Master Input Sheet

Do you want to capitalize R&D expenses? Do you want to convert operating leases to debt? Do you want to normalize operating income? Yes No No ! Yes or No ! Yes or No Go to R&D Converter Go to Operating lease converter Go to Earnings Normalizer

Inputs
Current EBIT = $858.00 ! If negative, go back and choose to normalize earnings. Current Interest Expense = $166.00 Current Capital Spending $1,067.00 Current Depreciation & Amort'n = $893.00 Tax Rate on Income = 35.00% Previous year-end Current Revenues = $31,169.00 24584 Current Non-cash Working Capital$343.00 = Chg. Working Capital = $290.00 Previous year-end Book Value of Debt = $0.00 0 0.027527351 Book Value of Equity = $11,773.00 9429 Cash & Marketable Securities = $4,091.00 Value of Non-operating Assets = $0.00 Current Stock Price = Number of shares outstanding = Market Value of Debt = Market Data Long Term Treasury bond rate= Risk premium for equity = $23.38 1,691.00 $0.00

6.00% 4.000%

Ratings Do you want to estimate the firm's current rating = Yes If not, what is the current rating of the firm? AA Enter the cost of debt associated with the rating = 5.50%

! If yes, use the rating estimator worksheet that is attached

ease converter

worksheet that is attached

Normalizing Earnings
Approach used to normalize earnings = If historical average, Average Earnings before interest and taxes = If historical average ROC, Historical average pre-tax return on capital = If sector margin Pre-tax Operating Margin for Sector = 1

1932.333333

40%

27.29%

! Look at industry average

Normalized Earnings before interest and taxes =

$1,932.33

R & D Converter
This spreadsheet converts R&D expenses from operating to capital expenses. It makes the appropriate adjustments to operating income, net income, the book value of assets and the book value of equity. Inputs Over how many years do you want to amortize R&D expenses

! If in doubt, use the lookup table below The maximum allowed is ten years Enter R& D expenses for past years: the number of years that you will need to enter will be determined by the amortization period Do not input numbers in the first column (Year). It will get automatically updated based on the input above.
Year -1 -2 -3 -4 -5 0 0 0 0 0 Output Year -1 -2 -3 -4 -5 0 0 0 0 0 R& D Expenses 1353.00 ! Year -1 is the most recent financial year 817.00 ! Year -2 is the year before the most recent financial year 695.00 270.00 226.00 0.00 0.00 0.00 0.00 0.00

R&D Expense 1353.00 817.00 695.00 270.00 226.00 0.00 0.00 0.00 0.00 0.00

Unamortized portion 1.00 1353.00 0.80 653.60 0.60 417.00 0.40 108.00 0.20 45.20 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Value of Research Asset = Amortization of asset for current year = Adjustment to Operating Income = Tax Effect of R&D Expensing

$2,576.80 $515.36

$837.64 ! A positive number indicates an increase in operating income (add to reporte $293

Look Up Table for Amortization Periods

Industry Name Amortization Period Advertising 2 Aerospace/Defense 10 Air Transport 10 Aluminum 5 Apparel 3 Auto & Truck 10 Auto Parts (OEM) 5 Auto Parts (Replacement) 5

Non-technological Service Retail, Tech Service Light Manufacturing Heavy Manufacturing Research, with Patenting Long Gestation Period

2 years 3 years 5 years 10 years 10 years 10 years

Bank Bank (Canadian) Bank (Foreign) Bank (Midwest) Beverage (Alcoholic) Beverage (Soft Drink) Building Materials Cable TV Canadian Energy Cement & Aggregates Chemical (Basic) Chemical (Diversified) Chemical (Specialty) Coal/Alternate Energy Computer & Peripherals Computer Software & Svcs Copper Diversified Co. Drug Drugstore Educational Services Electric Util. (Central) Electric Utility (East) Electric Utility (West) Electrical Equipment Electronics Entertainment Environmental Financial Services Food Processing Food Wholesalers Foreign Electron/Entertn Foreign Telecom. Furn./Home Furnishings Gold/Silver Mining Grocery Healthcare Info Systems Home Appliance Homebuilding Hotel/Gaming Household Products Industrial Services Insurance (Diversified) Insurance (Life) Insurance (Prop/Casualty) Internet Investment Co. (Domestic) Investment Co. (Foreign) Investment Co. (Income) Machinery Manuf. Housing/Rec Veh Maritime

