: 7/3/2009 4/3/2009 12/31/2008 9/26/2008 6/27/2008
Source 10-Q 10-Q 10-K 10-Q 10-Q
Source Date: 7/23/2009 4/23/2009 2/25/2009 10/16/2008 7/17/2008
Complete Statement: Complete Complete Complete Complete Complete
Net Sales 2,673.610 2,627.740 3,176.510 3,208.180 3,283.900
Gross Revenue -- -- -- -- --
Sales Returns and Allowances -- -- -- -- --
Excise Tax Receipts -- -- -- -- --
Revenue 2,673.610 2,627.740 3,176.510 3,208.180 3,283.900
Interest Income, Non-Bank -- -- -- -- --
Other Revenue -- -- -- -- --
Other Revenue, Total -- -- -- -- --
Total Revenue 2,673.610 2,627.740 3,176.510 3,208.180 3,283.900
Cost of Revenue 1,411.340 1,369.140 1,724.900 1,697.610 1,723.600
Excise Taxes Payments -- -- -- -- --
Cost of Revenue, Total 1,411.340 1,369.140 1,724.900 1,697.610 1,723.600
Gross Profit 1,262.270 1,258.610 1,451.610 1,510.570 1,560.300
Selling/General/Administrative Expense 759.820 757.500 860.490 806.420 859.970
Labor & Related Expense -- -- -- -- --
Advertising Expense -- -- -- -- --
Selling/General/Admin. Expenses, Total 759.820 757.500 860.490 806.420 859.970
Research & Development 158.500 160.900 167.470 182.010 189.870
Depreciation -- -- -- -- --
Amortization of Intangibles -- -- -- -- --
Amortization of Acquisition Costs -- -- -- -- --
Depreciation/Amortization -- -- -- -- --
Interest Expense - Operating -- -- -- -- --
Interest Capitalized - Operating -- -- -- -- --
Interest Expense, Net - Operating -- -- -- -- --
Interest Income - Operating -- -- -- -- --
Investment Income - Operating -- -- -- -- --
Interest/Investment Income - Operating -- -- -- -- --
Interest Expense(Income) - Net Operating -- -- -- -- --
Interest Exp.(Inc.),Net-Operating, Total -- -- -- -- --
Purchased R&D Written-Off -- -- -- -- --
Restructuring Charge -- -- -- -- --
Litigation -- -- -- -- --
Impairment-Assets Held for Use -- -- -- -- --
Impairment-Assets Held for Sale -- -- -- -- --
Other Unusual Expense (Income) -- -- -- -- --
Unusual Expense (Income) -- -- -- 0.000 0.000
Foreign Currency Adjustment -- -- -- -- --
Unrealized Losses (Gains) -- -- -- -- --
Minimum Pension Liability Adjustment -- -- -- -- --
Loss(Gain) on Sale of Assets - Operating -- -- -- 0.000 0.000
Other Operating Expense -- -- -- -- --
Other, Net -- -- -- -- --
Other Operating Expenses, Total -- -- -- -- --
Total Operating Expense 2,329.660 2,287.530 2,752.860 2,686.040 2,773.430
Operating Income 343.950 340.220 423.650 522.140 510.460
Interest Expense - Non-Operating (31.330) (24.060) (25.430) (30.220) (33.850)
Interest Capitalized - Non-Operating -- -- -- -- --
Interest Expense, Net Non-Operating (31.330) (24.060) (25.430) (30.220) (33.850)
Interest Income - Non-Operating 1.130 0.670 4.000 1.070 1.410
Investment Income - Non-Operating -- -- -- -- --
Interest/Invest Income - Non-Operating 1.130 0.670 4.000 1.070 1.410
Interest Income(Exp), Net Non-Operating -- -- -- -- --
Interest Inc.(Exp.),Net-Non-Op., Total (30.200) (23.390) (21.430) (29.150) (32.440)
Gain (Loss) on Sale of Assets -- -- -- -- --
Foreign Currency Adjustment -- -- -- -- --
Unrealized Gains (Losses) -- -- -- -- --
Minimum Pension Liability Adjustment -- -- -- -- --
Other Non-Operating Income (Expense) -- -- -- -- --
Other, Net -- -- -- -- --
Net Income Before Taxes 313.740 316.830 402.220 492.990 478.020
Provision for Income Taxes 18.050 79.120 96.530 121.000 114.570
Net Income After Taxes 295.690 237.710 305.690 371.990 363.450
Minority Interest -- -- -- -- --
Equity In Affiliates -- -- -- -- --
U.S. GAAP Adjustment -- -- -- -- --
Net Income Before Extra. Items 295.690 237.710 305.690 371.990 363.450
Accounting Change -- -- -- -- --
Discontinued Operations -- -- 0.000 0.000 0.000
Extraordinary Item -- -- -- -- --
Tax on Extraordinary Items -- -- -- -- --
Total Extraordinary Items -- -- 0.000 0.000 0.000
Net Income 295.690 237.710 305.690 371.990 363.450
Preferred Dividends -- -- -- -- --
General Partners' Distributions -- -- -- -- --
Miscellaneous Earnings Adjustment -- -- -- -- --
Pro Forma Adjustment -- -- -- -- --
Interest Adjustment - Primary EPS -- -- -- -- --
Total Adjustments to Net Income -- -- -- -- --
Income Available to Com Excl ExtraOrd 295.690 237.710 305.690 371.990 363.450
Income Available to Com Incl ExtraOrd 295.690 237.710 305.690 371.990 363.450
Basic Weighted Average Shares 319.920 319.340 319.520 319.890 319.230
Basic EPS Excluding Extraordinary Items 0.920 0.740 0.960 1.160 1.140
Basic EPS Including Extraordinary Items 0.920 0.740 0.960 1.160 1.140
Dilution Adjustment 2.400 2.460 1.820 2.590 3.390
Diluted Net Income 298.090 240.170 307.510 374.580 366.840
Diluted Weighted Average Shares 334.540 333.480 333.590 337.330 336.550
Diluted EPS Excluding ExtraOrd Items 0.890 0.720 0.920 1.110 1.090
Diluted EPS Including ExtraOrd Items 0.890 0.720 0.920 1.110 1.090
DPS - Common Stock Primary Issue 0.030 0.030 0.030 0.030 0.030
Dividends per Share - Com Stock Issue 2 -- -- -- -- --
Dividends per Share - Com Stock Issue 3 -- -- -- -- --
Dividends per Share - Com Stock Issue 4 -- -- -- -- --
Special DPS - Common Stock Primary Issue -- -- -- -- --
Special DPS - Common Stock Issue 2 -- -- -- -- --
Special DPS - Common Stock Issue 3 -- -- -- -- --
Special DPS - Common Stock Issue 4 -- -- -- -- --
Gross Dividends - Common Stock 9.590 9.560 9.550 9.590 9.570
(Gain) Loss on Sale of Assets, Suppl. -- -- -- -- --
Impairment-Assets Held for Sale, Suppl. -- -- -- -- --
Impairment-Assets Held for Use, Suppl. -- -- -- -- --
Litigation Charge, Supplemental -- -- -- -- --
Purchased R&D Written-Off, Supplemental -- -- -- -- --
Restructuring Charge, Supplemental -- -- -- -- --
Other Unusual Expense(Income), Suppl. 45.800 -- -- -- --
Non-Recurring Items, Supplemental, Total 45.800 -- -- -- --
Total Special Items 45.800 -- -- 0.000 0.000
Normalized Income Before Taxes 359.540 316.830 402.220 492.990 478.020
Effect of Special Items on Income Taxes 2.640 -- -- 0.000 0.000
Inc Tax Ex Impact of Sp Items 20.680 79.120 96.530 121.000 114.570
Normalized Income After Taxes 338.860 237.710 305.690 371.990 363.450
Normalized Inc. Avail to Com. 338.860 237.710 305.690 371.990 363.450
Basic Normalized EPS 1.060 0.740 0.960 1.160 1.140
Diluted Normalized EPS 1.020 0.720 0.920 1.110 1.090
Pro Forma Stock Compensation Expense -- -- -- -- --
Net Income after Stock Based Comp. Exp. -- -- -- -- --
Basic EPS after Stock Based Comp. Exp. -- -- -- -- --
Diluted EPS after Stock Based Comp. Exp. -- -- -- -- --
Stock-Based Compensation, Supplemental 21.760 23.930 21.980 21.620 21.570
Interest Expense, Supplemental 31.330 24.060 25.430 30.220 33.850
Interest Capitalized, Supplemental -- -- -- -- --
Depreciation, Supplemental 46.270 45.390 48.870 47.350 47.700
Funds From Operations - REIT -- -- -- -- --
Amort of Acquisition Costs, Supplemental -- -- -- -- --
Amort of Intangibles, Supplemental 39.680 35.410 35.360 37.180 35.740
Rental Expense, Supplemental -- -- -- -- --
EPS, Supplemental -- -- -- -- --
Advertising Expense, Supplemental -- -- -- -- --
Equity in Affiliates, Supplemental -- -- -- -- --
Minority Interest, Supplemental -- -- -- -- --
Research & Development Exp, Supplemental 158.500 160.900 167.470 182.010 189.870
Audit Fees -- -- -- -- --
Audit-Related Fees -- -- -- -- --
Tax Fees -- -- -- -- --
All Other Fees -- -- -- -- --
Reported Recurring Revenue -- -- -- -- --
Reported Net Premiums Written -- -- -- -- --
Reported Total Revenue -- -- -- -- --
Reported Operating Revenue -- -- -- -- --
Reported Total Cost of Revenue -- -- -- -- --
Reported Total Sales, General & Admin. -- -- -- -- --
Reported Gross Profit -- -- -- -- --
Reported Operating Profit -- 340.220 -- 522.140 510.460
Reported Operating Profit Margin -- -- -- -- --
Reported Ordinary Profit -- -- -- -- --
Reported Net Income After Tax -- -- -- -- --
Reported Basic EPS -- -- -- -- --
Reported Diluted EPS -- -- -- -- --
Reported Net Business Profits -- -- -- -- --
Balance Sheet (Differentiates) -
Interim - Standardised in Millions
of US Dollar
Fiscal Period: 2009 Q2 2009 Q1 2008 Q4 2008 Q3 2008 Q2
Period End Date: 7/3/2009 4/3/2009 12/31/2008 9/26/2008 6/27/2008
Update Type: Update Update Update Update Update
Update Date: 7/3/2009 4/3/2009 12/31/2008 9/26/2008 6/27/2008
Source 10-Q 10-Q 10-K 10-Q 10-Q
Source Date: 7/23/2009 4/23/2009 2/25/2009 10/16/2008 7/17/2008
Complete Statement: Complete Complete Complete Complete Complete
Cash -- -- -- -- --
Cash & Equivalents 1,258.410 975.950 392.850 286.520 284.100
Short Term Investments -- -- -- -- --
Cash and Short Term Investments 1,258.410 975.950 392.850 286.520 284.100
Accounts Receivable - Trade, Gross -- -- -- -- --
Provision for Doubtful Accounts -- -- -- -- --
Accounts Receivable - Trade, Net 1,750.110 1,707.130 1,894.590 2,100.800 2,094.320
Notes Receivable - Short Term -- -- -- -- --
Receivables - Other -- -- -- -- --
Total Receivables, Net 1,750.110 1,707.130 1,894.590 2,100.800 2,094.320
Inventories - Finished Goods 485.740 506.220 544.000 567.250 574.790
Inventories - Work In Progress 206.630 220.460 211.350 264.000 261.920
Inventories - Raw Materials 374.720 407.120 386.960 443.610 460.750
Inventories - Other -- -- -- -- --
LIFO Reserve -- -- -- -- --
Total Inventory 1,067.080 1,133.800 1,142.310 1,274.850 1,297.460
Prepaid Expenses 713.070 680.400 757.370 458.900 515.850
Restricted Cash - Current -- -- -- -- --
Deferred Income Tax - Current Asset -- -- -- -- --
Discountinued Operations - Current Asset -- -- -- -- --
Other Current Assets -- -- -- -- --
Other Current Assets, Total -- -- -- -- --
Total Current Assets 4,788.670 4,497.280 4,187.120 4,121.070 4,191.730
Buildings - Gross -- -- -- -- --
Land/Improvements - Gross -- -- -- -- --
Machinery/Equipment - Gross -- -- -- -- --
Construction in Progress - Gross -- -- -- -- --
Leases - Gross -- -- -- -- --
Natural Resources - Gross -- -- -- -- --
Other Property/Plant/Equipment - Gross -- -- -- -- --
Property/Plant/Equipment, Total - Gross 2,654.080 2,582.160 2,591.860 2,589.810 2,621.540
Accumulated Depreciation, Total (1,557.360) (1,504.470) (1,483.200) (1,483.500) (1,489.650)
Property/Plant/Equipment, Total - Net 1,096.720 1,077.690 1,108.650 1,106.310 1,131.890
Goodwill - Gross -- -- -- -- --
Accumulated Goodwill Amortization -- -- -- -- --
Goodwill, Net 9,357.680 9,123.050 9,210.580 9,266.690 9,463.470
Intangibles - Gross -- -- -- -- --
Accumulated Intangible Amortization -- -- -- -- --
Intangibles, Net 2,535.600 2,474.910 2,519.420 2,624.660 2,697.920
LT Investment - Affiliate Companies -- -- -- -- --
LT Investments - Other -- -- -- -- --
Long Term Investments -- -- -- -- --
Note Receivable - Long Term -- -- -- -- --
Deferred Charges -- -- -- -- --
Pension Benefits - Overfunded -- -- -- -- --
Defered Income Tax - Long Term Asset -- -- -- -- --
Discontinued Operations - LT Asset -- -- -- -- --
Restricted Cash - Long Term -- -- -- -- --
Other Long Term Assets 543.730 500.180 464.350 501.920 509.610
Other Long Term Assets, Total 543.730 500.180 464.350 501.920 509.610
Total Assets 18,322.400 17,673.110 17,490.130 17,620.650 17,994.610
Accounts Payable 906.540 930.820 1,108.960 1,148.490 1,193.580
Payable/Accrued -- -- -- -- --
Accrued Expenses 1,560.190 1,466.760 1,569.980 1,546.750 1,587.300
Notes Payable/Short Term Debt 0.000 0.000 0.000 0.000 0.000
Current Port. of LT Debt/Capital Leases 41.400 77.180 66.160 316.380 312.650
Dividends Payable -- -- -- -- --
Customer Advances -- -- -- -- --
Security Deposits -- -- -- -- --
Income Taxes Payable -- -- -- -- --
Other Payables -- -- -- -- --
Deferred Income Tax - Current Liability -- -- -- -- --
Discontinued Operations - Curr Liability -- -- -- -- --
Other Current Liabilities -- -- -- -- --
Other Current liabilities, Total -- -- -- -- --
Total Current Liabilities 2,508.130 2,474.760 2,745.100 3,011.620 3,093.520
Long Term Debt 2,863.390 2,840.790 2,553.170 2,391.300 2,740.060
Capital Lease Obligations -- -- -- -- --
Total Long Term Debt 2,863.390 2,840.790 2,553.170 2,391.300 2,740.060
Total Debt 2,904.790 2,917.970 2,619.330 2,707.680 3,052.700
Deferred Income Tax - LT Liability -- -- -- -- --
Deferred Income Tax -- -- -- -- --
Minority Interest -- 0 -- -- --
Reserves -- -- -- -- --
Pension Benefits - Underfunded -- -- -- -- --
Other Long Term Liabilities 2,348.350 2,354.610 2,383.300 2,045.490 2,086.760
Discontinued Operations - Liabilities -- -- -- -- --
Other Liabilities, Total 2,348.350 2,354.610 2,383.300 2,045.490 2,086.760
Total Liabilities 7,719.870 7,670.160 7,681.570 7,448.410 7,920.330
Redeemable Preferred Stock -- -- -- -- --
Redeemable Convertible Preferred Stock -- -- -- -- --
Redeemable Preferred Stock, Total -- 0 -- -- --
Preferred Stock - Non Redeemable -- -- -- -- --
Convertible Preferred Stock - Non Rdmbl -- -- -- -- --
Treasury Stock - Preferred -- -- -- -- --
General Partner -- -- -- -- --
Preferred Stock - Non Redeemable, Net -- -- -- -- --
Common Stock 3.560 3.550 3.540 3.540 3.540
Limited Partner -- -- -- -- --
Common Stock, Total 3.560 3.550 3.540 3.540 3.540
Additional Paid-In Capital 1,905.400 1,854.090 1,812.960 1,854.910 1,804.010
Retained Earnings (Accumulated Deficit) 8,609.410 8,323.310 8,095.160 7,799.020 7,436.620
Treasury Stock - Common -- -- -- -- --
ESOP Debt Guarantee -- -- -- -- --
Unrealized Gain (Loss) -- -- -- -- --
Translation Adjustment -- -- -- -- --
Other Equity -- -- -- -- --
Minimum Pension Liability Adjustment -- -- -- -- --
Other Comprehensive Income 84.160 (177.990) (103.100) 514.760 830.120
Other Equity, Total 84.160 (177.990) (103.100) 514.760 830.120
Total Equity 10,602.530 10,002.960 9,808.560 10,172.240 10,074.280
Total Liabilities & Shareholders' Equity 18,322.400 17,673.110 17,490.130 17,620.650 17,994.610
Shares Outs - Common Stock Primary Issue 355.760 318.745 318.380 319.610 318.940
Shares Outstanding - Common Issue 2 -- -- -- -- --
Shares Outstanding - Common Issue 3 -- -- -- -- --
Shares Outstanding - Common Issue 4 -- -- -- -- --
Total Common Shares Outstanding 355.760 318.745 318.380 319.610 318.940
Treas Shares - Common Stock Prmry Issue -- -- 36.110 -- --
Treasury Shares - Common Issue 2 -- -- -- -- --
Treasury Shares - Common Issue 3 -- -- -- -- --
Treasury Shares - Common Issue 4 -- -- -- -- --
Shares Outstanding - Preferred Issue 1 -- -- -- -- --
Shares Outstanding - Preferred Issue 2 -- -- -- -- --
Shares Outstanding - Preferred Issue 3 -- -- -- -- --
Shares Outstanding - Preferred Issue 4 -- -- -- -- --
Shares Outstanding - Preferred Issue 5 -- -- -- -- --
Shares Outstanding - Preferred Issue 6 -- -- -- -- --
Total Preferred Shares Outstanding -- -- -- -- --
Treasury Shares - Preferred Issue 1 -- -- -- -- --
Treasury Shares - Preferred Issue 2 -- -- -- -- --
Treasury Shares - Preferred Issue 3 -- -- -- -- --
Treasury Shares - Preferred Issue 4 -- -- -- -- --
Treasury Shares - Preferred Issue 5 -- -- -- -- --
Treasury Shares - Preferred Issue 6 -- -- -- -- --
Full-Time Employees -- -- -- -- --
Part-Time Employees -- -- -- -- --
Number of Common Shareholders -- -- -- -- --
Accumulated Goodwill Amortization Suppl. -- -- -- -- --
Accumulated Intangible Amort, Suppl. -- -- -- -- --
Deferred Revenue - Current -- -- -- -- --
Deferred Revenue - Long Term -- -- -- -- --
Total Risk-Weighted Capital -- -- -- -- --
Tier 1 Capital % -- -- -- -- --
Total Capital % -- -- -- -- --
Trading Account -- -- -- -- --
Credit Exposure -- -- -- -- --
Non-Performing Loans -- -- -- -- --
Assets under Management -- -- -- -- --
Reported Total Assets -- -- -- -- --
Reported Total Liabilities -- -- -- -- --
Shareholders' Equity Excl. Stock Subscr. -- -- -- -- --
Reported Shareholder's Equity -- -- -- -- --
Reported Net Assets -- -- -- -- --
Reported Net Assets to Total Assets -- -- -- -- --
Reported Return on Assets -- -- -- -- --
Reported Return on Equity -- -- -- -- --
Cash Flow (Indirect) - Interim - Standardised in Millions of US Dollar [+] Add Item
Fiscal Period: 2009 Q2 2009 Q1 2008 Q4 2008 Q3 2008 Q2
Period End Date: 7/3/2009 4/3/2009 12/31/2008 9/26/2008 6/27/2008
Period Length: 6 Months 3 Months 12 Months 9 Months 6 Months
Update Type: Update Update Update Update Update
Update Date: 7/3/2009 4/3/2009 12/31/2008 9/26/2008 6/27/2008
Source 10-Q 10-Q 10-K 10-Q 10-Q
Source Date: 7/23/2009 4/23/2009 2/25/2009 10/16/2008 7/17/2008
Complete Statement: Complete Complete Complete Complete Complete
Net Income/Starting Line 533.410 237.710 1,317.630 1,011.950 639.950
Depreciation 91.660 45.390 194.000 145.120 97.780
Depreciation/Depletion 91.660 45.390 194.000 145.120 97.780
Amortization of Intangibles 75.090 35.410 145.290 109.930 72.760
Amortization of Acquisition Costs -- -- -- -- --
Amortization 75.090 35.410 145.290 109.930 72.760
Deferred Taxes -- -- 27.690 -- --
Accounting Change -- -- -- -- --
Discontinued Operations -- -- 0.000 0.000 0.000
Extraordinary Item -- -- -- -- --
Unusual Items -- -- -- -- --
Purchased R&D -- -- -- -- --
Equity in Net Earnings (Loss) -- -- -- -- --
Other Non-Cash Items 45.690 23.930 86.000 64.020 42.400
Non-Cash Items 45.690 23.930 86.000 64.020 42.400
Accounts Receivable 203.810 198.890 71.400 (82.290) (37.230)
Inventories 91.040 (1.970) 33.120 (64.120) (68.150)
Prepaid Expenses 31.390 75.780 (4.770) 143.910 91.230
Other Assets -- -- -- -- --
Accounts Payable (198.410) (150.520) 3.710 14.390 34.030
Accrued Expenses (71.330) (147.920) (15.040) 6.760 42.180
Payable/Accrued -- -- -- -- --
Taxes Payable -- -- -- -- --
Other Liabilities -- -- -- -- --
Other Assets & Liabilities, Net -- -- -- -- --
Other Operating Cash Flow -- -- -- -- --
Changes in Working Capital 56.500 (25.760) 88.420 18.650 62.050
Cash from Operating Activities 802.340 316.680 1,859.030 1,349.670 914.930
Purchase of Fixed Assets (83.940) (36.410) (193.780) (118.180) (83.870)
Purchase/Acquisition of Intangibles -- -- -- -- --
Software Development Costs -- -- -- -- --
Capital Expenditures (83.940) (36.410) (193.780) (118.180) (83.870)
Acquisition of Business (140.370) 0.000 (423.210) (241.190) (101.550)
Sale of Business -- -- 0.000 -- --
Sale of Fixed Assets 2.170 0.330 1.090 0.920 0.500
Sale/Maturity of Investment -- -- -- -- --
Investment, Net -- -- -- -- --
Purchase of Investments (50.770) (33.980) 0.000 0.000 0.000
Sale of Intangible Assets -- -- -- -- --
Intangible, Net -- -- -- -- --
Other Investing Cash Flow 0.000 0.000 48.500 48.500 48.500
Other Investing Cash Flow Items, Total (188.970) (33.640) (373.620) (191.770) (52.550)
Cash from Investing Activities (272.910) (70.050) (567.400) (309.950) (136.410)
Other Financing Cash Flow -- -- -- -- --
Financing Cash Flow Items -- -- -- -- --
Cash Dividends Paid - Common (19.150) (9.560) (38.260) (28.710) (19.120)
Cash Dividends Paid - Preferred -- -- -- -- --
Total Cash Dividends Paid (19.150) (9.560) (38.260) (28.710) (19.120)
Sale/Issuance of Common 46.760 17.200 82.430 72.190 42.900
Repurchase/Retirement of Common 0 0 (74.170) 0.000 0.000
Common Stock, Net 46.760 17.200 8.270 72.190 42.900
Sale/Issuance of Preferred -- -- -- -- --
Repurchase/Retirement of Preferred -- -- -- -- --
Preferred Stock, Net -- -- -- -- --
Sale/Issuance of Common/Preferred -- -- -- -- --
Repurch./Retirement of Common/Preferred -- -- -- -- --
Options Exercised -- -- -- -- --
Warrants Converted -- -- -- -- --
Treasury Stock -- -- -- -- --
Issuance (Retirement) of Stock, Net 46.760 17.200 8.270 72.190 42.900
Short Term Debt Issued -- -- -- -- --
Short Term Debt Reduction -- -- -- -- --
Short Term Debt, Net -- -- -- -- --
Long Term Debt Issued 744.620 -- 72.650 -- --
Long Term Debt Reduction 0 0 (259.340) 0 0
Long Term Debt, Net 272.580 318.790 (1,092.260) (1,034.890) (754.800)
Total Debt Issued -- -- -- -- --
Total Debt Reduction -- -- -- -- --
Issuance (Retirement) of Debt, Net 272.580 318.790 (1,092.260) (1,034.890) (754.800)
Cash from Financing Activities 300.200 326.420 (1,122.250) (991.400) (731.010)
Foreign Exchange Effects 35.930 10.040 (15.630) (0.910) (2.510)
Net Change in Cash 865.560 583.090 153.750 47.410 44.990
Net Cash - Beginning Balance 392.850 392.850 239.110 239.110 239.110
Net Cash - Ending Balance 1,258.410 975.950 392.850 286.520 284.100
Cash Interest Paid 18.390 16.860 72.000 59.970 36.590
Cash Taxes Paid 99.420 33.810 390.000 253.280 147.450
Reported Cash from Operating Activities -- -- -- -- --
Reported Cash from Investing Activities -- -- -- -- --
Reported Cash from Financing Activities -- -- -- -- --

