copy of valuation 2005 model

McKinsey & Company Confidential document.xls

21/04/2023 4:32Error check = OK = Input on this sheet = Calculation

Name - Scenario HistoricalCurrency Other inputsNA NA NA NA NA NA NA NA NA NA

----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------

Revenues Other Operating RevenuesCosts of Goods SoldSelling, Gen & Admin ExpensesDepreciation ExpenseOther Operating Expense

Reported EBITA 0 0 0 0 0 0 0 0 0 0

Amortization of Goodwill Amortization of IntangiblesNon-Operating IncomeInterest IncomeInterest ExpenseRestructuring ChargesSpecial Items

Earnings Before Taxes 0 0 0 0 0 0 0 0 0 0

Income TaxesMinority Interest

Income Before Extraord. Items 0 0 0 0 0 0 0 0 0 0

Extraord. Items (After Tax)

Net Income 0 0 0 0 0 0 0 0 0 0

Preference dividends

Earnings for common shareholders 0 0 0 0 0 0 0 0 0 0

Common dividends

Retained profit 0 0 0 0 0 0 0 0 0 0

Statement of changes in equityBeginning Equity 0 0 0 0 0 0 0 0 0 Retained profit 0 0 0 0 0 0 0 0 0 Foreign Exchange Rate ChangesIssue of New Shares/buy backGoodwill Written OffOther Adjustments to Equity 0 0 0 0 0 0 0 0 0

Ending Equity 0 0 0 0 0 0 0 0 0 0

Historical Balance SheetOperating CashExcess marketable securitiesAccounts ReceivableInventoriesOther Current Assets

Total Current Assets 0 0 0 0 0 0 0 0 0 0

Net Property Plant and EquipGoodwillOther Intangible AssetsOther Operating AssetsInvestments & AdvancesDeferred tax AssetOther Non-op AssetsRetirement Related Assets (non-operating)

Total Assets 0 0 0 0 0 0 0 0 0 0

Historical Income Statement


21/04/2023 4:32Error check = OK = Input on this sheet = Calculation

Name - Scenario HistoricalCurrency Other inputsNA NA NA NA NA NA NA NA NA NA

----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------Short Term DebtAccounts PayableTax PayableDividends PayableOther Current Liabilities

Total Current Liabilities 0 0 0 0 0 0 0 0 0 0

Balancing DebtLong Term DebtDeferred Income TaxesOther operating liabilitiesRestructuring ProvisionsIncome smoothing ProvisionsOn-going operating ProvisionsLong-term operating ProvisionsRetirement Related LiabilitiesMinority InterestPreferred Stock

Total Long Term Liabilities 0 0 0 0 0 0 0 0 0 0

Total Common Equity

Total Liabs and Equity 0 0 0 0 0 0 0 0 0 0

Balance sheet check OK 0 0 0 0 0 0 0 0 0 0

Off Balance Sheet ItemsMarginal Tax Rate Capital ExpenditureInitial Cumulative Goodwill Written OffInitial Cumulative Intangibles Written OffMarket Value of Common EquityNon-operating component of pension expenseWeighted Average Cost of Capital Risk Free Rate (10 yr T-bond, avg yr.)Operating LeasesInterest rate on Operating Leases %Interest rate on Long-term operating ProvisionNumber of ordinary shares (average) (000)Number of ordinary shares (year end) (000)Additional number of shares if fully diluted(000Par value of preference shares (Currency)


21/04/2023 4:32 = Input on this sheet = Link to historical data = Calculation = Input on this sheetError check = OK

Name - Scenario Historical Detailed Forecast Key driver forecastCurrency Range name Other inputs NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA

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GeneralName Name NameScenario Scenario ScenarioLatest year end YE dd/mm/yy or mm/dd/yyValuation date Val_Date Must be after latest year endEnd of detailed forecast period End_DF NAContinuing value year CVY_Date NA Enter any year end from NA to NACurrency Currency Currency e.g. DM, US$Units Units 1 e.g. 1,000

