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Unlevered Free Cash Flow Calculation

Calendar Year Ending December 31,


2007A 2008P 2009P 2010E 2011E
EBIT $120.0 $126.2 $133.2 $137.7 $142.4
Plus: Non-deductible Goodwill Amort. - - - - -
EBITA $120.0 $126.2 $133.2 $137.7 $142.4
Less: Provision for Taxes (42.0) (44.2) (46.6) (48.2) (49.9)
Unlevered Net Income $78.0 $82.0 $86.6 $89.5 $92.6
Plus: D&A (excl. non-deductible GW amort.) 15.3 15.9 16.7 16.0 15.6
Less: Capital Expenditures (18.0) (16.0) (14.1) (14.6) (15.1)
Less: Increase in Net Working Capital (9.5) 8.3 3.1 3.2 3.3
Unlevered Free Cash Flow $65.8 $90.2 $92.3 $94.2 $96.4

DCF Analysis (2008-2012): EBITDA Multiple Method

Total Enterprise Value Total Equity Value


Terminal EBITDA Multiple Terminal EBITDA M
7.5x 8.0x 8.5x 7.5x
Discount 10.0% $1,042.4 $1,088.1 $1,133.9 Discount 10.0% $959.0
Rate 11.0% 1,003.0 1,046.7 1,090.4 Rate 11.0% 919.6
(WACC) 12.0% 965.5 1,007.3 1,049.1 (WACC) 12.0% 882.1

Implied Perpetuity Growth Rate Total Price Per Share


Terminal EBITDA Multiple Terminal EBITDA M
7.5x 8.0x 8.5x 7.5x
Discount 10.0% 1.0% 1.5% 1.9% Discount 10.0% $27.38
Rate 11.0% 1.9% 2.4% 2.9% Rate 11.0% 26.26
(WACC) 12.0% 2.8% 3.3% 3.8% (WACC) 12.0% 25.19

DCF Analysis (2008-2012): Perpetuity Growth Method

Total Enterprise Value Total Equity Value


Terminal Perpetuity Growth Rate Terminal Perpetuity Gro
3.0% 3.5% 4.0% 3.0%
Discount 10.0% $1,260.8 $1,335.1 $1,421.7 Discount 10.0% $1,177.4
Rate 11.0% 1,103.6 1,158.0 1,220.1 Rate 11.0% 1,020.2
(WACC) 12.0% 981.4 1,022.5 1,068.8 (WACC) 12.0% 898.0

Implied Terminal EBITDA Multiple Total Price Per Share


Terminal Perpetuity Growth Rate Terminal Perpetuity Gro
3.0% 3.5% 4.0% 3.0%
Discount 10.0% 9.9x 10.7x 11.6x Discount 10.0% $33.62
Rate 11.0% 8.7x 9.3x 10.0x Rate 11.0% 29.13
(WACC) 12.0% 7.7x 8.2x 8.7x (WACC) 12.0% 25.64

(1) Assumes net debt of $83.4mm as of 5/16/08.


(2) Assumes outstanding diluted shares of 35.021 million.
er 31, CAGR
2012E 2008-2012
$147.3 3.9%
-
$147.3 3.9%
(51.6)
$95.8 3.9%
15.4
(15.6)
3.4
$99.0 2.3%

Tax Rate 35.0%


Net Debt $83.4
Shares 35.021
Total Equity Value
Terminal EBITDA Multiple
8.0x 8.5x
$1,004.7 $1,050.5
963.3 1,007.0
923.9 965.7

Total Price Per Share


Terminal EBITDA Multiple
8.0x 8.5x
$28.69 $30.00
27.51 28.75
26.38 27.58

Total Equity Value


Terminal Perpetuity Growth Rate
3.5% 4.0%
$1,251.7 $1,338.3
1,074.6 1,136.7
939.1 985.4

Total Price Per Share


Terminal Perpetuity Growth Rate
3.5% 4.0%
$35.74 $38.22
30.68 32.46
26.82 28.14

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