Financial Analysis - American International Group, Inc. is an internationa…

22.02.2013

Ticker: American International Group I Benchmark:

Currency: New York: AIG, Currency: USD S&P 500 INDEX (SPX)

Sector: Financials Industry: Insurance Year:

Telephone 1-212-770-7000 Revenue (M) Business Segments in USD Sales (M) Geographic Segments in USD Sales (M)

Website www.aig.com No of Employees Chartis 40702 United States 40234

Address 180 Maiden Lane New York, NY 10038 United States Sun America 15315 Other Foreign 15884

Share Price Performance in USD Financial Services 4457 Far East 8119

Price 38.22 1M Return 6.4% Other operations 4079

52 Week High 39.90 6M Return 13.9% Consolidations/Eliminations -316

52 Week Low 27.18 52 Wk Return 38.2% Corporate Adjustments

52 Wk Beta 1.53 YTD Return 8.3% Property & Casualty Insurance - Chartis

Credit Ratings

Bloomberg IG2

S&P A- Date 02.03.2009 Outlook NEG

Moody's Baa1 Date 12.01.2011 Outlook STABLE

Fitch BBB+ Date 11.09.2012 Outlook STABLE

Valuation Ratios

12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E

P/E - - 20.0x 9.0x 11.4x 9.8x 8.0x

EV/EBIT - - - - - - -

EV/EBITDA - - - - - - -

P/S 0.1x 0.1x 0.7x 0.9x 1.0x 0.9x 0.9x

P/B 0.9x 1.1x 0.4x 0.5x 0.6x 0.5x 0.5x

Div Yield 0.0% 0.0% - - 0.2% 0.5% -

Profitability Ratios %

12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E

Gross Margin - - - - - - -

EBITDA Margin - - - - - - -

Operating Margin 3.1 10.6 9.2 17.7 6.4 7.3 -

Profit Margin -14.5 10.0 34.5 5.2 8.4 8.9 10.2

Return on Assets -1.3 1.0 3.3 0.6 0.7 0.9 1.0

Return on Equity -68.8 5.4 30.0 3.4 5.3 5.7 6.8

Leverage and Coverage Ratios

12/09 12/10 12/11 12/12

Current Ratio - - - - Current Capitalization in USD

Quick Ratio - - - - Common Shares Outstanding (M) 1476.3

EBIT/Interest - - - - Market Capitalization (M) 56425.0

Tot Debt/Capital 0.6 0.5 0.4 0.3 Cash and ST Investments (M) 1151.0

Tot Debt/Equity 1.6 1.0 0.7 0.5 Total Debt (M) 48500.0

Eff Tax Rate % - 32.7 - 16.8 Preferred Equity (M) 0.0

LT Investments in Affiliate Companies (M) 0.0

Investments (M) 1001.0

Enterprise Value (M) 104775.0

63'000

American International Group, Inc. is an international insurance organization serving

commercial, institutional and individual customers. AIG provides property-casualty

insurance, life insurance and retirement services.

AIG US

65'656

Company Analysis - Overview

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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

www.aig.com

American International Group I

Target price in USD

Date Buy Hold Sell Date Price Target Price Broker Analyst Recommendation Target Date

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Company Analysis - Analysts Ratings

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22.02.2013


Ownership Statistics Geographic Ownership Distribution

Shares Outstanding (M) 1476.3 United States 86.01%

Float 99.9% Britain 3.25%

Short Interest (M) 21.3 Canada 2.79%

Short Interest as % of Float 1.45% Switzerland 1.84%

Days to Cover Shorts 1.15 Bermuda 1.69%

Institutional Ownership 85.76% Japan 1.24%

Retail Ownership 14.19% Norway 0.45%

Insider Ownership 0.04% Others 2.72%

Institutional Ownership Distribution

Investment Advisor 68.38%

Hedge Fund Manager 26.74%

Pension Fund (Erisa) 2.06%

Bank 0.73%

Pricing data is in USD Others 2.10%

Top 20 Owners:

Holder Name Position Position Change Market Value % of Ownership Report Date Source Country