Share price for comparison with valuation Text:High HighLow Low

Operations

P&LOperating Revenue: % Growth NA NA NA NA NA NA NA NA NAOperating revenues Rev Positive 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Other Revenue: % Growth NA NA NA NA NA NA NA NA NAOther revenues OOR Positive 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

COGS: % Revenue NA NA NA NA NA NA NA NA NA NACost of Goods Sold COGS Negative 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

SGA: % Revenue NA NA NA NA NA NA NA NA NA NASGA SGA Negative 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Other Op Exp: % Revenue NA NA NA NA NA NA NA NA NA NAOther Operating Expense OOE Negative 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Working capital

Op Cash: % Revenue NA NA NA NA NA NA NA NA NA NAOperating cash OpCash Positive 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Inventories: % Revenue NA NA NA NA NA NA NA NA NA NAInventories Inv Positive 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Acc Rec: % Revenues NA NA NA NA NA NA NA NA NA NAAccounts receivable TradDebt Positive 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Acc. Pay: % Revenues NA NA NA NA NA NA NA NA NA NAAccounts payable TradCred Positive 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

OCA: % Revenues NA NA NA NA NA NA NA NA NA NAOther current assets OCA Positive 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

OCL: % Revenues NA NA NA NA NA NA NA NA NA NAOther current liabilities OCL Positive 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Total operating working capital WC_Bal 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 WC increase/(decrease) WC_Delta 0 0 0 0 0 0 0 0 0 0 0 0 0 0 WC: % Revenues NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA

Balance Sheet Items

Property Plant & EquipPPE Net PPE_Net Positive 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Capital expenditure option Enter 1,2 or 3 11: Net PPE as % revenues NA NA NA NA NA NA NA NA NA2: % Operating revenues NA NA NA NA NA NA NA NA NA3: Cash amount Currency 0 0 0 0 0 0 0 0 0 Capital expenditure Capex Positive 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Depreciation: % Net PPE b/f NA NA NA NA NA NA NA NA NADepreciation Depn Negative 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Balancing item NA NA NA NA NA NA NA NA NAOther historical fixed asset movts FA_Hist NA NA NA NA NA NA NA NA NA

Goodwill Opening 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Additions/(disposals) GW_Cash 0 0 0 0 0 0 0 0 0 Amortisation GW_Amort Negative 0 0 0 0 0 0 0 0 0 0 Closing GW_Bal Positive 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Initial goodwill written off GW_Init Positive 0

Intangibles Opening 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Additions/(disposals) Intang_Cash 0 0 0 0 0 0 0 0 0 Amortisation Intang_Amort Negative 0 0 0 0 0 0 0 0 0 0 Closing Intang_Bal Positive 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Initial intangibles written off Intang_Init Positive 0

Other operating assets Opening 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Additions/(disposals) OOA_Cash NA NA NA NA NA NA NA NA NA Closing OOA_Bal Positive 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0




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Other operating liabilities Opening 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Additions/(disposals) OOL_Cash NA NA NA NA NA NA NA NA NA Closing OOL_Bal Positive 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Non-operating assets Opening 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Additions/(disposals) NOA_Cash NA NA NA NA NA NA NA NA NA Closing NOA_Bal Positive 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Retirement Related Assets Opening 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Increase/(decrease) RetRelA_Cash NA NA NA NA NA NA NA NA NA Closing balance RetRelA_Bal Positive 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Retirement Related Liabilities Increase/(decrease) RetRel_Cash 0 0 0 0 0 0 0 0 0 Closing balance RetRel_Bal Positive 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Memo: % Revenues NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Non-operating component RetRel_Nonop 0 0 0 0 0 0 0 0 0 0

Investments Opening 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Additions/(disposals) Inv_Cash NA NA NA NA NA NA NA NA NA Closing Inv_Bal Positive 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Off-Balance Sheet Items

Operating leases Implied principal OpLease_Bal Positive 0 0 0 0 0 0 0 0 0 0

Investment in operating leases OpLease_Cash NA NA NA NA NA NA NA NA NA 0 0 0 0 0

Interest rate 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Implied interest OpLease_Int Positive 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Adjustments to operating valueValuation basis Book value PV (discounted at WACC)

