Comparable Companies_Template

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Investment Banking Valuation, Leveraged Buyouts, and Mergers & Acquisitions Comparable Companies Analysis - Template JOSHUA ROSENBAUM JOSHUA PEARL

Transcript of Comparable Companies_Template

Page 1: Comparable Companies_Template

Investment BankingValuation, Leveraged Buyouts,

and Mergers & Acquisitions

Comparable Companies Analysis - Template

JOSHUA ROSENBAUMJOSHUA PEARL

Page 2: Comparable Companies_Template

($ in millions)

List of Comparable CompaniesEquity Enterprise LTM

Company Ticker Business Description Value Value Sales

TargetCo TTT [to come] - - -

Company A AAA [to come] - - -

Company B BBB [to come] - - -

Company C CCC [to come] - - -

Company D DDD [to come] - - -

Company E EEE [to come] - - -

Company F FFF [to come] - - -

Company G GGG [to come] - - -

Company H HHH [to come] - - -

Company I III [to come] - - -

Company J JJJ [to come] - - -

Company K K-- [to come] - - -

Company L LLL [to come] - - -

Company M MMM [to come] - - -

Company N NNN [to come] - - -

Company O OOO [to come] - - -

Page 3: Comparable Companies_Template

ValueCo CorporationBenchmarking Analysis – Financial Statistics and Ratios, Page 1($ in millions, except per share data)

Market Valuation LTM Financial Statistics LTM Profitability Margins Growth Rates

Gross Net Sales EBITDA EPSEquity Enterprise Gross Net Profit EBITDA EBIT Income Hist. Est. Hist. Est. Hist. Est. Est.

Company Ticker Value Value Sales Profit EBITDA EBIT Income (%) (%) (%) (%) 1-year 1-year 1-year 1-year 1-year 1-year LT

TargetCo TTT - - - - - - - NA NA NA NA 0% 0% 0% 0% 0% 0% 0%

Tier I: Large-CapCompany A AAA - - - - - - - NA NA NA NA 0% 0% 0% 0% 0% 0% 0%Company B BBB - - - - - - - NA NA NA NA 0% 0% 0% 0% 0% 0% 0%Company C CCC - - - - - - - NA NA NA NA 0% 0% 0% 0% 0% 0% 0%Company D DDD - - - - - - - NA NA NA NA 0% 0% 0% 0% 0% 0% 0%Company E EEE - - - - - - - NA NA NA NA 0% 0% 0% 0% 0% 0% 0%

Mean NA NA NA NA 0% 0% 0% 0% 0% 0% 0%Median NA NA NA NA 0% 0% 0% 0% 0% 0% 0%

Tier II: Mid-CapCompany F FFF - - - - - - - NA NA NA NA 0% 0% 0% 0% 0% 0% 0%Company G GGG - - - - - - - NA NA NA NA 0% 0% 0% 0% 0% 0% 0%Company H HHH - - - - - - - NA NA NA NA 0% 0% 0% 0% 0% 0% 0%Company I III - - - - - - - NA NA NA NA 0% 0% 0% 0% 0% 0% 0%Company J JJJ - - - - - - - NA NA NA NA 0% 0% 0% 0% 0% 0% 0%

Mean NA NA NA NA 0% 0% 0% 0% 0% 0% 0%Median NA NA NA NA 0% 0% 0% 0% 0% 0% 0%

Tier III: Small-CapCompany K K-- - - - - - - - NA NA NA NA 0% 0% 0% 0% 0% 0% 0%Company L LLL - - - - - - - NA NA NA NA 0% 0% 0% 0% 0% 0% 0%Company M MMM - - - - - - - NA NA NA NA 0% 0% 0% 0% 0% 0% 0%Company N NNN - - - - - - - NA NA NA NA 0% 0% 0% 0% 0% 0% 0%

Company O OOO - - - - - - - NA NA NA NA 0% 0% 0% 0% 0% 0% 0%

Mean NA NA NA NA 0% 0% 0% 0% 0% 0% 0%Median NA NA NA NA 0% 0% 0% 0% 0% 0% 0%

Overall

Mean NA NA NA NA 0% 0% 0% 0% 0% 0% 0%Median NA NA NA NA 0% 0% 0% 0% 0% 0% 0%

High 0% 0% 0% 0% ### 0% 0% 0% 0% 0% 0% 0%Low 0% 0% 0% 0% ### 0% 0% 0% 0% 0% 0% 0%

Source: Company filings, Bloomberg, Consensus Estimates

Note: Last twelve months data based on September 30, 2008. Estimated annual financial data based on a calendar year.

Page 4: Comparable Companies_Template

ValueCo CorporationBenchmarking Analysis – Financial Statistics and Ratios, Page 2($ in millions, except per share data)

General Return on Investment LTM Leverage Ratios LTM Coverage Ratios Credit RatingsImplied Debt / Debt / Net Debt / EBITDA / EBITDA EBIT /

Predicted ROIC ROE ROA Div. Yield Tot. Cap. EBITDA EBITDA Int. Exp. - Cpx/ Int. Int. Exp.

Company Ticker FYE Beta (%) (%) (%) (%) (%) (x) (x) (x) (x) (x) Moody's S&P

TargetCo TTT Dec-31 1.00 0% 0% 0% NA 0% 0.0x 0.0x 0.0x 0.0x 0.0x NA NA

Tier I: Large-CapCompany A AAA Dec-31 1.00 0% 0% 0% NA 0% 0.0x 0.0x 0.0x 0.0x 0.0x NA NACompany B BBB Dec-31 1.00 0% 0% 0% NA 0% 0.0x 0.0x 0.0x 0.0x 0.0x NA NACompany C CCC Dec-31 1.00 0% 0% 0% NA 0% 0.0x 0.0x 0.0x 0.0x 0.0x NA NACompany D DDD Dec-31 1.00 0% 0% 0% NA 0% 0.0x 0.0x 0.0x 0.0x 0.0x NA NACompany E EEE Dec-31 1.00 0% 0% 0% NA 0% 0.0x 0.0x 0.0x 0.0x 0.0x NA NA

Mean 1.00 0% 0% 0% NA 0% 0.0x 0.0x 0.0x 0.0x 0.0xMedian 1.00 0% 0% 0% NA 0% 0.0x 0.0x 0.0x 0.0x 0.0x

Tier II: Mid-CapCompany F FFF Dec-31 1.00 0% 0% 0% NA 0% 0.0x 0.0x 0.0x 0.0x 0.0x NA NACompany G GGG Dec-31 1.00 0% 0% 0% NA 0% 0.0x 0.0x 0.0x 0.0x 0.0x NA NACompany H HHH Dec-31 1.00 0% 0% 0% NA 0% 0.0x 0.0x 0.0x 0.0x 0.0x NA NACompany I III Dec-31 1.00 0% 0% 0% NA 0% 0.0x 0.0x 0.0x 0.0x 0.0x NA NACompany J JJJ Dec-31 1.00 0% 0% 0% NA 0% 0.0x 0.0x 0.0x 0.0x 0.0x NA NA

Mean 1.00 0% 0% 0% NA 0% 0.0x 0.0x 0.0x 0.0x 0.0xMedian 1.00 0% 0% 0% NA 0% 0.0x 0.0x 0.0x 0.0x 0.0x

Tier III: Small-CapCompany K K-- Dec-31 1.00 0% 0% 0% NA 0% 0.0x 0.0x 0.0x 0.0x 0.0x NA NACompany L LLL Dec-31 1.00 0% 0% 0% NA 0% 0.0x 0.0x 0.0x 0.0x 0.0x NA NACompany M MMM Dec-31 1.00 0% 0% 0% NA 0% 0.0x 0.0x 0.0x 0.0x 0.0x NA NACompany N NNN Dec-31 1.00 0% 0% 0% NA 0% 0.0x 0.0x 0.0x 0.0x 0.0x NA NA

Company O OOO Dec-31 1.00 0% 0% 0% NA 0% 0.0x 0.0x 0.0x 0.0x 0.0x NA NA

Mean 1.00 0% 0% 0% NA 0% 0.0x 0.0x 0.0x 0.0x 0.0xMedian 1.00 0% 0% 0% NA 0% 0.0x 0.0x 0.0x 0.0x 0.0x

Overall

Mean 1.00 0% 0% 0% NA 0% 0.0x 0.0x 0.0x 0.0x 0.0xMedian 1.00 0% 0% 0% NA 0% 0.0x 0.0x 0.0x 0.0x 0.0x

High 1.00 0% 0% 0% 0% 0% 0.0x 0.0x 0.0x 0.0x 0.0xLow 1.00 0% 0% 0% 0% 0% 0.0x 0.0x 0.0x 0.0x 0.0x

Source: Company filings, Bloomberg, Consensus Estimates

Page 5: Comparable Companies_Template

ValueCo CorporationComparable Companies Analysis($ in millions, except per share data)

Current % of Enterprise Value / LTM Total Price / LTShare 52-wk. Equity Enterprise LTM 2008E 2009E LTM 2008E 2009E LTM 2008E 2009E EBITDA Debt / LTM 2008E 2009E EPS

Company Ticker Price High Value Value Sales Sales Sales EBITDA EBITDA EBITDA EBIT EBIT EBIT Margin EBITDA EPS EPS EPS Growth

TargetCo TTT - NA - - NA NA NA NA NA NA NA NA NA NA 0.0.x NA NA NA 0%

Tier I: Large-CapCompany A AAA - NA - - NA NA NA NA NA NA NA NA NA NA 0.0.x NA NA NA 0%Company B BBB - NA - - NA NA NA NA NA NA NA NA NA NA 0.0.x NA NA NA 0%Company C CCC - NA - - NA NA NA NA NA NA NA NA NA NA 0.0.x NA NA NA 0%Company D DDD - NA - - NA NA NA NA NA NA NA NA NA NA 0.0.x NA NA NA 0%Company E EEE - NA - - NA NA NA NA NA NA NA NA NA NA 0.0.x NA NA NA 0%

Mean NA NA NA NA NA NA NA NA NA NA 0.0x NA NA NA 0%Median NA NA NA NA NA NA NA NA NA NA 0.0x NA NA NA 0%

Tier II: Mid-CapCompany F FFF - NA - - NA NA NA NA NA NA NA NA NA NA 0.0.x NA NA NA 0%Company G GGG - NA - - NA NA NA NA NA NA NA NA NA NA 0.0.x NA NA NA 0%Company H HHH - NA - - NA NA NA NA NA NA NA NA NA NA 0.0.x NA NA NA 0%Company I III - NA - - NA NA NA NA NA NA NA NA NA NA 0.0.x NA NA NA 0%Company J JJJ - NA - - NA NA NA NA NA NA NA NA NA NA 0.0.x NA NA NA 0%

Mean NA NA NA NA NA NA NA NA NA NA 0.0x NA NA NA 0%Median NA NA NA NA NA NA NA NA NA NA 0.0x NA NA NA 0%

Tier III: Small-CapCompany K K-- - NA - - NA NA NA NA NA NA NA NA NA NA 0.0.x NA NA NA 0%Company L LLL - NA - - NA NA NA NA NA NA NA NA NA NA 0.0.x NA NA NA 0%Company M MMM - NA - - NA NA NA NA NA NA NA NA NA NA 0.0.x NA NA NA 0%Company N NNN - NA - - NA NA NA NA NA NA NA NA NA NA 0.0.x NA NA NA 0%

Company O OOO - NA - - NA NA NA NA NA NA NA NA NA NA 0.0.x NA NA NA 0%

Mean NA NA NA NA NA NA NA NA NA NA 0.0x NA NA NA 0%Median NA NA NA NA NA NA NA NA NA NA 0.0x NA NA NA 0%

Overall

Mean NA NA NA NA NA NA NA NA NA NA 0.0x NA NA NA 0%Median NA NA NA NA NA NA NA NA NA NA 0.0x NA NA NA 0%

High 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0% 0.0x 0.0x 0.0x 0.0x 0%Low 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0% 0.0x 0.0x 0.0x 0.0x 0%

Source: Company filings, Bloomberg, Consensus Estimates

Note: Last twelve months data based on September 30, 2008. Estimated annual financial data based on a calendar year.

