Industry Multiplies Global Report

Industry Multiples Global Report Standard Edition

March 2006

IMGR SE – MARCH 2006

The Industry Multiples Global Report (IMGR) Standard Edition is a free quarterly publication delivering valuation multiples for main industries to help both investors and entrepreneurs approximate the value of a company. The IMGR SE covers 114 industries, 27 countries, 8,000 public companies and includes calculations of 5 different market multiples (EV/sales, EV/EBITDA, EV/EBIT, PER, PBR), descriptive statistics at the industry level, best multiples selection, multiple rating and a text description of each industry. In the appendices section, Valmetrics also provides the information you need to understand and interpret data shown in this document, including: data source and coverage, date schedule, multiples selection, multiples rating, glossary, adjustments / possible biases, and references. Any comments or suggestions to improve the IMGR are very welcome. It’s easy to sign up for the IMGR service! Simply email “subscribe IMGR” with your contact details to [email protected]. Your personal data will not be transmitted to any third party and you maintain the option of unsubscribing whenever you wish (email: “unsubscribe IMGR”). To help keep IMGR SE a free service, please tell your friends and colleagues about us. Readers agree that: i) the contents of this report are communicated on a purely informative basis ii) Information appearing in this report does not constitute an instruction or advice to acquire, dispose, transfer or manage a company. Tables, data, logos, trademark included in this report are the property of Valmetrics and are protected by international copyright laws. This service is brought to you by Valmetrics Research, a service of Valmetrics. Valmetrics is a Swiss-based corporation delivering comprehensive and authoritative financial metrics for business valuation without incurring extensive costs in time and effort. To know more about us, visit our website www.valmetrics.com. If you are interested in advertising in our research publications or partnering with us, please email us at [email protected].

Copyright © 2006 Valmetrics

2 / 71

IMGR SE – MARCH 2006

IMGR Professional – BETA version now available!! We are pleased to offer a 2 month free trial of IMGR Pro Beta to subscribers who signed-up for the Standard Edition before April 15, 2006. To run the beta version, you will need to have Microsoft Access installed on your computer. The final version of IMGR Pro will be available on the Internet (web based application) in June 2006. IMGR Pro is a powerful, yet easy-to-use, tool to value an industry or a business. The professional version offers 6 key advantages compared to the Standard Edition:

1

Easy-to-use database

IMGR Pro allows you to search, display, sort, export and print multiples quickly and easily.

Monthly update

2

Data is updated on a monthly basis, so you do not need to wait for a quarter to get the most recent multiples.

3

Regional coverage

With 11 geographical zones covered, you have access to regional metrics and analytics (e.g. North America, Europe).

Individual multiples

4

Lists of individual multiples enable you to find comparables, understand Valmetrics analysis and perform your own analysis.

5

Insightful analysis

IMGR Pro calculates, selects, analyzes, rates and plots industry multiples with a high level of accuracy and reliability.

Historical data

6

Historical multiples stored in IMGR Pro date back to January 2000 (5 years) and give you an additional dynamic overview.

IMGR PRO = more multiples, more analysis, more industry insights, more tools!

Achieve faster valuation & modelling, compare 130 industries, fine tune your investment policy and put forward persuasive arguments in negotiation.

Copyright © 2006 Valmetrics

3 / 71

IMGR SE – MARCH 2006

www.AltAssets.net AltAssets, the private equity industry’s leading information source AltAssets is an open access information resource that distributes news and research to more than 1,000 institutional investors and 2,000 private equity and venture capital firms worldwide. Over 18,000 industry professionals use the site, generating 2 million page impressions from 180,000 sessions each month. This service provides a centre of excellence for the field and contains insight from our in-house team as well as significant third-party contributions from leading academics, industry practioners and service providers in private equity. Areas of the service include: News Recent private equity news and views, updated daily and available online as well as via RSS Feed. Features Opinion pieces from leading private equity experts on topical issues. Our series of institutional investor profiles feature leading limited partners giving insights and investing advice to their fellow LPs. Learning Curve Clear explanations of the key areas of private equity - from conducting due diligence to deciphering the terms and conditions of an investment. Leading Edge This area drives forward private equity theory and practice. It showcases progressive thinking and investigation into this asset class and encourages further debate between the industry's top-flight experts. Surveys Research on topics ranging from the latest management buy-out figures, to global private equity performance, aggregated from market leaders. Country and Sectors Analysis All the information you need on investing in key countries, regions and sectors, from private equity vehicles in France, to the benefits of investing in mezzanine funds. Events The definitive calendar for private equity events, conferences and seminars. Jobs Private equity jobs and executive positions vacant. Ideal for locating a new challenge or expanding the number of professionals in your own organisation.

To subscribe FREE to AltAssets weekly e-mail newsletter, visit: http://www.AltAssets.net/subscribe.php

Copyright © 2006 Valmetrics

4 / 71

IMGR SE – MARCH 2006

LIST OF INDUSTRIES 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32. 33. 34. 35. 36. 37. 38. 39. 40. 41. 42. 43. 44. 45. 46. 47. 48. 49. 50. 51. 52. 53. 54. 55. 56.

Advertising........................................................................................................................................................ 7 Aerospace & Defense....................................................................................................................................... 7 Agricultural Products........................................................................................................................................ 8 Air Freight & Logistics...................................................................................................................................... 8 Airlines .............................................................................................................................................................. 9 Airport Services ................................................................................................................................................ 9 Alternative Carriers ........................................................................................................................................ 10 Aluminium....................................................................................................................................................... 10 Apparel Retail ................................................................................................................................................. 11 Apparel, Accessories & Luxury Goods .......................................................................................................... 11 Application Software ...................................................................................................................................... 12 Auto Parts & Equipment ................................................................................................................................ 12 Automobile Manufacturers............................................................................................................................. 13 Biotechnology................................................................................................................................................. 13 Brewers........................................................................................................................................................... 14 Broadcasting & Cable TV............................................................................................................................... 14 Building Products............................................................................................................................................ 15 Casinos & Gaming.......................................................................................................................................... 15 Catalogue retail .............................................................................................................................................. 16 Commercial Printing....................................................................................................................................... 16 Commodity Chemicals.................................................................................................................................... 17 Computer & Electronics Retail....................................................................................................................... 17 Computer Hardware....................................................................................................................................... 18 Computer Storage & Peripherals................................................................................................................... 18 Construction & Engineering........................................................................................................................... 19 Construction & Farm Machinery & Heavy Trucks ........................................................................................ 19 Construction Materials ................................................................................................................................... 20 Consumer Electronics..................................................................................................................................... 20 Data Processing & Outsourced Services....................................................................................................... 21 Department Stores......................................................................................................................................... 21 Distillers & Vintners........................................................................................................................................ 22 Distributors ..................................................................................................................................................... 22 Diversified Chemicals..................................................................................................................................... 23 Diversified Commercial Services ................................................................................................................... 23 Diversified Metals & Mining ........................................................................................................................... 24 Drug Retail...................................................................................................................................................... 24 Electric Utilities............................................................................................................................................... 25 Electrical Components & Equipment............................................................................................................. 25 Electronic Equipment Manufacturers ............................................................................................................ 26 Electronic Manufacturing Services ................................................................................................................ 26 Employment Services..................................................................................................................................... 27 Environmental Services.................................................................................................................................. 27 Fertilizers & Agricultural Chemicals............................................................................................................... 28 Food Distributors............................................................................................................................................ 28 Food Retail...................................................................................................................................................... 29 Footwear......................................................................................................................................................... 29 Forest Products .............................................................................................................................................. 30 Gas Utilities..................................................................................................................................................... 30 General Merchandise Stores.......................................................................................................................... 31 Gold................................................................................................................................................................. 31 Health Care Services...................................................................................................................................... 32 Health Care Distributors ................................................................................................................................ 32 Health Care Equipment.................................................................................................................................. 33 Health Care Facilities ..................................................................................................................................... 33 Health Care Supplies...................................................................................................................................... 34 Heavy Electrical Equipment........................................................................................................................... 34

Copyright © 2006 Valmetrics

5 / 71

IMGR SE – MARCH 2006 57. 58. 59. 60. 61. 62. 63. 64. 65. 66. 67. 68. 69. 70. 71. 72. 73. 74. 75. 76. 77. 78. 79. 80. 81. 82. 83. 84. 85. 86. 87. 88. 89. 90. 91. 92. 93. 94. 95. 96. 97. 98. 99. 100. 101. 102. 103. 104. 105. 106. 107. 108. 109. 110. 111. 112. 113. 114.

Highways & Railtracks ................................................................................................................................... 35 Home Entertainment Software...................................................................................................................... 35 Home Furnishings .......................................................................................................................................... 36 Homebuilding ................................................................................................................................................. 36 Home Improvement Retail ............................................................................................................................ 37 Hotels, Resorts & Cruise Lines ...................................................................................................................... 37 Household Appliances.................................................................................................................................... 38 Household Products ....................................................................................................................................... 38 Housewares & Specialities............................................................................................................................. 39 Hypermarkets & Super Centers..................................................................................................................... 39 Industrial Conglomerates .............................................................................................................................. 40 Industrial Gases.............................................................................................................................................. 40 Industrial Machinery ...................................................................................................................................... 41 Integrated Oil & Gas ...................................................................................................................................... 41 Integrated Telecommunication Services ...................................................................................................... 42 Internet Retail ................................................................................................................................................ 42 Internet Software & Services ........................................................................................................................ 43 IT Consulting & Other Services..................................................................................................................... 43 Leisure Facilities ............................................................................................................................................. 44 Leisure Products............................................................................................................................................. 44 Managed Health Care .................................................................................................................................... 45 Marine ............................................................................................................................................................. 45 Marine Ports & Services................................................................................................................................. 46 Metal & Glass Containers............................................................................................................................... 46 Motorcycle Manufacturers ............................................................................................................................. 47 Movies & Entertainment ................................................................................................................................ 47 Multi-Utilities & Unregulated Power.............................................................................................................. 48 Office Electronics............................................................................................................................................ 48 Office Services & Supplies ............................................................................................................................. 49 Oil & Gas Drilling............................................................................................................................................ 49 Oil & Gas Equipment & Services ................................................................................................................... 50 Oil & Gas Exploration & Production .............................................................................................................. 50 Oil & Gas Refining, Marketing & Transportation.......................................................................................... 51 Packaged Foods & Meats............................................................................................................................... 51 Paper Packaging............................................................................................................................................. 52 Paper Products ............................................................................................................................................... 52 Personal Products........................................................................................................................................... 53 Pharmaceuticals ............................................................................................................................................. 53 Photographic Products................................................................................................................................... 54 Precious Metals & Minerals............................................................................................................................ 54 Publishing ....................................................................................................................................................... 55 Railroads ......................................................................................................................................................... 55 Restaurants..................................................................................................................................................... 56 Semiconductor Equipment............................................................................................................................. 56 Semiconductors.............................................................................................................................................. 57 Soft Drink........................................................................................................................................................ 57 Specialty Chemicals........................................................................................................................................ 58 Specialty Stores.............................................................................................................................................. 58 Steel ................................................................................................................................................................ 59 Systems Software........................................................................................................................................... 59 Technology Distributors................................................................................................................................. 60 Textiles............................................................................................................................................................ 60 Tires & Rubber ............................................................................................................................................... 61 Tobacco .......................................................................................................................................................... 61 Trading Companies & Distributors................................................................................................................ 62 Trucking.......................................................................................................................................................... 62 Water Utilities................................................................................................................................................. 63 Wireless Telecommunication Services.......................................................................................................... 63

Copyright © 2006 Valmetrics

6 / 71

IMGR SE – MARCH 2006

1. Advertising Companies providing advertising, marketing or public relations services. Table 1 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

57 8 6 43

57 7 10 40

57 7 14 36

57 6 12 39

57 6 8 43

0.18x 0.59x 0.89x 1.61x 3.21x

2.3x 5.0x 9.9x 12.1x 24.5x

3.9x 7.9x 11.6x 14.7x 34.9x

3.6x 15.5x 22.7x 44.0x 68.1x

0.2x 1.2x 2.5x 3.3x 6.6x

1.20x 66% [0.58 - 1.17[ 30.2% 0.82x 0.82x 4

9.9x 55% [9.2 - 13.4[ 37.5% 10.9x 10.9x 9

12.3x 52% [11.1 - 15.2[ 36.1% 12.8x 12.8x 9

28.5x 64% [2.2 - 19.1[ 35.9% 17.9x 17.9x 2

2.6x 63% [2.4 - 3.5[ 34.9% 2.6x 2.6x 5

2. Aerospace & Defense Manufacturers of civil or military aerospace and defense equipment, parts or products. Includes defense electronics and space equipment. Table 2 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

Copyright © 2006 Valmetrics

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

87 12 7 68

87 13 13 61

87 12 15 60

87 12 22 53

87 12 12 63

0.05x 0.85x 1.42x 1.83x 3.23x

4.3x 9.8x 12.0x 14.7x 21.1x

5.0x 13.1x 16.2x 20.6x 34.4x

9.8x 18.7x 23.2x 29.5x 50.4x

0.8x 1.8x 2.4x 3.4x 5.7x

1.45x 50% [0.97 - 1.45[ 26.5% 1.05x 1.45x 6

12.4x 31% [8.9 - 11.4[ 27.9% 11.0x 12.4x 9

17.2x 36% [12 - 15.9[ 33.3% 15.0x 17.2x 9

25.5x 40% [18.7 - 24.4[ 30.2% 22.8x 25.5x 8

2.5x 43% [1.6 - 2.4[ 31.7% 2.1x 2.5x 5

7 / 71

IMGR SE – MARCH 2006 3. Agricultural Products Producers of agricultural products. Includes crop growers, owners of plantations and companies that produce and process foods but do not package and market them. Excludes companies classified in the Forest Products sub-industry and those that package and market the food products classified in the Packaged Foods sub-industry. Table 3 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

75 6 16 53 0.17x 0.63x 1.13x 1.97x 5.29x

75 6 22 47 2.4x 7.9x 11.6x 18.4x 36.7x

75 6 28 41 3.2x 11.8x 15.4x 22.2x 51.4x

75 4 29 42 7.0x 13.9x 20.3x 30.2x 59.2x

75 4 17 54 0.2x 1.0x 1.4x 1.8x 4.2x

1.46x 75% [0 - 0.71[ 34.0% 0.56x 0.56x 1

13.4x 57% [7.9 - 13.7[ 38.3% 10.2x 10.2x 5

18.4x 55% [9.2 - 15.3[ 34.1% 12.7x 15.4x 4

22.8x 53% [4.9 - 14.3[ 33.3% 13.7x 20.3x 3

1.5x 52% [1 - 1.5[ 25.9% 1.3x 1.4x 5

4. Air Freight & Logistics Companies providing air freight transportation, courier and logistics services, including package and mail delivery and customs agents. Excludes those companies classified in the Airlines, Marine or Trucking sub-industries. Table 4 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

Copyright © 2006 Valmetrics

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

45 8 6 31 0.08x 0.41x 0.61x 1.00x 2.06x

45 9 4 32 1.2x 5.6x 7.0x 11.5x 17.9x

45 8 6 31 1.4x 10.3x 13.3x 20.0x 34.4x

45 7 5 33 6.9x 11.4x 16.8x 25.6x 41.3x

45 6 5 34 0.4x 1.2x 2.4x 3.3x 6.4x

0.77x 67% [0.37 - 0.74[ 38.7% 0.52x 0.52x 4

9.0x 51% [3.9 - 7.6[ 46.9% 6.2x 6.2x 4

15.3x 49% [6.2 - 12.3[ 41.9% 10.5x 10.5x 4

19.1x 54% [6.3 - 15.2[ 45.5% 12.6x 12.6x 4

2.4x 55% [1.5 - 2.8[ 35.3% 2.2x 2.2x 5

8 / 71

IMGR SE – MARCH 2006

5. Airlines Companies providing primarily passenger air transportation. Table 5 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

47 6 2 39

47 5 12 30

47 5 14 28

47 4 20 23

47 3 11 33

0.10x 0.40x 0.74x 1.26x 2.24x

2.3x 5.0x 7.4x 10.2x 20.4x

1.2x 10.7x 15.8x 22.7x 59.1x

5.6x 10.5x 13.0x 18.0x 34.9x

0.0x 1.0x 1.4x 1.6x 2.3x

0.86x 70% [0 - 0.51[ 35.9% 0.42x 0.42x 2

8.0x 54% [4.6 - 8[ 33.3% 6.7x 8.0x 7

18.8x 75% [7.9 - 15.8[ 28.6% 13.2x 15.8x 3

14.3x 48% [9.6 - 14.9[ 52.2% 11.8x 14.3x 6

1.3x 40% [1.1 - 1.5[ 33.3% 1.3x 1.3x 5

6. Airport Services Operators of airports and companies providing related services. Table 6 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

Copyright © 2006 Valmetrics

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

26 4 3 19 0.57x 3.11x 4.67x 5.55x 7.97x

26 4 3 19 3.5x 9.6x 11.4x 13.5x 23.7x

26 4 3 19 4.9x 12.6x 15.4x 22.3x 30.7x

26 1 5 20 6.7x 13.2x 19.0x 22.4x 43.9x

26 1 1 24 0.8x 1.4x 1.9x 3.0x 5.0x

4.35x 43% [1.83 - 3.66[ 36.8% 3.20x 4.35x 4

11.7x 39% [9.2 - 12.1[ 36.8% 11.0x 11.7x 9

17.4x 43% [10.6 - 17.8[ 47.4% 14.8x 17.4x 8

19.6x 52% [18.5 - 25.3[ 35.0% 20.2x 19.6x 8

2.3x 56% [0.8 - 1.8[ 41.7% 1.7x 1.9x 5

9 / 71

IMGR SE – MARCH 2006 7. Alternative Carriers Providers of communications and high-density data transmission services primarily through a high bandwidth/fibber-optic cable network. Table 7 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

