01.02.2012

Ticker: Amazon.com Inc Benchmark:

Currency: NASDAQ GS: AMZN, Currency: USD S&P 500 INDEX (SPX)

Sector: Consumer Discretionary Industry: Internet & Catalog Retail Year:

Telephone 1-206-266-1000 Revenue (M) Business Segments in USD Sales (M) Geographic Segments in USD Sales (M)Website www.amazon.com/ No of Employees Total Revenue 48077 North America 26705Address 410 Terry Avenue North Seattle, WA 98109-5210 United States International 21372Share Price Performance in USDPrice 194.44 1M Return 12.3%52 Week High 246.71 6M Return -12.1%52 Week Low 160.59 52 Wk Return 13.0%52 Wk Beta 0.95 YTD Return 12.3%Credit Ratings

Bloomberg A1HS&P NR Date 07.12.2011 Outlook -Moody's WR Date 07.07.2005 Outlook STABLEFitch - Date - Outlook -

Valuation Ratios

12/08 12/09 12/10 12/11 12/12E 12/13E 12/14EP/E 36.9x 63.5x 71.1x 126.4x 67.4x 45.2x 27.7xEV/EBIT 22.2x - 52.2x - - - -EV/EBITDA 16.6x - 37.2x - 29.2x 21.2x 15.0xP/S 1.1x 2.4x 2.4x 1.6x 1.4x 1.1x 0.8xP/B 8.2x 11.4x 11.8x 10.2x 9.5x 8.1x 6.3xDiv Yield 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Profitability Ratios %

12/08 12/09 12/10 12/11 12/12E 12/13E 12/14EGross Margin 22.3 22.6 22.3 22.4 22.0 22.1 22.6EBITDA Margin 5.9 6.1 5.8 4.0 4.5 4.8 5.3Operating Margin 4.4 4.6 4.1 1.8 1.6 2.3 3.2Profit Margin 3.4 3.7 3.4 1.3 1.9 2.4 3.1Return on Assets 8.7 8.2 7.1 2.9 4.4 6.4 8.7Return on Equity 33.3 22.8 19.0 8.6 11.3 19.2 30.0Leverage and Coverage Ratios

12/08 12/09 12/10 12/11Current Ratio 1.3 1.3 1.3 1.2 Current Capitalization in USDQuick Ratio 1.0 1.0 1.0 0.8 Common Shares Outstanding (M) 455.0EBIT/Interest 11.9 33.2 36.1 13.3 Market Capitalization (M) 88422.4Tot Debt/Capital 0.1 - 0.1 - Cash and ST Investments (M) 9576.0Tot Debt/Equity 0.2 - 0.2 - Total Debt (M) 1897.0Eff Tax Rate % 27.7 21.9 23.4 31.6 Preferred Equity (M) 0.0

LT Investments in Affiliate Companies (M) 0.0Investments (M) 0.0Enterprise Value (M) 80743.4

Amazon.com, Inc. is an online retailer that offers a wide range of products. The Company's products include books, music, videotapes, computers, electronics, home and garden, and numerous other products. Amazon offers personalized shopping services, Web-based credit card payment, and direct shipping to customers.

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Company Analysis - Overview

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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Amazon.com IncTarget price in USD

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Company Analysis - Analysts Ratings

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01.02.2012

Amazon.com Inc

Ownership Statistics Geographic Ownership Distribution

Shares Outstanding (M) 455.0 United States 69.24%

Float 80.5% Unknown Country 21.41%

Short Interest (M) 8.5 Britain 4.96%

Short Interest as % of Float 2.31% Japan 1.10%

Days to Cover Shorts 1.71 Canada 0.76%

Institutional Ownership 71.39% Luxembourg 0.64%

Retail Ownership 9.11% Switzerland 0.40%

Insider Ownership 19.50% Others 1.49%

Institutional Ownership DistributionInvestment Advisor 69.64%Individual 21.41%Hedge Fund Manager 3.94%Pension Fund (Erisa) 1.98%

