Industry Multiples Global Report Standard Edition

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1 Industry Multiples Global Report Standard Edition March 2006

2 The Industry Multiples Global Report (IMGR) Standard Edition is a free quarterly publication delivering valuation multiples for main industries to help both investors and entrepreneurs approximate the value of a company. The IMGR SE covers 114 industries, 27 countries, 8,000 public companies and includes calculations of 5 different market multiples (EV/sales, EV/EBITDA, EV/EBIT, PER, PBR), descriptive statistics at the industry level, best multiples selection, multiple rating and a text description of each industry. In the appendices section, Valmetrics also provides the information you need to understand and interpret data shown in this document, including: data source and coverage, date schedule, multiples selection, multiples rating, glossary, adjustments / possible biases, and references. Any comments or suggestions to improve the IMGR are very welcome. It s easy to sign up for the IMGR service! Simply subscribe IMGR with your contact details to Your personal data will not be transmitted to any third party and you maintain the option of unsubscribing whenever you wish ( unsubscribe IMGR ). To help keep IMGR SE a free service, please tell your friends and colleagues about us. Readers agree that: i) the contents of this report are communicated on a purely informative basis ii) Information appearing in this report does not constitute an instruction or advice to acquire, dispose, transfer or manage a company. Tables, data, logos, trademark included in this report are the property of Valmetrics and are protected by international copyright laws. This service is brought to you by Valmetrics Research, a service of Valmetrics. Valmetrics is a Swiss-based corporation delivering comprehensive and authoritative financial metrics for business valuation without incurring extensive costs in time and effort. To know more about us, visit our website If you are interested in advertising in our research publications or partnering with us, please us at Copyright 2006 Valmetrics 2 / 71

3 IMGR Professional BETA version now available!! We are pleased to offer a 2 month free trial of IMGR Pro Beta to subscribers who signed-up for the Standard Edition before April 15, To run the beta version, you will need to have Microsoft Access installed on your computer. The final version of IMGR Pro will be available on the Internet (web based application) in June IMGR Pro is a powerful, yet easy-to-use, tool to value an industry or a business. The professional version offers 6 key advantages compared to the Standard Edition: 1 Easy-to-use database IMGR Pro allows you to search, display, sort, export and print multiples quickly and easily. 3 Regional coverage With 11 geographical zones covered, you have access to regional metrics and analytics (e.g. North America, Europe). 5 Monthly update Data is updated on a monthly basis, so you do not need to wait for a quarter to get the most recent multiples. Insightful analysis IMGR Pro calculates, selects, analyzes, rates and plots industry multiples with a high level of accuracy and reliability. 2 Individual multiples Lists of individual multiples enable you to find comparables, understand Valmetrics analysis and perform your own analysis. Historical data 4 6 Historical multiples stored in IMGR Pro date back to January 2000 (5 years) and give you an additional dynamic overview. IMGR PRO = more multiples, more analysis, more industry insights, more tools! Achieve faster valuation & modelling, compare 130 industries, fine tune your investment policy and put forward persuasive arguments in negotiation. Copyright 2006 Valmetrics 3 / 71

4 AltAssets, the private equity industry s leading information source AltAssets is an open access information resource that distributes news and research to more than 1,000 institutional investors and 2,000 private equity and venture capital firms worldwide. Over 18,000 industry professionals use the site, generating 2 million page impressions from 180,000 sessions each month. This service provides a centre of excellence for the field and contains insight from our in-house team as well as significant third-party contributions from leading academics, industry practioners and service providers in private equity. Areas of the service include: News Recent private equity news and views, updated daily and available online as well as via RSS Feed. Features Opinion pieces from leading private equity experts on topical issues. Our series of institutional investor profiles feature leading limited partners giving insights and investing advice to their fellow LPs. Learning Curve Clear explanations of the key areas of private equity - from conducting due diligence to deciphering the terms and conditions of an investment. Leading Edge This area drives forward private equity theory and practice. It showcases progressive thinking and investigation into this asset class and encourages further debate between the industry's top-flight experts. Surveys Research on topics ranging from the latest management buy-out figures, to global private equity performance, aggregated from market leaders. Country and Sectors Analysis All the information you need on investing in key countries, regions and sectors, from private equity vehicles in France, to the benefits of investing in mezzanine funds. Events The definitive calendar for private equity events, conferences and seminars. Jobs Private equity jobs and executive positions vacant. Ideal for locating a new challenge or expanding the number of professionals in your own organisation. To subscribe FREE to AltAssets weekly newsletter, visit: Copyright 2006 Valmetrics 4 / 71

5 LIST OF INDUSTRIES 1. Advertising Aerospace & Defense Agricultural Products Air Freight & Logistics Airlines Airport Services Alternative Carriers Aluminium Apparel Retail Apparel, Accessories & Luxury Goods Application Software Auto Parts & Equipment Automobile Manufacturers Biotechnology Brewers Broadcasting & Cable TV Building Products Casinos & Gaming Catalogue retail Commercial Printing Commodity Chemicals Computer & Electronics Retail Computer Hardware Computer Storage & Peripherals Construction & Engineering Construction & Farm Machinery & Heavy Trucks Construction Materials Consumer Electronics Data Processing & Outsourced Services Department Stores Distillers & Vintners Distributors Diversified Chemicals Diversified Commercial Services Diversified Metals & Mining Drug Retail Electric Utilities Electrical Components & Equipment Electronic Equipment Manufacturers Electronic Manufacturing Services Employment Services Environmental Services Fertilizers & Agricultural Chemicals Food Distributors Food Retail Footwear Forest Products Gas Utilities General Merchandise Stores Gold Health Care Services Health Care Distributors Health Care Equipment Health Care Facilities Health Care Supplies Heavy Electrical Equipment Copyright 2006 Valmetrics 5 / 71

6 57. Highways & Railtracks Home Entertainment Software Home Furnishings Homebuilding Home Improvement Retail Hotels, Resorts & Cruise Lines Household Appliances Household Products Housewares & Specialities Hypermarkets & Super Centers Industrial Conglomerates Industrial Gases Industrial Machinery Integrated Oil & Gas Integrated Telecommunication Services Internet Retail Internet Software & Services IT Consulting & Other Services Leisure Facilities Leisure Products Managed Health Care Marine Marine Ports & Services Metal & Glass Containers Motorcycle Manufacturers Movies & Entertainment Multi-Utilities & Unregulated Power Office Electronics Office Services & Supplies Oil & Gas Drilling Oil & Gas Equipment & Services Oil & Gas Exploration & Production Oil & Gas Refining, Marketing & Transportation Packaged Foods & Meats Paper Packaging Paper Products Personal Products Pharmaceuticals Photographic Products Precious Metals & Minerals Publishing Railroads Restaurants Semiconductor Equipment Semiconductors Soft Drink Specialty Chemicals Specialty Stores Steel Systems Software Technology Distributors Textiles Tires & Rubber Tobacco Trading Companies & Distributors Trucking Water Utilities Wireless Telecommunication Services Copyright 2006 Valmetrics 6 / 71