2 2 2 2 3 3 5 10 10 10 10 10 10 5 5 3 5 5 10 3 3 10 10 10 10 5 3 5 2 3 3 5 10 3 5 2 3 5 5 3 3 3 3 3 3 3 3 3 3 10 5 10

Medical Services Medical Supplies Metal Fabricating Metals & Mining (Div.) Natural Gas (Distrib.) Natural Gas (Diversified) Newspaper Office Equip & Supplies Oilfield Services/Equip. Packaging & Container Paper & Forest Products Petroleum (Integrated) Petroleum (Producing) Precision Instrument Publishing R.E.I.T. Railroad Recreation Restaurant Retail (Special Lines) Retail Building Supply Retail Store Securities Brokerage Semiconductor Semiconductor Cap Equip Shoe Steel (General) Steel (Integrated) Telecom. Equipment Telecom. Services Textile Thrift Tire & Rubber Tobacco Toiletries/Cosmetics Trucking/Transp. Leasing Utility (Foreign) Water Utility

3 5 10 5 10 10 3 5 5 5 10 5 5 5 3 3 5 5 2 2 2 2 2 5 5 3 5 5 10 5 5 2 5 5 3 5 10 10

priate adjustments to operating income, net

If in doubt, use the lookup table below he maximum allowed is ten years mined by the amortization period

increase in operating income (add to reported EBIT)

Operating Lease Converter

Inputs Operating lease expense in current year = Operating Lease Commitments (From footnote to financials) Year Commitment ! Year 1 is next year, . 1 $ 205.00 2 $ 167.00 3 $ 120.00 4 $ 86.00 5 $ 61.00 6 and beyond $ Pre-tax Cost of Debt = 7.00% $100.00

! If you do not have a cost of debt, use the ratings estimator

From the current financial statements, enter the following Reported Operating Income (EBIT) = $858.00 ! This is the EBIT reported in the current income statement Reported Debt = $0.00 ! This is the interest-bearing debt reported on the balance sheet Output Number of years embedded in yr 6 estimate =

! I use the average lease expense over the first five years to estimate the number of years of expenses in yr 6

Converting Operating Leases into debt Year Commitment Present Value 1 $ 205.00 $191.59 2 $ 167.00 $145.86 3 $ 120.00 $97.96 4 $ 86.00 $65.61 5 $ 61.00 $43.49 6 and beyond $ $0.00 ! Commitment beyond year 6 converted into an annuity for ten years Debt Value of leases = $ 544.51 Restated Financials Depreciation on Operating Lease Asset = Adjustment to Operating Earnings = Adjustment to Total Debt outstanding =

$108.90 ! I use straight line depreciation $38.12 ! PV of operating leases * Pre-tax cost of deb 544.51

nverter

current income statement reported on the balance sheet

over the first five years f expenses in yr 6

nnuity for ten years

I use straight line depreciation PV of operating leases * Pre-tax cost of debt

Compaq Dell Industry

Operating Margin 2.75% 15% 7.87%

Compaq: Value/Share and Reinvestment Rate

12

10

0 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Reinvestment Value/Share Rate 0% 10.96 10% 11.09 20% 11.22 30% 11.35 40% 11.48 50% 11.6 60% 11.72 70% 11.84 80% 11.96 90% 12.07 100% 12.18

Two-Stage FCFF Discount Model

Two-Stage FCFF Discount Model

This model is designed to value a firm, with two stages of growth, an initial period of higher growth and a subsequent period of stable growth.
Assumptions 1. The firm is expected to grow at a higher growth rate in the first period. 2. The growth rate will drop at the end of the first period to the stable growth rate.

