Discussion Materials 3 January 2005 Project Alphabet

Indexed Share Price Performance Project Alphabet On 11/12/04, L made public comments regarding the possibility of a transaction involving U On 12/15/04, L first spoke with Special Committee regarding its views on transaction dynamics 1 As of 11/11/04 % Source FactSet Source FactSet As of 12/14/04 % Performance vs. Peers Since Since 11/11/04 12/14/04 U 14.4% 11.9% L 22.2% 2.4% Cablevision 15.2% 12.1% Comcast 11.7% 6.7% NTL 8.5% 4.6% S&P 500 3.4% 0.8% EXHIBIT A L CVC U CMCSA NTL S&P 500 L CVC U CMCSA NTL S&P 500

U / L Exchange Ratio Analysis Since Spin-off Project Alphabet 2 Source FactSet U / L Exchange Ratio x Note Assumes L share price held constant at $46.38 (price at close on 12/30/04) Exchange ratio 12/14/04: 0.1914x 12/30/04: 0.2091x Spot 5 Day 10 Day 20 Day EXHIBIT B Implied Exchange Ratios Exchange Current as Implied U Period Ratio % Premium Share Price (1) Current (12/30/04) 0.2091x NM $9.70 12/14/04 0.1914x 9.3% $8.88 High 0.2239x (6.6)% $10.38 Low 0.1853x 12.9% $8.59 5 Day Avg. 0.2089x 0.1% $9.69 10 Day Avg. 0.2064x 1.3% $9.57 20 Day Avg. 0.2009x 4.1% $9.32 3 Mo. Avg. 0.2064x 1.3% $9.57 Since June 2 0.2047x 2.2% $9.49

3 Precedent Minority Squeeze-Out Transactions All-Stock Deals of $500MM or more, 1995 - YTD Project Alphabet Notes Market Cap at date of transaction announcement Excludes assumed liabilities 3. Initial and secondary exchange rate offers for the Expedia and Hotels.com transactions reflect an approximate 5 month break in negotiations Source: Company press releases, public filings and FactSet Minority Squeezeout Transactions (All-Stock Deals of $500MM or more since 1995) Date Announced Target / Acquiror Aquiror Market Cap (1) ($MM) Trans. Value (2) Trans. Value as % of Acquirer Market Cap % Initial Economic Ownership % Initial Voting Ownership % Sought Initial Premium (%) Offer Increase % At-Market Exchange Ratio Initial 1 2 3 Public/ Private Process Majority of Minority? Tender/ Merger 8/15/2000 Infinity Broadcasting Corp/ Viacom Inc 105,432 13,649 13% 62% 90% 38% 14% 9% 5% 32.89 0.496 0.564 0.592 - - 19% Public No Merger 3/19/2003 Expedia / USA Interactive 25,197 3,636 14% 58% 95% 42% 8% 30% 44% 81.41 1.254 1.3485 1.8875 1.9288 1.9388 55% Public No Merger 2/14/2000 CareInsite, Inc./ Healtheon/ WebMD Corporation 8,696 1,884 22% 67% 67% 33% 6% 11% 4% 16.17 1.175 1.250 1.265 1.300 - 11% Public No Merger 2/4/2002 Intimate Brands Inc/ Limited Inc. 7,615 1,645 22% 82% 94% 18% 6% 12% 5% 19.72 0.986 1.046 1.100 - - 12% Public No Tender 10/6/2003 UGC Europe Inc/ UnitedGlobalCom Inc 2,595 1,352 52% 67% 67% 33% 10% 48% 14% 78.24 8.197 9.0 10.3 - - 26% Public Yes Tender 4/10/2003 Hotels.com / InterActiveCorp 13,284 1,237 9% 62% 97% 38% 8% 19% 33% 60.24 1.680 1.806 2.400 - - 43% Public No Merger 5/31/2002 Ticketmaster/ USA Interactive 11,779 841 7% 63% 93% 37% 8% 23% 16% 15.85 0.751 0.807 0.875 0.913 0.935 25% Public No Merger 2/2/2000 Thermo Instrument Systems Inc /Thermo Electron Corp 2,719 832 31% 89% 89% 11% 2% 2% 0% 20.40 0.831 0.85 - - - 2% Private No Tender 2/15/2002 NRG Energy Inc/ Xcel Energy 7,919 673 8% 74% 97% 26% 15% 29% 3% 12.86 0.421 0.485 0.500 - - 19% Public Yes Tender Mean 69% 88% 31% 8% 20% 14% 23% Median 67% 93% 33% 8% 19% 5% 19% Bump History . Share Price Premium . Exchange Ratio Analysis . (3) (3) EXHIBIT C Final Premium (%) Price per Share ($) Total Exch. Ratio Premium