Excess Marketable Securities EMS 0 Book 0

Financial Investments FFA 0 Max(BV,PV) 0 0

Excess pension assets Pen_Excess Manual calc 30

Debt MV_Debt 0 Book 0

Capitalized Operating Leases MV_OpLease 0 Book 0

Retirement Related Liability MV_RetRel 0 Book 0

Preferred Stock MV_Prefs 0 Book 0

Minority Interest MV_Min 0 Max(BV,PV) 0 0

Restructuring Provision MV_Restr 0 Max(BV,PV) 0 0

Long-term operating Provision MV_LTOp 0 Book 0

Value of Options Outstanding Options Manual calc

Value of Future Stock Options Future_Options Manual calc

Provisions & Non-Op. P&L

Non-operating P&L items

Non-operating income % growth NA NA NA NA NA NA NA NA NANon-operating income/(expense) NOI 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Special (pretax) income/(expense) SpecItem 0 0 0 0 0 0 0 0 0 0

Extraordinary items/(expense) ExtraordItem 0 0 0 0 0 0 0 0 0 0

Income smoothing Provision Increase/(decrease) Prov_Cash Negative 0 0 0 0 0 0 0 0 0 Closing balance Prov_Bal Positive 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Memo: % Revenues NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA

On-going operating Provisions Increase/(decrease) OOP_Cash NA NA NA NA NA NA NA NA NA Closing balance OOP_Bal Positive 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Restructuring Provisions Opening 0 0 0 0 0 0 0 0 0 0 0 0 0 0 P&L additions Restr_Prof Positive 0 0 0 0 0 0 0 0 0 0 Cash payments Restr_Cash Negative 0 0 0 0 0 0 0 0 0 Closing Restr_Bal Positive 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Long-term operating Provisions Opening 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Implied Interest LOP_Int 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Interest Rate LOP_IntR 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Expense 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Closing LOP_Bal Positive 0 0 0 0 0 0 0 0 0 0 Increase/(decrease) LOP_Cash NA NA NA NA NA NA NA NA NA 0 0 0 0 0

Minority interests Opening 0 0 0 0 0 0 0 0 0 0 0 0 0 0 P&L attributed (+ve) Min_Prof Positive 0 0 0 0 0 0 0 0 0 0 Cash payments Min_Cash Negative 0 0 0 0 0 0 0 0 0




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Debt Finance & WACC

Interest rates Excess cash Balancing debt Short term debt Long term debt - 1 Long term debt - 2

Historical balances Excess cash Cash Positive 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Balancing debt OD Positive 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Short term debt STD_Bal Positive 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Long term debt - 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Long term debt - 2 Use this if you want to subdivide LTD 0 0 0 0 0 Total LTD_Bal Positive 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Scheduled additions/(repayments) Short term debt STD_Cash 0 0 0 0 0 0 0 0 0 Long term debt - 1 Long term debt - 2 Total LTD_Cash 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Interest calculations Excess cash Int_Inc Positive 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Balancing debt 0 0 0 0 0 Short term debt 0 0 0 0 0 Long term debt - 1 0 0 0 0 0 Long term debt - 2 0 0 0 0 0 Total interest expense Int_Exp Negative 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Total interest expense (excl OD) Int_Exp_Excl_ODNegative 0 0 0 0 0

WACC WACC 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Note: to be calculated in separate model