FAIRHOLME CAPITAL MA 85'862'294 -683'424 3'281'656'877 5.82% 31.12.2012 13F UNITED STATES

BLACKROCK 69'502'743 12'923'253 2'656'394'837 4.71% 20.02.2013 ULT-AGG UNITED STATES

VANGUARD GROUP INC 61'921'180 13'491'642 2'366'627'500 4.19% 31.12.2012 13F UNITED STATES

WELLINGTON MANAGEMEN 60'476'872 15'353'796 2'311'426'048 4.10% 31.12.2012 13F UNITED STATES

STATE STREET 54'481'168 12'500'525 2'082'270'241 3.69% 21.02.2013 ULT-AGG UNITED STATES

FRANKLIN RESOURCES 28'385'814 4'226'487 1'084'905'811 1.92% 31.12.2012 ULT-AGG UNITED STATES

HARRIS ASSOCIATES LP 21'350'033 7'824'042 815'998'261 1.45% 31.12.2012 13F UNITED STATES

ORBIS HOLDINGS LIMIT 20'223'023 20'223'023 772'923'939 1.37% 31.12.2012 13F BERMUDA

THIRD POINT LLC 18'500'000 -5'000'000 707'070'000 1.25% 31.12.2012 13F UNITED STATES

BANK OF NEW YORK MEL 17'727'826 4'028'675 677'557'510 1.20% 31.12.2012 13F UNITED STATES

HOTCHKIS & WILEY CAP 17'648'202 -2'548'657 674'514'280 1.20% 31.12.2012 13F UNITED STATES

NORTHERN TRUST CORPO 16'237'006 3'304'695 620'578'369 1.10% 31.12.2012 13F UNITED STATES

MACKENZIE FINANCIAL 15'571'045 123'324 595'125'340 1.05% 31.12.2012 13F CANADA

OZ MANAGEMENT LP 15'292'833 -17'906'763 584'492'077 1.04% 31.12.2012 13F UNITED STATES

PERRY CORP 14'865'903 4'365'903 568'174'813 1.01% 31.12.2012 13F UNITED STATES

CAPITAL GROUP COMPAN 14'000'345 5'000'000 535'093'186 0.95% 31.12.2012 ULT-AGG UNITED STATES

STARR INTERNATIONAL 13'928'284 0 532'339'014 0.94% 31.12.2012 13F SWITZERLAND

GOLDMAN SACHS GROUP 12'437'183 -1'708'452 475'349'134 0.84% 31.12.2012 13F UNITED STATES

WADDELL & REED FINAN 11'937'000 11'937'000 456'232'140 0.81% 31.12.2012 13F UNITED STATES

D E SHAW & COMPANY I 11'816'695 397'840 451'634'083 0.80% 31.12.2012 13F UNITED STATES

Top 5 Insiders:

Holder Name Position Position Change Market Value % of Ownership Report Date Source

BENMOSCHE ROBERT H 186'486 4'429 7'127'495 0.01% 21.12.2012 Form 4

WINTROB JAY STEVEN 91'805 -700 3'508'787 0.01% 11.12.2012 Form 4

JOY HURD JEFFREY 49'332 1'885'469 0.00% 14.01.2013 Form 4

COWAN MICHAEL R 48'576 1'856'575 0.00% 19.12.2011 Form 4

SANKARAN SID 47'159 1'802'417 0.00% 19.12.2011 Form 4

Company Analysis - Ownership

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Financial information is in USD (M)

Periodicity: 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E

Income Statement

Revenue 66'171 79'421 97'666 108'905 113'387 110'064 6'896 75'352 77'526 59'812 65'656 59'032 61'270 64'388

- Cost of Goods Sold

Gross Income

- Selling, General & Admin Expenses 10'490 7'122 7'489 2'470 2'721

(Research & Dev Costs)

Operating Income 7'808 11'907 20'705 22'677 30'530 20'156 -88'717 2'351 8'254 5'481 11'652 3'757 4'472

- Interest Expense 5'860 7'464 8'843 11'213 17'007 14'238 7'981 2'444 2'319

- Foreign Exchange Losses (Gains)