"Has" / "Gets" Analysis Project Alphabet 4 Notes 2004 estimates per U forecast, YE2004 debt and cash figures adjusted for current exchange rate (1.35). Unconsolidated assets based on market values and book values per 9/30/04 10Q. Based on 794MM U FDSO 2004 estimates per L forecast. Incorporates L's proportional interest in EBITDA and Net Debt of J-COM, JPC and Puerto Rico asset. Unconsolidated assets based on illustrative analysis. Based on 178MM L FDSO Based on current exchange ratio of 0.2091x, 370MM minority U shares EXHIBIT D A combination of U with L would result in U shareholders having less EBITDA in NewCo per existing U share Additionally, L has less leverage and greater unconsolidated monetizable assets, resulting in lower net debt in NewCo per existing U share $MM, except per share L Variance Metrics U (1) (excl. U) (2) Pro Forma (3) Value % 2004E EBITDA $875 $272 $1,147 $272 31.0% Net Debt $3,258 ($228) $3,031 ($228) (7.0%) Non-Consolidated Assets $989 $629 $1,618 $629 63.6% EBITDA per Share $1.10 - $0.94 ($0.16) (14.7%) Net Debt per Share $4.10 - $2.48 ($1.62) (39.5%) Non-Consolidated Assets per Share $1.25 - $1.33 $0.08 6.5% Net Debt/EBITDA per Share 3.7x - 2.6x (1.1x) (29.0%)