Page 6: Comparable Companies_Template

TargetCo (NYSE:TTT) Business Description

Input Page [to come]

($ in millions, except per share data)

General Information Reported Income Statement Balance Sheet Data

Company Name TargetCo Prior Current 2007A 9/30/2008

Ticker TTT Fiscal Year Ending December 31, Stub Stub LTM Cash and Cash Equivalents - -

Stock Exchange NYSE 2005A 2006A 2007A 9/302007 9/30/2008 9/30/2008 Accounts Receivable - -

Fiscal Year Ending Dec-31 Sales - - - - - - Inventories - -

Moody's Corporate Rating NA COGS - - - - - - Prepaids and Other Current Assets - - S&P Corporate Rating NA Gross Profit - - - - - - Total Current Assets - - Predicted Beta 1.00 SG&A - - - - - -

Marginal Tax Rate 38.0% Other Expense / (Income) - - - - - - Property, Plant and Equipment, net - - EBIT - - - - - - Goodwill and Intangible Assets - -

Selected Market Data Interest Expense - - - - - - Other Assets - -

Current Price 12/30/1899 - Pre-tax Income - - - - - - Total Assets - - % of 52-week High NA Income Taxes - - - - - -

52-week High Price 12/30/1899 - Noncontrolling Interest - - - - - - Accounts Payable - -

52-week Low Price 12/30/1899 - Preferred Dividends - - - - - - Accrued Liabilities - -

Dividend Per Share (MRQ) - Net Income - - - - - - Other Current Liabilities - -

Effective Tax Rate NA NA NA NA NA NA Total Current Liabilities - -

Fully Diluted Shares Outstanding - Equity Value - Weighted Avg. Diluted Shares - - - - - - Total Debt - -

Diluted EPS NA NA NA NA NA NA Other Long-Term Liabilities - - Plus: Total Debt - Total Liabilities - - Plus: Preferred Stock -

Plus: Noncontrolling Interest - Adjusted Income Statement Noncontrolling Interest - -

Less: Cash and Cash Equivalents - Reported Gross Profit - - - - - - Preferred Stock - -

Enterprise Value - Non-recurring Items in COGS - - - - - - Shareholders' Equity - -

Adj. Gross Profit - - - - - - Total Liabilities and Equity - -

Trading Multiples % margin NA NA NA NA NA NA Balance Check 0.000 0.000 LTM NFY NFY+1

9/30/2008 2008E 2009E Reported EBIT - - - - - - Calculation of Fully Diluted Shares OutstandingEV/Sales NA NA NA Non-recurring Items in COGS - - - - - - Basic Shares Outstanding -

Metric - - - Other Non-recurring Items - - - - - - Plus: Shares from In-the-Money Options -

EV/EBITDA NA NA NA Adjusted EBIT - - - - - - Less: Shares Repurchased - Metric - - - % margin NA NA NA NA NA NA Net New Shares from Options -

EV/EBIT NA NA NA Plus: Shares from Convertible Securities -

Metric - - - Depreciation & Amortization - - - - - - Fully Diluted Shares Outstanding - P/E NA NA NA Adjusted EBITDA - - - - - -

Metric - - - % margin NA NA NA NA NA NA Options/WarrantsNumber of Exercise In-the-Money

LTM Return on Investment Ratios Reported Net Income - - - - - - Tranche Shares Price Shares ProceedsReturn on Invested Capital - Non-recurring Items in COGS - - - - - - Tranche 1 - - - - Return on Equity - Other Non-recurring Items - - - - - - Tranche 2 - - - - Return on Assets - Non-operating Non-rec. Items - - - - - - Tranche 3 - - - -

Implied Annual Dividend Per Share NA Tax Adjustment - - - - - - Tranche 4 - - - -

Adjusted Net Income - - - - - - Tranche 5 - - - -

LTM Credit Statistics % margin NA NA NA NA NA NA Total - - - Debt/Total Capitalization -

Total Debt/EBITDA - Adjusted Diluted EPS - - - - - - Convertible SecuritiesNet Debt/EBITDA - Conversion Conversion New

EBITDA/Interest Expense - Amount Price Ratio Shares

(EBITDA-capex)/Interest Expense - Cash Flow Statement Data Issue 1 - - - - EBIT/Interest Expense - Depreciation & Amortization - - - - - - Issue 2 - - - -

% sales NA NA NA NA NA NA Issue 3 - - - -

Growth Rates Capital Expenditures - - - - - - Issue 4 - - - -

Sales EBITDA EPS % sales NA NA NA NA NA NA Issue 5 - - - -

Historical Total - 1-year - - -

2-year CAGR - - - NotesEstimated (1) [to come]1-year - - - (2) [to come]2-year CAGR - - - (3) [to come]Long-term - (4) [to come]

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Company A (NYSE:AAA) Business Description

Input Page [to come]

($ in millions, except per share data)

General Information Reported Income Statement Balance Sheet Data

Company Name Company A Prior Current 2007A 9/30/2008

Ticker AAA Fiscal Year Ending December 31, Stub Stub LTM Cash and Cash Equivalents - -

Stock Exchange NYSE 2005A 2006A 2007A 9/302007 9/30/2008 9/30/2008 Accounts Receivable - -

Fiscal Year Ending Dec-31 Sales - - - - - - Inventories - -

Moody's Corporate Rating NA COGS - - - - - - Prepaids and Other Current Assets - - S&P Corporate Rating NA Gross Profit - - - - - - Total Current Assets - - Predicted Beta 1.00 SG&A - - - - - -

Marginal Tax Rate 38.0% Other Expense / (Income) - - - - - - Property, Plant and Equipment, net - - EBIT - - - - - - Goodwill and Intangible Assets - -

Selected Market Data Interest Expense - - - - - - Other Assets - -

Current Price 12/30/1899 - Pre-tax Income - - - - - - Total Assets - - % of 52-week High NA Income Taxes - - - - - -

52-week High Price 12/30/1899 - Noncontrolling Interest - - - - - - Accounts Payable - -

52-week Low Price 12/30/1899 - Preferred Dividends - - - - - - Accrued Liabilities - -

Dividend Per Share (MRQ) - Net Income - - - - - - Other Current Liabilities - -

Effective Tax Rate NA NA NA NA NA NA Total Current Liabilities - -

Fully Diluted Shares Outstanding - Equity Value - Weighted Avg. Diluted Shares - - - - - - Total Debt - -

Diluted EPS NA NA NA NA NA NA Other Long-Term Liabilities - - Plus: Total Debt - Total Liabilities - - Plus: Preferred Stock -

Plus: Noncontrolling Interest - Adjusted Income Statement Noncontrolling Interest - -

Less: Cash and Cash Equivalents - Reported Gross Profit - - - - - - Preferred Stock - -

Enterprise Value - Non-recurring Items in COGS - - - - - - Shareholders' Equity - -

Adj. Gross Profit - - - - - - Total Liabilities and Equity - -

Trading Multiples % margin NA NA NA NA NA NA Balance Check 0.000 0.000 LTM NFY NFY+1

9/30/2008 2008E 2009E Reported EBIT - - - - - - Calculation of Fully Diluted Shares OutstandingEV/Sales NA NA NA Non-recurring Items in COGS - - - - - - Basic Shares Outstanding -

Metric - - - Other Non-recurring Items - - - - - - Plus: Shares from In-the-Money Options -

EV/EBITDA NA NA NA Adjusted EBIT - - - - - - Less: Shares Repurchased - Metric - - - % margin NA NA NA NA NA NA Net New Shares from Options -

EV/EBIT NA NA NA Plus: Shares from Convertible Securities -

Metric - - - Depreciation & Amortization - - - - - - Fully Diluted Shares Outstanding - P/E NA NA NA Adjusted EBITDA - - - - - -

Metric - - - % margin NA NA NA NA NA NA Options/WarrantsNumber of Exercise In-the-Money

LTM Return on Investment Ratios Reported Net Income - - - - - - Tranche Shares Price Shares ProceedsReturn on Invested Capital - Non-recurring Items in COGS - - - - - - Tranche 1 - - - - Return on Equity - Other Non-recurring Items - - - - - - Tranche 2 - - - - Return on Assets - Non-operating Non-rec. Items - - - - - - Tranche 3 - - - -

Implied Annual Dividend Per Share NA Tax Adjustment - - - - - - Tranche 4 - - - -

Adjusted Net Income - - - - - - Tranche 5 - - - -

LTM Credit Statistics % margin NA NA NA NA NA NA Total - - - Debt/Total Capitalization -

Total Debt/EBITDA - Adjusted Diluted EPS - - - - - - Convertible SecuritiesNet Debt/EBITDA - Conversion Conversion New

EBITDA/Interest Expense - Amount Price Ratio Shares

(EBITDA-capex)/Interest Expense - Cash Flow Statement Data Issue 1 - - - - EBIT/Interest Expense - Depreciation & Amortization - - - - - - Issue 2 - - - -

% sales NA NA NA NA NA NA Issue 3 - - - -

Growth Rates Capital Expenditures - - - - - - Issue 4 - - - -

Sales EBITDA EPS % sales NA NA NA NA NA NA Issue 5 - - - -

Historical Total - 1-year - - -

2-year CAGR - - - NotesEstimated (1) [to come]1-year - - - (2) [to come]2-year CAGR - - - (3) [to come]Long-term - (4) [to come]

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Company B (NYSE:BBB) Business Description

Input Page [to come]

($ in millions, except per share data)

General Information Reported Income Statement Balance Sheet Data

Company Name Company B Prior Current 2007A 9/30/2008

Ticker BBB Fiscal Year Ending December 31, Stub Stub LTM Cash and Cash Equivalents - -

