Industry Multiples Global Report Standard Edition

Transcription

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 [email protected]. 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 [email protected]. 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

29 45. Food Retail Owners and operators of primarily food retail stores. Table 45 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.02x 0.3x 0.4x 0.0x 0.0x 1st quartile 0.28x 6.3x 9.4x 14.3x 1.2x Median 0.41x 8.0x 12.8x 16.7x 1.7x 3rd quartile 0.57x 11.2x 16.7x 21.3x 2.9x Maximum 1.20x 16.5x 24.2x 44.9x 5.5x Mean 0.44x 8.7x 13.3x 18.8x 2.2x Std deviation as % of mean 58% 45% 43% 46% 64% Modal interval [ [ [ [ [ [ [ [ [ [ Modal interval frequency 27.3% 38.6% 35.0% 34.3% 32.6% Mode estimate 0.31x 7.3x 11.7x 16.2x 1.4x Valmetrics multiple 0.44x 8.7x 13.3x 18.8x 1.4x Multiple rating (10=highest) Footwear Manufacturers of footwear. Includes sport and leather shoes. Table 46 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 4.3x 6.0x 0.4x 1st quartile 0.42x 5.1x 6.9x 9.4x 1.0x Median 0.53x 8.1x 10.2x 13.5x 1.8x 3rd quartile 0.90x 16.7x 11.2x 19.4x 2.7x Maximum 1.57x 30.5x 12.2x 33.5x 5.5x Mean 0.65x 11.5x 9.1x 15.2x 2.1x Std deviation as % of mean 56% 73% 31% 49% 69% Modal interval [ [ [0-8.5[ [ [ [ [ [ [ Modal interval frequency 38.9% 55.0% 50.0% 40.0% 50.0% Mode estimate 0.40x 5.2x 11.1x 10.5x 1.3x Valmetrics multiple 0.53x 8.1x 9.1x 15.2x 1.8x Multiple rating (10=highest) Copyright 2006 Valmetrics 29 / 71

30 47. Forest Products Manufacturers of timber and related wood products. Includes lumber for the building industry. Table 47 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.43x 2.6x 3.5x 0.1x 0.0x 1st quartile 0.67x 5.7x 9.1x 10.0x 0.9x Median 1.27x 8.1x 13.8x 13.3x 1.2x 3rd quartile 2.89x 19.7x 21.6x 26.4x 1.9x Maximum 5.09x 27.3x 53.3x 89.6x 4.8x Mean 1.89x 11.8x 17.8x 21.8x 1.6x Std deviation as % of mean 80% 69% 77% 96% 71% Modal interval [0-1.44[ [1-10.3[ [2.3-11[ [ [ [ [ Modal interval frequency 58.6% 66.7% 33.3% 36.4% 43.3% Mode estimate 0.85x 5.9x 11.0x 13.6x 1.0x Valmetrics multiple 1.27x 8.1x 13.8x 13.3x 1.2x Multiple rating (10=highest) Gas Utilities Companies whose main charter is to distribute and transmit natural and manufactured gas. Excludes companies primarily involved in gas exploration or production classified in the Oil & Gas Exploration & Production sub-industry. Also excludes diversified midstream natural gas companies classified in the Oil & Gas Refining, Marketing & Transportation sub-industry. Table 48 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.54x 3.5x 7.4x 0.6x 0.4x 1st quartile 1.30x 8.0x 12.1x 14.4x 1.6x Median 1.56x 9.2x 14.0x 18.0x 1.9x 3rd quartile 2.15x 11.1x 16.9x 23.9x 2.5x Maximum 5.66x 16.1x 22.9x 38.3x 4.3x Mean 1.94x 9.6x 14.2x 18.9x 2.0x Std deviation as % of mean 59% 28% 26% 41% 41% Modal interval [ [ [8-9.8[ [ [ [ [ [ [ Modal interval frequency 36.8% 29.3% 28.2% 37.5% 33.3% Mode estimate 1.57x 9.5x 15.5x 18.8x 2.0x Valmetrics multiple 1.57x 9.6x 14.2x 18.9x 2.0x Multiple rating (10=highest) Copyright 2006 Valmetrics 30 / 71

31 49. General Merchandise Stores Owners and operators of stores offering diversified general merchandise. Excludes hypermarkets and large-scale super centers classified in the Hypermarkets & Super Centers sub-industry. Table 49 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.13x 0.6x 0.3x 14.3x 0.7x 1st quartile 0.60x 8.1x 11.9x 19.6x 1.6x Median 0.82x 9.8x 15.4x 28.4x 1.9x 3rd quartile 1.67x 14.1x 22.7x 42.6x 3.0x Maximum 3.36x 27.2x 30.3x 182.9x 3.4x Mean 1.22x 11.8x 16.5x 43.2x 2.2x Std deviation as % of mean 78% 55% 46% 96% 38% Modal interval [0-0.74[ [ [ [ [ [ [ [ [ Modal interval frequency 45.8% 40.0% 39.1% 47.8% 39.1% Mode estimate 0.51x 9.8x 13.6x 20.8x 2.3x Valmetrics multiple 0.82x 9.8x 16.5x 28.4x 2.2x Multiple rating (10=highest) Gold Producers of gold and related products, including companies that mine or process gold and the South African finance houses which primarily invest in, but do not operate, gold mines. Table 50 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.39x 4.9x 6.4x 5.0x 0.4x 1st quartile 2.47x 10.3x 13.3x 12.3x 2.2x Median 4.94x 18.7x 29.8x 32.7x 3.6x 3rd quartile 14.02x 27.7x 36.1x 52.8x 5.4x Maximum 29.72x 43.4x 60.8x 129.2x 9.6x Mean 8.92x 20.1x 27.7x 39.3x 4.0x Std deviation as % of mean 102% 59% 59% 87% 58% Modal interval [0-6.81[ [ [ [0-16.8[ [0-28.5[ [ [ Modal interval frequency 61.5% 33.3% 35.0% 47.8% 32.3% Mode estimate 3.80x 12.1x 14.7x 20.9x 2.8x Valmetrics multiple 3.80x 20.1x 27.7x 32.7x 3.6x Multiple rating (10=highest) Copyright 2006 Valmetrics 31 / 71

32 51. Health Care Services Providers of health care services not classified elsewhere. Includes dialysis centers and lab testing services. Table 51 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.09x 0.8x 0.9x 0.4x 0.0x 1st quartile 0.91x 7.8x 11.4x 16.9x 1.8x Median 1.56x 11.1x 15.3x 22.0x 2.8x 3rd quartile 3.02x 15.1x 21.5x 31.0x 4.2x Maximum 5.83x 28.5x 39.2x 55.1x 8.1x Mean 1.95x 12.0x 16.8x 24.5x 3.2x Std deviation as % of mean 68% 49% 47% 50% 57% Modal interval [ [ [ [ [ [ [ [ [ [ Modal interval frequency 33.3% 30.2% 32.1% 36.2% 29.8% Mode estimate 1.37x 9.7x 13.8x 20.1x 2.2x Valmetrics multiple 1.37x 12.0x 16.8x 24.5x 2.8x Multiple rating (10=highest) Health Care Distributors Distributors and wholesalers of health care products not classified elsewhere. Table 52 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.07x 3.6x 4.9x 2.8x 0.2x 1st quartile 0.34x 10.6x 15.1x 20.8x 1.2x Median 0.63x 13.6x 18.5x 27.0x 2.5x 3rd quartile 1.42x 16.4x 23.0x 36.3x 3.4x Maximum 3.34x 24.7x 35.5x 75.3x 4.9x Mean 0.99x 13.6x 19.2x 30.6x 2.5x Std deviation as % of mean 91% 34% 38% 54% 56% Modal interval [0-0.72[ [ [ [ [ [ [ [0-1.4[ Modal interval frequency 51.9% 38.5% 40.0% 36.0% 37.0% Mode estimate 0.46x 13.7x 17.7x 26.7x 0.9x Valmetrics multiple 0.63x 13.6x 19.2x 27.0x 2.5x Multiple rating (10=highest) Copyright 2006 Valmetrics 32 / 71

33 53. Health Care Equipment Manufacturers of health care equipment and devices. Includes medical electronic precision instruments. Includes drug delivery systems. Table 53 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.41x 0.1x 0.0x 6.3x 0.1x 1st quartile 1.66x 10.4x 13.9x 22.4x 2.0x Median 2.88x 16.1x 18.8x 29.6x 3.3x 3rd quartile 4.94x 22.4x 24.8x 39.9x 5.8x Maximum 9.38x 45.5x 47.1x 80.5x 11.5x Mean 3.41x 17.1x 20.1x 32.8x 4.1x Std deviation as % of mean 64% 52% 47% 47% 64% Modal interval [ [ [ [ [ [ [ [ [ [ Modal interval frequency 26.9% 23.2% 25.0% 33.8% 27.3% Mode estimate 1.92x 16.9x 16.8x 24.6x 2.5x Valmetrics multiple 2.88x 17.1x 20.1x 32.8x 3.3x Multiple rating (10=highest) Health Care Facilities Owners and operators of health care facilities, including hospitals, nursing homes, rehabilitation and retirement centers, animal hospitals, cemeteries and funeral homes. Table 54 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.15x 2.1x 2.7x 0.0x 0.0x 1st quartile 0.91x 7.3x 10.7x 12.0x 1.4x Median 1.35x 9.7x 13.2x 21.0x 2.1x 3rd quartile 2.04x 15.2x 20.0x 31.0x 2.6x Maximum 3.96x 23.4x 37.2x 56.7x 6.3x Mean 1.54x 11.2x 15.9x 23.0x 2.3x Std deviation as % of mean 59% 48% 52% 57% 60% Modal interval [ [ [ [ [ [ [ [ [ [ Modal interval frequency 30.6% 36.7% 27.3% 41.9% 30.4% Mode estimate 1.18x 8.4x 11.5x 16.8x 2.2x Valmetrics multiple 1.35x 11.2x 13.2x 16.8x 2.3x Multiple rating (10=highest) Copyright 2006 Valmetrics 33 / 71

