Training The Street, Inc.

Hints & Suggestions for the Mini Formatting Exercise

There are many ways to do the formatting exercise
These are a few suggestions to help you establish a rhythm
(1) A1 Ctrl+Shift+P, 14, Enter, Ctrl+B
(2) G5 Ctrl+Shift+Right Arrow (highlights G5:N5)
(3) G5:N5 Ctrl+1, Number, No decimal, No 1000 separator
(4) N15 Ctrl+Shift+Left Arrow, Shift+Down Arrow to row 19 (highlights N15:J19)
(5) N15:J19 Ctrl+R
(6) N19 Ctrl+Shift+Left Arrow, Ctrl+Shift+Up Arrow to row 7 (highlights N19:G7)
(7) N19:G7 Ctrl+1, Currency, 1 decimal, Negative number in (BLACK)
(8) G8 Ctrl+Shift+Right Arrow, Ctrl+Shift+Down Arrow & Shift+Down Arrow to row 18 (highlights G8:N18)
(9) G8:N18 Ctrl+1, Number, 1 decimal, 1000 separator, Negative number in (BLACK)
(10) G8:N18 Ctrl+Shift+P, 10, Enter
(11) Row 10 Ctrl+-, Delete entire row
(12) Row 14 Shift+Spacbar, Ctrl+B
(13) Row 18 Shift+Spacbar, Ctrl+B
(14) N21 Ctrl+Shift+Left Arrow, Ctrl+Shift+Down Arrow to row 31 (highlights N21:G30)
(15) N21:G30 Ctrl+1, Custom, Type 0.0%_);(0.0%)
(16) A1 Ctrl+HOME
(17) F5, Alt+S, O, X, Enter, use Alt, Ctrl+TAB to access your toolbar icons to make highlighted cells BLUE
(18) A1 Ctrl+HOME
(19) Ctrl+Page Down, Ctrl+Page Up, Compare with SOLUTION

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 Training The Street, Inc.

Hints & Suggestions for the Mini Formatting Exercise

There are many ways to do the formatting exercise
These are a few suggestions to help you establish a rhythm
(1) A1 Ctrl+Shift+P, Alt+S 14, Enter, Ctrl+B
(2) G5 Ctrl+Shift+Right Arrow (highlights G5:N5)
(3) G5:N5 Ctrl+1, Number, No decimal, No 1000 separator
(4) N15 Ctrl+Shift+Left Arrow, Shift+Down Arrow to row 19 (highlights N15:J19)
(5) N15:J19 Ctrl+R
(6) N19 Ctrl+Shift+Left Arrow, Ctrl+Shift+Up Arrow to row 7 (highlights N19:G7)
(7) N19:G7 Ctrl+1, Currency, 1 decimal, Negative number in (BLACK)
(8) G8 Ctrl+Shift+Right Arrow, Ctrl+Shift+Down Arrow & Shift+Down Arrow to row 18 (highlights G8:N18)
(9) G8:N18 Ctrl+1, Number, 1 decimal, 1000 separator, Negative number in (BLACK)
(10) G8:N18 Ctrl+Shift+P, Alt+S 10, Enter
(11) Row 10 Ctrl+-, Delete entire row
(12) Row 14 Shift+Spacbar, Ctrl+B
(13) Row 18 Shift+Spacbar, Ctrl+B
(14) N21 Ctrl+Shift+Left Arrow, Ctrl+Shift+Down Arrow to row 31 (highlights N21:G30)
(15) N21:G30 Ctrl+1, Custom, Type 0.0%_);(0.0%)
(16) A1 Ctrl+HOME
(17) F5, Alt+S, O, X, Enter, use Alt, Ctrl+TAB to access your toolbar icons to make highlighted cells BLUE
(18) A1 Ctrl+HOME
(19) Ctrl+Page Down, Ctrl+Page Up, Compare with SOLUTION

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 Training The Street, Inc.

