J.P.Morgan Investment Banking

PUBLIC MARKET OVERVIEW Analysis at various prices $ millions, except per share data Share price % premium Diluted shares (mm) Equity value Plus: Debt (as of 6/30/06)¹ Less: Cash (as of 6/30/06) Firm value FV/2006E EBITDA FV/2007E EBITDA FV/2008E EBITDA P/2006E EPS P/2007E EPS P/2008E EPS Upside Case 1 Does not include non-recourse Palmilla and Reethi Rah debt of $164 million JPMorgan $214 251 330 $2.78 2.73 4.13 Current price (3/06/06) $68.73 0.0% 38.5 $2,647 697 (35) $3,309 15.5× 13.2 10.0 24.7x 25.2 16.7 $75.00 9.1% 38.9 $2,918 697 (35) $3,580 16.7x 14.3 10.8 26.9x 27.4 18.2 $80.00 16.4% 39.2 $3,135 697 (35) $3,797 17.7x 15.1 11.5 28.7x 29.3 19.4 $85.00 23.7% 39.4 $3,351 697 (35) $4,013 18.7x 16.0 12.2 30.5× 31.1 20.6 PROJECT PLATO 6

View entire presentation