34 55. Health Care Supplies Manufacturers of health care supplies and medical products not classified elsewhere. Includes eye care products. Table 55 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.11x 1.4x 1.3x 10.4x 0.2x 1st quartile 1.69x 10.7x 12.8x 20.2x 1.8x Median 2.76x 12.4x 15.5x 29.6x 3.2x 3rd quartile 3.46x 13.9x 18.0x 34.2x 4.7x Maximum 6.68x 29.7x 32.6x 56.8x 11.0x Mean 2.72x 13.5x 15.7x 28.8x 3.7x Std deviation as % of mean 57% 44% 41% 37% 69% Modal interval [ [ [ [ [ [ [ [ [ [ Modal interval frequency 35.3% 28.6% 34.8% 40.0% 30.6% Mode estimate 2.60x 12.3x 16.0x 32.3x 2.4x Valmetrics multiple 2.60x 13.5x 15.7x 28.8x 2.4x Multiple rating (10=highest) Heavy Electrical Equipment Manufacturers of power-generating equipment and other heavy electrical equipment, including power turbines, heavy electrical machinery intended for fixed-use and large electrical systems. Excludes cables and wires, classified in the Electrical Components & Equipment sub-industry. Table 56 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.08x 0.1x 0.1x 0.1x 0.0x 1st quartile 0.76x 6.6x 7.9x 9.7x 1.3x Median 1.25x 10.5x 17.8x 19.4x 2.4x 3rd quartile 1.58x 15.2x 23.2x 25.9x 3.9x Maximum 3.71x 28.0x 33.4x 44.7x 8.3x Mean 1.33x 10.9x 16.0x 19.7x 2.8x Std deviation as % of mean 70% 70% 67% 72% 70% Modal interval [ [ [ [ [0-12.4[ [0-13.5[ [ [ Modal interval frequency 30.0% 43.8% 40.0% 42.9% 39.1% Mode estimate 1.20x 10.2x 12.4x 11.6x 2.5x Valmetrics multiple 1.25x 10.5x 17.8x 19.4x 2.4x Multiple rating (10=highest) Copyright 2006 Valmetrics 34 / 71

35 57. Highways & Railtracks Owners and operators of roads, tunnels and railtracks. Table 57 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 2.57x 4.0x 4.7x 1.9x 0.2x 1st quartile 5.12x 7.9x 10.5x 12.9x 1.2x Median 7.39x 10.3x 13.4x 17.7x 1.6x 3rd quartile 8.20x 12.8x 18.2x 26.9x 2.1x Maximum 13.07x 22.9x 22.8x 46.2x 3.8x Mean 7.10x 11.0x 14.3x 19.9x 1.8x Std deviation as % of mean 38% 44% 35% 52% 47% Modal interval [ [ [ [ [ [ [ [ [ [ Modal interval frequency 37.9% 27.6% 39.3% 37.5% 29.4% Mode estimate 6.98x 10.3x 11.9x 14.3x 1.3x Valmetrics multiple 7.10x 11.0x 14.3x 14.3x 1.8x Multiple rating (10=highest) Home Entertainment Software Manufacturers of home entertainment software and educational software used primarily in the home. Table 58 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.03x 0.2x 0.2x 5.4x 0.0x 1st quartile 0.58x 3.3x 6.0x 10.4x 1.2x Median 0.82x 6.6x 15.2x 23.2x 1.7x 3rd quartile 1.43x 11.4x 19.8x 29.4x 2.5x Maximum 2.12x 17.3x 35.6x 32.0x 4.4x Mean 0.99x 7.1x 14.5x 19.8x 1.9x Std deviation as % of mean 64% 74% 68% 50% 57% Modal interval [ [ [0-6.6[ [ [ [ [ [ [ Modal interval frequency 35.7% 46.7% 46.2% 55.6% 33.3% Mode estimate 0.72x 5.1x 13.6x 21.7x 2.2x Valmetrics multiple 0.82x 6.6x 15.2x 19.8x 1.7x Multiple rating (10=highest) Copyright 2006 Valmetrics 35 / 71

36 59. Home Furnishings Manufacturers of soft home furnishings or furniture, including upholstery, carpets and wallcoverings. Table 59 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.07x 0.0x 2.6x 2.8x 0.0x 1st quartile 0.44x 5.3x 8.9x 10.3x 1.0x Median 0.67x 8.0x 10.6x 15.3x 1.5x 3rd quartile 0.91x 8.8x 13.5x 18.4x 2.0x Maximum 1.73x 14.6x 19.5x 30.1x 3.2x Mean 0.70x 7.4x 11.0x 15.0x 1.6x Std deviation as % of mean 53% 42% 34% 41% 52% Modal interval [ [ [ [ [ [ [ [ [ [ Modal interval frequency 26.9% 33.3% 32.5% 32.5% 30.8% Mode estimate 0.47x 8.5x 10.5x 13.3x 1.4x Valmetrics multiple 0.70x 7.4x 11.0x 15.0x 1.6x Multiple rating (10=highest) Homebuilding Residential construction companies. Includes manufacturers of prefabricated houses and semi-fixed manufactured homes. Table 60 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.29x 2.4x 2.4x 4.3x 0.6x 1st quartile 0.72x 5.8x 5.8x 6.7x 1.4x Median 0.90x 7.1x 6.6x 8.9x 1.8x 3rd quartile 1.12x 10.6x 9.3x 11.0x 2.1x Maximum 2.17x 19.9x 21.0x 29.3x 4.2x Mean 0.96x 8.7x 8.3x 10.4x 1.9x Std deviation as % of mean 47% 50% 52% 55% 41% Modal interval [ [ [4-6.8[ [ [ [ [ [ [ Modal interval frequency 27.0% 41.7% 30.3% 35.9% 38.1% Mode estimate 0.93x 6.0x 6.2x 8.0x 1.9x Valmetrics multiple 0.96x 6.0x 6.6x 8.0x 1.9x Multiple rating (10=highest) Copyright 2006 Valmetrics 36 / 71

37 61. Home Improvement Retail Owners and operators of home and garden improvement retail stores. Includes stores offering building materials and supplies. Table 61 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.45x 3.5x 8.9x 3.5x 0.6x 1st quartile 0.50x 7.2x 10.0x 11.5x 1.1x Median 0.67x 8.0x 11.0x 13.9x 1.7x 3rd quartile 1.07x 9.7x 12.8x 15.9x 2.8x Maximum 2.26x 11.7x 16.2x 19.3x 3.9x Mean 0.90x 8.3x 11.4x 13.1x 2.0x Std deviation as % of mean 59% 26% 18% 31% 56% Modal interval [ [ [ [ [8-10.3[ [ [ [ [ Modal interval frequency 60.0% 37.5% 46.7% 42.9% 42.9% Mode estimate 0.73x 7.9x 9.5x 14.5x 1.4x Valmetrics multiple 0.67x 8.3x 11.4x 13.1x 1.7x Multiple rating (10=highest) Hotels, Resorts & Cruise Lines Owners and operators of hotels, resorts and cruise-ships. Includes travel agencies, tour operators and related services not classified elsewhere. Excludes casino-hotels classified in the Casinos & Gaming sub-industry. Table 62 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.07x 3.0x 3.9x 1.3x 0.3x 1st quartile 1.37x 7.6x 11.8x 15.2x 1.0x Median 2.48x 11.1x 18.0x 20.9x 1.7x 3rd quartile 3.67x 15.6x 25.4x 30.4x 2.6x Maximum 7.41x 28.4x 49.4x 63.7x 4.5x Mean 2.72x 11.9x 19.5x 23.9x 1.8x Std deviation as % of mean 67% 47% 53% 59% 60% Modal interval [ [ [ [ [ [ [ [ [ [ Modal interval frequency 25.0% 31.3% 28.6% 33.9% 24.0% Mode estimate 2.26x 9.0x 15.6x 18.8x 0.8x Valmetrics multiple 2.48x 11.9x 19.5x 20.9x 1.7x Multiple rating (10=highest) Copyright 2006 Valmetrics 37 / 71

38 63. Household Appliances Manufacturers of electric household appliances and related products. Includes manufacturers of power and hand tools, including garden improvement tools. Excludes TVs and other audio and video products classified in the Consumer Electronics sub-industry and personal computers classified in the Computer Hardware sub-industry. Table 63 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.11x 3.3x 5.0x 5.0x 0.1x 1st quartile 0.36x 5.3x 8.9x 11.1x 0.7x Median 0.48x 6.9x 10.0x 15.1x 1.1x 3rd quartile 0.94x 9.2x 14.3x 24.7x 2.6x Maximum 1.86x 16.2x 24.9x 57.3x 5.8x Mean 0.65x 7.6x 11.7x 19.9x 1.8x Std deviation as % of mean 64% 40% 42% 69% 80% Modal interval [ [ [ [ [ [ [ [ [0-1[ Modal interval frequency 34.0% 27.5% 45.8% 34.8% 50.0% Mode estimate 0.43x 6.0x 9.0x 14.4x 0.6x Valmetrics multiple 0.43x 7.6x 9.0x 14.4x 0.6x Multiple rating (10=highest) Household Products Producers of non-durable household products, including detergents, soaps, diapers and other tissue and household paper products not classified in the Paper Products sub-industry. Table 64 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.17x 4.4x 8.0x 7.4x 0.4x 1st quartile 0.82x 6.8x 10.6x 14.1x 1.1x Median 1.46x 9.2x 12.4x 17.0x 2.5x 3rd quartile 2.22x 11.4x 14.6x 20.5x 3.9x Maximum 3.05x 13.0x 21.0x 24.6x 7.0x Mean 1.58x 9.1x 12.8x 16.7x 2.6x Std deviation as % of mean 58% 31% 26% 29% 69% Modal interval [ [ [7-10.4[ [9.9-13[ [ [ [ [ Modal interval frequency 35.0% 38.9% 33.3% 37.5% 50.0% Mode estimate 1.10x 9.3x 13.0x 17.3x 2.4x Valmetrics multiple 1.58x 9.1x 12.8x 16.7x 2.5x Multiple rating (10=highest) Copyright 2006 Valmetrics 38 / 71