The user has to define the following inputs: 1. Length of high growth period 2. Expected growth rate in earnings during the high growth period. 3. Capital Spending, Depreciation and Working Capital needs during the high growth period. 4. Expected growth rate in earnings during the stable growth period. 5. Inputs for the cost of capital. (Cost of equity, Cost of debt, Weights on debt and equity)

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Two-Stage FCFF Discount Model

Inputs to the model

Normalized EBIT (before adjustments)$858.00 Adjusted EBIT = Adjusted Interest Expense = Adjusted Capital Spending $1,695.64 $166.00 $2,420.00 (in currency) (in currency) (in currency) (in currency) (in percent) ( in currency) (in currency) (in currency) ( in currency) ! See attached operating lease converters (in currency) ! If you capitalize R&D, this has to be adjusted too. ! See attached R&D and operating lease converters

Adjusted Depreciation & Amort'n = $1,408.36 Tax Rate on Income = Current Revenues = 35.00% $31,169.00

Current Non-cash Working Capital = $343.00 Chg. Working Capital = Adjusted Book Value of Debt = Adjusted Book Value of Equity = $290.00 $0.00 $12,005.80

Weights on Debt and Equity Is the firm publicly traded ? These will be the inputs for your market value calculations (Do not input) Market price per share = & Number of shares outstanding = & Market Value of Debt = $23.38 1691.00 $0.00 (in currency) (in #) ( in currency) Yes ( Yes or No)

Are there equity options outstanding on the firm? If yes, estimate the estimated market value of these equity options

Yes $538 ! Use option value estimator worksheet if necessary

If your stock is not traded, do you want to use the book value debt ratio ?

No

(Yes or No) (in percent)

If you do not want to use book value ratio, enter the debt to capital ratio to be 30% used =

Enter length of extraordinary growth period =

(in years)

Do you want to change the debt ratio in the stable growth period?

No

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Two-Stage FCFF Discount Model

If yes, enter the debt ratio for the stable growth period =

30%

Costs of Components Do you want to enter cost of equity directly? If yes, enter the cost of equity = If no, enter the inputs to the cost of equity Beta of the stock = Riskfree rate= Risk Premium= 1.29 6.00% 4.00% ! See attached worksheet for bottom-up beta calculator (in percent) (in percent) No (Yes or No) (in percent)

Enter the cost of debt for cost of capital calculation

7.00%

( in percent)

! See worksheet on ratings

Earnings Inputs Do you want to use the historical growth rate? If yes, enter EBIT from five years ago = No $800.00 (Yes or No) (in currency)

Do you have an outside estimate of growth ? If yes, enter the estimated growth:

Yes 12.50%

(Yes or No) (in percent)

Do you want to calculate the growth rate from fundamentals? The following will be the inputs to the fundamental growth formulation: ROC = Reinv. Rate = 11.62% 93.28%

Yes

(Yes or No)

Do you want to change any of these inputs for the high growth period? If yes, specify the values for these inputs (Please enter all variables) ROC = Reinv. Rate = 11.62% 100.00%

Yes

(Yes or No)

Specify weights to be assigned to each of these growth rates:

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Two-Stage FCFF Discount Model

Historical Growth Rate = Outside Prediction of Growth = Fundamental Estimate of Growth =

0.00% 0.00% 100.00%

(in percent) (in percent) (in percent)

Enter growth rate in stable growth period?