2009 Q2 2009 Q1 2008 Q4 2008 Q3 2008 Q2
ROE 12.0% 13.4% 14.5% 16.5% 17.7%
ROA 6.7% 7.2% 7.5% 9.7% 9.8%
ROIC 7.5% 8.0% 8.6% 11.3% 11.7%

Short-term Debt $41.4 $77.2 $66.2 $316.4 $312.7
Long-Term Debt 2,863.4 2,840.8 2,553.2 2,391.3 2,740.1
Preferred Stock Equity -- -- -- -- --
Common Stock Equity 10,602.5 10,003.0 9,808.6 10,172.2 10,074.3
Invested Capital $13,507.3 $12,920.9 $12,427.9 $12,879.9 $13,127.0

$ Revenue / $ Invested Capital $0.87 $0.95 $1.02 $0.98 $0.93

LTM EBITDA $1,630.0

DuPont ROE Analysis

Net Income $1,211 $1,279 $1,318 $1,332 $1,295
Revenue 11,686 12,296 12,697 12,662 12,185
Profit Margin 10.4% 10.4% 10.4% 10.5% 10.6%

Revenue $11,686 $12,296 $12,697 $12,662 $12,185
Total Assets 18,322 17,673 17,490 17,621 17,995
Asset Utilization 0.6x 0.7x 0.7x 0.7x 0.7x
Return on Assets 6.6% 7.2% 7.5% 7.6% 7.2%

Total Assets 18,322 17,673 17,490 17,621 17,995
Beginning Common Equity 10,074 9,575 9,086 8,053 7,334
Leverage 1.8x 1.8x 1.9x 2.2x 2.5x

Return on Equity 12.0% 13.4% 14.5% 16.5% 17.7%

Gross Profit $5,483 $5,781 $5,940 $5,939 $5,678
SG&A $3,184 $3,284 $3,345 $3,254 $3,103
R&D $669 $700 $725 $775 $724
D&A $336 $333 $339 $333 $312
Taxes $315 $411 $432 $450 $432
NOPAT $980 $1,052 $1,099 $1,128 $1,107

ST debt $41 $77 $66 $316 $313
LT debt $2,863 $2,841 $2,553 $2,391 $2,740
Equity $10,603 $10,003 $9,809 $10,172 $10,074
Invested Capital $13,507 $12,921 $12,428 $12,880 $13,127

ROIC 7.5% 8.0% 8.6% 11.3% 11.7%

OCF $1,746 $1,843 $1,859 $1,921 $1,869
Capex ($194) ($191) ($194) ($180) ($176)
FCF $1,553 $1,651 $1,665 $1,741 $1,693

Net Income $1,211 $1,279 $1,318 $1,332 $1,295

FCF Conversion (FCF/NI) 128.2% 129.1% 126.4% 130.7% 130.7%
2008 Q1 2007 Q4 2007 Q3 2007 Q2 2007 Q1 2006 Q4 2006 Q3 2006 Q2
3/28/2008 12/31/2007 9/28/2007 6/29/2007 3/30/2007 12/31/2006 9/29/2006 6/30/2006
3 Months 3 Months 3 Months 3 Months 3 Months 3 Months 3 Months 6 Months
Update Update Update Restated Restated Restated Restated Restated
3/28/2008 12/31/2007 9/28/2007 3/28/2008 3/28/2008 12/31/2007 9/28/2007 9/28/2007
10-Q 10-K 10-Q 10-Q 10-Q 10-K 10-Q 10-Q
4/17/2008 2/21/2008 10/18/2007 4/17/2008 4/17/2008 2/21/2008 10/18/2007 10/18/2007
Complete Complete Complete Complete Complete Complete Complete Complete
3,028.870 3,141.180 2,731.150 2,631.890 2,521.700 2,625.390 2,408.500 4,432.170
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
3,028.870 3,141.180 2,731.150 2,631.890 2,521.700 2,625.390 2,408.500 4,432.170
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
3,028.870 3,141.180 2,731.150 2,631.890 2,521.700 2,625.390 2,408.500 4,432.170
1,611.160 1,690.650 1,481.940 1,430.630 1,381.800 1,445.570 1,319.390 2,504.040
-- -- -- -- -- -- -- --
1,611.160 1,690.650 1,481.940 1,430.630 1,381.800 1,445.570 1,319.390 2,504.040
1,417.720 1,450.530 1,249.210 1,201.250 1,139.900 1,179.830 1,089.100 1,928.130
818.390 769.180 655.120 642.980 645.830 627.790 584.560 1,060.870
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
818.390 769.180 655.120 642.980 645.830 627.790 584.560 1,060.870
186.100 216.580 131.160 129.720 123.960 109.830 118.680 211.500
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- 0.000 0.000 (14.340) -- 0.000 (0.760) (15.620)
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- 0.000 0.000 (14.340) -- 0.000 (0.760) (15.620)
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
2,615.650 2,676.410 2,268.220 2,189.000 2,151.590 2,183.190 2,021.870 3,760.790
413.220 464.770 462.930 442.890 370.120 442.210 386.630 671.380
(40.670) (32.790) (25.670) (23.950) (27.290) (25.810) (26.480) (27.080)
-- -- -- -- -- -- -- --
(40.670) (32.790) (25.670) (23.950) (27.290) (25.810) (26.480) (27.080)
3.520 2.740 0.820 0.950 1.590 1.240 0.940 5.830
-- -- -- -- -- -- -- --
3.520 2.740 0.820 0.950 1.590 1.240 0.940 5.830
-- -- -- -- -- -- -- --
(37.150) (30.060) (24.850) (23.000) (25.700) (24.580) (25.540) (21.250)
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
376.080 434.710 438.080 419.890 344.410 417.630 361.090 650.130
99.570 114.490 103.580 112.240 92.800 97.620 97.110 124.900
276.510 320.230 334.500 307.660 251.620 320.010 263.980 525.220
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
276.510 320.230 334.500 307.660 251.620 320.010 263.980 525.220
-- -- -- -- -- -- -- --
0.000 0.000 149.220 3.500 3.190 3.710 4.100 5.020
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
0.000 0.000 149.220 3.500 3.190 3.710 4.100 5.020
276.510 320.230 483.720 311.150 254.800 323.720 268.070 530.240
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
276.510 320.230 334.500 307.660 251.620 320.010 263.980 525.220
276.510 320.230 483.720 311.150 254.800 323.720 268.070 530.240
318.800 315.440 310.320 309.470 309.670 308.890 308.340 307.350
0.870 1.020 1.080 0.990 0.810 1.040 0.860 1.710
0.870 1.020 1.560 1.010 0.820 1.050 0.870 1.730
2.560 2.500 2.550 2.480 2.450 3.530 2.530 4.470
279.070 322.730 486.270 313.630 257.250 327.240 270.600 534.710
335.970 334.010 328.140 327.740 327.950 327.220 325.740 324.020
0.830 0.970 1.030 0.950 0.770 0.990 0.820 1.630
0.830 0.970 1.480 0.960 0.780 1.000 0.830 1.650
0.030 0.030 0.030 0.030 0.020 0.020 0.020 0.040
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
9.550 9.540 9.310 9.240 6.180 6.160 6.160 12.270
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- 0.000 0.000 (14.340) -- 0.000 (0.760) (15.620)
376.080 434.710 438.080 405.560 344.410 417.630 360.320 634.510
-- 0.000 0.000 (3.830) -- 0.000 (0.210) (3.000)
99.570 114.490 103.580 108.400 92.800 97.620 96.910 121.900
276.510 320.230 334.500 297.150 251.620 320.010 263.420 512.600
276.510 320.230 334.500 297.150 251.620 320.010 263.420 512.600
0.870 1.020 1.080 0.960 0.810 1.040 0.850 1.670
0.830 0.970 1.030 0.910 0.770 0.990 0.820 1.600
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
20.830 22.560 15.740 17.620 17.430 -- -- --
40.670 32.790 25.670 23.950 27.290 25.810 26.480 27.080
-- -- -- -- -- -- -- --
50.080 47.940 42.340 41.900 41.770 -- 54.300 98.270
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
37.010 30.140 21.520 21.610 21.280 -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
186.100 216.580 131.160 129.720 123.960 109.830 118.680 211.500
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
413.220 464.770 462.930 442.890 370.120 442.210 386.630 671.380
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
2008 Q1 2007 Q4 2007 Q3 2007 Q2 2007 Q1 2006 Q4 2006 Q3 2006 Q2
3/28/2008 12/31/2007 9/28/2007 6/29/2007 3/30/2007 12/31/2006 9/29/2006 6/30/2006
Update Update Update Update Update Reclassified Update Update
3/28/2008 12/31/2007 9/28/2007 6/29/2007 3/30/2007 9/28/2007 9/29/2006 6/30/2006
10-Q 10-K 10-Q 10-Q 10-Q 10-Q 10-Q 10-Q
4/17/2008 2/21/2008 10/18/2007 7/19/2007 4/19/2007 10/18/2007 10/19/2006 7/20/2006
Complete Complete Complete Complete Complete Complete Complete Complete
-- -- -- -- -- -- -- --
233.820 239.110 209.280 174.150 197.560 317.810 263.950 284.730
-- -- -- -- -- -- -- --
233.820 239.110 209.280 174.150 197.560 317.810 263.950 284.730
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
2,099.510 1,984.380 1,826.710 1,732.190 1,682.870 1,654.730 1,595.580 1,561.320
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
2,099.510 1,984.380 1,826.710 1,732.190 1,682.870 1,654.730 1,595.580 1,561.320
596.610 547.740 466.890 428.920 440.360 429.740 444.010 434.150
208.930 195.330 198.610 193.400 195.860 182.810 195.060 193.250
486.760 450.540 415.330 426.550 413.890 376.160 381.910 382.440
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
1,292.300 1,193.620 1,080.830 1,048.860 1,050.110 988.710 1,020.980 1,009.850
529.650 632.660 269.230 323.820 375.530 475.500 347.780 388.320
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
4,155.270 4,049.770 3,386.050 3,279.010 3,306.070 3,436.740 3,228.290 3,244.220
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
2,598.780 2,511.100 2,274.990 2,234.370 2,180.960 2,135.990 2,096.610 2,081.070
(1,471.050) (1,402.460) (1,372.580) (1,346.660) (1,292.250) (1,267.370) (1,250.160) (1,225.250)
1,127.740 1,108.630 902.410 887.710 888.710 868.620 846.450 855.830
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
9,480.870 9,241.010 7,336.700 6,879.820 6,855.950 6,560.240 6,157.210 6,361.360
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
2,585.010 2,564.970 1,844.250 1,760.350 1,742.140 1,698.320 1,584.370 1,274.700
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
504.130 507.550 305.630 339.810 295.350 300.230 206.250 176.150
504.130 507.550 305.630 339.810 295.350 300.230 206.250 176.150
17,853.020 17,471.940 13,775.040 13,146.690 13,088.220 12,864.150 12,022.570 11,912.260
1,144.650 1,125.600 1,016.020 987.800 949.340 932.870 844.470 820.960
-- -- -- -- -- -- -- --
1,535.670 1,443.770 1,056.040 1,015.620 1,118.640 1,515.990 1,506.400 1,435.790
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
301.120 330.480 20.360 25.370 30.510 10.860 13.810 280.340
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
2,981.440 2,899.850 2,092.420 2,028.790 2,098.500 2,459.710 2,364.680 2,537.090
3,204.140 3,395.760 1,926.850 2,133.200 2,294.830 2,422.860 2,261.540 2,382.720
-- -- -- -- -- -- -- --
3,204.140 3,395.760 1,926.850 2,133.200 2,294.830 2,422.860 2,261.540 2,382.720
3,505.270 3,726.240 1,947.210 2,158.580 2,325.340 2,433.720 2,275.360 2,663.060
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
2,092.840 2,090.630 1,702.420 1,650.640 1,648.150 1,336.920 1,244.950 1,132.930
-- -- -- -- -- -- -- --
2,092.840 2,090.630 1,702.420 1,650.640 1,648.150 1,336.920 1,244.950 1,132.930
8,278.430 8,386.250 5,721.690 5,812.640 6,041.480 6,219.490 5,871.170 6,052.740
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
3.530 3.530 3.450 3.430 3.420 3.410 3.410 3.400
-- -- -- -- -- -- -- --
3.530 3.530 3.450 3.430 3.420 3.410 3.410 3.400
1,766.830 1,718.720 1,125.990 1,006.850 1,081.630 1,027.450 989.650 951.830
7,082.740 6,820.760 6,510.070 6,035.660 5,733.750 5,421.810 5,104.260 4,842.340
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
721.500 542.690 413.850 288.120 227.950 191.990 54.090 61.950
721.500 542.690 413.850 288.120 227.950 191.990 54.090 61.950
9,574.600 9,085.690 8,053.350 7,334.060 7,046.740 6,644.660 6,151.400 5,859.520
17,853.020 17,471.940 13,775.040 13,146.690 13,088.220 12,864.150 12,022.570 11,912.260
318.430 317.980 310.400 308.180 309.200 308.240 307.800 340.310
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
318.430 317.980 310.400 308.180 309.200 308.240 307.800 340.310
-- 34.620 -- -- -- 32.980 -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --

2008 Q1 2007 Q4 2007 Q3 2007 Q2 2007 Q1 2006 Q4 2006 Q3 2006 Q2
3/28/2008 12/31/2007 9/28/2007 6/29/2007 3/30/2007 12/31/2006 9/29/2006 6/30/2006
3 Months 12 Months 9 Months 6 Months 3 Months 12 Months 9 Months 6 Months
Update Update Reclassified Reclassified Reclassified Reclassified Reclassified Update
3/28/2008 12/31/2007 9/26/2008 6/27/2008 3/28/2008 12/31/2007 9/28/2007 6/30/2006
10-Q 10-K 10-Q 10-Q 10-Q 10-K 10-Q 10-Q
4/17/2008 2/21/2008 10/16/2008 7/17/2008 4/17/2008 2/21/2008 10/18/2007 7/20/2006
Complete Complete Complete Complete Complete Complete Complete Complete
276.510 1,369.900 1,049.680 565.960 254.800 1,122.030 798.310 530.240
50.080 173.940 126.000 83.660 41.770 151.520 152.570 98.270
50.080 173.940 126.000 83.660 41.770 151.520 152.570 98.270
37.010 94.550 64.410 42.890 21.280 64.170 -- --
-- -- -- -- -- -- -- --
37.010 94.550 64.410 42.890 21.280 64.170 0 0
-- 29.870 -- -- -- 24.150 -- --
-- -- -- -- -- -- -- --
0.000 (209.440) (209.440) (2.320) (2.900) 3.700 2.920 --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
20.830 73.350 50.790 35.050 17.430 67.190 49.520 29.570
20.830 (136.090) (158.650) 32.730 14.530 70.890 52.440 29.570
(55.360) (72.560) (73.320) (22.680) 13.270 (48.260) (27.920) 4.860
(60.260) 38.090 (35.770) (10.920) (23.330) 3.680 (47.440) (40.210)
82.880 38.600 158.480 90.750 27.720 (14.960) 96.040 79.730
-- -- -- -- -- -- -- --
(10.380) 103.800 35.010 11.930 (18.430) 75.930 0.000 (19.720)
(8.150) 5.660 (91.380) (102.660) (8.720) 98.090 60.060 (31.100)
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
(51.270) 113.600 (6.980) (33.570) (9.480) 114.480 80.730 (6.440)
333.160 1,645.780 1,074.460 691.660 322.900 1,547.250 1,084.050 651.630
(38.960) (162.070) (100.190) (69.670) (31.170) (136.410) (98.570) (59.320)
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
(38.960) (162.070) (100.190) (69.670) (31.170) (136.410) (98.570) (59.320)
(62.570) (3,576.560) (790.600) (349.760) (297.020) (2,656.040) (2,173.180) (2,126.920)
-- 301.280 -- -- -- 98.490 -- --
0.220 15.540 14.120 11.740 0.240 9.990 7.870 3.140
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
0.000 (23.220) (23.220) (23.220) -- (84.100) (84.100) (84.100)
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
48.500 (0.720) 298.920 (0.720) (0.270) (1.300) 97.770 98.490
(13.840) (3,283.690) (500.780) (361.950) (297.050) (2,632.960) (2,151.650) (2,109.400)
(52.800) (3,445.760) (600.970) (431.620) (328.220) (2,769.370) (2,250.220) (2,168.720)
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
(9.550) (34.280) (24.740) (15.420) (6.180) (24.590) (18.430) (12.270)
-- -- -- -- -- -- -- --
(9.550) (34.280) (24.740) (15.420) (6.180) (24.590) (18.430) (12.270)
27.290 733.030 165.270 61.850 36.760 98.420 78.270 60.410
0 (117.490) (117.490) (117.490) -- 0.000 0.000 0.000
27.290 615.540 47.780 (55.640) 36.760 98.420 78.270 60.410
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
27.290 615.540 47.780 (55.640) 36.760 98.420 78.270 60.410
-- 647.760 -- -- -- 846.900 -- --
-- -- -- -- -- -- -- --
-- 647.760 -- -- -- 846.900 -- --
-- 493.710 -- -- -- 757.490 -- 4,548.080
0 (10.560) -- -- -- (459.370) -- (3,114.370)
(303.180) 483.140 (610.460) (331.730) (145.220) 298.120 1,050.660 1,433.720
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
(303.180) 1,130.900 (610.460) (331.730) (145.220) 1,145.020 1,050.660 1,433.720
(285.440) 1,712.170 (587.410) (402.800) (114.650) 1,218.840 1,110.500 1,481.850
(0.210) 9.110 5.390 (0.910) (0.270) 5.540 4.060 4.410
(5.290) (78.700) (108.530) (143.670) (120.250) 2.260 (51.600) (30.820)
239.110 317.810 317.810 317.810 317.810 315.550 315.550 315.550
233.820 239.110 209.280 174.150 197.560 317.810 263.950 284.730
19.260 95.000 39.460 29.070 11.600 48.000 30.610 15.630
27.760 335.000 295.500 212.400 26.460 204.000 128.850 71.640
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --

2008 Q1 2007 Q4 2007 Q3 2007 Q2 2007 Q1 2006 Q4 2006 Q3 2006 Q2
17.6% 18.3% 19.7% 19.5% 25.3% 26.1% 25.2% 25.4%
9.5% 9.4% 10.1% 9.6% 14.5% 14.5% 13.9% 14.1%
11.2% 11.4% 12.4% 11.5% 19.4% 19.1% 18.5% 17.7%

$301.1 $330.5 $20.4 $25.4 $30.5 $10.9 $13.8 $280.3
3,204.1 3,395.8 1,926.9 2,133.2 2,294.8 2,422.9 2,261.5 2,382.7
-- -- -- -- -- -- -- --
9,574.6 9,085.7 8,053.4 7,334.1 7,046.7 6,644.7 6,151.4 5,859.5
$13,079.9 $12,811.9 $10,000.6 $9,492.6 $9,372.1 $9,078.4 $8,426.8 $8,522.6

$0.88 $0.86 $1.05 $1.07 $1.28 $1.28 $1.33 $1.27

$1,239 $1,214 $1,214 $1,143 $1,361 $1,325 $1,257 $1,221
11,533 11,026 10,510 10,187 11,988 11,610 11,248 10,806
10.7% 11.0% 11.5% 11.2% 11.4% 11.4% 11.2% 11.3%

$11,533 $11,026 $10,510 $10,187 $11,988 $11,610 $11,248 $10,806
17,853 17,472 13,775 13,147 13,088 12,864 12,023 11,912
0.6x 0.6x 0.8x 0.8x 0.9x 0.9x 0.9x 0.9x
6.9% 6.9% 8.8% 8.7% 10.4% 10.3% 10.5% 10.3%

17,853 17,472 13,775 13,147 13,088 12,864 12,023 11,912
7,047 6,645 6,151 5,860 5,374 5,080 4,994 4,801
2.5x 2.6x 2.2x 2.2x 2.4x 2.5x 2.4x 2.5x

17.6% 18.3% 19.7% 19.5% 25.3% 26.1% 25.2% 25.4%

$5,319 $5,041 $4,770 $4,610 $5,337 $5,114 $4,906 $4,665
$2,886 $2,713 $2,572 $2,501 $2,919 $2,893 $2,871 $2,810
$664 $601 $495 $482 $564 $440 $330 $212
$293 $268 $254 $244 $232 $216 $194 $183
$430 $423 $406 $400 $412 $393 $389 $377
$1,047 $1,035 $1,044 $983 $1,209 $1,172 $1,122 $1,083

$301 $330 $20 $25 $31 $11 $14 $280
$3,204 $3,396 $1,927 $2,133 $2,295 $2,423 $2,262 $2,383
$9,575 $9,086 $8,053 $7,334 $7,047 $6,645 $6,151 $5,860
$13,080 $12,812 $10,001 $9,493 $9,372 $9,078 $8,427 $8,523

11.2% 11.4% 12.4% 11.5% 19.4% 19.1% 18.5% 17.7%

$1,656 $1,646 $1,538 $1,587 $1,533 $1,547 $1,385 $1,261
($170) ($162) ($138) ($147) ($140) ($136) ($131) ($122)
$1,486 $1,484 $1,400 $1,441 $1,393 $1,411 $1,254 $1,139

$1,239 $1,214 $1,214 $1,143 $1,361 $1,325 $1,257 $1,221

120.0% 122.2% 115.3% 126.0% 102.4% 106.5% 99.8% 93.2%
2006 Q1 2005 Q4 2005 Q3 2005 Q2 2005 Q1 2004 Q4 2004 Q3 2004 Q2
3/31/2006 12/31/2005 9/30/2005 7/1/2005 4/1/2005 12/31/2004 10/1/2004 7/2/2004
3 Months 3 Months 3 Months 3 Months 3 Months 3 Months 3 Months 3 Months
Update Update Update Update Update Update Update Update
3/31/2006 12/31/2005 9/30/2005 7/1/2005 4/1/2005 12/31/2004 10/1/2004 7/2/2004
10-Q 10-K 10-Q 10-Q 10-Q 10-K 10-Q 10-Q
4/20/2006 3/15/2006 10/20/2005 7/21/2005 4/21/2005 3/7/2005 10/21/2004 7/22/2004
Complete Complete Complete Complete Complete Complete Complete Complete
2,143.660 2,263.750 1,966.380 1,928.630 1,825.950 1,979.580 1,745.290 1,621.250
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
2,143.660 2,263.750 1,966.380 1,928.630 1,825.950 1,979.580 1,745.290 1,621.250
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
2,143.660 2,263.750 1,966.380 1,928.630 1,825.950 1,979.580 1,745.290 1,621.250
1,226.970 1,291.400 1,118.500 1,079.020 1,050.760 1,143.880 1,005.290 935.540
-- -- -- -- -- -- -- --
1,226.970 1,291.400 1,118.500 1,079.020 1,050.760 1,143.880 1,005.290 935.540
916.690 972.360 847.870 849.600 775.180 835.700 739.990 685.710
619.620 606.300 523.610 537.160 508.680 521.740 452.130 414.830
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
619.620 606.300 523.610 537.160 508.680 521.740 452.130 414.830
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- 0.000 -- --
0.000 13.930 4.580 (8.580) (5.340) (2.040) (4.050) (1.360)
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
0.000 13.930 4.580 (8.580) (5.340) (2.040) (4.050) (1.360)
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
1,846.590 1,911.630 1,646.690 1,607.610 1,554.110 1,663.580 1,453.360 1,349.000
297.070 352.130 319.680 321.020 271.840 316.000 291.920 272.240
(9.790) (9.430) (9.200) (12.820) (13.490) (14.200) (13.620) (12.720)
-- -- -- -- -- -- -- --
(9.790) (9.430) (9.200) (12.820) (13.490) (14.200) (13.620) (12.720)
1.840 2.660 3.050 7.680 1.320 2.710 2.530 0.810
-- -- -- -- -- -- -- --
1.840 2.660 3.050 7.680 1.320 2.710 2.530 0.810
-- -- -- -- -- -- -- --
(7.960) (6.770) (6.150) (5.130) (12.170) (11.490) (11.090) (11.910)
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
289.110 345.360 313.530 315.890 259.660 304.520 280.830 260.330
73.390 93.660 84.710 86.870 71.410 86.790 80.040 78.100
215.720 251.700 228.820 229.020 188.260 217.730 200.790 182.230
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
215.720 251.700 228.820 229.020 188.260 217.730 200.790 182.230
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
215.720 251.700 228.820 229.020 188.260 217.730 200.790 182.230
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
215.720 251.700 228.820 229.020 188.260 217.730 200.790 182.230
215.720 251.700 228.820 229.020 188.260 217.730 200.790 182.230
306.840 306.510 309.590 309.640 309.880 309.500 309.130 308.830
0.700 0.820 0.740 0.740 0.610 0.700 0.650 0.590
0.700 0.820 0.740 0.740 0.610 0.700 0.650 0.590
0.000 4.380 2.210 2.190 2.230 2.170 2.160 2.140
215.720 256.080 231.030 231.210 190.490 219.900 202.950 184.380
324.050 325.200 328.630 328.720 329.390 329.080 327.970 327.270
0.670 0.790 0.700 0.700 0.580 0.670 0.620 0.560
0.670 0.790 0.700 0.700 0.580 0.670 0.620 0.560
0.020 0.020 0.020 0.020 0.020 0.020 0.020 0.020
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
6.120 6.110 6.180 4.630 4.640 4.630 4.630 4.620
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
0.000 13.930 4.580 (8.580) (5.340) (2.040) (4.050) (1.360)
289.110 359.290 318.110 307.310 254.330 302.480 276.780 258.970
0.000 3.780 1.240 (2.360) (1.470) (0.580) (1.160) (0.410)
73.390 97.430 85.950 84.510 69.940 86.200 78.880 77.690
215.720 261.860 232.160 222.800 184.390 216.270 197.890 181.280
215.720 261.860 232.160 222.800 184.390 216.270 197.890 181.280
0.700 0.850 0.750 0.720 0.600 0.700 0.640 0.590
0.670 0.820 0.710 0.680 0.570 0.660 0.610 0.560
0.000 9.270 8.220 6.100 5.910 7.170 7.080 7.260
215.720 242.430 220.610 222.920 182.340 210.560 193.720 174.980
0.700 0.790 0.710 0.720 0.590 0.680 0.630 0.570
0.670 0.750 0.680 0.680 0.560 0.640 0.600 0.540
-- -- -- -- -- -- -- --
9.790 9.430 9.200 12.820 13.490 14.200 13.620 15.200
-- -- -- -- -- -- -- --
36.610 43.350 43.500 44.390 45.740 38.890 41.080 38.250
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
9.760 -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
297.070 -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
2006 Q1 2005 Q4 2005 Q3 2005 Q2 2005 Q1 2004 Q4 2004 Q3 2004 Q2
3/31/2006 12/31/2005 9/30/2005 7/1/2005 4/1/2005 12/31/2004 10/1/2004 7/2/2004
Update Reclassified Update Update Update Update Update Update
3/31/2006 6/30/2006 9/30/2005 7/1/2005 4/1/2005 12/31/2004 10/1/2004 7/2/2004
10-Q 10-Q 10-Q 10-Q 10-Q 10-K 10-Q 10-Q
4/20/2006 7/20/2006 10/20/2005 7/21/2005 4/21/2005 3/7/2005 10/21/2004 7/22/2004
Complete Complete Complete Complete Complete Complete Complete Complete
-- -- -- -- -- -- -- --
260.820 315.550 275.620 808.660 673.070 609.120 531.610 303.290
-- -- -- -- -- -- -- --
260.820 315.550 275.620 808.660 673.070 609.120 531.610 303.290
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
1,388.560 1,407.860 1,364.320 1,176.580 1,164.670 1,231.070 1,110.280 1,094.030
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
1,388.560 1,407.860 1,364.320 1,176.580 1,164.670 1,231.070 1,110.280 1,094.030
345.320 314.770 345.860 284.450 303.230 281.330 331.760 328.530
188.290 178.630 168.540 154.600 152.940 138.260 161.860 167.930
352.970 331.860 363.920 313.660 291.000 284.410 293.100 287.300
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
886.580 825.260 878.330 752.710 747.170 704.000 786.720 783.750
465.160 396.350 281.670 302.210 332.040 374.510 260.800 280.570
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
3,001.130 2,945.020 2,799.940 3,040.150 2,916.960 2,918.690 2,689.410 2,461.640
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
1,932.730 1,878.950 1,860.920 1,803.340 1,824.950 1,768.000 1,723.300 1,723.160
(1,179.590) (1,130.780) (1,123.000) (1,097.000) (1,094.000) (1,015.040) (1,008.000) (996.000)
753.140 748.170 737.920 706.340 730.950 752.970 715.300 727.160
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
4,561.310 4,474.990 4,474.700 4,052.280 4,098.050 3,970.270 3,786.040 3,856.560
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
882.100 834.150 852.900 742.490 765.410 760.260 654.430 556.830
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
156.500 160.780 157.620 124.870 111.340 91.710 77.300 81.020
156.500 160.780 157.620 124.870 111.340 91.710 77.300 81.020
9,354.180 9,163.110 9,023.080 8,666.140 8,622.700 8,493.890 7,922.470 7,683.210
807.250 782.850 719.830 654.380 647.050 612.070 578.610 586.990
-- -- -- -- -- -- -- --
1,341.370 1,301.780 1,360.930 1,206.110 1,163.490 1,165.460 1,110.090 1,098.370
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
6.590 183.950 118.810 371.720 396.400 424.760 389.750 18.320
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
2,155.210 2,268.590 2,199.560 2,232.200 2,206.930 2,202.290 2,078.460 1,703.680
863.950 857.770 935.650 931.480 927.540 925.540 918.390 1,282.310
-- -- -- -- -- -- -- --
863.950 857.770 935.650 931.480 927.540 925.540 918.390 1,282.310
870.540 1,041.720 1,054.460 1,303.200 1,323.930 1,350.300 1,308.140 1,300.630
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
960.690 956.400 893.710 701.120 749.310 746.390 740.940 713.820
-- -- -- -- -- -- -- --
960.690 956.400 893.710 701.120 749.310 746.390 740.940 713.820
3,979.850 4,082.760 4,028.930 3,864.800 3,883.770 3,874.210 3,737.790 3,699.810
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
3.390 3.390 3.380 3.380 3.370 3.370 3.370 3.360
-- -- -- -- -- -- -- --
3.390 3.390 3.380 3.380 3.370 3.370 3.370 3.360
904.020 861.880 998.420 1,031.120 1,067.290 1,052.150 1,037.760 1,024.790
4,533.970 4,324.370 4,078.780 3,856.130 3,631.740 3,448.120 3,235.030 3,038.860
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
(67.050) (109.280) (86.430) (89.290) 36.530 116.040 (91.470) (83.610)
(67.050) (109.280) (86.430) (89.290) 36.530 116.040 (91.470) (83.610)
5,374.330 5,080.350 4,994.150 4,801.340 4,738.930 4,619.680 4,184.680 3,983.400
9,354.180 9,163.110 9,023.080 8,666.140 8,622.700 8,493.890 7,922.470 7,683.210
306.400 305.570 309.590 308.600 309.200 308.920 308.620 308.270
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
306.400 305.570 309.590 308.600 309.200 308.920 308.620 308.270
-- 32.980 -- -- -- 28.030 -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --

2006 Q1 2005 Q4 2005 Q3 2005 Q2 2005 Q1 2004 Q4 2004 Q3 2004 Q2
3/31/2006 12/31/2005 9/30/2005 7/1/2005 4/1/2005 12/31/2004 10/1/2004 7/2/2004
3 Months 12 Months 9 Months 6 Months 3 Months 12 Months 9 Months 6 Months
Update Reclassified Update Update Reclassified Reclassified Update Update
3/31/2006 12/31/2007 9/30/2005 7/1/2005 3/31/2006 12/31/2006 10/1/2004 7/2/2004
10-Q 10-K 10-Q 10-Q 10-Q 10-K 10-Q 10-Q
4/20/2006 2/21/2008 10/20/2005 7/21/2005 4/20/2006 3/1/2007 10/21/2004 7/22/2004
Complete Complete Complete Complete Complete Complete Complete Complete
215.720 897.800 646.100 417.280 188.260 746.000 528.270 327.480
36.610 139.240 133.630 90.130 45.740 129.490 117.240 76.160
36.610 139.240 133.630 90.130 45.740 129.490 117.240 76.160
9.760 36.000 -- -- -- 26.640 -- --
-- -- -- -- -- -- -- --
9.760 36.000 0 0 0 26.640 0 0
-- 102.910 -- -- -- 176.060 -- --
-- -- -- -- -- -- -- --
-- 2.340 -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
13.700 7.500 -- 4.320 2.050 8.100 -- --
13.700 9.850 -- 4.320 2.050 8.100 -- --
42.880 (66.530) (14.140) 36.690 70.400 (110.010) (49.770) (38.460)
(46.890) (20.610) (81.760) (54.130) (32.140) 65.530 (44.280) (45.240)
-- (38.260) 62.990 36.610 -- (25.360) 97.910 67.580
35.890 -- -- -- 20.820 -- -- --
15.300 136.320 71.410 53.930 32.640 65.320 57.930 67.450
14.250 7.090 84.230 9.760 (15.780) (48.540) 61.790 43.780
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
61.430 18.000 122.730 82.860 75.950 (53.070) 123.590 95.110
337.220 1,203.800 902.450 594.590 311.990 1,033.220 769.100 498.750
(27.580) (119.730) (87.150) (56.920) (25.950) (115.910) (70.120) (43.160)
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
(27.580) (119.730) (87.150) (56.920) (25.950) (115.910) (70.120) (43.160)
(128.120) (885.080) (812.290) (296.030) (213.880) (1,591.720) (1,373.250) (1,343.920)
-- 22.100 -- -- -- 43.100 0.000 0.000
0.650 18.780 15.500 9.010 6.380 30.890 20.060 11.250
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
(84.100) 0.000 0.000 0.000 -- 0.000 -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- (1.470) 22.100 22.100 -- -- 0.000 --
(211.570) (845.670) (774.700) (264.910) (207.500) (1,517.730) (1,353.190) (1,332.670)
(239.150) (965.410) (861.850) (321.830) (233.450) (1,633.630) (1,423.300) (1,375.830)
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
(6.120) (21.550) (15.440) (9.270) (4.640) (17.730) (13.100) (8.470)
-- -- -- -- -- -- -- --
(6.120) (21.550) (15.440) (9.270) (4.640) (17.730) (13.100) (8.470)
28.450 59.930 37.740 24.230 13.080 45.960 33.940 23.230
-- (257.700) (96.700) (49.580) -- 0.000 0.000 0.000
28.450 (197.770) (58.960) (25.350) 13.080 45.960 33.940 23.230
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
28.450 (197.770) (58.960) (25.350) 13.080 45.960 33.940 23.230
-- 0.000 -- -- -- 0.000 -- --
-- -- -- -- -- -- -- --
-- 0.000 -- -- -- 0.000 -- --
119.560 355.750 222.480 0.000 -- 130.000 130.000 130.000
-- (647.990) -- (9.430) -- (196.280) -- --
(176.620) (292.240) (277.920) (9.430) (8.870) (66.280) (62.660) (60.560)
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
(176.620) (292.240) (277.920) (9.430) (8.870) (66.280) (62.660) (60.560)
(154.290) (511.560) (352.320) (44.050) (0.430) (38.060) (41.820) (45.810)
1.490 (20.400) (21.780) (29.170) (14.160) 17.430 (2.520) (3.980)
(54.730) (293.560) (333.490) 199.540 63.960 (621.040) (698.550) (926.870)
315.550 609.120 609.120 609.120 609.120 1,230.160 1,230.160 1,230.160
260.820 315.550 275.620 808.660 673.070 609.120 531.610 303.290
1.920 43.000 37.310 13.670 2.080 46.200 37.050 12.680
(2.780) 168.000 119.150 86.070 27.480 126.900 74.360 49.790
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --

2006 Q1 2005 Q4 2005 Q3 2005 Q2 2005 Q1 2004 Q4 2004 Q3 2004 Q2
19.5% 19.4% 20.6% 21.0%
10.7% 10.6% 10.9% 10.9%
13.0% 12.7% 13.0% 13.0%

$6.6 $184.0 $118.8 $371.7 $396.4 $424.8 $389.8 $18.3
864.0 857.8 935.7 931.5 927.5 925.5 918.4 1,282.3
-- -- -- -- -- -- -- --
5,374.3 5,080.4 4,994.2 4,801.3 4,738.9 4,619.7 4,184.7 3,983.4
$6,244.9 $6,122.1 $6,048.6 $6,104.5 $6,062.9 $5,970.0 $5,492.8 $5,284.0

$1.33 $1.30 $1.27 $1.23

$925 $898 $864 $836
8,302 7,985 7,701 7,479
11.1% 11.2% 11.2% 11.2%

$8,302 $7,985 $7,701 $7,479
9,354 9,163 9,023 8,666
0.9x 0.9x 0.9x 0.9x
9.9% 9.8% 9.6% 9.6%

9,354 9,163 9,023 8,666
4,739 4,620 4,185 3,983
2.0x 2.0x 2.2x 2.2x

19.5% 19.4% 20.6% 21.0%

$3,587 $3,445 $3,308 $3,200
$2,287 $2,176 $2,091 $2,020
$0 $0 $0 $0
$176 $175 $173 $170
$339 $337 $330 $325
$785 $757 $715 $686

$7 $184 $119 $372 $396 $425 $390 $18
$864 $858 $936 $931 $928 $926 $918 $1,282
$5,374 $5,080 $4,994 $4,801 $4,739 $4,620 $4,185 $3,983
$6,245 $6,122 $6,049 $6,105 $6,063 $5,970 $5,493 $5,284

13.0% 12.7% 13.0% 13.0%

$1,229 $1,204 $1,167 $1,129
($121) ($120) ($133) ($130)
$1,108 $1,084 $1,034 $999

$925 $898 $864 $836

119.7% 120.7% 119.7% 119.6%
Value
Metric LTM 5-yr avg Denominator Valuation Shs. Out per share
Price / Earnings 16.6x 20.8x $3.40 319.7 $70.58
Price / Sales 1.7x 2.3x $10,603 $24,598 319.7 76.93
Price / Free Cash Flow 12.9x 15.3x $1,437 $21,954 319.7 68.66
Price/Earnings

1999 2000 2001 2002 2003 2004 2005 2006 2007
DHR 27 30.7 30 23.5 27.3 24.9 20.2 20.8 23.6
ITW 24.5 18.9 25.8 21.5 24.9 21.1 16.9 15.3 16.3
ITT 13.2 13.2 21.1 15 17.9 18.3 30.8 21.3 19.2
DOV 23.6 15.6 45.3 28 28.4 21 17.4 16.7 14.3
CBE 11.6 12.1 12.7 16 19.8 19 17.7 17.5 14.2
SNA 12.3 13.3 90.9 16 23.9 24.6 23.6 28.2 14.9
S&P 500 28.2 24 23.6 19.8 21.1 19 17.3 16.8 16.5

 Price/Book

1999 2000 2001 2002 2003 2004 2005 2006 2007
DHR 3.8 5 3.9 3.3 3.9 3.8 3.4 3.4 3.1
ITW 3.5 3.3 3.4 3 3.3 3.6 3.3 2.9 3.1
ITT 2.8 2.8 3.2 4.9 3.7 3.3 3.5 3.7 3
DOV 4.8 3.4 3 2.5 2.9 2.7 2.5 2.6 2.9
CBE 2.2 2.3 1.6 1.7 2.5 2.7 3 3.3 3.3
SNA 2.1 1.9 2.5 2 1.9 1.8 2.3 2.6 2.2
S&P 500 5.3 4.2 3.3 2.6 3.2 3 2.8 2.9 2.7

 Price/Sales

1999 2000 2001 2002 2003 2004 2005 2006 2007
DHR 2.2 2.6 2.4 2.3 2.8 2.7 2.3 2.5 2.6
ITW 2.2 1.8 2.2 2.1 2.6 2.4 2 1.9 1.8
ITT 0.7 0.7 1 1.1 1.2 1.2 1.3 1.4 1.4
DOV 2.1 1.5 1.7 1.4 1.8 1.6 1.4 1.5 1.3
CBE 1 1 0.8 0.9 1.3 1.4 1.5 1.6 1.7
SNA 0.8 0.8 0.9 0.8 0.8 0.8 0.9 1.1 1
S&P 500 2.3 1.9 1.6 1.3 1.6 1.6 1.5 1.6 1.5

 Price/Cash Flow

1999 2000 2001 2002 2003 2004 2005 2006 2007
DHR 16.8 19.1 15.1 14.7 17.2 18.2 15.2 15.2 17.6
ITW 19.9 16.2 15.4 15.5 18.9 18.5 13.9 12.7 12
ITT 9 8.4 9.6 9.6 12.1 15.1 13 13.6 15.2
DOV 20.7 15 11.1 15 13.6 14.4 12.6 11.4 10.4
CBE 9.5 8.6 7.8 7.1 12.2 13.6 12.1 14.1 12.4
SNA 6.6 8.6 11.9 7.3 10.6 13.6 9.9 13.8 12.2
S&P 500 17.1 15 12.4 9.7 12 11.5 10.8 11.1 11.6

1999 2000 2001 2002 2003 2004 2005 2006 2007
P/E 27 30.7 30 23.5 27.3 24.9 20.2 20.8 23.6
P/S 2.2 2.6 2.4 2.3 2.8 2.7 2.3 2.5 2.6
P/FCF 16.8 19.1 15.1 14.7 17.2 18.2 15.2 15.2 17.6

1999 2000 2001 2002 2003 2004 2005 2006 2007
P/E 27.0x 30.7x 30.0x 23.5x 27.3x 24.9x 20.2x 20.8x 23.6x
P/S 2.2x 2.6x 2.4x 2.3x 2.8x 2.7x 2.3x 2.5x 2.6x
P/FCF 16.8x 19.1x 15.1x 14.7x 17.2x 18.2x 15.2x 15.2x 17.6x
2008 5-year avg 10-year avg
14.3 20.8 24.2 3.3 3.5
11.5 16.2 19.7 68.51 72.66
10.9 20.1 18.1 79.96 84.81
9 15.7 21.9
8.3 15.3 14.9
9.7 20.2 25.7
10.9 16.1 19.7

2008 5-year avg 10-year avg Shs Out 319.74
1.8 3.1 3.5 33.16 33.16
2.3 3.0 3.2 102.8 102.8 Not a good way to value the Company since Book is overstated
2.7 3.2 3.4 117.39 117.39 due to Goodwill from all of the acquisitions
1.6 2.5 2.9
1.9 2.8 2.5
1.9 2.2 2.1
1.7 2.6 3.2

2008 5-year avg 10-year avg Shs Out 319.74
1.5 2.3 2.4 10900 11100
1.2 1.9 2.0 25288 25752 79.09 80.54
0.7 1.2 1.1 26051 26529 81.48 82.97
0.8 1.3 1.5
0.8 1.4 1.2
0.8 0.9 0.9
0.9 1.4 1.6

2008 5-year average
10-year average
Shs Out 319.74
10.2 15.28 15.93 $1,553
8.2 13.06 15.12 23723.58 74.2
7.6 12.9 11.32 24732.76 77.35
6.2 11 13.04
5.7 11.58 10.31
10.6 12.02 10.51
6.8 10.36 11.8