39 65. Housewares & Specialities Manufacturers of durable household products, including cutlery, cookware, glassware, crystal, silverware, utensils, kitchenware and consumer specialties not classified elsewhere. Table 65 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 2.3x 5.4x 0.2x 1st quartile 0.53x 4.8x 6.8x 9.4x 1.0x Median 0.71x 6.9x 9.2x 14.5x 1.2x 3rd quartile 1.21x 9.5x 14.1x 18.7x 2.0x Maximum 2.58x 15.5x 24.8x 31.7x 4.2x Mean 0.93x 7.2x 11.0x 14.3x 1.7x Std deviation as % of mean 64% 47% 54% 43% 65% Modal interval [ [ [ [ [ [ [ [ [ [ Modal interval frequency 40.5% 37.9% 40.7% 50.0% 41.7% Mode estimate 0.62x 6.1x 8.7x 12.1x 1.1x Valmetrics multiple 0.62x 7.2x 9.2x 14.3x 1.1x Multiple rating (10=highest) Hypermarkets & Super Centers Owners and operators of hypermarkets and super centers selling food and a wide-range of consumer staple products. Excludes Food and Drug Retailers classified in the Food Retail and Drug Retail sub-industries, respectively. Table 66 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.14x 5.2x 8.8x 9.8x 0.5x 1st quartile 0.30x 6.7x 9.9x 12.2x 1.3x Median 0.36x 7.0x 11.1x 17.7x 2.3x 3rd quartile 0.50x 8.3x 14.7x 20.2x 3.3x Maximum 0.60x 11.0x 23.0x 27.4x 5.0x Mean 0.39x 7.6x 13.1x 17.4x 2.5x Std deviation as % of mean 32% 20% 31% 31% 53% Modal interval [ [ [ [ [ [ [ [ [0-1.5[ Modal interval frequency 44.4% 53.3% 58.8% 37.5% 31.6% Mode estimate 0.39x 6.9x 10.6x 15.4x 1.3x Valmetrics multiple 0.39x 7.6x 13.1x 17.4x 2.5x Multiple rating (10=highest) Copyright 2006 Valmetrics 39 / 71

40 67. Industrial Conglomerates Diversified industrial companies with business activities in three or more sectors, none of which contributes a majority of revenues. Stakes held are predominantly of a controlling nature and stake holders maintain an operational interest in the running of the subsidiaries. Table 67 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.29x 3.0x 5.4x 0.1x 0.0x 1st quartile 0.74x 7.1x 10.0x 10.7x 1.0x Median 1.56x 10.0x 14.9x 19.6x 1.4x 3rd quartile 2.89x 15.0x 20.9x 33.3x 2.5x Maximum 5.73x 34.2x 42.6x 73.0x 4.9x Mean 1.95x 12.0x 16.6x 24.0x 1.9x Std deviation as % of mean 73% 59% 51% 69% 62% Modal interval [0-1.02[ [5-8.9[ [ [ [0-11[ [ [ Modal interval frequency 37.3% 35.8% 27.4% 26.1% 35.8% Mode estimate 0.77x 7.4x 11.6x 11.0x 1.1x Valmetrics multiple 0.77x 7.4x 14.9x 19.6x 1.1x Multiple rating (10=highest) Industrial Gases Manufacturers of industrial gases. Table 68 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1.11x 6.8x 14.6x 20.0x 1.8x 1st quartile 1.52x 7.9x 16.2x 21.2x 1.9x Median 1.83x 10.0x 17.2x 24.5x 3.1x 3rd quartile 2.22x 10.9x 17.6x 28.2x 3.4x Maximum 2.34x 11.5x 19.5x 30.0x 3.9x Mean 1.81x 9.5x 17.0x 24.8x 2.8x Std deviation as % of mean 27% 21% 10% 17% 31% Modal interval [ [ [ [ [ [ [ [ [ [ Modal interval frequency 50.0% 66.7% 50.0% 50.0% 57.1% Mode estimate 1.73x 10.3x 17.9x 25.0x 3.1x Valmetrics multiple 1.81x 9.5x 17.0x 24.8x 2.8x Multiple rating (10=highest) Copyright 2006 Valmetrics 40 / 71

41 69. Industrial Machinery Manufacturers of industrial machinery and industrial components. Includes companies that manufacture presses, machine tools, compressors, pollution control equipment, elevators, escalators, insulators, pumps, roller bearings and other metal fabrications. Table 69 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.03x 0.1x 0.2x 0.0x 0.0x 1st quartile 0.53x 6.4x 9.5x 12.6x 1.2x Median 0.92x 9.4x 13.4x 19.8x 1.9x 3rd quartile 1.42x 12.3x 17.7x 30.0x 3.0x Maximum 3.08x 24.0x 36.2x 71.3x 6.1x Mean 1.07x 9.7x 14.1x 22.9x 2.2x Std deviation as % of mean 62% 49% 45% 60% 60% Modal interval [ [ [ [ [ [ [ [ [ [ Modal interval frequency 20.4% 19.9% 17.4% 23.2% 20.4% Mode estimate 0.52x 7.0x 10.9x 15.1x 1.8x Valmetrics multiple 0.92x 9.7x 14.1x 19.8x 1.9x Multiple rating (10=highest) Integrated Oil & Gas Integrated oil companies engaged in the exploration & production of oil and gas, as well as at least one other significant activity in either refining, marketing and transportation, or chemicals. Table 70 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.43x 3.5x 1.2x 9.1x 0.3x 1st quartile 0.97x 5.8x 7.6x 12.3x 2.1x Median 1.38x 6.5x 9.2x 13.2x 3.1x 3rd quartile 1.90x 8.1x 11.8x 15.6x 3.6x Maximum 3.43x 11.9x 22.0x 20.5x 4.3x Mean 1.54x 7.1x 10.1x 14.2x 2.8x Std deviation as % of mean 51% 28% 40% 21% 37% Modal interval [ [ [ [ [ [ [ [ [ [ Modal interval frequency 33.3% 29.2% 38.5% 36.0% 34.6% Mode estimate 1.42x 6.1x 8.1x 13.0x 3.4x Valmetrics multiple 1.54x 7.1x 10.1x 14.2x 2.8x Multiple rating (10=highest) Copyright 2006 Valmetrics 41 / 71

42 71. Integrated Telecommunication Services Operators of primarily fixed-line telecommunications networks and companies providing both wireless and fixed-line telecommunications services not classified elsewhere. Table 71 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 3.3x 0.3x 0.0x 1st quartile 1.20x 3.9x 8.8x 11.3x 1.2x Median 1.99x 5.7x 10.7x 15.6x 1.9x 3rd quartile 2.45x 7.0x 13.8x 19.2x 2.6x Maximum 3.94x 10.6x 22.3x 43.8x 4.6x Mean 1.90x 5.7x 11.0x 16.8x 2.0x Std deviation as % of mean 50% 37% 38% 59% 58% Modal interval [ [ [ [ [ [ [ [ [ [ Modal interval frequency 31.3% 35.6% 28.8% 28.6% 25.8% Mode estimate 2.20x 5.6x 9.6x 14.1x 2.2x Valmetrics multiple 1.90x 5.7x 11.0x 16.8x 2.0x Multiple rating (10=highest) Internet Retail Companies providing retail services primarily on the internet, not classified elsewhere. Table 72 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.21x nm nm nm 1.0x 1st quartile 1.00x nm nm nm 2.2x Median 1.60x nm nm nm 2.5x 3rd quartile 2.17x nm nm nm 3.4x Maximum 2.95x nm nm nm 5.4x Mean 1.55x nm nm nm 2.8x Std deviation as % of mean 56% nm nm nm 51% Modal interval [0-1.09[ nm nm nm [2-3.2[ Modal interval frequency 40.0% nm nm nm 37.5% Mode estimate 0.88x nm nm nm 2.6x Valmetrics multiple 1.55x nm nm nm 2.8x Multiple rating (10=highest) 3 na na na 5 Copyright 2006 Valmetrics 42 / 71

43 73. Internet Software & Services Companies developing and marketing internet software and/or providing internet services including online databases and interactive services, web address registration services, database construction and internet design services. Excludes companies classified in the Internet Retail sub-industry. Table 73 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.13x 0.0x 0.0x 0.4x 0.0x 1st quartile 0.83x 5.7x 7.6x 16.0x 1.4x Median 1.36x 12.8x 13.9x 27.2x 2.5x 3rd quartile 2.78x 26.4x 27.3x 42.1x 4.9x Maximum 8.34x 62.7x 63.8x 117.5x 10.9x Mean 2.18x 17.5x 18.8x 34.1x 3.3x Std deviation as % of mean 90% 84% 83% 76% 75% Modal interval [ [ [0-9.3[ [0-9.7[ [13-26[ [ [ Modal interval frequency 29.5% 36.4% 31.3% 24.6% 28.3% Mode estimate 0.98x 6.3x 8.9x 26.0x 1.7x Valmetrics multiple 1.36x 6.3x 8.9x 27.2x 2.5x Multiple rating (10=highest) IT Consulting & Other Services Providers of information technology and systems integration services not classified in the Data Processing & Outsourced Services or Internet Software & Services sub-industries. Includes information technology consulting and information management services. Table 74 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.01x 0.7x 0.1x 1.4x 0.1x 1st quartile 0.41x 8.2x 11.4x 16.5x 1.6x Median 0.83x 11.6x 18.2x 23.5x 2.3x 3rd quartile 1.23x 15.7x 24.9x 36.3x 3.4x Maximum 2.73x 31.0x 46.9x 72.8x 6.3x Mean 0.89x 12.4x 19.1x 27.3x 2.6x Std deviation as % of mean 68% 48% 52% 55% 56% Modal interval [ [ [ [ [ [ [ [ [2-2.7[ Modal interval frequency 23.1% 22.8% 25.3% 25.9% 20.1% Mode estimate 0.46x 9.5x 10.7x 20.8x 2.2x Valmetrics multiple 0.83x 12.4x 19.1x 23.5x 2.3x Multiple rating (10=highest) Copyright 2006 Valmetrics 43 / 71

