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					          Black-Scholes Model                   (European Option)

                   S                      $30
                   K                      $25
                   rf                    1.05
                    t                    2.00 yrs
               Sigma                    40.0%

         X                      N(X)            X - (Sigma)*(t)^0.5     N(X-(Sigma)*(t)^0.5)
       0.778                   0.782                   0.212                   0.584


     Call Value                        $10.21
     Put Value                          $2.88   P = C - S + K*r^(-t)




    NETSCAPE            October 30, 1997



                                                                                                             Implied                  Implied
    Stock Price             Strike Price            Expiration Date      Time to Expiration       Call Price Volatility   Put Price   Volatility
                                                 (last day of month)            (years)                       of Call                  of Put
             $33.875                   $30.00            Nov                              0.083     $4.500                  $0.813

             $33.875                   $35.00            Nov                              0.083     $1.563                  $2.813

             $33.875                   $35.00            Dec                              0.167     $2.375                  $4.000




05005696-1f40-4a77-902b-bfaf682f529d.xls/Black-Scholes     Dynamic Strategic Planning                                                 11/4/2011
                                                               Option Valuation
Initial Value          S      $30.0                      Up Factor           u    1.1774
Strike Price           K      $25.0                      Down Factor         d    0.8493                American Call Option
Risk-free Rate         r       5.0%                                          a    1.0084
Payout Rate            d       0.0%                      Up Probability      p    0.4848                      Tree         12 Periods
Volatility (year)      s      40.0%                      Down Prob.         1-p   0.5152
Time interval (year)   Dt     0.1667                                        r-d    5.0%
                                                         Discount Factor    DF    0.992

 Period        0                1                 2                3                4         5                6                  7         8          9         10         11              12

                                                                                                                                                                                          212.8929
                                                                                                                                                                                          187.8929
                                                                                                                                                                          180.8178
                                                                                                                                                                          156.0253
                                                                                                                                                               153.5752                   153.5752
                                                                                                                                                               128.9884                   128.5752
                                                                                                                                                    130.4371              130.4371
                                                                                                                                                    106.0544              105.6446
                                                                                                                                         110.7851              110.7851                   110.7851
             Stock Price                                                                                                                 86.6047               86.1983                    85.7851
             Option Value                                                                                                      94.0938              94.0938               94.0938
                                                                                                                               70.1141              69.7111               69.3013
                                                                                                            79.9174                      79.9174               79.9174                    79.9174
                                                                                                            56.1366                      55.7370               55.3306                    54.9174
                                                                                            67.8768                            67.8768              67.8768               67.8768
                                                                                            44.3239                            43.8970              43.4940               43.0842
                                                                                  57.6503                   57.6503                      57.6503               57.6503                    57.6503
                                                                                  34.4236                   33.9293                      33.4699               33.0635                    32.6503
                                                                48.9645                     48.9645                            48.9645              48.9645               48.9645
                                                                26.2463                     25.6676                            25.1017              24.5817               24.1720
                                               41.5873                            41.5873                   41.5873                      41.5873               41.5873                    41.5873
                                               19.6243                            18.9786                   18.3111                      17.6359               17.0006                    16.5873
                             35.3217                            35.3217                     35.3217                            35.3217              35.3217               35.3217
                             14.3840                            13.7123                     12.9931                            12.2192              11.3870               10.5291
            30.0000                            30.0000                            30.0000                   30.0000                      30.0000               30.0000                    30.0000
            10.3377                             9.6870                             8.9801                    8.2005                       7.3211                6.2901                     5.0000
                             25.4801                            25.4801                     25.4801                            25.4801              25.4801               25.4801
                              6.6985                            6.0569                       5.3500                             4.5525               3.6144                2.4038
                                               21.6412                            21.6412                   21.6412                      21.6412               21.6412                    21.6412
                                                3.9955                             3.4050                    2.7549                       2.0215                1.1556                     0.0000
                                                                18.3807                     18.3807                            18.3807              18.3807               18.3807
                                                                2.1207                       1.6302                             1.1083               0.5556                0.0000
                                                                                  15.6114                   15.6114                      15.6114               15.6114                    15.6114
                                                                                   0.9468                    0.5984                       0.2671                0.0000                     0.0000
                                                                                            13.2593                            13.2593              13.2593               13.2593
                                                                                             0.3192                             0.1284               0.0000                0.0000
                                                                                                            11.2616                      11.2616               11.2616                    11.2616
                                                                                                             0.0617                       0.0000                0.0000                     0.0000
                                                                                                                                9.5649               9.5649                9.5649
                                                                                                                                0.0000               0.0000                0.0000
                                                                                                                                          8.1238                8.1238                     8.1238
                                                                                                                                          0.0000                0.0000                     0.0000
                                                                                                                                                     6.8999                6.8999
                                                                                                                                                     0.0000                0.0000
                                                                                                                                                                5.8603                     5.8603
                                                                                                                                                                0.0000                     0.0000
                                                                                                                                                                           4.9774
                                                                                                                                                                           0.0000
                                                                                                                                                                                           4.2275
                                                                                                                                                                                           0.0000

     p.thorens/05005696-1f40-4a77-902b-bfaf682f529d.xls/A. Call Tree (12)                     Dynamic Strategic Planning                                                             11/4/2011
                                                                                                  Option Valuation
                             Initial Value             S     $30.0               Up Factor          u    1.1774
                             Strike Price              K     $25.0               Down Factor        d    0.8493                 American Call Option
                             Risk-free Rate            r      5.0%                                  a    1.0084
                             Payout Rate               d      0.0%               Up Probability     p    0.4848                      Table        12 Periods
                             Volatility (year)         s     40.0%               Down Prob.        1-p   0.5152
                             Time interval (year)      Dt    0.1667                                r-d    5.0%
                                                                                 Discount Factor   DF    0.992

                                Period        0                   1      2                 3               4          5                6                 7          8          9         10         11         12

                             Price         30.0000           35.3217   41.5873          48.9645          57.6503   67.8768          79.9174           94.0938    110.7851   130.4371   153.5752   180.8178   212.8929
                             Exercise V.    5.0000           10.3217   16.5873          23.9645          32.6503   42.8768          54.9174           69.0938    85.7851    105.4371   128.5752   155.8178   187.8929
                             Hold V.       10.3377           14.3840   19.6243          26.2463          34.4236   44.3239          56.1366           70.1141    86.6047    106.0544   128.9884   156.0253    0.0000
                             Option V.     10.3377           14.3840   19.6243          26.2463          34.4236   44.3239          56.1366           70.1141    86.6047    106.0544   128.9884   156.0253   187.8929
                             Exercise?        NO               NO        NO               NO               NO        NO               NO                NO         NO         NO         NO         NO         YES
                             Price                           25.4801   30.0000          35.3217          41.5873   48.9645          57.6503           67.8768    79.9174    94.0938    110.7851   130.4371   153.5752
                             Exercise V.                      0.4801    5.0000          10.3217          16.5873   23.9645          32.6503           42.8768    54.9174    69.0938    85.7851    105.4371   128.5752
                             Hold V.                          6.6985    9.6870          13.7123          18.9786   25.6676          33.9293           43.8970    55.7370    69.7111    86.1983    105.6446    0.0000
                             Option V.                        6.6985    9.6870          13.7123          18.9786   25.6676          33.9293           43.8970    55.7370    69.7111    86.1983    105.6446   128.5752
                             Exercise?                          NO        NO              NO               NO        NO               NO                NO         NO         NO         NO         NO         YES
                             Price                                     21.6412          25.4801          30.0000   35.3217          41.5873           48.9645    57.6503    67.8768    79.9174    94.0938    110.7851
                             Exercise V.                               -3.3588           0.4801           5.0000   10.3217          16.5873           23.9645    32.6503    42.8768    54.9174    69.0938    85.7851
                             Hold V.                                    3.9955           6.0569           8.9801   12.9931          18.3111           25.1017    33.4699    43.4940    55.3306    69.3013     0.0000
                             Option V.                                  3.9955           6.0569           8.9801   12.9931          18.3111           25.1017    33.4699    43.4940    55.3306    69.3013    85.7851
                             Exercise?                                    NO               NO               NO       NO               NO                NO         NO         NO         NO         NO         YES
                             Price                                                      18.3807          21.6412   25.4801          30.0000           35.3217    41.5873    48.9645    57.6503    67.8768    79.9174
                             Exercise V.                                                -6.6193          -3.3588    0.4801           5.0000           10.3217    16.5873    23.9645    32.6503    42.8768    54.9174
                             Hold V.                                                     2.1207           3.4050    5.3500           8.2005           12.2192    17.6359    24.5817    33.0635    43.0842     0.0000
                             Option V.                                                   2.1207           3.4050    5.3500           8.2005           12.2192    17.6359    24.5817    33.0635    43.0842    54.9174
                             Exercise?                                                     NO               NO        NO               NO               NO         NO         NO         NO         NO         YES
                             Price                                                                       15.6114   18.3807          21.6412           25.4801    30.0000    35.3217    41.5873    48.9645    57.6503
                             Exercise V.                                                                 -9.3886   -6.6193          -3.3588            0.4801     5.0000    10.3217    16.5873    23.9645    32.6503
                             Hold V.                                                                      0.9468    1.6302           2.7549            4.5525     7.3211    11.3870    17.0006    24.1720     0.0000
                             Option V.                                                                    0.9468    1.6302           2.7549            4.5525     7.3211    11.3870    17.0006    24.1720    32.6503
                             Exercise?                                                                      NO        NO               NO                NO         NO        NO         NO         NO         YES
                             Price                                                                                  13.2593         15.6114           18.3807    21.6412    25.4801    30.0000    35.3217    41.5873
                             Exercise V.                                                                           -11.7407         -9.3886           -6.6193    -3.3588     0.4801     5.0000    10.3217    16.5873
                             Hold V.                                                                                 0.3192          0.5984            1.1083     2.0215     3.6144     6.2901    10.5291     0.0000
                             Option V.                                                                               0.3192          0.5984            1.1083     2.0215     3.6144     6.2901    10.5291    16.5873
                             Exercise?                                                                                 NO              NO                NO         NO         NO         NO        NO         YES
                             Price                                                                                                   11.2616           13.2593   15.6114    18.3807    21.6412    25.4801    30.0000
                             Exercise V.                                                                                            -13.7384          -11.7407   -9.3886    -6.6193    -3.3588     0.4801     5.0000
                             Hold V.                                                                                                  0.0617            0.1284    0.2671     0.5556     1.1556     2.4038     0.0000
                             Option V.                                                                                                0.0617            0.1284    0.2671     0.5556     1.1556     2.4038     5.0000
                             Exercise?                                                                                                  NO                NO        NO         NO         NO         NO        YES
                             Price                                                                                                                     9.5649     11.2616    13.2593   15.6114    18.3807    21.6412
                             Exercise V.                                                                                                              -15.4351   -13.7384   -11.7407   -9.3886    -6.6193    -3.3588
                             Hold V.                                                                                                                   0.0000      0.0000     0.0000    0.0000     0.0000     0.0000
                             Option V.                                                                                                                 0.0000      0.0000     0.0000    0.0000     0.0000     0.0000
                             Exercise?                                                                                                                   NO          NO         NO        NO         NO         NO
                             Price                                                                                                                                8.1238     9.5649     11.2616    13.2593   15.6114
                             Exercise V.                                                                                                                         -16.8762   -15.4351   -13.7384   -11.7407   -9.3886
                             Hold V.                                                                                                                              0.0000     0.0000      0.0000     0.0000    0.0000
                             Option V.                                                                                                                            0.0000     0.0000      0.0000     0.0000    0.0000
                             Exercise?                                                                                                                              NO         NO          NO         NO        NO
                             Price                                                                                                                                           6.8999     8.1238     9.5649     11.2616
                             Exercise V.                                                                                                                                    -18.1001   -16.8762   -15.4351   -13.7384
                             Hold V.                                                                                                                                         0.0000     0.0000     0.0000      0.0000
                             Option V.                                                                                                                                       0.0000     0.0000     0.0000      0.0000
                             Exercise?                                                                                                                                         NO         NO         NO          NO
                             Price                                                                                                                                                      5.8603     6.8999     8.1238
                             Exercise V.                                                                                                                                               -19.1397   -18.1001   -16.8762
                             Hold V.                                                                                                                                                    0.0000     0.0000     0.0000
                             Option V.                                                                                                                                                  0.0000     0.0000     0.0000
                             Exercise?                                                                                                                                                    NO         NO         NO
                             Price                                                                                                                                                                 4.9774     5.8603
                             Exercise V.                                                                                                                                                          -20.0226   -19.1397
                             Hold V.                                                                                                                                                               0.0000     0.0000
                             Option V.                                                                                                                                                             0.0000     0.0000
                             Exercise?                                                                                                                                                               NO         NO
                             Price                                                                                                                                                                            4.2275
                             Exercise V.                                                                                                                                                                     -20.7725
                             Hold V.                                                                                                                                                                          0.0000
                             Option V.                                                                                                                                                                        0.0000
                             Exercise?                                                                                                                                                                          NO


p.thorens/05005696-1f40-4a77-902b-bfaf682f529d.xls/A. Call (12)                                                      Dynamic Strategic Planning                                                                         11/4/2011
                                                                                                                         Option Valuation
                                       Initial Value              S     $30.0              Up Factor          u    1.1224
                                       Strike Price               K     $25.0              Down Factor        d    0.8909              American Call Option
                                       Risk-free Rate             r     5.0%                                  a    1.0042
                                       Payout Rate                d     0.0%               Up Probability     p    0.4892                 Table    24 Periods
                                       Volatility (year)          s    40.0%               Down Prob.        1-p   0.5108
                                       Time interval (year)       Dt   0.0833                                r-d    5.0%
                                                                                           Discount Factor   DF     0.996

