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					ARM Holdings, plc. (NASDAQ: ARMH)                                                                                                                                              Mircoprocessors
                       Analysts: Tushar Jain, Kyle Samani, Josh Erde                                                                                                   Date:           3/4/2011


                              BUSINESS DESCRIPTION                                                                                   STOCK PRICE PERFORMANCE
ARM Holdings, headquartered in Cabridge, United Kingdom, is the world's leadings                           35                                                                           14000000
semiconductor intellectual property (IP) supplier and as such is at the heart of the
development of digital electronic products. ARM's business model involves the designing
and licensing of IP rather than the manufacturing and selling of the actual semiconductor                  30                                                                           12000000
chips. ARM licenses IP to a network of partners who use ARM instruction set architecture to
manufacture system-on-chip designs. Licensees pay ARM a fee for the original IP and a
royalty on every chip or wafer produced. Since 1990, ARM has sold over 600 processor                       25                                                                           10000000
licenses to more than 200 companies, recieving royalties on the sale of all ARM-based chips.
Over 15 billion ARM based chips have been shipped to date.
                                                                                                           20                                                                           8000000


                                                                                                           15                                                                           6000000
                                INVESTMENT THESIS
Gartner reports the smartphone market grew 72% in 2010 and expects the market to grow                      10                                                                           4000000
from 280 million units in 2010 to 1.1 billion in 2015. With 95% of smartphones running on
ARM architecture, mobile processing royalties accounting for half of ARM revenues, and
                                                                                                            5                                                                           2000000
mobile shipments up 50% in 2010, ARM is positioned to grow dramatically in the next few
years with the growth of the smartphone market. Because it does not manufacture or sell the
chips with its designs, ARM is less vulnerable than its licensees to fluctuations in input costs.           0                                                                           0
Although it is trading at a 98x PE, low cost of capital, strong free cashflow growth, high
operating margins, and low threat of seroius competition return a base case 45% upside
potential and make ARMH an extremly attractive stock.


                                                                                                          FINANCIAL SUMMARY

Result of Operations
                                     FY Ending January 31,
                              2008           2009          2010             LTM                     Balance Sheet Data               Public Market Overview
Revenue                   £      298.9    £     305.0    £     406.6    £      406.6                Total Debt           £     -     Share Price (3/4/2011)                        $           30.11
    Growth                       15.3%           2.0%          33.3%                                Cash & Equivalents   £   290.1       52-Week High                              $           31.81
EBITDA                    £       96.5    £      94.2    £     143.1    £      143.1                Net Debt             £   290.1       52-Week Low                               $            9.21
  Margin (%)                     32.3%          30.9%          35.2%                                                                 Diluted Shares Outstanding (MM)                           447.92
Net Income                £       43.6    £      40.4    £      86.0    £       86.0                Credit Statistics                Market Value of Equity (MM)                   $         13,486.9
  Margin (%)                     14.6%          13.3%          21.1%                                Total Debt/EBITDA            0   Plus: Net Debt                                $           290.10
                                                                                                    EBITDA/Interest            253   Enterprise Value (MM)                         $        13,776.97
CFO                       £      100.5    £       96.6   £      176.9
Cap Ex                    £        8.0    £       14.0   £        9.9
D&A                       £       27.0    £       25.0   £       19.9

Source: Arm Holdings plc., Investor Relations
(Figures in Millions of Pounds Sterling Except Share Data)
Year                           2006         2007   2008   2009   2010   2011   2012
Revenue (£m)                    263.30     259.20 298.90 305.00 406.60 551.78 796.75
Growth Rate (%)                                -2%   15%     2%    33%    36%    44%

Cost of Sales (£m)                 29.8      27.0    31.8      23.7      23.3      23.3      23.3
Gross Profit (£m)                 233.5     232.2   267.1     281.3     383.3     528.5     773.5
Gross Margin (%)                    89%      90%     89%       92%        94%      96%       97%

R&D Expenditure (£m)               63.8      61.9    65.8      89.7     107.6    148.98 215.12
% of Revenues                       24%       24%     22%       29%       26%       27%    27%
S&M Expenditure (£m)               40.6      43.0    47.4      48.5      54.1     71.73  95.61
% of Revenues                       15%       17%     16%       16%       13%      13%       12%
G&A Expenditure (£m)               45.7      45.9    56.4      47.9      57.3     82.77    119.51
% of Revenues                       17%       18%     19%       16%       14%      15%       15%