7 1. Advertising Companies providing advertising, marketing or public relations services. Table 1 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.18x 2.3x 3.9x 3.6x 0.2x 1st quartile 0.59x 5.0x 7.9x 15.5x 1.2x Median 0.89x 9.9x 11.6x 22.7x 2.5x 3rd quartile 1.61x 12.1x 14.7x 44.0x 3.3x Maximum 3.21x 24.5x 34.9x 68.1x 6.6x Mean 1.20x 9.9x 12.3x 28.5x 2.6x Std deviation as % of mean 66% 55% 52% 64% 63% Modal interval [ [ [ [ [ [ [ [ [ [ Modal interval frequency 30.2% 37.5% 36.1% 35.9% 34.9% Mode estimate 0.82x 10.9x 12.8x 17.9x 2.6x Valmetrics multiple 0.82x 10.9x 12.8x 17.9x 2.6x Multiple rating (10=highest) Aerospace & Defense Manufacturers of civil or military aerospace and defense equipment, parts or products. Includes defense electronics and space equipment. Table 2 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.05x 4.3x 5.0x 9.8x 0.8x 1st quartile 0.85x 9.8x 13.1x 18.7x 1.8x Median 1.42x 12.0x 16.2x 23.2x 2.4x 3rd quartile 1.83x 14.7x 20.6x 29.5x 3.4x Maximum 3.23x 21.1x 34.4x 50.4x 5.7x Mean 1.45x 12.4x 17.2x 25.5x 2.5x Std deviation as % of mean 50% 31% 36% 40% 43% Modal interval [ [ [ [ [ [ [ [ [ [ Modal interval frequency 26.5% 27.9% 33.3% 30.2% 31.7% Mode estimate 1.05x 11.0x 15.0x 22.8x 2.1x Valmetrics multiple 1.45x 12.4x 17.2x 25.5x 2.5x Multiple rating (10=highest) Copyright 2006 Valmetrics 7 / 71

8 3. Agricultural Products Producers of agricultural products. Includes crop growers, owners of plantations and companies that produce and process foods but do not package and market them. Excludes companies classified in the Forest Products sub-industry and those that package and market the food products classified in the Packaged Foods sub-industry. Table 3 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.17x 2.4x 3.2x 7.0x 0.2x 1st quartile 0.63x 7.9x 11.8x 13.9x 1.0x Median 1.13x 11.6x 15.4x 20.3x 1.4x 3rd quartile 1.97x 18.4x 22.2x 30.2x 1.8x Maximum 5.29x 36.7x 51.4x 59.2x 4.2x Mean 1.46x 13.4x 18.4x 22.8x 1.5x Std deviation as % of mean 75% 57% 55% 53% 52% Modal interval [0-0.71[ [ [ [ [ [ [ [1-1.5[ Modal interval frequency 34.0% 38.3% 34.1% 33.3% 25.9% Mode estimate 0.56x 10.2x 12.7x 13.7x 1.3x Valmetrics multiple 0.56x 10.2x 15.4x 20.3x 1.4x Multiple rating (10=highest) Air Freight & Logistics Companies providing air freight transportation, courier and logistics services, including package and mail delivery and customs agents. Excludes those companies classified in the Airlines, Marine or Trucking sub-industries. Table 4 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.08x 1.2x 1.4x 6.9x 0.4x 1st quartile 0.41x 5.6x 10.3x 11.4x 1.2x Median 0.61x 7.0x 13.3x 16.8x 2.4x 3rd quartile 1.00x 11.5x 20.0x 25.6x 3.3x Maximum 2.06x 17.9x 34.4x 41.3x 6.4x Mean 0.77x 9.0x 15.3x 19.1x 2.4x Std deviation as % of mean 67% 51% 49% 54% 55% Modal interval [ [ [ [ [ [ [ [ [ [ Modal interval frequency 38.7% 46.9% 41.9% 45.5% 35.3% Mode estimate 0.52x 6.2x 10.5x 12.6x 2.2x Valmetrics multiple 0.52x 6.2x 10.5x 12.6x 2.2x Multiple rating (10=highest) Copyright 2006 Valmetrics 8 / 71

9 5. Airlines Companies providing primarily passenger air transportation. Table 5 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.10x 2.3x 1.2x 5.6x 0.0x 1st quartile 0.40x 5.0x 10.7x 10.5x 1.0x Median 0.74x 7.4x 15.8x 13.0x 1.4x 3rd quartile 1.26x 10.2x 22.7x 18.0x 1.6x Maximum 2.24x 20.4x 59.1x 34.9x 2.3x Mean 0.86x 8.0x 18.8x 14.3x 1.3x Std deviation as % of mean 70% 54% 75% 48% 40% Modal interval [0-0.51[ [4.6-8[ [ [ [ [ [ [ Modal interval frequency 35.9% 33.3% 28.6% 52.2% 33.3% Mode estimate 0.42x 6.7x 13.2x 11.8x 1.3x Valmetrics multiple 0.42x 8.0x 15.8x 14.3x 1.3x Multiple rating (10=highest) Airport Services Operators of airports and companies providing related services. Table 6 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.57x 3.5x 4.9x 6.7x 0.8x 1st quartile 3.11x 9.6x 12.6x 13.2x 1.4x Median 4.67x 11.4x 15.4x 19.0x 1.9x 3rd quartile 5.55x 13.5x 22.3x 22.4x 3.0x Maximum 7.97x 23.7x 30.7x 43.9x 5.0x Mean 4.35x 11.7x 17.4x 19.6x 2.3x Std deviation as % of mean 43% 39% 43% 52% 56% Modal interval [ [ [ [ [ [ [ [ [ [ Modal interval frequency 36.8% 36.8% 47.4% 35.0% 41.7% Mode estimate 3.20x 11.0x 14.8x 20.2x 1.7x Valmetrics multiple 4.35x 11.7x 17.4x 19.6x 1.9x Multiple rating (10=highest) Copyright 2006 Valmetrics 9 / 71