Pricing data is in USD Others 3.03%

Top 20 Owners:

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

BEZOS JEFFREY P 88'068'443 -9'049 17'124'028'057 19.37% 21.11.2011 Form 4 n/aCAPITAL WORLD INVEST 23'556'750 -2'041'230 4'580'374'470 5.18% 30.09.2011 13F UNITED STATESFIDELITY MANAGEMENT 20'458'172 3'699'158 3'977'886'964 4.50% 30.09.2011 13F UNITED STATEST ROWE PRICE ASSOCIA 19'120'476 -1'636'255 3'717'785'353 4.20% 30.09.2011 13F UNITED STATESVANGUARD GROUP INC 14'299'080 262'080 2'780'313'115 3.14% 31.12.2011 13F UNITED STATESSTATE STREET CORP 12'526'060 -163'716 2'435'567'106 2.75% 30.09.2011 13F UNITED STATESBAILLIE GIFFORD AND 10'021'018 -1'479'753 1'948'486'740 2.20% 30.09.2011 13F BRITAINJENNISON ASSOCIATES 9'495'743 -590'892 1'846'352'269 2.09% 30.09.2011 13F UNITED STATESBLACKROCK INSTITUTIO 8'593'230 20'158 1'670'867'641 1.89% 30.09.2011 13F UNITED STATESCAPITAL RESEARCH GLO 7'175'300 2'833'300 1'395'165'332 1.58% 30.09.2011 13F UNITED STATESJP MORGAN CHASE & CO 7'037'473 -190'413 1'368'366'250 1.55% 30.09.2011 13F UNITED STATESSANDS CAPITAL MANAGE 6'212'218 -6'283 1'207'903'668 1.37% 30.09.2011 13F UNITED STATESINVESCO LTD 6'007'355 249'328 1'168'070'106 1.32% 30.09.2011 13F UNITED STATESNORTHERN TRUST CORPO 5'122'089 134'893 995'938'985 1.13% 30.09.2011 13F UNITED STATESAMERIPRISE FINANCIAL 4'884'061 301'627 949'656'821 1.07% 30.09.2011 13F UNITED STATESBANK OF NEW YORK MEL 4'782'016 272'489 929'815'191 1.05% 31.12.2011 13F UNITED STATESMARSICO CAPITAL MANA 4'325'907 -220'142 841'129'357 0.95% 30.09.2011 13F UNITED STATESTIAA CREF INVESTMENT 3'671'998 688'107 713'983'291 0.81% 30.09.2011 13F UNITED STATESUBS GLOBAL ASSET MAN 3'564'290 -364'853 693'040'548 0.78% 30.09.2011 13F UNITED STATESPRIMECAP MANAGEMENT 3'432'400 -341'700 667'395'856 0.75% 30.09.2011 13F UNITED STATES

Top 5 Insiders:

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

BEZOS JEFFREY P 88'068'443 -9'049 17'124'028'057 19.37% 21.11.2011 Form 4

PIACENTINI DIEGO 109'646 21'319'568 0.02% 15.11.2011 Form 4

WILKE JEFFREY A 95'410 6'002 18'551'520 0.02% 15.11.2011 Form 4

STONESIFER PATRICIA Q 54'549 -5'000 10'606'508 0.01% 01.12.2011 Form 4

BLACKBURN JEFFREY M 52'152 3'877 10'140'435 0.01% 15.11.2011 Form 4

Company Analysis - Ownership

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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Amazon.com IncFinancial information is in USD (M)

Periodicity: 12/01 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12E 12/13E 12/14E

Income Statement

Revenue 3'122 3'933 5'264 6'921 8'490 10'711 14'835 19'166 24'509 34'204 48'077 64'363 82'394 106'279

- Cost of Goods Sold 2'324 2'940 4'007 5'319 6'451 8'255 11'482 14'896 18'978 26'561 37'288