44 75. Leisure Facilities Owners and operators of leisure facilities, including sport and fitness centers, stadiums, golf courses and amusement parks not classified in the Movies & Entertainment sub-industry. Table 75 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.21x 3.1x 6.0x 8.9x 0.4x 1st quartile 1.45x 7.0x 11.6x 14.9x 1.1x Median 2.61x 9.4x 14.6x 20.1x 1.4x 3rd quartile 3.85x 14.1x 20.9x 29.1x 3.3x Maximum 6.93x 28.3x 39.3x 57.3x 6.5x Mean 2.81x 11.5x 17.2x 25.4x 2.1x Std deviation as % of mean 61% 53% 53% 58% 70% Modal interval [ [ [ [ [ [ [ [ [ [ Modal interval frequency 31.4% 36.7% 45.8% 36.0% 51.4% Mode estimate 2.20x 8.8x 13.7x 18.5x 0.9x Valmetrics multiple 2.81x 9.4x 14.6x 20.1x 0.9x Multiple rating (10=highest) Leisure Products Manufacturers of leisure products and equipment including sports equipment, bicycles and toys. Table 76 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.09x 2.6x 4.3x 1.3x 0.0x 1st quartile 0.49x 6.9x 10.3x 15.1x 1.0x Median 0.77x 9.6x 14.2x 19.7x 1.9x 3rd quartile 1.46x 13.3x 22.8x 33.2x 3.9x Maximum 2.95x 26.7x 39.2x 83.3x 7.7x Mean 0.99x 11.1x 16.0x 25.7x 2.7x Std deviation as % of mean 68% 54% 54% 66% 76% Modal interval [ [ [ [ [ [ [ [ [0-1.6[ Modal interval frequency 37.3% 28.6% 32.5% 45.9% 34.7% Mode estimate 0.67x 9.8x 10.8x 16.6x 1.5x Valmetrics multiple 0.67x 9.6x 14.2x 16.6x 1.5x Multiple rating (10=highest) Copyright 2006 Valmetrics 44 / 71

45 77. Managed Health Care Owners and operators of Health Maintenance Organizations (HMOs) and other managed plans. Table 77 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum nm 0.5x 0.5x 21.1x 2.4x 1st quartile nm 2.8x 2.9x 24.1x 3.0x Median nm 8.3x 9.7x 24.9x 3.3x 3rd quartile nm 11.1x 13.1x 26.8x 3.4x Maximum nm 16.6x 18.1x 28.9x 3.8x Mean nm 7.8x 8.8x 25.2x 3.2x Std deviation as % of mean nm 79% 79% 11% 15% Modal interval nm [0-9.1[ [0-11.2[ [ [ [ [ Modal interval frequency nm 50.0% 50.0% 50.0% 57.1% Mode estimate nm 9.1x 11.2x 25.5x 3.3x Valmetrics multiple nm 8.3x 9.7x 25.2x 3.2x Multiple rating (10=highest) na Marine Companies providing goods or passenger maritime transportation. Excludes cruise-ships classified in the Hotels, Resorts & Cruise Lines sub-industry. Table 78 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.08x 0.6x 1.6x 2.3x 0.4x 1st quartile 0.98x 4.5x 5.8x 4.6x 1.1x Median 1.54x 6.3x 9.0x 8.8x 1.5x 3rd quartile 2.21x 8.9x 18.9x 16.8x 2.2x Maximum 4.10x 17.9x 41.3x 35.5x 4.4x Mean 1.67x 7.2x 13.4x 11.2x 1.8x Std deviation as % of mean 55% 55% 81% 75% 55% Modal interval [ [ [5.4-8[ [0-7.7[ [ [ [ [ Modal interval frequency 33.3% 32.5% 35.0% 44.7% 39.0% Mode estimate 1.23x 5.7x 7.7x 5.9x 1.3x Valmetrics multiple 1.67x 6.3x 7.7x 5.9x 1.3x Multiple rating (10=highest) Copyright 2006 Valmetrics 45 / 71

46 79. Marine Ports & Services Owners and operators of marine ports and related services. Table 79 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.49x 2.4x 2.8x 7.0x 0.6x 1st quartile 2.01x 8.1x 10.9x 17.8x 1.6x Median 3.69x 10.5x 15.4x 18.6x 2.1x 3rd quartile 5.17x 13.3x 17.9x 23.4x 3.0x Maximum 10.09x 18.8x 27.7x 32.0x 4.9x Mean 3.69x 10.8x 14.7x 19.5x 2.4x Std deviation as % of mean 66% 43% 42% 30% 45% Modal interval [ [ [ [ [ [ [ [ [ [ Modal interval frequency 37.5% 25.0% 30.8% 36.0% 37.1% Mode estimate 1.72x 12.3x 16.1x 20.5x 1.7x Valmetrics multiple 1.72x 10.8x 14.7x 19.5x 2.4x Multiple rating (10=highest) Metal & Glass Containers Manufacturers of metal, glass or plastic containers. Includes corks and caps. Table 80 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.23x 0.9x 1.0x 0.5x 0.1x 1st quartile 0.52x 3.9x 6.4x 7.3x 0.7x Median 0.77x 6.4x 11.5x 15.0x 1.1x 3rd quartile 1.10x 8.1x 13.8x 20.1x 1.8x Maximum 1.92x 11.0x 25.1x 29.5x 2.6x Mean 0.88x 6.2x 10.9x 14.2x 1.3x Std deviation as % of mean 53% 44% 52% 55% 53% Modal interval [ [ [ [ [ [ [ [ [1.3-2[ Modal interval frequency 29.3% 28.9% 31.6% 37.1% 30.8% Mode estimate 0.74x 4.4x 12.0x 18.1x 1.5x Valmetrics multiple 0.77x 6.2x 10.9x 18.1x 1.1x Multiple rating (10=highest) Copyright 2006 Valmetrics 46 / 71

47 81. Motorcycle Manufacturers Companies that produce motorcycles, scooters or three-wheelers. Excludes bicycles classified in the Leisure Products sub-industry. Table 81 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.29x 5.7x 7.8x 7.5x 1.0x 1st quartile 0.84x 8.6x 19.1x 23.7x 1.2x Median 1.16x 13.8x 42.8x 90.4x 1.8x 3rd quartile 2.01x 24.7x 94.7x 144.4x 3.6x Maximum 3.30x 31.5x 174.9x 194.7x 4.8x Mean 1.47x 16.8x 68.0x 89.2x 2.4x Std deviation as % of mean 74% 64% 102% 74% 60% Modal interval [ [ [ [ [0-75.5[ [ [ [ [ Modal interval frequency 72.7% 62.5% 75.0% 60.0% 63.6% Mode estimate 0.74x 14.0x 37.8x 84.0x 2.2x Valmetrics multiple 1.16x 13.8x 42.8x 90.4x 1.8x Multiple rating (10=highest) Movies & Entertainment Companies that engage in producing and selling entertainment products and services, including companies engaged in the production, distribution and screening of movies and television shows, producers and distributors of music, entertainment theatres and sports teams. Table 82 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.05x 0.2x 0.2x 0.5x 0.1x 1st quartile 0.58x 4.2x 7.4x 10.2x 1.1x Median 1.12x 6.3x 13.8x 15.6x 1.6x 3rd quartile 1.90x 12.3x 17.8x 24.3x 2.1x Maximum 4.16x 25.0x 34.5x 55.8x 4.6x Mean 1.26x 8.2x 14.1x 18.9x 1.8x Std deviation as % of mean 68% 72% 62% 70% 53% Modal interval [ [ [4-8[ [ [ [ [ [ [ Modal interval frequency 32.4% 40.3% 32.6% 31.3% 23.2% Mode estimate 0.77x 5.4x 13.7x 13.2x 1.7x Valmetrics multiple 0.77x 5.4x 13.7x 13.2x 1.6x Multiple rating (10=highest) Copyright 2006 Valmetrics 47 / 71

48 83. Multi-Utilities & Unregulated Power Utility companies with significantly diversified activities in the Electric Utilities, Gas Utilities and/or Water Utilities sub-industries not classified elsewhere. Includes unregulated independent power producers and distributors. Table 83 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.63x 3.8x 9.8x 1.6x 0.2x 1st quartile 1.47x 7.8x 12.4x 14.8x 1.4x Median 1.77x 9.1x 14.4x 17.1x 1.6x 3rd quartile 2.26x 10.1x 16.6x 23.0x 1.9x Maximum 3.66x 14.1x 24.4x 40.0x 2.8x Mean 1.86x 9.1x 14.9x 19.6x 1.6x Std deviation as % of mean 36% 24% 24% 41% 33% Modal interval [ [ [ [ [ [ [ [ [ [ Modal interval frequency 28.0% 29.8% 28.9% 42.6% 31.3% Mode estimate 1.76x 9.2x 13.6x 16.2x 1.6x Valmetrics multiple 1.86x 9.1x 14.9x 16.2x 1.6x Multiple rating (10=highest) Office Electronics Manufacturers of office electronic equipment including copiers and faxes. Table 84 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.46x 8.0x nm 9.3x 1.0x 1st quartile 0.77x 8.6x nm 15.0x 1.4x Median 1.05x 9.6x nm 18.3x 1.9x 3rd quartile 1.43x 11.5x nm 23.7x 3.2x Maximum 1.67x 22.1x nm 55.1x 5.1x Mean 1.08x 11.6x nm 23.4x 2.5x Std deviation as % of mean 44% 46% nm 70% 61% Modal interval [ [ [ [ nm [ [ [ [ Modal interval frequency 50.0% 50.0% nm 50.0% 57.1% Mode estimate 1.07x 9.3x nm 15.4x 1.4x Valmetrics multiple 1.08x 11.6x nm 18.3x 1.9x Multiple rating (10=highest) 8 6 na 3 2 Copyright 2006 Valmetrics 48 / 71

49 85. Office Services & Supplies Providers of office services and manufacturers of office supplies and equipment not classified elsewhere. Table 85 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.19x 2.2x 4.0x 5.4x 0.0x 1st quartile 0.39x 5.8x 10.1x 13.9x 0.9x Median 0.48x 7.7x 11.6x 18.0x 1.2x 3rd quartile 0.84x 10.6x 14.8x 22.6x 2.0x Maximum 2.16x 14.9x 24.8x 38.1x 4.0x Mean 0.70x 8.0x 12.4x 18.5x 1.6x Std deviation as % of mean 72% 44% 40% 45% 67% Modal interval [ [ [3.8-7[ [ [ [ [ [ [ Modal interval frequency 48.6% 32.1% 37.5% 33.3% 45.5% Mode estimate 0.48x 6.5x 11.8x 19.7x 1.1x Valmetrics multiple 0.48x 8.0x 12.4x 18.5x 1.1x Multiple rating (10=highest) Oil & Gas Drilling Drilling contractors or owners of drilling rigs that contract their services for drilling wells Table 86 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1.09x 3.1x 6.0x 9.1x 2.5x 1st quartile 3.18x 11.4x 17.9x 24.6x 3.1x Median 4.15x 14.5x 26.7x 35.4x 3.3x 3rd quartile 6.15x 20.5x 41.1x 43.4x 4.3x Maximum 9.16x 33.4x 59.0x 77.1x 5.6x Mean 4.74x 16.6x 29.6x 36.9x 3.6x Std deviation as % of mean 53% 50% 56% 53% 24% Modal interval [ [ [ [ [ [ [ [ [3-4[ Modal interval frequency 46.7% 43.8% 43.8% 30.8% 46.7% Mode estimate 3.79x 12.2x 27.0x 35.1x 3.6x Valmetrics multiple 4.15x 16.6x 26.7x 36.9x 3.6x Multiple rating (10=highest) Copyright 2006 Valmetrics 49 / 71

