J.P.Morgan Investment Banking

PUBLIC MARKET OVERVIEW Public market overview Trading summary ($ millions, except per share data) Closing share price (3/06/06) 52-week intraday high (12/19/05) % of 52-week high 52-week intraday low (10/12/05) % over 52-week low Diluted shares (mm) Equity value Plus: Debt (as of 6/30/06)¹ Less: Cash (as of 6/30/06) Firm value Based on closing share price Last 3 months 0.0% 0.0% 4.6% 94.8% 0.6% $68.73 $70.28 6.6% 97.8% $52.49 30.9% $2,647 697 38.5 Last 6 months 30.0% Trading summary Firm value/EBITDA (35) $3,309 Long-term growth < $50 $55 - $60 $60-$65 $65 - $70 $70+ 1 Does not include non-recourse Palmilla and Reethi Rah debt of $164 million 2 1/B/E/S median estimates as of 3/06/06 JPMorgan 2006E 2007E 2008E Price/Earnings 2006E 2007E 2008E 16.2% 47.0% < $50 $55 - $60 $60-$65 $65 - $70 0.3% $70+ Street Metric² Multiple $229 293 NM $2.80 3.37 NM 5.1% 14.4x 11.3 Last 12 months 41.9% NM 24.5x 20.4 20.0% NM Upside Case Metric $214 251 330 $2.78 2.73 4.13 27.3% 25.5% < $50 $55 - $60 $60 - $65 $65 - $70 Multiple 15.5x 13.2 10.0 24.7x 25.2 16.7 0.1% $70+ PROJECT PLATO 4

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