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Fastest Times:
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53 Seconds Thomas Akiyama BofA UC Berkeley 7/30/2004
53 Seconds Ivan La Frinere Credit Suisse California Institute of Technology 8/18/2006
55 Seconds Jonathan Fisher Royal Bank of Scotland Miami University (OH) 12/11/2006
55 Seconds Michael C Meng Lazard University of Michigan 8/4/2006
56 Seconds David Sokoler Lazard Harvard University 8/4/2006
57 Seconds Judson Clark A.G. Edwards & Sons Washington University 8/3/2007
57 Seconds Matt Collins Credit Suisse U. of Wisconsin 8/26/2005
58 Seconds Brent Frissora BofA Harvard University 7/28/2006
58 Seconds Mike Daylamani Credit Suisse Princeton University 8/18/2006
x 59 Seconds Tim Hannan * Merrill Lynch Tuck, Dartmouth 10/11/2007
* Associate

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Sample Operating Income Projections

Dollars in millions
2006 - 2011
Historical Year Ending Dec. 31, Projected Year Ending Dec. 31, CAGR
2,004.0 2,005.0 2,006.0 2,007.0 2,008.0 2,009.0 2,010.0 2,011.0

Net Sales 3001.656 3407.911 4069.29 4394.8332 4746.4199 5126.1334 5536.2241 5979.122 8.0%
Cost of Sales (excluding D&A) 2068.934 2333.46 2739.109 2944.5382 3180.1013 3434.5094 3709.2702 4006.0118
Gross Profit 932.722 1074.451 1330.181 1450.295 1566.3186 1691.624 1826.954 1973.1103 8.2%

SG&A Expense 512.364 578.015 658.889 711.963 768.92 830.4336 896.8683 968.6178

Other Expense / (Income) -2.164 -1.277 -10.912 -10 -10 -10 -10 -10
EBITDA 422.522 497.713 682.204 748.33198 (100.0%)

Depreciation 101.912 127.497 135.519 137.831 142.20107 146.55833 152.06329 158.78212

Amortization 9.367 10.666 13.035 13.913967 15.742217 17.716728 19.849199 22.152269
EBIT 311.243 359.55 533.65 596.58701 (100.0%)

Margins
Gross Margin (excluding D&A) 0.31 0.32 0.33 0.33 0.33 0.33 0.33 0.33
SG&A Expense as % of Net Sales 0.17 0.17 0.16 0.16 0.16 0.16 0.16 0.16
Other Expense / (Income) as % of Net Sales 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBITDA Margin 0.14 0.15 0.17 0.17 0.00 0.00 0.00 0.00
EBIT Margin 0.10 0.11 0.13 0.14 0.00 0.00 0.00 0.00

Growth Rate Analysis

Net Sales Growth Rate 0.14 0.19 0.08 0.08 0.08 0.08 0.08
EBITDA Growth Rate 0.18 0.37 0.10 -1.00 #DIV/0! #DIV/0! #DIV/0!

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Sample Operating Income Projections

Dollars in millions
2006 - 2011
Solution Historical Year Ending Dec. 31, Projected Year Ending Dec. 31, CAGR
2004 2005 2006 2007 2008 2009 2010 2011

Net Sales $3,001.7 $3,407.9 $4,069.3 $4,394.8 $4,746.4 $5,126.1 $5,536.2 $5,979.1 8.0%
Cost of Sales (excluding D&A) 2,068.9 2,333.5 2,739.1 2,944.5 3,180.1 3,434.5 3,709.3 4,006.0
Gross Profit 932.7 1,074.5 1,330.2 1,450.3 1,566.3 1,691.6 1,827.0 1,973.1 8.2%

SG&A Expense 512.4 578.0 658.9 712.0 768.9 830.4 896.9 968.6

Other Expense / (Income) (2.2) (1.3) (10.9) (10.0) (10.0) (10.0) (10.0) (10.0)
EBITDA 422.5 497.7 682.2 748.3 807.4 871.2 940.1 1,014.5 8.3%

Depreciation 101.9 127.5 135.5 137.8 142.2 146.6 152.1 158.8

Amortization 9.4 10.7 13.0 13.9 15.7 17.7 19.8 22.2
EBIT $311.2 $359.6 $533.7 $596.6 $649.5 $706.9 $768.2 $833.6 9.3%

Margins
Gross Margin (excluding D&A) 31.1% 31.5% 32.7% 33.0% 33.0% 33.0% 33.0% 33.0%
SG&A Expense as % of Net Sales 17.1% 17.0% 16.2% 16.2% 16.2% 16.2% 16.2% 16.2%
Other Expense / (Income) as % of Net Sales (0.1%) (0.0%) (0.3%) (0.2%) (0.2%) (0.2%) (0.2%) (0.2%)
EBITDA Margin 14.1% 14.6% 16.8% 17.0% 17.0% 17.0% 17.0% 17.0%
EBIT Margin 10.4% 10.6% 13.1% 13.6% 13.7% 13.8% 13.9% 13.9%