Stock Exchange NYSE 2005A 2006A 2007A 9/302007 9/30/2008 9/30/2008 Accounts Receivable - -

Fiscal Year Ending Dec-31 Sales - - - - - - Inventories - -

Moody's Corporate Rating NA COGS - - - - - - Prepaids and Other Current Assets - - S&P Corporate Rating NA Gross Profit - - - - - - Total Current Assets - - Predicted Beta 1.00 SG&A - - - - - -

Marginal Tax Rate 38.0% Other Expense / (Income) - - - - - - Property, Plant and Equipment, net - - EBIT - - - - - - Goodwill and Intangible Assets - -

Selected Market Data Interest Expense - - - - - - Other Assets - -

Current Price 12/30/1899 - Pre-tax Income - - - - - - Total Assets - - % of 52-week High NA Income Taxes - - - - - -

52-week High Price 12/30/1899 - Noncontrolling Interest - - - - - - Accounts Payable - -

52-week Low Price 12/30/1899 - Preferred Dividends - - - - - - Accrued Liabilities - -

Dividend Per Share (MRQ) - Net Income - - - - - - Other Current Liabilities - -

Effective Tax Rate NA NA NA NA NA NA Total Current Liabilities - -

Fully Diluted Shares Outstanding - Equity Value - Weighted Avg. Diluted Shares - - - - - - Total Debt - -

Diluted EPS NA NA NA NA NA NA Other Long-Term Liabilities - - Plus: Total Debt - Total Liabilities - - Plus: Preferred Stock -

Plus: Noncontrolling Interest - Adjusted Income Statement Noncontrolling Interest - -

Less: Cash and Cash Equivalents - Reported Gross Profit - - - - - - Preferred Stock - -

Enterprise Value - Non-recurring Items in COGS - - - - - - Shareholders' Equity - -

Adj. Gross Profit - - - - - - Total Liabilities and Equity - -

Trading Multiples % margin NA NA NA NA NA NA Balance Check 0.000 0.000 LTM NFY NFY+1

9/30/2008 2008E 2009E Reported EBIT - - - - - - Calculation of Fully Diluted Shares OutstandingEV/Sales NA NA NA Non-recurring Items in COGS - - - - - - Basic Shares Outstanding -

Metric - - - Other Non-recurring Items - - - - - - Plus: Shares from In-the-Money Options -

EV/EBITDA NA NA NA Adjusted EBIT - - - - - - Less: Shares Repurchased - Metric - - - % margin NA NA NA NA NA NA Net New Shares from Options -

EV/EBIT NA NA NA Plus: Shares from Convertible Securities -

Metric - - - Depreciation & Amortization - - - - - - Fully Diluted Shares Outstanding - P/E NA NA NA Adjusted EBITDA - - - - - -

Metric - - - % margin NA NA NA NA NA NA Options/WarrantsNumber of Exercise In-the-Money

LTM Return on Investment Ratios Reported Net Income - - - - - - Tranche Shares Price Shares ProceedsReturn on Invested Capital - Non-recurring Items in COGS - - - - - - Tranche 1 - - - - Return on Equity - Other Non-recurring Items - - - - - - Tranche 2 - - - - Return on Assets - Non-operating Non-rec. Items - - - - - - Tranche 3 - - - -

Implied Annual Dividend Per Share NA Tax Adjustment - - - - - - Tranche 4 - - - -

Adjusted Net Income - - - - - - Tranche 5 - - - -

LTM Credit Statistics % margin NA NA NA NA NA NA Total - - - Debt/Total Capitalization -

Total Debt/EBITDA - Adjusted Diluted EPS - - - - - - Convertible SecuritiesNet Debt/EBITDA - Conversion Conversion New

EBITDA/Interest Expense - Amount Price Ratio Shares

(EBITDA-capex)/Interest Expense - Cash Flow Statement Data Issue 1 - - - - EBIT/Interest Expense - Depreciation & Amortization - - - - - - Issue 2 - - - -

% sales NA NA NA NA NA NA Issue 3 - - - -

Growth Rates Capital Expenditures - - - - - - Issue 4 - - - -

Sales EBITDA EPS % sales NA NA NA NA NA NA Issue 5 - - - -

Historical Total - 1-year - - -

2-year CAGR - - - NotesEstimated (1) [to come]1-year - - - (2) [to come]2-year CAGR - - - (3) [to come]Long-term - (4) [to come]

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Company C (NYSE:CCC) Business Description

Input Page [to come]

($ in millions, except per share data)

General Information Reported Income Statement Balance Sheet Data

Company Name Company C Prior Current 2007A 9/30/2008

Ticker CCC Fiscal Year Ending December 31, Stub Stub LTM Cash and Cash Equivalents - -

Stock Exchange NYSE 2005A 2006A 2007A 9/302007 9/30/2008 9/30/2008 Accounts Receivable - -

Fiscal Year Ending Dec-31 Sales - - - - - - Inventories - -

Moody's Corporate Rating NA COGS - - - - - - Prepaids and Other Current Assets - - S&P Corporate Rating NA Gross Profit - - - - - - Total Current Assets - - Predicted Beta 1.00 SG&A - - - - - -

Marginal Tax Rate 38.0% Other Expense / (Income) - - - - - - Property, Plant and Equipment, net - - EBIT - - - - - - Goodwill and Intangible Assets - -

Selected Market Data Interest Expense - - - - - - Other Assets - -

Current Price 12/30/1899 - Pre-tax Income - - - - - - Total Assets - - % of 52-week High NA Income Taxes - - - - - -

52-week High Price 12/30/1899 - Noncontrolling Interest - - - - - - Accounts Payable - -

52-week Low Price 12/30/1899 - Preferred Dividends - - - - - - Accrued Liabilities - -

Dividend Per Share (MRQ) - Net Income - - - - - - Other Current Liabilities - -

Effective Tax Rate NA NA NA NA NA NA Total Current Liabilities - -

Fully Diluted Shares Outstanding - Equity Value - Weighted Avg. Diluted Shares - - - - - - Total Debt - -

Diluted EPS NA NA NA NA NA NA Other Long-Term Liabilities - - Plus: Total Debt - Total Liabilities - - Plus: Preferred Stock -

Plus: Noncontrolling Interest - Adjusted Income Statement Noncontrolling Interest - -

Less: Cash and Cash Equivalents - Reported Gross Profit - - - - - - Preferred Stock - -

Enterprise Value - Non-recurring Items in COGS - - - - - - Shareholders' Equity - -

Adj. Gross Profit - - - - - - Total Liabilities and Equity - -

Trading Multiples % margin NA NA NA NA NA NA Balance Check 0.000 0.000 LTM NFY NFY+1

9/30/2008 2008E 2009E Reported EBIT - - - - - - Calculation of Fully Diluted Shares OutstandingEV/Sales NA NA NA Non-recurring Items in COGS - - - - - - Basic Shares Outstanding -

Metric - - - Other Non-recurring Items - - - - - - Plus: Shares from In-the-Money Options -

EV/EBITDA NA NA NA Adjusted EBIT - - - - - - Less: Shares Repurchased - Metric - - - % margin NA NA NA NA NA NA Net New Shares from Options -

EV/EBIT NA NA NA Plus: Shares from Convertible Securities -

Metric - - - Depreciation & Amortization - - - - - - Fully Diluted Shares Outstanding - P/E NA NA NA Adjusted EBITDA - - - - - -

Metric - - - % margin NA NA NA NA NA NA Options/WarrantsNumber of Exercise In-the-Money

LTM Return on Investment Ratios Reported Net Income - - - - - - Tranche Shares Price Shares ProceedsReturn on Invested Capital - Non-recurring Items in COGS - - - - - - Tranche 1 - - - - Return on Equity - Other Non-recurring Items - - - - - - Tranche 2 - - - - Return on Assets - Non-operating Non-rec. Items - - - - - - Tranche 3 - - - -

Implied Annual Dividend Per Share NA Tax Adjustment - - - - - - Tranche 4 - - - -

Adjusted Net Income - - - - - - Tranche 5 - - - -

LTM Credit Statistics % margin NA NA NA NA NA NA Total - - - Debt/Total Capitalization -

Total Debt/EBITDA - Adjusted Diluted EPS - - - - - - Convertible SecuritiesNet Debt/EBITDA - Conversion Conversion New

EBITDA/Interest Expense - Amount Price Ratio Shares

(EBITDA-capex)/Interest Expense - Cash Flow Statement Data Issue 1 - - - - EBIT/Interest Expense - Depreciation & Amortization - - - - - - Issue 2 - - - -

% sales NA NA NA NA NA NA Issue 3 - - - -

Growth Rates Capital Expenditures - - - - - - Issue 4 - - - -

Sales EBITDA EPS % sales NA NA NA NA NA NA Issue 5 - - - -

Historical Total - 1-year - - -

2-year CAGR - - - NotesEstimated (1) [to come]1-year - - - (2) [to come]2-year CAGR - - - (3) [to come]Long-term - (4) [to come]

Page 10: Comparable Companies_Template

Company D (NYSE:DDD) Business Description

Input Page [to come]

($ in millions, except per share data)

General Information Reported Income Statement Balance Sheet Data

Company Name Company D Prior Current 2007A 9/30/2008

Ticker DDD Fiscal Year Ending December 31, Stub Stub LTM Cash and Cash Equivalents - -

Stock Exchange NYSE 2005A 2006A 2007A 9/302007 9/30/2008 9/30/2008 Accounts Receivable - -

Fiscal Year Ending Dec-31 Sales - - - - - - Inventories - -

Moody's Corporate Rating NA COGS - - - - - - Prepaids and Other Current Assets - - S&P Corporate Rating NA Gross Profit - - - - - - Total Current Assets - - Predicted Beta 1.00 SG&A - - - - - -

Marginal Tax Rate 38.0% Other Expense / (Income) - - - - - - Property, Plant and Equipment, net - - EBIT - - - - - - Goodwill and Intangible Assets - -

Selected Market Data Interest Expense - - - - - - Other Assets - -

Current Price 12/30/1899 - Pre-tax Income - - - - - - Total Assets - - % of 52-week High NA Income Taxes - - - - - -

52-week High Price 12/30/1899 - Noncontrolling Interest - - - - - - Accounts Payable - -

52-week Low Price 12/30/1899 - Preferred Dividends - - - - - - Accrued Liabilities - -

Dividend Per Share (MRQ) - Net Income - - - - - - Other Current Liabilities - -

Effective Tax Rate NA NA NA NA NA NA Total Current Liabilities - -

Fully Diluted Shares Outstanding - Equity Value - Weighted Avg. Diluted Shares - - - - - - Total Debt - -

Diluted EPS NA NA NA NA NA NA Other Long-Term Liabilities - - Plus: Total Debt - Total Liabilities - - Plus: Preferred Stock -