Gross Income 799 993 1'257 1'602 2'039 2'456 3'353 4'270 5'531 7'643 10'789 14'160 18'235 23'988

- Selling, General & Admin Expenses 1'029 887 986 1'162 1'607 2'067 2'698 3'428 4'402 6'237 9'927

(Research & Dev Costs) 241 216 208 251 451 662 818 1'033 1'240 1'734 2'909

Operating Income -231 106 271 440 432 389 655 842 1'129 1'406 862 1'035 1'919 3'349

- Interest Expense 139 143 130 107 92 78 77 71 34 39 65

- Foreign Exchange Losses (Gains) 0 0 3 10 0 0 0 0 0

- Net Non-Operating Losses (Gains) 187 113 102 -33 -88 -66 -82 -121 -60 -137 -125

Pretax Income -557 -150 35 356 428 377 660 892 1'155 1'504 922 1'006 1'895 3'478

- Income Tax Expense 0 0 0 -233 95 187 184 247 253 352 291

Income Before XO Items -557 -150 35 588 333 190 476 645 902 1'152 631

- Extraordinary Loss Net of Tax 11 -1 0 0 -26 0 0 0 0 0 0

- Minority Interests 0 0 0 0 0 0 0 0 0 0 0

Diluted EPS Before XO Items (1.53) (0.40) 0.08 1.39 0.78 0.45 1.12 1.49 2.04 2.53 1.37

Net Income Adjusted* -157 66 256 395 269 190 476 606 942 1'152 631 1'238 1'995 3'316

EPS Adjusted (0.43) 0.17 0.61 0.93 0.63 0.45 1.12 1.40 2.13 2.53 1.37 2.89 4.30 7.03

Dividends Per Share 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Payout Ratio % 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.00 0.00 0.00

Total Shares Outstanding 373 388 403 410 416 414 431 428 444 451 455

Diluted Shares Outstanding 364 378 419 425 426 424 424 432 442 456 461

EBITDA 35 193 349 516 553 594 901 1'129 1'507 1'974 1'945 2'873 3'957 5'596

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

Equivalent Estimates

Company Analysis - Financials I/IV

Fiscal Year

Periodicity: 12/01 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12E 12/13E 12/14E

Balance Sheet

Total Current Assets 1207.92004 1615.67603 1820.80896 2539.396 2929 3373 5164 6157 9797 13747 17490

+ Cash & Near Cash Items 540 738 1'102 1'303 1'013 1'022 2'539 2'769 3'444 3'777 5'269

+ Short Term Investments 456 563 293 477 987 997 573 958 2'922 4'985 4'307

+ Accounts & Notes Receivable 0 0 0 199 274 399 705 827 988 1'587 2'571

+ Inventories 144 202 294 480 566 877 1'200 1'399 2'171 3'202 4'992

+ Other Current Assets 68 112 132 81 89 78 147 204 272 196 351

Total Long-Term Assets 430 375 341 709 767 990 1'321 2'157 4'016 5'050 7'788

+ Long Term Investments 18 15 15 0 0 0 0 0 0 0

Gross Fixed Assets 438 483 372 423 571 824 1'023 1'409 1'915 3'256

Accumulated Depreciation 166 243 147 177 223 367 480 555 625 842

+ Net Fixed Assets 272 239 224 246 348 457 543 854 1'290 2'414 4'417

+ Other Long Term Assets 140 120 102 463 419 533 778 1'303 2'726 2'636 3'371

Total Current Liabilities 921 1'066 1'253 1'620 1'929 2'532 3'714 4'746 7'364 10'372 14'896

+ Accounts Payable 445 618 820 1'142 1'366 1'816 2'795 3'594 5'605 8'051 11'145

+ Short Term Borrowings 15 13 4 2 5 51 43 59 305

+ Other Short Term Liabilities 462 435 429 476 558 665 876 1'093 1'759 2'016 3'751

