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Feb 11 10

2008-2011 by Beyond


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Page 8 of 170
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e illiquidity
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higher-level
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February 28, 2011
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Page 11 of 170
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potential pay-
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February 28, 2011
market by d
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ouble-digit
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February 28, 2011
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Page 14 of 170
sinesses
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(e.g., what
uck?). Prior
cquisitions,
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per share of
ss was $12
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have been
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f our basic
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on in 1985
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would be
book value.
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create other
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over time. I hav
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periods of un
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February 28, 2011
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efundnews.com
ot take himself
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res Owned
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te Foods / DLM
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r Weightings
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ent
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4% 19%
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s
Harm
Kenn
McKe
Therm
*

February 28, 2011
cribed himself
ail) too seriousl
P/E (Est.)
This Next
FY FY
10x 9x
13x 12x
11x 9x
10x 10x
10x 9x
14x 12x
10x 9x
n/a n/a
15x 13x
14x 12x
P/E (Est.)
P
This Next
T
FY FY
11x 9x
13x 12x
13x 11x
10x 9x
14x 13x
10x 9x
10x 10x
10x 9x
11x 10x
14x 12x
man International
nametal / KMT
esson / MCK
mo Fisher / TMO
ed Investors
Page 21 of 170
as
ly.
Price/
Tang.
Book
n/m
n/m
n/m
n/m
n/m
n/m
6.2x
2.3x
n/m
4.8x
Price/
Tang.
Book
n/m
n/m
n/m
n/m
5.3x
n/m
n/m
n/m
n/m
n/m
l / HAR
O

B
B
c
s
d
a

M

T

N
D
E
M

P
*

p
2008-2011 by Beyond
Bares Capit
Brian Bares sta
companies. The
strategies. Bare
disciplined bus
author of The S
MOI Signal R

Compan
1 Hallmark
2 Winmark
3 Internatio
4 Tandy Le
5 Interactiv
6 American
7 Stamps.c
8 Utah Med
9 Corporat
10 Dolan Me
Top Holdings

Company
1 Interactive
2 Internation
3 Winmark /
4 Stratasys
5 Hallmark F
6 Travelzoo
7 Stamps.co
8 American
9 American
10 Corporate
New Position
Derma Sciences
Emergent Group
Middleby / MIDD
Portfolio Met
Portfolio size
Top 10 as % of
Median market
Average market
Median P/E (thi
Median P/E (ne
Median P / tang
Based on equity ho

tal (Brian Ba
arted his investm
e firm launched
es Capital Man
iness strategy,
Small-Cap Adva
Rank Top
ny / Ticker
k Financial / HAL
k / WINA
onal Assets / INT
eather / TLF
ve Intell. / ININ
n Dental / ADPI
com / STMP
dical / UTMD
e Executive / EX
edia / DM
s of Bares Ca
y / Ticker
e Intell. / ININ
nal Assets / INTL
/ WINA
/ SSYS
Financial / HALL
/ TZOO
om / STMP
Public Ed. / APE
Dental / ADPI
Executive / EXB
ns
/ DSCI
/ LZR
trics
*

portfolio
value
t value
s FY)
xt FY)
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rage, certain non-U
erved.
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ment firm, Bar
d a small-cap i
nagement is qui
limiting the gr
antage: How T
p Current Idea

Market
Value
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L 177
174
TL 447
53
658
199
191
101
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419
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Market
Value
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658
L 447
174
950
177
720
191
EI 781
199
BD 1,417
Psychemedic
Zimmer Hold
$395 million
73%
$1.3 billion
$19 billion
19x
17x
3.2x
n 13F-HR filings wi
SUBSCRIBE TODA
res Capital Man
institutional str
ite unique in th
rowth of assets
Top Endowmen
as of Bares C
Price
Recent
($) D
8.80
34.77
24.77
5.17
36.92
12.93
13.32
28.00
41.31
13.72
gement By
Price
Recent
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36.92
24.77
34.77
46.00
8.80
43.76
13.32
43.49
12.93
41.31
cs / PMD
ings / ZMH
th the SEC. Exclud
AY! www.manualo
nagement, in 2
rategy in 2001
he institutional
s under manage
nts and Founda
Capital Mana
Shar
from Recen
Dec. 31 ('000
-3% 2,39
3% 84
5% 2,27
10% 1,64
41% 2,48
-4% 90
1% 1,02
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10% 22
-1% 62
Dollar Value
Share
from Recent
ec. 31 ('000)
41% 2,489
5% 2,277
3% 847
41% 611
-3% 2,392
6% 328
1% 1,021
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10% 229
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Pizza Inn
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Value-oriented Eq
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2000, focusing
and now mana
asset managem
ement to benef
ations Turn Sm
agement
res Owned
nt from
0) Sep. 30
92 2%
47 1%
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89 0%
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Weightings
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mall Stocks into
Holdings
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12% 5%
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13% 14%
16% 2%
14% 23%
6% 3%
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as % of
T
Co. Fund*
4% 23%
3% 14%
7% 7%
3% 7%
2% 5%
2% 4%
7% 3%
2% 3%
6% 3%
<1% 2%
s

*

February 28, 2011
icro-cap public
wo value-orien
it has adhered
performance. B
o Big Returns.
P/E (Est.)
This Next
FY FY
25x 12x
n/a n/a
n/a n/a
n/a n/a
29x 28x
12x 12x
14x 13x
n/a n/a
25x 22x
12x 11x
P/E (Est.)
P
This Next
T
FY FY
29x 28x
n/a n/a
n/a n/a
53x 41x
25x 12x
40x 30x
14x 13x
23x 20x
12x 12x
25x 22x
ed Investors
Page 22 of 170
c
nted
d to a
Bares is
Price/
Tang.
Book
1.1x
8.9x
2.3x
1.9x
8.6x
n/m
4.4x
3.1x
>9.9x
n/m
Price/
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8.6x
2.3x
8.9x
6.5x
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8.0x
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>9.9x

B
S
r
a

M

T

N
A
P
T

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e
2008-2011 by Beyond
Baupost (Se
Seth Klarman,
respected value
annual return o
MOI Signal R

Compan
1 Theravan
2 Alere / A
3 AVEO Ph
4 ViaSat / V
5 News Co
6 PDL BioP
7 Ituran Lo
8 Multimed
9 Regenero
10 Syneron
Top Holdings

Company
1 ViaSat / V
2 News Cor
3 Theravanc
4 CapitalSo
5 Alere / AL
6 Enzon Pha
7 BreitBurn
8 Regenero
9 Alliance O
10 Ituran Loc
New Position
AVEO Pharma / A
PDL BioPharma /
Theravance / THR
Portfolio Met
Portfolio size
Top 10 as % of
Median market
Average market
Median P/E (thi
Median P/E (ne
Median P / tang
Based on equity ho
*
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equity and are there

eth Klarman
founder and pr
e-oriented inve
f approximatel
Rank Top
ny / Ticker
nce / THRX
LR
harma / AVEO
VSAT
orp. / NWSA
Pharma / PDLI
ocation / ITRN
dia Games / MGA
on Pharma / REG
Medical / ELOS
s of Baupost
y / Ticker
VSAT
p. / NWSA
ce / THRX
urce / CSE
R
arma / ENZN
Energy / BBEP
n Pharma / REG
One / AOI
cation / ITRN
ns
AVEO
/ PDLI
RX
trics
*

portfolio
value
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rage, certain non-U
assets managed b
efore not shown in
erved.
n)
resident of The
stors. Since inc
ly 20%.
p Current Idea

Market
Value
($mn)
1,665
3,223
495
1,716
47,303
688
360
AM 150
GN 3,372
377
t By Dollar

Market
Value
($mn)
1,716
47,303
1,665
2,515
3,223
666
1,293
GN 3,372
316
360

$1.7 billion
94%
$1.7 billion
$6.6 billion
18x
17x
1.8x
n 13F-HR filings wi
by Seth Klarman ma
the chart or tables.
SUBSCRIBE TODA
e Baupost Grou
ception in Febr
as of Baupos
Price
Recent
($) D
22.50
37.99
13.89
41.25
17.71
4.93
16.40
5.56
37.48
13.66
Value
Price
Recent
($) De
41.25
17.71
22.50
7.78
37.99
11.15
22.14
37.48
3.63
16.40
th the SEC. Exclud
ay be invested in n
.
AY! www.manualo
up, is the autho
ruary 1983, Th
st
Shar
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-10% 13,00
4% 3,10
-5% 2,00
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22% 19,05
-21% 5,60
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0% 2,60
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34% 1,50
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-7% 10,051
22% 19,050
-10% 13,000
10% 16,000
4% 3,100
-8% 9,065
10% 4,350
14% 1,000
-14% 8,787
-6% 1,721
Sold O
Domtar /
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Liberty St
Solar Cap
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des
es.
on-
Value-oriented Eq
ofideas.com
or of Margin of
he Baupost Gro
res Owned
nt from
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00 new
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00 new
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pital / SLRC
r Weightings
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f Safety and on
oup has deliver
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4% 7%
6% 2%
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Co. Fund*
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5% 7%
4% 7%
5% 6%
7% 6%
1% 2%
0% 2%
8% 2%
s

*, **

February 28, 2011
ne of the most w
red a compoun
P/E (Est.)
This Next
FY FY
n/m n/m
14x 12x
n/m n/m
30x 34x
16x 14x
5x 4x
n/a n/a
51x 24x
n/m n/m
n/a n/a
P/E (Est.)
P
This Next
T
FY FY
30x 34x
16x 14x
n/m n/m
n/m 20x
14x 12x
n/m n/m
16x 20x
n/m n/m
18x 18x
n/a n/a
ed Investors
Page 23 of 170
widely
nded
Price/
Tang.
Book
n/m
n/m
6.9x
2.7x
8.9x
n/m
3.6x
1.8x
6.4x
1.7x
Price/
Tang.
Book
2.7x
8.9x
n/m
1.3x
n/m
2.0x
1.0x
6.4x
.8x
3.6x

B
W
in
c

M

T

N
N

P
*

p
**
a
2008-2011 by Beyond
Berkshire H
Warren Buffett
nvestor of all t
companies with
MOI Signal R

Compan
1 Wells Fa
2 Comdisc
3 Kraft Foo
4 Coca-Co
5 Procter &
6 Washing
7 American
8 Wesco F
9 USG / US
10 Johnson
Top Holdings

Company
1 Coca-Cola
2 Wells Farg
3 American
4 Procter &
5 Kraft Food
6 Johnson &
7 Wesco Fin
8 ConocoPh
9 Wal-Mart /
10 U.S. Banc
New Position
None
Portfolio Met
Portfolio size
Top 10 as % of
Median market
Average market
Median P/E (thi
Median P/E (ne
Median P / tang
Based on equity ho
*
A large portion of
are not publicly trad

Hathaway (W
t has built an un
time. Buffett ha
h durable comp
Rank Top
ny / Ticker
rgo / WFC
o / CDCO
ods / KFT
ola / KO
& Gamble / PG
ton Post / WPO
n Express / AXP
Financial / WSC
SG
& Johnson / JNJ
s of Berkshir
y / Ticker
a / KO
go / WFC
Express / AXP
Gamble / PG
ds / KFT
& Johnson / JNJ
nancial / WSC
hillips / COP
/ WMT
corp / USB
ns
trics
*

portfolio
value
t value
s FY)
xt FY)
gible book
rage, certain non-U
Berkshires asset v
ded and are therefo
erved.
Warren Buf
nparalleled inv
as embraced a
petitive advanta
p Current Idea

Market
Value
($mn)
171,319
35
53,993
149,887
179,988
3,811
54,807
2,785
1,927
J 167,824
re Hathaway

Market
Value
($mn)
149,887
171,319
54,807
179,988
53,993
167,824
2,785
112,572
197,263
54,787
$54 billion
93%
$38 billion
$69 billion
14x
13x
3.5x
n 13F-HR filings wi
value may be attrib
ore not shown in the
SUBSCRIBE TODA
ffett)
vestment track
long term-orie
age, high retur
as of Berksh

Price

Recent
($) D
32.64
8.65
30.91
64.55
64.30
451.17
45.53
391.18
18.73
61.11
By Dollar
Price
Recent
($) De
64.55
32.64
45.53
64.30
30.91
61.11
391.18
76.62
55.38
28.56
th the SEC. Exclud
uted to holdings th
e chart or tables.
AY! www.manualo
record over se
ented investmen
rns on capital e
hire Hathawa
Shar
from Rece
Dec. 31 ('00
5% 342,62
-4% 1,53
-2% 105,21
-2% 200,00
0% 76,76
3% 1,72
6% 151,61
6% 5,70
11% 17,07
-1% 42,62
Value
Share
from Recen
ec. 31 ('000
-2% 200,000
5% 342,624
6% 151,611
0% 76,766
-2% 105,215
-1% 42,625
6% 5,703
13% 29,110
3% 39,037
6% 69,039
Sold O
Bank of A
Becton D
Comcast
Fiserv / F
Sector
des
es.
at
Value-oriented Eq
ofideas.com
everal decades,
nt approach wi
employed, and
ay
res Owned
nt from
00) Sep. 30
24 2%
38 0%
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00 0%
66 0%
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0 0%
4 2%
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0 0%
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Out Positions
America / BAC
Dickinson / BDX
/ CMCSA
FISV
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9% 24%
7% 21%
13% 13%
3% 9%
6% 6%
2% 5%
80% 4%
2% 4%
1% 4%
4% 4%
s
Lowe
Nalco
Nestl
Nike
*, **

February 28, 2011
dely regarded a
is on investing
riendly manage
P/E (Est.)
This Next
FY FY
12x 9x
n/a n/a
14x 12x
17x 15x
16x 15x
19x 21x
12x 11x
n/a n/a
n/m n/m
13x 12x
P/E (Est.)
P
This Next
T
FY FY
17x 15x
12x 9x
12x 11x
16x 15x
14x 12x
13x 12x
n/a n/a
11x 10x
14x 12x
13x 11x
e's / LOW
o Holding / NLC
le / NSRGY
/ NKE
ed Investors
Page 24 of 170
as the best
in
ement.
Price/
Tang.
Book
2.2x
.9x
n/m
>9.9x
n/m
4.6x
3.4x
1.2x
3.6x
6.8x
Price/
Tang.
Book
>9.9x
2.2x
3.4x
n/m
n/m
6.8x
1.2x
1.7x
4.0x
3.6x

B
J
G

M

T

N
C
G
H
Iv
N

P
*

p
2008-2011 by Beyond
Blue Ridge (
John Griffin wa
Griffin became
MOI Signal R

Compan
1 Amazon.
2 Valeant P
3 Express
4 Western
5 NRG Ene
6 Covanta
7 Cablevis
8 PennyMa
9 BP / BP
10 TAL Edu
Top Holdings

Company
1 JPMorgan
2 Amazon.c
3 Apple / AA
4 Valeant P
5 Discovery
6 Express S
7 BP / BP
8 Citrix Syst
9 Western U
10 Crown Ca
New Position
Cablevision / CVC
General Motors /
Howard Hughes /
vanhoe Energy /
Northeast Bancor
Portfolio Met
Portfolio size
Top 10 as % of
Median market
Average market
Median P/E (thi
Median P/E (ne
Median P / tang
Based on equity ho

(John Griffi
as a merchant b
e president of T
Rank Top
ny / Ticker
com / AMZN
Pharma / VRX
Scripts / ESRX
Union / WU
ergy / NRG
/ CVA
ion / CVC
ac Mortgage / PM
cation / XRS
s of Blue Rid
y / Ticker
n Chase / JPM
com / AMZN
APL
harma / VRX
Comms / DISCA
Scripts / ESRX
tems / CTXS
Union / WU
stle / CCI
ns
C
GM
/ HHC
/ IVAN
rp / NBN
trics
*

portfolio
value
t value
s FY)
xt FY)
gible book
rage, certain non-U
erved.
fin)
banking analys
Tiger in 1993 b
p Current Idea

Market
Value
($mn)
84,112
11,989
29,991
14,206
5,164
2,614
11,288
MT 479
149,865
887
dge By Doll

Market
Value
($mn)
187,641
84,112
322,963
11,989
A 11,797
29,991
149,865
13,638
14,206
12,735
NovaGold / N
NRG Energy
Sohu.com / S
TAL Educatio
$6.7 billion
46%
$10 billion
$34 billion
17x
15x
2.4x
n 13F-HR filings wi
SUBSCRIBE TODA
st at Morgan St
ut chose to sta
as of Blue R

Price

Recent
($) D
186.50
40.47
56.77
21.66
20.89
17.04
37.62
18.17
47.93
11.90
lar Value
Price
Recent
($) De
48.00
186.50
350.56
40.47
43.91
56.77
47.93
72.63
21.66
43.78
NG
/ NRG
SOHU
on / XRS
th the SEC. Exclud
AY! www.manualo
tanley before j
art long/short pa
idge
Shar
from Recen
Dec. 31 ('000
4% 2,12
43% 8,70
5% 5,06
17% 10,09
7% 3,51
-1% 8,66
11% 3,28
0% 1,58
9% 5,02
-26% 12
Share
from Recent
ec. 31 ('000)
13% 9,453
4% 2,123
9% 1,128
43% 8,705
5% 7,033
5% 5,069
9% 5,020
6% 3,065
17% 10,090
0% 4,784
Sold O
Genpact
Gold Min
InterOil /
J. Crew /
Kroger / K
Sector
des
es.
Value-oriented Eq
ofideas.com
oining Roberts
artnership Blu
res Owned
nt from
0) Sep. 30
23 0%
05 20%
69 31%
90 52%
10 new
62 0%
80 new
84 0%
20 0%
25 new
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t from
) Sep. 30
3 -21% <
3 0% <
8 -8% <
5 20%
3 -2%
9 31% <
0 0% <
5 -30%
0 52%
4 -25%
Out Positions
/ G
ers ETF / GDX
IOC
JCG
KR
r Weightings
quity Investment Id
sons Tiger Ma
e Ridge in 199
Holdings
as % of
Co. Fund*
<1% 6%
3% 5%
<1% 4%
2% 3%
1% 1%
6% 2%
1% 2%
6% <1%
<1% 4%
<1% <1%
Holdings
as % of
Co. Fund*
<1% 7%
<1% 6%
<1% 6%
3% 5%
3% 5%
<1% 4%
<1% 4%
2% 3%
2% 3%
2% 3%
s
Lulul
Mast
Pfize
Visa
*

February 28, 2011
anagement in 1
96.
P/E (Est.)
This Next
FY FY
58x 42x
n/a n/a
18x 15x
14x 13x
8x 18x
33x 30x
19x 15x
8x 7x
8x 7x
36x 35x
P/E (Est.)
This Next
FY FY
10x 9x
58x 42x
15x 13x
n/a n/a
20x 16x
18x 15x
8x 7x
31x 27x
14x 13x
>99x 59x
emon Athletica /
terCard / MA
er / PFE
/ V
ed Investors
Page 25 of 170
1987.
Price/
Tang.
Book
>9.9x
n/m
n/m
n/m
1.0x
7.6x
n/m
1.5x
2.1x
6.2x
Price/
Tang.
Book
1.8x
>9.9x
6.0x
n/m
n/m
n/m
2.1x
9.3x
n/m
n/m
/ LULU

B
P

M

T

N
A
D
E
G
N

P
*

p
**
o
2008-2011 by Beyond
BP Capital (
Pickens, born in
MOI Signal R

Compan
1 Plains Ex
2 BP / BP
3 Chesape
4 Transatla
5 EOG Res
6 Weatherf
7 QEP Res
8 A123 Sys
9 Gastar E
10 Dynegy /
Top Holdings

Company
1 Transatlan
2 Chesapea
3 BP / BP
4 Plains Exp
5 Weatherfo
6 McMoRan
7 EOG Reso
8 QEP Reso
9 SandRidg
10 Suncor En
New Position
A123 Systems / A
Dynegy / DYN
EOG Resources
Gastar Exploratio
Nat.-Oilwell Varco
Portfolio Met
Portfolio size
Top 10 as % of
Median market
Average market
Median P/E (thi
Median P/E (ne
Median P / tang
Based on equity ho
*
A large portion of
outside of BP Capita

(Boone Pick
n 1928, was a p
Rank Top
ny / Ticker
xploration / PXP
eake Energy / CH
antic / TRH
sources / EOG
ford / WFT
sources / QEP
stems / AONE
xploration / GST
/ DYN
s of BP Capit
y / Ticker
ntic / TRH
ake Energy / CHK
ploration / PXP
ord / WFT
n Exploration / M
ources / EOG
ources / QEP
e Energy / SD
nergy / SU
ns
AONE
/ EOG
on / GST
o / NOV
trics
*

portfolio
value
t value
s FY)
xt FY)
gible book
rage, certain non-U
assets managed b
al and are therefore
erved.
kens)
prominent corp
p Current Idea

Market
Value
($mn)
5,467
149,865
HK 19,899
3,310
27,660
19,018
6,865
1,024
T 282
727
tal By Dolla

Market
Value
($mn)
3,310
K 19,899
149,865
5,467
19,018
MR 1,810
27,660
6,865
3,609
70,304

$411 million
71%
$14 billion
$32 billion
19x
14x
2.4x
n 13F-HR filings wi
by Boone Pickens m
e not shown in the
SUBSCRIBE TODA
porate raider du
as of BP Cap

Price

Recent
($) D
39.02
47.93
30.43
52.34
108.89
25.65
39.09
9.75
4.52
6.01
ar Value
Price
Recent
($) De
52.34
30.43
47.93
39.02
25.65
17.05
108.89
39.09
8.92
44.90
th the SEC. Exclud
may be invested
chart or tables.
AY! www.manualo
uring the 1980
pital
Shar
from Recen
Dec. 31 ('000
21% 60
9% 51
17% 88
1% 2,00
19% 18
13% 87
8% 47
2% 46
5% 1,17
7% 1,39
Share
from Recent
ec. 31 ('000)
1% 2,000
17% 883
9% 511
21% 604
13% 875
-1% 1,172
19% 180
8% 476
22% 1,936
17% 358
Sold O
Anadarko
Apache /
Baker Hu
Chevron
EnCana /
Fluor / FL
Sector
des
es.
Value-oriented Eq
ofideas.com
0s. He founded
res Owned
nt from
0) Sep. 30
04 90%
11 6%
83 19%
00 0%
80 new
75 0%
76 >100%
65 new
72 new
95 new
es Owned
t from
) Sep. 30
0 0%
3 19% <
1 6% <
4 90% <
5 0% <
2 0%
0 new <
6 >100% <
6 0% <
8 -37% <
Out Positions
o Petroleum / AP
APA
ughes / BHI
/ CVX
/ ECA
LR
r Weightings
quity Investment Id
d energy fund B
Holdings
as % of
Co. Fund*
<1% 6%
<1% 6%
<1% 7%
3% 25%
<1% 5%
<1% 5%
<1% 5%
<1% 1%
2% 1%
1% 2%
Holdings
as % of
Co. Fund*
3% 25%
<1% 7%
<1% 6%
<1% 6%
<1% 5%
1% 5%
<1% 5%
<1% 5%
<1% 4%
<1% 4%
s
PC Hess
Mass
Quick
Schlu
South
*, **

February 28, 2011
BP Capital in 1
P/E (Est.)
This Next
FY FY
33x 23x
8x 7x
10x 11x
9x 9x
31x 19x
n/a n/a
28x 26x
n/m n/m
n/a n/a
n/m n/m
P/E (Est.)
This Next
FY FY
9x 9x
10x 11x
8x 7x
33x 23x
n/a n/a
n/m n/m
31x 19x
28x 26x
>99x >99x
n/a n/a
s / HES
sey Energy / ME
ksilver Resource
umberger / SLB
hwestern Energy
ed Investors
Page 26 of 170
997.
Price/
Tang.
Book
1.9x
2.1x
1.6x
.8x
2.7x
3.8x
2.3x
2.4x
1.8x
.3x
Price/
Tang.
Book
.8x
1.6x
2.1x
1.9x
3.8x
1.0x
2.7x
2.3x
3.0x
2.1x
E
e / KWK
y / SWN

B
B
T
a

M

T

N
H

P
*

p
2008-2011 by Beyond
Brave Warr
Brave Warrior,
The firm runs a
advantage. Brav
MOI Signal R

Compan
1 Fiserv / F
2 Hewlett-P
3 Broadridg
4 Arch Cap
5 MasterCa
6 Ryanair /
7 Lab Corp
8 U.S. Ban
9 Comcast
10 Google /
Top Holdings

Company
1 Comcast /
2 Fiserv / FI
3 Lab Corp.
4 Ryanair / R
5 U.S. Banc
6 MasterCar
7 Google / G
8 Broadridge
9 Hewlett-Pa
10 Arch Capi
New Position
Hewlett-Packard
Portfolio Met
Portfolio size
Top 10 as % of
Median market
Average market
Median P/E (thi
Median P/E (ne
Median P / tang
Based on equity ho

rior (Glenn G
formerly calle
a concentrated
ve Warriors lo
Rank Top
ny / Ticker
FISV
Packard / HPQ
ge Financial / BR
pital / ACGL
ard / MA
/ RYAAY
p. of America / LH
ncorp / USB
t / CMCSA
GOOG
s of Brave W
y / Ticker
/ CMCSA
SV
of America / LH
RYAAY
corp / USB
rd / MA
GOOG
e Financial / BR
ackard / HPQ
tal / ACGL
ns
/ HPQ
trics
*

portfolio
value
t value
s FY)
xt FY)
gible book
rage, certain non-U
erved.
Greenberg)
ed Chieftain Ca
portfolio focus
ong-term perfo
p Current Idea

Market
Value
($mn)
9,447
105,835
R 2,912
4,406
32,817
7,372
H 9,052
54,787
70,563
202,585
Warrior By D

Market
Value
($mn)
70,563
9,447
9,052
7,372
54,787
32,817
202,585
2,912
105,835
4,406

$1.2 billion
95%
$8.4 billion
$32 billion
15x
13x
3.6x
n 13F-HR filings wi
SUBSCRIBE TODA
)
apital Managem
sed on compan
ormance record
as of Brave W

Price

Recent
($) D
63.52
48.67
23.24
90.12
250.74
30.20
89.01
28.56
25.67
630.08
Dollar Value
Price
Recent
($) De
25.67
63.52
89.01
30.20
28.56
250.74
630.08
23.24
48.67
90.12
th the SEC. Exclud
AY! www.manualo
ment, was foun
nies with high r
d is believed to
Warrior
Shar
from Recen
Dec. 31 ('000
8% 2,59
16% 1,66
6% 3,63
2% 78
12% 41
-2% 3,79
1% 1,31
6% 3,87
17% 6,84
6% 15
Share
from Recent
ec. 31 ('000)
17% 6,847
8% 2,595
1% 1,311
-2% 3,791
6% 3,876
12% 419
6% 159
6% 3,635
16% 1,661
2% 783
Sold O
Approach
Bank of A
Crosstex
Dell / DE
Sector
des
es.
Value-oriented Eq
ofideas.com
nded in 1984 b
returns on capi
o feature mid te
res Owned
nt from
0) Sep. 30
95 24%
61 new
35 57%
83 16%
19 23%
91 -2%
11 -6%
76 -12%
47 -7%
59 -41%
es Owned
t from
) Sep. 30
7 -7% <
5 24%
1 -6%
1 -2%
6 -12% <
9 23% <
9 -41% <
5 57%
1 new <
3 16%
Out Positions
h Resources / AR
America / BAC
Energy, L.P. / X
LL
Weightings
quity Investment Id
by Glenn Green
ital and sustain
eens annualized
Holdings
as % of
Co. Fund*
2% 14%
<1% 7%
3% 7%
2% 6%
<1% 9%
2% 10%
1% 10%
<1% 9%
<1% 15%
<1% 8%
Holdings
as % of
Co. Fund*
<1% 15%
2% 14%
1% 10%
2% 10%
<1% 9%
<1% 9%
<1% 8%
3% 7%
<1% 7%
2% 6%
s
REX
XTEX
Nicho
Star
Tidew
*

February 28, 2011
nberg and John
nable competiti
d investment re
P/E (Est.)
This Next
FY FY
14x 13x
9x 9x
17x 14x
11x 11x
15x 13x
18x 12x
14x 13x
13x 11x
17x 15x
18x 16x
P/E (Est.)
P
This Next
T
FY FY
17x 15x
14x 13x
14x 13x
18x 12x
13x 11x
15x 13x
18x 16x
17x 14x
9x 9x
11x 11x
olas Financial / N
Gas Partners / S
water / TDW
ed Investors
Page 27 of 170
n Shapiro.
ive
eturns.
Price/
Tang.
Book
n/m
n/m
>9.9x
1.1x
8.2x
1.9x
n/m
3.6x
n/m
5.2x
Price/
Tang.
Book
n/m
n/m
n/m
1.9x
3.6x
8.2x
5.2x
>9.9x
n/m
1.1x
NICK
SGU

B
R
B

M

T

N
F
Ir

P
*

p
2008-2011 by Beyond
Breeden Cap
Richard C. Bre
Breeden Capita
MOI Signal R

Compan
1 Steris / S
2 Flowserv
3 H&R Bloc
4 Stanley B
5 ValueClic
6 Iron Mou
7 EMCOR
8 Bally Tec
9 Zale / ZL
10 Hillenbra
Top Holdings

Company
1 H&R Bloc
2 Steris / ST
3 Helmerich
4 Aon / AON
5 Dun & Bra
6 EMCOR G
7 Hillenbran
8 Bally Tech
9 Flowserve
10 Stanley Bl
New Position
Flowserve / FLS
ron Mountain / IR
Portfolio Met
Portfolio size
Top 10 as % of
Median market
Average market
Median P/E (thi
Median P/E (ne
Median P / tang
Based on equity ho

apital (Richa
eden, born in 1
al Management
Rank Top
ny / Ticker
STE
ve / FLS
ck / HRB
Black Decker / SW
ck / VCLK
ntain / IRM
Group / EME
chnologies / BYI
LC
and / HI
s of Breeden
y / Ticker
k / HRB
TE
h & Payne / HP
N
adstreet / DNB
Group / EME
nd / HI
hnologies / BYI
e / FLS
lack Decker / SW
ns
RM
trics
*

portfolio
value
t value
s FY)
xt FY)
gible book
rage, certain non-U
erved.
ard Breeden
1949, is a form
t in 2006. The
p Current Idea

Market
Value
($mn)
2,086
7,277
4,436
WK 12,632
1,256
5,430
2,149
2,143
140
1,394
n Capital By

Market
Value
($mn)
4,436
2,086
6,609
17,010
4,236
2,149
1,394
2,143
7,277
WK 12,632

$1.3 billion
92%
$4.2 billion
$5.6 billion
16x
14x
4.5x
n 13F-HR filings wi
SUBSCRIBE TODA
n)
mer Chairman o
fund applies a
as of Breede
Price
Recent
($) D
35.16
130.33
14.54
76.09
15.55
27.13
32.34
40.01
4.37
22.25
y Dollar Valu
Price
Recent
($) De
14.54
35.16
62.15
52.93
85.03
32.34
22.25
40.01
130.33
76.09
th the SEC. Exclud
AY! www.manualo
of the U.S. Secu
concentrated,
en Capital
Shar
from Recen
Dec. 31 ('000
-4% 5,06
9% 49
22% 13,29
14% 57
-3% 1,91
8% 1,19
12% 3,05
-5% 2,25
3% 7,99
7% 4,09
ue
Share
from Recent
ec. 31 ('000)
22% 13,292
-4% 5,067
28% 2,793
15% 2,338
4% 1,250
12% 3,053
7% 4,092
-5% 2,256
9% 496
14% 579
Sold O
None
Sector
des
es.
Value-oriented Eq
ofideas.com
urities and Exc
activist investm
res Owned
nt from
0) Sep. 30
67 0%
96 new
92 0%
79 >100%
4 >100%
93 new
53 0%
56 -11%
92 -12%
92 -6%
es Owned
t from
) Sep. 30
C
2 0%
7 0%
3 -13%
8 -23% <
0 -17%
3 0%
2 -6%
6 -11%
6 new <
9 >100% <
Out Positions
r Weightings
quity Investment Id
change Commi
ment approach
Holdings
as % of
Co. Fund*
9% 14%
<1% 5%
4% 15%
<1% 3%
2% 2%
<1% 3%
5% 8%
4% 7%
25% 3%
7% 7%
Holdings
as % of
T
Co. Fund*
4% 15%
9% 14%
3% 14%
<1% 10%
3% 8%
5% 8%
7% 7%
4% 7%
<1% 5%
<1% 3%
s

*

February 28, 2011
ission. Breeden
h.
P/E (Est.)
This Next
FY FY
16x 15x
19x 16x
10x 9x
15x 13x
19x 17x
24x 22x
18x 15x
20x 16x
n/m n/m
12x 11x
P/E (Est.)
P
This Next
T
FY FY
10x 9x
16x 15x
16x 14x
15x 14x
14x 12x
18x 15x
12x 11x
20x 16x
19x 16x
15x 13x
ed Investors
Page 28 of 170
n founded
Price/
Tang.
Book
4.8x
8.5x
n/m
n/m
4.9x
n/m
4.3x
5.9x
1.2x
n/m
Price/
Tang.
Book
n/m
4.8x
2.2x
n/m
n/m
4.3x
n/m
5.9x
8.5x
n/m

C
Z
a
s

M
1

T
1

N
A
A
A
B
B

P
*

p
2008-2011 by Beyond
Centaur Val
Zeke Ashton is
advisor to the C
sub-advisor to t
MOI Signal R

Compan
1 Calamos
2 Cisco Sy
3 Terra No
4 Lab Corp
5 Aspen In
6 Vonage /
7 Blue Coa
8 Best Buy
9 Madison
10 Maxygen
Excludes holdings
Top Holdings

Company
1 Cisco Sys
2 EMC / EM
3 Lab Corp.
4 Calamos A
5 Terra Nov
6 Vonage / V
7 Aspen Ins
8 Vodafone
9 Himax Tec
10 Madison S
Excludes holdings
New Position
Alleghany / Y
American Defens
Artio Global Inves
Best Buy / BBY
Blue Coat System
Portfolio Met
Portfolio size
Top 10 as % of
Median market
Average market
Median P/E (thi
Median P/E (ne
Median P / tang
Based on equity ho
portfolio cash, certa

lue (Zeke A
founder and m
Centaur family
the Tilson Div
Rank Top
ny / Ticker
s Asset Mgmt / C
ystems / CSCO
ova Royalty / TTT
p. of America / LH
surance / AHL
/ VG
at Systems / BCS
y / BBY
Sq. Garden / MS
n / MAXY
s of Tilson Dividend
s of Centaur
y / Ticker
tems / CSCO
MC
of America / LH
Asset Mgmt / CL
va Royalty / TTT
VG
urance / AHL
/ VOD
ch / HIMX
Sq. Garden / MSG
s of Tilson Dividend
ns
se / EAG
st. / ART
ms / BCSI
trics
*

portfolio
value
t value
s FY)
xt FY)
gible book
ain non-U.S. holding
erved.
Ashton)
managing partn
of private part
idend Fund, a m
p Current Idea

Market
Value
($mn)
LMS 340
104,481
T 321
H 9,052
2,286
944
SI 1,220
13,024
SG 2,125
123
d Fund, which is als
Value Fund

Market
Value
($mn)
104,481
56,002
9,052
LMS 340
321
944
2,286
152,356
476
G 2,125
d Fund, which is als
Calamos Ass
Maxygen / MA
Telular / WRL
Vonage / VG
$85 million
55%
$2.4 billion
$25 billion
16x
14x
2.2x
n 13F-HR filings wi
gs, and non-equity
SUBSCRIBE TODA
ner of Centaur C
tnerships using
mutual fund ut
as of Centau

Price

Recent
($) D
17.09
18.85
8.49
89.01
29.81
4.26
28.24
33.04
28.02
4.09
so managed by Zek
By Dollar V
Price
Recent
($) De
18.85
27.18
89.01
17.09
8.49
4.26
29.81
29.67
2.66
28.02
so managed by Zek
set Mgmt / CLMS
AXY
LS
th the SEC. Exclud
securities.
AY! www.manualo
Capital, a Dall
g a value-orient
tilizing an inco
ur Value Fund
Shar
from Recen
Dec. 31 ('000
22% 30
-7% 39
9% 47
1% 6
4% 12
90% 90
-5% 7
-4% 8
9% 11
4% 31
ke Ashton.
2
Inclu
Value
1, 2
Share
from Recent
ec. 31 ('000)
-7% 395
19% 270
1% 64
22% 301
9% 470
90% 900
4% 125
12% 110
13% 1,200
9% 112
ke Ashton.
2
Inclu
Sold O
S Broadridg
Diamond
DreamWo
Energrou
Sector
des
Value-oriented Eq
ofideas.com
las-based inves
ted long/short
ome-oriented v
d
1, 2
res Owned
nt from
0) Sep. 30
01 new
95 >100%
70 63%
64 0%
25 67%
00 new
70 new
88 new
12 12%
13 new
udes shares under
es Owned
t from
) Sep. 30
5 >100% <
0 -16% <
4 0% <
1 new
0 63%
0 new <
5 67% <
0 -35% <
0 3% <
2 12% <
udes shares under
Out Positions
ge Financial / BR
Hill Invest. / DH
orks / DWA
up / ENHD
r Weightings
quity Investment Id
stment firm. Ce
equity strategy
value investing
Holdings
as % of
Co. Fund*
2% 6%
<1% 9%
1% 5%
<1% 7%
<1% 4%
<1% 5%
<1% 2%
<1% 3%
<1% 4%
1% 2%
rlying LEAPs and o
Holdings
as % of
Co. Fund*
<1% 9%
<1% 9%
<1% 7%
2% 6%
1% 5%
<1% 5%
<1% 4%
<1% 4%
<1% 4%
<1% 4%
rlying LEAPs and o
s
R
HIL
Epoc
Fairfa
Stapl
*

February 28, 2011
entaur Capital
y. Centaur is al
strategy.
P/E (Est.)
This Next
FY FY
16x 14x
12x 11x
n/a n/a
14x 13x
9x 9x
15x 17x
18x 17x
10x 9x
26x 24x
n/a n/a
other option position
P/E (Est.)
P
This Next
T
FY FY
12x 11x
18x 16x
14x 13x
16x 14x
n/a n/a
15x 17x
9x 9x
11x 10x
13x 10x
26x 24x
other option position
ch Holding / EPH
ax Financial / FR
les / SPLS
ed Investors
Page 29 of 170
serves as
lso the
Price/
Tang.
Book
1.9x
4.0x
1.0x
n/m
.7x
n/m
6.7x
4.1x
>9.9x
.8x
ns.
Price/
Tang.
Book
4.0x
>9.9x
n/m
1.9x
1.0x
n/m
.7x
5.7x
1.3x
>9.9x
ns.
HC
RFHF

C
C
th
a
o

M

T

N
C
R

P
*

p
2008-2011 by Beyond
Childrens I
Chris Hohn is t
hat has historic
activist, most n
of the London S
MOI Signal R

Compan
1 Coca-Co
2 Molson C
3 CBS / CB
4 Royal Ba
5 CME Gro
6 Viacom /
7 Walt Disn
8 Visa / V
9 Union Pa
10 WellPoin
Top Holdings

Company
1 Viacom / V
2 Walt Disne
3 Visa / V
4 Coca-Cola
5 Molson Co
6 Union Pac
7 WellPoint
8 CME Grou
9 CBS / CBS
10 Royal Ban
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Portfolio size
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ola / KO
Coors / TAP
BS
ank Scotland / RB
oup / CME
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ney / DIS
acific / UNP
t / WLP
s of Children
y / Ticker
VIA.B
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a / KO
oors / TAP
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ns
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p Current Idea

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Value
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149,887
8,470
15,605
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20,294
27,699
82,724
54,043
47,696
25,310
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27,699
82,724
54,043
149,887
8,470
47,696
25,310
20,294
15,605
S 45,917

$2.6 billion
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$42 billion
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64.55
45.60
22.91
15.69
302.84
45.50
43.56
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97.14
67.40
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43.56
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64.55
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97.14
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s Investment F
Hohn has acqu
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15% 12,345
16% 12,200
8% 4,665
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20% 2,019
27% 1,172
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Fund Managem
uired a reputatio
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ment Fund
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Philip
*

February 28, 2011
a concentrated
ssive sharehold
ndon a propose
to the hands of
P/E (Est.)
This Next
FY FY
17x 15x
12x 11x
16x 12x
n/a n/a
18x 16x
13x 12x
17x 15x
16x 13x
15x 13x
10x 9x
P/E (Est.)
P
This Next
T
FY FY
13x 12x
17x 15x
16x 13x
17x 15x
12x 11x
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18x 16x
16x 12x
n/a n/a
terCard / MA
p Morris / PM
ed Investors
Page 30 of 170
d portfolio
der
d takeover
f RBS.
Price/
Tang.
Book
>9.9x
5.1x
n/m
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n/m
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>9.9x
2.7x
9.9x
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Book
n/m
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>9.9x
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9.9x
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C
F
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b

M

T

N
A
W

P
*

p
**
C

2008-2011 by Beyond
Chou Associ
Francis Chou a
Fairfax Financi
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Compan
1 Wells Fa
2 Watson P
3 Bank of A
4 MannKin
5 Overstoc
6 Berkshire
7 Sprint Ne
8 Sears Ho
9 Nokia / N
10 SK Telec
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Company
1 King Phar
2 Bank of A
3 Watson P
4 Valeant P
5 Wells Farg
6 Overstock
7 Sears Hol
8 Sprint Nex
9 Berkshire
10 Internation
New Position
AbitibiBowater / A
Wells Fargo / WF
Portfolio Met
Portfolio size
Top 10 as % of
Median market
Average market
Median P/E (thi
Median P/E (ne
Median P / tang
Based on equity ho
*
A large portion of
Canadian and other

iates (Franc
arrived in Cana
ial. The roots o
y ranked one o
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ny / Ticker
rgo / WFC
Pharma / WPI
America / BAC
d / MNKD
ck.com / OSTK
e Hathaway / BR
extel / S
oldings / SHLD
NOK
com / SKM
s of Chou As
y / Ticker
ma / KG
merica / BAC
harma / WPI
harma / VRX
go / WFC
k.com / OSTK
dings / SHLD
xtel / S
Hathaway / BRK
nal Coal / ICO
ns
ABH
FC
trics
*

portfolio
value
t value
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rage, certain non-U
assets managed b
r securities, which a
erved.
cis Chou)
ada from India
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f the top invest
p Current Idea

Market
Value
($mn)
171,319
7,388
148,756
482
330
RK.A 210,308
13,442
10,234
34,127
11,387
ssociates B

Market
Value
($mn)
3,557
148,756
7,388
11,989
171,319
330
10,234
13,442
K.A 210,308
1,939

$459 million
84%
$7.4 billion
$37 billion
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11x
2.1x
n 13F-HR filings wi
by Francis Chou ma
are not shown in th

SUBSCRIBE TODA
in 1976. Over
iates date back
tment manager
as of Chou A

Price

Recent
($) D
32.64
55.75
14.75
3.86
14.33
127,640
4.50
93.03
9.19
17.36
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($) De
14.23
14.75
55.75
40.47
32.64
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93.03
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127,640
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the years, he w
k to 1986. Toda
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5% 99
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6%
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-11% 3
-7% 17
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Share
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1% 6,025
11% 4,200
8% 635
43% 840
5% 998
-13% 2,220
26% 334
6% 6,123
6% 0
23% 2,400
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*, **

February 28, 2011
diner Watson, a
vestment funds
nted investmen
P/E (Est.)
This Next
FY FY
12x 9x
14x 11x
11x 8x
n/m n/m
36x 30x
19x 19x
n/m n/m
72x 82x
13x 11x
10x 9x
P/E (Est.)
P
This Next
T
FY FY
21x 21x
11x 8x
14x 11x
n/a n/a
12x 9x
36x 30x
72x 82x
n/m n/m
19x 19x
15x 8x
ed Investors
Page 31 of 170
and
s and has
nt style.
Price/
Tang.
Book
2.2x
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1.3x
n/m
>9.9x
2.1x
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E
R
p
a

M

T

N
A
C
M
R

P
*

p
2008-2011 by Beyond
Eagle (Boyk
Ravenel Boykin
partnership and
approach and lo
MOI Signal R

Compan
1 Coca-Co
2 Praxair /
3 Aon / AO
4 Comcast
5 Microsoft
6 Wal-Mart
7 W.R. Ber
8 3M / MM
9 News Co
10 PepsiCo
Top Holdings

Company
1 Comcast /
2 Liberty Glo
3 Aon / AON
4 Coca-Cola
5 Praxair / P
6 Wal-Mart /
7 Microsoft /
8 Altera / AL
9 News Cor
10 3M / MMM
New Position
American Public
CVS Caremark /
Molex / MOLX
Republic Service
Portfolio Met
Portfolio size
Top 10 as % of
Median market
Average market
Median P/E (thi
Median P/E (ne
Median P / tang
Based on equity ho

kin Curry)
n Curry IV ma
d has grown to
ooks for out-of
Rank Top
ny / Ticker
ola / KO
PX
ON
t / CMCSA
t / MSFT
t / WMT
rkley / WRB
M
orp. / NWSA
/ PEP
s of Eagle Ca
y / Ticker
/ CMCSA
obal / LBTYA
N
a / KO
PX
/ WMT
/ MSFT
LTR
p. / NWSA
M
ns
Ed. / APEI
CVS
s / RSG
trics
*

portfolio
value
t value
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rage, certain non-U
erved.
anages New Yo
more than $5 b
f-favor compan
p Current Idea

Market
Value
($mn)
149,887
30,359
17,010
70,563
227,369
197,263
4,405
66,170
47,303
100,495
apital Manag

Market
Value
($mn)
70,563
10,033
17,010
149,887
30,359
197,263
227,369
13,346
47,303
66,170

$7.4 billion
51%
$23 billion
$52 billion
16x
14x
3.0x
n 13F-HR filings wi
SUBSCRIBE TODA
ork-based Eagl
billion in asset
nies that trade a
as of Eagle C

Price

Recent
($) D
64.55
99.09
52.93
25.67
27.06
55.38
30.37
92.96
17.71
63.41
gement By
Price
Recent
($) De
25.67
42.19
52.93
64.55
99.09
55.38
27.06
41.71
17.71
92.96
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le Capital Man
ts invested in e
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Shar
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19% 11,778
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-3% 11,885
17% 7,392
22% 16,509
8% 3,127
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Value-oriented Eq
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nagement, whic
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t discount to in
agement
res Owned
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s

*

February 28, 2011
family investm
m-oriented inve
P/E (Est.)
This Next
FY FY
17x 15x
18x 16x
15x 14x
17x 15x
11x 10x
14x 12x
12x 12x
15x 13x
16x 14x
14x 13x
P/E (Est.)
P
This Next
T
FY FY
17x 15x
35x 39x
15x 14x
17x 15x
18x 16x
14x 12x
11x 10x
17x 16x
16x 14x
15x 13x
ed Investors
Page 32 of 170
ment
estment
Price/
Tang.
Book
>9.9x
8.4x
n/m
n/m
6.5x
4.0x
1.2x
9.4x
8.9x
n/m
Price/
Tang.
Book
n/m
n/m
n/m
>9.9x
8.4x
4.0x
6.5x
5.7x
8.9x
9.4x

E
S
f

M

T

N
A
F
H

P
*

p

2008-2011 by Beyond
Edinburgh P
Sandy Nairn fo
famed investor
MOI Signal R

Compan
1 Zimmer H
2 Cisco Sy
3 Petroleo
4 Applied M
5 D.R. Hor
6 Bank of A
7 Superval
8 Eastman
9 Office De
10 Fidelity N
Top Holdings

Company
1 Applied M
2 Petroleo B
3 Time Warn
4 Cisco Sys
5 Zimmer H
6 D.R. Horto
7 ConocoPh
8 Bank of A
9 Intel / INTC
10 General E
New Position
Assurant / AIZ
Fidelity National /
Hovnanian Enterp
Portfolio Met
Portfolio size
Top 10 as % of
Median market
Average market
Median P/E (thi
Median P/E (ne
Median P / tang
Based on equity ho

Partners (Sa
ollows a value-o
Sir John Temp
Rank Top
ny / Ticker
Holdings / ZMH
ystems / CSCO
Brasileiro / PBR
Materials / AMAT
rton / DHI
America / BAC
u / SVU
Kodak / EK
epot / ODP
National / FNF
s of Edinburg
y / Ticker
aterials / AMAT
Brasileiro / PBR
ner Cable / TWC
tems / CSCO
oldings / ZMH
on / DHI
hillips / COP
merica / BAC
C
Electric / GE
ns
/ FNF
prises / HOV
trics
*

portfolio
value
t value
s FY)
xt FY)
gible book
rage, certain non-U
erved.
Sandy Nairn
oriented invest
pleton.
p Current Idea

Market
Value
($mn)
12,583
104,481
231,599
T 21,757
4,087
148,756
1,863
998
1,516
3,237
gh Partners

Market
Value
($mn)
21,757
231,599
C 25,574
104,481
12,583
4,087
112,572
148,756
123,497
228,437
Marshall & Ils
Office Depot
Zimmer Hold
$3.5 billion
81%
$13 billion
$47 billion
13x
12x
2.5x
n 13F-HR filings wi

SUBSCRIBE TODA
n)
tment style. He
as of Edinbu

Price

Recent
($) D
63.73
18.85
38.00
16.47
12.80
14.75
8.78
3.71
5.47
14.26
By Dollar V
Price
Recent
($) De
16.47
38.00
71.89
18.85
63.73
12.80
76.62
14.75
22.14
21.44
sley / MI
/ ODP
ings / ZMH
th the SEC. Exclud
AY! www.manualo
e developed his
urgh Partners
Shar
from Recen
Dec. 31 ('000
19% 4,79
-7% 16,40
0% 9,09
17% 22,22
7% 19,90
11% 16,35
-9% 1
-31% 2
1% 2
4%
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Share
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ec. 31 ('000)
17% 22,220
0% 9,096
9% 4,437
-7% 16,403
19% 4,792
7% 19,900
13% 3,182
11% 16,359
5% 10,708
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Sold O
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Ford Mot
Huntsma
Sector
des
es.
Value-oriented Eq
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s approach dur
s
res Owned
nt from
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r Weightings
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s

*

February 28, 2011
apprenticeshi
P/E (Est.)
This Next
FY FY
14x 12x
12x 11x
n/a n/a
13x 12x
85x 15x
11x 8x
7x 7x
n/m n/m
n/m 91x
13x 12x
P/E (Est.)
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T
FY FY
13x 12x
n/a n/a
16x 13x
12x 11x
14x 12x
85x 15x
11x 10x
11x 8x
11x 10x
16x 13x
ed Investors
Page 33 of 170
ip under
Price/
Tang.
Book
5.3x
4.0x
1.8x
3.7x
1.6x
1.3x
n/m
n/m
2.0x
2.3x
Price/
Tang.
Book
3.7x
1.8x
n/m
4.0x
5.3x
1.6x
1.7x
1.3x
2.7x
5.1x

E
E
R
in
la
e
S

M

T

N
C
G

P
*

p
2008-2011 by Beyond
ESL Investm
Eddie Lampert,
Rubin at the arb
nvestor Richar
argest investm
engineered the
Sears Holdings
MOI Signal R

Compan
1 Seagate
2 Cisco Sy
3 CIT Grou
4 Gap / GP
5 Capital O
6 H&R Bloc
7 AutoNatio
8 Sears Ho
9 Genworth
10 AutoZone
Top Holdings

Company
1 Sears Hol
2 AutoZone
3 AutoNatio
4 Capital On
5 CIT Group
6 Genworth
7 Cisco Sys
8 Gap / GPS
9 Seagate T
10 H&R Bloc
New Position
Cisco Systems / C
Gap / GPS
Portfolio Met
Portfolio size
Top 10 as % of
Median market
Average market
Median P/E (thi
Median P/E (ne
Median P / tang
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ments (Eddie
, founder and m
bitrage desk of
rd Rainwater. L
ment was the mu
merger of Km
s (SHLD). He a
Rank Top
ny / Ticker
Technology / ST
ystems / CSCO
up / CIT
PS
One / COF
ck / HRB
on / AN
oldings / SHLD
h Financial / GNW
e / AZO
s of ESL Inve
y / Ticker
dings / SHLD
/ AZO
n / AN
ne / COF
p / CIT
Financial / GNW
tems / CSCO
S
Technology / STX
k / HRB
ns
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trics
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portfolio
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e Lampert)
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f Goldman Sac
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TX 6,215
104,481
8,667
14,161
24,076
4,436
5,127
10,234
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11,195
estments B

Market
Value
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10,234
11,195
5,127
24,076
8,667
W 6,849
104,481
14,161
X 6,215
4,436
H&R Block / H
Seagate Tech
$10 billion
100%
$10 billion
$44 billion
12x
10x
2.0x
n 13F-HR filings wi
SUBSCRIBE TODA

mber of ESL Inv
chs. When he le
ounded ESLs
d taking control
n 2004. He is c
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as of ESL Inv

Price

Recent
($) D
13.72
18.85
43.28
23.05
52.69
14.54
34.39
93.03
13.99
255.64
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($) De
93.03
255.64
34.39
52.69
43.28
13.99
18.85
23.05
13.72
14.54
HRB
hnology / STX
th the SEC. Exclud
AY! www.manualo
vestments, is a
eft Goldman to
capital at rates
l of Kmart duri
currently chairm
ment partnershi
vestments
Shar
from Recen
Dec. 31 ('000
-9% 3,84
-7% 6,44
-8% 3,56
4% 2,83
24% 7,36
22% 40
22% 62,22
26% 48,18
6% 10,86
-6% 11,23
ue
Share
from Recent
ec. 31 ('000)
26% 48,180
-6% 11,230
22% 62,227
24% 7,366
-8% 3,563
6% 10,863
-7% 6,440
4% 2,838
-9% 3,848
22% 400
Sold O
None
Sector
des
es.
Value-oriented Eq
ofideas.com
a value investor
o start ESL in 1
s of more than
ing Kmarts ba
rman and chief
ip, which holds
res Owned
nt from
0) Sep. 30
48 new
40 new
63 0%
38 new
66 4%
00 new
27 0%
80 0%
63 0%
30 -10%
es Owned
t from
) Sep. 30
0 0% 4
0 -10% 2
7 0% 4
6 4%
3 0%
3 0%
0 new <
8 new <
8 new <
0 new <
Out Positions
r Weightings
quity Investment Id
r who started o
1988, he receiv
25% per annum
ankruptcy proc
f capital allocat
s a concentrate
Holdings
as % of
Co. Fund*
<1% <1%
<1% 1%
2% 1%
<1% <1%
2% 4%
<1% <1%
42% 21%
44% 43%
2% 1%
26% 28%
Holdings
as % of
Co. Fund*
44% 43%
26% 28%
42% 21%
2% 4%
2% 1%
2% 1%
<1% 1%
<1% <1%
<1% <1%
<1% <1%
s

*

February 28, 2011
out working un
ved the support
m for many ye
cess in 2002. L
tor of the comb
ed investment p
P/E (Est.)
This Next
FY FY
n/a n/a
12x 11x
22x 17x
12x 12x
10x 10x
10x 9x
19x 17x
72x 82x
12x 8x
14x 12x
P/E (Est.)
P
This Next
T
FY FY
72x 82x
14x 12x
19x 17x
10x 10x
22x 17x
12x 8x
12x 11x
12x 12x
n/a n/a
10x 9x
ed Investors
Page 34 of 170
nder Bob
t of Texas
ears. His
Lampert
bined firm,
portfolio.
Price/
Tang.
Book
2.2x
4.0x
1.0x
3.4x
1.9x
n/m
7.0x
2.7x
.6x
n/m
Price/
Tang.
Book
2.7x
n/m
7.0x
1.9x
1.0x
.6x
4.0x
3.4x
2.2x
n/m

F
P
r
a

M

T

N
A
E

P
*

p
**
n
2008-2011 by Beyond
Fairfax (Pre
Prem Watsa is
reinsurance firm
as an astute val
MOI Signal R

Compan
1 Overstoc
2 Johnson
3 Level 3 C
4 Frontier C
5 Kraft Foo
6 Baldwin &
7 USG / US
8 MBIA / M
9 Research
10 Hologic /
Top Holdings

Company
1 Johnson &
2 Dell / DEL
3 Internation
4 Level 3 Co
5 SandRidg
6 Frontier C
7 Kraft Food
8 Wells Farg
9 Research
10 USG / US
New Position
AbitibiBowater / A
EXCO Resources
Portfolio Met
Portfolio size
Top 10 as % of
Median market
Average market
Median P/E (thi
Median P/E (ne
Median P / tang
Based on equity ho
*
A large portion of
not publicly traded a

em Watsa)
the founder, ch
m. While mana
lue investor. So
Rank Top
ny / Ticker
ck.com / OSTK
& Johnson / JNJ
Comms / LVLT
Comms / FTR
ods / KFT
& Lyons / BWINB
SG
MBI
h In Motion / RIM
HOLX
s of Fairfax
y / Ticker
& Johnson / JNJ
LL
nal Coal / ICO
omms / LVLT
e Energy / SD
omms / FTR
ds / KFT
go / WFC
In Motion / RIMM
G
ns
ABH
s / XCO
trics
*

portfolio
value
t value
s FY)
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rage, certain non-U
Fairfaxs asset valu
and are therefore n
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hairman and CE
aging Fairfaxs
ome have calle
p Current Idea

Market
Value
($mn)
330
J 167,824
2,437
9,402
53,993
B 353
1,927
2,408
MM 36,587
5,376
By Dollar V

Market
Value
($mn)
167,824
29,784
1,939
2,437
3,609
9,402
53,993
171,319
M 36,587
1,927

$2.4 billion
88%
$7.8 billion
$35 billion
14x
13x
2.0x
n 13F-HR filings wi
ue may be attribute
not shown in the ch
SUBSCRIBE TODA
EO of Fairfax
s investment po
ed him Warren
as of Fairfax

Price

Recent
($) D
14.33
61.11
1.46
9.46
30.91
24.31
18.73
12.05
69.86
20.61
Value
Price
Recent
($) De
61.11
15.43
9.51
1.46
8.92
9.46
30.91
32.64
69.86
18.73
th the SEC. Exclud
ed to holdings that
art or tables.
AY! www.manualo
(Toronto: FFH
ortfolio over th
n Buffett of Ca
x
Shar
from Rece
Dec. 31 ('00
-13% 3,38
-1% 6,88
49% 139,27
-3% 18,62
-2% 5,36
3% 97
11% 6,79
1% 3
20% 2,06
10% 2
Share
from Recen
ec. 31 ('000
-1% 6,884
14% 22,702
23% 22,578
49% 139,276
22% 21,308
-3% 18,620
-2% 5,366
5% 4,512
20% 2,065
11% 6,794
Sold O
None
Sector
des
es.
are
Value-oriented Eq
ofideas.com
H), a Canadian
he past couple o
anada.
res Owned
nt from
00) Sep. 30
89 0%
84 0%
76 0%
20 0%
66 0%
70 0%
94 0%
30 50%
65 0%
20 33%
es Owned
nt from
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4 0% <
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8 -50% 1
6 0%
8 -52%
0 0%
6 0% <
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4 0%
Out Positions
r Weightings
quity Investment Id
property/casua
of decades, Wa
Holdings
as % of
Co. Fund*
15% 2%
<1% 17%
8% 8%
2% 7%
<1% 7%
7% <1%
7% 5%
<1% <1%
<1% 6%
<1% <1%
Holdings
as % of
Co. Fund*
<1% 17%
1% 14%
11% 9%
8% 8%
5% 8%
2% 7%
<1% 7%
<1% 6%
<1% 6%
7% 5%
s

*, **

February 28, 2011
alty insurance
atsa has built a
P/E (Est.)
This Next
FY FY
36x 30x
13x 12x
n/m n/m
19x 23x
14x 12x
24x 16x
n/m n/m
n/m n/m
n/a n/a
17x 15x
P/E (Est.)
This Next
FY FY
13x 12x
9x 9x
15x 8x
n/m n/m
>99x >99x
19x 23x
14x 12x
12x 9x
n/a n/a
n/m n/m
ed Investors
Page 35 of 170
and
a reputation
Price/
Tang.
Book
>9.9x
6.8x
n/m
n/m
n/m
.9x
3.6x
1.0x
5.8x
n/m
Price/
Tang.
Book
6.8x
>9.9x
2.6x
n/m
3.0x
n/m
n/m
2.2x
5.8x
3.6x

F
B
d
r
a

M

T

N
A
B
G

P
*

p

2008-2011 by Beyond
Fairholme (
Bruce Berkowi
decade. From in
return, net of ex
annualized perf
MOI Signal R

Compan
1 General
2 AIG / AIG
3 MBIA / M
4 Bank of A
5 Morgan S
6 Sears Ho
7 St. Joe /
8 Regions
9 CIT Grou
10 Berkshire
Top Holdings

Company
1 AIG / AIG
2 General G
3 Sears Hol
4 Bank of A
5 Morgan St
6 Citigroup /
7 Berkshire
8 Goldman S
9 Regions F
10 CIT Group
New Position
AT&T / T
Banco Santander
General Growth /
Portfolio Met
Portfolio size
Top 10 as % of
Median market
Average market
Median P/E (thi
Median P/E (ne
Median P / tang
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(Bruce Berko
itz, manager of
nception on De
xpenses, of 253
formance of 13
Rank Top
ny / Ticker
Growth / GGP
G
MBI
America / BAC
Stanley / MS
oldings / SHLD
JOE
Financial / RF
up / CIT
e Hathaway / BR
s of Fairholm
y / Ticker
Growth / GGP
dings / SHLD
merica / BAC
tanley / MS
/ C
Hathaway / BRK
Sachs / GS
Financial / RF
p / CIT
ns
r / STD
/ GGP
trics
*

portfolio
value
t value
s FY)
xt FY)
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rage, certain non-U
erved.
kowitz)
f The Fairholm
ecember 29, 19
3%, versus a re
3.4% and -0.9%
p Current Idea

Market
Value
($mn)
19,896
74,675
2,408
148,756
46,933
10,234
2,603
9,785
8,667
RK.A 210,308
me By Dolla

Market
Value
($mn)
74,675
19,896
10,234
148,756
46,933
142,677
K.A 210,308
85,909
9,785
8,667
Royal Dutch S
Verizon / VZ
$16 billion
78%
$12 billion
$61 billion
12x
13x
2.0x
n 13F-HR filings wi

SUBSCRIBE TODA
me Fund, has be
999 through De
eturn of -9%, b
% for The Fairh
as of Fairhol

Price

Recent
($) D
15.76
41.51
12.05
14.75
30.99
93.03
28.10
7.79
43.28
127,640
ar Value
Price
Recent
($) De
41.51
15.76
93.03
14.75
30.99
4.91
127,640
168.04
7.79
43.28
Shell / RDS.A
th the SEC. Exclud
AY! www.manualo
een one of the m
ecember 31, 20
before expense
holme Fund an
lme
Shar
from Rece
Dec. 31 ('00
2% 113,60
-14% 44,28
1% 38,45
11% 92,14
14% 38,58
26% 14,91
29% 26,78
11% 124,45
-8% 19,99
6%
Share
from Recen
ec. 31 ('000
-14% 44,286
2% 113,600
26% 14,918
11% 92,140
14% 38,582
4% 237,137
6% 9
0% 5,889
11% 124,457
-8% 19,997
Sold O
Humana
Sector
des
es.
Value-oriented Eq
ofideas.com
most successfu
009, The Fairh
s, for the S&P
nd the S&P 500
res Owned
nt from
00) Sep. 30
00 new
86 35%
53 20%
40 30%
82 6%
18 2%
85 0%
57 74%
97 29%
9 20%
es Owned
nt from
0) Sep. 30
6 35%
0 new
8 2% 1
0 30% <
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9 20% <
9 -2%
7 74% 1
7 29% 1
Out Positions
/ HUM
Weightings
quity Investment Id
ul value-oriente
holme Fund del
500 Index. Th
0 Index, respec
Holdings
as % of
Co. Fund*
9% 11%
2% 11%
19% 3%
<1% 8%
3% 7%
14% 9%
29% 5%
10% 6%
10% 5%
<1% 7%
Holdings
as % of
Co. Fund*
2% 11%
9% 11%
14% 9%
<1% 8%
3% 7%
<1% 7%
<1% 7%
1% 6%
10% 6%
10% 5%
s

*

February 28, 2011
ed investors of
livered a cumu
his translates in
ctively.
P/E (Est.)
This Next
FY FY
n/m 53x
n/m 40x
n/m n/m
11x 8x
11x 10x
72x 82x
n/m n/m
n/m 13x
22x 17x
19x 19x
P/E (Est.)
P
This Next
T
FY FY
n/m 40x
n/m 53x
72x 82x
11x 8x
11x 10x
11x 9x
19x 19x
10x 9x
n/m 13x
22x 17x
ed Investors
Page 36 of 170
f the past
ulative
nto
Price/
Tang.
Book
>9.9x
>9.9x
1.0x
1.3x
1.3x
2.7x
3.0x
1.4x
1.0x
2.1x
Price/
Tang.
Book
>9.9x
>9.9x
2.7x
1.3x
1.3x
1.1x
2.1x
1.4x
1.4x
1.0x

F
R

M

T

N
F
G
J
L
R

P
*

p
2008-2011 by Beyond
Force Capita
Robert Jaffe fou
MOI Signal R

Compan
1 Goldman
2 J.C. Pen
3 Copart /
4 Bank of A
5 First Indu
6 Foster W
7 Shutterfly
8 Sears Ho
9 SL Green
10 AutoNatio
Top Holdings

Company
1 Sears Hol
2 J.C. Penn
3 Copart / C
4 Goldman S
5 Bank of A
6 First Indus
7 AutoNatio
8 SL Green
9 Shutterfly
10 Foster Wh
New Position
Foster Wheeler /
Goldman Sachs /
J.C. Penney / JC
Lockheed Martin
RAIT Financial Tr
Portfolio Met
Portfolio size
Top 10 as % of
Median mar et
Average market
Median P/E (thi
Median P/E (ne
Median P / tang
Based on equity ho

al (Robert J
unded Force C
Rank Top
ny / Ticker
n Sachs / GS
ney / JCP
CPRT
America / BAC
ust. Realty / FR
Wheeler / FWLT
y / SFLY
oldings / SHLD
n Realty / SLG
on / AN
s of Force Ca
y / Ticker
dings / SHLD
ey / JCP
CPRT
Sachs / GS
merica / BAC
st. Realty / FR
n / AN
Realty / SLG
/ SFLY
heeler / FWLT
ns
FWLT
/ GS
P
/ LMT
rust / RAS
trics
*

portfolio
value
t value
s FY)
xt FY)
gible book
rage, certain non-U
erved.
Jaffe)
Capital Manage
p Current Idea

Market
Value
($mn)
85,909
8,759
3,404
148,756
743
4,911
1,217
10,234
5,802
5,127
apital Manag

Market
Value
($mn)
10,234
8,759
3,404
85,909
148,756
743
5,127
5,802
1,217
4,911
Scholastic / S
Shutterfly / S
SodaStream
TechTarget /
$259 million
75%
$1.4 billion
$16 billion
19x
16x
2.4x
n 13F-HR filings wi
SUBSCRIBE TODA
ement in 2002 a
as of Force C

Price

Recent
($) D
168.04
37.02
41.41
14.75
11.65
39.48
42.80
93.03
74.10
34.39
gement By
Price
Recent
($) De
93.03
37.02
41.41
168.04
14.75
11.65
34.39
74.10
42.80
39.48
SCHL
FLY
/ SODA
TTGT
th the SEC. Exclud
AY! www.manualo
after eight year
Capital Mana
Shar
from Recen
Dec. 31 ('000
0% 10
15% 55
11% 48
11% 1,10
-44% 1,26
14% 21
23% 24
26% 68
10% 14
22% 35
Dollar Value
Share
from Recent
ec. 31 ('000)
26% 680
15% 550
11% 480
0% 100
11% 1,104
-44% 1,267
22% 350
10% 146
23% 245
14% 216
Sold O
BJ's Who
Jack In T
McClatch
Sonic Co
Wabash
Sector
des
es.
Value-oriented Eq
ofideas.com
rs at Steven Co
agement
res Owned
nt from
0) Sep. 30
00 new
50 new
80 >100%
04 51%
67 >100%
16 new
45 new
80 3%
46 >100%
50 >100%
e
es Owned
t from
) Sep. 30
0 3% <
0 new <
0 >100% <
0 new <
4 51% <
7 >100%
0 >100% <
6 >100% <
5 new <
6 new <
Out Positions
olesale Club / BJ
The Box / JACK
hy / MNI
orp. / SONC
National / WNC
r Weightings
quity Investment Id
ohens hedge fu
Holdings
as % of
Co. Fund*
<1% 6%
<1% 8%
<1% 8%
<1% 6%
2% 6%
<1% 3%
<1% 4%
<1% 24%
<1% 4%
<1% 5%
Holdings
as % of
Co. Fund*
<1% 24%
<1% 8%
<1% 8%
<1% 6%
<1% 6%
2% 6%
<1% 5%
<1% 4%
<1% 4%
<1% 3%
s
Winth
*

February 28, 2011
fund SAC Capi
P/E (Est.)
This Next
FY FY
10x 9x
24x 21x
19x 16x
11x 8x
n/m 14x
n/a n/a
54x 40x
72x 82x
>99x 98x
19x 17x
P/E (Est.)
This Next
FY FY
72x 82x
24x 21x
19x 16x
10x 9x
11x 8x
n/m 14x
19x 17x
>99x 98x
54x 40x
n/a n/a
hrop Realty / FU
ed Investors
Page 37 of 170
ital.
Price/
Tang.
Book
1.4x
1.8x
3.9x
1.3x
.9x
6.5x
4.8x
2.7x
1.3x
7.0x
Price/
Tang.
Book
2.7x
1.8x
3.9x
1.4x
1.3x
.9x
7.0x
1.3x
4.8x
6.5x
R

G
J
s

M

T

N
S
W

P
*

p
2008-2011 by Beyond
Gates Capit
Jeff Gates has 2
spending 10+ y
MOI Signal R

Compan
1 Snap-on
2 Copart /
3 Vishay P
4 Bed Bath
5 Zimmer H
6 Interval L
7 W.R. Gra
8 Dover Do
9 KAR Auc
10 Quanex B
Top Holdings

Company
1 Copart / C
2 Solutia / S
3 Blount Inte
4 Eagle Mat
5 Snap-on /
6 Zimmer H
7 Interval Le
8 Darling / D
9 Bed Bath
10 Gap / GPS
New Position
Snap-on / SNA
W.R. Grace / GR
Portfolio Met
Portfolio size
Top 10 as % of
Median market
Average market
Median P/E (thi
Median P/E (ne
Median P / tang
Based on equity ho

tal (Jeff Gat
25+ years of ex
years in high yi
Rank Top
ny / Ticker
/ SNA
CPRT
recision / VPG
h & Beyond / BBB
Holdings / ZMH
Leisure / IILG
ace / GRA
owns Gaming / D
ction / KAR
Building / NX
s of Gates Ca
y / Ticker
CPRT
SOA
ernational / BLT
terials / EXP
SNA
oldings / ZMH
eisure / IILG
DAR
& Beyond / BBB
S
ns
A
trics
*

portfolio
value
t value
s FY)
xt FY)
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rage, certain non-U
erved.
tes)
xperience ident
ield bond resea
p Current Idea

Market
Value
($mn)
3,572
3,404
224
BY 12,946
12,583
993
2,879
DDE 115
2,061
728
apital By D

Market
Value
($mn)
3,404
3,032
744
1,374
3,572
12,583
993
1,694
Y 12,946
14,161

$676 million
63%
$2.7 billion
$4.4 billion
16x
14x
3.0x
n 13F-HR filings wi
SUBSCRIBE TODA
tifying underva
arch and sales,
as of Gates C
Price
Recent
($) D
61.28
41.41
16.80
50.82
63.73
17.39
39.40
3.56
15.23
19.41
Dollar Value
Price
Recent
($) De
41.41
24.90
15.46
31.08
61.28
63.73
17.39
14.51
50.82
23.05
th the SEC. Exclud
AY! www.manualo
alued securitie
including as a
Capital
Shar
from Recen
Dec. 31 ('000
8% 63
11% 1,68
-11% 1,16
3% 58
19% 53
8% 1,93
12% 73
5% 2,81
10% 1,88
2% 1,03
Share
from Recent
ec. 31 ('000)
11% 1,688
8% 2,588
-2% 3,126
10% 1,441
8% 631
19% 534
8% 1,933
9% 2,265
3% 587
4% 1,287
Sold O
Armstron
USG / US
Sector
des
es.
Value-oriented Eq
ofideas.com
s. He started th
director at Sch
res Owned
nt from
0) Sep. 30
31 new
88 48%
63 25%
87 2%
34 27%
33 2%
36 new
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39 30%
es Owned
t from
) Sep. 30
C
8 48%
8 -18%
6 -29%
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new
4 27% <
3 2%
5 -12%
7 2% <
7 -8% <
Out Positions
ng World / AWI
SG
r Weightings
quity Investment Id
he ECF Value
hroder & Co.
Holdings
as % of
Co. Fund*
1% 6%
2% 10%
9% 3%
<1% 4%
<1% 5%
3% 5%
1% 4%
9% 1%
1% 4%
3% 3%
Holdings
as % of
T
Co. Fund*
2% 10%
2% 10%
6% 7%
3% 7%
1% 6%
<1% 5%
3% 5%
2% 5%
<1% 4%
<1% 4%
s

*

February 28, 2011
Fund in 1996 a
P/E (Est.)
This Next
FY FY
15x 13x
19x 16x
21x 14x
17x 15x
14x 12x
23x 21x
13x 13x
10x n/a
15x 14x
29x 20x
P/E (Est.)
P
This Next
T
FY FY
19x 16x
11x 10x
19x 14x
56x 47x
15x 13x
14x 12x
23x 21x
23x 14x
17x 15x
12x 12x
ed Investors
Page 38 of 170
after
Price/
Tang.
Book
9.0x
3.9x
1.4x
3.4x
5.3x
n/m
n/m
1.0x
n/m
2.0x
Price/
Tang.
Book
3.9x
n/m
n/m
4.3x
9.0x
5.3x
n/m
8.7x
3.4x
3.4x