Plus: Noncontrolling Interest - Adjusted Income Statement Noncontrolling Interest - -

Less: Cash and Cash Equivalents - Reported Gross Profit - - - - - - Preferred Stock - -

Enterprise Value - Non-recurring Items in COGS - - - - - - Shareholders' Equity - -

Adj. Gross Profit - - - - - - Total Liabilities and Equity - -

Trading Multiples % margin NA NA NA NA NA NA Balance Check 0.000 0.000 LTM NFY NFY+1

9/30/2008 2008E 2009E Reported EBIT - - - - - - Calculation of Fully Diluted Shares OutstandingEV/Sales NA NA NA Non-recurring Items in COGS - - - - - - Basic Shares Outstanding -

Metric - - - Other Non-recurring Items - - - - - - Plus: Shares from In-the-Money Options -

EV/EBITDA NA NA NA Adjusted EBIT - - - - - - Less: Shares Repurchased - Metric - - - % margin NA NA NA NA NA NA Net New Shares from Options -

EV/EBIT NA NA NA Plus: Shares from Convertible Securities -

Metric - - - Depreciation & Amortization - - - - - - Fully Diluted Shares Outstanding - P/E NA NA NA Adjusted EBITDA - - - - - -

Metric - - - % margin NA NA NA NA NA NA Options/WarrantsNumber of Exercise In-the-Money

LTM Return on Investment Ratios Reported Net Income - - - - - - Tranche Shares Price Shares ProceedsReturn on Invested Capital - Non-recurring Items in COGS - - - - - - Tranche 1 - - - - Return on Equity - Other Non-recurring Items - - - - - - Tranche 2 - - - - Return on Assets - Non-operating Non-rec. Items - - - - - - Tranche 3 - - - -

Implied Annual Dividend Per Share NA Tax Adjustment - - - - - - Tranche 4 - - - -

Adjusted Net Income - - - - - - Tranche 5 - - - -

LTM Credit Statistics % margin NA NA NA NA NA NA Total - - - Debt/Total Capitalization -

Total Debt/EBITDA - Adjusted Diluted EPS - - - - - - Convertible SecuritiesNet Debt/EBITDA - Conversion Conversion New

EBITDA/Interest Expense - Amount Price Ratio Shares

(EBITDA-capex)/Interest Expense - Cash Flow Statement Data Issue 1 - - - - EBIT/Interest Expense - Depreciation & Amortization - - - - - - Issue 2 - - - -

% sales NA NA NA NA NA NA Issue 3 - - - -

Growth Rates Capital Expenditures - - - - - - Issue 4 - - - -

Sales EBITDA EPS % sales NA NA NA NA NA NA Issue 5 - - - -

Historical Total - 1-year - - -

2-year CAGR - - - NotesEstimated (1) [to come]1-year - - - (2) [to come]2-year CAGR - - - (3) [to come]Long-term - (4) [to come]

Page 11: Comparable Companies_Template

Company E (NYSE:EEE) Business Description

Input Page [to come]

($ in millions, except per share data)

General Information Reported Income Statement Balance Sheet Data

Company Name Company E Prior Current 2007A 9/30/2008

Ticker EEE Fiscal Year Ending December 31, Stub Stub LTM Cash and Cash Equivalents - -

Stock Exchange NYSE 2005A 2006A 2007A 9/302007 9/30/2008 9/30/2008 Accounts Receivable - -

Fiscal Year Ending Dec-31 Sales - - - - - - Inventories - -

Moody's Corporate Rating NA COGS - - - - - - Prepaids and Other Current Assets - - S&P Corporate Rating NA Gross Profit - - - - - - Total Current Assets - - Predicted Beta 1.00 SG&A - - - - - -

Marginal Tax Rate 38.0% Other Expense / (Income) - - - - - - Property, Plant and Equipment, net - - EBIT - - - - - - Goodwill and Intangible Assets - -

Selected Market Data Interest Expense - - - - - - Other Assets - -

Current Price 12/30/1899 - Pre-tax Income - - - - - - Total Assets - - % of 52-week High NA Income Taxes - - - - - -

52-week High Price 12/30/1899 - Noncontrolling Interest - - - - - - Accounts Payable - -

52-week Low Price 12/30/1899 - Preferred Dividends - - - - - - Accrued Liabilities - -

Dividend Per Share (MRQ) - Net Income - - - - - - Other Current Liabilities - -

Effective Tax Rate NA NA NA NA NA NA Total Current Liabilities - -

Fully Diluted Shares Outstanding - Equity Value - Weighted Avg. Diluted Shares - - - - - - Total Debt - -

Diluted EPS NA NA NA NA NA NA Other Long-Term Liabilities - - Plus: Total Debt - Total Liabilities - - Plus: Preferred Stock -

Plus: Noncontrolling Interest - Adjusted Income Statement Noncontrolling Interest - -

Less: Cash and Cash Equivalents - Reported Gross Profit - - - - - - Preferred Stock - -

Enterprise Value - Non-recurring Items in COGS - - - - - - Shareholders' Equity - -

Adj. Gross Profit - - - - - - Total Liabilities and Equity - -

Trading Multiples % margin NA NA NA NA NA NA Balance Check 0.000 0.000 LTM NFY NFY+1

9/30/2008 2008E 2009E Reported EBIT - - - - - - Calculation of Fully Diluted Shares OutstandingEV/Sales NA NA NA Non-recurring Items in COGS - - - - - - Basic Shares Outstanding -

Metric - - - Other Non-recurring Items - - - - - - Plus: Shares from In-the-Money Options -

EV/EBITDA NA NA NA Adjusted EBIT - - - - - - Less: Shares Repurchased - Metric - - - % margin NA NA NA NA NA NA Net New Shares from Options -

EV/EBIT NA NA NA Plus: Shares from Convertible Securities -

Metric - - - Depreciation & Amortization - - - - - - Fully Diluted Shares Outstanding - P/E NA NA NA Adjusted EBITDA - - - - - -

Metric - - - % margin NA NA NA NA NA NA Options/WarrantsNumber of Exercise In-the-Money

LTM Return on Investment Ratios Reported Net Income - - - - - - Tranche Shares Price Shares ProceedsReturn on Invested Capital - Non-recurring Items in COGS - - - - - - Tranche 1 - - - - Return on Equity - Other Non-recurring Items - - - - - - Tranche 2 - - - - Return on Assets - Non-operating Non-rec. Items - - - - - - Tranche 3 - - - -

Implied Annual Dividend Per Share NA Tax Adjustment - - - - - - Tranche 4 - - - -

Adjusted Net Income - - - - - - Tranche 5 - - - -

LTM Credit Statistics % margin NA NA NA NA NA NA Total - - - Debt/Total Capitalization -

Total Debt/EBITDA - Adjusted Diluted EPS - - - - - - Convertible SecuritiesNet Debt/EBITDA - Conversion Conversion New

EBITDA/Interest Expense - Amount Price Ratio Shares

(EBITDA-capex)/Interest Expense - Cash Flow Statement Data Issue 1 - - - - EBIT/Interest Expense - Depreciation & Amortization - - - - - - Issue 2 - - - -

% sales NA NA NA NA NA NA Issue 3 - - - -

Growth Rates Capital Expenditures - - - - - - Issue 4 - - - -

Sales EBITDA EPS % sales NA NA NA NA NA NA Issue 5 - - - -

Historical Total - 1-year - - -

2-year CAGR - - - NotesEstimated (1) [to come]1-year - - - (2) [to come]2-year CAGR - - - (3) [to come]Long-term - (4) [to come]

Page 12: Comparable Companies_Template

Company F (NYSE:FFF) Business Description

Input Page [to come]

($ in millions, except per share data)

General Information Reported Income Statement Balance Sheet Data

Company Name Company F Prior Current 2007A 9/30/2008

Ticker FFF Fiscal Year Ending December 31, Stub Stub LTM Cash and Cash Equivalents - -

Stock Exchange NYSE 2005A 2006A 2007A 9/302007 9/30/2008 9/30/2008 Accounts Receivable - -

Fiscal Year Ending Dec-31 Sales - - - - - - Inventories - -

Moody's Corporate Rating NA COGS - - - - - - Prepaids and Other Current Assets - - S&P Corporate Rating NA Gross Profit - - - - - - Total Current Assets - - Predicted Beta 1.00 SG&A - - - - - -

Marginal Tax Rate 38.0% Other Expense / (Income) - - - - - - Property, Plant and Equipment, net - - EBIT - - - - - - Goodwill and Intangible Assets - -

Selected Market Data Interest Expense - - - - - - Other Assets - -

Current Price 12/30/1899 - Pre-tax Income - - - - - - Total Assets - - % of 52-week High NA Income Taxes - - - - - -

52-week High Price 12/30/1899 - Noncontrolling Interest - - - - - - Accounts Payable - -

52-week Low Price 12/30/1899 - Preferred Dividends - - - - - - Accrued Liabilities - -

Dividend Per Share (MRQ) - Net Income - - - - - - Other Current Liabilities - -

Effective Tax Rate NA NA NA NA NA NA Total Current Liabilities - -

Fully Diluted Shares Outstanding - Equity Value - Weighted Avg. Diluted Shares - - - - - - Total Debt - -

Diluted EPS NA NA NA NA NA NA Other Long-Term Liabilities - - Plus: Total Debt - Total Liabilities - - Plus: Preferred Stock -

Plus: Noncontrolling Interest - Adjusted Income Statement Noncontrolling Interest - -

Less: Cash and Cash Equivalents - Reported Gross Profit - - - - - - Preferred Stock - -

Enterprise Value - Non-recurring Items in COGS - - - - - - Shareholders' Equity - -

Adj. Gross Profit - - - - - - Total Liabilities and Equity - -

Trading Multiples % margin NA NA NA NA NA NA Balance Check 0.000 0.000 LTM NFY NFY+1

9/30/2008 2008E 2009E Reported EBIT - - - - - - Calculation of Fully Diluted Shares OutstandingEV/Sales NA NA NA Non-recurring Items in COGS - - - - - - Basic Shares Outstanding -

Metric - - - Other Non-recurring Items - - - - - - Plus: Shares from In-the-Money Options -

EV/EBITDA NA NA NA Adjusted EBIT - - - - - - Less: Shares Repurchased - Metric - - - % margin NA NA NA NA NA NA Net New Shares from Options -

EV/EBIT NA NA NA Plus: Shares from Convertible Securities -

Metric - - - Depreciation & Amortization - - - - - - Fully Diluted Shares Outstanding - P/E NA NA NA Adjusted EBITDA - - - - - -

Metric - - - % margin NA NA NA NA NA NA Options/WarrantsNumber of Exercise In-the-Money