2008 5-yr avg 10-yr avg
14.3 20.8 24.2
1.5 2.3 2.4
10.2 15.3 15.9

2008 5-yr avg 10-yr avg
14.3x 20.8x 24.2x
1.5x 2.3x 2.4x
10.2x 15.3x 15.9x
mpany since Book is overstated
All Financial Reports
Danaher Corp
Income Statement - Annual -
Standardised in Millions of US
Dollar
Fiscal Period: 2008 2007 2006 2005 2004
Period End Date: 12/31/2008 12/31/2007 12/31/2006 12/31/2005 12/31/2004
Period Length: 12 Months 12 Months 12 Months 12 Months 12 Months
Update Type: Update Update Restated Restated Update
Update Date: 12/31/2008 12/31/2007 12/31/2007 12/31/2007 12/31/2004
Source 10-K 10-K 10-K 10-K 10-K
Source Date: 2/25/2009 2/21/2008 2/21/2008 2/21/2008 3/7/2005
Complete Statement: Complete Complete Complete Complete Complete
Auditor Code: EY EY EY EY EY
Net Sales 12,697.460 11,025.920 9,466.060 7,871.500 6,889.300
Gross Revenue -- -- -- -- --
Sales Returns and Allowances -- -- -- -- --
Excise Tax Receipts -- -- -- -- --
Revenue 12,697.460 11,025.920 9,466.060 7,871.500 6,889.300
Interest Income, Non-Bank -- -- -- -- --
Other Revenue -- -- -- -- --
Other Revenue, Total -- -- -- -- --
Total Revenue 12,697.460 11,025.920 9,466.060 7,871.500 6,889.300
Cost of Revenue 6,757.260 5,985.020 5,269.000 4,467.300 3,996.640
Excise Taxes Payments -- -- -- -- --
Cost of Revenue, Total 6,757.260 5,985.020 5,269.000 4,467.300 3,996.640
Gross Profit 5,940.190 5,040.900 4,197.060 3,404.200 2,892.670
Selling/General/Administrative Expense 3,345.270 2,713.100 2,273.230 1,777.720 1,795.670
Labor & Related Expense -- -- -- -- --
Advertising Expense -- -- -- -- --
Selling/General/Admin. Expenses, Total 3,345.270 2,713.100 2,273.230 1,777.720 1,795.670
Research & Development 725.440 601.420 440.000 374.310 0
Depreciation -- -- -- -- --
Amortization of Intangibles -- -- -- -- --
Amortization of Acquisition Costs -- -- -- -- --
Depreciation/Amortization -- -- -- -- --
Interest Expense - Operating -- -- -- -- --
Interest Capitalized - Operating -- -- -- -- --
Interest Expense, Net - Operating -- -- -- -- --
Interest Income - Operating -- -- -- -- --
Investment Income - Operating -- -- -- -- --
Interest/Investment Income - Operating -- -- -- -- --
Interest Expense(Income) - Net Operating 0.000 (14.340) (16.380) 4.600 --
Interest Exp.(Inc.),Net-Operating, Total 0.000 (14.340) (16.380) 4.600 --
Purchased R&D Written-Off -- -- -- -- --
Restructuring Charge -- -- -- -- 0.000
Litigation -- -- -- -- --
Impairment-Assets Held for Use -- -- -- -- --
Impairment-Assets Held for Sale -- -- -- -- --
Other Unusual Expense (Income) -- -- -- -- 0.000
Unusual Expense (Income) -- -- -- -- (8.140)
Foreign Currency Adjustment -- -- -- -- --
Unrealized Losses (Gains) -- -- -- -- --
Minimum Pension Liability Adjustment -- -- -- -- --
Loss(Gain) on Sale of Assets - Operating -- -- -- -- (8.140)
Other Operating Expense -- -- -- -- --
Other, Net -- -- -- -- --
Other Operating Expenses, Total -- -- -- -- --
Total Operating Expense 10,827.980 9,285.210 7,965.850 6,623.920 5,784.170
Operating Income 1,869.480 1,740.710 1,500.210 1,247.580 1,105.130
Interest Expense - Non-Operating (130.170) (109.700) (79.380) (44.540) (54.980)
Interest Capitalized - Non-Operating -- -- -- -- --
Interest Expense, Net Non-Operating (130.170) (109.700) (79.380) (44.540) (54.980)
Interest Income - Non-Operating 10.000 6.090 8.010 14.710 7.570
Investment Income - Non-Operating -- -- -- -- --
Interest/Invest Income - Non-Operating 10.000 6.090 8.010 14.710 7.570
Interest Income(Exp), Net Non-Operating -- -- -- -- --
Interest Inc.(Exp.),Net-Non-Op., Total (120.170) (103.610) (71.370) (29.830) (47.420)
Gain (Loss) on Sale of Assets -- -- -- -- --
Foreign Currency Adjustment -- -- -- -- --
Unrealized Gains (Losses) -- -- -- -- --
Minimum Pension Liability Adjustment -- -- -- -- --
Other Non-Operating Income (Expense) -- -- -- -- --
Other, Net 0 0 0 0 0
Net Income Before Taxes 1,749.310 1,637.100 1,428.840 1,217.740 1,057.720
Provision for Income Taxes 431.680 423.100 319.640 332.130 311.720
Net Income After Taxes 1,317.630 1,214.000 1,109.210 885.610 746.000
Minority Interest -- -- -- -- --
Equity In Affiliates -- -- -- -- --
U.S. GAAP Adjustment -- -- -- -- --
Net Income Before Extra. Items 1,317.630 1,214.000 1,109.210 885.610 746.000
Accounting Change -- -- -- -- --
Discontinued Operations 0.000 155.910 12.820 12.190 --
Extraordinary Item -- -- -- -- --
Tax on Extraordinary Items -- -- -- -- --
Total Extraordinary Items 0.000 155.910 12.820 12.190 --
Net Income 1,317.630 1,369.900 1,122.030 897.800 746.000
Preferred Dividends -- -- -- -- --
General Partners' Distributions -- -- -- -- --
Miscellaneous Earnings Adjustment -- -- -- -- --
Pro Forma Adjustment -- -- -- -- --
Interest Adjustment - Primary EPS -- -- -- -- --
Total Adjustments to Net Income -- -- -- -- --
Income Available to Com Excl ExtraOrd 1,317.630 1,214.000 1,109.210 885.610 746.000
Income Available to Com Incl ExtraOrd 1,317.630 1,369.900 1,122.030 897.800 746.000
Basic Weighted Average Shares 319.360 311.230 307.980 308.910 308.960
Basic EPS Excluding Extraordinary Items 4.130 3.900 3.600 2.870 2.410
Basic EPS Including Extraordinary Items 4.130 4.400 3.640 2.910 2.410
Dilution Adjustment 10.370 10.030 9.340 8.800 8.600
Diluted Net Income 1,328.000 1,379.940 1,131.370 906.600 754.600
Diluted Weighted Average Shares 335.860 329.460 325.250 327.980 327.700
Diluted EPS Excluding ExtraOrd Items 3.950 3.720 3.440 2.730 2.300
Diluted EPS Including ExtraOrd Items 3.950 4.190 3.480 2.760 2.300
DPS - Common Stock Primary Issue 0.120 0.110 0.080 0.070 0.060
Dividends per Share - Com Stock Issue 2 -- -- -- -- --
Dividends per Share - Com Stock Issue 3 -- -- -- -- --
Dividends per Share - Com Stock Issue 4 -- -- -- -- --
Special DPS - Common Stock Primary Issue -- -- -- -- --
Special DPS - Common Stock Issue 2 -- -- -- -- --
Special DPS - Common Stock Issue 3 -- -- -- -- --
Special DPS - Common Stock Issue 4 -- -- -- -- --
Gross Dividends - Common Stock 38.260 34.280 24.590 21.550 17.730
(Gain) Loss on Sale of Assets, Suppl. -- -- -- -- --
Impairment-Assets Held for Sale, Suppl. -- -- -- -- --
Impairment-Assets Held for Use, Suppl. -- -- -- -- --
Litigation Charge, Supplemental -- -- -- -- --
Purchased R&D Written-Off, Supplemental -- -- -- -- --
Restructuring Charge, Supplemental -- -- -- -- --
Other Unusual Expense(Income), Suppl. -- -- -- -- --
Non-Recurring Items, Supplemental, Total -- -- -- -- --
Total Special Items -- -- -- -- (8.140)
Normalized Income Before Taxes 1,749.310 1,637.100 1,428.840 1,217.740 1,049.580
Effect of Special Items on Income Taxes -- -- -- -- (2.400)
Inc Tax Ex Impact of Sp Items 431.680 423.100 319.640 332.130 309.320
Normalized Income After Taxes 1,317.630 1,214.000 1,109.210 885.610 740.260
Normalized Inc. Avail to Com. 1,317.630 1,214.000 1,109.210 885.610 740.260
Basic Normalized EPS 4.130 3.900 3.600 2.870 2.400
Diluted Normalized EPS 3.950 3.720 3.440 2.730 2.290
Pro Forma Stock Compensation Expense -- -- -- 29.500 26.640
Net Income after Stock Based Comp. Exp. -- -- -- 868.300 717.510
Basic EPS after Stock Based Comp. Exp. -- -- -- 2.810 2.320
Diluted EPS after Stock Based Comp. Exp. -- -- -- 2.670 2.220
Stock-Based Compensation, Supplemental 86.000 73.350 67.190 -- --
Interest Expense, Supplemental 130.170 109.700 79.380 44.540 54.980
Interest Capitalized, Supplemental -- -- -- -- --
Depreciation, Supplemental 194.000 173.940 151.520 139.240 129.490
Funds From Operations - REIT -- -- -- -- --
Amort of Acquisition Costs, Supplemental -- -- -- -- --
Amort of Intangibles, Supplemental 145.290 94.550 64.170 36.000 26.640
Rental Expense, Supplemental 110.000 103.000 84.000 68.000 62.000
EPS, Supplemental -- -- -- -- --
Advertising Expense, Supplemental -- -- -- -- --
Equity in Affiliates, Supplemental -- -- -- -- --
Minority Interest, Supplemental -- -- -- -- --
Research & Development Exp, Supplemental 725.440 601.420 440.000 374.310 294.000
Audit Fees 10.240 9.100 7.870 -- 6.790
Audit-Related Fees 1.380 0.390 0.210 -- 2.190
Tax Fees 2.220 3.150 2.200 -- 2.750
All Other Fees 0.000 0.000 0.000 -- 0.000
Reported Recurring Revenue -- -- -- -- --
Reported Net Premiums Written -- -- -- -- --
Reported Total Revenue -- -- -- -- --
Reported Operating Revenue -- -- -- -- --
Reported Total Cost of Revenue -- -- -- -- --
Reported Total Sales, General & Admin. -- -- -- -- --
Reported Gross Profit -- -- -- -- --
Reported Operating Profit 1,869.480 1,740.710 1,500.210 1,247.580 --
Reported Operating Profit Margin -- -- -- -- --
Reported Ordinary Profit -- -- -- -- --
Reported Net Income After Tax -- -- -- -- --
Reported Basic EPS -- -- -- -- --
Reported Diluted EPS -- -- -- -- --
Reported Net Business Profits -- -- -- -- --
Balance Sheet (Differentiates) -
Annual - Standardised in Millions
of US Dollar
Fiscal Period: 2008 2007 2006 2005 2004
Period End Date: 12/31/2008 12/31/2007 12/31/2006 12/31/2005 12/31/2004
Update Type: Update Update Reclassified Reclassified Update
Update Date: 12/31/2008 12/31/2007 12/31/2007 12/31/2006 12/31/2004
Source 10-K 10-K 10-K 10-K 10-K
Source Date: 2/25/2009 2/21/2008 2/21/2008 3/1/2007 3/7/2005
Complete Statement: Complete Complete Complete Complete Complete
Auditor Code: EY EY EY PWCL EY
Cash -- -- -- -- --
Cash & Equivalents 392.850 239.110 317.810 315.550 609.120
Short Term Investments -- -- -- -- --
Cash and Short Term Investments 392.850 239.110 317.810 315.550 609.120
Accounts Receivable - Trade, Gross 2,015.320 2,093.170 1,757.090 1,498.970 1,309.490
Provision for Doubtful Accounts (120.730) (108.780) (102.370) (91.120) (78.420)
Accounts Receivable - Trade, Net 1,894.590 1,984.380 1,654.730 1,407.860 1,231.070
Notes Receivable - Short Term -- -- -- -- --
Receivables - Other -- -- -- -- --
Total Receivables, Net 1,894.590 1,984.380 1,654.730 1,407.860 1,231.070
Inventories - Finished Goods 544.000 547.740 429.740 314.770 281.330
Inventories - Work In Progress 211.350 195.330 182.810 178.630 138.260
Inventories - Raw Materials 386.960 450.540 376.160 331.860 284.410
Inventories - Other -- -- -- -- --
LIFO Reserve -- -- -- -- --
Total Inventory 1,142.310 1,193.620 988.710 825.260 704.000
Prepaid Expenses 757.370 632.660 475.500 396.350 374.510
Restricted Cash - Current -- -- -- -- --
Deferred Income Tax - Current Asset -- -- -- -- --
Discountinued Operations - Current Asset -- -- -- -- --
Other Current Assets -- -- -- -- --
Other Current Assets, Total -- -- -- -- --
Total Current Assets 4,187.120 4,049.770 3,436.740 2,945.020 2,918.690
Buildings - Gross 691.770 679.580 546.470 474.360 451.680
Land/Improvements - Gross 106.470 105.100 73.800 66.670 55.710
Machinery/Equipment - Gross 1,793.620 1,726.430 1,515.720 1,337.920 1,260.610
Construction in Progress - Gross -- -- -- -- --
Leases - Gross -- -- -- -- --
Natural Resources - Gross -- -- -- -- --
Other Property/Plant/Equipment - Gross -- -- -- -- --
Property/Plant/Equipment, Total - Gross 2,591.860 2,511.100 2,135.990 1,878.950 1,768.000
Accumulated Depreciation, Total (1,483.200) (1,402.460) (1,267.370) (1,130.780) (1,015.040)
Property/Plant/Equipment, Total - Net 1,108.650 1,108.630 868.620 748.170 752.970
Goodwill - Gross -- -- -- -- --
Accumulated Goodwill Amortization -- -- -- -- --
Goodwill, Net 9,210.580 9,241.010 6,560.240 4,474.990 3,970.270
Intangibles - Gross 2,910.260 2,834.760 1,864.590 -- --
Accumulated Intangible Amortization (390.830) (269.780) (166.270) -- --
Intangibles, Net 2,519.420 2,564.970 1,698.320 834.150 760.260
LT Investment - Affiliate Companies -- -- -- -- --
LT Investments - Other -- -- -- -- --
Long Term Investments -- -- -- -- --
Note Receivable - Long Term -- -- -- -- --
Deferred Charges -- -- -- -- --
Pension Benefits - Overfunded -- -- -- -- --
Defered Income Tax - Long Term Asset -- -- -- -- --
Discontinued Operations - LT Asset -- -- -- -- --
Restricted Cash - Long Term -- -- -- -- --
Other Long Term Assets 464.350 507.550 300.230 160.780 91.710
Other Long Term Assets, Total 464.350 507.550 300.230 160.780 91.710
Total Assets 17,490.130 17,471.940 12,864.150 9,163.110 8,493.890
Accounts Payable 1,108.960 1,125.600 932.870 782.850 612.070
Payable/Accrued -- -- -- -- --
Accrued Expenses 1,397.000 1,266.420 1,515.990 1,301.780 1,165.460
Notes Payable/Short Term Debt 0.000 0.000 0.000 0.000 0.000
Current Port. of LT Debt/Capital Leases 66.160 330.480 10.860 183.950 424.760
Dividends Payable -- -- -- -- --
Customer Advances -- -- -- -- --
Security Deposits -- -- -- -- --
Income Taxes Payable -- -- -- -- --
Other Payables -- -- -- -- --
Deferred Income Tax - Current Liability -- -- -- -- --
Discontinued Operations - Curr Liability -- -- -- -- --
Other Current Liabilities 172.980 177.350 -- -- --
Other Current liabilities, Total 172.980 177.350 -- -- --
Total Current Liabilities 2,745.100 2,899.850 2,459.710 2,268.590 2,202.290
Long Term Debt 2,553.170 3,395.760 2,422.860 857.770 925.540
Capital Lease Obligations -- -- -- -- --
Total Long Term Debt 2,553.170 3,395.760 2,422.860 857.770 925.540
Total Debt 2,619.330 3,726.240 2,433.720 1,041.720 1,350.300
Deferred Income Tax - LT Liability -- -- -- -- --
Deferred Income Tax -- -- -- -- --
Minority Interest -- -- -- -- --
Reserves -- -- -- -- --
Pension Benefits - Underfunded -- -- -- -- --
Other Long Term Liabilities 2,383.300 2,090.630 1,336.920 956.400 746.390
Discontinued Operations - Liabilities -- -- -- -- --
Other Liabilities, Total 2,383.300 2,090.630 1,336.920 956.400 746.390
Total Liabilities 7,681.570 8,386.250 6,219.490 4,082.760 3,874.210
Redeemable Preferred Stock -- -- -- -- --
Redeemable Convertible Preferred Stock -- -- -- -- --
Redeemable Preferred Stock, Total -- -- -- -- --
Preferred Stock - Non Redeemable -- -- -- -- --
Convertible Preferred Stock - Non Rdmbl -- -- -- -- --
Treasury Stock - Preferred -- -- -- -- --
General Partner -- -- -- -- --
Preferred Stock - Non Redeemable, Net -- -- -- -- --
Common Stock 3.540 3.530 3.410 3.390 3.370
Limited Partner -- -- -- -- --
Common Stock, Total 3.540 3.530 3.410 3.390 3.370
Additional Paid-In Capital 1,812.960 1,718.720 1,027.450 861.880 1,052.150
Retained Earnings (Accumulated Deficit) 8,095.160 6,820.760 5,421.810 4,324.370 3,448.120
Treasury Stock - Common -- -- -- -- --
ESOP Debt Guarantee -- -- -- -- --
Unrealized Gain (Loss) -- -- -- -- --
Translation Adjustment -- -- -- -- 116.040
Other Equity -- -- -- -- --
Minimum Pension Liability Adjustment -- -- -- -- --
Other Comprehensive Income (103.100) 542.690 191.990 (109.280) --
Other Equity, Total (103.100) 542.690 191.990 (109.280) 116.040
Total Equity 9,808.560 9,085.690 6,644.660 5,080.350 4,619.680
Total Liabilities & Shareholders' Equity 17,490.130 17,471.940 12,864.150 9,163.110 8,493.890
Shares Outs - Common Stock Primary Issue 318.380 317.980 308.240 305.570 308.920
Shares Outstanding - Common Issue 2 -- -- -- -- --
Shares Outstanding - Common Issue 3 -- -- -- -- --
Shares Outstanding - Common Issue 4 -- -- -- -- --
Total Common Shares Outstanding 318.380 317.980 308.240 305.570 308.920
Treas Shares - Common Stock Prmry Issue 36.110 34.620 32.980 32.980 28.030
Treasury Shares - Common Issue 2 -- -- -- -- --
Treasury Shares - Common Issue 3 -- -- -- -- --
Treasury Shares - Common Issue 4 -- -- -- -- --
Shares Outstanding - Preferred Issue 1 -- -- -- -- --
Shares Outstanding - Preferred Issue 2 -- -- -- -- --
Shares Outstanding - Preferred Issue 3 -- -- -- -- --
Shares Outstanding - Preferred Issue 4 -- -- -- -- --
Shares Outstanding - Preferred Issue 5 -- -- -- -- --
Shares Outstanding - Preferred Issue 6 -- -- -- -- --
Total Preferred Shares Outstanding -- -- -- -- --
Treasury Shares - Preferred Issue 1 -- -- -- -- --
Treasury Shares - Preferred Issue 2 -- -- -- -- --
Treasury Shares - Preferred Issue 3 -- -- -- -- --
Treasury Shares - Preferred Issue 4 -- -- -- -- --
Treasury Shares - Preferred Issue 5 -- -- -- -- --
Treasury Shares - Preferred Issue 6 -- -- -- -- --
Full-Time Employees 50,300.000 50,000.000 45,000.000 40,000.000 35,000.000
Part-Time Employees -- -- -- -- --
Number of Common Shareholders 3,059.000 3,193.000 3,300.000 3,400.000 2,600.000
Accumulated Goodwill Amortization Suppl. -- -- -- -- --
Accumulated Intangible Amort, Suppl. 390.830 269.780 166.270 -- --
Deferred Revenue - Current -- -- -- -- --
Deferred Revenue - Long Term -- -- -- -- --
Total Risk-Weighted Capital -- -- -- -- --
Tier 1 Capital % -- -- -- -- --
Total Capital % -- -- -- -- --
Trading Account -- -- -- -- --
Credit Exposure -- -- -- -- --
Non-Performing Loans -- -- -- -- --
Assets under Management -- -- -- -- --
Reported Total Assets -- -- -- -- --
Reported Total Liabilities -- -- -- -- --
Shareholders' Equity Excl. Stock Subscr. -- -- -- -- --
Reported Shareholder's Equity -- -- -- -- --
Reported Net Assets -- -- -- -- --
Reported Net Assets to Total Assets -- -- -- -- --
Reported Return on Assets -- -- -- -- --
Reported Return on Equity -- -- -- -- --
Cash Flow (Indirect) - Annual - Standardised in Millions of US Dollar [+] Add Item
Fiscal Period: 2008 2007 2006 2005 2004
Period End Date: 12/31/2008 12/31/2007 12/31/2006 12/31/2005 12/31/2004
Period Length: 12 Months 12 Months 12 Months 12 Months 12 Months
Update Type: Update Update Reclassified Reclassified Reclassified
Update Date: 12/31/2008 12/31/2007 12/31/2007 12/31/2007 12/31/2006
Source 10-K 10-K 10-K 10-K 10-K
Source Date: 2/25/2009 2/21/2008 2/21/2008 2/21/2008 3/1/2007
Complete Statement: Complete Complete Complete Complete Complete
Auditor Code: EY EY EY EY EY
Net Income/Starting Line 1,317.630 1,369.900 1,122.030 897.800 746.000
Depreciation 194.000 173.940 151.520 139.240 129.490
Depreciation/Depletion 194.000 173.940 151.520 139.240 129.490
Amortization of Intangibles 145.290 94.550 64.170 36.000 26.640
Amortization of Acquisition Costs -- -- -- -- --
Amortization 145.290 94.550 64.170 36.000 26.640
Deferred Taxes 27.690 29.870 24.150 102.910 176.060
Accounting Change -- -- -- -- --
Discontinued Operations 0.000 (209.440) 3.700 2.340 --
Extraordinary Item -- -- -- -- --
Unusual Items -- -- -- -- --
Purchased R&D -- -- -- -- --
Equity in Net Earnings (Loss) -- -- -- -- --
Other Non-Cash Items 86.000 73.350 67.190 7.500 8.100
Non-Cash Items 86.000 (136.090) 70.890 9.850 8.100
Accounts Receivable 71.400 (72.560) (48.260) (66.530) (110.010)
Inventories 33.120 38.090 3.680 (20.610) 65.530
Prepaid Expenses (4.770) 38.600 (14.960) (38.260) (25.360)
Other Assets -- -- -- -- --
Accounts Payable 3.710 103.800 75.930 136.320 65.320
Accrued Expenses (15.040) 5.660 98.090 7.090 (48.540)
Payable/Accrued -- -- -- -- --
Taxes Payable -- -- -- -- --
Other Liabilities -- -- -- -- --
Other Assets & Liabilities, Net -- -- -- -- --
Other Operating Cash Flow -- -- -- -- --
Changes in Working Capital 88.420 113.600 114.480 18.000 (53.070)
Cash from Operating Activities 1,859.030 1,645.780 1,547.250 1,203.800 1,033.220
Purchase of Fixed Assets (193.780) (162.070) (136.410) (119.730) (115.910)
Purchase/Acquisition of Intangibles -- -- -- -- --
Software Development Costs -- -- -- -- --
Capital Expenditures (193.780) (162.070) (136.410) (119.730) (115.910)
Acquisition of Business (423.210) (3,599.780) (2,740.140) (885.080) (1,591.720)
Sale of Business 0.000 301.280 98.490 22.100 43.100
Sale of Fixed Assets 1.090 15.540 9.990 18.780 30.890
Sale/Maturity of Investment -- -- -- -- --
Investment, Net -- -- -- -- --
Purchase of Investments -- -- -- -- --
Sale of Intangible Assets -- -- -- -- --
Intangible, Net -- -- -- -- --
Other Investing Cash Flow 48.500 (0.720) (1.300) (1.470) --
Other Investing Cash Flow Items, Total (373.620) (3,283.690) (2,632.960) (845.670) (1,517.730)
Cash from Investing Activities (567.400) (3,445.760) (2,769.370) (965.410) (1,633.630)
Other Financing Cash Flow -- -- -- -- --
Financing Cash Flow Items -- -- -- -- --
Cash Dividends Paid - Common (38.260) (34.280) (24.590) (21.550) (17.730)
Cash Dividends Paid - Preferred -- -- -- -- --
Total Cash Dividends Paid (38.260) (34.280) (24.590) (21.550) (17.730)
Sale/Issuance of Common 82.430 733.030 98.420 59.930 45.960
Repurchase/Retirement of Common (74.170) (117.490) 0.000 (257.700) 0.000
Common Stock, Net 8.270 615.540 98.420 (197.770) 45.960
Sale/Issuance of Preferred -- -- -- -- --
Repurchase/Retirement of Preferred -- -- -- -- --
Preferred Stock, Net -- -- -- -- --
Sale/Issuance of Common/Preferred -- -- -- -- --
Repurch./Retirement of Common/Preferred -- -- -- -- --
Options Exercised -- -- -- -- --
Warrants Converted -- -- -- -- --
Treasury Stock -- -- -- -- --
Issuance (Retirement) of Stock, Net 8.270 615.540 98.420 (197.770) 45.960
Short Term Debt Issued -- -- -- 0.000 0.000
Short Term Debt Reduction -- -- -- -- --
Short Term Debt, Net -- -- -- 0.000 0.000
Long Term Debt Issued 72.650 493.710 757.490 355.750 130.000
Long Term Debt Reduction (259.340) (10.560) (459.370) (647.990) (196.280)
Long Term Debt, Net (1,092.260) 1,130.900 1,145.020 (292.240) (66.280)
Total Debt Issued -- -- -- -- --
Total Debt Reduction -- -- -- -- --
Issuance (Retirement) of Debt, Net (1,092.260) 1,130.900 1,145.020 (292.240) (66.280)
Cash from Financing Activities (1,122.250) 1,712.170 1,218.840 (511.560) (38.060)
Foreign Exchange Effects (15.630) 9.110 5.540 (20.400) 17.430
Net Change in Cash 153.750 (78.700) 2.260 (293.560) (621.040)
Net Cash - Beginning Balance 239.110 317.810 315.550 609.120 1,230.160
Net Cash - Ending Balance 392.850 239.110 317.810 315.550 609.120
Cash Interest Paid 72.000 95.000 48.000 43.000 46.200
Cash Taxes Paid 390.000 335.000 204.000 168.000 126.900
Reported Cash from Operating Activities -- -- -- -- --
Reported Cash from Investing Activities -- -- -- -- --
Reported Cash from Financing Activities -- -- -- -- --