G
L
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M

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A
A
B
C
C
G

P
*

p
2008-2011 by Beyond
Glenview (L
Larry Robbins
fund utilizes va
MOI Signal R

Compan
1 Life Tech
2 Flextronic
3 McKesso
4 Tyco Inte
5 CVS Car
6 AIG / AIG
7 Microsoft
8 Lab Corp
9 Baxter In
10 Clearwire
Top Holdings

Company
1 Life Techn
2 McKesson
3 Express S
4 Fidelity Na
5 Flextronics
6 Tyco Inter
7 Thermo Fi
8 CVS Care
9 Aon / AON
10 Xerox / XR
New Position
Aetna / AET
Apollo Group / AP
Baxter Internation
Computer Scienc
Corning / GLW
General Motors /
Portfolio Met
Portfolio size
Top 10 as % of
Median market
Average market
Median P/E (thi
Median P/E (ne
Median P / tang
Based on equity ho

Larry Robbin
founded Glenv
arious value-or
Rank Top
ny / Ticker
hnologies / LIFE
cs / FLEX
on / MCK
ernational / TYC
remark / CVS
G
t / MSFT
p. of America / LH
nternational / BAX
e / CLWR
s of Glenview
y / Ticker
nologies / LIFE
n / MCK
Scripts / ESRX
ational / FIS
s / FLEX
rnational / TYC
isher / TMO
emark / CVS
N
RX
ns
POL
nal / BAX
ces / CSC
GM
trics
*

portfolio
value
t value
s FY)
xt FY)
gible book
rage, certain non-U
erved.
ins)
view after work
iented investm
p Current Idea

Market
Value
($mn)
10,160
6,399
20,504
22,423
44,922
74,675
227,369
H 9,052
X 30,902
1,372
w Capital B

Market
Value
($mn)
10,160
20,504
29,991
9,620
6,399
22,423
22,927
44,922
17,010
15,703
Microsoft / MS
Seagate Tech
Talecris Bio /
$6.4 billion
51%
$11 billion
$32 billion
14x
13x
3.5x
n 13F-HR filings wi
SUBSCRIBE TODA
king for buyou
ment strategies i
as of Glenvie

Price

Recent
($) D
54.41
8.42
80.64
47.33
33.06
41.51
27.06
89.01
53.03
5.64
By Dollar Val
Price
Recent
($) De
54.41
80.64
56.77
32.14
8.42
47.33
57.68
33.06
52.93
11.32
SFT
hnology / STX
/ TLCR
th the SEC. Exclud
AY! www.manualo
ut specialist Leo
in order to gen
ew Capital
Shar
from Recen
Dec. 31 ('000
-2% 9,41
7% 33,09
15% 6,34
14% 5,44
-5% 7,39
-14% 1,17
-3% 2,83
1% 1,02
5% 1,66
10% 6,79
ue
Share
from Recent
ec. 31 ('000)
-2% 9,418
15% 6,349
5% 7,515
17% 9,067
7% 33,095
14% 5,441
4% 4,289
-5% 7,393
15% 4,598
-2% 20,784
Sold O
Air Produ
Applied M
Bank of A
Broadridg
Comcast
Flowserv
Sector
des
es.
Value-oriented Eq
ofideas.com
on Cooperman
nerate absolute
res Owned
nt from
0) Sep. 30
18 17%
95 31%
49 7%
41 >100%
93 35%
75 >100%
32 new
25 >100%
65 new
98 >100%
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) Sep. 30
C
8 17%
9 7%
5 -14%
7 -13%
5 31%
>100%
9 -14%
3 35% <
8 -11%
4 -9%
Out Positions
ucts & Chem / AP
Materials / AMAT
America / BAC
ge Financial / BR
/ CMCSA
ve / FLS
r Weightings
quity Investment Id
ns Omega Adv
returns.
Holdings
as % of
Co. Fund*
5% 8%
4% 4%
2% 8%
1% 4%
<1% 4%
<1% <1%
<1% 1%
1% 1%
<1% 1%
3% <1%
Holdings
as % of
T
Co. Fund*
5% 8%
2% 8%
1% 7%
3% 5%
4% 4%
1% 4%
1% 4%
<1% 4%
1% 4%
1% 4%
s
PD
T
R
JPMo
Masc
Omn
PHH
Ques
Terre
*

February 28, 2011
visors. Robbins
P/E (Est.)
This Next
FY FY
14x 13x
n/a n/a
16x 14x
n/a n/a
12x 10x
n/m 40x
11x 10x
14x 13x
13x 12x
n/m n/m
P/E (Est.)
P
This Next
T
FY FY
14x 13x
16x 14x
18x 15x
14x 12x
n/a n/a
n/a n/a
14x 13x
12x 10x
15x 14x
10x 9x
organ Chase / JP
co / MAS
icare / OCR
/ PHH
st Diagnostics / D
eStar / TSTR
ed Investors
Page 39 of 170
s hedge
Price/
Tang.
Book
2.3x
3.3x
>9.9x
>9.9x
>9.9x
>9.9x
6.5x
n/m
7.8x
n/m
Price/
Tang.
Book
2.3x
>9.9x
n/m
n/m
3.3x
>9.9x
>9.9x
>9.9x
n/m
n/m
PM
DGX

G
S
th
S

M

T

N
A
C
C
C
C
J

P
*

p
2008-2011 by Beyond
GoldenTree
Steve Tananbau
han ten years a
Shields, Tananb
MOI Signal R

Company
1 Popular / B
2 KKR & Co
3 Charter Co
4 Sprint Nex
5 Chemtura
6 Viacom / V
7 SRA Intern
8 Alpha Nat
9 LifePoint H
10 Jo-Ann St
Top Holdings

Company
1 Viacom / V
2 Popular / B
3 Charter Co
4 Dillard's /
5 KKR & Co
6 Sprint Nex
7 Tenneco /
8 Packaging
9 Chemtura
10 SRA Intern
New Position
Alpha Natural / A
CACI Internationa
CapitalSource / C
Cedar Fair / FUN
Chemtura / CHMT
Jo-Ann Stores / J
Portfolio Met
Portfolio size
Top 10 as % of
Median mar et
Average market
Median P/E (thi
Median P/E (ne
Median P / tang
Based on equity ho

e (Steve Tana
um founded an
at MacKay Shi
baum worked o
Rank Top
y / Ticker
BPOP
o. / KKR
ommunications /
xtel / S
/ CHMT
VIA.B
national / SRX
ural / ANR
Hospitals / LPNT
ores / JAS
s of GoldenT
y / Ticker
VIA.B
BPOP
ommunications /
DDS
o. / KKR
xtel / S
/ TEN
g Corp. / PKG
/ CHMT
national / SRX
ns
ANR
al / CAI
CSE

T
JAS
trics
*

portfolio
value
t value
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xt FY)
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rage, certain non-U
erved.
nanbaum)
nd GoldenTree
ields, including
on high yield a
p Current Idea

Marke
Valu
($mn
3,44
11,19
/ CHTR 5,324
13,44
4,17
27,69
1,58
6,63
T 1,93
1,59
Tree Asset M

Marke
Valu
($mn
27,69
3,44
/ CHTR 5,324
2,60
11,19
13,44
2,62
3,07
4,17
1,58
KKR & Co. / K
LifePoint Hos
Popular / BPO
Sprint Nextel
SRA Internat
$131 million
74%
$2.9 billion
$11 billion
15x
12x
2.6x
n 13F-HR filings wi
SUBSCRIBE TODA
Asset Manage
g as lead portfo
and M&A trans
as of Golden
et
Price
e
Recent
n) ($) D
1 3.37
5 16.29
4 46.44
2 4.50
0 17.16
9 45.50
3 27.62
8 55.13
3 36.68
8 60.67
anagement
et
Price
e
Recent
n) ($) D
9 45.50
1 3.37
4 46.44
8 41.97
5 16.29
2 4.50
3 43.72
2 29.95
0 17.16
3 27.62
KKR
spitals / LPNT
OP
/ S
ional / SRX
th the SEC. Exclud
AY! www.manualo
ement in 2000.
olio manager of
sactions in the
nTree Asset
Share
from Recen
Dec. 31 ('000
7% 4,173
15% 589
19% 269
6% 1,748
7% 414
15% 339
35% 199
-8% 55
0% 84
1% 77
By Dollar V
Share
from Recen
Dec. 31 ('000
15% 339
7% 4,173
19% 269
11% 230
15% 589
6% 1,748
6% 178
16% 239
7% 414
35% 199
Sold O
A. H. Belo
Bank of A
Brunswic
Dana Ho
Fidelity N
Silgan / S
Sector
des
es.
Value-oriented Eq
ofideas.com
Prior to startin
f the firms hed
corporate fina
Managemen
res Owned
nt from
0) Sep. 30
3 new <
9 new <
9 >100% <
8 new <
4 new <
9 0% <
9 new <
5 new <
4 new <
7 new <
Value
res Owned
nt from
0) Sep. 30
9 0% <
3 new <
9 >100% <
0 -73% <
9 new <
8 new <
8 -15% <
9 -33% <
4 new <
9 new <
Out Positions
o / AHC
America / BAC
ck / BC
lding / DAN
National / FIS
SLGN
r Weightings
quity Investment Id
ng GoldenTree
dge fund area.
ance departmen
nt
Holdings
as % of
Co. Fund*
<1% 11%
<1% 7%
<1% 10%
<1% 6%
<1% 5%
<1% 12%
<1% 4%
<1% 2%
<1% 2%
<1% 4%
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<1% 12%
<1% 11%
<1% 10%
<1% 7%
<1% 7%
<1% 6%
<1% 6%
<1% 5%
<1% 5%
<1% 4%
s
Time
*

February 28, 2011
e, Tananbaum s
Prior to MacK
nt of Kidder, Pe
P/E (Est.)
P
This Next
T
FY FY
15x 9x
6x 8x
n/m 53x
n/m n/m
n/m 21x
13x 12x
19x 18x
12x 9x
13x 12x
18x 16x
P/E (Est.)
P
This Next
T
FY FY
13x 12x
15x 9x
n/m 53x
17x 16x
6x 8x
n/m n/m
17x 12x
14x 11x
n/m 21x
19x 18x
e Warner Cable /
ed Investors
Page 40 of 170
spent more
Kay
eabody.
Price/
Tang.
Book
1.0x
>9.9x
n/m
n/m
n/m
n/m
6.5x
>9.9x
6.7x
2.9x
Price/
Tang.
Book
n/m
1.0x
n/m
1.2x
>9.9x
n/m
n/m
3.4x
n/m
6.5x
TWC

G
D
lo
e

M

T

N
B
C
L
P

P
*

p

2008-2011 by Beyond
Greenlight (
David Einhorn
ong-term track
expenses, of ap
MOI Signal R

Compan
1 Cardinal
2 Sprint Ne
3 Ensco / E
4 MI Devel
5 CareFus
6 Pfizer / P
7 Einstein
8 BioFuel E
9 Gold Min
10 Republic
Top Holdings

Company
1 Ensco / ES
2 Cardinal H
3 Pfizer / PF
4 CareFusio
5 CIT Group
6 Apple / AA
7 Sprint Nex
8 NCR / NC
9 Gold Mine
10 Microsoft /
New Position
BP / BP
Capitol Federal /
LyondellBasell / L
Potash / POT
Portfolio Met
Portfolio size
Top 10 as % of
Median market
Average market
Median P/E (thi
Median P/E (ne
Median P / tang
Based on equity ho

(David Einh
is the founder
k record. Since
pproximately 2
Rank Top
ny / Ticker
Health / CAH
extel / S
ESV
opments / MIM
ion / CFN
PFE
Noah / BAGL
Energy / BIOF
ners ETF / GDX
Airways / RJET
s of Greenlig
y / Ticker
SV
Health / CAH
FE
on / CFN
p / CIT
APL
xtel / S
R
ers ETF / GDX
/ MSFT
ns
CFFN
LYB
trics
*

portfolio
value
t value
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xt FY)
gible book
rage, certain non-U
erved.
horn)
of Greenlight
inception in M
0%. David is a
p Current Idea

Market
Value
($mn)
14,739
13,442
7,618
1,303
6,255
153,711
274
85
6,765
319
ght By Dolla

Market
Value
($mn)
7,618
14,739
153,711
6,255
8,667
322,963
13,442
3,132
6,765
227,369

SemGroup / S
Sprint Nextel
$5.0 billion
64%
$3.5 billion
$22 billion
14x
13x
1.9x
n 13F-HR filings wi

SUBSCRIBE TODA
Capital, a valu
May 1996, Gree
author of Fooli
as of Greenl

Price

Recent
($) D
42.14
4.50
53.29
27.80
28.04
19.19
16.51
0.95
58.98
6.62
ar Value
Price
Recent
($) De
53.29
42.14
19.19
28.04
43.28
350.56
4.50
19.66
58.98
27.06
SEMG
/ S
th the SEC. Exclud
AY! www.manualo
ue-oriented, res
enlight has rep
ing Some of the
ight
Shar
from Recen
Dec. 31 ('000
10% 10,61
6% 55,90
0% 9,01
3% 5,65
9% 13,37
10% 23,15
18% 10,73
-45% 7,54
-4% 3,54
-10% 3,41
Share
from Recent
ec. 31 ('000)
0% 9,012
10% 10,611
10% 23,154
9% 13,375
-8% 7,338
9% 838
6% 55,900
28% 11,469
-4% 3,547
-3% 7,684
Sold O
Foster W
Oritani Fi
Ralcorp /
Xerox / X
Sector
des
es.
Value-oriented Eq
ofideas.com
search-driven i
ported a compo
e People All of
res Owned
nt from
0) Sep. 30
11 62%
00 new
12 0%
55 0%
75 0%
54 0%
33 0%
42 0%
47 37%
13 0%
es Owned
t from
) Sep. 30
2 0%
1 62%
4 0% <
5 0%
8 -31%
8 0% <
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7 37%
4 0% <
Out Positions
Wheeler / FWLT
inancial / ORIT
/ RAH
XRX
Weightings
quity Investment Id
investment firm
ounded annual r
f the Time.
Holdings
as % of
Co. Fund*
3% 9%
2% 5%
6% 10%
12% 3%
6% 7%
<1% 9%
65% 4%
8% <1%
3% 4%
7% <1%
Holdings
as % of
Co. Fund*
6% 10%
3% 9%
<1% 9%
6% 7%
4% 6%
<1% 6%
2% 5%
7% 4%
3% 4%
<1% 4%
s

*

February 28, 2011
m with a marke
return, net of f
P/E (Est.)
This Next
FY FY
16x 14x
n/m n/m
15x 14x
n/a n/a
17x 15x
9x 8x
23x 19x
n/a n/a
n/a n/a
n/m 8x
P/E (Est.)
P
This Next
T
FY FY
15x 14x
16x 14x
9x 8x
17x 15x
22x 17x
15x 13x
n/m n/m
11x 10x
n/a n/a
11x 10x
ed Investors
Page 41 of 170
et-beating
fees and
Price/
Tang.
Book
>9.9x
n/m
1.4x
.8x
6.4x
n/m
>9.9x
1.6x
.9x
.9x
Price/
Tang.
Book
1.4x
>9.9x
n/m
6.4x
1.0x
6.0x
n/m
4.1x
.9x
6.5x

H
R
2
J
r

M

T

N
L
M

P
*

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2008-2011 by Beyond
H Partners (
Rehan Jaffer ho
2004 and starte
Jaffer: He is su
really strong fin
MOI Signal R

Compan
1 M.D.C. H
2 Foster W
3 LyondellB
4 Boyd Ga
5 W.R. Gra
6 Leap Wir
7 Six Flags
8 CF Indus
9 Coinstar
10 Pulte Ho
Top Holdings

Company
1 Six Flags /
2 Leap Wire
3 Foster Wh
4 Boyd Gam
5 W.R. Grac
6 CF Industr
7 Rowan Co
8 LyondellB
9 Pulte Hom
10 M.D.C. Ho
New Position
LyondellBasell / L
M.D.C. Holdings
Portfolio Met
Portfolio size
Top 10 as % of
Median market
Average market
Median P/E (thi
Median P/E (ne
Median P / tang
Based on equity ho

(Rehan Jaff
oned his invest
ed H Partners s
uper-hungry. H
nancial analyti
Rank Top
ny / Ticker
Holdings / MDC
Wheeler / FWLT
Basell / LYB
ming / BYD
ace / GRA
reless / LEAP
s / SIX
stries / CF
/ CSTR
mes / PHM
s of H Partne
y / Ticker
/ SIX
eless / LEAP
heeler / FWLT
ming / BYD
ce / GRA
ries / CF
ompanies / RDC
asell / LYB
mes / PHM
oldings / MDC
ns
LYB
/ MDC
trics
*

portfolio
value
t value
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rage, certain non-U
erved.
ffer)
tment approach
hortly thereafte
Hes got a good
cs, a great nose
p Current Idea

Market
Value
($mn)
1,321
4,911
21,467
985
2,879
1,090
1,741
9,807
1,447
2,972
ers By Doll

Market
Value
($mn)
1,741
1,090
4,911
985
2,879
9,807
5,011
21,467
2,972
1,321

$632 million
100%
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14x
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n 13F-HR filings wi
SUBSCRIBE TODA
h at Dan Loeb
er. Loeb was q
d nose. Hes ve
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as of H Partn
Price
Recent
($) D
28.01
39.48
37.95
11.42
39.40
13.92
62.50
137.87
45.47
7.78
ar Value
Price
Recent
($) De
62.50
13.92
39.48
11.42
39.40
137.87
39.70
37.95
7.78
28.01
th the SEC. Exclud
AY! www.manualo
s activist hedg
quoted in the bo
ery intelligent.
d great trader s
ners
Shar
from Recen
Dec. 31 ('000
-3% 20
14% 95
10% 20
8% 3,10
12% 80
14% 3,75
15% 6,65
2% 20
-19%
3% 85
Share
from Recent
ec. 31 ('000)
15% 6,655
14% 3,750
14% 950
8% 3,100
12% 800
2% 200
14% 300
10% 200
3% 850
-3% 200
Sold O
Coinstar
FBR Cap
Sector
des
es.
Value-oriented Eq
ofideas.com
ge fund Third P
ook Hedge Hu
So hes got a g
sense.
res Owned
nt from
0) Sep. 30
00 new
50 27%
00 new
00 0%
00 0%
50 0%
55 0%
00 -33%
0 -100%
50 -77%
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t from
) Sep. 30
C
5 0% 2
0 0%
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0 0%
0 0%
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0 -66% <
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Out Positions
/ CSTR
pital Markets / FB
r Weightings
quity Investment Id
Point. He joined
unters as saying
great combinat
Holdings
as % of
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<1% <1%
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<1% 1%
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1% 5%
5% 8%
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<1% 4%
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as % of
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24% 66%
5% 8%
<1% 6%
4% 6%
1% 5%
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<1% 2%
<1% 1%
<1% 1%
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s
BCM

*

February 28, 2011
d River Run Pa
g the following
tion of having
P/E (Est.)
This Next
FY FY
n/m 44x
n/a n/a
n/a n/a
>99x >99x
13x 13x
n/m n/m
3x 96x
11x 13x
16x 13x
n/m 27x
P/E (Est.)
This Next
FY FY
3x 96x
n/m n/m
n/a n/a
>99x >99x
13x 13x
11x 13x
16x 19x
n/a n/a
n/m 27x
n/m 44x
ed Investors
Page 42 of 170
artners in
g about
a high IQ,
Price/
Tang.
Book
1.3x
6.5x
2.3x
1.8x
n/m
n/m
n/m
5.0x
8.7x
1.7x
Price/
Tang.
Book
n/m
n/m
6.5x
1.8x
n/m
5.0x
1.4x
2.3x
1.7x
1.3x

H
P
f

M

T

N
R

P
*

p
**
p
2008-2011 by Beyond
Harbinger (
Phil Falcone fo
firm has since e
MOI Signal R

Compan
1 Radian G
2 Spectrum
3 EXCO Re
4 Crosstex
5 Cliffs Nat
6 Harbinge
7 Constella
8 Corn Pro
9 Media Ge
10 New Yor
Top Holdings

Company
1 Spectrum
2 EXCO Re
3 Corn Prod
4 Crosstex E
5 Cliffs Natu
6 New York
7 Harbinger
8 Barclays /
9 Radian Gr
10 Constellat
New Position
Radian Group / R
Portfolio Met
Portfolio size
Top 10 as % of
Median market
Average market
Median P/E (thi
Median P/E (ne
Median P / tang
Based on equity ho
*
A material portion
private, non-equity o

(Phil Falcon
ounded Harbing
expanded into
Rank Top
ny / Ticker
Group / RDN
m Brands / SPB
esources / XCO
x Energy / XTXI
tural / CLF
er Group / HRG
ation Energy / CE
oducts / CPO
eneral / MEG
k Times / NYT
s of Harbinge
y / Ticker
Brands / SPB
sources / XCO
ducts / CPO
Energy / XTXI
ural / CLF
Times / NYT
Group / HRG
BCS
roup / RDN
tion Energy / CEG
ns
RDN
trics
*

portfolio
value
t value
s FY)
xt FY)
gible book
rage, certain non-U
of assets manage
or non-U.S. securit
erved.
ne)
ger Capital Par
special situatio
p Current Idea

Market
Value
($mn)
981
1,471
4,329
457
13,078
813
EG 6,254
3,758
175
1,550
er Capital B

Market
Value
($mn)
1,471
4,329
3,758
457
13,078
1,550
813
64,924
981
G 6,254

$1.4 billion
100%
$3.8 billion
$14 billion
13x
11x
2.0x
n 13F-HR filings wi
d by Phil Falcone m
ties, which are not s
SUBSCRIBE TODA
rtners in 2001 i
on investments
as of Harbin
Price
Recent
($) D
7.38
28.88
20.39
9.75
96.54
5.84
31.30
49.70
7.58
10.68
By Dollar Va
Price
Recent
($) De
28.88
20.39
49.70
9.75
96.54
10.68
5.84
21.40
7.38
31.30
th the SEC. Exclud
may be invested in
shown here.
AY! www.manualo
in order to capi
and other valu
ger Capital
Shar
from Recen
Dec. 31 ('000
-9% 2,42
-7% 32,14
5% 6,96
10% 4,50
24% 45
-6% 6,63
2% 11
8% 2,79
31% 16
9% 3,74
lue
Share
from Recent
ec. 31 ('000)
-7% 32,146
5% 6,963
8% 2,796
10% 4,500
24% 450
9% 3,748
-6% 6,633
30% 875
-9% 2,422
2% 113
Sold O
Owens C
TerreStar
Sector
des
es.
Value-oriented Eq
ofideas.com
italize on distr
ue-oriented inv
res Owned
nt from
0) Sep. 30
22 new
46 1%
63 5%
00 0%
50 0%
33 0%
3 0%
96 -25%
62 0%
48 -69%
es Owned
t from
) Sep. 30
C
6 1% 6
3 5%
6 -25%
0 0% 1
0 0% <
8 -69%
3 0%
5 -75% <
2 new
3 0% <
Out Positions
Corning / OC
r / TSTR
r Weightings
quity Investment Id
essed investme
vestment strate
Holdings
as % of
Co. Fund*
2% 1%
63% 65%
3% 10%
10% 3%
<1% 3%
5% 3%
<1% <1%
4% 10%
<1% <1%
3% 3%
Holdings
as % of
T
Co. Fund*
63% 65%
3% 10%
4% 10%
0% 3%
<1% 3%
3% 3%
5% 3%
<1% 1%
2% 1%
<1% <1%
s

*, **

February 28, 2011
ent opportuniti
gies.
P/E (Est.)
This Next
FY FY
n/m 9x
16x 13x
28x 30x
n/m >99x
9x 8x
n/a n/a
10x 13x
13x 12x
n/m n/a
18x 14x
P/E (Est.)
P
This Next
T
FY FY
16x 13x
28x 30x
13x 12x
n/m >99x
9x 8x
18x 14x
n/a n/a
13x 9x
n/m 9x
10x 13x
ed Investors
Page 43 of 170
ies. The
Price/
Tang.
Book
1.1x
n/m
3.1x
n/m
3.8x
6.1x
.8x
3.8x
n/m
n/m
Price/
Tang.
Book
n/m
3.1x
3.8x
n/m
3.8x
n/m
6.1x
1.0x
1.1x
.8x

H
K
d
f

M

T

N
F

P
*

p
2008-2011 by Beyond
Hawkshaw
Kian Ghazi co-
disconnect betw
form investmen
MOI Signal R

Compan
1 Electroni
2 Corporat
3 Constant
4 The Knot
5 Gold Min
6 AnnTaylo
7 SPDR Go
8 Abercrom
9 Universa
10 Frozen F
Top Holdings

Company
1 Symantec
2 Electronic
3 Dell / DEL
4 Aviat Netw
5 Corporate
6 Abercromb
7 Constant C
8 The Knot /
9 Frozen Fo
10 IAC/InterA
New Position
FalconStor Softw
Portfolio Met
Portfolio size
Top 10 as % of
Median mar et
Average market
Median P/E (thi
Median P/E (ne
Median P / tang
Based on equity ho

(Kian Ghaz
-founded long/s
ween near-term
nt theses on ind
Rank Top
ny / Ticker
c Arts / ERTS
e Executive / EX
t Contact / CTCT
t / KNOT
ners ETF / GDX
or Stores / ANN
old Trust / GLD
mbie & Fitch / AN
al Technical / UTI
Food Express / F
s of Hawksha
y / Ticker
c / SYMC
Arts / ERTS
LL
works / AVNW
Executive / EXB
bie & Fitch / ANF
Contact / CTCT
/ KNOT
ood Express / FF
ActiveCorp / IACI
ns
ware / FALC
trics
*

portfolio
value
t value
s FY)
xt FY)
gible book
rage, certain non-U
erved.
zi)
short investme
m market expec
dividual compa
p Current Idea

Market
Value
($mn)
6,446
XBD 1,417
T 893
361
6,765
1,392
54,611
NF 5,173
I 441
FEX 83
aw Capital

Market
Value
($mn)
14,181
6,446
29,784
379
BD 1,417
F 5,173
893
361
EX 83
3,205

$155 million
81%
$1.1 billion
$6.1 billion
19x
15x
2.5x
n 13F-HR filings wi
SUBSCRIBE TODA
ent partnership
ctations and lon
anies.
as of Hawks
Price
Recent
($) D
19.28
41.31
30.74
10.51
58.98
24.01
135.41
59.05
18.11
4.71
By Dollar Va
Price
Recent
($) De
18.58
19.28
15.43
6.26
41.31
59.05
30.74
10.51
4.71
31.93
th the SEC. Exclud
AY! www.manualo
Hawkshaw in
nger-term intrin
haw Capital
Shar
from Recen
Dec. 31 ('000
18% 89
10% 31
-1% 31
6% 88
-4% 11
-12% 26
-2% 5
2% 20
-18% 29
7% 1,84
alue
Share
from Recent
ec. 31 ('000)
11% 948
18% 893
14% 1,029
23% 2,139
10% 319
2% 201
-1% 317
6% 889
7% 1,842
11% 247
Sold O
Scholasti
Sector
des
es.
Value-oriented Eq
ofideas.com
2002. Ghazi lo
nsic value. He
res Owned
nt from
0) Sep. 30
93 7%
9 0%
7 >100%
89 19%
7 -2%
64 -19%
51 -2%
01 -1%
94 -49%
42 -9%
es Owned
t from
) Sep. 30
C
8 -1% <
3 7% <
9 -1% <
9 -1%
9 0% <
-1% <
7 >100%
9 19%
2 -9% 1
7 -10% <
Out Positions
ic / SCHL
r Weightings
quity Investment Id
ooks for invest
relies on in-de
Holdings
as % of
Co. Fund*
<1% 11%
<1% 9%
1% 6%
3% 6%
<1% 4%
<1% 4%
<1% 4%
<1% 8%
1% 3%
11% 6%
Holdings
as % of
T
Co. Fund*
<1% 11%
<1% 11%
<1% 10%
4% 9%
<1% 9%
<1% 8%
1% 6%
3% 6%
1% 6%
<1% 5%
s

*

February 28, 2011
tments in whic
epth primary re
P/E (Est.)
This Next
FY FY
29x 22x
25x 22x
48x 34x
70x 46x
n/a n/a
18x 15x
n/a n/a
21x 15x
14x 13x
n/a n/a
P/E (Est.)
P
This Next
T
FY FY
13x 12x
29x 22x
9x 9x
n/m 18x
25x 22x
21x 15x
48x 34x
70x 46x
n/a n/a
20x 16x
ed Investors
Page 44 of 170
h there is a
esearch to
Price/
Tang.
Book
5.9x
>9.9x
7.4x
2.2x
.9x
2.9x
1.4x
2.8x
4.4x
1.0x
Price/
Tang.
Book
n/m
5.9x
>9.9x
1.7x
>9.9x
2.8x
7.4x
2.2x
1.0x
2.7x

H
J

M

T

N
K
S
T

P
*

p
2008-2011 by Beyond
Hound Part
Jonathan Auerb
MOI Signal R

Compan
1 Liberty In
2 W.R. Gra
3 SemGrou
4 Liberty S
5 Valeant P
6 Carter's /
7 TiVo / TIV
8 Kronos W
9 EchoStar
10 Covanta
Top Holdings

Company
1 W.R. Grac
2 TransDigm
3 Liberty Int
4 Ensco / ES
5 Liberty Sta
6 Compass
7 Valeant P
8 EchoStar /
9 Carter's / C
10 SemGroup
New Position
Kronos Worldwid
SemGroup / SEM
TiVo / TIVO
Portfolio Met
Portfolio size
Top 10 as % of
Median mar et
Average market
Median P/E (thi
Median P/E (ne
Median P / tang
Based on equity ho

tners (Jonat
bach is a Tige
Rank Top
ny / Ticker
nteractive / LINTA
ace / GRA
up / SEMG
tarz / LSTZA
Pharma / VRX
/ CRI
VO
Worldwide / KRO
r / SATS
/ CVA
s of Hound P
y / Ticker
ce / GRA
m / TDG
eractive / LINTA
SV
arz / LSTZA
Minerals / CMP
harma / VRX
/ SATS
CRI
p / SEMG
ns
e / KRO
MG
trics
*

portfolio
value
t value
s FY)
xt FY)
gible book
rage, certain non-U
erved.
than Auerba
er seed, having
p Current Idea

Market
Value
($mn)
A 20,220
2,879
1,280
20,220
11,989
1,640
1,219
O 3,013
2,845
2,614
Partners By

Market
Value
($mn)
2,879
4,046
20,220
7,618
20,220
3,118
11,989
2,845
1,640
1,280
Valeant Phar
$425 million
80%
$3.0 billion
$26 billion
17x
15x
5.2x
n 13F-HR filings wi
SUBSCRIBE TODA
bach)
g received an e
as of Hound
Price
Recent
($) D
17.41
39.40
30.79
71.90
40.47
28.53
10.41
51.99
33.40
17.04
y Dollar Valu
Price
Recent
($) De
39.40
81.50
17.41
53.29
71.90
95.07
40.47
33.40
28.53
30.79
rma / VRX
th the SEC. Exclud
AY! www.manualo
early-stage inve
Partners
Shar
from Recen
Dec. 31 ('000
10% 2,31
12% 1,54
13% 59
8% 44
43% 68
-3% 75
21% 1,26
22% 25
34% 69
-1% 73
e
Share
from Recent
ec. 31 ('000)
12% 1,543
13% 551
10% 2,312
0% 733
8% 447
6% 326
43% 683
34% 699
-3% 752
13% 598
Sold O
Clearwire
DIRECTV
Google /
Sector
des
es.
Value-oriented Eq
ofideas.com
estment from J
res Owned
nt from
0) Sep. 30
2 28%
43 2%
98 new
47 0%
83 new
52 >100%
68 new
52 new
99 0%
34 0%
es Owned
t from
) Sep. 30
C
3 2%
-8%
2 28% <
3 -7% <
7 0% <
6 -8% <
3 new <
9 0% <
2 >100%
8 new
Out Positions
e / CLWR
V / DTV
GOOG
r Weightings
quity Investment Id
Julian Robertso
Holdings
as % of
Co. Fund*
<1% 9%
2% 14%
1% 4%
<1% 8%
<1% 6%
1% 5%
1% 3%
<1% 3%
<1% 5%
<1% 3%
Holdings
as % of
T
Co. Fund*
2% 14%
1% 11%
<1% 9%
<1% 9%
<1% 8%
<1% 7%
<1% 6%
<1% 5%
1% 5%
1% 4%
s
Powe
Rubic
*

February 28, 2011
on.
P/E (Est.)
This Next
FY FY
17x 23x
13x 13x
n/a n/a
17x 16x
n/a n/a
12x 13x
n/m n/m
20x 15x
67x 56x
33x 30x
P/E (Est.)
P
This Next
T
FY FY
13x 13x
20x 17x
17x 23x
15x 14x
17x 16x
17x 14x
n/a n/a
67x 56x
12x 13x
n/a n/a
er-One / PWER
con Technology
ed Investors
Page 45 of 170
Price/
Tang.
Book
n/m
n/m
1.8x
9.9x
n/m
8.0x
6.5x
7.4x
1.1x
7.6x
Price/
Tang.
Book
n/m
n/m
n/m
1.4x
9.9x
>9.9x
n/m
1.1x
8.0x
1.8x
/ RBCN

I
C
p
B

M

T

N
N

P
*

p
**
o
2008-2011 by Beyond
Icahn Capita
Carl Icahn is an
publishes an ac
Below we show
MOI Signal R

Compan
1 Chesape
2 Amylin P
3 Lions Ga
4 Hain Cele
5 Biogen Id
6 Genzyme
7 Mentor G
8 Take-Tw
9 Enzon Ph
10 Lawson S
Top Holdings

Company
1 Biogen Ide
2 Genzyme
3 Chesapea
4 Amylin Ph
5 Lions Gate
6 Mentor Gr
7 Hain Cele
8 Take-Two
9 Lawson S
10 Regenero
New Position
Navistar / NAV
Portfolio Met
Portfolio size
Top 10 as % of
Median market
Average market
Median P/E (thi
Median P/E (ne
Median P / tang
Based on equity ho
*
A large portion of
other than Icahn Ca

tal (Carl Icah
n activist inves
ctivist investing
w public equity
Rank Top
ny / Ticker
eake Energy / CH
Pharma / AMLN
ate / LGF
estial / HAIN
dec / BIIB
e / GENZ
Graphics / MENT
o / TTWO
harma / ENZN
Software / LWSN
s of Icahn Ca
y / Ticker
ec / BIIB
/ GENZ
ake Energy / CHK
harma / AMLN
e / LGF
raphics / MENT
stial / HAIN
/ TTWO
oftware / LWSN
n Pharma / REG
ns
trics
*

portfolio
value
t value
s FY)
xt FY)
gible book
rage, certain non-U
assets controlled b
apital LP and are th
erved.
ahn)
stor with a long
g blog entitled
holdings disclo
p Current Idea

Market
Value
($mn)
HK 19,899
2,344
837
1,328
16,295
19,523
1,592
1,392
666
N 1,703
apital By D

Market
Value
($mn)
16,295
19,523
K 19,899
2,344
837
1,592
1,328
1,392
1,703
GN 3,372

$4.0 billion
88%
$2.7 billion
$6.7 billion
22x
17x
2.7x
n 13F-HR filings wi
by Carl Icahn may b
herefore not shown
SUBSCRIBE TODA
g track record o
The Icahn Rep
osed by Icahn
as of Icahn C
Price
Recent
($) D
30.43
16.28
6.12
30.88
67.64
75.38
14.52
16.28
11.15
10.41
ollar Value
Price
Recent
($) De
67.64
75.38
30.43
16.28
6.12
14.52
30.88
16.28
10.41
37.48
th the SEC. Exclud
be attributed to ent
in the chart or tabl
AY! www.manualo
of success agita
port at www.ic
Capital LP. Ce
Capital
Shar
from Recen
Dec. 31 ('000
17% 20,88
11% 14,38
-6% 35,71
14% 5,35
1% 12,86
6% 10,48
21% 12,89
33% 9,84
-8% 4,72
13% 13,58
Share
from Recent
ec. 31 ('000)
1% 12,860
6% 10,480
17% 20,881
11% 14,382
-6% 35,714
21% 12,896
14% 5,351
33% 9,845
13% 13,582
14% 2,444
Sold O
None
Sector
des
es.
ities
es.
Value-oriented Eq
ofideas.com
ating for chang
ahnreport.com
ertain other en
res Owned
nt from
0) Sep. 30
81 25%
82 11%
4 0%
51 6%
60 0%
80 0%
96 0%
45 0%
24 68%
82 3%
es Owned
t from
) Sep. 30
C
0 0%
0 0%
25%
2 11% 1
4 0% 2
6 0% 1
6% 1
5 0% 1
2 3%
4 0%
Out Positions
r Weightings
quity Investment Id
ge at underperf
m.
ntities controlle
Holdings
as % of
Co. Fund*
3% 16%
10% 6%
26% 5%
12% 4%
5% 22%
4% 20%
12% 5%
12% 4%
8% 1%
8% 4%
Holdings
as % of
T
Co. Fund*
5% 22%
4% 20%
3% 16%
0% 6%
26% 5%
2% 5%
2% 4%
2% 4%
8% 4%
3% 2%
s

*, **

February 28, 2011
forming compa
ed by Carl are
P/E (Est.)
This Next
FY FY
10x 11x
n/m n/m
n/a n/a
24x 21x
12x 11x
18x 15x
22x 17x
19x 16x
n/m n/m
21x 17x
P/E (Est.)
P
This Next
T
FY FY
12x 11x
18x 15x
10x 11x
n/m n/m
n/a n/a
22x 17x
24x 21x
19x 16x
21x 17x
n/m n/m
ed Investors
Page 46 of 170
anies. Carl
excluded.
Price/
Tang.
Book
1.6x
6.8x
n/m
>9.9x
6.6x
4.4x
8.7x
4.9x
2.0x
n/m
Price/
Tang.
Book
6.6x
4.4x
1.6x
6.8x
n/m
8.7x
>9.9x
4.9x
n/m
6.4x

L
Y
C

M

T

N
B
C
M

P
*

p

2008-2011 by Beyond
Lane Five (L
Yale-educated
Capital Manage
MOI Signal R

Compan
1 Learning
2 Williams
3 DeVry / D
4 Capitol F
5 American
6 MedCath
7 ITT Educ
8 Microsoft
9 Corinthia
10 Bridgepo
Top Holdings

Company
1 MasterCar
2 Williams C
3 Raymond
4 Learning T
5 Ares Capi
6 MedCath /
7 Healthsou
8 American
9 DeVry / DV
10 Republic S
New Position
Bridgepoint Edu.
Capitol Federal /
Microsoft / MSFT
Portfolio Met
Portfolio size
Top 10 as % of
Median mar et
Average market
Median P/E (thi
Median P/E (ne
Median P / tang
Based on equity ho

Lisa Rapuan
Lisa Rapuano
ement prior to
Rank Top
ny / Ticker
Tree / LTRE
Controls / WMC
DV
Federal / CFFN
n Public Ed. / AP
h / MDTH
cational / ESI
t / MSFT
an Colleges / CO
oint Edu. / BPI
s of Lane Fiv
y / Ticker
rd / MA
Controls / WMCO
James / RJF
Tree / LTRE
tal / ARCC
/ MDTH
uth / HLS
Public Ed. / APE
V
Services / RSG
ns
/ BPI
CFFN
T
trics
*

portfolio
value
t value
s FY)
xt FY)
gible book
rage, certain non-U
erved.
no)
spent ten years
founding Lane
p Current Idea

Market
Value
($mn)
125
O 80
3,821
2,020
PEI 781
280
2,319
227,369
CO 447
1,014
ve Capital B

Market
Value
($mn)
32,817
O 80
4,972
125
3,391
280
2,243
EI 781
3,821
11,524

$111 million
55%
$3.7 billion
$19 billion
16x
14x
3.1x
n 13F-HR filings wi

SUBSCRIBE TODA
s at Legg Maso
e Five in 2006.
as of Lane F

Price

Recent
($) D
9.24
10.95
55.18
12.18
43.49
13.77
72.67
27.06
5.28
19.42
By Dollar Val
Price
Recent
($) De
250.74
10.95
39.46
9.24
17.61
13.77
24.00
43.49
55.18
29.99
th the SEC. Exclud
AY! www.manualo
on Capital Man

Five Capital
Shar
from Recen
Dec. 31 ('000
-3% 74
3% 66
15% 8
3% 12
17% 12
-1% 40
14% 2
-3% 3
1% 79
2% 2
lue
Share
from Recent
ec. 31 ('000)
12% 30
3% 667
21% 182
-3% 744
7% 338
-1% 409
16% 234
17% 121
15% 86
0% 151
Sold O
Bank of A
Blue Nile
Centersta
Equinix /
Sector
des
es.
Value-oriented Eq
ofideas.com
nagement and t
res Owned
nt from
0) Sep. 30
44 0%
67 0%
86 >100%
29 new
21 17%
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es Owned
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0 -36% <
7 0%
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Out Positions
America / BAC
e / NILE
ate Banks / CSF
EQIX
r Weightings
quity Investment Id
two years as co
Holdings
as % of
Co. Fund*
6% 6%
9% 7%
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s
L

*

February 28, 2011
o-CIO at Mata
P/E (Est.)
This Next
FY FY
23x 16x
13x 8x
12x 11x
30x 28x
23x 20x
81x >99x
8x 9x
11x 10x
6x 11x
9x 8x
P/E (Est.)
P
This Next
T
FY FY
15x 13x
13x 8x
16x 14x
23x 16x
14x 12x
81x >99x
13x 11x
23x 20x
12x 11x
16x 14x
ed Investors
Page 47 of 170
dor
Price/
Tang.
Book
3.4x
5.1x
6.8x
2.1x
8.0x
.9x
>9.9x
6.5x
2.8x
5.0x
Price/
Tang.
Book
8.2x
5.1x
2.1x
3.4x
1.2x
.9x
n/m
8.0x
6.8x
n/m

L
C
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a

2008-2011 by Beyond
Leucadia (Ia
Chairman Cum
companies that
here. From tim
advantageous le
not income stat
We believe we
MOI Signal R

Compan
1 Jefferies
2 Capital S
3 Winn-Dix
4 Global Po
5 Internatio
6 TravelCe
Top Holdings

Company /
1 Jefferies / J
2 Internationa
3 Global Pow
4 Capital Sou
5 Winn-Dixie
6 TravelCente
New Position
None
Portfolio Met
Portfolio size
Top 10 as % of
Median market
Average market
Median P/E (thi
Median P/E (ne
Median P / tang
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*
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are not publicly trad

an Cumming
mming and Pres
are troubled o
me to time, we s
evels. While w
tement driven a
are conservati
Rank Top
ny / Ticker
/ JEF
Southwest / CSW
xie Stores / WINN
ower Equip. / GL
onal Assets / INT
enters / TA
s of Leucadia
/ Ticker
JEF
al Assets / INTL
wer Equip. / GLPW
uthwest / CSWC
Stores / WINN
ers / TA
ns
trics
*

portfolio
value
t value
s FY)
xt FY)
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rage, certain non-U
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ded and are therefo
erved.
g and Joe S
sident Steinberg
or out of favor a
sell parts of the
we are not perfe
and do not run
ve in our accou
p Current Idea

Market
Value
($mn)
4,451
WC 375
N 389
LPW 363
TL 447
161
a By Dollar

Market
Value
($mn)
4,451
447
W 363
375
389
161
$1.3 billion
100%
$369 million
$779 million
12x
13x
.8x
n 13F-HR filings wi
value may be attribu
ore not shown in the

SUBSCRIBE TODA
Steinberg)
g describe thei
and as a result
ese operations
ect in executing
your company
unting practice
as of Leucad
Price
Recent
($) D
25.04
100.00
6.97
23.49
24.77
9.32
r Value
Price
Recent fr
($) Dec
25.04
24.77
23.49
100.00
6.97
9.32 14
th the SEC. Exclud
uted to holdings tha
e chart or tables.
AY! www.manualo
ir approach in a
are selling sub
when prices av
g this strategy,
y with an undue
es and policies
dia
Shar
from Recen
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-6% 49,35
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147%
Shares
rom Recent
c. 31 ('000)
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TravelCe
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des
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at
Value-oriented Eq
ofideas.com
a 2008 letter:
bstantially belo
vailable in the
we are proud
e emphasis on
and that our b
res Owned
nt from
0) Sep. 30
51 2%
20 0%
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37 0%
85 0%
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s Owned
from
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enters / TA
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market reach w
of our long-ter
either quarterl
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Holdings
as % of
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28% 97%
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as % of
T
Co. Fund*
8% 97% 1
8% 3%
% <1%
% <1%
% <1% n
0% <1% n
s

*, **

February 28, 2011
e buyers of asse
which we belie
what we believ
rm track record
ly or annual ea
s conservatively
P/E (Est.)
This Next
FY FY
16x 14x
n/a n/a
n/m n/m
9x 12x
n/a n/a
n/m n/m
P/E (Est.)
Pr
This Next
Ta
FY FY B
16x 14x
n/a n/a
9x 12x
n/a n/a
n/m n/m
n/m n/m
ed Investors
Page 48 of 170
ets and
eve, are
ve to be
d. We are
arnings.
y stated.
Price/
Tang.
Book
2.1x
.7x
.6x
2.1x
2.3x
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rice/
ang.
Book
2.1x
2.3x
2.1x
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.7x

L
M

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C
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F
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2008-2011 by Beyond
Lone Pine (S
Mandel founde
MOI Signal R

Compan
1 Citigroup
2 Schlumb
3 Teck Res
4 Express
5 Dollar Ge
6 VanceInf
7 Home Inn
8 Goodrich
9 Ctrip.com
10 Equinix /
Top Holdings

Company
1 Citigroup /
2 Schlumbe
3 Yum! Bran
4 Apple / AA
5 Cognizant
6 Polo Ralp
7 Express S
8 Goodrich C
9 Teck Reso
10 Dollar Gen
New Position
Cablevision / CVC
Citigroup / C
Ctrip.com / CTRP
Flavors & Fragran
SoftStone / ISS
Liberty Starz / LS
MasterCard / MA
Schlumberger / S
Scripps Networks

Portfolio Met
Portfolio size
Top 10 as % of
Median market
Average market
Median P/E (thi
Median P/E (ne
Median P / tang
Based on equity ho

(Steve Mand
ed long/short fi
Rank Top
ny / Ticker
p / C
erger / SLB
sources / TCK
Scripts / ESRX
eneral / DG
fo / VIT
ns & Hotels / HM
h Corp. / GR
m / CTRP
EQIX
s of Lone Pin
y / Ticker
/ C
rger / SLB
nds / YUM
APL
t Tech / CTSH
h Lauren / RL
Scripts / ESRX
Corp. / GR
ources / TCK
neral / DG
ns
C
P
nces / IFF
STZA
A
SLB
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portfolio
value
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rage, certain non-U
erved.
del)
rm Lone Pine i
p Current Idea

Market
Value
($mn)
142,677
129,349
32,547
29,991
9,977
1,436
MIN 1,374
11,469
5,839
4,185
ne By Dolla

Market
Value
($mn)
142,677
129,349
23,919
322,963
23,590
12,310
29,991
11,469
32,547
9,977
Teck Resourc
Union Pacific
Urban Outfitte
WABCO Hold
$12 billion
44%
$10 billion
$32 billion
18x
16x
4.5x
n 13F-HR filings wi
SUBSCRIBE TODA
in 1997. He pr
as of Lone P

Price

Recent
($) D
4.91
95.04
55.08
56.77
29.25
32.46
34.19
91.31
39.49
90.99
ar Value
Price
Recent
($) De
4.91
95.04
51.17
350.56
77.73
127.98
56.77
91.31
55.08
29.25
ces / TCK
c / UNP
ers / URBN
dings / WBC
th the SEC. Exclud
AY! www.manualo
reviously work
Pine
Shar
from Rece
Dec. 31 ('00
4% 145,14
14% 7,00
-11% 7,35
5% 7,75
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4% 4,50
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12% 4,03
Share
from Recen
ec. 31 ('000
4% 145,143
14% 7,004
4% 12,347
9% 1,715
6% 6,507
15% 3,471
5% 7,756
4% 4,504
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Sold O
Activision
Amazon.c
Career E
Citrix Sys
Colgate P
DeVry / D
Google /
Green Mt
Invesco /
Sector
des
es.
Value-oriented Eq
ofideas.com
ked for Tiger M
res Owned
nt from
00) Sep. 30
43 new
04 new
59 new
56 83%
93 59%
93 48%
25 >100%
04 11%
13 new
37 21%
es Owned
nt from
0) Sep. 30
3 new <
4 new <
7 -18%
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7 -29%
1 12%
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Out Positions
n Blizzard / ATVI
com / AMZN
ducation / CECO
stems / CTXS
Palmolive / CL
DV
GOOG
tn Coffee / GMC
/ IVZ
r Weightings
quity Investment Id
Management, G
Holdings
as % of
Co. Fund*
<1% 6%
<1% 6%
1% 3%
1% 4%
4% 3%
9% 1%
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3% 1%
9% 3%
Holdings
as % of
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s

O
CR
Live
McDo
Popu
price
sales
SPD
Stray
Ump
Visa
*

February 28, 2011
Goldman Sachs
P/E (Est.)
This Next
FY FY
11x 9x
25x 19x
n/a n/a
18x 15x
16x 14x
41x 33x
22x 23x
17x 15x
32x 25x
45x 26x
P/E (Est.)
P
This Next
T
FY FY
11x 9x
25x 19x
18x 16x
15x 13x
29x 24x
22x 20x
18x 15x
17x 15x
n/a n/a
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Nation / LYV
onald's / MCD
ular / BPOP
eline.com / PCLN
sforce.com / CRM
R Gold Trust / G
yer Education / S
qua Holdings / U
/ V
ed Investors
Page 49 of 170
and Mars.
Price/
Tang.
Book
1.1x
>9.9x
2.3x
n/m
n/m
9.2x
4.0x
>9.9x
7.8x
4.4x
Price/
Tang.
Book
1.1x
>9.9x
>9.9x
6.0x
7.2x
6.1x
n/m
>9.9x
2.3x
n/m
N
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2008-2011 by Beyond
Markel Gay
Tom Gayner ha
Virginia-based
steward of capi
MOI Signal R

Compan
1 Union Ba
2 Berkshire
3 Fairfax F
4 Investors
5 Anheuse
6 Wal-Mart
7 Exxon M
8 EOG Res
9 Teva Pha
10 Enterpris
Markel acquired U
Top Holdings

Company
1 Berkshire
2 CarMax /
3 Fairfax Fin
4 Brookfield
5 Diageo / D
6 Walt Disne
7 Exxon Mo
8 Marriott / M
9 Wal-Mart /
10 UPS / UPS
New Position
AbitibiBowater / A
Clorox / CLX
Kimberly-Clark / K
Portfolio Met
Portfolio size
Top 10 as % of
Median market
Average market
Median P/E (thi
Median P/E (ne
Median P / tang
Based on equity ho
*
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hat are not publicly

yner (Tom G
as been Preside
international p
ital on behalf o
Rank Top
ny / Ticker
ankshares / UBS
e Hathaway / BR
inancial / FRFHF
s Title / ITIC
er-Busch / BUD
t / WMT
obil / XOM
sources / EOG
arma / TEVA
se GP / EPE
UBSH shares in con
s of Markel G
y / Ticker
Hathaway / BRK
KMX
nancial / FRFHF
Asset / BAM
DEO
ey / DIS
bil / XOM
MAR
/ WMT
S
ns
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KMB
trics
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portfolio
value
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rage, certain non-U
Markel Corp.s ass
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erved.
Gayner)
ent of Markel G
property and ca
of Markel share
p Current Idea

Market
Value
($mn)
H
1
299
RK.A 210,308
F 8,178
74
87,416
197,263
426,096
27,660
49,107
8,907
nnection with a mer
Gayner By

Market
Value
($mn)
K.A 210,308
8,307
8,178
38,211
48,590
82,724
426,096
14,905
197,263
75,624
Visa / V
Western Unio
$1.9 billion
55%
$24 billion
$51 billion
17x
15x
3.5x
n 13F-HR filings wi
set value may be at
erefore not shown i

SUBSCRIBE TODA
Gayner Asset M
asualty insuran
eholders, and h
as of Markel

Price

Recent
($) D
11.52
127,640
385.49
32.21
54.90
55.38
84.50
108.89
51.89
63.99
rger of a Markel su
Dollar Value
Price
Recent
($) De
127,640
36.83
385.49
32.53
78.06
43.56
84.50
40.92
55.38
76.47
on / WU
th the SEC. Exclud
ttributed to holdings
in the chart or table
AY! www.manualo
Management si
nce holding com
his long-term in
Gayner
Shar
from Recen
Dec. 31 ('000
-22% 3,50
6%
-6% 27
6% 22
-4% 26
3% 98
16% 69
19% 7
0% 12
9% 25
bsidiary with First M

Share
from Recent
ec. 31 ('000)
6% 2
16% 5,219
-6% 279
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Sold O
Comcast
Microsoft
Sector
des
es.
s
es.
Value-oriented Eq
ofideas.com
ince 1990 and
mpany, since 2
nvestment reco
res Owned
nt from
0) Sep. 30
05 0%
2 3%
79 0%
29 0%
66 99%
87 6%
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2 3% <
9 -1%
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Out Positions
/ CMCSA
t / MSFT
Weightings
quity Investment Id
EVP and CIO
2004. Tom has
ord is one of th
Holdings
as % of
Co. Fund*
14% 2%
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vate company in w
Holdings
as % of
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s
Nestl
Pre-P
*, **

February 28, 2011
of Markel, a R
been a discipli
he best in the bu
P/E (Est.)
This Next
FY FY
15x 12x
19x 19x
n/a n/a
24x n/a
17x 14x
14x 12x
12x 10x
31x 19x
10x 9x
n/a n/a
hich Markel was a
P/E (Est.)
P
This Next
T
FY FY
19x 19x
22x 20x
n/a n/a
n/a n/a
15x 14x
17x 15x
12x 10x
29x 23x
14x 12x
18x 16x
le / NSRGY
Paid Legal / PPD
ed Investors
Page 50 of 170
Richmond,
ined
usiness.
Price/
Tang.
Book
1.0x
2.1x
1.2x
.7x
n/m
4.0x
2.9x
2.7x
>9.9x
n/m
shareholder.
Price/
Tang.
Book
2.1x
3.8x
1.2x
4.4x
n/m
>9.9x
2.9x
n/m
4.0x
>9.9x
D

M
M
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2008-2011 by Beyond
MHR (Mark
Mark Rachesky
on inefficient m
MOI Signal R

Compan
1 Lions Ga
2 Loral Spa
3 Key Ener
4 Leap Wir
5 Pride Inte
6 Seahawk
7 Omega N
8 L-1 Ident
9 MetroPC
10 Rand Log
Top Holdings

Company
1 Loral Spac
2 Pride Inter
3 Lions Gate
4 Key Energ
5 Leap Wire
6 MetroPCS
7 L-1 Identit
8 M & F Wo
9 Seahawk
10 Rand Logi
New Position
None
Portfolio Met
Portfolio size
Top 10 as % of
Median market
Average market
Median P/E (thi
Median P/E (ne
Median P / tang
Based on equity ho

k Rachesky)
y worked for C
market sectors,
Rank Top
ny / Ticker
ate / LGF
ace / LORL
rgy Services / KE
reless / LEAP
ernational / PDE
k Drilling / HAWK
Navigation / ONA
tity / ID
CS / PCS
gistics / RLOG
s of MHR Fun
y / Ticker
ce / LORL
rnational / PDE
e / LGF
gy Services / KEG
eless / LEAP
S / PCS
ty / ID
rldwide / MFW
Drilling / HAWK
istics / RLOG
ns
trics
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portfolio
value
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s FY)
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rage, certain non-U
erved.
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Carl Icahn from
including spec
p Current Idea

Market
Value
($mn)
837
1,636
EG 1,991
1,090
7,073
K 53
AV 19
1,115
4,753
90
nd Managem

Market
Value
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1,636
7,073
837
G 1,991
1,090
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494
53
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$2.1 billion
100%
$963 million
$2.1 billion
25x
17x
3.2x
n 13F-HR filings wi

SUBSCRIBE TODA
m 1990 to 1996.
cial situation eq
as of MHR F
Price
Recent
($) D
6.12
78.91
14.08
13.92
40.25
4.40
1.19
11.92
13.41
6.70
ment By Do
Price
Recent
($) De
78.91
40.25
6.12
14.08
13.92
13.41
11.92
25.54
4.40
6.70
th the SEC. Exclud
AY! www.manualo
. He subsequen
quities and dist
und Manage
Shar
from Recen
Dec. 31 ('000
-6% 39,40
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8% 16,66
14% 15,53
22% 12,83
-51% 1,17
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38% 46
ollar Value
Share
from Recent
ec. 31 ('000)
3% 8,130
22% 12,832
-6% 39,402
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Sold O
None
Sector
des
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Value-oriented Eq
ofideas.com
ntly founded M
tressed investm
ement
res Owned
nt from
0) Sep. 30
02 0%
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66 0%
38 0%
32 0%
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C
0 0% 3
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Out Positions
r Weightings
quity Investment Id
MHR Fund Man
ments. He runs
Holdings
as % of
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39% 30%
12% 11%
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as % of
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39% 30%
7% 24%
29% 11%
2% 11%
20% 10%
4% 8%
7% 4%
4% <1%
0% <1%
3% <1%
s

*

February 28, 2011
nagement, whi
a concentrated
P/E (Est.)
This Next
FY FY
n/a n/a
n/a n/a
n/m 25x
n/m n/m
15x 12x
n/a n/a
n/a n/a
n/m >99x
20x 14x
35x 17x
P/E (Est.)
P
This Next
T
FY FY
n/a n/a
15x 12x
n/a n/a
n/m 25x
n/m n/m
20x 14x
n/m >99x
n/a n/a
n/a n/a
35x 17x
ed Investors
Page 51 of 170
ich focuses
d portfolio.
Price/
Tang.
Book
n/m
3.3x
3.7x
n/m
1.6x
.1x
.1x
n/m
>9.9x
3.2x
Price/
Tang.
Book
3.3x
1.6x
n/m
3.7x
n/m
>9.9x
n/m
n/m
.1x
3.2x

M
G
m
th

M

T

N
J

P
*

p
2008-2011 by Beyond
MSD Capita
Glenn Fuhrman
manage his per
he Special Inv
MOI Signal R

Compan
1 Energy X
2 Asbury A
3 Macquar
4 Journal C
5 Wright Ex
6 School S
7 DineEqu
8 EchoStar
9 Domino's
10 Sunstone
Top Holdings

Company
1 Energy XX
2 DineEquity
3 EchoStar /
4 Wright Exp
5 Macquarie
6 Domino's
7 Asbury Au
8 Tyler Tech
9 Nalco Hold
10 Sunstone
New Position
Journal Commun
Portfolio Met
Portfolio size
Top 10 as % of
Median market
Average market
Median P/E (thi
Median P/E (ne
Median P / tang
Based on equity ho

al (Glenn Fu
n and John Phe
rsonal capital in
estments Grou
Rank Top
ny / Ticker
XXI / EXXI
Automotive / ABG
rie Infrastr. / MIC
Comms / JRN
xpress / WXS
Specialty / SCHS
ity / DIN
r / SATS
s Pizza / DPZ
e Hotel / SHO
s of MSD Cap
y / Ticker
XI / EXXI
y / DIN
/ SATS
press / WXS
e Infrastr. / MIC
Pizza / DPZ
utomotive / ABG
h / TYL
ding / NLC
Hotel / SHO
ns
ications / JRN
trics
*

portfolio
value
t value
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xt FY)
gible book
rage, certain non-U
erved.
uhrman and
elan are co-man
n the late 1990
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p Current Idea

Market
Value
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4,619
G 599
1,134
336
2,046
306
1,060
2,845
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1,281
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Market
Value
($mn)
4,619
1,060
2,845
2,046
1,134
1,029
599
685
3,741
1,281

$1.0 billion
90%
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16x
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3.1x
n 13F-HR filings wi
SUBSCRIBE TODA
d John Phela
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s. Fuhrman pre
viously spent fi
as of MSD C
Price
Recent
($) D
32.24
18.30
24.80
5.97
53.45
16.20
58.81
33.40
17.14
10.90
ollar Value
Price
Recent
($) De
32.24
58.81
33.40
53.45
24.80
17.14
18.30
21.25
27.04
10.90
th the SEC. Exclud
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s and co-found
eviously spent
ve years at Edd
Capital
Shar
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Dec. 31 ('000
17% 4,97
-1% 3,68
17% 3,53
18% 3,77
16% 1,73
16% 2,78
19% 2,51
34% 3,67
7% 4,74
6% 4,15
Share
from Recent
ec. 31 ('000)
17% 4,973
19% 2,512
34% 3,671
16% 1,737
17% 3,532
7% 4,744
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2% 2,527
-15% 1,915
6% 4,159
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None
Sector
des
es.
Value-oriented Eq
ofideas.com
ders of MSD, h
ten years at G
die Lamperts
res Owned
nt from
0) Sep. 30
73 98%
86 0%
32 4%
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85 0%
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71 0%
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59 0%
es Owned
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C
3 98%
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r Weightings
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Goldman Sachs,
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Holdings
as % of
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8% 9%
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Co. Fund*
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8% 9%
8% 8%
1% 7%
8% 5%
1% 5%
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s

*

February 28, 2011
up with Micha
, where he was
ents.
P/E (Est.)
This Next
FY FY
50x 19x
13x 10x
8x 9x
15x 11x
16x 14x
n/m n/m
16x 16x
67x 56x
13x 12x
n/m 61x
P/E (Est.)
P
This Next
T
FY FY
50x 19x
16x 16x
67x 56x
16x 14x
8x 9x
13x 12x
13x 10x
31x 27x
16x 13x
n/m 61x
ed Investors
Page 52 of 170
ael Dell to
s head of
Price/
Tang.
Book
5.0x
2.1x
n/m
3.6x
n/m
n/m
n/m
1.1x
n/m
1.4x
Price/
Tang.
Book
5.0x
n/m
1.1x
n/m
n/m
n/m
2.1x
n/m
n/m
1.4x

P
M
p
2
S

M

T

N
B

P
*

p
2008-2011 by Beyond
Pabrai Fund
Mohnish Pabra
partnerships wi
25% performan
S&P 500 Index
MOI Signal R

Compan
1 Brookfiel
2 Potash /
3 POSCO
4 Goldman
5 CapitalSo
6 Pinnacle
7 Teck Res
8 Brookfiel
9 Cresud /
10 Berkshire
Top Holdings

Company
1 Potash / P
2 Brookfield
3 Brookfield
4 Cresud / C
5 Internation
6 POSCO /
7 CapitalSo
8 Horsehead
9 Terex / TE
10 Goldman S
New Position
Brookfield Infrast
Portfolio Met
Portfolio size
Top 10 as % of
Median market
Average market
Median P/E (thi
Median P/E (ne
Median P / tang
Based on equity ho

ds (Mohnish
ai is founder an
ith a fee structu
nce fee above 6
x. Pabrai follow
Rank Top
ny / Ticker
d Infrastructure /
POT
/ PKX
n Sachs / GS
ource / CSE
Airlines / PNCL
sources / TCK
d Prop. / BPO
CRESY
e Hathaway / BR
s of Pabrai F
y / Ticker
POT
Infrastructure / B
Prop. / BPO
CRESY
nal Coal / ICO
PKX
urce / CSE
d / ZINC
EX
Sachs / GS
ns
ructure / BIP
trics
*

portfolio
value
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rage, certain non-U
erved.
h Pabrai)
nd managing pa
ure similar to th
6% annual hurd
ws an investme
p Current Idea

Market
Value
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/ BIP 2,660
51,207
38,257
85,909
2,515
125
32,547
8,795
924
RK.A 210,308
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Market
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51,207
BIP 2,660
8,795
924
1,939
38,257
2,515
662
4,157
85,909

$352 million
84%
$4.2 billion
$33 billion
17x
10x
1.9x
n 13F-HR filings wi
SUBSCRIBE TODA
artner of Pabra
hat of the Buff
dle rate. Pabrai
ent strategy bui
as of Pabrai

Price

Recent
($) D
23.55
180.00
108.42
168.04
7.78
6.73
55.08
17.49
17.75
127,640
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Price
Recent
($) De
180.00
23.55
17.49
17.75
9.51
108.42
7.78
15.27
38.17
168.04
th the SEC. Exclud
AY! www.manualo
ai Investment F
fett Partnership
i Funds have a
ilt upon the prin
Funds
Shar
from Recen
Dec. 31 ('000
12% 1,77
16% 33
1% 21
0% 11
10% 2,81
-15% 1,98
-11%
0% 2,35
-6% 1,37
6%
Share
from Recent
ec. 31 ('000)
16% 335
12% 1,770
0% 2,359
-6% 1,371
23% 2,484
1% 213
10% 2,813
17% 1,357
23% 531
0% 111
Sold O
Leucadia
Sector
des
es.
Value-oriented Eq
ofideas.com
Funds, a family
ps of the 1950s
long-term trac
nciples of Grah
res Owned
nt from
0) Sep. 30
70 new
35 1%
13 >100%
11 0%
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6 0%
59 0%
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s and 60s, i.e. n
ck record vastly
ham, Buffett an
Holdings
as % of
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Holdings
as % of
T
Co. Fund*
<1% 17%
2% 12%
<1% 12%
3% 7%
1% 7%
<1% 7%
<1% 6%
3% 6%
<1% 6%
<1% 5%
s

*

February 28, 2011
nted investmen
no managemen
y superior to th
nd Greenblatt.
P/E (Est.)
This Next
FY FY
n/a n/a
n/a n/a
9x 9x
10x 9x
n/m 20x
5x 4x
n/a n/a
n/a n/a
27x 30x
19x 19x
P/E (Est.)
P
This Next
T
FY FY
n/a n/a
n/a n/a
n/a n/a
27x 30x
15x 8x
9x 9x
n/m 20x
51x 15x
50x 17x
10x 9x
ed Investors
Page 53 of 170
nt
nt fee and
hat of the

Price/
Tang.
Book
n/m
6.6x
2.2x
1.4x
1.3x
1.7x
2.3x
1.1x
n/m
2.1x
Price/
Tang.
Book
6.6x
n/m
1.1x
n/m
2.6x
2.2x
1.3x
1.9x
2.7x
1.4x

P
J

M

T

N
A
B
B
B
B
C
C
D
E
H
In
J
K
M

P
*

p
2008-2011 by Beyond
Paulson & C
John Paulson fo
MOI Signal R

Compan
1 Anadarko
2 CommSc
3 Martek B
4 Del Mont
5 J. Crew /
6 King Pha
7 Howard H
8 McAfee /
9 Wilmingto
10 SuperMe
Top Holdings

Company
1 SPDR Go
2 Bank of A
3 Citigroup /
4 AngloGold
5 Anadarko
6 Hartford F
7 Capital On
8 JPMorgan
9 SunTrust
10 Comcast /
New Position
AbitibiBowater / A
Baxter Internation
BlackRock / BLK
Boise / BZ
Bucyrus / BUCY
Chemtura / CHMT
CommScope / CT
Del Monte Foods
Emergency Medi
Howard Hughes /
nternational Pap
J. Crew / JCG
King Pharma / KG
Martek Bioscienc
Portfolio Met
Portfolio size
Top 10 as % of
Median market
Average market
Median P/E (thi
Median P/E (ne
Median P / tang
Based on equity ho

Co. (John Pa
ounded his firm
Rank Top
ny / Ticker
o Petroleum / AP
cope / CTV
Biosciences / MAT
te Foods / DLM
/ JCG
arma / KG
Hughes / HHC
/ MFE
on Trust / WL
edia / SPMD
s of Paulson
y / Ticker
ld Trust / GLD
merica / BAC
/ C
d Ashanti / AU
Petroleum / APC
Financial / HIG
ne / COF
n Chase / JPM
Banks / STI
/ CMCSA
ns
ABH
nal / BAX
T
TV
s / DLM
cal / EMS
/ HHC
er / IP
G
ces / MATK
trics
*

portfolio
value
t value
s FY)
xt FY)
gible book
rage, certain non-U
erved.
aulson)
m with $2 milli
p Current Idea
Market
Value
($mn)
PC 40,123
2,991
TK 1,054
3,698
2,790
3,557
2,106
7,385
422
128
& Co. By D
Market
Value
($mn)
54,611
148,756
142,677
26,350
C 40,123
13,692
24,076
187,641
15,869
70,563

McAfee / MFE
Medtronic / M
Ralcorp / RAH
Royal Bank S
Seagate Tech
St. Jude Med
Teva Pharma
Transocean /
Veeco Instrum
Walter Energ
Whirlpool / W
Wilmington T
XL Group / X
$31 billion
58%
$7.4 billion
$25 billion
16x
13x
2.5x
n 13F-HR filings wi
SUBSCRIBE TODA
ion in 1994. He
as of Paulso
Price
Recent
($) D
80.96
31.48
31.45
18.94
43.63
14.23
55.83
47.91
4.62
8.28
Dollar Value
Price
Recent
($) De
135.41
14.75
4.91
47.55
80.96
30.80
52.69
48.00
31.74
25.67
E
MDT
H
Scotland / RBS
hnology / STX
dical / STJ
a / TEVA
/ RIG
ments / VECO
y / WLT
WHR
Trust / WL
L
th the SEC. Exclud
AY! www.manualo
e gained notori
on & Co.
Shar
from Recen
Dec. 31 ('000
6% 21,27
0% 9,00
0% 3,00
1% 19,15
1% 6,00
1% 20,00
3% 2,19
3% 8,00
6% 5,13
-5% 2,60
Share
from Recen
ec. 31 ('000
-2% 31,500
11% 163,861
4% 413,526
-3% 40,949
6% 21,278
16% 43,951
24% 21,993
13% 23,728
8% 34,358
17% 40,000
Sold O
Boyd Gam
Family Do
First Hori
General G
Mead Joh
Potash /
Starwood
Starwood
Sector
des
es.
Value-oriented Eq
ofideas.com
iety by profitin
res Owned
nt from
0) Sep. 30
78 59%
00 new
00 new
50 new
00 new
00 new
94 new
00 new
35 new
08 0%
es Owned
nt from
0) Sep. 30
0 0%
1 -8%
6 -2%
9 0%
8 59%
1 0% 1
3 16%
8 0% <
8 17%
0 0%
Out Positions
ming / BYD
ollar Stores / FD
izon / FHN
Growth / GGP
hnson / MJN
POT
d Hotels / HOT
d Property / STW
r Weightings
quity Investment Id
ng hugely from
Holdings
as % of
Co. Fund*
4% 5%
9% <1%
9% <1%
10% 1%
9% <1%
8% <1%
6% <1%
5% 1%
6% <1%
17% <1%
Holdings
as % of
Co. Fund*
8% 14%
2% 8%
1% 6%
7% 6%
4% 5%
10% 4%
5% 4%
<1% 4%
7% 3%
1% 3%
s
DO
WD

*

February 28, 2011
m the crisis of 2
P/E (Est.)
This Next
FY FY
35x 24x
18x 13x
19x 18x
13x 13x
21x 19x
21x 21x
n/m n/m
17x 16x
n/m 13x
n/a n/a
P/E (Est.) P
This Next T
FY FY
n/a n/a
11x 8x
11x 9x
22x 11x
35x 24x
8x 8x
10x 10x
10x 9x
31x 14x
17x 15x
ed Investors
Page 54 of 170
2008.
Price/
Tang.
Book
2.6x
>9.9x
3.1x
n/m
5.5x
2.8x
1.4x
>9.9x
.6x
n/m
Price/
Tang.
Book
1.4x
1.3x
1.1x
6.9x
2.6x
.7x
1.9x
1.8x
1.5x
n/m

P
A
f

M

T

N
A
G
K
P
S

P
*

p
2008-2011 by Beyond
Pennant (Al
Alan Fournier s
firm and David
MOI Signal R

Compan
1 DaVita /
2 Sensata
3 Fidelity N
4 WellPoin
5 Qualcom
6 General
7 Citigroup
8 Wells Fa
9 Seahawk
10 Western
Top Holdings

Company
1 TransDigm
2 Qualcomm
3 Fidelity Na
4 DaVita / D
5 WellPoint
6 Abercromb
7 Adobe Sys
8 Western U
9 UnitedHea
10 Sensata T
New Position
Aeroflex / ARX
General Motors /
Kronos Worldwid
Petroleo Brasileir
Sensata Tech / S
Portfolio Met
Portfolio size
Top 10 as % of
Median market
Average market
Median P/E (thi
Median P/E (ne
Median P / tang
Based on equity ho

Alan Fournie
started his care
d Teppers App
Rank Top
ny / Ticker
DVA
Tech / ST
National / FIS
t / WLP
mm / QCOM
Motors / GM
p / C
rgo / WFC
k Drilling / HAWK
Union / WU
s of Pennant
y / Ticker
m / TDG
m / QCOM
ational / FIS
DVA
/ WLP
bie & Fitch / ANF
stems / ADBE
Union / WU
alth / UNH
Tech / ST
ns
GM
e / KRO
ro / PBR
ST
trics
*

portfolio
value
t value
s FY)
xt FY)
gible book
rage, certain non-U
erved.
er)
eer at Sanford B
paloosa, where
p Current Idea

Market
Value
($mn)
7,744
5,793
9,620
25,310
97,293
54,760
142,677
171,319
K 53
14,206
t Capital By

Market
Value
($mn)
4,046
97,293
9,620
7,744
25,310
F 5,173
17,862
14,206
46,854
5,793
Universal Am
Wells Fargo /
$4.1 billion
50%
$6.7 billion
$36 billion
14x
12x
3.4x
n 13F-HR filings wi
SUBSCRIBE TODA
Bernstein in 19
he was respon
as of Pennan