Growth Rate Analysis

Net Sales Growth Rate 13.5% 19.4% 8.0% 8.0% 8.0% 8.0% 8.0%
EBITDA Growth Rate 17.8% 37.1% 9.7% 7.9% 7.9% 7.9% 7.9%
EBIT Growth Rate 15.5% 48.4% 11.8% 8.9% 8.8% 8.7% 8.5%

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Sample Operating Income Projections

Dollars in millions
2006 - 2011
Historical Year Ending Dec. 31, Projected Year Ending Dec. 31, CAGR
2,004.0 2,005.0 2,006.0 2,007.0 2,008.0 2,009.0 2,010.0 2,011.0

Net Sales 3001.656 3407.911 4069.29 4394.8332 4746.4199 5126.1334 5536.2241 5979.122 8.0%
Cost of Sales (excluding D&A) 2068.934 2333.46 2739.109 2944.5382 3180.1013 3434.5094 3709.2702 4006.0118
Gross Profit 932.722 1074.451 1330.181 1450.295 1566.3186 1691.624 1826.954 1973.1103 8.2%

SG&A Expense 512.364 578.015 658.889 711.963 768.92 830.4336 896.8683 968.6178

Other Expense / (Income) -2.164 -1.277 -10.912 -10 -10 -10 -10 -10
EBITDA 422.522 497.713 682.204 748.33198 (100.0%)

Depreciation 101.912 127.497 135.519 137.831 142.20107 146.55833 152.06329 158.78212

Amortization 9.367 10.666 13.035 13.913967 15.742217 17.716728 19.849199 22.152269
EBIT 311.243 359.55 533.65 596.58701 (100.0%)

Margins
Gross Margin (excluding D&A) 0.31 0.32 0.33 0.33 0.33 0.33 0.33 0.33
SG&A Expense as % of Net Sales 0.17 0.17 0.16 0.16 0.16 0.16 0.16 0.16
Other Expense / (Income) as % of Net Sales 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBITDA Margin 0.14 0.15 0.17 0.17 0.00 0.00 0.00 0.00
EBIT Margin 0.10 0.11 0.13 0.14 0.00 0.00 0.00 0.00

Growth Rate Analysis

Net Sales Growth Rate 0.14 0.19 0.08 0.08 0.08 0.08 0.08
EBITDA Growth Rate 0.18 0.37 0.10 -1.00 #DIV/0! #DIV/0! #DIV/0!
EBIT Growth Rate 0.16 0.48 0.12 -1.00 #DIV/0! #DIV/0! #DIV/0!

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Sample Operating Income Projections

Dollars in millions
2006 - 2011
Solution Historical Year Ending Dec. 31, Projected Year Ending Dec. 31, CAGR
2004 2005 2006 2007 2008 2009 2010 2011

Net Sales $3,001.7 $3,407.9 $4,069.3 $4,394.8 $4,746.4 $5,126.1 $5,536.2 $5,979.1 8.0%
Cost of Sales (excluding D&A) 2,068.9 2,333.5 2,739.1 2,944.5 3,180.1 3,434.5 3,709.3 4,006.0
Gross Profit 932.7 1,074.5 1,330.2 1,450.3 1,566.3 1,691.6 1,827.0 1,973.1 8.2%

SG&A Expense 512.4 578.0 658.9 712.0 768.9 830.4 896.9 968.6

Other Expense / (Income) (2.2) (1.3) (10.9) (10.0) (10.0) (10.0) (10.0) (10.0)
EBITDA 422.5 497.7 682.2 748.3 807.4 871.2 940.1 1,014.5 8.3%

Depreciation 101.9 127.5 135.5 137.8 142.2 146.6 152.1 158.8

Amortization 9.4 10.7 13.0 13.9 15.7 17.7 19.8 22.2
EBIT $311.2 $359.6 $533.7 $596.6 $649.5 $706.9 $768.2 $833.6 9.3%