- Net Non-Operating Losses (Gains) 0 0 804 2'420 -17'663 2'921 11

Pretax Income 7'808 11'907 14'845 15'213 21'687 8'943 -106'528 -14'307 17'936 116 9'322 7'479 7'832 9'484

- Income Tax Expense 1'919 3'556 4'407 4'258 6'537 1'455 -8'894 -1'489 5'859 -19'424 1'570

Income Before XO Items 5'889 8'351 10'438 10'955 15'150 7'488 -97'634 -12'818 12'077 19'540 7'752

- Extraordinary Loss Net of Tax 0 -9 144 0 -34 0 2'753 -505 2'064 -1'790 4'052

- Minority Interests 160 252 455 478 1'136 1'288 -1'098 -1'364 2'227 708 262

Diluted EPS Before XO Items 43.40 61.40 75.80 79.80 107.00 47.80 (737.12) (93.69) 14.75 10.03 4.44

Net Income Adjusted* 0 0 0 9'893 15'405 9'308 -52'053 -4'983 -898 1'826 6'635 4'936 5'434 6'549

EPS Adjusted 43.40 61.40 75.00 75.40 117.60 71.60 (398.20) (46.40) (6.57) 1.02 3.93 3.35 3.90 4.80

Dividends Per Share 3.60 4.80 5.60 12.60 13.00 15.40 8.40 0.00 0.00 0.06 0.19

Payout Ratio % 8.4 7.8 7.3 15.4 12.1 31.7 0.0 0.02 0.05

Total Shares Outstanding 130 130 130 130 130 126 722 698 703 1'897 1'476

Diluted Shares Outstanding 132 132 132 131 131 130 132 135 137 1'799 1'687

EBITDA

*Net income excludes extraordinary gains and losses and one-time charges.

Equivalent Estimates

Company Analysis - Financials I/IV

Fiscal Year


Periodicity: 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E

Balance Sheet

Total Current Assets

+ Cash & Near Cash Items 922 2'009 1'897 1'590 2'284 8'642 4'400 1'558 1'474 1'151

+ Short Term Investments 361'946 427'161 439'255 507'715 520'234 450'916 445'934 298'222 310'917 323'351

+ Accounts & Notes Receivable 38'825 39'067 40'929 46'038 51'552 48'757 60'459 48'234 44'483 64'655 60'104

+ Inventories

+ Other Current Assets

Total Long-Term Assets

+ Long Term Investments 428'158 459'956 556'982 587'134 679'376 711'822 589'673 556'797 371'902 374'899 375'824

Gross Fixed Assets

Accumulated Depreciation 21'922 25'994 29'817 32'154 37'235 43'914 45'782 40'814 14'668 8'937 8'182

+ Net Fixed Assets 35'836 38'322 39'886 44'256 47'502 48'961 48'233 41'355 35'539

+ Other Long Term Assets 72'693 113'827 133'086 145'942 165'401 194'082 106'901 149'107 209'477 67'550 103'372

Total Current Liabilities

+ Accounts Payable

+ Short Term Borrowings 21'872 35'857 41'181 28'776 43'290 43'891 21'581 19'432 2'604 6'966 3'189

+ Other Short Term Liabilities 2'211 54'291 84'239 91'944 102'841 117'508 20'354 15'776 14'363 4'733 4'061

Total Long Term Liabilities

+ Long Term Borrowings 47'048 78'038 91'454 105'518 140'565 167'838 197'088 142'857 107'353 68'287 45'311

+ Other Long Term Borrowings 152'523 26'938 25'055 23'273 26'267 13'469 10'260 56'205 116'665 28'248 59'480

Total Liabilities 501'163 602'633 716'442 761'424 869'764 942'038 797'692 748'550 569'770 442'138 449'630

+ Long Preferred Equity 0 0 0 0 0 0 40'000 46'949 49'148 0 0

+ Minority Interest 2'132 3'739 5'030 5'310 7'969 10'522 10'016 29'211 28'354 9'378 1'001