Price

Recent
($) D
79.67
33.29
32.14
67.40
59.19
36.51
4.91
32.64
4.40
21.66
y Dollar Valu
Price
Recent
($) De
81.50
59.19
32.14
79.67
67.40
59.05
35.39
21.66
42.84
33.29
merican / UAM
/ WFC
th the SEC. Exclud
AY! www.manualo
988 and becam
nsible for globa
nt Capital
Shar
from Recen
Dec. 31 ('000
15% 2,75
11% 4,43
17% 7,54
19% 3,18
20% 4,25
-1% 2,61
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5% 3,44
-51% 48
17% 7,92
ue
Share
from Recent
ec. 31 ('000)
13% 3,353
20% 4,250
17% 7,540
15% 2,759
19% 3,183
2% 3,353
15% 5,282
17% 7,926
19% 3,581
11% 4,437
Sold O
Alpha Na
Bank of A
CONSOL
Covidien
Exxon Mo
Sector
des
es.
Value-oriented Eq
ofideas.com
me a partner in 1
al equities. Fou
res Owned
nt from
0) Sep. 30
59 24%
37 new
40 7%
83 1%
50 0%
18 new
55 >100%
40 new
84 0%
26 9%
es Owned
t from
) Sep. 30
C
3 -8%
0 0% <
0 7%
9 24%
3 1% <
3 -15%
2 1%
6 9%
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7 new
Out Positions
atural / ANR
America / BAC
L Energy / CNX
/ COV
obil / XOM
r Weightings
quity Investment Id
1990. He also w
urnier founded
Holdings
as % of
Co. Fund*
3% 5%
3% 4%
3% 6%
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<1% 6%
<1% 2%
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Holdings
as % of
T
Co. Fund*
7% 7%
<1% 6%
3% 6%
3% 5%
<1% 5%
4% 5%
1% 5%
1% 4%
<1% 4%
3% 4%
s
Fluor
Griffo
Rena
Savie
Trans
*

February 28, 2011
worked for Ric
Pennant in 200
P/E (Est.)
This Next
FY FY
18x 15x
n/a n/a
14x 12x
10x 9x
19x 18x
13x 9x
11x 9x
12x 9x
n/a n/a
14x 13x
P/E (Est.)
P
This Next
T
FY FY
20x 17x
19x 18x
14x 12x
18x 15x
10x 9x
21x 15x
15x 14x
14x 13x
11x 10x
n/a n/a
r / FLR
on / GFF
aissanceRe / RN
ent Pharma / SV
satlantic / TRH
ed Investors
Page 55 of 170
ch Pzenas
01.
Price/
Tang.
Book
n/m
n/m
n/m
9.9x
5.3x
n/m
1.1x
2.2x
.1x
n/m
Price/
Tang.
Book
n/m
5.3x
n/m
n/m
9.9x
2.8x
>9.9x
n/m
>9.9x
n/m
R
VNT

P
B
p
d
o
a

M

T

N
G
H

P
*

p
2008-2011 by Beyond
Pershing Sq
Bill Ackman, m
portfolio with t
developed into
overvalued and
approached larg
MOI Signal R

Compan
1 Fortune B
2 J.C. Pen
3 General
4 Howard H
5 Citigroup
6 General
7 Greenligh
8 Target / T
9 Kraft Foo
10 Correctio
Top Holdings

Company
1 J.C. Penn
2 General G
3 Fortune B
4 Citigroup /
5 Kraft Food
6 Target / TG
7 General M
8 Howard H
9 Correction
10 Automatic
New Position
General Motors /
Howard Hughes /
Portfolio Met
Portfolio size
Top 10 as % of
Median market
Average market
Median P/E (thi
Median P/E (ne
Median P / tang
Based on equity ho

quare (Bill A
managing mem
the largest ten e
a full-blown e
d fundamentally
ge companies,
Rank Top
ny / Ticker
Brands / FO
ney / JCP
Motors / GM
Hughes / HHC
p / C
Growth / GGP
ht Re / GLRE
TGT
ods / KFT
ons Corp. / CXW
s of Pershing
y / Ticker
ey / JCP
Growth / GGP
rands / FO
/ C
ds / KFT
GT
Motors / GM
ughes / HHC
ns Corp. / CXW
c Data / ADP
ns
GM
/ HHC
trics
*

portfolio
value
t value
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rage, certain non-U
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mber of Pershing
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conomic crisis
y more distress
including McD
p Current Idea

Market
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54,760
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53,993
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Market
Value
($mn)
8,759
19,896
9,562
142,677
53,993
36,749
54,760
2,106
2,751
24,791
$6.0 billion
100%
$20 billion
$30 billion
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16x
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n 13F-HR filings wi
SUBSCRIBE TODA
g Square Capit
ments accountin
s, Ackman mad
sed than the ma
Donalds (MCD
as of Pershin

Price

Recent
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62.67
37.02
36.51
55.83
4.91
15.76
29.25
51.90
30.91
24.95
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Price
Recent
($) De
37.02
15.76
62.67
4.91
30.91
51.90
36.51
55.83
24.95
49.94
th the SEC. Exclud
AY! www.manualo
tal, is a value-o
ng for the vast m
de a strong case
arket had judge
D) and Target
ng Square
Shar
from Rece
Dec. 31 ('00
4% 16,66
15% 39,07
-1% 7,18
3% 3,56
4% 146,51
2% 69,96
9% 25
-14% 7,40
-2% 19,47
0% 7,82
ue
Share
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15% 39,076
2% 69,966
4% 16,669
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8% 1,405
Sold O
None
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es.
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ofideas.com
oriented activis
majority of his
e for why MBI
ed at the time.
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res Owned
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IA (MBI) and
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roposals for un
Holdings
as % of
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6% 18%
11% 17%
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9% 3%
7% 3%
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s

*

February 28, 2011
runs a concen
efore the credit
AMBAC (ABK
ide, Ackman h
nlocking value
P/E (Est.)
This Next
FY FY
19x 16x
24x 21x
13x 9x
n/m n/m
11x 9x
n/m 53x
11x 8x
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14x 12x
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This Next
T
FY FY
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ed Investors
Page 56 of 170
trated
t crunch
K) were
as
.
Price/
Tang.
Book
n/m
1.8x
n/m
1.4x
1.1x
>9.9x
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Tang.
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1.8x
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>9.9x

S
E
K
e
T

M

T

N
N

P
*

p

2008-2011 by Beyond
Sageview (E
Ed Gilhuly and
Kravis Roberts
end of 1994. Th
The firm follow
MOI Signal R

Compan
1 Arris Gro
2 Covidien
3 Life Tech
4 Charles S
5 Baxter In
8 SandRidg
Top Holdings

Company /
1 Life Techno
2 Arris Group
3 Covidien / C
4 Charles Sc
5 SandRidge
6 Baxter Inter
New Position
None
Portfolio Met
Portfolio size
Top 10 as % of
Median market
Average market
Median P/E (thi
Median P/E (ne
Median P / tang
Based on equity ho

Ed Gilhuly a
d Scott Stuart w
& Co. in San
hey continued
ws a highly con
Rank Top
ny / Ticker
oup / ARRS
/ COV
hnologies / LIFE
Schwab / SCHW
nternational / BAX
ge Energy / SD
s of Sageview
/ Ticker
ologies / LIFE
p / ARRS
COV
hwab / SCHW
Energy / SD
rnational / BAX
ns
trics
*

portfolio
value
t value
s FY)
xt FY)
gible book
rage, certain non-U
erved.
and Scott St
were classmates
Francisco, whi
serving in lead
ncentrated, valu
p Current Idea

Market
Value
($mn)
1,684
25,394
10,160
W 23,239
X 30,902
3,609
w Capital B

Market
Value
($mn)
10,160
1,684
25,394
23,239
3,609
30,902

$190 million
100%
$4.5 billion
$9.2 billion
20x
15x
3.0x
n 13F-HR filings wi

SUBSCRIBE TODA
tuart)
s at Stanford B
ile Stuart starte
dership roles at
ue-oriented inv
as of Sagevi
Price
Recent
($) D
13.63
51.42
54.41
19.45
53.03
8.92
By Dollar Val
Price
Recent fr
($) Dec
54.41
13.63 2
51.42 1
19.45 1
8.92 2
53.03
th the SEC. Exclud
AY! www.manualo
Business Schoo
ed with KKR in
t KKR until 20
vestment appro
ew Capital
Shar
from Recen
Dec. 31 ('000
21% 3,84
13% 66
-2% 1,58
14% 73
5% 2
22% 20
lue
Shares
rom Recent
c. 31 ('000)
-2% 1,586
21% 3,849
13% 666
14% 734
22% 205
5% 21
Sold O
Huron Co
Symantec
Sector
des
es.
Value-oriented Eq
ofideas.com
ol. After gradua
n New York. E
005, at which ti
oach.
res Owned
nt from
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66 0%
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Out Positions
onsulting / HURN
c / SYMC
r Weightings
quity Investment Id
ating in 1986, G
Each became a
ime they teame
Holdings
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Co. Fund*
% 45%
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% 18%
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% <1%
s
N
*

February 28, 2011
Gilhuly joined
partner of KK
ed up to start S
P/E (Est.)
This Next
FY FY
16x 14x
n/a n/a
14x 13x
24x 17x
13x 12x
>99x >99x
P/E (Est.)
P
This Next
T
FY FY B
14x 13x
16x 14x
n/a n/a
24x 17x
99x >99x
13x 12x
ed Investors
Page 57 of 170
Kohlberg
KR at the
Sageview.
Price/
Tang.
Book
2.8x
n/m
2.3x
4.2x
7.8x
3.0x
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Tang.
Book
2.3x
2.8x
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7.8x

S
J

M

T

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D
D
H
K
S
S
Y

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2008-2011 by Beyond
Scout (Jame
James Crichton
MOI Signal R

Compan
1 McDonal
2 Sensata
3 Verisk An
4 eBay / EB
5 Domino's
6 Lamar Ad
7 Tyco Ele
8 CF Indus
9 Kroger /
10 Yum! Bra
Top Holdings

Company
1 Coca-Cola
2 McDonald
3 Verisk Ana
4 Sensata T
5 eBay / EB
6 Tyco Elec
7 Lamar Adv
8 CF Industr
9 MSC Indu
10 Domino's
New Position
Domino's Pizza /
Dr Pepper Snapp
Hansen Natural /
Kroger / KR
Safeway / SWY
Supervalu / SVU
Youku / YOKU
Portfolio Met
Portfolio size
Top 10 as % of
Median market
Average market
Median P/E (thi
Median P/E (ne
Median P / tang
Based on equity ho

es Crichton)
n co-founded S
Rank Top
ny / Ticker
d's / MCD
Tech / ST
nalytics / VRSK
BAY
s Pizza / DPZ
dvertising / LAMR
ctronics / TEL
stries / CF
KR
ands / YUM
s of Scout Ca
y / Ticker
a Enterprise / CC
d's / MCD
alytics / VRSK
Tech / ST
AY
tronics / TEL
vertising / LAMR
ries / CF
strial / MSM
Pizza / DPZ
ns
DPZ
ple / DPS
HANS
trics
*

portfolio
value
t value
s FY)
xt FY)
gible book
rage, certain non-U
erved.
)
cout with Adam
p Current Idea

Market
Value
($mn)
80,432
5,793
5,819
45,018
1,029
R 3,830
16,804
9,807
14,691
23,919
apital By D

Market
Value
($mn)
CE 8,964
80,432
5,819
5,793
45,018
16,804
R 3,830
9,807
4,073
1,029
Yum! Brands
$1.8 billion
91%
$9.0 billion
$29 billion
15x
13x
4.7x
n 13F-HR filings wi
SUBSCRIBE TODA
m Weiss in 19
as of Scout C
Price
Recent
($) D
76.13
33.29
33.78
34.53
17.14
41.54
37.72
137.87
23.10
51.17
Dollar Value
Price
Recent
($) De
27.15
76.13
33.78
33.29
34.53
37.72
41.54
137.87
64.22
17.14
/ YUM
th the SEC. Exclud
AY! www.manualo
99. The firm ru
Capital
Shar
from Recen
Dec. 31 ('000
-1% 3,32
11% 6,60
-1% 6,92
24% 5,45
7% 2,52
4% 2,70
7% 4,70
2% 64
3% 79
4% 73
Share
from Recent
ec. 31 ('000)
8% 10,690
-1% 3,325
-1% 6,925
11% 6,600
24% 5,450
7% 4,700
4% 2,700
2% 640
-1% 970
7% 2,520
Sold O
Alberto-C
Amazon.c
Axis Cap
Bank of A
CVS Care
Everest R
Gannett /
Sector
des
es.
Value-oriented Eq
ofideas.com
uns a concentr
res Owned
nt from
0) Sep. 30
25 >100%
00 64%
25 25%
50 56%
20 new
00 80%
00 57%
40 13%
97 new
30 new
es Owned
t from
) Sep. 30
C
0 -35%
5 >100% <
5 25%
0 64%
0 56% <
0 57%
0 80%
0 13% <
0 -10%
0 new
Out Positions
Culver / ACV
com / AMZN
pital / AXS
America / BAC
remark / CVS
Re / RE
/ GCI
r Weightings
quity Investment Id
rated portfolio o
Holdings
as % of
Co. Fund*
<1% 14%
4% 12%
4% 13%
<1% 10%
4% 2%
3% 6%
1% 10%
<1% 5%
<1% 1%
<1% 2%
Holdings
as % of
T
Co. Fund*
3% 16%
<1% 14%
4% 13%
4% 12%
<1% 10%
1% 10%
3% 6%
<1% 5%
2% 3%
4% 2%
s
Mast
Mols
New
North
PG&
Tupp
Vanc
*

February 28, 2011
of undervalued
P/E (Est.)
This Next
FY FY
15x 14x
n/a n/a
24x 21x
18x 16x
13x 12x
n/m n/m
n/a n/a
11x 13x
13x 12x
18x 16x
P/E (Est.)
P
This Next
T
FY FY
14x 12x
15x 14x
24x 21x
n/a n/a
18x 16x
n/a n/a
n/m n/m
11x 13x
21x 17x
13x 12x
terCard / MA
on Coors / TAP
Oriental Edu. / E
hwest Bancorp /
E / PCG
perware Brands C
ceInfo / VIT
ed Investors
Page 58 of 170
d equities.
Price/
Tang.
Book
7.2x
n/m
n/m
5.3x
n/m
n/m
5.7x
5.0x
3.6x
>9.9x
Price/
Tang.
Book
n/m
7.2x
n/m
n/m
5.3x
5.7x
n/m
5.0x
7.1x
n/m
EDU
NWBI
Corp. / TUP

S
T
B
o

M

T

N
B
E
M

P
*

p

2008-2011 by Beyond
Second Curv
Tom Brown wa
Barney, PaineW
out on his own
MOI Signal R

Company
1 Banner Co
2 Taylor Cap
3 Tennesse
4 CompuCre
5 Primus Gu
6 CoBiz Fina
7 Mercantile
8 Hudson V
9 NewStar F
10 First Merc
Top Holdings

Company
1 Primus Gu
2 CompuCre
3 Banner Co
4 Synovus F
5 CoBiz Fina
6 West. Allia
7 Taylor Cap
8 Ocwen Fin
9 NewStar F
10 Hudson V
New Position
Bancorp / TBBK
Enterprise Financ
MainSource Fina
Portfolio Met
Portfolio size
Top 10 as % of
Median market
Average market
Median P/E (thi
Median P/E (ne
Median P / tang
Based on equity ho

ve (Tom Bro
as a sell-side an
Webber and Do
two years later
Rank Top
y / Ticker
orp. / BANR
pital / TAYC
e Commerce / T
edit / CCRT
uaranty / PRS
ancial / COBZ
e Bank / MBWM
alley / HUVL
Financial / NEWS
chants / FRME
s of Second
y / Ticker
uaranty / PRS
edit / CCRT
orp. / BANR
Financial / SNV
ancial / COBZ
ance Banc / WAL
pital / TAYC
nancial / OCN
Financial / NEWS
alley / HUVL
ns
cial / EFSC
ncial / MSFG
trics
*

portfolio
value
t value
s FY)
xt FY)
gible book
rage, certain non-U
erved.
own)
nalyst focused
onaldson Lufki
r, founding Sec
p Current Idea

Market
Value
($mn)
280
190
NCC 63
239
193
244
78
387
S 518
232
Curve By D

Market
Value
($mn)
193
239
280
2,136
244
L 671
190
1,110
S 518
387
Mercantile Ba
Sun Bancorp
$254 million
86%
$387 million
$2.2 billion
18x
13x
1.3x
n 13F-HR filings wi

SUBSCRIBE TODA
on the financia
in & Jenrette. I
cond Curve Ca
as of Second
Price
Recent f
($) Dec
2.50
10.63 -
5.14
6.68
5.08
6.61
9.03
21.93 -
10.20
9.06
Dollar Value
Price
Recent
($) De
5.08
6.68
2.50
2.72
6.61
8.23
10.63
11.04
10.20
21.93
ank / MBWM
NJ / SNBC
th the SEC. Exclud
AY! www.manualo
al services indu
In 1998, he join
apital, a value-o
d Curve
Shares
from Recent
c. 31 ('000)
8% 9,536
19% 2,037
5% 1,286
-4% 4,281
0% 6,461
9% 3,368
10% 443
11% 406
-4% 1,453
2% 35
Share
from Recent
ec. 31 ('000)
0% 6,461
-4% 4,281
8% 9,536
3% 8,357
9% 3,368
12% 2,634
-19% 2,037
16% 1,874
-4% 1,453
-11% 406
Sold O
CapitalSo
Encore C
Wintrust
Sector
des
es.
Value-oriented Eq
ofideas.com
ustry in the 19
ned Julian Rob
oriented firm w
s Owned
H
from
Sep. 30
Co
98% 9%
2% 11%
45% 11%
4% 12%
1% 17%
11% 9%
new 5%
>100% 2%
16% 3%
>100% <1%
es Owned
t from
) Sep. 30
C
1% 1
4% 1
6 98%
7 -8%
8 11%
4 -23%
7 2% 1
4 -19%
3 16%
6 >100%
Out Positions
ource / CSE
Capital / ECPG
Financial / WTFC
r Weightings
quity Investment Id
80s and 1990s
bertsons Tiger
with a focus on
Holdings
P
as % of
Th
o. Fund*
% 9% n
% 9% n
% 3% 1
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% 13% n
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9% 9%
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1% 9%
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s
C
Zions
*

February 28, 2011
, working at Sm
r Management.
n the financial
P/E (Est.)
Pr
his Next
Ta
FY FY B
n/m >99x
n/m 18x 2
16x 8x
n/m n/m 1
n/a n/a
31x 13x 1
99x 15x
16x 13x 1
19x n/a
19x 11x 1
P/E (Est.)
P
This Next
T
FY FY
n/a n/a
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n/m 16x
31x 13x
48x 16x
n/m 18x
26x 8x
19x n/a
16x 13x
s BanCorp / ZION
ed Investors
Page 59 of 170
mith
He struck
sector.
rice/
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ook
.7x
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1.8x
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1.2x
.7x
1.5x
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Book
n/m
1.8x
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1.2x
1.6x
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.9x
1.5x
N

S
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2008-2011 by Beyond
Southeaster
Mason Hawkin
nvestment adv
assets under ma
MOI Signal R

Compan
1 Texas Ind
2 Vail Reso
3 tw teleco
4 Dell / DE
5 Chesape
6 Service C
7 Martin M
8 Wendy's
9 Bank of N
10 Markel /
Top Holdings

Company
1 Chesapea
2 DIRECTV
3 Dell / DEL
4 Walt Disne
5 Yum! Bran
6 Cemex / C
7 Pioneer N
8 Aon / AON
9 Liberty Int
10 Bank of N
New Position
Lockheed Martin
News Corp. / NW
Vail Resorts / MT
Portfolio Met
Portfolio size
Top 10 as % of
Median market
Average market
Median P/E (thi
Median P/E (ne
Median P / tang
Based on equity ho

rn (Mason H
ns is chairman a
viser to the Lon
anagement, inc
Rank Top
ny / Ticker
dustries / TXI
orts / MTN
om / TWTC
LL
eake Energy / CH
Corp. / SCI
arietta / MLM
Arby's / WEN
NY Mellon / BK
MKL
s of Southea
y / Ticker
ake Energy / CHK
/ DTV
LL
ey / DIS
nds / YUM
CX
atural / PXD
N
eractive / LINTA
Y Mellon / BK
ns
/ LMT
WSA
TN
trics
*

portfolio
value
t value
s FY)
xt FY)
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rage, certain non-U
erved.
Hawkins)
and CEO of So
ngleaf Partners
cluding $13 bil
p Current Idea

Market
Value
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1,172
1,774
2,829
29,784
HK 19,899
2,673
4,195
2,038
39,310
4,108
astern By D

Market
Value
($mn)
K 19,899
36,934
29,784
82,724
23,919
9,425
11,520
17,010
20,220
39,310

$27 billion
60%
$10 billion
$24 billion
17x
16x
2.6x
n 13F-HR filings wi
SUBSCRIBE TODA
outheastern As
Funds, a famil
llion in separat
as of Southe
Price
Recent
($) D
42.11
49.30
18.70
15.43
30.43
11.13
92.14
4.87
31.69
422.83
Dollar Value
Price
Recent
($) De
30.43
44.30
15.43
43.56
51.17
9.69
99.23
52.93
17.41
31.69
th the SEC. Exclud
AY! www.manualo
set Manageme
ly of value-orie
tely managed a
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Shar
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Share
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17% 81,849
11% 50,816
14% 145,156
16% 37,369
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-10% 132,804
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15% 23,229
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Sold O
InterCont
Shanda G
Sector
des
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Value-oriented Eq
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ent, a firm he fo
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res Owned
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28 6%
79 1%
05 10%
96 7%
63 8%
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9 1% 1
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6 7%
Out Positions
tinental H. / IHG
Games / GAME
Weightings
quity Investment Id
founded in 1975
funds. The firm
Holdings
as % of
Co. Fund*
17% <1%
6% <1%
18% 2%
8% 8%
13% 9%
13% 1%
10% 2%
7% <1%
3% 4%
9% 1%
Holdings
as % of
T
Co. Fund*
3% 9%
6% 8%
8% 8%
2% 6%
6% 6%
4% 5%
1% 5%
7% 5%
5% 4%
3% 4%
s

*

February 28, 2011
5. Southeastern
m has $22 billio
P/E (Est.)
This Next
FY FY
n/m n/m
47x 38x
48x 33x
9x 9x
10x 11x
18x 16x
36x 27x
30x 22x
12x 11x
24x 23x
P/E (Est.)
P
This Next
T
FY FY
10x 11x
19x 14x
9x 9x
17x 15x
18x 16x
n/m 69x
32x 22x
15x 14x
17x 23x
12x 11x
ed Investors
Page 60 of 170
n serves as
on of
Price/
Tang.
Book
1.6x
4.6x
2.9x
>9.9x
1.6x
>9.9x
5.1x
n/m
4.6x
1.6x
Price/
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1.6x
n/m
>9.9x
>9.9x
>9.9x
.6x
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4.6x

S
D

M

T

N
H
Im
J

P
*

E
2008-2011 by Beyond
Spencer (Ke
Dr. Shubin Stei
MOI Signal R

Company
1 J.C. Penn
2 MRV Com
3 Howard H
4 Immucor /
5 Quest Dia
6 LECG Cor
7 Myriad Ge
8 Iridium Co
9 PNI Digita
10 Spark Net
Top Holdings

Company
1 Iridium Co
2 Spark Net
3 J.C. Penn
4 General G
5 MRV Com
6 dELiA*s /
7 Immucor /
8 Markel / M
9 Quest Dia
10 Howard H
New Position
Howard Hughes /
mmucor / BLUD
J.C. Penney / JC
Portfolio Met
Portfolio size
Top 10 as % of
Median market
Average market
Median P/E (thi
Median P/E (ne
Median P / tang
Based on informat
Excludes portfolio c

en Shubin St
in is the founde
Rank Top
y / Ticker
ey / JCP
mmunications / M
ughes / HHC
/ BLUD
gnostics / DGX
rp. / XPRT
enetics / MYGN
omms / IRDM
al Media / PNDM
tworks / LOV
s of Spencer
y / Ticker
omms / IRDM
tworks / LOV
ey / JCP
Growth / GGP
mmunications / M
DLIA
/ BLUD
MKL
gnostics / DGX
ughes / HHC
ns
/ HHC
P
trics
*

portfolio
value
t value
s FY)
xt FY)
gible book
tion provided to The
cash, certain non-U
erved.
Stein)
er of Spencer C
p Current Idea

Market
Value
($mn)
8,759
RVC 276
2,106
1,427
9,852
31
1,714
583
F 57
68
r Capital By

Market
Value
($mn)
583
68
8,759
19,896
RVC 276
60
1,427
4,108
9,852
2,106
LECG Corp. /
Myriad Genet
Quest Diagno
$7 million
93%
$1.7 billion
$22 billion
22x
18x
2.0x
e Manual of Ideas b
.S. holdings, and n
SUBSCRIBE TODA
Capital, a deep
as of Spence
Price
Recent f
($) Dec
37.02
1.76
55.83
20.38
57.56
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19.07 -
8.31
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y Dollar Valu
Price
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($) Dec
8.31
3.28
37.02
15.76
1.76
1.92
20.38
422.83
57.56
55.83
/ XPRT
tics / MYGN
ostics / DGX
by Spencer Capita
AY! www.manualo
value-oriented
er Capital
Shares
from Recent
c. 31 ('000)
15% 19
-2% 351
3% 4
3% 19
7% 5
41% 106
17% 12
1% 240
4% 127
10% 228
ue
Shares
from Recent
c. 31 ('000)
1% 240
10% 228
15% 19
2% 43
-2% 351
10% 238
3% 19
12% 1
7% 5
3% 4
Sold O
Resource
Sears Ca
Wendy's
Sector
l.
es.
Value-oriented Eq
ofideas.com
d investment m
s Owned
H
from
Sep. 30
Co
new <1%
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new <1%
new <1%
new <1%
new <1%
new <1%
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from
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-27% <1%
-58% 1%
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>100% <1%
-73% <1%
new <1%
-71% <1%
new <1%
new <1%
Out Positions
e America / REX
anada / SEARF
Arby's / WEN
r Weightings
quity Investment Id
management fir
Holdings
P
as % of
Th
o. Fund*
F
% 10% 2
% 9% 2
% 3% n
% 6% 1
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% 1% n
% 3% 1
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% 3% n
% 11% n
Holdings
P
as % of
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o. Fund*
F
% 28% 2
% 11% n
% 10% 2
% 10% n
% 9% 2
% 7% n
% 6% 1
% 5% 2
% 4% 1
% 3% n
s
XI
*

February 28, 2011
rm.
P/E (Est.)
Pri
his Next
Ta
FY FY Bo
24x 21x 1
22x 13x 1
/m n/m 1
8x 16x 4
3x 12x n
/m n/m
9x 16x 3
27x 14x 1
n/a n/a 3
n/a n/a 6
P/E (Est.)
Pri
his Next
Ta
FY FY Bo
27x 14x 1
n/a n/a 6
24x 21x 1
/m 53x >9
22x 13x 1
/m n/m
8x 16x 4
24x 23x 1
3x 12x n
/m n/m 1
ed Investors
Page 61 of 170
ice/
ang.
ook
1.8x
1.9x
1.4x
4.0x
n/m
.9x
3.1x
1.3x
3.7x
6.4x
ice/
ang.
ook
1.3x
6.4x
1.8x
9.9x
1.9x
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4.0x
1.6x
n/m
1.4x

T
Q
p

M

T

N
A
B
H

P
*

p
2008-2011 by Beyond
Teton (Quin
Quincy Lee is a
partnership at a
MOI Signal R

Compan
1 Aon / AO
2 CBS / CB
3 ZipRealty
4 Quality D
5 NXP Sem
6 Valeant P
7 Northern
8 Howard H
9 Goldman
10 Orbitz W
Top Holdings

Company
1 Valeant P
2 Clear Cha
3 Aon / AON
4 American
5 CBS / CBS
6 Quality Dis
7 Nicholas F
8 NXP Sem
9 Liberty Glo
10 Goldman S
New Position
Aon / AON
BofI Holding / BO
Howard Hughes /
Portfolio Met
Portfolio size
Top 10 as % of
Median market
Average market
Median P/E (thi
Median P/E (ne
Median P / tang
Based on equity ho

ncy Lee)
an Austin, Tex
an annual rate w
Rank Top
ny / Ticker
ON
BS
y / ZIPR
Distribution / QLT
miconductors / N
Pharma / VRX
Oil & Gas / NOG
Hughes / HHC
n Sachs / GS
orldwide / OWW
s of Teton Ca
y / Ticker
harma / VRX
annel / CCO
N
Dental / ADPI
S
stribution / QLTY
Financial / NICK
iconductors / NX
obal / LBTYA
Sachs / GS
ns
OFI
/ HHC
trics
*

portfolio
value
t value
s FY)
xt FY)
gible book
rage, certain non-U
erved.
xas-based value
well in excess o
p Current Idea

Market
Value
($mn)
17,010
15,605
60
TY 268
XPI 7,302
11,989
G 1,686
2,106
85,909
W 385
apital By D

Market
Value
($mn)
11,989
615
17,010
199
15,605
Y 268
146
XPI 7,302
10,033
85,909
Northern Oil &
NXP Semicon
Quality Distrib
$200 million
72%
$771 million
$6.7 billion
18x
16x
1.3x
n 13F-HR filings wi
SUBSCRIBE TODA
e investor who
of 20%, net of
as of Teton C
Price
Recent
($) D
52.93
22.91
2.94
11.40
29.30
40.47
27.85
55.83
168.04
3.76
Dollar Value
Price
Recent
($) De
40.47
15.06
52.93
12.93
22.91
11.40
12.35
29.30
42.19
168.04
& Gas / NOG
nductors / NXPI
bution / QLTY
th the SEC. Exclud
AY! www.manualo
is said to have
f fees.
Capital
Shar
from Recen
Dec. 31 ('000
15% 36
20% 63
13% 2,21
25% 1,09
40% 35
43% 56
2% 12
3% 10
0% 5
-33% 1,31
Share
from Recent
ec. 31 ('000)
43% 561
7% 1,282
15% 360
-4% 1,203
20% 634
25% 1,093
21% 866
40% 351
19% 242
0% 58
Sold O
eBay / EB
Furiex Ph
iStar Fina
Sector
des
es.
Value-oriented Eq
ofideas.com
e compounded
res Owned
nt from
0) Sep. 30
60 new
34 44%
0 0%
93 new
51 new
61 0%
20 new
05 new
58 0%
5 -7%
es Owned
t from
) Sep. 30
C
0% <
2 -10%
0 new <
3 -1%
4 44% <
3 new
6 -3%
new <
2 -1% <
8 0% <
Out Positions
BAY
harma / FURX
ancial / SFI
r Weightings
quity Investment Id
capital in his T
Holdings
as % of
Co. Fund*
<1% 10%
<1% 7%
11% 3%
5% 6%
<1% 5%
<1% 11%
<1% 2%
<1% 3%
<1% 5%
1% 2%
Holdings
as % of
Co. Fund*
<1% 11%
3% 10%
<1% 10%
8% 8%
<1% 7%
5% 6%
7% 5%
<1% 5%
<1% 5%
<1% 5%
s
MI D
Repu
Scien
*

February 28, 2011
Teton investme
P/E (Est.)
This Next
FY FY
15x 14x
16x 12x
n/m n/m
39x 19x
n/a n/a
n/a n/a
77x 26x
n/m n/m
10x 9x
29x 16x
P/E (Est.)
P
This Next
T
FY FY
n/a n/a
>99x 72x
15x 14x
12x 12x
16x 12x
39x 19x
n/a n/a
n/a n/a
35x 39x
10x 9x
evelopments / M
ublic Airways / RJ
ntific Games / SG
ed Investors
Page 62 of 170
ent
Price/
Tang.
Book
n/m
n/m
1.8x
n/m
n/m
n/m
7.3x
1.4x
1.4x
n/m
Price/
Tang.
Book
n/m
n/m
n/m
n/m
n/m
n/m
1.3x
n/m
n/m
1.4x
MIM
JET
GMS

T
L

M

T

N
A
A
B
C
C
C
C
L
L
M
M
N

P
*

p
2008-2011 by Beyond
Third Point
Loeb is the fou
MOI Signal R

Compan
1 LyondellB
2 Massey E
3 Williams
4 Alcon / A
5 Potash /
6 NXP Sem
7 BioFuel E
8 Rio Tinto
9 Citigroup
10 CIT Grou
Top Holdings

Company
1 Potash / P
2 LyondellB
3 Alcon / AC
4 Massey E
5 Williams C
6 NXP Sem
7 PHH / PH
8 Health Ne
9 Liberty Int
10 CIT Group
New Position
AbitibiBowater / A
Apple / AAPL
Bank of America
Capitol Federal /
Citigroup / C
Comcast / CMCS
CVR Energy / CV
Lender Processin
LyondellBasell / L
Marathon Oil / MR
Massey Energy /
NXP Semiconduc
Portfolio Met
Portfolio size
Top 10 as % of
Median market
Average market
Median P/E (thi
Median P/E (ne
Median P / tang
Based on equity ho

t (Dan Loeb)
nder of long/sh
Rank Top
ny / Ticker
Basell / LYB
Energy / MEE
Companies / WM
ACL
POT
miconductors / N
Energy / BIOF
o / RIO
p / C
up / CIT
s of Third Po
y / Ticker
POT
asell / LYB
CL
nergy / MEE
Companies / WM
iconductors / NX
H
t / HNT
eractive / LINTA
p / CIT
ns
ABH
/ BAC
CFFN
SA
VI
ng / LPS
LYB
RO
MEE
ctors / NXPI
trics
*

portfolio
value
t value
s FY)
xt FY)
gible book
rage, certain non-U
erved.
)
hort activist fun
p Current Idea
Market
Value
($mn)
21,467
6,565
MB 17,760
49,546
51,207
XPI 7,302
85
140,370
142,677
8,667
oint By Dol
Market
Value
($mn)
51,207
21,467
49,546
6,565
MB 17,760
XPI 7,302
1,402
2,936
20,220
8,667
Oritani Financ
Pall Corp. / P
Plains Explor
PMI Group / P
Rio Tinto / RI
SemGroup / S
Smurfit-Stone
Sunoco / SUN
ViewPoint Fin
Williams Com
Yahoo! / YHO
Zoran / ZRAN
$2.0 billion
58%
$4.0 billion
$26 billion
17x
14x
2.5x
n 13F-HR filings wi
SUBSCRIBE TODA
nd Third Point
as of Third P
Price
Recent
($) D
37.95
64.28
30.37
165.40
180.00
29.30
0.95
71.54
4.91
43.28
lar Value
Price
Recent
($) De
180.00
37.95
165.40
64.28
30.37
29.30
25.24
30.73
17.41
43.28
cial / ORIT
PLL
ration / PXP
PMI
O
SEMG
e / SSCC
N
nancial / VPFG
mpanies / WMB
OO
N
th the SEC. Exclud
AY! www.manualo
t, which has am
Point
Shar
from Recen
Dec. 31 ('000
10% 4,46
20% 2,00
23% 4,00
1% 80
16% 1,20
40% 3,15
-45% 5,57
0% 30
4% 7,00
-8% 1,55
Share
from Recent
ec. 31 ('000)
16% 1,200
10% 4,463
1% 800
20% 2,000
23% 4,000
40% 3,151
9% 3,500
13% 2,800
10% 4,000
-8% 1,550
Sold O
Apple / A
Northern
Sector
des
es.
Value-oriented Eq
ofideas.com
massed a respec
res Owned
nt from
0) Sep. 30
63 new
00 new
00 new
00 14%
00 20%
51 new
79 0%
00 new
00 new
50 0%
es Owned
t from
) Sep. 30 C
0 20% <
3 new <
0 14% <
0 new
0 new <
new
0 0%
0 0%
0 0% <
0 0% <
Out Positions
AAPL
Trust / NTRS
r Weightings
quity Investment Id
ctable long-term
Holdings
as % of
Co. Fund*
<1% 8%
2% 6%
<1% 6%
<1% 7%
<1% 11%
1% 5%
6% <1%
<1% 1%
<1% 2%
<1% 3%
Holdings
as % of T
Co. Fund*
<1% 11%
<1% 8%
<1% 7%
2% 6%
<1% 6%
1% 5%
6% 4%
3% 4%
<1% 3%
<1% 3%
s

*

February 28, 2011
m investment r
P/E (Est.)
This Next
FY FY
n/a n/a
19x 13x
24x 19x
n/a n/a
n/a n/a
n/a n/a
n/a n/a
10x 7x
11x 9x
22x 17x
P/E (Est.) P
This Next T
FY FY
n/a n/a
n/a n/a
n/a n/a
19x 13x
24x 19x
n/a n/a
29x 8x
11x 10x
17x 23x
22x 17x
ed Investors
Page 63 of 170
record.
Price/
Tang.
Book
2.3x
4.0x
2.5x
9.1x
6.6x
n/m
1.6x
3.2x
1.1x
1.0x
Price/
Tang.
Book
6.6x
2.3x
9.1x
4.0x
2.5x
n/m
5.2x
2.8x
n/m
1.0x

T
C
p

M

T

N
B
C
V

P
*

p
2008-2011 by Beyond
Tiger Globa
Chase Coleman
prior to foundin
MOI Signal R

Compan
1 Liberty G
2 Electroni
3 MakeMyT
4 Amazon.
5 Liberty C
6 Ctrip.com
7
Duoyuan
DGW
8 Visa / V
9 Live Nati
10 Longtop
Top Holdings

Company
1 Apple / AA
2 Viacom / V
3 Liberty Glo
4 DIRECTV
5 Electronic
6 Liberty Ca
7 MercadoL
8 Cablevisio
9 priceline.c
10 Amazon.c
New Position
Baidu.com / BIDU
Ctrip.com / CTRP
Visa / V
Portfolio Met
Portfolio size
Top 10 as % of
Median market
Average market
Median P/E (thi
Median P/E (ne
Median P / tang
Based on equity ho

al (Chase Co
n, a descendant
ng Tiger Globa
Rank Top
ny / Ticker
Global / LBTYA
c Arts / ERTS
Trip / MMYT
com / AMZN
Capital / LCAPA
m / CTRP
n Global Water /
on / LYV
Fin. Tech / LFT
s of Tiger Glo
y / Ticker
APL
VIA.B
obal / LBTYA
/ DTV
Arts / ERTS
apital / LCAPA
ibre / MELI
on / CVC
com / PCLN
com / AMZN
ns
U
P
trics
*

portfolio
value
t value
s FY)
xt FY)
gible book
rage, certain non-U
erved.
oleman)
t early New Yo
al in 2001.
p Current Idea

Market
Value
($mn)
10,033
6,446
940
84,112
20,220
5,839
232
54,043
1,967
1,826
obal By Do

Market
Value
($mn)
322,963
27,699
10,033
36,934
6,446
20,220
3,213
11,288
22,041
84,112

$4.1 billion
67%
$8.3 billion
$31 billion
18x
14x
3.9x
n 13F-HR filings wi
SUBSCRIBE TODA
ork Governor P
as of Tiger G
Price
Recent
($) D
42.19
19.28
27.55
186.50
71.88
39.49
9.44
75.83
11.33
32.00
ollar Value
Price
Recent
($) De
350.56
45.50
42.19
44.30
19.28
71.88
72.80
37.62
448.93
186.50
th the SEC. Exclud
AY! www.manualo
Peter Stuyvesan
Global
Shar
from Recen
Dec. 31 ('000
19% 7,77
18% 14,10
2% 4,13
4% 1,00
15% 3,57
-2% 1,31
-26% 1,17
8% 2,05
-1% 11,95
-12% 2,58
Share
from Recent
ec. 31 ('000)
9% 1,133
15% 7,447
19% 7,777
11% 6,325
18% 14,100
15% 3,572
9% 3,274
11% 6,307
12% 457
4% 1,000
Sold O
Apollo Gr
CNinsure
Green Do
Sector
des
es.
Value-oriented Eq
ofideas.com
nt, worked for
res Owned
nt from
0) Sep. 30
77 43%
00 8%
30 0%
00 20%
72 34%
6 new
70 34%
50 new
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87 17%
es Owned
t from
) Sep. 30
3 -10% <
7 -15%
7 43%
5 -16% <
0 8%
2 34%
4 -14%
7 -13%
7 -18% <
0 20% <
Out Positions
roup / APOL
e / CISG
ot / GDOT
r Weightings
quity Investment Id
Julian Roberts
Holdings
as % of
Co. Fund*
3% 8%
4% 7%
12% 3%
<1% 5%
1% 6%
<1% 1%
5% <1%
<1% 4%
7% 3%
5% 2%
Holdings
as % of
Co. Fund*
<1% 10%
1% 8%
3% 8%
<1% 7%
4% 7%
1% 6%
7% 6%
2% 6%
<1% 5%
<1% 5%
s
Lock
Nike
TAL
*

February 28, 2011
sons Tiger Ma
P/E (Est.)
This Next
FY FY
35x 39x
29x 22x
n/a n/a
58x 42x
n/m n/m
32x 25x
6x 6x
16x 13x
n/m n/a
18x 15x
P/E (Est.)
P
This Next
T
FY FY
15x 13x
13x 12x
35x 39x
19x 14x
29x 22x
n/m n/m
57x 47x
19x 15x
34x 25x
58x 42x
heed Martin / LM
/ NKE
Education / XRS
ed Investors
Page 64 of 170
anagement
Price/
Tang.
Book
n/m
5.9x
n/m
>9.9x
>9.9x
7.8x
.9x
>9.9x
n/m
4.4x
Price/
Tang.
Book
6.0x
n/m
n/m
n/m
5.9x
>9.9x
>9.9x
n/m
>9.9x
>9.9x
MT
S

V
A
a

M

T

N
C
C
C
C
C
C
C
D
E
F
G
G
H
H
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M
N
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S

P
*

p
2008-2011 by Beyond
Viking Glob
Andreas Halvo
and a former di
MOI Signal R

Compan
1 Time Wa
2 Citigroup
3 Baidu.co
4 LifePoint
5 Estee La
6 Yum! Bra
7 Potash /
8 Sherwin-
9 Akamai T
10 EMC / EM
Top Holdings

Company
1 Invesco / I
2 Citigroup /
3 Time Warn
4 Estee Lau
5 Baidu.com
6 Yum! Bran
7 Sherwin-W
8 Potash / P
9 American
10 EMC / EM
New Position
C.H. Robinson / CH
Cameron / CAM
CareFusion / CFN
Charles River Labs
Comcast / CMCSA
CVS Caremark / CV
Cytec Industries / C
Danaher / DHR
Express Scripts / ES
Flowserve / FLS
Goldman Sachs / G
Guess? / GES
Hexcel Corp. / HXL
Human Genome Sc
lumina / ILMN
Magellan Health / M
Noble Energy / NBL
Oracle / ORCL
Stanley Black Deck
Portfolio Met
Portfolio size
Top 10 as % of
Median market
Average market
Median P/E (thi
Median P/E (ne
Median P / tang
Based on equity ho

bal (Andrea
rsen is a gradu
irector of equit
Rank Top
ny / Ticker
arner Cable / TW
p / C
m / BIDU
Hospitals / LPN
auder / EL
ands / YUM
POT
-Williams / SHW
Technologies / A
MC
s of Viking G
y / Ticker
IVZ
/ C
ner Cable / TWC
uder / EL
m / BIDU
nds / YUM
Williams / SHW
POT
Tower / AMT
MC
ns
HRW
/ CRL
VS
CYT
SRX
GS
cience / HGSI
MGLN
L
er / SWK
trics
*

portfolio
value
t value
s FY)
xt FY)
gible book
rage, certain non-U
erved.
as Halvorsen
uate of the Norw
ties at Tiger Ma
p Current Idea
Market
Value
($mn)
C 25,574
142,677
44,066
T 1,933
18,653
23,919
51,207
9,178
AKAM 7,580
56,002
Global By D
Market
Value
($mn)
12,637
142,677
C 25,574
18,653
44,066
23,919
9,178
51,207
21,654
56,002
Tyco Internatio
United Therape
UnitedHealth /
Viacom / VIA.B
Walgreen / WA
WellCare / WC
WellPoint / WL
$13 billion
45%
$12 billion
$33 billion
16x
15x
3.5x
n 13F-HR filings wi
SUBSCRIBE TODA
en)
wegian Naval A
anagement. Ha
as of Viking
Price
Recent
($) D
71.89
4.91
126.80
36.68
94.48
51.17
180.00
85.03
41.57
27.18
Dollar Value
Price
Recent
($) De
27.35
4.91
71.89
94.48
126.80
51.17
85.03
180.00
54.26
27.18
nal / TYC
eutics / UTHR
UNH
B
AG
G
P
th the SEC. Exclud
AY! www.manualo
Academy, a fo
alvorsen found
Global
Shar
from Rece
Dec. 31 ('00
9% 9,21
4% 150,98
31% 4,70
0% 3,51
17% 6,32
4% 11,04
16% 2,86
2% 6,26
-12% 3,75
19% 14,72
Share
from Recen
ec. 31 ('000
14% 35,572
4% 150,985
9% 9,210
17% 6,323
31% 4,704
4% 11,048
2% 6,266
16% 2,868
5% 7,696
19% 14,724
Sold O
Acme Pac
Akamai Te
Amerisour
Apollo Gro
Beckman C
BlackRock
Broadcom
Capital On
Communit
D.R. Horto
Fifth Third
Fortinet / F
Google / G
H&R Block
Healthsout
Hospira / H
Jack Henry
Las Vegas
LifePoint H
Sector
des
es.
Value-oriented Eq
ofideas.com
ormer platoon c
ded Viking Glo
res Owned
nt from
00) Sep. 30
10 >100%
85 56%
04 >100%
13 new
23 31%
48 new
68 >100%
66 47%
58 new
24 36%
es Owned
nt from
0) Sep. 30
2 -7%
5 56% <
0 >100%
3 31%
4 >100%
8 new
6 47%
8 >100%
6 -10%
4 36% <
Out Positions
cket / APKT
echnologies / AKAM
rceBergen / ABC
oup / APOL
Coulter / BEC
k / BLK
/ BRCM
ne / COF
ty Health / CYH
on / DHI
Bancorp / FITB
FTNT
GOOG
k / HRB
th / HLS
HSP
ry / JKHY
s Sands / LVS
Hospitals / LPNT
r Weightings
quity Investment Id
commander of
obal Investors i
Holdings
as % of
Co. Fund*
3% 5%
<1% 6%
1% 4%
7% <1%
3% 4%
2% 4%
1% 4%
6% 4%
2% 1%
<1% 3%
Holdings
as % of
Co. Fund*
8% 7%
<1% 6%
3% 5%
3% 4%
1% 4%
2% 4%
6% 4%
1% 4%
2% 3%
<1% 3%
s
M
Lyond
Marsh
McKe
Medtr
MGM
New O
NII Ho
Penn
Perkin
Procte
SL Gr
Sothe
Talec
Talism
U.S. B
Urban
Valsp
Vance
Yum!
*

February 28, 2011
f the Norwegian
in 1999.
P/E (Est.)
This Next
FY FY
16x 13x
11x 9x
51x 35x
13x 12x
26x 22x
18x 16x
n/a n/a
17x 14x
26x 23x
18x 16x
P/E (Est.) P
This Next T
FY FY
15x 13x
11x 9x
16x 13x
26x 22x
51x 35x
18x 16x
17x 14x
n/a n/a
58x 49x
18x 16x
dellBasell / LYB
h & McLennan / MM
esson / MCK
ronic / MDT
Mirage / MGM
Oriental Edu. / EDU
oldings / NIHD
West Energy / PW
nElmer / PKI
er & Gamble / PG
reen Realty / SLG
eby's / BID
cris Bio / TLCR
man Energy / TLM
Bancorp / USB
n Outfitters / URBN
par / VAL
eInfo / VIT
Brands / YUM
ed Investors
Page 65 of 170
n SEALs,
Price/
Tang.
Book
n/m
1.1x
>9.9x
6.7x
>9.9x
>9.9x
6.6x
>9.9x
4.6x
>9.9x
Price/
Tang.
Book
n/m
1.1x
n/m
>9.9x
>9.9x
>9.9x
>9.9x
6.6x
n/m
>9.9x
MC
U
WE
N

W
W
u

M

T

N
A
Ir
IT
R

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2008-2011 by Beyond
Weitz Funds
Wally Weitz, so
under managem
MOI Signal R

Compan
1 Omnicare
2 Aon / AO
3 Texas Ins
4 Intelligen
5 Tree.com
6 Strayer E
7 Ascent M
8 Prestige
9 Kennedy
10 Southwe
Top Holdings

Company
1 Omnicare
2 Liberty Int
3 Aon / AON
4 Redwood
5 Texas Inst
6 Berkshire
7 Microsoft /
8 ConocoPh
9 Dell / DEL
10 Liberty Glo
New Position
Apple / AAPL
ron Mountain / IR
TT Educational /
Republic Service
Portfolio Met
Portfolio size
Top 10 as % of
Median market
Average market
Median P/E (thi
Median P/E (ne
Median P / tang
Based on equity ho

ds (Wally We
ometimes calle
ment. The firm
Rank Top
ny / Ticker
e / OCR
ON
struments / TXN
nt Systems / INS
m / TREE
Education / STRA
Media / ASCMA
Brands / PBH
y-Wilson / KW
stern Energy / S
s of Weitz B
y / Ticker
/ OCR
eractive / LINTA
N
Trust / RWT
truments / TXN
Hathaway / BRK
/ MSFT
hillips / COP
LL
obal / LBTYA
ns
RM
/ ESI
s / RSG
trics
*

portfolio
value
t value
s FY)
xt FY)
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rage, certain non-U
erved.
Weitz)
ed The Other
has since grow
p Current Idea

Market
Value
($mn)
3,135
17,010
42,540
15
86
A 1,851
597
561
444
WN 12,640
By Dollar Va

Market
Value
($mn)
3,135
20,220
17,010
1,315
42,540
K.A 210,308
227,369
112,572
29,784
10,033
SAIC / SAI
Skechers / SK
Southwestern
Viacom / VIA
$2.2 billion
48%
$7.9 billion
$31 billion
16x
14x
3.5x
n 13F-HR filings wi
SUBSCRIBE TODA
Oracle of Oma
wn into a $2 bil
as of Weitz
Price
Recent
($) D
26.96
52.93
36.23
1.70
7.80
136.62
40.09
11.17
11.02
36.45
lue
Price
Recent
($) De
26.96
17.41
52.93
16.84
36.23
127,640
27.06
76.62
15.43
42.19
KX
n Energy / SWN
A.B
th the SEC. Exclud
AY! www.manualo
aha, founded W
llion asset man
Shar
from Recen
Dec. 31 ('000
6% 4,74
15% 2,30
11% 2,91
32% 2,27
-17% 6
-10% 3
3% 67
-7% 28
10% 3
-3% 26
Share
from Recent
ec. 31 ('000)
6% 4,742
10% 7,166
15% 2,307
13% 6,463
11% 2,913
6% 1
-3% 3,609
13% 1,274
14% 6,244
19% 2,225
Sold O
Apollo Gr
AutoZone
Coinstar
Telephon
Sector
des
es.
Value-oriented Eq
ofideas.com
Wallace R. We
nager best know
res Owned
nt from
0) Sep. 30
42 8%
07 20%
3 4%
70 0%
60 20%
36 33%
79 37%
80 17%
30 50%
60 new
es Owned
t from
) Sep. 30
2 8%
6 -18% <
7 20% <
3 -6%
3 4% <
1 -4% <
9 0% <
4 -1% <
4 -5% <
5 -24% <
Out Positions
roup / APOL
e / AZO
/ CSTR
ne & Data / TDS
r Weightings
quity Investment Id
eitz & Co. in 1
wn for the Wei
Holdings
as % of
Co. Fund*
4% 6%
<1% 5%
<1% 5%
25% <1%
<1% <1%
<1% <1%
5% 1%
<1% <1%
<1% <1%
<1% <1%
Holdings
as % of
Co. Fund*
4% 6%
<1% 6%
<1% 5%
8% 5%
<1% 5%
<1% 5%
<1% 4%
<1% 4%
<1% 4%
<1% 4%
s
Weig
*

February 28, 2011
983 with $10 m
itz Value Fund
P/E (Est.)
This Next
FY FY
13x 12x
15x 14x
14x 13x
n/a n/a
n/m 71x
15x 15x
n/a n/a
14x 11x
41x >99x
21x 23x
P/E (Est.)
P
This Next
T
FY FY
13x 12x
17x 23x
15x 14x
12x 13x
14x 13x
19x 19x
11x 10x
11x 10x
9x 9x
35x 39x
ght Watchers / W
ed Investors
Page 66 of 170
million
d.
Price/
Tang.
Book
n/m
n/m
4.6x
2.8x
1.9x
>9.9x
1.1x
n/m
1.7x
4.4x
Price/
Tang.
Book
n/m
n/m
n/m
1.3x
4.6x
2.1x
6.5x
1.7x
>9.9x
n/m
WTW

W
L
in
W

M

T

N
C
M

P
*

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2008-2011 by Beyond
West Coast
Lace Helfert an
nvestments, pr
West Coast inv
MOI Signal R

Compan
1 American
2 Molson C
3 Microsoft
4 Kimberly
5 Clorox / C
6 Automati
7 Angiotec
8 Kraft Foo
9 Johnson
10 Live Nati
Top Holdings

Company
1 Clorox / C
2 Molson Co
3 Kimberly-C
4 Automatic
5 McCormic
6 Johnson &
7 Live Natio
8 Broadridge
9 Kraft Food
10 Microsoft /
New Position
Constellation Ene
Microsoft / MSFT
Portfolio Met
Portfolio size
Top 10 as % of
Median market
Average market
Median P/E (thi
Median P/E (ne
Median P / tang
Based on equity ho

(Lance Helf
nd Paul Orfalea
reviously overs
vests in underva
Rank Top
ny / Ticker
n Defense / EAG
Coors / TAP
t / MSFT
-Clark / KMB
CLX
c Data / ADP
h Pharma / ANP
ods / KFT
& Johnson / JNJ
on / LYV
s of West Co
y / Ticker
LX
oors / TAP
Clark / KMB
c Data / ADP
ck / MKC
& Johnson / JNJ
n / LYV
e Financial / BR
ds / KFT
/ MSFT
ns
ergy / CEP
T
trics
*

portfolio
value
t value
s FY)
xt FY)
gible book
rage, certain non-U
erved.
fert and Pau
a co-founded W
saw a $1 billion
alued equities a
p Current Idea

Market
Value
($mn)
G 8
8,470
227,369
26,776
9,378
24,791
PI 14
53,993
J 167,824
1,967
oast Asset Ma

Market
Value
($mn)
9,378
8,470
26,776
24,791
5,546
167,824
1,967
2,912
53,993
227,369

$90 million
94%
$5.5 billion
$35 billion
14x
12x
5.8x
n 13F-HR filings wi

SUBSCRIBE TODA
aul Orfalea)
West Coast Ass
n portfolio at W
and follows a c
as of West C

Price

Recent
($) D
0.16
45.60
27.06
65.66
68.15
49.94
0.03
30.91
61.11
11.33
anagement
Price
Recent
($) De
68.15
45.60
65.66
49.94
46.06
61.11
11.33
23.24
30.91
27.06
th the SEC. Exclud
AY! www.manualo

set Managemen
Wilshire Assoc
concentrated in
Coast Asset M
Shar
from Recen
Dec. 31 ('000
-6% 7,06
-9% 25
-3% 17
4% 17
8% 18
8% 21
-91% 5
-2% 15
-1% 13
-1% 51
By Dollar V
Share
from Recent
ec. 31 ('000)
8% 181
-9% 256
4% 177
8% 212
-1% 214
-1% 137
-1% 518
6% 208
-2% 153
-3% 173
Sold O
Contango
Sector
des
es.
Value-oriented Eq
ofideas.com
nt in 2000. Hel
ciates. Orfalea i
nvestment appr
Management
res Owned
nt from
0) Sep. 30
62 16%
56 1%
73 new
77 3%
81 1%
12 1%
56 0%
53 7%
37 2%
18 1%
Value
es Owned
t from
) Sep. 30
1 1% <
6 1% <
7 3% <
2 1% <
4 -12% <
7 2% <
8 1% <
8 2% <
3 7% <
3 new <
Out Positions
o Oil & Gas / MC
r Weightings
quity Investment Id
lfert, who direc
is the founder
roach.
t
Holdings
as % of
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14% 1%
<1% 13%
<1% 5%
<1% 13%
<1% 14%
<1% 12%
<1% <1%
<1% 5%
<1% 9%
<1% 7%
Holdings
as % of
Co. Fund*
<1% 14%
<1% 13%
<1% 13%
<1% 12%
<1% 11%
<1% 9%
<1% 7%
<1% 5%
<1% 5%
<1% 5%
s
CF
*

February 28, 2011
cts the firms
of Kinkos cop
P/E (Est.)
This Next
FY FY
n/a n/a
12x 11x
11x 10x
13x 12x
17x 15x
20x 19x
n/a n/a
14x 12x
13x 12x
n/m n/a
P/E (Est.)
P
This Next
T
FY FY
17x 15x
12x 11x
13x 12x
20x 19x
16x 15x
13x 12x
n/m n/a
17x 14x
14x 12x
11x 10x
ed Investors
Page 67 of 170
py shops.
Price/
Tang.
Book
n/m
5.1x
6.5x
>9.9x
n/m
>9.9x
n/m
n/m
6.8x
n/m
Price/
Tang.
Book
n/m
5.1x
>9.9x
>9.9x
n/m
6.8x
n/m
>9.9x
n/m
6.5x

W
D
p
F

M

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A
B

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2008-2011 by Beyond
Wintergreen
David Winters
president and C
Fund, a mutual
MOI Signal R

Compan
1 Barrick G
2 Canadian
3 Consolid
4 Franklin
5 Reynolds
6 Activision
7 Goldman
8 Coca-Co
9 McDonal
10 Coca-Co
Top Holdings

Company
1 Canadian
2 Berkshire
3 Franklin R
4 Consolida
5 Barrick Go
6 Reynolds
7 Philip Mor
8 General D
9 Goldman S
10 Coca-Cola
New Position
Activision Blizzar
Barrick Gold / AB
Portfolio Met
Portfolio size
Top 10 as % of
Median market
Average market
Median P/E (thi
Median P/E (ne
Median P / tang
Based on equity ho

en (David Wi
joined Mutual
CIO of Mutual
fund that follo
Rank Top
ny / Ticker
Gold / ABX
n Natural / CNQ
ated-Tomoka / C
Resources / BEN
s American / RAI
n Blizzard / ATVI
n Sachs / GS
ola FEMSA / KOF
d's / MCD
ola / KO
s of Wintergr
y / Ticker
Natural / CNQ
Hathaway / BRK
Resources / BEN
ted-Tomoka / CT
old / ABX
American / RAI
rris / PM
Dynamics / GD
Sachs / GS
a / KO
ns
d / ATVI
BX
trics
*

portfolio
value
t value
s FY)
xt FY)
gible book
rage, certain non-U
erved.
Winters)
Series in 1987
Series in 2001
ows an active, v
p Current Idea

Market
Value
($mn)
51,467
52,274
CTO 182
N 29,088
I 20,150
13,351
85,909
F 2,063
80,432
149,887
reen Adviser

Market
Value
($mn)
52,274
K.A 210,308
29,088
TO 182
51,467
20,150
111,458
29,506
85,909
149,887

$577 million
86%
$29 billion
$51 billion
16x
14x
2.4x
n 13F-HR filings wi

SUBSCRIBE TODA
7 and was ment
. He left in 200
value-oriented
as of Winterg

Price

Recent
($) D
51.40
47.90
31.76
130.40
34.56
11.07
168.04
76.00
76.13
64.55
rs By Dolla
Price
Recent
($) De
47.90
127,640
130.40
31.76
51.40
34.56
61.43
78.11
168.04
64.55
th the SEC. Exclud
AY! www.manualo
tored by famed
05 to form Win
d investment ap
green Advise
Shar
from Recen
Dec. 31 ('000
-3% 89
8% 2,17
10% 1,54
17% 50
6% 1,25
-11% 1,04
0% 14
-8% 18
-1% 15
-2% 36
ar Value
Share
from Recent
ec. 31 ('000)
8% 2,170
6% 1
17% 508
10% 1,543
-3% 890
6% 1,251
5% 689
10% 366
0% 142
-2% 360
Sold O
Fomento
Mead Joh
Sector
des
es.
Value-oriented Eq
ofideas.com
d value investo
ntergreen Advi
pproach.
ers
res Owned
nt from
0) Sep. 30
90 new
70 16%
43 4%
08 0%
51 90%
46 new
42 0%
86 0%
56 0%
60 -3%
es Owned
t from
) Sep. 30
0 16% <
1 -8% <
8 0% <
3 4% 2
0 new <
1 90% <
9 -4% <
6 -23% <
2 0% <
0 -3% <
Out Positions
Economico / FM
hnson / MJN
r Weightings
quity Investment Id
or Michael Pric
isers and mana
Holdings
as % of
Co. Fund*
<1% 8%
<1% 18%
27% 8%
<1% 11%
<1% 7%
<1% 2%
<1% 4%
<1% 2%
<1% 2%
<1% 4%
Holdings
as % of
Co. Fund*
<1% 18%
<1% 12%
<1% 11%
27% 8%
<1% 8%
<1% 7%
<1% 7%
<1% 5%
<1% 4%
<1% 4%
s
MX
*

February 28, 2011
ce. Winters bec
age the Winterg
P/E (Est.)
This Next
FY FY
n/a n/a
n/a n/a
n/a n/a
16x 14x
13x 12x
15x 13x
10x 9x
18x 15x
15x 14x
17x 15x
P/E (Est.)
P
This Next
T
FY FY
n/a n/a
19x 19x
16x 14x
n/a n/a
n/a n/a
13x 12x
14x 13x
11x 10x
10x 9x
17x 15x
ed Investors
Page 68 of 170
came
green
Price/
Tang.
Book
3.8x
2.4x
1.6x
4.8x
n/m
5.6x
1.4x
.4x
7.2x
>9.9x
Price/
Tang.
Book
2.4x
2.1x
4.8x
1.6x
3.8x
n/m
n/m
n/m
1.4x
>9.9x

W
W
a

M

T

N
B
D
H

P
*

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2008-2011 by Beyond
WL Ross & C
Wilbur Ross, b
a leveraged buy
MOI Signal R

Compan
1 Dynegy /
2 Sun Banc
3 EXCO Re
4 Hanesbra
5 Assured
6 Key Ener
7 Plains Ex
8 Cooper T
9 BioScrip
10 Internatio
Top Holdings

Company
1 EXCO Re
2 Assured G
3 Internation
4 Sun Banco
5 Dynegy / D
6 Cooper Ti
7 Key Energ
8 Hanesbran
9 Plains Exp
10 Innophos /
New Position
BioScrip / BIOS
Dynegy / DYN
Hanesbrands / H
Portfolio Met
Portfolio size
Top 10 as % of
Median market
Average market
Median P/E (thi
Median P/E (ne
Median P / tang
Based on equity ho

Co. (Wilbur
orn in 1937, ha
yout and distre
Rank Top
ny / Ticker
/ DYN
corp NJ / SNBC
esources / XCO
ands / HBI
Guaranty / AGO
rgy Services / KE
xploration / PXP
Tire & Rubber / C
/ BIOS
onal Coal / ICO
s of WL Ross
y / Ticker
sources / XCO
Guaranty / AGO
nal Coal / ICO
orp NJ / SNBC
DYN
re & Rubber / CT
gy Services / KEG
nds / HBI
ploration / PXP
/ IPHS
ns
BI
trics
*

portfolio
value
t value
s FY)
xt FY)
gible book
rage, certain non-U
erved.
r Ross)
as become wel
ssed investor i
p Current Idea

Market
Value
($mn)
727
226
4,329
2,443
O 3,004
EG 1,991
5,467
CTB 1,513
250
1,939
s & Co. By

Market
Value
($mn)
4,329
3,004
1,939
226
727
TB 1,513
G 1,991
2,443
5,467
929

$812 million
100%
$1.9 billion
$2.3 billion
13x
13x
2.9x
n 13F-HR filings wi

SUBSCRIBE TODA
ll-known for re
n steel, coal, te
as of WL Ro
Price
Recent
($) D
6.01
4.49
20.39
25.35
16.35
14.08
39.02
24.60
4.65
9.51
Dollar Value
Price
Recent
($) De
20.39
16.35
9.51
4.49
6.01
24.60
14.08
25.35
39.02
43.32
th the SEC. Exclud
AY! www.manualo
estructuring fai
elecom, financ
ss & Co.
Shar
from Recen
Dec. 31 ('000
7% 4,00
-3% 12,46
5% 15,88
0% 15
-8% 16,01
8% 62
21% 9
4% 50
-11% 14
23% 12,26
e
Share
from Recent
ec. 31 ('000)
5% 15,882
-8% 16,016
23% 12,269
-3% 12,469
7% 4,000
4% 504
8% 620
0% 155
21% 93
20% 16
Sold O
Jo-Ann S
Lear / LE
Sector
des
es.
Value-oriented Eq
ofideas.com
iled companies
ial and other c
res Owned
nt from
0) Sep. 30
00 new
69 >100%
82 >100%
55 new
6 0%
20 8%
93 0%
04 -5%
46 new
69 -50%
es Owned
t from
) Sep. 30
C
2 >100%
6 0%
9 -50%
9 >100% 2
0 new
4 -5% <
0 8% <
5 new <
3 0% <
6 -81% <
Out Positions
Stores / JAS
EA
r Weightings
quity Investment Id
s in a variety of
ompanies.
Holdings
as % of
Co. Fund*
3% 3%
25% 7%
7% 40%
<1% <1%
9% 32%
<1% 1%
<1% <1%
<1% 2%
<1% <1%
6% 14%
Holdings
as % of
T
Co. Fund*
7% 40%
9% 32%
6% 14%
25% 7%
3% 3%
<1% 2%
<1% 1%
<1% <1%
<1% <1%
<1% <1%
s

*

February 28, 2011
f industries. He
P/E (Est.)
This Next
FY FY
n/m n/m
n/m 75x
28x 30x
10x 9x
5x 4x
n/m 25x
33x 23x
10x 10x
33x 16x
15x 8x
P/E (Est.)
P
This Next
T
FY FY
28x 30x
5x 4x
15x 8x
n/m 75x
n/m n/m
10x 10x
n/m 25x
10x 9x
33x 23x
11x 11x
ed Investors
Page 69 of 170
e has been
Price/
Tang.
Book
.3x
1.0x
3.1x
n/m
.7x
3.7x
1.9x
3.4x
n/m
2.6x
Price/
Tang.
Book
3.1x
.7x
2.6x
1.0x
.3x
3.4x
3.7x
n/m
1.9x
4.0x

N
A

2008-2011 by Beyond
New or Inc
AbitibiBowa
Basic Materials
Price: $27.23
52-week rang
Market value:
Enterprise va
Shares out: 9
O
Insider owner
Insider buys (
Insider sales
Institutional o
($ millions, exce
per share data)
Revenue
Gross profit
Operating incom
Net income
Diluted EPS
Shares out (avg
Cash from oper
Capex
Free cash flow
Cash & investm
Total current as
Intangible asset
Total assets
Short-term debt
Total current lia
Long-term debt
Total liabilities
Preferred stock
Common equity
$0
$5
$10
$15
$20
$25
$30
$35

creased Su
ater (ABH)
s: Paper & Pape
Trading Data
(as of 2/23/11)
ge: $21.50 - $30.
: $2.7 billion
lue: $3.5 billion
97.1 million
Ownership Data
rship: <1%
(last six months)
(last six months)
wnership: 77%
ept
12/31/
2,7
5
me (10
(20
(6.7
g)
rations
2
(19
ments 1
ssets 8
ts 8
5,6
t 2
bilities 6
2,2
4,0
y 1,6
erved.
uperinves
Fairfax
er Products
54
a
: 0
): 0
Op
/03 12/31/04
721 3,190
527 844
01) 30
05) (87)
76) (2.93)
30 30
20 123
216 84
96) 38
46 130
843 903
828 819
616 5,450
214 87
660 557
292 2,428
003 3,943
0 0
613 1,507
Ten-Year Sto
SUBSCRIBE TODA
tor Holdin
^^, Mark

This quarter
Next quarter
FYE 12/31/1
FYE 12/31/1
FYE 12/30/1
LT growth
EPS Surpris
11/15/10
perating Perform
Fiscal Y
12/31/05 12
3,484
943
99
(121)
(4.03)
30
169
168
1
30
990
794
5,152
77
576
2,400
3,937
0
1,216
ock Price Perfor
AY! www.manualo
ngs
kel ^^, Pa
Consensus EPS
Late
-$1.
r 0.
10 -8.
11 2.
12 3.
n
se Actua
0 n/a
mance and Finan
Years Ended
2/31/06 12/31/
3,530 3,8
847 6
54 (40
(138) (49
(4.53) (14.1
30
182 (24
199 1
(17) (37
99 1
959 2,1
590 1,9
4,646 10,2
15 9
446 2,1
2,252 4,6
3,813 8,3
0
833 1,8
rmance and Tra
Value-oriented Eq
ofideas.com
aulson ^^,
Montreal, QC, C
S Estimates
Month
est Ago
.03 -$0.37
.62 0.70
.49 -17.84
.72 3.24
.46 3.52
n/a n/a
al Estim
n
ncial Position
/07 12/31/08
876 6,771
670 1,627
00) (1,399)
90) (2,234)
12) (34.34)
35 58
47) (420)
28 186
75) (606)
95 192
42 2,767
971 338
287 8,072
953 955
78 2,385
695 5,015
388 8,548
0 0
899 (476)
ading Volume Dy
quity Investment Id
, Third Poin
Canada, 514-875-2160
# of P/
Ests P/
3 P/
2 P/
2 EV
5 EV
5 P
n/a
mate LT
/a LT
L
12/31/09 9/
4,366
1,023
(1,014) (1
(1,553) (1
(26.92) (3
58
46
101
(55)
774
2,172
526
7,112
985
1,688
274
9,203 1
0
(2,091) (3
ynamics
February 28, 2011
nt ^^
www.abi
Valuatio
/E FYE 12/31/09
/E FYE 12/31/10
/E FYE 12/31/11
/E FYE 12/30/12
V/ LTM revenue
V/ LTM EBIT
/ tangible book
Greenblatt C
TM EBIT yield
TM pre-tax ROC
LTME FQE
30/10 9/30/09
4,600 1,091
956 206
1,537) (334)
1,940) (511)
33.62) (8.86)
58 58
(10) 8
63 27
(73) (19)
540 569
2,074 2,525
516 528
6,447 7,603
1,102 1,330
1,733 2,117
281 35
0,236 9,278
0 0
3,789) (1,675)
ed Investors
Page 70 of 170
itibibowater.com
on
n/m
n/m
n/m
n/m
0.8x
n/m
n/m
riteria
-41%
-33%
E FQE
9 9/30/10
1,192
6 300
) (719)
) (829)
) (14.37)
8 58
8 18
7 16
) 2
9 540
5 2,074
8 516
3 6,447
0 1,102
7 1,733
5 281
8 10,236
0 0
) (3,789)
Feb 11

B
A
c

I

I
T
A
c
C
D
m
W
m

2008-2011 by Beyond
BUSINESS OVE
AbitibiBowater
company that e
NVESTMENT H
Forest
capac
paper
Abitib
newsp
coated
million
capaci
N.A. c
sawmi
that pr
Low-c
has clo
and lab
of the
the low
the low
Impro
$6.8 b
(emplo
the sam
to sell
C$300
New C
served
produc
Stron
Fairfax
NVESTMENT R
Cyclic
term e
emerg
balanc
relativ
subjec
for new
56% o
Canad
negati
Capit
wants
cash fl
full-cy
THE BOTTOM LI
AbitibiBowater
credit default sw
CDS rewards. I
December 2010
may be a strong
We would like
merits.