                                          Period        0                1         2                 3               4         5            6             7          8          9         10         11                12           13         14         15         16         17         18         19         20         21         22         23         24

                                       Price         30.0000           33.6720   37.7935          42.4195          47.6117   53.4394     59.9804       67.3220    75.5623    84.8112    95.1922    106.8438        119.9216       134.6001   151.0753   169.5670   190.3222   213.6178   239.7648   269.1122   302.0518   339.0232   380.5199   427.0959   479.3728
                                       Exercise V.   5.0000            8.6720    12.7935          17.4195          22.6117   28.4394     34.9804       42.3220    50.5623    59.8112    70.1922     81.8438         94.9216       109.6001   126.0753   144.5670   165.3222   188.6178   214.7648   244.1122   277.0518   314.0232   355.5199   402.0959   454.3728
                                       Hold V.       10.2564           13.0747   16.4665          20.4930          25.2126   30.6820     36.9593       44.1082    52.2032    61.3343    71.6105     83.1621         96.1408       110.7201   127.0955   145.4871   166.1418   189.3364   215.3820   244.6276   277.4650   314.3337   355.7274   402.1999    0.0000
                                       Option V.     10.2564           13.0747   16.4665          20.4930          25.2126   30.6820     36.9593       44.1082    52.2032    61.3343    71.6105     83.1621         96.1408       110.7201   127.0955   145.4871   166.1418   189.3364   215.3820   244.6276   277.4650   314.3337   355.7274   402.1999   454.3728
                                       Exercise?       NO                NO        NO               NO               NO        NO          NO            NO         NO         NO         NO          NO              NO            NO         NO         NO         NO         NO         NO         NO         NO         NO         NO         NO         YES
                                       Price                           26.7284   30.0000          33.6720          37.7935   42.4195     47.6117       53.4394    59.9804    67.3220    75.5623    84.8112          95.1922       106.8438   119.9216   134.6001   151.0753   169.5670   190.3222   213.6178   239.7648   269.1122   302.0518   339.0232   380.5199
                                       Exercise V.                     1.7284    5.0000           8.6720           12.7935   17.4195     22.6117       28.4394    34.9804    42.3220    50.5623    59.8112          70.1922        81.8438    94.9216   109.6001   126.0753   144.5670   165.3222   188.6178   214.7648   244.1122   277.0518   314.0232   355.5199
                                       Hold V.                         7.6410    9.9332           12.7449          16.1405   20.1805     24.9208       30.4146    36.7159    43.8848    51.9938    61.1326          71.4118        82.9638    95.9418   110.5202   126.8949   145.2856   165.9394   189.1332   215.1780   244.4228   277.2592   314.1271    0.0000
                                       Option V.                       7.6410    9.9332           12.7449          16.1405   20.1805     24.9208       30.4146    36.7159    43.8848    51.9938    61.1326          71.4118        82.9638    95.9418   110.5202   126.8949   145.2856   165.9394   189.1332   215.1780   244.4228   277.2592   314.1271   355.5199
                                       Exercise?                         NO        NO               NO               NO        NO          NO            NO         NO         NO         NO         NO               NO             NO         NO        NO         NO         NO         NO         NO         NO         NO         NO         NO         YES
                                       Price                                     23.8136          26.7284          30.0000   33.6720     37.7935       42.4195    47.6117    53.4394    59.9804    67.3220          75.5623       84.8112    95.1922    106.8438   119.9216   134.6001   151.0753   169.5670   190.3222   213.6178   239.7648   269.1122   302.0518
                                       Exercise V.                               -1.1864          1.7284           5.0000    8.6720      12.7935       17.4195    22.6117    28.4394    34.9804    42.3220          50.5623       59.8112    70.1922     81.8438    94.9216   109.6001   126.0753   144.5670   165.3222   188.6178   214.7648   244.1122   277.0518
                                       Hold V.                                    5.5081          7.3215           9.5969    12.4032     15.8055       19.8629    24.6283    30.1502    36.4774    43.6663          51.7875       60.9319    71.2125     82.7639    95.7412   110.3187   126.6925   145.0825   165.7354   188.9283   214.9722   244.2162    0.0000
                                       Option V.                                  5.5081          7.3215           9.5969    12.4032     15.8055       19.8629    24.6283    30.1502    36.4774    43.6663          51.7875       60.9319    71.2125     82.7639    95.7412   110.3187   126.6925   145.0825   165.7354   188.9283   214.9722   244.2162   277.0518
                                       Exercise?                                    NO              NO               NO        NO          NO            NO         NO         NO         NO         NO               NO            NO         NO          NO         NO        NO         NO         NO         NO         NO         NO         NO         YES
                                       Price                                                      21.2167          23.8136   26.7284     30.0000       33.6720    37.7935    42.4195    47.6117    53.4394          59.9804       67.3220    75.5623    84.8112    95.1922    106.8438   119.9216   134.6001   151.0753   169.5670   190.3222   213.6178   239.7648
                                       Exercise V.                                                -3.7833          -1.1864   1.7284      5.0000        8.6720     12.7935    17.4195    22.6117    28.4394          34.9804       42.3220    50.5623    59.8112    70.1922     81.8438    94.9216   109.6001   126.0753   144.5670   165.3222   188.6178   214.7648
                                       Hold V.                                                     3.8164           5.2021   6.9877      9.2462        12.0488    15.4613    19.5412    24.3368    29.8906          36.2452       43.4530    51.5840    60.7314    71.0118     82.5624    95.5388   110.1155   126.4885   144.8776   165.5296   188.7217    0.0000
                                       Option V.                                                   3.8164           5.2021   6.9877      9.2462        12.0488    15.4613    19.5412    24.3368    29.8906          36.2452       43.4530    51.5840    60.7314    71.0118     82.5624    95.5388   110.1155   126.4885   144.8776   165.5296   188.7217   214.7648
                                       Exercise?                                                     NO               NO       NO          NO            NO         NO         NO         NO         NO               NO            NO         NO         NO         NO          NO         NO        NO         NO         NO         NO         NO         YES
                                       Price                                                                       18.9029   21.2167     23.8136       26.7284    30.0000    33.6720    37.7935    42.4195          47.6117       53.4394    59.9804    67.3220    75.5623    84.8112    95.1922    106.8438   119.9216   134.6001   151.0753   169.5670   190.3222
                                       Exercise V.                                                                 -6.0971   -3.7833     -1.1864       1.7284     5.0000     8.6720     12.7935    17.4195          22.6117       28.4394    34.9804    42.3220    50.5623    59.8112    70.1922     81.8438    94.9216   109.6001   126.0753   144.5670   165.3222
                                       Hold V.                                                                      2.5206    3.5344      4.8819       6.6377     8.8790     11.6802    15.1080    19.2168          24.0489       29.6384    36.0209    43.2449    51.3819    60.5299    70.8094     82.3592    95.3348   109.9106   126.2827   144.6710    0.0000
                                       Option V.                                                                    2.5206    3.5344      4.8819       6.6377     8.8790     11.6802    15.1080    19.2168          24.0489       29.6384    36.0209    43.2449    51.3819    60.5299    70.8094     82.3592    95.3348   109.9106   126.2827   144.6710   165.3222
                                       Exercise?                                                                      NO        NO          NO           NO         NO         NO         NO         NO               NO            NO         NO         NO         NO         NO         NO          NO         NO        NO         NO         NO         YES
                                       Price                                                                                 16.8415     18.9029       21.2167    23.8136    26.7284    30.0000    33.6720          37.7935       42.4195    47.6117    53.4394    59.9804    67.3220    75.5623    84.8112    95.1922    106.8438   119.9216   134.6001   151.0753
                                       Exercise V.                                                                           -8.1585     -6.0971       -3.7833    -1.1864    1.7284     5.0000     8.6720           12.7935       17.4195    22.6117    28.4394    34.9804    42.3220    50.5623    59.8112    70.1922     81.8438    94.9216   109.6001   126.0753
                                       Hold V.                                                                                1.5702      2.2728        3.2402     4.5454    6.2687     8.4929     11.2963          14.7460       18.8922    23.7680    29.3967    35.8053    43.0407    51.1796    60.3267    70.6054     82.1544    95.1290   109.7040    0.0000
                                       Option V.                                                                              1.5702      2.2728        3.2402     4.5454    6.2687     8.4929     11.2963          14.7460       18.8922    23.7680    29.3967    35.8053    43.0407    51.1796    60.3267    70.6054     82.1544    95.1290   109.7040   126.0753
                                       Exercise?                                                                                NO          NO            NO         NO        NO         NO         NO               NO            NO         NO         NO         NO         NO         NO         NO         NO          NO         NO        NO         YES
                                       Price                                                                                             15.0049       16.8415    18.9029    21.2167    23.8136    26.7284          30.0000       33.6720    37.7935    42.4195    47.6117    53.4394    59.9804    67.3220    75.5623    84.8112    95.1922    106.8438   119.9216
                                       Exercise V.                                                                                       -9.9951       -8.1585    -6.0971    -3.7833    -1.1864    1.7284           5.0000        8.6720     12.7935    17.4195    22.6117    28.4394    34.9804    42.3220    50.5623    59.8112    70.1922     81.8438    94.9216
                                       Hold V.                                                                                            0.9100        1.3649     2.0167     2.9320     4.1897    5.8773           8.0848        10.8957    14.3769    18.5715    23.4993    29.1685    35.5976    42.8375    50.9755    60.1218    70.3997     81.9478    0.0000
                                       Option V.                                                                                          0.9100        1.3649     2.0167     2.9320     4.1897    5.8773           8.0848        10.8957    14.3769    18.5715    23.4993    29.1685    35.5976    42.8375    50.9755    60.1218    70.3997     81.9478    94.9216
                                       Exercise?                                                                                            NO            NO         NO         NO         NO        NO               NO            NO         NO         NO         NO         NO         NO         NO         NO         NO         NO          NO         YES
                                       Price                                                                                                            13.3686   15.0049    16.8415    18.9029    21.2167          23.8136       26.7284    30.0000    33.6720    37.7935    42.4195    47.6117    53.4394    59.9804    67.3220    75.5623    84.8112    95.1922
                                       Exercise V.                                                                                                     -11.6314   -9.9951    -8.1585    -6.0971    -3.7833          -1.1864       1.7284     5.0000     8.6720     12.7935    17.4195    22.6117    28.4394    34.9804    42.3220    50.5623    59.8112    70.1922
                                       Hold V.                                                                                                          0.4818     0.7518     1.1565     1.7515     2.6077           3.8112       5.4588     7.6507     10.4771    14.0039    18.2619    23.2495    28.9548    35.3936    42.6326    50.7698    59.9152    0.0000
                                       Option V.                                                                                                        0.4818     0.7518     1.1565     1.7515     2.6077           3.8112       5.4588     7.6507     10.4771    14.0039    18.2619    23.2495    28.9548    35.3936    42.6326    50.7698    59.9152    70.1922
                                       Exercise?                                                                                                          NO         NO         NO         NO         NO               NO           NO         NO         NO         NO         NO         NO         NO         NO         NO         NO         NO         YES
                                       Price                                                                                                                       11.9107    13.3686   15.0049    16.8415          18.9029       21.2167    23.8136    26.7284    30.0000    33.6720    37.7935    42.4195    47.6117    53.4394    59.9804    67.3220    75.5623
                                       Exercise V.                                                                                                                -13.0893   -11.6314   -9.9951    -8.1585          -6.0971       -3.7833    -1.1864    1.7284     5.0000     8.6720     12.7935    17.4195    22.6117    28.4394    34.9804    42.3220    50.5623
                                       Hold V.                                                                                                                     0.2272     0.3704     0.5962     0.9458           1.4765        2.2643     3.4042    5.0063     7.1850     10.0403    13.6345    17.9753    23.0249    28.7499    35.1879    42.4260    0.0000
                                       Option V.                                                                                                                   0.2272     0.3704     0.5962     0.9458           1.4765        2.2643     3.4042    5.0063     7.1850     10.0403    13.6345    17.9753    23.0249    28.7499    35.1879    42.4260    50.5623
                                       Exercise?                                                                                                                     NO         NO         NO         NO               NO            NO         NO        NO         NO         NO         NO         NO         NO         NO         NO         NO         YES
                                       Price                                                                                                                                  10.6118    11.9107    13.3686         15.0049       16.8415    18.9029    21.2167    23.8136    26.7284    30.0000    33.6720    37.7935    42.4195    47.6117    53.4394    59.9804
                                       Exercise V.                                                                                                                           -14.3882   -13.0893   -11.6314         -9.9951       -8.1585    -6.0971    -3.7833    -1.1864    1.7284     5.0000     8.6720     12.7935    17.4195    22.6117    28.4394    34.9804
                                       Hold V.                                                                                                                                0.0918     0.1572     0.2662           0.4452        0.7340     1.1911     1.8976     2.9606    4.5092     6.6801     9.5886     13.2862    17.7300    22.8191    28.5433    0.0000
                                       Option V.                                                                                                                              0.0918     0.1572     0.2662           0.4452        0.7340     1.1911     1.8976     2.9606    4.5092     6.6801     9.5886     13.2862    17.7300    22.8191    28.5433    34.9804
                                       Exercise?                                                                                                                                NO         NO         NO               NO            NO         NO         NO         NO        NO         NO         NO         NO         NO         NO         NO         YES
                                       Price                                                                                                                                             9.4546     10.6118          11.9107       13.3686   15.0049    16.8415    18.9029    21.2167    23.8136    26.7284    30.0000    33.6720    37.7935    42.4195    47.6117
                                       Exercise V.                                                                                                                                      -15.5454   -14.3882         -13.0893      -11.6314   -9.9951    -8.1585    -6.0971    -3.7833    -1.1864    1.7284     5.0000     8.6720     12.7935    17.4195    22.6117
                                       Hold V.                                                                                                                                           0.0299     0.0541           0.0970        0.1722     0.3023     0.5241     0.8951     1.5018     2.4669    3.9492     6.1257     9.1387     13.0010    17.5234    0.0000
                                       Option V.                                                                                                                                         0.0299     0.0541           0.0970        0.1722     0.3023     0.5241     0.8951     1.5018     2.4669    3.9492     6.1257     9.1387     13.0010    17.5234    22.6117
                                       Exercise?                                                                                                                                           NO         NO               NO            NO         NO         NO         NO         NO         NO        NO         NO         NO         NO         NO         YES
                                       Price                                                                                                                                                        8.4235           9.4546        10.6118    11.9107    13.3686   15.0049    16.8415    18.9029    21.2167    23.8136    26.7284    30.0000    33.6720    37.7935
                                       Exercise V.                                                                                                                                                 -16.5765         -15.5454      -14.3882   -13.0893   -11.6314   -9.9951    -8.1585    -6.0971    -3.7833    -1.1864    1.7284     5.0000     8.6720     12.7935
                                       Hold V.                                                                                                                                                      0.0070           0.0135        0.0258     0.0489     0.0924     0.1731     0.3213     0.5898     1.0674     1.8969    3.2901     5.5144     8.7760     0.0000
                                       Option V.                                                                                                                                                    0.0070           0.0135        0.0258     0.0489     0.0924     0.1731     0.3213     0.5898     1.0674     1.8969    3.2901     5.5144     8.7760     12.7935
                                       Exercise?                                                                                                                                                      NO               NO            NO         NO         NO         NO         NO         NO         NO         NO        NO         NO         NO         YES
                                       Price                                                                                                                                                                         7.5049        8.4235     9.4546     10.6118    11.9107    13.3686   15.0049    16.8415    18.9029    21.2167    23.8136    26.7284    30.0000
                                       Exercise V.                                                                                                                                                                  -17.4951      -16.5765   -15.5454   -14.3882   -13.0893   -11.6314   -9.9951    -8.1585    -6.0971    -3.7833    -1.1864    1.7284     5.0000
                                       Hold V.                                                                                                                                                                       0.0009        0.0018     0.0038     0.0077     0.0159     0.0326     0.0668     0.1372     0.2816     0.5781     1.1867    2.4359     0.0000
                                       Option V.                                                                                                                                                                     0.0009        0.0018     0.0038     0.0077     0.0159     0.0326     0.0668     0.1372     0.2816     0.5781     1.1867    2.4359     5.0000
                                       Exercise?                                                                                                                                                                       NO            NO         NO         NO         NO         NO         NO         NO         NO         NO         NO        NO         YES
                                       Price                                                                                                                                                                                       6.6865     7.5049     8.4235     9.4546     10.6118    11.9107    13.3686   15.0049    16.8415    18.9029    21.2167    23.8136
                                       Exercise V.                                                                                                                                                                                -18.3135   -17.4951   -16.5765   -15.5454   -14.3882   -13.0893   -11.6314   -9.9951    -8.1585    -6.0971    -3.7833    -1.1864
                                       Hold V.                                                                                                                                                                                     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000
                                       Option V.                                                                                                                                                                                   0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000
                                       Exercise?                                                                                                                                                                                     NO         NO         NO         NO         NO         NO         NO         NO         NO         NO         NO         NO
                                       Price                                                                                                                                                                                                  5.9573     6.6865     7.5049     8.4235     9.4546     10.6118    11.9107    13.3686   15.0049    16.8415    18.9029
                                       Exercise V.                                                                                                                                                                                           -19.0427   -18.3135   -17.4951   -16.5765   -15.5454   -14.3882   -13.0893   -11.6314   -9.9951    -8.1585    -6.0971
                                       Hold V.                                                                                                                                                                                                0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000
                                       Option V.                                                                                                                                                                                              0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000
                                       Exercise?                                                                                                                                                                                                NO         NO         NO         NO         NO         NO         NO         NO         NO         NO         NO
                                       Price                                                                                                                                                                                                             5.3076     5.9573     6.6865     7.5049     8.4235     9.4546     10.6118    11.9107    13.3686   15.0049
                                       Exercise V.                                                                                                                                                                                                      -19.6924   -19.0427   -18.3135   -17.4951   -16.5765   -15.5454   -14.3882   -13.0893   -11.6314   -9.9951
                                       Hold V.                                                                                                                                                                                                           0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000
                                       Option V.                                                                                                                                                                                                         0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000
                                       Exercise?                                                                                                                                                                                                           NO         NO         NO         NO         NO         NO         NO         NO         NO         NO
                                       Price                                                                                                                                                                                                                        4.7288     5.3076     5.9573     6.6865     7.5049     8.4235     9.4546     10.6118    11.9107
                                       Exercise V.                                                                                                                                                                                                                 -20.2712   -19.6924   -19.0427   -18.3135   -17.4951   -16.5765   -15.5454   -14.3882   -13.0893
                                       Hold V.                                                                                                                                                                                                                      0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000
                                       Option V.                                                                                                                                                                                                                    0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000
                                       Exercise?                                                                                                                                                                                                                      NO         NO         NO         NO         NO         NO         NO         NO         NO
                                       Price                                                                                                                                                                                                                                   4.2131     4.7288     5.3076     5.9573     6.6865     7.5049     8.4235     9.4546
                                       Exercise V.                                                                                                                                                                                                                            -20.7869   -20.2712   -19.6924   -19.0427   -18.3135   -17.4951   -16.5765   -15.5454
                                       Hold V.                                                                                                                                                                                                                                 0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000
                                       Option V.                                                                                                                                                                                                                               0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000
                                       Exercise?                                                                                                                                                                                                                                 NO         NO         NO         NO         NO         NO         NO         NO
                                       Price                                                                                                                                                                                                                                              3.7537     4.2131     4.7288     5.3076     5.9573     6.6865     7.5049
                                       Exercise V.                                                                                                                                                                                                                                       -21.2463   -20.7869   -20.2712   -19.6924   -19.0427   -18.3135   -17.4951
                                       Hold V.                                                                                                                                                                                                                                            0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000
                                       Option V.                                                                                                                                                                                                                                          0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000
                                       Exercise?                                                                                                                                                                                                                                            NO         NO         NO         NO         NO         NO         NO
                                       Price                                                                                                                                                                                                                                                         3.3443     3.7537     4.2131     4.7288     5.3076     5.9573
                                       Exercise V.                                                                                                                                                                                                                                                  -21.6557   -21.2463   -20.7869   -20.2712   -19.6924   -19.0427
                                       Hold V.                                                                                                                                                                                                                                                       0.0000     0.0000     0.0000     0.0000     0.0000     0.0000
                                       Option V.                                                                                                                                                                                                                                                     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000
                                       Exercise?                                                                                                                                                                                                                                                       NO         NO         NO         NO         NO         NO
                                       Price                                                                                                                                                                                                                                                                    2.9796     3.3443     3.7537     4.2131     4.7288
                                       Exercise V.                                                                                                                                                                                                                                                             -22.0204   -21.6557   -21.2463   -20.7869   -20.2712
                                       Hold V.                                                                                                                                                                                                                                                                  0.0000     0.0000     0.0000     0.0000     0.0000
                                       Option V.                                                                                                                                                                                                                                                                0.0000     0.0000     0.0000     0.0000     0.0000
                                       Exercise?                                                                                                                                                                                                                                                                  NO         NO         NO         NO         NO
                                       Price                                                                                                                                                                                                                                                                               2.6547     2.9796     3.3443     3.7537
                                       Exercise V.                                                                                                                                                                                                                                                                        -22.3453   -22.0204   -21.6557   -21.2463
                                       Hold V.                                                                                                                                                                                                                                                                             0.0000     0.0000     0.0000     0.0000
                                       Option V.                                                                                                                                                                                                                                                                           0.0000     0.0000     0.0000     0.0000
                                       Exercise?                                                                                                                                                                                                                                                                             NO         NO         NO         NO
                                       Price                                                                                                                                                                                                                                                                                          2.3652     2.6547     2.9796
                                       Exercise V.                                                                                                                                                                                                                                                                                   -22.6348   -22.3453   -22.0204
                                       Hold V.                                                                                                                                                                                                                                                                                        0.0000     0.0000     0.0000
                                       Option V.                                                                                                                                                                                                                                                                                      0.0000     0.0000     0.0000
                                       Exercise?                                                                                                                                                                                                                                                                                        NO         NO         NO
                                       Price                                                                                                                                                                                                                                                                                                     2.1073     2.3652
                                       Exercise V.                                                                                                                                                                                                                                                                                              -22.8927   -22.6348
                                       Hold V.                                                                                                                                                                                                                                                                                                   0.0000     0.0000
                                       Option V.                                                                                                                                                                                                                                                                                                 0.0000     0.0000
                                       Exercise?                                                                                                                                                                                                                                                                                                   NO         NO
                                       Price                                                                                                                                                                                                                                                                                                                1.8775
                                       Exercise V.                                                                                                                                                                                                                                                                                                         -23.1225
                                       Hold V.                                                                                                                                                                                                                                                                                                              0.0000
                                       Option V.                                                                                                                                                                                                                                                                                                            0.0000
                                       Exercise?                                                                                                                                                                                                                                                                                                              NO