Total Long Term Liabilities 2'156 2'277 1'945 1'855 1'521 1'400 1'574 896 1'192 1'561 2'625

+ Long Term Borrowings 2'156 2'277 1'945 1'855 1'521 1'247 1'282 409 727

+ Other Long Term Borrowings 0 0 0 0 0 153 292 487 1'192 834 2'625

Total Liabilities 3'078 3'343 3'198 3'476 3'450 3'932 5'288 5'642 8'556 11'933 17'521

+ Long Preferred Equity 0 0 0 0 0 0 0 0 0 0 0

+ Minority Interest 0 0 0 0 0 0 0 0 0 0 0

+ Share Capital & APIC 1'467 1'654 1'903 2'129 2'267 2'521 3'067 4'125 5'741 6'330 6'995

+ Retained Earnings & Other Equity -2'907 -3'007 -2'940 -2'356 -2'021 -2'090 -1'870 -1'453 -484 534 762

Total Shareholders Equity -1'440 -1'353 -1'036 -227 246 431 1'197 2'672 5'257 6'864 7'757

Total Liabilities & Equity 1'638 1'990 2'162 3'249 3'696 4'363 6'485 8'314 13'813 18'797 25'278

Book Value Per Share -3.86 -3.49 -2.57 -0.55 0.59 1.04 2.78 6.24 11.84 15.22 17.05 20.57 24.08 30.72

Tangible Book Value Per Share -4.07 -3.68 -2.74 -0.89 0.18 0.57 2.26 5.22 9.06 12.23 12.75

Company Analysis - Financials II/IV

Periodicity: 12/01 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12E 12/13E 12/14E

Cash Flows

Net Income -567 -149 35 588 359 190 476 645 902 1'152 631 821 1'337 2'516

+ Depreciation & Amortization 266 88 78 76 121 205 246 287 378 568 1'083

+ Other Non-Cash Adjustments 146 196 221 -202 100 23 -149 51 401 194 725

+ Changes in Non-Cash Capital 36 40 57 104 153 284 832 714 1'612 1'581 1'464

Cash From Operating Activities -120 174 392 567 733 702 1'405 1'697 3'293 3'495 3'903

+ Disposal of Fixed Assets 0 0 0 0 0 0 0 0 0 0 0

+ Capital Expenditures -50 -39 -46 -89 -204 -216 -224 -333 -373 -979 -1'811 -2'012 -2'470 -3'097

+ Increase in Investments -567 -636 0 0 0 0 0 0 0 0 0

+ Decrease in Investments 370 553 0 0 0 0 0 0 0 0 0

+ Other Investing Activities -6 0 283 -228 -574 -117 266 -866 -1'964 -2'381 -119

Cash From Investing Activities -253 -122 237 -318 -778 -333 42 -1'199 -2'337 -3'360 -1'930

+ Dividends Paid 0 0 0 0 0 0 0 0 0 0 0

+ Change in Short Term Borrowings 0 0 0 0 0 0 0 0 0 0 0

+ Increase in Long Term Borrowings 10 0 0 0 11 98 24 87 87 143 177

+ Decrease in Long Term Borrowings -20 -15 -495 -157 -270 -383 -74 -355 -472 -221 -444

+ Increase in Capital Stocks 116 122 163 60 66 137 348 170 105 259 62

+ Decrease in Capital Stocks 0 0 0 0 0 -252 -248 -100 0 0 -277

+ Other Financing Activities -16 38 67 49 -52 40 20 -70 -1 17 1

Cash From Financing Activities 91 145 -265 -49 -245 -360 70 -268 -281 198 -481

Net Changes in Cash -282 198 364 200 -290 9 1'517 230 675 333 1'492

Free Cash Flow (CFO-CAPEX) -170 135 346 477 529 486 1'181 1'364 2'920 2'516 2'092 1'007 1'806 2'896