27 8 1 18 0.04x 0.68x 1.03x 2.89x 5.01x

27 7 6 14 0.2x 4.0x 8.2x 13.8x 27.9x

27 7 16 4 nm nm nm nm nm

27 7 16 4 nm nm nm nm nm

27 7 5 15 0.1x 1.0x 1.2x 1.9x 6.0x

1.71x 87% [0 - 1.69[ 61.1% 1.09x 1.03x 2

10.0x 79% [0 - 8.1[ 50.0% 6.3x 8.2x 2

nm nm nm nm nm nm na

nm nm nm nm nm nm na

1.7x 90% [0.7 - 1.4[ 40.0% 1.0x 1.2x 2

8. Aluminium Producers of aluminium and related products, including companies that mine or process bauxite and companies that recycle aluminium to produce finished or semi-finished products. Excludes companies that primarily produce aluminium building materials classified in the Building Products sub-industry. Table 8 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

Copyright © 2006 Valmetrics

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

35 6 7 22 0.22x 0.74x 1.20x 1.57x 2.95x

35 6 9 20 2.9x 6.6x 9.7x 12.2x 22.4x

35 6 9 20 1.9x 7.4x 14.9x 21.2x 48.1x

35 6 12 17 2.4x 7.0x 12.5x 20.7x 41.5x

35 6 8 21 0.2x 1.2x 1.8x 2.7x 5.4x

1.30x 58% [0.7 - 1.29[ 36.4% 1.00x 1.30x 6

10.1x 54% [6.5 - 10.6[ 40.0% 8.3x 10.1x 6

16.2x 67% [0 - 10.2[ 35.0% 10.2x 14.9x 3

15.6x 66% [11.3 - 21.9[ 47.1% 13.9x 12.5x 4

2.2x 68% [1.1 - 2.2[ 33.3% 1.6x 1.8x 3

10 / 71

IMGR SE – MARCH 2006

9. Apparel Retail Retailers specialized mainly in apparel and accessories. Table 9 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

76 4 7 65

76 4 13 59

76 4 16 56

76 4 20 52

76 3 5 68

0.18x 0.62x 0.91x 1.34x 2.54x

2.6x 6.7x 8.5x 10.6x 18.4x

1.0x 9.1x 12.8x 16.3x 33.8x

3.9x 15.6x 20.2x 25.6x 47.2x

0.3x 1.9x 2.7x 4.1x 7.5x

1.02x 57% [0.47 - 0.82[ 33.8% 0.69x 0.91x 5

9.1x 38% [6.5 - 8.5[ 27.1% 8.1x 9.1x 9

13.3x 52% [8.1 - 11.8[ 32.1% 10.9x 13.3x 7

21.7x 45% [17.5 - 22.9[ 23.1% 22.9x 21.7x 8

3.1x 62% [2.3 - 3.4[ 29.4% 2.8x 2.7x 5

10. Apparel, Accessories & Luxury Goods Manufacturers of apparel, accessories & luxury goods. Includes companies primarily producing designer handbags, wallets, luggage, jewellery and watches. Excludes shoes classified in the Footwear sub-industry. Table 10 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

Copyright © 2006 Valmetrics

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

142 3 21 118 0.04x 0.47x 0.83x 1.54x 4.46x

142 3 36 103 0.5x 5.9x 8.3x 12.1x 24.0x

142 1 47 94 1.0x 8.4x 12.1x 18.1x 36.4x

142 2 55 85 3.1x 10.4x 16.5x 24.7x 59.4x

142 1 23 118 0.2x 0.9x 1.6x 2.6x 6.1x

1.18x 86% [0.44 - 0.88[ 31.4% 0.63x 0.63x 2

9.8x 54% [5.7 - 8.3[ 26.2% 6.8x 8.3x 4

13.5x 54% [8.5 - 12.8[ 26.6% 10.1x 12.1x 5

19.1x 61% [8.5 - 15[ 25.9% 14.3x 16.5x 5

2.0x 71% [0.7 - 1.4[ 28.0% 1.1x 1.6x 4

11 / 71

IMGR SE – MARCH 2006 11. Application Software Companies engaged in developing and producing software designed for specialized applications for the business or consumer market. Includes enterprise and technical software. Excludes companies classified in the Home Entertainment Software Sub-Industry. Also excludes companies producing systems or database management software classified in the Systems Software sub-industry. Table 11 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

263 42 22 199 0.11x 0.94x 1.60x 2.47x 5.81x

263 46 79 138 0.1x 9.7x 13.7x 20.8x 40.8x

263 41 112 110 0.0x 13.7x 17.4x 27.9x 56.9x

263 40 112 111 1.0x 19.0x 27.4x 36.9x 72.9x

263 39 43 181 0.1x 1.7x 2.6x 4.1x 8.1x

1.85x 65% [0.6 - 1.12[ 19.6% 1.01x 1.60x 3

15.7x 56% [8.6 - 12.9[ 23.9% 12.6x 13.7x 6

21.2x 55% [11.9 - 17.8[ 32.7% 15.1x 17.4x 4

28.6x 55% [22.4 - 29.9[ 24.3% 27.9x 28.6x 8

3.1x 61% [1.7 - 2.6[ 24.3% 2.0x 2.6x 5

12. Auto Parts & Equipment Manufacturers of parts and accessories for automobiles and motorcycles. Excludes companies classified in the Tires & Rubber sub-industry. Table 12 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

Copyright © 2006 Valmetrics

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

141 16 26 99 0.08x 0.44x 0.66x 1.50x 3.30x

141 15 37 89 1.2x 4.2x 6.5x 9.7x 14.9x

141 15 42 84 1.4x 7.5x 11.0x 15.9x 32.2x

141 15 54 72 0.0x 10.2x 15.1x 21.3x 41.1x

141 15 28 98 0.0x 1.0x 1.4x 2.2x 3.8x

1.00x 77% [0.08 - 0.54[ 38.4% 0.41x 0.41x 2

7.1x 51% [3.1 - 5.6[ 29.2% 5.0x 7.1x 5

12.1x 55% [9.1 - 12.9[ 27.4% 10.2x 11.0x 7

16.4x 59% [10.6 - 15.9[ 26.4% 14.2x 16.4x 8

1.6x 57% [1.1 - 1.6[ 25.5% 1.3x 1.4x 5

12 / 71

IMGR SE – MARCH 2006

13. Automobile Manufacturers Companies that produce mainly passenger automobiles and light trucks. Excludes companies producing mainly motorcycles and three-wheelers classified in the Motorcycle Manufacturers sub-industry and heavy duty trucks classified in the Construction & Farm Machinery & Heavy Trucks sub-industry. Table 13 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

43 1 8 34 0.13x 0.41x 0.58x 0.92x 1.92x

43 1 12 30 2.3x 5.4x 8.3x 10.3x 17.8x

43 1 16 26 3.4x 7.9x 12.8x 17.8x 25.8x

43 0 15 28 1.1x 7.9x 11.4x 15.4x 34.5x

43 0 11 32 0.1x 0.9x 1.3x 1.7x 2.8x

0.73x 61% [0.4 - 0.71[ 44.1% 0.57x 0.57x 6

8.2x 45% [8.5 - 11.6[ 30.0% 8.9x 8.2x 9

13.1x 48% [8 - 14.6[ 42.3% 10.6x 13.1x 5

13.1x 60% [10.5 - 15.4[ 35.7% 11.6x 11.4x 6

1.3x 47% [1 - 1.5[ 31.3% 1.4x 1.3x 5

14. Biotechnology Companies primarily involved in the development, manufacturing or marketing of products based on advanced biotechnology research. Table 14 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

Copyright © 2006 Valmetrics

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

214 31 41 142 0.07x 3.11x 6.18x 15.13x 33.76x

214 32 135 47 0.1x 12.3x 16.5x 29.8x 69.7x

214 23 145 46 0.0x 14.4x 23.4x 38.0x 104.0x

214 21 155 38 4.2x 21.1x 34.3x 62.3x 157.9x

214 20 33 161 0.0x 1.5x 2.7x 4.6x 10.8x

10.06x 93% [0 - 4.61[ 39.4% 3.35x 3.35x 2

22.6x 81% [9.7 - 19.4[ 31.9% 14.5x 14.5x 2

30.8x 89% [13.2 - 26.3[ 30.4% 19.7x 19.7x 2

48.6x 80% [0 - 24.5[ 34.2% 24.5x 24.5x 1

3.4x 72% [1.1 - 2.3[ 30.4% 1.8x 1.8x 2

13 / 71

IMGR SE – MARCH 2006

15. Brewers Producers of beer and malt liquors. Includes breweries not classified in the Restaurants subindustry. Table 15

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

48 8 10 30 0.09x 1.07x 1.72x 2.28x 3.82x

48 8 12 28 4.0x 8.6x 10.3x 10.9x 14.2x

48 8 9 31 1.4x 10.3x 14.2x 18.2x 36.6x

48 8 9 31 3.8x 13.8x 21.6x 30.6x 62.8x

48 8 7 33 0.5x 1.5x 1.8x 2.7x 4.7x

1.82x 54% [0.78 - 1.56[ 33.3% 1.56x 1.82x 8

9.5x 27% [9.8 - 11.4[ 42.9% 10.5x 9.5x 7

15.0x 51% [10 - 15[ 29.0% 13.8x 15.0x 10

24.0x 61% [11.9 - 22.6[ 32.3% 20.5x 21.6x 8

2.1x 45% [1.1 - 1.8[ 45.5% 1.6x 1.6x 5

Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

16. Broadcasting & Cable TV Owners and operators of television or radio broadcasting systems and providers of cable or satellite television services, including programming. Table 16 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

Copyright © 2006 Valmetrics

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

108 13 12 83 0.10x 1.88x 2.73x 3.55x 7.03x

108 13 20 75 0.1x 6.5x 10.1x 12.5x 21.3x

108 13 27 68 0.1x 10.2x 13.9x 18.0x 34.2x

108 13 33 62 2.9x 16.4x 23.4x 32.0x 61.5x

108 12 19 77 0.1x 1.2x 1.9x 3.4x 7.1x

2.79x 52% [1.53 - 2.29[ 22.9% 2.09x 2.79x 6

9.9x 46% [8.5 - 11.4[ 33.3% 9.9x 9.9x 10

14.6x 48% [11.5 - 15.3[ 26.5% 13.5x 14.6x 9

25.2x 53% [16.5 - 24.3[ 33.9% 20.4x 25.2x 7

2.5x 73% [1 - 2.1[ 37.7% 1.5x 1.5x 3

14 / 71

IMGR SE – MARCH 2006 17. Building Products Manufacturers of building components and home improvement products and equipment. Excludes lumber and plywood classified under Forest Products and cement and other materials classified in the Construction Materials sub-industry. Table 17 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

139 18 17 104 0.04x 0.55x 0.86x 1.39x 2.92x

139 22 28 89 0.7x 5.6x 7.2x 9.5x 20.1x

139 18 37 84 1.1x 7.6x 10.8x 13.2x 26.3x

139 18 40 81 0.5x 11.7x 15.0x 18.2x 34.2x

139 18 20 101 0.2x 1.1x 1.7x 2.4x 4.9x

1.02x 64% [0.35 - 0.71[ 27.9% 0.62x 0.86x 4

8.0x 48% [6.9 - 8.7[ 24.7% 7.1x 8.0x 8

11.2x 44% [8.6 - 11.2[ 26.2% 10.4x 11.2x 9

15.4x 44% [15 - 18[ 24.7% 15.8x 15.4x 8

1.9x 58% [1.2 - 1.7[ 23.8% 1.7x 1.9x 5

18. Casinos & Gaming Owners and operators of casinos and gaming facilities. Includes companies providing lottery and betting services. Table 18 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

Copyright © 2006 Valmetrics

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

43 5 2 36 0.14x 1.86x 2.73x 3.87x 7.31x

43 4 7 32 0.7x 11.0x 12.9x 18.5x 27.7x

43 4 8 31 0.8x 15.0x 19.6x 27.7x 45.8x

43 4 13 26 7.0x 22.6x 30.7x 41.0x 69.2x

43 4 5 34 0.5x 2.5x 3.9x 8.5x 16.1x

2.92x 62% [2.5 - 3.72[ 30.6% 2.81x 2.81x 8

14.3x 43% [9.5 - 14.2[ 40.6% 12.0x 12.0x 8

21.5x 44% [8.1 - 16.1[ 32.3% 16.1x 21.5x 6

32.9x 45% [13.3 - 25.7[ 34.6% 24.3x 32.9x 4

5.4x 76% [0 - 3.7[ 47.1% 2.6x 2.6x 2

15 / 71

IMGR SE – MARCH 2006

19. Catalogue retail Mail order and TV home shopping retailers. Includes companies that provide door-to-door retail. Table 19 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

20 1 1 18 0.12x 0.59x 1.08x 1.34x 2.06x

20 1 5 14 5.9x 8.6x 9.8x 10.9x 12.6x

20 1 4 15 7.9x 10.3x 14.1x 16.4x 27.4x

20 1 6 13 11.3x 18.6x 22.8x 28.1x 38.0x

20 1 4 15 1.1x 1.9x 2.9x 3.7x 4.5x

0.99x 51% [1.15 - 1.72[ 44.4% 1.36x 1.08x 4

9.6x 21% [9.3 - 11.2[ 42.9% 10.2x 9.6x 8

14.8x 39% [7.8 - 12.7[ 40.0% 12.7x 14.8x 8

23.3x 31% [16.6 - 24.6[ 46.2% 22.0x 23.3x 8

2.8x 41% [0.6 - 2[ 33.3% 2.0x 2.8x 5

20. Commercial Printing Companies providing commercial printing services. Includes printers primarily serving the media industry. Table 20 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

Copyright © 2006 Valmetrics

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

35 5 5 25 0.13x 0.55x 0.83x 1.21x 2.45x

35 5 7 23 1.8x 4.9x 7.4x 10.1x 12.4x

35 5 9 21 3.5x 8.6x 13.3x 18.6x 21.9x

35 5 10 20 5.7x 11.9x 15.8x 26.3x 43.0x

35 5 6 24 0.3x 1.2x 1.9x 2.5x 4.1x

0.93x 55% [0.45 - 0.89[ 40.0% 0.76x 0.83x 6

7.4x 42% [1.6 - 5.3[ 34.8% 5.3x 7.4x 5

13.4x 44% [16.3 - 23.5[ 38.1% 17.7x 13.4x 3

18.6x 55% [3.3 - 13.8[ 50.0% 9.9x 15.8x 1

1.9x 53% [0.9 - 1.8[ 33.3% 1.8x 1.9x 5

16 / 71

IMGR SE – MARCH 2006 21. Commodity Chemicals Companies that primarily produce industrial chemicals and basic chemicals. Including but not limited to plastics, synthetic fibbers, films, commodity-based paints & pigments, explosives and petrochemicals. Excludes chemical companies classified in the Diversified Chemicals, Fertilizers & Agricultural Chemicals, Industrial Gases, or Specialty Chemicals sub-industries. Table 21 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

186 7 36 143 0.08x 0.65x 1.00x 1.43x 2.83x

186 8 47 131 0.8x 5.4x 8.1x 11.4x 20.0x

186 7 59 120 1.0x 8.1x 13.2x 19.2x 42.2x

186 5 66 115 0.6x 9.5x 14.8x 26.5x 68.5x

186 5 37 144 0.1x 0.9x 1.4x 1.8x 3.5x

1.10x 54% [0.89 - 1.19[ 25.9% 0.99x 1.00x 8

8.9x 49% [4.7 - 7[ 26.0% 5.8x 8.9x 4

15.0x 60% [9 - 13.5[ 27.5% 10.8x 13.2x 5

20.9x 78% [7 - 14[ 29.6% 11.0x 14.8x 2

1.4x 51% [1.1 - 1.4[ 22.2% 1.2x 1.4x 5

22. Computer & Electronics Retail Owners and operators of consumer electronics, computers, video and related products retail stores. Table 22 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

Copyright © 2006 Valmetrics

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

26 3 2 21 0.12x 0.34x 0.41x 0.62x 1.04x

26 3 4 19 3.0x 6.2x 8.6x 12.2x 20.0x

26 3 7 16 3.7x 7.9x 9.9x 12.7x 16.4x

26 2 7 17 6.1x 12.1x 14.1x 19.8x 31.9x

26 2 2 22 0.5x 1.9x 2.4x 3.4x 6.0x

0.47x 55% [0.27 - 0.47[ 33.3% 0.41x 0.41x 7

9.2x 48% [2.5 - 7[ 36.8% 6.4x 9.2x 5

10.2x 39% [6.2 - 10[ 31.3% 10.0x 10.2x 8

16.0x 44% [10 - 16[ 35.3% 13.0x 16.0x 6

2.6x 54% [2.2 - 3.3[ 27.3% 2.9x 2.4x 5

17 / 71

IMGR SE – MARCH 2006 23. Computer Hardware Manufacturers of personal computers, servers, mainframes and workstations. Includes manufacturers of Automatic Teller Machines (ATMs). Excludes manufacturers of copiers, faxes and related products classified in the Office Electronics sub-industry. Table 23 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

61 2 8 51 0.01x 0.43x 0.92x 1.27x 2.39x

61 2 17 42 0.1x 8.8x 13.7x 18.7x 33.8x

61 2 20 39 0.1x 11.4x 18.2x 27.8x 52.3x

61 2 19 40 0.8x 10.5x 18.0x 29.2x 59.7x

61 2 10 49 0.0x 0.8x 1.9x 2.6x 4.9x

0.93x 63% [0.91 - 1.36[ 35.3% 1.03x 1.03x 8

14.0x 57% [11.4 - 17.1[ 33.3% 13.8x 14.0x 9

20.3x 64% [9.7 - 19.4[ 30.8% 13.8x 13.8x 3

20.6x 71% [10.9 - 21.9[ 35.0% 16.4x 16.4x 5

1.9x 63% [1.9 - 2.8[ 34.7% 2.2x 2.2x 5

24. Computer Storage & Peripherals Manufacturers of electronic computer components and peripherals. Includes data storage components, motherboards, audio and video cards, monitors, keyboards, printers and other peripherals. Excludes semiconductors classified in the Semiconductors sub-industry. Table 24 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