5.00%

(in percent)

Beta Will the beta to change in the stable period? If yes, enter the beta for stable period = Yes 1.00 (Yes or No)

Will the risk premium change in the stable period? If yes, estimate the market risk premium in stable period

No

Will the cost of debt change in the stable period? If yes, enter the new cost of debt =

No

(Yes or No) ( in percent)

Capital Spending, Depreciation & Working Capital Do you want all these items to grow at the same rate as earnings ? If not, enter the growth rates for each of the following items: Capital Spending Depreciation High Growth Stable Growth 6% Do not enter 6% Do not enter Revenues 6% 5% (in percent) (in percent) Yes (Yes or No)

Do you want to keep the current fraction of working capital to revenues? Specify working capital as a percent of revenues: 4.12%

Yes

(Yes or No)

(in percent)

Capital Spending and Depreciation in Stable Growth Do you want to compute reinvestment needs in stable growth based on fundamentals? Yes If yes, enter the return on capital that the firm will have in stable growth 11.62%

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Two-Stage FCFF Discount Model

If no, answer the following questions: Is capital spending to be offset by depreciation in stable period? If no, do you want to enter capital expenditure as % of depreciation No 120% (Yes or No) (in percent)

Before reviewing the output, check to see if any warnings appear on the next page.

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Two-Stage FCFF Discount Model

Warnings

Capital Spending exceeds depreciation by a significant factor

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Two-Stage FCFF Discount Model

Output from the program

Cost of Equity = Equity/(Debt+Equity ) = After-tax Cost of debt = Debt/(Debt +Equity) = Cost of Capital = 11.16% 100.00% 4.55% 0.00% 11.16%

Current EBIT * (1 - tax rate) = - (Capital Spending - Depreciation) - Change in Working Capital Current FCFF

$1,395.34 $1,011.64 $290.00 $93.70

Growth Rate in Earnings per share Growth Rate Historical Growth = Outside Estimates = Fundamental Growth = Weighted Average 16.21% 12.50% 11.62% 11.62% Weight 0.00% 0.00% 100.00%

Growth Rate in capital spending, depreciation and working capital High Growth Growth rate in capital spending = Growth rate in depreciation = Growth rate in revenues = 11.62% 11.62% 11.62% Stable Growth Do not enter Do not enter 5.00%

Working Capital as percent of revenues =

1.10%

(in percent)

The FCFE for the high growth phase are shown below (upto 10 years) 1 2 3 4 5

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Two-Stage FCFF Discount Model

EBIT * (1 - tax rate) - (CapEx-Depreciation) -Chg. Working Capital Free Cashflow to Firm Present Value

$1,557.51 $1,517.65 $39.86 $0.00 $0.00

$1,738.53 $1,694.03 $44.50 $0.00 $0.00

$1,940.58 $1,890.91 $49.67 $0.00 $0.00

$2,166.12 $2,110.68 $55.44 ($0.00) ($0.00)

$2,417.87 $2,355.99 $61.89 $0.00 $0.00

Growth Rate in Stable Phase = FCFF in Stable Phase = Cost of Equity in Stable Phase = Equity/ (Equity + Debt) = AT Cost of Debt in Stable Phase = Debt/ (Equity + Debt) = Cost of Capital in Stable Phase = Value at the end of growth phase =

5.00% $1,446.56 10.00% 100.00% 4.55% 0.00% 10.00% $28,931.23

Present Value of FCFF in high growth phase = Present Value of Terminal Value of Firm = Value of operating assets of the firm = Value of Cash, Marketable Securities & Non-operating assets = Value of Firm = Market Value of outstanding debt = Market Value of Equity = Value of Equity in Options = Value of Equity in Common Stock = Market Value of Equity/share =

$0.00 $17,046.07 $17,046.07 $4,091.00 $21,137.07 $0.00 $21,137.07 $538.00 $20,599.07 $12.18

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Two-Stage FCFF Discount Model

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Two-Stage FCFF Discount Model

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Two-Stage FCFF Discount Model

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Two-Stage FCFF Discount Model

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Two-Stage FCFF Discount Model

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Two-Stage FCFF Discount Model

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Two-Stage FCFF Discount Model

Terminal Year

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Two-Stage FCFF Discount Model