Free Cash Flow To Firm 476 601 525 1'237 1'415 2'947 2'546 2'136

Free Cash Flow To Equity -180 120 -149 320 270 201 1'131 1'096 2'535 2'438 1'825

Free Cash Flow per Share -0.47 0.36 0.88 1.18 1.28 1.17 2.86 3.22 6.74 5.63 4.62

Company Analysis - Financials III/IV

Periodicity: 12/01 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12E 12/13E 12/14E

Ratio Analysis

Valuation Ratios

Price Earnings 111.1x 86.3x 47.6x 74.8x 87.7x 82.7x 36.9x 63.5x 71.1x 126.4x 67.4x 45.2x 27.7x

EV to EBIT 78.7x 80.4x 41.4x 44.3x 40.1x 58.2x 22.2x 52.2x

EV to EBITDA 148.6x 43.0x 62.4x 35.3x 34.6x 26.3x 42.3x 16.6x 37.2x 29.2x 21.2x 15.0x

Price to Sales 1.3x 1.8x 4.0x 2.6x 2.3x 1.5x 2.6x 1.1x 2.4x 2.4x 1.6x 1.4x 1.1x 0.8x

Price to Book 79.7x 37.9x 33.4x 8.2x 11.4x 11.8x 10.2x 9.5x 8.1x 6.3x

Dividend Yield 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Profitability Ratios

Gross Margin 25.6% 25.2% 23.9% 23.1% 24.0% 22.9% 22.6% 22.3% 22.6% 22.3% 22.4% 22.0% 22.1% 22.6%

EBITDA Margin 1.1% 4.9% 6.6% 7.5% 6.5% 5.5% 6.1% 5.9% 6.1% 5.8% 4.0% 4.5% 4.8% 5.3%

Operating Margin -7.4% 2.7% 5.1% 6.4% 5.1% 3.6% 4.4% 4.4% 4.6% 4.1% 1.8% 1.6% 2.3% 3.2%

Profit Margin -18.2% -3.8% 0.7% 8.5% 4.2% 1.8% 3.2% 3.4% 3.7% 3.4% 1.3% 1.9% 2.4% 3.1%

Return on Assets -30.1% -8.2% 1.7% 21.8% 10.3% 4.7% 8.8% 8.7% 8.2% 7.1% 2.9% 4.4% 6.4% 8.7%

Return on Equity 56.1% 58.5% 33.3% 22.8% 19.0% 8.6% 11.3% 19.2% 30.0%

Leverage & Coverage Ratios

Current Ratio 1.31 1.52 1.45 1.57 1.52 1.33 1.39 1.30 1.33 1.33 1.17

Quick Ratio 1.08 1.22 1.11 1.22 1.18 0.95 1.03 0.96 1.00 1.00 0.82

Interest Coverage Ratio (EBIT/I) -1.66 0.74 2.08 4.11 4.70 4.99 8.51 11.86 33.21 36.05 13.26

Tot Debt/Capital 2.97 2.44 2.13 1.14 0.86 0.75 0.53 0.15 0.13

Tot Debt/Equity 6.20 3.01 1.11 0.18 0.15

Others

Asset Turnover 1.66 2.17 2.54 2.56 2.45 2.66 2.74 2.59 2.22 2.10 2.18

Accounts Receivable Turnover 69.52 35.89 31.83 26.88 25.02 27.01 26.57 23.13

Accounts Payable Turnover 4.93 5.64 5.70 5.61 5.21 5.38 5.12 4.73 4.29 4.04 4.07

Inventory Turnover 14.60 16.99 16.14 13.75 12.34 11.44 11.06 11.46 10.63 9.89 9.10

