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corporateb FY05 FY06 FY07 FY08E FY09E

Income Sheet Historical Forecast

Net Sales $3,001.7 $3,407.9 $4,069.3 $4,394.8 $4,746.4
Cost of Sales (excluding D&A) 2,068.9 2,333.5 2,739.1 2,944.5 3,180.1
Gross Profit 932.7 1,074.5 1,330.2 1,450.3 1,566.3

SG&A Expense 512.4 578.0 658.9 712.0 768.9

Other Expense/ (Income) (2.2) (1.3) (10.9) (8.8) (9.5)
EBITDA 422.5 497.7 682.2 747.1 806.9

Depreciation 101.9 127.5 135.5 154.8 166.9

Amortization 9.4 10.7 13.0 15.9 18.4
EBIT 311.2 359.5 533.6 576.5 621.5

Interest Expense 44.1 60.1 63.8 53.5 44.3

Interest Income (1.1) (1.1) (1.0) (0.7) (0.6)
Pretax Income 268.2 300.6 470.9 523.6 577.9

Income Taxes 104.6 109.8 176.1 196.4 216.7

Net Income $163.6 $190.8 $294.8 327.3 361.2

Diluted Weighted Average Shares (millions) 102.0 98.0 94.0 90.2 88.0

Earnings Per Share $1.60 $1.95 $3.14 $3.63 $4.11

Margins
Gross Margin (excluding D&A) 31.1% 31.5% 32.7% 33.0% 33.0%
SG&A Expense as % of Net Sales 17.1% 17.0% 16.2% 16.2% 16.2%
Other Expense/ (Income) as % of Net Sales -0.1% 0.0% -0.3% -0.2% -0.2%
EBITDA Margin 14.1% 14.6% 16.8% 17.0% 17.0%
EBIT Margin 10.4% 10.6% 13.1% 13.1% 13.1%
Net Income Margin 5.5% 5.6% 7.2% 7.4% 7.6%

Growth Rate Analysis

Net Sales Growth Rate 13.5% 19.4% 8.0% 8.0%
EBITDA Growth Rate 17.8% 37.1% 9.5% 8.0%
Net Income Growth Rate 16.6% 54.5% 11.0% 10.4%
EPS Growth Rate 21.3% 61.1% 15.8% 13.1%

Effective Tax Rate 39.0% 36.5% 37.4% 37.5% 37.5%

 FY10E FY11E FY12E FY13E FY14E

Forecast
$5,126.1 $5,536.2 $5,979.1 $6,457.5 $6,974.0
3,434.5 3,709.3 4,006.0 4,326.5 4,672.6 Note the color coding
1,691.6 1,827.0 1,973.1 2,131.0 2,301.4 << Blue color for Constants
<< Black Color for Formulas
830.4 896.9 968.6 1,046.1 1,129.8 << Green Color for references across sheets
(10.3) (11.1) (12.0) (12.9) (13.9)
871.4 941.2 1,016.5 1,097.8 1,185.6

179.7 194.2 210.6 229.2 250.0 << Green Color for references across sheets
21.0 23.5 26.1 28.6 31.2 << Green Color for references across sheets
670.8 723.5 779.8 840.0 904.4

34.1 22.7 14.6 11.2 8.5 << Green Color for references across sheets
(0.6) (0.7) (2.3) (5.6) (9.4) << Green Color for references across sheets
637.3 701.4 767.4 834.3 905.4

239.0 263.0 287.8 312.9 339.5

398.3 438.4 479.7 521.5 565.9

85.8 83.6 81.4 79.2 77.0

$4.65 $5.25 $5.90 $6.59 $7.35

33.0% 33.0% 33.0% 33.0% 33.0%

16.2% 16.2% 16.2% 16.2% 16.2%
-0.2% -0.2% -0.2% -0.2% -0.2%
17.0% 17.0% 17.0% 17.0% 17.0%
13.1% 13.1% 13.0% 13.0% 13.0%
7.8% 7.9% 8.0% 8.1% 8.1%

8.0% 8.0% 8.0% 8.0% 8.0%

8.0% 8.0% 8.0% 8.0% 8.0%
10.3% 10.1% 9.4% 8.7% 8.5%
13.1% 13.0% 12.4% 11.7% 11.6%

37.5% 37.5% 37.5% 37.5% 37.5%

erences across sheets