10 7. Alternative Carriers Providers of communications and high-density data transmission services primarily through a high bandwidth/fibber-optic cable network. Table 7 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.04x 0.2x nm nm 0.1x 1st quartile 0.68x 4.0x nm nm 1.0x Median 1.03x 8.2x nm nm 1.2x 3rd quartile 2.89x 13.8x nm nm 1.9x Maximum 5.01x 27.9x nm nm 6.0x Mean 1.71x 10.0x nm nm 1.7x Std deviation as % of mean 87% 79% nm nm 90% Modal interval [0-1.69[ [0-8.1[ nm nm [ [ Modal interval frequency 61.1% 50.0% nm nm 40.0% Mode estimate 1.09x 6.3x nm nm 1.0x Valmetrics multiple 1.03x 8.2x nm nm 1.2x Multiple rating (10=highest) 2 2 na na 2 8. Aluminium Producers of aluminium and related products, including companies that mine or process bauxite and companies that recycle aluminium to produce finished or semi-finished products. Excludes companies that primarily produce aluminium building materials classified in the Building Products sub-industry. Table 8 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.22x 2.9x 1.9x 2.4x 0.2x 1st quartile 0.74x 6.6x 7.4x 7.0x 1.2x Median 1.20x 9.7x 14.9x 12.5x 1.8x 3rd quartile 1.57x 12.2x 21.2x 20.7x 2.7x Maximum 2.95x 22.4x 48.1x 41.5x 5.4x Mean 1.30x 10.1x 16.2x 15.6x 2.2x Std deviation as % of mean 58% 54% 67% 66% 68% Modal interval [ [ [ [ [0-10.2[ [ [ [ [ Modal interval frequency 36.4% 40.0% 35.0% 47.1% 33.3% Mode estimate 1.00x 8.3x 10.2x 13.9x 1.6x Valmetrics multiple 1.30x 10.1x 14.9x 12.5x 1.8x Multiple rating (10=highest) Copyright 2006 Valmetrics 10 / 71

11 9. Apparel Retail Retailers specialized mainly in apparel and accessories. Table 9 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.18x 2.6x 1.0x 3.9x 0.3x 1st quartile 0.62x 6.7x 9.1x 15.6x 1.9x Median 0.91x 8.5x 12.8x 20.2x 2.7x 3rd quartile 1.34x 10.6x 16.3x 25.6x 4.1x Maximum 2.54x 18.4x 33.8x 47.2x 7.5x Mean 1.02x 9.1x 13.3x 21.7x 3.1x Std deviation as % of mean 57% 38% 52% 45% 62% Modal interval [ [ [ [ [ [ [ [ [ [ Modal interval frequency 33.8% 27.1% 32.1% 23.1% 29.4% Mode estimate 0.69x 8.1x 10.9x 22.9x 2.8x Valmetrics multiple 0.91x 9.1x 13.3x 21.7x 2.7x Multiple rating (10=highest) Apparel, Accessories & Luxury Goods Manufacturers of apparel, accessories & luxury goods. Includes companies primarily producing designer handbags, wallets, luggage, jewellery and watches. Excludes shoes classified in the Footwear sub-industry. Table 10 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.04x 0.5x 1.0x 3.1x 0.2x 1st quartile 0.47x 5.9x 8.4x 10.4x 0.9x Median 0.83x 8.3x 12.1x 16.5x 1.6x 3rd quartile 1.54x 12.1x 18.1x 24.7x 2.6x Maximum 4.46x 24.0x 36.4x 59.4x 6.1x Mean 1.18x 9.8x 13.5x 19.1x 2.0x Std deviation as % of mean 86% 54% 54% 61% 71% Modal interval [ [ [ [ [ [ [8.5-15[ [ [ Modal interval frequency 31.4% 26.2% 26.6% 25.9% 28.0% Mode estimate 0.63x 6.8x 10.1x 14.3x 1.1x Valmetrics multiple 0.63x 8.3x 12.1x 16.5x 1.6x Multiple rating (10=highest) Copyright 2006 Valmetrics 11 / 71

12 11. Application Software Companies engaged in developing and producing software designed for specialized applications for the business or consumer market. Includes enterprise and technical software. Excludes companies classified in the Home Entertainment Software Sub-Industry. Also excludes companies producing systems or database management software classified in the Systems Software sub-industry. Table 11 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.11x 0.1x 0.0x 1.0x 0.1x 1st quartile 0.94x 9.7x 13.7x 19.0x 1.7x Median 1.60x 13.7x 17.4x 27.4x 2.6x 3rd quartile 2.47x 20.8x 27.9x 36.9x 4.1x Maximum 5.81x 40.8x 56.9x 72.9x 8.1x Mean 1.85x 15.7x 21.2x 28.6x 3.1x Std deviation as % of mean 65% 56% 55% 55% 61% Modal interval [ [ [ [ [ [ [ [ [ [ Modal interval frequency 19.6% 23.9% 32.7% 24.3% 24.3% Mode estimate 1.01x 12.6x 15.1x 27.9x 2.0x Valmetrics multiple 1.60x 13.7x 17.4x 28.6x 2.6x Multiple rating (10=highest) Auto Parts & Equipment Manufacturers of parts and accessories for automobiles and motorcycles. Excludes companies classified in the Tires & Rubber sub-industry. Table 12 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.08x 1.2x 1.4x 0.0x 0.0x 1st quartile 0.44x 4.2x 7.5x 10.2x 1.0x Median 0.66x 6.5x 11.0x 15.1x 1.4x 3rd quartile 1.50x 9.7x 15.9x 21.3x 2.2x Maximum 3.30x 14.9x 32.2x 41.1x 3.8x Mean 1.00x 7.1x 12.1x 16.4x 1.6x Std deviation as % of mean 77% 51% 55% 59% 57% Modal interval [ [ [ [ [ [ [ [ [ [ Modal interval frequency 38.4% 29.2% 27.4% 26.4% 25.5% Mode estimate 0.41x 5.0x 10.2x 14.2x 1.3x Valmetrics multiple 0.41x 7.1x 11.0x 16.4x 1.4x Multiple rating (10=highest) Copyright 2006 Valmetrics 12 / 71