RVIEW
r is a North Am
emerged from b
HIGHLIGHTS
t products lea
ity of seven m
r and two billio
biBowater prod
print (9% of glo
d paper (14% o
n tons of uncoa
ity); 1.1 million
capacity). The
ills and six wo
roduce lumber
cost, restructu
osed marginal
bor expenses b
companys tw
wer half of the
west-cost produ
oved balance s
billion pre-crisi
oyee count cut
me time). In Fe
its stake in cer
0 million; addit
CEO appointe
d as CEO of Ca
cts company, f
g shareholder
x, 5% by Pauls
RISKS & CONCE
cal, commodit
economics. Wh
ged with a much
ce sheet, the un
vely unattractiv
ct to lower-cost
wsprint, in par
of production
da, implying th
vely affected b
al structure to
to keep fixed c
flow at all poin
ycle returns on
INE
r was forced in
waps may have
In any case, Ab
0, with Prem W
g player in a to
to see the soon
erved.
merican forest p
bankruptcy in D
ader, with ann
million metric t
on board feet
duces 3.3 millio
obal capacity);
of North Ameri
ated paper (35%
n tons of mark
company also
od products fa
and other spec
ured producer
assets and redu
by $880 million
welve newsprint
cost curve. Ab
ucer of coated
sheet, with deb
is to $850 milli
t from 18,000 t
ebruary, Abitib
rtain Ontario h
tional asset sal
ed in January.
atalyst Paper, a
from early 2007
r base, includin
son, and 2% by
ERNS
ty business wit
hile AbitibiBo
h-improved co
nderlying busin
ve it is capit
t global compe
rticular, are in l
and 15% of s
hat profitability
by a rising Can
oo conservativ
charges low en
nts in the cycle
equity unattra
nto bankruptcy
e used their ow
bitibiBowater e
Watsas Fairfax
ough industry, a
n-to-be-release

SUBSCRIBE TODA
products
December 201
ual operating
tons of pulp an
of lumber.
on tons of
660K tons of
ican capacity);
% of N.A.
ket pulp (7% of
operates 18
cilities in Cana
cialized produc
r. AbitibiBowa
uced fixed cost
n annually. Ten
t facilities are i
bitibiBowater i
paper in N.A.
bt reduced from
ion at yearend
to 11,000 durin
biBowater agre
hydro assets for
es are possible
. Richard Garn
a distressed pap
7 to mid 2010.
ng 18% owned
y Third Point.
th tough long-
water has re-
ost structure an
ness remains
tal-intensive an
etition. Markets
long-term decli
ales are based
y could be
nadian dollar.
ve? Manageme
nough to genera
e. Will this ma
ctive?
in April 2009.
wnership of the
emerged as a s
x holding an 18
as newsprint an
ed Q4 2010 fina
AY! www.manualo
0.
nd
1.8
f
ada
cts.
ater
ts
n
in
is
m
10
ng
eed
r
e.
neau
per

d by
-
d
nd
s
ine.
d in
ent
ate
ake
SELECTE
FYE Dece
Revenue
Change
% of reve
Newsprin
Coated p
Specialty
Market pu
Wood pro
Shipment
Newsprin
Coated p
Specialty
Market pu
Wood pro
Average
Newsprin
Coated p
Specialty
Market pu
Wood pro
Operating
Newsprin
Coated p
Specialty
Market pu
Wood pro
Selected
Cost of re
D&A and
Distributio
Selling an
Non-recu
Operati
D&A and
Newsprin
Coated p
Specialty
Market pu
Wood pro
Corporate
D&A an
% of rev
Total deb
Employee

MAJOR
Fairfax

RATING
VALUE I
DOWNSI
MANAGE
FINANCI
MOAT A
EARNING
MACRO
George Soros
e companys de
ignificantly lea
8% equity stake
nd other paper
ancials prior to
Value-oriented Eq
ofideas.com
D OPERATING
cember 31
($mn)
e (y-y)
enue by major segm
nt
papers
y papers
ulp
oducts
ts by segment:
nt ('000 metric tons)
papers ('000 short to
y papers ('000 short t
ulp ('000 metric tons
oducts (mn board fee
transaction price by
nt ($/metric ton)
papers ($/short ton)
y papers ($/short ton
ulp ($/metric ton)
oducts ($/'000 board
g cost per unit, by se
nt ($/metric ton)
papers ($/short ton)
y papers ($/short ton
ulp ($/metric ton)
oducts ($/'000 board
items as % of reven
evenue, ex. D&A
timber harvested
on costs
nd administrative
urring items
ing income
d timber harvested, b
nt
papers
y papers
ulp
oducts
e and other
nd timber harvested
venue
bt ($mn)
es (000)
HOLDERS
18% | Paulson
S
ntrinsic value mate
DE PROTECTION
EMENT Capable a
AL STRENGTH S
Able to sustain high
GS MOMENTUM
Poised to benefit fr
s has asserted th
ebt to force it in
aner and more
e in the restruc
products mark
o making a def
quity Investment Id
DATA
2006 2
3,530 3
1%
ment ($mn):
41%
17%
16%
16%
9%

2,260 2
ns) 797
tons) 852 1
s) 972
et) 1,045 1
y segment:
636
769
) 669
576
d feet) 317
egment:
601
673
) 711
538
d feet) 346
nue:
-76% -
-9% -
-9% -
-5%
1%
1% -
by segment ($mn):
137
42
64
53
18
9
323
9%
2,267 5
7.4
5% | Chou 2%
erially higher than m
N Low risk of perm
and properly incenti
Solid balance sheet?
returns on invested
M Fundamentals im
rom economic and s
hat large buyer
nto bankruptcy
well-capitalize
ctured entity. A
kets experience
finitive judgme
February 28, 2011
2007 2008 2
3,876 6,771 4,
10% 75% -3

41% 48% 4
15% 10% 1
21% 27% 3
15% 9% 1
8% 6%

2,620 4,746 3,
792 748
,195 2,425 1,
907 895
,111 1,556 1,

601 682
720 882
699 754
661 700
287 269

652 676
667 713
741 760
556 626
368 313

-83% -76% -7
-10% -11% -1
-11% -11% -1
-7% -5% -
0% -18% -
-10% -21% -
165 341
38 37
109 239
54 53
23 40
7 16
396 726
10% 11% 1
5,648 5,970 1,
18.0 15.9 1
% | Third Point
market value?
manent loss?
ivized?
?
d capital?
mproving?
secular trends?
rs of AbitibiBo
y in order to re
ed company in
At best, AbitibiB
e long-term cha
ent on the inves
ed Investors
Page 71 of 170
009 2010
366 4,746
36% 9%

41% 38%
10% 10%
30% 28%
12% 15%
7% 9%

157 3,005
571 671
819 1,924
946 970
143 1,395

571 600
730 718
731 687
548 737
254 304

682 657
574 672
685 709
430 596
303 297

77% -78%
14% -10%
11% -12%
-5% -3%
-3% 1%
-9% -3%

291 225
28 30
151 128
52 49
49 42
31 19
602 493
14% 10%
465 850
12.1 11.0
2%

owater
ap large
n
Bowater
allenges.
stment

A

A

A
S
2008-2011 by Beyond
ABITIBIBOWAT
ABITIBIBOWAT
ABITIBIBOWAT
Source: Company p

TER EBITDA S
TER REVENUE
TER OPERATI
presentation dated
erved.
SENSITIVITIES
E BREAKDOWN
NG CAPACITY
January 14, 2011.
SUBSCRIBE TODA

N
OVERVIEW
AY! www.manualo

Value-oriented Eq
ofideas.com

quity Investment Ideas for Sophisticate
February 28, 2011
ed Investors
Page 72 of 170

A

S
2008-2011 by Beyond
ABITIBIBOWAT
Source: Company p

TER EXPECTE
presentation dated
erved.
D RESULTS OF
January 14, 2011.
SUBSCRIBE TODA
RESTRUCTURIN
AY! www.manualo
NG
Value-oriented Eq
ofideas.com
February 28, 2011
ed Investors
Page 73 of 170

A

2008-2011 by Beyond
Accuride (AC
Consumer Cyc
Price: $15.32
52-week rang
Market value:
Enterprise va
Shares out: 4
O
Insider owner
Insider buys (
Insider sales
Institutional o
($ millions, exce
per share data)
Revenue
Gross profit
Operating incom
Net income
Diluted EPS
Shares out (avg
Cash from oper
Capex
Free cash flow
Cash & investm
Total current as
Intangible asset
Total assets
Short-term debt
Total current lia
Long-term debt
Total liabilities
Preferred stock
Common equity
EBIT/capital em
$0
$2
$4
$6
$8
$10
$12
$14
$16
$18

ACW) Thir
clical: Auto & Tr
Trading Data
(as of 2/18/11)
ge: $10.10 - $16.
: $724 million
lue: $1.3 billion
47.2 million
Ownership Data
rship: 3%
(last six months)
(last six months)
wnership: 22%
ept
12/31
3
me
(6.
g)
rations
(
ments
ssets 1
ts 1
5
t
bilities
4
5
y (
mployed 1
erved.
ird Point ^^
ruck Parts
34
a
: 19
): 21
Op
/03 12/31/04
364 494
63 103
39 77
(9) 22
11) 14.12
1 1
9 58
20 26
(11) 32
43 72
137 198
123 123
528 563
2 2
60 92
489 487
594 609
0 0
(66) (46)
6% 32%
Ten-Year Sto
SUBSCRIBE TODA
^

This quarter
Next quarte
FYE 12/31/1
FYE 12/31/1
FYE 12/30/1
LT growth
EPS Surpris
n/a
perating Perform
Fiscal Y
12/31/05 12
1,229
217
145
51
17.03
3
92
40
52
48
352
537
1,220
0
198
698
1,045
0
176
44%
ock Price Perfor
AY! www.manualo
Consensus EP
Lat
r
r
10
11
12
se Actu
n/a
mance and Finan
Years Ended
2/31/06 12/31/
1,408 1,0
197
144
65
18.79 (2.4
3
151
42
109
110
398 3
525 5
1,233 1,1
0
187 1
643 5
970 8
0
264 2
35% 8
rmance and Tra
Value-oriented Eq
ofideas.com
Evansville, IN,
PS Estimates
Month
test Ago
n/a n/a
n/a n/a
n/a n/a
n/a n/a
n/a n/a
n/a n/a
al Esti
a n
ncial Position
/07 12/31/08
014 931
87 56
30 (277)
(9) (328)
46) (92.37)
4 4
83 (9)
37 30
46 (39)
91 124
313 308
508 225
114 809
0 0
150 126
573 651
840 882
0 0
274 (74)
8% -83%
ading Volume Dy
quity Investment Id
812-962-5000
# of P/
Ests P/
n/a P/
n/a P/
n/a EV
n/a EV
n/a P
n/a
mate LT
n/a LT
L
12/31/09 9/
570
(2)
(85)
(140)
(35.90)
4
(39)
20
(60)
57
199
217
672
398
474
0
900
0
(228)
-28%
ynamics
February 28, 2011
www.a
Valuatio
/E FYE 12/31/09
/E FYE 12/31/10
/E FYE 12/31/11
/E FYE 12/30/12
V/ LTM revenue
V/ LTM EBIT
/ tangible book
Greenblatt C
TM EBIT yield
TM pre-tax ROC
LTME FQE
/30/10 9/30/09
717 145
52 2
40 (21)
(7) (33)
(6.66) (9.16)
6 4
(22) (21)
14 5
(36) (27)
51 25
227 188
363 221
866 663
0 632
110 727
587 0
832 835
0 0
34 (172)
13% n/m
ed Investors
Page 74 of 170
accuridecorp.com
on
n/m
n/a
n/a
n/a
1.8x
32x
n/m
Criteria
3%
13%
E FQE
9 9/30/10
5 206
2 21
) 43
) 12
) (0.08)
4 13
) 7
5 3
) 3
5 51
8 227
1 363
3 866
2 0
7 110
0 587
5 832
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m n/m
Feb 11

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2008-2011 by Beyond
BUSINESS OVE
Accuride manu
The companys
exited bankrupt
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RVIEW
ufactures comm
s U.S. entities f
tcy in February
HIGHLIGHTS
of the largest m
le components
cts include com
omponents and
s parts, and oth
#2 market pos
num wheels, br
wheels, metal
mblies, chrome p
mblies and fuel t
rated $200+ m
ing an EV-to-
recent EBITD
Accuride has s
commercial veh
ght tonnage is
ase throughout
ontinue to driv
ailers going for
ents Accuride s
ehicles, U.S. tra
els) have cont
ing for adj. EB
(up 51-74% y-y
n (up 15-21% y
8 production to
RISKS & CONCE
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profitability, w
for normalized
e midpoint of 2
ed EV-to-EBIT
5 million of net
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cturing over th
s high leverage
petitors: Alcoa
merz in wheels;
o, and Webb W
mblies for heavy
s; and Nationa
uck body/chas
of 2009 revenu
ler Truck North
INE
argest manufac
e recovers. A re
demanding rela
ved since 2006/
acking, leaves
erved.
mercial vehicle
filed for Chapt
y 2010.
manufacturers
s in North Am
mmercial vehic
d assemblies, tr
her vehicle com
sitions in steel
rake drums, dis
grills, metal bu
plating and pol
tanks in comm
million of EBIT
-prior peak EB
DA remains we
significant earn
hicle industry r
s forecasted to
the next sever
e increased dem
rward. The th
supplies (North
ailers, and relat
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BITDA of $100
y) on revenue o
y-y). Managem
o be 220,000-2
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ends on recov
which may be a
d revenue and m
011 EBITDA g
TDA multiple e
t debt at yeare
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ArvinMeritor,
heel Products i
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l Seating in sea
sis markets are
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ative to prior-p
/07 (EV-to-ave
the business vu

SUBSCRIBE TODA
components.
ter 11 in 2009 a
s of commerci
merica. Accurid
cle wheels, whe
ruck body and
mponents.
l wheels, forge
sc wheel hubs,
umpers, crown
lishing, seating
mercial vehicles
TDA in 2006,
BITDA of ~4x
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ning power if th
recovers.
o steadily
ral years, which
mand for truck
hree major
h America Clas
ted aftermarke
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0-115 million
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ment expects 20
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ery to prior-
an unrealistic
margins. Based
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exceeds 8x.
end 2010 (~3.5
ching financial
rs, Accuride
n-rate EBITDA
r, and Hayes
, Consolidated
in wheel-ends a
and commercia
ating assemblie
e fragmented.
tar, PACCAR,
d Volvo/Mack.
mercial vehicle
operating marg
peak earnings,
erage FY06-10
ulnerable if a re
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and
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des
eel-
d
,
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s.
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FYE Dece
Revenue
reven
% of reve
Compone
Wheels
Other
Revenue
Compone
Wheels
Other
Gross ma
Compone
Wheels
Other
Total gr
% of reve
U.S.
Internatio
Revenue
U.S.
Internatio
Selected
Adj. EBIT
EBIT
Net incom
D&A
Capex
Adjusted
Tangible
1
Financial
entities filin
2
Revenue
3
For 2010
restructurin

COMPAR

MGA
DAN
ARM
AXL
ACW

MAJOR
Insiders
FMR 7%

RATING
VALUE I
DOWNSI
MANAGE
FINANCI
MOAT A
EARNING
MACRO
e components i
gins appears lik
shares are not
0 EBITDA is ~
ecovery in com
Value-oriented Eq
ofideas.com
D OPERATING
cember 31
($bn)
nue
enue by segment:
ents
growth by segment
ents
argin by segment:
ents
ross margin
enue by geography:
onal
growth by geograph
onal
items as % of reven
TDA
me
EBITDA ($mn)
equity to assets
ls are not compara
ng for Chapter 11 i
e increased due to d
0, adjusted EBITDA
ng and reorganizat
RABLE PUBLIC

MV EV
($mn) ($mn
14,220 12,69
2,620 3,21
1,780 2,54
1,030 1,80
720 1,26
HOLDERS
1% | Third Po
% | Tinicum 6%
S
ntrinsic value mate
DE PROTECTION
EMENT Capable a
AL STRENGTH S
GS MOMENTUM
in North Amer
kely in such a
cheap when m
~10x). Moreove
mmercial vehicle
quity Investment Id
DATA
1

2006 20
1.4 1
15% -28

48% 48
48% 47
3% 4
t:
20% -28
9% -30
23% -6

11% 1
17% 15
25% 26
14% 9

95% 86
5% 14
hy:
15% -35
15% 102
nue:
16% 11
10% 3
5% -1
5% 6
3% 4
219 1
-37% -39
able throughout the
n 2009 and exiting
demand in the com
A excludes $40 mill
tion items.
COMPANY AN
P
EV / Tan
n) Rev. Bo
90 .6x 2.1
10 .5x 5.8
40 .7x n/
00 .8x n/
60 1.8x n/
oint 8% | Whipp
% | Cetus 6% |
N Low risk of perm
returns on invested
M Fundamentals im
rom economic and s
rica, Accuride s
recovery scena
measured agains
er, the leverage
e markets fails
February 28, 2011
007 2008 2009
1.0 0.9 0.6
8% -8% -39%

8% 53% 52%
7% 42% 42%
4% 5% 6%

8% 0% -39%
0% -18% -39%
6% 6% -32%

1% -4% -9%
5% 17% 9%
6% 28% 25%
9% 6% 0%

6% 83% 86%
4% 17% 14%

5% -11% -37%
2% 10% -49%

1% 8% 4%
3% -30% -11%
1% -35% -25%
6% 5% 9%
4% 3% 4%
13 79 24
9% -51% -98%
period due to Accu
bankruptcy in Feb
mmercial vehicle ind
ion in benefits asso
NALYSIS
/ This Ne
ng. FY FY
ook P/E P/
1x n/a n/
8x 29x 16
m 21x 8x
m 8x 6x
m n/a n/
poorwill 8% | Y
Apollo 4% | B
market value?
manent loss?
ivized?
?
d capital?
mproving?
secular trends?
stands to benef
ario. While the
st through-the
ed balance she
to sustain itsel
ed Investors
Page 75 of 170
9 2010
6 0.8
% 34%
2

% 54%
% 37%
% 8%

% 39%
% 20%
% 90%

% n/a
% n/a
% n/a
% 8%

% n/a
% n/a

% n/a
% n/a

% 9%
3

% -1%
% -10%
% 7%
% 3%
4 66
3

% -12%
urides U.S.
bruary 2010.
dustry.
ociated with
ext
Y
/E
/a
6x
x
x
/a
York 7% |
Brigade 1%

fit as U.S.
e recent
e-cycle
et, with no
f.

A

1

2

3

4

5

S

A
1

o
2

S
2008-2011 by Beyond
ACCURIDE OU
($ in millions)
Valuation metho
Midpoint of 201
Minus: Estimate
Estimated 2011
Fair value multip
Estimated enter
Minus: Net debt
Estimated fair
Implied 2010 ad
Implied EV-to-2
Implied EV-to-2
Implied EV-to-re
The company is gu
Approximates 201
Based on 46 millio
Based on adjustin
The company is gu
Source: Company f
ACCURIDE CA
Market value of co
on September 30, 2
Assumes 100% pa
Source: Company p

UR ESTIMATE O
odology
1 adj. EBITDA g
ed maintenance c
adj. EBITDA mi
ple
rprise value
t (as of 12/31/10)
value of the equ
dj. FCF yield
4

2010 adj. EBITDA
2010 revenue
evenue based on
uiding for adjusted
0 capex.
on shares outstand
g 2010 reported fre
uiding for revenue
ilings, The Manual
APITAL STRUCT
onvertible notes on
2010 was $285.3 m
articipation in recen
presentation dated
erved.
OF THE EQUITY
uidance
1

capex
2

nus maintenance
)
uity of Accuride
A
n midpoint of 201
EBITDA of $100-1
ing.
ee cash flow of neg
of $875-925 million
of Ideas analysis,
TURE
February 26, 2010
million.
ntly announced con
November 2010.
SUBSCRIBE TODA
Y FAIR VALUE R
e capex
e
3

11 guidance
5

15 million in 2011
gative $28 million b
n in 2011 (up 15-21
assumptions and e
0 and June 30, 201
nversion offer for th
AY! www.manualo
RANGE
Conservativ
8x estimated 2
EBITDA min
maintenance c
108
(20)
$88
8.0x
$700
(224)
$476 millio
$10.31 per sh
3%
11x
0.9x
0.8x
(up 51-74% y-y).
y the $44 million of
1% y-y).
estimates.
0 was $284.7 millio
he 7.5% convertible
Value-oriented Eq
ofideas.com
ve
2011
nus
capex
10x
E
main
on $
hare $14
f cash outflows rela
on and $319.4 milli
e notes due 2020.
quity Investment Id
Base Case
estimated 2011
BITDA minus
ntenance capex
108
(20)
$88
10.0x
$875
(224)
$651 million
4.10 per share
2%
13x
1.1x
1.0x
ated to financial res
ion, respectively. M
February 28, 2011
Aggre
12x estim
EBITDA
maintena
10
(2
$8
12
$1,
(22
$826 m
$17.89 p
2
1
1.
1.
structuring.
Market value of con
ed Investors
Page 76 of 170
essive
mated 2011
A minus
nce capex
08
20)
88
2.0x
,050
24)
million
per share
2%
6x
.4x
.2x

vertible notes

A

S

A

S
2008-2011 by Beyond
ACCURIDE P
Source: Company p
ACCURIDE 20
Source: Company p

POSITIONED FO
presentation dated
011 BUILD FOR
presentation dated
erved.
OR END MARK
November 2010.
RECASTS
November 2010.
SUBSCRIBE TODA
ET REBOUND
AY! www.manualo

Value-oriented Eq
ofideas.com
February 28, 2011
ed Investors
Page 77 of 170

A

2008-2011 by Beyond
Anheuser-B
Consumer Non
Price: $54.90
52-week rang
Market value:
Enterprise va
Shares out: 1
O
Insider owner
Insider buys (
Insider sales
Institutional o
($ millions, exce
per share data)
Revenue
Gross profit
Operating incom
Net income
Diluted EPS
Shares out (avg
Cash from oper
Capex
Free cash flow
Cash & investm
Total current as
Intangible asset
Total assets
Short-term debt
Total current lia
Long-term debt
Total liabilities
Preferred stock
Common equity
EBIT/capital em
$0
$10
$20
$30
$40
$50
$60
$70

Busch InBev
n-Cyclical: Beve
Trading Data
(as of 2/18/11)
ge: $43.19 - $64.
: $87.4 billion
lue: $129.7 billio
,592.3 million
Ownership Data
rship: <1%
(last six months)
(last six months)
wnership: 3%
ept
me
g)
rations
ments
ssets
ts
t
bilities
y
mployed
erved.
v (BUD) M
erages (Alcohol
77
on
a
: 0
): 0

Ten-Year
SUBSCRIBE TODA
Markel ^
ic)

This quarte
Next quarte
FYE 12/31/
FYE 12/31/
FYE 12/30/
LT growth
EPS Surpri
11/3/1
Operating Perfo
1
Stock Price Per
AY! www.manualo
Consensus EP
La
er $
er
/10
/11
/12 4
16
ise Actu
0 $0.
ormance and Fi
Fiscal Years E
12/31/06 12/3
16,692 19
9,822 11
3,917 5
1,754 3
1.79
972
4,122 5
1,731 2
2,391 3
2
8
22
42
2
9
7
22
20
7
rformance and T
Value-oriented Eq
ofideas.com
Leuven, Belg
PS Estimates
Month
atest Ago
0.75 $0.74
0.79 0.80
3.17 3.14
3.82 3.77
4.32 4.33
6.9% 15.7%
ual Es
94 $
inancial Positio
Ended
1/07 12/31/08
,735 23,507
,617 13,171
,872 5,153
,005 1,927
3.06 1.93
976 999
,557 5,533
,162 2,652
,395 2,881
,213 3,206
,153 10,831
,205 73,881
,247 113,748
,235 12,066
,841 23,167
,633 48,039
,190 91,306
0 0
,057 22,442
73% 42%
Trading Volume
quity Investment Id
ium, 32-16-247-7111
h # of P
o Ests P
4 4 P
0 2 P
4 7 E
7 8 E
3 6 P
% 2
stimate L
$0.90 L
on
8 12/31/09
7 36,758
1 19,560
3 10,940
7 4,613
3 2.90
9 1,584
3 9,124
2 1,713
1 7,411
6 3,744
1 10,853
1 75,290
8 112,525
6 2,043
7 14,254
9 47,049
6 82,207
0 0
2 30,318
% 79%
e Dynamics
February 28, 2011
Valu
P/E FYE 12/31/0
P/E FYE 12/31/1
P/E FYE 12/31/1
P/E FYE 12/30/1
EV/ LTM revenu
EV/ LTM EBIT
P / tangible book
Greenbla
LTM EBIT yield
LTM pre-tax ROC
LTME
9/30/10 9/3
36,121 9
19,857 5
10,670 3
4,337 1
2.71
1,586 1
n/a 3
n/a 1
n/a 2
4,698
11,729
74,579
111,495
2,772
14,734
44,244
79,710
0
31,785
>100%
Feb 10
ed Investors
Page 78 of 170
www.ab-inbev.co
uation
09 19x
10 17x
11 14x
12 13x
e 3.6x
12x
k n/m
att Criteria
8%
C >100%
FQE FQE
30/09 9/30/1
9,763 9,32
5,258 5,19
3,253 2,88
,546 1,43
0.97 0.9
,586 1,59
3,704 n/
,537 n/
2,167 n/
4,69
11,72
74,57
111,49
2,77
14,73
44,24
79,71
31,78
n/m
Feb 11
m
E
0
3
3
8
4
0
1
a
a
a
8
9
9
5
2
4
4
0
0
5
m

B
B

I

I
*
**
su
H
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A
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in
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o
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2008-2011 by Beyond
BUSINESS OVE
Belgium-based
NVESTMENT H
#1 bre
nearly
in the
Canad
(16%)
Benef
marke
Budw
beer p
Share
adjust
revenu
via a 5
attract
and br
Grew
up 4%
down
Europ
Owns
brewe
NVESTMENT R
~55%
matur
where
Furth
synerg
mostly
Reinv
carrie
$42 bi
adj. EB
Based on 09 mark
*
AB InBev owns/m
multi-country bra
uch as Bud Light,
Harbin, Sedrin, Klin
**
1H10 annualized
COMPARABLE P

MV
($mn
HINKY 29,77
TAP 8,47
BUD 87,42
THE BOTTOM LI
AB InBev repre
eader in the glo
ncremental ret
he Anheuser-B
of many other f
While growth c

RVIEW
d Anheuser-Bus
HIGHLIGHTS
ewer in the wo
y every major
U.S. (49% ma
da (42%) and M
) and Germany
fits from scale
ets as well as g
eiser, Stella Ar
lants produced
es offer good r
ted FCF yield
ue from Brazil a
50% interest in
tive. Pricing pow
rands should af
organic reven
%), despite a fla
2%) and a volu
e. Volume grew
50% of Grup
er. The stake is
RISKS & CONCE
% of revenue (~
re markets in
organic reven
her margin imp
gies from the A
y realized and in
vestment of ca
es risks, includi
illion of net de
BITDA). $18 b
ket share. Mexico p
manages ~200 bran
ands Leffe and Hoe
Skol, Brahma, Qui
nskoye, Sibirskaya
d FCF (incl. adjustm
PUBLIC COMPA

EV
) ($mn) R
70 41,210
70 9,210
20 129,740 3
INE
esents an oppo
obal beer indus
urns due to glo
Busch deal in 2
firms that trade
challenges in E
erved.
sch InBev prod
orld with top m
beer market.
rket share), Br
Mexico (56%).
(9%), and #3
advantages in
global brands
rtois, and Beck
~95 million he
risk-reward tr
.
***
With rough
and China, and
n Modelo, grow
wer due to stro
fford protection
nue 5% y-y in
at result in N. A
ume-driven 5%
w 13% in Braz
po Modelo, Me
s worth ~$10 bi
ERNS
~60% of adj. E
U.S./Canada a
ue growth is a
provement ma
Anheuser-Busch
nput costs coul
sh flow into em
ing overpaying
ebt at June 30
billion of debt
presence is through
nds in total. Owned
egaarden, as well as
ilmes, Michelob, L
a Korona, Chernigiv
ment for Modelo st
ANY ANALYSIS
P /
EV / Tang.
Rev. Book
1.8x n/m
2.8x 5.1x
3.6x n/m
ortunity to com
stry. Cash flow
obal brands and
2008 (helped by
e at an ~8% FC
Europe /U.S.

SUBSCRIBE TODA
duces beer.
market share
AB InBev is #
razil (69%),
It is #2 in Rus
in China (11%
n consolidated
, including
ks.
**
~140 glob
ectoliters in 3Q
ading at an 8%
hly one third of
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ong market shar
n from cost ris
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exicos top
illion at market
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and Europe,
challenge.
ay be difficult
h merger in 08
ld continue risin
merging mark
g for M&A.
, 2010 (~3x 1
is due by 2013
h 50% stake in Mod
d brands also includ
s local champions
Lwenbru, Spaten,
vske, and Jupiler.
take at market valu
S
This Next
FY FY
P/E P/E
16x 13x
12x 11x
17x 14x
mpound capital a
w can be reinve
d strong local p
y disposals) sh
CF yield and ha
and leverage
AY! www.manualo
in
#1
sia
%).
*

d
bal
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%
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organic
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Revenue
% of reve
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Latin Ame
Western
Central a
Asia Paci
Global ex
Revenue
North Am
Latin Ame
Latin Ame
Western
Central a
Asia Paci
Adj. EBIT
North Am
Latin Ame
Latin Ame
Western
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Asia Paci
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Selected
Gross pro
EBIT exc
Net incom
Net cash
D&A
Capex
Volume (
shares
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Financial
2
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3
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5
~90% of

MAJOR
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representin

RATING
VALUE I
DOWNSI
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MACRO
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ould soon enab
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Value-oriented Eq
ofideas.com
D OPERATING
cember 31
c volume
2

c revenue
2

e
e
yees
($bn)
enue by segment:
merica
erica North (mostly
erica South (mostl
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merica
erica - North
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Europe
and Eastern Europe
ific
TDA margin by selec
merica
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erica - South
Europe
and Eastern Europe
ific
adj. EBITDA margin
items as % of reven
ofit
cl. special items
me
from ops
million hectoliters)
5

out (avg)
ls include Anheuse
excludes the impa
mainly reflect the i
YTD volume is bee
HOLDERS
chting insiders
entities acting in c
ng the interests of
S
ntrinsic value mate
DE PROTECTION
EMENT Capable a
AL STRENGTH S
GS MOMENTUM
k-adjusted rate
ture into high-g
% market share
ble more aggres
nance in an ind
ns, the risk-rew
quity Investment Id
DATA
1

y Brazil)
ly Argentina)
anies
segment (organic):
cted segment (ex. sp

nue:
er-Busch from its ac
act of exchange ra
impact of divestitur
er (99+% own beer
s <1% | Stichtin
concert with the S
f the Belgian and B
N Low risk of perm
returns on invested
M Fundamentals im
rom economic and s
s of return with
growth markets
e in Brazil). Ra
ssive return of
dustry as attrac
ward appears at
February 28, 2011
2008 2009
0% -1%
5% 3%
5% 44%
19% 56%
54% -15%
23.5 36.8

16% 42%
33% 21%
8% 5%
20% 12%
14% 7%
6% 5%
3% 8%

8% 1%
5% 13%
29% 15%
-2% -2%
4% 1%
8% 2%
pecial items):
35% 38%
46% 46%
44% 46%
20% 23%
17% 24%
23% 18%
33% 35%

56% 53%
25% 28%
8% 13%
24% 25%
8% 8%
11% 5%
285 409
2% 59%
cquisition in Novem
tes and acquisition
res.
4
Estimated.
r); 1 hectoliter=100
ng AB InBev 5
tichting, which is
Brazilian founding
market value?
manent loss?
ivized?
?
d capital?
mproving?
secular trends?
h the undispute
s at likely attra
apid deleveragi
capital. We don
ctive as the bee
ttractive nonet
ed Investors
Page 79 of 170
YTD
9/30/10
2%
4%
-3%
3

-2%
3

-3%
3

26.8

44%
26%
5%
11%
5%
5%
4%

-2%
19%
14%
-3%
0%
8%
42%
46%
45%
29%
20%
17%
37%

55%
30%
11%
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4

7%
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4

299
1%
mber 2008.
ns/divestitures.

0 liters.
53%
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a foundation
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ed market
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nt know
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theless.

A

1

2

3

4

e
o
5

6

7

A
8

S

G

S
2008-2011 by Beyond
ANHEUSER-BU
($ in billions)
Valuation metho
Estimated 2010
Estimated 2010
Estimated 2010
Minus: Estimate
Estimated 2010
Fair value multip
Estimated enter
Plus: Grupo Mo
Minus: Net debt
Minus: Net emp
Minus: Non-con
Estimated fair
Implied 1H10 an
Implied 2009 di
Implied EV-to-ru
Implied EV-to-ru
Annualized revenu
3Q10 EBITDA ma
Management is gu
The company has
equity-method inves
of AB InBev was $6
Based on balance
Based on 1,591 m
Based on the 2009
Anheuser-Busch in
Based on annualiz
Source: Company f
GLOBAL CONSU
Source: Company p

SCH INBEV O
odology
0 revenue
1

0 adj. EBITDA ma
0 adj. EBITDA
ed 2010 capex
3

0 EBITDA minus
ple
rprise value
odelo stake
4

t
5

ployee benefits
5

ntrolling interest
5

value of the equ
nnualized FCF y
vidend yield
7

un-rate adj. EBIT
un-rate revenue
8
ue is $35.8 billion b
rgin is 37.9%, excl
uiding for net capita
a 50% effective eq
stment. Our valuati
6.8 billion at June 3
sheet values as of
million ADS outstand
9 dividend of $0.55
late 2008, as the p
zing 1Q-3Q10 finan
ilings, The Manual
UMER PRODUC
presentation dated
erved.
OUR ESTIMATE
argin
2

maintenance ca
uity of AB InBev
yield
TDA
8

8

based on revenue d
uding special items
al expenditures of $
quity interest in Gru
on is based on the
0, 2010.
f June 30, 2010.
ding (1 ADS = 1 ord
5 per ADS declared
primary use of cash
ncials.
of Ideas analysis,
CTS COMPANIE
November 17, 201
SUBSCRIBE TODA
E OF THE EQUIT
Co
10x esti
EB
main
pex
v
6

$
$4
during the first nine
s (1Q-3Q10: 37.2%
$2.0-2.2 billion in 20
upo Modelo, Mexico
recent market valu
dinary share).
d for 2009. The com
h flow has been me
assumptions and e
ES $1+ BILLI
Annual E
0.
AY! www.manualo
TY FAIR VALUE
onservative
mated trailing ad
BITDA minus
tenance capex
$36.0
37.5%
$13.5
(2.1)
$11.4
10.0x
$114.0
9.8
(42.1)
(2.5)
(3.2)
$76 billion
48 per ADS
9.1%
1.2%
8.6x
3.2x
-months of 2010.
%).
010, representing ~
o's leading brewer
ue of Grupo Modelo
mpany has adopted
erger-related debt p
estimates.
ON BRANDS v
BITDA ($ bil
Value-oriented Eq
ofideas.com
E RANGE
Bas
dj. 12x estima
EBITD
mainten
$
3
$
(
$
1
$
(4
(
(
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$62
7
0
~6% of estimated r
and owner of the C
o. The total value o
d a more conservat
paydown.
vs. EBITDA
lions)
quity Investment Id
se Case
ated trailing adj.
DA minus
nance capex
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37.5%
$13.5
(2.1)
$11.4
12.0x
136.8
9.8
42.1)
(2.5)
(3.2)
9 billion
per ADS
7.0%
0.9%
9.7x
3.8x
revenue. D&A is an
Corona brand. This
of "investments in a
tive dividend payou
February 28, 2011
Aggres
14x estimated
EBITDA
maintenan
$36
37.5
$13
(2.1
$11
14.0
$159
9.8
(42.
(2.5
(3.2
$121 b
$76 per
5.7
0.7
11.3
4.5
n estimated ~7% of
s stake is accounted
associates" on the
ut following the mer
ed Investors
Page 80 of 170
ssive
d trailing adj.
minus
ce capex
6.0
5%
3.5
1)
.4
0x
9.6
8
1)
5)
2)
billion
r ADS
%
%
3x
5x
f revenue.
d for as an
balance sheet
rger with

A

1

2

3

S

A

1

2

S
2008-2011 by Beyond
ANHEUSER-BU
AB InBev holds dir
SAB Miller holds a
Heineken holds a
Source: Company p
ANHEUSER-BU
AB InBev holds dir
FEMSA Cerveza w
Source: Company p

SCH INBEV M
rectly and indirectly
a 49% stake in Chin
37.5% stake in Un
presentation dated
SCH INBEV M
rectly and indirectly
was acquired by He
presentation dated
erved.
MARKET POSIT
y a 50.2% stake in
na Resource Bever
ited Breweries Lim
November 17, 201
MARKET SHAR
y a 50.2% interest i
eineken in April 201
November 17, 201
SUBSCRIBE TODA
TION IN FASTE
Modelo.
rages.
ited.
0.
RE IN TOP 10 G
in Modelo
10
0.
AY! www.manualo
ST-GROWING
GLOBAL BEER
Value-oriented Eq
ofideas.com
GLOBAL BEER
MARGIN POO
quity Investment Id
MARKETS
LS
February 28, 2011
ed Investors
Page 81 of 170

B

2008-2011 by Beyond
BP (BP)
Energy: Oil & G
Price: $47.93
52-week rang
Market value:
Enterprise va
Shares out: 3
O
Insider owner
Insider buys (
Insider sales
Institutional o
($ millions, exce
per share data)
Revenue
Gross profit
Operating incom
Net income
Diluted EPS
Shares out (avg
Cash from oper
Capex
Free cash flow
Cash & investm
Total current as
Intangible asset
Total assets
Short-term debt
Total current lia
Long-term debt
Total liabilities
Preferred stock
Common equity
EBIT/capital em
$0
$10
$20
$30
$40
$50
$60
$70
$80
$90

Blue Ridge
Gas - Integrated
Trading Data
(as of 2/18/11)
ge: $26.75 - $60.
: $149.9 billion
lue: $170.8 billio
3,126.7 million
Ownership Data
rship: <1%
(last six months)
(last six months)
wnership: 10%
ept
12/31/
196,6
51,2
me 25,7
17,0
4
g) 3,6
rations 23,3
12,2
11,0
ments 1,3
ssets 61,4
ts 15,0
194,6
t 10,1
bilities 63,1
12,9
117,7
y 76,8
mployed 26
Feb 02
erved.
e , BP Cap
d
98
on
a
: 0
): 0
O
/04 12/31/05
604 245,486
219 60,868
746 32,182
088 22,024
.78 6.13
637 3,521
378 26,721
286 12,281
092 14,440
359 2,960
443 75,290
062 15,143
630 206,914
184 8,932
126 71,997
907 10,230
738 127,253
0 21
892 79,640
6% 33%
Ten-Year S
Fe Feb 03
SUBSCRIBE TODA
pital ^, Cho

This quarter
Next quarter
FYE 12/31/1
FYE 12/30/1
FYE 12/30/1
LT growth
EPS Surpris
2/1/11
Operating Perfo
Fiscal Y
12/31/06 12
274,316 2
63,840
35,658
22,313
6.64
3,338
28,172
15,125
13,047
2,590
75,339
16,026
217,601 2
12,924
75,352
11,086
132,977 1
21
84,603
36%
Stock Price Perf
Feb 05 eb 04
AY! www.manualo
hou , Gree
Consensus EP
Lat
$1
r 1
1 5
2 6
3 5
5.
se Actu
$1.3
ormance and Fin
Years Ended
2/31/07 12/31
291,438 367,0
64,757 73,3
32,352 35,2
20,843 21,1
6.47 6
3,194 3,1
24,709 38,0
17,830 22,6
6,879 15,4
3,562 8,1
80,202 66,3
17,658 20,1
236,076 228,2
15,394 15,7
77,231 69,7
15,651 17,4
42,386 136,9
21
93,669 91,2
30% 3
formance and T
Feb 06 5
Value-oriented Eq
ofideas.com
eenlight ^^
London, EN, Un
PS Estimates
Month
test Ago
1.66 $1.76
1.69 1.80
5.89 6.20
6.45 6.68
5.31 8.11
.0% 5.0%
ual Est
39 $1
nancial Position
1/08 12/31/09
053 246,138
315 59,164
239 26,426
155 16,576
6.69 5.25
132 3,122
095 27,716
658 20,650
437 7,066
197 8,339
384 67,653
138 20,168
238 235,968
740 9,109
793 59,320
464 25,518
935 134,355
21 0
282 101,613
32% 24%
Trading Volume
F Feb 07
quity Investment Id
^
nited Kingdom, 800-638-
# of P
Ests P
4 P
4 P
11 E
10 E
4 P
1
imate LT
1.60 LT
n
12/31/10 1
308,928 3
28,102
(3,702)
(3,721)
(1.19)
3,131
13,616
18,421
(4,805)
20,088
96,853
22,896
272,262 2
14,626
83,879
30,710
177,275
0
94,987
-3%
e Dynamics
Feb Feb 08
February 28, 2011
-5672
Valua
P/E FYE 12/31/10
P/E FYE 12/31/11
P/E FYE 12/30/12
P/E FYE 12/30/13
EV/ LTM revenue
EV/ LTM EBIT
P / tangible book
Greenblat
TM EBIT yield
TM pre-tax ROC
LTME F
12/31/10 12/31
308,928 73,
22,858 17,
(3,393) 6,
(3,721) 4,
(1.24) 1
3,131 3,
13,616 7,
18,421 5,
(4,805) 1,
24,444 13,
96,853 67,
22,896 20,
272,262 235,
14,626 9,
83,879 59,
30,710 25,
177,275 134,
0
94,987 101,
-3%
Feb 10 09
ed Investors
Page 82 of 170
www.bp.com
ation
0 n/m
1 8x
2 7x
3 9x
e 0.6x
n/m
2.1x
tt Criteria
-2%
C -3%
FQE FQE
1/09 12/31/10
,636 83,988
,395 18,127
,934 8,905
,294 5,566
1.36 1.76
,125 3,132
,288 (178)
,647 5,118
,641 (5,296)
,306 24,444
,653 96,853
,168 22,896
,968 272,262
,109 14,626
,320 83,879
,518 30,710
,355 177,275
0 0
,613 94,987
n/m n/m
Feb 11
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2008-2011 by Beyond
BUSINESS OVE
BP is an integra
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hrough 2010. T

RVIEW
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HIGHLIGHTS
ed reserves of
alents (boe) at
f average daily
e life is ~13 ye
% between oil
oped, and rough
sted EV/boe of
s an average $
prise value is a
ning Gulf of M
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production cost
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lized 4Q10 div
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BITDA of $43
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asset base rema
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eting $30 billio
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ry 11 (at impli
unced share sw
eft in January
wn 11% of Ro
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RISKS & CONCE
ate GOM oil s
r than the rem
ok a $41 billion
illion of cash in
n of cash p.a. in
ional claims/fin
vestment risk.
ost of finding n
if not more, th
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RS
*

BlackRock 6%
he pending share s
of the enlarged sha
INE
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mated 25+% di
ng BPs enterpr
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as producer.
18.1 billion ba
t yearend 2010
production in
ears). Reserves
and natural ga
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f proved reser
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Mexico (GOM)
billion of pensi
ts averaged ~$
ment signals r
nd cash flow r
vidend, which r
l dividend, yiel
billion is up 2
j. EV/2010 EB
power is larg
ains mostly int
own only 1% de
illion boe are u
on of asset disp
eady been anno
ied $12/boe of
wap and globa
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sneft (incl. exi
% of BPs enlar
ERNS
spill liability m
maining $23 bi
n pre-tax charg
n 2010. It plan
nto a trust fund
nes may requir
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new reserves m
han selling pric
ty due to GAA
ebt (0.6x 2010
% | L&G 5% | S
swap with Russia-b
are capital of BP af
e appreciation
iscount to its p
rise value for th
n, BPs 2010 ad
einstated divide

SUBSCRIBE TODA
arrels of oil
and 3.8 millio
2010 (implied
s are split rough
as; ~55% are
based in the U
rves is ~$11
European pee
ude $23 billion
oil spill
ion provisions.
7/boe since 20
educing GOM
resilience. The
remains at 50%
lds ~4%. 2010
23% y-y due to
BITDA is <5x).
gely unaffected
act. Yearend
espite disposal
up 10+% y-y.
posals, of whic
ounced through
f proved reserv
al alliance wit
completion, B
sting 1% stake
rged shares.
may be much
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ge and has paid
s to contribute
d through 2013
re further cash.
e depleting asse
may go up just a
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AP accounting.
adj. EBITDA)
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based Rosneft, wh
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since the lows
eers, based on
he remaining $
djusted EBITD
end, which yie
AY! www.manualo
on
d
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U.S.
ers.
n of
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avg rea
product
refinery
revenu
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% of reve
Exploratio
Refining/M
Corporate
Revenue
Exploratio
Refining/M
Adjusted
Exploratio
Refining/M
Total ad
% of reve
Selected
EBIT
Net incom
DD&A
Capex
Selected
Avg oil pr
Avg gas p
Productio
Return on
Tangible
shares
1
In billions
2
Based on
3
Estimate
4
Excludes
2010 exclu
5
As report

COMPAR

XOM
RDS.A
CVX
BP

RATING
VALUE I
DOWNSI
MANAGE
FINANCI
MOAT A
EARNING
MACRO
s related to the
enterprise valu
$23 billion of s
DA of $43 billio
lds a decent ~4
Value-oriented Eq
ofideas.com
D OPERATING
cember 31
eserves (Bboe)
1

ed reserves
fter-tax ($bn)
2

production
alized oil price
alized gas price
ction costs
y intake
e
($bn)
enue by segment:
on/Production
Marketing
e/Eliminations -
growth by selected
on/Production
Marketing
EBIT margin by sele
on/Production
Marketing
dj. EBIT margin
enue from U.S.
items as % of reven
me
Exploration/Product
rice, $/boe
price, $/mcf
on cost, $/boe
n tang. equity
equity/assets
out (avg)
s of oil-equivalent b
n SEC method. Incl
d.

s inventory gains/lo
udes $41 billion GO
ted (includes GOM
RABLE PUBLIC

MV
($mn) ($
426,100 43
221,390 25
198,670 19
149,870 17
S
ntrinsic value mate
DE PROTECTION
EMENT Capable a
AL STRENGTH S
GS MOMENTUM
Gulf of Mexic
ue per oil-equi
spill-related pro
on dwarfs the $
4%, has the pot
quity Investment Id
DATA
2005 2006 20
17.9 17.7 1
-2% -1%
128 91 1
0% -2% -
37% 22% 1
27% -4% -
33% 5% 2
-8% -8% -
25% 11%
240 266 2
26% 26% 2
89% 87% 8
-15% -13% -1
segment:
25% 10% -
31% 9%
ected segment:
4

43% 46% 4
2% 2%
13% 13% 1
39% 36% 3
nue:
14% 13% 1
9% 8%
4% 3%
5% 6%
tion segment data:
48.5 59.2 6
4.9 4.7
4.5 5.7
35% 33% 2
34% 34% 3
-3% -5% -
barrels, net (incl. BP
ludes BP share of e
osses (and other no
OM oil spill charge
oil spill charge and
COMPANY AN

EV EV /
$mn) Rev.
32,140 1.1x
52,280 .7x
94,760 1.0x
70,760 .6x
N Low risk of perm
returns on invested
M Fundamentals im
rom economic and s
co oil spill in 20
ivalent barrel o
ovisions. Whil
$18 billion of c
tential to more
February 28, 2011
007 2008 200
7.8 18.1 18
1% 2% 1%
176 57 8
-3% 1% 4%
4% 34% -38%
-4% 32% -46%
6% 1% -12%
-3% 1% 6%
7% 27% -34%
284 361 23

3% 24% 24%
88% 89% 89%
1% -12% -13%

-3% 31% -33%
8% 28% -33%

42% 46% 38%
1% 1% 2%
0% 12% 9%
36% 34% 35%

1% 10% 11%
7% 6% 7%
4% 3% 5%
6% 6% 9%
67.5 90.2 56
4.5 6.0 3
7.1 7.2 6
9% 29% 22%
34% 35% 36%
-4% -2% 0%
Ps share of equity i
equity-accounted e
on-operating items
(pre-tax, pre-partne
d other items).
NALYSIS
P / This
Tang. FY
Book P/E
2.9x 12x
1.5x 11x
2.0x 9x
2.1x 8x
market value?
manent loss?
ivized?
?
d capital?
mproving?
secular trends?
010, BP contin
of proved reserv
e the ultimate a
cash costs incu
e than double o
ed Investors
Page 83 of 170
09 2010
.3 18.1
% -1%
89 n/a
% -4%
% 30%
% 22%
% 13%
3

% 6%
% 24%
39 297

% 22%
% 90%
% -12%

% 15%
% 25%

% 42%
% 2%
% 11%
% 33%

% -1%
5

% -1%
% 4%
% 6%

.3 73.4
.3 4.0
.4 7.1
3

% -5%
% 33%
% 0%
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entities.
in 2007-10).
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P/E
10x
10x
9x
7x

nues to
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amount of
urred
over time.

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3

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c
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o
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2008-2011 by Beyond
BP OUR ESTI
($ in billions)
Valuation metho
Value of proved
Proved reserves
Fair value "mult
Fair value of pr
Value of additio
Additional "reso
Fair value "mult
Fair value of ad

Estimated tota
Minus: Net debt
Minus: Remaini
Minus: Provision
Minus: Non-con
Estimated fair
Implied 2010 ad
Implied run-rate
Implied 2009 di
Implied EV-to-2
Implied fair valu
Implied EV per
Implied EV per
As of year-end 20
of 13 years based o
conventional/LNG g
BP). BP also has sig
hrough January 20
espectively, of whic
For reference, the
based competitors E
~$15/boe. Based on
value to barrel of oil
Per BP's disclosur
As timing and ultim
Per balance sheet
BP took a spill-rela
provision is $23.3 b
assumes the presen
cases are modestly
processes). Underly
nvestigations, most
Based on 3.13 bill
ordinary shares (~1
of BP. In return, BP
orming a global stra
Adjusted to exclud
Based on annualiz
Source: Company f

MATE OF THE E
odology
d reserves:
1

s, including shar
tiple"
2

roved reserves
onal "resources":
3
ources" as of 12/3
tiple"
4

dditional "resou
l enterprise val
t
5

ng liability for Gu
n for post-retirem
ntrolling interest
5

value of the equ
dj. earnings yield
e dividend yield
9

vidend yield
2010 adj. EBITDA
ue of the equity to
boe of proved re
boe of total "reso
10, BP had proved
on 2010 production
gas. ~55% of prove
gnificant reserves i
11 (out of total targ
ch 0.4bn boe and 1
implied value of B
Exxon Mobil (includ
n our analysis, a se
l-equivalent proved
re in February 2011
mate recoverability
t values as of Dece
ated charge of $40
illion as of yearend
nt value of total rem
lower. This is main
ying our estimates
t of which are still p
ion American Depo
65 million ADS) to
will receive Rosne
ategic alliance focu
de Gulf of Mexico s
zing the 4Q10 divid
ilings, The Manual
erved.
EQUITY FAIR V
e of equity inves
(A)
3

31/10
urces" (B)
ue (A) + (B)
ulf of Mexico oil s
ment benefits
5

uity of BP
7

d
8

A (including share
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eserves
ources" (proved r
reserves of 18.1 b
. Conventional oil r
ed reserves are dev
in the North Sea, A
geted disposals of ~
1.8bn boe are base
P's announced disp
ding recently acqui
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d reserves of ~$17/
1, it had 50.2 billion
of additional resou
ember 31, 2010.
.9 billion (pre-tax) i
d 2010. BP expects
maining liabilities ap
nly to reflect the tim
is the assumption t
pending.
ositary Shares (AD
be issued to Rosne
eft shares that will e
used on oil and gas
pill response charg
dend of $0.42 per A
of Ideas analysis,
SUBSCRIBE TODA
VALUE RANGE
stees, as of 12/31
spill
6

re of profit from e
reserves+additio
billion oil-equivalent
represents ~50% o
veloped. About one
Azerbaijan, and Ang
~$30 billion) relate
ed on disposals com
posals of $21+ billi
red XTO Energy), C
European-based in
/boe. The peer grou
n boe of "non-prove
urces is uncertain, w
n 2010. After 2010
s to fund $5.0 billion
pproximate the yea
me value of money
that BP will not face
S) outstanding. On
eft as part of a dea
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s exploration in the
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Chevron and Cono
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we attach zero valu
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n of cash into a trus
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(the eventual amou
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al announced in Jan
stake in Rosneft fro
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ing gains/losses, a
a dividend in Febr
estimates.
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Conservat
Valuation
proved rese
only (based
implied $/bo
announce
asset dispos
of ~$12/bo

18 billion b
$12.00 per
$217 billio

50 billion b
$0 per bo
$0

$217 billio
-$26 billio
-23 billion
-10 billion
-1 billion
$157 billio
$50 per AD
13%
3%
7%
8
5.1x
2.2x
$12
$3
its share of reserve
e remainder largely
are located in the U
s. Total headline pr
s and non-proved r
xcluded from our re
e of proved reserve
ocoPhillips at an av
as producers has r
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ddition to its proved
ue per barrel of oil-e
f $17.7 billion (inclu
st fund in each of 2
on value of ~$23 bi
unt and timing of ca
er costs beyond exi
rdinary BP shares.
nuary 2011. Pendin
om ~1% to 10+%.
nd other non-opera
ruary 2011 after sus
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$25 b

on $260 b
on -$26 b
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n -10 b
n -1 bi
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10
3%
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2.8
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verage enterprise va
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2011, 2012 and 201
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ash outflows largel
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spending payment
February 28, 2011
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on boe 50
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billion $3
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billion -
billion -
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er ADS $80
0%
%
%
1x
8x
14
$4
ees) with an implied
eepwater oil and
Russia through a sta
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gures above).
e average valuation
alue to barrel of oil
an average implied
end 2010.
es in our conservat
to a trust fund), the
13. While our conse
s in the base and a
y depend on politic
om oil spill-related
oes not include 989
of the deal, Rosnef
share swap, BP and
s after the 2010 GO
ed Investors
Page 84 of 170
ggressive
aluation of
ved reserves
14/boe) plus
value of
additional
esources"
billion boe
.00 per boe
253 billion
billion boe
00 per boe
50 billion

304 billion
$26 billion
15 billion
10 billion
-1 billion
252 billion
0 per ADS
8%
2%
4%
7.1x
3.5x
$17
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ake in TNK-
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litigation and
9 million new
ft will own 5%
d Rosneft are
OM oil spill.

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xpected to complet
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February 28, 2011
o oil spill.
cquisitions and dive
forex and energy c
te in subsequent pe
ed Investors
Page 85 of 170
estments.
costs.
eriods.

B

2008-2011 by Beyond
Brookfield I
Utilities: Electr
Trad
Price: $23.55
52-week rang
Market value:
Enterprise va
Shares out: 1
Owne
Insider owner
Insider buys (
Insider sales
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Cash & investm
Total current as
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Total assets
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Total current lia
Long-term debt
Total liabilities
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EBIT/capital em
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$10
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ge: $14.95 - $23.
: $2.7 billion
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13.0 million
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^
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February 28, 2011
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Feb 10
ed Investors
Page 86 of 170
frastructure.com
6x
n/a
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BUSINESS OVE
Brookfield Infr
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SUBSCRIBE TODA
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February 28, 2011
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ed Investors
Page 87 of 170
Pro-forma
2

2010

200
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328
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2008-2011 by Beyond
BROOKFIELD IN
($ in millions)
Valuation metho
2010 pro-forma
Maintenance ca
Estimated 2010
Fair value multip
Estimated fair
Implied annualiz
Implied 2010 FF
Implied fair valu
Implied fair valu
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Source: Company f
BROOKFIELD IN
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BROOKFIELD IN
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NFRASTRUCTUR
odology
funds from oper
apex
2

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value per unit o
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FO yield
ue to partnership
ue to estimated ta
merger with Prime I
certain other items
orted adjusted FFO
ion diluted units ou
ber 31, 2010, balan
ilings, The Manual
NFRASTRUCTUR
presentation dated
NFRASTRUCTUR
presentation dated
erved.
RE PARTNERS
rations (FFO)
1

ntenance capex
of Brookfield Inf
ution yield
4

capital
5

angible partnersh
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O (AFFO), which is d
utstanding.
4

nce sheet. Tangible
of Ideas analysis,
RE PARTNERS
February 2011.
RE PARTNERS
February 2011.
SUBSCRIBE TODA
OUR ESTIMA
frastructure
3

hip capital
5

h was completed in
FFO attributable to
defined as FFO mi
Based on annualiz
e partnership capita
assumptions and e
OPERATING
CASH FLOW
AY! www.manualo
ATE OF THE EQU
Conservat
15x 2010 pro-
FFO minu
maintenance
$328
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5.8%
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n December 2010.
non-controlling int
nus maintenance c
ing the latest quart
al is stated as partn
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PROFILE
PROFILE
Value-oriented Eq
ofideas.com
UITY FAIR VAL
tive
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us
capex
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Funds from operat
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February 28, 2011
Aggre
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20x 2010
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ed Investors
Page 88 of 170
essive
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S
2008-2011 by Beyond
BROOKFIELD IN
Source: Company p
BROOKFIELD IN
Source: Company p
BROOKFIELD IN
Source: Company p

NFRASTRUCTUR
presentation dated
NFRASTRUCTUR
presentation dated
NFRASTRUCTUR
presentation dated
erved.
RE PARTNERS
February 2011.
RE PARTNERS
February 2011.
RE PARTNERS
February 2011.
SUBSCRIBE TODA
SELECTED FIN
SELECTED BA
PRO FORMA
AY! www.manualo
NANCIAL INFO
ALANCE SHEET
A CORPORATE L

Value-oriented Eq
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Page 89 of 170

G

2008-2011 by Beyond
Gastar Expl
Energy: Oil & G
Price: $4.52 (
52-week rang
Market value:
Enterprise va
Shares out: 6
O
Insider owner
Insider buys (
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Institutional o
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Revenue
Gross profit
Operating incom
Net income
Diluted EPS
Shares out (avg
Cash from oper
Capex
Free cash flow
Cash & investm
Total current as
Intangible asset
Total assets
Short-term debt
Total current lia
Long-term debt
Total liabilities
Preferred stock
Common equity
EBIT/capital em
$0
$5
$10
$15
$20
$25
$30
$35

loration (GS
Gas Operations
Trading Data
(as of 2/18/11)
ge: $2.85 - $5.77
: $282 million
lue: $299 million
62.4 million
Ownership Data
rship: 2%
(last six months)
(last six months)
wnership: 47%
ept
12/31
me
(0.
g)
rations
ments
ssets
ts
t
bilities
y
mployed -1
F Feb 02
erved.
ST) BP Ca

n
a
: 1
): 5
Op
/03 12/31/04
2 6
0 0
(5) (10)
(5) (13)
24) (0.57)
21 22
(2) (1)
5 34
(7) (35)
1 16
1 18
0 0
39 84
2 0
5 2
7 58
15 62
0 0
24 22
5% -21%
Ten-Year Sto
Feb 0 eb 03
SUBSCRIBE TODA
Capital ^^

This quarter
Next quarte
FYE 12/31/1
FYE 12/31/1
FYE 12/30/1
LT growth
EPS Surpris
n/a
perating Perform
Fiscal Y
12/31/05 12
27
0
(12)
(26)
(0.99)
26
3
84
(80)
61
70
0
240
0
14
91
119
0
121
-11%
ock Price Perfor
Feb 05 04
AY! www.manualo

Houston,
Consensus EP
Lat
r
r
10
11
12
se Actu
n/a
mance and Finan
Years Ended
2/31/06 12/31/
27
0
(71) (5
(85) (3
(2.50) (0.7
34
(1)
53
(54) (5
41
55
0
229 2
0
32
94 1
131 1
0
98
-47% -42
rmance and Tra
Feb 06
Value-oriented Eq
ofideas.com
, TX, 713-739-1800
PS Estimates
Month
test Ago
n/a n/a
n/a n/a
n/a n/a
n/a n/a
n/a n/a
n/a n/a
al Esti
a n
ncial Position
/07 12/31/08
35 63
0 0
58) (1)
31) (5)
75) (0.13)
41 41
7 40
65 131
58) (91)
86 16
93 25
0 0
262 288
0 152
29 182
133 0
167 187
0 0
95 102
2% -1%
ading Volume Dy
Feb Feb 07
quity Investment Id
# of P/
Ests P/
n/a P/
n/a P/
n/a EV
n/a EV
n/a P
n/a
mate LT
n/a LT
L
12/31/09 9/
33
0
(93)
49
1.06
46
13
49
(36)
96
122
0
296
17
113
0
131
0
165
-57%
ynamics
Feb 09 b 08
February 28, 2011
Valuatio
/E FYE 12/31/09
/E FYE 12/31/10
/E FYE 12/31/11
/E FYE 12/30/12
V/ LTM revenue
V/ LTM EBIT
/ tangible book
Greenblatt C
TM EBIT yield
TM pre-tax ROC
LTME FQE
/30/10 9/30/09
44 4
0 0
(13) (22)
3 109
0.07 2.21
47 49
9 (3)
52 8
(43) (11)
7 80
22 87
0 0
236 266
0 20
39 106
24 0
79 114
0 0
157 152
-9% n/m
Feb 10
ed Investors
Page 90 of 170
www.gastar.com
on
4x
n/a
n/a
n/a
6.8x
n/m
1.8x
Criteria
-4%
-9%
E FQE
9 9/30/10
4 14
0 0
) (17)
9 (16)
1 (0.33)
9 49
) 3
8 19
) (16)
0 7
7 22
0 0
6 236
0 0
6 39
0 24
4 79
0 0
2 157
m n/m
Feb 11

B
G
a
P

I
I
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G
A
a
p
R

2008-2011 by Beyond
BUSINESS OVE
Gastar owns an
areas: Bossier (
Pennsylvania),
NVESTMENT H
U.S. u
billion
at year
~90%
East T
~7 yea
$70 m
Atinu
The de
acres t
origin
Marce
Decem
Adjus
Marce
EV by
of pro
based
Recen
$1 per
boe (2
Low a
since 2
breake
and $3
~$25 m
adjust
procee
($4.00
well a

NVESTMENT R
Prove
result
While
have s
62,000
Megae
Futur
capex
by Ati
Long-
entire
pushed
Natur
THE BOTTOM LI
Gastars strateg
A joint venture
acreage far abo
potential value
Reducing the ri

RVIEW
nd produces nat
(East Texas), M
and the Powde
HIGHLIGHTS
unconventional
n cubic feet equ
rend 2009 (95+
of reserves are
Texas. ~60% of
ars based on tra
million JV deal
m validates M
eal implies a va
to be assigned
al acreage). Af
ellus acres from
mber 2010, it ow
sted enterprise
ellus acre of l
y the estimated
ved reserves (m
on NYMEX-s
nt EV to net r
r oil-equivalen
2.4+ trillion cfe
average cash c
2005 (1Q-3Q1
even levels at B
3.90 per thousa
million of pro-
ed for net deriv
eds from 13.8 m
0/share), a $21
s initial cash in
RISKS & CONCE
ed reserves jus
ing in explora
the Atinum de
significant valu
0 Marcellus acr
energy and Sag
re dilution cann
needs despite $
inum. 2011 cap
-time sharehol
e stake at ~$3 i
d Gastar to spl
ral gas price h
INE
gy is to explore
deal with Kor
ove recent enter
may ultimately
isk-reward, and
erved.
tural gas reserv
Marcellus (Wes
er River (Wyom
l natural gas p
uivalent (Bcfe) o
+% of which ar
e located at the
f reserves, whic
ailing productio
l with Korean
Marcellus reso
alue of $4,100/
to Atinum (50
fter Gastars pu
m Megaenergy/S
wns ~80,000 ac
e value assum
less than $2,00
$134 million a
mostly at Boss
trip pricing as
resource poten
nt barrel based
e) of resources
costs of $3-4 p
0: $3.90). Gas
Bossier and Ma
and cubic feet e
-forma net cas
vatives, ~$52 m
million new sh
million litigati
n/outflow from
ERNS
stify only half
ation and deve
eal indicates G
ue above recent
res (~80% of t
ga implies only
not be ruled o
$40 million fut
pital budget is $
lder Palo Alto
in 2010. Palo A
it the CEO and
edges limit ne
e unconvention
rean investmen
rprise value. G
y accrue to exi
d tempering ou

SUBSCRIBE TODA
ves in three U.
st Virginia and
ming/Montana
producer with
of proved reser
re natural gas)
e Bossier sands
ch have a life o
on, are producin
investment fi
urce potential
/acre for 17,10
% of Gastars
urchase of ~62,0
Saga Petroleum
cres at Marcellu
mes a value per
00, after reduci
after-tax PV-10
ier/Powder Riv
of yearend 09
ntial is less th
d on 400+ mill
per Gastar.
er thousand cf
tar estimates
arcellus of $3.5
equivalent.
sh at 9/30/10,
million of net
hares in Decem
ion settlement,
m Marcellus dea
of recent EV,
elopment risk.
Gastars resourc
t EV, the sale o
otal) to Gastar
y ~$410 per acr
ut given high
ture capex fund
$54-73 million
o Investors sol
Alto successful
d chairman role
ear-term upsid
nal natural gas
nt firm Atinum
Given a debt-fre
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ur enthusiasm,
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49
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of
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as
als.
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of
by
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SELECTE
FYE Dece
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% natur
% prod
PV-10 pro
proved
proved
product
revenu
Productio
Revenue
Selected
Lease op
SG&A
EBIT
5

Net incom
Net cash
DD&A
Capex
7

Net cash
Realized
Selected
Lease op
G&A
DD&A
Tangible
shares
1
Bcf(e) = b
2
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before inco
been inclu
SEC meth
methodolo
under the
3
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4
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5
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6
2009 net
7
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MAJOR
CEO Po
BlackRo

RATING
VALUE I
DOWNSI
MANAGE
FINANCI
MOAT A
EARNING
MACRO
*
Based on
Unconve
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**
EV is al
shares, a li
resources in th
appears to val
ee balance shee
ders, among w
is the fact that
Value-oriented Eq
ofideas.com
D OPERATING
cember 31
gas reserves (period-
eserves
ral gas
ucing
oved reserves ($mn
reserves
producing
ction
e
on (Bcfe)
($mn)
3

items as % of reven
perating expenses
4

me
6

from operations
from operations ($m
avg gas price ($/Mc
expenses ($ per Mc
perating
4

equity/assets
out (avg)
billions of cubic fee
value, discounted a
ome tax of estimate
ded based on tax-l
odology (flat price
ogy (average price
old method and $
ealized natural gas
production taxes a
s natural gas/oil pro
litigation expense
t income includes p
drilling advances.
HOLDERS
orter 2% | Othe
ock 6% | Tocqu
S
ntrinsic value mate
DE PROTECTION
EMENT Capable a
AL STRENGTH S
GS MOMENTUM
n new SEC meth
entional because p
on technologies, pr
lso adjusted for all
itigation settlemen
he U.S., includi
idate this strate
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which is natural
proved reserv
quity Investment Id
DATA
1

2006 200
-end) (Bcfe):
31.3 54
99% 100%
36% 40%
n)
2
40 13
-5% 75%
61% 91%
23% 40%
-2 29%
4.7 6
27 3
nue:
32% 25%
51% 49%
-44% -36%
-317% -88%
-5% 22%
61% 62%
241% 202%
mn) -1
cf) 5.60 5.1
cfe):
1.82 1.3
2.87 2.5
3.46 3.2
43% 36%
31% 19%
et (equivalents); Mc
at 10% per annum,
ed proved reserves
loss carryforwards)
es held constant). 2
es held constant). 2
$134 million if "NYM
s hedge gain/loss.
and transportation a
operties impairmen
and mineral resou
proceeds from the s
er insiders 1% |
ueville 6% | Ri
N Low risk of perm
returns on invested
M Fundamentals im
rom economic and s
hod (69 Bcfe at N
prior to advances i
roduction from suc
l transactions in 4Q
nt, and the Marcell
ing sands, shal
egy and indica
onal control by
l gas giant Che
es likely justify
February 28, 2011
07 2008 2009
.9 63.8 48.9
% 100% 99%
% 50% 59%
32 110 46
% 16% -23%
% 47% -10%
% 29% 9%
% 83% -48%
.6 8.5 9.3
35 63 33
% 17% 26%
% 23% 48%
% 21% -24%
% -8% 149%
% 63% 41%
% 39% 50%
% 218% 168%
7 40 13
18 6.63 4.36
31 1.28 0.92
55 1.68 1.68
24 2.87 1.77
% 35% 56%
% 2% 11%
cf(e) = thousands o
of estimated future
s (no future taxes p
). 2006-08 is based
2009 is based on
2009 PV-10 is $113
MEX strip" prices a
and treating costs.
nt, accretion of ass
rce properties expe
sale of Australian a
| Chesapeake 1
iver Road 4%
market value?
manent loss?
ivized?
?
d capital?
mproving?
secular trends?
NYMEX strip price
in drilling, fracturi
ch reserves was un
Q10, including the
lus sale and purch
le and coalbed
ate a value of G
Gastar, much
esapeake Energ
fy only half of r
ed Investors
Page 91 of 170
9
YTD
9/30/10

9 n/a
% n/a
% n/a
6 n/a
% n/a
% n/a
% -26%
% 44%
3 5.3
3 36

% 25%
% 32%
% 26%
% -26%
% 22%
% 17%
% 121%
3 8
6 4.13

2 1.71
8 2.20
7 1.15
% 67%
% 9%
of cf(e).
e net revenue
payable have
d on old
new SEC
3 million
re used.
et retirement
ense.
assets.
13%
| Rima 3%

es).
ing and
neconomic.
e issue of new
ase deals.
methane.
Gastars
of that
gy (CHK).
recent EV.