Operating Costs (£m)              150.1     150.8   169.6     186.2     219.0     303.5  430.2
EBIT (£m)                          83.4      81.3    97.6      95.1     164.3    225.00 343.21
EBIT Margin (%)                     32%       31%     33%       31%       40%       41%    43%

Tax (£m)                           18.7      22.9    28.1      25.9      41.1     55.13     84.09
Effective Tax Rate (%)              21%      26%     28%       27%        25%      25%       25%

EBIT(1-T) (£m)                     64.7      58.4    69.5      69.2     123.2    169.88 259.12
Growth Rate (%)                              -10%    19%         0%      78%        38%    53%

Depreciation                      26.73    26.91    26.95     24.95     19.95      22.07     23.90
                                   10%       10%       9%        8%        5%        4%        3%
Capital Expenditures               5.33      7.99    14.02      9.92      7.36    11.04     15.94
                                    2%        3%       5%        3%        2%        2%        2%
Increases(Decreases) in NWC       4.85     14.18     1.96    (30.14)   (45.80)     0.00      0.00


Free Cash Flow                   81.24     63.14    80.47    114.38    181.59    180.91    267.09

Value of High Growth Period    3,961.81
Terminal Value                 7,879.79
Terminal Growth                      3%
Cash                               275.1
Debt                                   0
Enterprise Value              12,116.71
Shares Outstanding                447.92
Target Share Price (GBP)          27.05
Exchange Rate USD/GBP              1.63
Target Share Price (USD)          44.00
Current Share Price                 30.4
Upside Potential                    45%
  2013     2014     2015     2016     2017     2018     2019     2020
1,108.88 1,506.07 1,892.82 2,268.59 2,577.82 2,845.76 3,043.98 3,128.48
     39%      36%      26%      20%      14%      10%       7%       3%

    23.3      23.3      23.3      23.3      23.3       23.3       23.3       23.3
 1,085.6   1,482.8   1,869.5   2,245.3   2,554.5    2,822.5    3,020.7    3,105.2
    98%       98%       99%       99%       99%        99%        99%        99%

 299.40    406.64    511.06    612.52    696.01     768.36     821.88     844.69
    27%       27%       27%       27%       27%        27%        27%        27%
 121.98    150.61    189.28    226.86    257.78     284.58     304.40     312.85
    11%       10%       10%       10%       10%        10%        10%        10%
 166.33    225.91    283.92    340.29    386.67     426.86     456.60     469.27
    15%       15%       15%       15%       15%        15%        15%        15%

  587.7     783.2     984.3  1,179.7  1,340.5  1,479.8  1,582.9  1,626.8
 497.87    699.61    885.25 1,065.62 1,214.05 1,342.67 1,437.81 1,478.37
    45%       46%       47%      47%      47%      47%      47%      47%

 121.98    171.40    216.89    261.08    297.44     328.95     352.26     362.20
    25%       25%       25%       25%       25%        25%        25%        25%

 375.90    528.21    668.37    804.55    916.61 1,013.71 1,085.55 1,116.17
    45%       41%       27%       20%       14%      11%       7%       3%

   33.27     30.12     37.86     45.37     51.56      56.92      60.88      62.57
     3%        2%        2%        2%        2%         2%         2%         2%
  22.18     30.12     37.86     45.37     51.56      56.92      60.88      62.57
     2%        2%        2%        2%        2%         2%         2%         2%
   0.00      0.00      0.00      0.00      0.00       0.00       0.00       0.00


 386.98    528.21    668.37    804.55    916.61    1,013.71   1,085.55   1,116.17
Case:
        2
                              2011     2012     2013     2014     2015     2016     2017
High Case
PD Licensing Growth rate     40.00%   40.00%   35.00%   30.00%   25.00%   20.00%   15.00%
PD Royalties Growth rate     80.00%   90.00%   70.00%   60.00%   40.00%   30.00%   20.00%