2008 2007 2006 2005 2004
ROE 14.5% 18.3% 21.8% 19.2% 20.5%
ROA 7.5% 9.4% 12.1% 10.4% 10.8%
ROIC 8.6% 11.4% 15.5% 12.5% 12.7%
25.5%
Debt/ Total Capital 21.1% 29.1% 26.8% 17.0% 22.6%
3-year average 25.7%
5-year average 23.3%
10-year average 25.5%

Short-term Debt $66.2 $330.5 $10.9 $184.0 $424.8
Long-Term Debt 2,553.2 3,395.8 2,422.9 857.8 925.5
Preferred Stock Equity -- -- -- -- --
Common Stock Equity 9,808.6 9,085.7 6,644.7 5,080.4 4,619.7
Invested Capital $12,427.9 $12,811.9 $9,078.4 $6,122.1 $5,970.0

$ Revenue / $ Invested Capital $1.02 $0.86 $1.04 $1.29 $1.15

DuPont ROE Analysis

Net Income $1,318 $1,214 $1,109 $886 $746
Revenue 12,697 11,026 9,466 7,872 6,889
Profit Margin 10.4% 11.0% 11.7% 11.3% 10.8%

Revenue $12,697 $11,026 $9,466 $7,872 $6,889
Total Assets 17,490 17,472 12,864 9,163 8,494
Asset Utilization 0.7x 0.6x 0.7x 0.9x 0.8x

Return on Assets 7.5% 6.9% 8.6% 9.7% 8.8%

Total Assets 17,490 17,472 12,864 9,163 8,494
Beginning Common Equity 9,086 6,645 5,080 4,620 3,647
Leverage 1.9x 2.6x 2.5x 2.0x 2.3x

Return on Equity 14.5% 18.3% 21.8% 19.2% 20.5%
3-year average 18.2%
5-year average 18.8%
10-year average 18.5%

Gross Profit $5,940 $5,041 $4,197 $3,404 $2,893
SG&A $3,345 $2,713 $2,273 $1,778 $1,796
R&D $725 $601 $440 $374 $0
D&A $339 $268 $216 $175 $156
Taxes $432 $423 $320 $332 $312
NOPAT $1,099 $1,035 $949 $745 $629

ST debt $66 $330 $11 $184 $425
LT debt $2,553 $3,396 $2,423 $858 $926
Equity $9,809 $9,086 $6,645 $5,080 $4,620
Invested Capital $12,428 $12,812 $9,078 $6,122 $5,970

ROIC 8.6% 11.4% 15.5% 12.5% 12.7%
3-year average 11.8%
5-year average 12.1%
10-year average 10.7%

2008 2007 2006 2005 2004
OCF $1,859 $1,646 $1,547 $1,204 $1,033
Capex ($194) ($162) ($136) ($120) ($116)
FCF $1,665 $1,484 $1,411 $1,084 $917
growth 12.2% 5.2% 30.1% 18.2% 17.4%

Revenue $12,697 $11,026 $9,466 $7,872 $6,889
FCF Conversion (FCF/Revenues) 13.1% 13.5% 14.9% 13.8% 13.3%

Net Income $1,318 $1,214 $1,109 $886 $746
FCF Conversion (FCF/NI) 126.4% 122.2% 127.2% 122.4% 123.0%
3-year average 125.3%
5-year average 124.2%
10-year average 134.3%

Average
Assumptions 2008 3-year 5-year 10- year
Revenue Growth Rate 15.2% 17.3% 19.3% 15.6%
Net Operating Profit Margin 12.1% 12.9% 13.2% 12.3%
Tax Rate 24.7% 24.3% 25.9% 31.1%
Dep % of Revs. 2.7% 2.5% 2.4% 3.0%
Investment Rate % of Revs. 1.5% 1.5% 1.5% 1.8%
Working Cap. % of Revs 15.2% 17.3% 17.9% 19.1%
FCF growth rate 12.2% 15.8% 16.6% 21.1%

10 year average OCF $1,040 10 yr. growth
Std. dev of 10 year OCF $507 Revs 0.15
Beta 0.49 FCF 0.21

2008 2007 2006 2005 2004
Revenue $12,697 $11,026 $9,466 $7,872 $6,889
growth 15.2% 16.5% 20.3% 14.3% 30.1%

Net Income $1,318 $1,214 $1,109 $886 $746
Dividends $38 $34 $25 $22 $18
Retained Earning $1,279 $1,180 $1,085 $864 $728
Retention Rate 97.1% 97.2% 97.8% 97.6% 97.6%

ROE 14.5% 18.3% 21.8% 19.2% 20.5%

Growth (b*ROE) 14.1% 17.8% 21.3% 18.7% 20.0%

Clean Operating Income $1,530 $1,458 $1,268 $1,077 $941
% of Revenues 12.1% 13.2% 13.4% 13.7% 13.7%

Taxes $432 $423 $320 $332 $312
% of Pre-tax income 24.7% 25.8% 22.4% 27.3% 29.5%

Depreciation $339 $268 $216 $175 $156
% of Revenues 2.7% 2.4% 2.3% 2.2% 2.3%

Capex ($194) ($162) ($136) ($120) ($116)
% of Revenues 1.5% 1.5% 1.4% 1.5% 1.7%

Accounts Receivable $1,895 $1,984 $1,655 $1,408 $1,231
Inventories 1,142 1,194 989 825 704
Payables 1,109 1,126 933 783 612
Working Capital $1,928 $2,052 $1,711 $1,450 $1,323
% of Revenues 15.2% 18.6% 18.1% 18.4% 19.2%
2003 2002 2001 2000 1999 1998 1997 1996
12/31/2003 12/31/2002 12/31/2001 12/31/2000 12/31/1999 12/31/1998 12/31/1997 12/31/1996
12 Months 12 Months 12 Months 12 Months 12 Months 12 Months 12 Months 12 Months
Update Update Update Update Update Restated Restated Restated
12/31/2003 12/31/2002 12/31/2001 12/31/2000 12/31/1999 12/31/1999 12/31/1999 12/31/1998
10-K 10-K 10-K405 10-K405 10-K405 10-K405 10-K405 10-K
3/10/2004 3/28/2003 3/28/2002 3/29/2001 3/21/2000 3/21/2000 3/21/2000 3/19/1999
Complete Complete Complete Complete Complete Complete Complete Complete
EY EY AA AA AA AA AA AA
5,293.880 4,577.230 3,782.440 3,777.780 3,197.240 3,047.060 2,619.100 2,233.190
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
5,293.880 4,577.230 3,782.440 3,777.780 3,197.240 3,047.060 2,619.100 2,233.190
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
5,293.880 4,577.230 3,782.440 3,777.780 3,197.240 3,047.060 2,619.100 2,233.190
3,154.810 2,791.180 2,338.030 2,315.730 1,960.820 1,889.230 1,663.490 1,409.690
-- -- -- -- -- -- -- --
3,154.810 2,791.180 2,338.030 2,315.730 1,960.820 1,889.230 1,663.490 1,409.690
2,139.070 1,786.060 1,444.420 1,462.050 1,236.420 1,157.830 955.610 823.500
1,316.360 1,097.370 872.680 909.900 778.410 773.720 636.260 556.090
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
1,316.360 1,097.370 872.680 909.900 778.410 773.720 636.260 556.090
0 0 0 0 0 0 0 0
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
0.000 (6.270) 69.730 0.000 0.000 -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
(22.500) 0.000 0.000 -- -- -- -- --
(23.290) (12.430) 69.730 0.000 0.000 -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
(0.790) (6.160) -- -- -- -- -- --
-- -- -- -- -- -- -- 0.000
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- 0.000
4,447.880 3,876.110 3,280.430 3,225.630 2,739.230 2,662.950 2,299.750 1,965.790
846.000 701.120 502.010 552.150 458.010 384.110 319.350 267.410
(59.050) (53.930) (48.150) -- -- -- -- --
-- -- -- -- -- -- -- --
(59.050) (53.930) (48.150) -- -- -- -- --
10.090 10.270 22.400 -- -- -- -- --
-- -- -- -- -- -- -- --
10.090 10.270 22.400 -- -- -- -- --
-- -- -- (29.230) (16.670) (26.310) (12.990) (16.810)
(48.960) (43.650) (25.750) (29.230) (16.670) (26.310) (12.990) (16.810)
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- 0.000 (11.780) (40.800) 0.000 --
0 0 -- 0.000 (11.780) (40.800) 0.000 --
797.040 657.470 476.260 522.920 429.560 317.010 306.350 250.590
260.200 223.330 178.600 198.710 167.940 124.820 117.780 96.240
536.830 434.140 297.670 324.210 261.620 192.190 188.580 154.360
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
536.830 434.140 297.670 324.210 261.620 192.190 188.580 154.360
0.000 (173.750) 0.000 -- -- -- -- --
0.000 30.000 0.000 -- -- -- -- 79.810
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
0.000 (143.750) 0.000 -- -- -- -- 79.810
536.830 290.390 297.670 324.210 261.620 192.190 188.580 234.170
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
536.830 434.140 297.670 324.210 261.620 192.190 188.580 154.360
536.830 290.390 297.670 324.210 261.620 192.190 188.580 234.170
306.790 300.450 287.260 284.940 283.660 279.630 279.450 265.900
1.750 1.440 1.040 1.140 0.920 0.690 0.670 0.580
1.750 0.970 1.040 1.140 0.920 0.690 0.670 0.880
8.410 7.900 7.250 0.000 0.000 0.000 0.000 0.000
545.250 298.290 304.910 324.210 261.620 192.190 188.580 234.170
323.140 316.960 303.700 291.000 292.180 287.970 286.960 272.250
1.690 1.390 1.000 1.110 0.900 0.670 0.660 0.570
1.690 0.940 1.000 1.110 0.900 0.670 0.660 0.860
0.050 0.050 0.040 0.040 0.040 0.050 0.050 0.020
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
15.330 13.520 11.680 10.020 9.910 12.840 14.530 11.510
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
(23.290) (12.430) 134.430 48.590 37.270 34.270 25.790 22.800
773.750 645.040 610.700 571.510 466.830 351.280 332.140 273.390
(7.600) (4.220) 26.150 0.000 0.000 0.000 0.000 0.000
252.600 219.100 204.750 198.710 167.940 124.820 117.780 96.240
521.150 425.930 405.950 372.800 298.890 226.460 214.360 177.150
521.150 425.930 405.950 372.800 298.890 226.460 214.360 177.150
1.700 1.420 1.410 1.310 1.050 0.810 0.770 0.670
1.640 1.370 1.360 1.280 1.020 0.790 0.750 0.650
26.760 20.960 20.340 17.900 10.700 7.800 5.300 1.400
510.080 413.180 277.320 306.310 250.920 184.390 183.280 232.770
1.660 1.380 0.970 1.080 0.890 0.660 0.660 0.880
1.600 1.330 0.940 1.060 0.860 0.640 0.640 0.860
-- -- -- -- -- -- -- --
59.050 53.930 48.150 -- -- -- -- --
-- -- -- -- -- -- -- --
133.440 129.570 178.390 149.720 126.420 114.530 98.340 82.420
-- -- -- -- -- -- -- --
-- -- 64.710 48.590 37.270 34.270 25.790 22.800
11.130 8.180 -- -- -- -- -- --
56.000 56.000 42.000 35.000 34.000 32.000 25.000 23.000
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
207.000 174.000 119.000 138.000 119.000 121.000 96.000 77.000
2.720 0.910 0.480 0.470 -- -- -- --
0.600 0.050 1.140 0.100 -- -- -- --
1.440 0.510 -- -- -- -- -- --
0.000 0.050 0.810 0.580 -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --

2003 2002 2001 2000 1999 1998 1997 1996
12/31/2003 12/31/2002 12/31/2001 12/31/2000 12/31/1999 12/31/1998 12/31/1997 12/31/1996
Update Reclassified Update Update Update Restated Restated Update
12/31/2003 12/31/2003 12/31/2001 12/31/2000 12/31/1999 12/31/1999 12/31/1998 12/31/1996
10-K 10-K 10-K405 10-K405 10-K405 10-K405 10-K 10-K
3/10/2004 3/10/2004 3/28/2002 3/29/2001 3/21/2000 3/21/2000 3/19/1999 1/29/1997
Complete Complete Complete Complete Complete Complete Complete Complete
EY EY AA AA AA AA AA AA
-- -- -- -- -- -- -- --
1,230.160 810.460 706.560 176.920 260.280 47.800 70.820 26.440
-- -- -- -- -- -- -- --
1,230.160 810.460 706.560 176.920 260.280 47.800 70.820 26.440
932.440 822.660 629.320 741.210 572.740 509.540 422.860 281.540
(64.340) (63.640) (44.000) (37.000) (28.000) (24.000) (19.000) (14.870)
868.100 759.030 585.320 704.210 544.740 485.540 403.860 266.670
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
868.100 759.030 585.320 704.210 544.740 485.540 403.860 266.670
191.490 165.060 131.320 152.510 128.130 130.460 99.980 88.080
121.760 119.870 95.120 95.400 67.440 75.770 67.060 49.680
222.970 200.650 181.800 212.700 129.100 131.250 98.080 66.470
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
536.230 485.590 408.240 460.610 324.670 337.480 265.120 204.240
307.670 332.190 174.500 132.560 72.430 60.870 92.250 49.390
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
2,942.150 2,387.270 1,874.620 1,474.310 1,202.120 931.700 832.050 546.740
326.110 350.290 287.660 248.020 209.120 207.930 158.870 107.340
43.950 37.800 31.640 29.690 25.600 26.610 23.930 17.460
1,142.910 1,041.210 945.700 930.390 818.200 768.990 601.690 413.640
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
1,512.970 1,429.300 1,264.990 1,208.100 1,052.910 1,003.530 784.490 538.440
(939.600) (831.920) (731.420) (632.570) (552.720) (493.330) (381.000) (218.830)
573.370 597.380 533.570 575.530 500.190 510.200 403.490 319.610
-- -- 2,602.660 2,108.900 1,488.290 1,446.760 992.350 885.410
-- -- (310.000) (245.000) (196.000) (159.000) (129.000) (92.580)
3,064.110 2,776.770 2,292.660 1,863.900 1,292.290 1,287.760 863.350 792.820
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
277.860 230.930 -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
32.560 36.800 119.640 117.940 52.480 111.200 84.980 105.900
32.560 36.800 119.640 117.940 52.480 111.200 84.980 105.900
6,890.050 6,029.150 4,820.480 4,031.680 3,047.070 2,840.860 2,183.880 1,765.070
472.990 366.590 235.500 262.100 213.210 161.780 152.070 110.190
-- -- -- -- -- -- -- --
892.620 786.180 709.440 674.810 461.980 479.740 392.320 347.620
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
14.390 112.540 72.360 81.630 33.600 59.720 35.910 16.760
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
1,380.000 1,265.310 1,017.290 1,018.540 708.790 701.250 580.300 474.570
1,284.500 1,197.420 1,119.330 713.560 341.040 443.920 163.110 219.570
-- -- -- -- -- -- -- --
1,284.500 1,197.420 1,119.330 713.560 341.040 443.920 163.110 219.570
1,298.880 1,309.960 1,191.690 795.190 374.630 503.640 199.020 236.330
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
578.840 556.810 455.270 357.250 288.490 294.910 301.250 270.670
-- -- -- -- -- -- -- --
578.840 556.810 455.270 357.250 288.490 294.910 301.250 270.670
3,243.340 3,019.550 2,591.900 2,089.350 1,338.320 1,440.070 1,044.660 964.810
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
1.680 1.670 1.570 1.560 1.540 1.530 1.460 0.640
-- -- -- -- -- -- -- --
1.680 1.670 1.570 1.560 1.540 1.530 1.460 0.640
999.790 915.560 375.280 364.430 420.040 332.060 344.840 333.590
2,719.850 2,198.350 1,921.470 1,635.480 1,321.280 1,069.570 806.170 506.770
-- -- -- -- -- -- -- (49.600)
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
(74.610) (105.970) (69.740) (59.130) (34.110) (2.370) (13.260) 8.860
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
(74.610) (105.970) (69.740) (59.130) (34.110) (2.370) (13.260) 8.860
3,646.710 3,009.600 2,228.590 1,942.330 1,708.750 1,400.790 1,139.220 800.260
6,890.050 6,029.150 4,820.480 4,031.680 3,047.070 2,840.860 2,183.880 1,765.070
307.360 305.060 286.630 284.030 284.880 283.400 269.480 235.560
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
307.360 305.060 286.630 284.030 284.880 283.400 269.480 235.560
28.030 28.030 28.030 27.270 23.190 23.190 23.190 21.190
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
30,000.000 29,000.000 23,000.000 24,000.000 19,000.000 18,000.000 13,200.000 11,600.000
-- -- -- -- -- -- -- --
2,600.000 2,800.000 3,000.000 3,200.000 3,500.000 3,000.000 3,000.000 3,000.000
-- -- 310.000 245.000 196.000 159.000 129.000 92.580
-- -- 116.000 -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --

2003 2002 2001 2000 1999 1998 1997 1996
12/31/2003 12/31/2002 12/31/2001 12/31/2000 12/31/1999 12/31/1998 12/31/1997 12/31/1996
12 Months 12 Months 12 Months 12 Months 12 Months 12 Months 12 Months 12 Months
Update Update Update Update Update Restated Restated Restated
12/31/2003 12/31/2002 12/31/2001 12/31/2000 12/31/1999 12/31/1999 12/31/1999 12/31/1998
10-K 10-K 10-K405 10-K405 10-K405 10-K405 10-K405 10-K
3/10/2004 3/28/2003 3/28/2002 3/29/2001 3/21/2000 3/21/2000 3/21/2000 3/19/1999
Complete Complete Complete Complete Complete Complete Complete Complete
EY EY AA AA AA AA AA AA
536.830 290.390 297.670 324.210 261.620 192.190 188.580 154.360
133.440 129.570 178.390 149.720 126.420 114.530 98.340 82.420
133.440 129.570 178.390 149.720 126.420 114.530 98.340 82.420
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
0 0 0 0 0 0 0 0
-- -- -- -- -- -- -- --
0.000 173.750 -- -- -- -- -- --
0.000 (30.000) -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
0.000 143.750 -- -- -- -- -- --
1.510 59.030 142.310 (15.930) (60.330) 4.410 (50.980) (18.230)
21.060 77.540 66.830 (38.450) 11.150 13.850 10.740 40.190
38.400 (71.540) (62.640) (78.600) -- -- -- --
-- -- -- -- -- -- -- --
58.210 54.010 (38.140) (0.080) 45.850 (13.870) 22.960 11.150
72.100 27.600 24.050 171.370 -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- 34.390 41.580 73.550 --
-- -- -- -- -- -- -- (15.920)
191.270 146.640 132.420 38.310 31.060 45.970 56.270 17.190
861.540 710.350 608.470 512.250 419.110 352.680 343.180 253.970
(80.340) (65.430) (84.460) (103.720) (88.910) (101.610) (96.950) (63.980)
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
(80.340) (65.430) (84.460) (103.720) (88.910) (101.610) (96.950) (63.980)
(312.280) (1,158.130) (439.810) (708.590) (64.830) (532.370) (147.240) (246.430)
11.650 52.560 32.830 1.800 0.000 16.250 0.000 155.000
12.930 26.470 3.870 15.220 -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
(287.710) (1,079.100) (403.120) (691.580) (64.830) (516.120) (147.240) (91.430)
(368.050) (1,144.530) (487.570) (795.300) (153.740) (617.730) (244.180) (155.410)
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
(15.330) (13.520) (11.680) (10.020) (9.910) (12.840) (14.530) (11.220)
-- -- -- -- -- -- -- --
(15.330) (13.520) (11.680) (10.020) (9.910) (12.840) (14.530) (11.220)
50.500 512.110 28.170 26.580 87.990 30.550 9.080 8.890
0.000 0.000 (17.300) (82.170) 0.000 (2.070) (80.220) (12.110)
50.500 512.110 10.870 (55.590) 87.990 28.480 (71.150) (3.220)
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
50.500 512.110 10.870 (55.590) 87.990 28.480 (71.150) (3.220)
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
5.260 37.530 517.560 340.410 -- -- -- --
(150.770) (19.820) (107.050) (74.320) -- -- -- --
(145.510) 17.710 410.520 266.090 (129.850) 214.910 (10.800) (55.370)
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
(145.510) 17.710 410.520 266.090 (129.850) 214.910 (10.800) (55.370)
(110.340) 516.300 409.710 200.480 (51.780) 230.540 (96.470) (69.800)
36.540 21.790 (0.970) (0.790) (1.100) 1.730 (1.450) (0.300)
419.690 103.900 529.640 (83.360) 212.480 (32.780) 1.070 28.460
810.460 706.560 176.920 260.280 47.800 80.580 79.510 39.060
1,230.160 810.460 706.560 176.920 260.280 47.800 80.580 67.520
47.400 44.020 38.790 21.060 16.350 26.500 14.880 17.460
93.680 98.770 52.050 40.100 114.620 79.300 86.160 91.580
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --

2003 2002 2001 2000 1999 1998 1997 1996
17.8% 19.5% 15.3% 19.0% 18.7% 16.9% 23.6% 26.3%
8.9% 9.0% 7.4% 10.6% 9.2% 8.8% 10.7% 10.4%
9.9% 9.8% 7.8% 9.8% 8.6% 10.8% 10.0% 10.2%

26.3% 30.3% 34.8% 29.0% 18.0%

$14.4 $112.5 $72.4 $81.6 $33.6 $59.7 $35.9 $16.8
1,284.5 1,197.4 1,119.3 713.6 341.0 443.9 163.1 219.6
-- -- -- -- -- -- -- --
3,646.7 3,009.6 2,228.6 1,942.3 1,708.8 1,400.8 1,139.2 800.3
$4,945.6 $4,319.6 $3,420.3 $2,737.5 $2,083.4 $1,904.4 $1,338.2 $1,036.6

$1.07 $1.06 $1.11 $1.38 $1.53 $1.60 $1.96 $2.15

$537 $434 $298 $324 $262 $192 $189 $154
5,294 4,577 3,782 3,778 3,197 3,047 2,619 2,233
10.1% 9.5% 7.9% 8.6% 8.2% 6.3% 7.2% 6.9%

$5,294 $4,577 $3,782 $3,778 $3,197 $3,047 $2,619 $2,233
6,890 6,029 4,820 4,032 3,047 2,841 2,184 1,765
0.8x 0.8x 0.8x 0.9x 1.0x 1.1x 1.2x 1.3x

7.8% 7.2% 6.2% 8.0% 8.6% 6.8% 8.6% 8.7%

6,890 6,029 4,820 4,032 3,047 2,841 2,184 1,765
3,010 2,229 1,942 1,709 1,401 1,139 800 586
2.3x 2.7x 2.5x 2.4x 2.2x 2.5x 2.7x 3.0x

17.8% 19.5% 15.3% 19.0% 18.7% 16.9% 23.6% 26.3%

$2,139 $1,786 $1,444 $1,462 $1,236 $1,158 $956 $824
$1,316 $1,097 $873 $910 $778 $774 $636 $556
$0 $0 $0 $0 $0 $0 $0 $0
$133 $130 $178 $150 $126 $115 $98 $82
$260 $223 $179 $199 $168 $125 $118 $96
$429 $336 $215 $204 $164 $145 $103 $89

$14 $113 $72 $82 $34 $60 $36 $17
$1,285 $1,197 $1,119 $714 $341 $444 $163 $220
$3,647 $3,010 $2,229 $1,942 $1,709 $1,401 $1,139 $800
$4,946 $4,320 $3,420 $2,738 $2,083 $1,904 $1,338 $1,037

9.9% 9.8% 7.8% 9.8% 8.6% 10.8% 10.0% 10.2%

2003 2002 2001 2000 1999
$862 $710 $608 $512 $419 $353 $343 $254
($80) ($65) ($84) ($104) ($89) ($102) ($97) ($64)
$781 $645 $524 $409 $330 $251 $246 $190
21.1% 23.1% 28.3% 23.7% 31.5% 2.0% 29.6% 65.2%

$5,294 $4,577 $3,782 $3,778 $3,197 $3,047 $2,619 $2,233
14.8% 14.1% 13.9% 10.8% 10.3% 8.2% 9.4% 8.5%

$537 $434 $298 $324 $262 $192 $189 $154
145.5% 148.6% 176.0% 126.0% 126.2% 130.6% 130.6% 123.1%

Growth
2%
$1,665 23331.8
Net Debt 1646.38
Value 21685.42
Shs Out 319.74
Value/Share 67.82

DDM
0.12 19% g=b*ROE 0.97 0.14
0.09 1.54

2003 2002 2001 2000 1999 1998 1997 1996
$5,294 $4,577 $3,782 $3,778 $3,197 $3,047 $2,619 $2,233
15.7% 21.0% 0.1% 18.2% 4.9% 16.3% 17.3% 50.2%

$537 $434 $298 $324 $262 $192 $189 $154
$15 $14 $12 $10 $10 $13 $15 $11
$522 $421 $286 $314 $252 $179 $174 $143
97.1% 96.9% 96.1% 96.9% 96.2% 93.3% 92.3% 92.7%

17.8% 19.5% 15.3% 19.0% 18.7% 16.9% 23.6% 26.3%

17.3% 18.9% 14.7% 18.4% 18.0% 15.7% 21.7% 24.4%

$689 $559 $393 $402 $332 $270 $221 $185
13.0% 12.2% 10.4% 10.7% 10.4% 8.8% 8.4% 8.3%

$260 $223 $179 $199 $168 $125 $118 $96
32.6% 34.0% 37.5% 38.0% 39.1% 39.4% 38.4% 38.4%

$133 $130 $178 $150 $126 $115 $98 $82
2.5% 2.8% 4.7% 4.0% 4.0% 3.8% 3.8% 3.7%

($80) ($65) ($84) ($104) ($89) ($102) ($97) ($64)
1.5% 1.4% 2.2% 2.7% 2.8% 3.3% 3.7% 2.9%