p.thorens/05005696-1f40-4a77-902b-bfaf682f529d.xls/A. Call (24)                                                                                                                                      Dynamic Strategic Planning                                                                                                                                       11/4/2011
                                                                                                                                                                                                         Option Valuation
                                       Initial Value             S     $30.0               Up Factor          u    1.1224
                                       Strike Price              K     $25.0               Down Factor        d    0.8909                American Put Option
                                       Risk-free Rate            r     5.0%                                   a    1.0042
                                       Payout Rate               d     0.0%                Up Probability     p    0.4892                   Table     24 Periods
                                       Volatility (year)         s    40.0%                Down Prob.        1-p   0.5108
                                       Time interval (year)      Dt   0.0833                                 r-d    5.0%
                                                                                           Discount Factor   DF     0.996

                                         Period         0               1          2                 3                4          5            6              7          8          9         10         11                12           13         14         15         16         17         18         19         20         21         22         23         24

                                       Price         30.0000          33.6720    37.7935           42.4195          47.6117    53.4394      59.9804        67.3220    75.5623    84.8112    95.1922   106.8438        119.9216       134.6001   151.0753   169.5670   190.3222   213.6178   239.7648   269.1122   302.0518   339.0232   380.5199   427.0959   479.3728
                                       Exercise V.   -5.0000          -8.6720   -12.7935          -17.4195         -22.6117   -28.4394     -34.9804       -42.3220   -50.5623   -59.8112   -70.1922   -81.8438        -94.9216       ########   ########   ########   ########   ########   ########   ########   ########   ########   ########   ########   ########
                                       Hold V.        3.0577           2.2338    1.5541            1.0201           0.6243     0.3508       0.1774         0.0785     0.0291     0.0085     0.0017     0.0002          0.0000         0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000
                                       Option V.      3.0577           2.2338    1.5541            1.0201           0.6243     0.3508       0.1774         0.0785     0.0291     0.0085     0.0017     0.0002          0.0000         0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000
                                       Exercise?        NO               NO        NO                NO               NO         NO           NO             NO         NO         NO         NO         NO              NO             NO         NO         NO         NO         NO         NO         NO         NO         NO         NO         NO         NO
                                       Price                          26.7284   30.0000           33.6720           37.7935    42.4195      47.6117        53.4394    59.9804    67.3220    75.5623    84.8112          95.1922      106.8438   119.9216   134.6001   151.0753   169.5670   190.3222   213.6178   239.7648   269.1122   302.0518   339.0232   380.5199
                                       Exercise V.                    -1.7284   -5.0000           -8.6720          -12.7935   -17.4195     -22.6117       -28.4394   -34.9804   -42.3220   -50.5623   -59.8112         -70.1922      -81.8438   -94.9216   ########   ########   ########   ########   ########   ########   ########   ########   ########   ########
                                       Hold V.                         3.8718    2.9030            2.0783           1.4075     0.8912       0.5198         0.2736     0.1264     0.0491     0.0151     0.0032           0.0004        0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000
                                       Option V.                       3.8718    2.9030            2.0783           1.4075     0.8912       0.5198         0.2736     0.1264     0.0491     0.0151     0.0032           0.0004        0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000
                                       Exercise?                         NO        NO                NO               NO         NO           NO             NO         NO         NO         NO         NO               NO            NO         NO         NO         NO         NO         NO         NO         NO         NO         NO         NO         NO
                                       Price                                    23.8136           26.7284          30.0000    33.6720       37.7935        42.4195    47.6117    53.4394    59.9804    67.3220          75.5623       84.8112    95.1922   106.8438   119.9216   134.6001   151.0753   169.5670   190.3222   213.6178   239.7648   269.1122   302.0518
                                       Exercise V.                              1.1864            -1.7284          -5.0000    -8.6720      -12.7935       -17.4195   -22.6117   -28.4394   -34.9804   -42.3220         -50.5623      -59.8112   -70.1922   -81.8438   -94.9216   ########   ########   ########   ########   ########   ########   ########   ########
                                       Hold V.                                  4.8312             3.7165           2.7378     1.9135       1.2543         0.7598     0.4168     0.2014     0.0822     0.0265           0.0060        0.0007     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000
                                       Option V.                                4.8312             3.7165           2.7378     1.9135       1.2543         0.7598     0.4168     0.2014     0.0822     0.0265           0.0060        0.0007     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000
                                       Exercise?                                  NO                 NO               NO         NO           NO             NO         NO         NO         NO         NO               NO            NO         NO         NO         NO         NO         NO         NO         NO         NO         NO         NO         NO
                                       Price                                                      21.2167          23.8136    26.7284      30.0000        33.6720     37.7935    42.4195    47.6117    53.4394          59.9804       67.3220    75.5623    84.8112    95.1922   106.8438   119.9216   134.6001   151.0753   169.5670   190.3222   213.6178   239.7648
                                       Exercise V.                                                3.7833           1.1864     -1.7284      -5.0000        -8.6720    -12.7935   -17.4195   -22.6117   -28.4394         -34.9804      -42.3220   -50.5623   -59.8112   -70.1922   -81.8438   -94.9216   ########   ########   ########   ########   ########   ########
                                       Hold V.                                                    5.9384           4.6842      3.5496       2.5605         1.7382     1.0944     0.6266     0.3172     0.1362           0.0464        0.0111     0.0014     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000
                                       Option V.                                                  5.9384           4.6842      3.5496       2.5605         1.7382     1.0944     0.6266     0.3172     0.1362           0.0464        0.0111     0.0014     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000
                                       Exercise?                                                    NO               NO          NO           NO             NO         NO         NO         NO         NO               NO            NO         NO         NO         NO         NO         NO         NO         NO         NO         NO         NO         NO
                                       Price                                                                       18.9029    21.2167      23.8136        26.7284    30.0000    33.6720     37.7935    42.4195          47.6117       53.4394    59.9804    67.3220    75.5623    84.8112    95.1922   106.8438   119.9216   134.6001   151.0753   169.5670   190.3222
                                       Exercise V.                                                                 6.0971     3.7833       1.1864         -1.7284    -5.0000    -8.6720    -12.7935   -17.4195         -22.6117      -28.4394   -34.9804   -42.3220   -50.5623   -59.8112   -70.1922   -81.8438   -94.9216   ########   ########   ########   ########
                                       Hold V.                                                                     7.1881     5.8092       4.5259          3.3689     2.3690     1.5515     0.9280     0.4931           0.2233        0.0806     0.0205     0.0027     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000
                                       Option V.                                                                   7.1881     5.8092       4.5259          3.3689     2.3690     1.5515     0.9280     0.4931           0.2233        0.0806     0.0205     0.0027     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000
                                       Exercise?                                                                     NO         NO           NO              NO         NO         NO         NO         NO               NO            NO         NO         NO         NO         NO         NO         NO         NO         NO         NO         NO         NO
                                       Price                                                                                  16.8415      18.9029        21.2167    23.8136    26.7284    30.0000    33.6720           37.7935       42.4195    47.6117    53.4394    59.9804    67.3220    75.5623    84.8112    95.1922   106.8438   119.9216   134.6001   151.0753
                                       Exercise V.                                                                            8.1585       6.0971         3.7833     1.1864     -1.7284    -5.0000    -8.6720          -12.7935      -17.4195   -22.6117   -28.4394   -34.9804   -42.3220   -50.5623   -59.8112   -70.1922   -81.8438   -94.9216   ########   ########
                                       Hold V.                                                                                8.5675       7.0857         5.6710     4.3541      3.1713     2.1613     1.3521           0.7555        0.3618     0.1389     0.0377     0.0053     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000
                                       Option V.                                                                              8.5675       7.0857         5.6710     4.3541      3.1713     2.1613     1.3521           0.7555        0.3618     0.1389     0.0377     0.0053     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000
                                       Exercise?                                                                                NO           NO             NO         NO          NO         NO         NO               NO            NO         NO         NO         NO         NO         NO         NO         NO         NO         NO         NO         NO
                                       Price                                                                                               15.0049        16.8415    18.9029    21.2167    23.8136    26.7284          30.0000       33.6720     37.7935    42.4195    47.6117    53.4394    59.9804    67.3220    75.5623    84.8112    95.1922   106.8438   119.9216
                                       Exercise V.                                                                                         9.9951         8.1585     6.0971     3.7833     1.1864     -1.7284          -5.0000       -8.6720    -12.7935   -17.4195   -22.6117   -28.4394   -34.9804   -42.3220   -50.5623   -59.8112   -70.1922   -81.8438   -94.9216
                                       Hold V.                                                                                             10.0568        8.4985     6.9786     5.5225     4.1645      2.9539           1.9346        1.1388     0.5782     0.2369     0.0690     0.0105     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000
                                       Option V.                                                                                           10.0568        8.4985     6.9786     5.5225     4.1645      2.9539           1.9346        1.1388     0.5782     0.2369     0.0690     0.0105     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000
                                       Exercise?                                                                                             NO             NO         NO         NO         NO          NO               NO            NO         NO         NO         NO         NO         NO         NO         NO         NO         NO         NO         NO
                                       Price                                                                                                              13.3686    15.0049    16.8415    18.9029    21.2167          23.8136       26.7284    30.0000    33.6720     37.7935    42.4195    47.6117    53.4394    59.9804    67.3220    75.5623    84.8112    95.1922
                                       Exercise V.                                                                                                        11.6314    9.9951     8.1585     6.0971     3.7833           1.1864        -1.7284    -5.0000    -8.6720    -12.7935   -17.4195   -22.6117   -28.4394   -34.9804   -42.3220   -50.5623   -59.8112   -70.1922
                                       Hold V.                                                                                                            11.5413    10.0235    8.4302     6.8682     5.3580           3.9542         2.7127     1.6849     0.9098     0.3996     0.1256     0.0206     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000
                                       Option V.                                                                                                          11.6314    10.0235    8.4302     6.8682     5.3580           3.9542         2.7127     1.6849     0.9098     0.3996     0.1256     0.0206     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000
                                       Exercise?                                                                                                            YES        NO         NO         NO         NO               NO             NO         NO         NO         NO         NO         NO         NO         NO         NO         NO         NO         NO
                                       Price                                                                                                                         11.9107    13.3686    15.0049    16.8415          18.9029       21.2167    23.8136    26.7284    30.0000    33.6720     37.7935    42.4195    47.6117    53.4394    59.9804    67.3220    75.5623
                                       Exercise V.                                                                                                                   13.0893    11.6314    9.9951     8.1585           6.0971        3.7833     1.1864     -1.7284    -5.0000    -8.6720    -12.7935   -17.4195   -22.6117   -28.4394   -34.9804   -42.3220   -50.5623
                                       Hold V.                                                                                                                       12.9854    11.5275    9.9946     8.3708           6.7462        5.1755     3.7191      2.4411     1.4058     0.6653     0.2273     0.0404     0.0000     0.0000     0.0000     0.0000     0.0000
                                       Option V.                                                                                                                     13.0893    11.6314    9.9951     8.3708           6.7462        5.1755     3.7191      2.4411     1.4058     0.6653     0.2273     0.0404     0.0000     0.0000     0.0000     0.0000     0.0000
                                       Exercise?                                                                                                                       YES        YES        YES        NO               NO            NO         NO          NO         NO         NO         NO         NO         NO         NO         NO         NO         NO
                                       Price                                                                                                                                    10.6118    11.9107    13.3686          15.0049       16.8415    18.9029    21.2167    23.8136    26.7284    30.0000    33.6720     37.7935    42.4195    47.6117    53.4394    59.9804
                                       Exercise V.                                                                                                                              14.3882    13.0893    11.6314          9.9951        8.1585     6.0971     3.7833     1.1864     -1.7284    -5.0000    -8.6720    -12.7935   -17.4195   -22.6117   -28.4394   -34.9804
                                       Hold V.                                                                                                                                  14.2842    12.9854    11.5275          9.9629        8.3057     6.6127     4.9735     3.4526      2.1265     1.0903     0.4081     0.0794     0.0000     0.0000     0.0000     0.0000
                                       Option V.                                                                                                                                14.3882    13.0893    11.6314          9.9951        8.3057     6.6127     4.9735     3.4526      2.1265     1.0903     0.4081     0.0794     0.0000     0.0000     0.0000     0.0000
                                       Exercise?                                                                                                                                  YES        YES        YES              YES           NO         NO         NO         NO          NO         NO         NO         NO         NO         NO         NO         NO
                                       Price                                                                                                                                               9.4546     10.6118          11.9107       13.3686    15.0049    16.8415    18.9029    21.2167    23.8136    26.7284    30.0000    33.6720     37.7935    42.4195    47.6117
                                       Exercise V.                                                                                                                                         15.5454    14.3882          13.0893       11.6314    9.9951     8.1585     6.0971     3.7833     1.1864     -1.7284    -5.0000    -8.6720    -12.7935   -17.4195   -22.6117
                                       Hold V.                                                                                                                                             15.4415    14.2842          12.9854       11.5275    9.9292     8.2366     6.4708     4.7508     3.1363      1.7526     0.7262     0.1561     0.0000     0.0000     0.0000
                                       Option V.                                                                                                                                           15.5454    14.3882          13.0893       11.6314    9.9951     8.2366     6.4708     4.7508     3.1363      1.7526     0.7262     0.1561     0.0000     0.0000     0.0000
                                       Exercise?                                                                                                                                             YES        YES              YES           YES        YES        NO         NO         NO         NO          NO         NO         NO         NO         NO         NO
                                       Price                                                                                                                                                          8.4235           9.4546        10.6118    11.9107    13.3686    15.0049    16.8415    18.9029    21.2167    23.8136    26.7284    30.0000    33.6720     37.7935
                                       Exercise V.                                                                                                                                                    16.5765          15.5454       14.3882    13.0893    11.6314    9.9951     8.1585     6.0971     3.7833     1.1864     -1.7284    -5.0000    -8.6720    -12.7935
                                       Hold V.                                                                                                                                                        16.4725          15.4415       14.2842    12.9854    11.5275    9.8972     8.1709     6.3360     4.4871     2.7500      1.2780     0.3070     0.0000     0.0000
                                       Option V.                                                                                                                                                      16.5765          15.5454       14.3882    13.0893    11.6314    9.9951     8.1709     6.3360     4.4871     2.7500      1.2780     0.3070     0.0000     0.0000
                                       Exercise?                                                                                                                                                        YES              YES           YES        YES        YES        YES        NO         NO         NO         NO          NO         NO         NO         NO
                                       Price                                                                                                                                                                           7.5049        8.4235     9.4546     10.6118    11.9107    13.3686    15.0049    16.8415    18.9029    21.2167    23.8136    26.7284    30.0000
