Discountedcashflow

Unlevered Free Cash Flow Calculation

Calendar Year Ending December 31, CAGR

2007A 2008P 2009P 2010E 2011E 2012E 2008-2012

EBIT $120.0 $126.2 $133.2 $137.7 $142.4 $147.3 3.9%

Plus: Non-deductible Goodwill Amort. - - - - - -

EBITA $120.0 $126.2 $133.2 $137.7 $142.4 $147.3 3.9%

Less: Provision for Taxes (42.0) (44.2) (46.6) (48.2) (49.9) (51.6)

Unlevered Net Income $78.0 $82.0 $86.6 $89.5 $92.6 $95.8 3.9%

Plus: D&A (excl. non-deductible GW amort.) 15.3 15.9 16.7 16.0 15.6 15.4

Less: Capital Expenditures (18.0) (16.0) (14.1) (14.6) (15.1) (15.6)

Less: Increase in Net Working Capital (9.5) 8.3 3.1 3.2 3.3 3.4

Unlevered Free Cash Flow $65.8 $90.2 $92.3 $94.2 $96.4 $99.0 2.3%

Tax Rate 35.0%

DCF Analysis (2008-2012): EBITDA Multiple Method Net Debt $83.4

Shares 35.021

Total Enterprise Value Total Equity Value

Terminal EBITDA Multiple Terminal EBITDA Multiple

7.5x 8.0x 8.5x 7.5x 8.0x 8.5x

Discount 10.0% $1,042.4 $1,088.1 $1,133.9 Discount 10.0% $959.0 $1,004.7 $1,050.5

Rate 11.0% 1,003.0 1,046.7 1,090.4 Rate 11.0% 919.6 963.3 1,007.0

(WACC) 12.0% 965.5 1,007.3 1,049.1 (WACC) 12.0% 882.1 923.9 965.7

Implied Perpetuity Growth Rate Total Price Per Share

Terminal EBITDA Multiple Terminal EBITDA Multiple

7.5x 8.0x 8.5x 7.5x 8.0x 8.5x

Discount 10.0% 1.0% 1.5% 1.9% Discount 10.0%...