50 87. Oil & Gas Equipment & Services Manufacturers of equipment, including drilling rigs and equipment, and providers of supplies and services to companies involved in the drilling, evaluation and completion of oil and gas wells. Table 87 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 0.7x 1.1x 0.3x 1st quartile 1.49x 9.6x 15.1x 17.4x 1.9x Median 2.59x 13.7x 21.8x 32.7x 3.3x 3rd quartile 4.07x 19.2x 30.6x 45.6x 5.1x Maximum 7.62x 32.5x 51.0x 77.4x 8.5x Mean 2.95x 14.9x 23.1x 34.7x 3.6x Std deviation as % of mean 60% 50% 51% 58% 56% Modal interval [ [ [ [ [ [ [ [ [ [ Modal interval frequency 32.8% 25.4% 27.5% 28.9% 33.9% Mode estimate 2.00x 9.9x 16.0x 36.0x 2.7x Valmetrics multiple 2.59x 14.9x 23.1x 34.7x 3.6x Multiple rating (10=highest) Oil & Gas Exploration & Production Companies engaged in the exploration and production of oil and gas not classified elsewhere. Table 88 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.05x 2.4x 3.3x 7.4x 0.6x 1st quartile 4.16x 6.5x 11.5x 14.5x 2.1x Median 5.13x 8.5x 15.4x 21.5x 3.1x 3rd quartile 6.56x 10.1x 22.2x 30.4x 4.5x Maximum 12.57x 19.6x 41.1x 66.4x 8.2x Mean 5.31x 8.6x 16.9x 24.1x 3.4x Std deviation as % of mean 45% 41% 51% 56% 50% Modal interval [ [ [ [ [ [ [ [ [ [ Modal interval frequency 26.2% 25.8% 25.0% 33.3% 24.0% Mode estimate 4.86x 9.2x 13.3x 16.6x 2.6x Valmetrics multiple 5.31x 8.6x 16.9x 21.5x 3.4x Multiple rating (10=highest) Copyright 2006 Valmetrics 50 / 71

51 89. Oil & Gas Refining, Marketing & Transportation Companies engaged in the refining, marketing, processing and/or transportation of oil, gas and/or refined products not classified in the Integrated Oil & Gas sub-industry. Includes diversified midstream natural gas companies facing competitive markets. Table 89 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.12x 1.3x 1.7x 3.0x 0.6x 1st quartile 0.33x 7.1x 9.0x 10.3x 2.2x Median 0.56x 9.3x 12.6x 17.1x 2.7x 3rd quartile 1.04x 13.6x 18.4x 33.5x 3.3x Maximum 2.32x 17.1x 31.1x 69.4x 4.9x Mean 0.78x 10.2x 13.3x 23.3x 2.6x Std deviation as % of mean 82% 43% 50% 76% 41% Modal interval [ [ [ [ [7-13.3[ [0-15.1[ [ [ Modal interval frequency 46.7% 39.3% 44.4% 44.8% 31.0% Mode estimate 0.39x 8.2x 10.4x 10.3x 2.8x Valmetrics multiple 0.56x 10.2x 13.3x 17.1x 2.6x Multiple rating (10=highest) Packaged Foods & Meats Producers of packaged foods including dairy products, fruit juices, meats, poultry, fish and pet foods. Table 90 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.04x 0.9x 0.3x 0.1x 0.0x 1st quartile 0.49x 6.2x 9.3x 10.7x 1.0x Median 0.91x 8.6x 12.7x 17.7x 1.6x 3rd quartile 1.43x 11.4x 16.3x 25.1x 2.6x Maximum 2.91x 20.2x 31.8x 50.8x 5.4x Mean 1.04x 9.0x 13.6x 18.9x 1.9x Std deviation as % of mean 64% 42% 46% 57% 62% Modal interval [ [ [ [ [ [ [ [ [ [ Modal interval frequency 23.7% 21.9% 22.1% 21.6% 23.2% Mode estimate 0.57x 8.6x 12.1x 17.9x 1.1x Valmetrics multiple 0.91x 9.0x 13.6x 18.9x 1.6x Multiple rating (10=highest) Copyright 2006 Valmetrics 51 / 71

52 91. Paper Packaging Manufacturers of paper and cardboard containers and packaging. Table 91 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.34x 4.9x 8.8x 3.8x 0.0x 1st quartile 0.68x 6.6x 10.4x 13.6x 0.8x Median 0.94x 8.1x 14.8x 17.5x 1.4x 3rd quartile 1.29x 9.3x 16.8x 27.0x 1.9x Maximum 2.51x 14.3x 39.3x 40.8x 3.6x Mean 1.07x 8.4x 16.4x 20.6x 1.5x Std deviation as % of mean 48% 30% 50% 48% 56% Modal interval [ [ [ [ [ [ [ [ [ [ Modal interval frequency 35.3% 34.4% 31.0% 50.0% 35.3% Mode estimate 0.83x 7.7x 11.1x 14.3x 1.2x Valmetrics multiple 1.07x 8.4x 16.4x 20.6x 1.2x Multiple rating (10=highest) Paper Products Manufacturers of all grades of paper. Excludes companies specializing in paper packaging classified in the Paper Packaging sub-industry. Table 92 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.02x 1.9x 2.3x 3.5x 0.0x 1st quartile 0.67x 6.6x 9.4x 9.2x 0.7x Median 1.19x 8.4x 15.8x 13.2x 1.1x 3rd quartile 1.79x 11.0x 21.0x 20.9x 1.4x Maximum 3.49x 20.4x 37.6x 43.3x 2.6x Mean 1.30x 8.8x 16.4x 16.1x 1.1x Std deviation as % of mean 63% 43% 52% 60% 50% Modal interval [ [ [ [ [ [ [ [ [ [ Modal interval frequency 25.3% 20.6% 31.6% 39.6% 21.1% Mode estimate 0.83x 10.4x 11.7x 10.4x 0.9x Valmetrics multiple 1.19x 8.8x 16.4x 10.4x 1.1x Multiple rating (10=highest) Copyright 2006 Valmetrics 52 / 71

53 93. Personal Products Manufacturers of personal and beauty care products, including cosmetics and perfumes. Table 93 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.28x 5.7x 7.6x 0.5x 0.5x 1st quartile 0.96x 8.2x 11.1x 17.1x 1.9x Median 1.48x 10.1x 14.5x 21.1x 2.7x 3rd quartile 2.34x 13.9x 18.3x 25.6x 4.2x Maximum 3.88x 20.8x 34.7x 53.3x 9.4x Mean 1.71x 11.4x 16.1x 23.0x 3.1x Std deviation as % of mean 59% 37% 43% 48% 64% Modal interval [ [ [8-11.5[ [ [ [ [ [ [ Modal interval frequency 35.7% 44.1% 34.4% 28.6% 29.7% Mode estimate 1.35x 9.6x 12.9x 22.6x 2.0x Valmetrics multiple 1.35x 11.4x 16.1x 23.0x 2.7x Multiple rating (10=highest) Pharmaceuticals Companies engaged in the research, development or production of pharmaceuticals. Includes veterinary drugs. Table 94 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.21x 0.3x 0.2x 0.8x 0.0x 1st quartile 1.31x 8.8x 11.4x 17.7x 1.4x Median 2.31x 11.6x 15.0x 22.5x 2.2x 3rd quartile 3.70x 17.8x 24.9x 33.4x 3.7x Maximum 7.30x 33.4x 49.4x 80.4x 7.4x Mean 2.62x 13.4x 18.5x 28.1x 2.6x Std deviation as % of mean 61% 52% 60% 61% 60% Modal interval [ [ [ [ [ [ [ [ [ [ Modal interval frequency 24.2% 27.4% 36.5% 26.1% 28.1% Mode estimate 2.05x 9.9x 13.5x 21.5x 1.6x Valmetrics multiple 2.31x 11.6x 13.5x 22.5x 2.2x Multiple rating (10=highest) Copyright 2006 Valmetrics 53 / 71

54 95. Photographic Products Manufacturers of photographic equipment and related products. Table 95 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.07x 4.9x 0.2x 11.3x 0.4x 1st quartile 0.68x 7.2x 10.9x 16.6x 1.1x Median 1.11x 8.9x 12.8x 21.9x 1.8x 3rd quartile 1.49x 10.8x 17.2x 24.8x 3.3x Maximum 2.87x 11.9x 22.3x 29.3x 4.3x Mean 1.14x 8.9x 13.5x 20.8x 2.2x Std deviation as % of mean 61% 27% 43% 30% 63% Modal interval [ [ [ [ [ [ [ [ [0-1.8[ Modal interval frequency 40.0% 40.0% 33.3% 50.0% 53.3% Mode estimate 1.14x 10.1x 16.3x 21.1x 1.2x Valmetrics multiple 1.11x 8.9x 13.5x 20.8x 1.8x Multiple rating (10=highest) Precious Metals & Minerals Companies mining precious metals and minerals not classified in the Gold sub-industry. Includes companies primarily mining platinum. Table 96 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.44x 7.9x 9.2x 16.5x 0.7x 1st quartile 1.81x 11.4x 17.2x 26.0x 2.4x Median 3.78x 15.9x 17.9x 31.2x 3.6x 3rd quartile 4.75x 17.9x 19.3x 37.0x 4.8x Maximum 8.54x 34.4x 41.0x 45.3x 7.9x Mean 3.63x 16.8x 20.4x 31.2x 3.8x Std deviation as % of mean 64% 49% 52% 32% 54% Modal interval [0-2.57[ [ [ [ [ [ [ [ [ Modal interval frequency 41.7% 50.0% 33.3% 50.0% 30.0% Mode estimate 2.14x 14.0x 18.3x 32.9x 3.6x Valmetrics multiple 3.78x 16.8x 17.9x 31.2x 3.8x Multiple rating (10=highest) Copyright 2006 Valmetrics 54 / 71