Margins
Gross Margin (excluding D&A) 31.1% 31.5% 32.7% 33.0% 33.0% 33.0% 33.0% 33.0%
SG&A Expense as % of Net Sales 17.1% 17.0% 16.2% 16.2% 16.2% 16.2% 16.2% 16.2%
Other Expense / (Income) as % of Net Sales (0.1%) (0.0%) (0.3%) (0.2%) (0.2%) (0.2%) (0.2%) (0.2%)
EBITDA Margin 14.1% 14.6% 16.8% 17.0% 17.0% 17.0% 17.0% 17.0%
EBIT Margin 10.4% 10.6% 13.1% 13.6% 13.7% 13.8% 13.9% 13.9%

Growth Rate Analysis

Net Sales Growth Rate 13.5% 19.4% 8.0% 8.0% 8.0% 8.0% 8.0%
EBITDA Growth Rate 17.8% 37.1% 9.7% 7.9% 7.9% 7.9% 7.9%
EBIT Growth Rate 15.5% 48.4% 11.8% 8.9% 8.8% 8.7% 8.5%

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Sample Income Statement

Dollars in millions, except per share data

Historical Year Ending Dec. 31, Projected Year Ending Dec. 31, CAGR
2,004.0 2,005.0 2,006.0 2,007.0 2,008.0 2,009.0 2,010.0 2,011.0

Net Sales 3001.656 3407.911 4069.29 4394.8332 (100.0%)

Cost of Sales (excluding D&A) 2068.934 2333.46 2739.109 2944.5382
Gross Profit 932.722 1074.451 1330.181 1450.295 (100.0%)

SG&A Expense 512.364 578.015 658.889 711.963

Other Expense / (Income) -2.164 -1.277 -10.912 -10 -10 -10 -10 -10
EBITDA 422.522 497.713 682.204 748.33198 (100.0%)

Depreciation 101.912 127.497 135.519 137.831 142.20107 146.55833 152.06329 158.78212

Amortization 9.367 10.666 13.035 13.913967 15.742217 17.716728 19.849199 22.152269
EBIT 311.243 359.55 533.65 596.58701 (100.0%)
Interest Expense 44.10772 60.11464 63.765 62.21449 56.074666 50.221179 43.206057 36.174602
Interest Income -1.10172 -1.11964 -1 -0.80463 -0.75 -0.75 -0.75 -0.75
Pretax Income 268.237 300.555 470.885 535.17715 (100.0%)

Income Taxes 104.6 109.8 176.1 200.69143 0 0 0 0

Net Income (1) (2) 163.637 190.755 294.785 334.48572 0 0 0 0 (100.0%)

Diluted Weighted Average Shares in Millions 102 98 94 90 88 86 84 81 (2.8%)

Earnings Per Share $2 $2 $3 $4 $0 $0 $0 $0 (99.9%)

Margins
Gross Margin (excluding D&A) 0.31 0.32 0.33 0.33 0.33 0.33 0.33 0.33
SG&A Expense as % of Net Sales 0.17 0.17 0.16 0.16 0.16 0.16 0.16 0.16
Other Expense / (Income) as % of Net Sales 0.00 0.00 0.00 0.00 #DIV/0! #DIV/0! #DIV/0! #DIV/0!
EBITDA Margin 0.14 0.15 0.17 0.17 #DIV/0! #DIV/0! #DIV/0! #DIV/0!
EBIT Margin 0.10 0.11 0.13 0.14 #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Net Income Margin 0.05 0.06 0.07 0.08 #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Growth Rate Analysis

Net Sales Growth Rate 0.14 0.19 0.08 0.08 0.08 0.08 0.08
EBITDA Growth Rate 0.18 0.37 0.10 -1.00 #DIV/0! #DIV/0! #DIV/0!
Net Income Growth Rate 0.17 0.55 0.13 -1.00 #DIV/0! #DIV/0! #DIV/0!
EPS Growth Rate 0.22 0.61 0.18 -1.00 #DIV/0! #DIV/0! #DIV/0!

Effective Tax Rate 0.39 0.37 0.37 0.38 0.38 0.38 0.38 0.38
(1) 2002 results exclude restructuring charge of $40 mm pretax ($24.4 mm after-tax).
(2) 2005 estimates based on Wall Street Research dated 2/4/05. Internal projections thereafter.