                                       Exercise V.                                                                                                                                                                     17.4951       16.5765    15.5454    14.3882    13.0893    11.6314    9.9951     8.1585     6.0971     3.7833     1.1864     -1.7284    -5.0000
                                       Hold V.                                                                                                                                                                         17.3911       16.4725    15.4415    14.2842    12.9854    11.5275    9.8911     8.0986     6.1874     4.1822     2.2185      0.6035     0.0000
                                       Option V.                                                                                                                                                                       17.4951       16.5765    15.5454    14.3882    13.0893    11.6314    9.9951     8.1585     6.1874     4.1822     2.2185      0.6035     0.0000
                                       Exercise?                                                                                                                                                                         YES           YES        YES        YES        YES        YES        YES        YES        NO         NO         NO          NO         NO
                                       Price                                                                                                                                                                                         6.6865     7.5049     8.4235     9.4546     10.6118    11.9107    13.3686    15.0049    16.8415    18.9029    21.2167    23.8136
                                       Exercise V.                                                                                                                                                                                   18.3135    17.4951    16.5765    15.5454    14.3882    13.0893    11.6314    9.9951     8.1585     6.0971     3.7833     1.1864
                                       Hold V.                                                                                                                                                                                       18.2096    17.3911    16.4725    15.4415    14.2842    12.9854    11.5275    9.8911     8.0545     5.9931     3.6794     0.0000
                                       Option V.                                                                                                                                                                                     18.3135    17.4951    16.5765    15.5454    14.3882    13.0893    11.6314    9.9951     8.1585     6.0971     3.7833     1.1864
                                       Exercise?                                                                                                                                                                                       YES        YES        YES        YES        YES        YES        YES        YES        YES        YES        YES        YES
                                       Price                                                                                                                                                                                                    5.9573     6.6865     7.5049     8.4235     9.4546     10.6118    11.9107    13.3686    15.0049    16.8415    18.9029
                                       Exercise V.                                                                                                                                                                                              19.0427    18.3135    17.4951    16.5765    15.5454    14.3882    13.0893    11.6314    9.9951     8.1585     6.0971
                                       Hold V.                                                                                                                                                                                                  18.9388    18.2096    17.3911    16.4725    15.4415    14.2842    12.9854    11.5275    9.8911     8.0545     0.0000
                                       Option V.                                                                                                                                                                                                19.0427    18.3135    17.4951    16.5765    15.5454    14.3882    13.0893    11.6314    9.9951     8.1585     6.0971
                                       Exercise?                                                                                                                                                                                                  YES        YES        YES        YES        YES        YES        YES        YES        YES        YES        YES
                                       Price                                                                                                                                                                                                               5.3076     5.9573     6.6865     7.5049     8.4235     9.4546     10.6118    11.9107    13.3686    15.0049
                                       Exercise V.                                                                                                                                                                                                         19.6924    19.0427    18.3135    17.4951    16.5765    15.5454    14.3882    13.0893    11.6314    9.9951
                                       Hold V.                                                                                                                                                                                                             19.5884    18.9388    18.2096    17.3911    16.4725    15.4415    14.2842    12.9854    11.5275    0.0000
                                       Option V.                                                                                                                                                                                                           19.6924    19.0427    18.3135    17.4951    16.5765    15.5454    14.3882    13.0893    11.6314    9.9951
                                       Exercise?                                                                                                                                                                                                             YES        YES        YES        YES        YES        YES        YES        YES        YES        YES
                                       Price                                                                                                                                                                                                                          4.7288     5.3076     5.9573     6.6865     7.5049     8.4235     9.4546     10.6118    11.9107
                                       Exercise V.                                                                                                                                                                                                                    20.2712    19.6924    19.0427    18.3135    17.4951    16.5765    15.5454    14.3882    13.0893
                                       Hold V.                                                                                                                                                                                                                        20.1672    19.5884    18.9388    18.2096    17.3911    16.4725    15.4415    14.2842    0.0000
                                       Option V.                                                                                                                                                                                                                      20.2712    19.6924    19.0427    18.3135    17.4951    16.5765    15.5454    14.3882    13.0893
                                       Exercise?                                                                                                                                                                                                                        YES        YES        YES        YES        YES        YES        YES        YES        YES
                                       Price                                                                                                                                                                                                                                     4.2131     4.7288     5.3076     5.9573     6.6865     7.5049     8.4235     9.4546
                                       Exercise V.                                                                                                                                                                                                                               20.7869    20.2712    19.6924    19.0427    18.3135    17.4951    16.5765    15.5454
                                       Hold V.                                                                                                                                                                                                                                   20.6829    20.1672    19.5884    18.9388    18.2096    17.3911    16.4725    0.0000
                                       Option V.                                                                                                                                                                                                                                 20.7869    20.2712    19.6924    19.0427    18.3135    17.4951    16.5765    15.5454
                                       Exercise?                                                                                                                                                                                                                                   YES        YES        YES        YES        YES        YES        YES        YES
                                       Price                                                                                                                                                                                                                                                3.7537     4.2131     4.7288     5.3076     5.9573     6.6865     7.5049
                                       Exercise V.                                                                                                                                                                                                                                          21.2463    20.7869    20.2712    19.6924    19.0427    18.3135    17.4951
                                       Hold V.                                                                                                                                                                                                                                              21.1424    20.6829    20.1672    19.5884    18.9388    18.2096    0.0000
                                       Option V.                                                                                                                                                                                                                                            21.2463    20.7869    20.2712    19.6924    19.0427    18.3135    17.4951
                                       Exercise?                                                                                                                                                                                                                                              YES        YES        YES        YES        YES        YES        YES
                                       Price                                                                                                                                                                                                                                                           3.3443     3.7537     4.2131     4.7288     5.3076     5.9573
                                       Exercise V.                                                                                                                                                                                                                                                     21.6557    21.2463    20.7869    20.2712    19.6924    19.0427
                                       Hold V.                                                                                                                                                                                                                                                         21.5517    21.1424    20.6829    20.1672    19.5884    0.0000
                                       Option V.                                                                                                                                                                                                                                                       21.6557    21.2463    20.7869    20.2712    19.6924    19.0427
                                       Exercise?                                                                                                                                                                                                                                                         YES        YES        YES        YES        YES        YES
                                       Price                                                                                                                                                                                                                                                                      2.9796     3.3443     3.7537     4.2131     4.7288
                                       Exercise V.                                                                                                                                                                                                                                                                22.0204    21.6557    21.2463    20.7869    20.2712
                                       Hold V.                                                                                                                                                                                                                                                                    21.9164    21.5517    21.1424    20.6829    0.0000
                                       Option V.                                                                                                                                                                                                                                                                  22.0204    21.6557    21.2463    20.7869    20.2712
                                       Exercise?                                                                                                                                                                                                                                                                    YES        YES        YES        YES        YES
                                       Price                                                                                                                                                                                                                                                                                 2.6547     2.9796     3.3443     3.7537
                                       Exercise V.                                                                                                                                                                                                                                                                           22.3453    22.0204    21.6557    21.2463
                                       Hold V.                                                                                                                                                                                                                                                                               22.2414    21.9164    21.5517    0.0000
                                       Option V.                                                                                                                                                                                                                                                                             22.3453    22.0204    21.6557    21.2463
                                       Exercise?                                                                                                                                                                                                                                                                               YES        YES        YES        YES
                                       Price                                                                                                                                                                                                                                                                                            2.3652     2.6547     2.9796
                                       Exercise V.                                                                                                                                                                                                                                                                                      22.6348    22.3453    22.0204
                                       Hold V.                                                                                                                                                                                                                                                                                          22.5309    22.2414    0.0000
                                       Option V.                                                                                                                                                                                                                                                                                        22.6348    22.3453    22.0204
                                       Exercise?                                                                                                                                                                                                                                                                                          YES        YES        YES
                                       Price                                                                                                                                                                                                                                                                                                       2.1073     2.3652
                                       Exercise V.                                                                                                                                                                                                                                                                                                 22.8927    22.6348
                                       Hold V.                                                                                                                                                                                                                                                                                                     22.7888    0.0000
                                       Option V.                                                                                                                                                                                                                                                                                                   22.8927    22.6348
                                       Exercise?                                                                                                                                                                                                                                                                                                     YES        YES
                                       Price                                                                                                                                                                                                                                                                                                                  1.8775
                                       Exercise V.                                                                                                                                                                                                                                                                                                            23.1225
                                       Hold V.                                                                                                                                                                                                                                                                                                                0.0000
                                       Option V.                                                                                                                                                                                                                                                                                                              23.1225
                                       Exercise?                                                                                                                                                                                                                                                                                                                YES