+ Share Capital & APIC 0 8'906 8'972 9'217 9'468 9'726 39'856 29'547 32'886 85'225 85'176

+ Retained Earnings & Other Equity 58'303 60'324 70'701 77'100 92'209 86'075 -27'146 -6'672 3'285 16'313 12'826

Total Shareholders Equity 60'435 72'969 84'703 91'627 109'646 106'323 62'726 99'035 113'673 110'916 99'003

Total Liabilities & Equity 561'598 675'602 801'145 853'051 979'410 1'048'361 860'418 847'585 683'443 553'054 548'633

Book Value Per Share 446.83 530.81 613.71 664.83 781.77 757.44 17.61 32.77 51.43 53.53 66.38 68.82 73.93 81.56

Tangible Book Value Per Share 472.40 547.81 602.50 715.43 683.01 -13.44 13.73 44.37

Company Analysis - Financials II/IV


Periodicity: 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E

Cash Flows

Net Income 5'729 8'108 9'839 10'477 14'048 6'200 -99'289 -10'949 7'786 20'622 3'438 4'634 5'347 6'542

+ Depreciation & Amortization 1'686 1'861 2'035 12'893 13'952 15'515 26'663 22'249 15'543 5'472 5'307

+ Other Non-Cash Adjustments -2'708 -3'845 -2'895 -19'070 -17'967 -4'925 67'284 1'653 -17'991 -217 -7'074

+ Changes in Non-Cash Capital 15'478 27'117 21'737 21'082 -3'746 18'381 5'220 5'631 11'572 -25'958 2'005

Cash From Operating Activities 20'185 33'241 30'716 25'382 6'287 35'171 -122 18'584 16'910 -81 3'676

+ Disposal of Fixed Assets 184 1'212 1'329 573 697 303 0 0 0 0 0

+ Capital Expenditures -5'248 -5'460 -5'810 -7'134 -7'106 -5'642 -1'258 -341 0 0 0

+ Increase in Investments -180'504 -192'418 -225'735 -229'908 -209'072 -228'265 -186'186 -89'287 -98'344 -81'691 -82'786

+ Decrease in Investments 141'328 140'247 152'833 183'582 157'409 177'955 194'261 88'180 93'088 84'699 100'899

+ Other Investing Activities -17'504 -10'485 -19'732 -9'613 -9'880 -12'185 -10'936 7'226 -4'969 33'440 -1'501

Cash From Investing Activities -61'744 -66'904 -97'115 -62'500 -67'952 -67'834 -4'119 5'778 -10'225 36'448 16'612

+ Dividends Paid -467 -584 -730 -1'421 -1'638 -1'881 -1'628 0 0 0 0

+ Change in Short Term Borrowings -2'421 -3'174 3'755 -476 2'960 -338 -12'525 -425 -5'630 0 0

+ Increase in Long Term Borrowings 30'056 30'693 32'566 53'624 71'028 103'210 225'212 35'978 32'946 3'190 4'844

+ Decrease in Long Term Borrowings -20'224 -20'308 -29'986 -40'767 -36'489 -79'738 -198'801 -56'524 -39'154 -24'108 -7'276

+ Increase in Capital Stocks 168 74 82 163 206 47'343 0 0 5'055 0

+ Decrease in Capital Stocks -784 -578 -1'125 -276 -20 -6'016 -1'000 0 0 -70 -13'000

+ Other Financing Activities 13'077 6'852 31'584 12'765 10'301 12'115 -25'741 -2'781 -2'057 -25'297 -4'426

Cash From Financing Activities 42'026 33'420 67'486 37'006 61'358 33'357 10'599 -28'464 -9'222 -36'897 -20'548

Net Changes in Cash 467 -243 1'087 -112 -307 694 6'358 -4'102 -2'537 -530 -260

Free Cash Flow (CFO-CAPEX) 14'937 27'781 24'906 18'248 -819 29'529 -1'380 18'243 16'910 -81 3'676

Free Cash Flow To Firm 29'026 23'623 5'359 38'918 22'284 5'604

Free Cash Flow To Equity 22'532 36'204 32'570 31'202 37'377 52'966 52'106 2'926 1'068 -70'147 1'244