Copyright © 2006 Valmetrics

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

111 14 16 81 0.05x 0.52x 0.85x 1.19x 2.60x

111 15 30 66 0.6x 5.2x 9.4x 13.3x 29.8x

111 14 40 57 0.5x 7.1x 11.8x 19.8x 43.5x

111 14 47 50 1.5x 10.7x 18.2x 25.7x 53.9x

111 14 19 78 0.0x 1.1x 1.4x 2.1x 4.5x

0.93x 63% [0.61 - 0.92[ 25.9% 0.74x 0.85x 7

10.3x 65% [4 - 8[ 28.8% 6.6x 9.4x 4

14.9x 72% [6.6 - 13.2[ 29.8% 10.7x 11.8x 4

20.8x 63% [16.3 - 24.5[ 32.0% 18.5x 18.5x 8

1.6x 60% [0.9 - 1.4[ 30.8% 1.3x 1.4x 5

18 / 71

IMGR SE – MARCH 2006 25. Construction & Engineering Companies engaged in primarily non-residential construction. Includes civil engineering companies and large-scale contractors. Excludes companies classified in the Homebuilding sub-industry. Table 25 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

202 25 33 144 0.06x 0.34x 0.64x 1.15x 3.04x

202 26 50 126 1.3x 7.8x 10.9x 15.3x 29.0x

202 25 57 120 1.6x 12.2x 16.4x 24.4x 48.3x

202 22 47 133 0.2x 14.3x 21.3x 29.5x 58.5x

202 22 23 157 0.0x 1.1x 1.6x 2.8x 5.9x

0.83x 75% [0.32 - 0.63[ 25.0% 0.34x 0.64x 3

11.7x 50% [9.1 - 12.1[ 22.2% 10.0x 11.7x 8

17.9x 52% [15 - 19.9[ 24.2% 15.3x 16.4x 7

23.2x 59% [11.9 - 17.9[ 19.5% 17.9x 21.3x 5

2.1x 65% [1.3 - 1.9[ 24.2% 1.4x 1.6x 5

26. Construction & Farm Machinery & Heavy Trucks Manufacturers of heavy duty trucks, rolling machinery, earth-moving and construction equipment, heavy farm machinery and manufacturers of related parts. Includes non-military shipbuilding. Table 26 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

Copyright © 2006 Valmetrics

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

113 12 18 83 0.06x 0.52x 0.75x 1.28x 2.64x

113 14 16 83 3.5x 7.5x 10.4x 17.0x 31.1x

113 12 22 79 5.3x 9.3x 13.9x 25.2x 52.0x

113 12 22 79 3.1x 12.1x 19.8x 37.4x 74.1x

113 12 12 89 0.0x 1.2x 2.0x 2.9x 6.1x

0.94x 60% [0.35 - 0.69[ 27.7% 0.61x 0.75x 4

12.6x 55% [6.3 - 10.7[ 34.9% 8.3x 10.4x 5

18.3x 61% [10.1 - 17.5[ 31.6% 11.5x 13.9x 4

25.4x 65% [11.8 - 23.6[ 35.4% 15.9x 15.9x 3

2.3x 61% [0.8 - 1.6[ 31.5% 1.4x 1.4x 3

19 / 71

IMGR SE – MARCH 2006 27. Construction Materials Manufacturers of construction materials including sand, clay, gypsum, lime, aggregates, cement, concrete and bricks. Other finished or semi-finished building materials are classified in the Building Products sub-industry. Table 27 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

115 8 14 93 0.16x 1.05x 1.83x 2.56x 4.08x

115 8 27 80 2.0x 7.0x 8.6x 10.8x 15.6x

115 8 33 74 4.6x 10.3x 13.4x 17.9x 32.0x

115 8 31 76 3.7x 11.1x 14.7x 22.0x 40.6x

115 8 22 85 0.4x 1.0x 1.4x 1.9x 4.0x

1.87x 53% [1.46 - 2.12[ 25.8% 1.69x 1.87x 8

8.9x 34% [7 - 8.8[ 30.0% 8.0x 8.9x 9

14.3x 41% [7.4 - 11.1[ 25.7% 11.1x 14.3x 6

16.4x 49% [11.9 - 17[ 31.6% 14.1x 16.4x 8

1.6x 52% [0.7 - 1.2[ 23.5% 1.1x 1.4x 5

28. Consumer Electronics Manufacturers of consumer electronics products including TVs, VCRs, hi-fi equipment, game consoles and related products. Excludes personal home computer manufacturers classified in the Computer Hardware sub-industry, and electric household appliances classified in the Household Appliances sub-industry. Table 28 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

Copyright © 2006 Valmetrics

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

40 7 5 28 0.07x 0.38x 0.56x 1.15x 2.77x

40 7 7 26 1.0x 6.9x 12.1x 17.0x 29.7x

40 7 8 25 1.1x 12.0x 17.5x 28.3x 58.1x

40 7 9 24 3.4x 12.5x 22.6x 35.0x 102.3x

40 6 6 28 0.4x 1.1x 1.5x 2.4x 4.7x

0.88x 87% [0 - 0.51[ 42.9% 0.38x 0.56x 1

12.6x 55% [6.8 - 13.6[ 30.8% 10.2x 12.6x 6

21.2x 65% [11.2 - 22.3[ 40.0% 15.6x 17.5x 5

30.4x 87% [0 - 15.6[ 37.5% 12.8x 22.6x 1

1.9x 66% [1.2 - 2.1[ 35.7% 1.4x 1.5x 4

20 / 71

IMGR SE – MARCH 2006

29. Data Processing & Outsourced Services Providers of commercial electronic data processing and/or business process outsourcing services. Includes companies that provide services for back-office automation. Table 29 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

43 9 4 30 0.55x 1.15x 2.05x 3.02x 5.53x

43 9 4 30 1.7x 7.9x 10.2x 14.6x 23.8x

43 8 6 29 1.7x 11.6x 15.3x 22.2x 33.8x

43 8 8 27 5.4x 19.0x 24.4x 34.9x 62.5x

43 8 1 34 0.4x 1.9x 3.4x 4.5x 7.0x

2.30x 58% [1.23 - 2.44[ 36.7% 1.68x 2.05x 6

11.0x 47% [8.6 - 12.9[ 30.0% 10.1x 11.0x 10

16.3x 46% [7.4 - 14.3[ 41.4% 11.7x 16.3x 5

27.4x 49% [12.7 - 23.3[ 37.0% 19.4x 27.4x 5

3.3x 51% [3.1 - 4.7[ 41.2% 3.5x 3.5x 5

30. Department Stores Owners and operators of department stores. Table 30 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

Copyright © 2006 Valmetrics

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

77 1 11 65 0.20x 0.52x 0.74x 1.14x 2.37x

77 1 11 65 2.5x 7.7x 10.4x 14.8x 22.8x

77 1 14 62 2.9x 11.5x 16.5x 26.0x 46.1x

77 1 21 55 2.4x 15.2x 21.0x 34.4x 84.2x

77 1 11 65 0.2x 1.2x 1.7x 2.1x 3.9x

0.84x 53% [0.37 - 0.68[ 32.3% 0.55x 0.74x 5

11.4x 42% [5.6 - 9.1[ 32.3% 7.8x 11.4x 6

19.0x 54% [9.9 - 17.2[ 40.3% 14.2x 14.2x 6

26.8x 66% [10.1 - 20.2[ 36.4% 17.0x 17.0x 2

1.8x 43% [1.6 - 2[ 24.6% 1.8x 1.8x 5

21 / 71

IMGR SE – MARCH 2006

31. Distillers & Vintners Distillers, vintners and producers of alcoholic beverages not classified in the Brewers subindustry. Table 31 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

43 1 2 40 0.21x 1.32x 2.52x 4.20x 8.82x

43 1 5 37 6.2x 10.6x 13.5x 17.5x 28.5x

43 1 8 34 8.5x 14.8x 17.7x 24.2x 42.6x

43 1 11 31 9.7x 20.1x 25.7x 34.4x 78.3x

43 0 6 37 0.4x 1.4x 1.8x 2.8x 5.3x

3.03x 69% [1.68 - 3.36[ 32.5% 2.35x 2.35x 6

14.5x 38% [9 - 13.2[ 32.4% 11.5x 14.5x 7

20.9x 44% [14 - 19.8[ 52.9% 16.9x 16.9x 6

29.4x 52% [16.7 - 25.8[ 38.7% 22.3x 22.3x 5

2.1x 53% [1.1 - 1.9[ 35.1% 1.6x 1.6x 5

32. Distributors Distributors and wholesalers of general merchandise not classified elsewhere. Includes vehicle distributors. Table 32 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

Copyright © 2006 Valmetrics

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

83 9 8 66 0.04x 0.26x 0.44x 0.79x 1.81x

83 10 17 56 0.1x 5.9x 8.2x 13.5x 28.0x

83 8 22 53 0.1x 6.6x 11.2x 16.1x 33.0x

83 8 18 57 0.5x 8.5x 11.4x 17.9x 47.3x

83 8 7 68 0.1x 0.8x 1.3x 1.9x 3.5x

0.57x 77% [0.01 - 0.27[ 28.8% 0.26x 0.44x 3

10.2x 65% [4 - 8[ 37.5% 6.6x 6.6x 2

12.5x 62% [10.1 - 15.1[ 34.0% 11.3x 11.3x 8

15.4x 70% [9.7 - 14.6[ 28.1% 10.5x 11.4x 3

1.4x 56% [0.5 - 1[ 27.9% 1.0x 1.4x 5

22 / 71

IMGR SE – MARCH 2006

33. Diversified Chemicals Manufacturers of a diversified range of chemical products not classified in the Industrial Gases, Commodity Chemicals, Specialty Chemicals or Fertilizers & Agricultural Chemicals sub-industries. Table 33 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

33 4 5 24 0.19x 0.68x 1.05x 1.26x 1.73x

33 4 4 25 1.0x 6.8x 8.2x 11.1x 15.5x

33 4 8 21 0.6x 9.1x 14.1x 16.5x 20.6x

33 4 10 19 2.4x 13.2x 18.2x 28.5x 49.2x

33 4 7 22 0.2x 1.7x 2.5x 3.5x 4.4x

0.99x 41% [0.96 - 1.36[ 41.7% 1.12x 0.99x 8

8.8x 39% [6.8 - 9.7[ 44.0% 8.1x 8.8x 9

13.0x 39% [5.4 - 10.7[ 33.3% 10.0x 13.0x 4

21.1x 57% [11.4 - 22.9[ 42.1% 17.2x 18.2x 5

2.6x 44% [2.6 - 3.9[ 40.9% 2.7x 2.6x 5

34. Diversified Commercial Services Companies providing commercial and consumer services not classified elsewhere. Includes commercial cleaning services, education services and security services. Table 34 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

Copyright © 2006 Valmetrics

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

145 16 14 115 0.01x 0.67x 1.14x 2.11x 4.88x

145 17 27 101 2.8x 6.6x 9.7x 11.5x 19.5x

145 16 35 94 2.0x 11.5x 14.8x 17.5x 30.6x

145 15 44 86 0.0x 12.0x 19.8x 26.4x 56.4x

145 15 16 114 0.0x 1.4x 2.5x 3.8x 7.7x

1.52x 76% [0.59 - 1.18[ 31.3% 0.81x 0.81x 2

9.4x 39% [9.1 - 11.2[ 25.7% 10.0x 9.4x 10

14.8x 40% [15 - 17.6[ 25.5% 15.3x 14.8x 9

20.4x 54% [6.6 - 13.1[ 22.1% 12.3x 20.4x 3

2.7x 59% [1 - 2[ 25.4% 1.8x 2.7x 5

23 / 71

IMGR SE – MARCH 2006

35. Diversified Metals & Mining Companies engaged in diversified production or extraction of metals and minerals not classified elsewhere. Includes companies that are primarily involved in coal mining or production. Table 35 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

104 20 16 68 0.14x 0.94x 1.62x 2.51x 4.97x

104 13 30 61 1.8x 6.2x 8.3x 12.6x 24.7x

104 10 33 61 2.1x 8.3x 13.0x 18.8x 35.8x

104 8 32 64 0.9x 9.9x 16.2x 28.5x 65.8x

104 8 16 80 0.0x 1.5x 2.2x 3.0x 6.4x

1.83x 67% [0.77 - 1.54[ 26.5% 1.41x 1.62x 6

9.6x 53% [6.7 - 10[ 32.8% 7.9x 8.3x 6

14.7x 57% [5.6 - 10.9[ 24.6% 10.9x 13.0x 5

21.0x 74% [10.1 - 19.4[ 34.4% 12.6x 12.6x 2

2.5x 57% [1.4 - 2.1[ 26.3% 1.9x 2.2x 5

36. Drug Retail Owners and operators of primarily drug retail stores and pharmacies. Table 36 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

Copyright © 2006 Valmetrics

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

11 0 1 10 0.24x 0.31x 0.50x 0.73x 1.09x

11 0 0 11 6.3x 8.4x 10.9x 14.1x 22.5x

11 0 1 10 8.1x 12.6x 18.4x 22.8x 24.5x

11 0 0 11 6.3x 13.0x 18.8x 32.0x 46.7x

11 0 0 11 1.1x 1.9x 2.8x 3.9x 5.9x

0.57x 55% [0.09 - 0.47[ 50.0% 0.36x 0.50x 4

11.6x 41% [9.3 - 14.4[ 45.5% 11.3x 11.6x 9

17.5x 33% [16.3 - 25.8[ 60.0% 18.7x 17.5x 9

23.3x 57% [0.9 - 18[ 45.5% 15.1x 18.8x 4

3.0x 54% [0.7 - 2.6[ 45.5% 2.3x 3.0x 5

24 / 71

IMGR SE – MARCH 2006

37. Electric Utilities Companies that produce or distribute electricity. Includes both nuclear and non-nuclear facilities. Table 37 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

129 22 11 96 0.41x 1.65x 2.21x 2.75x 5.10x

129 23 9 97 1.5x 7.3x 9.3x 11.7x 19.4x

129 21 11 97 2.9x 12.0x 14.4x 19.0x 31.9x

129 19 23 87 5.7x 14.9x 18.5x 23.6x 41.2x

129 19 13 97 0.2x 1.3x 1.7x 2.2x 3.7x

2.27x 43% [1.79 - 2.27[ 27.1% 2.10x 2.27x 8

9.7x 36% [6.6 - 8.5[ 28.9% 8.1x 9.7x 8

15.6x 37% [11.4 - 14.4[ 28.9% 13.2x 15.6x 9

19.8x 39% [15.6 - 19.6[ 31.0% 17.6x 19.8x 8

1.7x 41% [1 - 1.4[ 22.7% 1.4x 1.7x 5

38. Electrical Components & Equipment Companies that produce electric cables and wires, electrical components or equipment not classified in the Heavy Electrical Equipment sub-industry. Table 38 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

Copyright © 2006 Valmetrics

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

163 18 20 125 0.16x 0.69x 1.16x 2.06x 4.29x

163 17 44 102 2.6x 6.9x 10.6x 14.7x 34.0x

163 16 53 94 3.1x 10.2x 15.9x 22.3x 57.2x

163 16 58 89 2.3x 16.2x 23.2x 30.9x 85.9x

163 17 23 123 0.0x 1.2x 1.9x 2.8x 5.6x

1.47x 65% [0.58 - 1.13[ 31.2% 0.89x 0.89x 3

12.1x 58% [4.9 - 8.3[ 32.4% 6.9x 10.6x 3

18.2x 59% [6.2 - 11.5[ 25.5% 10.7x 15.9x 3

25.9x 60% [21.1 - 27.7[ 24.7% 23.3x 23.2x 8

2.1x 58% [1.2 - 1.9[ 22.0% 1.9x 1.9x 5

25 / 71

IMGR SE – MARCH 2006 39. Electronic Equipment Manufacturers Producers of electronic equipment, instruments or components. Includes analytical, electronic test and measurement instruments, electronic components, connection devices and equipment not classified elsewhere. Excludes OEM suppliers classified in the Electronic Manufacturing Services sub-industry. Table 39 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

247 25 27 195 0.06x 0.58x 1.15x 1.74x 4.21x

247 28 61 158 0.2x 6.3x 9.9x 13.1x 25.8x

247 25 75 147 0.3x 10.3x 15.1x 21.0x 41.4x

247 24 81 142 3.1x 10.7x 20.0x 27.8x 59.6x

247 24 24 199 0.1x 1.0x 1.7x 2.8x 5.9x

1.28x 66% [0.4 - 0.8[ 20.0% 0.69x 1.15x 4

10.3x 53% [10.1 - 12.6[ 19.6% 10.8x 10.3x 9

16.4x 53% [8.1 - 12.2[ 23.1% 11.0x 15.1x 4

21.3x 60% [8.4 - 14.9[ 23.2% 12.8x 21.3x 4

2.0x 63% [0.6 - 1.2[ 21.6% 1.2x 1.7x 4

40. Electronic Manufacturing Services Producers of electronic equipment mainly for the OEM (Original Equipment Manufacturers) markets. Table 40 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

Copyright © 2006 Valmetrics

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

47 11 1 35 0.03x 0.25x 0.72x 1.39x 3.14x

47 12 5 30 1.1x 6.0x 8.0x 11.9x 20.3x

47 11 8 28 1.5x 8.9x 15.6x 21.0x 37.4x

47 11 13 23 3.7x 9.2x 16.8x 26.7x 36.8x

47 11 3 33 0.4x 0.9x 2.0x 2.6x 4.5x

0.91x 85% [0 - 0.69[ 48.6% 0.47x 0.47x 2

9.0x 55% [3.8 - 7.6[ 33.3% 6.7x 8.0x 6

15.7x 55% [8 - 16[ 28.6% 16.0x 15.7x 9

18.5x 57% [1.8 - 14.1[ 43.5% 10.6x 16.8x 2

2.0x 57% [1.4 - 2.5[ 36.4% 1.5x 1.5x 5

26 / 71

IMGR SE – MARCH 2006 41. Employment Services Employment agencies and related services. Table 41 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