55 97. Publishing Publishers of newspapers, magazines and books, and providers of information in print or electronic formats. Table 97 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.25x 0.7x 0.7x 0.6x 0.3x 1st quartile 0.95x 8.0x 10.4x 14.2x 1.6x Median 1.61x 9.8x 14.0x 19.8x 2.9x 3rd quartile 2.48x 12.4x 18.3x 26.8x 4.2x Maximum 5.03x 21.4x 31.2x 47.0x 8.7x Mean 1.88x 10.4x 15.1x 22.1x 3.0x Std deviation as % of mean 60% 38% 42% 51% 58% Modal interval [ [ [ [ [ [ [ [ [ [ Modal interval frequency 29.8% 21.3% 24.7% 28.0% 29.3% Mode estimate 1.16x 10.1x 10.6x 16.5x 2.0x Valmetrics multiple 1.61x 10.4x 15.1x 22.1x 3.0x Multiple rating (10=highest) Railroads Companies providing primarily goods and passenger rail transportation. Table 98 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.27x 6.3x 5.4x 7.6x 0.4x 1st quartile 1.34x 8.9x 13.8x 18.1x 1.5x Median 2.80x 9.3x 15.8x 22.4x 2.2x 3rd quartile 3.27x 10.4x 21.2x 28.2x 3.4x Maximum 6.90x 15.8x 31.1x 38.2x 4.7x Mean 2.87x 10.0x 17.7x 23.3x 2.4x Std deviation as % of mean 65% 24% 40% 36% 52% Modal interval [0-1.5[ [ [ [ [ [ [ [ [ Modal interval frequency 29.4% 38.5% 29.4% 41.2% 44.4% Mode estimate 1.50x 9.3x 15.4x 20.7x 1.4x Valmetrics multiple 2.80x 10.0x 17.7x 23.3x 2.4x Multiple rating (10=highest) Copyright 2006 Valmetrics 55 / 71

56 99. Restaurants Owners and operators of restaurants, bars, pubs, fast-food or take-out facilities. Includes companies that provide food catering services. Table 99 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.17x 4.0x 5.0x 2.2x 0.6x 1st quartile 0.65x 6.7x 11.2x 15.2x 1.4x Median 1.07x 8.6x 12.9x 19.7x 2.1x 3rd quartile 1.56x 10.2x 14.9x 28.0x 3.1x Maximum 3.55x 16.9x 26.5x 48.4x 5.1x Mean 1.22x 8.6x 13.4x 21.6x 2.4x Std deviation as % of mean 65% 33% 32% 47% 49% Modal interval [ [ [ [ [ [ [ [ [2-2.9[ Modal interval frequency 29.2% 27.0% 33.3% 30.9% 30.6% Mode estimate 0.96x 9.0x 12.7x 19.1x 2.1x Valmetrics multiple 1.07x 8.6x 13.4x 21.6x 2.4x Multiple rating (10=highest) Semiconductor Equipment Manufacturers of semiconductor equipment. Table 100 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.24x 1.3x 1.5x 2.5x 0.7x 1st quartile 1.17x 7.0x 12.3x 11.8x 1.5x Median 1.93x 12.9x 16.5x 23.0x 2.1x 3rd quartile 2.76x 18.4x 24.3x 28.3x 3.2x Maximum 3.88x 33.7x 45.0x 47.0x 5.3x Mean 2.01x 13.8x 18.7x 21.3x 2.4x Std deviation as % of mean 50% 58% 57% 55% 50% Modal interval [ [ [ [ [ [ [ [ [ [ Modal interval frequency 30.6% 27.8% 31.3% 33.3% 34.8% Mode estimate 1.66x 7.1x 17.6x 24.2x 1.8x Valmetrics multiple 2.01x 13.8x 16.5x 21.3x 2.4x Multiple rating (10=highest) Copyright 2006 Valmetrics 56 / 71

57 101. Semiconductors Manufacturers of semiconductors and related products. Table 101 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.00x 1.4x 1.4x 0.1x 0.1x 1st quartile 1.09x 6.5x 10.5x 11.6x 1.1x Median 2.08x 11.3x 16.3x 23.6x 1.9x 3rd quartile 4.01x 19.8x 25.5x 41.1x 3.2x Maximum 9.24x 48.7x 61.7x 106.6x 7.0x Mean 2.78x 15.0x 20.2x 31.3x 2.3x Std deviation as % of mean 79% 79% 70% 85% 69% Modal interval [0-1.21[ [ [ [ [ [0-13.9[ [ [ Modal interval frequency 29.7% 29.2% 27.1% 30.3% 34.3% Mode estimate 1.11x 7.6x 13.1x 13.3x 1.4x Valmetrics multiple 2.08x 11.3x 16.3x 13.3x 1.4x Multiple rating (10=highest) Soft Drink Producers of non-alcoholic beverages including mineral waters. Excludes producers of milk classified in the Packaged Foods sub-industry. Table 102 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.33x 3.3x 4.0x 1.6x 0.3x 1st quartile 0.87x 6.6x 9.7x 12.4x 1.6x Median 1.10x 7.4x 10.7x 15.7x 2.3x 3rd quartile 1.60x 7.9x 13.0x 16.8x 3.3x Maximum 3.39x 12.5x 18.3x 23.8x 6.1x Mean 1.27x 7.4x 10.9x 14.7x 2.5x Std deviation as % of mean 58% 27% 32% 33% 55% Modal interval [ [ [7-7.9[ [ [ [ [ [ [ Modal interval frequency 45.5% 47.4% 41.2% 35.3% 36.4% Mode estimate 1.04x 7.5x 10.1x 15.7x 2.0x Valmetrics multiple 1.10x 7.4x 10.9x 14.7x 2.3x Multiple rating (10=highest) Copyright 2006 Valmetrics 57 / 71

58 103. Specialty Chemicals Companies that primarily produce high value-added chemicals used in the manufacture of a wide variety of products, including but not limited to fine chemicals, additives, advanced polymers, adhesives, sealants and specialty paints, pigments and coatings. Table 103 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.09x 0.9x 1.6x 4.6x 0.3x 1st quartile 0.69x 6.5x 9.9x 12.4x 1.3x Median 0.95x 8.6x 13.6x 18.9x 1.8x 3rd quartile 1.50x 10.6x 18.6x 29.2x 2.5x Maximum 3.33x 19.3x 33.8x 47.9x 4.9x Mean 1.13x 9.0x 14.8x 20.6x 2.0x Std deviation as % of mean 57% 40% 45% 48% 50% Modal interval [ [ [ [ [ [ [ [ [ [ Modal interval frequency 34.3% 33.3% 32.3% 29.3% 26.1% Mode estimate 0.68x 9.1x 11.4x 13.2x 1.3x Valmetrics multiple 0.95x 9.0x 14.8x 20.6x 2.0x Multiple rating (10=highest) Specialty Stores Owners and operators of specialty retail stores not classified elsewhere. Includes toy stores, office supply stores and automotive retail. Table 104 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.09x 0.3x 3.5x 2.0x 0.2x 1st quartile 0.35x 4.7x 8.2x 12.1x 1.1x Median 0.54x 6.7x 10.8x 16.2x 1.8x 3rd quartile 1.02x 9.1x 12.8x 23.4x 2.7x Maximum 2.10x 16.3x 20.9x 43.3x 4.4x Mean 0.73x 7.0x 10.9x 17.6x 2.0x Std deviation as % of mean 74% 49% 38% 52% 61% Modal interval [ [ [ [ [ [ [ [ [ [ Modal interval frequency 38.9% 34.7% 26.1% 26.0% 28.8% Mode estimate 0.46x 6.0x 10.9x 12.7x 1.3x Valmetrics multiple 0.46x 7.0x 10.9x 17.6x 1.8x Multiple rating (10=highest) Copyright 2006 Valmetrics 58 / 71

59 105. Steel Producers of iron and steel and related products Table 105 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 0.0x 0.0x 0.0x 1st quartile 0.41x 3.3x 4.3x 5.2x 1.0x Median 0.71x 4.7x 6.8x 7.8x 1.5x 3rd quartile 1.09x 7.6x 10.6x 11.6x 2.4x Maximum 2.38x 16.6x 24.1x 30.1x 4.5x Mean 0.82x 5.8x 8.3x 9.4x 1.6x Std deviation as % of mean 63% 57% 65% 64% 59% Modal interval [ [ [ [ [ [ [ [ [ [ Modal interval frequency 25.4% 27.6% 27.6% 25.7% 27.3% Mode estimate 0.46x 4.0x 4.9x 6.6x 1.1x Valmetrics multiple 0.71x 4.7x 6.8x 7.8x 1.5x Multiple rating (10=highest) Systems Software Companies engaged in developing and producing systems and database management software. Table 106 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.12x 7.1x 10.3x 0.7x 0.2x 1st quartile 1.21x 10.7x 14.3x 22.1x 2.1x Median 2.42x 13.1x 18.9x 27.6x 3.2x 3rd quartile 3.53x 22.3x 39.4x 47.8x 5.0x Maximum 7.86x 44.1x 78.1x 104.5x 10.5x Mean 2.53x 17.7x 26.9x 34.5x 4.0x Std deviation as % of mean 66% 55% 65% 65% 66% Modal interval [ [ [ [ [ [ [ [ [ [ Modal interval frequency 32.6% 36.4% 53.1% 58.6% 41.3% Mode estimate 1.57x 10.1x 14.3x 24.8x 2.6x Valmetrics multiple 1.57x 10.1x 14.3x 27.6x 2.6x Multiple rating (10=highest) Copyright 2006 Valmetrics 59 / 71