G
1

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(9
g
M
in
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re
c
4

5

n
c
a
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a
c
w
a
fi
n
4
m
fo
~
m
to
p
S
2008-2011 by Beyond
GASTAR EXPLO
($ in millions)
Valuation metho
Value of East T
Proved reserves
Fair value mult
Fair value of pro
12/31/09 PV-1
implied fair v
Net resource p
Fair value mult
Fair value of res
Estimated enter
implied ente
Value of Appal
Proved reserves
Fair value mult
Fair value of pro
12/31/09 PV-1
implied fair v
Net resource p
Fair value mult
Fair value of res
Estimated enter
implied ente
Estimated ente
Gastar net ac
implied ente
Estimated tota
Plus: Estimated
Estimated fair
Implied price-to
Implied trailing n
Implied EV as %
Implied EV per
Implied EV per
Implied EV per
100% operated; 50
months of 2010, Ga
90+% of total Gast
gas (based on an e
Mercantile Exchang
ncreased from $5.7
energy content, tran
evenue before inco
carryforwards and c
Based on the com
100% operated; 95
nine months of 2010
company's presenta
adjustments for acre
purchase and sale a
Gastar assigned to
34,200 net) acres a
valued at $70 millio
drilling costs (drillin
own a 50% interest
$29 million. The acq
Virginia. After alloca
ransaction (see foo
acreage owned) imp
conservative value
working interest in ~
adjacent fields (coa
irst nine months of
net derivatives) adju
4Q10). On October
million shares outsta
orma shareholders
~$9 million of net ca
million for drilling, de
o focus on oil/liquid
per MMBtu to $8.51
Source: Company f

ORATION OUR
odology
Texas assets (B
s as of 12/31/09
2
tiple
oved reserves (A
10, East Texas p
value as % of PV
otential
4

tiple
sources (B)
rprise value of Ea
erprise value per
lachia assets (M
s as of 12/31/09
6
tiple
oved reserves (D
10, Appalachia p
value as % of PV
otential
8

tiple
sources (E)
rprise value of Ap
erprise value per
erprise value of
res in Powder Ri
erprise value per
l enterprise val
d net cash (9/30/1
value of the equ
-tangible book va
net cash from op
% of PV-10 (12/3
boe of proved re
boe of "net resou
net acre
0-67% working inte
astar's average net
ar proved reserves
nergy equivalence
ge for crude oil and
79 per MMBtu to $8
nsportation fees, an
ome tax of estimate
current and future p
mpany's presentatio
5-100% working int
0, Gastar's average
ation from February
eage sold to Atinum
agreement with Ati
Atinum an initial 21
and a 50% working
n. Atinum paid Gas
ng carry). Upon co
in the 34,200 net a
quisition consists o
ating value to existi
otnote 9) implies a ~
plies a ~$410 per
is based on the $10
~43,400 gross (19,6
lbed methane prop
2010, Gastar's ave
usted to include ~$
1, 2010, Gastar's b
anding (includes 13
' equity of $210 mil
ash from operations
ependent on antici
ds. 4Q10 capex is e
per MMBtu over t
ilings, The Manual
erved.
R ESTIMATE OF
Bossier):
1

2

A)
proved reserves (
V-10 value
ast Texas assets
r acre, net to Gas
Marcellus Shale)
6

D)
proved reserves (
V-10 value
ppalachia assets
r acre, net to Gas
Powder River B
iver Basin
r acre, net to Gas
ue (C) + (F) + (G
10 net cash plus
uity of Gastar
13

alue multiple
14

perations to impli
31/09 1P, NYMEX
eserves
urce potential"
erest. Assets are lo
production from Ea
s) has been convert
applicable at the b
natural gas as of D
8.51 per MMBtu ov
nd regional price di
ed proved reserves
property tax basis, n
n from February 20
terest. Assets are l
e net production fro
y 2011 (net resourc
m JV in September
num Partners, a Ko
1.4% interest in all
g interest in 16 prod
star $30 million in c
mpletion of the fun
acres of Marcellus S
f ~62,000 net acres
ng wells, a gatherin
~$4,100 per acre v
acre value (see foo
0 million PV-10 val
600 net) acres in th
perties). The majori
erage net productio
52 million of net pr
borrowing base wa
3.8 million new sha
llion, as reported in
s for the year ende
pated oil drilling res
estimated at ~$19 m
he life of the prope
of Ideas analysis,
SUBSCRIBE TODA
F THE EQUITY
(NYMEX strip pr
s (A) + (B) = (C)
star (17.9K acres
):
5

(NYMEX strip pri
s (D) + (E) = (F)
star (80K acres)
9
Basin assets
11
(G
star
G)
adjustments)
12
ied equity value
15
X strip, after taxe
ocated at the Deep
ast Texas was ~17
ted to barrels of oil
burner tip).
3
T
December 31, 2009
er the life of the pro
fferentials. PV-10 r
. Gastar has ~$50
no future taxes pay
011 (net resource p
ocated in the Marc
om Appalachia was
ce potential of ~1.9
r 2010 as well as th
orean investment fi
of its existing Marc
ducing shallow conv
cash at the closing
ding of the drilling
Shale rights owne
s of leasehold in th
ng system and wor
value for Marcellus
otnote 9). The wide
ue of proved reserv
he Powder River Ba
ty of the remaining
on from the Powder
roceeds from the is
s increased to $47
ares issued in Dece
n Gastar's February
ed September 30, 2
sults at Glen Rose,
million.
16
Bas
rties). ~85% of the
assumptions and e
AY! www.manualo
FAIR VALUE RA
Co
Low
prov

8
$
$
icing)
3
$
83
$
$
s)

1
$
icing)
7
$
317
$0
9, 10

G) $
$1
$
$1
$2.0
5

es)
16

Bossier Sands, Ea
7 MMcfe/day.
equivalent (boe) o
The NYMEX strip p
9. For gas volume,
operties and was a
represents the pres
million of tax carry
yable have been in
potential of ~0.5 tril
cellus fairway in nor
s ~0.4 MMcfe/day.
trillion cubic feet e
he acquisition of ac
irm. Pursuant to the
cellus Shale assets
ventional wells and
and will pay an add
carry, Gastar will m
d by Gastar. In Dec
e Marcellus Shale
rk program, Gastar
acreage. The Dece
e range of values pe
ves, based on NYM
asin of Wyoming. P
g working interest is
r River Basin was ~
sue of new shares
7.5 million, increasin
ember 2010 at a pu
y 2011 presentation
2010. Gastar has a
, Eagle Ford/Wood
sed on a PV-10 val
PV-10 value is at
estimates.
Value-oriented Eq
ofideas.com
ANGE
onservative
w valuation of
ved reserves
million boe
10 per boe
$85 million
114 million
74%
3 million boe
$0 per boe
$0
$85 million
$4,734
million boe
10 per boe
$8 million
$10 million
86%
7 million boe
0.00 per boe
$0 million
$8 million
$104
$10 million
19,600
$510
103 million
$25 million
130 million
00 per share
0.6x
7%
77%
$9
$0.26
$877
agleford, Glen Rose
2
Based on NYME
on the basis of one
pricing is based on t
the price was base
adjusted by lease in
sent value, discoun
yforwards for federa
cluded in the deter
lion cubic feet equi
rthern West Virgini

6
See footnot
equivalents was con
creage in Decembe
e agreement, at the
s in West Virginia a
d one non-producin
ditional $40 million
make additional ass
cember 2010, Gas
concentrated in Pr
r paid ~$410 per ac
ember 2010 Gasta
er acre is reflected
MEX strip pricing as
Primary areas of ac
s owned by the ope
~2 MMcfe/day.
, the Marcellus tran
ng availability for b
ublic offering price o
n (includes adjustm
$54-73 million tota
dbine. ~57% of drilli
ue of $134 million
East Texas, ~8% a
quity Investment Id
Base Cas
1P, plus low v
of resource

8 million bo
$12 per bo
$102 millio
$114 millio
89%
83 million b
$0.50 per b
$42 million
$143 millio
$8,008

1 million bo
$12 per bo
$10 million
$10 million
103%
317 million b
$0.50 per b
$158 millio
$168 millio
$2,105
$15 millio
19,600
$765
$327 millio
$25 million
$350 millio
$5.50 per sh
1.7x
2%
245%
$28
$0.82
$2,780
e and Knowles Lim
EX strip pricing. Rep
barrel of oil to six t
the forward closing
ed on a Henry Hub
n accordance with s
nted at 10% per an
al income tax purpo
rmination of discou
ivalents was conve
a and southwester
te 2.
7
See fo
nverted to barrels o
er 2010. In Septemb
e closing of transac
nd Pennsylvania, w
ng vertical Marcellu
over time to cover
signments to Atinum
star completed a Ma
reston, Tucker and
cre.
10
The Se
r acquisition of Ma
in our various valu
s of yearend 2009.
ctivity are the Squa
erator, Pinnacle Ga

12
Net cash as of
nsactions, and a liti
orrowing to $23.5 m
of $4.00 per share)
ments for 4Q10 tran
al capital budget fo
ing capex in East T
(Henry Hub natura
at the Powder Rive
February 28, 2011
e Agg
value
es
1P, p
value o

oe 8 mi
oe $14
on $11
on $11
1
oe 83 m
oe $1.00
n $83
on $20
$1

oe 1 mi
oe $14
n $12
n $10
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Page 92 of 170
gressive
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NATURAL GAS
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Source: Company p

INDUSTRY P
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presentation dated
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PRICE LEVEL RE
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February 2011.
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February 28, 2011
phic areas)
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Page 93 of 170

G

2008-2011 by Beyond
GM (GM)
Consumer Cyc
T
Price: $36.51
52-week rang
Market value:
Enterprise va
Shares out: 1
Ow
Insider owner
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Revenue
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Diluted EPS
Shares out (avg
Cash from oper
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Free cash flow
Cash & investm
Total current as
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Total assets
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Total current lia
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Appaloosa
clical: Auto & Tr
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(as of 2/18/11)
ge: $33.07 - $39.
: $54.8 billion
lue: $36.9 billion
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FYE 12/31/10
FYE 12/31/11
FYE 12/30/12
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AY! www.manualo
^, Glenview
Detroit, MI, 313-5
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0.98
2.86
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179,984
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7,542
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Value-oriented Eq
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w ^^, Pen
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148,979 1
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59,247 61,5
45,219 43,0
136,295 137,2
10,221 5,6
52,435 52,5
5,562 2,9
108,048 107,4
6,998 6,9
21,249 22,7
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ynamics
February 28, 2011
Pershing ^
Valuation
YE 12/31/09
YE 12/31/10
YE 12/31/11
YE 12/30/12
TM revenue
TM EBIT
ngible book
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EBIT yield
pre-tax ROC
ME FQE
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392 1,411
733 0
638 127,090
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685 413
701 (535)
093 1,264
608 (1,799)
476 25,229
584 68,344
010 46,018
238 144,344
621 12,815
569 58,780
945 2,659
493 124,034
998 1,741
747 18,569
9% n/m
ed Investors
Page 94 of 170
^^
www.gm.com
n/m
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34,060
4,592
1,852
1,959
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1,500
2,624
1,261
1,363
33,476
61,584
43,010
137,238
5,621
52,569
2,945
107,493
6,998
22,747
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Feb 11

B
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2008-2011 by Beyond
BUSINESS OVE
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TM
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D OPERATING
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s by geography:
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ase. Combined
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February 28, 2011
OMOTIVE
2008 2009 2
149 105
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0% -7%
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-14% -20%
8.1 6.5

19% 11%
23% 18% 2
42% 29% 3
19% 17%
n/a 12%
n/a 12%
n/a 30% 3
39% 41% 4
8.4 7.5

36% 28% 2
7% 5%
24% 22% 2
33%
12%
45% 4
cle sales data. GM S
FINANCIAL
1

ecial purpose entities
s result of the Octo
omobile finance com
NALYSIS
P / This
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n/m 8x
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tors Liquidation
govt 9% | Cap
market value?
manent loss?
ivized?
?
d capital?
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secular trends?
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me. Another po
ature of the aut
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ed Investors
Page 95 of 170
2010
135
29%

12%
8%
4%
8.7

11%
21%
32%
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11%
12%
31%
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8.4

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20%
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Saab vehicle
2010
10.9

s) 75%
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ober 2010
mpany. GM
Next
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P/E
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19x
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n Co. 23%
p Re 3%

l auto
depressed
ositive is
to industry,
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G
1

2

3

4

S

G
S
2008-2011 by Beyond
GENERAL MOTO
($ in billions)
Valuation metho
Automotive bu
Normalized reve
Normalized EBI
Estimated norm
Fair value multip
Estimated enter
Plus: Automotiv
Estimated equ
Financial Servi
Tangible shareh
Fair value multip
Estimated equ
Other assets/li
Plus: Estimated
Less: Post-emp
Less: Preferred
Less: Non-contr
Estimated fair
Implied valuatio
2010 FCF yield
payment
EV-to-2010 EBI
EV-to-2010 reve
EV-to-2008 reve
Implied valuatio
Implied P/E ass
Automotive revenu
Reported automot
Based on yearend
Based on an estim
Source: Company f
GENERAL MOTO
Source: Company p

ORS OUR EST
odology
usiness:
enue
1

T margin
2

malized EBIT
ple
rprise value of Au
ve net cash
3

ity value of Aut
ices business (G
holders' equity as
ple
ity value of GM
abilities:
d value of equity i
ployment benefit
stock
rolling interests
value of the equ
on ratios of Autom
based on autom
IT
enue
enue
on ratios of GM F
suming a 15% RO
ue was ~$135 billio
tive EBIT margin wa
d 2010 automotive n
mated 1.9 billion dilu
ilings, The Manual
ORS POST-BA
presentation dated
erved.
TIMATE OF THE
utomotive
omotive
GM Financial):
s of December 3
Financial
investees
provisions
uity of General
motive:
motive FCF excl. p
Financial:
OE
on in 2010.
as ~4% in 2010, ba
net cash, excluding
uted shares outstan
of Ideas analysis,
ANKRUPTCY R
January 11, 2011.
SUBSCRIBE TODA
E EQUITY FAIR
S
val
norm
on a
$13
GM
1

1, 2010

Motors
4

pension
ased on EBIT exclu
g restricted cash an
nding.
assumptions and e
REDUCTION IN
AY! www.manualo
R VALUE RANG
Conservative
Sum-of-the-parts
luation: Automot
valued at 10x
malized EBIT (ba
a 4% EBIT margi
5 billion of reven
M Financial valued
.0x tangible boo
$135.0
4.0%
$5.4
10.0x
$54.0
22.0
$76.0
$2.3
1.0x
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$8.5
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8%
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0.40x
0.36x

4.3x
uding income from
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LONG-TERM L
Value-oriented Eq
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E
B
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val
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$150 bil
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equity investees.
etable securities.
IABILITIES

quity Investment Id
ase Case
m-of-the-parts
on: Automotive
lued at 10x
zed EBIT (based
EBIT margin on
lion of revenue);
ancial valued at
tangible book
$150.0
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$7.5
10.0x
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1.5x
$3.5
$8.5
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(11.9)
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64 billion
4 per share

7%
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0.55x
0.50x

6.5x
February 28, 2011
Aggre

n

Sum-of-t
valuation: A
valued
normalized E
on a 6% EBI
$160 billion o
GM Financia
2.0x tang

$16
6.0
$9
10.
$96
22
$11

$2
2.0
$4

$8
(31
(11
(1.
$86 b
$46 per
5%
18.
0.7
0.6
8.6
ed Investors
Page 96 of 170
essive
the-parts
Automotive
at 10x
EBIT (based
T margin on
of revenue);
al valued at
ible book
60.0
0%
9.6
.0x
6.0
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%
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71x
64x

6x

G

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2008-2011 by Beyond
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Source: Company p
NDUSTRY U.
Source: Company p

ORS U.S. MA
hare based on Buic
presentation dated
.S. TOTAL AUTO
presentation dated
erved.
ARKET SHARE
*

ck, Cadillac, Chevro
January 11, 2011.
O SALES PEAK-
January 11, 2011.
SUBSCRIBE TODA

olet & GMC only
-TROUGH SWI
AY! www.manualo
NGS
Value-oriented Eq
ofideas.com
February 28, 2011
ed Investors
Page 97 of 170

H

2008-2011 by Beyond
Hain Celesti
Consumer Non
Price: $30.88
52-week rang
Market value:
Enterprise va
Shares out: 4
O
Insider owner
Insider buys (
Insider sales
Institutional o
($ millions, exce
per share data)
Revenue
Gross profit
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Net income
Diluted EPS
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Cash from oper
Capex
Free cash flow
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Total current as
Intangible asset
Total assets
Short-term debt
Total current lia
Long-term debt
Total liabilities
Preferred stock
Common equity
EBIT/capital em
$0
$5
$10
$15
$20
$25
$30
$35
$40

tial (HAIN)
n-Cyclical: Food
Trading Data
(as of 2/18/11)
ge: $15.53 - $31.
: $1.3 billion
lue: $1.5 billion
43.0 million
Ownership Data
rship: 2%
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(last six months)
wnership: 93%
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5
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Feb 0 eb 03
SUBSCRIBE TODA
^
Member of S&P S
Co

This quarter
Next quarter
FYE 6/30/11
FYE 6/29/12
FYE 6/29/13
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38
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1
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151
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Feb 05 04
AY! www.manualo
SmallCap 600
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Latest
$0.34
r 0.32
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2 1.48
3 1.58
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39 40
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55 5
61 59
316 393
606 687
,059 1,259
1 0
118 146
215 308
362 517
0 0
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Feb 06
Value-oriented Eq
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Mel
Estimates
Month
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$0.34
0.32
1.28
1.44
1.61
12.0%
Estimate
$0.37
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1,123
246
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40
22
13
9
41
349
606
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0
137
258
422
0
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ading Volume Dy
Feb Feb 07
quity Investment Id
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# of P/E FY
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11 P/E FY
10 P/E FY
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4 P / tang
3
e LTM EB
LTM pr
LTM
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251 27
71 8
29 3
0.69 0.8
41 4
71 7
11
60 6
17 2
314 35
715 75
1,198 1,28
0
139 18
225 24
432 47
0
766 80
26% 29
ynamics
Feb 09 b 08
February 28, 2011
www.h
Valuation
YE 6/30/10
YE 6/30/11
YE 6/29/12
YE 6/29/13
M revenue
M EBIT
gible book
Greenblatt Crite
BIT yield
re-tax ROC
ME FQE
10 12/31/09
95 242
75 70
80 22
35 11
80 0.27
41 41
71 19
11 2
60 17
26 27
53 347
59 609
82 1,121
0 0
82 128
40 235
75 389
0 0
07 732
9% n/m
Feb 10
ed Investors
Page 98 of 170
ain-celestial.com
45x
24x
21x
20x
1.6x
19x
27.6x
eria
5%
29%
FQE
12/31/10
292
85
30
16
0.37
43
23
2
20
26
353
759
1,282
0
182
240
475
0
807
n/m
Feb 11

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2008-2011 by Beyond
BUSINESS OVE
Hain Celestial p
NVESTMENT H
Niche
organ
custom
(cerea
Celest
Value
Based
(~5%
EBIT
to-con
Icahn
may le
anothe
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at sca
produc
NVESTMENT R
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with an
has tur
Hains
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CEO
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creati
and th
Europ
rewar
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revenu
~$245
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COMPARABLE P

MV
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THE BOTTOM LI
Hain owns lead
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hese positives
hat funds contr
of the company

RVIEW
produces food
HIGHLIGHTS
food produce
nic markets.
*
H
mers with brand
als), Earths Be
tial Seasonings
e to a trade bu
on estimated S
of revenue), w
to a trade buye
ntribution EBIT
funds 16% s
ead to a sale. C
er Icahn nomin
nitial stake-bui
ROIC due to b
le. Only ~40%
cts manufactur
RISKS & CONCE
es appear fairl
n implied EV-t
rn-around poten
s total EBIT m
e may not be s
Simon (52), w
h agreed not to
owns <20%, m
sition-led grow
since FY06, w
organic indust
ion? Powerful
he rise of privat
pean rival We
rd to profit fro
Amsterdam-liste
ue multiple of 0
5 million of adj
~$30 million of
PUBLIC COMPA

EV EV
($mn) Re
80,230 1.6
29,430 2.0
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ding natural and
s strong brands
appear already
rolled by Carl
y. While we can
erved.
and personal c
er focused on n
Hain targets he
ds including A
est (infant food
s (teas), and 40
uyer is likely a
SG&A synergie
we estimate the
er at ~$160 mil
T, shares are w
stake and boar
Carl Icahns so
nee, became bo
ilding by Icahn
branded, capi
% of revenue is
red at company
ERNS
ly valued on st
to-EBIT of ~15
ntial, it is only
margin is at five
upported by c
who founded Ha
enact a "poison
may favor a con
wth. Hain spent
with questionab
try growth tra
distributor/reta
te label produc
ssanen may of
om organic ind
ed company tra
0.4x versus Ha
j. net debt (~2
f debt due to M
ANY ANALYSIS
P / Th
V / Tang. F
v. Book P/
6x n/m 14
0x n/m 15
5x 27.7x 24
d organic food
s, as well as dec
y reflected in re
Icahn own 16%
n conjure up a

SUBSCRIBE TODA
care products.
natural and
alth-conscious
Arrowhead Mill
s), Terra (chips
+ other brands
bove recent E
es of $50+ mill
total contribut
llion. At 12x E
worth nearly $40
rd involvemen
on Brett and
oard members
n funds in 2010
ital-light mode
derived from
y-owned facilit
tand-alone ba
5x. While Europ
~10% of reven
e-year highs.
chairman and
ain in 1993. Ha
n pill" as long
ntinuation of
$400+ million
ble value creati
anslate into va
ailer customers
cts are challeng
ffer better risk
dustry growth
ades at an EV-
ains 1.5x.
2.0x EBITDA)
M&A in 2011.
S
his Next
Y FY
/E P/E
4x 12x
5x 13x
4x 21x
d brands that sh
cent scale, serv
ecent valuation
% and have b
take-out scena
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s),
s.
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ties.
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d
ain,
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k-
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SELECTE
FYE June
revenu
employ
Revenue
% of reve
Grocery
Snacks
Tea
Personal
Other
3

Revenue
Grocery
Snacks
Tea
Personal
% of reve
U.S.
Internatio
Pre-tax m
U.S.
Internatio
Total p
Selected
Gross pro
EBIT
EBIT ex s
Net incom
Net cash
D&A
Capex
Employee
Return on
Tang. equ
shares
1
Financial
of acquisit
2
Reflects t
30, 2009. I
million and
accounted
3
Includes
4
Primarily
5
Includes
6
Excludes

MAJOR
CEO Sim

RATING
VALUE I
DOWNSI
MANAGE
FINANCI
MOAT A
EARNING
MACRO
*
Organic f
pesticides
modified o
generally r
hould enable it
ve as competiti
n, with shares t
board represent
ario above rece
Value-oriented Eq
ofideas.com
D OPERATING
e 30 200
ue 19
yees 39
($bn) 0
enue by product cate
51
13
14
care 6
16
growth by selected
10
10
0
care 61
enue by geography:
81
onal
4
19
margin by geography
8
onal 9
pre-tax margin 8
items as % of reven
ofit 29
9
special items
6
9
me 5
from ops 7
2
2
es (000s) 2
n tang. equity 29
uity/assets 36
out (avg) 3
ls are not compara
ions and the decon
the deconsolidation
In the year to June
d a pre-tax loss of $
d for under the equi
meat alternatives a
y Canada and Euro
impairment of goo
s acquisition-related
HOLDERS
mon 4% | Othe
S
ntrinsic value mate
DE PROTECTION
EMENT Capable a
AL STRENGTH S
GS MOMENTUM
food, which requir
, artificial fertilize
organisms. Natur
referring to food t
to benefit from
ive barriers tha
trading at an im
tation may ha
ent market pric
quity Investment Id
DATA
1

06 2007 2008
9% 22% 17%
9% 3% 40%
0.7 0.9 1.0
egory:
% 51% 50%
3% 11% 9%
4% 10% 9%
6% 10% 11
6% 17% 20%
product category:
0% 23% 14%
0% 0% 2%
0% -9% 0%
% 100% 24%

% 75% 78%
9% 25% 22%
y:
8% 8% 7%
9% 11% 6%
8% 9% 7%
nue:
9% 29% 26%
9% 9% 7%
9% 9% 8%
5% 5% 4%
7% 7% 2%
2% 2% 2%
2% 1% 2%
2.1 2.1 3.0
9% 42% 56%
6% 27% 14%
3% 4% 2%
able for the periods
nsolidation of HPP
n of the protein pro
e 2009, U.S.-based
$22 million. Hain co
ity method ($1.7 m
and fresh prepared
pean countries.
dwill/intangibles of
d costs, restructurin
er insiders 4%
N Low risk of perm
returns on invested
M Fundamentals im
rom economic and s
res appropriate cer
ers, antibiotics, gro
ral is a wider term
that does not conta
m the ongoing
at result in high
mplied EV-to-E
ave increased t
ces, the risk-rew
February 28, 2011
8 2009 2010
% 7% -18%
2
% -32%
2
2%
0 1.1 0.9

% 48% 61%
% 8% 11%
% 8% 10%
1 11% 10%
% 25% 9%
2

% 3% 3%
% -5% 4%
% -6% 5%
% 2% -22%

% 81% 79%
% 19% 21%

% 3% 9%
% -24% -4%
% -2%
5
6%

% 22% 27%
% -1% 8%
% 4% 9%
% -2% 3%
% 2% 8%
% 2% 2%
% 1% 1%
0 2.0 2.1
% -33% 39%
% 14% 15%
% 1% 1%
presented due to $
in FY10 (see note
oduct business HPP
HPP had revenue
ontinues to own 48
illion of related inco
d food (and HPP th
$53 million, mainly
ng charges and im
| Icahn 16% | D
market value?
manent loss?
ivized?
?
d capital?
mproving?
secular trends?
rtification, is grow
owth hormones or
m with no legal def
ain artificial ingred
shift to healthi
h ROIC. Unfor
EBIT of ~15x.
the probability
ward is unfavo
ed Investors
Page 99 of 170
0 1H11
2
16%
% n/a
9 0.5

% n/a
% n/a
% n/a
% n/a
2
n/a

% n/a
% n/a
% n/a
% n/a

% 82%
% 18%

% 10%
% -3%
% 8%

% 28%
% 9%
% 9%
% 5%
% 2%
% 2%
% 1%
1 n/a
% 59%
% 17%
% 5%
$400+ million
2).
P as of June
of $166
8% of HPP,
ome in FY10).
rough FY09).
y in Europe.
pairments.
DFA 7%

wn without
genetically
finition,
dients.
ier eating.
rtunately,
The fact
y of a sale
rable.

H

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3

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2008-2011 by Beyond
HAIN CELESTIA
($ in millions)
Valuation metho
Conservative an
Normalized reve
Normalized EBI
Normalized EBI
Fair value multip
Estimated enter
Aggressive case
Estimated M&A
Fair value multip
Estimated value
Estimated value
Estimated total
implied EV to
Minus: Net debt
Minus: World G
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Estimated fair
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Implied trailing F
Implied EV-to-re
Our normalized r
Average EBIT mar
excluding special ite
EBIT margin assum
margin assumption
The use of a 12x E
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Based on 44.3 mil
Non-GAAP EPS g
Revenue guidance
Source: Company f
HAIN CELESTIA
Brand
Natural food (g
Arrowhead Mills
Breadshop
Casbah
DeBoles
Earth's Best
Greek Gods
Hain Pure Food
Health Valley
Hollywood
Imagine Foods
MaraNatha
Nile Spice
Spectrum
SunSpire
Walnut Acres
Westbrae Natur

AL OUR ESTIM
odology
nd base case me
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1

T margin
2

T
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enterprise value
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ourmet continge
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5

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FCF yield
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rgin during FY06-1
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mption in the base c
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EBIT multiple reflec
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AL OVERVIEW
grocery):
s
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h flow (assumes
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IT (1H11 ann. EB
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n midpoint of FY
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ncludes a roughly b
case is that U.S. op
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cts the company's s
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earend 2010 (net de
outstanding.
.31 for the year en
million for the year e
of Ideas analysis,
W OF SELECTED
Descrip

Pioneer
Ready-t
A comp
Pasta b
First co
Authent
Offers n
Categor
U.S. lea
Ready-t
Leader
Natural
Offers c
Natural
Organic
Provide
SUBSCRIBE TODA
QUITY FAIR VA
"base case" valu
BIT plus potentia
estial
6

11 non-GAAP EP
11 revenue guida
oximates FY 2011 g
uding special items
break-even contribu
perations maintain r
es the 5-year histor
strong brands and
billion.
ebt excludes ~$30
ded June 30, 2011
ended June 30, 20
assumptions and e
BRANDS
ption
r in organic bakin
to-eat cereals wi
plete line of veget
brand known espe
mplete line of org
tic Greek-style pr
natural crackers,
ry leader in fat-fr
ader in safflower
to-serve, organic
in the organic an
soup cups.
culinary oils, vine
and organic cho
c juices, canned s
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ALUE RANGE
uation)
l synergies)
PS guidance
7

ance
8

guidance, adjusted
s (with a peak of 9%
ution from non-U.S
recent margins and
rical average.
attractive prospects
million of additiona
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11 (includes five m
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ng, mixes, grains
th both kids' and
tarian prepared m
ecially for its Jer
ganic foods for in
roducts including
cookies, oils, co
ree, natural soup
oil; known for ca
c soups and broth
nd all-natural nut
egars, condiment
ocolate products
soups, salsas an
eals centered ar
Value-oriented Eq
ofideas.com
Conservative
12x estimated
normalized EBIT
(based on $1.1
billion of revenu
and an 8% EBIT
margin)

$1,100
8.0%
$88
12.0x
$1,056

(214)
(30)
45
$858 million
$19 per share
7%
7%
1.0x
for the revenue co
% in FY07 and a tro
. operations, which
d non-U.S. operatio
ts for future revenu
al net debt as a res
cials exclude trans
months of revenue f
s, cereals and nu
d adult products.
mixes and side d
rusalem artichoke
nfants.
g yogurts.
ondiments, and fu
ps, baked produc
anola/peanut oils
hs in aseptic pac
t butter category.
ts and butter sub
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nd sauces.
round vegetables
quity Investment Id
Base C

T
1
ue
T
12x estim
normalized
(based on
billion of re
and a 12%
margi

$1,10
12.0%
$132
12.0x
$1,58

(214
(30)
45
$1,386 m
e $31 per s
4%
4%
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ontribution from rec
ough of 4% in FY09
h represent ~20% o
ons are turned-arou
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sult of acquisitions m
action costs and ac
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dishes.
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s and carrot juice
ckaging.
.
bstitutes as well a
cking and candy m
s, whole grains, s
February 28, 2011 P
ase Ag
mated
d EBIT
n $1.1
evenue
% EBIT
n)
~12x
EBIT
to a
a

00
%
2
x
84
$
)
)

million $1,6
share $38
x
cent M&A on a full-y
9). F2Q11 EBIT ma
of total revenue). O
und. Our normalize
made in Jan./Feb.
cquisition integratio
ompleted in Jan./F
960.
s.
e.
as nutritional sup
making.
soups and beans
ed Investors
Page 100 of 170
ggressive
x estimated
contribution
a potential
acquirer

$55
5.0x
$275
1,584
$1,859
11.9x
(214)
(30)
45
672 million
per share
3%
4%
1.7x
year basis.
argin,
Our normalized
ed EBIT
2011).
on expenses.
eb. 2011).
pplements.
s since 1970.

H
S

S
*

S
2008-2011 by Beyond
HAIN CELESTIA
Brand
Natural bevera
Celestial Seaso
Mountain Sun
Rice Dream
Soy Dream
WestSoy
Natural snacks
Boston's
Garden of Eatin
Bearitos
Little Bear
Sensible Portion
Terra
Refrigerated pr
Yves
Frozen produc
Ethnic Gourmet
Linda McCartne
Rosetto
Hain Pure Prot
FreeBird
Personal care p
Alba Botanica
Avalon Organic
Jason
Orjene
Queen Helene
Zia Natural Skin
Brands with Eu
Grains Noirs
Lima
Natumi
Specialty prod
Alba
Estee
Source: Company d
SELECTED FINA
(in millions, exc
Recent stock pr
Recent date
Diluted shares o
Market value
Plus: Debt
Plus: Non-contr
Plus: Post-retire
Minus: Cash
Enterprise val
Selected trailing
Revenue
EBIT excl. spec
EBIT margin
Tangible shareh
Selected valuat
EV/trailing reven
EV/trailing EBIT
P/TB
P/E (this FY)
P/E (next FY)
Wessanen turn
Turned-around
Trailing revenue
Turned around
implied EV-to
Interestingly, howe
Source: Company d

AL OVERVIEW
ages:
onings
s:
n'
ns
roducts:
cts:
t
ey (under license
tein (JV):
products:
s
ncare
uropean presen
ducts:
data.
ANCIALS OF EU
ept per share da
rice
out
rolling interest
ement liabilities, n
lue
g financials (year
cial items
holders' equity (9
tion ratios:
nue
T
ned-around valu
EBIT margin ass
e
EBIT estimate
o-EBIT
ever, Hain is also st
data, The Manual o
erved.
W OF SELECTED
Descript

Founded
Offers ju
Dairy fre
Non-dair
#1 brand

Pioneer
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The Nort

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Beauty a
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Founded
nce:
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German

Known fo
#1 brand
ROPEAN ORGA
ata)
net
r to 9/30/2010):
9/30/10)
uation assuming
sumption
truggling in Europe
of Ideas analysis.
SUBSCRIBE TODA
BRANDS (cont
tion
d in 1970, it is the
ices with no add
e beverages with
ry beverages with
d in non-dairy soy
in kettle-popped
nic tortilla brand i
brand of chilis, sa
snack products t
brand including
ed varieties of po
th American lead
variety of frozen
in the meat-free
variety of frozen
rganic chickens.
00% vegetarian p
00% vegetarian p
ersonal care prod
and personal care
n quality health &
d in 1084, Zia offe
ing provider in Be
atural foods since
producer of non
or its non-fat dry
d in the medically
ANIC FOOD PR

2.73
9/2/2011
74.6
204
101
6
22
43
291

709
17
2.4%
49

0.41x
17x
4x
n/m
n/a
g various EBIT
5.0%
709
35
8.2x
e. Hain's European
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tinued)
e leading brand o
ed artificial flavo
h as much calciu
h the health bene
y beverages (ava
popcorn.
n the U.S., Gard
auce mixes, and
that appeal to kid
products such a
otato/vegetable c
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meals from all o
category with its
pastas and auth

personal care pro
personal care pro
ducts since 1959
e products free o
& beauty product
ers skincare prod
elgium (salads, s
e 1957, mostly in
-dairy beverages
milk, shake, and
y-directed/diet ca
ODUCER ROYA

margins (Hain C
7.5%
709
53
5.5x
operations, which
Value-oriented Eq
ofideas.com
of natural and sp
ors or colors.
um and vitamins
efits of soy.
ailable in aseptic
den of Eatin' is kn
snacks, includin
ds of all ages.
as veggie straws,
chips that have c
ction of meatless
over the world.
s range of sausag
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roducts since 197
roducts since 199
9.
of mineral oils an
ts for professiona
ducts to nourish
sandwiches); sup
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d hot cocoa prod
ategory for over 5
AL WESSANEN
$/:
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10.0%
709
71
4.1x
represent 10-15%
quity Investment Id
pecialty teas in N
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79.
94.
nd artificial colors
al and personal u
skin and minimiz
pplies prepared m
any and Belgium
ducts.
50 years, Estee m
(AMSTERDAM
t EBIT margin is
of total revenue, a
February 28, 2011 P
North America.
.
frigerated varietie
-selling Blue Cor
ks to carry the "N
agel tops.
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olesterol free prod
s, and pastry pro
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s.
use since 1930.
ze the signs of a
meals to high-sp
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markets foods fo
: WES)
s ~10%):*
are loss-making.
ed Investors
Page 101 of 170
es).
rn chips.
o-GEI" seal.
ral snacks.
ducts.
oducts.
es.
aging.
peed trains.
or diabetics.

L

2008-2011 by Beyond
Lions Gate E
Services: Motio
Price: $6.12 (
52-week rang
Market value:
Enterprise va
Shares out: 1
O
Insider owner
Insider buys (
Insider sales
Institutional o
($ millions, exce
per share data)
Revenue
Gross profit
Operating incom
Net income
Diluted EPS
Shares out (avg
Cash from oper
Capex
Free cash flow
Cash & investm
Total current as
Intangible asset
Total assets
Short-term debt
Total current lia
Long-term debt
Total liabilities
Preferred stock
Common equity
EBIT/capital em
$0
$2
$4
$6
$8
$10
$12
$14

Entertainme
on Pictures
Trading Data
(as of 2/18/11)
ge: $5.21 - $7.84
: $837 million
lue: $1.3 billion
36.7 million
Ownership Data
rship: 3%
(last six months)
(last six months)
wnership: 92%
ept
3/31/
3
1
me (7
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(1.3
g)
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ts 1
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763 855
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0 0
84 409
693 738
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Ten-Year Sto
Feb 0
SUBSCRIBE TODA
Icahn ,
Con

This quarter
Next quarter
FYE 3/31/11
FYE 3/30/12
FYE 3/30/13
LT growth
EPS Surprise
n/a
perating Perform
Fiscal Yea
3/31/06 3/31
945 9
488 5
15
(5)
(0.09) 0
103 1
55
6
50
47
0
185 1
1,053 1,1
15
0
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904 8
0
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n/m n
ock Price Perfor
Feb 05 04
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, MHR ^
nsensus EPS E

Latest
n/a
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n/a
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e Actual
n/a
mance and Finan
ars Ended
/07 3/31/08
977 1,361
541 700
42 (60)
16 (87)
0.14 (0.74)
108 118
60 89
8 4
51 86
52 372
0 0
188 227
137 1,538
0 0
0 0
325 329
889 1,350
0 0
248 188
n/m n/m
rmance and Tra
Feb 06
Value-oriented Eq
ofideas.com
Santa
stimates
Month #
Ago E
n/a n
n/a n
n/a n
n/a n
n/a n
n/a n
Estimate
n/a
ncial Position
3/31/09 3/3
1,466 1
673
(138)
(179)
(1.53) (
117
(102)
9
(111)
139
0
458
1,667 1
0
0
537
1,626 1
0
42
n/m
ading Volume Dy
Feb Feb 07
quity Investment Id
Monica, CA, 877-848-38
# of P/E FYE
Ests P/E FYE
n/a P/E FYE
n/a P/E FYE
n/a EV/ LTM
n/a EV/ LTM
n/a P / tang
n/a G
LTM EB
LTM pre
LTM
31/10 12/31/
1,584 1,6
776 8
58
(19) (12
(0.17) (1.0
118 1
(122) (9
7
(128) (10
91
0
463 2
1,705 1,6
0
0
540 5
1,651 1,5
0
54
n/m n
ynamics
Feb 09 b 08
February 28, 2011 P
866 ww
Valuation
E 3/31/10
E 3/31/11
E 3/30/12
E 3/30/13
M revenue
M EBIT
ible book
Greenblatt Crite
BIT yield
e-tax ROC
ME FQE
/10 12/31/09
636 343
849 142
1 (48)
22) (65)
00) (0.55)
22 118
99) 31
5 0
05) 31
70 105
0 0
239 451
630 1,699
0 0
0 0
559 529
553 1,627
0 0
77 72
n/m n/m
Feb 10
ed Investors
Page 102 of 170
ww.lionsgate.com
n/m
n/a
n/a
n/a
0.8x
1105x
n/m
eria
0%
n/m
FQE
12/31/10
423
218
22
(6)
(0.04)
137
(21)
0
(21)
70
0
239
1,630
0
0
559
1,553
0
77
n/m
Feb 11

B
L
p

I

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M
C
2
*
T
L
f
n
n
lo

2008-2011 by Beyond
BUSINESS OVE
Lionsgate, foun
pictures and tel
NVESTMENT H
One o
and d
Weins
movie
broadc
Poten
Carl I
attemp
terms.
MGM
fight a
stake i
EV-to
on ave
Lionsg
annual
Stron
produ
only 1
self-di
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Lionsg
such a
(Jillian
NVESTMENT R
Busin
recent
large c
most v
Lack
has se
genera
Icahn
MGM
shareh
litigati
and m
MHR,
~$550
(includ
MAJOR HOLDER
CEO Feltheime
26% | Cap Re 9
Excludes MHR, w
THE BOTTOM LI
Lionsgates sha
fight against m
now. Investors
not enticed by t
ow FCF, and a

RVIEW
nded in 1997, p
levision progra
HIGHLIGHTS
of the largest in
istributors, ne
stein. Lionsgate
e and 4,000+ TV
cast/cable TV a
tial benefits fr
Icahn to bid $7
pt to combine t
**
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M exited bankrup
against Icahn in
in Lionsgate an
o-average thre
erage revenue o
gate aims to re
lly going forw
g presence in
uction/distribu
0-20% of reven
istribution via D
ent library is a
gate has strong
as horror (Saw)
n Michael), and
RISKS & CONCE
ess could likel
t enterprise va
content library
valuable asset
of free cash fl
en much comm
ation and capita
s activism, in
M, may not res
holders. Icahn
ion against Lion
management ent
, a 29% owner,
0 million of net
des Pennsylvan
RS
er 2% | Other in
9% | BNY Mel
whose president M
INE
are price has de
anagement, an
may pin their h
the risk-reward
business lackin
erved.
produces and d
amming. It has
ndependent
*
f
ext to MGM, S
e owns a large p
V titles it distr
and online chan
rom a merger
7.50 per share
the two compan
rger appears m
ptcy and Lionsg
n December, Ica
nd likely owns m
ee-year revenu
of $1.5 billion
lease 12-15 mo
ward, in-line w
TV and home
ution. Movie th
nue, with the re
DVD, TV, and
a source of rec
franchises in a
), documentarie
d TV series (M
ERNS
ly be recreated
alue of $1.4 bi
and distributio
human capita
ow. While Lio
mercial and crit
al return have u
ncluding a pos
ult in value cr
s likely stake in
nsgate invite co
trenchment. M
, is supportive
t debt guarante
nia loan and co
nsiders 4%
*
| M
lon 3% | Clearb
Mark Rachesky is a
eclined from ~
nd missed an op
hopes on more
d offered by pot
ng tangible ass

SUBSCRIBE TODA
distributes moti
~500 employe
film producer
Summit, and
part of the 8,00
ibutes into DV
nnels worldwi
with MGM le
e in 2010 in an
nies on his ow
more distant afte
gate won a pro
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much of MGM
ue is <1.0x, bas
during FY08-1
otion pictures
with recent histo
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heaters represen
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attractive genres
es, fitness DVD
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onsgates conte
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ark Rachesky
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MHR 29% | Ica
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Lionsgate directo
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pportunity to ef
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sets, there are m
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ees.
s
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n
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SELECTE
FYE Marc
revenu
employ
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% of reve
Motion pi
Television
Media ne
EBIT mar
Motion pi
Television
Media ne
Corporate
Total E
Revenue
DVD/blu-
TV (broad
Movie the
Internatio
% of reve
U.S.
Internatio
Selected
Direct exp
Distributio
G&A expe
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Net cash
D&A
10

Capex
10

FCF ($mn
shares
1
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TV Guide
Maple Pict
under the e
2
As of Ma
3
Reflects T
4
Includes
5
Excludes
6
Referred
motion pict
7
The TV p
8
Includes
Pictures an
9
Includes
10
Excludes
within direc

RATING
VALUE I
DOWNSI
MANAGE
FINANCI
MOAT A
EARNING
MACRO
*
As oppos
Time War
**
Lionsga
from Icahn
ember as Carl
ffect a merger
luding the pote
and much less th
many ways to l
Value-oriented Eq
ofideas.com
D OPERATING
ch 31 200
ue 13%
yees
2
19%
($mn) 94
enue by segment:
ctures 86%
n production 14%
etworks
3
0%
rgin by segment:
ctures 6%
n production 6%
etworks n/
e
4
-5%
EBIT margin
5
2%
by distribution chan
-ray/EST
6
56%
dcast/cable)
7
22%
eaters 15%
onal/other
8
7%
enue by customer lo
90%
onal 10%
items as % of reven
penses
9
48%
on expenses 42%
enses 7%
me 0%
from ops 13%
0%
1%
n) 11
out (avg) 6%
the results of Lions
Network from their
tures from consolid
equity-method from
ay of each year. TV
TV Guide from its a
D&A other than am
s equity affiliates (YT
to as home entert
ture segment accou
production segmen
revenue from inter
nd other assets. FY
film/TV program am
s amortization/inves
ct expenses/net cas
S
ntrinsic value mate
DE PROTECTION
EMENT Capable a
AL STRENGTH S
GS MOMENTUM
sed to the six maj
rner, Viacom, Sony
ate management an
n in 2010. Icahn d
Icahn dropped
with MGM on
ential for a futu
he valuation of
lose as an outsi
quity Investment Id
DATA
1

06 2007 2008
% 3% 39%
% 13% 11%
45 977 1,361
% 88% 85%
% 12% 15%
% 0% 0%
% 12% 2%
% 1% -2%
/m n/m n/m
% -6% -6%
% 4% -4%
nnel:
% 55% 47%
% 22% 22%
% 11% 14%
% 12% 16%
cation:
% 86% 79%
% 14% 21%
nue:
% 45% 49%
% 41% 47%
% 9% 9%
% 2% -6%
% 11% 7%
% 0% 0%
% 1% 0%
15 99 86
% 5% 9%
sgate UK, Debmar-
r acquisition dates.
dation in July 2007.
m May 09 when Lio
V Guide employees
acquisition in FY09
mortization of films
TD: $46 million loss
rtainment (EST= e
unts for 90+% of YT
t accounts for ~60%
rnational motion pic
Y10 includes ~$114
mortization as well
stment in films and
sh from operations)
N Low risk of perm
returns on invested
M Fundamentals im
rom economic and s
jor studios owned
ny, News Corp., NB
nd MGM negotiate
dropped his Lionsg
d his takeover b
n his terms, Ica
ure deal with M
f stand-alone L
ide shareholder
February 28, 2011 P
8 2009 2010
% 8% 8%
% 15% -2%
1,466 1,584

% 84% 71%
% 15% 22%
% 1% 7%

% -6% 10%
% 3% 8%
m 10% 17%
% -5% -7%
% -10% 3%

% 46% 38%
% 24% 30%
% 15% 9%
% 14% 23%

% 82% 80%
% 18% 20%

% 54% 51%
% 46% 33%
% 9% 11%
% -12% -1%
% -7% -8%
% 1% 2%
% 1% 0%
6 -111 -128
% -1% 1%
-Mercury, Mandate
Also includes the r
. TV Guide is accou
onsgate sold a 49%
are excluded.
9 to deconsolidation
and television prog
s, mainly from EPIX
lectronic sell-throug
TD home entertainm
% of YTD television
ctures, Lionsgate U
4 million of TV Guid
as participations/re
TV programs (acco
.
market value?
manent loss?
ivized?
?
d capital?
mproving?
secular trends?
d by media conglo
BCUniversal, and
ed a possible deal
gate bid in Decemb
bid. Having los
ahn appears sid
MGM. Howeve
ionsgate. With
r in this inside
ed Investors
Page 103 of 170
YTD
12/31/10
11%
n/a
1,206

78%
22%
0%

7%
12%
n/m
-8%
0%

35%
33%
17%
15%

n/a
n/a

50%
38%
11%
-8%
-10%
0%
0%
-117
10%
e Pictures and
results of
unted for
stake to OEP.
n in FY10.
grams.
joint venture).

gh). The
ment revenue.
n revenue.
UK, Mandate
de revenue.
esidual costs.
ounted for

omerates
Walt Disney.
separately
ber 2010.
st a proxy
delined for
r, we are
high debt,
er battle.

L

1

2

R
h
D
3

in
4

v
5

m
p
fr
a
6

$
7

8

9

10
S

F

1

2

S
2008-2011 by Beyond
LIONS GATE O
($ in millions)
Valuation metho
Normalized reve
Normalized EBI
Normalized EBI
Fair value multip
Estimated enter
Plus: Value of s
Plus: Value of o
Minus: Net debt
Estimated fair
Implied adj. EV-
Implied adj. EV-
Implied adj. EV
Implied adj. EV
Average revenue d
EBIT, which exclu
Related investments
has a history of high
December 2010 is ~
Lionsgate purchas
nvestment arm of J
Includes EPIX, a J
video-on-demand se
Based on estimate
million of other cash
priority notes (carrie
rom $8.25-14 per s
and residuals of $28
Based on 137 mill
$8.25+ per share; c
Enterprise value is
Investment in films
Based on manage
0
Based on 497 em
Source: Company f
FILM INDUSTRY

Release Period
Theatrical
Home entertain
Video-on-dema
Pay television
Network (free a
Licensing and m
All international
These patterns ma
First pay television
Source: Company 1

OUR ESTIMATE
odology
enue
1

T margin
2

T
ple
rprise value
stake in TV Guide
other equity-meth
t
5

value of the equ
-to-trailing revenu
-to-trailing invest
per annual motio
per employee ($
during FY08-10 is $
des equity-method
s in films and telev
hly variable EBIT m
~0%. Our EBIT ma
sed TV Guide Netw
JPMorgan Chase, i
JV with Viacom's P
ervice. Lionsgate in
ed net debt guarant
h and $625 million o
ed at $226 million; m
share), and $66 mil
82 million and film o
ion shares outstand
convertible debt is in
s reduced by the es
s and television pro
ement, the company
mployees as of May
ilings, The Manual
Y TYPICAL R
d
ment/DVD/Blu-ra
nd, pay-per-view
nd basic)
merchandising
releasing
ay not be applicabl
n window.
10-K.
erved.
E OF THE EQUIT
e Network
3

hod investments
4
uity of Lionsgat
ue
7

tment in film/TV p
on picture releas
$mn)
7, 10

$1.5 billion. Trailing
investments, is sta
ision programs ("ca
margins ranging from
rgin assumption is
work, a U.S. cable T
n May 2009. Our v
aramount unit and
nvested $80 million
teed by Lionsgate
of debt. Debt is com
matures 2016), $13
lion of Pennsylvani
obligations and pro
ding (excludes pote
ncluded within net
stimated value of e
ograms was ~$500
y plans to release
y 2010 (excludes TV
of Ideas analysis,
ELEASE WINDO
ay/digital (1
st
cyc
w and digital renta
e to every film, and

SUBSCRIBE TODA
TY FAIR VALUE
4

te
6

programs
7, 8

se ($mn)
7, 9

g revenue is $1.7 b
ated after the amor
apex") is an income
m positive 2-4% in
therefore a pure g
TV channel, for $24
alue estimate of Lio
Metro-Goldwyn-Ma
n into the JV throug
as of December 31
mprised of a revolv
36 million of three s
ia Regional Center
oduction loans of $2
ential shares to be
debt).
quity-method inves
million for the year
12-15 motion pictu
V Guide Network e
assumptions and e
OWS
1

cle)
al
d may change with
AY! www.manualo
E RANGE
Conservativ
8x estimate
normalized EBIT
estimated valu
equity-metho
investments
$1,500
10.0%
$150
8.0x
$1,200
125
0
(555)
$770 millio
$5.60 per sha
0.6x
2.1x
$72
$2.2
billion.
rtization of films and
e statement expens
FY06/07 to negativ
uess as to the "nor
42 million in Februa
onsgate's remainin
ayer Studios (MGM
gh yearend 2010. T
1, 2010. The figure,
ver ($224 million bo
separate tranches o
r production loans (
278 million (other th
issued upon conve
stments.
r ended December
res annually, in-line
employees).
estimates.
Months
Initial Re
3-6 mo
4-8 mo
9-12 mo
27-30 m
Concu
Concu
the emergence of
Value-oriented Eq
ofideas.com
ve
d
T (plus
ue of
od
s)
1
norma
esti
eq
in
n $1
are $8
d television progra
se and accounted f
ve 4-10% in FY08/
rmalized" earning p
ary 2009. It then so
ng stake approxima
M) formed in 2008 t
The JV remains loss
, which excludes re
orrowed; matures J
of convertible note
(maturity in 2013).
han the included P
ersion of convertibl
r 31, 2010.
e with recent histor
s After A
elease R

onths
onths
onths
2

months 4
urrent
urrent
new technologies.
quity Investment Id
Base Case
0x estimated
alized EBIT (plus
mated value of
quity-method
nvestments)
$1,500
10.0%
$150
10.0x
$1,500
125
80
(555)
1,150 million
.40 per share
0.8x
2.6x
$86
$2.6
ms as well as parti
for within net cash
09. EBIT margin fo
power of the busine
old a 49% stake to O
ates the price paid b
to create a premium
s-making based on
estricted cash and
uly-13), $236 millio
s (carried at $109 m
Not included in the
Pennsylvania produ
le debt, as the latte
ry. Our ratios assum
Approximate
Release Period
0-3 months
1-3 months
3-4 months
18 months
48-72 months
Ongoing
Ongoing
February 28, 2011 P
Aggre
s
12x es
normalized
estimated
equity-
invest
$1,
10.
$1
12
$1,
12
16
(55
$1,530
$11.20 p
0.
3.
$1
$3
cipations and resid
flow from operatio
or the nine months
ess at recent reven
OEP, the global pri
by OEP of $122 m
m TV channel and s
n the most recent fi
investments, includ
on of senior secure
million; conversion
e debt figure are pa
uction loans of $66
er has conversion p
me 15 releases per
ed Investors
Page 104 of 170
essive
timated
d EBIT (plus
d value of
method
ments)
500
.0%
150
2.0x
800
25
60
55)
million
per share
9x
0x
101
3.0
dual expense.
ns. Lionsgate
ended
ue levels.
ivate equity
illion in cash.
subscription
nancials.
des $70
ed second-
prices range
articipations
million).
prices of
r year.

L

C

E

I

S
2008-2011 by Beyond
LIONS GATE S
Complementary as
Estimated pro form
Illustrative valuati
Source: SEC filing,

SELECTED INFO
ssets:
ma cash flow ($ m
ion ($ billions):
available at http://w
erved.
ORMATION FRO
millions):
www.sec.gov/Archi
SUBSCRIBE TODA
OM JULY 2010
ves/edgar/data/929
AY! www.manualo
0 PRESENTATIO
9351/00009501231
Value-oriented Eq
ofideas.com
ON ON POTENT

10095415/v57635e
quity Investment Id
TIAL MGM/LG

exv99w1.htm
February 28, 2011 P
GF DEAL
ed Investors
Page 105 of 170

M

2008-2011 by Beyond
Mastercard
Financial: Con
Price: $250.7
52-week rang
Market value:
Enterprise va
Shares out: 1
O
Insider owner
Insider buys (
Insider sales
Institutional o
($ millions, exce
per share data)
Revenue
Operating incom
Net income
Diluted EPS
Shares out (avg
Cash from oper
Capex
Free cash flow
Cash & investm
Total current as
Intangible asset
Total assets
Short-term debt
Total current lia
Long-term debt
Total liabilities
Preferred stock
Common equity
EBIT/capital em
$0
$50
$100
$150
$200
$250
$300
$350

d (MA) Ak
sumer Financia
Trading Data
4 (as of 2/18/11)
ge: $191.00 - $26
: $32.8 billion
lue: $28.6 billion
30.9 million
Ownership Data
rship: 10%
(last six months)
(last six months)
wnership: 75%
ept
2
2
me
g)
rations
ments 1
ssets 1
ts
3
t
bilities 1
2
y
mployed
erved.
Akre ^, Brav
al Services, Mem
)
69.22
n
a
: 10
): 4
Op
2004 2005
,593 2,938
347 393
238 267
1.76 1.98
135 135
344 273
78 82
266 191
,138 1,282
,903 2,228
547 471
,265 3,701
0 0
,301 1,557
230 230
,290 2,531
0 0
975 1,169
n/m n/m
Ten-Year Sto

SUBSCRIBE TODA
ave Warrior
mber of S&P 500
C

This quarter
Next quarte
FYE 12/31/1
FYE 12/30/1
FYE 12/30/1
LT growth
EPS Surpris
2/3/11
perating Perform
Fiscal Years En
2006 2
3,326 4
230 1
50 1
0.37
135
650
95
556
2,484 2
3,577 4
488
5,083 6
0
1,812 2
230
2,718 3
0
2,364 3
n/m
ock Price Perfo
AY! www.manualo
r ^, Lone Pi
0
Consensus EPS

Latest
r $4.07
r 4.13
11 16.66
12 19.52
13 22.53
20.1%
se Actual
$3.16
mance and Fina
nded December 3
2007 2008
4,068 4,992
,099 (546)
,076 (253)
7.96 (1.94)
135 130
770 413
156 170
614 243
,970 2,247
4,592 4,312
560 692
6,260 6,476
80 149
,363 2,991
150 19
3,233 4,548
0 0
3,027 1,927
n/m n/m
rmance and Tra
Value-oriented Eq
ofideas.com
Pine ^^, Tig
Pu
Estimates
Month
Ago
$4.00
4.12
16.48
19.57
23.06
20.1%
Estimat
$3.04
ancial Position
31,
2009
5,099
2,260
1,463
11.25
130
1,378
139
1,239
2,880
5,003
724
7,470
0
3,167
22
3,967
0
3,504
n/m
ading Volume D
Fe Feb 07
quity Investment Id
iger ^
urchase, NY, 914-249-200
# of P/E F
Ests P/E F
26 P/E F
25 P/E F
29 EV/ L
25 EV/ L
7 P / ta
13
te LTM E
LTM p
LT
2010 12/31
5,539 5,
2,752 2,
1,846 1,
14.09 14
131
1,697 1,
151
1,546 1,
4,198 4,
6,454 6,
1,207 1,
8,837 8,
0
3,143 3,
0
3,632 3,
0
5,205 5,
n/m
Dynamics
Feb 09 b 08
February 28, 2011 P
00 ww
Valuation
FYE 12/31/10
FYE 12/31/11
FYE 12/30/12
FYE 12/30/13
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752 468
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697 284
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0 0
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Feb 10 9
ed Investors
Page 106 of 170
w.mastercard.com
n
18x
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11x
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8.2x
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Feb 11

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BUSINESS OVE
MasterCard pro
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SUBSCRIBE TODA
ment networks.
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75.80 54,04
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DE PROTECTION
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DATA
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14%
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32%
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3%
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returns on invested
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ble competitive
s. High EPS gro
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February 28, 2011 P
2007 2008 20
16% 12%
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corporated in Cana
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NALYSIS
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Page 107 of 170
009 2010
7% 3%
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2% 9%
2% 9%
-7% n/a
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38% 33%
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29% 33%
27% 31%
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40% 36%
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20% 23%
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vidend rights,
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ada. It is
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FY End
Date
Sep-30
Dec-31
Nov-30
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these
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2008-2011 by Beyond
MASTERCARD
($ in billions)
Valuation metho
2010 revenue
2010 EBIT marg
2010 EBIT
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Estimated enter
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1

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FCF yield
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MASTERCARD
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Source: Company p

OUR ESTIMA
odology
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ple
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n-related liabilitie
value of the equ
on metrics based
heet value of cash
litigation settlemen
lawsuits related to
nts, including Visa,
the company faces
ion shares outstand
rgeting 20+% annu
ilings, The Manual
MANAGEMEN
agements project
presentation dated
erved.
ATE OF THE EQU
es
2

uity of MasterCa
d on 2010 financia
and investment sec
nts were $0.3 billion
interchange fees. W
the dollar amount o
s potentially advers
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ual EPS growth in 2
of Ideas analysis,
NTS LONGER-
ted 2010-2015 rev
September 2010.
SUBSCRIBE TODA
UITY FAIR VAL
Conser
10x trailin
$5.
50%
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10.0
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ard
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TERM PERFOR

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.5
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RMANCE OBJEC

Value-oriented Eq
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se Case
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cuted a sharing arra
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CTIVES

quity Investment Id
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14.0x
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4.3
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$43 billion
325 per share

4%
4%
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13x
.
. MasterCard is exp
angement that alloc
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cially with respect t
CAGR and minimu
February 28, 2011 P
posed to various lit
cates financial resp
s uncertain. In addi
to its U.S. debit car
um 50% EBIT mar
ed Investors
Page 108 of 170
tigation risks
ponsibilities
ition to
rd business.
rgins annually.

P
S

M
S

M

S
2008-2011 by Beyond
PAYMENTS IND
Source: Company p
MASTERCARD
Source: Company p
MASTERCARD
Source: Company p

DUSTRY GLO
presentation dated
GROWTH OP
presentation dated
MANAGEMEN
presentation dated
erved.
OBAL PERSONA
September 2010.
PORTUNITY IN
September 2010.
NTS CAPITAL
September 2010.
SUBSCRIBE TODA
AL CONSUMPTI
N EUROPE
STRUCTURE G
AY! www.manualo
ON EXPENDIT
GUIDING PRIN
Value-oriented Eq
ofideas.com
URES, 2005-2
NCIPLES
quity Investment Id
015E

February 28, 2011 P
ed Investors
Page 109 of 170

P

2008-2011 by Beyond
PDL BioPha
Health Care: B
Price: $4.93 (
52-week rang
Market value:
Enterprise va
Shares out: 1
O
Insider owner
Insider buys (
Insider sales
Institutional o
($ millions, exce
per share data)
Revenue
Gross profit
Operating incom
Net income
Diluted EPS
Shares out (avg
Cash from oper
Capex
Free cash flow
Cash & investm
Total current as
Intangible asset
Total assets
Short-term debt
Total current lia
Long-term debt
Total liabilities
Preferred stock
Common equity
EBIT/capital em
$0
$5
$10
$15
$20
$25
$30
$35

arma (PDLI)
iotechnology &
Trading Data
(as of 2/18/11)
ge: $4.81 - $7.30
: $688 million
lue: $926 million
39.5 million
Ownership Data
rship: <1%
(last six months)
(last six months)
wnership: 80%
ept
12/31/
me (13
(13
(1.4
g)
rations (2
1
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ments 4
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7
t
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n

: 0
): 0
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/03 12/31/04
67 85
0 0
30) 73
30) (53)
40) 0.74
92 95
24) (27)
71 96
94) (123)
492 232
502 242
32 31
742 714
1 1
35 44
259 258
294 301
0 0
448 413
8% 43%
Ten-Year Sto
Feb 0 Feb 03
SUBSCRIBE TODA
st ^^
C

This quarter
Next quarter
FYE 12/31/1
FYE 12/31/1
FYE 12/30/1
LT growth
EPS Surprise
11/10/10
perating Perform
Fiscal Y
12/31/05 12/
128
0
110
(167)
0.89
104
32
41
(10)
285
379
455
1,163
1
72
507
637
0
526
45%
ock Price Perfor
Feb 05 04
AY! www.manualo
Consensus EPS
Lates
$0.2
r 0.2
0 0.9
1 1.1
2 1.4
n/
e Actua
$0.24
mance and Fina
Years Ended
/31/06 12/31/0
187 22
0
155 18
(130) (21
1.20 1.3
114 11
79 6
55 9
24 (28
333 41
380 72
356 9
1,142 1,19
1
106 12
537 53
674 68
0
468 50
59% 49%
rmance and Tra
Feb 06
Value-oriented Eq
ofideas.com
S Estimates
Month
st Ago
21 $0.21
20 0.25
90 0.90
16 1.18
49 1.49
/a n/a
l Estim
4 $0.
ancial Position
07 12/31/08
25 294
0 0
84 243
1) 68
34 1.48
16 119
67 80
95 3
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13 144
20 181
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92 191
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35 511
85 544
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% 93%
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Feb Feb 07
quity Investment Id
Incline Village, NV, 775-
# of P/
Ests P/
7 P/
4 P/
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7 EV
6 P /
n/a
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12/31/09 9
318
0
299
190
1.07
119
187
0
187
303
316
0
338
278
294
461
754
0
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>100%
Dynamics
Feb 09 b 08
February 28, 2011 P
-832-8500
Valuatio
E FYE 12/31/09
E FYE 12/31/10
E FYE 12/31/11
E FYE 12/30/12
V/ LTM revenue
V/ LTM EBIT
/ tangible book
Greenblatt C
TM EBIT yield
TM pre-tax ROC
LTME FQE
9/30/10 9/30/09
327 7
0 0
274 67
145 46
0.85 0.29
121 119
209 29
0 0
209 29
227 222
235 250
0 0
258 265
112 200
209 267
353 239
562 507
0 0
(305) (242
n/m n/m
Feb 10 9
ed Investors
Page 110 of 170
www.pdl.com
on
5x
5x
4x
3x
2.8x
3x
n/m
Criteria
30%
n/m
E FQE
9 9/30/10
1 86
0 0
7 73
6 40
9 0.24
9 127
9 31
0 0
9 31
2 227
0 235
0 0
5 258
0 112
7 209
9 353
7 562
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m n/m
Feb 11

B
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2008-2011 by Beyond
BUSINESS OVE
PDL BioPharm
humanization p
NVESTMENT H
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ma manages a p
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HIGHLIGHTS
alty-collector
mer drug disco
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SUBSCRIBE TODA
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DATA
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38%
9%
16%
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n/a
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technology, manufa
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February 28, 2011 P
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81% 60%
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Page 111 of 170
YTD
9/30/10
269
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punitive damages
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e significant upside
o Genentech in the
patent interference
convertible debt, w
totaling $60 million
ed Investors
Page 112 of 170
ggressive
un-off value
(detailed
ssumptions
follow)
$345
(10)
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P

S

P

S

P

S
2008-2011 by Beyond
PDL BIOPHARM
Source: Company p
PDL BIOPHARM
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MA GENENTE
presentation dated
MA DEBT RED
presentation dated
MA DIVIDEN
presentation dated
erved.
ECH/ROCHE RO
January 18, 2011.
DUCTIONS AND
January 18, 2011.
D POLICY
January 18, 2011.
SUBSCRIBE TODA
OYALTIES
D MODIFICATIO
AY! www.manualo
ONS
Value-oriented Eq
ofideas.com
quity Investment Id

February 28, 2011 P

ed Investors
Page 113 of 170

S

2008-2011 by Beyond
Seagate Tec
Technology: C
Price: $13.72
52-week rang
Market value:
Enterprise va
Shares out: 4
O
Insider owner
Insider buys (
Insider sales
Institutional o
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Net income
Diluted EPS
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Cash from oper
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Total current as
Intangible asset
Total assets
Short-term debt
Total current lia
Long-term debt
Total liabilities
Preferred stock
Common equity
EBIT/capital em
$0
$5
$10
$15
$20
$25
$30
$35

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Computer Storag
Trading Data
(as of 2/18/11)
ge: $9.84 - $21.5
: $6.2 billion
lue: $6.3 billion
453.0 million
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Feb 0 eb 03
SUBSCRIBE TODA
^^, Glenv
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This quarter
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FYE 7/2/11
FYE 7/1/12
FYE 7/1/13
LT growth
EPS Surprise
n/a
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6/30/06 6/29
9,206 11,
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874
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nsensus EPS E

Latest
n/a
n/a
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n/a
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733 1,670
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Feb 06
Value-oriented Eq
ofideas.com
Paulson ^^
Dubl
Estimates
Month #
Ago E
n/a
n/a
n/a
n/a
n/a
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9,805 1
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633
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Feb Feb 07
quity Investment Id
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# of P/E FY
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n/a P/E FY
n/a P/E FY
n/a EV/ LT
n/a EV/ LT
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e LTM EB
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5,418 5
38
8,247 8
329
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2,173 2
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February 28, 2011 P
517 w
Valuation
YE 7/2/10
YE 7/2/11
YE 7/1/12
YE 7/1/13
M revenue
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560 96
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Feb 10
ed Investors
Page 114 of 170
ww.seagate.com
4x
n/a
n/a
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d capital?
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secular trends?
s is despite ope
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egitimate. How
ns appear disco
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Page 115 of 170
0
YTD
12/31/10
% 2%
% -7%
% -5%
4 5.4

% 69%
% 22%
% 9%

% 50%
% 29%
% 21%

% 20%
% 8%
% 8%
% 6%
% 14%
% 7%
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3 98

% 66%
% 20%
% 14%
8 54
% 24%
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2006.
ons.
VRs and
DAS).
ons.
ext
FY
P/E
6x
2x
9x
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erating in
em to also
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cerns
wever,
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S

1

F
c
a
m
p
m
b
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2008-2011 by Beyond
SEAGATE TECHN
($ in billions)
Valuation metho
Normalized reve
Normalized EBI
Estimated norm
Fair value multip
Estimated enter
Minus: Net debt
Minus: Litigation
Estimated fair
Implied valuatio
FCF yield
Earnings yield
EV-to-EBITDA
EV-to-EBITDA m
EV-to-EBIT
EV-to-revenue
Implied valuatio
FCF yield
EV-to-EBITDA
EV-to-EBITDA m
EV-to-EBIT
EV-to-revenue
Other valuation
Implied fair valu
Implied EV per
Implied EV per
Average selling
Average revenue d
FY09 (fiscal yearen
considered conserv
assets in FY09), wit
margin for the year
period, due to a gro
million). Average ne
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diligence is required
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Source: Company f
SEAGATE TECHN
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NOLOGY OU
odology
enue
1

T margin
2

malized EBIT
ple
rprise value
t
3

n liability
4

value of the equ
on metrics based
minus capex
on metrics based
minus capex
metrics:
8

ue of the equity to
employee ($)
unit shipped in F
price per unit in
during FY07-10 (fo
d is June). Revenu
vative in the historic
th a peak of 15% in
ended December 2
oss margin decline o
et debt may be high
as numerous comp
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5
Based on
will where applicab
ilings, The Manual
NOLOGY FRE
presentation dated
erved.
R ESTIMATE O
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5
d on trailing financ
d on average fina
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FY10 ($)
FY10 ($)
ollowing the acquisi
ue for the year ende
cal context.
2
A
n FY10 and a troug
2010 is 12% (howe
of ~800 bps).
her than the yearen
anies including Sie
470 million diluted
ble.
8
Based o
of Ideas analysis,
EE CASH FLOW,
January 19, 2011.
SUBSCRIBE TODA
F THE EQUITY
5

cials:
6

ncials during FY
tion of Maxtor in FY
ed December 2010
Average EBIT mar
h of -4% in FY09 (a
ever, it was only 8%

3
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nd figure due to sea
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on latest available f
assumptions and e
, FISCAL Q2 20
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FAIR VALUE RA
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8x
norm
$
$11.
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0 is $11.1 billion. Ou
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Value-oriented Eq
ofideas.com
ANGE
onservative
x estimated
malized EBIT
$10.0
7.5%
$0.8
8.0x
$6.0
(0.1)
(0.5)
$5.4 billion
.50 per share

12%
22%
2.8x
5.3x
4.4x
0.5x

15%
3.5x
5.9x
7.1x
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2.0x
$114,068
$31
$58
lion, with a peak of
ur normalized reve
0 was 7% (adjusted
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strong June-Decem
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n the year ended D
the year ended Ju
quity Investment Id
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10x estimat
normalized E
$10.0
7.5%
$0.8
10.0x
$7.5
(0.1)
(0.3)
$7.1 billio
$15.20 per sh

9%
17%
3.5x
6.6x
5.4x
0.7x

11%
4.4x
7.8x
8.9x
0.7x

2.6x
$142,586
$39
$58
f $12.7 billion in FY
enue estimate of $1
d for impairment of
goodwill and other l
mber period, comp
excludes restricted
ant in various intell
ation liability estima
December 2010.
uly 2, 2010.
February 28, 2011 P
e Agg
ted
EBIT
12x e
norma
$
7
1
n $8.9
hare $18.90
1
6 $1
Y07 and a trough of
10.0 billion may the
f goodwill and other
long-lived assets).
pared to 14% in the
d cash and investm
lectual property law
ates are a guess; fu

7
FY09 financia
ed Investors
Page 116 of 170
gressive
estimated
alized EBIT
$10.0
7.5%
$0.8
12.0x
$9.0
(0.1)
(0.0)
9 billion
0 per share

7%
13%
4.2x
7.9x
6.5x
0.8x

9%
5.3x
9.7x
10.6x
0.8x

3.2x
171,103
$47
$58
f $9.8 billion in
erefore be
r long-lived
The EBIT
e year-ago
ents of $97
wsuits brought
urther
als exclude

S

S

S

S
2008-2011 by Beyond
SEAGATE TECHN
Source: Company p
SEAGATE TECHN
Source: Company p

NOLOGY FIN
presentation dated
NOLOGY UN
presentation dated
erved.
NANCIAL HIGH
January 19, 2011.
ITS BY MARKE
January 19, 2011.
SUBSCRIBE TODA
LIGHTS, LAST E
ET, LAST 16 QU
AY! www.manualo
EIGHT QUARTE
UARTERS
Value-oriented Eq
ofideas.com
ERS
February 28, 2011 P
ed Investors
Page 117 of 170

S

2008-2011 by Beyond
Sprint Next
Services: Com
Price: $4.50 (
52-week rang
Market value:
Enterprise va
Shares out: 2
O
Insider owner
Insider buys (
Insider sales
Institutional o
($ millions, exce
per share data)
Revenue
Gross profit
Operating incom
Net income
Diluted EPS
Shares out (avg
Cash from oper
Capex
Free cash flow
Cash & investm
Total current as
Intangible asset
Total assets
Short-term debt
Total current lia
Long-term debt
Total liabilities
Preferred stock
Common equity
EBIT/capital em
$0
$5
$10
$15
$20
$25
$30

tel (S) Ch
mmunications Se
Trading Data
(as of 2/18/11)
ge: $3.21 - $5.31
: $13.4 billion
lue: $28.2 billion
2,987.0 million
Ownership Data
rship: <1%
(last six months)
(last six months)
wnership: 87%
ept
200
21,64
11,80
me (1,99
(1,02
(1.4
g) 1,44
rations 6,63
4,0
2,6
ments 4,62
ssets 9,97
ts 7,83
41,32
t 1,28
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27,55
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47 28,771
09 16,234
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43 2,033
33 10,679
15 5,207
18 5,472
21 10,666
75 19,092
36 49,307
21 102,760
88 5,045
02 14,051
16 19,969
53 50,576
47 247
21 51,937
9% 9%
Ten-Year Sto
Feb 0 eb 03
SUBSCRIBE TODA
ldenTree ^
r of S&P 500
Con

This quarter
Next quarter
FYE 12/31/11
FYE 12/30/12
FYE 12/30/13
LT growth
EPS Surprise
2/10/11
perating Perform
iscal Years Ende
2006 2
41,003 40,
24,240 22,
2,484 (28,7
1,327 (29,4
0.33 (10
2,950 2,
10,958 9,
8,378 7,
2,580 2,
2,061 2,
10,304 8,
60,057 28,
97,161 64,
1,143 1,
9,742 9,
21,011 20,
44,030 42,
0
53,131 22,
10% -11
ock Price Perfor
Feb 05 04
AY! www.manualo
^^, Greenlig
nsensus EPS Es

Latest
-$0.21
-0.18
1 -0.79
2 -0.59
3 -0.03
0.9%
e Actual
-$0.29
mance and Finan
ed December 31
007 2008
146 35,635
955 18,889
740) (2,642)
444) (2,796)
.24) (0.98)
874 2,863
245 6,179
157 4,683
088 1,496
440 3,719
661 8,642
139 22,886
295 58,550
661 618
102 6,281
469 20,992
160 38,635
0 0
135 19,915
13% -11%
rmance and Tra
Feb 06
Value-oriented Eq
ofideas.com
ight ^^
Overla
stimates
Month #
Ago Es
-$0.19 2
-0.16 2
-0.73 2
-0.47 2
0.01 1
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ncial Position
,
2009 2
32,260 32
15,825 15
(1,398) (
(2,436) (3,
(0.84) (1
2,886 2
4,891 4
2,194 2
2,697 2
3,924 5
8,593 9
23,462 22
55,424 51
768 1
6,785 7
20,293 18
37,329 37
0
18,095 14
-7%
ading Volume Dy
Feb Feb 07
quity Investment Id
and Park, KS, 703-433-40
of P/E FYE
sts P/E FYE
24 P/E FYE
23 P/E FYE
29 EV/ LTM
27 EV/ LTM
2 P / tangi
2 G
LTM EB
LTM pre
LTM
2010 12/31/
2,563 32,5
5,071 15,0
(595) (59
,465) (3,46
1.16) (1.1
2,988 2,9
4,815 4,8
2,394 2,3
2,421 2,4
5,473 5,4
9,880 9,8
2,704 22,7
1,654 51,6
1,656 1,6
7,891 7,8
8,535 18,5
7,108 37,1
0
4,546 14,5
-4% -4
ynamics
Feb 09 b 08
February 28, 2011 P
000
Valuation
E 12/31/10
E 12/31/11
E 12/30/12
E 12/30/13
M revenue
M EBIT
ble book
Greenblatt Crite
IT yield
e-tax ROC
ME FQE
/10 12/31/09
563 7,868
071 3,789
95) (544)
65) (980)
16) (0.34)
988 2,899
815 1,215
394 604
421 611
473 3,924
880 8,593
704 23,462
654 55,424
656 768
891 6,785
535 20,293
08 37,329
0 0
546 18,095
4% n/m
Feb 10
ed Investors
Page 118 of 170
www.sprint.com
n/m
n/m
n/m
n/m
0.9x
n/m
n/m
eria
-2%
-4%
FQE
12/31/10
8,301
3,733
(139)
(929)
(0.31)
2,991
1,467
626
841
5,473
9,880
22,704
51,654
1,656
7,891
18,535
37,108
0
14,546
n/m
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BUSINESS OVE
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SUBSCRIBE TODA
vices in the U.S
with 50 millio
llion) and Veriz
SA (34 million
is attractive ev
ments. Free ca
due to GAAP
tive to 2006-08
Sprints wireles
ce revenue was
mpares to 25+%
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RATING
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February 28, 2011 P
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3% -5% 0%
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6% 85% 86%
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Page 119 of 170
9 2010
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SPRINT NEXTEL
($ in billions)
Valuation metho
Wireless busine
2010 service rev
Normalized EBI
Normalized EBI
Minus: Normaliz
Estimated norm
Fair value multip
Estimated enter

Wireline busine
Normalized reve
Normalized EBI
Normalized EBI
Minus: Normaliz
Estimated norm
Fair value multip
Estimated enter

Estimated tota
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Estimated fair
Implied 2010 FC
Implied FCF yie
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2010 adjusted EB
goodwill and asset i
smaller competitor T
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of wireless revenue
17.5% (based on ad
merger and integrat
40+% at AT&T and
sumed at 8%, 10%
revenue is ~13% (2
lion in 2010.
on, down 11% y-y.
gin was 27.5%, rou
zed wireline revenu
m corporate overhe
ed company EBITD
estments and othe
network services to
on (reported segme
ng at December 31
es outstanding.
customers at yeare
of Ideas analysis,
SUBSCRIBE TODA
QUITY FAIR VA
nor
min
billi
2010
cap
lice

(A)

(B)
extel
10

$
omer
11

e in 2010, with the r
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% and 12% of reven
2010: $1.9 billion o
ghly flat y-y.
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r assets" on its bala
the company. We
ent EBITDA, howev
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end 2010 (of which
assumptions and e
AY! www.manualo
ALUE RANGE
Conservative
10x estimated
rmalized EBITDA
us capex of ~$3
on (approximate
adj. EBITDA min
ex, including FC
ense expenditure
$25.9
17.5%
$4.5
(2.0)
$2.5
10.0x
$25.3

$3.0
25.0%
$0.8
(0.3)
$0.5
10.0x
$4.5

$29.8
0.0
(14.7)
(0.4)
$15 billion
$4.90 per share
16%
14%
5.3x
0.9x
$597
$294
remainder from equ
vided by non-equip
rint's wireless adjus
ue, respectively. A
r ~7.5%) . 2011 ca
apex was ~$230 mi
e not been significa
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do not value this in
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66% are postpaid,
estimates.
Value-oriented Eq
ofideas.com
Ba
A
.0
es
nus
CC
e)
10x
norma
minus c
billion (as
service E
expansio
17.5

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pment revenue). Ad
sted EBITDA margi
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pex guidance is "a
illion (~6% of wireli
ant historically. Acc
earend 2010. The
nterest separately,
contribution from eq
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, 25% pre-paid and
quity Investment Id
ase Case
x estimated
lized EBITDA
capex of ~$4.5
ssumes wireless
EBITDA margin
on to 25%, from
5% in 2010)
$25.9
25.0%
$6.5
(2.5)
$4.0
10.0x
$39.7

$3.5
27.5%
$1.0
(0.4)
$0.6
10.0x
$6.1

$45.9
0.0
(14.7)
(0.4)
31 billion
30 per share
8%
7%
8.1x
1.4x
$919
$616
djusted EBITDA ex
in on service reven
ireless capex, inclu
pproximately $3 bi
ine revenue).
cordingly, the comb
main component is
as we assume it is
quity-method invest
ons was $1.6 billion
d 9% wholesale/affi
February 28, 2011 P
Aggre
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normalized
minus cape
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$25
30.0
$7
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$4
10.
$47

$4
30.0
$1
(0.4
$0
10.
$8

$55
0.
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(0.4
$41 b
$13.60 pe
6%
5%
9.9
1.7
$1,1
$81
xcludes severance,
nue compares to 25
uding expenditure o
llion" including wire
bined wireless and
s an interest in Clea
s effectively reflecte
tments including C
n.
liate).
ed Investors
Page 120 of 170
ssive
imated
d EBITDA
ex of ~$5.5
mes wireless
TDA margin
o 30%, from
n 2010)
5.9
0%
.8
0)
.8
0x
7.7
.0
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.2
4)
.8
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5.7
0
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4)
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%
%
9x
7x
116
13
exit costs,
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on FCC
eline and
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learwire).