Cross Ownership Analysis U and L Project Alphabet 5 Source FactSet Research Systems 148 of the 239 (62%) institutional holders of U hold L Holdings of the 148 institutions represent approximately 70% (top 25 account for 56%) of U's public float and approximately 46% (top 25 account for 39%) of L's total market value Note As of December 2004 Top 25 U / L Cross Holdings ($MM) U L Institution Shares Value (1) Shares Value (1) Value (1) Capital Research & Management Co. 55.9 $542.3 15.1% 7.4 $344.7 4.6% $887.0 Transamerica Investment Management LLC 3.1 30.2 0.8% 7.5 346.1 4.7% 376.3 Smith Barney Asset Management 10.4 100.5 2.8% 4.4 203.8 4.1% 304.3 Janus Capital Management LLC 2.7 26.6 0.7% 6.2 288.9 3.0% 315.5 OppenheimerFunds, Inc. 31.5 305.9 8.5% 0.2 8.3 0.1% 314.2 Fidelity Management & Research Co. 2.7 26.3 0.7% 5.2 241.0 3.2% 267.3 PEA Capital LLC 18.8 182.8 5.1% 1.5 70.1 0.9% 252.9 Orbis Investment Management Ltd. 5.8 56.4 1.6% 2.9 135.4 1.8% 191.8 General Electric Asset Management 0.4 3.9 0.1% 3.7 173.4 2.3% 177.3 GAMCO Investors, Inc. 5.5 53.3 1.5% 2.5 117.2 1.3% 170.5 Arnhold & S. Bleichroeder Advisers, Inc. 7.1 68.5 1.9% 2.2 100.6 1.4% 169.0 Vanguard Group, Inc. 7.3 70.9 2.0% 2.1 99.5 0.4% 170.4 Wellington Management Co. LLP 14.3 138.6 3.9% 0.7 30.3 1.1% 168.9 Marathon Asset Management Ltd. 8.1 78.2 2.2% 1.7 79.5 1.3% 157.8 SSgA Funds Management 3.0 29.3 0.8% 2.0 92.3 1.2% 121.6 Eagle Capital Management LLC 1.5 14.9 0.4% 2.3 104.5 1.4% 119.4 RS Investment Management LP 6.6 64.1 1.8% 1.0 48.3 0.7% 112.5 Neuberger Berman LLC 2.6 25.7 0.7% 1.8 82.3 1.1% 107.9 Fir Tree, Inc. 2.1 20.0 0.6% 1.8 84.0 1.1% 103.9 Putnam Investment Management, Inc. 1.5 15.0 0.4% 1.5 71.6 1.0% 86.5 HBK Investments LP 0.0 0.0 0.0% 1.7 78.2 0.3% 78.2 Barclays Global Investors, N.A. 6.0 58.5 1.6% 0.4 18.9 0.6% 77.4 Columbia Wanger Asset Management LP 3.0 29.1 0.8% 1.0 45.0 0.6% 74.1 TIAA-CREF Investment Management LLC 2.1 20.2 0.6% 1.0 47.6 0.8% 67.8 Osterweis Capital Management, Inc. 6.7 64.9 1.8% 0.0 0.5 0.0% 65.4 Total 208.9 $2,026.0 56.4% 62.8 $2,912.0 39.1% $4,938.0 % of Float Total % of Float EXHIBIT E

Cross Ownership Analysis Project Alphabet Notes Based on L public float of 178MM and U public float of 370MM Two data points excluded from chart: Capital Research and Management holding 15% and 4% of U and L public floats, respectively Oppenheimer Funds holding 9% and 0.1% of U and L public floats, respectively 6 Cross Ownership Holdings as a % of U / L Public Floats (1) Source Factset EXHIBIT F

U Valuation Matrix December 30, 2004 Project Alphabet 7 Notes As of 12/30/04 One day prior to initial discussions As of 11/11/04 - one day prior to L earnings call Estimates and capital structure per U presentation and U 9/30/04 10Q. YE2004 total debt and cash adjusted for current exchange rate (1.35) 2004E EBITDA includes half year of Noos EBITDA Adjusted Equity Value excludes Unconsolidated Assets Austar and SBS based on market value as of 12/30/04. Other assets per U 9/30/04 10Q (2) (2) EXHIBIT G Valuation Matrix U Share % Premium / (Discount) to Equity Aggregate Agg. Value / EBITDA (4) Adj. Equity Value / LFCF (4)(6) Price Curr. (1) 12/14/04 (2) Unaff. (3) 52 Wk Hi 52 Wk Lo Value ($MM) Value ($MM) 2004E (5) 2005E 2004E 2005E Statistic: $9.70 $8.67 $8.48 $10.90 $5.80 $875 $1,190 $264 $267 $8.48 (12.6%) (2.2%) 0.0% (22.2%) 46.2% 6,735 $9,004 10.3x 7.6x 21.8x 21.5x $8.67 (10.6%) 0.0% 2.2% (20.5%) 49.5% 6,886 9,155 10.5 7.7 22.3 22.1 $9.70 0.0% 11.9% 14.4% (11.0%) 67.2% 7,704 9,973 11.4 8.4 25.4 25.2 $10.00 3.1% 15.3% 17.9% (8.3%) 72.4% 7,942 10,211 11.7 8.6 26.3 26.1 $11.00 13.4% 26.9% 29.7% 0.9% 89.7% 8,736 11,005 12.6 9.2 29.3 29.0 $12.00 23.7% 38.4% 41.5% 10.1% 106.9% 9,530 11,799 13.5 9.9 32.4 32.0 $13.00 34.0% 49.9% 53.3% 19.3% 124.1% 10,324 12,593 14.4 10.6 35.4 35.0 U Valuation ($MM, except share price) Current Price (1) $9.70 Common Shares Outstanding: 790 Options 4 Fully Diluted Shares 794 Total Equity Value $7,704 Non-Consolidated Assets 989 Adjusted Equity Value $6,714 Net Debt: Total Debt 4,553 Minority Interest 101 Cash (1,284) ST Liquid Inv. (112) Total Net Debt $3,258 Adjusted Firm Value $9,973 Non-Consolidated Assets: (7) Total Val Austar (34%) $310 SBS (6 million shares) 239 Privates Telenet 121 TKP (25% Poland) 165 Melita (50% Malta) 22 Iberian Programming 126 Other (MGM L.A., Jundai Brazil) 6 Total $989

