Transaction Assumptions

($ in millions, except per share data)

Summary Financial Data

Acquirer Target

Code Name BuyerCo TargetCo

Ticker BBB TTT

Current Price 5/17/2008 $31.75 5/17/2008 $12.81

52-Week High 4/2/2008 $40.36 6/4/2007 $28.22
52-Week Low 8/24/2007 $27.18 6/13/2006 $10.49

Basic Shares Outstanding 207.050 34.922

Treasury Method Shares 2.899 0.099
In-the-Money Convertible Shares 0.000 0.000
Fully Diluted Shares Outstanding 209.949 35.021

Equity Value $6,665.9 $448.6

Net Debt (729.6) 83.4
Enterprise Value $5,936.3 $532.0

Convert 1 Convert 2 Convert 1 Convert 2

Face Value $450.0 $0.0 $230.0 $0.0
Conversion Price $43.12 NA $26.77 NA
Convertible Shares 10.436 0.000 8.592 0.000
Interest Rate 0.5% 0.0% 2.5% 0.0%
In the Money? no no no no

LTM Date 3/31/2008 3/31/2008

Last Fiscal Year End 9/30/2007 12/31/2007

Research Report Analyst Deutsche Bank Goldman Sachs

Research Report Date 4/24/2008 4/27/2008

Options Data

BuyerCo
Number of Average Cumulative Cumulative Cumulative Treasury
Options (m) Strike Options (m) Strike ($m) Avg. Strike Shares
Tranche 1 0.270 $2.31 0.270 $0.6 $2.31 0.250
Tranche 2 1.548 12.31 1.818 19.7 10.82 0.948
Tranche 3 2.855 22.00 4.673 82.5 17.65 0.877
Tranche 4 2.431 25.07 7.104 143.4 20.19 0.511
Tranche 5 2.182 27.88 9.286 204.3 22.00 0.266
Tranche 6 3.394 31.31 12.680 310.5 24.49 0.047
Tranche 7 2.678 34.35 15.358 402.5 26.21 0.000
Tranche 8 2.138 38.63 17.496 485.1 27.73 0.000
Tranche 9 2.631 52.72 20.127 623.8 30.99 0.000
Tranche 10 0.329 70.00 20.456 646.9 31.62 0.000
Total 2.899

TargetCo
Number of Average Cumulative Cumulative Cumulative Treasury
Options (m) Strike Options (m) Strike ($m) Avg. Strike Shares
Tranche 1 0.209 $9.04 0.209 $1.9 $9.04 0.062
Tranche 2 0.059 10.03 0.268 2.5 9.26 0.013
Tranche 3 0.221 11.53 0.489 5.0 10.28 0.022
Tranche 4 0.300 12.69 0.789 8.8 11.20 0.003
Tranche 5 0.269 19.54 1.058 14.1 13.32 0.000
Tranche 6 0.211 27.06 1.269 19.8 15.60 0.000
Tranche 7 0.187 45.75 1.456 28.4 19.48 0.000
Tranche 8 0.000 0.00 1.456 28.4 19.48 0.000
Tranche 9 0.000 0.00 1.456 28.4 19.48 0.000
Tranche 10 0.000 0.00 1.456 28.4 19.48 0.000
Total 0.099
 M&A Assumptions

Consideration
Transaction Price 3
Percent Cash Consideration 40.0%

Deal Structure
Target LT Debt: 0=refinanced, 1=assumed 1
Acquisition Type: 0=stock, 1=asset 0
Section 338 Election? no

Acquisition Debt
Interest Rate on Debt 6.00%
Amortization Period for New Debt (yrs) 7

Cash
Interest Rate on Cash 2.0%
Minimum Cash Balance $100.0

Fees & Expenses

Advisory Fees $30.0
Financing Fees 1.0%

Synergies
Include Synergies? yes
Cost Synergies $25.0
SG&A Synergies $50.0

Purchase Price Allocation

% of Excess PP Allocated to Intangibles 25.0%
Amortization Period (yrs) 5
Step-Up of Target's Fixed Assets $15.0
Depreciation Period (yrs) 10

Other
Tax Rate
Calendar Year or Fiscal Year? FY
Cash or GAAP? Cash
Purchase Price Ratio Analysis
($ in millions, except per share data)