$2,538.77 $1,062.49 $29.72 $1,446.56

43.02%

Page 28

Valuing Options or Warrants

Enter the current stock price = Enter the strike price on the option = Enter the expiration of the option = Enter the standard deviation in stock prices = Enter the annualized dividend yield on stock = Enter the treasury bond rate = Enter the number of warrants (options) outstanding = Enter the number of shares outstanding =

$23.38 30 4 62.99% (volatility) 0.00% 6.00% 5 1,691.00

Do not input any numbers below this line VALUING WARRANTS WHEN THERE IS DILUTION 23.375 # Warrants issued= Stock Price= 30 # Shares outstanding= Strike Price= Adjusted S (DO NOT ENTER)= 23.33830909 T.Bond rate= 30 Variance= Adjusted K (DO NOT ENTER)= 4 Annualized dividend yield= Expiration (in years) = Div. Adj. interest rate= d1 = N (d1) = d2 = N (d2) = 0.621088122 0.732729178 -0.638711878 0.261505192

5 1,691 6.00% 0.3968 0.00% 6.00%

Value per option =

$10.93
$55

Value of all options outstanding =

Bottom-up Beta Calculator

Unlevered beta for sector = Output Firm's Current market value D/E ratio = Firm's Current tax rate = Bottom-up beta for firm = 0.68 ! Look up industry averages

0.00% ! Reverted back to conventional debt to equity ratio 35.00% 0.68

debt to equity ratio

Inputs for synthetic rating estimation

Enter the type of firm = 1 (Enter 1 if large manufacturing firm, 2 if smaller or riskier firm, 3 if financial service firm) Enter current Earnings before interest and taxes (EBIT) = $858.00 (Add back only long term interest expense fo Enter current interest expenses = $166.00 (Use only long term interest expense for fina Enter current long term government bond rate = 6.00% Output 5.17 Interest coverage ratio = A Estimated Bond Rating = 1.00% Estimated Default Spread = 7.00% Estimated Cost of Debt = For large manufacturing firms If interest coverage ratio is to > Rating is -100000 0.199999 D 0.2 0.649999 C 0.65 0.799999 CC 0.8 1.249999 CCC 1.25 1.499999 B1.5 1.749999 B 1.75 1.999999 B+ 2 2.499999 BB 2.5 2.999999 BBB 3 4.249999 A4.25 5.499999 A 5.5 6.499999 A+ 6.5 8.499999 AA 8.50 100000 AAA For smaller and riskier firms If interest coverage ratio is to greater than -100000 0.499999 0.5 0.799999 0.8 1.249999 1.25 1.499999 1.5 1.999999 2 2.499999 2.5 2.999999 3 3.499999 3.5 4.499999 4.5 5.999999 6 7.499999 7.5 9.499999 9.5 12.499999 12.5 100000 For financial service firms If long term interest coverage ratio is to greater than -100000 0.049999 0.05 0.099999 0.1 0.199999 0.2 0.299999 0.3 0.399999 0.4 0.499999 0.5 0.599999 0.6 0.799999 0.8 0.999999 1 1.49999 1.5 1.99999 2 2.49999 2.5 2.99999 3 100000

Spread is 10.00% 7.50% 6.00% 5.00% 4.25% 3.25% 2.50% 2.00% 1.50% 1.25% 1.00% 0.80% 0.50% 0.20%

Rating is D C CC CCC BB B+ BB BBB AA A+ AA AAA

Spread is 10.00% 7.50% 6.00% 5.00% 4.25% 3.25% 2.50% 2.00% 1.50% 1.25% 1.00% 0.80% 0.50% 0.20%

or riskier firm, 3 if financial service firm) Add back only long term interest expense for financial firms) Use only long term interest expense for financial firms)

est coverage ratio is Rating is D C CC CCC BB B+ BB BBB AA A+ AA AAA

Spread Operating is Income Decline 10.00% -50.00% 7.50% -40.00% 6.00% -40.00% 5.00% -40.00% 4.25% -25.00% 3.25% -20.00% 2.50% -20.00% 2.00% -20.00% 1.50% -20.00% 1.25% -17.50% 1.00% -15.00% 0.80% -10.00% 0.50% -5.00% 0.20% 0.00%