L Sum-of-the-Parts Valuation Project Alphabet 8 Notes Market values as of 12/30/04 Assumes $2.2Bn net debt and 20% Minority interest Assumes ($3MM) net debt and 30% Minority Interest of 85% of total value, 15% Minority Interest of 15% of total value Assumes $112MM net debt per company projections Includes $739MM of L-only cash per L 3Q04 10-Q, $142MM sale of Sky Latin America, $253MM sale of Telenet and Chorus to UGC, $408MM of repaid J-COM shareholder loans, $65MM dividend from Liberty Cablevision of PR, $80MM for sale of News Corp shares, $215MM from sale of Telewest shares, and less $128MM for buyback of 3MM shares from Comcast 175MM shares outstanding as of 3Q04 10-Q less 3MM shares bought back from Comcast EXHIBIT H Valuation Methodology IllustrativeValue ($MM) Base HoldCo Disc. Asset Methodology Comments Total Per Share Total Per Share Public Assets (1) U Market Value - Current Market Value / 15% HoldCo Discount $4,111 $23.13 $3,494 $19.66 NewsCorp Current Price/Sale Price - A/T Proceeds at 35% Taxes 55 0.31 55 0.31 The Wireless Group Current Price/Sale Price - A/T Proceeds at 35% Taxes 27 0.15 27 0.15 ABC Family Worldwide Book Value - $380MM Carrying Value less 20% Discount 304 1.71 304 1.71 Total Public Value: 4,496 $25.30 3,880 $21.83 Private Assets J-COM (2) EBITDA Mult. - $714MM '05E EBITDA, 45% Interest, 8x multiple - 10x multiple 1,272 $7.16 1,791 $10.08 JPC (3) EBITDA Mult. - $120MM '05E EBITDA, 50% Interest, 12x multiple 526 2.96 526 2.96 Chofu Per Sub - $3000 / sub (56K subs), 31% Interest 52 0.29 52 0.29 Mediatti Per Sub - $2500 / sub (86K subs), 24% Interest 52 0.29 52 0.29 Liberty Cablevision of PR (4) EBITDA Mult. - $26.7MM '04E EBITDA, 100% Interest, 8.5x multiple 114 0.64 114 0.64 Pramer EBITDA Mult. - 10x multiple, $5MM EBITDA, 100% Interest 50 0.28 50 0.28 Metropolis-Intercom S.A. EBITDA Mult. - 10x multiple, $11MM EBITDA, 50% Interest 55 0.31 55 0.31 Torneos Competencias EBITDA Mult. - 12x multiple, $15MM EBITDA, 40% Interest 72 0.41 72 0.41 Premium Movie Partnership Cash Flow Mult. - 12x multiple, $5MM FCF, 20% Interest 12 0.07 12 0.07 Total Private Value: 2,205 $12.41 2,724 $15.33 Total Value: $6,701 $37.71 $6,604 $37.16 Cash L Cash at 9/30/04 (5) $1,774 $9.98 $1,774 $9.98 Total Equity Value: $8,476 $47.69 $8,378 $47.15 Shares Outstanding (MM) Common Shares Outstanding (6) 172 172 Options 5 5 Total 178 178 Equity Value per Share: $47.69 $47.15 % Premium / (Discount) to Current: 3% 2%

