2009 © Edward & Peterson (E&P)SENSITIVITY & SCENARIO ANALYSIS

USING DYNAMIC DATA TABLE AND DYNAMIC CHART

THIS IS THE BROWN & LAM MODEL WHICH HAS BEEN MODIFIEDFOR EASIER USE WHEN PERFORMING SENSITIVITY ANALYSIS.

THE DIFFERENCE BETWEEN THIS MODIFIED MODEL AND THEORIGINAL ONE IS THAT THIS MODEL IS AUTO-BALANCINGWITHOUT ANY OCCURRENCE OF NEGATIVE NEW DEBT ANDIS EQUIPPED WITH DYNAMIC CHARTS & DATA TABLE FORCASH FLOW ANALYSIS & SENSITIVITY ANALYSIS

WITH A DYNAMIC CHART FOR SOURCES AND USES OF CASH,YOU WILL FIND IT MUCH EASIER TO PERFORM CASH FLOWANALYSIS FOR BOTH HISTORICAL AND PROJECTION YEARS.

THE SENSITIVITY ANALYSIS TABLE IS REALLY VERSATILEIN THAT YOU CAN USE IT FOR SENSITIZING EACH KPIAGAINST ANY VARIABLE AVAILABLE WITHIN THE MODELFOR ANY GIVEN PROJECTION YEAR.

ANOTHER DYNAMIC CHART FOR SENSITIVITY ANALYSIS IS ALSOAVAILABLE. YOU CAN USE THE SPINNERS TO SENSITIZE A KPI AGAINST A SET OF VARIABLES FOR EACH YEAR OR FOR ALL YEARS.

THIS MODEL ALSO ALLOWS YOU TO RUN SCENARIO ANALYSIS.PLEASE ENSURE TO SET YOUR PROJECTION ASSUMPTIONSFOR EACH SCENARIO IN ADVANCE.

ENJOY IT …

"Better Financial Models, Better Business Decisions".

SENSITIVITY & SCENARIO ANALYSISUSING DYNAMIC DATA TABLE AND DYNAMIC CHART

THIS IS THE BROWN & LAM MODEL WHICH HAS BEEN MODIFIEDFOR EASIER USE WHEN PERFORMING SENSITIVITY ANALYSIS.

THE DIFFERENCE BETWEEN THIS MODIFIED MODEL AND THEORIGINAL ONE IS THAT THIS MODEL IS AUTO-BALANCINGWITHOUT ANY OCCURRENCE OF NEGATIVE NEW DEBT ANDIS EQUIPPED WITH DYNAMIC CHARTS & DATA TABLE FORCASH FLOW ANALYSIS & SENSITIVITY ANALYSIS

WITH A DYNAMIC CHART FOR SOURCES AND USES OF CASH,YOU WILL FIND IT MUCH EASIER TO PERFORM CASH FLOWANALYSIS FOR BOTH HISTORICAL AND PROJECTION YEARS.

THE SENSITIVITY ANALYSIS TABLE IS REALLY VERSATILEIN THAT YOU CAN USE IT FOR SENSITIZING EACH KPIAGAINST ANY VARIABLE AVAILABLE WITHIN THE MODELFOR ANY GIVEN PROJECTION YEAR.

ANOTHER DYNAMIC CHART FOR SENSITIVITY ANALYSIS IS ALSOAVAILABLE. YOU CAN USE THE SPINNERS TO SENSITIZE A KPI AGAINST A SET OF VARIABLES FOR EACH YEAR OR FOR ALL YEARS.

THIS MODEL ALSO ALLOWS YOU TO RUN SCENARIO ANALYSIS.PLEASE ENSURE TO SET YOUR PROJECTION ASSUMPTIONSFOR EACH SCENARIO IN ADVANCE.

ENJOY IT …

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COMPANY NAME HIST HIST HIST HIST HISTINCOME STATEMENT (in US$ millions) 2001 2002 2003 2004 2005

NET SALES 11,018 12,533 15,242 17,803 19,608

COST OF GOODS SOLD 4,656 5,411 6,812 7,864 8,596 DEPRECIATION EXPENSE 584 631 701 787 899 AMORTISATION EXPENSE

GROSS PROFIT 5,778 6,492 7,730 9,152 10,113

SALES, GENERAL & ADM EXPENSE 4,594 5,070 5,796 6,908 7,782 DEPRECIATION EXPENSEAMORTISATION EXPENSE 57 72 150 189 209

NET OPERATING PROFIT (NOP) 1,128 1,349 1,783 2,056 2,123

Other Expense / (Income) :INTEREST EXPENSE 295 344 610 689 616 (CAPITALIZED INTEREST)INTEREST EXPENSE (new)DIVIDEND RECEIVEDPROVISION FOR D'FUL RECSINTEREST INCOME (113) (122) (177) (182) (163)FX LOSSES (GAINS)SUNDRY EXPENSE (INCOME)

NET PROFIT BEFORE TAX (NPBT) 946 1,127 1,351 1,549 1,670

INCOME TAX - CURRENT 268 329 349 425 492 INCOME TAX - DEFERRED 72 36 100 86 98 ITC

NET PROFIT BEFORE UNUSUAL ITEMS (NPBUI) 605 762 901 1,038 1,080

Unusual Items :Adj : SALE OF PLANT 9 Adj : INVESTMENTSEQUITY INCOME / LOSSMINORITY INT EXPENSETRANSLATION FXDISCONTINUED OPERATIONS 1 14 OTHERSOTHERS (53)

NET PROFIT AFTER UNUSUAL ITEMS (NPAUI) 595 762 901 1,077 1,080

CASH DIVIDENDS - COMMON 175 209 253 302 363 CASH DIVIDENDS - PREFERRED

R/E ADJUSTMENTS

CURRENT EARNINGS 420 553 649 775 717

CHG IN COMMON STOCK 0 (10) 0 0 CHG IN PREFERRED STOCK 0 0 0 0 CHG IN ADDITIONAL PAID-IN CAPITAL (22) (12) (41) (112)CHG IN TREASURY STOCK (44) (18) 120 135 CHG IN FX ADJUSTMENTS (34) (42) (317) 53 COMMON STOCK REDEMPTION

PROJECTION ASSUMPTIONS

EXCESS CASH 63 73 87 143 NEW DEBT - UNALLOCATED 0 0 0 0 COPAT / FP 4.09 2.37 3.22 5.98 COPAT - FP 3,321 2,111 2,899 3,817

VARIABLES 2006 2007 2008 2009SALES GROWTH 8.00% 9.00% 11.00% 11.00%COGS / SALES 43.50% 43.30% 43.10% 43.10%SGA / SALES 39.00% 39.00% 39.00% 39.00%A/R DOH 27 27 27 26 INV DOH 29 29 29 29 A/P DOH 51 50 50 49 A/E DOH 0 0 0 0 INTEREST RATE (STD) 5.00% 5.00% 5.00% 5.00%LTD INTEREST PREMIUM 1.50% 1.50% 1.50% 1.50%INCOME TAX RATE 30.00% 30.00% 30.00% 30.00%DEP EXP / AGP 7.00% 7.00% 7.00% 7.00%DIV PAID / NPAUI 0.00% 0.00% 0.00% 0.00%ABSOLUTE COMMON DIV 418 480 552 635 ABSOLUTE PREFERRED DIV 0 0 0 0 STD - NEW DEBT 1,600 2,100 2,100 1,500 CPLTD - NEW DEBT 0 0 0 400 LTD - NEW DEBT 1,400 1,400 1,400 1,000 MINIMUM CASH BALANCE 50 50 50 50