Free Cash Flow per Share 114.37 212.88 191.14 140.53 -6.28 228.46 -10.48 134.81 123.80 -0.05 2.18

Company Analysis - Financials III/IV


Periodicity: 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E

Ratio Analysis

Valuation Ratios

Price Earnings 22.4x 20.8x 18.0x 18.1x 12.2x 16.3x 20.0x 9.0x 11.4x 9.8x 8.0x

EV to EBIT

EV to EBITDA

Price to Sales 2.3x 2.2x 1.8x 1.6x 1.6x 1.4x 0.6x 0.1x 0.1x 0.7x 0.9x 1.0x 0.9x 0.9x

Price to Book 2.6x 2.5x 2.1x 2.1x 1.8x 1.5x 1.8x 0.9x 1.1x 0.4x 0.5x 0.6x 0.5x 0.5x

Dividend Yield 0.3% 0.4% 0.4% 0.9% 0.9% 1.3% 26.8% 0.0% 0.0% 0.2% 0.5%

Profitability Ratios

Gross Margin

EBITDA Margin - - -

Operating Margin 11.8% 15.0% 21.2% 20.8% 26.9% 18.3% -1286.5% 3.1% 10.6% 9.2% 17.7% 6.4% 7.3%

Profit Margin 8.7% 10.2% 10.1% 9.6% 12.4% 5.6% -1439.8% -14.5% 10.0% 34.5% 5.2% 8.4% 8.9% 10.2%

Return on Assets 1.1% 1.3% 1.3% 1.3% 1.5% 0.6% -10.4% -1.3% 1.0% 3.3% 0.6% 0.7% 0.9% 1.0%

Return on Equity 10.4% 12.7% 13.2% 12.6% 14.9% 6.3% -183.7% -68.8% 5.4% 30.0% 3.4% 5.3% 5.7% 6.8%

Leverage & Coverage Ratios

Current Ratio

Quick Ratio

Interest Coverage Ratio (EBIT/I)

Tot Debt/Capital 0.53 0.61 0.61 0.59 0.63 0.67 0.78 0.62 0.49 0.40 0.33

Tot Debt/Equity 1.14 1.56 1.57 1.47 1.68 1.99 3.49 1.64 0.97 0.68 0.49

Others

Asset Turnover 0.13 0.13 0.13 0.13 0.12 0.11 0.01 0.09 0.10 0.10 0.12

Accounts Receivable Turnover

Accounts Payable Turnover

Inventory Turnover

Effective Tax Rate 24.6% 29.9% 29.7% 28.0% 30.1% 16.3% 32.7% 16.8%

Company Analysis - Financials IV/IV


AMERICAN

INTERNACHUBB CORP TRAVELERS COS IN ACE LTD HARTFORD FINL SV METLIFE INC

BERKSHIRE HATH-

APRUDENTL FINL ALLIANZ SE-REG

GENWORTH

FINANCIAXA

ZURICH

INSURANCEAMER FINL GROUP

HANOVER

INSURANCCNA FINL CORP

12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 12/2011 12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 12/2012

39.90 85.00 81.07 87.41 25.37 39.55 153'160.00 65.17 108.65 9.50 13.98 264.00 44.55 42.95 32.65

12.02.2013 01.02.2013 19.02.2013 20.02.2013 01.02.2013 13.03.2012 20.02.2013 21.03.2012 02.01.2013 22.02.2012 19.02.2013 28.01.2013 20.02.2013 22.02.2013 19.02.2013

27.18 66.65 55.86 68.98 15.65 27.60 117'301.00 44.47 68.50 4.06 8.65 192.50 36.05 33.60 25.71

04.06.2012 07.03.2012 07.03.2012 24.07.2012 23.07.2012 05.06.2012 02.03.2012 04.06.2012 04.06.2012 02.08.2012 04.06.2012 05.06.2012 23.07.2012 02.08.2012 02.08.2012

24'788'975 296'243 411'399 277'999 1'791'085 2'541'886 106 772'695 1'519'316 2'246'523 5'494'909 457'881 82'885 33'816 40'444

