Bear Stearns Investment Banking Pitch Book

Current Valuation-Aviator CY 2007E CY 2006E CY 2005E Analyst Estimates CY 2007E CY 2006E Stock Price (5/27/05) CY 2005E Stock Price 52-week High Current Value as a Multiple of: 52-week Low Average Last 30 days $9.53 17.76 7.76 9.00 Net Income $396.2 367.3 296.8 Equity Value/ Net Income 11.8x 12.7 15.7 Current Value Fully Diluted Shares Equity Value Enterprise Value 489.298 $4,663.0 3,996.7 Revenue $5,719.5 5,395.8 5,029.5 Revenue 0.70x 0.74 (1 0.79 ($ in millions, except per share data) Selected Balance Sheet Items (3/31/05) Cash Total Debt Shareholders' Equity Total Debt/Total Capitalization EBITDA $788.9 686.9 626.4 Enterprise Value/ EBITDA 5.1x 5.8 6.4 $688.3 22.0 1,238.3 1.7% EBIT $513.8 419.0 338.9 EBIT 7.8x 9.5 11.8

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