59 11 4 44 0.06x 0.24x 0.48x 1.08x 2.49x

59 11 11 37 1.4x 8.0x 10.3x 18.8x 32.1x

59 11 15 33 2.0x 10.5x 15.7x 25.3x 39.0x

59 11 16 32 3.8x 18.8x 23.8x 40.9x 80.7x

59 11 7 41 0.3x 1.4x 3.2x 4.3x 7.1x

0.72x 87% [0 - 0.48[ 50.0% 0.30x 0.30x 2

12.9x 57% [7 - 13.5[ 48.6% 10.0x 10.0x 6

16.9x 54% [9.2 - 18.5[ 48.5% 14.1x 14.1x 7

30.6x 67% [14.4 - 28.3[ 40.6% 20.9x 20.9x 3

3.1x 65% [0.3 - 2[ 36.6% 1.6x 1.6x 2

42. Environmental Services Providers of environmental services. Includes waste management and pollution control services. Excludes large-scale water treatment systems classified in the Water Utilities subindustry. Table 42 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

Copyright © 2006 Valmetrics

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

49 8 3 38

49 8 9 32

49 8 11 30

49 8 12 29

49 8 3 38

0.08x 0.70x 1.46x 3.37x 8.33x

1.6x 8.0x 9.8x 13.5x 17.2x

1.9x 11.9x 15.2x 19.6x 35.9x

3.3x 14.5x 19.4x 27.0x 50.9x

0.2x 1.3x 2.4x 3.2x 5.1x

2.41x 92% [0 - 1.59[ 52.6% 0.96x 0.96x 2

10.3x 36% [7.7 - 11.1[ 37.5% 10.1x 10.3x 10

16.4x 44% [11.5 - 16.4[ 33.3% 14.3x 16.4x 8

21.7x 57% [19 - 27.1[ 31.0% 20.8x 19.4x 7

2.4x 51% [2.3 - 3.4[ 39.5% 2.6x 2.4x 5

27 / 71

IMGR SE – MARCH 2006

43. Fertilizers & Agricultural Chemicals Producers of fertilizers, pesticides, potash or other agriculture-related chemicals not classified elsewhere. Table 43 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

63 1 15 47 0.09x 0.96x 1.46x 2.24x 3.74x

63 1 22 40 2.2x 6.4x 8.3x 10.3x 16.0x

63 1 22 40 2.5x 9.1x 13.3x 17.6x 32.7x

63 0 22 41 3.7x 12.0x 17.8x 24.1x 55.6x

63 0 16 47 0.7x 1.2x 1.8x 2.3x 4.0x

1.64x 51% [0.71 - 1.42[ 42.6% 1.14x 1.14x 3

8.6x 35% [5.7 - 8[ 35.0% 7.5x 8.6x 8

13.9x 42% [10.1 - 15.1[ 32.5% 10.9x 13.9x 6

20.2x 60% [8.6 - 15.6[ 31.7% 15.6x 17.8x 5

1.9x 46% [1.2 - 1.8[ 29.8% 1.7x 1.9x 5

44. Food Distributors Distributors of food products to other companies and not directly to the consumer. Table 44 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

Copyright © 2006 Valmetrics

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

28 6 4 18

28 6 6 16

28 6 7 15

28 6 4 18

28 6 3 19

0.08x 0.32x 0.48x 0.75x 1.53x

1.4x 7.0x 10.3x 13.3x 19.3x

4.9x 12.1x 14.1x 16.9x 24.8x

2.1x 11.5x 20.0x 28.9x 42.7x

0.3x 0.9x 1.9x 4.1x 6.9x

0.63x 70% [0.33 - 0.66[ 33.3% 0.41x 0.48x 3

10.5x 51% [10.4 - 15.4[ 31.3% 12.1x 10.5x 6

14.6x 40% [10.9 - 14.9[ 33.3% 13.9x 14.6x 8

20.2x 53% [13.3 - 26.5[ 38.9% 16.6x 20.2x 6

2.5x 79% [0 - 2.4[ 63.2% 1.5x 1.9x 3

28 / 71

IMGR SE – MARCH 2006

45. Food Retail Owners and operators of primarily food retail stores. Table 45 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

56 5 7 44

56 6 6 44

56 5 11 40

56 5 16 35

56 5 5 46

0.02x 0.28x 0.41x 0.57x 1.20x

0.3x 6.3x 8.0x 11.2x 16.5x

0.4x 9.4x 12.8x 16.7x 24.2x

0.0x 14.3x 16.7x 21.3x 44.9x

0.0x 1.2x 1.7x 2.9x 5.5x

0.44x 58% [0.19 - 0.36[ 27.3% 0.31x 0.44x 6

8.7x 45% [5.6 - 8.4[ 38.6% 7.3x 8.7x 9

13.3x 43% [8.6 - 12.8[ 35.0% 11.7x 13.3x 9

18.8x 46% [12.9 - 17.3[ 34.3% 16.2x 18.8x 8

2.2x 64% [0.9 - 1.9[ 32.6% 1.4x 1.4x 3

46. Footwear Manufacturers of footwear. Includes sport and leather shoes. Table 46 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

Copyright © 2006 Valmetrics

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

29 3 8 18 0.12x 0.42x 0.53x 0.90x 1.57x

29 3 6 20 3.0x 5.1x 8.1x 16.7x 30.5x

29 3 14 12 4.3x 6.9x 10.2x 11.2x 12.2x

29 3 11 15 6.0x 9.4x 13.5x 19.4x 33.5x

29 3 8 18 0.4x 1.0x 1.8x 2.7x 5.5x

0.65x 56% [0.11 - 0.48[ 38.9% 0.40x 0.53x 2

11.5x 73% [0 - 8.5[ 55.0% 5.2x 8.1x 1

9.1x 31% [10.1 - 13.9[ 50.0% 11.1x 9.1x 5

15.2x 49% [3.5 - 11.6[ 40.0% 10.5x 15.2x 4

2.1x 69% [0.4 - 1.7[ 50.0% 1.3x 1.8x 2

29 / 71

IMGR SE – MARCH 2006 47. Forest Products Manufacturers of timber and related wood products. Includes lumber for the building industry. Table 47 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

49 13 7 29 0.43x 0.67x 1.27x 2.89x 5.09x

49 14 8 27 2.6x 5.7x 8.1x 19.7x 27.3x

49 13 12 24 3.5x 9.1x 13.8x 21.6x 53.3x

49 11 16 22 0.1x 10.0x 13.3x 26.4x 89.6x

49 11 8 30 0.0x 0.9x 1.2x 1.9x 4.8x

1.89x 80% [0 - 1.44[ 58.6% 0.85x 1.27x 1

11.8x 69% [1 - 10.3[ 66.7% 5.9x 8.1x 2

17.8x 77% [2.3 - 11[ 33.3% 11.0x 13.8x 2

21.8x 96% [11.7 - 23.3[ 36.4% 13.6x 13.3x 1

1.6x 71% [0.6 - 1.3[ 43.3% 1.0x 1.2x 5

48. Gas Utilities Companies whose main charter is to distribute and transmit natural and manufactured gas. Excludes companies primarily involved in gas exploration or production classified in the Oil & Gas Exploration & Production sub-industry. Also excludes diversified midstream natural gas companies classified in the Oil & Gas Refining, Marketing & Transportation sub-industry. Table 48 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

Copyright © 2006 Valmetrics

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

52 5 9 38 0.54x 1.30x 1.56x 2.15x 5.66x

52 5 6 41 3.5x 8.0x 9.2x 11.1x 16.1x

52 5 8 39 7.4x 12.1x 14.0x 16.9x 22.9x

52 5 7 40 0.6x 14.4x 18.0x 23.9x 38.3x

52 5 8 39 0.4x 1.6x 1.9x 2.5x 4.3x

1.94x 59% [1.35 - 1.85[ 36.8% 1.57x 1.57x 6

9.6x 28% [8 - 9.8[ 29.3% 9.5x 9.6x 10

14.2x 26% [15.1 - 18[ 28.2% 15.5x 14.2x 9

18.9x 41% [16.6 - 22.2[ 37.5% 18.8x 18.9x 8

2.0x 41% [1.8 - 2.3[ 33.3% 2.0x 2.0x 5

30 / 71

IMGR SE – MARCH 2006

49. General Merchandise Stores Owners and operators of stores offering diversified general merchandise. Excludes hypermarkets and large-scale super centers classified in the “Hypermarkets & Super Centers” sub-industry. Table 49 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

31 5 2 24 0.13x 0.60x 0.82x 1.67x 3.36x

31 5 1 25 0.6x 8.1x 9.8x 14.1x 27.2x

31 5 3 23 0.3x 11.9x 15.4x 22.7x 30.3x

31 5 3 23 14.3x 19.6x 28.4x 42.6x 182.9x

31 5 3 23 0.7x 1.6x 1.9x 3.0x 3.4x

1.22x 78% [0 - 0.74[ 45.8% 0.51x 0.82x 1

11.8x 55% [8.2 - 12.3[ 40.0% 9.8x 9.8x 6

16.5x 46% [7.7 - 15.3[ 39.1% 13.6x 16.5x 7

43.2x 96% [9.7 - 25.8[ 47.8% 20.8x 28.4x 1

2.2x 38% [1.6 - 2.5[ 39.1% 2.3x 2.2x 5

50. Gold Producers of gold and related products, including companies that mine or process gold and the South African finance houses which primarily invest in, but do not operate, gold mines. Table 50 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

Copyright © 2006 Valmetrics

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

77 32 6 39 0.39x 2.47x 4.94x 14.02x 29.72x

77 13 40 24 4.9x 10.3x 18.7x 27.7x 43.4x

77 10 47 20 6.4x 13.3x 29.8x 36.1x 60.8x

77 9 45 23 5.0x 12.3x 32.7x 52.8x 129.2x

77 9 6 62 0.4x 2.2x 3.6x 5.4x 9.6x

8.92x 102% [0 - 6.81[ 61.5% 3.80x 3.80x 2

20.1x 59% [0.1 - 12.1[ 33.3% 12.1x 20.1x 3

27.7x 59% [0 - 16.8[ 35.0% 14.7x 27.7x 1

39.3x 87% [0 - 28.5[ 47.8% 20.9x 32.7x 1

4.0x 58% [1.9 - 3.4[ 32.3% 2.8x 3.6x 5

31 / 71

IMGR SE – MARCH 2006

51. Health Care Services Providers of health care services not classified elsewhere. Includes dialysis centers and lab testing services. Table 51

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

79 13 3 63 0.09x 0.91x 1.56x 3.02x 5.83x

79 15 11 53 0.8x 7.8x 11.1x 15.1x 28.5x

79 13 13 53 0.9x 11.4x 15.3x 21.5x 39.2x

79 13 19 47 0.4x 16.9x 22.0x 31.0x 55.1x

79 14 8 57 0.0x 1.8x 2.8x 4.2x 8.1x

1.95x 68% [1.07 - 2.13[ 33.3% 1.37x 1.37x 5

12.0x 49% [7.8 - 11.7[ 30.2% 9.7x 12.0x 8

16.8x 47% [10.9 - 16.3[ 32.1% 13.8x 16.8x 8

24.5x 50% [15.6 - 23.4[ 36.2% 20.1x 24.5x 7

3.2x 57% [1.2 - 2.5[ 29.8% 2.2x 2.8x 5

Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

52. Health Care Distributors Distributors and wholesalers of health care products not classified elsewhere. Table 52 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

Copyright © 2006 Valmetrics

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

38 6 5 27

38 6 6 26

38 6 7 25

38 4 9 25

38 4 7 27

0.07x 0.34x 0.63x 1.42x 3.34x

3.6x 10.6x 13.6x 16.4x 24.7x

4.9x 15.1x 18.5x 23.0x 35.5x

2.8x 20.8x 27.0x 36.3x 75.3x

0.2x 1.2x 2.5x 3.4x 4.9x

0.99x 91% [0 - 0.72[ 51.9% 0.46x 0.63x 1

13.6x 34% [10.2 - 14.1[ 38.5% 13.7x 13.6x 9

19.2x 38% [14.8 - 20.2[ 40.0% 17.7x 19.2x 9

30.6x 54% [23.1 - 33.8[ 36.0% 26.7x 27.0x 7

2.5x 56% [0 - 1.4[ 37.0% 0.9x 2.5x 2

32 / 71

IMGR SE – MARCH 2006

53. Health Care Equipment Manufacturers of health care equipment and devices. Includes medical electronic precision instruments. Includes drug delivery systems. Table 53 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

155 27 9 119 0.41x 1.66x 2.88x 4.94x 9.38x

155 27 29 99 0.1x 10.4x 16.1x 22.4x 45.5x

155 25 46 84 0.0x 13.9x 18.8x 24.8x 47.1x

155 24 51 80 6.3x 22.4x 29.6x 39.9x 80.5x

155 24 10 121 0.1x 2.0x 3.3x 5.8x 11.5x

3.41x 64% [1.56 - 2.89[ 26.9% 1.92x 2.88x 4

17.1x 52% [15.6 - 20.8[ 23.2% 16.9x 17.1x 10

20.1x 47% [14.9 - 19.9[ 25.0% 16.8x 20.1x 7

32.8x 47% [19.1 - 27.2[ 33.8% 24.6x 32.8x 5

4.1x 64% [1.6 - 3.1[ 27.3% 2.5x 3.3x 4

54. Health Care Facilities Owners and operators of health care facilities, including hospitals, nursing homes, rehabilitation and retirement centers, animal hospitals, cemeteries and funeral homes. Table 54 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

Copyright © 2006 Valmetrics

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

60 4 7 49 0.15x 0.91x 1.35x 2.04x 3.96x

60 4 7 49 2.1x 7.3x 9.7x 15.2x 23.4x

60 4 12 44 2.7x 10.7x 13.2x 20.0x 37.2x

60 5 12 43 0.0x 12.0x 21.0x 31.0x 56.7x

60 4 10 46 0.0x 1.4x 2.1x 2.6x 6.3x

1.54x 59% [0.62 - 1.24[ 30.6% 1.18x 1.35x 6

11.2x 48% [6.3 - 10.6[ 36.7% 8.4x 11.2x 6

15.9x 52% [6.9 - 12.1[ 27.3% 11.5x 13.2x 6

23.0x 57% [10.8 - 21.7[ 41.9% 16.8x 16.8x 5

2.3x 60% [2.1 - 2.8[ 30.4% 2.2x 2.3x 5

33 / 71

IMGR SE – MARCH 2006 55. Health Care Supplies Manufacturers of health care supplies and medical products not classified elsewhere. Includes eye care products. Table 55

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

47 9 4 34 0.11x 1.69x 2.76x 3.46x 6.68x

47 8 11 28 1.4x 10.7x 12.4x 13.9x 29.7x

47 8 16 23 1.3x 12.8x 15.5x 18.0x 32.6x

47 8 14 25 10.4x 20.2x 29.6x 34.2x 56.8x

47 8 3 36 0.2x 1.8x 3.2x 4.7x 11.0x

2.72x 57% [2.18 - 3.27[ 35.3% 2.60x 2.60x 8

13.5x 44% [11.4 - 13.5[ 28.6% 12.3x 13.5x 7

15.7x 41% [15.2 - 18.8[ 34.8% 16.0x 15.7x 8

28.8x 37% [28.8 - 38.4[ 40.0% 32.3x 28.8x 7

3.7x 69% [1.8 - 3.5[ 30.6% 2.4x 2.4x 3

Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

56. Heavy Electrical Equipment Manufacturers of power-generating equipment and other heavy electrical equipment, including power turbines, heavy electrical machinery intended for fixed-use and large electrical systems. Excludes cables and wires, classified in the Electrical Components & Equipment sub-industry. Table 56 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

Copyright © 2006 Valmetrics

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

29 3 6 20 0.08x 0.76x 1.25x 1.58x 3.71x

29 2 11 16 0.1x 6.6x 10.5x 15.2x 28.0x

29 2 12 15 0.1x 7.9x 17.8x 23.2x 33.4x

29 1 14 14 0.1x 9.7x 19.4x 25.9x 44.7x

29 2 4 23 0.0x 1.3x 2.4x 3.9x 8.3x

1.33x 70% [0.6 - 1.2[ 30.0% 1.20x 1.25x 7

10.9x 70% [6.8 - 13.6[ 43.8% 10.2x 10.5x 8

16.0x 67% [0 - 12.4[ 40.0% 12.4x 17.8x 4

19.7x 72% [0 - 13.5[ 42.9% 11.6x 19.4x 2

2.8x 70% [1.8 - 3.6[ 39.1% 2.5x 2.4x 5

34 / 71

IMGR SE – MARCH 2006

57. Highways & Railtracks Owners and operators of roads, tunnels and railtracks. Table 57

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

39 4 6 29

39 4 6 29

39 4 7 28

39 2 5 32

39 2 3 34

2.57x 5.12x 7.39x 8.20x 13.07x

4.0x 7.9x 10.3x 12.8x 22.9x

4.7x 10.5x 13.4x 18.2x 22.8x

1.9x 12.9x 17.7x 26.9x 46.2x

0.2x 1.2x 1.6x 2.1x 3.8x

7.10x 38% [5.82 - 7.82[ 37.9% 6.98x 7.10x 8

11.0x 44% [7.1 - 10.3[ 27.6% 10.3x 11.0x 9

14.3x 35% [8.7 - 13.7[ 39.3% 11.9x 14.3x 7

19.9x 52% [8.9 - 17.7[ 37.5% 14.3x 14.3x 5

1.8x 47% [0.8 - 1.4[ 29.4% 1.3x 1.8x 5

Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

58. Home Entertainment Software Manufacturers of home entertainment software and educational software used primarily in the home. Table 58 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

Copyright © 2006 Valmetrics

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

22 4 4 14

22 4 3 15

22 4 5 13

22 4 9 9

22 4 3 15

0.03x 0.58x 0.82x 1.43x 2.12x

0.2x 3.3x 6.6x 11.4x 17.3x

0.2x 6.0x 15.2x 19.8x 35.6x

5.4x 10.4x 23.2x 29.4x 32.0x

0.0x 1.2x 1.7x 2.5x 4.4x

0.99x 64% [0.02 - 0.72[ 35.7% 0.72x 0.82x 5

7.1x 74% [0 - 6.6[ 46.7% 5.1x 6.6x 5

14.5x 68% [11.7 - 23.4[ 46.2% 13.6x 15.2x 7

19.8x 50% [18.7 - 36.9[ 55.6% 21.7x 19.8x 6

1.9x 57% [1.1 - 2.2[ 33.3% 2.2x 1.7x 5

35 / 71

IMGR SE – MARCH 2006

59. Home Furnishings Manufacturers of soft home furnishings or furniture, including upholstery, carpets and wallcoverings. Table 59 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