p.thorens/05005696-1f40-4a77-902b-bfaf682f529d.xls/A. Put (24)                                                                                                                                          Dynamic Strategic Planning                                                                                                                                       11/4/2011
                                                                                                                                                                                                            Option Valuation
    Initial Value             S       $30.0                       Up Factor          u    1.1224
    Strike Price              K       $25.0                       Down Factor        d    0.8909              European Call Option
    Risk-free Rate            r       5.0%                                           a    1.0042
    Payout Rate               d       0.0%                        Up Probability     p    0.4892                 Table    24 Periods
    Volatility (year)         s      40.0%                        Down Prob.        1-p   0.5108
    Time interval (year)      Dt     0.0833                                         r-d    5.0%
                                                                  Discount Factor   DF     0.996

      Period         0                 1                 2                  3               4         5            6             7          8          9         10         11                12                  13     14         15         16         17         18         19         20         21         22         23         24

    Price         30.0000           33.6720           37.7935            42.4195          47.6117   53.4394     59.9804       67.3220    75.5623    84.8112    95.1922    106.8438         119.9216         134.6001   151.0753   169.5670   190.3222   213.6178   239.7648   269.1122   302.0518   339.0232   380.5199   427.0959   479.3728
    Exercise V.    5.0000            8.6720           12.7935            17.4195          22.6117   28.4394     34.9804       42.3220    50.5623    59.8112    70.1922     81.8438          94.9216         109.6001   126.0753   144.5670   165.3222   188.6178   214.7648   244.1122   277.0518   314.0232   355.5199   402.0959   454.3728
    Hold V.       10.2564           13.0747           16.4665            20.4930          25.2126   30.6820     36.9593       44.1082    52.2032    61.3343    71.6105     83.1621          96.1408         110.7201   127.0955   145.4871   166.1418   189.3364   215.3820   244.6276   277.4650   314.3337   355.7274   402.1999    0.0000
    Option V.     10.2564           13.0747           16.4665            20.4930          25.2126   30.6820     36.9593       44.1082    52.2032    61.3343    71.6105     83.1621          96.1408         110.7201   127.0955   145.4871   166.1418   189.3364   215.3820   244.6276   277.4650   314.3337   355.7274   402.1999   454.3728      Exercise

    Price                           26.7284           30.0000            33.6720          37.7935   42.4195     47.6117       53.4394    59.9804    67.3220    75.5623    84.8112          95.1922          106.8438   119.9216   134.6001   151.0753   169.5670   190.3222   213.6178   239.7648   269.1122   302.0518   339.0232   380.5199
    Exercise V.                      1.7284            5.0000             8.6720          12.7935   17.4195     22.6117       28.4394    34.9804    42.3220    50.5623    59.8112          70.1922           81.8438    94.9216   109.6001   126.0753   144.5670   165.3222   188.6178   214.7648   244.1122   277.0518   314.0232   355.5199
    Hold V.                          7.6410            9.9332            12.7449          16.1405   20.1805     24.9208       30.4146    36.7159    43.8848    51.9938    61.1326          71.4118           82.9638    95.9418   110.5202   126.8949   145.2856   165.9394   189.1332   215.1780   244.4228   277.2592   314.1271    0.0000
    Option V.                        7.6410            9.9332            12.7449          16.1405   20.1805     24.9208       30.4146    36.7159    43.8848    51.9938    61.1326          71.4118           82.9638    95.9418   110.5202   126.8949   145.2856   165.9394   189.1332   215.1780   244.4228   277.2592   314.1271   355.5199      Exercise

    Price                                             23.8136            26.7284          30.0000   33.6720     37.7935       42.4195    47.6117    53.4394    59.9804    67.3220          75.5623           84.8112   95.1922    106.8438   119.9216   134.6001   151.0753   169.5670   190.3222   213.6178   239.7648   269.1122   302.0518
    Exercise V.                                       -1.1864             1.7284           5.0000    8.6720     12.7935       17.4195    22.6117    28.4394    34.9804    42.3220          50.5623           59.8112   70.1922     81.8438    94.9216   109.6001   126.0753   144.5670   165.3222   188.6178   214.7648   244.1122   277.0518
    Hold V.                                            5.5081             7.3215           9.5969   12.4032     15.8055       19.8629    24.6283    30.1502    36.4774    43.6663          51.7875           60.9319   71.2125     82.7639    95.7412   110.3187   126.6925   145.0825   165.7354   188.9283   214.9722   244.2162    0.0000
    Option V.                                          5.5081             7.3215           9.5969   12.4032     15.8055       19.8629    24.6283    30.1502    36.4774    43.6663          51.7875           60.9319   71.2125     82.7639    95.7412   110.3187   126.6925   145.0825   165.7354   188.9283   214.9722   244.2162   277.0518      Exercise