PIPD Licensing Growth Rate    0.00%    0.00%    0.00%    0.00%    0.00%    0.00%    0.00%
PIPD Royalties Growth Rate    0.00%    0.00%    0.00%    0.00%    0.00%    0.00%    0.00%

Development Growth Rate       1.00%    1.00%    1.00%    1.00%    1.00%    1.00%    1.00%

Services Growth Rate          1.00%    1.00%    1.00%    1.00%    1.00%    1.00%    1.00%


Base Case
PD Licensing Growth rate     30.00%   30.00%   26.25%   22.50%   18.75%   15.00%   11.25%
PD Royalties Growth rate     60.00%   67.50%   52.50%   45.00%   30.00%   22.50%   15.00%

PIPD Licensing Growth Rate    0.00%    0.00%    0.00%    0.00%    0.00%    0.00%    0.00%
PIPD Royalties Growth Rate    0.00%    0.00%    0.00%    0.00%    0.00%    0.00%    0.00%

Development Growth Rate       0.50%    0.50%    0.50%    0.50%    0.50%    0.50%    0.50%

Services Growth Rate          0.50%    0.50%    0.50%    0.50%    0.50%    0.50%    0.50%

Low Case
PD Licensing Growth rate     20.00%   20.00%   17.50%   15.00%   12.50%   10.00%    7.50%
PD Royalties Growth rate     40.00%   45.00%   35.00%   30.00%   20.00%   15.00%   10.00%

PIPD Licensing Growth Rate    0.00%    0.00%    0.00%    0.00%    0.00%    0.00%    0.00%
PIPD Royalties Growth Rate    0.00%    0.00%    0.00%    0.00%    0.00%    0.00%    0.00%

Development Growth Rate       0.00%    0.00%    0.00%    0.00%    0.00%    0.00%    0.00%

Services Growth Rate          0.00%    0.00%    0.00%    0.00%    0.00%    0.00%    0.00%
 2018     2019    2020