Industry Name Number of Firms Cap Ex/Depreciation ROC Reinvestment Rate Unlevered Beta MV Debt to Capital Ratio Advertising 25 84.97% ##### -7.66% 1.10 10.51% Aerospace/Defense 48 102.26% ##### 0.48% 0.78 29.88% Air Transport 44 184.45% ##### 48.85% 0.96 33.41% Aluminum 9 120.93% ##### 24.39% 0.83 24.65% Apparel 61 102.94% ##### 11.35% 0.87 17.21% Auto & Truck 20 103.35% ##### 22.84% 0.61 51.42% Auto Parts (OEM) 36 159.03% ##### 59.80% 0.75 26.58% Auto Parts (Replacement) 36 150.40% ##### 45.18% 0.71 21.56% Bank 162 NA NA NA 0.75 21.08% Bank (Canadian) 8 NA NA NA 0.81 25.38% Bank (Foreign) 2 NA NA NA 0.92 19.80% Bank (Midwest) 34 NA NA NA 0.82 15.58% Beverage (Alcoholic) 22 159.20% 9.82% 37.84% 0.70 15.73% Beverage (Soft Drink) 13 133.61% ##### 15.11% 0.93 7.70% Building Materials 57 158.84% ##### 38.98% 0.80 21.73% Cable TV 22 99.59% ##### -0.60% 0.71 39.28% Canadian Energy 15 198.37% ##### 73.39% 0.67 38.36% Cement & Aggregates 15 167.74% ##### 33.26% 0.84 8.89% Chemical (Basic) 18 159.05% ##### 20.47% 0.82 20.23% Chemical (Diversified) 35 129.68% ##### 26.12% 0.79 22.44% Chemical (Specialty) 89 141.87% ##### 34.67% 0.79 20.66% Coal/Alternate Energy 6 236.99% 8.53% 62.37% 0.54 44.02% Computer & Peripherals 166 135.95% ##### 46.71% 1.29 5.05% Computer Software & Svcs 355 96.47% ##### 11.46% 1.38 2.56% Copper 7 185.12% ##### 41.43% 0.57 52.45% Diversified Co. 101 119.92% ##### 20.49% 0.85 17.82% Drug 229 126.73% ##### 21.74% 1.18 2.83% Drugstore 12 196.41% ##### 70.88% 0.95 6.12% Educational Services 21 154.03% ##### 39.79% 1.11 4.00% Electric Util. (Central) 36 94.94% 9.63% -0.22% 0.45 41.87% Electric Utility (East) 38 92.44% ##### -3.36% 0.48 37.06% Electric Utility (West) 19 103.83% ##### 3.31% 0.44 42.22% Electrical Equipment 104 130.44% ##### 25.15% 1.08 4.85% Electronics 152 145.67% ##### 51.06% 1.06 13.24% Entertainment 70 80.67% 5.91% -6.72% 0.90 18.95% Environmental 61 113.29% ##### 15.36% 0.84 17.49% Financial Services 101 91.40% 5.87% 89.34% 0.93 33.23% Food Processing 93 112.82% ##### 10.77% 0.71 14.52% Food Wholesalers 18 172.17% ##### 48.97% 0.69 21.98% Foreign Electron/Entertn 13 125.30% 8.59% 44.59% 0.72 27.24% Foreign Telecom. 19 85.90% ##### -1.17% 0.99 15.10% Furn./Home Furnishings 36 118.11% ##### 29.89% 0.92 13.75% Gold/Silver Mining 34 180.81% 7.20% 92.19% 0.56 14.50% Grocery 29 169.19% ##### 45.17% 0.71 16.01% Healthcare Info Systems 32 105.20% ##### 20.90% 1.18 1.39% Home Appliance 15 118.22% ##### 17.55% 0.77 24.76% Homebuilding 66 230.29% 7.53% 78.36% 0.71 37.47% Hotel/Gaming 56 377.52% ##### 133.02% 0.79 35.48% Household Products 33 147.67% ##### 25.03% 0.90 9.02% Industrial Services 157 90.71% ##### 16.14% 0.97 16.83% Insurance (Diversified) 57 422.52% 1.78% 160.39% 0.86 11.13%