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2008-2011 by Beyond
SPRINT NEXTEL
FCF is the cash pr
Source: Sprint Next
NDUSTRY AN
Based on Sprint P
Source: Sprint Next
NDUSTRY RE
For T-Mobile USA
Source: T-Mobile U

L FREE CASH
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NNUAL POSTP
ro-forma results for
tel presentation dat
EVENUE AND P
A OIBDA margin in %
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FLOW, 2009-
g activities less the
ted February 10, 20
AID SUBSCRIB
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ted February 10, 20
PROFITABILITY
% of service reven
esentation, dated J
SUBSCRIBE TODA
10
e cash used in inve
011.
BER CHANGE V
o-forma results for
011.
Y DEVELOPMEN
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January 20, 2011.
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VERSUS PRIOR
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Value-oriented Eq
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er than short-term
YEAR, 2006-1
Mobile Q4 consens
OBILE MARKET,
lity with the other U
quity Investment Id
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sus estimates.
, 2009-10
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US carriers.
February 28, 2011 P
quity method inves
ed Investors
Page 121 of 170

stments.

V

2008-2011 by Beyond
Vulcan Mat
Capital Goods
Price: $46.73
52-week rang
Market value:
Enterprise va
Shares out: 1
O
Insider owner
Insider buys (
Insider sales
Institutional o
($ millions, exce
per share data)
Revenue
Gross profit
Operating incom
Net income
Diluted EPS
Shares out (avg
Cash from oper
Capex
Free cash flow
Cash & investm
Total current as
Intangible asset
Total assets
Short-term debt
Total current lia
Long-term debt
Total liabilities
Preferred stock
Common equity
EBIT/capital em
$0
$20
$40
$60
$80
$100
$120
$140

terials (VMC
: Construction -
Trading Data
(as of 2/18/11)
ge: $35.40 - $59.
: $6.0 billion
lue: $8.7 billion
28.4 million
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rship: <1%
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(last six months)
wnership: 89%
ept
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2
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2,454 2,895
583 709
410 477
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102 102
581 473
204 216
377 258
451 450
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600 676
3,665 3,590
3 272
427 571
605 323
,651 1,457
0 0
2,014 2,134
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Ten-Year Sto
Feb 0 eb 03
SUBSCRIBE TODA
heastern ^,
, Member of S&
Con

This quarter
Next quarter
FYE 12/31/1
FYE 12/30/1
FYE 12/30/1
LT growth
EPS Surpris
2/2/11
perating Perform
Fiscal Years End
2006 200
3,343 3,32
932 95
695 7
470 45
4.81 4.6
98 9
579 70
435 48
144 22
55 3
731 1,15
691 3,9
3,428 8,93
200 2,12
488 2,52
322 1,53
1,417 5,17
0
2,011 3,76
33% 22
ock Price Perfor
Feb 05 04
AY! www.manualo
, Weitz
&P 500
nsensus EPS Es

Latest
-$0.49
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1 -0.36
2 0.21
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77 5,363
0 0
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Feb 06
Value-oriented Eq
ofideas.com

Birmingh
stimates
Month # of
Ago Ests
-$0.43 15
0.14 15
-0.13 19
0.81 16
n/a 3
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2,691 2,5
446 3
149 (1
30 (9
0.16 (0.8
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453 2
110
343 1
26
733 7
3,779 3,7
8,525 8,3
622 2
857 5
2,116 2,4
4,488 4,3
0
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ading Volume Dy
Feb Feb 07
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f P/E FYE 1
s P/E FYE 1
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EV/ LTM re
EV/ LTM E
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203 20
86 8
16 11
48 4
772 77
789 3,78
338 8,33
291 29
566 56
428 2,42
373 4,37
0
965 3,96
0% 0%
ynamics
Feb 09 b 08
February 28, 2011 P
www.vulc
Valuation
2/31/10
2/31/11
2/30/12
2/30/13
evenue
EBIT
e book
Greenblatt Criter
yield
ax ROC
E FQE
0 12/31/09
59 590
1 68
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7) (13)
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8 126
3 98
6 16
6 83
8 26
2 733
9 3,779
8 8,525
1 622
6 857
8 2,116
3 4,488
0 0
5 4,037
% n/m
Feb 10
ed Investors
Page 122 of 170
anmaterials.com
n/m
n/m
223x
30x
3.4x
n/m
34.0x
ria
0%
0%
FQE
12/31/10
586
51
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129
75
24
51
48
772
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566
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Feb 11

B
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2008-2011 by Beyond
BUSINESS OVE
Vulcan provide
NVESTMENT H
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ht Rock Industri
weight-to-valu
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es, Vulcan is n
permitted an
ves totaling 14
ons and quality
y is highly gea
nd for constru
egates shipmen
peak level in 20
gates sold in 20
% of aggregates
maintain publi
ways, bridges, ro
/sewer systems
mercial and indu
ect aggregates
aseleading t
river of demand
tained positive
ating $343 mill
RISKS & CONCE
ation appears t
alized econom
BITDA is 12x
age 2006-10 FC
eld (6% on prio
ited from work
billion of net d
rend 2010. Nea
cember 2012, w
guidance is $1
date, the econo
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ies for $3+ billi
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of reserves are
ared to an imp
uction materia
nts in 2010 are r
006 (cash earn
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s produced ar
cly funded pr
oads, airports,
s. Other uses in
ustrial building
s shipments an
to earnings gro
d is U.S. stimu
e FCF through
ion in 2009, $1
ERNS
to reflect a ret
mics. EV-to-ave
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CF of ~$180 m
or peak FCF in
king capital infl
debt (~7x 2010
arest significan
when $300 mil
125 million (up
omic recovery
some of our k
nt comments in
nd shipments d
ness in Florida
alt mix and 78% of
largely supplied fro
ntribution from Flo
nstruction aggr
modity nature of
aggregates and
nd financial lev
earnings. Given

SUBSCRIBE TODA
he U.S.
aggregates,
venue, including
erations.
*
Vulc
in Florida after
ion in 2007.
gregates result
re. Given its sc
l as own aggreg
modity player.
bable stone
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provement in
als in the U.S.
roughly half of
ings per ton of
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owth in 2011.
ulus funding.
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turn to more
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a and California
f concrete by weigh
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shares
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2
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3
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4
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5
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COMPAR

MLM
VMC

MAJOR
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Value-oriented Eq
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tes
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tes
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gross margin
items as % of reven
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me
from ops
pments (excludes int
tes (000s tons)
e (cubic yards)
mix (000s tons)
(tons)
unit sales price in $
tes (freight-adjusted)
mixed concrete
mix
equity to assets
out (avg)
cquired Florida Ro
adjusted, i.e. total s
stribution sites divid
s delivery revenue,
s crushed stone, sa
tes for the segmen
s cement in Florida
RABLE PUBLIC

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4,200 5,16
6,000 8,67
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rice
2
n/a 1
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15% 1
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2
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ock Industries for $3
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70 3.4x 34.0
r insiders 1% |
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M Fundamentals im
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February 28, 2011 P
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0% -14% -26
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2% 12% -26
3.1 3.5 2

75% 64% 66
25% 35% 33
0% 2% 1

36% 30% 24
6% 6% 7
n/m 34% -5
31% 22% 18

21% 12% 5
5% 0% 1
23% 13% 18
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6% 10% 4
219 188 1
584 6,350 4,3
11 10
80 595 2
ales):
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5.56 97.78 96.
8.47 55.94 52.
3.85 96.75 95.
5% -4% 1
-1% 13% 8
3.3 billion cash/stoc
al and external) les
units (internal and e
s margin of zero.
er aggregates, main
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NALYSIS
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0x n/m >99
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market value?
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?
d capital?
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ome investors
n already appe
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ed Investors
Page 123 of 170
009 2010
6% -2%
3% -2%
6% -5%
2.5 2.4

6% 67%
3% 31%
1% 2%

4% 20%
7% -2%
5% -10%
8% 12%

5% -1%
1% -4%
8% 8%
6% 16%
4% 4%

39 136
337 4,138
7 7
262 301
30 10.13
53 86.95
66 50.58
70 79.27
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ck in 2007.
ss freight to
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v
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F
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S
2008-2011 by Beyond
VULCAN MATER
($ in millions)
Valuation metho
Normalized EBI
Minus: Normaliz
Estimated norm
Fair value multip
Estimated enter
Minus: Net debt
Minus: Net post
Estimated fair
Implied valuatio
FCF yield
EV-to-EBITDA (
EV-to-EBITDA m
EV-to-revenue
Implied valuatio
FCF yield
EV-to-EBITDA (
EV-to-EBITDA m
EV-to-revenue
Implied valuatio
EV-to-EBITDA (
Other valuation
Implied fair valu
Implied dividend
Average EBITDA,
2006-10 financials d
assumption of main
maintain operations
Vulcan deserves a
ocal moats due to t
values of pension a
Based on the year
years. Financials do
Florida Rock Indust
Source: Company f
VULCAN MATER
Source: Company p

RIALS OUR E
odology
TDA
1

zed capex
2

malized EBITDA m
ple
3

rprise value
t (12/31/10)
t-retirement liabil
value of the equ
on metrics based
(excl. special item
minus capex
on metrics based
(excl. special item
minus capex
on metrics based
(excl. special item
metrics:
ue of the equity to
d yield
9

excluding special i
do not include a ful
tenance capital ex
s. Vulcan spent $11
a relatively high mu
the high weight-to-v
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r ended December
o not include a full c
ries acquired in No
ilings, The Manual
RIALS AGGR
presentation dated
erved.
ESTIMATE OF T
minus capex
ity
4

uity of Vulcan M
d on trailing financ
ms)
d on average fina
ms)
d on peak financia
ms)
o tangible book
items, was ~$700 m
l contribution of Flo
penditure required
10 million and $86 m
ultiple of normalized
value ratio of aggre
obligations at year
2010.
7
This
contribution of Flor
ovember 2007.
of Ideas analysis,
EGATES RESER
November 2010.
SUBSCRIBE TODA
HE EQUITY FAI
Materials
5

cials:
6

ncials during 200
als (2007):
8

million during 2006
orida Rock Industrie
to maintain "norma
million on capex in
d cash flow due to t
egates and control
rend 2009 (gross b
is likely reflective o
ida Rock Industries

9
Based on annu
assumptions and e
RVES
AY! www.manualo
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Co
12x $
e
norm
m
$
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06-10:
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-10, with a peak of
es acquired in Nov
alized" EBITDA. Th
2009 and 2010, re
the fact that it is no
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enefit obligation wa
of "through-the-cycl
s acquired in Novem
alizing the latest qu
estimates.

Value-oriented Eq
ofideas.com
NGE
onservative
$725 million of
estimated
alized EBITDA
minus capex
$800
(75)
$725
12.0x
$8,700
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$5.7 billion
44 per share

2%
25x
32x
3.6x

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21x
3.0x

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32x
2%
f ~$930 million in 2
vember 2007.
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quity Investment Id
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$800
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$9,600
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$51 per sha

2%
27x
36x
4.0x

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24x
3.3x

10x

37x
2%
007 and a trough o
2
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ement's 2011 cape
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ck reserves.
4

5
Based on 129
2006-07 were "boom
8
Financials do not
f $0.25 per share.
February 28, 2011 P
e Agg
on of
d
BITDA
ex
12x $87
est
normaliz
minu
$
(
$
1
$1
(2
(
n $7.5
are $58 p
of $355 million in 20
ex is intended to ref
icator of capex req
ex guidance is ~$1
anys operations ha
4
Based on balance
9 million shares ou
m" years and 2009
include a full contri
ed Investors
Page 124 of 170
gressive
75 million of
timated
zed EBITDA
us capex
$1,000
(125)
$875
12.0x
10,500
2,671)
(322)
5 billion
per share

2%
30x
39x
4.4x

2%
15x
26x
3.6x

11x

43x
2%
010. Average
flect our
uired to
25 million.
ave significant
e sheet
utstanding.
9-10 "bust"
ibution of

I

S

V
L

S
2008-2011 by Beyond
NDUSTRY FUN
Source: Company p
VULCAN MATER
Latest highway
Source: Company p

NDAMENTALS
presentation dated
RIALS U.S. F
y funding proje
presentation dated
erved.
U.S. AGGREG
November 2010.
EDERAL HIGHW
ction by Congr
November 2010.
SUBSCRIBE TODA
GATES
WAY FUNDING
ressional Budg
AY! www.manualo
G
get Office, 2009
Value-oriented Eq
ofideas.com
9-2013
February 28, 2011 P
ed Investors
Page 125 of 170

W

2008-2011 by Beyond
Wendys/Ar
Services: Rest
Price: $4.87 (
52-week rang
Market value:
Enterprise va
Shares out: 4
O
Insider owner
Insider buys (
Insider sales
Institutional o
($ millions, exce
per share data)
Revenue
Gross profit
Operating incom
Net income
Diluted EPS
Shares out (avg
Cash from oper
Capex
Free cash flow
Cash & investm
Total current as
Intangible asset
Total assets
Short-term debt
Total current lia
Long-term debt
Total liabilities
Preferred stock
Common equity
EBIT/capital em
$0
$5
$10
$15
$20
$25

Arbys (WEN)
taurants, Membe
Trading Data
(as of 2/18/11)
ge: $3.83 - $5.55
: $2.0 billion
lue: $3.1 billion
418.4 million
Ownership Data
rship: 6%
(last six months)
(last six months)
wnership: 70%
ept
12/2
me
(
g)
rations
ments
ssets
ts
1
t
bilities
y
mployed
F Feb 02
erved.
N) Southe
er of S&P MidC

a
: 3
): 0
Op
28/03 1/2/05
294 329
142 158
1 2
(11) 14
(0.22) 0.02
60 63
(37) (13)
5 12
(42) (26)
734 566
773 670
72 157
1,043 1,067
36 53
162 206
483 447
755 764
0 0
288 303
4% 6%
Ten-Year Sto
Feb 0 eb 03
SUBSCRIBE TODA
eastern ^
ap 400
C

This quarter
Next quarte
FYE 12/31/1
FYE 12/30/1
FYE 12/30/1
LT growth
EPS Surpris
1/26/11
perating Perform
Fiscal Y
1/1/06 12/3
727
285
(67)
(55)
(0.83) (
70
(587)
35
(622)
974
1,655
594
2,810
27
1,359
895
2,414
0
396
n/m >
ock Price Perfor
Feb 05 04
AY! www.manualo

Consensus EPS
Late
r $0.0
r 0.0
11 0.1
12 0.2
13 0.2
15.0
se Actual
$0.01
mance and Finan
Years Ended
31/06 12/30/0
1,243 1,26
429 34
31 2
(11) 1
(0.12) 0.1
87 9
602 2
80 7
522 (5
270 8
392 17
592 51
1,560 1,45
23 2
231 20
702 71
1,083 1,00
0
478 44
100% 7
rmance and Tra
Feb 06
Value-oriented Eq
ofideas.com
S Estimates
Month
est Ago
02 $0.02
07 0.06
16 0.16
22 0.22
26 0.29
% 16.1%
l Estim
$0.0
ncial Position
07 12/28/08
64 1,823
44 407
20 (414)
16 (480)
16 (3.50)
92 138
20 72
73 107
53) (35)
81 90
70 381
14 2,265
55 4,646
28 30
07 503
12 1,081
06 2,262
0 0
49 2,383
% -48%
ading Volume Dy
Feb Feb 07
quity Investment Id
Atlanta, GA, 678-514-
# of P/E
Ests P/E
8 P/E
8 P/E
13 EV/
5 EV/
2 P / t
5
mate LTM
00 LTM
LT
1/3/10 10/
3,581 3
852
112
5
0.01 (0
467
295
102
193
592
879
2,274 2
4,975 4
22
475
1,501 1
2,639 2
0
2,336 2
8%
ynamics
Feb 09 b 08
February 28, 2011 P
4100 www.w
Valuation
FYE 1/3/10
FYE 12/31/11
FYE 12/30/12
FYE 12/30/13
LTM revenue
LTM EBIT
angible book
Greenblatt Cr
M EBIT yield
M pre-tax ROC
TME FQE
/3/10 9/27/09
3,477 903
827 219
78 57
(7) 15
0.02) 0.03
455 468
212 104
131 25
81 79
521 645
855 920
2,250 2,277
4,855 5,068
18 18
457 459
,560 1,508
2,680 2,669
0 0
2,175 2,400
5% n/m
Feb 10
ed Investors
Page 126 of 170
wendysarbys.com
n
487x
30x
22x
19x
0.9x
40x
n/m
riteria
3%
5%
FQE
10/3/10
861
194
20
(1)
0.00
418
65
42
23
521
855
2,250
4,855
18
457
1,560
2,680
0
2,175
n/m
Feb 11

B
W
W
s
a
A
O
a

I

I

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T
L
to
a
B

2008-2011 by Beyond
BUSINESS OVE
Wendys/Arby
Wendys is the
segment. Out o
and ~20% are c
Arbys is the #2
Out of a total ~
are company-op
NVESTMENT H
Wend
behind
Wendy
Expl
includ
Januar
is wor
WEN
Mode
going-
WEN
Arby
Guidi
$345-3
and G
targete
initiati
Nelson
been c
with W
NVESTMENT R
Declin
and al
EBITD
and co
awaren
Execu
which
20% o
due on
$1.1 b
COMPARABLE P

MV
($mn)
MCD 80,430
YUM 23,920
JACK 1,250
SONC 580
WEN 2,040
THE BOTTOM LI
Less than three
o focus on We
and seems ince
Burger Kings r

RVIEW
s operates and
#3 U.S. fast-fo
of a total ~6,550
company-opera
2 U.S. sandwich
~3,660 stores, ~
perated (of wh
HIGHLIGHTS
dys is #3 burg
d McDonalds
ys accounts fo
loring strategi
ding a sale of t
ry. Proceeds fr
rth ~$400 milli
market value),
stly undervalu
-private multi
s recent EV-to
s historical pro
ing for pro for
355 million in
&A reductions
ed at 10-15% p
ives: breakfast
n Peltz and aff
chairman since
Wendys to cre
RISKS & CONCE
ning system-w
lready high co
DA growth dep
ompetition in th
ness globally, a
ution risk tied
h has not grown
of Arbys franc
n royalty or oth
billion of net d
PUBLIC COMPA

EV EV
) ($mn) Re
0 89,370 3.
0 26,080 2.
0 1,550 .7
0 1,100 2.
0 3,100 .9
INE
years after Ne
endys. While t
ntivized to ma
recent LBO mu
erved.
d franchises fas
ood franchisor
0 stores, ~90%
ated (of which m
h franchisor (b
~97% are in the
hich most are le
ger chain in N.
(16K) and Bur
or ~90% of com
ic alternatives
the brand, pe
om Arbys, wh
on including n
, may allow mo
ued relative to
iple of 9x EV-t
o-EBITDA is 8
ofitability, the m
rma company
2011, based on
s. Long-term E
per year, beginn
offerings and
filiates own 24
Arbys-owner
ate Wendys/A
ERNS
wide Wendys s
ompany-store
pendent on new
he U.S., and a la
are challenges
to the planne
n same-store sa
chised stores ar
her payments to
debt (2.7x adju
ANY ANALYSIS
P / T
V / Tang. F
ev. Book P
.7x 7.2x 1
.3x 54.1x 1
7x 3.0x 1
.0x n/m 1
9x n/m 3
elson Peltz eng
the strategy U-t
aximize value f
ultiple), and A
SUBSCRIBE TODA
st food stores:
in the hambur
% are in the U.S
most are owned
ehind Subway)
e U.S. and ~30
eased).
.A.: 6,200 stor
rger King (7.5K
mpany EBITDA
s for Arby's,
er a statement i
hich we estima
net debt (~20%
ore capital retur
o Burger King
to-EBITDA.
8x (assuming
multiple is <7x
EBITDA of
n a sale of Arb
EBITDA growt
ning in 2012. K
global expansi
4%. Peltz has
r Triarc merged
Arbys in 2008.
same-store sal
margins, mak
w stores. Saturat
ack of brand
to franchising.
d sale of Arby
ales since 2006
re 60+ days pas
o the company
sted EBITDA)
S
This Next
FY FY
P/E P/E
15x 14x
18x 16x
15x 13x
18x 15x
30x 22x
gineered a merg
turn is tainting
for all sharehol
Arbys can be so
AY! www.manualo
rger
S.
d).
).
0%
es,
K).
A.
in
ate
of
rn.
gs
x).
bys
h is
Key
ion.
d
.
les,
ke
tion
.
ys,
6.
st
y.
).
SELECTE
FYE Dece
Wendy
Arbys
Wendy
Arby's s
revenu
Revenue
% of reve
Wendy's
Arby's
Adj. EBIT
Wendy's
Arby's
Corporate
Total a
% of reve
Company
Royalties
Selected
EBIT (adj
Net incom
D&A
Capex
Selected
System-s
% comp
Avg reven
Restaura
Revenue
Selected
System-s
% comp
Avg reven
Restaura
Revenue
shares
1
Financial
Wendys In
Triarc 07 f
2
Based on
3
Reflects t
4
90+% of
Canada. 9
5
Excludes
6
Company
7
Based on

MAJOR
Chairma
insiders
*
Includes

RATING
VALUE I
DOWNSI
MANAGE
FINANCI
MOAT A
EARNING
MACRO
ger of Arbys w
g management c
ders. Assumin
old for 7x depr
Value-oriented Eq
ofideas.com
D OPERATING
cember 31
y's same-store sales
same-store sales
2

y's system-stores
system-stores
e
($bn)

enue by segment:
4

TDA margin by segm

e
adj. EBITDA margin
enue by type:
y-operated store sale
s/franchise fees
items as % of reven
justed)
5

me
Wendys metrics:
stores (period-end)
pany-operated
nue/company store
ant margin
6

from franchisees ($
Arbys metrics:
stores (period-end)
pany-operated
nue/company store
ant margin
6

from franchisees ($
out (avg)
ls reflect the merge
nternational to form
financials are adjus
n North America sy
the addition of Wen
Wendys revenue
99+% of Arbys reve
s impairment of goo
y-operated store E
n annualized 4Q08
HOLDERS
an Peltz and af
1% | Southeast
Trian Partners and
S
ntrinsic value mate
DE PROTECTION
EMENT Capable a
AL STRENGTH S
GS MOMENTUM
with Wendys,
credibility, Pel
ng Wendys is w
ressed EBITDA
quity Investment Id
DATA
1

2007
s
2
1%
0%
0%
3%
4%
1.2

n/m
100%
ment:
5

n/m
14%
-11%
3%

es 93%
7%
nue:
-2%
1%
5%
6%

6,645 6
21%
($mn) 1.3
11%
$mn) 290

3,688 3
30%
($mn) 1.0
20%
$mn) 87
7% 1
er of Triarc Compan
m Wendys/Arbys G
sted to exclude the
ystem-stores (U.S.
ndys from its acqu
is derived from the
enue is derived from
odwill and other lon
BITDA margin befo
8 figures.
ffiliated entities
tern 7% | Black
d directors Peter M
N Low risk of perm
returns on invested
M Fundamentals im
rom economic and s
the company i
ltz retains a ma
worth 9x trailin
A, shares appea
February 28, 2011 P
2008 2009 1
4% -1%
-4% -9%
0% -1%
2% -1%
52%
3
96%
3

1.8 3.6

n/m 68%
67% 32%

9% 13%
11% 7%
-2% -1%
8% 11%

91% 89%
9% 11%

4% 5%
-26% 0%
5% 5%
6% 3%

6,630 6,541
21% 21%
1.4
7
1.4
12%
7
15%
298
7
303

3,756 3,718
31% 31%
1.0 0.9
16% 14%
86 80
101% 151%
nies (franchisor of A
Group on Septembe
e divested asset mg
stores only in 2007
uisition in 2008.
e U.S. with the rest
m the U.S.
ng-lived assets.
ore corp. SG&A/sp
s 24%
*
| Non-P
kRock 6% | Van
May and Edward G
market value?
manent loss?
ivized?
?
d capital?
mproving?
secular trends?
is seeking to se
aterial econom
ng EBITDA (in
ar modestly un
ed Investors
Page 127 of 170
YTD
0/3/10
-1%
-8%
-1%
-2%
-4%
2.6

70%
30%

15%
5%
0%
12%

89%
11%

6%
0%
5%
4%

6,554
21%
1.4
15%
223

3,662
31%
0.8
12%
56
-8%
Arby's) with
er 29, 2008.
gmt business.
7).
mainly from
ecial items.
Peltz
nguard 3%
Garden.

ell Arbys
mic interest
n-line with
ndervalued.

W

1

2
2

m
3

4

fr
A
5

6

th
s
7

a
S

B

S
2008-2011 by Beyond
WENDYS/ARB
($ in millions)
Valuation metho
Value of Wendy
2011 pro-forma
Minus: Estimate
Estimated EBIT
Fair value multip
Estimated enter
implied EV-to-
implied EV-to-

Value of Arby's:
Trailing adj. Arb
Fair value multip
Estimated enter
implied EV-to-

Estimated total
Minus: Net debt
Estimated fair
Implied trailing F
Implied trailing E
Implied EV-to-tr
Based on manage
2011. In January, th
Based on manage
million for remodels
Adjusted EBITDA
The relatively lowe
rom franchisees. W
Arby's has approxim
Based on 418 mill
In October 2010, 3
he year ended June
system-stores, of w
The company had
and Arbys royalty a
Source: Company f
BURGER KING
BKC enterprise
Selected valuat
EV/trailing EBIT
EV/trailing EBIT
EV/trailing EBIT
EV/store ($)
EV/trailing reven
Selected BKC fi
Revenue
EBITDA
EBIT
Capex
Stores (~90% o
Source: The Manua

BYS OUR EST
odology
y's:
EBITDA
1

ed maintenance c
TDA minus maint
ple
rprise value of W
-trailing adj. Wen
-trailing Wendy's
:
by's segment EBI
ple
4

rprise value of Ar
-trailing Arby's ro
enterprise value
t at 12/31/2010
value of the equ
FCF yield
EV-to-adj. EBITD
railing royalty/fran
ement guidance for
he company has an
ement guidance, ca
s (100 company-ope
excludes impairme
er EBITDA multiple
While the brand may
mately $200 million
ion shares outstand
3G Capital acquired
e 2010. Burger Kin
hich ~75% are ope
$377 million of rev
agreements provide
ilings, The Manual
LEVERAGED BU
e value in sale t
tion ratios:
TDA
TDA minus capex
T
nue
financials (fiscal y
operated by franc
al of Ideas analysis
erved.
TIMATE OF THE
capex
2

enance capex
Wendy's (A)
ndy's segment EB
s royalties/franch
ITDA
3

rby's (B)
oyalties/franchise
of Wendy's/Arby
uity of Wendy's
DA
6

nchise fees
7

pro forma compan
nnounced it is expl
apex in 2011 is exp
erated store remod
ent of goodwill and
es for Arby's versus
y have turnaround
of capital lease ob
ding.
d Burger King for ~
ng has ~12,150 sys
erated by franchisee
venue from royalty/
e for royalties of 4.0
of Ideas analysis,
UYOUT VALUA
to private equity
x
year ended June
chisees)
, assumptions and
SUBSCRIBE TODA
E EQUITY FAIR
an
a

BITDA
3

ise fees
e fees
y's (A+B)
/Arby's
5

ny EBITDA of $345
loring strategic alte
ected at $145 millio
dels), $36 million fo
other long-lived as
s Wendy's reflect Ar
potential, significan
bligations.
~$4.0 billion, includi
stem-stores, of whic
es.
/franchise fees for t
0% of franchise rev
assumptions and e
ATION METRICS
y buyer
e 30, 2010):
estimates.
AY! www.manualo
VALUE RANGE
Conservative
Sum-of-the-part
nalysis (see deta
assumptions belo
$350
(100)
$250
10.0x
$2,500
7.6x
8.3x

$56
6.0x
$334
4.5x

$2,834
(1,059)
$1.8 billion
$4.20 per shar
5%
7.4x
7.5x
-355 million in 201
ernatives for Arby's,
on. This includes $
or "maintenance," $
ssets.
rby's weaker brand
nt capital expenditu
ing debt. The acqu
ch ~90% are opera
the year ended Oct
venues.
estimates.
S ($ in millions)
$4,000

9.0x
13.6x
12.0x
$329,218
1.6x

$2,502
445
333
150
12,150
Value-oriented Eq
ofideas.com
E
e B
ts
ailed
ow)
Sum
analys
assum

$
re $5.6
1, assuming a sale
, including a sale o
$31 million for new
$12 million for techn
d positioning, deter
ure on the part of th
isition price implied
ated by franchisees
tober 3, 2010 (~80

quity Investment Id
Base Case
m-of-the-parts
sis (see detailed
mptions below)
$350
(100)
$250
12.0x
$3,000
9.1x
10.0x

$56
7.0x
$390
5.2x

$3,390
(1,059)
$2.3 billion
60 per share
4%
8.9x
9.0x
e of Arbys and G&A
of the brand.
units (20 new com
nology projects, $3
riorating same-store
he company and/or
d an EV-to-EBITDA
s. This compares to
% of which from W
February 28, 2011 P
Aggre
Sum-of-t
analysis (se
assumptio

$3
(10
$2
14
$3,5
10.
11
$5
8.0
$4
5.9
$3,9
(1,0
$2.9 b
$6.90 pe
3%
10
10
A reductions at beg
pany-operated stor
39 million for "other
e sales, and declin
r franchisees is like
A of ~9.0x based on
o Wendy's/Arby's ~
Wendy's). Most of th
ed Investors
Page 128 of 170
essive
the-parts
ee detailed
ons below)
50
00)
50
.0x
500
.6x
.7x

56
0x
46
9x

946
059)
billion
er share
%
.4x
.5x
ginning of
res), $27
projects."
ing revenue
ely required.
n EBITDA for
10,200
he Wendys

W

*

W
(b

Q

B

S
2008-2011 by Beyond
WENDYS/ARB
Includes breakfast
WENDYS/ARB
(beginning in 2012)
QUARTERLY SS
BENEFITS OF P
Sale would be
Source: Company p

BYS 2011 M
t expense in 2010 a
BYS LONG-TE
2)
S TRENDS OF S
OTENTIAL SALE
e accretive to e
presentations dated
erved.
ANAGEMENT G
and 2011.
ERM EBITDA G
SELECTED HAM
E OF ARBYS
earnings and fr
d January 27, 2011
SUBSCRIBE TODA
GUIDANCE
GROWTH TARGE
MBURGER CHAI
ree cash flow
; available at http:/
AY! www.manualo
ET OF 10-15%
NS (% change)
//bit.ly/ijZmqO
Value-oriented Eq
ofideas.com

%
WENDYS/
AND CAPIT

)
quity Investment Id
/ARBYS 201
TAL EXPENDITU
February 28, 2011 P
1 DEVELOPME
URE PLAN

ed Investors
Page 129 of 170
ENT PLAN

Z

2008-2011 by Beyond
Zimmer Hol
Health Care: M
Price: $63.73
52-week rang
Market value:
Enterprise va
Shares out: 1
O
Insider owner
Insider buys (
Insider sales
Institutional o
($ millions, exce
per share data)
Revenue
Gross profit
Operating incom
Net income
Diluted EPS
Shares out (avg
Cash from oper
Capex
Free cash flow
Cash & investm
Total current as
Intangible asset
Total assets
Short-term debt
Total current lia
Long-term debt
Total liabilities
Preferred stock
Common equity
EBIT/capital em
$0
$10
$20
$30
$40
$50
$60
$70
$80
$90
$100

ldings (ZMH
Medical Equipme
Trading Data
(as of 2/18/11)
ge: $46.27 - $65.
: $12.6 billion
lue: $12.8 billion
97.4 million
Ownership Data
rship: <1%
(last six months)
(last six months)
wnership: 82%
ept
2
2
me
g)
rations
ments
ssets
ts 3
5
t
bilities
y 3
mployed
F Feb 02
erved.
H) Bares
ent & Supplies,
22
n
a
: 2
): 2
Op
F
2004 2005
2,981 3,286
2,201 2,547
763 1,055
542 733
2.19 2.93
244 247
862 878
240 255
622 623
155 233
1,561 1,576
3,324 3,185
5,696 5,722
28 0
701 607
624 82
1,753 1,039
0 0
3,943 4,683
56% 75%
Ten-Year Sto
Feb 0 eb 03
SUBSCRIBE TODA
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Page 131 of 170
09 2010
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Page 132 of 170
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presentation dated
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January 10, 2011.
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January 10, 2011.
SUBSCRIBE TODA
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Value-oriented Eq
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February 28, 2011 P
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Page 133 of 170

R
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Feb 10
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Page 134 of 170
w.broadridge.com
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February 28, 2011 P
2009 2010
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Page 135 of 170
YTD
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BROADRIDGE F
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Valuation metho
Normalized reve
Normalized EBI
Normalized EBI
Fair value multip
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FINANCIAL M
presentation dated
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March 2012).
billion (based on c
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ne 30, 2010.
of Ideas analysis,
MANAGEMENT
February 8, 2011.
SUBSCRIBE TODA
OF THE EQUIT
dge
4

e midpoint
5

g FY08-10
tions acquisition in
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mpany's historic mar
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February 28, 2011 P
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Page 136 of 170
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timated
zed EBIT
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330
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45 million
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2008-2011 by Beyond
BROADRIDGE F
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BROADRIDGE F
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FINANCIAL R
presentation dated
FINANCIAL E
presentation dated
erved.
RECURRING FEE
February 8, 2011.
VENT-DRIVEN
February 8, 2011.

SUBSCRIBE TODA
E REVENUE AN
FEE AND DIST
AY! www.manualo
ND CLOSED SAL
TRIBUTION REV
Value-oriented Eq
ofideas.com
LES, FY05-FY1
VENUE, FY05-
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February 28, 2011 P
ed Investors
Page 137 of 170

C

2008-2011 by Beyond
China Mobi
Services: Com
Price: $47.66
52-week rang
Market value:
Enterprise va
Shares out: 3
O
Insider owner
Insider buys (
Insider sales
Institutional o
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per share data)
Revenue
Gross profit
Operating incom
Net income
Diluted EPS
Shares out (avg
Cash from oper
Capex
Free cash flow
Cash & investm
Total current as
Intangible asset
Total assets
Short-term debt
Total current lia
Long-term debt
Total liabilities
Preferred stock
Common equity
EBIT/capital em
$0
$20
$40
$60
$80
$100
$120

ile (CHL)
mmunications Se
Trading Data
(as of 2/18/11)
ge: $44.41 - $54.
: $190.4 billion
lue: $144.7 billio
3,995.6 million
Ownership Data
rship: <1%
(last six months)
(last six months)
wnership: 2%
ept
12/31/
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23,9
me 9,0
5,9
1.
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rations 12,9
6,5
6,4
ments 8,5
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ts 5,2
46,6
t 1,9
bilities 11,8
2,9
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F Feb 02
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Kleinheinz
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on

: 0
): 0
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/03 12/31/04
217 31,945
991 28,246
000 9,798
994 6,834
.52 1.73
934 3,935
972 15,739
564 8,852
408 6,887
547 9,920
534 12,398
213 0
605 50,654
996 1,251
852 14,812
943 1,972
455 20,608
0 0
50 30,046
0% 40%
Ten-Year Sto
Feb 0 eb 03
SUBSCRIBE TODA
z -
C

This quarter
Next quarter
FYE 12/31/1
FYE 12/31/1
FYE 12/30/1
LT growth
EPS Surprise
3/18/10
perating Perform
Fiscal Ye
12/31/05 12/
36,557 4
33,746 4
11,080 1
8,055
2.03
3,948
19,975 2
10,014 1
9,961 1
16,134 2
18,766 2
0
58,482 7
10
16,675 2
1,958
22,501 2
0
35,981 4
44%
ock Price Perfor
Feb 05 04
AY! www.manualo
Hong Kong
Consensus EPS
Lates
$0.7
r 0.6
0 4.0
1 4.3
2 3.7
n/
e Actua
n/a
mance and Finan
ears Ended
/31/06 12/31/0
44,521 54,21
41,301 50,60
3,802 18,76
9,920 13,13
2.47 3.2
3,979 4,00
22,650 25,57
1,680 14,94
0,970 10,62
23,274 28,59
26,010 31,48
5,701 5,66
75,021 85,56
465 1
21,324 23,91
1,508
26,642 29,19
0
48,379 56,36
58% 78%
rmance and Tra
Feb 06
Value-oriented Eq
ofideas.com
g, 852--312-8888
S Estimates
Month
st Ago
74 $0.74
60 0.60
09 3.79
33 4.33
71 3.71
/a n/a
l Estim
n/a
ncial Position
07 12/31/08
14 62,454
00 58,677
62 21,595
37 17,081
23 4.20
01 4,009
71 29,368
46 18,328
25 11,040
94 33,101
89 36,424
66 5,641
61 99,856
10 10
19 27,838
0 1,504
95 33,123
0 0
65 66,733
% 77%
ading Volume Dy
Feb Feb 07
quity Investment Id
# of P/E
Ests P/E
1 P/E
1 P/E
3 EV/
3 EV/
1 P / t
n/a
mate LTM
a LTM
LT
12/31/09 6/3
68,565 71
64,796 67
22,295 22
17,466 35
4.30
4,012 4
31,412 4
17,562
13,850 4
40,115 47
43,580 51
5,706 5
113,951 125
10
31,819 39
1,504
37,099 43
0
76,852 81
70%
ynamics
Feb 09 b 08
February 28, 2011 P
www.chi
Valuation
FYE 12/31/09
FYE 12/31/10
FYE 12/31/11
FYE 12/30/12
LTM revenue
LTM EBIT
tangible book
Greenblatt Cr
M EBIT yield
M pre-tax ROC
TME FQE
0/10 6/30/08
,353 29,643
,331 27,721
,866 10,539
,016 8,272
4.40 2.03
,012 4,008
,094 (10,467)
0 0
,094 (10,467)
,214 31,274
,985 35,586
,701 5,653
,539 94,531
762 10
,289 27,434
755 1,516
,827 32,726
0 0
,713 61,805
79% n/m
Feb 10
ed Investors
Page 138 of 170
inamobileltd.com
n
11x
12x
11x
13x
2.0x
6x
2.5x
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16%
79%
FQE
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34,854
32,960
11,131
8,742
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2008-2011 by Beyond
BUSINESS OVE
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22% 22% 2
54% 51% 4
23% 22% 1
28% 26% 2
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27% 26% 2
66% 68% 6
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28% 30% 26%
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455 492 49
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28% 31% 26%
62% 64% 65%
1% 0% 0%
which is based on U
l as voice value-ad
mobile customers
ualized.
NALYSIS
P / This N
Tang. FY
Book P/E
5.7x 11x
1.7x 19x
1.3x 69x
2.5x 12x
(Chinese govt)
market value?
manent loss?
ivized?
?
d capital?
mproving?
secular trends?
pre-paid, i.e. witho
mobile services (n
ee to CMCC throug
rading at an ~8
cash generation
y structure. Ch
d China Unico
o owns the Chi
active 4% divid
ed Investors
Page 139 of 170
09
YTD
9/30/10
% 12%
% 6%
% -4%
% 8%
52 353

% n/a
% n/a
% n/a
% n/a

% 32%
4

% 25%
% 55%
4

% 18%
4

% 27%
4

22 570
% n/a
% 69%
94 520
77 72
% n/a
% 43%
5

% 24%
6

% 65%
4

% 0%
4

U.S. GAAP).
dded services.
(period-end).
Next
FY
P/E
10x
16x
37x
11x
) 74%

out contract).

no fixed-line).

gh 2012.
% trailing
n (in a
hinese state
om since
ina Mobile
dend yield.

C

1

in
2

m
s
M
s
3

4

"n
to
a
5

in
6

U
7

8

9

10
S
2008-2011 by Beyond
CHINA MOBILE
(RMB in billions
Valuation metho
Normalized reve
Normalized EBI
Normalized EBI
Minus: Normaliz
Estimated norm
Fair value multip
Estimated enter
Plus: Net cash (
Plus: Value of e
Estimated fair
Implied trailing F
Implied dividend
Implied EV-to-tr
Implied EV-to-tr
Implied EV-to-tr
Implied EV per
Implied value of
Implied premium
to the sale pri
Trailing revenue is
n customers offset
EBITDA margin w
margin mainly due t
services providers o
Mobile. China Mobi
subscribers, howeve
1H10 annualized E
Based on 25% of r
normalized" capex
o keep up with cust
allocated to it (its pa
The company ente
nitiatives are to incl
Based on 4,063 m
U.S. dollars at the re
Based on the estim
Based on 584 mill
Based on dividing
0
Vodafone, which
Source: Company f

E OUR ESTIM
s)
odology
enue
1

TDA margin
2

TDA
3

zed capex
4

malized EBITDA m
ple
rprise value
(6/30/2010)
e-commerce oppo
value of the equ
FCF yield
d yield
7

railing revenue
railing EBITDA
railing EBITDA m
customer (US$)
8
f mainland Chine
m/(discount) of th
ice of Vodafone's
s RMB 478 billion fo
by a 4% decline in
as 51% in the first
to increased compe
of comparable scale
le had an estimated
er, is likely significa
EBITDA is RMB 23
revenue. Capex as
requirements at 25
tomer growth and m
arent CMCC owns
ered the Chinese m
lude mobile phone
million diluted ADS o
ecent RMB/$ excha
mated dividend for
ion mobile custome
our estimated ente
owned a 3.2% equ
ilings, The Manual
erved.
MATE OF THE EQ
minus capex
ortunity
5

uity of China Mo
minus capex
8

ese mobile indus
he equity fair valu
s 3% stake
10

or the year ended S
average revenue p
half of 2010 and av
etition following the
e and standing, ha
d ~68% market sha
antly lower at an es
33 billion (1H10 EB
s a proportion of rev
5% of revenue may
make it competitive
it), and the existing
mobile e-commerce
payments and othe
outstanding (1ADS
ange rate of RMB 6
2010 per the comp
ers as of yearend 2
erprise values for C
uity stake in China M
of Ideas analysis,
SUBSCRIBE TODA
QUITY FAIR VA
obile
6

try (US$bn)
9

ue
September 2010. R
per customer.
veraged 52-53% du
e regulatory reforms
ave led to recent m
are of mobile subsc
stimate ~45%.
ITDA increased 6%
venue averaged 27
y be too high, China
e with the latest tec
g allocation of 35 M
e market in 2010 by
er mobile finance a
=5 ordinary shares
6.60 per U.S. dolla
pany announcemen
2010.
China Mobile by the
Mobile, sold the en
assumptions and e
AY! www.manualo
ALUE RANGE
Conservativ
10x estimate
normalized EB
minus capex of
~85 billion (~2
below trailing EB
minus cape
RMB 550
40%
RMB 220
(138)
RMB 83
10.0x
RMB 825
284
0
RMB 1,109 bi
US$ 168 bill
$41 per AD
9%
5%
1.7x
3.5x
7.4x
$214
$184
-18%
Revenue growth in
uring 2005-09. We
s in 2008. The refo
market share gains b
cribers in mainland
% y-y).
7-28% during 2005-
a Mobile's 2G/3G n
chnologies including
MHz may be limiting
y purchasing a 20%
applications across
s, which are listed in
r.
nt of a dividend pay
e company's estima
ntire stake to a cons
estimates.
Value-oriented Eq
ofideas.com
ve
ed
ITDA
f RMB
25%
BITDA
ex)
1
norm
minu
~12
above
m

llion RM
ion US
DS $
the first nine month
assume normalize
orms, which are des
by China Unicom a
d China at yearend
-09. 1H10 capex w
network is likely to
g "LTE." Moreover,
g, this could lead to
% equity stake in SP
mainland China.
n Hong Kong). The
yout ratio of 43% of
ated 68% market sh
sortium of investme
quity Investment Id
Base Case
0x estimated
malized EBITDA
us capex of RMB
20 billion (~10%
e trailing EBITDA
minus capex)
RMB 600
45%
RMB 270
(150)
RMB 120
10.0x
RMB 1,200
284
40
MB 1,523 billion
S$ 231 billion
$57 per ADS
7%
3%
2.5x
5.0x
10.7x
$311
$268
12%
hs of 2010 was 8%
ed EBITDA margin
signed to encourag
and China Telecom
2010 (2009: 71%)
was 27% of revenue
need significant bu
, as China Mobile d
o ongoing capex req
PD Bank for $6 billi
e estimated renmin
f 2010 net income
hare in mainland C
ent banks in Septe
February 28, 2011 P
Aggre
B
A
10x es
normalize
minus cap
~165 billi
above traili
minus
RMB
50
RMB
(16
RMB
10
RMB
28
7
RMB 1,9
US$ 30
$74 pe
5
3
3.
6.
14
$4
$3
47
% y-y, driven by a 12
will be lower than h
ge three telecomm
m at the expense of
. China Mobile's sh
e. While our assum
uildout and upgrade
does not own the 3
quirements for yea
ion. Targeted joint
nbi market value is t
(the payout ratio is
China at yearend 20
mber 2010.
ed Investors
Page 140 of 170
essive
stimated
ed EBITDA
pex of RMB
ion (~45%
ing EBITDA
capex)
B 650
0%
B 325
63)
B 163
0.0x
1,625
84
79
88 billion
1 billion
er ADS
5%
3%
.4x
.8x
4.5x
422
363
7%
2% increase
historical
munications
China
hare of "3G"
mption of
e expenditure
G spectrum
rs to come.
development
translated into
s flat y-y).
010.

C

C
P

C
S
2008-2011 by Beyond
CHINA MOBILE
CHINA MOBILE
PROFIT ATTRIB
CHINA MOBILE
Source for above ch

E CAPITAL EX
E EBITDA, PR
BUTABLE TO SH
E CASH FLOW
harts: China Mobile
erved.
XPENDITURES
ROFIT FROM OP
HAREHOLDERS

W (RMB millions)

e Limited annual re
SUBSCRIBE TODA
(RMB billions)

PERATIONS,
(RMB millions)

port 2009.
AY! www.manualo
CHINA M

CHINA M
Value-oriented Eq
ofideas.com
MOBILE OPE
MOBILE VAL
quity Investment Id
RATING REVEN
UE-ADDED SER
February 28, 2011 P
NUE DISTRIBU

RVICES FEES

ed Investors
Page 141 of 170
UTION

H

2008-2011 by Beyond
Harvest Nat
Energy: Oil & G
Price: $12.84
52-week rang
Market value:
Enterprise va
Shares out: 3
O
Insider owner
Insider buys (
Insider sales
Institutional o
($ millions, exce
per share data)
Revenue
Gross profit
Operating incom
Net income
Diluted EPS
Shares out (avg
Cash from oper
Capex
Free cash flow
Cash & investm
Total current as
Intangible asset
Total assets
Short-term debt
Total current lia
Long-term debt
Total liabilities
Preferred stock
Common equity
EBIT/capital em
$0
$2
$4
$6
$8
$10
$12
$14
$16
$18
$20

atural Resou
Gas Operations
Trading Data
(as of 2/18/11)
ge: $4.95 - $14.2
: $435 million
lue: $453 million
33.8 million
Ownership Data
rship: <1%
(last six months)
(last six months)
wnership: 68%
ept
12/31
1
me
0
g)
rations
(
ments 1
ssets 1
ts
3
t
bilities
1
y 2
mployed 1
F Feb 02
erved.
urces (HNR)

0
n
a
: 0
): 1
Op
/03 12/31/04
106 186
0 0
34 88
27 34
0.74 0.90
35 36
39 74
61 39
(22) 35
139 85
183 172
0 0
374 368
6 12
46 83
97 0
175 124
0 0
200 243
8% 45%
Ten-Year Sto
Feb 0 eb 03
SUBSCRIBE TODA
) Pabrai

This quarter
Next quarte
FYE 12/31/1
FYE 12/31/1
FYE 12/30/1
LT growth
EPS Surpris
11/9/10
perating Perform
Fiscal Y
12/31/05 12
237
0
105
39
1.01
37
115
16
99
163
240
0
401
6
62
0
103
0
298
55%
ock Price Perfor
Feb 05 04
AY! www.manualo
i -
Consensus EP
Lat
r -$0
r 0
10 0
11 1
12 1
se Actu
0 $0.0
mance and Finan
Years Ended
2/31/06 12/31/
60
0
1 (2
(63)
(1.68) 1
37
(24) (2
2
(26) (2
148 1
200 1
0
468 4
38
82
67
187 1
0
281 3
1% -278
rmance and Tra
Feb 06
Value-oriented Eq
ofideas.com
PS Estimates
Month
test Ago
.01 $0.05
.22 0.30
.45 0.80
.23 1.68
.17 n/a
n/a n/a
al Esti
02 $0
ncial Position
/07 12/31/08
11 0
0 0
20) (54)
60 (22)
.58 (0.63)
37 34
21) 50
1 26
21) 24
121 97
154 116
0 0
417 362
9 0
43 39
0 0
101 89
0 0
317 273
8% -1577%
ading Volume Dy
Feb Feb 07
quity Investment Id
Houston, TX, 281-899
# of P/
Ests P/
2 P/
2 P/
1 EV
2 EV
1 P
n/a
mate LT
0.13 LT
L
12/31/09 9/
0
0
(31)
(3)
(0.09)
33
(35)
28
(63)
32
51
0
349
0
17
0
74
0
275
-94%
ynamics
Feb 09 b 08
February 28, 2011 P
9-5700 ww
Valuatio
/E FYE 12/31/09
/E FYE 12/31/10
/E FYE 12/31/11
/E FYE 12/30/12
V/ LTM revenue
V/ LTM EBIT
/ tangible book
Greenblatt C
TM EBIT yield
TM pre-tax ROC
LTME FQE
/30/10 9/30/09
8 0
0 0
(26) (7)
24 1
0.62 0.02
33 33
(24) (4)
40 11
(64) (15)
13 49
38 68
0 0
430 341
0 0
33 19
32 0
133 73
0 0
297 268
-35% n/m
Feb 10
ed Investors
Page 142 of 170
w.harvestnr.com
on
n/m
29x
10x
11x
56.0x
n/m
1.5x
Criteria
-6%
-35%
E FQE
9 9/30/10
0 2
0 1
) (9)
1 (5)
2 (0.15)
3 34
) (8)
1 11
) (18)
9 13
8 38
0 0
1 430
0 0
9 33
0 32
3 133
0 0
8 297
m n/m
Feb 11

B
H
w

I
I
T
D
s
e
H
P
p

2008-2011 by Beyond
BUSINESS OVE
Harvest is an oi
with its main pr
NVESTMENT H
Owns
Harve
9/30/1
~85%
Recen
half o
pre-tax
reserve
The N
Retain
explo
of asse
report
expres
Poten
reserv
2P a
million
Low P
at $18
costs a
$45-10
Positiv
includ
of pro

NVESTMENT R
Main
govern
Harve
the oth
the ass
Liquid
regula
the cap
is inten
$10 m
2010,
Octob
added
of dilu
Harve
conver
Explo
Mohn
THE BOTTOM LI
Despite materia
stake in Venezu
equivalent rese
Harvest is expl
Petrodelta, whi
price may have

RVIEW
il and gas expl
roducing asset
HIGHLIGHTS
32% of Vene
est proved res
0, up 9% from
of reserves, of
nt market valu
f proved reser
x present value
es at Petrodelta
NPV assumes a
ned Merrill Ly
ore strategic a
ets or a sale or
ed that it had r
ssions of intere
tial for signifi
ves given Petro
and 3P reserv
n boe (~65% a
Petrodelta cas
-33/boe after a
and various tax
00. 2009 actua
ve developme
de ramp-up of p
ved reserves w
RISKS & CONCE
producing ass
nment entity PD
st owns 80% o
her 40%. Harve
set if the Venez
dity constrain
ar dividends an
pex program o
nded to be self
million dividend
the first since
ber 2010 finan
d $60 million o
utive warrants.
st had $13 mil
rtible debt (con
oration capex m
nish Pabrai sol
INE
al share price a
uela-based oil p
rves on a prov
oring strategic
ich has paid litt
e led respected
erved.
oration and pro
located onsho
ezuela-based P
erves of 50 mi
m yearend 2009
f which 25-30%
ue approximat
rves, based on
e of ~24 million
as El Salto fiel
WTI oil price
ynch in Septem
alternatives in
merger. At th
received prelim
est from third
icant increases
odeltas large
ves
**
, net to Ha
at El Salto) and
h costs. Cash m
a 33% royalty,
xes, based on W
al cash margin w
nts outside of
production in U
was $5 million a
ERNS
set is in Venez
DVSA owns 6
of HNR Financ
est may not be
zuelan governm
nts due to Petro
d Harvest need
utside of Vene
f-funding). Har
d from Petrode
a $75 million p
ncing deal with
of expensive d
As of Septemb
lion of cash an
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may prove val
ld most of its s
appreciation, H
producer Petro
ed basis, plus s
alternatives, in
tle dividends to
value investor
SUBSCRIBE TODA
oduction firm,
re in Venezuel
Petrodelta, giv
illion boe
*
as o
9. Oil represent
% are develope
tes NPV of on
a ~$570 millio
n boe of prove
ld, net to Harve
of $77 per bar
mber 2010 to
ncluding a sal
he time, Harves
minary
parties.
s in proved
resource base
arvest, are 103
d 227 million b
margin is forec
~$10/boe of ca
WTI oil prices o
was ~$25/boe.
Venezuela
Utah, U.S. (PV
at yearend 200
zuela, where
60% of Petrode
ce, which owns
e able to monet
ment is in the w
odelta not payin
ding cash to fun
ezuela (Petrode
rvest received a
lta in October
payout in 2008
h MSD Capita
ebt and 6 milli
ber 30, 2010,
nd $32 million
of $5.71/share
lue-destructiv
stake in 4Q10
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significant reso
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o Harvest over
r Pabrai to sell
AY! www.manualo
la.
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on
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Net cash
4
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5
EBIT
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Net incom
Venezuel
Indonesia
U.S. and
Net inco
Assets by
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Indonesia
U.S. and
Intersegm
Total as
Tangible
shares
1
Harvests
converted
owns 60%
other 40%,
2
Petrodelt
4
YTD excl
5
2008/09 f
ramp-up o

MAJOR
CEO Ed
Soros 6%
*
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in Februar
million wa
2010, MSD

RATING
VALUE I
DOWNSI
MANAGE
FINANCI
MOAT A
EARNING
MACRO
*
Based on
**
2P = pro
s undervalued b
s share of Petr
ource potential
ential sale. Ma
the years. The
most of his fun
Value-oriented Eq
ofideas.com
D OPERATING
cember 31
Petrodelta metrics,
eserves (million boe)
eloped
PV-10 ($mn)
Petrodelta metrics (
sales (000 bbls)
as sales ('000 Mcf)
ales (000 boe)
ales price ($/bbl)
sales price ($/Mcf)
3

x ($/boe)
Harvest GAAP finan
4

5

me from affiliates
me by geography ($m
la
a
other
ome to Harvest
y geography ($mn, p
la
a
other
ment eliminations
ssets
equity to assets
out (avg)
s former subsidiary
into a mixed comp
% of Petrodelta. Har
, giving it a 32% eco
ta was formed in 20
ludes $32 million o
figures reflect deco
of production from o
HOLDERS
*

dmiston 2% | O
% | Porter Orlin
ng shares issuable u
ry 2010 at a conve
arrants (issued to M
D Capital owned s
S
ntrinsic value mate
DE PROTECTION
EMENT Capable a
AL STRENGTH S
GS MOMENTUM
n Ryder Scott Co.
oved+probable res
based on the in
rodelta gives it
l. This may be
ain risk remains
e less attractive
nds stake duri
quity Investment Id
DATA
1

2006 2007
net to Harvest (32%
) n/m
2
43.6
n/m 87%
n/m 30%
n/m 523
(100%):
n/m 5,374
n/m 13,456
n/m 7,617
n/m 58.61
n/m 1.54
n/m 4.20
ncials ($mn):
132 118
60 11
1 -20
0 55
mn):
-47 80
0 -0
-16 -20
-63 60
period-end):
352 307
0 0
156 127
-40 -16
468 417
67% 68%
1% -2%
y Petrodelta, which
pany in 2007. As a
rvest owns 80% of
onomic stake (acco
007.
3
Reflects c
of convertible debt (
onsolidation of Petr
oil and gas properti
Other insiders 5
n 5% | Cumber
upon conversion o
ersion price of $5.7
MSD Capital in O
shares, convertible
N Low risk of perm
returns on invested
M Fundamentals im
rom economic and s
as of 9/30/2010; b
serves; 3P = prove
ntrinsic value o
t 50 million ba
attractive to an
s Venezuelan g
e risk-reward d
ing the fourth q
February 28, 2011 P
7 2008 2009
%):
6 43.2 46.3
% 79% 82%
% 34% 32%
3 111 400
4 5,505 7,835
6 10,700 4,397
7 7,288 8,568
1 83.22 57.62
4 1.54 1.54
0 10.90 8.46
8 97 32
1 0 0
0 -54 -31
5 35 36
0 33 40
0 -9 -5
0 -46 -38
0 -21 -3

7 232 249
0 2 6
7 152 114
6 -23 -20
7 362 349
% 76% 77%
% -7% -3%
operates in Venez
a result, state-owne
HNR Finance, whic
ounted for as an equ
contractual price.
(convertible at $5.7
rodelta. YTD reven
es in the U.S.
5% | DFA 8% |
rland 5% | Pab
of $32 million of d
71/share) and exer
ctober 2010). As o
e debt and warrant
market value?
manent loss?
ivized?
?
d capital?
mproving?
secular trends?
boe = barrel of oil-
d+probable+possi
of its key asset
arrels of low-co
n acquirer, espe
government co
due to the rising
quarter of 2010
ed Investors
Page 143 of 170
9
YTD
9/30/10

3 50.4
% 83%
% 27%
0 n/a

5 6,142
7 1,780
8 6,439
2 68.77
4 1.54
6 5.03

2 13
0 8
1 -21
6 53

0 50
5 -5
8 -25
3 19

9 281
6 12
4 166
0 -29
9 430
% 73%
% 1%
zuela, was
ed PDVSA
ch owns the
uity affiliate).
71 per share).
nue reflects
KVO 7%
brai 3%
debt (issued
rcise of 6.0
of October
ts in Harvest.

-equivalent.
ible reserves.
a 32%
ost, oil-
ecially as
ontrol of
g share
0.

H

1

a
P
2

re
S
p
u
3

in
o
4

s
o
O
w
$
5

fr
6

in
S
2008-2011 by Beyond
HARVEST NATU
($ in millions)
Valuation metho
Value of Venez
Value of proved
Proved reserv
Fair value m
Fair value of p
Value of probab
Probable rese
Fair value m
Fair value of p
Value of possib
Possible rese
Fair value m
Fair value of p
Estimated ente
Estimated enter
Estimated tota
Plus: Net cash a
Minus: Share of
Estimated fair
Implied EV per
Implied EV per
Our Petrodelta val
as well as the lower
Petrodelta asset, no
As of yearend 200
eserves. This was
Salto field was repo
proved reserves at
undeveloped). Our c
Harvest also has p
nsignificance of the
on 1x and 2x Harve
Based on Septem
share count. It also
ongoing cash burn t
October 2012, carrie
working capital need
$35 million on cape
Based on reported
ree. Petrodelta had
Based on 39 millio
nclude dilution relat
Source: Company f

URAL RESOURC
odology
zuela-based Pet
d reserves:
ves as of 9/30/10
ultiple
proved reserves
ble reserves:
erves as of 9/30/
ultiple
probable reserve
le reserves:
erves as of 9/30/1
ultiple
possible reserve
erprise value of
rprise value of no
l enterprise val
at Harvest
4

f net debt at Petr
value of the equ
boe of proved Pe
boe of "3P" Petro
uation does not att
r price point of Ven
otwithstanding the e
09, the after-tax PV
based on a WTI oi
orted as ~$570 milli
El Salto. El Salto re
conservative case
producing and expl
ese assets compare
est's capex reported
ber 30, 2010. Figur
excludes a $10 mi
through yearend 20
es interest at an in
ds and general cor
x in the period.
d Petrodelta IFRS f
d total assets of $1.
on shares including
ted to 6 million of w
ilings, The Manual
erved.
CES OUR ESTI
trodelta, net to H
0
(A)
/10
es (B)
10
s (C)
Petrodelta - ne
on-Venezuela oil
ue
rodelta
5

uity of Harvest
etrodelta reserve
odelta reserves,
tempt to reflect Ven
ezuela oil relative t
erratic (and low) ca
-10 value attributab
l price of $62/bbl an
ion as of Septembe
epresents nearly 50
valuation approxim
oration assets in th
ed to its Petrodelta
d during 1Q-3Q of 2
re excludes $32 mi
llion cash dividend
010). In October 20
itial rate of 10%, wh
rporate purposes. H
financials (as disclo
.0 billion and net eq
g shares issuable u
warrants issued to M
of Ideas analysis,
SUBSCRIBE TODA
IMATE OF THE
Harvest:
1

t to Harvest
2
(A
and gas assets
3
Natural Resourc
es, net to Harves
net to Harvest
nezuela "country ris
to WTI. As a result,
ash dividends recei
ble to Harvest was
nd Venezuela oil p
er 30, 2010, up 80%
0% of Harvests pro
mates the recent pre
he U.S. as well as e
asset, we omit a m
2010.
illion of convertible
, net to Harvest, re
010, Harvest issued
hich increases to 1
Harvest had net cas
osed in Harvest's 1
quity of $471 million
pon conversion of c
MSD Capital as pa
assumptions and e
AY! www.manualo
EQUITY FAIR V
A) + (B) + (C)
3

ces
6

st
sk". The various "m
, our valuation case
ved from Petrodelt
~$400 million for 1
rice of $57/bbl. Pre
% y-y. The y-y incre
oved reserves relat
e-tax PV-10 value o
exploration assets
more detailed valua
debt (convertible a
ceived from Petrod
d a $60 million term
5% in July 2011. H
sh from operations
0Q), Petrodelta has
n as of September
convertible debt iss
rt of the October 20
estimates.
Value-oriented Eq
ofideas.com
VALUE RANGE
Conservative
Conservative
valuation of
proved Petrodel
reserves only

50 million boe
$10.00 per boe
$504 million

53 million boe
$0 per boe
$0

124 million boe
$0 per boe
$0
$504 million
$0
$504 million
$13 million
$0
$520 million
$13.10 per shar
$10
$2
multiples" of reserve
es are based on th
ta since it was natio
1P reserves, ~$665
etax PV-10 value, a
ease is a result of h
ted to Petrodelta (9
of only ~50% of Pe
in Indonesia, West
ation in our analysis
at $5.71 per share)
delta in October 20
m loan to an affiliate
Harvest intends to u
of negative $13 m
s little or no interes
30, 2010 (it only h
sued in February 2
010 financing.
quity Investment Id
E
Base C
ta
Valuation
Petrode
reserves pl
million for
Venezuela
asset

50 million
e $12.00 pe
$605 mi

53 million
$2.00 pe
$105 mi

e 124 millio
$0 per b
$0
$710 mi
$35 mil
$745 mi
$13 mil
$0
$760 mi
re $16.70 per
$15
$3
es mainly reflect ris
e assumption that
onalized in 2007.
5 million for 2P rese
attributable to Harv
higher oil prices as
95+% of El Salto pr
etrodelta's proved r
t Africa, China and
s. Our base and ag
) as related potentia
010 (we assume the
e of MSD Capital, L
use the net proceed
million during Janua
st expense, leading
as $33 million of no
2010. Additionally, t
February 28, 2011 P
ase Ag
of 2P
elta
lus $35
r non-
oil/gas
ts
Valu
Pe
reserv
millio
Venez

n boe 50 m
er boe $14.
llion $70

n boe 53 m
r boe $4.0
llion $21

on boe 124
boe $1.0
$12
llion $1,0
lion $7
llion $1,1
lion $1
llion $1.
r share $24.7
5
sks around actual r
Harvest is able to m
erves, and $1.6 bill
vest, related to Petr
well as a ~30% inc
roved reserves are
reserves net to Har
Oman. Due to the
ggressive valuation
al shares are includ
e dividend has bee
L.P. The loan, whic
ds of $59.5 million
ry-September of 20
g us to assume that
on-current liabilities
the base and aggre
ed Investors
Page 144 of 170
ggressive
ation of 3P
etrodelta
ves plus $70
on for non-
zuela oil/gas
assets
million boe
00 per boe
06 million
million boe
00 per boe
10 million
million boe
00 per boe
24 million
040 million
70 million
10 million
3 million
$0
12 billion
0 per share
$22
$5
recoverability
monetize its
ion for 3P
rodelta's El
crease in
e
rvest.
relative
s are based
ded in our
n spent on
ch mature in
for capex,
010 and spent
t it is debt
s).
essive cases

H

V

U

I

G

S
2008-2011 by Beyond
HARVEST NATU
Venezuela:
Harve
Octob
In the
approx
increa
Capita
Petrod
Produ
The 20
injecto
United States:
Harve
equiva
Decem
Four w
been s
Februa
during
Five o
to tota
million
phase
Indonesia:
The L
Harve
Gabon:
The C
contra
Statements by
We a
achiev
reserv
Septem
million
contin
Our a
encour
We ex
drilled
Extens
We a
explor
quarte
suffici
annou

URAL RESOURC
st received pay
er 22, 2010;
twelve months
ximately 8.6 m
ase of 9% over
al expenditures
deltas current p
ction target for
011 capital bud
or wells, one ga
sts net share o
alent (BOE) fo
mber 2010 was
wells of a six-w
successfully dri
ary, respective
g the first quart
of the seven we
al depth (TD) a
n cubic feet pe
drilling progra
ariang LG-1 W
st exercised its
Company has is
acts are being te
CEO James E
are pleased to a
ved since 2005
es net to Harve
mber 30, 2010,
n with a signif
nue developing
appraisal and d
raging results.
xpect to have th
d and complete
sion drilling pr
are excited to a
ration well in In
er of 2011. Fina
ient liquidity to
unced in Septem
erved.
CES MANAGE
yment of Petro
s ended Decem
million barrels o
the same perio
s were estimate
production rate
r 2011 is 36,00
dget is approxi
as injector wel
of production f
r the twelve m
540 barrels of
well Lower Gre
illed with two
ly. Drilling is i
ter of 2011.
ells related to th
and are produci
er day (MMCFD
am is expected
Well was spud o
s first refusal ri
ssued purchase
endered in prep
Edmiston:
announce that P
. With the rece
est in Venezue
, a 26% increas
ficant portion o
the Temblado
development dr
We have drille
hese wells com
ed during the fi
rogram, six we
nnounce comm
ndonesia on Ja
ally, with the $
o fund our appr
mber of 2010.
SUBSCRIBE TODA
EMENTS OPER
delta dividend
mber 31, 2010,
of oil (MMBO)
od in 2009;
ed to be $97.0 m
e is approxima
00 BOPD with
imately $224 m
ll and construct
from the Antelo
months ended D
f oil equivalent
een River/Uppe
on production
in progress on
he second phas
ing at a restrict
D) of gas. The
to be drilled b
on January 6, 2
ight to acquire
orders for long
paration to spu
Petrodelta prod
ent drilling succ
la have increas
se over year-en
of that total rela
r and El Salto
rilling campaig
ed four of the s
mpleted and frac
irst quarter of 2
ells of which ar
mencement of d
anuary 6, 2011
$60.0 million cr
roved drilling p

AY! www.manualo
RATIONAL UPD
s in the amoun
Petrodelta dril
) for a daily av
million in 2010
ately 28,000 ba
a first quarter
million, which i
tion costs for p
ope project in U
December 31, 2
t per day (BOE
er Wasatch del
and two expec
the fifth well.
se of the Monu
ted combined r
sixth well is c
by the end of Fe
2011, in the Bu
an additional
g lead items re
ud the explorati
duction is at 28
cess in the Tem
sed to 103.0 m
nd 2009. The 2
ated to infrastru
oil fields.
gn on our Ante
six wells of the
ctured by mid
2011. We also
re operated by N
drilling operati
. The second e
redit facility w
programs and p
Value-oriented Eq
ofideas.com
DATE, dated Ja
nt of $9.8 millio
lled and compl
verage of appro
0;
arrels of oil per
average of 29,
includes provis
pipeline and rel
Utah totaled ap
010. Net produ
EPD).
lineation and d
cted to be hydr
The remaining
ument Butte Fie
rate of approxim
currently drillin
ebruary 2011.
udong Block, W
10% equity in
equired for dril
ion well in the
8,000 BOPD, w
mblador and El
million barrels o
2011 Petrodelta
ucture costs fo
lope project in
e Green River/W
February of 20
expect to comp
Newfield Expl
ions on the mu
exploration wel
which closed in
pursue the stra
quity Investment Id
nuary 11, 201
on, net to Harv
leted 16 wells a
oximately 23,6
r day (BOPD);
000 BOPD;
sions to drill 2
lated facilities.
pproximately 1
uction to Harve
development dr
raulically fractu
g well will be d
eld Extension p
mately 170 gro
ng, and the sev
West Sulawesi.
the Budong Bl
ling. Also, oth
second quarte
which are level
l Salto fields, p
of oil equivalen
a capital budge
or pipeline and
n Utah, continu
Wasatch appra
011. The remai
plete our seven
loration, in Feb
uch anticipated
ll is expected to
n October of 20
ategic alterative
February 28, 2011 P
11
vests 32% inte
and produced
00 barrels per
8 oil wells, two
.
193,100 barrels
est during the m
rilling program
ured in January
drilled and com
project have be
oss BOPD and
venth well of th
. On January 5
lock PSC.
her related drilli
er of 2011.
s of production
proved and pro
nt (MMBOE) a
et is approxima
related faciliti
ues to provide
aisal drilling pr
ining two well
n well Monume
bruary 2011.
Lariang LG-1
o spud during
010, Harvest ha
e process whic
ed Investors
Page 145 of 170
erest on
day, an
o water
s of oil
month of
m have
y and
mpleted
een drilled
d 2.0 gross
he second
, 2011,
ing
n not
obable (2P)
at
ately $224
es to
rogram.
s will be
ent Butte

the first
as
h was

S
I
2008-2011 by Beyond
Snapshot o
In Alphabet

Company / Ticker
AbitibiBowater / A
Alere / ALR
American Tower /
Amylin Pharma / A
Anadarko Petroleu
Anheuser-Busch /
Applied Materials
Arris Group / ARR
Asbury Automotiv
BP / BP
Broadridge Financ
Cardinal Health / C
CareFusion / CFN
CBS / CBS
Charter Comms / C
Chesapeake Energ
China Mobile / CH
Cisco Systems / C
Coca-Cola / KO
Comcast / CMCSA
CommScope / CTV
Copart / CPRT
Corporate Executi
DaVita / DVA
Dean Foods / DF
Electronic Arts / E
Ensco / ESV
Enstar Group / ES
Express Scripts /
Exxon Mobil / XOM
Fiserv / FISV
Flextronics / FLEX
Flowserve / FLS
Fortune Brands / F
Foster Wheeler / F
Gap / GPS
Gastar Exploration
General Growth / G
General Motors / G
H&R Block / HRB
Hain Celestial / HA
Harvest Natural / H
Hewlett-Packard /
International Pape
ITT Corp. / ITT
J.C. Penney / JCP
Johnson & Johns
Kraft Foods / KFT
Lab Corp. of Amer
Lamar Advertising

of 100 Su
tical Order

Indus
ABH Pape
Biote
AMT Com
AMLN Biote
um / APC Oil &
/ BUD Beve
/ AMAT Semi
RS Com
ve / ABG Reta
Oil &
cial / BR Busin
CAH Biote
Medi
Broad
CHTR Broad
gy / CHK Oil &
L Com
CSCO Com
Beve
A Broad
V Com
Reta
ive / EXBD Busin
Healt
Food
ERTS Softw
Oil W
SGR Insur
ESRX Reta
M Oil &
Com
X Semi
Misc.
FO Cong
FWLT Cons
Reta
n / GST Oil &
GGP Real
GM Auto
Perso
AIN Food
HNR Oil &
HPQ Com
er / IP Pape
Misc.
Reta
on / JNJ Majo
Food
rica / LH Healt
g / LAMR Adve
erved.
perinvesto

stry
er Products
echnology & Drugs
ms Services
echnology & Drugs
Gas Operations
erages (alcoholic)
iconductors
ms Equipment
il (specialty)
Gas - Integrated
ness Services
echnology & Drugs
cal Equipment
dcasting & Cable
dcasting & Cable
Gas Operations
ms Services
puter Peripherals
erages (non-alcoh.)
dcasting & Cable
ms Equipment
il (specialty)
ness Services
thcare Facilities
d Processing
ware
Well Services
rance (misc.)
il (drugs)
Gas Operations
puter Services
iconductors
. Capital Goods
glomerates
struction Services
il (apparel)
Gas - Integrated
Estate Operations
& Truck Makers
onal Services
d Processing
Gas Operations
puter Hardware
er Products
. Capital Goods
il (dep't & discount)
r Drugs
d Processing
thcare Facilities
ertising
SUBSCRIBE TODA
or Holding
YTD Market
Price Value
($mn
na 2,868
4% 3,223
5% 21,654
11% 2,344
6% 40,123
-4% 87,416
17% 21,757
21% 1,684
-1% 599
9% 149,865
6% 2,912
10% 14,739
9% 6,255
20% 15,605
19% 5,324
17% 19,899
-4% 190,430
-7% 104,481
-2% 149,887
17% 70,563
1% 2,991
11% 3,404
10% 1,417
15% 7,744
17% 1,886
18% 6,446
0% 7,618
-2% 1,087
5% 29,991
16% 426,096
8% 9,447
7% 6,399
9% 7,277
4% 9,562
14% 4,911
4% 14,161
5% 282
2% 19,896
-1% 54,765
22% 4,436
14% 1,328
6% 435
16% 105,835
7% 12,695
15% 10,987
15% 8,759
-1% 167,824
-2% 53,993
1% 9,052
4% 3,830
AY! www.manualo
gs
t Enter. P/
e Value Thi
) ($mn) FY
8 3,711 nm
3 5,200 14
4 26,045 58
4 2,688 nm
3 49,456 35
6 129,734 17
7 19,378 13
4 1,266 16
9 1,455 13
5 170,757 8
2 3,049 17
9 16,061 16
5 6,154 17
5 21,126 16
4 17,843 nm
9 33,800 10
0 144,734 12
1 79,493 12
7 161,967 17
3 95,913 17
1 3,668 18
4 3,143 19
7 1,304 25
4 11,170 18
6 5,861 17
6 4,475 29
8 6,979 15
7 -2,128 9
1 31,961 18
6 432,131 12
7 12,240 14
9 7,032 n
7 7,530 19
2 12,978 19
1 4,066 n
1 12,507 12
2 299 n
6 36,194 nm
5 36,853 13
6 4,636 10
8 1,542 24
5 453 29
5 117,205 9
5 19,293 11
7 11,320 13
9 10,192 24
4 157,723 13
3 80,236 14
2 11,009 14
0 6,264 nm
Value-oriented Eq
ofideas.com
/E (Est.)
s Next
Y FY Notab
m 11x Fairfax
4x 12x Baupo
8x 49x Akre, V
m nm Icahn
5x 24x Paulso
7x 14x Marke
3x 12x Appalo
6x 14x Sagev
3x 10x MSD
8x 7x Blue R
7x 14x Brave
6x 14x Green
7x 15x Green
6x 12x Ancien
m 53x Golde
0x 11x Icahn,
2x 11x Kleinh
2x 11x Appalo
7x 15x BRK,
7x 15x Brave
8x 13x Paulso
9x 16x Force
5x 22x Bares
8x 15x Lone P
7x 13x Appalo
9x 22x Hawks
5x 14x Green
9x 8x Akre
8x 15x Glenv
2x 10x BRK,
4x 13x Brave
a na Glenv
9x 16x Breed
9x 16x Marke
a na Force
2x 12x ESL, G
a na BP Ca
m 53x Blue R
3x 9x Appalo
0x 9x Breed
4x 21x Icahn
9x 10x Pabra
9x 9x Appalo
x 9x Appalo
3x 12x Atlant
4x 21x Force
3x 12x BRK,
4x 12x BRK,
4x 13x Brave
m nm Akre,
quity Investment Id
ble Shareholders
x, Markel, Paulson
ost
Viking

on
el
oosa, Edinburgh
view
Ridge, Greenlight
Warrior, Greenlight
nlight
nlight, Third Point
nt Art, Childrens
enTree
, Southeastern
heinz
oosa, ESL, Pennant
Childrens, Markel
Warrior, Paulson
on, Tiger Global
, Gates
, Hawkshaw
Pine, Pennant, Vikin
oosa
shaw, Tiger Global
nlight, Hound
view, Lone Pine
Markel, Viking
Warrior, Glenview
view
den, Scout
el, Pershing Square
, H Partners, Penna
Gates
apital
Ridge, Pershing Sq.
oosa, Pershing Sq.
den, ESL, Viking

ai
oosa, Brave Warrior
oosa, Paulson
ic
, Pershing Square
Fairfax, Markel
Fairfax, Pershing Sq
Warrior, Glenview
Force, Scout
February 28, 2011 P