Effective Tax Rate 0.0% 22.2% 49.6% 27.9% 27.7% 21.9% 23.4% 31.6%

Company Analysis - Financials IV/IV

AMAZON.COM INC

EBAY INC GOOGLE INC-CL A YAHOO! INCIAC/INTERACTIVE

CNETFLIX INC BEST BUY CO INC TESCO PLC BARNES & NOBLE WH SMITH PLC TARGET CORP

COSTCO WHOLESALE

MACY'S INC SEARS HOLDINGS HOME DEPOT INC

12/2011 12/2011 12/2011 12/2011 12/2010 12/2011 02/2011 02/2011 04/2011 08/2011 01/2011 08/2011 01/2011 01/2011 01/2011246.71 35.35 670.25 18.84 43.89 304.79 35.45 423.00 21.06 568.00 56.00 88.68 35.92 92.80 45.50

14.10.2011 17.02.2011 04.01.2012 09.05.2011 07.11.2011 13.07.2011 07.02.2011 13.05.2011 20.06.2011 27.10.2011 27.10.2011 02.12.2011 19.01.2012 17.02.2011 20.01.2012160.59 26.86 473.02 11.09 28.25 62.37 21.79 311.00 8.45 433.70 45.28 69.54 21.69 28.89 28.13

18.03.2011 19.08.2011 24.06.2011 08.08.2011 01.02.2011 30.11.2011 04.10.2011 16.01.2012 19.04.2011 04.04.2011 08.08.2011 16.03.2011 03.02.2011 05.01.2012 09.08.20113'532'480 7'548'833 2'142'716 10'731'010 1'096'886 12'044'650 9'746'232 6'309'698 1'023'534 96'039 6'981'953 1'844'580 6'593'548 1'548'550 10'344'216

194.44 31.60 580.11 15.47 43.07 120.20 23.95 322.45 12.07 561.50 50.81 82.27 33.69 42.14 44.39

-21.2% -10.6% -13.4% -17.9% -1.9% -60.6% -32.4% -23.8% -42.7% -1.1% -9.3% -7.2% -6.2% -54.6% -2.4%21.1% 17.6% 22.6% 39.5% 52.5% 92.7% 9.9% 3.7% 42.8% 29.5% 12.2% 18.3% 55.3% 45.9% 57.8%455.0 1'286.5 324.9 1'240.3 88.4 55.4 392.6 8'046.5 57.1 139.0 704.0 434.3 423.3 109.0 1'623.0

88'422.4 40'660.1 187'890.4 19'187.4 3'533.1 6'658.9 8'390.1 25'855.1 726.3 765.5 34'123.8 35'781.6 14'143.8 4'503.9 68'430.2

1'032.0 2'089.6 4'204.0 134.9 95.8 200.0 1'709.0 11'075.0 313.1 - 15'726.0 2'153.0 7'425.0 3'532.0 9'749.0 - - - - - - - - - - - - - - - - - - 50.4 59.9 - 690.0 88.0 - - - 571.0 - 103.0 -

9'576.0 5'929.4 45'416.0 2'529.9 1'306.1 797.8 1'125.0 2'892.0 59.4 41.0 1'712.0 5'613.0 1'464.0 1'375.0 545.0 83'993.4 36'820.3 146'678.4 16'842.8 2'877.5 6'061.1 8'941.1 34'790.1 1'169.3 724.5 52'271.8 32'668.6 20'002.8 8'514.9 76'979.2

LFY 48'077.0 11'651.7 37'905.0 4'984.2 1'636.8 3'204.6 50'272.0 60'931.0 6'998.6 1'273.0 67'390.0 88'915.0 25'003.0 43'326.0 67'997.0LTM 48'077.0 11'651.7 37'905.0 4'984.2 1'913.9 3'204.6 50'642.0 62'988.0 7'006.8 1'273.0 69'238.0 91'304.0 25'950.0 42'747.0 69'507.0