LTM Return on Investment Ratios Reported Net Income - - - - - - Tranche Shares Price Shares ProceedsReturn on Invested Capital - Non-recurring Items in COGS - - - - - - Tranche 1 - - - - Return on Equity - Other Non-recurring Items - - - - - - Tranche 2 - - - - Return on Assets - Non-operating Non-rec. Items - - - - - - Tranche 3 - - - -

Implied Annual Dividend Per Share NA Tax Adjustment - - - - - - Tranche 4 - - - -

Adjusted Net Income - - - - - - Tranche 5 - - - -

LTM Credit Statistics % margin NA NA NA NA NA NA Total - - - Debt/Total Capitalization -

Total Debt/EBITDA - Adjusted Diluted EPS - - - - - - Convertible SecuritiesNet Debt/EBITDA - Conversion Conversion New

EBITDA/Interest Expense - Amount Price Ratio Shares

(EBITDA-capex)/Interest Expense - Cash Flow Statement Data Issue 1 - - - - EBIT/Interest Expense - Depreciation & Amortization - - - - - - Issue 2 - - - -

% sales NA NA NA NA NA NA Issue 3 - - - -

Growth Rates Capital Expenditures - - - - - - Issue 4 - - - -

Sales EBITDA EPS % sales NA NA NA NA NA NA Issue 5 - - - -

Historical Total - 1-year - - -

2-year CAGR - - - NotesEstimated (1) [to come]1-year - - - (2) [to come]2-year CAGR - - - (3) [to come]Long-term - (4) [to come]

Page 13: Comparable Companies_Template

Company G (NYSE:GGG) Business Description

Input Page [to come]

($ in millions, except per share data)

General Information Reported Income Statement Balance Sheet Data

Company Name Company G Prior Current 2007A 9/30/2008

Ticker GGG Fiscal Year Ending December 31, Stub Stub LTM Cash and Cash Equivalents - -

Stock Exchange NYSE 2005A 2006A 2007A 9/302007 9/30/2008 9/30/2008 Accounts Receivable - -

Fiscal Year Ending Dec-31 Sales - - - - - - Inventories - -

Moody's Corporate Rating NA COGS - - - - - - Prepaids and Other Current Assets - - S&P Corporate Rating NA Gross Profit - - - - - - Total Current Assets - - Predicted Beta 1.00 SG&A - - - - - -

Marginal Tax Rate 38.0% Other Expense / (Income) - - - - - - Property, Plant and Equipment, net - - EBIT - - - - - - Goodwill and Intangible Assets - -

Selected Market Data Interest Expense - - - - - - Other Assets - -

Current Price 12/30/1899 - Pre-tax Income - - - - - - Total Assets - - % of 52-week High NA Income Taxes - - - - - -

52-week High Price 12/30/1899 - Noncontrolling Interest - - - - - - Accounts Payable - -

52-week Low Price 12/30/1899 - Preferred Dividends - - - - - - Accrued Liabilities - -

Dividend Per Share (MRQ) - Net Income - - - - - - Other Current Liabilities - -

Effective Tax Rate NA NA NA NA NA NA Total Current Liabilities - -

Fully Diluted Shares Outstanding - Equity Value - Weighted Avg. Diluted Shares - - - - - - Total Debt - -

Diluted EPS NA NA NA NA NA NA Other Long-Term Liabilities - - Plus: Total Debt - Total Liabilities - - Plus: Preferred Stock -

Plus: Noncontrolling Interest - Adjusted Income Statement Noncontrolling Interest - -

Less: Cash and Cash Equivalents - Reported Gross Profit - - - - - - Preferred Stock - -

Enterprise Value - Non-recurring Items in COGS - - - - - - Shareholders' Equity - -

Adj. Gross Profit - - - - - - Total Liabilities and Equity - -

Trading Multiples % margin NA NA NA NA NA NA Balance Check 0.000 0.000 LTM NFY NFY+1

9/30/2008 2008E 2009E Reported EBIT - - - - - - Calculation of Fully Diluted Shares OutstandingEV/Sales NA NA NA Non-recurring Items in COGS - - - - - - Basic Shares Outstanding -

Metric - - - Other Non-recurring Items - - - - - - Plus: Shares from In-the-Money Options -

EV/EBITDA NA NA NA Adjusted EBIT - - - - - - Less: Shares Repurchased - Metric - - - % margin NA NA NA NA NA NA Net New Shares from Options -

EV/EBIT NA NA NA Plus: Shares from Convertible Securities -

Metric - - - Depreciation & Amortization - - - - - - Fully Diluted Shares Outstanding - P/E NA NA NA Adjusted EBITDA - - - - - -

Metric - - - % margin NA NA NA NA NA NA Options/WarrantsNumber of Exercise In-the-Money

LTM Return on Investment Ratios Reported Net Income - - - - - - Tranche Shares Price Shares ProceedsReturn on Invested Capital - Non-recurring Items in COGS - - - - - - Tranche 1 - - - - Return on Equity - Other Non-recurring Items - - - - - - Tranche 2 - - - - Return on Assets - Non-operating Non-rec. Items - - - - - - Tranche 3 - - - -

Implied Annual Dividend Per Share NA Tax Adjustment - - - - - - Tranche 4 - - - -

Adjusted Net Income - - - - - - Tranche 5 - - - -

LTM Credit Statistics % margin NA NA NA NA NA NA Total - - - Debt/Total Capitalization -

Total Debt/EBITDA - Adjusted Diluted EPS - - - - - - Convertible SecuritiesNet Debt/EBITDA - Conversion Conversion New

EBITDA/Interest Expense - Amount Price Ratio Shares

(EBITDA-capex)/Interest Expense - Cash Flow Statement Data Issue 1 - - - - EBIT/Interest Expense - Depreciation & Amortization - - - - - - Issue 2 - - - -

% sales NA NA NA NA NA NA Issue 3 - - - -

Growth Rates Capital Expenditures - - - - - - Issue 4 - - - -

Sales EBITDA EPS % sales NA NA NA NA NA NA Issue 5 - - - -

Historical Total - 1-year - - -

2-year CAGR - - - NotesEstimated (1) [to come]1-year - - - (2) [to come]2-year CAGR - - - (3) [to come]Long-term - (4) [to come]

Page 14: Comparable Companies_Template

Company H (NYSE:HHH) Business Description

Input Page [to come]

($ in millions, except per share data)

General Information Reported Income Statement Balance Sheet Data

Company Name Company H Prior Current 2007A 9/30/2008

Ticker HHH Fiscal Year Ending December 31, Stub Stub LTM Cash and Cash Equivalents - -

Stock Exchange NYSE 2005A 2006A 2007A 9/302007 9/30/2008 9/30/2008 Accounts Receivable - -

Fiscal Year Ending Dec-31 Sales - - - - - - Inventories - -

Moody's Corporate Rating NA COGS - - - - - - Prepaids and Other Current Assets - - S&P Corporate Rating NA Gross Profit - - - - - - Total Current Assets - - Predicted Beta 1.00 SG&A - - - - - -

Marginal Tax Rate 38.0% Other Expense / (Income) - - - - - - Property, Plant and Equipment, net - - EBIT - - - - - - Goodwill and Intangible Assets - -

Selected Market Data Interest Expense - - - - - - Other Assets - -

Current Price 12/30/1899 - Pre-tax Income - - - - - - Total Assets - - % of 52-week High NA Income Taxes - - - - - -

52-week High Price 12/30/1899 - Noncontrolling Interest - - - - - - Accounts Payable - -

52-week Low Price 12/30/1899 - Preferred Dividends - - - - - - Accrued Liabilities - -

Dividend Per Share (MRQ) - Net Income - - - - - - Other Current Liabilities - -

Effective Tax Rate NA NA NA NA NA NA Total Current Liabilities - -

Fully Diluted Shares Outstanding - Equity Value - Weighted Avg. Diluted Shares - - - - - - Total Debt - -

Diluted EPS NA NA NA NA NA NA Other Long-Term Liabilities - - Plus: Total Debt - Total Liabilities - - Plus: Preferred Stock -

Plus: Noncontrolling Interest - Adjusted Income Statement Noncontrolling Interest - -

Less: Cash and Cash Equivalents - Reported Gross Profit - - - - - - Preferred Stock - -

Enterprise Value - Non-recurring Items in COGS - - - - - - Shareholders' Equity - -

Adj. Gross Profit - - - - - - Total Liabilities and Equity - -

Trading Multiples % margin NA NA NA NA NA NA Balance Check 0.000 0.000 LTM NFY NFY+1

9/30/2008 2008E 2009E Reported EBIT - - - - - - Calculation of Fully Diluted Shares OutstandingEV/Sales NA NA NA Non-recurring Items in COGS - - - - - - Basic Shares Outstanding -

Metric - - - Other Non-recurring Items - - - - - - Plus: Shares from In-the-Money Options -

EV/EBITDA NA NA NA Adjusted EBIT - - - - - - Less: Shares Repurchased - Metric - - - % margin NA NA NA NA NA NA Net New Shares from Options -

EV/EBIT NA NA NA Plus: Shares from Convertible Securities -

Metric - - - Depreciation & Amortization - - - - - - Fully Diluted Shares Outstanding - P/E NA NA NA Adjusted EBITDA - - - - - -

Metric - - - % margin NA NA NA NA NA NA Options/WarrantsNumber of Exercise In-the-Money

LTM Return on Investment Ratios Reported Net Income - - - - - - Tranche Shares Price Shares ProceedsReturn on Invested Capital - Non-recurring Items in COGS - - - - - - Tranche 1 - - - - Return on Equity - Other Non-recurring Items - - - - - - Tranche 2 - - - - Return on Assets - Non-operating Non-rec. Items - - - - - - Tranche 3 - - - -

Implied Annual Dividend Per Share NA Tax Adjustment - - - - - - Tranche 4 - - - -

Adjusted Net Income - - - - - - Tranche 5 - - - -

LTM Credit Statistics % margin NA NA NA NA NA NA Total - - - Debt/Total Capitalization -

Total Debt/EBITDA - Adjusted Diluted EPS - - - - - - Convertible SecuritiesNet Debt/EBITDA - Conversion Conversion New

EBITDA/Interest Expense - Amount Price Ratio Shares

(EBITDA-capex)/Interest Expense - Cash Flow Statement Data Issue 1 - - - - EBIT/Interest Expense - Depreciation & Amortization - - - - - - Issue 2 - - - -

% sales NA NA NA NA NA NA Issue 3 - - - -

Growth Rates Capital Expenditures - - - - - - Issue 4 - - - -

Sales EBITDA EPS % sales NA NA NA NA NA NA Issue 5 - - - -

Historical Total - 1-year - - -

2-year CAGR - - - NotesEstimated (1) [to come]1-year - - - (2) [to come]2-year CAGR - - - (3) [to come]Long-term - (4) [to come]

Page 15: Comparable Companies_Template

Company I (NYSE:III) Business Description

Input Page [to come]

($ in millions, except per share data)