CELL LINKS, DO NOT ERASE ► 1 2

BASE CASE SCENARIO 2006 2007 2008 2009SALES GROWTH 8.00% 9.00% 11.00% 11.00%COGS / SALES 43.50% 43.30% 43.10% 43.10%SGA / SALES 39.00% 39.00% 39.00% 39.00%A/R DOH 27 27 27 26 INV DOH 29 29 29 29 A/P DOH 51 50 50 49 A/E DOH 0 0 0 0 INTEREST RATE (STD) 5.00% 5.00% 5.00% 5.00%LTD INTEREST PREMIUM 1.50% 1.50% 1.50% 1.50%INCOME TAX RATE 30.00% 30.00% 30.00% 30.00%DEP EXP / AGP 7.00% 7.00% 7.00% 7.00%DIV PAID / NPAUI 0.00% 0.00% 0.00% 0.00%ABSOLUTE COMMON DIV 418 480 552 635 ABSOLUTE PREFERRED DIV 0 0 0 0 STD - NEW DEBT 1,600 2,100 2,100 1,500 CPLTD - NEW DEBT 0 0 0 400 LTD - NEW DEBT 1,400 1,400 1,400 1,000 MINIMUM CASH BALANCE 50 50 50 50

BEST CASE SCENARIO 2006 2007 2008 2009SALES GROWTH 9.00% 10.00% 12.00% 12.00%COGS / SALES 42.00% 42.00% 42.00% 42.00%SGA / SALES 36.00% 36.00% 36.00% 36.00%

A/R DOH 27 27 27 26 INV DOH 29 29 29 29 A/P DOH 51 50 50 49 A/E DOH 0 0 0 0 INTEREST RATE (STD) 4.00% 4.00% 4.00% 4.00%LTD INTEREST PREMIUM 1.00% 1.00% 1.00% 1.00%INCOME TAX RATE 30.00% 30.00% 30.00% 30.00%DEP EXP / AGP 7.00% 7.00% 7.00% 7.00%DIV PAID / NPAUI 0.00% 0.00% 0.00% 0.00%ABSOLUTE COMMON DIV 418 480 552 635 ABSOLUTE PREFERRED DIV 0 0 0 0 STD - NEW DEBT 1,600 2,100 2,100 1,500 CPLTD - NEW DEBT 0 0 0 400 LTD - NEW DEBT 1,400 1,400 1,400 1,000 MINIMUM CASH BALANCE 50 50 50 50

WORST CASE SCENARIO 2006 2007 2008 2009SALES GROWTH 5.00% 6.00% 7.00% 7.00%COGS / SALES 45.00% 45.00% 45.00% 45.00%SGA / SALES 42.00% 42.00% 42.00% 42.00%A/R DOH 27 27 27 26 INV DOH 29 29 29 29 A/P DOH 51 50 50 49 A/E DOH 0 0 0 0 INTEREST RATE (STD) 12.00% 12.00% 12.00% 12.00%LTD INTEREST PREMIUM 2.00% 2.00% 2.00% 2.00%INCOME TAX RATE 30.00% 30.00% 30.00% 30.00%DEP EXP / AGP 7.00% 7.00% 7.00% 7.00%DIV PAID / NPAUI 0.00% 0.00% 0.00% 0.00%ABSOLUTE COMMON DIV 418 480 552 635 ABSOLUTE PREFERRED DIV 0 0 0 0 STD - NEW DEBT 3,300 5,300 7,150 8,700 CPLTD - NEW DEBT 0 0 0 400 LTD - NEW DEBT 1,400 1,400 1,400 1,000 MINIMUM CASH BALANCE 50 50 50 50

RATIOS 2006 2007 2008 2009R O E 24.15% 22.44% 22.24% 21.54%GROSS PROFIT 11,254 12,300 13,708 15,224 G P M 53.15% 53.29% 53.50% 53.53%N O P 2,787 3,090 3,507 3,923 NOP / SALES 13.16% 13.38% 13.69% 13.80%T I E 6.13 6.25 8.27 10.67 INT EXP / AFD 5.90% 6.95% 6.61% 6.70%NPBT 2,332 2,595 3,083 3,556 NPBT / SALES 11.01% 11.24% 12.03% 12.50%NPAUI 1,633 1,817 2,158 2,489 NPAUI / SALES 7.71% 7.87% 8.42% 8.75%DIV PAID / NPAUI 25.58% 26.44% 25.59% 25.52%WI / SALES 4.83% 4.85% 4.84% 4.82%CURRENT RATIO 0.59 0.58 0.62 0.62 QUICK RATIO 0.49 0.48 0.52 0.52 LEVERAGE 181.37 9.14 4.24 2.59 NOPAT 3,476 2,658 3,127 3,417 NOPAT - FP 2,402 1,114 1,820 2,650

NOPAT - FP - DIV 1,985 634 1,268 2,015 NOPAT / FP 3.24 1.72 2.39 4.45 NOPAT / (FP + DIV) 2.33 1.31 1.68 2.44 COPAT 4,395 3,654 4,206 4,584 COPAT - FP 3,321 2,111 2,899 3,817 COPAT - FP -DIV 2,904 1,630 2,346 3,182 COPAT / FP 4.09 2.37 3.22 5.98 COPAT / (FP + DIV) 2.95 1.81 2.26 3.27

11

MULTIPLYING FACTORS YEARSALES GROWTH 1.00% 2006COGS / SALES 1.00% 2007SGA / SALES 0.50% 2008A/R DOH 5 2009INV DOH 5 2010A/P DOH 5 2011A/E DOH 2 2012INTEREST RATE (STD) 1.00% 2013LTD INTEREST PREMIUM 0.25% 2014INCOME TAX RATE 1.00% 2015DEP EXP / AGP 1.00%DIV PAID / NPAUI 1.00% 4ABSOLUTE COMMON DIV 500 ABSOLUTE PREFERRED DIV 500 STD - NEW DEBT 500 CPLTD - NEW DEBT 500 LTD - NEW DEBT 500 MINIMUM CASH BALANCE 100

OTHER ASSUMPTIONS 2006 2007 2008 2009

TIME DEPOSITS 0 0 0 0

MARKETABLE SECURITIES 2,012 2,193 2,434 2,702

OTHER RECEIVABLES 0 0 0 0

SUNDRY CA 0 0 0 0

SUNDRY CA 0 0 0 0

LAND 124 137 148 161

CONSTRUCTION IN PROGRESS (new) 0 0 0 0

CONSTRUCTION IN PROGRESS (transferred) 0 0 0 0

OTHER GROSS PLANT 1,351 1,503 1,614 1,765

W/O LAND (WRITE OFF) 0 0 0 0

SOP LAND (SALE OF PLANT) 0 0 0 0

W/O BUILDINGS, MACHINERY & EQUIPMENT 0 0 0 0

PRINT ALLASSUMPTIONS

SOP BUILDINGS, MACHINERY & EQUIPMENT 300 350 400 450

PREPAID EXPENSES 424 462 512 569

INVESTMENTSSECURITIES 0 0 0 0 AFFILIATES / SUBSIDIARIES 1,271 1,385 1,537 1,706 OTHERS 0 0 0 0

PREPAID TAXES 0 0 0 0

ADVANCE ON PURCHASES 0 0 0 0

DUE FROM AFFILIATES 0 0 0 0

OTHER NON-CURRENT RECEIVABLES 529 577 641 711

SUNDRY NCA 0 0 0 0

SUNDRY NCA 147 187 227 267

INTANGIBLESTRADE MARK, COPY RIGHT 0 0 0 0 GOODWILL 6,689 6,689 6,689 6,689 OTHER 0 0 0 0

STD - BANK 0 0 0 0

CPLTD - BANK 0 0 0 0

CPLTD - LEASES 0 0 0 0

TAX PAYABLES 1,749 1,946 2,312 2,667

DIVIDEND PAYABLES 0 0 0 0

INTEREST PAYABLES 0 0 0 0

DUE TO AFFILIATES 0 0 0 0

SUNDRY CL 0 0 0 0

SUNDRY CL 1,842 2,008 2,229 2,474

LTD - BANKS 0 0 0 0

LTD - LEASES 0 0 0 0

SUNDRY NCL 0 0 0 0

SUNDRY NCL 635 692 769 853

MINORITY INTEREST 0 0 0 0

DEFERRED TAXES 1,202 1,352 1,531 1,737

COMMON STOCK 14 14 14 14

PREFERRED STOCK 0 0 0 0

ADDITIONAL PAID-IN CAPITAL 477 477 477 477

TREASURY STOCK (746) (746) (746) (746)