61 2 7 52 0.07x 0.44x 0.67x 0.91x 1.73x

61 2 14 45 0.0x 5.3x 8.0x 8.8x 14.6x

61 2 19 40 2.6x 8.9x 10.6x 13.5x 19.5x

61 2 19 40 2.8x 10.3x 15.3x 18.4x 30.1x

61 2 7 52 0.0x 1.0x 1.5x 2.0x 3.2x

0.70x 53% [0.26 - 0.52[ 26.9% 0.47x 0.70x 5

7.4x 42% [7.8 - 9.7[ 33.3% 8.5x 7.4x 8

11.0x 34% [9.7 - 12.4[ 32.5% 10.5x 11.0x 9

15.0x 41% [11.7 - 16.4[ 32.5% 13.3x 15.0x 8

1.6x 52% [1.1 - 1.6[ 30.8% 1.4x 1.6x 5

60. Homebuilding Residential construction companies. Includes manufacturers of prefabricated houses and semi-fixed manufactured homes. Table 60 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

Copyright © 2006 Valmetrics

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

62 18 7 37 0.29x 0.72x 0.90x 1.12x 2.17x

62 20 6 36 2.4x 5.8x 7.1x 10.6x 19.9x

62 18 11 33 2.4x 5.8x 6.6x 9.3x 21.0x

62 12 11 39 4.3x 6.7x 8.9x 11.0x 29.3x

62 12 8 42 0.6x 1.4x 1.8x 2.1x 4.2x

0.96x 47% [0.74 - 0.99[ 27.0% 0.93x 0.96x 8

8.7x 50% [4 - 6.8[ 41.7% 6.0x 6.0x 4

8.3x 52% [4.1 - 6.2[ 30.3% 6.2x 6.6x 6

10.4x 55% [6.5 - 9.1[ 35.9% 8.0x 8.0x 6

1.9x 41% [1.7 - 2.1[ 38.1% 1.9x 1.9x 5

36 / 71

IMGR SE – MARCH 2006 61. Home Improvement Retail Owners and operators of home and garden improvement retail stores. Includes stores offering building materials and supplies. Table 61 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

20 3 2 15 0.45x 0.50x 0.67x 1.07x 2.26x

20 3 1 16 3.5x 7.2x 8.0x 9.7x 11.7x

20 3 2 15 8.9x 10.0x 11.0x 12.8x 16.2x

20 3 3 14 3.5x 11.5x 13.9x 15.9x 19.3x

20 3 3 14 0.6x 1.1x 1.7x 2.8x 3.9x

0.90x 59% [0.43 - 0.89[ 60.0% 0.73x 0.67x 4

8.3x 26% [6.6 - 8.6[ 37.5% 7.9x 8.3x 9

11.4x 18% [8 - 10.3[ 46.7% 9.5x 11.4x 7

13.1x 31% [13.3 - 17[ 42.9% 14.5x 13.1x 8

2.0x 56% [0.2 - 1.6[ 42.9% 1.4x 1.7x 4

62. Hotels, Resorts & Cruise Lines Owners and operators of hotels, resorts and cruise-ships. Includes travel agencies, tour operators and related services not classified elsewhere. Excludes casino-hotels classified in the Casinos & Gaming sub-industry. Table 62 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

Copyright © 2006 Valmetrics

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

107 18 21 68 0.07x 1.37x 2.48x 3.67x 7.41x

107 19 24 64 3.0x 7.6x 11.1x 15.6x 28.4x

107 18 26 63 3.9x 11.8x 18.0x 25.4x 49.4x

107 14 31 62 1.3x 15.2x 20.9x 30.4x 63.7x

107 15 17 75 0.3x 1.0x 1.7x 2.6x 4.5x

2.72x 67% [1.13 - 2.26[ 25.0% 2.26x 2.48x 8

11.9x 47% [5.7 - 9.7[ 31.3% 9.0x 11.9x 5

19.5x 53% [9.6 - 16.4[ 28.6% 15.6x 19.5x 7

23.9x 59% [15.4 - 23[ 33.9% 18.8x 20.9x 5

1.8x 60% [0.1 - 0.8[ 24.0% 0.8x 1.7x 3

37 / 71

IMGR SE – MARCH 2006 63. Household Appliances Manufacturers of electric household appliances and related products. Includes manufacturers of power and hand tools, including garden improvement tools. Excludes TVs and other audio and video products classified in the Consumer Electronics sub-industry and personal computers classified in the Computer Hardware sub-industry. Table 63 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

68 3 12 53 0.11x 0.36x 0.48x 0.94x 1.86x

68 4 13 51 3.3x 5.3x 6.9x 9.2x 16.2x

68 3 17 48 5.0x 8.9x 10.0x 14.3x 24.9x

68 3 19 46 5.0x 11.1x 15.1x 24.7x 57.3x

68 3 11 54 0.1x 0.7x 1.1x 2.6x 5.8x

0.65x 64% [0.37 - 0.68[ 34.0% 0.43x 0.43x 4

7.6x 40% [4.5 - 6.6[ 27.5% 6.0x 7.6x 7

11.7x 42% [7.5 - 10.5[ 45.8% 9.0x 9.0x 5

19.9x 69% [12.1 - 19.7[ 34.8% 14.4x 14.4x 4

1.8x 80% [0 - 1[ 50.0% 0.6x 0.6x 2

64. Household Products Producers of non-durable household products, including detergents, soaps, diapers and other tissue and household paper products not classified in the Paper Products sub-industry. Table 64 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

Copyright © 2006 Valmetrics

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

27 2 5 20 0.17x 0.82x 1.46x 2.22x 3.05x

27 2 7 18 4.4x 6.8x 9.2x 11.4x 13.0x

27 2 7 18 8.0x 10.6x 12.4x 14.6x 21.0x

27 2 9 16 7.4x 14.1x 17.0x 20.5x 24.6x

27 2 9 16 0.4x 1.1x 2.5x 3.9x 7.0x

1.58x 58% [0.07 - 1.1[ 35.0% 1.10x 1.58x 5

9.1x 31% [7 - 10.4[ 38.9% 9.3x 9.1x 8

12.8x 26% [9.9 - 13[ 33.3% 13.0x 12.8x 8

16.7x 29% [16 - 21.2[ 37.5% 17.3x 16.7x 8

2.6x 69% [0.4 - 2.6[ 50.0% 2.4x 2.5x 5

38 / 71

IMGR SE – MARCH 2006 65. Housewares & Specialities Manufacturers of durable household products, including cutlery, cookware, glassware, crystal, silverware, utensils, kitchenware and consumer specialties not classified elsewhere. Table 65 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

42 0 5 37 0.14x 0.53x 0.71x 1.21x 2.58x

42 1 12 29 1.8x 4.8x 6.9x 9.5x 15.5x

42 0 15 27 2.3x 6.8x 9.2x 14.1x 24.8x

42 0 18 24 5.4x 9.4x 14.5x 18.7x 31.7x

42 0 6 36 0.2x 1.0x 1.2x 2.0x 4.2x

0.93x 64% [0.41 - 0.81[ 40.5% 0.62x 0.62x 4

7.2x 47% [4.1 - 7.1[ 37.9% 6.1x 7.2x 7

11.0x 54% [6.3 - 11.1[ 40.7% 8.7x 9.2x 4

14.3x 43% [8.8 - 15.3[ 50.0% 12.1x 14.3x 6

1.7x 65% [0.7 - 1.3[ 41.7% 1.1x 1.1x 3

66. Hypermarkets & Super Centers Owners and operators of hypermarkets and super centers selling food and a wide-range of consumer staple products. Excludes Food and Drug Retailers classified in the Food Retail and Drug Retail sub-industries, respectively. Table 66 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

Copyright © 2006 Valmetrics

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

20 1 1 18 0.14x 0.30x 0.36x 0.50x 0.60x

20 2 3 15 5.2x 6.7x 7.0x 8.3x 11.0x

20 1 2 17 8.8x 9.9x 11.1x 14.7x 23.0x

20 1 3 16 9.8x 12.2x 17.7x 20.2x 27.4x

20 1 0 19 0.5x 1.3x 2.3x 3.3x 5.0x

0.39x 32% [0.29 - 0.45[ 44.4% 0.39x 0.39x 8

7.6x 20% [6.1 - 7.4[ 53.3% 6.9x 7.6x 9

13.1x 31% [8.4 - 12.1[ 58.8% 10.6x 13.1x 6

17.4x 31% [9.1 - 15.4[ 37.5% 15.4x 17.4x 8

2.5x 53% [0 - 1.5[ 31.6% 1.3x 2.5x 3

39 / 71

IMGR SE – MARCH 2006 67. Industrial Conglomerates Diversified industrial companies with business activities in three or more sectors, none of which contributes a majority of revenues. Stakes held are predominantly of a controlling nature and stake holders maintain an operational interest in the running of the subsidiaries. Table 67

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

105 19 11 75 0.29x 0.74x 1.56x 2.89x 5.73x

105 21 17 67 3.0x 7.1x 10.0x 15.0x 34.2x

105 19 24 62 5.4x 10.0x 14.9x 20.9x 42.6x

105 14 22 69 0.1x 10.7x 19.6x 33.3x 73.0x

105 14 10 81 0.0x 1.0x 1.4x 2.5x 4.9x

1.95x 73% [0 - 1.02[ 37.3% 0.77x 0.77x 2

12.0x 59% [5 - 8.9[ 35.8% 7.4x 7.4x 3

16.6x 51% [10.2 - 15.7[ 27.4% 11.6x 14.9x 4

24.0x 69% [0 - 11[ 26.1% 11.0x 19.6x 2

1.9x 62% [0.7 - 1.3[ 35.8% 1.1x 1.1x 3

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

9 2 1 6

9 1 2 6

9 1 2 6

9 1 2 6

9 1 1 7

1.11x 1.52x 1.83x 2.22x 2.34x

6.8x 7.9x 10.0x 10.9x 11.5x

14.6x 16.2x 17.2x 17.6x 19.5x

20.0x 21.2x 24.5x 28.2x 30.0x

1.8x 1.9x 3.1x 3.4x 3.9x

1.81x 27% [0.95 - 1.73[ 50.0% 1.73x 1.81x 8

9.5x 21% [9.2 - 12.5[ 66.7% 10.3x 9.5x 8

17.0x 10% [17.1 - 18.6[ 50.0% 17.9x 17.0x 8

24.8x 17% [17.3 - 25[ 50.0% 25.0x 24.8x 8

2.8x 31% [2.8 - 4.3[ 57.1% 3.1x 2.8x 5

Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

68. Industrial Gases Manufacturers of industrial gases. Table 68 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

Copyright © 2006 Valmetrics

40 / 71

IMGR SE – MARCH 2006 69. Industrial Machinery Manufacturers of industrial machinery and industrial components. Includes companies that manufacture presses, machine tools, compressors, pollution control equipment, elevators, escalators, insulators, pumps, roller bearings and other metal fabrications. Table 69 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

343 48 40 255 0.03x 0.53x 0.92x 1.42x 3.08x

343 49 63 231 0.1x 6.4x 9.4x 12.3x 24.0x

343 48 77 218 0.2x 9.5x 13.4x 17.7x 36.2x

343 48 92 203 0.0x 12.6x 19.8x 30.0x 71.3x

343 48 40 255 0.0x 1.2x 1.9x 3.0x 6.1x

1.07x 62% [0.3 - 0.58[ 20.4% 0.52x 0.92x 3

9.7x 49% [5.8 - 7.8[ 19.9% 7.0x 9.7x 6

14.1x 45% [8.2 - 10.9[ 17.4% 10.9x 14.1x 6

22.9x 60% [11.9 - 17.9[ 23.2% 15.1x 19.8x 4

2.2x 60% [1.7 - 2.3[ 20.4% 1.8x 1.9x 5

70. Integrated Oil & Gas Integrated oil companies engaged in the exploration & production of oil and gas, as well as at least one other significant activity in either refining, marketing and transportation, or chemicals. Table 70 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

Copyright © 2006 Valmetrics

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

31 3 1 27 0.43x 0.97x 1.38x 1.90x 3.43x

31 3 4 24 3.5x 5.8x 6.5x 8.1x 11.9x

31 3 2 26 1.2x 7.6x 9.2x 11.8x 22.0x

31 3 3 25 9.1x 12.3x 13.2x 15.6x 20.5x

31 3 2 26 0.3x 2.1x 3.1x 3.6x 4.3x

1.54x 51% [1.01 - 1.62[ 33.3% 1.42x 1.54x 8

7.1x 28% [4.5 - 6.1[ 29.2% 6.1x 7.1x 8

10.1x 40% [5.9 - 8.8[ 38.5% 8.1x 10.1x 6

14.2x 21% [11.4 - 13.7[ 36.0% 13.0x 14.2x 8

2.8x 37% [2.3 - 3.4[ 34.6% 3.4x 2.8x 5

41 / 71

IMGR SE – MARCH 2006

71. Integrated Telecommunication Services Operators of primarily fixed-line telecommunications networks and companies providing both wireless and fixed-line telecommunications services not classified elsewhere. Table 71 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

91 16 11 64 0.10x 1.20x 1.99x 2.45x 3.94x

91 13 19 59 2.3x 3.9x 5.7x 7.0x 10.6x

91 13 26 52 3.3x 8.8x 10.7x 13.8x 22.3x

91 12 30 49 0.3x 11.3x 15.6x 19.2x 43.8x

91 12 17 62 0.0x 1.2x 1.9x 2.6x 4.6x

1.90x 50% [1.87 - 2.5[ 31.3% 2.20x 1.90x 8

5.7x 37% [4.9 - 6.4[ 35.6% 5.6x 5.7x 9

11.0x 38% [7.4 - 10.1[ 28.8% 9.6x 11.0x 8

16.8x 59% [12.9 - 17.2[ 28.6% 14.1x 16.8x 8

2.0x 58% [2.1 - 2.8[ 25.8% 2.2x 2.0x 5

72. Internet Retail Companies providing retail services primarily on the internet, not classified elsewhere. Table 72 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

Copyright © 2006 Valmetrics

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

19 6 3 10 0.21x 1.00x 1.60x 2.17x 2.95x

19 7 7 5 nm nm nm nm nm

19 6 9 4 nm nm nm nm nm

19 6 9 4 nm nm nm nm nm

19 6 5 8 1.0x 2.2x 2.5x 3.4x 5.4x

1.55x 56% [0 - 1.09[ 40.0% 0.88x 1.55x 3

nm nm nm nm nm nm na

nm nm nm nm nm nm na

nm nm nm nm nm nm na

2.8x 51% [2 - 3.2[ 37.5% 2.6x 2.8x 5

42 / 71

IMGR SE – MARCH 2006 73. Internet Software & Services Companies developing and marketing internet software and/or providing internet services including online databases and interactive services, web address registration services, database construction and internet design services. Excludes companies classified in the Internet Retail sub-industry. Table 73 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

205 47 26 132 0.13x 0.83x 1.36x 2.78x 8.34x

205 46 71 88 0.0x 5.7x 12.8x 26.4x 62.7x

205 44 94 67 0.0x 7.6x 13.9x 27.3x 63.8x

205 42 98 65 0.4x 16.0x 27.2x 42.1x 117.5x

205 43 24 138 0.0x 1.4x 2.5x 4.9x 10.9x

2.18x 90% [0.8 - 1.56[ 29.5% 0.98x 1.36x 2

17.5x 84% [0 - 9.3[ 36.4% 6.3x 6.3x 1

18.8x 83% [0 - 9.7[ 31.3% 8.9x 8.9x 1

34.1x 76% [13 - 26[ 24.6% 26.0x 27.2x 5

3.3x 75% [1.3 - 2.7[ 28.3% 1.7x 2.5x 3

74. IT Consulting & Other Services Providers of information technology and systems integration services not classified in the Data Processing & Outsourced Services or Internet Software & Services sub-industries. Includes information technology consulting and information management services. Table 74 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

Copyright © 2006 Valmetrics

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

227 43 37 147 0.01x 0.41x 0.83x 1.23x 2.73x

227 44 69 114 0.7x 8.2x 11.6x 15.7x 31.0x

227 42 86 99 0.1x 11.4x 18.2x 24.9x 46.9x

227 41 105 81 1.4x 16.5x 23.5x 36.3x 72.8x

227 41 47 139 0.1x 1.6x 2.3x 3.4x 6.3x

0.89x 68% [0.31 - 0.62[ 23.1% 0.46x 0.83x 3

12.4x 48% [6.5 - 9.7[ 22.8% 9.5x 12.4x 5

19.1x 52% [5.9 - 11.8[ 25.3% 10.7x 19.1x 3

27.3x 55% [18.8 - 27.9[ 25.9% 20.8x 23.5x 5

2.6x 56% [2 - 2.7[ 20.1% 2.2x 2.3x 5

43 / 71

IMGR SE – MARCH 2006

75. Leisure Facilities Owners and operators of leisure facilities, including sport and fitness centers, stadiums, golf courses and amusement parks not classified in the Movies & Entertainment sub-industry. Table 75 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

42 3 4 35 0.21x 1.45x 2.61x 3.85x 6.93x

42 3 9 30 3.1x 7.0x 9.4x 14.1x 28.3x

42 3 15 24 6.0x 11.6x 14.6x 20.9x 39.3x

42 2 15 25 8.9x 14.9x 20.1x 29.1x 57.3x

42 2 5 35 0.4x 1.1x 1.4x 3.3x 6.5x

2.81x 61% [1.46 - 2.93[ 31.4% 2.20x 2.81x 7

11.5x 53% [6.5 - 11.1[ 36.7% 8.8x 9.4x 5

17.2x 53% [9.8 - 16.2[ 45.8% 13.7x 14.6x 4

25.4x 58% [8.8 - 18.5[ 36.0% 18.5x 20.1x 3

2.1x 70% [0.1 - 1.4[ 51.4% 0.9x 0.9x 2

76. Leisure Products Manufacturers of leisure products and equipment including sports equipment, bicycles and toys. Table 76 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