13 13. Automobile Manufacturers Companies that produce mainly passenger automobiles and light trucks. Excludes companies producing mainly motorcycles and three-wheelers classified in the Motorcycle Manufacturers sub-industry and heavy duty trucks classified in the Construction & Farm Machinery & Heavy Trucks sub-industry. Table 13 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.13x 2.3x 3.4x 1.1x 0.1x 1st quartile 0.41x 5.4x 7.9x 7.9x 0.9x Median 0.58x 8.3x 12.8x 11.4x 1.3x 3rd quartile 0.92x 10.3x 17.8x 15.4x 1.7x Maximum 1.92x 17.8x 25.8x 34.5x 2.8x Mean 0.73x 8.2x 13.1x 13.1x 1.3x Std deviation as % of mean 61% 45% 48% 60% 47% Modal interval [ [ [ [ [8-14.6[ [ [ [1-1.5[ Modal interval frequency 44.1% 30.0% 42.3% 35.7% 31.3% Mode estimate 0.57x 8.9x 10.6x 11.6x 1.4x Valmetrics multiple 0.57x 8.2x 13.1x 11.4x 1.3x Multiple rating (10=highest) Biotechnology Companies primarily involved in the development, manufacturing or marketing of products based on advanced biotechnology research. Table 14 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.07x 0.1x 0.0x 4.2x 0.0x 1st quartile 3.11x 12.3x 14.4x 21.1x 1.5x Median 6.18x 16.5x 23.4x 34.3x 2.7x 3rd quartile 15.13x 29.8x 38.0x 62.3x 4.6x Maximum 33.76x 69.7x 104.0x 157.9x 10.8x Mean 10.06x 22.6x 30.8x 48.6x 3.4x Std deviation as % of mean 93% 81% 89% 80% 72% Modal interval [0-4.61[ [ [ [ [ [0-24.5[ [ [ Modal interval frequency 39.4% 31.9% 30.4% 34.2% 30.4% Mode estimate 3.35x 14.5x 19.7x 24.5x 1.8x Valmetrics multiple 3.35x 14.5x 19.7x 24.5x 1.8x Multiple rating (10=highest) Copyright 2006 Valmetrics 13 / 71

14 15. Brewers Producers of beer and malt liquors. Includes breweries not classified in the Restaurants subindustry. Table 15 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.09x 4.0x 1.4x 3.8x 0.5x 1st quartile 1.07x 8.6x 10.3x 13.8x 1.5x Median 1.72x 10.3x 14.2x 21.6x 1.8x 3rd quartile 2.28x 10.9x 18.2x 30.6x 2.7x Maximum 3.82x 14.2x 36.6x 62.8x 4.7x Mean 1.82x 9.5x 15.0x 24.0x 2.1x Std deviation as % of mean 54% 27% 51% 61% 45% Modal interval [ [ [ [ [10-15[ [ [ [ [ Modal interval frequency 33.3% 42.9% 29.0% 32.3% 45.5% Mode estimate 1.56x 10.5x 13.8x 20.5x 1.6x Valmetrics multiple 1.82x 9.5x 15.0x 21.6x 1.6x Multiple rating (10=highest) Broadcasting & Cable TV Owners and operators of television or radio broadcasting systems and providers of cable or satellite television services, including programming. Table 16 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.10x 0.1x 0.1x 2.9x 0.1x 1st quartile 1.88x 6.5x 10.2x 16.4x 1.2x Median 2.73x 10.1x 13.9x 23.4x 1.9x 3rd quartile 3.55x 12.5x 18.0x 32.0x 3.4x Maximum 7.03x 21.3x 34.2x 61.5x 7.1x Mean 2.79x 9.9x 14.6x 25.2x 2.5x Std deviation as % of mean 52% 46% 48% 53% 73% Modal interval [ [ [ [ [ [ [ [ [1-2.1[ Modal interval frequency 22.9% 33.3% 26.5% 33.9% 37.7% Mode estimate 2.09x 9.9x 13.5x 20.4x 1.5x Valmetrics multiple 2.79x 9.9x 14.6x 25.2x 1.5x Multiple rating (10=highest) Copyright 2006 Valmetrics 14 / 71

15 17. Building Products Manufacturers of building components and home improvement products and equipment. Excludes lumber and plywood classified under Forest Products and cement and other materials classified in the Construction Materials sub-industry. Table 17 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.04x 0.7x 1.1x 0.5x 0.2x 1st quartile 0.55x 5.6x 7.6x 11.7x 1.1x Median 0.86x 7.2x 10.8x 15.0x 1.7x 3rd quartile 1.39x 9.5x 13.2x 18.2x 2.4x Maximum 2.92x 20.1x 26.3x 34.2x 4.9x Mean 1.02x 8.0x 11.2x 15.4x 1.9x Std deviation as % of mean 64% 48% 44% 44% 58% Modal interval [ [ [ [ [ [ [15-18[ [ [ Modal interval frequency 27.9% 24.7% 26.2% 24.7% 23.8% Mode estimate 0.62x 7.1x 10.4x 15.8x 1.7x Valmetrics multiple 0.86x 8.0x 11.2x 15.4x 1.9x Multiple rating (10=highest) Casinos & Gaming Owners and operators of casinos and gaming facilities. Includes companies providing lottery and betting services. Table 18 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.14x 0.7x 0.8x 7.0x 0.5x 1st quartile 1.86x 11.0x 15.0x 22.6x 2.5x Median 2.73x 12.9x 19.6x 30.7x 3.9x 3rd quartile 3.87x 18.5x 27.7x 41.0x 8.5x Maximum 7.31x 27.7x 45.8x 69.2x 16.1x Mean 2.92x 14.3x 21.5x 32.9x 5.4x Std deviation as % of mean 62% 43% 44% 45% 76% Modal interval [ [ [ [ [ [ [ [ [0-3.7[ Modal interval frequency 30.6% 40.6% 32.3% 34.6% 47.1% Mode estimate 2.81x 12.0x 16.1x 24.3x 2.6x Valmetrics multiple 2.81x 12.0x 21.5x 32.9x 2.6x Multiple rating (10=highest) Copyright 2006 Valmetrics 15 / 71