L Fair Market Value Sensitivity Project Alphabet Notes Based on U share price of $9.70 as of 12/30/04 Based on U share price of $8.67 as of 12/14/04 - one day prior to initial discussions Based on U share price of $8.48 as of 11/11/04 - one day prior to L earnings call Based on 794MM U FDSO, 53.7% L stake and 178MM L FDSO Based on current U and L share price of $9.70 and $46.38, respectively. Assumes 178MM L FDSO Based on J-COM 2005E EBITDA of $714MM, net debt of $2.2Bn, 20% minority interest, 45% L interest Based on JPC 2005E EBITDA of $120MM, net debt of ($2.9MM), 28% minority interest, 50% L interest 9 Increases in U's fair market value correspondingly increases L's fair market value $1 increase in fair value of U results in $2.38 increase per L share, or approximately .01x change in the exchange ratio EXHIBIT I Low Mid High 8.0x 9.0x 10.0x J-COM Multiple 1,272 1,516 1,791 Impl. J-COM Equity Value (6) 12.0x 13.0x 14.0x JPC Multiple Assumed Implied UGC 526 564 613 Impl. JPC Equity Value (7) UGC Share Premium / (Discount) to Value per Current (5) 2,567 2,567 2,567 LMI Other Assets & Cash Price Current (1) 12/14/2004 (2) Unaff. (3) LMI Share (4) $23.25 $24.56 $26.15 $27.98 LMI Per Share Value (ex-UGC) $8.50 (12.4%) (2.0%) 0.2% $20.27 $43.52 $44.83 $46.42 $48.25 Implied LMI Share Price 0.1953x 0.1896x 0.1831x 0.1762x Implied Exchange Ratio 9.00 (7.2%) 3.8% 6.1% $21.46 $44.71 $46.03 $47.61 $49.44 0.2013x 0.1955x 0.1890x 0.1820x 9.70 0.0% 11.9% 14.4% $23.13 $46.38 $47.69 $49.28 $51.11 0.2091x 0.2034x 0.1968x 0.1898x 10.00 3.1% 15.3% 17.9% $23.85 $47.10 $48.41 $50.00 $51.82 0.2123x 0.2066x 0.2000x 0.1930x 10.50 8.2% 21.1% 23.8% $25.04 $48.29 $49.60 $51.19 $53.01 0.2174x 0.2117x 0.2051x 0.1981x 11.00 13.4% 26.9% 29.7% $26.23 $49.48 $50.79 $52.38 $54.21 0.2223x 0.2166x 0.2100x 0.2029x 11.50 18.6% 32.6% 35.6% $27.42 $50.67 $51.99 $53.57 $55.40 0.2269x 0.2212x 0.2147x 0.2076x 12.00 23.7% 38.4% 41.5% $28.62 $51.86 $53.18 $54.77 $56.59 0.2314x 0.2257x 0.2191x 0.2120x