Equity Finance

Preferred stock Opening 0 0 0 0 0 0 0 0 0 0 0 0 0 0 New issues/redemption Prefs_Cash 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Closing Prefs_Bal Positive 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Dividend: Coupon % average balance NA NA NA NA NA NA NA NA NA Dividends Prefs_Div Negative 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Par value per share 0 No. preferred shares (thousands) Prefs_No 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Common equity Opening Equity_Bal _BF Positive 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Net earnings for year 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Dividends: % earnings NA NA NA NA NA NA NA NA NA Dividends Div_Com Negative 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Translation effects Translation 0 0 0 0 0 0 0 0 0 New issues/(buy-backs) Equity_Cash 0 0 0 0 0 0 0 0 0 Goodwill write off GW_writeoff Negative 0 0 0 0 0 0 0 0 0 Other adjustments Equity_Adj 0 0 0 0 0 0 0 0 0 Closing Equity_Bal Positive 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Number of common sharesCurrent no. shares (thousands) Average Shares_Av Positive 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Movement in year NA NA NA NA NA NA NA NA NA Year end Shares_YE Positive 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Fully diluted no. shares (thousands) Additional shares Positive 0 0 0 0 0 0 0 0 0 0 Average Shares_FD_Av Positive 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Year end Shares_FD_YE Positive 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Dividends payable (B/S) Opening 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Dividends declared 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Dividends paid Div_Cash Negative 0 0 0 0 0 0 0 0 0 Closing Div_Bal Negative 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0




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Tax

Current taxEarnings before tax 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Tax charge Tax_Charge Negative 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Tax creditor b/f 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Current tax payable 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Tax paid Tax_Paid Negative 0 0 0 0 0 0 0 0 0 Tax creditor c/f Tax_Cred_Bal Positive 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Tax creditor delta Tax_Cred_Delta 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Tax rates Effective NA NA NA NA NA NA NA NA NA NA Marginal TaxRateMarg 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Deferred taxAsset Increase/(decrease) DefTaxA_Delta 0 0 0 0 0 0 0 0 0 Deferred tax asset DefTaxA_Bal Positive 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Liability Increase/(decrease) DefTax_Delta 0 0 0 0 0 0 0 0 0 Deferred tax liability DefTax_Bal Positive 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Phase 2 & CV drivers

Phase 2 Inputs

Revenue growth NA NA NA NARevenue Rev_P2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Adjusted EBITA margin NA NA NA NA NAAdjusted EBITA Adj_EBITA_P2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Cash tax rate CashTax_P2 NA NA NA NA NANOPLAT NOPLAT_P2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Closing Net PPE as % Revenues NA NA NA NA NANet PPE 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Other Invested Capital as % Revenues NA NA NA NA NAOther Invested Capital 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Invested Capital (pre-Goodwill) Inv_CapP_P2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Cumulative Goodwill 0 0 0 0 0 Invested Capital Inv_Cap_P2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Net Investment Net_Inv_P2 0 0 0 0 0 0 0 0 0 0 0

Continuing value inputs

Choose ROIC option Enter 1,2 or 3 1

1: Input value 2: Last year of phase 2 NA 3: WACC 0.0%

ROIC used ROIC 0.0%

Growth in NOPLAT g

Constants & dates

Days in year DIY 365 Months in year MIY 12 One One 1 Units - label Unit_label 1

1000 thousands

1000000 millions

1E+09 billions

Dates NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NAYear (9) (8) (7) (6) (5) (4) (3) (2) (1) 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 CVY 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0FY 10

Mid year adjustment factor (months) MYAF 0

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Error check = OK

Name - Scenario OK Historical Detailed Forecast Key driver forecast

Currency NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------

Income StatementRevenues 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Other Operating Revenues 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Cost of Goods Sold 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Selling, Gen & Admin Expenses 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Depreciation Expense 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Other Oper Expense 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Reported EBITA 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Amortization of Goodwill 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Intangibles Amort. (Excl. Goodwill) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Reported EBIT 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Non-Oper Income 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Interest Income 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Interest Expense 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Restructuring Charges 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Special Items 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Earnings Before Taxes 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Income Taxes 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Minority Interest 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Income Before Extraordinary Items 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Extraordinary Items (After Tax) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Net Income 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Preference dividends 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Earnings for common shareholders 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Common dividends 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Retained profit 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Earnings per share (Currency) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 NA NA NA NA NA

Earnings per share - fully diluted (Currency) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 NA NA NA NA NA

