Assumptions

Current stock price

Basic shares outstanding
Conversion price
Convertible shares

$22.00
62.754
$25.50
13.725

Balance Sheet, 3/31/09

Assets
Cash & Equivalents
Accounts Receivable
PP&E
Total

$400.0
220.0
500.0
$1,120.0

Liabilities & Shareholders' Equity

Current Portion of Long-Term Debt
Accounts Payable
Non-Convertible Debt
Convertible Debt
Shareholders' Equity
Total

$50.0
190.0
200.0
350.0
330.0
$1,120.0

Number of
Options
0.219
0.067
0.351
0.480
0.187

Average
Strike
$17.78
20.37
21.12
25.61
27.97

Options
Cumulative Cumulative Cumulative
Options
Strike ($m) Avg. Strike
0.219
$3.9
$17.78
0.286
5.3
18.39
0.637
12.7
19.89
1.117
25.0
22.35
1.304
30.2
23.16

Enterprise Value Calculation

Transaction Price
$22.00
$24.00
Premium to Current Price
0.0%
9.1%
Common Stock
Stock Options
ITM Convertible Debt
Diluted Equity Value
Net Debt
Enterprise Value

$1,380.6
1.3
0.0
$1,381.9
200.0
$1,581.9

$1,506.1
2.6
0.0
$1,508.7
200.0
$1,708.7

$26.00
18.2%

$28.00
27.3%

$1,631.6
4.1
356.9
$1,992.5
(150.0)
$1,842.5

$1,757.1
6.3
384.3
$2,147.7
(150.0)
$1,997.7