FX ADJUSTMENTS 330 330 330 330

DIVIDEND RECEIVED 0 0 0 0

FX LOSSES (GAINS) 0 0 0 0

SUNDRY EXPENSE (INCOME) 0 0 0 0

Adj : SALE OF PLANT 0 0 0 0

Adj : INVESTMENTS 0 0 0 0

EQUITY INCOME / LOSS 0 0 0 0

MINORITY INTEREST 0 0 0 0

TRANSLATION FX 0 0 0 0

DISCONTINUED OPERATIONS 0 0 0 0

OTHERS 0 0 0 0

OTHERS 0 0 0 0

140 147 958 2,005 3,487 5,147 0 0 0 0 0 0

3.31 10.27 20.27 8.88 10.19 43.75 3,529 4,959 5,170 5,787 6,419 7,691

2010 2011 2012 2013 2014 201511.00% 10.00% 4.00% 13.00% 11.00% 11.00%43.10% 43.10% 43.10% 43.10% 43.10% 43.10%39.00% 39.00% 39.00% 39.00% 39.00% 39.00%

26 26 26 26 24 26 29 29 29 29 29 29 49 47 49 49 49 49 0 0 0 0 0 0

5.00% 5.00% 5.00% 5.00% 5.00% 5.00%1.50% 1.50% 1.50% 1.50% 1.50% 1.50%

30.00% 30.00% 30.00% 30.00% 30.00% 30.00%7.00% 7.00% 7.00% 7.00% 7.00% 7.00%0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

731 840 966 1,111 1,278 1,469 0 0 0 0 0 0

1,500 600 0 0 0 0 0 0 500 500 0 0

1,000 1,000 500 0 0 0 50 50 50 50 50 50

BASE CASE

2010 2011 2012 2013 2014 201511.00% 10.00% 4.00% 13.00% 11.00% 11.00%43.10% 43.10% 43.10% 43.10% 43.10% 43.10%39.00% 39.00% 39.00% 39.00% 39.00% 39.00%

26 26 26 26 24 26 29 29 29 29 29 29 49 47 49 49 49 49 0 0 0 0 0 0

5.00% 5.00% 5.00% 5.00% 5.00% 5.00%1.50% 1.50% 1.50% 1.50% 1.50% 1.50%

30.00% 30.00% 30.00% 30.00% 30.00% 30.00%7.00% 7.00% 7.00% 7.00% 7.00% 7.00%0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

731 840 966 1,111 1,278 1,469 0 0 0 0 0 0

1,500 600 0 0 0 0 0 0 500 500 0 0

1,000 1,000 500 0 0 0 50 50 50 50 50 50

BASE CASE

2010 2011 2012 2013 2014 201512.00% 11.00% 5.00% 14.00% 12.00% 12.00%42.00% 42.00% 42.00% 42.00% 42.00% 42.00%36.00% 36.00% 36.00% 36.00% 36.00% 36.00%

26 26 26 26 24 26 29 29 29 29 29 29 49 47 49 49 49 49 0 0 0 0 0 0

4.00% 4.00% 4.00% 4.00% 4.00% 4.00%1.00% 1.00% 1.00% 1.00% 1.00% 1.00%

30.00% 30.00% 30.00% 30.00% 30.00% 30.00%7.00% 7.00% 7.00% 7.00% 7.00% 7.00%0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

731 840 966 1,111 1,278 1,469 0 0 0 0 0 0

1,500 600 0 0 0 0 0 0 500 500 0 0

1,000 1,000 500 0 0 0 50 50 50 50 50 50

BEST CASE

2010 2011 2012 2013 2014 20157.00% 7.00% 8.00% 10.00% 10.00% 10.00%

45.00% 45.00% 45.00% 45.00% 45.00% 45.00%42.00% 42.00% 42.00% 42.00% 42.00% 42.00%

26 26 26 26 24 26 29 29 29 29 29 29 49 47 49 49 49 49 0 0 0 0 0 0

12.00% 12.00% 12.00% 12.00% 12.00% 12.00%2.00% 2.00% 2.00% 2.00% 2.00% 2.00%

30.00% 30.00% 30.00% 30.00% 30.00% 30.00%7.00% 7.00% 7.00% 7.00% 7.00% 7.00%0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

731 840 966 1,111 1,278 1,469 0 0 0 0 0 0

11,300 13,400 15,300 18,200 20,900 24,100 0 0 500 500 0 0

1,000 1,000 500 0 0 0 50 50 50 50 50 50

WORST CASE

2010 2011 2012 2013 2014 201520.91% 20.11% 18.20% 18.29% 17.97% 17.64%16,906 18,593 19,268 21,814 24,226 26,901 53.55% 53.54% 53.35% 53.45% 53.48% 53.50%

4,385 4,841 4,974 5,689 6,351 7,083 13.89% 13.94% 13.77% 13.94% 14.02% 14.09%

14.80 22.03 29.56 42.47 64.38 88.65 6.76% 7.03% 7.84% 8.75% 10.22% 12.25%4,089 4,622 4,806 5,555 6,252 7,003

12.95% 13.31% 13.31% 13.61% 13.80% 13.93%2,862 3,235 3,364 3,889 4,377 4,902 9.07% 9.32% 9.32% 9.53% 9.66% 9.75%

25.52% 25.97% 28.72% 28.57% 29.19% 29.97%4.79% 5.06% 4.82% 4.82% 4.27% 4.82%

0.69 0.79 0.88 0.96 1.09 1.21 0.58 0.66 0.74 0.83 0.96 1.08 1.76 1.27 0.99 0.86 0.75 0.69

3,794 4,120 3,948 4,905 5,360 5,954 2,263 3,585 3,680 4,171 4,661 5,774

1,533 2,745 2,713 3,060 3,384 4,305 2.48 7.70 14.71 6.68 7.67 33.10 1.68 3.00 3.20 2.66 2.71 3.61

5,059 5,494 5,438 6,521 7,117 7,871 3,529 4,959 5,170 5,787 6,419 7,691 2,798 4,119 4,203 4,676 5,141 6,222 3.31 10.27 20.27 8.88 10.19 43.75 2.24 4.00 4.41 3.53 3.60 4.77

2010 2011 2012 2013 2014 2015

0 0 0 0 0 0

2,999 3,299 3,431 3,877 4,303 4,777

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

181 200 208 235 260 289

0 0 0 0 0 0

0 0 0 0 0 0

1,984 2,182 2,269 2,564 2,846 3,159

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

PRINT ALLASSUMPTIONS

500 550 600 650 700 750

631 695 722 816 906 1,006

0 0 0 0 0 0 1,894 2,084 2,167 2,449 2,718 3,017

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

789 868 903 1,020 1,132 1,257

0 0 0 0 0 0

307 347 387 427 467 507

0 0 0 0 0 0 6,689 6,689 6,689 6,689 6,689 6,689

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

3,067 3,466 3,605 4,167 4,689 5,253

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

2,746 3,021 3,141 3,550 3,941 4,374

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

947 1,042 1,083 1,224 1,359 1,508

0 0 0 0 0 0

1,972 2,237 2,514 2,834 3,197 3,605

14 14 14 14 14 14

0 0 0 0 0 0

477 477 477 477 477 477

(746) (746) (746) (746) (746) (746)