General Information Reported Income Statement Balance Sheet Data

Company Name Company I Prior Current 2007A 9/30/2008

Ticker III Fiscal Year Ending December 31, Stub Stub LTM Cash and Cash Equivalents - -

Stock Exchange NYSE 2005A 2006A 2007A 9/302007 9/30/2008 9/30/2008 Accounts Receivable - -

Fiscal Year Ending Dec-31 Sales - - - - - - Inventories - -

Moody's Corporate Rating NA COGS - - - - - - Prepaids and Other Current Assets - - S&P Corporate Rating NA Gross Profit - - - - - - Total Current Assets - - Predicted Beta 1.00 SG&A - - - - - -

Marginal Tax Rate 38.0% Other Expense / (Income) - - - - - - Property, Plant and Equipment, net - - EBIT - - - - - - Goodwill and Intangible Assets - -

Selected Market Data Interest Expense - - - - - - Other Assets - -

Current Price 12/30/1899 - Pre-tax Income - - - - - - Total Assets - - % of 52-week High NA Income Taxes - - - - - -

52-week High Price 12/30/1899 - Noncontrolling Interest - - - - - - Accounts Payable - -

52-week Low Price 12/30/1899 - Preferred Dividends - - - - - - Accrued Liabilities - -

Dividend Per Share (MRQ) - Net Income - - - - - - Other Current Liabilities - -

Effective Tax Rate NA NA NA NA NA NA Total Current Liabilities - -

Fully Diluted Shares Outstanding - Equity Value - Weighted Avg. Diluted Shares - - - - - - Total Debt - -

Diluted EPS NA NA NA NA NA NA Other Long-Term Liabilities - - Plus: Total Debt - Total Liabilities - - Plus: Preferred Stock -

Plus: Noncontrolling Interest - Adjusted Income Statement Noncontrolling Interest - -

Less: Cash and Cash Equivalents - Reported Gross Profit - - - - - - Preferred Stock - -

Enterprise Value - Non-recurring Items in COGS - - - - - - Shareholders' Equity - -

Adj. Gross Profit - - - - - - Total Liabilities and Equity - -

Trading Multiples % margin NA NA NA NA NA NA Balance Check 0.000 0.000 LTM NFY NFY+1

9/30/2008 2008E 2009E Reported EBIT - - - - - - Calculation of Fully Diluted Shares OutstandingEV/Sales NA NA NA Non-recurring Items in COGS - - - - - - Basic Shares Outstanding -

Metric - - - Other Non-recurring Items - - - - - - Plus: Shares from In-the-Money Options -

EV/EBITDA NA NA NA Adjusted EBIT - - - - - - Less: Shares Repurchased - Metric - - - % margin NA NA NA NA NA NA Net New Shares from Options -

EV/EBIT NA NA NA Plus: Shares from Convertible Securities -

Metric - - - Depreciation & Amortization - - - - - - Fully Diluted Shares Outstanding - P/E NA NA NA Adjusted EBITDA - - - - - -

Metric - - - % margin NA NA NA NA NA NA Options/WarrantsNumber of Exercise In-the-Money

LTM Return on Investment Ratios Reported Net Income - - - - - - Tranche Shares Price Shares ProceedsReturn on Invested Capital - Non-recurring Items in COGS - - - - - - Tranche 1 - - - - Return on Equity - Other Non-recurring Items - - - - - - Tranche 2 - - - - Return on Assets - Non-operating Non-rec. Items - - - - - - Tranche 3 - - - -

Implied Annual Dividend Per Share NA Tax Adjustment - - - - - - Tranche 4 - - - -

Adjusted Net Income - - - - - - Tranche 5 - - - -

LTM Credit Statistics % margin NA NA NA NA NA NA Total - - - Debt/Total Capitalization -

Total Debt/EBITDA - Adjusted Diluted EPS - - - - - - Convertible SecuritiesNet Debt/EBITDA - Conversion Conversion New

EBITDA/Interest Expense - Amount Price Ratio Shares

(EBITDA-capex)/Interest Expense - Cash Flow Statement Data Issue 1 - - - - EBIT/Interest Expense - Depreciation & Amortization - - - - - - Issue 2 - - - -

% sales NA NA NA NA NA NA Issue 3 - - - -

Growth Rates Capital Expenditures - - - - - - Issue 4 - - - -

Sales EBITDA EPS % sales NA NA NA NA NA NA Issue 5 - - - -

Historical Total - 1-year - - -

2-year CAGR - - - NotesEstimated (1) [to come]1-year - - - (2) [to come]2-year CAGR - - - (3) [to come]Long-term - (4) [to come]

Page 16: Comparable Companies_Template

Company J (NYSE:JJJ) Business Description

Input Page [to come]

($ in millions, except per share data)

General Information Reported Income Statement Balance Sheet Data

Company Name Company J Prior Current 2007A 9/30/2008

Ticker JJJ Fiscal Year Ending December 31, Stub Stub LTM Cash and Cash Equivalents - -

Stock Exchange NYSE 2005A 2006A 2007A 9/302007 9/30/2008 9/30/2008 Accounts Receivable - -

Fiscal Year Ending Dec-31 Sales - - - - - - Inventories - -

Moody's Corporate Rating NA COGS - - - - - - Prepaids and Other Current Assets - - S&P Corporate Rating NA Gross Profit - - - - - - Total Current Assets - - Predicted Beta 1.00 SG&A - - - - - -

Marginal Tax Rate 38.0% Other Expense / (Income) - - - - - - Property, Plant and Equipment, net - - EBIT - - - - - - Goodwill and Intangible Assets - -

Selected Market Data Interest Expense - - - - - - Other Assets - -

Current Price 12/30/1899 - Pre-tax Income - - - - - - Total Assets - - % of 52-week High NA Income Taxes - - - - - -

52-week High Price 12/30/1899 - Noncontrolling Interest - - - - - - Accounts Payable - -

52-week Low Price 12/30/1899 - Preferred Dividends - - - - - - Accrued Liabilities - -

Dividend Per Share (MRQ) - Net Income - - - - - - Other Current Liabilities - -

Effective Tax Rate NA NA NA NA NA NA Total Current Liabilities - -

Fully Diluted Shares Outstanding - Equity Value - Weighted Avg. Diluted Shares - - - - - - Total Debt - -

Diluted EPS NA NA NA NA NA NA Other Long-Term Liabilities - - Plus: Total Debt - Total Liabilities - - Plus: Preferred Stock -

Plus: Noncontrolling Interest - Adjusted Income Statement Noncontrolling Interest - -

Less: Cash and Cash Equivalents - Reported Gross Profit - - - - - - Preferred Stock - -

Enterprise Value - Non-recurring Items in COGS - - - - - - Shareholders' Equity - -

Adj. Gross Profit - - - - - - Total Liabilities and Equity - -

Trading Multiples % margin NA NA NA NA NA NA Balance Check 0.000 0.000 LTM NFY NFY+1

9/30/2008 2008E 2009E Reported EBIT - - - - - - Calculation of Fully Diluted Shares OutstandingEV/Sales NA NA NA Non-recurring Items in COGS - - - - - - Basic Shares Outstanding -

Metric - - - Other Non-recurring Items - - - - - - Plus: Shares from In-the-Money Options -

EV/EBITDA NA NA NA Adjusted EBIT - - - - - - Less: Shares Repurchased - Metric - - - % margin NA NA NA NA NA NA Net New Shares from Options -

EV/EBIT NA NA NA Plus: Shares from Convertible Securities -

Metric - - - Depreciation & Amortization - - - - - - Fully Diluted Shares Outstanding - P/E NA NA NA Adjusted EBITDA - - - - - -

Metric - - - % margin NA NA NA NA NA NA Options/WarrantsNumber of Exercise In-the-Money

LTM Return on Investment Ratios Reported Net Income - - - - - - Tranche Shares Price Shares ProceedsReturn on Invested Capital - Non-recurring Items in COGS - - - - - - Tranche 1 - - - - Return on Equity - Other Non-recurring Items - - - - - - Tranche 2 - - - - Return on Assets - Non-operating Non-rec. Items - - - - - - Tranche 3 - - - -

Implied Annual Dividend Per Share NA Tax Adjustment - - - - - - Tranche 4 - - - -

Adjusted Net Income - - - - - - Tranche 5 - - - -

LTM Credit Statistics % margin NA NA NA NA NA NA Total - - - Debt/Total Capitalization -

Total Debt/EBITDA - Adjusted Diluted EPS - - - - - - Convertible SecuritiesNet Debt/EBITDA - Conversion Conversion New

EBITDA/Interest Expense - Amount Price Ratio Shares

(EBITDA-capex)/Interest Expense - Cash Flow Statement Data Issue 1 - - - - EBIT/Interest Expense - Depreciation & Amortization - - - - - - Issue 2 - - - -

% sales NA NA NA NA NA NA Issue 3 - - - -

Growth Rates Capital Expenditures - - - - - - Issue 4 - - - -

Sales EBITDA EPS % sales NA NA NA NA NA NA Issue 5 - - - -

Historical Total - 1-year - - -

2-year CAGR - - - NotesEstimated (1) [to come]1-year - - - (2) [to come]2-year CAGR - - - (3) [to come]Long-term - (4) [to come]

Page 17: Comparable Companies_Template

Company K (NYSE:K--) Business Description

Input Page [to come]

($ in millions, except per share data)

General Information Reported Income Statement Balance Sheet Data

Company Name Company K Prior Current 2007A 9/30/2008

Ticker K-- Fiscal Year Ending December 31, Stub Stub LTM Cash and Cash Equivalents - -

Stock Exchange NYSE 2005A 2006A 2007A 9/302007 9/30/2008 9/30/2008 Accounts Receivable - -

Fiscal Year Ending Dec-31 Sales - - - - - - Inventories - -

Moody's Corporate Rating NA COGS - - - - - - Prepaids and Other Current Assets - - S&P Corporate Rating NA Gross Profit - - - - - - Total Current Assets - - Predicted Beta 1.00 SG&A - - - - - -

Marginal Tax Rate 38.0% Other Expense / (Income) - - - - - - Property, Plant and Equipment, net - - EBIT - - - - - - Goodwill and Intangible Assets - -

Selected Market Data Interest Expense - - - - - - Other Assets - -

Current Price 12/30/1899 - Pre-tax Income - - - - - - Total Assets - - % of 52-week High NA Income Taxes - - - - - -

52-week High Price 12/30/1899 - Noncontrolling Interest - - - - - - Accounts Payable - -

52-week Low Price 12/30/1899 - Preferred Dividends - - - - - - Accrued Liabilities - -

Dividend Per Share (MRQ) - Net Income - - - - - - Other Current Liabilities - -

Effective Tax Rate NA NA NA NA NA NA Total Current Liabilities - -

Fully Diluted Shares Outstanding - Equity Value - Weighted Avg. Diluted Shares - - - - - - Total Debt - -