Copyright © 2006 Valmetrics

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

62 8 3 51 0.09x 0.49x 0.77x 1.46x 2.95x

62 8 12 42 2.6x 6.9x 9.6x 13.3x 26.7x

62 8 14 40 4.3x 10.3x 14.2x 22.8x 39.2x

62 8 17 37 1.3x 15.1x 19.7x 33.2x 83.3x

62 8 5 49 0.0x 1.0x 1.9x 3.9x 7.7x

0.99x 68% [0.52 - 1.04[ 37.3% 0.67x 0.67x 4

11.1x 54% [9.1 - 12.8[ 28.6% 9.8x 9.6x 8

16.0x 54% [3.6 - 10.8[ 32.5% 10.8x 14.2x 4

25.7x 66% [10.9 - 21.8[ 45.9% 16.6x 16.6x 2

2.7x 76% [0 - 1.6[ 34.7% 1.5x 1.5x 3

44 / 71

IMGR SE – MARCH 2006

77. Managed Health Care Owners and operators of Health Maintenance Organizations (HMOs) and other managed plans. Table 77

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum

14 7 2 5 nm nm nm nm nm

14 7 1 6 0.5x 2.8x 8.3x 11.1x 16.6x

14 7 1 6 0.5x 2.9x 9.7x 13.1x 18.1x

14 3 5 6 21.1x 24.1x 24.9x 26.8x 28.9x

14 3 4 7 2.4x 3.0x 3.3x 3.4x 3.8x

Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

nm nm nm nm nm nm na

7.8x 79% [0 - 9.1[ 50.0% 9.1x 8.3x 7

8.8x 79% [0 - 11.2[ 50.0% 11.2x 9.7x 5

25.2x 11% [23.6 - 26.5[ 50.0% 25.5x 25.2x 8

3.2x 15% [3.1 - 3.5[ 57.1% 3.3x 3.2x 5

78. Marine Companies providing goods or passenger maritime transportation. Excludes cruise-ships classified in the Hotels, Resorts & Cruise Lines sub-industry. Table 78 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

Copyright © 2006 Valmetrics

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

59 9 8 42 0.08x 0.98x 1.54x 2.21x 4.10x

59 10 9 40 0.6x 4.5x 6.3x 8.9x 17.9x

59 9 10 40 1.6x 5.8x 9.0x 18.9x 41.3x

59 9 12 38 2.3x 4.6x 8.8x 16.8x 35.5x

59 9 9 41 0.4x 1.1x 1.5x 2.2x 4.4x

1.67x 55% [0.71 - 1.42[ 33.3% 1.23x 1.67x 6

7.2x 55% [5.4 - 8[ 32.5% 5.7x 6.3x 7

13.4x 81% [0 - 7.7[ 35.0% 7.7x 7.7x 3

11.2x 75% [0.8 - 8.1[ 44.7% 5.9x 5.9x 1

1.8x 55% [0.8 - 1.5[ 39.0% 1.3x 1.3x 5

45 / 71

IMGR SE – MARCH 2006 79. Marine Ports & Services Owners and operators of marine ports and related services. Table 79

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

35 1 2 32 0.49x 2.01x 3.69x 5.17x 10.09x

35 1 6 28 2.4x 8.1x 10.5x 13.3x 18.8x

35 1 8 26 2.8x 10.9x 15.4x 17.9x 27.7x

35 0 10 25 7.0x 17.8x 18.6x 23.4x 32.0x

35 0 0 35 0.6x 1.6x 2.1x 3.0x 4.9x

3.69x 66% [0.32 - 2.31[ 37.5% 1.72x 1.72x 2

10.8x 43% [8.9 - 12.3[ 25.0% 12.3x 10.8x 7

14.7x 42% [15.3 - 20[ 30.8% 16.1x 14.7x 8

19.5x 30% [17.6 - 21.4[ 36.0% 20.5x 19.5x 8

2.4x 45% [1.1 - 1.9[ 37.1% 1.7x 2.4x 5

Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

80. Metal & Glass Containers Manufacturers of metal, glass or plastic containers. Includes corks and caps. Table 80 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

Copyright © 2006 Valmetrics

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

60 9 10 41

60 9 13 38

60 9 13 38

60 9 16 35

60 9 12 39

0.23x 0.52x 0.77x 1.10x 1.92x

0.9x 3.9x 6.4x 8.1x 11.0x

1.0x 6.4x 11.5x 13.8x 25.1x

0.5x 7.3x 15.0x 20.1x 29.5x

0.1x 0.7x 1.1x 1.8x 2.6x

0.88x 53% [0.41 - 0.74[ 29.3% 0.74x 0.77x 8

6.2x 44% [2.5 - 4.9[ 28.9% 4.4x 6.2x 4

10.9x 52% [8.8 - 13.3[ 31.6% 12.0x 10.9x 8

14.2x 55% [15.7 - 23.6[ 37.1% 18.1x 18.1x 6

1.3x 53% [1.3 - 2[ 30.8% 1.5x 1.1x 5

46 / 71

IMGR SE – MARCH 2006 81. Motorcycle Manufacturers Companies that produce motorcycles, scooters or three-wheelers. Excludes bicycles classified in the Leisure Products sub-industry. Table 81

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

16 1 4 11 0.29x 0.84x 1.16x 2.01x 3.30x

16 2 6 8 5.7x 8.6x 13.8x 24.7x 31.5x

16 1 7 8 7.8x 19.1x 42.8x 94.7x 174.9x

16 1 5 10 7.5x 23.7x 90.4x 144.4x 194.7x

16 0 5 11 1.0x 1.2x 1.8x 3.6x 4.8x

1.47x 74% [0.21 - 1.27[ 72.7% 0.74x 1.16x 1

16.8x 64% [2.5 - 18.6[ 62.5% 14.0x 13.8x 4

68.0x 102% [0 - 75.5[ 75.0% 37.8x 42.8x 1

89.2x 74% [0 - 112.1[ 60.0% 84.0x 90.4x 8

2.4x 60% [0.8 - 2.9[ 63.6% 2.2x 1.8x 4

Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

82. Movies & Entertainment Companies that engage in producing and selling entertainment products and services, including companies engaged in the production, distribution and screening of movies and television shows, producers and distributors of music, entertainment theatres and sports teams. Table 82 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

Copyright © 2006 Valmetrics

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

95 10 11 74 0.05x 0.58x 1.12x 1.90x 4.16x

95 9 19 67 0.2x 4.2x 6.3x 12.3x 25.0x

95 9 43 43 0.2x 7.4x 13.8x 17.8x 34.5x

95 8 39 48 0.5x 10.2x 15.6x 24.3x 55.8x

95 8 18 69 0.1x 1.1x 1.6x 2.1x 4.6x

1.26x 68% [0.63 - 1.26[ 32.4% 0.77x 0.77x 3

8.2x 72% [4 - 8[ 40.3% 5.4x 5.4x 4

14.1x 62% [11.9 - 17.9[ 32.6% 13.7x 13.7x 9

18.9x 70% [7.8 - 15.5[ 31.3% 13.2x 13.2x 4

1.8x 53% [1.6 - 2.1[ 23.2% 1.7x 1.6x 5

47 / 71

IMGR SE – MARCH 2006

83. Multi-Utilities & Unregulated Power Utility companies with significantly diversified activities in the Electric Utilities, Gas Utilities and/or Water Utilities sub-industries not classified elsewhere. Includes unregulated independent power producers and distributors. Table 83 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

58 5 3 50 0.63x 1.47x 1.77x 2.26x 3.66x

58 5 6 47 3.8x 7.8x 9.1x 10.1x 14.1x

58 5 8 45 9.8x 12.4x 14.4x 16.6x 24.4x

58 3 8 47 1.6x 14.8x 17.1x 23.0x 40.0x

58 2 8 48 0.2x 1.4x 1.6x 1.9x 2.8x

1.86x 36% [1.72 - 2.15[ 28.0% 1.76x 1.86x 8

9.1x 24% [8.9 - 10.3[ 29.8% 9.2x 9.1x 10

14.9x 24% [11.2 - 13.6[ 28.9% 13.6x 14.9x 10

19.6x 41% [13.9 - 18.5[ 42.6% 16.2x 16.2x 7

1.6x 33% [1.4 - 1.7[ 31.3% 1.6x 1.6x 5

84. Office Electronics Manufacturers of office electronic equipment including copiers and faxes. Table 84 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

Copyright © 2006 Valmetrics

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

11 4 1 6 0.46x 0.77x 1.05x 1.43x 1.67x

11 4 1 6 8.0x 8.6x 9.6x 11.5x 22.1x

11 4 2 5 nm nm nm nm nm

11 4 1 6 9.3x 15.0x 18.3x 23.7x 55.1x

11 4 0 7 1.0x 1.4x 1.9x 3.2x 5.1x

1.08x 44% [0.34 - 1.07[ 50.0% 1.07x 1.08x 8

11.6x 46% [6.8 - 10.1[ 50.0% 9.3x 11.6x 6

nm nm nm nm nm nm na

23.4x 70% [8.2 - 17.8[ 50.0% 15.4x 18.3x 3

2.5x 61% [0.1 - 2.1[ 57.1% 1.4x 1.9x 2

48 / 71

IMGR SE – MARCH 2006

85. Office Services & Supplies Providers of office services and manufacturers of office supplies and equipment not classified elsewhere. Table 85 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

56 14 7 35 0.19x 0.39x 0.48x 0.84x 2.16x

56 15 13 28 2.2x 5.8x 7.7x 10.6x 14.9x

56 14 18 24 4.0x 10.1x 11.6x 14.8x 24.8x

56 14 24 18 5.4x 13.9x 18.0x 22.6x 38.1x

56 14 9 33 0.0x 0.9x 1.2x 2.0x 4.0x

0.70x 72% [0.35 - 0.63[ 48.6% 0.48x 0.48x 4

8.0x 44% [3.8 - 7[ 32.1% 6.5x 8.0x 6

12.4x 40% [9.5 - 12.8[ 37.5% 11.8x 12.4x 8

18.5x 45% [18.4 - 25.1[ 33.3% 19.7x 18.5x 8

1.6x 67% [0.7 - 1.4[ 45.5% 1.1x 1.1x 4

86. Oil & Gas Drilling Drilling contractors or owners of drilling rigs that contract their services for drilling wells Table 86 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

Copyright © 2006 Valmetrics

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

25 6 4 15

25 6 3 16

25 5 4 16

25 5 7 13

25 5 5 15

1.09x 3.18x 4.15x 6.15x 9.16x

3.1x 11.4x 14.5x 20.5x 33.4x

6.0x 17.9x 26.7x 41.1x 59.0x

9.1x 24.6x 35.4x 43.4x 77.1x

2.5x 3.1x 3.3x 4.3x 5.6x

4.74x 53% [2.72 - 5.13[ 46.7% 3.79x 4.15x 6

16.6x 50% [7.4 - 14.6[ 43.8% 12.2x 16.6x 5

29.6x 56% [23.3 - 41.7[ 43.8% 27.0x 26.7x 8

36.9x 53% [19.2 - 35.1[ 30.8% 35.1x 36.9x 8

3.6x 24% [3 - 4[ 46.7% 3.6x 3.6x 5

49 / 71

IMGR SE – MARCH 2006 87. Oil & Gas Equipment & Services Manufacturers of equipment, including drilling rigs and equipment, and providers of supplies and services to companies involved in the drilling, evaluation and completion of oil and gas wells. Table 87 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

87 25 1 61 0.04x 1.49x 2.59x 4.07x 7.62x

87 25 3 59 0.5x 9.6x 13.7x 19.2x 32.5x

87 24 12 51 0.7x 15.1x 21.8x 30.6x 51.0x

87 24 18 45 1.1x 17.4x 32.7x 45.6x 77.4x

87 24 4 59 0.3x 1.9x 3.3x 5.1x 8.5x

2.95x 60% [1.31 - 2.62[ 32.8% 2.00x 2.59x 5

14.9x 50% [4.9 - 9.9[ 25.4% 9.9x 14.9x 5

23.1x 51% [8.4 - 16.8[ 27.5% 16.0x 23.1x 6

34.7x 58% [31.7 - 47.6[ 28.9% 36.0x 34.7x 8

3.6x 56% [1.6 - 3.3[ 33.9% 2.7x 3.6x 5

88. Oil & Gas Exploration & Production Companies engaged in the exploration and production of oil and gas not classified elsewhere. Table 88 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

Copyright © 2006 Valmetrics

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

177 51 23 103 0.05x 4.16x 5.13x 6.56x 12.57x

177 50 34 93 2.4x 6.5x 8.5x 10.1x 19.6x

177 44 37 96 3.3x 11.5x 15.4x 22.2x 41.1x

177 44 40 93 7.4x 14.5x 21.5x 30.4x 66.4x

177 42 10 125 0.6x 2.1x 3.1x 4.5x 8.2x

5.31x 45% [4.1 - 5.12[ 26.2% 4.86x 5.31x 8

8.6x 41% [8.6 - 10.2[ 25.8% 9.2x 8.6x 10

16.9x 51% [10.5 - 15.2[ 25.0% 13.3x 16.9x 6

24.1x 56% [12.3 - 19.3[ 33.3% 16.6x 21.5x 4

3.4x 50% [2.5 - 3.4[ 24.0% 2.6x 3.4x 5

50 / 71

IMGR SE – MARCH 2006

89. Oil & Gas Refining, Marketing & Transportation Companies engaged in the refining, marketing, processing and/or transportation of oil, gas and/or refined products not classified in the Integrated Oil & Gas sub-industry. Includes diversified midstream natural gas companies facing competitive markets. Table 89

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

43 2 11 30 0.12x 0.33x 0.56x 1.04x 2.32x

43 3 12 28 1.3x 7.1x 9.3x 13.6x 17.1x

43 2 14 27 1.7x 9.0x 12.6x 18.4x 31.1x

43 2 12 29 3.0x 10.3x 17.1x 33.5x 69.4x

43 2 12 29 0.6x 2.2x 2.7x 3.3x 4.9x

0.78x 82% [0.07 - 0.53[ 46.7% 0.39x 0.56x 2

10.2x 43% [4.9 - 9.2[ 39.3% 8.2x 10.2x 5

13.3x 50% [7 - 13.3[ 44.4% 10.4x 13.3x 5

23.3x 76% [0 - 15.1[ 44.8% 10.3x 17.1x 1

2.6x 41% [2.4 - 3.1[ 31.0% 2.8x 2.6x 5

Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

90. Packaged Foods & Meats Producers of packaged foods including dairy products, fruit juices, meats, poultry, fish and pet foods. Table 90 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

Copyright © 2006 Valmetrics

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

263 24 45 194 0.04x 0.49x 0.91x 1.43x 2.91x

263 28 66 169 0.9x 6.2x 8.6x 11.4x 20.2x

263 23 77 163 0.3x 9.3x 12.7x 16.3x 31.8x

263 23 73 167 0.1x 10.7x 17.7x 25.1x 50.8x

263 20 45 198 0.0x 1.0x 1.6x 2.6x 5.4x

1.04x 64% [0.34 - 0.67[ 23.7% 0.57x 0.91x 4

9.0x 42% [7.7 - 9.6[ 21.9% 8.6x 9.0x 9

13.6x 46% [10.2 - 12.8[ 22.1% 12.1x 13.6x 8

18.9x 57% [15.7 - 21[ 21.6% 17.9x 18.9x 8

1.9x 62% [0.6 - 1.1[ 23.2% 1.1x 1.6x 4

51 / 71

IMGR SE – MARCH 2006

91. Paper Packaging Manufacturers of paper and cardboard containers and packaging. Table 91 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

45 3 8 34

45 3 10 32

45 2 14 29

45 2 17 26

45 2 9 34

0.34x 0.68x 0.94x 1.29x 2.51x

4.9x 6.6x 8.1x 9.3x 14.3x

8.8x 10.4x 14.8x 16.8x 39.3x

3.8x 13.6x 17.5x 27.0x 40.8x

0.0x 0.8x 1.4x 1.9x 3.6x

1.07x 48% [0.68 - 1.05[ 35.3% 0.83x 1.07x 7

8.4x 30% [6.2 - 7.9[ 34.4% 7.7x 8.4x 9

16.4x 50% [7.4 - 11.5[ 31.0% 11.1x 16.4x 4

20.6x 48% [9.1 - 18.1[ 50.0% 14.3x 20.6x 4

1.5x 56% [0.7 - 1.4[ 35.3% 1.2x 1.2x 5

92. Paper Products Manufacturers of all grades of paper. Excludes companies specializing in paper packaging classified in the Paper Packaging sub-industry. Table 92 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

Copyright © 2006 Valmetrics

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

94 9 10 75 0.02x 0.67x 1.19x 1.79x 3.49x

94 9 22 63 1.9x 6.6x 8.4x 11.0x 20.4x

94 9 28 57 2.3x 9.4x 15.8x 21.0x 37.6x

94 9 37 48 3.5x 9.2x 13.2x 20.9x 43.3x

94 9 9 76 0.0x 0.7x 1.1x 1.4x 2.6x

1.30x 63% [0.53 - 1.06[ 25.3% 0.83x 1.19x 5

8.8x 43% [10.1 - 12.3[ 20.6% 10.4x 8.8x 6

16.4x 52% [7.9 - 13.9[ 31.6% 11.7x 16.4x 5

16.1x 60% [7.3 - 13.7[ 39.6% 10.4x 10.4x 2

1.1x 50% [0.6 - 0.9[ 21.1% 0.9x 1.1x 5

52 / 71

IMGR SE – MARCH 2006

93. Personal Products Manufacturers of personal and beauty care products, including cosmetics and perfumes. Table 93 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