    Price                                                                21.2167          23.8136   26.7284     30.0000       33.6720    37.7935    42.4195    47.6117    53.4394          59.9804           67.3220   75.5623    84.8112    95.1922    106.8438   119.9216   134.6001   151.0753   169.5670   190.3222   213.6178   239.7648
    Exercise V.                                                          -3.7833          -1.1864    1.7284      5.0000        8.6720    12.7935    17.4195    22.6117    28.4394          34.9804           42.3220   50.5623    59.8112    70.1922     81.8438    94.9216   109.6001   126.0753   144.5670   165.3222   188.6178   214.7648
    Hold V.                                                               3.8164           5.2021    6.9877      9.2462       12.0488    15.4613    19.5412    24.3368    29.8906          36.2452           43.4530   51.5840    60.7314    71.0118     82.5624    95.5388   110.1155   126.4885   144.8776   165.5296   188.7217    0.0000
    Option V.                                                             3.8164           5.2021    6.9877      9.2462       12.0488    15.4613    19.5412    24.3368    29.8906          36.2452           43.4530   51.5840    60.7314    71.0118     82.5624    95.5388   110.1155   126.4885   144.8776   165.5296   188.7217   214.7648      Exercise

    Price                                                                                 18.9029   21.2167     23.8136       26.7284    30.0000    33.6720    37.7935    42.4195          47.6117           53.4394   59.9804    67.3220    75.5623    84.8112    95.1922    106.8438   119.9216   134.6001   151.0753   169.5670   190.3222
    Exercise V.                                                                           -6.0971   -3.7833     -1.1864        1.7284     5.0000     8.6720    12.7935    17.4195          22.6117           28.4394   34.9804    42.3220    50.5623    59.8112    70.1922     81.8438    94.9216   109.6001   126.0753   144.5670   165.3222
    Hold V.                                                                                2.5206    3.5344      4.8819        6.6377     8.8790    11.6802    15.1080    19.2168          24.0489           29.6384   36.0209    43.2449    51.3819    60.5299    70.8094     82.3592    95.3348   109.9106   126.2827   144.6710    0.0000
    Option V.                                                                              2.5206    3.5344      4.8819        6.6377     8.8790    11.6802    15.1080    19.2168          24.0489           29.6384   36.0209    43.2449    51.3819    60.5299    70.8094     82.3592    95.3348   109.9106   126.2827   144.6710   165.3222      Exercise

    Price                                                                                           16.8415     18.9029       21.2167    23.8136    26.7284    30.0000    33.6720          37.7935           42.4195   47.6117    53.4394    59.9804    67.3220    75.5623    84.8112    95.1922    106.8438   119.9216   134.6001   151.0753
    Exercise V.                                                                                     -8.1585     -6.0971       -3.7833    -1.1864     1.7284     5.0000     8.6720          12.7935           17.4195   22.6117    28.4394    34.9804    42.3220    50.5623    59.8112    70.1922     81.8438    94.9216   109.6001   126.0753
    Hold V.                                                                                          1.5702      2.2728        3.2402     4.5454     6.2687     8.4929    11.2963          14.7460           18.8922   23.7680    29.3967    35.8053    43.0407    51.1796    60.3267    70.6054     82.1544    95.1290   109.7040    0.0000
    Option V.                                                                                        1.5702      2.2728        3.2402     4.5454     6.2687     8.4929    11.2963          14.7460           18.8922   23.7680    29.3967    35.8053    43.0407    51.1796    60.3267    70.6054     82.1544    95.1290   109.7040   126.0753      Exercise

    Price                                                                                                       15.0049       16.8415    18.9029    21.2167    23.8136    26.7284          30.0000           33.6720   37.7935    42.4195    47.6117    53.4394    59.9804    67.3220    75.5623    84.8112    95.1922    106.8438   119.9216
    Exercise V.                                                                                                 -9.9951       -8.1585    -6.0971    -3.7833    -1.1864     1.7284           5.0000            8.6720   12.7935    17.4195    22.6117    28.4394    34.9804    42.3220    50.5623    59.8112    70.1922     81.8438    94.9216
    Hold V.                                                                                                      0.9100        1.3649     2.0167     2.9320     4.1897     5.8773           8.0848           10.8957   14.3769    18.5715    23.4993    29.1685    35.5976    42.8375    50.9755    60.1218    70.3997     81.9478     0.0000
    Option V.                                                                                                    0.9100        1.3649     2.0167     2.9320     4.1897     5.8773           8.0848           10.8957   14.3769    18.5715    23.4993    29.1685    35.5976    42.8375    50.9755    60.1218    70.3997     81.9478    94.9216      Exercise

    Price                                                                                                                      13.3686   15.0049    16.8415    18.9029    21.2167          23.8136           26.7284   30.0000    33.6720    37.7935    42.4195    47.6117    53.4394    59.9804    67.3220    75.5623    84.8112    95.1922
    Exercise V.                                                                                                               -11.6314   -9.9951    -8.1585    -6.0971    -3.7833          -1.1864            1.7284    5.0000     8.6720    12.7935    17.4195    22.6117    28.4394    34.9804    42.3220    50.5623    59.8112    70.1922
    Hold V.                                                                                                                     0.4818    0.7518     1.1565     1.7515     2.6077           3.8112            5.4588    7.6507    10.4771    14.0039    18.2619    23.2495    28.9548    35.3936    42.6326    50.7698    59.9152     0.0000
    Option V.                                                                                                                   0.4818    0.7518     1.1565     1.7515     2.6077           3.8112            5.4588    7.6507    10.4771    14.0039    18.2619    23.2495    28.9548    35.3936    42.6326    50.7698    59.9152    70.1922       Exercise

    Price                                                                                                                                 11.9107    13.3686   15.0049    16.8415          18.9029           21.2167   23.8136    26.7284    30.0000    33.6720    37.7935    42.4195    47.6117    53.4394    59.9804    67.3220    75.5623
    Exercise V.                                                                                                                          -13.0893   -11.6314   -9.9951    -8.1585          -6.0971           -3.7833   -1.1864     1.7284     5.0000     8.6720    12.7935    17.4195    22.6117    28.4394    34.9804    42.3220    50.5623
    Hold V.                                                                                                                                0.2272     0.3704    0.5962     0.9458           1.4765            2.2643    3.4042     5.0063     7.1850    10.0403    13.6345    17.9753    23.0249    28.7499    35.1879    42.4260     0.0000
    Option V.                                                                                                                              0.2272     0.3704    0.5962     0.9458           1.4765            2.2643    3.4042     5.0063     7.1850    10.0403    13.6345    17.9753    23.0249    28.7499    35.1879    42.4260    50.5623       Exercise

    Price                                                                                                                                            10.6118    11.9107    13.3686         15.0049           16.8415   18.9029    21.2167    23.8136    26.7284    30.0000    33.6720    37.7935    42.4195    47.6117    53.4394    59.9804
    Exercise V.                                                                                                                                     -14.3882   -13.0893   -11.6314         -9.9951           -8.1585   -6.0971    -3.7833    -1.1864     1.7284     5.0000     8.6720    12.7935    17.4195    22.6117    28.4394    34.9804
    Hold V.                                                                                                                                           0.0918     0.1572     0.2662          0.4452            0.7340    1.1911     1.8976     2.9606     4.5092     6.6801     9.5886    13.2862    17.7300    22.8191    28.5433     0.0000
    Option V.                                                                                                                                         0.0918     0.1572     0.2662          0.4452            0.7340    1.1911     1.8976     2.9606     4.5092     6.6801     9.5886    13.2862    17.7300    22.8191    28.5433    34.9804       Exercise

    Price                                                                                                                                                       9.4546     10.6118          11.9107          13.3686   15.0049    16.8415    18.9029    21.2167    23.8136    26.7284    30.0000    33.6720    37.7935    42.4195    47.6117
    Exercise V.                                                                                                                                                -15.5454   -14.3882         -13.0893         -11.6314   -9.9951    -8.1585    -6.0971    -3.7833    -1.1864     1.7284     5.0000     8.6720    12.7935    17.4195    22.6117
    Hold V.                                                                                                                                                     0.0299      0.0541           0.0970           0.1722    0.3023     0.5241     0.8951     1.5018     2.4669     3.9492     6.1257     9.1387    13.0010    17.5234     0.0000
    Option V.                                                                                                                                                   0.0299      0.0541           0.0970           0.1722    0.3023     0.5241     0.8951     1.5018     2.4669     3.9492     6.1257     9.1387    13.0010    17.5234    22.6117       Exercise

    Price                                                                                                                                                                  8.4235           9.4546           10.6118    11.9107    13.3686   15.0049    16.8415    18.9029    21.2167    23.8136    26.7284    30.0000    33.6720    37.7935
    Exercise V.                                                                                                                                                           -16.5765         -15.5454         -14.3882   -13.0893   -11.6314   -9.9951    -8.1585    -6.0971    -3.7833    -1.1864     1.7284     5.0000     8.6720    12.7935
    Hold V.                                                                                                                                                                0.0070           0.0135            0.0258     0.0489     0.0924    0.1731     0.3213     0.5898     1.0674     1.8969     3.2901     5.5144     8.7760     0.0000
    Option V.                                                                                                                                                              0.0070           0.0135            0.0258     0.0489     0.0924    0.1731     0.3213     0.5898     1.0674     1.8969     3.2901     5.5144     8.7760    12.7935       Exercise

    Price                                                                                                                                                                                   7.5049           8.4235     9.4546     10.6118    11.9107    13.3686   15.0049    16.8415    18.9029    21.2167    23.8136    26.7284    30.0000
    Exercise V.                                                                                                                                                                            -17.4951         -16.5765   -15.5454   -14.3882   -13.0893   -11.6314   -9.9951    -8.1585    -6.0971    -3.7833    -1.1864     1.7284     5.0000
    Hold V.                                                                                                                                                                                 0.0009           0.0018     0.0038      0.0077     0.0159     0.0326    0.0668     0.1372     0.2816     0.5781     1.1867     2.4359     0.0000
    Option V.                                                                                                                                                                               0.0009           0.0018     0.0038      0.0077     0.0159     0.0326    0.0668     0.1372     0.2816     0.5781     1.1867     2.4359     5.0000       Exercise

    Price                                                                                                                                                                                                    6.6865     7.5049     8.4235     9.4546     10.6118    11.9107    13.3686   15.0049    16.8415    18.9029    21.2167    23.8136
    Exercise V.                                                                                                                                                                                             -18.3135   -17.4951   -16.5765   -15.5454   -14.3882   -13.0893   -11.6314   -9.9951    -8.1585    -6.0971    -3.7833    -1.1864
    Hold V.                                                                                                                                                                                                  0.0000     0.0000     0.0000     0.0000      0.0000     0.0000     0.0000    0.0000     0.0000     0.0000     0.0000     0.0000
    Option V.                                                                                                                                                                                                0.0000     0.0000     0.0000     0.0000      0.0000     0.0000     0.0000    0.0000     0.0000     0.0000     0.0000     0.0000    Do not exercise

    Price                                                                                                                                                                                                               5.9573     6.6865     7.5049     8.4235     9.4546     10.6118    11.9107    13.3686   15.0049    16.8415    18.9029
    Exercise V.                                                                                                                                                                                                        -19.0427   -18.3135   -17.4951   -16.5765   -15.5454   -14.3882   -13.0893   -11.6314   -9.9951    -8.1585    -6.0971
    Hold V.                                                                                                                                                                                                             0.0000     0.0000     0.0000     0.0000     0.0000      0.0000     0.0000     0.0000    0.0000     0.0000     0.0000
    Option V.                                                                                                                                                                                                           0.0000     0.0000     0.0000     0.0000     0.0000      0.0000     0.0000     0.0000    0.0000     0.0000     0.0000    Do not exercise

    Price                                                                                                                                                                                                                          5.3076     5.9573     6.6865     7.5049     8.4235     9.4546     10.6118    11.9107    13.3686   15.0049
    Exercise V.                                                                                                                                                                                                                   -19.6924   -19.0427   -18.3135   -17.4951   -16.5765   -15.5454   -14.3882   -13.0893   -11.6314   -9.9951
    Hold V.                                                                                                                                                                                                                        0.0000     0.0000     0.0000     0.0000     0.0000     0.0000      0.0000     0.0000     0.0000    0.0000
    Option V.                                                                                                                                                                                                                      0.0000     0.0000     0.0000     0.0000     0.0000     0.0000      0.0000     0.0000     0.0000    0.0000    Do not exercise