Project Alphabet Value Proposition to U Shareholders Implied J-COM Valuation Summary 10 Notes Based on $9.70 as of 12/30/04 Based on $8.67 - one day prior to initial discussions Based on $8.48 as of 11/11/04 - one day prior to L earnings call Represents value of L's stake in non-U and non-J-COM assets based on illustrative L sum of the parts Assumes net debt and 20% minority interest of $2.9Bn at J-COM. 2005E EBITDA per J-COM 2005 Budget EXHIBIT J Implied J-COM Valuation Summary U At L Share Price of $46.38 Share % Premium / (Discount) to Exchange % Interest in Value of Stake in Impl. J-COM J-COM AV / J-COM AV / Price Current (1) 12/14/2004 (3) Unaff. (2) Ratio PF LMI Other Assets (4) Stake Value '04E EBITDA (5) '05E EBITDA (5) $8.48 (12.6%) (2.2%) 0.0% 0.1828x 27.6% $853 $429 10.7x 8.9x 8.67 (10.6%) 0.0% 2.2% 0.1869x 28.0% $867 $413 10.4x 8.6x 9.70 0.0% 11.9% 14.4% 0.2091x 30.4% $939 $315 8.8x 7.3x 10.00 3.1% 15.3% 17.9% 0.2156x 31.0% 959 282 8.3 6.9 11.00 13.4% 26.9% 29.7% 0.2372x 33.1% 1,023 161 6.7 5.6 12.00 23.7% 38.4% 41.5% 0.2587x 35.0% 1,084 22 5.2 4.3 13.00 34.0% 49.9% 53.3% 0.2803x 36.9% 1,141 (133) 3.6 3.0

Illustrative Synergy Impact Analysis Project Alphabet Notes Based on U share price of $9.70 as of 12/30/04 and 370MM minority stake Assumes 50% / 50% allocation of synergy value Based on L share price of $46.38 as of 12/30/04 and 178MM FDSO 11 EXHIBIT K Potential Synergy Impact Analysis 50% / 50% Synergy Allocation Low High Illustrative Synergy Value $500 $1,500 Current U Minority Stake Equity Value (1) $3,593 $3,593 Allocation of Synergies (2) $250 $750 PF U Equity Value $3,843 $4,343 Current L Equity Value (3) $8,242 $8,242 Allocation of Synergies (2) $250 $750 PF L Equity Value $8,492 $8,992 PF Equity Value $12,335 $13,335 Implied U Shareholders Ownership 31.2% 32.6% Implied Exchange Ratio 0.2171x 0.2317x % Premium / (Discount) to 12/14/04 (0.1914x) 13.4% 21.1% % Premium / (Discount) to Current (0.2091x) (1)(3) 3.8% 10.8% % U Ownership / Impl. Exchange Ratio Value of % of Synergies Allocated to U Synergies 30% 50% 75% $500 30.3% 31.2% 32.2% 0.2090x 0.2171x 0.2275x $1,000 30.3% 31.9% 33.8% 0.2089x 0.2246x 0.2454x $1,500 30.3% 32.6% 35.4% 0.2087x 0.2317x 0.2627x

NewCo Share Price Analysis Project Alphabet Note Assumes current U and L share price of $9.70 and $46.38 as of 12/30/04. Based on 178MM L FDSO and 370MM U minority FDSO 12 EXHIBIT L $MM, except per share (1) Syn. Req. to B/E Illustrative $50.00 $55.00 Exchange Assumes NewCo Trading @ Current L Price PF Target PF Target Ratio PF NewCo Price Prem./(Disc.) to Current Syn. Req. to B/E L Price L Price 0.2091x $46.38 0.0% $0 $924 $2,200 0.2100x 46.32 (0.1%) 15 940 2,217 0.2200x 45.66 (1.6%) 187 1,125 2,421 0.2300x 45.02 (2.9%) 358 1,310 2,625 0.2400x 44.39 (4.3%) 530 1,495 2,828 0.2500x 43.78 (5.6%) 702 1,680 3,032 For L to achieve a $50 target share price as a stand-alone entity, it would need to generate approximately $643MM of value For L to achieve a $55 target share price as a stand-alone entity, it would need to generate approximately $1,532MM of value