TargetCo Transaction Prices Per TargetCo Sh

$12.81 $12.00 $13.00 $14.00

Common Stock $447.4 $419.1 $454.0 $488.9

Stock Options 1.3 0.8 1.4 2.2
ITM Convertible Securities 0.0 0.0 0.0 0.0
Total Diluted Equity Value $448.6 $419.9 $455.4 $491.1
Net Debt 83.4 83.4 83.4 83.4
Total Enterprise Value $532.0 $503.3 $538.8 $574.5
ansaction Prices Per TargetCo Share BuyerCo
$15.00 $16.00 $17.00 $18.00 $31.75

$523.8 $558.8 $593.7 $628.6 $6,573.8

3.0 3.8 4.6 5.4 92.1
0.0 0.0 0.0 0.0 0.0
$526.8 $562.5 $598.3 $634.0 $6,665.9
83.4 83.4 83.4 83.4 (729.6)
$610.2 $645.9 $681.6 $717.4 $5,936.3
Pro Forma Balance Sheet
($ in millions, except per share data)

BuyerCo TargetCo
3/31/2008 3/31/2008
Assets
Current Assets
Cash and Equivalents $1,181.8 $146.6
Accounts Receivable 568.5 131.4
Inventory 0.0 0.0
Deferred Income Taxes 109.0 8.8
Other Current Assets 113.5 8.2
Total Current Assets $1,972.7 $295.1

Net PP&E $296.3 $33.0

Goodwill 1,487.6 61.1
Intangibles 284.7 37.5
Investments/Restricted Cash 0.0 0.0
Unearned Compensation 0.0 0.0
Deferred Financing Fees 0.0 0.0
Other Assets 464.0 14.3
Total Assets $4,505.4 $440.9

Liabilities and Stockholders' Equity

Current Liabilities
Accounts Payable $186.1 $20.7
Accrued Expenses 395.3 15.4
Income Taxes Payable 35.9 2.9
Deferred Revenue 209.2 20.0
Other Current Liabilities 0.0 36.2
Current Portion of Long-Term Debt 2.2 0.0
Total Current Liabilities $828.7 $95.2

Revolver $0.0 $0.0

Non-Convertible Debt 0.0 0.0
Convertible Debt 450.0 230.0
Deferred Income Taxes 0.0 0.0
Other Long-Term Liabilities 503.0 17.9
Total Liabilities $1,781.7 $343.1

Preferred Stock, par value $0.0 $0.0

Common Stock, par value 3.9 0.6
APIC 2,212.7 350.7
Treasury Stock (774.7) (667.9)
Accum. & Other Comp. Income (Loss) 6.6 (0.4)
Retained Earnings 1,275.2 414.7
Total Stockholders' Equity $2,723.7 $97.9
Total Liabilities and Stockholders' Equity $4,505.4 $440.9
Check 0.000 0.000
BuyerCo Income Statement
($ in millions, except per share data)

FY Ended September 30, FY Ending Septem

2005A 2006A 2007A 2008P 2009P
Total Revenue $2,038.6 $2,480.1 $2,836.2 $3,120.0 $3,470.0
% Growth NA 21.7% 14.4% 10.0% 11.2%
COGS 1,295.6 1,565.8 1,771.0 1,945.5 2,113.5
% of Sales 63.6% 63.1% 62.4% 62.4% 60.9%
Gross Profit $743.0 $914.3 $1,065.2 $1,174.5 $1,356.5
% Margin 36.4% 36.9% 37.6% 37.6% 39.1%
SG&A 253.6 392.3 482.4 506.6 622.3
% of Sales 12.4% 15.8% 17.0% 16.2% 17.9%