Website
www.abitibibow
www.invmed.c
www.american
www.amylin.co
www.anadarko
www.ab-inbev
www.appliedm
www.arrisi.com
www.asburyau
www.bp.com
t www.broadridg
www.cardinal.
www.carefusio
www.cbscorpo
www.charter.c
www.chk.com
www.chinamo
t www.cisco.com
thecoca-colac
www.comcast
www.commsc
www.copart.co
www.executive
ng www.davita.co
www.deanfood
www.ea.com
enscointernati
www.enstargro
www.express-
www.exxonmo
www.fiserv.co
www.flextronic
www.flowserve
www.fortuneb
ant www.fwc.com
www.gapinc.c
www.gastar.co
www.ggp.com
www.gm.com
www.handrblo
www.hain-cele
www.harvestn
r www.hp.com
internationalpa
www.itt.com
www.jcpenney
www.jnj.com
q. kraftfoodscom
www.labcorp.c
www.lamar.co
ed Investors
Page 146 of 170
water.com
com
ntower.com
om
o.com
v.com
materials.com
m
uto.com
ge.com
com
on.com
oration.com
com

obileltd.com
m
company.com
t.com
ope.com
om
eboard.com
om
ds.com
onal.com
oup.com
-scripts.com
obil.com
m
cs.com
e.com
rands.com
om
om
m
ock.com
estial.com
nr.com
aper.com
y.net
mpany.com
com
om

2008-2011 by Beyond

Company / Ticker
Leap Wireless / LE
Learning Tree / LT
Level 3 Comms / L
Liberty Global / LB
Liberty Interactive
Life Technologies
Lions Gate / LGF
Loral Space / LOR
LyondellBasell / L
Massey Energy / M
MasterCard / MA
McDonald's / MCD
McKesson / MCK
Microsoft / MSFT
Molson Coors / TA
MRV Comms / MR
Omnicare / OCR
Owens Illinois / OI
PDL BioPharma /
Pfizer / PFE
Plains Exploration
POSCO / PKX
Praxair / PX
Procter & Gamble
Radian Group / RD
Raytheon / RTN
Ross Stores / ROS
Schlumberger / SL
Seagate Technolo
Sears Holdings / S
Snap-on / SNA
Spectrum Brands
Sprint Nextel / S
Stanley Black Dec
Steris / STE
Teck Resources /
Texas Industries /
Theravance / THR
Time Warner Cabl
Tyco International
Vail Resorts / MTN
Valeant Pharma / V
Vishay Precision /
Vulcan Materials /
W.R. Grace / GRA
Wal-Mart / WMT
Watson Pharma / W
Wendy's Arby's / W
Zimmer Holdings
ZipRealty / ZIPR


Indus
EAP Com
TRE Scho
LVLT Com
BTYA Broad
e / LINTA Broad
s / LIFE Biote
Motio
RL Elect
LYB Chem
MEE Coal
Finan
D Resta
Biote
Softw
AP Beve
RVC Semi
Reta
I Pack
PDLI Biote
Majo
n / PXP Oil &
Iron &
Chem
/ PG Hous
DN Prope
Cong
ST Reta
LB Oil W
ogy / STX Com
SHLD Reta
Appli
/ SPB Elect
Com
cker / SWK Appli
Medi
TCK Meta
TXI Cons
X Biote
e / TWC Broad
l / TYC Cong
N Recre
VRX Biote
/ VPG Elect
VMC Cons
Chem
Reta
WPI Biote
WEN Resta
/ ZMH Medi
Real
erved.
stry
ms Services
ools
ms Services
dcasting & Cable
dcasting & Cable
echnology & Drugs
on Pictures
tronic Instruments
micals - Plastics

ncial Services
aurants
echnology & Drugs
ware
erages (alcoholic)
iconductors
il (drugs)
kaging
echnology & Drugs
r Drugs
Gas Operations
& Steel
micals
sehold Products
erty & Casualty
glomerates
il (apparel)
Well Services
puter Storage
il (dep't)
ances & Tools
tronic Instruments
ms Services
ances & Tools
cal Equipment
l Mining
struction Materials
echnology & Drugs
dcasting & Cable
glomerates
eational Activities
echnology & Drugs
tronic Instruments
struction Materials
micals
il (discount)
echnology & Drugs
aurants
cal Equipment
Estate Operations

SUBSCRIBE TODA
YTD Market
Price Value
($mn
14% 1,090
-3% 125
49% 2,437
19% 10,033
10% 20,220
-2% 10,160
-6% 837
3% 1,636
10% 21,467
20% 6,565
12% 32,817
-1% 80,432
15% 20,504
-3% 227,369
-9% 8,470
-2% 276
6% 3,135
3% 5,182
-21% 688
10% 153,711
21% 5,467
1% 38,257
4% 30,359
0% 179,988
-9% 981
13% 19,015
14% 8,553
14% 129,349
-9% 6,215
26% 10,234
8% 3,572
-7% 1,471
6% 13,442
14% 12,632
-4% 2,086
-11% 32,547
-8% 1,172
-10% 1,665
9% 25,574
14% 22,423
-5% 1,774
43% 11,989
-11% 224
5% 6,000
12% 2,879
3% 197,263
8% 7,388
5% 2,038
19% 12,583
13% 60
AY! www.manualo
t Enter. P/
e Value Thi
) ($mn) FY
0 3,264 nm
5 85 23
7 8,269 nm
3 28,883 35
0 24,700 17
0 12,380 14
7 1,326 n
6 1,461 n
7 23,327 n
5 7,554 19
7 28,619 15
2 89,373 15
4 21,353 16
9 195,788 11
0 9,214 12
6 274 22
5 4,992 13
2 8,820 11
8 926 5
1 174,695 9
7 8,259 33
7 37,299 9
9 35,877 18
8 210,467 16
1 -4,215 nm
5 18,987 10
3 7,968 16
9 132,471 25
5 6,326 n
4 13,481 72
2 4,170 15
1 3,120 16
2 28,160 nm
2 14,322 15
6 2,104 16
7 37,342 n
2 1,685 nm
5 1,528 nm
4 45,948 16
3 24,514 n
4 2,269 47
9 14,627 n
4 154 21
0 8,670 nm
9 1,918 13
3 243,441 14
8 8,110 14
8 3,095 30
3 12,791 14
0 26 nm
Value-oriented Eq
ofideas.com
/E (Est.)
s Next
Y FY Notab
m nm H Part
3x 16x Lane F
m nm Fairfax
5x 39x Blue R
7x 23x South
4x 13x Glenv
a na Icahn,
a na MHR
a na Green
9x 13x Third
5x 13x Brave
5x 14x Eagle
6x 14x Glenv
x 10x Bares
2x 11x Childr
2x 13x Spenc
3x 12x Weitz
x 9x Atlant
5x 4x Baupo
9x 8x Appalo
3x 23x BP Ca
9x 9x Pabra
8x 16x Eagle
6x 15x BRK,
m 9x Harbin
0x 9x Atlant
6x 14x Akre
5x 19x Eagle
a na ESL, G
2x 82x ESL, F
5x 13x Gates
6x 13x Harbin
m nm Golde
5x 13x Atlant
6x 15x Breed
a na Lone P
m nm South
m nm Baupo
6x 13x Edinb
a na Glenv
7x 38x Paulso
a na Chou,
x 14x Gates
m >99x South
3x 13x Gates
4x 12x BRK,
4x 11x Chou,
0x 22x South
4x 12x Bares
m nm Ancien
quity Investment Id
ble Shareholders
tners, MHR
Five
x, Southeastern
Ridge, Tiger Global
eastern, Third Point
view, Sageview
, MHR
nlight, Third Point
Point
Warrior, Tiger Glob
, Markel, Scout
view, Viking
, Greenlight, Weitz
rens, West Coast
cer

ic
ost
oosa, Paulson
apital, Third Point
ai
, Weitz
Markel, Viking
nger
ic
, Lone Pine, Markel
Glenview, Paulson
Fairholme, Force
s
nger
enTree, Greenlight
ic, Breeden
den
Pine, Pabrai
eastern
ost, Blue Ridge
urgh, Viking
view, Weitz
on, Southeastern
, Viking, Blue Ridge
s
eastern, Weitz
s, Hound, H Partners
Eagle, Markel
, Viking
eastern
, Edinburgh, Gates
nt Art
February 28, 2011 P

Website
www.leapwire
www.learningt
www.level3.co
www.lgi.com
t www.libertyme
www.lifetechn
www.lionsgate
www.loral.com
www.lyondellb
www.masseye
bal www.masterca
www.mcdonal
www.mckesso
www.microsof
www.molsonc
www.mrv.com
www.omnicare
www.o-i.com
www.pdl.com
www.pfizer.co
www.pxp.com
www.posco.co
www.praxair.c
www.pg.com
www.radiangro
www.raytheon
www.rossstore
www.slb.com
www.seagate.
www.searshol
www.snapon.c
www.spectrum
www.sprint.co
www.stanleyw
www.steris.co
www.teck.com
www.txi.com
www.theravan
www.timewarn
www.tyco.com
www.vailresor
www.valeant.c
www.vishaypg
www.vulcanm
s www.grace.co
walmartstores
www.watson.c
www.wendysa
www.zimmer.c
www.ziprealty
ed Investors
Page 147 of 170
less.com
tree.com
om
edia.com
ologies.com
e.com
m
basell.com
energyco.com
ard.com
ds.com
on.com
ft.com
oors.com
m
e.com
om

om
com
oupinc.com
n.com
es.com
.com
dings.com
com
mbrands.com
om
works.com
m
m
nce.com
nercable.com
m
rts.com
com
g.com
aterials.com
om
s.com
com
arbys.com
com
.com

B
2008-2011 by Beyond
By Market V

Company / Ticker
Exxon Mobil / XOM
Microsoft / MSFT
Wal-Mart / WMT
China Mobile / CHL
Procter & Gamble /
Johnson & Johnson
Pfizer / PFE
Coca-Cola / KO
BP / BP
Schlumberger / SLB
Hewlett-Packard / H
Cisco Systems / CS
Anheuser-Busch / B
McDonald's / MCD
Comcast / CMCSA
General Motors / G
Kraft Foods / KFT
Anadarko Petroleum
POSCO / PKX
MasterCard / MA
Teck Resources / T
Praxair / PX
Express Scripts / E
Time Warner Cable
Tyco International /
Applied Materials /
American Tower / A
LyondellBasell / LY
McKesson / MCK
Liberty Interactive /
Chesapeake Energ
General Growth / G
Raytheon / RTN
CBS / CBS
Cardinal Health / C
Gap / GPS
Sprint Nextel / S
International Paper
Stanley Black Deck
Zimmer Holdings / Z
Valeant Pharma / V
ITT Corp. / ITT
Sears Holdings / SH
Life Technologies /
Liberty Global / LBT
Fortune Brands / FO
Fiserv / FISV
Lab Corp. of Americ
J.C. Penney / JCP
Ross Stores / ROS

Value

Indust
M Oil & G
Softwa
Retail (
L Comm
/ PG House
n / JNJ Major D
Major D
Bevera
Oil & G
B Oil We
HPQ Compu
SCO Compu
BUD Bevera
Restau
Broadc
M Autos &
Food P
m / APC Oil & G
Iron &
Financ
TCK Metal M
Chemi
SRX Retail (
e / TWC Broadc
/ TYC Conglo
AMAT Semico
AMT Comm
YB Chemi
Biotech
LINTA Broadc
gy / CHK Oil & G
GGP Real E
Conglo
Broadc
AH Biotech
Retail (
Comm
r / IP Paper
ker / SWK Applian
ZMH Medica
VRX Biotech
Capita
HLD Retail (
LIFE Biotech
TYA Broadc
O Conglo
Compu
ca / LH Health
Retail (
T Retail (
erved.
R
try
Gas
are
(discount)
s Services
hold Products
Drugs
Drugs
ages
Gas
ell Services
uter Hardware
uter Peripherals
ages
urants
casting/Cable
& Trucks
Processing
Gas
Steel
cial Services
Mining
cals
(drugs)
casting/Cable
omerates
onductors
s Services
cals - Plastics
hnology
casting/Cable
Gas
Estate
omerates
casting/Cable
hnology
(apparel)
s Services
Products
nces & Tools
al Equipment
hnology
l Goods
(dep't)
hnology
casting/Cable
omerates
uter Services
care Facilities
(dep't)
(apparel)
SUBSCRIBE TODA
Recent YTD
Price Price
($)
84.50 16%
27.06 -3%
55.38 3%
47.66 -4%
64.30 0%
61.11 -1%
19.19 10%
64.55 -2%
47.93 9%
95.04 14%
48.67 16%
18.85 -7%
54.90 -4%
76.13 -1%
25.67 17%
36.51 -1%
30.91 -2%
80.96 6%
108.42 1%
250.74 12%
55.08 -11%
99.09 4%
56.77 5%
71.89 9%
47.33 14%
16.47 17%
54.26 5%
37.95 10%
80.64 15%
17.41 10%
30.43 17%
15.76 2%
52.16 13%
22.91 20%
42.14 10%
23.05 4%
4.50 6%
29.02 7%
76.09 14%
63.73 19%
40.47 43%
59.84 15%
93.03 26%
54.41 -2%
42.19 19%
62.67 4%
63.52 8%
89.01 1%
37.02 15%
71.82 14%
AY! www.manualo
Market Enter
Value Value
($mn) ($mn)
426,096 432,131
227,369 195,788
197,263 243,441
190,430 144,734
179,988 210,467
167,824 157,723
153,711 174,695
149,887 161,967
149,865 170,757
129,349 132,471
105,835 117,205
104,481 79,493
87,416 129,734
80,432 89,373
70,563 95,913
54,765 36,853
53,993 80,236
40,123 49,456
38,257 37,299
32,817 28,619
32,547 37,342
30,359 35,877
29,991 31,961
25,574 45,948
22,423 24,514
21,757 19,378
21,654 26,045
21,467 23,327
20,504 21,353
20,220 24,700
19,899 33,800
19,896 36,194
19,015 18,987
15,605 21,126
14,739 16,061
14,161 12,507
13,442 28,160
12,695 19,293
12,632 14,322
12,583 12,791
11,989 14,627
10,987 11,320
10,234 13,481
10,160 12,380
10,033 28,883
9,562 12,978
9,447 12,240
9,052 11,009
8,759 10,192
8,553 7,968
Value-oriented Eq
ofideas.com
r. EV/ Price/
e LTM Tang
) Sales Book
1 1.1x 2.9x
8 3.1x 6.5x
1 .6x 4.0x
4 2.1x 2.5x
7 2.7x nm
3 2.6x 6.8x
5 2.6x nm
7 4.6x 36.6x
7 .6x 2.1x
1 4.6x 10.7x
5 .9x nm
3 2.0x 4.0x
4 3.5x nm
3 3.7x 7.2x
3 2.5x nm
3 .4x nm
6 1.6x nm
6 4.5x 2.6x
9 1.1x 2.2x
9 5.2x 8.2x
2 4.8x 2.3x
7 3.5x 8.4x
1 .7x nm
8 2.4x nm
4 1.4x 19.2x
8 2.0x 3.7x
5 15.1x nm
7 .6x 2.3x
3 .2x 20.3x
0 3.0x nm
0 4.4x 1.6x
4 11.5x 54.9x
7 .8x nm
6 1.5x nm
1 .2x 12.9x
7 .9x 3.4x
0 .9x nm
3 .8x 2.8x
2 1.7x nm
1 3.0x 5.3x
7 17.8x nm
0 1.0x nm
1 .3x 2.7x
0 3.5x 2.3x
3 2.6x nm
8 1.8x nm
0 3.0x nm
9 2.2x nm
2 .6x 1.8x
8 1.1x 6.7x
quity Investment Id
/ P/E (Est.)
. This Next
k FY FY
12x 10x
11x 10x
14x 12x
12x 11x
16x 15x
13x 12x
9x 8x
x 17x 15x
8x 7x
x 25x 19x
9x 9x
12x 11x
17x 14x
15x 14x
17x 15x
13x 9x
14x 12x
35x 24x
9x 9x
15x 13x
na na
18x 16x
18x 15x
16x 13x
x na na
13x 12x
58x 49x
na na
x 16x 14x
17x 23x
10x 11x
x nm 53x
10x 9x
16x 12x
x 16x 14x
12x 12x
nm nm
11x 9x
15x 13x
14x 12x
na na
13x 12x
72x 82x
14x 13x
35x 39x
19x 16x
14x 13x
14x 13x
24x 21x
16x 14x
February 28, 2011 P
Selected
Superinvestor
Shareholders
BRK, Markel, Vikin
Bares, Greenlight,
BRK, Eagle, Mark
Kleinheinz
BRK, Markel, Vikin
BRK, Fairfax, Mar
Appaloosa, Paulso
BRK, Childrens, M
Blue Ridge, Green
Eagle, Lone Pine,
Appaloosa, Brave
Appaloosa, ESL, P
Markel
Eagle, Markel, Sco
Brave Warrior, Pa
Appaloosa, Persh
BRK, Fairfax, Pers
Paulson
Pabrai
Brave Warrior, Tig
Lone Pine, Pabrai
Eagle, Weitz
Glenview, Lone Pi
Edinburgh, Viking
Glenview, Weitz
Appaloosa, Edinbu
Akre, Viking
Greenlight, Third P
Glenview, Viking
Southeastern, Thi
Icahn, Southeaste
Blue Ridge, Persh
Atlantic
Ancient Art, Childr
Greenlight
ESL, Gates
GoldenTree, Gree
Appaloosa, Paulso
Atlantic, Breeden
Bares, Edinburgh,
Chou, Viking, Blue
Atlantic
ESL, Fairholme, F
Glenview, Sagevie
Blue Ridge, Tiger
Markel, Pershing S
Brave Warrior, Gle
Brave Warrior, Gle
Force, Pershing S
Akre
ed Investors
Page 148 of 170
ng
, Weitz
el
ng
rkel
on
Markel
nlight
Markel
Warrior
Pennant
out
ulson
ing Sq.
shing Sq.
ger Global

ine

urgh
Point
rd Point
ern
hing Sq.
rens
enlight
on
Gates
e Ridge
Force
ew
Global
Square
enview
enview
Square

2008-2011 by Beyond

Company / Ticker
Molson Coors / TAP
DaVita / DVA
Ensco / ESV
Watson Pharma / W
Flowserve / FLS
Massey Energy / M
Electronic Arts / ER
Flextronics / FLEX
CareFusion / CFN
Seagate Technolog
Vulcan Materials / V
Plains Exploration /
Charter Comms / C
Owens Illinois / OI
Foster Wheeler / FW
H&R Block / HRB
Lamar Advertising /
Snap-on / SNA
Copart / CPRT
Alere / ALR
Omnicare / OCR
CommScope / CTV
Broadridge Financia
W.R. Grace / GRA
AbitibiBowater / AB
Level 3 Comms / LV
Amylin Pharma / AM
Steris / STE
Wendy's Arby's / W
Dean Foods / DF
Vail Resorts / MTN
Arris Group / ARRS
Theravance / THRX
Loral Space / LORL
Spectrum Brands /
Corporate Executiv
Hain Celestial / HA
Texas Industries / T
Leap Wireless / LEA
Enstar Group / ESG
Radian Group / RD
Lions Gate / LGF
PDL BioPharma / P
Asbury Automotive
Harvest Natural / H
Gastar Exploration
MRV Comms / MRV
Vishay Precision / V
Learning Tree / LTR
ZipRealty / ZIPR


Indust
P Bevera
Health
Oil We
WPI Biotech
Capita
MEE Coal
RTS Softwa
Semico
Medica
gy / STX Compu
VMC Constr
/ PXP Oil & G
CHTR Broadc
Packag
WLT Constr
Person
/ LAMR Advert
Applian
Retail (
Biotech
Retail (
V Comm
al / BR Busine
Chemi
BH Paper
VLT Comm
MLN Biotech
Medica
WEN Restau
Food P
Recrea
S Comm
X Biotech
L Electro
SPB Electro
ve / EXBD Busine
IN Food P
TXI Constr
AP Comm
GR Insuran
N Proper
Motion
PDLI Biotech
/ ABG Retail (
NR Oil & G
/ GST Oil & G
VC Semico
VPG Electro
RE Schoo
Real E
erved.
R
try
ages
care Facilities
ell Services
hnology
l Goods
are
onductors
al Equipment
uter Storage
ruction
Gas
casting/Cable
ging
ruction
nal Services
ising
nces & Tools
(specialty)
hnology
(drugs)
s Equipment
ess Services
cals
Products
s Services
hnology
al Equipment
urants
Processing
ational
s Equipment
hnology
onics/Satellites
onics
ess Services
Processing
ruction
s Services
nce (misc.)
rty & Casualty
n Pictures
hnology
(specialty)
Gas
Gas
onductors
onics
ls
Estate

SUBSCRIBE TODA
Recent YTD
Price Price
($)
45.60 -9%
79.67 15%
53.29 0%
55.75 8%
130.33 9%
64.28 20%
19.28 18%
8.42 7%
28.04 9%
13.72 -9%
46.73 5%
39.02 21%
46.44 19%
31.65 3%
39.48 14%
14.54 22%
41.54 4%
61.28 8%
41.41 11%
37.99 4%
26.96 6%
31.48 1%
23.24 6%
39.40 12%
29.53 na
1.46 49%
16.28 11%
35.16 -4%
4.87 5%
10.35 17%
49.30 -5%
13.63 21%
22.50 -10%
78.91 3%
28.88 -7%
41.31 10%
30.88 14%
42.11 -8%
13.92 14%
83.18 -2%
7.38 -9%
6.12 -6%
4.93 -21%
18.30 -1%
12.84 6%
4.52 5%
1.76 -2%
16.80 -11%
9.24 -3%
2.94 13%
AY! www.manualo
Market Enter
Value Value
($mn) ($mn)
8,470 9,214
7,744 11,170
7,618 6,979
7,388 8,110
7,277 7,530
6,565 7,554
6,446 4,475
6,399 7,032
6,255 6,154
6,215 6,326
6,000 8,670
5,467 8,259
5,324 17,843
5,182 8,820
4,911 4,066
4,436 4,636
3,830 6,264
3,572 4,170
3,404 3,143
3,223 5,200
3,135 4,992
2,991 3,668
2,912 3,049
2,879 1,918
2,868 3,711
2,437 8,269
2,344 2,688
2,086 2,104
2,038 3,095
1,886 5,861
1,774 2,269
1,684 1,266
1,665 1,528
1,636 1,461
1,471 3,120
1,417 1,304
1,328 1,542
1,172 1,685
1,090 3,264
1,087 -2,128
981 -4,215
837 1,326
688 926
599 1,455
435 453
282 299
276 274
224 154
125 85
60 26
Value-oriented Eq
ofideas.com
r. EV/ Price/
e LTM Tang
) Sales Book
4 2.8x 5.1x
0 1.7x nm
9 3.6x 1.4x
0 2.3x 60.3x
0 1.7x 8.5x
4 2.5x 4.0x
5 1.2x 5.9x
2 .3x 3.3x
4 1.6x 6.4x
6 .6x 2.2x
0 3.4x 34.0x
9 7.0x 1.9x
3 2.6x nm
0 1.3x nm
6 .8x 6.5x
6 1.2x nm
4 5.9x nm
0 1.6x 9.0x
3 4.1x 3.9x
0 2.4x nm
2 .8x nm
8 1.2x >99x
9 1.4x 38.4x
8 .7x nm
1 .9x nm
9 2.3x nm
8 4.0x 6.8x
4 1.7x 4.8x
5 .9x nm
1 .5x nm
9 2.6x 4.6x
6 1.2x 2.8x
8 63.1x nm
1 1.5x 3.3x
0 1.2x nm
4 3.0x 35.7x
2 1.7x 27.6x
5 2.7x 1.6x
4 1.4x nm
8 nm 1.3x
5 nm 1.1x
6 .8x nm
6 2.9x nm
5 .4x 2.1x
3 >99x 1.5x
9 9.1x 1.8x
4 .6x 1.9x
4 .7x 1.4x
5 .7x 3.4x
6 .2x 1.8x
quity Investment Id
/ P/E (Est.)
. This Next
k FY FY
12x 11x
18x 15x
15x 14x
x 14x 11x
19x 16x
19x 13x
29x 22x
na na
17x 15x
na na
x nm >99x
33x 23x
nm 53x
11x 9x
na na
10x 9x
nm nm
15x 13x
19x 16x
14x 12x
13x 12x
x 18x 13x
x 17x 14x
13x 13x
nm 11x
nm nm
nm nm
16x 15x
30x 22x
17x 13x
47x 38x
16x 14x
nm nm
na na
16x 13x
x 25x 22x
x 24x 21x
nm nm
nm nm
9x 8x
nm 9x
na na
5x 4x
13x 10x
29x 10x
na na
22x 13x
21x 14x
23x 16x
nm nm
February 28, 2011 P
Selected
Superinvestor
Shareholders
Childrens, West C
Lone Pine, Penna
Greenlight, Hound
Chou, Viking
Breeden, Scout
Third Point
Hawkshaw, Tiger
Glenview
Greenlight, Third P
ESL, Glenview, Pa
Southeastern, We
BP Capital, Third P
GoldenTree
Atlantic
Force, H Partners
Breeden, ESL, Vik
Akre, Force, Scou
Gates
Force, Gates
Baupost
Weitz
Paulson, Tiger Glo
Brave Warrior, Gre
Gates, Hound, H P
Fairfax, Markel, Pa
Fairfax, Southeast
Icahn
Breeden
Southeastern
Appaloosa
Paulson, Southeas
Sageview
Baupost, Blue Rid
MHR
Harbinger
Bares, Hawkshaw
Icahn
Southeastern
H Partners, MHR
Akre
Harbinger
Icahn, MHR
Baupost
MSD
Pabrai
BP Capital
Spencer
Gates
Lane Five
Ancient Art
ed Investors
Page 149 of 170
Coast
nt, Viking
d
Global
Point
aulson
eitz
Point
, Pennant
king
t
obal
eenlight
Partners
aulson
tern
stern
ge
w

B
2008-2011 by Beyond
By Stock Pr

Company / Ticker
Leap Wireless / LEA
Dean Foods / DF
H&R Block / HRB
PDL BioPharma / P
Molson Coors / TAP
China Mobile / CHL
Omnicare / OCR
Wendy's Arby's / W
Wal-Mart / WMT
Johnson & Johnson
Raytheon / RTN
BP / BP
Procter & Gamble /
Exxon Mobil / XOM
Pfizer / PFE
Learning Tree / LTR
ZipRealty / ZIPR
Lions Gate / LGF
Time Warner Cable
Kraft Foods / KFT
Cisco Systems / CS
Owens Illinois / OI
McDonald's / MCD
ITT Corp. / ITT
Hewlett-Packard / H
Lab Corp. of Americ
Microsoft / MSFT
Enstar Group / ESG
Coca-Cola / KO
POSCO / PKX
Steris / STE
Amylin Pharma / AM
Fortune Brands / FO
Comcast / CMCSA
Copart / CPRT
Snap-on / SNA
Zimmer Holdings / Z
DaVita / DVA
Hain Celestial / HA
Applied Materials /
Praxair / PX
Foster Wheeler / FW
Cardinal Health / C
Arris Group / ARRS
Gap / GPS
Fiserv / FISV

rice Perform
Recen
Price
($
AP 13.92
10.35
14.54
VMC 46.73
PDLI 4.93
P 45.60
L 47.66
26.96
WEN 4.87
55.38
n / JNJ 61.11
52.16
47.93
/ PG 64.30
M 84.50
19.19
RE 9.24
2.94
6.12
e / TWC 71.89
30.91
SCO 18.85
31.65
RTS 19.28
TXI 42.11
76.13
59.84
HPQ 48.67
ca / LH 89.01
27.06
GR 83.18
64.55
108.42
35.16
MLN 16.28
O 62.67
25.67
41.41
61.28
ZMH 63.73
79.67
IN 30.88
AMAT 16.47
99.09
/ PXP 39.02
WLT 39.48
AH 42.14
S 13.63
23.05
63.52
erved.
mance (sorted
nt to
e 52-Week
$) Low High
2 -32% 37%
5 -31% 64%
4 -30% 46%
3 -24% 28%
3 -2% 48%
0 -13% 12%
6 -7% 15%
6 -29% 14%
7 -21% 14%
8 -14% 5%
1 -7% 8%
6 -18% 15%
3 -44% 27%
0 -39% 4%
0 -34% 1%
9 -27% 1%
4 -13% 79%
4 -22% 86%
2 -15% 28%
9 -37% 1%
1 -11% 6%
5 -2% 47%
5 -21% 20%
8 -27% 5%
1 -35% 13%
3 -17% 6%
4 -30% 7%
7 -23% 12%
1 -20% 4%
6 -16% 17%
8 -35% 8%
5 -23% 2%
2 -19% 16%
6 -20% 9%
8 -42% 49%
7 -41% 1%
7 -39% 0%
1 -24% 1%
8 -36% 0%
3 -27% 2%
7 -29% 1%
8 -50% 1%
7 -38% 1%
9 -27% 0%
2 -51% 0%
8 -49% 1%
4 -30% 2%
3 -40% 6%
5 -28% 14%
2 -29% 1%
SUBSCRIBE TODA
d by price decline
Price Perfor
Since Decem
h 2010 200
% 14% -48%
% 17% -42%
% 22% -36%
% 5% -33%
% -21% -20%
% -9% -7%
% -4% -6%
% 6% -3%
% 5% -1%
% 3% -1%
% -1% 2%
% 13% 2%
% 9% 3%
% 0% 4%
% 16% 6%
% 10% 8%
% -3% 8%
% 13% 11%
% -6% 11%
% 9% 12%
% -2% 15%
% -7% 16%
% 3% 16%
% 18% 20%
% -8% 22%
% -1% 22%
% 15% 30%
% 16% 34%
% 1% 38%
% -3% 39%
% -2% 41%
% -2% 43%
% 1% 44%
% -4% 47%
% 11% 50%
% 4% 52%
% 17% 52%
% 11% 52%
% 8% 56%
% 19% 58%
% 15% 61%
% 14% 62%
% 17% 63%
% 4% 67%
% 21% 68%
% 14% 69%
% 10% 70%
% 21% 71%
% 4% 72%
% 8% 75%
AY! www.manualo
e since Decembe
rmance Mark
mber 31, Val
8 2006 ($m
% -77% 1,0
% -76% 1,8
% -37% 4,4
% -48% 6,0
% -66% 6
% 19% 8,4
% 10% 190,4
% -30% 3,1
% -77% 2,0
% 20% 197,2
% -7% 167,8
% -1% 19,0
% -29% 149,8
% 0% 179,9
% 10% 426,0
% -26% 153,7
% 4% 1
% -61%
% -43% 8
% na 25,5
% -13% 53,9
% -31% 104,4
% 72% 5,1
% -62% 6,4
% -34% 1,1
% 72% 80,4
% 5% 10,9
% 18% 105,8
% 21% 9,0
% -9% 227,3
% -13% 1,0
% 34% 149,8
% 31% 38,2
% 40% 2,0
% -55% 2,3
% -27% 9,5
% -9% 70,5
% 38% 3,4
% 29% 3,5
% -19% 12,5
% 40% 7,7
% -1% 1,3
% -11% 21,7
% 67% 30,3
% -18% 5,4
% 43% 4,9
% -9% 14,7
% 9% 1,6
% 18% 14,1
% 21% 9,4
Value-oriented Eq
ofideas.com
er 31, 2008)
ket Enter.
lue Value L
mn) ($mn) S
090 3,264 1
886 5,861
436 4,636 1
000 8,670 3
688 926 2
470 9,214 2
430 144,734 2
135 4,992
038 3,095
263 243,441
824 157,723 2
015 18,987
865 170,757
988 210,467 2
096 432,131 1
711 174,695 2
125 85
60 26
837 1,326
574 45,948 2
993 80,236 1
481 79,493 2
182 8,820 1
446 4,475 1
172 1,685 2
432 89,373 3
987 11,320 1
835 117,205
052 11,009 2
369 195,788 3
087 -2,128
887 161,967 4
257 37,299 1
086 2,104 1
344 2,688 4
562 12,978 1
563 95,913 2
404 3,143 4
572 4,170 1
583 12,791 3
744 11,170 1
328 1,542 1
757 19,378 2
359 35,877 3
467 8,259 7
911 4,066
739 16,061
684 1,266 1
161 12,507
447 12,240 3
quity Investment Id
EV/ P/E (Est.)
LTM This Ne
Sales FY F
1.4x nm n
.5x 17x 13
1.2x 10x 9
3.4x nm >99
2.9x 5x 4
2.8x 12x 1
2.1x 12x 1
.8x 13x 12
.9x 30x 22
.6x 14x 12
2.6x 13x 12
.8x 10x 9
.6x 8x 7
2.7x 16x 15
1.1x 12x 10
2.6x 9x 8
.7x 23x 16
.2x nm n
.8x na n
2.4x 16x 13
1.6x 14x 12
2.0x 12x 1
1.3x 11x 9
1.2x 29x 22
2.7x nm n
3.7x 15x 14
1.0x 13x 12
.9x 9x 9
2.2x 14x 13
3.1x 11x 10
nm 9x 8
4.6x 17x 15
1.1x 9x 9
1.7x 16x 15
4.0x nm n
1.8x 19x 16
2.5x 17x 15
4.1x 19x 16
1.6x 15x 13
3.0x 14x 12
1.7x 18x 15
1.7x 24x 2
2.0x 13x 12
3.5x 18x 16
7.0x 33x 23
.8x na n
.2x 16x 14
1.2x 16x 14
.9x 12x 12
3.0x 14x 13
February 28, 2011 P
) Selected
ext Superinvesto
FY Shareholders
nm H Partners, M
3x Appaloosa
9x Breeden, ESL
9x Southeastern,
4x Baupost
1x Childrens, We
1x Kleinheinz
2x Weitz
2x Southeastern
2x BRK, Eagle, M
2x BRK, Fairfax,
9x Atlantic
7x Blue Ridge, G
5x BRK, Markel,
0x BRK, Markel,
8x Appaloosa, Pa
6x Lane Five
nm Ancient Art
na Icahn, MHR
3x Edinburgh, Vi
2x BRK, Fairfax,
1x Appaloosa, ES
9x Atlantic
2x Hawkshaw, T
nm Southeastern
4x Eagle, Markel
2x Atlantic
9x Appaloosa, Br
3x Brave Warrior
0x Bares, Greenl
8x Akre
5x BRK, Children
9x Pabrai
5x Breeden
nm Icahn
6x Markel, Persh
5x Brave Warrior
6x Force, Gates
3x Gates
2x Bares, Edinbu
5x Lone Pine, Pe
1x Icahn
2x Appaloosa, Ed
6x Eagle, Weitz
3x BP Capital, Th
na Force, H Partn
4x Greenlight
4x Sageview
2x ESL, Gates
3x Brave Warrior
ed Investors
Page 150 of 170
or
s
MHR
L, Viking
, Weitz
est Coast

Markel
Markel
Greenlight
Viking
Viking
aulson
king
Pershing Sq.
SL, Pennant
iger Global

, Scout
rave Warrior
r, Glenview
light, Weitz
ns, Markel
hing Square
r, Paulson
urgh, Gates
ennant, Viking
dinburgh
hird Point
ners, Pennant
r, Glenview

2008-2011 by Beyond

Company / Ticker
MasterCard / MA
Theravance / THRX
American Tower / A
Broadridge Financia
Vail Resorts / MTN
Corporate Executiv
Ensco / ESV
J.C. Penney / JCP
Chesapeake Energ
Radian Group / RD
Alere / ALR
CommScope / CTV
Express Scripts / E
McKesson / MCK
Level 3 Comms / LV
Watson Pharma / W
Anadarko Petroleum
Stanley Black Deck
Schlumberger / SLB
MRV Comms / MRV
Life Technologies /
Sears Holdings / SH
Ross Stores / ROS
Sprint Nextel / S
International Paper
Flowserve / FLS
Gastar Exploration
CBS / CBS
Harvest Natural / H
Seagate Technolog
Flextronics / FLEX
Lamar Advertising /
Asbury Automotive
Valeant Pharma / V
Massey Energy / M
Loral Space / LORL
W.R. Grace / GRA
Teck Resources / T
General Growth / G
Anheuser-Busch / B
General Motors / G
LyondellBasell / LY
CareFusion / CFN
Charter Comms / C
AbitibiBowater / AB
Spectrum Brands /

Recen
Price
($
250.74
X 22.50
AMT 54.26
al / BR 23.24
49.30
ve / EXBD 41.31
53.29
37.02
gy / CHK 30.43
N 7.38
37.99
V 31.48
SRX 56.77
80.64
VLT 1.46
WPI 55.75
m / APC 80.96
/ TYC 47.33
ker / SWK 76.09
B 95.04
VC 1.76
LIFE 54.41
HLD 93.03
T 71.82
4.50
r / IP 29.02
130.33
TYA 42.19
/ GST 4.52
22.91
NR 12.84
gy / STX 13.72
8.42
/ LAMR 41.54
/ ABG 18.30
VRX 40.47
MEE 64.28
L 78.91
LINTA 17.41
39.40
TCK 55.08
GGP 15.76
BUD 54.90
M 36.51
YB 37.95
28.04
CHTR 46.44
BH 29.53
SPB 28.88
VPG 16.80
erved.
nt to
e 52-Week
$) Low High
4 -24% 7%
0 -55% 28%
6 -30% 5%
4 -20% 3%
0 -34% 10%
1 -45% 1%
9 -37% 5%
2 -48% 1%
3 -36% 6%
8 -32% 153%
9 -33% 8%
8 -42% 11%
7 -34% 4%
4 -28% 0%
6 -43% 21%
5 -33% 3%
6 -57% 2%
3 -28% 0%
9 -36% 1%
4 -46% 0%
6 -54% 8%
1 -24% 5%
3 -36% 35%
2 -35% 0%
0 -29% 18%
2 -33% 5%
3 -38% 3%
9 -46% 2%
2 -37% 28%
1 -46% 1%
4 -61% 11%
2 -28% 57%
2 -42% 1%
4 -43% 1%
0 -47% 9%
7 -66% 4%
8 -60% 4%
1 -60% 8%
1 -42% 0%
0 -50% 1%
8 -48% 19%
6 -40% 2%
0 -21% 18%
1 -9% 8%
5 -61% 2%
4 -26% 7%
4 -37% 2%
3 -100% -98%
8 -24% 27%
0 -42% 21%

SUBSCRIBE TODA
Price Perfor
Since Decem
h 2010 200
% 12% 75%
% -10% 82%
% 5% 85%
% 6% 85%
% -5% 85%
% 10% 87%
% 0% 88%
% 15% 88%
% 17% 88%
% -9% 101%
% 4% 101%
% 1% 103%
% 5% 107%
% 15% 108%
% 49% 109%
% 8% 110%
% 6% 110%
% 14% 119%
% 14% 123%
% 14% 125%
% -2% 129%
% -2% 133%
% 26% 139%
% 14% 142%
% 6% 146%
% 7% 146%
% 9% 153%
% 19% 165%
% 5% 171%
% 20% 180%
% 6% 199%
% -9% 210%
% 7% 229%
% 4% 231%
% -1% 300%
% 43% 328%
% 20% 366%
% 3% 443%
% 10% 458%
% 12% 560%
% -11% >999%
% 2% >999%
% -4% na
% -1% na
% 10% na
% 9% na
% 19% na
% na na
% -7% na
% -11% na
AY! www.manualo
rmance Mark
mber 31, Val
8 2006 ($m
% 155% 32,8
% -27% 1,6
% 46% 21,6
% na 2,9
% 10% 1,7
% -53% 1,4
% 6% 7,6
% -52% 8,7
% 5% 19,8
% -86% 9
% -2% 3,2
% 3% 2,9
% 217% 29,9
% 59% 20,5
% -74% 2,4
% 114% 7,3
% 86% 40,1
% 2% 22,4
% 51% 12,6
% 50% 129,3
% -50% 2
% 92% 10,1
% -45% 10,2
% 145% 8,5
% -76% 13,4
% -15% 12,6
% 158% 7,2
% 45% 10,0
% -58% 2
% -27% 15,6
% 21% 4
% -48% 6,2
% -27% 6,3
% -36% 3,8
% -22% 5
% 91% 11,9
% 177% 6,5
% 94% 1,6
% -19% 20,2
% 99% 2,8
% 46% 32,5
% -60% 19,8
a na 87,4
a na 54,7
a na 21,4
a na 6,2
a na 5,3
a na 2,8
a na 1,4
a na 2
Value-oriented Eq
ofideas.com
ket Enter.
lue Value L
mn) ($mn) S
817 28,619 5
665 1,528 6
654 26,045 1
912 3,049 1
774 2,269 2
417 1,304 3
618 6,979 3
759 10,192
899 33,800 4
981 -4,215
223 5,200 2
991 3,668 1
991 31,961
504 21,353
437 8,269 2
388 8,110 2
123 49,456 4
423 24,514 1
632 14,322 1
349 132,471 4
276 274
160 12,380 3
234 13,481
553 7,968 1
442 28,160
695 19,293
277 7,530 1
033 28,883 2
282 299 9
605 21,126 1
435 453 >
215 6,326
399 7,032
830 6,264 5
599 1,455
989 14,627 1
565 7,554 2
636 1,461 1
220 24,700 3
879 1,918
547 37,342 4
896 36,194 1
416 129,734 3
765 36,853
467 23,327
255 6,154 1
324 17,843 2
868 3,711
471 3,120 1
224 154
quity Investment Id
EV/ P/E (Est.)
LTM This Ne
Sales FY F
5.2x 15x 13
63.1x nm n
15.1x 58x 49
1.4x 17x 14
2.6x 47x 38
3.0x 25x 22
3.6x 15x 14
.6x 24x 2
4.4x 10x 1
nm nm 9
2.4x 14x 12
1.2x 18x 13
.7x 18x 15
.2x 16x 14
2.3x nm n
2.3x 14x 1
4.5x 35x 24
1.4x na n
1.7x 15x 13
4.6x 25x 19
.6x 22x 13
3.5x 14x 13
.3x 72x 82
1.1x 16x 14
.9x nm n
.8x 11x 9
1.7x 19x 16
2.6x 35x 39
9.1x na n
1.5x 16x 12
>99x 29x 10
.6x na n
.3x na n
5.9x nm n
.4x 13x 10
17.8x na n
2.5x 19x 13
1.5x na n
3.0x 17x 23
.7x 13x 13
4.8x na n
11.5x nm 53
3.5x 17x 14
.4x 13x 9
.6x na n
1.6x 17x 15
2.6x nm 53
.9x nm 1
1.2x 16x 13
.7x 21x 14
February 28, 2011 P
) Selected
ext Superinvesto
FY Shareholders
3x Brave Warrior
nm Baupost, Blue
9x Akre, Viking
4x Brave Warrior
8x Paulson, Sout
2x Bares, Hawks
4x Greenlight, Ho
1x Force, Pershin
1x Icahn, Southe
9x Harbinger
2x Baupost
3x Paulson, Tige
5x Glenview, Lon
4x Glenview, Vik
nm Fairfax, South
1x Chou, Viking
4x Paulson
na Glenview, We
3x Atlantic, Breed
9x Eagle, Lone P
3x Spencer
3x Glenview, Sag
2x ESL, Fairholm
4x Akre
nm GoldenTree, G
9x Appaloosa, Pa
6x Breeden, Sco
9x Blue Ridge, T
na BP Capital
2x Ancient Art, C
0x Pabrai
na ESL, Glenview
na Glenview
nm Akre, Force, S
0x MSD
na Chou, Viking,
3x Third Point
na MHR
3x Southeastern,
3x Gates, Hound
na Lone Pine, Pa
3x Blue Ridge, P
4x Markel
9x Appaloosa, Pe
na Greenlight, Th
5x Greenlight, Th
3x GoldenTree
1x Fairfax, Marke
3x Harbinger
4x Gates
ed Investors
Page 151 of 170
or
s
r, Tiger Global
e Ridge
r, Greenlight
theastern
shaw
ound
ng Square
eastern
er Global
ne Pine
ing
heastern
eitz
den
Pine, Markel
geview
me, Force
Greenlight
aulson
ut
iger Global
Childrens
w, Paulson
Scout
Blue Ridge
, Third Point
d, H Partners
abrai
Pershing Sq.
ershing Sq.
hird Point
hird Point
el, Paulson

B
2008-2011 by Beyond
By Estimate

Company / Ticker
PDL BioPharma / P
BP / BP
Enstar Group / ESG
Pfizer / PFE
Hewlett-Packard / H
Radian Group / RD
General Motors / G
POSCO / PKX
International Paper
H&R Block / HRB
Owens Illinois / OI
Raytheon / RTN
Microsoft / MSFT
Asbury Automotive
Exxon Mobil / XOM
Harvest Natural / H
Cisco Systems / CS
Watson Pharma / W
AbitibiBowater / AB
China Mobile / CHL
Molson Coors / TAP
Chesapeake Energ
ITT Corp. / ITT
Gap / GPS
Johnson & Johnson
Applied Materials /
Omnicare / OCR
CBS / CBS
Kraft Foods / KFT
Zimmer Holdings / Z
Wal-Mart / WMT
Alere / ALR
Lab Corp. of Americ
MRV Comms / MRV
Life Technologies /
Stanley Black Deck
Fiserv / FISV
Massey Energy / M
Spectrum Brands /
Snap-on / SNA
MasterCard / MA
Dean Foods / DF
Time Warner Cable
W.R. Grace / GRA
CommScope / CTV
Arris Group / ARRS
McDonald's / MCD
Ensco / ESV
Cardinal Health / C

ed Forward
Recen
Pric
($
PDLI 4.9
47.9
GR 83.1
19.1
HPQ 48.6
N 7.3
M 36.5
108.4
r / IP 29.0
14.5
31.6
52.1
27.0
/ ABG 18.3
M 84.5
NR 12.8
SCO 18.8
WPI 55.7
BH 29.5
L 47.6
P 45.6
gy / CHK 30.4
59.8
23.0
n / JNJ 61.1
AMAT 16.4
26.9
22.9
30.9
ZMH 63.7
55.3
37.9
ca / LH 89.0
VC 1.7
LIFE 54.4
ker / SWK 76.0
63.5
MEE 64.2
SPB 28.8
61.2
250.7
10.3
e / TWC 71.8
39.4
V 31.4
S 13.6
VPG 16.8
76.1
53.2
AH 42.1
erved.
d P/E (sorted b
nt EPS (Est.)
ce This Nex
$) FY FY
93 0.90 1.16
93 5.89 6.45
8 9.50 11.00
9 2.24 2.28
67 5.24 5.72
38 (0.45) 0.85
51 2.86 4.20
42 11.44 12.45
02 2.76 3.22
54 1.43 1.60
65 2.86 3.38
6 4.98 5.57
06 2.55 2.76
30 1.45 1.85
50 7.10 8.10
84 0.45 1.23
85 1.60 1.77
75 4.12 5.16
53 (8.49) 2.72
66 4.09 4.33
60 3.86 4.07
43 2.92 2.65
84 4.77 5.15
05 1.86 1.94
1 4.84 5.13
47 1.27 1.36
96 2.07 2.21
91 1.47 1.87
91 2.25 2.51
73 4.69 5.15
38 4.05 4.44
99 2.72 3.04
01 6.31 7.11
76 0.08 0.14
41 3.88 4.32
09 4.94 6.03
52 4.49 5.03
28 3.40 5.08
88 1.78 2.28
28 3.96 4.78
74 16.66 19.52
35 0.61 0.80
89 4.46 5.48
40 2.97 3.00
48 1.79 2.36
63 0.86 1.00
80 0.79 1.22
3 5.02 5.50
29 3.54 3.78
4 2.60 2.98
SUBSCRIBE TODA
by P/E based on
P/E P/E (
xt Last This
Y FY FY
6 5x 5x
5 nm 8x
0 8x 9x
8 19x 9x
2 13x 9x
5 nm nm
0 nm 13x
5 10x 9x
2 20x 11x
0 10x 10x
8 20x 11x
7 11x 10x
6 13x 11x
5 25x 13x
0 14x 12x
3 nm 29x
7 14x 12x
6 38x 14x
2 nm nm
3 11x 12x
7 13x 12x
5 nm 10x
5 17x 13x
4 15x 12x
3 13x 13x
6 24x 13x
1 13x 13x
7 22x 16x
1 21x 14x
5 21x 14x
4 15x 14x
4 nm 14x
1 17x 14x
4 >99x 22x
2 27x 14x
3 58x 15x
3 19x 14x
8 nm 19x
8 nm 16x
8 19x 15x
2 18x 15x
0 22x 17x
8 20x 16x
0 14x 13x
6 37x 18x
0 27x 16x
2 20x 21x
0 17x 15x
8 10x 15x
8 26x 16x
AY! www.manualo
estimated EPS
(Est.) Price/
Next Tang.
FY Book
4x nm
7x 2.1x
8x 1.3x
8x nm
9x nm
9x 1.1x
9x nm
9x 2.2x
9x 2.8x
9x nm
9x nm
9x nm
10x 6.5x
10x 2.1x
10x 2.9x
10x 1.5x
11x 4.0x
11x 60.3x
11x nm
11x 2.5x
11x 5.1x
11x 1.6x
12x nm
12x 3.4x
12x 6.8x
12x 3.7x
12x nm
12x nm
12x nm
12x 5.3x
12x 4.0x
12x nm
13x nm
13x 1.9x
13x 2.3x
13x nm
13x nm
13x 4.0x
13x nm
13x 9.0x
13x 8.2x
13x nm
13x nm
13x nm
13x >99x
14x 2.8x
14x 1.4x
14x 7.2x
14x 1.4x
14x 12.9x
Value-oriented Eq
ofideas.com
for next fiscal ye
Market Ente
Value Valu
($mn) ($mn
688 92
149,865 170,75
1,087 -2,12
153,711 174,69
105,835 117,20
981 -4,21
54,765 36,85
38,257 37,29
12,695 19,29
4,436 4,63
5,182 8,82
19,015 18,98
227,369 195,78
599 1,45
426,096 432,13
435 45
104,481 79,49
7,388 8,11
2,868 3,71
190,430 144,73
8,470 9,21
19,899 33,80
10,987 11,32
14,161 12,50
167,824 157,72
21,757 19,37
3,135 4,99
15,605 21,12
53,993 80,23
12,583 12,79
197,263 243,44
3,223 5,20
9,052 11,00
276 27
10,160 12,38
12,632 14,32
9,447 12,24
6,565 7,55
1,471 3,12
3,572 4,17
32,817 28,61
1,886 5,86
25,574 45,94
2,879 1,91
2,991 3,66
1,684 1,26
224 15
80,432 89,37
7,618 6,97
14,739 16,06
quity Investment Id
ear)
er. EV/
ue LTM Div.
n) Sales Yield
26 2.9x -
57 .6x 4%
28 nm -
95 2.6x 4%
05 .9x 1%
5 nm 0%
53 .4x -
99 1.1x 2%
93 .8x 3%
36 1.2x 4%
20 1.3x -
87 .8x 3%
88 3.1x 2%
55 .4x -
31 1.1x 2%
53 >99x -
93 2.0x -
0 2.3x -
1 .9x -
34 2.1x 4%
4 2.8x 2%
00 4.4x 1%
20 1.0x 2%
07 .9x 2%
23 2.6x 4%
78 2.0x 2%
92 .8x 0%
26 1.5x 1%
36 1.6x 4%
91 3.0x -
41 .6x 2%
00 2.4x -
09 2.2x -
74 .6x -
80 3.5x -
22 1.7x 2%
40 3.0x -
54 2.5x 0%
20 1.2x -
70 1.6x 2%
9 5.2x 0%
61 .5x -
48 2.4x 3%
8 .7x -
68 1.2x -
66 1.2x -
54 .7x -
73 3.7x 3%
79 3.6x 3%
61 .2x 2%
February 28, 2011 P
Selected
Superinvestor
d Shareholders
Baupost
Blue Ridge, Gre
Akre
Appaloosa, Pau
Appaloosa, Bra
Harbinger
Appaloosa, Per
Pabrai
Appaloosa, Pau
Breeden, ESL,
Atlantic
Atlantic
Bares, Greenlig
MSD
BRK, Markel, V
Pabrai
Appaloosa, ESL
Chou, Viking
Fairfax, Markel,
Kleinheinz
Childrens, Wes
Icahn, Southea
Atlantic
ESL, Gates
BRK, Fairfax, M
Appaloosa, Edi
Weitz
Ancient Art, Ch
BRK, Fairfax, P
Bares, Edinburg
BRK, Eagle, Ma
Baupost
Brave Warrior,
Spencer
Glenview, Sage
Atlantic, Breede
Brave Warrior,
Third Point
Harbinger
Gates
Brave Warrior, T
Appaloosa
Edinburgh, Viki
Gates, Hound,
Paulson, Tiger
Sageview
Gates
Eagle, Markel, S
Greenlight, Hou
Greenlight
ed Investors
Page 152 of 170

eenlight
ulson
ave Warrior
rshing Sq.
ulson
Viking
ght, Weitz
Viking
L, Pennant
, Paulson
t Coast
stern
Markel
nburgh
ildrens
Pershing
gh, Gates
arkel
Glenview
eview
en
Glenview
Tiger Gl.
ng
H Partners
Global
Scout
und

2008-2011 by Beyond

Company / Ticker
Ross Stores / ROS
Broadridge Financia
Anheuser-Busch / B
McKesson / MCK
Steris / STE
Express Scripts / E
Procter & Gamble /
DaVita / DVA
Comcast / CMCSA
CareFusion / CFN
Coca-Cola / KO
Copart / CPRT
Learning Tree / LTR
Praxair / PX
Fortune Brands / FO
Flowserve / FLS
Schlumberger / SLB
J.C. Penney / JCP
Hain Celestial / HA
Corporate Executiv
Wendy's Arby's / W
Anadarko Petroleum
Vail Resorts / MTN
American Tower / A
General Growth / G
Charter Comms / C
Sears Holdings / SH
ZipRealty / ZIPR
Flextronics / FLEX
Seagate Technolog
LyondellBasell / LY
Foster Wheeler / FW
Lions Gate / LGF
Sprint Nextel / S
Leap Wireless / LEA
Loral Space / LORL
Level 3 Comms / LV
Amylin Pharma / AM
Teck Resources / T
Lamar Advertising /
Gastar Exploration
Valeant Pharma / V
Theravance / THRX

Recen
Pric
($
T 71.8
al / BR 23.2
BUD 54.9
80.6
35.1
SRX 56.7
/ PG 64.3
79.6
25.6
28.0
64.5
41.4
RE 9.2
99.0
O 62.6
130.3
B 95.0
37.0
IN 30.8
ve / EXBD 41.3
WEN 4.8
RTS 19.2
LINTA 17.4
/ PXP 39.0
m / APC 80.9
49.3
TYA 42.1
AMT 54.2
GGP 15.7
CHTR 46.4
HLD 93.0
VMC 46.7
2.9
8.4
gy / STX 13.7
YB 37.9
WLT 39.4
6.1
4.5
AP 13.9
/ TYC 47.3
L 78.9
VLT 1.4
TXI 42.1
MLN 16.2
TCK 55.0
/ LAMR 41.5
/ GST 4.5
VRX 40.4
X 22.5
erved.
nt EPS (Est.)
ce This Nex
$) FY FY
82 4.62 5.07
24 1.35 1.64
90 3.17 3.82
64 4.94 5.60
6 2.20 2.41
77 3.22 3.89
30 3.98 4.37
67 4.37 5.34
67 1.47 1.72
04 1.62 1.87
55 3.88 4.27
41 2.19 2.61
24 0.40 0.57
09 5.39 6.11
67 3.24 3.82
33 6.89 7.92
04 3.87 4.98
02 1.56 1.79
88 1.29 1.48
31 1.63 1.90
87 0.16 0.22
28 0.67 0.86
41 1.02 0.75
02 1.17 1.67
96 2.30 3.34
30 1.06 1.31
9 1.21 1.08
26 0.94 1.11
76 (1.67) 0.30
44 (1.23) 0.87
03 1.30 1.13
73 (0.36) 0.21
94 (0.85) (0.27
42 na na
72 na na
95 na na
48 na na
2 na na
50 (0.79) (0.59
92 (2.98) (1.88
33 na na
91 na na
46 (0.38) (0.32
1 (1.47) (0.56
28 (0.89) (0.88
08 na na
54 (0.42) (0.02
52 na na
47 na na
50 (1.23) (1.33
SUBSCRIBE TODA
P/E P/E (
xt Last This
Y FY FY
7 20x 16x
4 14x 17x
2 19x 17x
0 17x 16x
1 16x 16x
9 26x 18x
7 18x 16x
4 20x 18x
2 20x 17x
7 36x 17x
7 13x 17x
1 23x 19x
7 29x 23x
1 26x 18x
2 20x 19x
2 17x 19x
8 28x 25x
9 35x 24x
8 45x 24x
0 35x 25x
2 >99x 30x
6 nm 29x
5 40x 17x
7 36x 33x
4 53x 35x
1 59x 47x
8 nm 35x
1 92x 58x
0 nm nm
7 0x nm
3 47x 72x
1 nm nm
7) nm nm
a >99x na
a 4x na
a 2x na
a 14x na
a nm na
9) nm nm
8) nm nm
a 20x na
a 10x na
2) nm nm
6) nm nm
8) nm nm
a 16x na
2) nm nm
a 4x na
a 36x na
3) nm nm
AY! www.manualo
(Est.) Price/
Next Tang.
FY Book
14x 6.7x
14x 38.4x
14x nm
14x 20.3x
15x 4.8x
15x nm
15x nm
15x nm
15x nm
15x 6.4x
15x 36.6x
16x 3.9x
16x 3.4x
16x 8.4x
16x nm
16x 8.5x
19x 10.7x
21x 1.8x
21x 27.6x
22x 35.7x
22x nm
22x 5.9x
23x nm
23x 1.9x
24x 2.6x
38x 4.6x
39x nm
49x nm
53x 54.9x
53x nm
82x 2.7x
>99x 34.0x
nm 1.8x
na 3.3x
na 2.2x
na 2.3x
na 6.5x
na nm
nm nm
nm nm
na 19.2x
na 3.3x
nm nm
nm 1.6x
nm 6.8x
na 2.3x
nm nm
na 1.8x
na nm
nm nm
Value-oriented Eq
ofideas.com
Market Ente
Value Valu
($mn) ($mn
8,553 7,96
2,912 3,04
87,416 129,73
20,504 21,35
2,086 2,10
29,991 31,96
179,988 210,46
7,744 11,17
70,563 95,91
6,255 6,15
149,887 161,96
3,404 3,14
125 8
30,359 35,87
9,562 12,97
7,277 7,53
129,349 132,47
8,759 10,19
1,328 1,54
1,417 1,30
2,038 3,09
6,446 4,47
20,220 24,70
5,467 8,25
40,123 49,45
1,774 2,26
10,033 28,88
21,654 26,04
19,896 36,19
5,324 17,84
10,234 13,48
6,000 8,67
60 2
6,399 7,03
6,215 6,32
21,467 23,32
4,911 4,06
837 1,32
13,442 28,16
1,090 3,26
22,423 24,51
1,636 1,46
2,437 8,26
1,172 1,68
2,344 2,68
32,547 37,34
3,830 6,26
282 29
11,989 14,62
1,665 1,52
quity Investment Id
er. EV/
ue LTM Div.
n) Sales Yield
68 1.1x 1%
49 1.4x 3%
34 3.5x 1%
53 .2x 1%
04 1.7x 2%
61 .7x -
67 2.7x 3%
70 1.7x -
3 2.5x 2%
54 1.6x -
67 4.6x 3%
43 4.1x -
85 .7x -
77 3.5x 2%
78 1.8x 1%
30 1.7x 1%
71 4.6x 1%
92 .6x 2%
42 1.7x -
04 3.0x 1%
95 .9x 2%
75 1.2x -
00 3.0x -
59 7.0x -
56 4.5x 0%
69 2.6x -
83 2.6x -
45 15.1x -
94 11.5x 1%
43 2.6x -
81 .3x -
70 3.4x 2%
26 .2x -
32 .3x -
26 .6x -
27 .6x -
66 .8x -
26 .8x -
60 .9x -
64 1.4x -
4 1.4x 2%
61 1.5x -
69 2.3x -
85 2.7x 1%
88 4.0x -
42 4.8x 1%
64 5.9x -
99 9.1x -
27 17.8x -
28 63.1x -
February 28, 2011 P
Selected
Superinvestor
d Shareholders
Akre
Brave Warrior,
Markel
Glenview, Vikin
Breeden
Glenview, Lone
BRK, Markel, V
Lone Pine, Pen
Viking
Brave Warrior,
Greenlight, Thir
BRK, Childrens
Force, Gates
Lane Five
Eagle, Weitz
Markel, Pershin
Breeden, Scout
Eagle, Lone Pin
Force, Pershing
Icahn
Bares, Hawksh
Southeastern
Hawkshaw, Tig
Southeastern, T
BP Capital, Thir
Paulson
Paulson, South
Blue Ridge, Tig
Akre, Viking
Blue Ridge, Per
GoldenTree
ESL, Fairholme
Southeastern, W
Ancient Art
Glenview
ESL, Glenview,
Greenlight, Thir
Force, Pennant
Icahn, MHR
GoldenTree, Gr
H Partners, MH
Glenview, Weitz
MHR
Fairfax, Southe
Southeastern
Icahn
Lone Pine, Pab
Akre, Force, Sc
BP Capital
Chou, Viking, B
Baupost, Blue R
ed Investors
Page 153 of 170

Greenlight
ng
e Pine
Viking
nnant,
Paulson
rd Point
s, Markel
ng Square
t
ne, Markel
g Square
aw
er Global
Third Point
rd Point
eastern
ger Global
rshing Sq.
e, Force
Weitz
, Paulson
rd Point
t
reenlight
HR
z
astern
brai
cout
Blue Ridge
Ridge

B
2008-2011 by Beyond
By Average

Company / Ticker
LyondellBasell / LY
Leap Wireless / LEA
Corporate Executiv
Charter Comms / C
Express Scripts / E
Microsoft / MSFT
Exxon Mobil / XOM
Coca-Cola / KO
Johnson & Johnson
Ross Stores / ROS
Schlumberger / SLB
DaVita / DVA
Broadridge Financia
Foster Wheeler / FW
MasterCard / MA
Procter & Gamble /
McDonald's / MCD
China Mobile / CHL
Lab Corp. of Americ
Praxair / PX
Enstar Group / ESG
Teck Resources / T
Cisco Systems / CS
Gap / GPS
Wal-Mart / WMT
Dean Foods / DF
BP / BP
ITT Corp. / ITT
Anheuser-Busch / B
Anadarko Petroleum
Stanley Black Deck
Fiserv / FISV
POSCO / PKX
H&R Block / HRB
Ensco / ESV
Pfizer / PFE
Hewlett-Packard / H
Copart / CPRT
Cardinal Health / C
Seagate Technolog
Flowserve / FLS
Zimmer Holdings / Z
Raytheon / RTN
Fortune Brands / FO
Valeant Pharma / V
Applied Materials /
Steris / STE
McKesson / MCK
J.C. Penney / JCP
Snap-on / SNA

e Annual RO
7-Yr
Avg
ROE
YB 349
AP 56
ve / EXBD 56
CHTR 54
SRX 44
33
M 32
32
n / JNJ 31
T 30
B 29
28
al / BR 27
WLT 26
26
/ PG 25
25
L 24
ca / LH 24
23
GR 23
TCK 22
SCO 21
21
21
20
20
20
BUD 19
m / APC 18
ker / SWK 18
18
18
17
17
17
HPQ 16
16
AH 15
gy / STX 15
15
ZMH 15
14
O 14
VRX 14
AMAT 13
13
12
12
12
erved.
OE (past sev
G

LTM 1
127 769
-45 -15
57 61 1
736 -265
34 33
44 44
24 27
43 42
25 29
44 41
23 17
18 17
20 22
28 57 1
41 42
18 21
36 36
47 24
25 24
21 22
16 19
13 15
17 19
26 24
22 21
12 6
-4 -4
19 19
16 18
4 4
3 4
16 16
49 12
47 34
15 15
9 11
21 22
15 15
18 9
43 75 -1
21 27
14 11
19 19
9 9
-4 14
13 13
6 18
16 18
7 6
14 14
SUBSCRIBE TODA
ven years)
GAAP Return on Eq
Years
2 3 4
38 241 --
-9 -5 -2
125 99 42
27 22 25
36 88 62
38 53 40
16 38 36
30 28 31
29 31 27
31 28 28
17 34 41
19 20 26
27 30 25
108 124 -189
54 -10 40
20 18 16
32 28 16
28 25 24
29 27 26
27 27 24
15 16 30
7 24 47
17 25 27
22 18 15
21 20 20
25 60 14
17 23 23
19 23 22
9 30 --
-1 18 26
12 18 20
17 23 18
16 15 17
40 -26 -24
27 29 27
14 12 12
19 22 19
16 19 16
14 17 24
102 27 18
33 22 12
13 15 15
21 16 22
5 6 15
16 15 17
-4 13 24
16 10 11
13 16 15
12 23 28
11 19 15
AY! www.manualo
uity (%)
Ago
5 6
-- --
2 317
23 21
21 190
37 30
29 20
37 38
31 30
31 34
25 22
41 32
28 33
32 --
25 41
3 25
22 42
24 20
24 23
22 20
23 19
42 27
35 22
24 23
22 24
22 22
12 14
27 28
21 14
-- --
41 23
19 20
18 21
23 24
24 33
12 4
29 12
17 6
13 16
12 13
22 32
2 3
17 17
12 8
20 18
22 17
20 13
9 12
13 -3
25 10
10 9
Value-oriented Eq
ofideas.com
P/E P
Last Th
7 FY F
-- 2x n
100 nm n
19 35x 25
361 0x n
23 26x 18
12 13x 11
31 14x 12
32 13x 17
33 13x 13
33 20x 16
20 28x 25
54 20x 18
-- 14x 17
19 14x n
29 18x 15
40 18x 16
21 17x 15
21 11x 12
19 17x 14
21 26x 18
10 8x 9
8 16x n
16 14x 12
25 15x 12
22 15x 14
10 22x 17
23 nm 8
21 17x 13
-- 19x 17
18 53x 35
35 58x 15
16 19x 14
16 10x 9
40 10x 10
5 10x 15
27 19x 9
9 13x 9
14 23x 19
19 26x 16
33 4x n
6 17x 19
15 21x 14
4 11x 10
27 20x 19
-3 36x n
16 24x 13
15 16x 16
13 17x 16
-17 35x 24
8 19x 15
quity Investment Id
P/E (Est.) EV/
his Next LTM
FY FY Sales
na na .6x
nm nm 1.4x
5x 22x 3.0x
nm 53x 2.6x
8x 15x .7x
1x 10x 3.1x
2x 10x 1.1x
7x 15x 4.6x
3x 12x 2.6x
6x 14x 1.1x
5x 19x 4.6x
8x 15x 1.7x
7x 14x 1.4x
na na .8x
5x 13x 5.2x
6x 15x 2.7x
5x 14x 3.7x
2x 11x 2.1x
4x 13x 2.2x
8x 16x 3.5x
9x 8x nm
na na 4.8x
2x 11x 2.0x
2x 12x .9x
4x 12x .6x
7x 13x .5x
8x 7x .6x
3x 12x 1.0x
7x 14x 3.5x
5x 24x 4.5x
5x 13x 1.7x
4x 13x 3.0x
9x 9x 1.1x
0x 9x 1.2x
5x 14x 3.6x
9x 8x 2.6x
9x 9x .9x
9x 16x 4.1x
6x 14x .2x
na na .6x
9x 16x 1.7x
4x 12x 3.0x
0x 9x .8x
9x 16x 1.8x
na na 17.8x
3x 12x 2.0x
6x 15x 1.7x
6x 14x .2x
4x 21x .6x
5x 13x 1.6x
February 28, 2011 P
Selected
Superinvestor
s Shareholders
Greenlight, Thir
H Partners, MH
Bares, Hawksh
GoldenTree
Glenview, Lone
Bares, Greenlig
BRK, Markel, V
BRK, Childrens
BRK, Fairfax, M
Akre
Eagle, Lone Pin
Lone Pine, Pen
Brave Warrior,
Force, H Partne
Brave Warrior,
BRK, Markel, V
Eagle, Markel, S
Kleinheinz
Brave Warrior,
Eagle, Weitz
Akre
Lone Pine, Pab
Appaloosa, ESL
ESL, Gates
BRK, Eagle, Ma
Appaloosa
Blue Ridge, Gre
Atlantic
Markel
Paulson
Atlantic, Breede
Brave Warrior,
Pabrai
Breeden, ESL,
Greenlight, Hou
Appaloosa, Pau
Appaloosa, Bra
Force, Gates
Greenlight
ESL, Glenview,
Breeden, Scout
Bares, Edinburg
Atlantic
Markel, Pershin
x Chou, Viking, B
Appaloosa, Edi
Breeden
Glenview, Vikin
Force, Pershing
Gates
ed Investors
Page 154 of 170
r
rd Point
HR
aw
e Pine
ght, Weitz
Viking
s, Markel
Markel
ne, Markel
nnant, Viking
Greenlight
ers, Pennant
Tiger Global
Viking
Scout
Glenview
brai
L, Pennant
arkel
eenlight
en
Glenview
Viking
und
ulson
ave Warrior
, Paulson
t
gh, Gates
ng Square
Blue Ridge
nburgh
ng
g Square

2008-2011 by Beyond

Company / Ticker
CareFusion / CFN
Chesapeake Energ
Kraft Foods / KFT
Owens Illinois / OI
Molson Coors / TAP
Omnicare / OCR
Arris Group / ARRS
Vail Resorts / MTN
Learning Tree / LTR
International Paper
Comcast / CMCSA
CommScope / CTV
Harvest Natural / H
Theravance / THRX
Hain Celestial / HA
Watson Pharma / W
Life Technologies /
Time Warner Cable
Massey Energy / M
Sears Holdings / SH
Lamar Advertising /
American Tower / A
Asbury Automotive
General Growth / G
Wendy's Arby's / W
ZipRealty / ZIPR
PDL BioPharma / P
Alere / ALR
W.R. Grace / GRA
MRV Comms / MRV
CBS / CBS
Flextronics / FLEX
Sprint Nextel / S
Radian Group / RD
Gastar Exploration
AbitibiBowater / AB
Amylin Pharma / AM
Lions Gate / LGF
Loral Space / LORL
Level 3 Comms / LV
Spectrum Brands /
General Motors / G

7-Yr
Avg
ROE
12
gy / CHK 11
11
10
VMC 10
P 8
8
/ PXP 7
S 7
6
RE 6
r / IP 6
TXI 6
6
V 6
NR 5
X 5
IN 4
/ TYC 4
WPI 3
LIFE 3
LINTA 2
e / TWC 2
MEE 1
HLD 0
/ LAMR 0
RTS -2
AMT -3
TYA -4
/ ABG -5
GGP -6
WEN -7
-8
PDLI -9
-10
-13
VC -15
-16
-17
-18
N -21
VPG -30
/ GST -30
BH -38
MLN -48
-54
L -73
VLT -88
SPB -110
M -127
erved.
G

LTM 1
3 4
8 -43
12 13
11 -3
-2 -2
10 10
1 6
5 5
6 6
4 4
8 9
10 10
-10 -5
8 8
7 6
8 -1
83 79
5 4
11 8
6 6
9 9
11 4
14 15
-9 -11
2 3
-7 -7
-15 -23
10 8
38 -13
13 6
-118 -97
0 0
-37 -28
-35 -49
-37 -39
-142 -111
18 0
8 8
26 1 -1
-22 -21
-115 -126
7 7
2 37
68 121 -3
-40 -40
-235 -41 -1
31 72 -1