12.00%    8.00%   3.00%
15.00%   10.00%   4.00%

 0.00%    0.00%   0.00%
 0.00%    0.00%   0.00%

 1.00%    1.00%   1.00%

 1.00%    1.00%   1.00%




 9.00%    6.00%   2.25%
11.25%    7.50%   3.00%

 0.00%    0.00%   0.00%
 0.00%    0.00%   0.00%

 0.50%    0.50%   0.50%

 0.50%    0.50%   0.50%


 6.00%    4.00%   1.50%
 7.50%    5.00%   2.00%

 0.00%    0.00%   0.00%
 0.00%    0.00%   0.00%

 0.00%    0.00%   0.00%

 0.00%    0.00%   0.00%
                        Beta Calculation
           ARM                                  S&P 500
Date        Close Change          Date          Close    Change
 2/25/2011 30.11       6%          2/25/2011     1319.88        1%
 2/24/2011 28.33       3%          2/24/2011      1306.1        0%
 2/23/2011 27.47      -1%          2/23/2011      1307.4       -1%
 2/22/2011 27.88      -9%          2/22/2011     1315.44       -2%
 2/18/2011 30.48      -1%          2/18/2011     1343.01        0%
 2/17/2011 30.8        0%          2/17/2011     1340.43        0%
 2/16/2011 30.92       0%          2/16/2011     1336.32        1%
 2/15/2011 30.91      -1%          2/15/2011     1328.01        0%
 2/14/2011 31.13       5%          2/14/2011     1332.32        0%
 2/11/2011 29.64       1%          2/11/2011     1329.15        1%
 2/10/2011 29.31      -1%          2/10/2011     1321.87        0%
   2/9/2011 29.68      1%            2/9/2011    1320.88        0%
   2/8/2011 29.44     -1%            2/8/2011    1324.57        0%
   2/7/2011 29.68      1%            2/7/2011    1319.05        1%
   2/4/2011 29.45      3%            2/4/2011    1310.87        0%
   2/3/2011 28.63      0%            2/3/2011     1307.1        0%
   2/2/2011 28.71      6%            2/2/2011    1304.03        0%
   2/1/2011 27.13      8%            2/1/2011    1307.59        2%
 1/31/2011 25.04       1%          1/31/2011     1286.12        1%
 1/28/2011 24.78      -4%          1/28/2011     1276.34       -2%
 1/27/2011 25.78       0%          1/27/2011     1299.54        0%
 1/26/2011 25.69       2%          1/26/2011     1296.63        0%
 1/25/2011 25.16       0%          1/25/2011     1291.18        0%
 1/24/2011 25.08       1%          1/24/2011     1290.84        1%
 1/21/2011 24.84       1%          1/21/2011     1283.35        0%
 1/20/2011 24.62      -4%          1/20/2011     1280.26        0%
 1/19/2011 25.74      -1%          1/19/2011     1281.92       -1%
 1/18/2011 25.92       0%          1/18/2011     1295.02        0%
 1/14/2011 25.97      -5%          1/14/2011     1293.24        1%
 1/13/2011 27.22     13%           1/13/2011     1283.76        0%
 1/12/2011 24.02       3%          1/12/2011     1285.96        1%
 1/11/2011 23.41       3%          1/11/2011     1274.48        0%
 1/10/2011 22.67       2%          1/10/2011     1269.75        0%
   1/7/2011 22.18      2%            1/7/2011     1271.5        0%
   1/6/2011 21.78      0%            1/6/2011    1273.85        0%
   1/5/2011 21.88      4%            1/5/2011    1276.56        1%
   1/4/2011 21.09      1%            1/4/2011     1270.2        0%
   1/3/2011 20.86      1%            1/3/2011    1271.87        1%
12/31/2010 20.75       3%         12/31/2010     1257.64        0%
12/30/2010 20.19       0%         12/30/2010     1257.88        0%
12/29/2010 20.27       0%         12/29/2010     1259.78        0%
12/28/2010 20.24       1%         12/28/2010     1258.51        0%
12/27/2010 20.11       0%         12/27/2010     1257.54        0%