CY+1 64'362.9 13'828.9 40'207.1 4'673.8 2'028.3 3'646.7 51'558.9 65'529.9 7'326.8 1'249.5 69'741.2 97'097.8 26'387.8 41'700.0 69'837.1 CY+2 82'393.8 15'735.7 47'772.0 4'855.3 2'405.5 4'227.7 51'961.7 68'891.2 7'709.2 1'254.4 72'661.6 103'321.2 27'314.7 40'495.0 72'199.9

LFY 2.0x 3.0x 4.4x 3.5x 1.6x 1.0x 0.2x 0.6x 0.2x 0.5x 0.8x 0.4x 0.8x 0.3x 0.9xLTM 2.2x 3.0x 4.4x 3.5x 1.4x 1.0x 0.2x 0.6x 0.2x 0.5x 0.8x 0.4x 0.7x 0.3x 0.9x

CY+1 1.2x 2.7x 3.5x 3.6x 1.4x 1.7x 0.2x 0.5x 0.2x 0.6x 0.7x 0.3x 0.7x 0.2x 1.1xCY+2 0.9x 2.1x 2.7x 3.4x 1.2x 1.3x 0.2x 0.5x 0.2x 0.6x 0.7x 0.3x 0.7x 0.2x 1.1x

LFY 1'945.0 3'313.0 13'593.0 1'473.0 169.2 428.8 3'314.0 4'804.0 179.5 129.0 7'336.0 3'303.0 3'069.0 1'307.0 7'557.0LTM 1'945.0 3'313.0 13'593.0 1'473.0 249.5 428.8 3'081.0 5'043.0 194.3 129.0 7'506.0 3'330.0 3'399.0 745.0 8'059.0

CY+1 2'873.2 4'394.3 19'082.3 1'531.4 369.2 107.3 3'111.3 5'285.6 193.5 137.6 7'397.8 3'687.7 3'447.9 352.7 8'114.9 CY+2 3'957.2 5'151.7 22'481.2 1'605.1 473.5 346.0 3'073.5 5'524.5 240.3 143.5 7'356.5 4'094.0 3'598.2 367.0 8'677.3

LFY 48.3x 10.6x 12.4x 12.0x 15.3x 7.6x 2.9x 8.0x 6.3x 5.1x 7.5x 9.8x 6.2x 9.5x 8.5xLTM 47.7x 10.6x 12.4x 12.0x 10.4x 7.6x 3.1x 7.6x 5.8x 5.1x 7.4x 9.7x 5.6x 16.7x 8.0x

CY+1 27.7x 8.4x 7.5x 11.0x 7.9x 56.6x 3.2x 6.2x 6.2x 5.4x 6.7x 9.1x 5.7x 19.0x 9.6xCY+2 18.7x 6.3x 5.8x 10.3x 5.9x 16.1x 3.1x 5.8x 5.1x 5.0x 6.8x 8.2x 5.3x 18.8x 8.9x

LFY 1.37 1.76 29.76 0.84 0.11 4.26 3.44 0.35 -1.31 0.52 3.86 3.31 2.11 1.21 2.03LTM 1.37 1.75 29.74 0.82 0.42 4.26 3.26 0.36 -1.20 0.52 4.22 3.33 2.76 -2.21 2.32

CY+1 2.89 2.29 42.26 0.85 2.08 0.28 3.38 0.34 (1.32) 0.59 4.23 3.83 2.79 (4.86) 2.39 CY+2 4.30 2.64 49.36 0.95 2.53 2.89 3.72 0.35 (0.63) 0.65 4.27 4.36 3.25 (6.00) 2.75

LFY 141.9x 18.1x 19.5x 18.9x 102.5x 28.2x 7.3x 8.9x - 10.8x 12.0x 24.7x 12.2x - 19.1xLTM 141.9x 18.1x 19.5x 18.9x 102.5x 28.2x 7.3x 8.3x - 10.8x 12.0x 24.7x 12.2x - 19.1x