Insurance (Life) Insurance (Prop/Casualty) Internet Investment Co. (Domestic) Investment Co. (Foreign) Investment Co. (Income) Machinery Manuf. Housing/Rec Veh Maritime Medical Services Medical Supplies Metal Fabricating Metals & Mining (Div.) Natural Gas (Distrib.) Natural Gas (Diversified) Newspaper Office Equip & Supplies Oilfield Services/Equip. Packaging & Container Paper & Forest Products Petroleum (Integrated) Petroleum (Producing) Precision Instrument Publishing R.E.I.T. Railroad Recreation Restaurant Retail (Special Lines) Retail Building Supply Retail Store Securities Brokerage Semiconductor Semiconductor Cap Equip Shoe Steel (General) Steel (Integrated) Telecom. Equipment Telecom. Services Textile Thrift Tire & Rubber Tobacco Toiletries/Cosmetics Trucking/Transp. Leasing Utility (Foreign) Water Utility

32 66 28 18 24 13 140 21 22 191 210 42 29 54 41 20 31 93 33 63 41 104 101 57 87 15 90 90 172 14 49 35 69 8 26 31 20 100 131 27 120 10 16 25 51 2 17

NA NA 223.08% NA NA NA 141.31% 211.54% 209.36% 114.44% 177.98% 145.92% 252.18% 216.24% 224.87% 87.58% 100.03% 237.89% 124.15% 112.99% 164.11% 236.40% 159.61% 78.29% 938.39% 221.70% 212.91% 200.93% 159.08% 371.10% 159.44% 132.45% 158.96% 172.18% 202.17% 195.13% 144.10% 217.50% 147.92% 155.36% 357.89% 161.87% 98.85% 187.89% 205.93% 183.70% 242.57%

NA NA 4.63% NA NA NA ##### ##### ##### 9.22% ##### ##### 6.27% ##### ##### ##### ##### ##### ##### ##### ##### ##### ##### ##### ##### ##### ##### ##### ##### ##### ##### ##### ##### ##### ##### ##### ##### ##### ##### ##### NA ##### ##### ##### ##### 9.74% 9.74%

NA NA 310.56% NA NA NA 38.10% 74.37% 63.46% 23.32% 44.91% 25.50% 144.76% 61.35% 72.48% -4.27% 37.27% 67.65% 21.20% 19.92% 38.50% 98.56% 49.60% -1.12% 144.67% 60.54% 56.34% 50.37% 55.24% 88.62% 40.86% 59.52% 42.93% 57.16% 43.96% 58.38% 17.78% 79.29% 39.04% 43.28% NA 43.23% 3.71% 39.28% 109.39% 74.41% 49.64%

0.92 0.86 1.81 0.82 NA NA 0.79 0.83 0.48 0.98 1.05 0.88 0.66 0.46 0.72 0.81 0.91 1.06 0.67 0.71 0.82 0.70 1.04 0.89 0.72 0.82 0.90 0.89 1.07 1.06 1.03 0.63 1.51 1.57 0.86 0.68 0.68 1.37 1.13 0.66 0.47 0.87 0.72 1.00 0.60 0.83 0.42