16 19. Catalogue retail Mail order and TV home shopping retailers. Includes companies that provide door-to-door retail. Table 19 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.12x 5.9x 7.9x 11.3x 1.1x 1st quartile 0.59x 8.6x 10.3x 18.6x 1.9x Median 1.08x 9.8x 14.1x 22.8x 2.9x 3rd quartile 1.34x 10.9x 16.4x 28.1x 3.7x Maximum 2.06x 12.6x 27.4x 38.0x 4.5x Mean 0.99x 9.6x 14.8x 23.3x 2.8x Std deviation as % of mean 51% 21% 39% 31% 41% Modal interval [ [ [ [ [ [ [ [ [0.6-2[ Modal interval frequency 44.4% 42.9% 40.0% 46.2% 33.3% Mode estimate 1.36x 10.2x 12.7x 22.0x 2.0x Valmetrics multiple 1.08x 9.6x 14.8x 23.3x 2.8x Multiple rating (10=highest) Commercial Printing Companies providing commercial printing services. Includes printers primarily serving the media industry. Table 20 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.13x 1.8x 3.5x 5.7x 0.3x 1st quartile 0.55x 4.9x 8.6x 11.9x 1.2x Median 0.83x 7.4x 13.3x 15.8x 1.9x 3rd quartile 1.21x 10.1x 18.6x 26.3x 2.5x Maximum 2.45x 12.4x 21.9x 43.0x 4.1x Mean 0.93x 7.4x 13.4x 18.6x 1.9x Std deviation as % of mean 55% 42% 44% 55% 53% Modal interval [ [ [ [ [ [ [ [ [ [ Modal interval frequency 40.0% 34.8% 38.1% 50.0% 33.3% Mode estimate 0.76x 5.3x 17.7x 9.9x 1.8x Valmetrics multiple 0.83x 7.4x 13.4x 15.8x 1.9x Multiple rating (10=highest) Copyright 2006 Valmetrics 16 / 71

17 21. Commodity Chemicals Companies that primarily produce industrial chemicals and basic chemicals. Including but not limited to plastics, synthetic fibbers, films, commodity-based paints & pigments, explosives and petrochemicals. Excludes chemical companies classified in the Diversified Chemicals, Fertilizers & Agricultural Chemicals, Industrial Gases, or Specialty Chemicals sub-industries. Table 21 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.08x 0.8x 1.0x 0.6x 0.1x 1st quartile 0.65x 5.4x 8.1x 9.5x 0.9x Median 1.00x 8.1x 13.2x 14.8x 1.4x 3rd quartile 1.43x 11.4x 19.2x 26.5x 1.8x Maximum 2.83x 20.0x 42.2x 68.5x 3.5x Mean 1.10x 8.9x 15.0x 20.9x 1.4x Std deviation as % of mean 54% 49% 60% 78% 51% Modal interval [ [ [4.7-7[ [9-13.5[ [7-14[ [ [ Modal interval frequency 25.9% 26.0% 27.5% 29.6% 22.2% Mode estimate 0.99x 5.8x 10.8x 11.0x 1.2x Valmetrics multiple 1.00x 8.9x 13.2x 14.8x 1.4x Multiple rating (10=highest) Computer & Electronics Retail Owners and operators of consumer electronics, computers, video and related products retail stores. Table 22 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.12x 3.0x 3.7x 6.1x 0.5x 1st quartile 0.34x 6.2x 7.9x 12.1x 1.9x Median 0.41x 8.6x 9.9x 14.1x 2.4x 3rd quartile 0.62x 12.2x 12.7x 19.8x 3.4x Maximum 1.04x 20.0x 16.4x 31.9x 6.0x Mean 0.47x 9.2x 10.2x 16.0x 2.6x Std deviation as % of mean 55% 48% 39% 44% 54% Modal interval [ [ [2.5-7[ [6.2-10[ [10-16[ [ [ Modal interval frequency 33.3% 36.8% 31.3% 35.3% 27.3% Mode estimate 0.41x 6.4x 10.0x 13.0x 2.9x Valmetrics multiple 0.41x 9.2x 10.2x 16.0x 2.4x Multiple rating (10=highest) Copyright 2006 Valmetrics 17 / 71

18 23. Computer Hardware Manufacturers of personal computers, servers, mainframes and workstations. Includes manufacturers of Automatic Teller Machines (ATMs). Excludes manufacturers of copiers, faxes and related products classified in the Office Electronics sub-industry. Table 23 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.01x 0.1x 0.1x 0.8x 0.0x 1st quartile 0.43x 8.8x 11.4x 10.5x 0.8x Median 0.92x 13.7x 18.2x 18.0x 1.9x 3rd quartile 1.27x 18.7x 27.8x 29.2x 2.6x Maximum 2.39x 33.8x 52.3x 59.7x 4.9x Mean 0.93x 14.0x 20.3x 20.6x 1.9x Std deviation as % of mean 63% 57% 64% 71% 63% Modal interval [ [ [ [ [ [ [ [ [ [ Modal interval frequency 35.3% 33.3% 30.8% 35.0% 34.7% Mode estimate 1.03x 13.8x 13.8x 16.4x 2.2x Valmetrics multiple 1.03x 14.0x 13.8x 16.4x 2.2x Multiple rating (10=highest) Computer Storage & Peripherals Manufacturers of electronic computer components and peripherals. Includes data storage components, motherboards, audio and video cards, monitors, keyboards, printers and other peripherals. Excludes semiconductors classified in the Semiconductors sub-industry. Table 24 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.05x 0.6x 0.5x 1.5x 0.0x 1st quartile 0.52x 5.2x 7.1x 10.7x 1.1x Median 0.85x 9.4x 11.8x 18.2x 1.4x 3rd quartile 1.19x 13.3x 19.8x 25.7x 2.1x Maximum 2.60x 29.8x 43.5x 53.9x 4.5x Mean 0.93x 10.3x 14.9x 20.8x 1.6x Std deviation as % of mean 63% 65% 72% 63% 60% Modal interval [ [ [4-8[ [ [ [ [ [ [ Modal interval frequency 25.9% 28.8% 29.8% 32.0% 30.8% Mode estimate 0.74x 6.6x 10.7x 18.5x 1.3x Valmetrics multiple 0.85x 9.4x 11.8x 18.5x 1.4x Multiple rating (10=highest) Copyright 2006 Valmetrics 18 / 71