EBITDA $489.4 $522.0 $582.8 $667.9 $734.2

% Margin 24.0% 21.0% 20.5% 21.4% 21.2%
Depreciation 78.5 80.3 90.0 108.8 74.7
% of Sales 3.9% 3.2% 3.2% 3.5% 2.2%
Amortization 15.4 37.6 75.0 61.8 62.0
% of Sales 0.8% 1.5% 2.6% 2.0% 1.8%
Total D&A $93.9 $117.9 $165.0 $170.6 $136.7
% of Sales 4.6% 4.8% 5.8% 5.5% 3.9%
Stock-Based Comp 44.5 46.2 53.6 54.5 53.7
% of Sales 2.2% 1.9% 1.9% 1.7% 1.5%
EBIT $351.0 $357.9 $364.2 $442.8 $543.8
% Margin 17.2% 14.4% 12.8% 14.2% 15.7%
EBITA $410.9 $441.7 $492.8 $559.1 $659.5
% Margin 20.2% 17.8% 17.4% 17.9% 19.0%

Interest (Income) / Expense (26.6) (45.5) (42.6) (36.8) (44.3)

Equity (Income) - - - - -
Minority Interest - - - - -
Other (Income) / Expense 4.3 3.8 (8.0) - -
Income Before Taxes $433.2 $483.4 $543.4 $595.9 $703.8
Provision for Tax 85.8 71.4 57.3 79.6 96.9
% Tax Rate 19.8% 14.8% 10.5% 13.4% 13.8%
Cash Net Income $347.4 $412.0 $486.1 $516.3 $606.9
% Margin 17.0% 16.6% 17.1% 16.5% 17.5%
Cash Diluted EPS $1.63 $1.89 $2.18 $2.34 $2.71
Diluted Shares Out 212.571 218.534 223.256 221.099 224.286

Cash to GAAP Reconciliation:

Amortization $12.3 $32.0 $67.1 $53.5 $53.5
Stock-Based Comp 35.7 39.4 47.9 47.2 46.3
One-Time Charges 10.1 21.9 6.1 - -
GAAP Net Income $289.3 $318.7 $365.0 $415.5 $507.1
 % Margin 14.2% 12.8% 12.9% 13.3% 14.6%
GAAP Diluted EPS $1.36 $1.46 $1.63 $1.88 $2.26

Capex $71.4 $80.7 $166.4 $183.1 $203.6

% of Sales 3.5% 3.3% 5.9% 5.9% 5.9%
FY Ending September 30, CAGR
2010P 2011E 2012E 2008-2012
$3,856.0 $4,284.9 $4,761.6 11.1%
11.1% 11.1% 11.1%
2,347.8 2,609.0 2,899.2
60.9% 60.9% 60.9%
$1,508.2 $1,676.0 $1,862.4 12.2%
39.1% 39.1% 39.1%
675.5 750.6 834.1
17.5% 17.5% 17.5%

$832.7 $925.3 $1,028.3 11.4%

21.6% 21.6% 21.6%
85.4 94.9 105.5
2.2% 2.2% 2.2%
62.0 62.0 62.0
1.6% 1.4% 1.3%
$147.4 $156.9 $167.5
3.8% 3.7% 3.5%
59.6 66.2 73.6
1.5% 1.5% 1.5%
$625.7 $702.2 $787.2 15.5%
16.2% 16.4% 16.5%
$747.3 $830.4 $922.8 13.3%
19.4% 19.4% 19.4%

(52.3) (52.3) (52.3)

- - -
- - -
- - -
$799.6 $882.7 $975.1 13.1%
110.1 121.5 134.3
13.8% 13.8% 13.8%
$689.5 $761.2 $840.8 13.0%
17.9% 17.8% 17.7%
$3.02 $3.28 $3.56 11.1%
228.286 232.286 236.286

$53.5 $53.5 $53.5

51.4 57.1 63.5
- - -
$584.6 $650.6 $723.9 14.9%
15.2% 15.2% 15.2%
$2.56 $2.80 $3.06 13.0%

$226.3 $192.8 $190.5

5.9% 4.5% 4.0%
TargetCo Income Statement
($ in millions, except per share data)

FY Ended September 30, FY Ending Septem

2005A 2006A 2007A 2008P 2009P
Total Revenue $370.8 $380.8 $402.5 $458.1 $468.0
% Growth NA 2.7% 5.7% 13.8% 2.2%
COGS 182.5 188.6 207.7 239.6 249.8
% of Sales 49.2% 49.5% 51.6% 52.3% 53.4%
Gross Profit $188.3 $192.2 $194.8 $218.5 $218.2
% Margin 50.8% 50.5% 48.4% 47.7% 46.6%
SG&A 46.6 61.9 74.8 88.3 91.7
% of Sales 12.6% 16.3% 18.6% 19.3% 19.6%