330 330 330 330 330 330

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 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 0 0 0 0

0 0 0 0 0 0

COMPANY NAME HIST HIST HIST HIST HIST PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJASSETS (in US$ millions) 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

CASH ON HAND & IN BANKS 79 143 76 171 187 113 123 137 193 190 197 1,008 2,055 3,537 5,197 EXCESS CASH 63 73 87 143 140 147 958 2,005 3,487 5,147 MINIMUM CASH BALANCE 50 50 50 50 50 50 50 50 50 50

TIME DEPOSITS - - - - - - - - - - - - - - - MARKETABLE SECURITIES 1,273 1,475 1,458 1,645 1,849 2,012 2,193 2,434 2,702 2,999 3,299 3,431 3,877 4,303 4,777

TRADE RECEIVABLES 941 1,035 1,297 1,506 1,579 1,566 1,695 1,860 2,041 2,240 2,474 2,573 2,907 2,978 3,582 (EST DOUBTFUL RECS) (55) (56) (58) (91) (98) - - - - - - - - - -

NET TRADE RECEIVABLES 886 979 1,240 1,415 1,482 1,566 1,695 1,860 2,041 2,240 2,474 2,573 2,907 2,978 3,582

OTHER RECEIVABLES - - - - - - - - - - - - - - - INVENTORY 433 442 546 586 662 732 794 877 974 1,081 1,189 1,237 1,397 1,551 1,722

FINISHED GOODS 201 220 267 285 324 WORK IN PROCESS - - - - - RAW MATERIALS 242 238 295 315 351 MISCELLANEOUS INV (10) (15) (16) (15) (13)

SUNDRY CA - - - - - - - - - - SUNDRY CA - - - - - - - - - - - - - - -

CURRENT ASSETS 2,671 3,040 3,320 3,816 4,179 4,423 4,805 5,308 5,910 6,510 7,159 8,248 10,236 12,370 15,277

LAND 501 569 702 785 880 1,004 1,141 1,289 1,450 1,632 1,831 2,039 2,273 2,534 2,823 BUILDINGS, MACHINERY & EQUIPMENT 5,500 6,090 7,116 8,192 9,622 10,672 11,825 13,039 14,354 15,837 17,469 19,138 21,053 23,199 25,608

(ACCUMULATED DEPRECIATION) (1,883) (2,196) (2,688) (3,267) (3,907) (4,317) (4,755) (5,225) (5,734) (6,290) (6,906) (7,587) (8,344) (9,193) (10,151)CONSTRUCTION IN PROGRESS - - - - - - - - - - - - - - -

NET PROPERTY, PLANT & EQUIPMENT 4,117 4,463 5,130 5,711 6,595 7,358 8,211 9,103 10,070 11,178 12,394 13,590 14,982 16,540 18,280

PREPAID EXPENSES 268 225 231 265 387 424 462 512 569 631 695 722 816 906 1,006 INVESTMENTS - 461 676 1,081 1,123 1,271 1,385 1,537 1,706 1,894 2,084 2,167 2,449 2,718 3,017

SECURITIES - - - - - - - - - - - - - - - AFFILIATES / SUBSIDIARIES - 461 676 1,081 1,123 1,271 1,385 1,537 1,706 1,894 2,084 2,167 2,449 2,718 3,017 OTHERS - - - - - - - - - - - - - - -

PREPAID TAXES - - - - - - - - - - ADVANCE ON PURCHASES - - - - - - - - - - - - - - - DUE FROM AFFILIATES - - - - - - - - - - - - - - - OTHER NON-CURRENT RECEIVABLES 581 362 264 340 453 529 577 641 711 789 868 903 1,020 1,132 1,257 SUNDRY NCA - - - - - - SUNDRY NCA - 3 31 85 107 147 187 227 267 307 347 387 427 467 507 INTANGIBLES 1,384 2,582 5,475 5,845 5,932 6,689 6,689 6,689 6,689 6,689 6,689 6,689 6,689 6,689 6,689

TRADE MARK, COPY RIGHT - - - - - - - - - - - - - - - GOODWILL 1,384 2,582 5,475 5,845 5,932 6,689 6,689 6,689 6,689 6,689 6,689 6,689 6,689 6,689 6,689 OTHER - - - - - - - - - - - - - - -

TOTAL ASSETS 9,023 11,135 15,127 17,143 18,775 20,841 22,315 24,017 25,922 27,999 30,235 32,705 36,619 40,821 46,032

COMPANY NAME HIST HIST HIST HIST HIST PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJLIABILITIES (in US$ millions) 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

STD - BANK 481 1,095 4,100 4,042 3,059 - - - - - - - - - - STD - BANK (new) 1,600 2,100 2,100 1,500 1,500 600 - - - - NEW DEBT - UNALLOCATED - - - - - - - - - - CPLTD - BANK 165 356 317 1,085 600 1,050 883 400 834 315 100 100 100 100 100 CPLTD - LEASES - - - - 19 CPLTD - BANK / LEASES (new) - - - 400 - - 500 500 - -

TRADE PAYABLES 725 881 1,055 1,116 1,197 1,275 1,369 1,498 1,646 1,808 1,907 2,068 2,337 2,594 2,880 ACCRUED EXPENSES - - - - - - - - - - - - - - - TAX PAYABLES 199 250 314 444 492 1,749 1,946 2,312 2,667 3,067 3,466 3,605 4,167 4,689 5,253 DIVIDEND PAYABLES - - - - - - - - - - - - - - - INTEREST PAYABLES - - - - - - - - - - - - - - - DUE TO AFFILIATES - - - - - - - - - - - - - - -

SUNDRY CL - - - - - - - - - - - - - - - SUNDRY CL 1,153 1,291 1,457 1,584 1,805 1,842 2,008 2,229 2,474 2,746 3,021 3,141 3,550 3,941 4,374

CURRENT LIABILITIES 2,723 3,874 7,242 8,271 7,172 7,516 8,306 8,538 9,520 9,436 9,094 9,414 10,654 11,324 12,606

LTD - BANK / LEASES (new) 1,400 1,400 1,400 1,000 1,000 1,000 500 - - - LTD - BANKS 2,137 2,212 2,048 1,906 4,162 3,152 2,311 1,938 1,132 847 779 713 647 584 521 LTD - LEASES 143 144 179 194 194 176 157 139 124 109

SUNDRY NCL - - - - - - - - - - - - - - - SUNDRY NCL 707 943 910 926 631 635 692 769 853 947 1,042 1,083 1,224 1,359 1,508

TOTAL LIABILITIES 5,710 7,173 10,379 11,296 12,160 12,879 12,866 12,784 12,629 12,339 11,915 11,710 12,525 13,267 14,636

MINORITY INTEREST - - - - - - - - - - - - - - - DEFERRED TAXES 805 801 857 943 1,070 1,202 1,352 1,531 1,737 1,972 2,237 2,514 2,834 3,197 3,605

COMMON STOCK 5 5 14 14 14 14 14 14 14 14 14 14 14 14 14 PREFERRED STOCK - - - - - - - - - - - - - - - ADDITIONAL PAID-IN CAPITAL 291 312 324 365 477 477 477 477 477 477 477 477 477 477 477 TREASURY STOCK (554) (510) (492) (611) (746) (746) (746) (746) (746) (746) (746) (746) (746) (746) (746)FX ADJUSTMENTS (10) 24 66 383 330 330 330 330 330 330 330 330 330 330 330 RETAINED EARNINGS 2,357 2,777 3,330 3,978 4,753 5,470 6,685 8,021 9,627 11,481 13,613 16,008 18,406 21,184 24,282 CURRENT EARNINGS 420 553 649 775 717 1,215 1,336 1,606 1,854 2,132 2,395 2,398 2,778 3,099 3,433