Exchange Ratio Sensitivity Analysis Nominal Premium Project Alphabet 13 EXHIBIT M Exchange Premium / (Discount) to L Shares Issued Implied Ownership (3) Assumed L Share Price Ratio Current (1) 12/14/04 (2) Total Incr. to Curr. U L $43.00 $46.38 $49.00 0.2091x 0.0% 9.3% 77.5 0.0 30.4% 69.6% $8.99 $9.70 $10.25 Impl. U Share Price (7.3%) 0.0% 5.6% Premium to Current (1) 3.7% 11.9% 18.2% Premium to 12/14/04 (2) 6.1% 14.4% 20.8% Premium to Unaffected (4) $3,331 $3,593 $3,796 Value of Transaction 0.2200x 5.2% 14.9% 81.5 4.0 31.4% 68.6% 9.46 10.20 10.78 (2.5%) 5.2% 11.1% 9.1% 17.7% 24.3% 11.6% 20.3% 27.1% $3,504 $3,779 $3,993 0.2300x 10.0% 20.2% 85.2 7.7 32.4% 67.6% 9.89 10.67 11.27 2.0% 10.0% 16.2% 14.1% 23.0% 30.0% 16.6% 25.8% 32.9% $3,663 $3,951 $4,174 0.2400x 14.8% 25.4% 88.9 11.4 33.3% 66.7% 10.32 11.13 11.76 6.4% 14.8% 21.2% 19.0% 28.4% 35.6% 21.7% 31.3% 38.7% $3,823 $4,123 $4,356 0.2500x 19.5% 30.6% 92.6 15.1 34.3% 65.7% 10.75 11.60 12.25 10.8% 19.5% 26.3% 24.0% 33.7% 41.3% 26.8% 36.7% 44.5% $3,982 $4,295 $4,537 Notes Assumes current U and L share price of $9.70 and $46.38, respectively as of 12/30/04 Based on U and L share price of $8.67 and $45.30, respectively as of 12/14/04 - one day prior to initial discussions Based on 370MM U public float and 178MM L FDSO Based on U and L share price of $8.48 and $37.95, respectively as of 11/11/04 - one day prior to L earnings call

Pro Forma Value Sensitivity Analysis "Real" Premium (Absent any Combination Benefits) Project Alphabet 14 Notes Assumes current U and L share price of $9.70 and $46.38, respectively as of 12/30/04 Based on U and L share price of $8.67 and $45.30, respectively as of 12/14/04 - one day prior to initial discussions Based on 370MM U public float and 178MM L FDSO Based on U and L share price of $8.48 and $37.95, respectively as of 11/11/04 - one day prior to L earnings call EXHIBIT N Exchange Premium / (Discount) to L Shares Issued Implied Ownership (3) Assumed LMI Share Price Ratio Current (1) 12/14/04 (2) Total Incr. to Curr. U L $43.00 $46.38 $49.00 0.2091x 0.0% 9.3% 77.5 0.0 30.4% 69.6% $9.21 $9.70 $10.08 Impl. U Share Price (5.1%) 0.0% 3.9% Real Prem. to Current (1) 6.2% 11.9% 16.3% Real Prem. to 12/14/04 (2) 8.6% 14.4% 18.9% Real Prem. to Unaffected (4) 0.2200x 5.2% 14.9% 81.5 4.0 31.4% 68.6% 9.54 10.05 10.44 (1.7%) 3.6% 7.6% 10.0% 15.9% 20.4% 12.4% 18.5% 23.1% 0.2300x 10.0% 20.2% 85.2 7.7 32.4% 67.6% 9.83 10.35 10.76 1.3% 6.7% 10.9% 13.4% 19.4% 24.1% 15.9% 22.1% 26.9% 0.2400x 14.8% 25.4% 88.9 11.4 33.3% 66.7% 10.11 10.65 11.07 4.3% 9.8% 14.2% 16.6% 22.9% 27.7% 19.3% 25.6% 30.6% 0.2500x 19.5% 30.6% 92.6 15.1 34.3% 65.7% 10.39 10.95 11.38 7.1% 12.8% 17.3% 19.8% 26.2% 31.2% 22.5% 29.1% 34.2%