Statement of changes in equity

Opening balance 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Retained profit 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Foreign Exchange Rate Changes 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Issue of New Shares 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Goodwill Written Off 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Other Adjustments to Equity 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Closing balance 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Check: Changes in Equity OK 0 0 0 0 0 0 0 0 0 0 0 0 0 0

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Error check = OK



Balance Sheet

Operating Cash 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Excess Marketable Securities 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Accounts Receivable 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Inventories 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Other Current Assets 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Total Current Assets 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Net Property Plant and Equipment 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Goodwill 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Other Intangible Assets 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Other Operating Assets 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Investments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Deferred tax asset 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Other Non-operating Assets 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Retirement Related Assets 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Total Assets 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Short term debt 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Accounts Payable 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Tax payable 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Dividends payable 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Other Current Liabilities 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Total Current Liabilities 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Balancing Debt 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Long Term Debt 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Deferred Income Taxes 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Other Operating Liabilities 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Restructuring Provisions 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Income smoothing Provisions 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

On-going operating Provisions 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Long-term operating Provisions 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Retirement Related Liabilities 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0


Preferred Stock 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Total Common Equity 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Total Liabs and Equity 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Check: Assets = Liabilites OK 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

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Traditional Cash flow

Reported EBITA 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Depreciation 0 0 0 0 0 0 0 0 0 0 0 0 0 0

EBITDA 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Less investment in working capital 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Foreign exchange translation effects 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Operating cashflow 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Less tax paid 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Capital investments

Less capex 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Less investment 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Less goodwill & intangibles acquired 0 0 0 0 0 0 0 0 0 0 0 0 0 0

On-going operating Provision 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Less other operating assets/liabilities 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Total capital investments 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Finance

Interest Income 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Interest Expense 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Debt raised/repaid 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Total finance payments 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Plus non-operating income &expense

Non-Oper Income 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Special items 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Extraordinary items 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Investment in non-operating assets 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Retirement Related Assets 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Total non-operating items 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Less payments from reserves and to minorities

Restructuring charges 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Income smoothing Provision 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Long-term operating Provision 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Retirement Related Liabilities 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Minority interest 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Total payments to reserves/minorities 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Equity

Less pref dividends paid 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Prefs issued/(redeemed) 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Less dividends paid 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Equity raised/repaid 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Total equity cash payments 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Net Cashflow 0 0 0 0 0 0 0 0 0 0 0 0 0 0

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Cash/overdraft

Opening balance 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Increase/ (Decrease) 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Closing balance 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Check: Cash calc = Cash balance OK 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Excess cash 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Balancing debt 0 0 0 0 0 0 0 0 0 0 0 0 0 0

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Error check = OK



NOPLAT

Reported EBITA 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Adj for Operating Leases 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Adj for Non-operating component of pension expense 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Add: Interest associated with Long-term operating Provision 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Add: Increase in Income smoothing Provision 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Adjusted EBITA 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Taxes on EBITA 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Change in Deferred Taxes 0 0 0 0 0 0 0 0 0 0 0 0 0 0

NOPLAT 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Taxes on EBIT

Prov for Inc Taxes 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Tax Shield on Interest Exp 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Tax Shield on Operating Lease Interest 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Tax Shield on Non-operating component of pension expense 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Tax Shield on Interest associated with Long-term operating Provision 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Tax on Interest Income 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Tax on Non-operating Income 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Taxes on EBIT 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Reconciliation to Net Income

Net Income 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Add: Increase in Deferred Taxes 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Add: Increase in Income smoothing Provision 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Add: Goodwill Amortization 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Add: Extraordinary Items 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Add: Special Items After Tax 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Add: Minority Interest 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Adjusted Net Income 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Add: Interest Exp. After Tax 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Add: Interest Exp. On Long-term operating Provision 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Add: Interest Exp. on Op. Leases 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Add: Interest Exp. on Non-operating component of pension expense 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Income Available to Investors 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Add: Restructuring Charges 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Less: Interest Income After-Tax 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Less: Non-operating Income After Tax 0 0 0 0 0 0 0 0 0 0 0 0 0 0