NET WORTH 2,509 3,161 3,891 4,904 5,545 6,760 8,097 9,703 11,556 13,688 16,083 18,481 21,259 24,358 27,791

TOTAL LIABILITIES & NET WORTH 9,023 11,135 15,127 17,143 18,775 20,841 22,315 24,017 25,922 27,999 30,235 32,705 36,619 40,821 46,032

CONTINGENT LIABILITIES - - - - - - - - - - - - - - - ;; - - - - - - - - - - - - - - - ;; - - - - - - - - - - - - - - -

COMPANY NAME HIST HIST HIST HIST HIST PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJFACT SHEET 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

ROE 24.12% 24.11% 23.17% 21.16% 19.48% 24.15% 22.44% 22.24% 21.54% 20.91% 20.11% 18.20% 18.29% 17.97% 17.64%5.49% 6.08% 5.91% 5.83% 5.51% 7.71% 7.87% 8.42% 8.75% 9.07% 9.32% 9.32% 9.53% 9.66% 9.75%

1.22 1.13 1.01 1.04 1.04 1.02 1.03 1.07 1.10 1.13 1.15 1.10 1.11 1.11 1.09 3.60 3.52 3.89 3.50 3.39 3.08 2.76 2.48 2.24 2.05 1.88 1.77 1.72 1.68 1.66

ROS 5.49% 6.08% 5.91% 5.83% 5.51% 7.71% 7.87% 8.42% 8.75% 9.07% 9.32% 9.32% 9.53% 9.66% 9.75%SALES 11,018 12,533 15,242 17,803 19,608 21,177 23,082 25,621 28,440 31,568 34,725 36,114 40,809 45,298 50,281 % CHANGE N.A. 13.75% 21.62% 16.80% 10.14% 8.00% 9.00% 11.00% 11.00% 11.00% 10.00% 4.00% 13.00% 11.00% 11.00%CGS / SALES 42.26% 43.17% 44.69% 44.17% 43.84% 43.50% 43.30% 43.10% 43.10% 43.10% 43.10% 43.10% 43.10% 43.10% 43.10%GPM 52.44% 51.80% 50.71% 51.41% 51.58% 53.15% 53.29% 53.50% 53.53% 53.55% 53.54% 53.35% 53.45% 53.48% 53.50%SGA / SALES 41.69% 40.45% 38.03% 38.80% 39.69% 39.00% 39.00% 39.00% 39.00% 39.00% 39.00% 39.00% 39.00% 39.00% 39.00%NOP / SALES 10.23% 10.77% 11.70% 11.55% 10.83% 13.16% 13.38% 13.69% 13.80% 13.89% 13.94% 13.77% 13.94% 14.02% 14.09%T I E 4.21 4.27 3.22 3.25 3.71 6.13 6.25 8.27 10.67 14.80 22.03 29.56 42.47 64.38 88.65 INT EXP / AFD 20.14% 10.22% 11.67% 9.93% 8.07% 5.90% 6.95% 6.61% 6.70% 6.76% 7.03% 7.84% 8.75% 10.22% 12.25%NPBT / SALES 8.58% 8.99% 8.86% 8.70% 8.52% 11.01% 11.24% 12.03% 12.50% 12.95% 13.31% 13.31% 13.61% 13.80% 13.93%TAXES / NPBT 36.01% 32.38% 33.25% 33.02% 35.33% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00%NPAUI / SALES 5.40% 6.08% 5.91% 6.05% 5.51% 7.71% 7.87% 8.42% 8.75% 9.07% 9.32% 9.32% 9.53% 9.66% 9.75%DIV RECVD / NPBT 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% 0.00%DIV PAID / NPAUI 29.37% 27.45% 28.03% 28.07% 33.62% 25.58% 26.44% 25.59% 25.52% 25.52% 25.97% 28.72% 28.57% 29.19% 29.97%

ATO 1.22 1.13 1.01 1.04 1.04 1.02 1.03 1.07 1.10 1.13 1.15 1.10 1.11 1.11 1.09 WORKING CAPITAL (52) (834) (3,922) (4,454) (2,993) (3,093) (3,502) (3,230) (3,610) (2,926) (1,935) (1,166) (417) 1,045 2,671 WORKING INVESTMENT 593 540 731 884 947 1,024 1,120 1,240 1,370 1,513 1,756 1,741 1,967 1,935 2,424 WI / SALES 5.39% 4.31% 4.80% 4.97% 4.83% 4.83% 4.85% 4.84% 4.82% 4.79% 5.06% 4.82% 4.82% 4.27% 4.82%A/R DOH 29 29 30 29 28 27 27 26 26 26 26 26 26 24 26 INV DOH 34 30 29 27 28 29 29 29 29 29 29 29 29 29 29 A/P DOH 57 59 57 52 51 51 50 50 49 49 47 48 49 49 49 A/E DOH 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 AGP T/O 2.00 2.16 2.31 2.33 2.20 2.09 2.05 2.06 2.08 2.09 2.09 1.97 2.03 2.05 2.06 ANP T/O 2.68 2.92 3.18 3.28 3.19 3.04 2.97 2.96 2.97 2.97 2.95 2.78 2.86 2.87 2.89 ACC DEP / AGP 0.34 0.38 0.41 0.43 0.44 0.43 0.42 0.42 0.42 0.42 0.41 0.41 0.42 0.42 0.42 PLANT LIFE 9.42 9.66 10.16 10.41 10.70 15.03 15.02 14.98 14.97 14.99 14.99 14.94 14.97 14.98 14.99 PLANT LIFE USED 3.23 3.48 3.84 4.15 4.35 6.08 6.04 6.00 5.98 5.95 5.92 5.92 5.93 5.94 5.94 PLANT LIFE REMAINING 6.20 6.17 6.32 6.26 6.36 8.95 8.98 8.98 8.99 9.03 9.06 9.02 9.03 9.04 9.05 TOTAL DEP EXP / AGP 10.61% 10.88% 10.61% 10.28% 10.09% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00%

ALEV 3.60 3.52 3.89 3.50 3.39 3.08 2.76 2.48 2.24 2.05 1.88 1.77 1.72 1.68 1.66 CURRENT RATIO 0.98 0.78 0.46 0.46 0.58 0.59 0.58 0.62 0.62 0.69 0.79 0.88 0.96 1.09 1.21 QUICK RATIO 0.79 0.63 0.37 0.37 0.46 0.49 0.48 0.52 0.52 0.58 0.66 0.74 0.83 0.96 1.08 LEVERAGE 5.08 12.40 (6.55) (12.00) (31.42) 181.37 9.14 4.24 2.59 1.76 1.27 0.99 0.86 0.75 0.69 COVERAGE RATIO 0.47 0.42 0.32 0.34 0.34 0.34 0.37 0.42 0.47 0.53 0.60 0.70 0.82 0.93 1.04