60 107. Technology Distributors Distributors of technology hardware and equipment. Includes distributors of communications equipment, computers & peripherals, semiconductors, and electronic equipment and components. Table 107 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.04x 1.1x 1.2x 3.4x 0.4x 1st quartile 0.16x 5.1x 5.8x 8.3x 0.9x Median 0.35x 8.2x 10.3x 15.0x 1.4x 3rd quartile 0.64x 10.0x 13.7x 20.2x 3.2x Maximum 1.70x 18.8x 23.1x 36.8x 7.0x Mean 0.49x 8.3x 10.8x 15.5x 2.2x Std deviation as % of mean 90% 50% 55% 55% 80% Modal interval [0-0.25[ [ [ [ [ [ [ [ [ Modal interval frequency 41.5% 27.7% 27.1% 31.9% 44.6% Mode estimate 0.19x 7.2x 8.7x 16.5x 0.9x Valmetrics multiple 0.19x 8.3x 10.8x 15.5x 0.9x Multiple rating (10=highest) Textiles Manufacturers of textile and related products not classified in the Apparel, Accessories & Luxury Goods, Footwear or Home Furnishings sub-industries. Table 108 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.06x 1.7x 4.4x 2.5x 0.0x 1st quartile 0.48x 5.4x 8.0x 7.4x 0.5x Median 0.72x 7.9x 13.5x 12.8x 0.9x 3rd quartile 1.06x 11.4x 23.2x 22.2x 1.4x Maximum 2.28x 20.4x 51.4x 70.6x 2.7x Mean 0.82x 8.7x 17.0x 17.7x 1.0x Std deviation as % of mean 56% 49% 69% 83% 60% Modal interval [ [ [4.3-7[ [ [ [ [ [ [ Modal interval frequency 26.4% 27.8% 34.2% 31.4% 25.5% Mode estimate 0.52x 6.4x 9.0x 7.1x 0.6x Valmetrics multiple 0.72x 8.7x 9.0x 7.1x 0.9x Multiple rating (10=highest) Copyright 2006 Valmetrics 60 / 71

61 109. Tires & Rubber Manufacturers of tires and rubber. Table 109 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.27x 3.6x 5.1x 2.8x 0.3x 1st quartile 0.49x 4.9x 8.0x 9.9x 0.9x Median 0.66x 6.3x 9.8x 11.0x 1.3x 3rd quartile 0.84x 8.6x 12.4x 14.9x 1.5x Maximum 1.74x 9.5x 17.7x 25.5x 2.6x Mean 0.75x 6.5x 10.6x 12.4x 1.3x Std deviation as % of mean 57% 31% 35% 44% 44% Modal interval [ [ [ [ [ [ [ [ [ [ Modal interval frequency 40.0% 36.8% 30.0% 47.4% 44.4% Mode estimate 0.59x 4.8x 7.7x 10.3x 1.3x Valmetrics multiple 0.66x 6.5x 10.6x 12.4x 1.3x Multiple rating (10=highest) Tobacco Manufacturers of cigarettes and other tobacco products. Table 110 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.67x 4.3x 4.4x 5.9x 0.5x 1st quartile 1.88x 7.6x 6.6x 11.1x 2.2x Median 2.38x 9.3x 10.5x 15.2x 5.4x 3rd quartile 3.01x 10.0x 12.7x 16.8x 6.9x Maximum 5.02x 12.9x 15.2x 24.9x 7.6x Mean 2.48x 8.7x 9.9x 14.9x 4.6x Std deviation as % of mean 51% 30% 38% 37% 61% Modal interval [ [ [ [ [ [ [ [ [ [ Modal interval frequency 45.5% 40.0% 63.6% 40.0% 62.5% Mode estimate 2.77x 9.7x 11.5x 14.1x 6.0x Valmetrics multiple 2.48x 8.7x 9.9x 14.9x 5.4x Multiple rating (10=highest) Copyright 2006 Valmetrics 61 / 71

62 111. Trading Companies & Distributors Trading companies and other distributors of industrial equipment and products. Table 111 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.04x 1.0x 1.1x 0.0x 0.0x 1st quartile 0.48x 6.5x 9.1x 9.9x 1.0x Median 0.67x 9.1x 13.6x 18.9x 1.6x 3rd quartile 1.26x 11.7x 18.2x 26.0x 2.4x Maximum 2.82x 19.1x 32.7x 56.0x 5.0x Mean 0.91x 9.2x 14.0x 20.1x 1.9x Std deviation as % of mean 76% 44% 49% 63% 59% Modal interval [ [ [ [ [ [ [ [ [ [ Modal interval frequency 37.0% 30.4% 26.8% 29.2% 32.9% Mode estimate 0.53x 11.0x 14.4x 17.7x 1.1x Valmetrics multiple 0.53x 9.2x 14.0x 18.9x 1.6x Multiple rating (10=highest) Trucking Companies providing primarily goods and passenger land transportation. Includes vehicle rental and taxi companies. Table 112 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.16x 2.2x 6.2x 8.8x 0.6x 1st quartile 0.81x 5.6x 11.1x 15.2x 1.8x Median 1.29x 6.9x 13.5x 17.4x 2.4x 3rd quartile 1.67x 9.0x 15.2x 21.1x 3.3x Maximum 3.23x 14.9x 24.7x 27.8x 5.5x Mean 1.36x 7.4x 13.6x 18.2x 2.6x Std deviation as % of mean 57% 37% 31% 26% 47% Modal interval [ [ [ [ [ [ [ [ [ [ Modal interval frequency 28.6% 37.5% 33.3% 45.9% 33.3% Mode estimate 1.13x 6.4x 13.9x 16.7x 2.0x Valmetrics multiple 1.36x 7.4x 13.6x 18.2x 2.6x Multiple rating (10=highest) Copyright 2006 Valmetrics 62 / 71

63 113. Water Utilities Companies that purchase and redistribute water to the end-consumer. Includes large-scale water treatment systems. Table 113 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.90x 2.4x 3.0x 1.4x 0.2x 1st quartile 2.76x 8.7x 14.3x 17.2x 1.3x Median 4.08x 10.5x 17.4x 24.8x 2.0x 3rd quartile 5.90x 12.1x 25.3x 41.7x 2.9x Maximum 10.32x 20.9x 41.4x 63.9x 5.5x Mean 4.44x 10.9x 19.2x 29.6x 2.2x Std deviation as % of mean 55% 40% 48% 61% 59% Modal interval [ [ [ [ [ [ [ [ [1-2.1[ Modal interval frequency 31.0% 34.6% 40.7% 50.0% 34.5% Mode estimate 4.59x 10.2x 18.2x 22.9x 1.8x Valmetrics multiple 4.08x 10.9x 19.2x 24.8x 2.0x Multiple rating (10=highest) Wireless Telecommunication Services Providers of primarily cellular or wireless telecommunication services, including paging services. Table 114 EV / Sales EV / EBITDA EV / EBIT PER PBR Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 0.19x 2.4x 0.8x 0.0x 0.0x 1st quartile 1.56x 5.9x 9.9x 13.6x 1.2x Median 2.18x 6.8x 12.0x 17.8x 2.2x 3rd quartile 2.97x 7.7x 14.4x 26.3x 3.3x Maximum 4.73x 12.2x 36.2x 43.2x 6.2x Mean 2.22x 7.0x 13.8x 19.5x 2.4x Std deviation as % of mean 51% 31% 53% 53% 68% Modal interval [ [ [ [ [ [ [ [ [0-1.3[ Modal interval frequency 27.5% 35.5% 36.7% 31.3% 28.6% Mode estimate 2.26x 7.0x 12.6x 17.9x 1.1x Valmetrics multiple 2.22x 7.0x 12.0x 17.8x 2.2x Multiple rating (10=highest) Copyright 2006 Valmetrics 63 / 71

64 APPENDICES Copyright 2006 Valmetrics 64 / 71

65 DATA SOURCE Valmetrics uses the Compustat database (provided by Standard & Poor s) as the source for most individual company data. Valmetrics makes no statement regarding the quality of information received from Compustat but assumes that the data are accurate, consistent and reliable. Missing data are either excluded or substituted by Valmetrics own data. To comply with the authorized licence granted by Standard & Poor s, Valmetrics does not provide IMGR users with any access to Compustat content or services and only publishes its own proprietary industry valuation analysis. If you wish to access Compustat data or learn about the line of Compustat products and services, please visit DATA COVERAGE Valmetrics IMGR Standard Edition supports: 114 Industries: all main sub-industries - according to the Global Industry Classification Standard - are covered (see List of Industries page: 5). Industries related to Finance, Banking, Insurance and Real Estate are excluded in this edition. 27 countries: Argentina, Australia, Austria, Belgium, Brazil, Canada, China (including Hong-Kong), Denmark, France, Germany, India, Indonesia, Ireland, Israel, Italy, Mexico, Netherlands, New Zealand, Norway, Singapore, Spain, Sweden, Switzerland, Taiwan, Thailand, United Kingdom, USA. DATE SCHEDULE All multiple calculations are based on historical data. The table below shows the IMGR release dates and related market and financial data schedule. IMGR SE Release Market data Financial data (last fiscal year available) September 15 th 05 August 31 st 05 March 04../.. June 04../.. December 04* or later December 15 th 05 November 30 th 05 June 04../.. December 04*../.. March 05 or later March 15 th 06 February 29 th 06 December 04*../.. March 05../.. June 05 or later June 15 th 06 May 31 st 06 March 05../.. June 05../.. December 05* (*) Closing of the fiscal year is most likely to be December. Example: IMGR Release September 15 th 05 Market capitalisation (P) August 31 st 05 Earnings (E) March 04 or June 04 or December 04 P/E Ratio => August 31 st 05 / most likely December 04 Copyright 2006 Valmetrics 65 / 71

66 MULTIPLES PRINCIPLE Market multiples are valuation ratios (for example market value of a company over its net income) that are widely used by the investment community to value businesses. Assuming that industry peers all have the same valuation multiples, business appraisers can then apply the appropriate industry multiple to the company s revenues in order to ascertain its value. There are five main multiples used in finance EV/Sales, EV/EBITDA, EV/EBIT, PER, PBR and many more in the industrial world (Price/Number of beds for hotels, Price/Number of tables for restaurants, Price/Number of clients, etc.). The following table shows the two types of market multiples available in the IMGR: EV Multiples EV / Sales EV / EBITDA EV / EBIT Price Multiples P/E (Price / Earnings Ratio) P/B (Price / Book Ratio) EV = Enterprise Value P = Price Market capitalization + Minority interests + Financial debt - Cash & cash equivalents = Enterprise Value Market capitalization = Price Once you have the right multiple, you can apply it to the related company financial data requiring valuation, i.e. Sales, EBITDA, EBIT, Earnings or Shareholders Equity. With EV Multiples, you must deduct minority interests and the net financial debt to derive equity value. With Price Multiples you acquire direct equity value. Multiples cannot be applied to companies that do not have significant revenues (start-ups). Therefore, Valmetrics advises the use of those multiples with companies that have already recorded significant sales (for at least three years). Copyright 2006 Valmetrics 66 / 71