    Price                                                                                                                                                                                                                                     4.7288     5.3076     5.9573     6.6865     7.5049     8.4235     9.4546     10.6118    11.9107
    Exercise V.                                                                                                                                                                                                                              -20.2712   -19.6924   -19.0427   -18.3135   -17.4951   -16.5765   -15.5454   -14.3882   -13.0893
    Hold V.                                                                                                                                                                                                                                   0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000      0.0000     0.0000
    Option V.                                                                                                                                                                                                                                 0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000      0.0000     0.0000   Do not exercise

    Price                                                                                                                                                                                                                                                4.2131     4.7288     5.3076     5.9573     6.6865     7.5049     8.4235     9.4546
    Exercise V.                                                                                                                                                                                                                                         -20.7869   -20.2712   -19.6924   -19.0427   -18.3135   -17.4951   -16.5765   -15.5454
    Hold V.                                                                                                                                                                                                                                              0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000
    Option V.                                                                                                                                                                                                                                            0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000    Do not exercise

    Price                                                                                                                                                                                                                                                           3.7537     4.2131     4.7288     5.3076     5.9573     6.6865     7.5049
    Exercise V.                                                                                                                                                                                                                                                    -21.2463   -20.7869   -20.2712   -19.6924   -19.0427   -18.3135   -17.4951
    Hold V.                                                                                                                                                                                                                                                         0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000
    Option V.                                                                                                                                                                                                                                                       0.0000     0.0000     0.0000     0.0000     0.0000     0.0000     0.0000    Do not exercise

    Price                                                                                                                                                                                                                                                                      3.3443     3.7537     4.2131     4.7288     5.3076     5.9573
    Exercise V.                                                                                                                                                                                                                                                               -21.6557   -21.2463   -20.7869   -20.2712   -19.6924   -19.0427
    Hold V.                                                                                                                                                                                                                                                                    0.0000     0.0000     0.0000     0.0000     0.0000     0.0000
    Option V.                                                                                                                                                                                                                                                                  0.0000     0.0000     0.0000     0.0000     0.0000     0.0000    Do not exercise

    Price                                                                                                                                                                                                                                                                                 2.9796     3.3443     3.7537     4.2131     4.7288
    Exercise V.                                                                                                                                                                                                                                                                          -22.0204   -21.6557   -21.2463   -20.7869   -20.2712
    Hold V.                                                                                                                                                                                                                                                                               0.0000     0.0000     0.0000     0.0000     0.0000
    Option V.                                                                                                                                                                                                                                                                             0.0000     0.0000     0.0000     0.0000     0.0000    Do not exercise

    Price                                                                                                                                                                                                                                                                                            2.6547     2.9796     3.3443     3.7537
    Exercise V.                                                                                                                                                                                                                                                                                     -22.3453   -22.0204   -21.6557   -21.2463
    Hold V.                                                                                                                                                                                                                                                                                          0.0000     0.0000     0.0000     0.0000
    Option V.                                                                                                                                                                                                                                                                                        0.0000     0.0000     0.0000     0.0000    Do not exercise

    Price                                                                                                                                                                                                                                                                                                       2.3652     2.6547     2.9796
    Exercise V.                                                                                                                                                                                                                                                                                                -22.6348   -22.3453   -22.0204
    Hold V.                                                                                                                                                                                                                                                                                                     0.0000     0.0000     0.0000
    Option V.                                                                                                                                                                                                                                                                                                   0.0000     0.0000     0.0000    Do not exercise

    Price                                                                                                                                                                                                                                                                                                                  2.1073     2.3652
    Exercise V.                                                                                                                                                                                                                                                                                                           -22.8927   -22.6348
    Hold V.                                                                                                                                                                                                                                                                                                                0.0000     0.0000
    Option V.                                                                                                                                                                                                                                                                                                              0.0000     0.0000    Do not exercise

    Price                                                                                                                                                                                                                                                                                                                             1.8775
    Exercise V.                                                                                                                                                                                                                                                                                                                      -23.1225
    Hold V.                                                                                                                                                                                                                                                                                                                           0.0000
    Option V.                                                                                                                                                                                                                                                                                                                         0.0000    Do not exercise




p.thorens/05005696-1f40-4a77-902b-bfaf682f529d.xls/E. Call (24)                                                                                                                      Dynamic Strategic Planning                                                                                                                                           11/4/2011
                                                                                                                                                                                         Option Valuation
    Initial Value             S      $30.0                       Up Factor          u    1.1224
    Strike Price              K      $25.0                       Down Factor        d    0.8909                European Call Option
    Risk-free Rate            r      5.0%                                           a    1.0042
    Payout Rate               d      0.0%                        Up Probability     p    0.4892                   Table     24 Periods
    Volatility (year)         s     40.0%                        Down Prob.        1-p   0.5108
    Time interval (year)      Dt    0.0833                                         r-d    5.0%
                                                                 Discount Factor   DF     0.996

      Period         0                 1                 2                 3                4          5            6              7          8          9         10         11                12                  13       14          15          16          17          18          19          20          21          22          23          24

    Price         30.0000           33.6720           37.7935           42.4195           47.6117    53.4394      59.9804        67.3220    75.5623    84.8112    95.1922   106.8438         119.9216          134.6001    151.0753    169.5670    190.3222    213.6178    239.7648    269.1122    302.0518    339.0232    380.5199    427.0959    479.3728
    Exercise V.   -5.0000           -8.6720          -12.7935           -17.4195         -22.6117   -28.4394     -34.9804       -42.3220   -50.5623   -59.8112   -70.1922   -81.8438         -94.9216         -109.6001   -126.0753   -144.5670   -165.3222   -188.6178   -214.7648   -244.1122   -277.0518   -314.0232   -355.5199   -402.0959   -454.3728
    Hold V.        2.8773            2.1181            1.4833            0.9790            0.6020     0.3397       0.1725         0.0766     0.0285     0.0084     0.0017    0.0002           0.0000            0.0000      0.0000      0.0000      0.0000      0.0000      0.0000      0.0000      0.0000      0.0000      0.0000      0.0000      0.0000
    Option V.      2.8773            2.1181            1.4833            0.9790            0.6020     0.3397       0.1725         0.0766     0.0285     0.0084     0.0017    0.0002           0.0000            0.0000      0.0000      0.0000      0.0000      0.0000      0.0000      0.0000      0.0000      0.0000      0.0000      0.0000      0.0000 Do not exercise

    Price                           26.7284           30.0000           33.6720           37.7935    42.4195      47.6117        53.4394    59.9804    67.3220    75.5623    84.8112          95.1922         106.8438    119.9216     134.6001    151.0753    169.5670    190.3222    213.6178    239.7648    269.1122    302.0518    339.0232    380.5199
    Exercise V.                     -1.7284           -5.0000           -8.6720          -12.7935   -17.4195     -22.6117       -28.4394   -34.9804   -42.3220   -50.5623   -59.8112         -70.1922         -81.8438    -94.9216    -109.6001   -126.0753   -144.5670   -165.3222   -188.6178   -214.7648   -244.1122   -277.0518   -314.0232   -355.5199
    Hold V.                          3.6279            2.7434            1.9783            1.3481     0.8581       0.5027         0.2657     0.1232     0.0481     0.0148     0.0032           0.0004          0.0000      0.0000       0.0000      0.0000      0.0000      0.0000      0.0000      0.0000      0.0000      0.0000      0.0000      0.0000
    Option V.                        3.6279            2.7434            1.9783            1.3481     0.8581       0.5027         0.2657     0.1232     0.0481     0.0148     0.0032           0.0004          0.0000      0.0000       0.0000      0.0000      0.0000      0.0000      0.0000      0.0000      0.0000      0.0000      0.0000      0.0000 Do not exercise

    Price                                             23.8136           26.7284          30.0000    33.6720       37.7935        42.4195    47.6117    53.4394    59.9804    67.3220          75.5623          84.8112     95.1922    106.8438    119.9216     134.6001    151.0753    169.5670    190.3222    213.6178    239.7648    269.1122    302.0518
    Exercise V.                                        1.1864           -1.7284          -5.0000    -8.6720      -12.7935       -17.4195   -22.6117   -28.4394   -34.9804   -42.3220         -50.5623         -59.8112    -70.1922    -81.8438    -94.9216    -109.6001   -126.0753   -144.5670   -165.3222   -188.6178   -214.7648   -244.1122   -277.0518
    Hold V.                                            4.5047            3.4985           2.5981     1.8284        1.2056         0.7339     0.4043     0.1961     0.0804     0.0261           0.0059           0.0007      0.0000     0.0000      0.0000       0.0000      0.0000      0.0000      0.0000      0.0000      0.0000      0.0000      0.0000
    Option V.                                          4.5047            3.4985           2.5981     1.8284        1.2056         0.7339     0.4043     0.1961     0.0804     0.0261           0.0059           0.0007      0.0000     0.0000      0.0000       0.0000      0.0000      0.0000      0.0000      0.0000      0.0000      0.0000      0.0000 Do not exercise

    Price                                                               21.2167          23.8136    26.7284      30.0000        33.6720     37.7935    42.4195    47.6117    53.4394          59.9804          67.3220     75.5623     84.8112     95.1922    106.8438    119.9216     134.6001    151.0753    169.5670    190.3222    213.6178    239.7648
    Exercise V.                                                          3.7833           1.1864    -1.7284      -5.0000        -8.6720    -12.7935   -17.4195   -22.6117   -28.4394         -34.9804         -42.3220    -50.5623    -59.8112    -70.1922    -81.8438    -94.9216    -109.6001   -126.0753   -144.5670   -165.3222   -188.6178   -214.7648
    Hold V.                                                              5.5052           4.3896     3.3565       2.4398         1.6672      1.0555     0.6070     0.3086     0.1331           0.0456           0.0110      0.0014      0.0000      0.0000     0.0000      0.0000       0.0000      0.0000      0.0000      0.0000      0.0000      0.0000
    Option V.                                                            5.5052           4.3896     3.3565       2.4398         1.6672      1.0555     0.6070     0.3086     0.1331           0.0456           0.0110      0.0014      0.0000      0.0000     0.0000      0.0000       0.0000      0.0000      0.0000      0.0000      0.0000      0.0000 Do not exercise

    Price                                                                                18.9029    21.2167      23.8136        26.7284    30.0000    33.6720     37.7935    42.4195          47.6117          53.4394     59.9804     67.3220     75.5623     84.8112     95.1922    106.8438    119.9216     134.6001    151.0753    169.5670    190.3222
    Exercise V.                                                                           6.0971     3.7833       1.1864        -1.7284    -5.0000    -8.6720    -12.7935   -17.4195         -22.6117         -28.4394    -34.9804    -42.3220    -50.5623    -59.8112    -70.1922    -81.8438    -94.9216    -109.6001   -126.0753   -144.5670   -165.3222
    Hold V.                                                                               6.6187     5.4149       4.2618         3.1997     2.2666     1.4935      0.8979     0.4792           0.2180           0.0791      0.0202      0.0027      0.0000      0.0000      0.0000     0.0000      0.0000       0.0000      0.0000      0.0000      0.0000
    Option V.                                                                             6.6187     5.4149       4.2618         3.1997     2.2666     1.4935      0.8979     0.4792           0.2180           0.0791      0.0202      0.0027      0.0000      0.0000      0.0000     0.0000      0.0000       0.0000      0.0000      0.0000      0.0000 Do not exercise

    Price                                                                                           16.8415      18.9029        21.2167    23.8136    26.7284    30.0000    33.6720           37.7935          42.4195     47.6117     53.4394     59.9804     67.3220     75.5623     84.8112     95.1922    106.8438    119.9216     134.6001    151.0753
    Exercise V.                                                                                      8.1585       6.0971         3.7833     1.1864    -1.7284    -5.0000    -8.6720          -12.7935         -17.4195    -22.6117    -28.4394    -34.9804    -42.3220    -50.5623    -59.8112    -70.1922    -81.8438    -94.9216    -109.6001   -126.0753
    Hold V.                                                                                          7.8258       6.5635         5.3140     4.1194     3.0256     2.0762     1.3062            0.7333           0.3528      0.1361      0.0372      0.0053      0.0000      0.0000      0.0000      0.0000     0.0000      0.0000       0.0000      0.0000
    Option V.                                                                                        7.8258       6.5635         5.3140     4.1194     3.0256     2.0762     1.3062            0.7333           0.3528      0.1361      0.0372      0.0053      0.0000      0.0000      0.0000      0.0000     0.0000      0.0000       0.0000      0.0000 Do not exercise

    Price                                                                                                        15.0049        16.8415    18.9029    21.2167    23.8136    26.7284          30.0000           33.6720     37.7935     42.4195     47.6117     53.4394     59.9804     67.3220     75.5623     84.8112     95.1922    106.8438    119.9216
    Exercise V.                                                                                                   9.9951         8.1585     6.0971     3.7833     1.1864    -1.7284          -5.0000           -8.6720    -12.7935    -17.4195    -22.6117    -28.4394    -34.9804    -42.3220    -50.5623    -59.8112    -70.1922    -81.8438    -94.9216
    Hold V.                                                                                                       9.0987         7.8138     6.5014     5.2007     3.9595     2.8307           1.8655            1.1037      0.5631      0.2319      0.0681      0.0105      0.0000      0.0000      0.0000      0.0000      0.0000     0.0000      0.0000
    Option V.                                                                                                     9.0987         7.8138     6.5014     5.2007     3.9595     2.8307           1.8655            1.1037      0.5631      0.2319      0.0681      0.0105      0.0000      0.0000      0.0000      0.0000      0.0000     0.0000      0.0000 Do not exercise