CAPITAL STRUCTURE% SHORT TERM DEBT 5.33% 9.84% 27.10% 23.57% 16.29% 7.68% 9.41% 8.74% 5.79% 5.36% 1.98% 0.00% 0.00% 0.00% 0.00%% SPONTANEOUS FINANCING 8.04% 7.92% 6.97% 6.51% 6.37% 6.12% 6.14% 6.24% 6.35% 6.46% 6.31% 6.32% 6.38% 6.36% 6.26%% CURRENT PORTION OF LTD 1.83% 3.20% 2.09% 6.33% 3.30% 5.04% 3.96% 1.66% 4.76% 1.13% 0.33% 1.83% 1.64% 0.24% 0.22%% LONG TERM DEBT 25.27% 21.16% 14.72% 12.25% 23.20% 22.68% 17.33% 14.48% 8.70% 6.99% 5.88% 3.71% 1.77% 1.43% 1.13%% GREY AREA 8.92% 7.19% 5.66% 5.50% 5.70% 5.77% 6.06% 6.37% 6.70% 7.04% 7.40% 7.69% 7.74% 7.83% 7.83%% NET WORTH 27.80% 28.39% 25.72% 28.61% 29.54% 32.44% 36.28% 40.40% 44.58% 48.89% 53.19% 56.51% 58.05% 59.67% 60.37%CONTINGENCIES 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 % CONTINGENCIES / NET WORTH 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% 0.00%

ROS (RETURN ON SALES)ATO (ASSET TURN OVER)ALEV (ASSET LEVERAGE)

COMPANY NAME HIST HIST HIST HIST HIST PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJ PROJCASH FLOW STATEMENT (in US$ millions) 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

NPAUI N.A. 762 901 1,077 1,080 1,633 1,817 2,158 2,489 2,862 3,235 3,364 3,889 4,377 4,902 INTEREST EXPENSE N.A. 344 610 689 616 455 494 424 368 296 220 168 134 99 80 INTEREST INCOME N.A. (122) (177) (182) (163) - - - - - - - - - - DIVIDEND INCOME N.A. - - - - - - - - - - - - - - SUNDRY INCOME / EXPENSE N.A. - - - - - - - - - - - - - - EQUITY INCOME / LOSS N.A. - - - - - - - - - - - - - - MINORITY INTEREST EXPENSE N.A. - - - - - - - - - - - - - - Unusual Items :- SALE OF PLANT N.A. - - - - - - - - - - - - - - - INVESTMENTS N.A. - - - - - - - - - - - - - - - OTHERS N.A. - - (39) - - - - - - - - - - - CURRENT TAX PROVISION N.A. 329 349 425 492 700 779 925 1,067 1,227 1,386 1,442 1,667 1,876 2,101 DEFERRED TAX PROVISION N.A. 36 100 86 98 - - - - - - - - - - CURRENT TAX PAID N.A. (277) (286) (295) (443) 557 (581) (559) (712) (827) (987) (1,303) (1,105) (1,353) (1,538)DEFERRED TAX PAID N.A. (40) (44) (1) 29 132 150 179 206 235 265 277 321 362 408 ITC N.A. - - - - - - - - - - - - - -

NORMALIZED EARNINGS (NOPAT) N.A. 1,032 1,453 1,760 1,709 3,476 2,658 3,127 3,417 3,794 4,120 3,948 4,905 5,360 5,954

DEPRECIATION EXPENSE N.A. 631 701 787 899 710 787 870 959 1,057 1,166 1,281 1,407 1,549 1,708 AMORTISATION EXPENSE N.A. 72 150 189 209 209 209 209 209 209 209 209 209 209 209 PROVISION FOR DOUBTFUL RECS N.A. - - - - - - - - - - - - - -

CASH FROM OPERATIONS (COPAT) N.A. 1,735 2,304 2,736 2,817 4,395 3,654 4,206 4,584 5,059 5,494 5,438 6,521 7,117 7,871

CHG IN GROSS A/R'S N.A. (94) (262) (208) (74) 13 (128) (165) (181) (199) (234) (99) (334) (72) (603)CHG IN A/R CHARGE OFF N.A. 0 2 33 7 (98) - - - - - - - - - CHG IN INVENTORY N.A. (9) (104) (40) (76) (70) (62) (83) (97) (107) (108) (48) (161) (154) (171)CHG IN A/P N.A. 156 173 62 80 78 95 128 148 162 99 162 269 257 285 CHG IN A/E N.A. - - - - - - - - - - - - - -

CHG IN WORKING INVESTMENT N.A. 53 (191) (153) (62) (77) (96) (120) (130) (143) (243) 15 (226) 32 (488)

CHG IN PREPAID EXPENSE N.A. 43 (6) (34) (122) (37) (38) (51) (56) (63) (63) (28) (94) (90) (100)CHG IN SUNDRY CA N.A. (202) 17 (187) (204) (162) (181) (241) (268) (297) (300) (132) (446) (426) (473)CHG IN SUNDRY CL N.A. 138 166 127 221 37 166 221 245 272 275 120 409 391 433

CASH AFTER CURRENT OPERATIONS N.A. 1,768 2,291 2,488 2,649 4,156 3,505 4,014 4,375 4,828 5,163 5,413 6,163 7,024 7,243

INTEREST EXPENSE N.A. (344) (610) (689) (616) (455) (494) (424) (368) (296) (220) (168) (134) (99) (80)CURRENT PORTION OF LTD N.A. (165) (356) (317) (1,085) (619) (1,050) (883) (400) (1,234) (315) (100) (600) (600) (100)COMMON STOCK REDEMPTION N.A. - - - - - - - - - - - - - -

TOTAL FINANCING PAYMENT N.A. (509) (965) (1,005) (1,701) (1,074) (1,544) (1,307) (767) (1,530) (535) (268) (734) (699) (180)

CASH BEFORE LONG TERM USES N.A. 1,258 1,326 1,483 948 3,082 1,961 2,708 3,608 3,298 4,629 5,145 5,430 6,325 7,063

NET PLANT EXPENDITURE N.A. (976) (1,368) (1,367) (1,783) (1,474) (1,640) (1,762) (1,926) (2,165) (2,382) (2,477) (2,799) (3,107) (3,448)INTEREST INCOME N.A. 122 177 182 163 - - - - - - - - - - DIVIDEND INCOME N.A. - - - - - - - - - - - - - - SUNDRY INCOME / EXPENSE N.A. - - - - - - - - - - - - - - CHG IN INVESTMENTS N.A. (461) (215) (405) (42) (148) (114) (152) (169) (188) (189) (83) (282) (269) (299)CHG IN SUNDRY NCA N.A. 217 70 (130) (134) (117) (88) (103) (110) (118) (119) (75) (157) (152) (165)CHG IN SUNDRY NCL N.A. 236 (33) 16 (295) 4 57 76 85 94 95 42 141 135 149 ITC N.A. - - - - - - - - - - - - - - UNUSUALS (OTHERS) N.A. - - 39 - - - - - - - - - - - CHG IN INTANGIBLES N.A. (1,270) (3,043) (559) (296) (966) (209) (209) (209) (209) (209) (209) (209) (209) (209)

CASH BEFORE FINANCING N.A. (874) (3,087) (742) (1,438) 382 (32) 557 1,279 712 1,825 2,343 2,124 2,723 3,092

CHG IN SHORT TERM DEBT N.A. 615 3,004 (58) (983) (3,059) - - - - - - - - - CHG IN SHORT TERM DEBT (new) N.A. - - - - 1,600 500 - (600) - (900) (600) - - - CHG IN LONG TERM DEBT N.A. 433 187 958 2,875 21 22 9 13 15 (77) 34 35 36 38 CHG IN LONG TERM DEBT (new) N.A. - - - - 1,400 - - - - - - - - - CHG IN MINORITY INT EXP N.A. - - - - - - - - - - - - - - CHG IN GREY AREA (OTHERS) N.A. - - - - - - - - - - - - - - CHG IN NET WORTH N.A. 99 81 239 (76) - - - - - - - - - - DIVIDENDS PAID N.A. (209) (253) (302) (363) (418) (480) (552) (635) (731) (840) (966) (1,111) (1,278) (1,469)