CY+1 67.4x 13.8x 13.7x 18.3x 20.8x 429.3x 7.1x 9.4x - 9.5x 12.0x 21.5x 12.1x - 18.6xCY+2 45.2x 12.0x 11.8x 16.3x 17.0x 41.5x 6.4x 9.1x - 8.6x 11.9x 18.9x 10.4x - 16.1x

1 Year 40.6% 27.3% 29.3% (21.2%) 21.5% 48.2% 1.2% 7.1% 20.5% (3.0%) 3.1% 14.1% 6.4% (1.6%) 2.8%5 Year 34.6% 15.5% 27.5% (4.6%) (5.4%) 26.5% 7.6% 9.0% 12.8% - 3.9% 8.9% 0.0% (4.3%) (2.4%)1 Year (1.5%) 16.8% 15.4% (2.6%) 73.9% 35.9% 3.1% 7.6% (37.6%) 3.2% 9.6% 14.7% 15.2% (21.5%) 14.3%5 Year 26.8% 11.0% 27.0% (0.1%) (23.9%) 41.5% 9.6% 9.6% (15.9%) 6.5% 5.1% 9.0% (0.3%) (14.2%) (7.1%)

LTM 4.0% 28.4% 35.9% 29.6% 10.3% 13.4% 6.6% 7.9% 2.6% 10.1% 10.9% 3.7% 12.3% 3.0% 11.1%CY+1 4.5% 31.8% 47.5% 32.8% 18.2% 2.9% 6.0% 8.1% 2.6% 11.0% 10.6% 3.8% 13.1% 0.8% 11.6%CY+2 4.8% 32.7% 47.1% 33.1% 19.7% 8.2% 5.9% 8.0% 3.1% 11.4% 10.1% 4.0% 13.2% 0.9% 12.0%

Total Debt / Equity % 0.0% 11.7% 7.2% 1.1% 3.9% 30.8% 25.9% 67.0% 38.2% 0.0% 101.5% 17.9% 134.3% 41.5% 51.6%Total Debt / Capital % 13.1% 10.4% 6.7% 1.1% 3.7% 23.6% 19.0% 40.0% 27.6% 0.0% 50.4% 14.6% 57.3% 29.1% 34.0%Total Debt / EBITDA 0.523x 0.631x 0.309x 0.092x 0.566x 0.466x 0.516x 2.305x 1.745x 0.000x 2.144x 0.652x 2.419x 2.702x 1.290xNet Debt / EBITDA -3.916x -1.159x -3.032x -1.626x -7.153x -1.394x 0.176x 1.703x 1.413x -0.318x 1.910x -1.048x 1.942x 1.650x 1.218xEBITDA / Int. Expense 29.923x - 234.362x - 31.309x 21.414x 38.092x 7.625x - 129.000x 9.627x 26.424x 5.255x 4.216x 14.178x

S&P LT Credit Rating NR A AA- NR BB BB- BBB- A- NR - A+ A+ BBB- CCC+ A-S&P LT Credit Rating Date 07.12.2011 02.03.2010 15.07.2010 18.04.2008 21.08.2008 28.11.2011 18.11.2008 29.07.2008 14.09.2004 - 20.11.2007 16.02.2010 18.05.2011 05.01.2012 16.11.2011Moody's LT Credit Rating WR A2 Aa2 - Ba3 Ba2 Baa2 A3 *- - - A2 A2 Baa3 - A3Moody's LT Credit Rating Date 28.05.2003 21.10.2010 16.05.2011 - 21.08.2008 28.10.2009 20.06.2008 20.01.2012 - - 27.11.2007 12.08.1997 09.01.2012 - 30.08.2011

52-Week High Date

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Latest Fiscal Year:

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EBITDA

EV/EBITDA

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Preferred Stock

52-Week Low Date

Minority Interest

Total Common Shares (M)

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EV/Total Revenue

EPS

EBITDA Growth

EBITDA Margin

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Leverage/Coverage Ratios

Company Analysis - Peers Comparision