NOPLAT 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Check: NOPLAT OK 0 0 0 0 0 0 0 0 0 0 0 0 0 0

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Invested Capital

Operating Working Capital 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Net Property Plant and Equipment 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Other Assets Net of Other Liabs 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Less: On-going operating Provision 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Value of Operating Leases 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Op. Invested Capital (excl.Goodwill) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Goodwill & Intangibles 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Cumulative Written Off & Amortized 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Op. Invested Capital (incl.Goodwill) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Excess Marketable Securities 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Investments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Non-operating Assets 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Retirement Related Assets 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Total Investor Funds 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Total Common Equity & Pref. Stock 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Cum Goodwill Written Off & Amortized 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Deferred Income Taxes 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Dividends Payable 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Income smoothing Provision 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Adjusted Equity 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0


Restructuring Provisions 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Long-term operating Provision 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Retirement-Related Liabilities 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Interest Bearing Debt 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Value of Operating Leases 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Total Investor Funds 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Check: Investor Funds OK 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

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Free Cash Flow

NOPLAT 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Depreciation 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Gross Cash Flow 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Increase in Working Capital 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Capital Expenditures 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Incr in other operating assets/liabilities 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Incr in Ongoing operating Provisions 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Inv in Operating Leases 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Gross Investment 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Free Cash Flow Excl. Goodwill 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Investment in Goodwill and Intangibles 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Free Cash Flow Incl. Goodwill 0 0 0 0 0 0 0 0 0 0 0 0 0 0

AT Interest Income 0 0 0 0 0 0 0 0 0 0 0 0 0 0

(Incr)/Decr Excess Mkt Sec 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Foreign Exchange Translation 0 0 0 0 0 0 0 0 0 0 0 0 0 0

(Incr)/Decr Retirement Related Assets 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Non-operating Cash Flow 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Restructuring Cash Flow 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Extraordinary items 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Cash Flow Available to Investors 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Financing Flow

AT Interest Expense 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Interest on Operating Leases 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Interest on Nonoperating Component of Pension Expense 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Interest on Long-term Operating Provision 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Decr/(Incr) in Debt 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Decr/(Incr) in Operating Leases 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Decr/(Incr) in Retirement Rel. Liab 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Decr/(Incr) in Long-term Operating Provision 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Payments to Minorities 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Common Dividends 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Preferred Dividends 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Decr/(Incr) in Preferred 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Decr/(Incr) in Share Capital 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Total Financing Flow 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Check: Investors CF = Financing CF OK 0 0 0 0 0 0 0 0 0 0 0 0 0 0

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Error check = OK



Economic Profit

Before Goodwill

Return on Invested Capital 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

WACC 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Spread 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Invested Capital (Beg of Year) 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Economic Profit (before Goodwill) 0 0 0 0 0 0 0 0 0 0 0 0 0 0

NOPLAT 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Capital Charge 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Economic Profit (before Goodwill) 0 0 0 0 0 0 0 0 0 0 0 0 0 0

After Goodwill

Return on Invested Capital 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

WACC 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Spread 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Invested Capital (Beg of Year) 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Economic Profit (after Goodwill) 0 0 0 0 0 0 0 0 0 0 0 0 0 0

NOPLAT 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Capital Charge 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Economic Profit (after Goodwill) 0 0 0 0 0 0 0 0 0 0 0 0 0 0