CHANGE IN CASH N.A. 63 (66) 95 16 (74) 10 14 56 (3) 8 810 1,048 1,482 1,660

NOPAT - FP N.A. 523 488 755 8 2,402 1,114 1,820 2,650 2,263 3,585 3,680 4,171 4,661 5,774 NOPAT - FP - DIV N.A. 313 235 452 (355) 1,985 634 1,268 2,015 1,533 2,745 2,713 3,060 3,384 4,305 NOPAT / FP N.A. 2.03 1.51 1.75 1.00 3.24 1.72 2.39 4.45 2.48 7.70 14.71 6.68 7.67 33.10 NOPAT / ( FP + DIV ) N.A. 1.44 1.19 1.35 0.83 2.33 1.31 1.68 2.44 1.68 3.00 3.20 2.66 2.71 3.61 COPAT - FP N.A. 1,226 1,339 1,730 1,116 3,321 2,111 2,899 3,817 3,529 4,959 5,170 5,787 6,419 7,691 COPAT - FP - DIV N.A. 1,016 1,086 1,428 752 2,904 1,630 2,346 3,182 2,798 4,119 4,203 4,676 5,141 6,222 COPAT / FP N.A. 3.41 2.39 2.72 1.66 4.09 2.37 3.22 5.98 3.31 10.27 20.27 8.88 10.19 43.75 COPAT / ( FP + DIV ) N.A. 2.41 1.89 2.09 1.36 2.95 1.81 2.26 3.27 2.24 4.00 4.41 3.53 3.60 4.77

Company's Name : BASE YEARCORPORATE VALUATION 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Terminal

NET OPERATING PROFIT (EBIT) 2,123 2,787 3,090 3,507 3,923 4,385 4,841 4,974 5,689 6,351 7,083 DEPRECIATION & TAX-DED. AMORT 1,108 919 996 1,079 1,167 1,265 1,374 1,490 1,615 1,757 1,917 INVESTMENT IN WORKING CAPITAL #N/A 77 96 120 130 143 243 (15) 226 (32) 488 INVESTMENT IN FIXED ASSETS #N/A 1,474 1,640 1,762 1,926 2,165 2,382 2,477 2,799 3,107 3,448 MARGINAL TAX RATE - DERIVED #N/A 30.00% 30.00% 30.00% 30.00% 3417.21% 30.00% 30.00% 30.00% 30.00% 30.00%

USER'S CHOICE OF MARGINAL TAX RATE 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

CAPITALIZATION BASE YEAR % BOOK VALUATION DATE % MARKET2005 CAP 01-Jan-01 CAP

BOOK VALUE OF NON-OPERATING ASSETS - MARKET VALUE OF REDUNDANT ASSETS - BOOK VALUE OF DEBT 8,015 54.78% MARKET VALUE OF DEBT 8,015 100.00%BOOK VALUE OF PREFERRED STOCK - 0.00% MARKET VALUE OF PREFERRED STOCK - 0.00%BOOK VALUE OF MINORITY INTERESTS - 0.00% MARKET VALUE OF MINORITY INTERESTS - 0.00%BOOK VALUE OF NET DEFERRED TAXES 1,070 7.31% CURRENT SHARE PRICE -

COMMON SHARES OUTSTANDING - BOOK VALUE OF COMMON EQUITY 5,545 37.90% MARKET VALUE OF COMMON EQUITY - 0.00%BOOK VALUE OF TOTAL CAPITAL 14,631 100.00% MARKET VALUE OF TOTAL CAPITAL 8,015 100.00%

BOOK VALUE OF OPERATING CAPITAL 14,631 MARKET VALUE OF OPERATING CAPITAL 8,015

COST OF CAPITAL2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Terminal

RISK FREE RATE 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%MARKET RISK PREMIUM 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%BETA 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 AVG BEF TAX DEBT RATE 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%TARGET DEBT/TOTAL CAPITAL 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

PREFERRED STOCK RATE 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%TARGET PREF STOCK / TOTAL CAPITAL 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

CAPM RESULTS:COST OF COMMON EQUITY 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%COST OF PREFERRED EQUITY 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%AFTER TAX DEBT COST 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%WEIGHTED AVG COST OF CAPITAL 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

IF CAPM IS NOT PREFERRED,USER DEFINED DISCOUNT RATE 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

FORECAST HORIZON & TERMINAL VALUE ASSUMPTIONS

NUMBER OF PROJECTED YEARSUSED IN VALUATIONS 10

TERMINAL VALUE: OPTIONAL TERMINAL VALUE INPUTS:DEFAULT COMPUTATION INPUTS: TERMINAL CASH FLOW BASE

FCF TERMINAL GROWTH RATE 0.00% OTHER THAN LAST FORECAST YEAR - DIRECT ESTMATION OF TERMINAL VALUE

FROM ANOTHER METHOD (define) -

FREE CASH FLOW CALCULATIONS2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

EBIT 2,787 3,090 3,507 3,923 4,385 4,841 4,974 5,689 6,351 7,083 TAX ON EBIT (836) (927) (1,052) (1,177) (149,856) (1,452) (1,492) (1,707) (1,905) (2,125)NET OP PROFIT AFTER TAX (NOPAT) 1,951 2,163 2,455 2,746 (145,471) 3,389 3,482 3,983 4,446 4,958

DEPRECIATION AND TAX-DEDUCTIBLE AMORTIZATION 919 996 1,079 1,167 1,265 1,374 1,490 1,615 1,757 1,917 INVESTMENT IN WORKING CAPITAL (77) (96) (120) (130) (143) (243) 15 (226) 32 (488)INVESTMENT IN FIXED ASSETS (1,474) (1,640) (1,762) (1,926) (2,165) (2,382) (2,477) (2,799) (3,107) (3,448)OTHER ADJUSTMENT - - - - - - - - - - OTHER ADJUSTMENT - - - - - - - - - 2,020

FREE CASH FLOW 1,319 1,423 1,652 1,858 (146,514) 2,139 2,510 2,573 3,128 4,958

FREE CASH FLOW VALUATION CASH DISCOUNT PRESENTFLOW RATE VALUE

2006 1,319 0.00% 1,319 2007 1,423 0.00% 1,423 2008 1,652 0.00% 1,652 2009 1,858 0.00% 1,858 2010 (146,514) 0.00% (146,514)2011 2,139 0.00% 2,139 2012 2,510 0.00% 2,510 2013 2,573 0.00% 2,573 2014 3,128 0.00% 3,128 2015 4,958 0.00% 4,958

Terminal #DIV/0! 0.00% #DIV/0!

DCF VALUE OF OPERATING CASH FLOWS #DIV/0!ADD MARKET VALUE OF REDUNDANT ASSETS - LESS MARKET VALUE OF DEBT (8,015)LESS MARKET VALUE OF PREFERRED STOCK - LESS MARKET VALUE OF MINORITY INTERESTS - TOTAL SHAREHOLDER VALUE #DIV/0!SHAREHOLDER VALUE PER SHARE #DIV/0!