19 25. Construction & Engineering Companies engaged in primarily non-residential construction. Includes civil engineering companies and large-scale contractors. Excludes companies classified in the Homebuilding sub-industry. Table 25 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.06x 1.3x 1.6x 0.2x 0.0x 1st quartile 0.34x 7.8x 12.2x 14.3x 1.1x Median 0.64x 10.9x 16.4x 21.3x 1.6x 3rd quartile 1.15x 15.3x 24.4x 29.5x 2.8x Maximum 3.04x 29.0x 48.3x 58.5x 5.9x Mean 0.83x 11.7x 17.9x 23.2x 2.1x Std deviation as % of mean 75% 50% 52% 59% 65% Modal interval [ [ [ [ [ [ [ [ [ [ Modal interval frequency 25.0% 22.2% 24.2% 19.5% 24.2% Mode estimate 0.34x 10.0x 15.3x 17.9x 1.4x Valmetrics multiple 0.64x 11.7x 16.4x 21.3x 1.6x Multiple rating (10=highest) Construction & Farm Machinery & Heavy Trucks Manufacturers of heavy duty trucks, rolling machinery, earth-moving and construction equipment, heavy farm machinery and manufacturers of related parts. Includes non-military shipbuilding. Table 26 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.06x 3.5x 5.3x 3.1x 0.0x 1st quartile 0.52x 7.5x 9.3x 12.1x 1.2x Median 0.75x 10.4x 13.9x 19.8x 2.0x 3rd quartile 1.28x 17.0x 25.2x 37.4x 2.9x Maximum 2.64x 31.1x 52.0x 74.1x 6.1x Mean 0.94x 12.6x 18.3x 25.4x 2.3x Std deviation as % of mean 60% 55% 61% 65% 61% Modal interval [ [ [ [ [ [ [ [ [ [ Modal interval frequency 27.7% 34.9% 31.6% 35.4% 31.5% Mode estimate 0.61x 8.3x 11.5x 15.9x 1.4x Valmetrics multiple 0.75x 10.4x 13.9x 15.9x 1.4x Multiple rating (10=highest) Copyright 2006 Valmetrics 19 / 71

20 27. Construction Materials Manufacturers of construction materials including sand, clay, gypsum, lime, aggregates, cement, concrete and bricks. Other finished or semi-finished building materials are classified in the Building Products sub-industry. Table 27 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.16x 2.0x 4.6x 3.7x 0.4x 1st quartile 1.05x 7.0x 10.3x 11.1x 1.0x Median 1.83x 8.6x 13.4x 14.7x 1.4x 3rd quartile 2.56x 10.8x 17.9x 22.0x 1.9x Maximum 4.08x 15.6x 32.0x 40.6x 4.0x Mean 1.87x 8.9x 14.3x 16.4x 1.6x Std deviation as % of mean 53% 34% 41% 49% 52% Modal interval [ [ [7-8.8[ [ [ [ [ [ [ Modal interval frequency 25.8% 30.0% 25.7% 31.6% 23.5% Mode estimate 1.69x 8.0x 11.1x 14.1x 1.1x Valmetrics multiple 1.87x 8.9x 14.3x 16.4x 1.4x Multiple rating (10=highest) Consumer Electronics Manufacturers of consumer electronics products including TVs, VCRs, hi-fi equipment, game consoles and related products. Excludes personal home computer manufacturers classified in the Computer Hardware sub-industry, and electric household appliances classified in the Household Appliances sub-industry. Table 28 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.07x 1.0x 1.1x 3.4x 0.4x 1st quartile 0.38x 6.9x 12.0x 12.5x 1.1x Median 0.56x 12.1x 17.5x 22.6x 1.5x 3rd quartile 1.15x 17.0x 28.3x 35.0x 2.4x Maximum 2.77x 29.7x 58.1x 102.3x 4.7x Mean 0.88x 12.6x 21.2x 30.4x 1.9x Std deviation as % of mean 87% 55% 65% 87% 66% Modal interval [0-0.51[ [ [ [ [ [0-15.6[ [ [ Modal interval frequency 42.9% 30.8% 40.0% 37.5% 35.7% Mode estimate 0.38x 10.2x 15.6x 12.8x 1.4x Valmetrics multiple 0.56x 12.6x 17.5x 22.6x 1.5x Multiple rating (10=highest) Copyright 2006 Valmetrics 20 / 71

21 29. Data Processing & Outsourced Services Providers of commercial electronic data processing and/or business process outsourcing services. Includes companies that provide services for back-office automation. Table 29 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.55x 1.7x 1.7x 5.4x 0.4x 1st quartile 1.15x 7.9x 11.6x 19.0x 1.9x Median 2.05x 10.2x 15.3x 24.4x 3.4x 3rd quartile 3.02x 14.6x 22.2x 34.9x 4.5x Maximum 5.53x 23.8x 33.8x 62.5x 7.0x Mean 2.30x 11.0x 16.3x 27.4x 3.3x Std deviation as % of mean 58% 47% 46% 49% 51% Modal interval [ [ [ [ [ [ [ [ [ [ Modal interval frequency 36.7% 30.0% 41.4% 37.0% 41.2% Mode estimate 1.68x 10.1x 11.7x 19.4x 3.5x Valmetrics multiple 2.05x 11.0x 16.3x 27.4x 3.5x Multiple rating (10=highest) Department Stores Owners and operators of department stores. Table 30 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.20x 2.5x 2.9x 2.4x 0.2x 1st quartile 0.52x 7.7x 11.5x 15.2x 1.2x Median 0.74x 10.4x 16.5x 21.0x 1.7x 3rd quartile 1.14x 14.8x 26.0x 34.4x 2.1x Maximum 2.37x 22.8x 46.1x 84.2x 3.9x Mean 0.84x 11.4x 19.0x 26.8x 1.8x Std deviation as % of mean 53% 42% 54% 66% 43% Modal interval [ [ [ [ [ [ [ [ [1.6-2[ Modal interval frequency 32.3% 32.3% 40.3% 36.4% 24.6% Mode estimate 0.55x 7.8x 14.2x 17.0x 1.8x Valmetrics multiple 0.74x 11.4x 14.2x 17.0x 1.8x Multiple rating (10=highest) Copyright 2006 Valmetrics 21 / 71

22 31. Distillers & Vintners Distillers, vintners and producers of alcoholic beverages not classified in the Brewers subindustry. Table 31 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.21x 6.2x 8.5x 9.7x 0.4x 1st quartile 1.32x 10.6x 14.8x 20.1x 1.4x Median 2.52x 13.5x 17.7x 25.7x 1.8x 3rd quartile 4.20x 17.5x 24.2x 34.4x 2.8x Maximum 8.82x 28.5x 42.6x 78.3x 5.3x Mean 3.03x 14.5x 20.9x 29.4x 2.1x Std deviation as % of mean 69% 38% 44% 52% 53% Modal interval [ [ [9-13.2[ [ [ [ [ [ [ Modal interval frequency 32.5% 32.4% 52.9% 38.7% 35.1% Mode estimate 2.35x 11.5x 16.9x 22.3x 1.6x Valmetrics multiple 2.35x 14.5x 16.9x 22.3x 1.6x Multiple rating (10=highest) Distributors Distributors and wholesalers of general merchandise not classified elsewhere. Includes vehicle distributors. Table 32 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.04x 0.1x 0.1x 0.5x 0.1x 1st quartile 0.26x 5.9x 6.6x 8.5x 0.8x Median 0.44x 8.2x 11.2x 11.4x 1.3x 3rd quartile 0.79x 13.5x 16.1x 17.9x 1.9x Maximum 1.81x 28.0x 33.0x 47.3x 3.5x Mean 0.57x 10.2x 12.5x 15.4x 1.4x Std deviation as % of mean 77% 65% 62% 70% 56% Modal interval [ [ [4-8[ [ [ [ [ [0.5-1[ Modal interval frequency 28.8% 37.5% 34.0% 28.1% 27.9% Mode estimate 0.26x 6.6x 11.3x 10.5x 1.0x Valmetrics multiple 0.44x 6.6x 11.3x 11.4x 1.4x Multiple rating (10=highest) Copyright 2006 Valmetrics 22 / 71