67 GLOSSARY Number of observations: number of companies that constitute the sample on which all the calculations are based. If the number of observations is insufficient, multiples calculations are considered arbitrary and are substituted by nm (= non meaningful). Non available ( na ) multiples: data non available in the databases. Non meaningful ( nm ) multiples: negative multiples or excluded set outliers. Minimum & maximum: respectively the lowest and highest multiple of the set. 1st, 2nd (median) and 3rd quartiles: a quartile is a statistical term describing a division of observations into four defined intervals based on the values of the data. Each quartile contains 25% of the total observations. The quartiles are determined by sorting the data from the lowest to the highest values and taking the data point at ¼ (1 st quartile), the middle (median) or the ¾ of the sequence. E.g. For the median, there is an equal number of points above and below the median. Unlike the mean, the median is not influenced by outliers at the extremes of the data set. Mean: simply the sum of the values divided by the total number of items in the set. The mean is the most commonly-used measure of central tendency and is the preferred tool to calculate multiples. The mean is an example of an estimator that is the best we can do if the underlying distribution is normal. However, it lacks robustness of validity. That is, the confidence intervals based on the mean tend not to be precise if the underlying distribution is indeed not normal. Standard Deviation as a % of mean: a measure of the dispersion of a set of data from its mean. The more spread-out the data, the higher the deviation. If the standard deviation is too high, the mean multiple is not a relevant multiple. Modal interval & Mode: The modal interval is the histogram interval with the greatest density. The mode is the most frequently occurring value in the data set. As data are continuous, the mode is estimated through an interpolation calculation based on modal interval boundaries. Modal interval frequency: The number of multiples recorded within the modal interval divided by the total number of multiples. Valmetrics multiple: Valmetrics selects the best indicator among the median, the mean and the mode according to dispersion and significance tests. See the Multiple Selection section below for more details. Rating: Valmetrics rates (on a scale from 0 to 10, with 10 the highest) the Valmetrics multiple to help you select the most relevant multiple. See the Multiple Rating section below for more details. Copyright 2006 Valmetrics 67 / 71

68 MULTIPLES SELECTION A major issue in using multiples concerns the choice of a fair and robust multiple. While most appraisers defend either a buy- or a sell-side position and therefore choose the multiple according to their target price (backward valuation), Valmetrics is dedicated to finding the multiple that best represents the industry. The selection of a multiple estimator is closely linked to the assumption of the data distribution. For a Normal Distribution, the median, mean and mode are actually equivalent and the mean is a good location estimator. For skewed distributions (e.g. Lognormal) it is not obvious whether the mean, the median or the mode is the most meaningful measure. For heavy tails distributions (e.g. Gauchy), the median provides a useful measure of the typical value, whereas the mean is useless. Valmetrics does not make any distribution assumption in the IMGR Standard Edition but calculates all the main estimators quartiles, mean and mode that feature the shape of the distribution. The mean multiple remains the favourite estimator when the dispersion of the set (standard deviation as % of the mean) is low. If this is not the case, Valmetrics also considers the mode and the median estimators as shown in the diagram below. yes Size of the set <= 5 "nm" (1) SD: Standard Deviation in % of mean no SD (1) < 41% yes Mean multiple (2) MF: Modal Frequency (3) MM: (Mean-Median) / Median no yes yes 41% <= SD (1) < 51% 40% <= MF (2) Mode multiple no no Mean mutliple yes yes 51% <= SD (1) < 61% 35% <= MF (2) Mode multiple no MM (3) <= 8% Mean multiple Median multiple yes yes 61% <= SD (1) 30% <= MF (2) Mode multiple no no no Median mutliple CAUTION! Valmetrics selects the best estimator for each market multiple series, but to compare each multiples series (i.e. EV/Sales, EV/EBITDA, EV/EBIT, PER, PBR) make sure that you compare them on the basis of the same estimator. For example, you cannot compare an EV/sales mean multiple with an EV/EBITDA median multiple. yes Copyright 2006 Valmetrics 68 / 71

69 MULTIPLES RATING How reliable is the multiple estimator selected by Valmetrics? Is it a robust measure of the typical value? Even if calculated correctly, some multiples can not be considered robust measures because of a lack of information or analysis. That is why Valmetrics has added a multiple rating line in all tables to enable users to check the validity of the selected multiples. The rating system set up by Valmetrics does not indicate whether a multiple is right or wrong, but rather if it is robust or not. An average rated multiple can be a good and fair multiple but further analysis is required to confirm its robustness. A highly rated multiple does not necessarily require further analysis and can be used directly with a high level of confidence. Rating s range Valmetrics proposes a rating scale of 10, 0 being the worst rating and 10 the best. Some multiples series culminate at a maximum of 8 or 5 because of intrinsic drawbacks. Multiples Highest rate Explanations EV/Sales 8 Doesn t take into account sales growth and operating margins EV/EBITDA 10 Robust, especially when evaluating cash flow EV/EBIT 10 Robust PER 8 The PER is subject to accounting window dressing. Non-operating items (extraordinary and financial items) can impact the PER. PBR 5 The PBR is more often used to monitor whether the company creates (PBR>1) or erodes (PBR<1) value than to compare valuation between peers. Rating points The rating system is based on a proximity analysis between the median, mean and mode estimators. If those three estimators are numerically close, then the Valmetrics multiple gathers a maximum of points as presented below: 8 points if Median-Mean-Mode Standard Deviation / Valmetrics multiple <= 5% 7 points if Median-Mean-Mode Standard Deviation / Valmetrics multiple <= 8% 6 points if Median-Mean-Mode Standard Deviation / Valmetrics multiple <= 10% 5 points if Median-Mean-Mode Standard Deviation / Valmetrics multiple <= 12% 4 points if Median-Mean-Mode Standard Deviation / Valmetrics multiple <= 17% 3 points if Median-Mean-Mode Standard Deviation / Valmetrics multiple <= 22% 2 points if Median-Mean-Mode Standard Deviation / Valmetrics multiple <= 27% 1 point if Median-Mean-Mode Standard Deviation / Valmetrics multiple <= 40% 1 point if Number of Short-listed multiples >= 30 1 point if Number of nm multiples / Number of observations <= 20% Copyright 2006 Valmetrics 69 / 71

70 ADJUSTMENTS AND POSSIBLE BIASES Valmetrics calculations are based on consistent, standardized and comparable data from company to company and from industry to industry. Even so, appraisers may have to adjust the valuation results depending of the company and the context. Illiquidity risk premium: to approximate the value of a privately held company, the illiquidity risk premium of the company must be taken into consideration. In the IMGR Standard Edition, Valmetrics gives market multiples which do not take into account the risk premium related to the illiquidity of a private business. Illiquidity risk premium usually ranges from a discount of 10% to 30% as compared to the public peer companies. Accountancy adjustment: all the market multiples are based on international accounting standards (US GAAP / IFRS). If the company you wish to value does not use such an accounting standard, some accountancy adjustments may be necessary to match the financial data (especially EBIT, EBITDA) used to calculate the multiples. Strategic value: the market multiple reflects the average market price of the industry, including both a fundamental value and a speculative value, but excludes the strategic value of the business (control premium, synergies with another business, etc.). Other possible biases Date schedule: fiscal year closing dates (e.g. March 04, June 04, December 04) and financial data communication dates differ among companies and among countries. Valmetrics uses the last data available and mixes multiples with different date schedules. The only way to overcome this bias is to select companies that have the same date schedule and then calculate their multiples. Country / regional breakdown: two highly comparable companies in Europe and in the US may have slightly different valuation results because of macroeconomic factors inherent to the country where the company is listed (regulations, tax policy, business culture, domestic market potential, innovation dynamic, etc.). To improve calculation accuracy, a regional analysis is required. Quasi-Equity: stock options, convertible bonds and other quasi-equity securities are financial options and should be considered in the calculation of the enterprise value. If options are in the money, they are equity, if not they are debt. Valmetrics does not take stock options into consideration and includes convertible bonds in the financial debt. Company size effect: within the same sector, there may be large companies and mid-sized companies with different fixed cost- or productivity-thresholds. Big companies are also generally less risky than small ones, and therefore should be characterized by higher multiples. IMGR does not take into account this size effect. Industry classification: Valmetrics uses the Global Industrial Classification Standards, which is considered by some research papers as the best representative of each sector. Using another industrial classification (SIC for instance) may have an impact on industry multiples. Copyright 2006 Valmetrics 70 / 71

71 REFERENCES AFIC, BVCA, EVCA, International Private Equity And Venture Capital Valuation Guidelines, 2005 ( Free research papers available on scholar.google.com Baker M., Ruback R. S., Estimating Industry Multiples; Harvard University Bhojraj S., Lee C. M. C., Ng D. T., International Valuation Using Smart Multiples, 2003, Johnson Graduate School of Management Bonadurer W., Valuation by Multiples, 2003, University of St. Gallen Dittmann I, Weiner C., Selecting Comparables for the Valuation of European Firms, 2005 Humboldt-Universitat zu Berlin. Fernandez P., Valuation Using Multiples. How Do Analysts Reach Their Conclusions?, 2002, IESE. Lie E., Lie H. J., Multiples Used to Estimate Corporate Value, 2002, College of William & Mary Liu, J., D. Nissim, and J. Thomas Equity valuation using multiples. Working paper, UCLA and Columbia University. Thomas J. K., Zhang H., 2004, Another look at P/E ratios, Yale School of Management, University of Hong-Kong. Other research papers Alford, A., The effect of the set of comparable firms on the accuracy of the price-earnings valuation method. Journal of Accounting Research 30, Bhojraj S., Lee C. M. C., Who is my Peer? A Valuation-Based Approach to the Selection of Comparable Firms, 2002, Journal of Accounting Research, Vol. 40, n 2, Cheng, C.S.A. and R. McNamara. The valuation Accuracy of the price-earnings and price-book benchmark valuation methods. Working paper, university of Houston, Houston, TX Leibowitz, M. L. and Krogelman, S. Inside the P/E ratio: the franchise factor. Financial Analysts Journal, pp Liu, Jing, Doron Nissim and Jacob Thomas (2002b): International equity valuation using multiples, working paper, University of California at Los Angeles. Tasker, S. C. Industry preferred multiples in acquisition valuation, working paper, Cornell Copyright 2006 Valmetrics 71 / 71