CASH FLOW ANALYSIS

SOURCES OF CASH USD MILLION USES OF CASH USD MILLION

2002 N W 0 PLANT 3,107 2003 LTD 36 N W 0 2004 DEPR & AMORT 1,757 OTHERS 2,424 2005 OTHERS 526 LTD 0 2006 CASH 0 STD 0 2007 STD 0 CASH 1,482 2008 W I 32 W I 0 2009 NOPAT 5,360 F P 699 2010 NOPAT 0 2011

2012 TOTAL SOURCES OF CASH 7,711 TOTAL USES OF CASH 7,711 2013

2014

2015 SOURCES OF CASH PERCENT USES OF CASH PERCENT

0.0% PLANT 40.3%LTD 0.5% 0.0%DEPR & AMORT 22.8% OTHERS 31.4%OTHERS 6.8% 0.0% 0.0% 0.0% 0.0% CASH 19.2%W I 0.4% 0.0%NOPAT 69.5% F P 9.1%

0.0%

TOTAL SOURCES OF CASH 100.0% TOTAL USES OF CASH 100.0%

YOU WILL FIND IT MUCH EASIER TO USE THE ABOVE DYNAMIC CHART TO PERFORM YOUR CASH FLOW ANALYSIS. PEOPLE SAY THAT "A PICTURE CAN SPEAK A THOUSAND WORDS".BY LOOKING AT THE CHART, YOU WILL IMMEDIATELY AND INTUITIVELY UNDERSTAND, E.G. :> HOW THE COMPANY PAYS FOR ITS FINANCIAL OBLIGATIONS (E.G. SHORT TERM DEBT, LONG TERM DEBT AND INTEREST EXPENSE)> HOW THE COMPANY FINANCES ITS CAPITAL EXPENDITURE (E.G. WITH LONG TERM DEBT? WITH EQUITY? OR COMBINATION THEREOF?)> WHETHER THERE IS ANY TENOR MISMATCH - E.G. FINANCING CAPITAL EXPENDITURE WITH SHORT TERM DEBT.> HOW THE COMPANY FINANCES ITS WORKING INVESTMENT (WORKING CAPITAL), E.G. WITH STD OR ITS PROFIT?> ETC., ETC.

PLEASE NOTE THAT THE ACCOUNT "OTHERS" IS AN AGGREGATE OF VARIOUS "NORMALLY" SMALLER ACCOUNTS, SUCH AS SUNDRY CURRENT ASSETS, SUNDRY INCOME / EXPENSE, ETC.

NOTES ON DYNAMIC CHART FOR CASH FLOW ANALYSIS

SOURCES OF CASH

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PLEASE REFER TO ITS BREAKDOWN IN THE "CashFlowStatement" SHEET.

CASH MAY APPEAR IN EITHER THE SOURCES OR USES OF CASH :> WHEN IT APPEARS IN THE SOURCES OF CASH, IT IS A DECREASE IN CASH.> WHEN IT APPEARS IN THE USES OF CASH, IT IS AN INCREASE IN CASH.THIS ACCOUNT IS DERIVED FROM THE "CHANGE IN CASH" IN THE CASH FLOW STATEMENT.

OTHER ACCOUNTS MAY BEHAVE THE SAME WAY, E.G. WHEN STD OR LTD APPEARS IN THE SOURCES OF CASH, IT MEANS THAT THE COMPANY OBTAINS A NEW LOAN, AND WHEN IT APPEARS IN THE USES OF CASH, IT REPRESENTS A REPAYMENT.

WHEN YOU CHANGE THE YEAR IN THE COMBO BOX, THE CHART WILL UPDATE ITSELF AUTOMATICALLY. THE SAME THING HAPPENS WHEN YOU RUN DIFFERENT SCENARIOS BYCLICKING ON THE ABOVE SCENARIO BUTTONS. PLEASE NOTE THAT YOU SHOULD ONLY RUN DIFFERENT SCENARIOS IN THE PROJECTION - NOT HISTORICAL - YEARS.

YEAR 13

YOU WILL FIND IT MUCH EASIER TO USE THE ABOVE DYNAMIC CHART TO PERFORM YOUR CASH FLOW ANALYSIS. PEOPLE SAY THAT "A PICTURE CAN SPEAK A THOUSAND WORDS".

> HOW THE COMPANY PAYS FOR ITS FINANCIAL OBLIGATIONS (E.G. SHORT TERM DEBT, LONG TERM DEBT AND INTEREST EXPENSE)> HOW THE COMPANY FINANCES ITS CAPITAL EXPENDITURE (E.G. WITH LONG TERM DEBT? WITH EQUITY? OR COMBINATION THEREOF?)> WHETHER THERE IS ANY TENOR MISMATCH - E.G. FINANCING CAPITAL EXPENDITURE WITH SHORT TERM DEBT.> HOW THE COMPANY FINANCES ITS WORKING INVESTMENT (WORKING CAPITAL), E.G. WITH STD OR ITS PROFIT?

PLEASE NOTE THAT THE ACCOUNT "OTHERS" IS AN AGGREGATE OF VARIOUS "NORMALLY" SMALLER ACCOUNTS, SUCH AS SUNDRY CURRENT ASSETS, SUNDRY INCOME / EXPENSE, ETC.

SOURCES OF CASH USES OF CASH

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OTHER ACCOUNTS MAY BEHAVE THE SAME WAY, E.G. WHEN STD OR LTD APPEARS IN THE SOURCES OF CASH, IT MEANS THAT THE COMPANY OBTAINS A NEW LOAN, AND WHEN

WHEN YOU CHANGE THE YEAR IN THE COMBO BOX, THE CHART WILL UPDATE ITSELF AUTOMATICALLY. THE SAME THING HAPPENS WHEN YOU RUN DIFFERENT SCENARIOS BYCLICKING ON THE ABOVE SCENARIO BUTTONS. PLEASE NOTE THAT YOU SHOULD ONLY RUN DIFFERENT SCENARIOS IN THE PROJECTION - NOT HISTORICAL - YEARS.

SENSITIVITY & SCENARIO ANALYSIS

SALES GROWTH

21.54% (10.00%) (3.00%) 4.00% 11.00% 18.00% 25.00% 32.00% 7CO

GS /

SALE

S

40.10% 21.54% 21.54% 21.54% 21.54% 21.54% 21.54% 21.54%

41.10% 21.54% 21.54% 21.54% 21.54% 21.54% 21.54% 21.54%

42.10% 21.54% 21.54% 21.54% 21.54% 21.54% 21.54% 21.54%

43.10% 21.54% 21.54% 21.54% 21.54% 21.54% 21.54% 21.54% 0.00%

44.10% 21.54% 21.54% 21.54% 21.54% 21.54% 21.54% 21.54%

45.10% 21.54% 21.54% 21.54% 21.54% 21.54% 21.54% 21.54%

46.10% 21.54% 21.54% 21.54% 21.54% 21.54% 21.54% 21.54%

1R O E 2009

K P I

SCENARIO COLUMN INPUT

YEAR

ROW INPUT

CLEAR DATA TABLE

ROW / COLUMNINPUT CELLS

H E L P

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MULTIPLYINGFACTORS

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BASE CASE

WORST CASE

BEST CASE

DYNAMIC CHART

K P I 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015G P M 52.44% 51.80% 50.71% 51.41% 51.58% 53.15% 53.29% 53.50% 53.53% 53.55% 53.54% 53.35% 53.45% 53.48% 53.50%

CURRENT RATIO .98 .78 .46 .46 .58 .59 .58 .62 .62 .69 .79 .88 .96 1.09 1.21

KPI 1

BASE CASE : 11-year G P M & CURRENT 11KP1 2

TIME SPAN SALES GROWTH A/R DOH INTEREST RATE (STD) STD - NEW DEBT DIV PAID / NPAUIStart2003 1 1 1 1 1

5 ALL YEARS ALL YEARS ALL YEARS ALL YEARS ALL YEARSEnd EACH YEAR EACH YEAR EACH YEAR EACH YEAR EACH YEAR

201315

VARIABLES M Factor All Years Each OR All Years? 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

1.00% 0 0 0 0 0 0 0 0 0 0 0

1 0 0 0 0 0 0 0 0 0 0 0

1.00% 0 0 0 0 0 0 0 0 0 0 0

500 0 0 0 0 0 0 0 0 0 0 0

500 0 0 0 0 0 0 0 0 0 0 0

0

2

4

6

8

10

12

0

2

4

6

8

10

12BASE CASE : 11-year G P M & CURRENT RATIO

G P M CURRENT RATIO

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BASE CASE BEST CASE WORST CASE