12/23/2010   20.15   -1%   12/23/2010   1256.77    0%
12/22/2010   20.43    3%   12/22/2010   1258.84    0%
12/21/2010   19.78    7%   12/21/2010    1254.6    1%
12/20/2010   18.56    1%   12/20/2010   1247.08    0%
12/17/2010   18.43    0%   12/17/2010   1243.91    0%
12/16/2010   18.46    1%   12/16/2010   1242.87    1%
12/15/2010   18.31   -2%   12/15/2010   1235.23   -1%
12/14/2010   18.66   -1%   12/14/2010   1241.59    0%
12/13/2010   18.78    0%   12/13/2010   1240.46    0%
12/10/2010   18.87    0%   12/10/2010    1240.4    1%
 12/9/2010   18.93   -1%    12/9/2010     1233     0%
 12/8/2010   19.13    1%    12/8/2010   1228.28    0%
 12/7/2010   18.93    0%    12/7/2010   1223.75    0%
 12/6/2010   18.96   -1%    12/6/2010   1223.12    0%
 12/3/2010   19.24    1%    12/3/2010   1224.71    0%
 12/2/2010   19.07    0%    12/2/2010   1221.53    1%
 12/1/2010   19.06    2%    12/1/2010   1206.07    2%
11/30/2010   18.75    1%   11/30/2010   1180.55   -1%
11/29/2010   18.65   -1%   11/29/2010   1187.76    0%
11/26/2010   18.77    0%   11/26/2010    1189.4   -1%
11/24/2010   18.82    3%   11/24/2010   1198.35    1%
11/23/2010   18.19   -2%   11/23/2010   1180.73   -1%
11/22/2010   18.63    0%   11/22/2010   1197.84    0%
11/19/2010   18.65    4%   11/19/2010   1199.73    0%
11/18/2010   17.91    4%   11/18/2010   1196.69    2%
11/17/2010   17.27    1%   11/17/2010   1178.59    0%
11/16/2010   17.03    0%   11/16/2010   1178.34   -2%
11/15/2010    17.1    0%   11/15/2010   1197.75    0%
11/12/2010   17.11    0%   11/12/2010   1199.21   -1%
11/11/2010   17.09    0%   11/11/2010   1213.54    0%
11/10/2010   17.15    1%   11/10/2010   1218.71    0%
 11/9/2010   17.04    0%    11/9/2010    1213.4   -1%
 11/8/2010   17.02   -1%    11/8/2010   1223.25    0%
 11/5/2010   17.26    4%    11/5/2010   1225.85    0%
 11/4/2010   16.66   -2%    11/4/2010   1221.06    2%
 11/3/2010   17.05   -1%    11/3/2010   1197.96    0%
 11/2/2010   17.18   -1%    11/2/2010   1193.57    1%
 11/1/2010   17.34   -2%    11/1/2010   1184.38    0%
10/29/2010   17.68   -1%   10/29/2010   1183.26    0%
10/28/2010   17.93    3%   10/28/2010   1183.78    0%
10/27/2010   17.43   -1%   10/27/2010   1182.45    0%
10/26/2010   17.54   -4%   10/26/2010   1185.64    0%
10/25/2010   18.34    0%   10/25/2010   1185.62    0%
10/22/2010   18.42    2%   10/22/2010   1183.08    0%
10/21/2010   18.14   -1%   10/21/2010   1180.26    0%
10/20/2010   18.35    0%   10/20/2010   1178.17    1%
10/19/2010   18.37   -4%   10/19/2010    1165.9   -2%
10/18/2010   19.11    1%   10/18/2010   1184.71    1%
10/15/2010   18.86    1%   10/15/2010   1176.19    0%
10/14/2010   18.75    3%   10/14/2010   1173.81    0%
10/13/2010   18.27    1%   10/13/2010    1178.1    1%
10/12/2010   18.02   -2%   10/12/2010   1169.77    0%
10/11/2010   18.32    0%   10/11/2010   1165.32    0%
 10/8/2010   18.36   -1%    10/8/2010   1165.15    1%
 10/7/2010   18.59    1%    10/7/2010   1158.06    0%
 10/6/2010   18.43   -4%    10/6/2010   1159.97    0%
 10/5/2010    19.2    0%    10/5/2010   1160.75    2%
 10/4/2010   19.16    0%    10/4/2010   1137.03   -1%
 10/1/2010   19.25    3%    10/1/2010   1146.24    0%
 9/30/2010   18.76   -2%    9/30/2010    1141.2    0%
 9/29/2010   19.14   -1%    9/29/2010   1144.73    0%
 9/28/2010   19.38    0%    9/28/2010    1147.7    0%
 9/27/2010   19.44   -2%    9/27/2010   1142.16   -1%
 9/24/2010   19.79    8%    9/24/2010   1148.67    2%