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Sample Income Statement

Dollars in millions, except per share data
2006 - 2011
Solution Historical Year Ending Dec. 31, Projected Year Ending Dec. 31, CAGR
2004 2005 2006 2007 2008 2009 2010 2011

Net Sales $3,001.7 $3,407.9 $4,069.3 $4,394.8 $4,746.4 $5,126.1 $5,536.2 $5,979.1 8.0%
Cost of Sales (excluding D&A) 2,068.9 2,333.5 2,739.1 2,944.5 3,180.1 3,434.5 3,709.3 4,006.0
Gross Profit 932.7 1,074.5 1,330.2 1,450.3 1,566.3 1,691.6 1,827.0 1,973.1 8.2%

SG&A Expense 512.4 578.0 658.9 712.0 768.9 830.4 896.9 968.6

Other Expense / (Income) (2.2) (1.3) (10.9) (10.0) (10.0) (10.0) (10.0) (10.0)
EBITDA 422.5 497.7 682.2 748.3 807.4 871.2 940.1 1,014.5 8.3%

Depreciation 101.9 127.5 135.5 137.8 142.2 146.6 152.1 158.8

Amortization 9.4 10.7 13.0 13.9 15.7 17.7 19.8 22.2
EBIT 311.2 359.6 533.7 596.6 649.5 706.9 768.2 833.6 9.3%

Interest Expense 44.1 60.1 63.8 62.2 56.1 50.2 43.2 36.2
Interest Income (1.1) (1.1) (1.0) (0.8) (0.8) (0.8) (0.8) (0.8)
Pretax Income 268.2 300.6 470.9 535.2 594.1 657.4 725.7 798.1 11.1%

Income Taxes 104.6 109.8 176.1 200.7 222.8 246.5 272.1 299.3
Net Income (1) (2) $163.6 $190.8 $294.8 $334.5 $371.3 $410.9 $453.6 $498.8 11.1%

Diluted Weighted Average Shares in Millions 102.466 98.055 93.973 90.150 87.950 85.750 83.550 81.350 (2.8%)

Earnings Per Share $1.60 $1.95 $3.14 $3.71 $4.22 $4.79 $5.43 $6.13 14.3%

Margins
Gross Margin (excluding D&A) 31.1% 31.5% 32.7% 33.0% 33.0% 33.0% 33.0% 33.0%
SG&A Expense as % of Net Sales 17.1% 17.0% 16.2% 16.2% 16.2% 16.2% 16.2% 16.2%
Other Expense / (Income) as % of Net Sales (0.1%) (0.0%) (0.3%) (0.2%) (0.2%) (0.2%) (0.2%) (0.2%)
EBITDA Margin 14.1% 14.6% 16.8% 17.0% 17.0% 17.0% 17.0% 17.0%
EBIT Margin 10.4% 10.6% 13.1% 13.6% 13.7% 13.8% 13.9% 13.9%
Net Income Margin 5.5% 5.6% 7.2% 7.6% 7.8% 8.0% 8.2% 8.3%

Growth Rate Analysis

Net Sales Growth Rate 13.5% 19.4% 8.0% 8.0% 8.0% 8.0% 8.0%
EBITDA Growth Rate 17.8% 37.1% 9.7% 7.9% 7.9% 7.9% 7.9%
Net Income Growth Rate 16.6% 54.5% 13.5% 11.0% 10.7% 10.4% 10.0%
EPS Growth Rate 21.8% 61.2% 18.3% 13.8% 13.5% 13.3% 13.0%

Effective Tax Rate 39.0% 36.5% 37.4% 37.5% 37.5% 37.5% 37.5% 37.5%
(1) 2002 results exclude restructuring charge of $40 mm pretax ($24.4 mm after-tax).
(2) 2005 estimates based on Wall Street Research dated 2/4/05. Internal projections thereafter.

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Other Schedule for Formatting Exercise
Dollars in millions, except per share data

Historical Year Ending Dec. 31, Projected Year Ending Dec. 31,
2004 2005 2006 2007 2008 2009 2010 2011

Depreciation 137.831 142.201 146.558 152.063 158.782

Amortization 13.914 15.742 17.717 19.849 22.152

Interest Expense 62.214 56.075 50.221 43.206 36.175

Interest Income (0.805) (0.750) (0.750) (0.750) (0.750)

Weighted Average Shares Outstanding 90.150 87.950 85.750 83.550 81.350

DISCLAIMER: This is not a real iterative model. Its sole purpose if for the formatting exercise.