Hca, Inc

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Company Name

Industry

Betab

Market Value of Equityc

Adidas-Salomon AGd Columbia Sportswear Co. K2 Inc. Nike Inc. e f g

Sports Apparel, Footwear, & Equipment Sports Apparel Sports Equipment Sports Apparel & Footwear Sports Apparel Sports Equipment & Apparel Apparel, incl. Sports Apparel

0.8090 1.4803 1.3581 0.6988 1.0089 0.5464 0.5878

4,302 2,239 559 20,558 1,217 174 5,113

Quiksilver Inc.

Skis Rossignol SA VF Corp

Average Risk-free rate Market risk premium Small stock premium Average unlevered beta Tax rate Q1 Cost of Capital 4.77% 5.00% 5.25% 0.7073 24% 13.56%

FY2001 Net Sales Cost of Sales Gross Profit Total Operating Expenses Mgt Fee, Licns & Rylty Income Op. Income Before Depreciation Non-Operating Income (Expense) EBITDA Depreciation & Amortization Interest Expense & Bank Fees FAS 133 Expense Taxes Net Income Capital Expenditures Net Working Capital Investment 27,303 16,536 10,767 9,573 20 1,214 113 1,327 467 805 -63 35 83 240 n/a

FY2002 33,960 20,008 13,952 12,175 27 1,804 142 1,946 464 664 -185 159 844 417 -1,592

FY2001

FY2002

Cash Accounts Receivable Inventories Prepaid Expenses Other Current Assets Total Current Assets Net PP&E Other Assets Total Assets Accts Payable & Accrued Exp Other Current Liabilities Total Current Liabilities Other Liabilities Total Liabilities Preferred Stock & Commmon Retained Earnings Total Stockholders' Equity Total Liabilities & Equity

485 4,797 1,458 250 155 7,145 844 815 8,804 2,001 123 2,124 2,109 4,233 4,717 (146) 4,571 8,804

793 3,568 1,284 483 242 6,370 827 1,049 8,246 2,216 295 2,511 502 3,013 4,719 514 5,233 8,246

FY2002

EBIT (Less: Tax on EBIT)
Depreciation & Amortization

1,482 -356 464 -417 1,173

(Less: Changes in Working Capital) Capex Free Cash Flow: Terminal value: Cost of Capital Q2. Value of Spyder at FY2004 end LTM Sales of Spyder LTM EBITDA of Spyder Industry average EV/Sales Industry average EV/EBITDA Q3. EV of Spyder based on EV/Sales EV of Spyder based on EV/EBITDA 61,366 9,582 1.28 x 10.77 x 78,855 103,193 13.6%

LTM Five-Year InterestAverage LTM Sales Bearing Debt-toDebt Total Value 1,459 20 209 866 138 118 994 0.38994 0.05620 0.41029 0.07894 0.16912 0.44023 0.19757 6,221 990 839 11,751 1,039 479 5,390

LTM EBITDA

E/V

Unlevered Beta

EV

EV/Sales

EV/EBITD A

586 220 63 1,736 130 25 725

0.61 0.94 0.59 0.92 0.83 0.56 0.80

0.4935 1.3971 0.8009 0.6436 0.8383 0.3059 0.4717

5,761 2,259 768 21,423 1,355 293 6,107

0.93 x 2.28 x 0.92 x 1.82 x 1.30 x 0.61 x 1.13 x 1.28 x

9.84 x 10.29 x 12.11 x 12.34 x 10.44 x 11.94 x 8.42 x 10.77 x

0.7073

FY2003 40,290 22,537 17,753 14,159 10 3,604 295 3,899 667 613 1,076 688 855 621 -86

FY2004 61,366 31,011 30,355 21,007 26 9,374 208 9,582 744 846 1,065 1,858 5,069 1,797 69

FY2005E 85,281 43,279 42,002 28,014 13,988 (217) 13,771 1,078 1,101 0 2,447 9,145 2,619 1,590

FY2006E 105,630 55,075 50,554 33,571 16,983 16,983 2,097 1,396 0 2,898 10,593 3,000 929

FY2007E 133,223 70,419 62,804 41,028 21,777 21,777 3,260 1,769 0 3,729 13,019 3,500 1,292

FY2008E 165,732 88,253 77,479 49,584 27,895 27,895 3,098 2,263 0 5,396 17,139 4,250 1,459

FY2003

FY2004

FY2005E

FY2006E

FY2007E

FY2008E

2,693 2,786 922 406 829 7,636 850 827 9,313 3,177 47 3,224 3,224 4,723 1,366 6,089 9,313

7,975 3,192 845 346 617 12,975 1,970 906 15,851 5,499 5,499 3,814 9,313 4,731 1,807 6,538 15,851

6,812 5,625 1,130 454 617 14,638 3,581 836 19,055 3,372 3,372 3,372 4,731 10,952 15,683 19,055

15,572 6,873 1,402 543 617 25,008 4,554 766 30,328 4,052 4,052 4,052 4,731 21,545 26,276 30,328

27,060 8,521 1,798 666 617 38,661 4,865 696 44,222 4,927 4,927 4,927 4,731 34,564 39,295 44,222

41,587 10,409 2,246 806 617 55,665 6,087 626 62,378 5,945 5,945 5,945 4,731 51,702 56,433 62,378

FY2003

FY2004

FY2005E

FY2006E

FY2007E

FY2008E

3,232 -776 667 -1,506 -621 996

8,838 -2,121 744 -155 -1,797 5,509

12,693 -3,046...
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