8.02% 6.35% 0.42% 1.81% 2.53% 0.00% 24.96% 13.19% 51.32% 24.50% 5.33% 16.56% 32.26% 38.24% 32.25% 18.81% 20.29% 14.60% 35.18% 37.33% 12.72% 33.84% 9.46% 13.86% 11.71% 33.11% 12.57% 15.97% 10.25% 3.03% 16.84% 62.16% 3.03% 3.25% 20.39% 33.12% 37.95% 4.47% 13.62% 40.96% 59.11% 16.09% 16.46% 5.97% 50.04% 31.50% 41.37%

Non-Cash Working Capital/Sales Pre-tax Operating Margin Std Deviation in Equity -2.57% 14.76% 40.76% 18.95% 23.68% 41.59% 3.51% 14.01% 47.25% 18.82% 14.83% 32.19% 26.48% 11.04% 48.52% 41.80% 15.88% 33.71% 11.77% 11.11% 36.08% 21.49% 11.31% 36.33% NA NA 25.95% NA NA 24.87% NA NA 33.26% NA NA 23.10% 17.61% 18.05% 29.77% 5.54% 21.04% 37.17% 12.87% 9.57% 37.64% -1.14% 33.63% 45.99% 3.07% 26.09% 27.50% 16.20% 22.82% 34.07% 17.57% 25.99% 33.93% 19.92% 18.05% 30.62% 20.79% 16.79% 38.83% 9.97% 31.90% 41.48% 19.79% 13.62% 62.99% 18.00% 23.22% 62.08% 10.86% 25.39% 31.17% 18.71% 12.49% 37.59% 21.27% 27.29% 64.84% 13.37% 6.94% 44.50% 12.07% 16.79% 56.30% 7.42% 26.23% 16.77% 8.89% 29.57% 19.20% 8.44% 28.41% 17.89% 20.25% 15.02% 48.48% 24.26% 11.30% 53.56% 17.43% 20.33% 37.64% 15.35% 16.06% 57.37% 156.89% 27.47% 39.76% 9.30% 11.39% 33.84% 3.38% 4.51% 31.97% 23.37% 11.31% 27.63% 15.75% 33.19% 39.42% 20.93% 12.18% 34.77% 8.07% 26.50% 56.14% 4.11% 6.10% 34.80% 22.06% 22.04% 70.20% 22.74% 11.01% 38.18% 32.38% 8.97% 43.98% 0.53% 20.82% 49.01% 15.39% 18.76% 35.37% 14.85% 10.78% 45.01% NA 20.16% 30.73%

NA NA 21.09% NA NA NA 24.39% 20.48% 10.85% 8.36% 18.67% 22.05% 19.33% 6.30% 3.88% 3.90% 27.07% 20.72% 12.92% 15.45% 6.43% 3.35% 26.56% 16.37% NA 1.67% 18.71% 0.28% 14.01% 12.30% 17.56% NA 17.09% 22.97% 26.56% 18.16% 18.31% 24.25% 6.75% 26.65% NA 17.14% 15.77% 23.87% 14.21% 8.11% 3.58%

NA NA 4.06% NA NA NA 13.13% 8.44% 16.02% 10.39% 13.86% 14.30% 12.73% 20.58% 15.42% 21.71% 12.99% 22.66% 15.78% 12.57% 16.59% 40.34% 14.73% 18.32% NA 26.27% 17.17% 16.46% 8.24% 8.72% 8.05% 59.16% 26.53% 23.38% 9.75% 11.20% 12.77% 14.78% 33.05% 12.23% NA 12.43% 17.49% 18.24% 16.84% 46.07% 42.12%

28.87% 28.60% 72.04% 24.07% 31.76% 12.23% 38.42% 38.66% 36.05% 58.39% 56.18% 37.75% 56.00% 20.38% 37.09% 24.83% 37.14% 51.59% 34.36% 31.90% 27.87% 49.98% 49.15% 50.96% 21.88% 35.91% 50.57% 41.39% 58.34% 43.30% 45.50% 42.19% 63.35% 58.26% 42.88% 36.76% 37.58% 63.32% 51.66% 34.26% 28.78% 26.72% 36.91% 44.87% 35.74% 25.69% 22.56%