23 33. Diversified Chemicals Manufacturers of a diversified range of chemical products not classified in the Industrial Gases, Commodity Chemicals, Specialty Chemicals or Fertilizers & Agricultural Chemicals sub-industries. Table 33 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.19x 1.0x 0.6x 2.4x 0.2x 1st quartile 0.68x 6.8x 9.1x 13.2x 1.7x Median 1.05x 8.2x 14.1x 18.2x 2.5x 3rd quartile 1.26x 11.1x 16.5x 28.5x 3.5x Maximum 1.73x 15.5x 20.6x 49.2x 4.4x Mean 0.99x 8.8x 13.0x 21.1x 2.6x Std deviation as % of mean 41% 39% 39% 57% 44% Modal interval [ [ [ [ [ [ [ [ [ [ Modal interval frequency 41.7% 44.0% 33.3% 42.1% 40.9% Mode estimate 1.12x 8.1x 10.0x 17.2x 2.7x Valmetrics multiple 0.99x 8.8x 13.0x 18.2x 2.6x Multiple rating (10=highest) Diversified Commercial Services Companies providing commercial and consumer services not classified elsewhere. Includes commercial cleaning services, education services and security services. Table 34 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.01x 2.8x 2.0x 0.0x 0.0x 1st quartile 0.67x 6.6x 11.5x 12.0x 1.4x Median 1.14x 9.7x 14.8x 19.8x 2.5x 3rd quartile 2.11x 11.5x 17.5x 26.4x 3.8x Maximum 4.88x 19.5x 30.6x 56.4x 7.7x Mean 1.52x 9.4x 14.8x 20.4x 2.7x Std deviation as % of mean 76% 39% 40% 54% 59% Modal interval [ [ [ [ [ [ [ [ [1-2[ Modal interval frequency 31.3% 25.7% 25.5% 22.1% 25.4% Mode estimate 0.81x 10.0x 15.3x 12.3x 1.8x Valmetrics multiple 0.81x 9.4x 14.8x 20.4x 2.7x Multiple rating (10=highest) Copyright 2006 Valmetrics 23 / 71

24 35. Diversified Metals & Mining Companies engaged in diversified production or extraction of metals and minerals not classified elsewhere. Includes companies that are primarily involved in coal mining or production. Table 35 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.14x 1.8x 2.1x 0.9x 0.0x 1st quartile 0.94x 6.2x 8.3x 9.9x 1.5x Median 1.62x 8.3x 13.0x 16.2x 2.2x 3rd quartile 2.51x 12.6x 18.8x 28.5x 3.0x Maximum 4.97x 24.7x 35.8x 65.8x 6.4x Mean 1.83x 9.6x 14.7x 21.0x 2.5x Std deviation as % of mean 67% 53% 57% 74% 57% Modal interval [ [ [6.7-10[ [ [ [ [ [ [ Modal interval frequency 26.5% 32.8% 24.6% 34.4% 26.3% Mode estimate 1.41x 7.9x 10.9x 12.6x 1.9x Valmetrics multiple 1.62x 8.3x 13.0x 12.6x 2.2x Multiple rating (10=highest) Drug Retail Owners and operators of primarily drug retail stores and pharmacies. Table 36 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.24x 6.3x 8.1x 6.3x 1.1x 1st quartile 0.31x 8.4x 12.6x 13.0x 1.9x Median 0.50x 10.9x 18.4x 18.8x 2.8x 3rd quartile 0.73x 14.1x 22.8x 32.0x 3.9x Maximum 1.09x 22.5x 24.5x 46.7x 5.9x Mean 0.57x 11.6x 17.5x 23.3x 3.0x Std deviation as % of mean 55% 41% 33% 57% 54% Modal interval [ [ [ [ [ [ [0.9-18[ [ [ Modal interval frequency 50.0% 45.5% 60.0% 45.5% 45.5% Mode estimate 0.36x 11.3x 18.7x 15.1x 2.3x Valmetrics multiple 0.50x 11.6x 17.5x 18.8x 3.0x Multiple rating (10=highest) Copyright 2006 Valmetrics 24 / 71

25 37. Electric Utilities Companies that produce or distribute electricity. Includes both nuclear and non-nuclear facilities. Table 37 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.41x 1.5x 2.9x 5.7x 0.2x 1st quartile 1.65x 7.3x 12.0x 14.9x 1.3x Median 2.21x 9.3x 14.4x 18.5x 1.7x 3rd quartile 2.75x 11.7x 19.0x 23.6x 2.2x Maximum 5.10x 19.4x 31.9x 41.2x 3.7x Mean 2.27x 9.7x 15.6x 19.8x 1.7x Std deviation as % of mean 43% 36% 37% 39% 41% Modal interval [ [ [ [ [ [ [ [ [1-1.4[ Modal interval frequency 27.1% 28.9% 28.9% 31.0% 22.7% Mode estimate 2.10x 8.1x 13.2x 17.6x 1.4x Valmetrics multiple 2.27x 9.7x 15.6x 19.8x 1.7x Multiple rating (10=highest) Electrical Components & Equipment Companies that produce electric cables and wires, electrical components or equipment not classified in the Heavy Electrical Equipment sub-industry. Table 38 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.16x 2.6x 3.1x 2.3x 0.0x 1st quartile 0.69x 6.9x 10.2x 16.2x 1.2x Median 1.16x 10.6x 15.9x 23.2x 1.9x 3rd quartile 2.06x 14.7x 22.3x 30.9x 2.8x Maximum 4.29x 34.0x 57.2x 85.9x 5.6x Mean 1.47x 12.1x 18.2x 25.9x 2.1x Std deviation as % of mean 65% 58% 59% 60% 58% Modal interval [ [ [ [ [ [ [ [ [ [ Modal interval frequency 31.2% 32.4% 25.5% 24.7% 22.0% Mode estimate 0.89x 6.9x 10.7x 23.3x 1.9x Valmetrics multiple 0.89x 10.6x 15.9x 23.2x 1.9x Multiple rating (10=highest) Copyright 2006 Valmetrics 25 / 71