-373
-16 -22 -5
3 -326

SUBSCRIBE TODA
GAAP Return on Eq
Years
2 3 4
11 13 21
4 12 27
13 12 10
13 18 159
1 0 16
11 6 8
4 3 6
-25 7 65
10 -14 11
7 14 9
2 17 25
13 -20 14
-2 11 17
9 6 6
-20 20 21
-7 20 -22
53 93 --
-3 6 7
-13 10 -7
9 12 8
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Value-oriented Eq
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P/E P
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26 20x 11
15 nm n
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13 13x 13
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15 nm 29
188 nm n
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10 20x n
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5 27x 14
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7 20x 16
2 nm 19
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26 nm 29
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1 nm 35
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18 nm n
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10 nm n
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102 14x 13
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15 nm n
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-41 4x n
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60 10x n
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quity Investment Id
P/E (Est.) EV/
his Next LTM
FY FY Sales
7x 15x 1.6x
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1x 9x 1.3x
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2x 11x 2.8x
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3x 23x 7.0x
6x 14x 1.2x
7x 38x 2.6x
3x 16x .7x
1x 9x .8x
nm nm 2.7x
7x 15x 2.5x
8x 13x 1.2x
9x 10x >99x
nm nm 63.1x
4x 21x 1.7x
na na 1.4x
4x 11x 2.3x
4x 13x 3.5x
7x 23x 3.0x
6x 13x 2.4x
9x 13x 2.5x
2x 82x .3x
nm nm 5.9x
9x 22x 1.2x
8x 49x 15.1x
5x 39x 2.6x
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nm 53x 11.5x
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February 28, 2011 P
Selected
Superinvestor
s Shareholders
Greenlight, Thir
Icahn, Southea
BRK, Fairfax, P
Atlantic
Southeastern, W
Childrens, Wes
Weitz
BP Capital, Thi
Sageview
Paulson, South
Lane Five
Appaloosa, Pau
Southeastern
Brave Warrior,
Paulson, Tiger
x Pabrai
x Baupost, Blue R
Icahn
Glenview, Weitz
Chou, Viking
Glenview, Sage
Southeastern, T
Edinburgh, Viki
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ESL, Fairholme
Akre, Force, Sc
Hawkshaw, Tig
x Akre, Viking
Blue Ridge, Tig
MSD
x Blue Ridge, Pe
Southeastern
Ancient Art
Baupost
Baupost
Gates, Hound,
Spencer
Ancient Art, Ch
Glenview
GoldenTree, Gr
Harbinger
Gates
BP Capital
Fairfax, Markel,
Icahn
Icahn, MHR
MHR
Fairfax, Southe
Harbinger
Appaloosa, Per
ed Investors
Page 155 of 170
r
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Above-in
power is rar
need somet
have it. One
be a produ
significantly
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nflation prici
re, and I thin
thing unusua
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uct that is pri
y below its v
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erved.
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iced
value
SUBSCRIBE TODA
Essay: O
Josh Ta
delivered the

Pricing
increases thr
strong busine
Defined
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But I do
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least want my
That is the m
business.
Moreove
general incre
So I con
business to b
about. What
inflation.
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obviously ne
captivity, or s
some factor o
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example, Coc
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nominal) pric
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period of tim
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Verisk is
US property
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arasoff, gener
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power is ofte
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son situations
pricing product
he same sense i
the inefficienc
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son a company
me in the comp
e in mind here
s an American
and casualty
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ritical for its c
by and existed
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g Power,
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omers, and it i
pricing power
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eneur and my b
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ould want; othe
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ited about is t
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characteristic
olidated industr
rs that makes i
ore than standa
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ne of the strong
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ng power is ra
h thing would
mers. With suc
ouldnt necessa
like this are
ts. What we a
investors look
cy, and you pro
rected over tim
y might charg
panys history,
a company cal
company that
insurance com
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ry to analyze r
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its not really
the ability to r
ation pricing
cs. You need
ry with rationa
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ard competitive
ics, but that i
gest brands in t
mpetitive behav
of inflation.
are, and I thi
be a product th
ch a product,
arily hurt dema
unusual is tha
are looking for
for mispriced
obably want to
me, because tha
ge prices that a
, there was no
lled Verisk An
was founded i
mpanies. These
n order to crea
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alytics, and o
conduct busine
customers, V
February 28, 2011 P
arasoff
Lane Capital
ters on Februar
o pass inflatio
oned as a key
ood thing. It i
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my livelihood,
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ink you need
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at markets are
r, in fact, is a
securities. The
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are too low is
o incentive to c
alytics (Nasdaq
in the 1970s by
e companies c
ate a centralize
other services
ess. However,
erisk didnt ch
ed Investors
Page 156 of 170
Partners,
ry 2, 2011.
onary cost
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is certainly
do so.
arly special
I would at
over time.
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get excited
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ieve that it
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prices. This
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collective rev
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think Verisk
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Miracle-Gro
means that a
operating inc
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its products b
unit growth to
SMG is t
the USthin
have existed
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was still con
leverage with
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fertilizer, spik
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SMG rai
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dropped only
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seems to hav
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(NYSE: SMG
a 1% price in
come growth.
very powerful,
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the dominant m
ngs like fertiliz
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h retailers.
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maintain its ma
retailers woul
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the increase, b
s about what th
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pect, this migh
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recently saw
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Value-oriented Eq
ofideas.com
ve persisted o
rporation in 19
nues are only
ly 1-2% of the
nique, indispen
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prices go up X
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his context it i
flation price inc
rgin in the mos
s that each 1%
ing income gro
t I think has a
G). SMGs oper
ncrease above
because it me
er year over ti
ble-digit, long-
manufacturer o
zer, grass seed
nd completely d
any has not pus
s market posi
ost of urea, w
4x, and the com
argins. Initially
ld have to a v
ut to be that SM
hould have the
prices by 30%
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he effect on v
on that was oc
ht not be so sur
their lawns an
with the catego
a bag of Sco
f lawnsellin
r.
g that VRSK a
pectively. I ac
y are reasonabl
I dont own eit
quity Investment Id
over the decad
997 and went p
about 2 basis
eir operating ex
nsible, and hav
ation.
he ability to rai
X% in excess
X multiplied b
is good to hav
creases more m
st recent quarte
% price increas
owth.
above-inflation
rating margin i
its cost infla
ans that if SM
ime, it would
-term earnings
of branded law
d, weed killer,
dominate their
shed hard on p
ition and esta
which is the p
mpany decided
y, management
very large price
MGs products
e power to set p
on average. Re
l went up 20-2
olumes would
ccurring at the
rprising. Amer
nd gardens, an
ory. Moreover
otts Turf Build
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and SMG trad
ctually think th
le, or even goo
ther of them.
February 28, 2011 P
des, even thou
public in 2009.
points of its
xpenses. This
ve enormous v
ise prices abov
of inflation, th
by the recipro
ve low operatin
meaningful.
er was about 4
e above its co
n pricing powe
is only about 1
ation would pr
MG raises the re
take only a m
growth.
wn and garden p
and even dirt.
categories.
pricing, largely
ablishing its n
primary raw m
d to raise fertil
t was uncertain
e increase. Ho
were such stro
prices as it saw
etailers actually
25% at retail.
d be, especially
time. Howeve
ricans are very
nd SMGs pr
r, the product
der fertilizer
$20. On avera
de at about 25
hat if their bus
od, investment
ed Investors
Page 157 of 170
ugh Verisk
customers
despite the
value-add. I
ve inflation
he resultant
ocal of the
ng margins
40%. While
st inflation
er is Scotts
4%, which
roduce 7%
eal price of
minimum of
products in
Its brands
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negotiating
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lizer prices
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passionate
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s are very
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F
C

2008-2011 by Beyond
Favorite St
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1 InfoSpace
2 * Daily Journ
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Mov
Price 52-W
r ($) Low
8.33 -21%
73.80 -15%
8.38 -6%
4.93 -2%
8.49 -50%
72.67 -31%
19.42 -34%
41.00 -58%
5.15 -56%
57.83 -56%
45.82 -26%
23.35 -69%
27.84 -24%
21.64 -9%
28.94 -47%
12.99 -69%
A 17.64 -15%
O 24.37 -33%
37.55 -34%
14.54 -30%
R 9.26 -63%
E 6.00 -24%
O 17.29 -36%
15.43 -27%
D 38.08 -40%
D 7.12 -33%
O 49.12 -40%
7.26 -30%
7.08 -15%
M 17.30 -42%
G 3.08 -44%
3.59 -37%
9.23 -20%
C 16.11 -30%
39.30 -19%
G 23.85 -31%
5.32 -47%
25.99 -36%
10.82 -33%
15.88 -39%
14.53 -17%
3.22 -35%
T 27.06 -16%
26.64 -20%
55.18 -34%
Y! Price
creening criteria:
SUBSCRIBE TODA
alue Invest
ling Operati
, trading at high

ve To
Week MV
High ($mn)
42% 301
4% 102
12% 908
48% 688
10% 321
68% 2,319
42% 1,014
1% 1,748
3% 208
2% 2,867
46% 6,559
6% 1,500
11% 1,688
124% 426
5% 245
54% 634
31% 890
47% 1,980
19% 3,407
46% 4,436
41% 988
56% 367
11% 382
14% 29,784
69% 1,105
22% 612
11% 1,960
39% 120
25% 369
8% 1,349
23% 186
158% 233
74% 126
15% 209
26% 31,906
0% 738
90% 157
2% 1,333
21% 316
78% 352
88% 145
76% 189
17% 227,369
21% 2,344
35% 3,821
e Charts
Market value
AY! www.manualo
tors
ing Income
trailing EBIT-to-e

EV EV
($mn) Sal
47 .2
25 .7
515 .8
926 2.8
176 .6
2,156 1.4
785 1.2
1,743 .4
167 .5
2,119 .4
5,700 1.1
1,142 1.2
1,207 1.7
308 .5
221 .3
560 2.8
415 1.4
1,533 .7
4,196 .5
4,636 1.2
816 .8
338 3.8
240 1.0
4 21,416 .3
1,170 .7
800 .9
1,425 1.5
125 .5
203 1.6
1,045 2.6
78 1.6
414 .7
49 .2
330 .4
6 26,588 3.3
1,000 1.4
110 1.0
2,071 1.5
225 .8
375 .6
103 1.9
134 .8
9 195,788 2.9
2,104 .9
3,359 1.6

e > $100 million
Value-oriented Eq
ofideas.com

enterprise value

Trailing
V/ EBIT/
les EV E
2x 52%
7x 47%
8x 36%
8x 32%
6x 29%
4x 28%
2x 26%
4x 22%
5x 23%
4x 21%
1x 24%
2x 40%
7x 20%
5x 19%
3x 19%
8x 19%
4x 30%
7x 21%
5x 30%
2x 18%
8x 36%
8x 17%
0x 25%
3x 16%
7x 19%
9x 15%
5x 19%
5x 57%
6x 15%
6x 18%
6x 14%
7x 14%
2x 18%
4x 18%
3x 16%
4x 23%
0x 57%
5x 14%
8x 20%
6x 32%
9x 13%
8x 13%
9x 13%
9x 19%
6x 14%

ADRs and b
quity Investment Id
yield

EBIT/
Capital Tax
Employed Rate
infinite 35%
infinite 37%
11606% 41%
infinite 37%
infinite 63%
infinite 39%
infinite 42%
infinite 26%
1422% 38%
infinite 37%
1053% 48%
380% 37%
infinite 41%
infinite 24%
infinite 39%
infinite 45%
360% 45%
789% 33%
341% 33%
infinite 38%
243% 41%
infinite n/m
265% 31%
infinite 21%
298% 39%
infinite 40%
248% 4%
138% 27%
1068% n/m
252% 43%
infinite n/m
infinite 40%
219% 36%
218% 44%
271% 26%
131% 16%
114% 24%
478% 35%
137% 25%
110% 41%
infinite 27%
infinite 15%
2353% 24%
128% 39%
334% 33%

banks excluded
February 28, 2011 P

Price/ I
Tangible %
Book Own
1.3x 1%
1.5x 4%
1.4x 1%
n/m 0%
1.0x 0%
>9.9x 0%
5.0x 1%
n/m 0%
3.8x 3%
3.2x 2%
6.8x 3%
3.3x 1%
3.4x 1%
2.0x 0%
1.3x 9%
>9.9x 0%
1.7x 1%
4.6x 0%
n/m 0%
n/m 0%
3.8x 2%
6.6x 0%
2.2x 1%
>9.9x 12%
>9.9x 0%
n/m 6%
2.8x 0%
1.3x 0%
2.1x 0%
6.3x 0%
1.6x 0%
n/m 1%
1.7x 0%
n/m 1%
6.8x 1%
n/m 2%
1.6x 16%
n/m 1%
2.3x 48%
3.2x 4%
>9.9x 0%
>9.9x 1%
6.5x 11%
4.7x 0%
6.8x 10%
Proxy
ed Investors
Page 158 of 170

nsiders
Buys/
n. Sells
3 / 9
- / 1
12 / 6
- / -
- / -
13 / 2
7 / 7
18 / 7
4 / 4
11 / 12
10 / 11
4 / 5
- / 2
- / -
8 / 7
2 / 3
4 / 4
6 / 5
14 / 6
14 / 2
9 / 2
- / -
5 / 4
% 5 / 6
2 / 1
3 / 10
3 / 5
- / -
- / 1
5 / 6
- / -
- / 4
- / -
- / 2
8 / 5
6 / 3
% - / 2
8 / 3
% 2 / -
4 / 8
- / -
2 / 2
% 15 / 13
1 / 1
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y Y!

C

2008-2011 by Beyond
Magic Form
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Company
1 GTx
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9 * China Cera
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13 * Power-One
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17 Rigel Pharma
18 Forest Labs
19 Lincoln Educ
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31 Kulicke and S
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36 * Cisco Syst
37 Aeropostale
38 Teradyne
39 Medicis Phar
40 SkyPeople Ju
41 * Gulf Resou
42 * Marvell Tec
43 DeVry
44 Almost Famil
45 * Xyratex
Company we
* New additions are

mula, base
high returns on c

Ticker
GTXI
nal ESI
VHC
Health MDF
IPXL
PLUS
DELL
ation CECO
amics CCCL
Edu. BPI
SOLR
CRTX
e PWER
AMED
NEP
p APOL
aceuticals RIGL
FRX
cational LINC
ces GILD
ments VECO
ational LIWA
MSFT
ar-Mart CRMT
a ENDP
CEPH
GME
olleges COCO
BIRT
s CVVT
Soffa KLIC
pany EDS
ch LRCX
AGP
arma SCLN
ems CSCO
ARO
TER
rma MRX
uice SPU
urces GFRE
chnology MRVL
DV
ly AFAM
XRTX
bsite SEC
e highlighted. Sc
erved.
sed on This Y
capital employed

Mov
Price 52-W
r ($) Low
2.75 -31%
72.67 -31%
12.99 -69%
5.15 -56%
23.35 -69%
28.94 -47%
15.43 -27%
O 24.37 -33%
7.26 -30%
19.42 -34%
R 11.40 -57%
X 5.43 -12%
R 9.26 -63%
D 38.08 -40%
5.32 -47%
45.82 -26%
7.08 -15%
34.33 -30%
15.88 -39%
39.30 -19%
O 49.12 -40%
10.82 -33%
T 27.06 -16%
T 24.33 -16%
P 34.49 -43%
58.63 -6%
19.95 -14%
O 5.28 -26%
5.20 -24%
6.72 -6%
10.04 -48%
8.00 -24%
56.10 -42%
57.83 -56%
4.33 -52%
O 18.85 -2%
26.64 -20%
18.92 -53%
27.84 -24%
4.76 -15%
E 8.97 -30%
L 18.89 -27%
55.18 -34%
38.36 -39%
13.17 -20%
Y! Price
creening criteria:
SUBSCRIBE TODA
Years EPS
, trading at high

ve To
Week MV
High ($mn)
56% 140
68% 2,319
54% 634
3% 208
6% 1,500
5% 245
14% 29,784
47% 1,980
39% 120
42% 1,014
5% 1,424
39% 139
41% 988
69% 1,105
90% 157
46% 6,559
25% 369
1% 9,822
78% 352
26% 31,906
11% 1,960
21% 316
17% 227,369
24% 263
11% 3,987
24% 4,440
29% 3,020
266% 447
17% 234
121% 240
5% 717
31% 157
0% 6,931
2% 2,867
4% 207
47% 104,481
21% 2,344
1% 3,432
11% 1,688
70% 122
46% 311
21% 12,289
35% 3,821
15% 355
55% 385
e Charts
MV > $100 m
AY! www.manualo
S Estimates
earnings yields (

EV EV
($mn) Sal
120 1.9
2,156 1.4
560 2.8
167 .5
1,142 1.2
221 .3
4 21,416 .3
1,533 .7
125 .5
785 1.2
1,243 1.5
91 .7
816 .8
1,170 .7
110 1.0
5,700 1.1
203 1.6
6,087 1.4
375 .6
6 26,588 3.3
1,425 1.5
225 .8
9 195,788 2.9
314 .9
3,555 2.2
4,323 1.5
3,088 .3
638 .3
194 1.5
233 1.5
613 .8
62 .1
5,920 2.0
2,119 .4
154 1.9
1 79,493 1.9
2,104 .9
2,778 1.7
1,207 1.7
86 1.1
237 1.6
9 9,614 2.7
3,359 1.6
316 1.0
295 .2

million ADRs
Value-oriented Eq
ofideas.com

(based on this FY

This FY
V/ EPS
les Yield E
9x 14%
4x 13%
8x 12%
5x 12%
2x 13%
3x 11%
3x 11%
7x 11%
5x 39%
2x 11%
5x 10%
7x 12%
8x 13%
7x 11%
0x 23%
1x 10%
6x 10%
4x 13%
6x 17%
3x 10%
5x 10%
8x 13%
9x 9%
9x 11%
2x 10%
5x 14%
3x 13%
3x 18%
5x 9%
5x 20%
8x 12%
x 23%
0x 11%
4x 9%
9x 11%
9x 8%
9x 10%
7x 9%
7x 8%
1x 20%
6x 16%
7x 9%
6x 8%
0x 9%
2x 18%

s and banks excl
quity Investment Id
Y EPS estimates

EBIT/
Capital Tax
Employed Rate
infinite n/m
infinite 39%
infinite 45%
1422% 38%
380% 37%
infinite 39%
infinite 21%
789% 33%
138% 27%
infinite 42%
infinite 36%
255% 26%
243% 41%
298% 39%
114% 24%
1053% 48%
1068% n/m
151% 27%
110% 41%
271% 26%
248% 4%
137% 25%
2353% 24%
211% 37%
293% 25%
93% 32%
97% 35%
87% >99%
infinite 26%
80% 19%
104% 2%
78% 8%
124% 13%
infinite 37%
97% 4%
3441% 16%
128% 39%
165% 4%
infinite 41%
66% 31%
67% 27%
204% 2%
334% 33%
183% 41%
61% n/m

luded Enterp
February 28, 2011 P
s)

Price to
Tangible %
Book Ow
8.7x 20%
>9.9x 0%
>9.9x 0%
3.8x 3%
3.3x 1%
1.3x 9%
>9.9x 12%
4.6x 0%
1.3x 0%
5.0x 1%
>9.9x 0%
3.3x 56%
3.8x 2%
>9.9x 0%
1.6x 16%
6.8x 3%
2.1x 0%
2.2x 1%
3.2x 4%
6.8x 1%
2.8x 0%
2.3x 48%
6.5x 11%
1.5x 6%
9.6x 0%
7.4x 1%
6.0x 1%
2.8x 1%
7.6x 4%
1.9x 0%
2.6x 2%
.7x 0%
3.7x 1%
3.2x 2%
2.7x 0%
4.0x 0%
4.7x 0%
3.4x 0%
3.4x 1%
1.2x 0%
1.7x 16%
4.0x 0%
6.8x 10%
5.9x 1%
1.1x 0%
Prox
prise value to MV
ed Investors
Page 159 of 170

Insiders
% Buys/
wn. Sells
% 6 / -
% 13 / 2
% 2 / 3
% 4 / 4
% 4 / 5
% 8 / 7
% 5 / 6
% 6 / 5
% - / -
% 7 / 7
% 9 / 14
% 2 / 3
% 9 / 2
% 2 / 1
% - / 2
% 10 / 11
% - / 1
% 8 / 10
% 4 / 8
% 8 / 5
% 3 / 5
% 2 / -
% 15 / 13
% 3 / 2
% 8 / 4
% 10 / 10
% 16 / 5
% 19 / 3
% 6 / 4
% - / -
% 14 / 12
% - / -
% 7 / 10
% 11 / 12
% - / -
% 21 / 10
% 1 / 1
% 5 / 5
% - / 2
% - / -
% 6 / -
% 2 / 3
% 18 / 3
% 1 / 1
% - / -
xy Y!
V < 1.5

C

2008-2011 by Beyond
Magic Form
Companies with h

Company
1 Bridgepoint E
2 * Nabi Bioph
3 GT Solar
4 * China Cera
5 Dell
6 Power-One
7 ePlus
8 ITT Educatio
9 Endo Pharma
10 Lihua Interna
11 America's Ca
12 Gilead Scien
13 Nephros
14 Forest Labs
15 * Actuate
16 Career Educa
17 Lincoln Educ
18 Metropolitan
19 Microsoft
20 Kulicke and S
21 GameStop
22 China Valves
23 Apollo Group
24 Exceed Com
25 Teradyne
26 Cisco System
27 LTX-Credenc
28 Medicis Phar
29 SkyPeople Ju
30 Gulf Resourc
31 PMC-Sierra
32 Lam Researc
33 Xyratex
34 Aeropostale
35 * USANA He
36 DeVry
37 Lexmark
38 * SinoCoking
39 * Marvell Tec
40 * Amtech Sy
41 * Amgen
42 * Harris Corp
43 Cephalon
44 Intel
45 Primoris Serv
Company we
* New additions are

mula, base
high returns on c

Ticker
Edu. BPI
harma NABI
SOLR
amics CCCL
DELL
PWER
PLUS
nal ESI
a ENDP
ational LIWA
ar-Mart CRMT
ces GILD
NEP
FRX
BIRT
ation CECO
cational LINC
Health MDF
MSFT
Soffa KLIC
GME
s CVVT
p APOL
pany EDS
TER
ms CSCO
ce LTXC
rma MRX
uice SPU
ces GFRE
PMCS
ch LRCX
XRTX
ARO
ealth USNA
DV
LXK
g Coal SCOK
chnology MRVL
ystems ASYS
AMGN
p. HRS
CEPH
INTC
vices PRIM
bsite SEC
e highlighted. Sc
erved.
sed on Next
capital employed

Mov
Price 52-W
($) Low
19.42 -34%
5.65 -22%
11.40 -57%
7.26 -30%
15.43 -27%
9.26 -63%
28.94 -47%
72.67 -31%
34.49 -43%
10.82 -33%
24.33 -16%
39.30 -19%
5.32 -47%
34.33 -30%
5.20 -24%
24.37 -33%
15.88 -39%
5.15 -56%
27.06 -16%
10.04 -48%
19.95 -14%
6.72 -6%
45.82 -26%
8.00 -24%
18.92 -53%
18.85 -2%
9.60 -48%
27.84 -24%
4.76 -15%
8.97 -30%
8.22 -17%
56.10 -42%
13.17 -20%
26.64 -20%
34.28 -21%
55.18 -34%
38.89 -19%
11.32 -36%
18.89 -27%
25.05 -68%
52.24 -4%
48.65 -17%
58.63 -6%
22.14 -21%
9.13 -38%
Y! Price
creening criteria:
SUBSCRIBE TODA
t Years EPS
, trading at high

ve To
Week MV
High ($mn)
42% 1,014
14% 240
5% 1,424
39% 120
14% 29,784
41% 988
5% 245
68% 2,319
11% 3,987
21% 316
24% 263
26% 31,906
90% 157
1% 9,822
17% 234
47% 1,980
78% 352
3% 208
17% 227,369
5% 717
29% 3,020
121% 240
46% 6,559
31% 157
1% 3,432
47% 104,481
18% 474
11% 1,688
70% 122
46% 311
18% 1,902
0% 6,931
55% 385
21% 2,344
33% 547
35% 3,821
24% 3,055
374% 236
21% 12,289
23% 236
17% 49,357
12% 6,224
24% 4,440
10% 123,497
10% 436
Charts
MV > $100 m
AY! www.manualo
S Estimates
earnings yields (

EV EV
($mn) Sale
785 1.2x
136 3.3x
1,243 1.5x
125 .5x
21,416 .3x
816 .8x
221 .3x
2,156 1.4x
3,555 2.2x
225 .8x
314 .9x
26,588 3.3x
110 1.0x
6,087 1.4x
194 1.5x
1,533 .7x
375 .6x
167 .5x
195,788 2.9x
613 .8x
3,088 .3x
233 1.5x
5,700 1.1x
62 .1x
2,778 1.7x
79,493 1.9x
358 1.4x
1,207 1.7x
86 1.1x
237 1.6x
1,805 2.8x
5,920 2.0x
295 .2x
2,104 .9x
523 1.0x
3,359 1.6x
2,487 .6x
266 3.9x
9,614 2.7x
183 1.2x
45,297 3.0x
7,390 1.3x
4,323 1.5x
103,727 2.4x
426 .6x

million ADRs
Value-oriented Eq
ofideas.com
s
(based on next F

Next FY
V/ EPS C
es Yield Em
x 13% i
x 13% i
x 12% i
x 33%
x 11% i
x 15%
x 11% i
x 11% i
x 12%
x 17%
x 12%
x 12%
x 19%
x 13%
x 10% i
x 10%
x 14%
x 10%
x 10%
x 14%
x 15%
x 23%
x 10%
x 24%
x 10%
x 9%
x 13%
x 9% i
x 22%
x 19%
x 9% i
x 10%
x 19%
x 10%
x 10%
x 9%
x 12%
x 15%
x 9%
x 10%
x 11%
x 10%
x 10%
x 10%
x 10%

s and banks excl
quity Investment Id
FY EPS estimate

EBIT/
Capital Tax
mployed Rate
infinite 42%
infinite n/m
infinite 36%
138% 27%
infinite 21%
243% 41%
infinite 39%
infinite 39%
293% 25%
137% 25%
211% 37%
271% 26%
114% 24%
151% 27%
infinite 26%
789% 33%
110% 41%
1422% 38%
2353% 24%
104% 2%
97% 35%
80% 19%
1053% 48%
78% 8%
165% 4%
3441% 16%
88% 1%
infinite 41%
66% 31%
67% 27%
infinite 27%
124% 13%
61% n/m
128% 39%
123% 34%
334% 33%
66% 19%
61% 13%
204% 2%
99% 39%
76% 13%
85% 33%
93% 32%
90% 29%
96% 39%

luded Enterp
February 28, 2011 P
es)

Price to In
Tangible %
Book Own
5.0x 1%
3.7x 1%
>9.9x 0%
1.3x 0%
>9.9x 12%
3.8x 2%
1.3x 9%
>9.9x 0%
9.6x 0%
2.3x 48%
1.5x 6%
6.8x 1%
1.6x 16%
2.2x 1%
7.6x 4%
4.6x 0%
3.2x 4%
3.8x 3%
6.5x 11%
2.6x 2%
6.0x 1%
1.9x 0%
6.8x 3%
.7x 0%
3.4x 0%
4.0x 0%
3.3x 2%
3.4x 1%
1.2x 0%
1.7x 16%
6.5x 0%
3.7x 1%
1.1x 0%
4.7x 0%
4.3x 51%
6.8x 10%
2.9x 1%
3.4x 0%
4.0x 0%
2.8x 2%
4.8x 0%
>9.9x 1%
7.4x 1%
2.7x 0%
4.9x 4%
Proxy
prise value to MV
ed Investors
Page 160 of 170

nsiders
Buys/
. Sells
7 / 7
- / 3
9 / 14
- / -
5 / 6
9 / 2
8 / 7
13 / 2
8 / 4
2 / -
3 / 2
8 / 5
- / 2
8 / 10
6 / 4
6 / 5
4 / 8
4 / 4
15 / 13
14 / 12
16 / 5
- / -
10 / 11
- / -
5 / 5
21 / 10
- / 5
- / 2
- / -
6 / -
5 / 8
7 / 10
- / -
1 / 1
13 / 15
18 / 3
2 / 7
- / -
2 / 3
8 / 8
3 / 7
9 / 9
10 / 10
4 / 4
5 / 2
y Y!
V < 1.5

C
N

2008-2011 by Beyond
Contrarian:
Non-financial com

Company
1 * Ambow Ed
2 * China Xiniy
3 Smith Micro S
4 * SemiLEDs
5 China Valves
6 * China Agrit
7 * TEKELEC
8 Novatel Wire
9 * TAL Educa
10 * Duoyuan G
11 China Real E
12 * Monster W
13 * Trident Mic
14 Vanda Pharm
15 * Dolby Labo
16 * Acorda The
17 * China Lodg
18 * EnerNOC
19 * USANA He
20 * Rosetta Sto
21 * Symmetric
22 * Lentuo Inte
23 * Tessera Te
24 * Entropic Co
25 * K-Swiss
26 * Infinera
27 LeapFrog
28 * Albany Mo
29 * Telestone T
30 * SIGA Tech
31 * Tellabs
32 Fuel Tech
33 * China Fina
34 Universal Tec
35 * Golden Min
36 * Rex Energ
37 * Alimera Sc
38 * Vimicro
39 Cree
40 Standard Mic
41 China Cord B
42 * Home Inns
43 * Myriad Gen
44 * ChinaCach
45 * Axcelis Tec
Company we
* New additions are

: Biggest YT
mpanies with no

Tick
ducation AMB
ya Fashion XN
Software SM
LED
s CVV
tech CAG
TKL
less NVT
ation XR
Global Water DG
Estate CR
Worldwide MW
crosystems TR
ma VND
oratories DL
erapeutics ACO
ging HTH
ENO
ealth USN
one RS
om SYM
ernational LA
echnologies TSR
omms ENT
KSW
INF
LF
lecular AM
Tech TST
hnologies SIG
TLA
FTE
ance Online JRJ
chnical UT
nerals AUM
y REX
ciences ALI
VIM
CRE
crosys SMS
Blood CO
s & Hotels HM
netics MYG
he CC
chnologies ACL
bsite SE
e highlighted. Sc
erved.
TD Losers (d
net debt, positive

Price MV
ker ($) ($m
BO 8.18 58
NY 5.41 31
SI 9.37 32
DS 17.60 48
VT 6.72 24
GC 8.14 16
LC 8.08 55
TL 6.85 21
RS 11.90 88
GW 9.44 23
IC 7.25 1,03
WW 17.99 2,34
ID 1.37 24
DA 7.35 20
LB 51.93 5,81
OR 21.27 83
HT 17.14 1,01
OC 18.82 46
NA 34.28 54
ST 16.76 34
MM 5.63 24
AS 5.57 16
RA 17.64 89
TR 9.65 82
WS 9.97 35
FN 8.28 83
F 4.49 29
RI 4.55 13
TC 8.63 10
GA 11.40 54
AB 5.54 2,04
EK 7.95 19
JC 5.35 11
TI 18.11 44
MN 22.06 33
XX 11.28 49
IM 8.59 26
MC 3.09 11
EE 54.68 5,98
SC 23.93 54
O 3.34 24
IN 34.19 1,37
GN 19.07 1,71
IH 17.37 40
LS 2.89 30
EC Y!
creening criteria:
SUBSCRIBE TODA
deleveraged
e analyst estimat

Pr
V EV
mn) ($mn) 200
3 460 n/m
4 277 n/m
1 264 5%
0 478 n/m
0 233 -60
9 123 -78
4 333 -60
7 69 -65
7 708 n/m
2 77 n/m
36 723 n/m
42 2,304 -47
2 149 -84
6 8 n/m
19 5,115 n/m
1 599 n/m
10 820 n/m
9 316 n/m
7 523 0%
9 240 n/m
5 166 -42
4 162 n/m
0 415 -53
3 677 n/m
3 238 -66
8 557 n/m
0 270 -67
8 109 -59
6 105 90%
6 527 587
44 909 -36
3 171 70%
8 92 -51
1 358 -52
6 215 n/m
4 493 n/m
8 219 n/m
4 20 n/m
80 4,869 36%
7 400 34%
6 202 n/m
74 1,229 n/m
14 1,323 78%
3 391 n/m
3 257 -64
S
Positive net
AY! www.manualo
d & profitab
tes for next year'

rice Change Since
December 31,
04 2009 2010
m n/m -41%
m n/m -41%
% 2% -40%
m n/m -39%
% -27% -36%
% -42% -34%
% -47% -32%
% -14% -28%
m n/m -26%
m -74% -26%
m -34% -24%
% 3% -24%
% -26% -23%
m -35% -22%
m 9% -22%
m -16% -22%
m n/m -21%
m -38% -21%
% 7% -21%
m -7% -21%
% 8% -21%
m n/m -21%
% -24% -20%
m 214% -20%
% 0% -20%
m -7% -20%
% 15% -19%
% -50% -19%
% -57% -19%
7% 97% -19%
% -2% -18%
% -3% -18%
% -27% -18%
% -10% -18%
m 127% -17%
m -6% -17%
m n/m -17%
m -37% -17%
% -3% -17%
% 15% -17%
m -49% -17%
m -3% -17%
% -27% -17%
m n/m -16%
% 105% -16%
Stock Price Charts
cash Positiv
Value-oriented Eq
ofideas.com
ble)
's EPS, and large

Price to Ne
Tangible F
0 Book P
% 4.9x 1
% 5.4x 8
% 3.7x 2
% 6.2x 1
% 1.9x 4
% 1.2x 8
% 1.5x 1
% 1.2x 3
% 6.2x 3
% .9x 6
% 3.1x 1
% n/m 2
% 1.7x 1
% 7.3x 6
% 4.8x 1
% 6.4x 1
% 3.3x 3
% 2.4x 3
% 4.3x 1
% 2.8x 1
% 1.4x 1
% 2.8x 7
% 1.7x 1
% 3.3x 1
% 1.6x 3
% 2.0x 3
% 1.7x 1
% .6x 4
% 1.4x 4
% 80.3x 4
% 1.3x 6
% 3.5x 3
% 1.3x 1
% 4.4x 1
% 2.6x 3
% 1.6x 2
% 5.9x 1
% 1.2x 4
% 3.4x 2
% 2.0x 1
% 2.0x 1
% 4.0x 2
% 3.1x 1
% 34.8x 4
% 1.5x 9

ve next FY EPS e
quity Investment Id
e YTD price drop

ext Insiders
FY % Buy
P/E Own. Se
2x 0% - /
8x 0% - /
8x 4% 4 /
6x 7% 6 /
4x 0% - /
8x 2% - /
9x 0% 2 /
38x 0% 2 /
35x 0% - /
6x 0% - /
3x 0% - /
4x 3% 2 /
7x 1% 6 /
67x 1% - /
7x 0% 15
6x 1% 2 /
31x 0% - /
37x 10% 2 /
0x 51% 13 /
6x 1% - /
2x 1% 14
7x 0% - /
5x 1% 4 /
0x 0% 7 /
38x 1% 3 /
38x 0% 9 /
2x 3% 7 /
46x 0% - /
4x 0% - /
4x 0% 2 /
62x 5% 2 /
35x 0% - /
8x 0% - /
3x 2% 9 /
31x 42% 13
9x 19% 11
6x 0% 2 /
44x 0% - /
3x 1% 11
4x 1% 11
5x 0% - /
3x 0% - /
6x 0% - /
46x 0% - /
9x 2% 7 /
Proxy Y
estimate Ma
February 28, 2011 P
p

ys/
lls
/ -
/ -
/ 9
/ -
/ -
2
/ 6
/ 1
/ -
/ -
/ -
/ 6
/ 1
1
/ 8
/ 6
/ -
/ 7
/ 15
/ -
/ 1
/ -
/ 4
/ 7
/ 3
/ 8
/ 7
1
/ -
/ 1
12
/ -
/ -
/ 8
/ 1
/ 1
/ -
/ -
/ 7
/ 3
/ -
/ -
1
/ -
/ 5
Y!
arket value > $10
ed Investors
Page 161 of 170
00 million

V
C

2008-2011 by Beyond
Value with
Companies that m

Company
1 Elron Electro
2 Endurance S
3 Allied World
4 Scorpio Tank
5 * Vishay Inte
6 FPIC Insuran
7 ITT Educatio
8 * Aspen Insu
9 Fox Chase B
10 * Telenor
11 * Chubb
12 * Tyson Foo
13 * XL Group
14 Scholastic
15 Platinum Und
16 * Corinthian
17 Aetna
18 H&R Block
19 Employers H
20 Best Buy
21 Lukoil
22 * Hawaiian H
23 * O2Micro
24 * PAA Nat. G
25 America's Ca
26 * ArvinMerito
27 Hewlett-Pack
28 * Multi-Fineli
29 Forest Labs
30 Gilead Scien
31 White Mounta
32 * Alterra Cap
33 PartnerRe
34 * AstraZenec
35 Torchmark
36 Stage Stores
37 W.R. Berkley
38 * Axis Capita
39 Blyth
40 * Raytheon
41 * Exxon Mob
42 Qlogic
43 * Rent-A-Ce
44 ProAssuranc
45 LSI Corp.
Company we
* New additions are

Catalyst: Ch
may be creating v

Tick
nic ELR
Specialty EN
AW
kers STN
ertech VS
nce FP
nal ES
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Bancorp FXC
TEL
CB
ds TS
X
SC
derwriter PT
Colleges COC
AE
HR
oldings EI
BB
LUK
Holdings HA
OII
Gas Storage PN
ar-Mart CRM
or AR
kard HP
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FR
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PR
ca AZ
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BT
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LS
bsite SE
e highlighted.
Cri
erved.
Cheap Repur
value by reducin

Price
ker ($) (
RNF 5.61
NH 48.75 2
WH 62.13 2
NG 10.27
SH 18.43 3
IC 36.88
SI 72.67 2
HL 29.81 2
CB 13.22
LNY 47.99 2
B 61.31 1
SN 18.63 7
L 24.65 7
HL 30.61
TP 44.49 1
CO 5.28
ET 38.29 1
RB 14.54 4
G 18.56
BY 33.04 1
KOY 65.75 5
A 7.34
IM 8.73
NG 24.33
MT 24.33
RM 18.92 1
PQ 48.67 10
LX 29.84
RX 34.33 9
LD 39.30 3
TM 370.25 3
TE 22.05 2
RE 82.10 6
ZN 49.38 6
MK 65.45 5
SI 17.30
RB 30.37 4
XS 37.81 4
TH 34.25
TN 52.16 1
OM 0.00 42
GC 0.00 1
CII 0.00 2
RA 0.00 1
SI 0.00 4
EC Y!
iteria: MV < 2
SUBSCRIBE TODA
rchasers of
ng their shares ou

MV EV
$mn) ($mn)
167 110
2,378 n/m
2,625 n/m
246 325
3,040 2,574
339 n/m
2,319 2,156
2,286 n/m
192 n/m
6,475 29,930
8,695 n/m
7,033 8,459
7,968 n/m
894 1,125
1,747 n/m
447 638
5,320 n/m
4,436 4,636
739 n/m
3,024 13,921
5,964 63,302
369 267
316 213
769 1,028
263 314
1,783 2,538
05,835 117,205
715 616
9,822 6,087
1,906 26,588
3,073 n/m
2,544 n/m
6,116 n/m
8,443 65,115
5,240 n/m
634 630
4,405 n/m
4,674 n/m
282 276
9,015 18,987
26,096 432,131
1,930 1,587
2,131 2,646
1,811 n/m
4,162 3,485

2 * BV Next
AY! www.manualo
f Stock
utstanding at rela

Q-Q Nex
Change FY
in Shares P/E
-23.3% -
-9.9% 9x
-9.3% -
-7.0% -
-6.6% 9x
-6.1% 14x
-6.0% 9x
-6.0% 9x
-5.9% 34x
-5.8% 12x
-5.8% 11x
-5.6% 9x
-4.8% -
-4.7% 12x
-4.5% 9x
-4.0% 11x
-4.0% 9x
-4.0% 9x
-4.0% 16x
-4.0% 9x
-3.9% 6x
-3.9% 10x
-3.8% 13x
-3.8% 21x
-3.6% 8x
-3.3% 8x
-3.1% 9x
-3.0% 11x
-2.9% 8x
-2.9% 9x
-2.8% 24x
-2.8% 9x
-2.8% 9x
-2.7% 8x
-2.6% 9x
-2.6% 16x
-2.5% 12x
-2.5% 9x
-2.5% 12x
-2.3% 9x
-2.3% 10x
-2.2% 12x
-2.2% 10x
-2.1% 12x
-2.1% 11x

FY P/E < 12
Value-oriented Eq
ofideas.com
atively cheap pric

xt Price to N
Y Tangible a
E Book
.9x
x .9x
.9x
1.2x
x 2.2x
x 1.3x
x 18.1x
x .7x
x .9x
x 4.2x
x 1.2x
x 2.1x
.8x
x 2.3x
x .9x
x 2.8x
x 3.5x
x n/m
x 1.5x
x 4.1x
x 1.0x
x 14.2x
x 1.8x
x 1.1x
x 1.5x
x n/m
x n/m
x 1.9x
x 2.2x
x 6.8x
x .8x
x .9x
x .9x
x 57.8x
x 1.4x
x 1.4x
x 1.2x
x .9x
x 1.3x
x n/m
x 2.9x
x 4.3x
x 25.3x
x 1.1x
x 7.3x

Debt/equity < 0
quity Investment Id
ces

Net Cash Insi
as % of %
MV Own.
34% 0%
n/m 0%
n/m 0%
-32% 0%
15% 0%
n/m 3%
7% 0%
n/m 0%
n/m 0%
-13% 0%
n/m 0%
-20% 1%
n/m 0%
-26% 1%
n/m 2%
-43% 1%
n/m 0%
-4% 0%
n/m 0%
-7% 0%
-13% 0%
28% 0%
33% 0%
-34% 0%
-19% 6%
-42% 3%
-11% 0%
14% 0%
38% 1%
17% 1%
n/m 0%
n/m 0%
n/m 0%
5% 0%
n/m 1%
1% 1%
n/m 6%
n/m 0%
2% 0%
0% 0%
-1% 0%
18% 0%
-24% 2%
n/m 1%
16% 0%
Proxy
0.4 MV > $10
February 28, 2011 P

ders
Buys/
Sells
- / -
- / -
- / -
- / -
7 / 1
4 / 3
13 / 2
- / -
- / -
- / -
8 / 10
16 / 8
- / -
10 / 6
13 / 4
19 / 3
3 / 2
14 / 2
4 / -
7 / 3
- / -
- / -
- / -
- / -
3 / 2
17 / 13
15 / 12
5 / 5
8 / 10
8 / 5
- / -
- / -
- / -
- / -
21 / 14
4 / 1
3 / 4
- / -
- / 1
3 / 3
30 / 20
8 / 4
7 / -
6 / 6
3 / 1
Y!
00mn Q-Q
ed Investors
Page 162 of 170
shares < 0

P
D

2008-2011 by Beyond
Profitable D
Dividend-paying c

Company
1 Two Harbors
2 Life Partners
3 Himax Tech
4 PennyMac M
5 TICC Capital
6 NGP Capital
7 Mesabi Trust
8 Crexus Inves
9 Lorillard
10 Gladstone In
11 BGC Partner
12 Nokia
13 CTC Media
14 BBVA Banco
15 Colony Finan
16 Telecom Arg
17 * Old Repub
18 American So
19 * NY Commu
20 Nat'l Australia
21 Westpac Ban
22 Bristol Myers
23 AstraZeneca
24 * Tower Ban
25 Australia and
26 People's Unit
27 THL Credit
28 * Banco Arge
29 * Bank of Ea
30 American Ec
31 Renasant
32 Santander Br
33 United Banks
34 Baldwin & Ly
35 * Canon
36 Safety Insura
37 * Electrolux
38 Female Heal
39 * Chemical F
40 * China Mob
41 Electro Rent
42 Washington T
43 Credit Suisse
44 GFI Group
45 * Intersil
Company we
* New additions are

Dividend Pa
companies with n

Ticke
Invest. TWO
LPHI
HIMX
Mortgage PMT
TICC
NGPC
t MSB
stment CXS
LO
vestment GAIN
rs BGCP
NOK
CTCM
o Frances BFR
ncial CLNY
entina TEO
lic ORI
ftware AMSW
unity NYB
a Bank NABZY
nking WBK
s Squibb BMY
AZN
ncorp TOBC
d NZ ANZBY
ted PBCT
TCRD
entaria BBVA
ast Asia BKEAY
ology ECOL
RNST
rasil BSBR
shares UBSI
yons BWINB
CAJ
ance SAFT
ELUXY
th FHCO
Financial CHFC
bile CHL
ELRC
Trust WASH
e CS
GFIG
ISIL
bsite SEC
e highlighted. Cri
erved.
ayors with D
no net debt and

M
Price 5
r ($) Low
10.77 -26%
8.09 -15%
X 2.66 -25%
18.17 -14%
12.66 -53%
C 9.65 -30%
36.57 -58%
13.25 -11%
79.53 -12%
7.77 -37%
P 9.20 -57%
9.19 -13%
M 22.10 -42%
11.90 -55%
Y 21.01 -21%
25.30 -42%
12.84 -14%
WA 6.78 -33%
18.85 -24%
Y 26.78 -31%
123.02 -30%
25.49 -13%
49.38 -18%
C 22.69 -22%
Y 25.10 -35%
T 13.39 -9%
D 13.17 -32%
A 12.76 -32%
Y 4.16 -22%
L 17.00 -24%
T 16.06 -20%
R 12.52 -22%
28.53 -23%
B 24.31 -18%
49.22 -25%
T 49.38 -31%
Y 50.00 -23%
O 5.02 -13%
C 20.60 -9%
47.66 -7%
C 15.94 -30%
H 22.38 -25%
47.63 -24%
G 5.40 -19%
12.97 -24%
Y! Pr
iteria: Positiv
SUBSCRIBE TODA
Decent Bala
EPS estimates in

Move To
52-Week MV
w High ($m
% 1% 416
% 142% 15
% 23% 476
% 4% 479
% 4% 342
% 13% 209
% 58% 480
% 6% 240
% 13% 11,8
% 6% 172
% 0% 870
% 73% 34,1
% 14% 3,45
% 16% 2,21
% 1% 365
% 8% 2,34
% 21% 3,09
% 6% 175
% 3% 8,21
% 0% 57,9
% 9% 73,6
% 10% 43,6
% 8% 68,4
% 23% 264
% 4% 65,3
% 25% 4,94
% 2% 26
% 21% 56,9
% 12% 8,61
% 7% 31
% 13% 402
% 25% 95,8
% 12% 1,24
% 10% 353
% 6% 65,7
% 1% 743
% 17% 7,81
% 48% 139
% 22% 565
% 15% 190,4
% 8% 382
% 3% 362
% 14% 56,1
% 30% 656
% 31% 1,61
rice Charts
ve net cash P
AY! www.manualo
ance Sheets
n excess of 75%

V EV L
n) ($mn) M
6 n/m
1 n/m
6 428
9 n/m
2 n/m
9 n/m
0 n/m
0 n/m
899 11,605
2 n/m
0 n/m
27 24,134
59 3,313
16 n/m
5 n/m
42 2,114
96 n/m
5 137
11 n/m
957 n/m
677 n/m
631 41,994
443 65,115
4 n/m
360 n/m
41 n/m
1 n/m
983 n/m
15 n/m
1 281
2 n/m
865 n/m
44 n/m
3 n/m
725 54,406
3 n/m
12 7,725
9 136
5 n/m
430 144,734
2 351
2 n/m
87 n/m
6 n/m
13 1,505

Positive EPS est
Value-oriented Eq
ofideas.com
s
% of the indicated

Dividend Yield
Last 12 Annual
Months Indicate
14% 15%
12% 10%
19% 9%
7% 9%
6% 8%
7% 7%
7% 7%
4% 7%
5% 7%
6% 6%
5% 6%
6% 6%
1% 6%
6% 6%
3% 6%
8% 5%
5% 5%
5% 5%
5% 5%
6% 5%
6% 5%
5% 5%
5% 5%
5% 5%
5% 5%
5% 5%
1% 5%
3% 4%
3% 4%
4% 4%
4% 4%
2% 4%
4% 4%
5% 4%
3% 4%
3% 4%
4% 4%
4% 4%
4% 4%
4% 4%
3% 4%
4% 4%
3% 4%
4% 4%
4% 4%

timates for this F
quity Investment Id
annual dividend

Est. P/E
l This Next
d FY FY
7x 8x
5x 5x
13x 10x
8x 7x
14x 12x
18x 11x
13x 12x
11x 9x
11x 10x
11x 14x
12x 10x
13x 11x
24x 18x
9x 12x
18x 12x
11x 10x
20x 10x
24x 19x
14x 13x
11x 10x
12x 12x
12x 13x
7x 8x
11x 11x
11x 11x
23x 17x
44x 12x
8x 9x
17x 15x
30x 22x
16x 13x
12x 11x
17x 15x
24x 16x
20x 16x
14x 15x
10x 10x
21x 17x
17x 14x
12x 11x
17x 16x
13x 12x
10x 8x
19x 13x
20x 15x

FY and next FY
February 28, 2011 P
d

Price to I
Tangible %
Book Own
1.1x 1%
2.2x 0%
1.3x 0%
1.5x 0%
1.4x 1%
.9x 1%
>9.9x 0%
.9x 0%
n/m 0%
.9x 1%
3.7x 9%
3.8x 0%
>9.9x 0%
2.8x 0%
1.3x 0%
1.9x 0%
.8x 1%
3.5x 0%
2.7x 1%
1.8x 0%
2.7x 0%
5.4x 0%
>9.9x 0%
1.2x 11%
2.4x 0%
1.5x 1%
1.0x 0%
1.5x 0%
1.7x 0%
3.4x 0%
1.4x 1%
3.9x 0%
2.6x 3%
.9x 4%
2.2x 0%
1.1x 3%
3.4x 0%
9.0x 17%
1.3x 0%
2.5x 0%
1.7x 17%
1.8x 1%
2.2x 0%
3.2x 42%
4.7x 0%
Prox
MV > $100 m
ed Investors
Page 163 of 170

Insiders
Buys/
n. Sells
% 5 / 1
% 1 / -
% - / -
% 1 / 1
% 1 / -
% 4 / -
% - / -
% - / -
% 11 / 3
% 3 / -
% 7 / 4
% - / -
% 7 / 7
% - / -
% 4 / -
% - / -
% 2 / 1
% 2 / -
% 11 / 6
% - / -
% - / -
% 4 / 8
% - / -
% 31 / -
% - / -
% 5 / 12
% 5 / -
% - / -
% - / -
% 7 / 1
% 12 / 10
% - / -
% 3 / 8
% 5 / 4
% - / -
% 3 / 5
% - / -
% 8 / 3
% 7 / 2
% - / -
% 3 / 3
% 5 / 7
% - / -
% 8 / 8
% - / -
xy Y!
million

D
C

2008-2011 by Beyond
Deep Value
Companies that t

Company
1 Ingram Micro
2 Eastman Kod
3 Tech Data
4 Amerisource
5 World Fuel S
6 Systemax
7 Cardinal Hea
8 Office Depot
9 Sunoco
10 Kelly Service
11 Insight Enter
12 SYNNEX
13 McKesson
14 Barnes & No
15 * Delek US H
16 Supervalu
17 BJ's Wholesa
18 Celestica
19 Owens & Min
20 Tesoro
21 Flextronics
22 Brightpoint
23 Kroger
24 Valero Energ
25 Best Buy
26 General Moto
27 IDT Corp.
28 Administaff
29 Fred's
30 Tyson Foods
31 Manpower
32 Kindred Heal
33 * Coca-Cola
34 Rite Aid
35 Tutor Perini
36 Avnet
37 Arrow Electro
38 Sears Holdin
39 Western Refi
40 Sonic Autom
41 Safeway
42 Sanmina-SC
43 EMCOR Gro
44 Centene
45 * Bunge
Company we
* New additions are

e: Lots of Re
rade at low multi

Ticker
o IM
dak EK
TECD
Bergen ABC
Services INT
SYX
alth CAH
ODP
SUN
es KELYA
prises NSIT
SNX
MCK
ble BKS
Holdings DK
SVU
ale Club BJ
CLS
nor OMI
TSO
FLEX
CELL
KR
gy VLO
BBY
ors GM
IDT
ASF
FRED
s TSN
MAN
lthcare KND
FEMSA KOF
RAD
TPC
AVT
onics ARW
gs SHLD
ining WNR
otive SAH
SWY
I SANM
up EME
CNC
BG
bsite SEC
e highlighted. Cri
erved.
evenue, Low
iples of net reven

Mov
Price 52-W
($) Low
20.39 -28%
3.71 -6%
51.20 -32%
37.79 -28%
39.99 -42%
14.80 -23%
42.14 -30%
5.47 -39%
43.75 -41%
22.74 -56%
18.32 -33%
34.99 -35%
80.64 -28%
18.61 -36%
10.65 -43%
8.78 -20%
49.53 -32%
11.57 -36%
31.42 -18%
24.15 -57%
8.42 -42%
12.84 -54%
23.10 -17%
29.42 -47%
33.04 -6%
36.51 -9%
26.47 -83%
29.45 -43%
14.17 -30%
18.63 -22%
67.63 -41%
25.14 -54%
76.00 -20%
1.39 -38%
25.16 -38%
36.97 -39%
42.10 -48%
93.03 -36%
16.94 -76%
14.80 -45%
22.39 -16%
16.77 -47%
32.34 -32%
30.37 -42%
74.24 -39%
Y! Price
iteria: EV to
SUBSCRIBE TODA
w Enterprise
nue

ve To
Week MV
High ($mn)
3% 3,197
145% 998
0% 2,387
0% 10,358
3% 2,764
64% 543
2% 14,739
68% 1,516
2% 5,275
1% 832
7% 848
4% 1,270
0% 20,504
33% 1,121
15% 579
104% 1,863
2% 2,705
3% 2,254
4% 1,990
7% 3,457
1% 6,399
3% 866
5% 14,691
3% 16,658
48% 13,024
8% 54,765
14% 601
3% 769
2% 557
10% 7,033
3% 5,516
2% 993
12% 2,063
27% 1,237
1% 1,185
1% 5,618
2% 4,834
35% 10,234
8% 1,496
1% 781
21% 8,347
21% 1,344
1% 2,149
1% 1,571
1% 10,757
Charts
trailing revenue
AY! www.manualo
e Value

EV EV/
($mn) Sales
2,678 .08x
619 .09x
2,204 .09x
10,360 .13x
2,356 .14x
545 .15x
16,061 .16x
1,924 .16x
6,219 .17x
830 .17x
817 .17x
1,557 .18x
21,353 .19x
1,568 .23x
836 .23x
9,008 .24x
2,649 .24x
1,548 .25x
2,040 .25x
4,965 .25x
7,032 .25x
915 .25x
21,741 .27x
22,342 .27x
13,921 .28x
36,853 .28x
408 .29x
491 .29x
523 .29x
8,459 .29x
5,442 .29x
1,264 .29x
2,556 .29x
7,524 .30x
1,073 .30x
6,886 .30x
5,730 .31x
13,481 .31x
2,512 .31x
2,099 .32x
13,006 .32x
2,090 .32x
1,658 .32x
1,446 .33x
15,021 .33x

less than 0.5x
Value-oriented Eq
ofideas.com

Est. P/E
This Next
FY FY
9x 8x
n/m n/m
12x 11x
16x 14x
18x 16x
11x 9x
16x 14x
n/m 91x
22x 17x
20x 14x
10x 10x
9x 9x
16x 14x
n/m n/m
n/m 31x
7x 7x
20x 18x
- -
15x 14x
13x 11x
- -
13x 11x
13x 12x
11x 10x
10x 9x
13x 9x
- -
28x 19x
19x 16x
9x 9x
24x 17x
15x 14x
18x 15x
n/m n/m
11x 11x
9x 9x
9x 8x
72x 82x
>99x 12x
16x 12x
15x 13x
9x 7x
18x 15x
15x 13x
13x 11x

MV does not e
quity Investment Id

Price to In
Tangible %
Book Own.
1.0x 0%
n/m 0%
1.2x 0%
>9.9x 1%
3.5x 2%
1.6x 0%
>9.9x 0%
2.0x 1%
1.7x 0%
1.5x 2%
1.8x 1%
1.5x 1%
>9.9x 0%
n/m 2%
1.3x 0%
n/m 0%
2.4x 0%
1.6x 0%
3.4x 2%
1.2x 0%
3.3x 0%
>9.9x 2%
3.6x 0%
1.1x 0%
4.1x 0%
n/m 11%
3.4x 15%
3.5x 3%
1.4x 6%
2.1x 1%
5.2x 1%
1.4x 2%
.4x 0%
n/m 1%
1.9x 29%
2.2x 0%
2.5x 0%
2.7x 0%
2.4x 39%
n/m 1%
1.9x 1%
1.9x 2%
4.3x 2%
3.2x 6%
.9x 0%
Proxy
exceed revenue
February 28, 2011 P

siders
Buys/
Sells
5 / 5
5 / 3
1 / 5
10 / 4
2 / 2
1 / -
13 / 10
4 / -
6 / 2
11 / 3
10 / 8
6 / 6
10 / 11
9 / 10
1 / 1
1 / -
2 / -
- / -
14 / 12
4 / 5
- / -
16 / 14
16 / 9
9 / 9
7 / 3
22 / 11
7 / 1
8 / 6
2 / 6
16 / 8
11 / 5
12 / 12
- / -
- / 4
2 / 3
17 / 15
7 / 7
1 / 3
6 / 2
3 / 3
9 / 10
8 / 7
12 / 7
16 / 11
- / -
Y!
MV > $500
ed Investors
Page 164 of 170
million

D
C

2008-2011 by Beyond
Deep Value
Companies that t

Company
1 Stewart Infor
2 Winn-Dixie S
3 Five Star Qua
4 WellCare
5 * Kindred He
6 Eastman Kod
7 Charming Sh
8 Blyth
9 E.W. Scripps
10 * Village Sup
11 Office Depot
12 Humana
13 Imation
14 * Hudson Hig
15 MedCath
16 * Coca-Cola
17 * Natuzzi
18 Haverty Furn
19 American Eq
20 Coldwater Cr
21 Molina Health
22 Corinthian Co
23 Gleacher & C
24 Hot Topic
25 Liz Claiborne
26 Christopher &
27 * Lawson Pr
28 RadioShack
29 Barnes & No
30 Retail Ventur
31 Core-Mark
32 Stein Mart
33 Celadon Gro
34 Brown Shoe
35 Spartan Store
36 Kenneth Cole
37 Lincoln Educ
38 PC Connectio
39 Skechers
40 * Kimball
41

42

43
44

45

Company we
* New additions are

e: Neglected
rade at low multi

Ticke
mation STC
Stores WINN
ality FVE
WCG
ealthcare KND
dak EK
hoppes CHRS
BTH
s SSP
per Market VLGE
ODP
HUM
IMN
ghland HHGP
MDTH
FEMSA KOF
NTZ
niture HVT
uity AEL
reek CWTR
hcare MOH
olleges COCO
Co. GLCH
HOTT
e LIZ
& Banks CBK
oducts LAWS
RSH
ble BKS
res RVI
CORE
SMRT
up CGI
BWS
es SPTN
e KCP
cational LINC
on PCCC
SKX
KBAL

bsite SEC
e highlighted. Cri
erved.
d Gross Prof
iples of gross pro

Mo
Price 52
er ($) Low
C 11.50 -32%
N 6.97 -15%
E 6.72 -60%
G 38.45 -42%
D 25.14 -54%
3.71 -6%
S 3.48 -18%
H 34.25 -19%
P 9.56 -30%
EA 31.46 -23%
P 5.47 -39%
M 61.44 -30%
11.25 -25%
P 6.46 -55%
H 13.77 -51%
F 76.00 -20%
Z 4.53 -42%
T 12.93 -26%
L 13.85 -46%
R 3.03 -11%
H 34.79 -40%
O 5.28 -26%
H 1.91 -21%
T 5.59 -18%
4.99 -22%
K 6.23 -19%
S 24.35 -48%
H 15.70 -5%
S 18.61 -36%
17.62 -59%
E 34.18 -25%
T 8.28 -29%
16.07 -33%
S 15.37 -33%
N 15.58 -18%
P 13.92 -23%
C 15.88 -39%
C 9.38 -39%
X 21.63 -12%
LB 7.59 -37%

No othe

Y! Pric
iteria: EV no
SUBSCRIBE TODA
ofiteers
ofit

ove To
2-Week MV
w High ($mn)
% 30% 211
% 99% 389
% 13% 240
% 2% 1,635
% 2% 993
145% 998
% 99% 402
% 75% 282
% 23% 554
% 8% 222
% 68% 1,516
% 5% 10,342
% 12% 435
% 9% 208
% 7% 280
% 12% 2,063
% 31% 249
% 40% 283
% 1% 812
% 189% 280
% 2% 1,052
% 266% 447
% 149% 251
% 78% 249
% 95% 472
% 86% 222
% 12% 208
53% 1,787
% 33% 1,121
% 6% 886
% 9% 372
% 32% 360
% 5% 361
% 30% 674
% 14% 353
% 58% 254
% 78% 352
% 6% 252
% 108% 1,030
% 14% 207

r companies had en

ce Charts
t more than traili
AY! www.manualo

E
EV
) ($mn) Sales
130 .1x
323 .0x
240 .2x
5 275 .1x
1,264 .3x
619 .1x
437 .2x
276 .3x
361 .5x
196 .2x
6 1,924 .2x
2 3,874 .1x
130 .1x
180 .2x
189 .5x
3 2,556 .3x
182 .2x
225 .4x
744 .6x
241 .2x
2 465 .1x
638 .3x
211 .7x
191 .3x
1,027 .4x
138 .3x
167 .5x
7 1,745 .4x
1,568 .2x
704 .4x
343 .0x
280 .2x
369 .7x
908 .4x
503 .2x
184 .4x
375 .6x
219 .1x
0 879 .4x
176 .1x

nterprise value to gro

ng gross profit
Value-oriented Eq
ofideas.com

Enterprise Value /
Gross
s Profit EBIT
.1x .1x
.2x n/m
.2x 11.5
.3x 35.7
.3x 13.2
.3x 3.4x
.4x n/m
.5x 5.2x
.6x 19.8
.6x 4.4x
.6x n/m
.6x 2.1x
.6x n/m
.6x n/m
.6x n/m
.6x 2.0x
.6x 17.1
.7x 20.4
.7x .6x
.7x n/m
.7x 4.4x
.8x 130.2
.8x n/m
.8x 956.0
.8x n/m
.8x n/m
.9x 9.9x
.9x 4.3x
.9x n/m
.9x 4.4x
.9x 9.2x
.9x 6.5x
.9x 17.2
.9x 11.9
.9x 8.3x
.9x n/m
.9x 3.1x
1.0x 5.7x
1.0x 4.5x
1.0x 117.5

oss profit of less than

MV not more
quity Investment Id

Est. P/E
This Next
T FY FY
x 26x 9x
m n/m n/m
5x 11x 10x
7x 14x 12x
2x 15x 14x
x n/m n/m
m n/m >99x
x 12x 12x
8x 14x 38x
x - -
m n/m 91x
x 10x 9x
m n/m 40x
m 15x 10x
m 81x >99x
x 18x 15x
x n/m 38x
4x 46x 18x
x 8x 7x
m n/m n/m
x 16x 14x
2x 6x 11x
m 48x 9x
0x n/m 40x
m n/m 9x
m n/m n/m
x - -
x 9x 9x
m n/m n/m
x >99x -
x 16x 12x
x 9x 12x
2x 26x 17x
9x 16x 11x
x 12x 11x
m 25x 18x
x 6x 7x
x 10x 9x
x 16x 10x
5x - -

n 1x.

than 2x gross p
February 28, 2011 P

Price/ Ins
Tang. %
Book Own.
1.0x 0%
.6x 2%
1.7x 2%
2.3x 1%
1.4x 2%
n/m 0%
1.7x 0%
1.3x 0%
1.1x 0%
1.1x 5%
2.0x 1%
2.6x 1%
.9x 1%
2.2x 2%
.9x 2%
.4x 0%
.5x 0%
1.1x 2%
.8x 4%
1.2x 0%
2.6x 3%
2.8x 1%
1.1x 12%
1.1x 0%
n/m 1%
1.2x 2%
1.8x 0%
2.1x 0%
n/m 2%
4.4x 0%
1.1x 3%
1.4x 2%
2.5x 8%
2.0x 1%
7.2x 0%
1.8x 0%
3.2x 4%
1.2x 2%
1.1x 2%
.6x 1%

Proxy
rofit MV > $2
ed Investors
Page 165 of 170

siders
Buys/
Sells
1 / -
19 / 13
5 / -
8 / 10
12 / 12
5 / 3
3 / -
- / 1
3 / 8
3 / 4
4 / -
6 / 6
4 / 2
6 / 6
- / 5
- / -
- / -
1 / 3
6 / 6
- / -
4 / 7
19 / 3
- / 3
2 / -
9 / -
3 / 5
- / 2
2 / 3
9 / 10
- / -
14 / 8
14 / 6
8 / 4
1 / 4
2 / 2
- / -
4 / 8
2 / 3
4 / 6
6 / 1

Y!
200 million

A
C

2008-2011 by Beyond
Activist Targ
Companies that m

Company
1 Qiao Xing Mo
2 Qiao Xing Un
3 Audiovox
4 Maxygen
5 Crexus Inves
6 Myriad Pharm
7 Exceed Com
8 Alvarion
9 Sycamore Ne
10 Tuesday Mor
11 Sprott Physic
12 Ingram Micro
13 Imation
14 Flexsteel Ind
15 Movado
16 * China Agrit
17 FormFactor
18 Rimage
19 Xyratex
20 PC Connectio
21 * Kimball
22 Colony Finan
23 InfoSpace
24 * Telestone T
25 Benchmark E
26 QLT
27 Tech Data
28 ModusLink
29 Callaway Go
30 PennyMac M
31 Exar
32 Cutera
33 * Cytokinetic
34 Nam Tai Elec
35 * China Fire
36 BigBand Netw
37 RTI Biologics
38 Force Protec
39 Universal Tra
40 West Marine
41 Hardinge
42 Cogo Group
43 * G. Willi-Foo
44 TomoTherap
45 * Richardson
Company we
* New additions are

rgets: Poten
may unlock value

Ticke
obile QXM
niversal XING
VOXX
MAXY
stment CXS
ma MYRX
pany EDS
ALVR
etworks SCMR
rning TUES
cal Gold PHYS
o IM
IMN
ustries FLXS
MOV
tech CAGC
FORM
RIMG
XRTX
on PCCC
KBAL
ncial CLNY
INSP
Tech TSTC
Electron. BHE
QLT
TECD
MLNK
lf ELY
Mortgage PMT
EXAR
CUTR
cs CYTK
ctronics NTE
CFSG
works BBND
s RTIX
ction FRPT
avel UTA
WMA
HDNG
COGO
od WILC
py TOMO
n Electron. RELL
bsite SEC
e highlighted. Cri
erved.
ntial Sales,
e through a corpo

Mo
Price 52
er ($) Low
M 4.79 -57%
G 2.52 -46%
X 8.26 -25%
Y 4.09 -24%
S 13.25 -11%
X 3.95 -10%
S 8.00 -24%
R 2.04 -13%
R 22.17 -27%
S 4.55 -23%
S 12.36 -22%
20.39 -28%
11.25 -25%
S 15.85 -36%
V 14.88 -36%
C 8.14 -11%
M 9.06 -24%
G 14.64 -4%
X 13.17 -20%
C 9.38 -39%
B 7.59 -37%
Y 21.01 -21%
P 8.33 -21%
C 8.63 -18%
E 19.86 -30%
I 6.97 -34%
D 51.20 -32%
K 6.87 -16%
8.14 -29%
T 18.17 -14%
R 6.33 -15%
R 9.60 -28%
K 1.52 -3%
7.65 -47%
G 5.93 -5%
D 2.62 -6%
X 2.71 -25%
T 5.63 -31%
A 7.03 -54%
R 12.75 -34%
G 11.55 -36%
O 8.93 -34%
C 7.44 -30%
O 3.73 -31%
L 13.03 -43%
Y! Pric
iteria: Tang.
SUBSCRIBE TODA
Liquidation
orate event

ove To
2-Week MV
High ($mn)
% 24% 228
% 56% 232
% 18% 189
% 6% 123
% 6% 240
% 33% 101
% 31% 157
% 102% 115
% 55% 633
% 93% 196
% 4% 1,197
% 3% 3,197
% 12% 435
% 24% 106
% 15% 368
% 278% 169
% 132% 460
25% 140
% 55% 385
% 6% 252
% 14% 207
% 1% 365
% 42% 301
% 157% 106
% 15% 1,210
% 24% 356
% 0% 2,387
% 62% 300
% 25% 524
% 4% 479
% 23% 282
% 25% 131
146% 100
% 1% 343
178% 164
39% 181
% 69% 149
% 20% 396
% 55% 140
% 7% 288
% 1% 134
% 7% 316
% 2% 101
% 12% 209
% 2% 234
ce Charts
book > 50% of M
AY! www.manualo
ns or Recaps

Price
EV Tangib
($mn) Boo
(79) .6x
(182) .5x
142 .7x
(30) .8x
(31) .9x
(13) .7x
62 .7x
24 .9x
38 1.0x
179 .7x
115 1.1x
2,678 1.0x
130 .9x
99 .9x
305 1.0x
123 1.2x
112 1.1x
33 1.1x
295 1.1x
219 1.2x
176 .6x
88 1.3x
47 1.3x
105 1.4x
875 1.1x
158 .9x
2,204 1.2x
154 1.1x
469 1.0x
(55) 1.5x
95 1.2x
41 1.4x
29 1.4x
124 1.1x
134 1.3x
38 1.4x
121 .9x
290 1.2x
75 1.5x
250 1.2x
108 .9x
254 1.6x
55 1.3x
57 1.3x
219 1.5x

MV ST asset
Value-oriented Eq
ofideas.com
ps

to
ble Net Cash
ok (% of MV)
x 134%
x 178%
x 25%
x 124%
x 113%
x 113%
x 61%
x 79%
x 94%
x 9%
x 90%
x 16%
x 70%
x 7%
x 17%
x 27%
x 76%
x 76%
x 24%
x 13%
x 15%
x 76%
x 84%
x 1%
x 28%
x 56%
x 8%
x 49%
x 10%
x 111%
x 66%
x 69%
x 71%
x 64%
x 18%
x 79%
x 18%
x 27%
x 46%
x 13%
x 19%
x 19%
x 45%
x 73%
x 6%

ts - liabilities > 50
quity Investment Id

NCAV EV/
(% of MV) Sale
171% n/m
141% n/m
118% .2x
116% n/m
112% n/m
110% n/m
110% .1x
100% .1x
93% .6x
93% .2x
90% n/m
86% .1x
85% .1x
81% .3x
80% .8x
80% 1.2x
79% .6x
78% .4x
77% .2x
77% .1x
77% .1x
76% 4.7x
76% .2x
72% 1.0x
71% .4x
70% 3.5x
70% .1x
68% .2x
68% .5x
67% n/m
67% .6x
67% .8x
66% 11.0
65% .3x
65% 1.6x
65% .3x
64% .7x
64% .4x
64% .5x
63% .4x
63% .4x
63% .7x
62% .6x
62% .3x
61% .6x

0% of MV Ne
February 28, 2011 P

Next In
/ FY %
es P/E Own.
m - 0%
m - 0%
x - 8%
m - 0%
m 9x 0%
m n/m 1%
x 4x 0%
x - 0%
x n/m 0%
x 9x 2%
m - 0%
x 8x 0%
x 40x 1%
x - 16%
x 39x 4%
x 8x 2%
x n/m 0%
x 20x 0%
x 5x 0%
x 9x 2%
x - 1%
x 12x 0%
x 22x 1%
x 4x 0%
x 12x 1%
x - 1%
x 11x 0%
x - 2%
x 21x 1%
m 7x 0%
x n/m 1%
x n/m 0%
0x n/m 0%
x 19x 0%
x 6x 0%
x n/m 1%
x 15x 0%
x 15x 1%
x - 0%
x 14x 0%
x - 2%
x 10x 0%
x - 0%
x n/m 7%
x 47x 0%
Proxy
et cash MV >
ed Investors
Page 166 of 170

siders
Buys/
Sells
- / -
- / -
10 / 10
1 / -
- / -
5 / -
- / -
- / -
1 / -
5 / 5
- / -
5 / 5
4 / 2
10 / 4
7 / 8
- / 2
1 / 1
4 / -
- / -
2 / 3
6 / 1
4 / -
3 / 9
- / -
3 / 5
3 / -
1 / 5
12 / 5
8 / 6
1 / 1
8 / 4
- / -
- / -
- / -
- / -
12 / 8
3 / 1
4 / 3
1 / -
2 / 2
6 / 1
- / -
- / -
14 / 5
7 / 6
Y!
> $100mn

T
A

C

O
O
O
O
O
O
O
O
O
G

2008-2011 by Beyond
This Month
A Selection of
Click on the lin
O
Financ
O
Bill Gr
O
Jeremy
O
Consue
O
Charli
O
Notes
O
Micha
O
Ravi N
O
Notes
G
Hayma

hs Top 10
Our Favorite F
nk next to each
cial Crisis In
rosss Inves
y Grantham
elo Mack In
e Rose Inte
from Meet
el Maubous
Nagarajan o
from Howa
an Letter:
erved.
0 Web Link
Freely Accessi
title, or type th
nquiry Com
stment Outl
ms Letter:
nterview wi
erview with
ing with Ch
ssin: The R
on Nokias
ard Marks P
The Cogniti

SUBSCRIBE TODA
ks
ible Internet R
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mmission Re
look: Devi
Pavlovs B
ith Chuck Ro
Chris Ande
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Real Role of
Burning P
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ive Dissona
AY! www.manualo
Resources
ss into your We
eport and Re
ls Bargain
Bulls
oyce
erson of TED
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f Dividends
Platform
on at UCLA
ance of It Al
Value-oriented Eq
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eb browser:
esources
n
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s
ll
quity Investment Id
http://
http://
http://
http://
http://
http://
http://
http://
http://
http://
February 28, 2011 P
/www.fcic.gov
/bit.ly/dGcWW
/bit.ly/gy5dRL
/bit.ly/hY1KJb
/bit.ly/g93Xre
/bit.ly/h7XEQf
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/scr.bi/gkAJN
/scr.bi/eW9IFx
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