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DCF Valuation Calculations

CV period 0 0 0 0 0

FCF period Sum Sum 1 1 1 1 1

Free Cash Flow 0 0 0 0 0 0

Discount Factor 1.00 1.00 1.00 1.00 1.00 1.00

PV of FCF 0 0 0 0 0 0 0

Continuing value 0 0 0 0 0 0

PV of Continuing value 0 0 0 0 0 0 0

Operating value 0

Economic profit 0 0 0 0 0 0

Discount Factor 1.00 1.00 1.00 1.00 1.00 1.00

PV of EP 0 0 0 0 0 0 0

Continuing value 0 0 0 0 0 0

PV of Continuing value 0 0 0 0 0 0 0

Invested capital at start of forecast 0 0

Operating value 0

Check: EV=FCF OK

Minorities

Profits attributable to minorities 0 0 0 0 0

Perpetuity based on final year detailed forecast 0 0 0 0 0

Discount factor 1.00 1.00 1.00 1.00 1.00 1.00

Present Value 0 0 0 0 0 0

Non-operating assets

Non-operating income 0 0 0 0 0

Perpetuity based on final year detailed forecast 0 0 0 0 0

Discount factor 1.00 1.00 1.00 1.00 1.00 1.00


Restructuring costs

Restructuring costs paid 0 0 0 0 0

Discount factor 1.00 1.00 1.00 1.00 1.00 1.00


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Error check = OK



Ratios

Adjusted EBITA / Revenues

Cost of Goods Sold / Revenues NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA

SGA costs / Revenue NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA

EBITDA / Revenue NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA

Depreciation / Revenues NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA

Reported EBITA / Revenues NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA

Adjustments to EBITA / Revenues NA NA NA NA NA NA NA NA NA NA NA NA NA NA

Adjusted EBITA / Revenues NA NA NA NA NA NA NA NA NA NA NA NA NA NA

Return on Invested Capital (BY)

Net PPE / Revenues NA NA NA NA NA NA NA NA NA NA NA NA NA NA

Working Capital / Revenues NA NA NA NA NA NA NA NA NA NA NA NA NA NA

Net Other Assets / Revenues NA NA NA NA NA NA NA NA NA NA NA NA NA NA

Rev. / Inv. Capital (pre-Goodwill) NA NA NA NA NA NA NA NA NA NA NA NA NA NA

Pre-Tax ROIC NA NA NA NA NA NA NA NA NA NA NA NA NA NA

Cash Tax Rate NA NA NA NA NA NA NA NA NA #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

After-Tax ROIC (pre-Goodwill) NA NA NA NA NA NA NA NA NA NA NA NA NA NA

Rev. / Inv. Capital (incl. Goodwill) NA NA NA NA NA NA NA NA NA NA NA NA NA NA

After-Tax ROIC (incl. Goodwill) NA NA NA NA NA NA NA NA NA NA NA NA NA NA

Return on Invested Cap (Avg)

Net PPE / Revenues NA NA NA NA NA NA NA NA NA NA NA NA NA NA

Working Capital / Revenues NA NA NA NA NA NA NA NA NA NA NA NA NA NA

Net Other Assets / Revenues NA NA NA NA NA NA NA NA NA NA NA NA NA NA

Rev. / Inv. Capital (pre-Goodwill) NA NA NA NA NA NA NA NA NA NA NA NA NA NA

Pre-Tax ROIC NA NA NA NA NA NA NA NA NA NA NA NA NA NA

After-Tax ROIC (pre-Goodwill) NA NA NA NA NA NA NA NA NA NA NA NA NA NA

After-Tax ROIC (incl. Goodwill) NA NA NA NA NA NA NA NA NA NA NA NA NA NA

Average ROE NA NA NA NA NA NA NA NA NA NA NA NA NA NA

Growth Rates

Revenue Growth Rate NA NA NA NA NA NA NA NA NA NA NA NA NA NA

Adjusted EBITA Growth Rate NA NA NA NA NA NA NA NA NA NA NA NA NA NA

NOPLAT Growth Rate NA NA NA NA NA NA NA NA NA NA NA NA NA NA

Invested Capital Growth Rate NA NA NA NA NA NA NA NA NA NA NA NA NA NA

Net Income Growth Rate NA NA NA NA NA NA NA NA NA NA NA NA NA NA

Investment Rates (excl. Goodwill)