38.25 84.45 80.90 86.65 23.99 35.45 151'418.00 55.46 103.90 8.72 13.61 255.30 44.38 42.89 32.01

-4.1% -0.6% -0.2% -0.9% -5.5% -10.4% -1.1% -14.9% -4.4% -8.2% -2.6% -3.3% -0.4% -0.1% -2.0%

40.7% 26.7% 44.8% 25.6% 53.3% 28.4% 29.1% 24.7% 51.7% 114.8% 57.3% 32.6% 23.1% 27.6% 24.5%

1'476.3 261.8 377.4 340.3 436.3 1'091.7 1.7 470.0 452.5 491.9 2'389.0 147.0 89.0 44.3 269.4

56'469.3 22'109.0 30'576.5 29'488.9 10'464.8 38'700.8 249'772.8 25'844.4 47'373.2 4'289.4 32'502.3 37'861.0 3'949.8 1'900.0 8'625.6

48'500.0 3'575.0 6'350.0 5'070.0 7'287.0 26'550.0 60'384.0 33'176.0 28'411.0 7'178.0 10'662.0 12'521.0 935.0 849.4 2'608.0

- - - - 556.0 2'100.0 - - - - 6'059.0 - - - -

1'001.0 - - - - 505.0 4'111.0 588.0 2'338.0 1'288.0 2'355.0 2'368.0 146.0 - -

1'151.0 58.0 330.0 615.0 2'421.0 15'738.0 162'471.0 14'251.0 10'492.0 4'488.0 30'546.0 9'098.0 1'324.0 564.8 75.0

104'819.3 25'631.0 36'596.5 33'943.9 15'886.8 52'117.8 130'301.8 47'520.4 66'005.2 9'326.4 14'973.3 46'443.4 3'474.8 2'184.6 11'066.6

LFY 65'656.0 13'546.0 25'740.0 17'936.0 26'412.0 68'150.0 143'688.0 84'815.0 106'400.0 10'023.0 114'689.0 70'446.0 5'062.0 4'590.7 9'547.0

LTM 69'068.0 13'502.0 25'740.0 17'936.0 26'412.0 68'150.0 155'698.0 84'815.0 96'790.0 10'023.0 118'423.0 70'446.0 5'062.0 4'590.7 9'548.0

CY+1 59'032.0 13'459.0 25'916.1 18'451.3 18'327.0 69'972.1 - 52'809.1 105'324.8 10'122.8 99'902.8 60'141.2 3'559.0 4'782.0 8'433.0

CY+2 61'270.0 13'887.8 26'493.8 19'347.7 18'884.5 72'113.8 - 54'926.0 107'688.9 10'386.3 101'402.4 62'274.9 3'714.0 4'964.0 8'879.0