EBITDA $141.7 $130.3 $120.0 $130.2 $126.5

% Margin 38.2% 34.2% 29.8% 28.4% 27.0%
Depreciation 14.0 11.1 12.1 14.1 14.1
% of Sales 3.8% 2.9% 3.0% 3.1% 3.0%
Amortization 25.7 18.2 18.6 19.6 19.9
% of Sales 6.9% 4.8% 4.6% 4.3% 4.3%
Total D&A $39.7 $29.3 $30.7 $33.7 $34.0
% of Sales 10.7% 7.7% 7.6% 7.4% 7.3%
Stock-Based Comp 16.5 13.4 11.3 10.8 10.6
% of Sales 4.4% 3.5% 2.8% 2.4% 2.3%
EBIT $85.5 $87.6 $78.0 $85.7 $81.9
% Margin 23.1% 23.0% 19.4% 18.7% 17.5%
EBITA $127.7 $119.2 $107.9 $116.1 $112.4
% Margin 34.4% 31.3% 26.8% 25.3% 24.0%

Interest (Income) / Expense 4.9 0.9 - (2.4) -

Equity (Income) - - - - -
Minority Interest - - - - -
Other (Income) / Expense 0.1 - - (0.1) -
Income Before Taxes $122.7 $118.3 $107.9 $118.6 $112.4
Provision for Tax 24.3 17.5 11.4 15.8 15.5
% Tax Rate 19.8% 14.8% 10.5% 13.4% 13.8%
Cash Net Income $98.4 $100.8 $96.5 $102.8 $96.9
% Margin 26.5% 26.5% 24.0% 22.4% 20.7%
Cash Diluted EPS $2.81 $2.98 $2.71 $2.85 $2.65
Diluted Shares Out 35.064 33.880 35.580 36.080 36.580

Cash to GAAP Reconciliation:

Amortization $20.6 $15.5 $16.6 $17.0 $17.2
Stock-Based Comp 13.2 11.4 10.1 9.4 9.1
One-Time Charges 8.2 3.4 0.7 0.1 -
GAAP Net Income $56.4 $70.5 $69.1 $76.3 $70.6
 % Margin 15.2% 18.5% 17.2% 16.7% 15.1%
GAAP Diluted EPS $1.61 $2.08 $1.94 $2.12 $1.93

Capex $26.0 $12.5 $18.0 $16.0 $14.1

% of Sales 7.0% 3.3% 4.5% 3.5% 3.0%
FY Ending September 30, CAGR
2010P 2011E 2012E 2008-2012
$470.5 $475.2 $480.0 1.2%
0.5% 1.0% 1.0%
252.2 254.7 257.3
53.6% 53.6% 53.6%
$218.3 $220.5 $222.7 0.5%
46.4% 46.4% 46.4%
92.4 93.3 94.3
19.6% 19.6% 19.6%

$125.9 $127.2 $128.4 (0.3%)

26.8% 26.8% 26.8%
14.1 14.2 14.4
3.0% 3.0% 3.0%
20.0 20.0 20.0
4.3% 4.2% 4.2%
$34.1 $34.2 $34.4
7.2% 7.2% 7.2%
10.7 10.8 10.9
2.3% 2.3% 2.3%
$81.1 $82.1 $83.1 (0.8%)
17.2% 17.3% 17.3%
$111.8 $112.9 $114.0 (0.4%)
23.8% 23.8% 23.8%

- - -
- - -
- - -
- - -
$111.8 $112.9 $114.0 (1.0%)
15.4 15.5 15.7
13.8% 13.8% 13.8%
$96.4 $97.4 $98.3 (1.1%)
20.5% 20.5% 20.5%
$2.64 $2.66 $2.69 (1.4%)
36.580 36.580 36.580

$17.2 $17.2 $17.2

9.2 9.3 9.4
- - -
$69.9 $70.8 $71.7 (1.6%)
14.9% 14.9% 14.9%
$1.91 $1.94 $1.96 (1.9%)

$14.2 $14.3 $14.5

3.0% 3.0% 3.0%