 9/23/2010    18.4    0%    9/23/2010   1124.83   -1%
 9/22/2010   18.36   -1%    9/22/2010   1134.28    0%
 9/21/2010   18.48   -1%    9/21/2010   1139.78    0%
 9/20/2010    18.7    2%    9/20/2010   1142.71    2%
 9/17/2010   18.34   -1%    9/17/2010   1125.59    0%
 9/16/2010   18.55    2%    9/16/2010   1124.66    0%
 9/15/2010   18.26    0%    9/15/2010   1125.07    0%
 9/14/2010   18.28   -3%    9/14/2010    1121.1    0%
 9/13/2010   18.77    1%    9/13/2010    1121.9    1%
 9/10/2010   18.66   -1%    9/10/2010   1109.55    0%
  9/9/2010   18.83    4%     9/9/2010   1104.18    0%
  9/8/2010   18.09    7%     9/8/2010   1098.87    1%
  9/7/2010   16.85   -2%     9/7/2010   1091.84   -1%
  9/3/2010   17.22    3%     9/3/2010   1104.51    1%
  9/2/2010   16.78    0%     9/2/2010    1090.1    1%
  9/1/2010   16.79    1%     9/1/2010   1080.29    3%
 8/31/2010    16.7    6%    8/31/2010   1049.33    0%
 8/30/2010   15.76   -2%    8/30/2010   1048.92   -1%
 8/27/2010   16.08    4%    8/27/2010   1064.59    2%
 8/26/2010   15.43   -1%    8/26/2010   1047.22   -1%
 8/25/2010   15.61    3%    8/25/2010   1055.33    0%
 8/24/2010   15.13   -1%    8/24/2010   1051.87   -1%
 8/23/2010   15.32    1%    8/23/2010   1067.36    0%
 8/20/2010   15.13    1%    8/20/2010   1071.69    0%
 8/19/2010   15.02    1%    8/19/2010   1075.63   -2%
 8/18/2010   14.87    0%    8/18/2010   1094.16    0%
 8/17/2010    14.9    4%    8/17/2010   1092.54    1%
 8/16/2010   14.31   -1%    8/16/2010   1079.38    0%
 8/13/2010   14.46    0%    8/13/2010   1079.25    0%
 8/12/2010   14.45    0%    8/12/2010   1083.61   -1%
8/11/2010   14.48   -4%   8/11/2010   1089.47   -3%
8/10/2010   15.12   -1%   8/10/2010   1121.06   -1%
 8/9/2010   15.29    0%    8/9/2010   1127.79    1%
 8/6/2010   15.24   -1%    8/6/2010   1121.64    0%
 8/5/2010   15.38    0%    8/5/2010   1125.81    0%
 8/4/2010   15.32    1%    8/4/2010   1127.24    1%
 8/3/2010   15.16   -2%    8/3/2010   1120.46    0%
 8/2/2010   15.53    1%    8/2/2010   1125.86    2%
7/30/2010   15.45   -1%   7/30/2010    1101.6    0%
7/29/2010   15.55   -1%   7/29/2010   1101.53    0%
7/28/2010   15.65    0%   7/28/2010   1106.13   -1%
7/27/2010   15.58   -2%   7/27/2010   1113.84    0%
7/26/2010   15.89   -2%   7/26/2010   1115.01    1%
7/23/2010   16.15   12%   7/23/2010   1102.66    1%
7/22/2010   14.39    4%   7/22/2010   1093.67    2%
7/21/2010   13.89    0%   7/21/2010   1069.59   -1%
7/20/2010   13.95    0%   7/20/2010   1083.48    1%
7/19/2010    13.9    1%   7/19/2010   1071.25    1%
7/16/2010   13.79   -3%   7/16/2010   1064.88   -3%
7/15/2010   14.28   -3%   7/15/2010   1096.48    0%
7/14/2010   14.75    5%   7/14/2010   1095.17    0%
7/13/2010   14.08    3%   7/13/2010   1095.34    2%
7/12/2010   13.64    0%   7/12/2010   1078.75    0%
 7/9/2010    13.6    3%    7/9/2010   1077.96    1%
 7/8/2010   13.23    2%    7/8/2010   1070.25    1%
 7/7/2010   13.03    6%    7/7/2010   1060.27    3%
 7/6/2010    12.3   -1%    7/6/2010   1028.06    1%
 7/2/2010   12.38   -1%    7/2/2010   1022.58    0%
 7/1/2010   12.47    1%    7/1/2010   1027.37    0%
6/30/2010    12.4   -1%   6/30/2010   1030.71   -1%
6/29/2010    12.5   -3%   6/29/2010   1041.24   -3%
6/28/2010   12.92    1%   6/28/2010   1074.57    0%
6/25/2010   12.79    0%   6/25/2010   1076.76    0%
6/24/2010   12.81    0%   6/24/2010   1073.69   -2%
6/23/2010   12.83    2%   6/23/2010   1092.04    0%
6/22/2010   12.61    0%   6/22/2010   1095.31   -2%