53 3 8 42

53 3 16 34

53 3 18 32

53 3 22 28

53 3 13 37

0.28x 0.96x 1.48x 2.34x 3.88x

5.7x 8.2x 10.1x 13.9x 20.8x

7.6x 11.1x 14.5x 18.3x 34.7x

0.5x 17.1x 21.1x 25.6x 53.3x

0.5x 1.9x 2.7x 4.2x 9.4x

1.71x 59% [0.89 - 1.68[ 35.7% 1.35x 1.35x 6

11.4x 37% [8 - 11.5[ 44.1% 9.6x 11.4x 7

16.1x 43% [9.9 - 14.4[ 34.4% 12.9x 16.1x 6

23.0x 48% [16.9 - 22.6[ 28.6% 22.6x 23.0x 8

3.1x 64% [1.5 - 2.9[ 29.7% 2.0x 2.7x 4

94. Pharmaceuticals Companies engaged in the research, development or production of pharmaceuticals. Includes veterinary drugs. Table 94 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

Copyright © 2006 Valmetrics

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

200 10 41 149

200 9 56 135

200 7 67 126

200 7 78 115

200 6 41 153

0.21x 1.31x 2.31x 3.70x 7.30x

0.3x 8.8x 11.6x 17.8x 33.4x

0.2x 11.4x 15.0x 24.9x 49.4x

0.8x 17.7x 22.5x 33.4x 80.4x

0.0x 1.4x 2.2x 3.7x 7.4x

2.62x 61% [1.95 - 2.85[ 24.2% 2.05x 2.31x 5

13.4x 52% [7.1 - 10.6[ 27.4% 9.9x 11.6x 5

18.5x 60% [10.7 - 16.1[ 36.5% 13.5x 13.5x 4

28.1x 61% [19.4 - 25.8[ 26.1% 21.5x 22.5x 5

2.6x 60% [0.8 - 1.7[ 28.1% 1.6x 2.2x 3

53 / 71

IMGR SE – MARCH 2006

95. Photographic Products Manufacturers of photographic equipment and related products. Table 95

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

20 0 5 15

20 0 10 10

20 0 8 12

20 0 10 10

20 0 5 15

0.07x 0.68x 1.11x 1.49x 2.87x

4.9x 7.2x 8.9x 10.8x 11.9x

0.2x 10.9x 12.8x 17.2x 22.3x

11.3x 16.6x 21.9x 24.8x 29.3x

0.4x 1.1x 1.8x 3.3x 4.3x

1.14x 61% [0.65 - 1.3[ 40.0% 1.14x 1.11x 8

8.9x 27% [6.7 - 10.1[ 40.0% 10.1x 8.9x 7

13.5x 43% [10.9 - 16.3[ 33.3% 16.3x 13.5x 4

20.8x 30% [16.5 - 24.1[ 50.0% 21.1x 20.8x 8

2.2x 63% [0 - 1.8[ 53.3% 1.2x 1.8x 1

Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

96. Precious Metals & Minerals Companies mining precious metals and minerals not classified in the Gold sub-industry. Includes companies primarily mining platinum. Table 96 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

Copyright © 2006 Valmetrics

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

26 10 4 12

26 5 13 8

26 4 16 6

26 4 16 6

26 4 2 20

0.44x 1.81x 3.78x 4.75x 8.54x

7.9x 11.4x 15.9x 17.9x 34.4x

9.2x 17.2x 17.9x 19.3x 41.0x

16.5x 26.0x 31.2x 37.0x 45.3x

0.7x 2.4x 3.6x 4.8x 7.9x

3.63x 64% [0 - 2.57[ 41.7% 2.14x 3.78x 3

16.8x 49% [11.4 - 17.9[ 50.0% 14.0x 16.8x 6

20.4x 52% [17.2 - 19.5[ 33.3% 18.3x 17.9x 7

31.2x 32% [24.8 - 36.9[ 50.0% 32.9x 31.2x 8

3.8x 54% [1.8 - 3.6[ 30.0% 3.6x 3.8x 5

54 / 71

IMGR SE – MARCH 2006

97. Publishing Publishers of newspapers, magazines and books, and providers of information in print or electronic formats. Table 97 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

125 20 11 94 0.25x 0.95x 1.61x 2.48x 5.03x

125 20 16 89 0.7x 8.0x 9.8x 12.4x 21.4x

125 19 25 81 0.7x 10.4x 14.0x 18.3x 31.2x

125 17 33 75 0.6x 14.2x 19.8x 26.8x 47.0x

125 17 16 92 0.3x 1.6x 2.9x 4.2x 8.7x

1.88x 60% [0.67 - 1.34[ 29.8% 1.16x 1.61x 4

10.4x 38% [8.1 - 10.1[ 21.3% 10.1x 10.4x 10

15.1x 42% [7.3 - 10.9[ 24.7% 10.6x 15.1x 6

22.1x 51% [11.9 - 17.9[ 28.0% 16.5x 22.1x 5

3.0x 58% [1.2 - 2.3[ 29.3% 2.0x 3.0x 5

98. Railroads Companies providing primarily goods and passenger rail transportation. Table 98 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

Copyright © 2006 Valmetrics

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

22 2 3 17

22 2 7 13

22 2 3 17

22 2 3 17

22 2 2 18

0.27x 1.34x 2.80x 3.27x 6.90x

6.3x 8.9x 9.3x 10.4x 15.8x

5.4x 13.8x 15.8x 21.2x 31.1x

7.6x 18.1x 22.4x 28.2x 38.2x

0.4x 1.5x 2.2x 3.4x 4.7x

2.87x 65% [0 - 1.5[ 29.4% 1.50x 2.80x 2

10.0x 24% [8.5 - 9.8[ 38.5% 9.3x 10.0x 8

17.7x 40% [9.6 - 15.4[ 29.4% 15.4x 17.7x 8

23.3x 36% [15.1 - 22.9[ 41.2% 20.7x 23.3x 8

2.4x 52% [0.4 - 1.8[ 44.4% 1.4x 2.4x 4

55 / 71

IMGR SE – MARCH 2006

99. Restaurants Owners and operators of restaurants, bars, pubs, fast-food or take-out facilities. Includes companies that provide food catering services. Table 99 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

100.

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

80 9 6 65 0.17x 0.65x 1.07x 1.56x 3.55x

80 9 8 63 4.0x 6.7x 8.6x 10.2x 16.9x

80 9 14 57 5.0x 11.2x 12.9x 14.9x 26.5x

80 9 16 55 2.2x 15.2x 19.7x 28.0x 48.4x

80 9 9 62 0.6x 1.4x 2.1x 3.1x 5.1x

1.22x 65% [0.51 - 0.96[ 29.2% 0.96x 1.07x 6

8.6x 33% [8.7 - 10.4[ 27.0% 9.0x 8.6x 10

13.4x 32% [11.9 - 13.8[ 33.3% 12.7x 13.4x 10

21.6x 47% [15.2 - 21.9[ 30.9% 19.1x 21.6x 8

2.4x 49% [2 - 2.9[ 30.6% 2.1x 2.4x 5

Semiconductor Equipment

Manufacturers of semiconductor equipment. Table 100 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

Copyright © 2006 Valmetrics

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

64 12 3 49

64 13 15 36

64 12 20 32

64 12 22 30

64 12 6 46

0.24x 1.17x 1.93x 2.76x 3.88x

1.3x 7.0x 12.9x 18.4x 33.7x

1.5x 12.3x 16.5x 24.3x 45.0x

2.5x 11.8x 23.0x 28.3x 47.0x

0.7x 1.5x 2.1x 3.2x 5.3x

2.01x 50% [0.87 - 1.74[ 30.6% 1.66x 2.01x 8

13.8x 58% [0.2 - 7.1[ 27.8% 7.1x 13.8x 3

18.7x 57% [15.7 - 23.2[ 31.3% 17.6x 16.5x 8

21.3x 55% [21.2 - 31.7[ 33.3% 24.2x 21.3x 8

2.4x 50% [1.6 - 2.5[ 34.8% 1.8x 2.4x 5

56 / 71

IMGR SE – MARCH 2006

101.

Semiconductors

Manufacturers of semiconductors and related products. Table 101 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

102.

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

141 24 6 111

141 25 27 89

141 24 47 70

141 24 41 76

141 24 9 108

0.00x 1.09x 2.08x 4.01x 9.24x

1.4x 6.5x 11.3x 19.8x 48.7x

1.4x 10.5x 16.3x 25.5x 61.7x

0.1x 11.6x 23.6x 41.1x 106.6x

0.1x 1.1x 1.9x 3.2x 7.0x

2.78x 79% [0 - 1.21[ 29.7% 1.11x 2.08x 2

15.0x 79% [7.1 - 13.1[ 29.2% 7.6x 11.3x 3

20.2x 70% [7.3 - 14.6[ 27.1% 13.1x 16.3x 4

31.3x 85% [0 - 13.9[ 30.3% 13.3x 13.3x 1

2.3x 69% [0.9 - 1.8[ 34.3% 1.4x 1.4x 3

Soft Drink

Producers of non-alcoholic beverages including mineral waters. Excludes producers of milk classified in the Packaged Foods sub-industry. Table 102 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

Copyright © 2006 Valmetrics

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

27 0 5 22 0.33x 0.87x 1.10x 1.60x 3.39x

27 1 7 19 3.3x 6.6x 7.4x 7.9x 12.5x

27 0 10 17 4.0x 9.7x 10.7x 13.0x 18.3x

27 0 10 17 1.6x 12.4x 15.7x 16.8x 23.8x

27 0 5 22 0.3x 1.6x 2.3x 3.3x 6.1x

1.27x 58% [0.83 - 1.34[ 45.5% 1.04x 1.10x 6

7.4x 27% [7 - 7.9[ 47.4% 7.5x 7.4x 8

10.9x 32% [8.6 - 11.2[ 41.2% 10.1x 10.9x 8

14.7x 33% [14.4 - 17.8[ 35.3% 15.7x 14.7x 8

2.5x 55% [1.2 - 2.3[ 36.4% 2.0x 2.3x 5

57 / 71

IMGR SE – MARCH 2006 103.

Specialty Chemicals

Companies that primarily produce high value-added chemicals used in the manufacture of a wide variety of products, including but not limited to fine chemicals, additives, advanced polymers, adhesives, sealants and specialty paints, pigments and coatings. Table 103 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

104.

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

97 12 18 67 0.09x 0.69x 0.95x 1.50x 3.33x

97 12 22 63 0.9x 6.5x 8.6x 10.6x 19.3x

97 11 24 62 1.6x 9.9x 13.6x 18.6x 33.8x

97 11 28 58 4.6x 12.4x 18.9x 29.2x 47.9x

97 11 17 69 0.3x 1.3x 1.8x 2.5x 4.9x

1.13x 57% [0.4 - 0.79[ 34.3% 0.68x 0.95x 4

9.0x 40% [8.2 - 10.2[ 33.3% 9.1x 9.0x 9

14.8x 45% [8.8 - 13.3[ 32.3% 11.4x 14.8x 6

20.6x 48% [4.5 - 13.2[ 29.3% 13.2x 20.6x 4

2.0x 50% [0.8 - 1.4[ 26.1% 1.3x 2.0x 5

Specialty Stores

Owners and operators of specialty retail stores not classified elsewhere. Includes toy stores, office supply stores and automotive retail. Table 104 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

Copyright © 2006 Valmetrics

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

63 4 5 54 0.09x 0.35x 0.54x 1.02x 2.10x

63 5 9 49 0.3x 4.7x 6.7x 9.1x 16.3x

63 4 13 46 3.5x 8.2x 10.8x 12.8x 20.9x

63 4 9 50 2.0x 12.1x 16.2x 23.4x 43.3x

63 4 7 52 0.2x 1.1x 1.8x 2.7x 4.4x

0.73x 74% [0.38 - 0.74[ 38.9% 0.46x 0.46x 3

7.0x 49% [4.8 - 7.2[ 34.7% 6.0x 7.0x 9

10.9x 38% [8.4 - 10.9[ 26.1% 10.9x 10.9x 9

17.6x 52% [7.4 - 13.5[ 26.0% 12.7x 17.6x 6

2.0x 61% [1.1 - 1.9[ 28.8% 1.3x 1.8x 5

58 / 71

IMGR SE – MARCH 2006

105.

Steel

Producers of iron and steel and related products Table 105

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

169 22 21 126

169 21 32 116

169 21 32 116

169 20 44 105

169 20 21 128

0.08x 0.41x 0.71x 1.09x 2.38x

0.8x 3.3x 4.7x 7.6x 16.6x

0.0x 4.3x 6.8x 10.6x 24.1x

0.0x 5.2x 7.8x 11.6x 30.1x

0.0x 1.0x 1.5x 2.4x 4.5x

0.82x 63% [0.27 - 0.55[ 25.4% 0.46x 0.71x 4

5.8x 57% [2.5 - 4.3[ 27.6% 4.0x 4.7x 5

8.3x 65% [2.6 - 5.1[ 27.6% 4.9x 6.8x 4

9.4x 64% [5.4 - 8.1[ 25.7% 6.6x 7.8x 4

1.6x 59% [0.6 - 1.1[ 27.3% 1.1x 1.5x 5

Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

106.

Systems Software

Companies engaged in developing and producing systems and database management software. Table 106 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

Copyright © 2006 Valmetrics

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

69 17 6 46

69 19 17 33

69 17 20 32

69 17 23 29

69 17 6 46

0.12x 1.21x 2.42x 3.53x 7.86x

7.1x 10.7x 13.1x 22.3x 44.1x

10.3x 14.3x 18.9x 39.4x 78.1x

0.7x 22.1x 27.6x 47.8x 104.5x

0.2x 2.1x 3.2x 5.0x 10.5x

2.53x 66% [1.4 - 2.7[ 32.6% 1.57x 1.57x 3

17.7x 55% [3.9 - 11.1[ 36.4% 10.1x 10.1x 2

26.9x 65% [4.7 - 20.5[ 53.1% 14.3x 14.3x 1

34.5x 65% [16.7 - 33.4[ 58.6% 24.8x 27.6x 3

4.0x 66% [1.6 - 3.3[ 41.3% 2.6x 2.6x 3

59 / 71

IMGR SE – MARCH 2006 107.

Technology Distributors

Distributors of technology hardware and equipment. Includes distributors of communications equipment, computers & peripherals, semiconductors, and electronic equipment and components. Table 107 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

108.

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

70 8 9 53 0.04x 0.16x 0.35x 0.64x 1.70x

70 10 13 47 1.1x 5.1x 8.2x 10.0x 18.8x

70 8 14 48 1.2x 5.8x 10.3x 13.7x 23.1x

70 8 15 47 3.4x 8.3x 15.0x 20.2x 36.8x

70 8 6 56 0.4x 0.9x 1.4x 3.2x 7.0x

0.49x 90% [0 - 0.25[ 41.5% 0.19x 0.19x 2

8.3x 50% [5.9 - 8.6[ 27.7% 7.2x 8.3x 9

10.8x 55% [4.4 - 8.7[ 27.1% 8.7x 10.8x 8

15.5x 55% [13.4 - 20.1[ 31.9% 16.5x 15.5x 8

2.2x 80% [0.1 - 1.3[ 44.6% 0.9x 0.9x 2

Textiles

Manufacturers of textile and related products not classified in the Apparel, Accessories & Luxury Goods, Footwear or Home Furnishings sub-industries. Table 108 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

Copyright © 2006 Valmetrics

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

138 7 25 106 0.06x 0.48x 0.72x 1.06x 2.28x

138 7 41 90 1.7x 5.4x 7.9x 11.4x 20.4x

138 7 58 73 4.4x 8.0x 13.5x 23.2x 51.4x

138 7 61 70 2.5x 7.4x 12.8x 22.2x 70.6x

138 7 21 110 0.0x 0.5x 0.9x 1.4x 2.7x

0.82x 56% [0.3 - 0.55[ 26.4% 0.52x 0.72x 5

8.7x 49% [4.3 - 7[ 27.8% 6.4x 8.7x 5

17.0x 69% [2.5 - 9.7[ 34.2% 9.0x 9.0x 1

17.7x 83% [0.5 - 7.7[ 31.4% 7.1x 7.1x 1

1.0x 60% [0.3 - 0.7[ 25.5% 0.6x 0.9x 4

60 / 71

IMGR SE – MARCH 2006

109.

Tires & Rubber

Manufacturers of tires and rubber. Table 109 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

110.

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

31 0 11 20

31 1 11 19

31 0 11 20

31 0 12 19

31 1 12 18

0.27x 0.49x 0.66x 0.84x 1.74x

3.6x 4.9x 6.3x 8.6x 9.5x

5.1x 8.0x 9.8x 12.4x 17.7x

2.8x 9.9x 11.0x 14.9x 25.5x

0.3x 0.9x 1.3x 1.5x 2.6x

0.75x 57% [0.49 - 0.75[ 40.0% 0.59x 0.66x 4

6.5x 31% [2.3 - 5.1[ 36.8% 4.8x 6.5x 4

10.6x 35% [4.9 - 8.1[ 30.0% 7.7x 10.6x 4

12.4x 44% [8.6 - 12.3[ 47.4% 10.3x 12.4x 6

1.3x 44% [1.1 - 1.5[ 44.4% 1.3x 1.3x 5

Tobacco

Manufacturers of cigarettes and other tobacco products. Table 110 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

Copyright © 2006 Valmetrics

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

22 3 8 11 0.67x 1.88x 2.38x 3.01x 5.02x

22 4 8 10 4.3x 7.6x 9.3x 10.0x 12.9x

22 3 8 11 4.4x 6.6x 10.5x 12.7x 15.2x

22 3 9 10 5.9x 11.1x 15.2x 16.8x 24.9x

22 3 11 8 0.5x 2.2x 5.4x 6.9x 7.6x

2.48x 51% [2.33 - 3.35[ 45.5% 2.77x 2.48x 6

8.7x 30% [8.6 - 10.8[ 40.0% 9.7x 8.7x 7

9.9x 38% [9.8 - 15.3[ 63.6% 11.5x 9.9x 7

14.9x 37% [10.1 - 15.4[ 40.0% 14.1x 14.9x 8

4.6x 61% [4.6 - 9.3[ 62.5% 6.0x 5.4x 4

61 / 71

IMGR SE – MARCH 2006

111.

Trading Companies & Distributors

Trading companies and other distributors of industrial equipment and products. Table 111 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

112.