Gross Investment Rate NA NA NA NA NA NA NA NA NA NA NA NA NA NA

Net Investment / NOPLAT NA NA NA NA NA NA NA NA NA NA NA NA NA NA

Financing

EBIT/Interest Payable NA NA NA NA NA NA NA NA NA NA NA NA NA NA

Adjusted EBITA/Interest payable NA NA NA NA NA NA NA NA NA NA NA NA NA NA

Cash Coverage (Gross CF / Interest) NA NA NA NA NA NA NA NA NA NA NA NA NA NA

Debt / Total Cap (Book) NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA

Debt / Total Cap (Market) NA NA NA NA NA NA NA NA NA NA

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Error check = OK



Valuation indicators

Mkt Val Op Inv Cap/ BV Op Inv Cap NA NA NA NA NA NA NA NA NA

Market / Book (incl. Cum Goodwill) NA NA NA NA NA NA NA NA NA

Mkt val Op Inv Cap / Adj EBITA NA NA NA NA NA NA NA NA NA

Enterprise value / EBITA NA NA NA NA NA NA NA NA NA NA

Price Earnings Ratio NA NA NA NA NA NA NA NA NA NA

McKinsey & Company Confidential document.xls Page 12

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Name - ScenarioCurrency

Value of Operations: DCF approach Value of Operations: Economic Profit Value of EquityFree Cash Discount PV Economic Discount PV Operating Value 0

Year Flow Factor of FCF Year Profit Factor of EP Excess Mkt Securities 0

NA 0 1.000 0 NA 0 1.000 0 Financial Investments 0 NA 0 1.000 0 NA 0 1.000 0 Excess Pension Assets 0 NA 0 1.000 0 NA 0 1.000 0 NA 0 1.000 0 NA 0 1.000 0 Enterprise Value 0 NA 0 1.000 0 NA 0 1.000 0 Debt 0 NA 0 1.000 0 NA 0 1.000 0 Capitalized Operating Leases 0 NA 0 1.000 0 NA 0 1.000 0 Retirement Related Liability 0 NA 0 1.000 0 NA 0 1.000 0 Preferred Stock 0 NA 0 1.000 0 NA 0 1.000 0 Minority Interest 0 NA 0 1.000 0 NA 0 1.000 0 Long-Term Operating Provision 0 NA 0 1.000 0 NA 0 1.000 0 Restructuring Provision 0 NA 0 1.000 0 NA 0 1.000 0 Future Stock Options 0 NA 0 1.000 0 NA 0 1.000 0 Stock options 0 NA 0 1.000 0 NA 0 1.000 0 Equity Value 0 NA 0 1.000 0 NA 0 1.000 0

Cont. Value 0 1.000 0 Cont. Value 0 1.000 0 No. shares (thousands) 0 Operating Value #N/A 0 Present Value of Economic Profit 0 Value per Share NA

Invested Capital (incl. goodwill) 0 Continuing value % Operating value NA -High NA

Operating Value 0 -Low NAMid -Year Adjustment Factor 1.000 Mid -Year Adjustment Factor 1.000 Value Difference - High NAOperating Value (Adjusted) 0 Operating Value (Adjusted) 0 Value Difference - Low NA

Comparison of key ratios Evaluation of entry and exit multiples Averages

From: NA NA NA NATo: NA NA NA NA NA NA

Revenue growth (CAG) NA NA NA NA Operating Value 0 0 Adjusted EBITA growth (CAG) NA NA NA NANOPLAT growth (CAG) NA NA NA NA Excess Mkt Securities 0 Invested capital growth (CAG) NA NA NA NA Financial Investments 0

Adj. EBIT/Revenues NA NA NA NA Enterprise Value 0 0

Revenues/Invested Capital (pre-Goodwill) NA NA NA NA Revenue 0 NAROIC (after tax, pre-Goodwill) NA NA NA NA Adjusted EBITA 0 NAROIC (after tax, including Goodwill) NA NA NA NA NOPLAT 0 NAAverage Economic Profit 0 0 0 0

Enterprise / Revenue NA NACash Tax Rate NA NA 0.0% 0.0% Enterprise / Adjusted EBITA NA NAWACC NA 0.0% 0.0% 0.0% Enterprise / NOPLAT NA NA

copy of valuation 2005 model

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