Diluted EPS NA NA NA NA NA NA Other Long-Term Liabilities - - Plus: Total Debt - Total Liabilities - - Plus: Preferred Stock -

Plus: Noncontrolling Interest - Adjusted Income Statement Noncontrolling Interest - -

Less: Cash and Cash Equivalents - Reported Gross Profit - - - - - - Preferred Stock - -

Enterprise Value - Non-recurring Items in COGS - - - - - - Shareholders' Equity - -

Adj. Gross Profit - - - - - - Total Liabilities and Equity - -

Trading Multiples % margin NA NA NA NA NA NA Balance Check 0.000 0.000 LTM NFY NFY+1

9/30/2008 2008E 2009E Reported EBIT - - - - - - Calculation of Fully Diluted Shares OutstandingEV/Sales NA NA NA Non-recurring Items in COGS - - - - - - Basic Shares Outstanding -

Metric - - - Other Non-recurring Items - - - - - - Plus: Shares from In-the-Money Options -

EV/EBITDA NA NA NA Adjusted EBIT - - - - - - Less: Shares Repurchased - Metric - - - % margin NA NA NA NA NA NA Net New Shares from Options -

EV/EBIT NA NA NA Plus: Shares from Convertible Securities -

Metric - - - Depreciation & Amortization - - - - - - Fully Diluted Shares Outstanding - P/E NA NA NA Adjusted EBITDA - - - - - -

Metric - - - % margin NA NA NA NA NA NA Options/WarrantsNumber of Exercise In-the-Money

LTM Return on Investment Ratios Reported Net Income - - - - - - Tranche Shares Price Shares ProceedsReturn on Invested Capital - Non-recurring Items in COGS - - - - - - Tranche 1 - - - - Return on Equity - Other Non-recurring Items - - - - - - Tranche 2 - - - - Return on Assets - Non-operating Non-rec. Items - - - - - - Tranche 3 - - - -

Implied Annual Dividend Per Share NA Tax Adjustment - - - - - - Tranche 4 - - - -

Adjusted Net Income - - - - - - Tranche 5 - - - -

LTM Credit Statistics % margin NA NA NA NA NA NA Total - - - Debt/Total Capitalization -

Total Debt/EBITDA - Adjusted Diluted EPS - - - - - - Convertible SecuritiesNet Debt/EBITDA - Conversion Conversion New

EBITDA/Interest Expense - Amount Price Ratio Shares

(EBITDA-capex)/Interest Expense - Cash Flow Statement Data Issue 1 - - - - EBIT/Interest Expense - Depreciation & Amortization - - - - - - Issue 2 - - - -

% sales NA NA NA NA NA NA Issue 3 - - - -

Growth Rates Capital Expenditures - - - - - - Issue 4 - - - -

Sales EBITDA EPS % sales NA NA NA NA NA NA Issue 5 - - - -

Historical Total - 1-year - - -

2-year CAGR - - - NotesEstimated (1) [to come]1-year - - - (2) [to come]2-year CAGR - - - (3) [to come]Long-term - (4) [to come]

Page 18: Comparable Companies_Template

Company L (NYSE:LLL) Business Description

Input Page [to come]

($ in millions, except per share data)

General Information Reported Income Statement Balance Sheet Data

Company Name Company L Prior Current 2007A 9/30/2008

Ticker LLL Fiscal Year Ending December 31, Stub Stub LTM Cash and Cash Equivalents - -

Stock Exchange NYSE 2005A 2006A 2007A 9/302007 9/30/2008 9/30/2008 Accounts Receivable - -

Fiscal Year Ending Dec-31 Sales - - - - - - Inventories - -

Moody's Corporate Rating NA COGS - - - - - - Prepaids and Other Current Assets - - S&P Corporate Rating NA Gross Profit - - - - - - Total Current Assets - - Predicted Beta 1.00 SG&A - - - - - -

Marginal Tax Rate 38.0% Other Expense / (Income) - - - - - - Property, Plant and Equipment, net - - EBIT - - - - - - Goodwill and Intangible Assets - -

Selected Market Data Interest Expense - - - - - - Other Assets - -

Current Price 12/30/1899 - Pre-tax Income - - - - - - Total Assets - - % of 52-week High NA Income Taxes - - - - - -

52-week High Price 12/30/1899 - Noncontrolling Interest - - - - - - Accounts Payable - -

52-week Low Price 12/30/1899 - Preferred Dividends - - - - - - Accrued Liabilities - -

Dividend Per Share (MRQ) - Net Income - - - - - - Other Current Liabilities - -

Effective Tax Rate NA NA NA NA NA NA Total Current Liabilities - -

Fully Diluted Shares Outstanding - Equity Value - Weighted Avg. Diluted Shares - - - - - - Total Debt - -

Diluted EPS NA NA NA NA NA NA Other Long-Term Liabilities - - Plus: Total Debt - Total Liabilities - - Plus: Preferred Stock -

Plus: Noncontrolling Interest - Adjusted Income Statement Noncontrolling Interest - -

Less: Cash and Cash Equivalents - Reported Gross Profit - - - - - - Preferred Stock - -

Enterprise Value - Non-recurring Items in COGS - - - - - - Shareholders' Equity - -

Adj. Gross Profit - - - - - - Total Liabilities and Equity - -

Trading Multiples % margin NA NA NA NA NA NA Balance Check 0.000 0.000 LTM NFY NFY+1

9/30/2008 2008E 2009E Reported EBIT - - - - - - Calculation of Fully Diluted Shares OutstandingEV/Sales NA NA NA Non-recurring Items in COGS - - - - - - Basic Shares Outstanding -

Metric - - - Other Non-recurring Items - - - - - - Plus: Shares from In-the-Money Options -

EV/EBITDA NA NA NA Adjusted EBIT - - - - - - Less: Shares Repurchased - Metric - - - % margin NA NA NA NA NA NA Net New Shares from Options -

EV/EBIT NA NA NA Plus: Shares from Convertible Securities -

Metric - - - Depreciation & Amortization - - - - - - Fully Diluted Shares Outstanding - P/E NA NA NA Adjusted EBITDA - - - - - -

Metric - - - % margin NA NA NA NA NA NA Options/WarrantsNumber of Exercise In-the-Money

LTM Return on Investment Ratios Reported Net Income - - - - - - Tranche Shares Price Shares ProceedsReturn on Invested Capital - Non-recurring Items in COGS - - - - - - Tranche 1 - - - - Return on Equity - Other Non-recurring Items - - - - - - Tranche 2 - - - - Return on Assets - Non-operating Non-rec. Items - - - - - - Tranche 3 - - - -

Implied Annual Dividend Per Share NA Tax Adjustment - - - - - - Tranche 4 - - - -

Adjusted Net Income - - - - - - Tranche 5 - - - -

LTM Credit Statistics % margin NA NA NA NA NA NA Total - - - Debt/Total Capitalization -

Total Debt/EBITDA - Adjusted Diluted EPS - - - - - - Convertible SecuritiesNet Debt/EBITDA - Conversion Conversion New

EBITDA/Interest Expense - Amount Price Ratio Shares

(EBITDA-capex)/Interest Expense - Cash Flow Statement Data Issue 1 - - - - EBIT/Interest Expense - Depreciation & Amortization - - - - - - Issue 2 - - - -

% sales NA NA NA NA NA NA Issue 3 - - - -

Growth Rates Capital Expenditures - - - - - - Issue 4 - - - -

Sales EBITDA EPS % sales NA NA NA NA NA NA Issue 5 - - - -

Historical Total - 1-year - - -

2-year CAGR - - - NotesEstimated (1) [to come]1-year - - - (2) [to come]2-year CAGR - - - (3) [to come]Long-term - (4) [to come]

Page 19: Comparable Companies_Template

Company M (NYSE:MMM) Business Description

Input Page [to come]

($ in millions, except per share data)

General Information Reported Income Statement Balance Sheet Data

Company Name Company M Prior Current 2007A 9/30/2008

Ticker MMM Fiscal Year Ending December 31, Stub Stub LTM Cash and Cash Equivalents - -

Stock Exchange NYSE 2005A 2006A 2007A 9/302007 9/30/2008 9/30/2008 Accounts Receivable - -

Fiscal Year Ending Dec-31 Sales - - - - - - Inventories - -

Moody's Corporate Rating NA COGS - - - - - - Prepaids and Other Current Assets - - S&P Corporate Rating NA Gross Profit - - - - - - Total Current Assets - - Predicted Beta 1.00 SG&A - - - - - -

Marginal Tax Rate 38.0% Other Expense / (Income) - - - - - - Property, Plant and Equipment, net - - EBIT - - - - - - Goodwill and Intangible Assets - -

Selected Market Data Interest Expense - - - - - - Other Assets - -

Current Price 12/30/1899 - Pre-tax Income - - - - - - Total Assets - - % of 52-week High NA Income Taxes - - - - - -

52-week High Price 12/30/1899 - Noncontrolling Interest - - - - - - Accounts Payable - -

52-week Low Price 12/30/1899 - Preferred Dividends - - - - - - Accrued Liabilities - -

Dividend Per Share (MRQ) - Net Income - - - - - - Other Current Liabilities - -

Effective Tax Rate NA NA NA NA NA NA Total Current Liabilities - -

Fully Diluted Shares Outstanding - Equity Value - Weighted Avg. Diluted Shares - - - - - - Total Debt - -

Diluted EPS NA NA NA NA NA NA Other Long-Term Liabilities - - Plus: Total Debt - Total Liabilities - - Plus: Preferred Stock -

Plus: Noncontrolling Interest - Adjusted Income Statement Noncontrolling Interest - -

Less: Cash and Cash Equivalents - Reported Gross Profit - - - - - - Preferred Stock - -

Enterprise Value - Non-recurring Items in COGS - - - - - - Shareholders' Equity - -

Adj. Gross Profit - - - - - - Total Liabilities and Equity - -

Trading Multiples % margin NA NA NA NA NA NA Balance Check 0.000 0.000 LTM NFY NFY+1

9/30/2008 2008E 2009E Reported EBIT - - - - - - Calculation of Fully Diluted Shares OutstandingEV/Sales NA NA NA Non-recurring Items in COGS - - - - - - Basic Shares Outstanding -

Metric - - - Other Non-recurring Items - - - - - - Plus: Shares from In-the-Money Options -

EV/EBITDA NA NA NA Adjusted EBIT - - - - - - Less: Shares Repurchased - Metric - - - % margin NA NA NA NA NA NA Net New Shares from Options -

EV/EBIT NA NA NA Plus: Shares from Convertible Securities -

Metric - - - Depreciation & Amortization - - - - - - Fully Diluted Shares Outstanding - P/E NA NA NA Adjusted EBITDA - - - - - -

Metric - - - % margin NA NA NA NA NA NA Options/WarrantsNumber of Exercise In-the-Money