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

112 16 15 81

112 16 27 69

112 15 26 71

112 15 25 72

112 15 15 82

0.04x 0.48x 0.67x 1.26x 2.82x

1.0x 6.5x 9.1x 11.7x 19.1x

1.1x 9.1x 13.6x 18.2x 32.7x

0.0x 9.9x 18.9x 26.0x 56.0x

0.0x 1.0x 1.6x 2.4x 5.0x

0.91x 76% [0.36 - 0.72[ 37.0% 0.53x 0.53x 3

9.2x 44% [10.2 - 12.8[ 30.4% 11.0x 9.2x 5

14.0x 49% [13.2 - 17.6[ 26.8% 14.4x 14.0x 9

20.1x 63% [15.5 - 23.2[ 29.2% 17.7x 18.9x 8

1.9x 59% [0.6 - 1.3[ 32.9% 1.1x 1.6x 4

Trucking

Companies providing primarily goods and passenger land transportation. Includes vehicle rental and taxi companies. Table 112 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

Copyright © 2006 Valmetrics

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

58 10 6 42

58 10 8 40

58 10 12 36

58 11 10 37

58 10 9 39

0.16x 0.81x 1.29x 1.67x 3.23x

2.2x 5.6x 6.9x 9.0x 14.9x

6.2x 11.1x 13.5x 15.2x 24.7x

8.8x 15.2x 17.4x 21.1x 27.8x

0.6x 1.8x 2.4x 3.3x 5.5x

1.36x 57% [0.99 - 1.49[ 28.6% 1.13x 1.36x 8

7.4x 37% [5.5 - 7.5[ 37.5% 6.4x 7.4x 9

13.6x 31% [12.9 - 15.4[ 33.3% 13.9x 13.6x 9

18.2x 26% [14.8 - 18.3[ 45.9% 16.7x 18.2x 8

2.6x 47% [1.3 - 2.1[ 33.3% 2.0x 2.6x 5

62 / 71

IMGR SE – MARCH 2006

113.

Water Utilities

Companies that purchase and redistribute water to the end-consumer. Includes large-scale water treatment systems. Table 113 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

114.

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

32 1 2 29 0.90x 2.76x 4.08x 5.90x 10.32x

32 1 5 26 2.4x 8.7x 10.5x 12.1x 20.9x

32 1 4 27 3.0x 14.3x 17.4x 25.3x 41.4x

32 1 3 28 1.4x 17.2x 24.8x 41.7x 63.9x

32 1 2 29 0.2x 1.3x 2.0x 2.9x 5.5x

4.44x 55% [2.55 - 4.59[ 31.0% 4.59x 4.08x 8

10.9x 40% [9.3 - 11.6[ 34.6% 10.2x 10.9x 9

19.2x 48% [14.8 - 22.2[ 40.7% 18.2x 19.2x 9

29.6x 61% [16.4 - 32.6[ 50.0% 22.9x 24.8x 5

2.2x 59% [1 - 2.1[ 34.5% 1.8x 2.0x 5

Wireless Telecommunication Services

Providers of primarily cellular or wireless telecommunication services, including paging services. Table 114 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest)

Copyright © 2006 Valmetrics

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

62 7 15 40 0.19x 1.56x 2.18x 2.97x 4.73x

62 8 23 31 2.4x 5.9x 6.8x 7.7x 12.2x

62 6 26 30 0.8x 9.9x 12.0x 14.4x 36.2x

62 6 24 32 0.0x 13.6x 17.8x 26.3x 43.2x

62 6 21 35 0.0x 1.2x 2.2x 3.3x 6.2x

2.22x 51% [1.64 - 2.46[ 27.5% 2.26x 2.22x 8

7.0x 31% [6.7 - 7.9[ 35.5% 7.0x 7.0x 9

13.8x 53% [11.7 - 14.7[ 36.7% 12.6x 12.0x 8

19.5x 53% [15.9 - 23.9[ 31.3% 17.9x 17.8x 8

2.4x 68% [0 - 1.3[ 28.6% 1.1x 2.2x 2

63 / 71

IMGR SE – MARCH 2006

APPENDICES

Copyright © 2006 Valmetrics

64 / 71

IMGR SE – MARCH 2006

DATA SOURCE Valmetrics uses the Compustat database (provided by Standard & Poor’s) as the source for most individual company data. Valmetrics makes no statement regarding the quality of information received from Compustat but assumes that the data are accurate, consistent and reliable. Missing data are either excluded or substituted by Valmetrics’ own data. To comply with the authorized licence granted by Standard & Poor’s, Valmetrics does not provide IMGR users with any access to Compustat content or services and only publishes its own proprietary industry valuation analysis. If you wish to access Compustat data or learn about the line of Compustat products and services, please visit www.compustat.com. DATA COVERAGE Valmetrics IMGR Standard Edition supports: •

114 Industries: all main sub-industries - according to the Global Industry Classification Standard - are covered (see “List of Industries” page: 5). Industries related to Finance, Banking, Insurance and Real Estate are excluded in this edition.

•

27 countries: Argentina, Australia, Austria, Belgium, Brazil, Canada, China (including Hong-Kong), Denmark, France, Germany, India, Indonesia, Ireland, Israel, Italy, Mexico, Netherlands, New Zealand, Norway, Singapore, Spain, Sweden, Switzerland, Taiwan, Thailand, United Kingdom, USA.

DATE SCHEDULE All multiple calculations are based on historical data. The table below shows the IMGR release dates and related market and financial data schedule.

IMGR SE Release

Market data

September 15th 05

August 31st 05

th

December 15 05 th

March 15 06 th

June 15 06

Financial data (last fiscal year available)

th

November 30 05 th

February 29 06 May 31

st

06

March 04 ../.. June 04../.. December 04* or later June 04 ../.. December 04* ../.. March 05 or later December 04* ../.. March 05 ../.. June 05 or later March 05 ../.. June 05 ../.. December 05*

(*) Closing of the fiscal year is most likely to be December.

Example: IMGR Release Market capitalisation (P) Earnings (E) P/E Ratio =>

Copyright © 2006 Valmetrics

September 15th 05 August 31st 05 March 04 or June 04 or December 04 August 31st 05 / most likely December 04

65 / 71

IMGR SE – MARCH 2006

MULTIPLES PRINCIPLE Market multiples are valuation ratios (for example market value of a company over its net income) that are widely used by the investment community to value businesses. Assuming that industry peers all have the same valuation multiples, business appraisers can then apply the appropriate industry multiple to the company’s revenues in order to ascertain its value. There are five main multiples used in finance – EV/Sales, EV/EBITDA, EV/EBIT, PER, PBR – and many more in the industrial world (Price/Number of beds for hotels, Price/Number of tables for restaurants, Price/Number of clients, etc….). The following table shows the two types of market multiples available in the IMGR: EV Multiples

Price Multiples

EV / Sales EV / EBITDA EV / EBIT

P/E (Price / Earnings Ratio) P/B (Price / Book Ratio)

EV = Enterprise Value

P = Price

Market capitalization

Market capitalization

+ Minority interests + Financial debt - Cash & cash equivalents = Enterprise Value

= Price

Once you have the right multiple, you can apply it to the related company financial data requiring valuation, i.e. Sales, EBITDA, EBIT, Earnings or Shareholders’ Equity. With EV Multiples, you must deduct minority interests and the net financial debt to derive equity value. With Price Multiples you acquire direct equity value. Multiples cannot be applied to companies that do not have significant revenues (start-ups). Therefore, Valmetrics advises the use of those multiples with companies that have already recorded significant sales (for at least three years).

Copyright © 2006 Valmetrics

66 / 71

IMGR SE – MARCH 2006

GLOSSARY Number of observations: number of companies that constitute the sample on which all the calculations are based. If the number of observations is insufficient, multiples calculations are considered arbitrary and are substituted by “nm” (= non meaningful). Non available (“na”) multiples: data non available in the databases. Non meaningful (“nm”) multiples: negative multiples or excluded set outliers. Minimum & maximum: respectively the lowest and highest multiple of the set. 1st, 2nd (median) and 3rd quartiles: a quartile is a statistical term describing a division of observations into four defined intervals based on the values of the data. Each quartile contains 25% of the total observations. The quartiles are determined by sorting the data from the lowest to the highest values and taking the data point at ¼ (1st quartile), the middle (median) or the ¾ of the sequence. E.g. For the median, there is an equal number of points above and below the median. Unlike the mean, the median is not influenced by outliers at the extremes of the data set. Mean: simply the sum of the values divided by the total number of items in the set. The mean is the most commonly-used measure of central tendency and is the preferred tool to calculate multiples. The mean is an example of an estimator that is the best we can do if the underlying distribution is normal. However, it lacks robustness of validity. That is, the confidence intervals based on the mean tend not to be precise if the underlying distribution is indeed not normal. Standard Deviation as a % of mean: a measure of the dispersion of a set of data from its mean. The more spread-out the data, the higher the deviation. If the standard deviation is too high, the mean multiple is not a relevant multiple. Modal interval & Mode: The modal interval is the histogram interval with the greatest density. The mode is the most frequently occurring value in the data set. As data are continuous, the mode is estimated through an interpolation calculation based on modal interval boundaries. Modal interval frequency: The number of multiples recorded within the modal interval divided by the total number of multiples. Valmetrics multiple: Valmetrics selects the best indicator among the median, the mean and the mode according to dispersion and significance tests. See the “Multiple Selection” section below for more details. Rating: Valmetrics rates (on a scale from 0 to 10, with 10 the highest) the “Valmetrics multiple” to help you select the most relevant multiple. See the “Multiple Rating” section below for more details.

Copyright © 2006 Valmetrics

67 / 71

IMGR SE – MARCH 2006

MULTIPLES SELECTION

A major issue in using multiples concerns the choice of a fair and robust multiple. While most appraisers defend either a buy- or a sell-side position and therefore choose the multiple according to their target price (backward valuation), Valmetrics is dedicated to finding the multiple that best represents the industry. The selection of a multiple estimator is closely linked to the assumption of the data distribution. For a Normal Distribution, the median, mean and mode are actually equivalent and the mean is a good location estimator. For skewed distributions (e.g. Lognormal) it is not obvious whether the mean, the median or the mode is the most meaningful measure. For heavy tails distributions (e.g. Gauchy), the median provides a useful measure of the typical value, whereas the mean is useless. Valmetrics does not make any distribution assumption in the IMGR Standard Edition but calculates all the main estimators – quartiles, mean and mode – that feature the shape of the distribution. The mean multiple remains the favourite estimator when the dispersion of the set (standard deviation as % of the mean) is low. If this is not the case, Valmetrics also considers the mode and the median estimators as shown in the diagram below. yes Size of the set <= 5

"nm"

(1) SD: Standard Deviation in % of mean (2) MF: Modal Frequency

no

(3) MM: (Mean-Median) / Median

yes SD

(1)

< 41%

Mean multiple

no 41% <= SD

(1)

yes

yes < 51%

40% <= MF

(2)

Mode multiple

no no

Mean mutliple yes

51% <= SD

(1)

< 61%

35% <= MF

(2)

yes Mode multiple

no MM

no

(3)

yes <= 8%

Mean multiple

no Median multiple yes 61% <= SD

(1)

30% <= MF

(2)

yes Mode multiple

no Median mutliple

CAUTION! Valmetrics selects the best estimator for each market multiple series, but to compare each multiples series (i.e. EV/Sales, EV/EBITDA, EV/EBIT, PER, PBR) make sure that you compare them on the basis of the same estimator. For example, you cannot compare an EV/sales mean multiple with an EV/EBITDA median multiple.

Copyright © 2006 Valmetrics

68 / 71

IMGR SE – MARCH 2006

MULTIPLES RATING

How reliable is the multiple estimator selected by Valmetrics? Is it a robust measure of the typical value? Even if calculated correctly, some multiples can not be considered robust measures because of a lack of information or analysis. That is why Valmetrics has added a multiple rating line in all tables to enable users to check the validity of the selected multiples. The rating system set up by Valmetrics does not indicate whether a multiple is right or wrong, but rather if it is robust or not. An average rated multiple can be a good and fair multiple but further analysis is required to confirm its robustness. A highly rated multiple does not necessarily require further analysis and can be used directly with a high level of confidence. Rating’s range Valmetrics proposes a rating scale of 10, 0 being the worst rating and 10 the best. Some multiples series culminate at a maximum of 8 or 5 because of intrinsic drawbacks. Multiples Highest rate EV/Sales 8 EV/EBITDA 10 EV/EBIT 10 PER

8

PBR

5

Explanations Doesn’t take into account sales growth and operating margins Robust, especially when evaluating cash flow Robust The PER is subject to accounting window dressing. Non-operating items (extraordinary and financial items) can impact the PER. The PBR is more often used to monitor whether the company creates (PBR>1) or erodes (PBR<1) value than to compare valuation between peers.

Rating points The rating system is based on a proximity analysis between the median, mean and mode estimators. If those three estimators are numerically close, then the “Valmetrics multiple” gathers a maximum of points as presented below: • • • • • • • • • •

8 points if 7 points if 6 points if 5 points if 4 points if 3 points if 2 points if 1 point if 1 point if 1 point if

Median-Mean-Mode Standard Deviation / “Valmetrics multiple” <= 5% Median-Mean-Mode Standard Deviation / “Valmetrics multiple” <= 8% Median-Mean-Mode Standard Deviation / “Valmetrics multiple” <= 10% Median-Mean-Mode Standard Deviation / “Valmetrics multiple” <= 12% Median-Mean-Mode Standard Deviation / “Valmetrics multiple” <= 17% Median-Mean-Mode Standard Deviation / “Valmetrics multiple” <= 22% Median-Mean-Mode Standard Deviation / “Valmetrics multiple” <= 27% Median-Mean-Mode Standard Deviation / “Valmetrics multiple” <= 40% Number of “Short-listed multiples” >= 30 Number of “nm multiples” / “Number of observations” <= 20%

Copyright © 2006 Valmetrics

69 / 71

IMGR SE – MARCH 2006

ADJUSTMENTS AND POSSIBLE BIASES Valmetrics calculations are based on consistent, standardized and comparable data from company to company and from industry to industry. Even so, appraisers may have to adjust the valuation results depending of the company and the context. •

Illiquidity risk premium: to approximate the value of a privately held company, the illiquidity risk premium of the company must be taken into consideration. In the IMGR Standard Edition, Valmetrics gives market multiples which do not take into account the risk premium related to the illiquidity of a private business. Illiquidity risk premium usually ranges from a discount of 10% to 30% as compared to the public peer companies.

•

Accountancy adjustment: all the market multiples are based on international accounting standards (US GAAP / IFRS). If the company you wish to value does not use such an accounting standard, some accountancy adjustments may be necessary to match the financial data (especially EBIT, EBITDA) used to calculate the multiples.

•

Strategic value: the market multiple reflects the “average” market price of the industry, including both a fundamental value and a speculative value, but excludes the strategic value of the business (control premium, synergies with another business, etc.).

Other possible biases Date schedule: fiscal year closing dates (e.g. March ‘04, June ‘04, December ‘04) and financial data communication dates differ among companies and among countries. Valmetrics uses the last data available and mixes multiples with different date schedules. The only way to overcome this bias is to select companies that have the same date schedule and then calculate their multiples. Country / regional breakdown: two highly comparable companies in Europe and in the US may have slightly different valuation results because of macroeconomic factors inherent to the country where the company is listed (regulations, tax policy, business culture, domestic market potential, innovation dynamic, etc ….). To improve calculation accuracy, a regional analysis is required. Quasi-Equity: stock options, convertible bonds and other quasi-equity securities are financial options and should be considered in the calculation of the enterprise value. If options are in the money, they are equity, if not they are debt. Valmetrics does not take stock options into consideration and includes convertible bonds in the financial debt. Company size effect: within the same sector, there may be large companies and mid-sized companies with different fixed cost- or productivity-thresholds. Big companies are also generally less risky than small ones, and therefore should be characterized by higher multiples. IMGR does not take into account this size effect. Industry classification: Valmetrics uses the Global Industrial Classification Standards, which is considered by some research papers as the best representative of each sector. Using another industrial classification (SIC for instance) may have an impact on industry multiples.

Copyright © 2006 Valmetrics

70 / 71

IMGR SE – MARCH 2006

REFERENCES

AFIC, BVCA, EVCA, International Private Equity And Venture Capital Valuation Guidelines, 2005 (www.privateequityvaluation.com). Free research papers available on scholar.google.com Baker M., Ruback R. S., Estimating Industry Multiples; 1999. Harvard University Bhojraj S., Lee C. M. C., Ng D. T., International Valuation Using Smart Multiples, 2003, Johnson Graduate School of Management Bonadurer W., Valuation by Multiples, 2003, University of St. Gallen Dittmann I, Weiner C., Selecting Comparables for the Valuation of European Firms, 2005 Humboldt-Universitat zu Berlin. Fernandez P., Valuation Using Multiples. How Do Analysts Reach Their Conclusions?, 2002, IESE. Lie E., Lie H. J., Multiples Used to Estimate Corporate Value, 2002, College of William & Mary Liu, J., D. Nissim, and J. Thomas. 2000. Equity valuation using multiples. Working paper, UCLA and Columbia University. Thomas J. K., Zhang H., 2004, Another look at P/E ratios, Yale School of Management, University of Hong-Kong.

Other research papers Alford, A., 1992. The effect of the set of comparable firms on the accuracy of the price-earnings valuation method. Journal of Accounting Research 30, 94-108 Bhojraj S., Lee C. M. C., Who is my Peer? A Valuation-Based Approach to the Selection of Comparable Firms, 2002, Journal of Accounting Research, Vol. 40, n°2, 407-439. Cheng, C.S.A. and R. McNamara. “The valuation Accuracy of the price-earnings and price-book benchmark valuation methods. Working paper, university of Houston, Houston, TX 1996. Leibowitz, M. L. and Krogelman, S. Inside the P/E ratio: the franchise factor. Financial Analysts Journal, pp. 43 -53. 1990 Liu, Jing, Doron Nissim and Jacob Thomas (2002b): International equity valuation using multiples, working paper, University of California at Los Angeles. Tasker, S. C. Industry preferred multiples in acquisition valuation, working paper, Cornell

Copyright © 2006 Valmetrics

71 / 71