    Price                                                                                                                       13.3686    15.0049    16.8415    18.9029    21.2167          23.8136           26.7284    30.0000     33.6720      37.7935     42.4195     47.6117     53.4394     59.9804     67.3220     75.5623     84.8112     95.1922
    Exercise V.                                                                                                                 11.6314     9.9951     8.1585     6.0971     3.7833           1.1864           -1.7284    -5.0000     -8.6720     -12.7935    -17.4195    -22.6117    -28.4394    -34.9804    -42.3220    -50.5623    -59.8112    -70.1922
    Hold V.                                                                                                                     10.4037     9.1346     7.8003     6.4319     5.0729           3.7783            2.6104     1.6304      0.8849       0.3908      0.1238      0.0206      0.0000      0.0000      0.0000      0.0000      0.0000      0.0000
    Option V.                                                                                                                   10.4037     9.1346     7.8003     6.4319     5.0729           3.7783            2.6104     1.6304      0.8849       0.3908      0.1238      0.0206      0.0000      0.0000      0.0000      0.0000      0.0000      0.0000   Do not exercise

    Price                                                                                                                                  11.9107    13.3686    15.0049    16.8415          18.9029           21.2167    23.8136     26.7284     30.0000     33.6720      37.7935     42.4195     47.6117     53.4394     59.9804     67.3220     75.5623
    Exercise V.                                                                                                                            13.0893    11.6314     9.9951     8.1585           6.0971            3.7833     1.1864     -1.7284     -5.0000     -8.6720     -12.7935    -17.4195    -22.6117    -28.4394    -34.9804    -42.3220    -50.5623
    Hold V.                                                                                                                                11.7041    10.4872     9.1746     7.7861           6.3543            4.9277     3.5703      2.3578      1.3654      0.6496       0.2237      0.0404      0.0000      0.0000      0.0000      0.0000      0.0000
    Option V.                                                                                                                              11.7041    10.4872     9.1746     7.7861           6.3543            4.9277     3.5703      2.3578      1.3654      0.6496       0.2237      0.0404      0.0000      0.0000      0.0000      0.0000      0.0000   Do not exercise

    Price                                                                                                                                             10.6118    11.9107    13.3686          15.0049           16.8415    18.9029     21.2167     23.8136     26.7284     30.0000     33.6720      37.7935     42.4195     47.6117     53.4394     59.9804
    Exercise V.                                                                                                                                       14.3882    13.0893    11.6314           9.9951            8.1585     6.0971      3.7833      1.1864     -1.7284     -5.0000     -8.6720     -12.7935    -17.4195    -22.6117    -28.4394    -34.9804
    Hold V.                                                                                                                                           12.9653    11.8299    10.5795           9.2210            7.7726     6.2679      4.7608      3.3274      2.0621      1.0628      0.4011       0.0794      0.0000      0.0000      0.0000      0.0000
    Option V.                                                                                                                                         12.9653    11.8299    10.5795           9.2210            7.7726     6.2679      4.7608      3.3274      2.0621      1.0628      0.4011       0.0794      0.0000      0.0000      0.0000      0.0000   Do not exercise

    Price                                                                                                                                                         9.4546    10.6118          11.9107           13.3686    15.0049     16.8415     18.9029     21.2167     23.8136     26.7284     30.0000     33.6720      37.7935     42.4195     47.6117
    Exercise V.                                                                                                                                                  15.5454    14.3882          13.0893           11.6314     9.9951      8.1585      6.0971      3.7833      1.1864     -1.7284     -5.0000     -8.6720     -12.7935    -17.4195    -22.6117
    Hold V.                                                                                                                                                      14.1588    13.1242          11.9670           10.6836     9.2772      7.7625      6.1725      4.5665      3.0360      1.7053      0.7125      0.1561       0.0000      0.0000      0.0000
    Option V.                                                                                                                                                    14.1588    13.1242          11.9670           10.6836     9.2772      7.7625      6.1725      4.5665      3.0360      1.7053      0.7125      0.1561       0.0000      0.0000      0.0000   Do not exercise

    Price                                                                                                                                                                    8.4235           9.4546           10.6118    11.9107     13.3686     15.0049     16.8415     18.9029     21.2167     23.8136     26.7284     30.0000     33.6720      37.7935
    Exercise V.                                                                                                                                                             16.5765          15.5454           14.3882    13.0893     11.6314      9.9951      8.1585      6.0971      3.7833      1.1864     -1.7284     -5.0000     -8.6720     -12.7935
    Hold V.                                                                                                                                                                 15.2654          14.3397           13.2940    12.1180     10.8037      9.3486      7.7612      6.0696      4.3353      2.6701      1.2511      0.3070      0.0000       0.0000
    Option V.                                                                                                                                                               15.2654          14.3397           13.2940    12.1180     10.8037      9.3486      7.7612      6.0696      4.3353      2.6701      1.2511      0.3070      0.0000       0.0000   Do not exercise

    Price                                                                                                                                                                                     7.5049            8.4235     9.4546     10.6118     11.9107     13.3686     15.0049     16.8415     18.9029     21.2167     23.8136     26.7284     30.0000
    Exercise V.                                                                                                                                                                              17.4951           16.5765    15.5454     14.3882     13.0893     11.6314      9.9951      8.1585      6.0971      3.7833      1.1864     -1.7284     -5.0000
    Hold V.                                                                                                                                                                                  16.2767           15.4584    14.5289     13.4758     12.2856     10.9454      9.4447      7.7802      5.9655      4.0509      2.1656      0.6035      0.0000
    Option V.                                                                                                                                                                                16.2767           15.4584    14.5289     13.4758     12.2856     10.9454      9.4447      7.7802      5.9655      4.0509      2.1656      0.6035      0.0000    Do not exercise

    Price                                                                                                                                                                                                       6.6865     7.5049      8.4235      9.4546     10.6118     11.9107     13.3686     15.0049     16.8415     18.9029     21.2167     23.8136
    Exercise V.                                                                                                                                                                                                18.3135    17.4951     16.5765     15.5454     14.3882     13.0893     11.6314      9.9951      8.1585      6.0971      3.7833      1.1864
    Hold V.                                                                                                                                                                                                    17.1936    16.4748     15.6563     14.7258     13.6696     12.4721     11.1160      9.5819      7.8479      5.8896      3.6794      0.0000
    Option V.                                                                                                                                                                                                  17.1936    16.4748     15.6563     14.7258     13.6696     12.4721     11.1160      9.5819      7.8479      5.8896      3.6794      1.1864       Exercise

    Price                                                                                                                                                                                                                  5.9573      6.6865      7.5049      8.4235      9.4546     10.6118     11.9107     13.3686     15.0049     16.8415     18.9029
    Exercise V.                                                                                                                                                                                                           19.0427     18.3135     17.4951     16.5765     15.5454     14.3882     13.0893     11.6314      9.9951      8.1585      6.0971
    Hold V.                                                                                                                                                                                                               18.0224     17.3934     16.6755     15.8579     14.9282     13.8728     12.6761     11.3209      9.7876      8.0545      0.0000
    Option V.                                                                                                                                                                                                             18.0224     17.3934     16.6755     15.8579     14.9282     13.8728     12.6761     11.3209      9.7876      8.0545      6.0971       Exercise

    Price                                                                                                                                                                                                                              5.3076      5.9573      6.6865      7.5049      8.4235      9.4546     10.6118     11.9107     13.3686     15.0049
    Exercise V.                                                                                                                                                                                                                       19.6924     19.0427     18.3135     17.4951     16.5765     15.5454     14.3882     13.0893     11.6314      9.9951
    Hold V.                                                                                                                                                                                                                           18.7722     18.2231     17.5949     16.8778     16.0610     15.1322     14.0776     12.8818     11.5275      0.0000
    Option V.                                                                                                                                                                                                                         18.7722     18.2231     17.5949     16.8778     16.0610     15.1322     14.0776     12.8818     11.5275      9.9951       Exercise

    Price                                                                                                                                                                                                                                          4.7288      5.3076      5.9573      6.6865      7.5049      8.4235      9.4546     10.6118     11.9107
    Exercise V.                                                                                                                                                                                                                                   20.2712     19.6924     19.0427     18.3135     17.4951     16.5765     15.5454     14.3882     13.0893
    Hold V.                                                                                                                                                                                                                                       19.4516     18.9737     18.4255     17.7981     17.0819     16.2659     15.3380     14.2842      0.0000
    Option V.                                                                                                                                                                                                                                     19.4516     18.9737     18.4255     17.7981     17.0819     16.2659     15.3380     14.2842     13.0893       Exercise

    Price                                                                                                                                                                                                                                                      4.2131      4.7288      5.3076      5.9573      6.6865      7.5049      8.4235      9.4546
    Exercise V.                                                                                                                                                                                                                                               20.7869     20.2712     19.6924     19.0427     18.3135     17.4951     16.5765     15.5454
    Hold V.                                                                                                                                                                                                                                                   20.0682     19.6539     19.1769     18.6295     18.0030     17.2876     16.4725      0.0000
    Option V.                                                                                                                                                                                                                                                 20.0682     19.6539     19.1769     18.6295     18.0030     17.2876     16.4725     15.5454       Exercise

    Price                                                                                                                                                                                                                                                                  3.7537      4.2131      4.7288      5.3076      5.9573      6.6865      7.5049
    Exercise V.                                                                                                                                                                                                                                                           21.2463     20.7869     20.2712     19.6924     19.0427     18.3135     17.4951
    Hold V.                                                                                                                                                                                                                                                               20.6291     20.2714     19.8580     19.3818     18.8352     18.2096      0.0000
    Option V.                                                                                                                                                                                                                                                             20.6291     20.2714     19.8580     19.3818     18.8352     18.2096     17.4951       Exercise

    Price                                                                                                                                                                                                                                                                              3.3443      3.7537      4.2131      4.7288      5.3076      5.9573
    Exercise V.                                                                                                                                                                                                                                                                       21.6557     21.2463     20.7869     20.2712     19.6924     19.0427
    Hold V.                                                                                                                                                                                                                                                                           21.1402     20.8331     20.4763     20.0637     19.5884      0.0000
    Option V.                                                                                                                                                                                                                                                                         21.1402     20.8331     20.4763     20.0637     19.5884     19.0427       Exercise

    Price                                                                                                                                                                                                                                                                                          2.9796      3.3443      3.7537      4.2131      4.7288
    Exercise V.                                                                                                                                                                                                                                                                                   22.0204     21.6557     21.2463     20.7869     20.2712
    Hold V.                                                                                                                                                                                                                                                                                       21.6072     21.3451     21.0389     20.6829      0.0000
    Option V.                                                                                                                                                                                                                                                                                     21.6072     21.3451     21.0389     20.6829     20.2712       Exercise

    Price                                                                                                                                                                                                                                                                                                      2.6547      2.9796      3.3443      3.7537
    Exercise V.                                                                                                                                                                                                                                                                                               22.3453     22.0204     21.6557     21.2463
    Hold V.                                                                                                                                                                                                                                                                                                   22.0348     21.8129     21.5517      0.0000
    Option V.                                                                                                                                                                                                                                                                                                 22.0348     21.8129     21.5517     21.2463       Exercise

    Price                                                                                                                                                                                                                                                                                                                  2.3652      2.6547      2.9796
    Exercise V.                                                                                                                                                                                                                                                                                                           22.6348     22.3453     22.0204
    Hold V.                                                                                                                                                                                                                                                                                                               22.4273     22.2414      0.0000
    Option V.                                                                                                                                                                                                                                                                                                             22.4273     22.2414     22.0204       Exercise

    Price                                                                                                                                                                                                                                                                                                                              2.1073      2.3652
    Exercise V.                                                                                                                                                                                                                                                                                                                       22.8927     22.6348
    Hold V.                                                                                                                                                                                                                                                                                                                           22.7888      0.0000
    Option V.                                                                                                                                                                                                                                                                                                                         22.7888     22.6348       Exercise

    Price                                                                                                                                                                                                                                                                                                                                          1.8775
    Exercise V.                                                                                                                                                                                                                                                                                                                                   23.1225
    Hold V.                                                                                                                                                                                                                                                                                                                                        0.0000
    Option V.                                                                                                                                                                                                                                                                                                                                     23.1225       Exercise




p.thorens/05005696-1f40-4a77-902b-bfaf682f529d.xls/E. Put (24)                                                                                                                         Dynamic Strategic Planning                                                                                                                                                      11/4/2011
                                                                                                                                                                                           Option Valuation

				
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