LTM Return on Investment Ratios Reported Net Income - - - - - - Tranche Shares Price Shares ProceedsReturn on Invested Capital - Non-recurring Items in COGS - - - - - - Tranche 1 - - - - Return on Equity - Other Non-recurring Items - - - - - - Tranche 2 - - - - Return on Assets - Non-operating Non-rec. Items - - - - - - Tranche 3 - - - -

Implied Annual Dividend Per Share NA Tax Adjustment - - - - - - Tranche 4 - - - -

Adjusted Net Income - - - - - - Tranche 5 - - - -

LTM Credit Statistics % margin NA NA NA NA NA NA Total - - - Debt/Total Capitalization -

Total Debt/EBITDA - Adjusted Diluted EPS - - - - - - Convertible SecuritiesNet Debt/EBITDA - Conversion Conversion New

EBITDA/Interest Expense - Amount Price Ratio Shares

(EBITDA-capex)/Interest Expense - Cash Flow Statement Data Issue 1 - - - - EBIT/Interest Expense - Depreciation & Amortization - - - - - - Issue 2 - - - -

% sales NA NA NA NA NA NA Issue 3 - - - -

Growth Rates Capital Expenditures - - - - - - Issue 4 - - - -

Sales EBITDA EPS % sales NA NA NA NA NA NA Issue 5 - - - -

Historical Total - 1-year - - -

2-year CAGR - - - NotesEstimated (1) [to come]1-year - - - (2) [to come]2-year CAGR - - - (3) [to come]Long-term - (4) [to come]

Page 20: Comparable Companies_Template

Company N (NYSE:NNN) Business Description

Input Page [to come]

($ in millions, except per share data)

General Information Reported Income Statement Balance Sheet Data

Company Name Company N Prior Current 2007A 9/30/2008

Ticker NNN Fiscal Year Ending December 31, Stub Stub LTM Cash and Cash Equivalents - -

Stock Exchange NYSE 2005A 2006A 2007A 9/302007 9/30/2008 9/30/2008 Accounts Receivable - -

Fiscal Year Ending Dec-31 Sales - - - - - - Inventories - -

Moody's Corporate Rating NA COGS - - - - - - Prepaids and Other Current Assets - - S&P Corporate Rating NA Gross Profit - - - - - - Total Current Assets - - Predicted Beta 1.00 SG&A - - - - - -

Marginal Tax Rate 38.0% Other Expense / (Income) - - - - - - Property, Plant and Equipment, net - - EBIT - - - - - - Goodwill and Intangible Assets - -

Selected Market Data Interest Expense - - - - - - Other Assets - -

Current Price 12/30/1899 - Pre-tax Income - - - - - - Total Assets - - % of 52-week High NA Income Taxes - - - - - -

52-week High Price 12/30/1899 - Noncontrolling Interest - - - - - - Accounts Payable - -

52-week Low Price 12/30/1899 - Preferred Dividends - - - - - - Accrued Liabilities - -

Dividend Per Share (MRQ) - Net Income - - - - - - Other Current Liabilities - -

Effective Tax Rate NA NA NA NA NA NA Total Current Liabilities - -

Fully Diluted Shares Outstanding - Equity Value - Weighted Avg. Diluted Shares - - - - - - Total Debt - -

Diluted EPS NA NA NA NA NA NA Other Long-Term Liabilities - - Plus: Total Debt - Total Liabilities - - Plus: Preferred Stock -

Plus: Noncontrolling Interest - Adjusted Income Statement Noncontrolling Interest - -

Less: Cash and Cash Equivalents - Reported Gross Profit - - - - - - Preferred Stock - -

Enterprise Value - Non-recurring Items in COGS - - - - - - Shareholders' Equity - -

Adj. Gross Profit - - - - - - Total Liabilities and Equity - -

Trading Multiples % margin NA NA NA NA NA NA Balance Check 0.000 0.000 LTM NFY NFY+1

9/30/2008 2008E 2009E Reported EBIT - - - - - - Calculation of Fully Diluted Shares OutstandingEV/Sales NA NA NA Non-recurring Items in COGS - - - - - - Basic Shares Outstanding -

Metric - - - Other Non-recurring Items - - - - - - Plus: Shares from In-the-Money Options -

EV/EBITDA NA NA NA Adjusted EBIT - - - - - - Less: Shares Repurchased - Metric - - - % margin NA NA NA NA NA NA Net New Shares from Options -

EV/EBIT NA NA NA Plus: Shares from Convertible Securities -

Metric - - - Depreciation & Amortization - - - - - - Fully Diluted Shares Outstanding - P/E NA NA NA Adjusted EBITDA - - - - - -

Metric - - - % margin NA NA NA NA NA NA Options/WarrantsNumber of Exercise In-the-Money

LTM Return on Investment Ratios Reported Net Income - - - - - - Tranche Shares Price Shares ProceedsReturn on Invested Capital - Non-recurring Items in COGS - - - - - - Tranche 1 - - - - Return on Equity - Other Non-recurring Items - - - - - - Tranche 2 - - - - Return on Assets - Non-operating Non-rec. Items - - - - - - Tranche 3 - - - -

Implied Annual Dividend Per Share NA Tax Adjustment - - - - - - Tranche 4 - - - -

Adjusted Net Income - - - - - - Tranche 5 - - - -

LTM Credit Statistics % margin NA NA NA NA NA NA Total - - - Debt/Total Capitalization -

Total Debt/EBITDA - Adjusted Diluted EPS - - - - - - Convertible SecuritiesNet Debt/EBITDA - Conversion Conversion New

EBITDA/Interest Expense - Amount Price Ratio Shares

(EBITDA-capex)/Interest Expense - Cash Flow Statement Data Issue 1 - - - - EBIT/Interest Expense - Depreciation & Amortization - - - - - - Issue 2 - - - -

% sales NA NA NA NA NA NA Issue 3 - - - -

Growth Rates Capital Expenditures - - - - - - Issue 4 - - - -

Sales EBITDA EPS % sales NA NA NA NA NA NA Issue 5 - - - -

Historical Total - 1-year - - -

2-year CAGR - - - NotesEstimated (1) [to come]1-year - - - (2) [to come]2-year CAGR - - - (3) [to come]Long-term - (4) [to come]

Page 21: Comparable Companies_Template

Company O (NYSE:OOO) Business Description

Input Page [to come]

($ in millions, except per share data)

General Information Reported Income Statement Balance Sheet Data

Company Name Company O Prior Current 2007A 9/30/2008

Ticker OOO Fiscal Year Ending December 31, Stub Stub LTM Cash and Cash Equivalents - -

Stock Exchange NYSE 2005A 2006A 2007A 9/302007 9/30/2008 9/30/2008 Accounts Receivable - -

Fiscal Year Ending Dec-31 Sales - - - - - - Inventories - -

Moody's Corporate Rating NA COGS - - - - - - Prepaids and Other Current Assets - - S&P Corporate Rating NA Gross Profit - - - - - - Total Current Assets - - Predicted Beta 1.00 SG&A - - - - - -

Marginal Tax Rate 38.0% Other Expense / (Income) - - - - - - Property, Plant and Equipment, net - - EBIT - - - - - - Goodwill and Intangible Assets - -

Selected Market Data Interest Expense - - - - - - Other Assets - -

Current Price 12/30/1899 - Pre-tax Income - - - - - - Total Assets - - % of 52-week High NA Income Taxes - - - - - -

52-week High Price 12/30/1899 - Noncontrolling Interest - - - - - - Accounts Payable - -

52-week Low Price 12/30/1899 - Preferred Dividends - - - - - - Accrued Liabilities - -

Dividend Per Share (MRQ) - Net Income - - - - - - Other Current Liabilities - -

Effective Tax Rate NA NA NA NA NA NA Total Current Liabilities - -

Fully Diluted Shares Outstanding - Equity Value - Weighted Avg. Diluted Shares - - - - - - Total Debt - -

Diluted EPS NA NA NA NA NA NA Other Long-Term Liabilities - - Plus: Total Debt - Total Liabilities - - Plus: Preferred Stock -

Plus: Noncontrolling Interest - Adjusted Income Statement Noncontrolling Interest - -

Less: Cash and Cash Equivalents - Reported Gross Profit - - - - - - Preferred Stock - -

Enterprise Value - Non-recurring Items in COGS - - - - - - Shareholders' Equity - -

Adj. Gross Profit - - - - - - Total Liabilities and Equity - -

Trading Multiples % margin NA NA NA NA NA NA Balance Check 0.000 0.000 LTM NFY NFY+1

9/30/2008 2008E 2009E Reported EBIT - - - - - - Calculation of Fully Diluted Shares OutstandingEV/Sales NA NA NA Non-recurring Items in COGS - - - - - - Basic Shares Outstanding -

Metric - - - Other Non-recurring Items - - - - - - Plus: Shares from In-the-Money Options -

EV/EBITDA NA NA NA Adjusted EBIT - - - - - - Less: Shares Repurchased - Metric - - - % margin NA NA NA NA NA NA Net New Shares from Options -

EV/EBIT NA NA NA Plus: Shares from Convertible Securities -

Metric - - - Depreciation & Amortization - - - - - - Fully Diluted Shares Outstanding - P/E NA NA NA Adjusted EBITDA - - - - - -

Metric - - - % margin NA NA NA NA NA NA Options/WarrantsNumber of Exercise In-the-Money

LTM Return on Investment Ratios Reported Net Income - - - - - - Tranche Shares Price Shares ProceedsReturn on Invested Capital - Non-recurring Items in COGS - - - - - - Tranche 1 - - - - Return on Equity - Other Non-recurring Items - - - - - - Tranche 2 - - - - Return on Assets - Non-operating Non-rec. Items - - - - - - Tranche 3 - - - -

Implied Annual Dividend Per Share NA Tax Adjustment - - - - - - Tranche 4 - - - -

Adjusted Net Income - - - - - - Tranche 5 - - - -

LTM Credit Statistics % margin NA NA NA NA NA NA Total - - - Debt/Total Capitalization -

Total Debt/EBITDA - Adjusted Diluted EPS - - - - - - Convertible SecuritiesNet Debt/EBITDA - Conversion Conversion New

EBITDA/Interest Expense - Amount Price Ratio Shares

(EBITDA-capex)/Interest Expense - Cash Flow Statement Data Issue 1 - - - - EBIT/Interest Expense - Depreciation & Amortization - - - - - - Issue 2 - - - -

% sales NA NA NA NA NA NA Issue 3 - - - -

Growth Rates Capital Expenditures - - - - - - Issue 4 - - - -

Sales EBITDA EPS % sales NA NA NA NA NA NA Issue 5 - - - -

Historical Total - 1-year - - -

2-year CAGR - - - NotesEstimated (1) [to come]1-year - - - (2) [to come]2-year CAGR - - - (3) [to come]Long-term - (4) [to come]

Page 22: Comparable Companies_Template

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