$868 $759 $585 $704 $545 $486 $404 $267
536 486 408 461 325 337 265 204
473 367 236 262 213 162 152 110
$931 $878 $758 $903 $656 $661 $517 $361
17.6% 19.2% 20.0% 23.9% 20.5% 21.7% 19.7% 16.2%
1995 1994 1993 1992 1991 1990 1989
12/31/1995 12/31/1994 12/31/1993 12/31/1992 12/31/1991 12/31/1990 12/31/1989
12 Months 12 Months 12 Months 12 Months 12 Months 12 Months 12 Months
Update Restated Restated Update Update Update Update
12/31/1995 12/31/1995 12/31/1995 12/31/1992 12/31/1991 12/31/1990 12/31/1989
10-K -- -- -- -- -- --
1/26/1996 -- -- -- -- -- --
Complete Complete Complete Complete Complete Complete Complete
AA -- -- -- -- -- --
1,486.770 1,113.970 937.630 955.520 837.390 845.320 749.050
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
1,486.770 1,113.970 937.630 955.520 837.390 845.320 749.050
-- -- -- -- -- -- --
-- 0.000 0.000 0.000 0.000 0.000 0.000
-- 0.000 0.000 0.000 0.000 0.000 0.000
1,486.770 1,113.970 937.630 955.520 837.390 845.320 749.050
1,039.620 791.870 678.580 707.360 635.020 598.940 518.250
-- -- -- -- -- -- --
1,039.620 791.870 678.580 707.360 635.020 598.940 518.250
447.150 322.100 259.060 248.160 202.370 246.380 230.800
266.890 197.670 172.000 177.090 161.570 165.480 136.880
-- -- -- -- -- -- --
-- -- -- -- -- -- --
266.890 197.670 172.000 177.090 161.570 165.480 136.880
0 0 0 0 0 0 0
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- 0.000 0.000 3.500 0.000 0.000 0.000
-- -- -- -- -- -- --
-- 0.000 0.000 3.500 0.000 0.000 0.000
1,306.510 989.550 850.580 887.950 796.580 764.420 655.130
180.260 124.430 87.060 67.570 40.800 80.900 93.920
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
(7.200) (3.200) (5.360) (10.860) (14.470) (18.810) (22.170)
(7.200) (3.200) (5.360) (10.860) (14.470) (18.810) (22.170)
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- 0.000 0.000 0.000 0.000 0.000 7.320
-- 0.000 0.000 0.000 0.000 0.000 7.320
173.060 121.230 81.700 56.700 26.330 62.090 79.070
67.290 48.910 33.670 25.100 13.010 26.380 31.950
105.770 72.320 48.030 31.600 13.320 35.710 47.120
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
105.770 72.320 48.030 31.600 13.320 35.710 47.120
-- 0.000 (36.000) 0.000 0.000 0.000 0.000
2.550 9.330 5.720 0.000 0.000 0.000 14.000
-- -- -- -- -- -- --
-- -- -- -- -- -- --
2.550 9.330 (30.280) 0.000 0.000 0.000 14.000
108.320 81.650 17.750 31.600 13.320 35.710 61.120
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
105.770 72.320 48.030 31.600 13.320 35.710 47.120
108.320 81.650 17.750 31.600 13.320 35.710 61.120
234.650 233.310 231.170 229.780 228.470 212.850 190.060
0.450 0.310 0.210 0.140 0.060 0.170 0.250
0.460 0.350 0.080 0.140 0.060 0.170 0.320
0.000 0.000 0.000 0.000 0.000 0.000 0.000
108.320 81.650 17.750 31.600 13.320 35.710 61.120
239.450 233.310 231.170 229.780 228.470 212.850 190.060
0.440 0.310 0.210 0.140 0.060 0.170 0.250
0.450 0.350 0.080 0.140 0.060 0.170 0.320
0.020 0.020 0.020 0.000 0.000 0.000 0.000
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
4.670 -- -- 0.000 0.000 0.000 0.000
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
14.480 -- -- -- -- -- --
187.540 121.230 81.700 56.700 26.330 62.090 79.070
0.000 -- -- -- -- -- --
67.290 48.910 33.670 25.100 13.010 26.380 31.950
120.250 72.320 48.030 31.600 13.320 35.710 47.120
120.250 72.320 48.030 31.600 13.320 35.710 47.120
0.510 0.310 0.210 0.140 0.060 0.170 0.250
0.500 0.310 0.210 0.140 0.060 0.170 0.250
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
58.530 42.550 38.400 37.110 33.160 25.610 19.150
-- -- -- -- -- -- --
14.480 -- -- -- -- -- --
-- -- -- -- -- -- --
16.070 -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
36.400 -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --

1995 1994 1993 1992 1991 1990 1989
12/31/1995 12/31/1994 12/31/1993 12/31/1992 12/31/1991 12/31/1990 12/31/1989
Update Restated Update Update Update Update Update
12/31/1995 12/31/1995 12/31/1993 12/31/1992 12/31/1991 12/31/1990 12/31/1989
10-K -- -- -- -- -- --
1/26/1996 -- -- -- -- -- --
Complete Complete Complete Complete Complete Complete Complete
AA -- -- -- -- -- --
-- -- -- -- -- -- --
7.940 3.600 6.770 1.690 0.000 0.590 4.750
-- -- -- -- -- -- --
7.940 3.600 6.770 1.690 0.000 0.590 4.750
238.080 -- -- -- -- -- --
(13.430) -- -- -- -- -- --
224.650 168.160 135.450 116.790 92.600 97.470 81.010
-- -- -- -- -- -- --
-- -- -- -- -- -- --
224.650 168.160 135.450 116.790 92.600 97.470 81.010
89.930 -- -- -- -- -- --
51.900 -- -- -- -- -- --
60.050 -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
201.890 134.940 107.570 101.320 109.620 125.120 74.290
31.990 50.670 27.980 10.210 13.920 14.210 8.750
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- 0.000 0.000 0.000 0.000 0.000 0.000
-- 0.000 0.000 0.000 0.000 0.000 0.000
466.470 357.370 277.760 230.010 216.150 237.380 168.800
93.310 76.920 72.770 79.220 74.260 70.450 57.190
15.020 9.310 7.270 6.360 6.760 6.730 4.920
352.180 291.680 278.260 221.330 199.480 169.750 96.190
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
460.500 377.900 358.300 306.910 280.490 246.940 158.300
(168.570) (133.740) (122.630) (94.150) (73.640) (51.110) (33.110)
291.940 244.170 235.670 212.760 206.860 195.820 125.200
680.270 -- -- -- -- -- --
(72.130) -- -- -- -- -- --
608.140 431.500 337.570 320.450 306.840 305.530 203.920
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
119.440 72.610 21.480 6.600 5.110 5.760 9.230
119.440 72.610 21.480 6.600 5.110 5.760 9.230
1,485.990 1,105.650 872.470 769.820 734.960 744.500 507.150
92.290 78.110 72.450 62.400 66.110 72.380 52.440
-- -- -- -- -- -- --
296.880 228.510 160.690 118.530 105.480 108.060 90.820
0.000 0.000 0.000 0.000 0.000 0.000 0.000
14.970 68.770 2.240 31.460 2.290 0.950 0.690
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
404.140 375.390 235.370 212.390 173.880 181.380 143.950
268.620 116.520 131.350 137.310 182.210 186.110 143.030
-- -- -- -- -- -- --
268.620 116.520 131.350 137.310 182.210 186.110 143.030
283.590 185.290 133.590 168.770 184.510 187.050 143.720
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
226.930 137.640 142.090 71.740 59.610 72.020 28.450
-- -- -- -- -- -- --
226.930 137.640 142.090 71.740 59.610 72.020 28.450
899.680 629.550 508.810 421.440 415.700 439.500 315.430
-- 0.000 0.000 0.000 0.000 0.000 0.000
-- -- -- -- -- -- --
-- 0.000 0.000 0.000 0.000 0.000 0.000
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
0.630 0.630 0.310 0.310 0.310 0.310 0.250
-- -- -- -- -- -- --
0.630 0.630 0.310 0.310 0.310 0.310 0.250
315.210 311.650 279.530 278.230 275.370 273.300 184.420
304.360 200.720 123.100 108.760 77.160 63.840 28.130
(37.490) (37.490) (37.490) (37.490) (37.490) (37.490) (22.250)
-- -- -- -- -- -- --
-- -- -- -- -- -- --
3.600 0.590 (1.780) (1.430) 3.910 5.050 1.180
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
3.600 0.590 (1.780) (1.430) 3.910 5.050 1.180
586.310 476.100 363.670 348.380 319.250 305.000 191.720
1,485.990 1,105.650 872.470 769.820 734.960 744.500 507.150
234.010 233.180 227.590 227.190 226.040 225.320 185.540
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
234.010 233.180 227.590 227.190 226.040 225.320 185.540
19.610 -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
10,500.000 -- -- -- -- -- --
-- -- -- -- -- -- --
3,000.000 -- -- -- -- -- --
72.130 -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --

1995 1994 1993 1992 1991 1990 1989
12/31/1995 12/31/1994 12/31/1993 12/31/1992 12/31/1991 12/31/1990 12/31/1989
12 Months 12 Months 12 Months 12 Months 12 Months 12 Months 12 Months
Update Restated Restated Update Update Update Update
12/31/1995 12/31/1995 12/31/1995 12/31/1992 12/31/1991 12/31/1990 12/31/1989
10-K -- -- -- -- -- --
1/26/1996 -- -- -- -- -- --
Complete Complete Complete Complete Complete Complete Complete
AA -- -- -- -- -- --
105.770 72.320 48.030 31.600 13.320 35.710 47.120
58.530 42.550 38.400 37.110 33.160 25.610 19.150
58.530 42.550 38.400 37.110 33.160 25.610 19.150
-- -- -- -- -- -- --
-- -- -- -- -- -- --
0 0 0 0 0 0 0
-- -- -- -- -- -- --
-- -- -- -- -- -- --
2.550 9.330 5.720 0.000 0.000 0.000 0.000
-- 0.000 0.000 0.000 0.000 0.000 0.000
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
2.550 9.330 5.720 0.000 0.000 0.000 0.000
(20.100) (15.790) 0.640 (27.890) 3.820 6.490 (4.250)
(15.590) (0.940) 6.950 9.210 15.050 (0.510) 13.320
-- -- -- -- -- -- --
-- -- -- -- -- -- --
0.630 8.710 (0.220) (0.730) (5.370) 6.760 (0.160)
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
42.370 24.160 29.190 23.610 (18.180) (4.070) 7.940
7.310 16.150 36.550 4.200 (4.680) 8.670 16.840
174.160 140.350 128.690 72.910 41.810 69.990 83.110
(59.170) (34.810) (33.380) (33.920) (41.760) (32.990) (22.890)
-- -- -- -- -- -- --
-- -- -- -- -- -- --
(59.170) (34.810) (33.380) (33.920) (41.760) (32.990) (22.890)
(207.940) (136.060) (53.960) (22.510) 0.000 0.000 0.000
0.000 0.000 0.000 0.000 0.000 0.000 50.300
-- 0.000 0.000 0.000 0.000 0.000 0.750
-- -- -- -- -- -- --
-- (22.030) 0.000 0.000 0.000 0.000 0.000
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- 0.000 0.000 0.000 0.000 0.000 (6.350)
(207.940) (158.090) (53.960) (22.510) 0.000 0.000 44.710
(267.110) (192.900) (87.340) (56.430) (41.760) (32.990) 21.820
-- 0.000 0.000 (0.470) 0.000 (0.310) 0.000
-- 0.000 0.000 (0.470) 0.000 (0.310) 0.000
(4.670) (3.420) (2.560) 0.000 0.000 0.000 0.000
-- -- -- -- -- -- --
(4.670) (3.420) (2.560) 0.000 0.000 0.000 0.000
3.560 0.990 1.300 2.860 2.070 2.300 0.260
0.000 0.000 0.000 0.000 0.000 (15.240) (22.250)
3.560 0.990 1.300 2.860 2.070 (12.940) (21.990)
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
3.560 0.990 1.300 2.860 2.070 (12.940) (21.990)
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- 0.000 (65.180) (117.310) (2.550) (26.270) (105.060)
98.300 51.700 (35.180) (17.310) (2.550) (26.270) (105.060)
-- -- -- -- -- -- --
-- -- -- -- -- -- --
98.300 51.700 (35.180) (17.310) (2.550) (26.270) (105.060)
97.190 49.270 (36.440) (14.910) (0.470) (39.530) (127.050)
0.110 0.270 (0.010) 0.120 (0.160) (1.640) 2.730
4.340 (3.000) 4.910 1.690 (0.580) (4.170) (19.400)
3.600 -- -- -- -- -- --
7.940 -- -- -- -- -- --
13.700 9.510 10.680 12.210 19.320 21.670 31.810
69.850 65.840 37.330 20.220 6.100 13.220 19.280
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --

1995 1994 1993 1992 1991 1990 1989
22.2% 19.9% 13.8% 9.9% 4.4% 18.6%
9.6% 8.3% 6.2% 4.3% 1.8% 7.0%
8.2% 6.6% 2.9% 1.8% (1.1%) 8.6%

$15.0 $68.8 $2.2 $31.5 $2.3 $1.0 $0.7
268.6 116.5 131.4 137.3 182.2 186.1 143.0
-- -- -- -- -- -- --
586.3 476.1 363.7 348.4 319.3 305.0 191.7
$869.9 $661.4 $497.3 $517.2 $503.8 $492.1 $335.4

$1.71 $1.68 $1.89 $1.85 $1.66 $1.72 $2.23

$106 $72 $48 $32 $13 $36 $47
1,487 1,114 938 956 837 845 749
7.1% 6.5% 5.1% 3.3% 1.6% 4.2% 6.3%

$1,487 $1,114 $938 $956 $837 $845 $749
1,486 1,106 872 770 735 745 507
1.0x 1.0x 1.1x 1.2x 1.1x 1.1x 1.5x

7.1% 6.5% 5.5% 4.1% 1.8% 4.8% 9.3%

1,486 1,106 872 770 735 745 507
476 364 348 319 305 192 NA
3.1x 3.0x 2.5x 2.4x 2.4x 3.9x NA

22.2% 19.9% 13.8% 9.9% 4.4% 18.6% NA

$447 $322 $259 $248 $202 $246 $231
$267 $198 $172 $177 $162 $165 $137
$0 $0 $0 $0 $0 $0 $0
$59 $43 $38 $37 $33 $26 $19
$67 $49 $34 $25 $13 $26 $32
$54 $33 $15 $9 ($5) $29 $43

$15 $69 $2 $31 $2 $1 $1
$269 $117 $131 $137 $182 $186 $143
$586 $476 $364 $348 $319 $305 $192
$870 $661 $497 $517 $504 $492 $335

8.2% 6.6% 2.9% 1.8% (1.1%) 8.6% NA

$174 $140 $129 $73 $42 $70 $83
($59) ($35) ($33) ($34) ($42) ($33) ($23)
$115 $106 $95 $39 $0 $37 $60
9.0% 10.7% 144.4%

$1,487 $1,114 $938 $956 $837 $845 $749
7.7% 9.5% 10.2%

$106 $72 $48 $32 $13 $36 $47
108.7% 145.9% 198.4% 123.4% 0.4% 103.6% 127.8%
1995 1994 1993 1992 1991 1990 1989
$1,487 $1,114 $938 $956 $837 $845 $749
33.5% 18.8% (1.9%) 14.1% (0.9%) 12.9%

$106 $72 $48 $32 $13 $36 $47
$5 $3 $3 $0 $0 $0 $0
$101 $69 $45 $32 $13 $36 $47
95.6% 95.3% 94.7% 100.0% 100.0% 100.0% 100.0%

22.2% 19.9% 13.8% 9.9% 4.4% 18.6% 0.0%

21.2% 18.9% 13.1% 9.9% 4.4% 18.6% 0.0%

$122 $82 $49 $34 $8 $55 $75
8.2% 7.4% 5.2% 3.6% 0.9% 6.5% 10.0%

$67 $49 $34 $25 $13 $26 $32
38.9% 40.3% 41.2% 44.3% 49.4% 42.5% 40.4%

$59 $43 $38 $37 $33 $26 $19
3.9% 3.8% 4.1% 3.9% 4.0% 3.0% 2.6%

($59) ($35) ($33) ($34) ($42) ($33) ($23)
4.0% 3.1% 3.6% 3.5% 5.0% 3.9% 3.1%

$225 $168 $135 $117 $93 $97 $81
202 135 108 101 110 125 74
92 78 72 62 66 72 52
$334 $225 $171 $156 $136 $150 $103
22.5% 20.2% 18.2% 16.3% 16.3% 17.8%
All Measures
DANAHER CORPORATION
Fiscal Year:FY1

Currency:USD - All units in millions except for per share data

Important Notices
16-Dec-05 DEC09 Majority Estimates reflect
adoption of FAS123(R)

Mean Q1-Mar.09 Mean Q2-Jun.09 Mean
Income Statement
Revenue 2674.47 2627.74 A 2778.41 2673.61 A NA
Gross Margin (%) 47.00 47.90 A NA 47.52 NA
EBIT 329.20 340.22 A NA 373.61 NA
Operating Profit 352.79 340.22 A NA 375.96 NA
EBITDA 425.26 421.02 A NA 466.48 NA
Pre-tax Profit 326.35 316.83 A NA 339.03 NA
Net Income 242.76 237.71 A 289.54 295.69 A NA
Per Share Data
EPS 0.73 0.72 A 0.88 0.89 A NA
EPS - Fully Reported 0.73 0.72 A 0.87 0.89 A NA
EBITDA per Share 1.38 1.26 A NA 1.51 NA
Dividend per Share 0.03 0.03 A NA 0.03 NA
Cash Flow
Capital Expenditure 38.00 36.41 A NA 37.00 NA
Per Share Data
Cash Flow per Share 1.18 0.95 A NA 1.06 NA
Balance Sheet
Net Asset Value NA 10002.96 A NA NA NA
Net Debt 1870.49 1942.03 A NA -148.97 NA
Per Share Data
Book Value per Share 30.84 31.39 A NA 31.67 NA
Valuation
ROA (%) 5.00 1.35 A NA NA NA
ROE (%) 8.71 13.55 A NA 11.75 NA
Enterprise Value NA 19100.89 A NA NA NA

** Stock Dividends and Splits
07-May-09 JUN09Q 0.03 Cash Dividend
Paid 31-Jul-09
25-Feb-09 MAR09Q 0.03 Cash Dividend
Paid 24-Apr-09
** Miscellaneous
DEC09 Estimates reflect adoption of
FAS123(R)
** Non-Extraordinary Unusual Items
(Included in figures)
23-Jul-09 JUN09Q 0.01 Transaction cost.
23-Jul-09 JUN09Q 0.08 Restructuring
charge
23-Jul-09 JUN09Q 0.18 Gains from net
reduction in income tax reserve.
23-Jul-09 SEP09Q 0.08 Restructuring
charge
23-Jul-09 SEP09Q 0.12 Provsn rltd to
reductions in tax reserves
Q3-Sep.09 Mean Q4-Dec.09 Mean FY-Dec.09

2725.63 NA 2890.66 NA 10928.98
47.04 NA 47.02 NA 47.32
383.18 NA 417.19 NA 1534.63
391.90 NA 446.80 NA 1528.31
478.90 NA 526.53 NA 1887.84
353.01 NA 405.06 NA 1406.16
287.00 NA 306.53 NA 1126.73

0.86 NA 0.92 NA 3.36
0.86 NA 0.91 NA 3.36
1.53 NA 1.65 NA 5.85
0.03 NA 0.03 NA 0.12

41.00 NA 50.67 NA 164.46

1.21 NA 1.21 NA 4.56

NA NA NA NA 11278.81
1384.75 NA 1227.78 NA 1400.07

33.39 NA 34.39 NA 34.19

5.49 NA 6.09 NA 6.30
10.67 NA 10.84 NA 10.89
NA NA NA NA 22569.03