LFY 1.5x 1.7x 1.3x 1.8x 0.6x 0.7x 0.7x 0.6x 0.6x 0.8x 0.2x 0.6x 0.6x 0.4x 1.0x

LTM 1.5x 1.7x 1.3x 1.8x 0.6x 0.7x 0.6x 0.9x 0.6x 0.8x 0.2x 0.6x 0.6x 0.4x 1.0x

CY+1 - 1.9x 1.4x 1.6x 0.9x 0.9x - - 0.6x 1.0x 0.4x 0.9x - - -

CY+2 - 1.8x 1.4x 1.5x - - - - 0.5x - - - - - -

LFY - - - - - - 22'008.0 - - - - - - - -

LTM - - - - - - 27'148.0 - - - - - - - -

CY+1 - - - - - - - - - - - - - - -

CY+2 - - - - - - - - - - - - - - -

LFY - - - - - - 4.5x - - - - - - - -

LTM - - - - - - 3.7x - - - - - - - -

CY+1 - - - - - - - - - - - - - - -

CY+2 - - - - - - - - - - - - - - -

LFY 3.93 5.23 6.21 7.65 2.88 5.28 6'531.00 6.27 11.42 0.81 1.83 26.48 3.27 -1.65 2.18

LTM 3.91 5.21 6.21 7.66 2.80 5.27 7'539.00 6.12 11.42 0.81 1.71 26.46 3.26 2.27 2.17

CY+1 3.35 6.63 7.22 7.80 3.04 5.29 7'717.41 7.79 12.11 1.21 1.96 28.72 3.92 3.76 2.97

CY+2 3.90 6.89 7.56 8.03 3.40 5.65 8'622.55 8.69 12.64 1.46 2.09 30.29 4.34 4.17 3.03

LFY 9.8x 16.2x 13.0x 11.3x 8.6x 6.7x 20.1x 9.1x 9.1x 10.8x 8.0x 10.4x 13.6x 18.9x 14.8x

LTM 9.8x 16.2x 13.0x 11.3x 8.6x 6.7x 20.1x 9.1x 9.0x 10.8x 7.3x 10.4x 13.6x 18.9x 14.8x

CY+1 11.4x 12.7x 11.2x 11.1x 7.9x 6.7x 19.6x 7.1x 8.6x 7.2x 7.0x 9.5x 11.3x 11.4x 10.8x

CY+2 9.8x 12.3x 10.7x 10.8x 7.1x 6.3x 17.6x 6.4x 8.2x 6.0x 6.5x 9.0x 10.2x 10.3x 10.6x

1 Year 9.8% - 1.2% 6.5% 20.8% (3.0%) 5.5% 72.9% 21.8% (3.1%) 16.6% 33.0% 6.6% 16.8% 6.7%

5 Year - (1.0%) 0.2% 7.2% 194.8% 15.2% 7.3% 67.0% 3.7% (1.7%) 61.3% 11.8% 4.0% 12.5% 4.3%

1 Year - - - - - - (12.6%) - - - - - - - -

5 Year - - - - - - 1.9% - - - - - - - -

LTM - - - - - - 17.4% - - - - - - - -

CY+1 - - - - - - - - - - - - - - -

CY+2 - - - - - - - - - - - - - - -

Total Debt / Equity % 49.5% 23.0% 25.0% 18.4% 32.7% 42.6% 36.6% 89.1% 0.0% 43.4% 19.9% 36.3% 20.6% 32.7% 22.6%

Total Debt / Capital % 32.9% 18.7% 20.0% 15.6% 24.2% 29.0% 26.3% 46.7% 37.5% 28.7% 16.0% 25.4% 16.6% 24.7% 18.4%

Total Debt / EBITDA - - - - - - 2.303x - - - - - - - -

Net Debt / EBITDA - - - - - - -4.565x - - - - - - - -

EBITDA / Int. Expense - - - - - - 10.944x - - - - - - - -

S&P LT Credit Rating A- A+ A - BBB A- AA+ A AA BBB- A- - BBB+ BBB- BBB-

S&P LT Credit Rating Date 02.03.2009 15.12.2008 28.07.2011 - 03.03.2009 06.08.2010 04.02.2010 17.02.2009 27.01.2012 11.10.2012 18.12.2012 - 05.10.2010 30.05.2008 22.03.2004

Moody's LT Credit Rating Baa1 A2 A2 WR Baa3 A3 Aa2 Baa2 Aa3 Baa3 A2 - Baa2 Baa3 Baa2

Moody's LT Credit Rating Date 12.01.2011 08.03.2004 06.06.2008 01.04.2007 30.03.2009 16.12.2009 04.02.2010 18.03.2009 03.05.2004 16.01.2013 19.03.2003 - 11.12.2007 28.01.2008 28.06.2012

EBITDA Growth

EBITDA Margin

Credit Ratings

Leverage/Coverage Ratios

P/E

Revenue Growth

Total Revenue

EV/Total Revenue

EPS

Cash and Equivalents

EBITDA

EV/EBITDA

Enterprise Value

Valuation

Preferred Stock

52-Week Low Date

Minority Interest

Total Common Shares (M)

Total Debt

Market Capitalization

Daily Volume

52-Week Low % Change

Current Price (2/dd/yy)

52-Week High % Change

52-Week High Date

52-Week Low

Latest Fiscal Year:

52-Week High

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