26 39. Electronic Equipment Manufacturers Producers of electronic equipment, instruments or components. Includes analytical, electronic test and measurement instruments, electronic components, connection devices and equipment not classified elsewhere. Excludes OEM suppliers classified in the Electronic Manufacturing Services sub-industry. Table 39 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.06x 0.2x 0.3x 3.1x 0.1x 1st quartile 0.58x 6.3x 10.3x 10.7x 1.0x Median 1.15x 9.9x 15.1x 20.0x 1.7x 3rd quartile 1.74x 13.1x 21.0x 27.8x 2.8x Maximum 4.21x 25.8x 41.4x 59.6x 5.9x Mean 1.28x 10.3x 16.4x 21.3x 2.0x Std deviation as % of mean 66% 53% 53% 60% 63% Modal interval [ [ [ [ [ [ [ [ [ [ Modal interval frequency 20.0% 19.6% 23.1% 23.2% 21.6% Mode estimate 0.69x 10.8x 11.0x 12.8x 1.2x Valmetrics multiple 1.15x 10.3x 15.1x 21.3x 1.7x Multiple rating (10=highest) Electronic Manufacturing Services Producers of electronic equipment mainly for the OEM (Original Equipment Manufacturers) markets. Table 40 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.03x 1.1x 1.5x 3.7x 0.4x 1st quartile 0.25x 6.0x 8.9x 9.2x 0.9x Median 0.72x 8.0x 15.6x 16.8x 2.0x 3rd quartile 1.39x 11.9x 21.0x 26.7x 2.6x Maximum 3.14x 20.3x 37.4x 36.8x 4.5x Mean 0.91x 9.0x 15.7x 18.5x 2.0x Std deviation as % of mean 85% 55% 55% 57% 57% Modal interval [0-0.69[ [ [ [8-16[ [ [ [ [ Modal interval frequency 48.6% 33.3% 28.6% 43.5% 36.4% Mode estimate 0.47x 6.7x 16.0x 10.6x 1.5x Valmetrics multiple 0.47x 8.0x 15.7x 16.8x 1.5x Multiple rating (10=highest) Copyright 2006 Valmetrics 26 / 71

27 41. Employment Services Employment agencies and related services. Table 41 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.06x 1.4x 2.0x 3.8x 0.3x 1st quartile 0.24x 8.0x 10.5x 18.8x 1.4x Median 0.48x 10.3x 15.7x 23.8x 3.2x 3rd quartile 1.08x 18.8x 25.3x 40.9x 4.3x Maximum 2.49x 32.1x 39.0x 80.7x 7.1x Mean 0.72x 12.9x 16.9x 30.6x 3.1x Std deviation as % of mean 87% 57% 54% 67% 65% Modal interval [0-0.48[ [7-13.5[ [ [ [ [ [0.3-2[ Modal interval frequency 50.0% 48.6% 48.5% 40.6% 36.6% Mode estimate 0.30x 10.0x 14.1x 20.9x 1.6x Valmetrics multiple 0.30x 10.0x 14.1x 20.9x 1.6x Multiple rating (10=highest) Environmental Services Providers of environmental services. Includes waste management and pollution control services. Excludes large-scale water treatment systems classified in the Water Utilities subindustry. Table 42 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.08x 1.6x 1.9x 3.3x 0.2x 1st quartile 0.70x 8.0x 11.9x 14.5x 1.3x Median 1.46x 9.8x 15.2x 19.4x 2.4x 3rd quartile 3.37x 13.5x 19.6x 27.0x 3.2x Maximum 8.33x 17.2x 35.9x 50.9x 5.1x Mean 2.41x 10.3x 16.4x 21.7x 2.4x Std deviation as % of mean 92% 36% 44% 57% 51% Modal interval [0-1.59[ [ [ [ [ [ [ [ [ Modal interval frequency 52.6% 37.5% 33.3% 31.0% 39.5% Mode estimate 0.96x 10.1x 14.3x 20.8x 2.6x Valmetrics multiple 0.96x 10.3x 16.4x 19.4x 2.4x Multiple rating (10=highest) Copyright 2006 Valmetrics 27 / 71

28 43. Fertilizers & Agricultural Chemicals Producers of fertilizers, pesticides, potash or other agriculture-related chemicals not classified elsewhere. Table 43 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.09x 2.2x 2.5x 3.7x 0.7x 1st quartile 0.96x 6.4x 9.1x 12.0x 1.2x Median 1.46x 8.3x 13.3x 17.8x 1.8x 3rd quartile 2.24x 10.3x 17.6x 24.1x 2.3x Maximum 3.74x 16.0x 32.7x 55.6x 4.0x Mean 1.64x 8.6x 13.9x 20.2x 1.9x Std deviation as % of mean 51% 35% 42% 60% 46% Modal interval [ [ [5.7-8[ [ [ [ [ [ [ Modal interval frequency 42.6% 35.0% 32.5% 31.7% 29.8% Mode estimate 1.14x 7.5x 10.9x 15.6x 1.7x Valmetrics multiple 1.14x 8.6x 13.9x 17.8x 1.9x Multiple rating (10=highest) Food Distributors Distributors of food products to other companies and not directly to the consumer. Table 44 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.08x 1.4x 4.9x 2.1x 0.3x 1st quartile 0.32x 7.0x 12.1x 11.5x 0.9x Median 0.48x 10.3x 14.1x 20.0x 1.9x 3rd quartile 0.75x 13.3x 16.9x 28.9x 4.1x Maximum 1.53x 19.3x 24.8x 42.7x 6.9x Mean 0.63x 10.5x 14.6x 20.2x 2.5x Std deviation as % of mean 70% 51% 40% 53% 79% Modal interval [ [ [ [ [ [ [ [ [0-2.4[ Modal interval frequency 33.3% 31.3% 33.3% 38.9% 63.2% Mode estimate 0.41x 12.1x 13.9x 16.6x 1.5x Valmetrics multiple 0.48x 10.5x 14.6x 20.2x 1.9x Multiple rating (10=highest) Copyright 2006 Valmetrics 28 / 71

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