6/21/2010   12.58   -2%   6/21/2010    1113.2    0%
6/18/2010   12.86    0%   6/18/2010   1117.51    0%
6/17/2010   12.89    0%   6/17/2010   1116.04    0%
6/16/2010   12.92   -2%   6/16/2010   1114.61    0%
6/15/2010   13.13    3%   6/15/2010   1115.23    2%
6/14/2010   12.78    0%   6/14/2010   1089.63    0%
6/11/2010   12.79    4%   6/11/2010    1091.6    0%
6/10/2010    12.3    5%   6/10/2010   1086.84    3%
 6/9/2010   11.71    3%    6/9/2010   1055.69   -1%
 6/8/2010   11.34   -2%    6/8/2010     1062     1%
 6/7/2010   11.59    2%    6/7/2010   1050.47   -1%
 6/4/2010   11.32   -3%    6/4/2010   1064.88   -3%
 6/3/2010   11.72    4%    6/3/2010   1102.83    0%
 6/2/2010   11.28    3%    6/2/2010   1098.38    3%
 6/1/2010    10.9    1%    6/1/2010   1070.71   -2%
5/28/2010   10.74    1%   5/28/2010   1089.41   -1%
5/27/2010   10.65    5%   5/27/2010   1103.06    3%
5/26/2010    10.1    0%   5/26/2010   1067.95   -1%
5/25/2010   10.08   -2%   5/25/2010   1074.03    0%
5/24/2010   10.27    0%   5/24/2010   1073.65   -1%
5/21/2010   10.31    3%   5/21/2010   1087.69    2%
5/20/2010   10.01   -4%   5/20/2010   1071.59   -4%
5/19/2010   10.38   -2%   5/19/2010   1115.05   -1%
5/18/2010   10.58   -3%   5/18/2010    1120.8   -1%
5/17/2010   10.91    2%   5/17/2010   1136.94    0%
5/14/2010   10.72   -3%   5/14/2010   1135.68   -2%
5/13/2010   11.02   -2%   5/13/2010   1157.44   -1%
5/12/2010   11.21    0%   5/12/2010   1171.67    1%
5/11/2010   11.21    2%   5/11/2010   1155.79    0%
5/10/2010   11.04    8%   5/10/2010   1159.73    4%
 5/7/2010   10.23   -3%    5/7/2010   1110.88   -2%
 5/6/2010   10.56   -5%    5/6/2010   1128.15   -3%
 5/5/2010   11.06   -3%    5/5/2010   1165.87   -1%
 5/4/2010   11.36   -2%    5/4/2010    1173.6   -2%
 5/3/2010   11.58    1%    5/3/2010   1202.26    1%
4/30/2010   11.43   -2%   4/30/2010   1186.69   -2%
4/29/2010   11.71    3%   4/29/2010   1206.78    1%
4/28/2010   11.32   -1%   4/28/2010   1191.36    1%
4/27/2010   11.47   -3%   4/27/2010   1183.71   -2%
4/26/2010   11.79   -1%   4/26/2010   1212.05    0%
4/23/2010   11.89   -2%   4/23/2010   1217.28    1%
4/22/2010   12.08    5%   4/22/2010   1208.67    0%
4/21/2010   11.51    2%   4/21/2010   1205.94    0%
4/20/2010   11.26    2%   4/20/2010   1207.17    1%
4/19/2010   11.04    0%   4/19/2010   1197.52    0%
4/16/2010   11.05   -2%   4/16/2010   1192.13   -2%
4/15/2010    11.3    3%   4/15/2010   1211.67    0%
4/14/2010      11    2%   4/14/2010   1210.65    1%
4/13/2010   10.78    0%   4/13/2010    1197.3    0%
4/12/2010   10.83   -4%   4/12/2010   1196.48    0%
 4/9/2010   11.27    1%    4/9/2010   1194.37    1%
 4/8/2010   11.11    0%    4/8/2010   1186.44    0%
 4/7/2010   11.16   -1%    4/7/2010   1182.45   -1%
 4/6/2010   11.32    1%    4/6/2010   1189.44    0%
 4/5/2010   11.19    3%    4/5/2010   1187.44    1%
 4/1/2010   10.88    2%    4/1/2010    1178.1    1%
3/31/2010   10.67   -1%   3/31/2010   1169.43    0%
3/30/2010   10.81    1%   3/30/2010   1173.27    0%
3/29/2010   10.73    2%   3/29/2010   1173.22    1%
3/26/2010   10.57    1%   3/26/2010   1166.59    0%
3/25/2010    10.5    1%   3/25/2010   1165.73    0%
3/24/2010   10.42   -1%   3/24/2010   1167.72   -1%
3/23/2010   10.55    2%   3/23/2010   1174.17    1%
3/22/2010   10.33    1%   3/22/2010   1165.81    1%
3/19/2010   10.23   -2%   3/19/2010    1159.9   -1%
3/18/2010   10.42   -1%   3/18/2010   1165.83    0%
3/17/2010   10.55    2%   3/17/2010   1166.21    1%
3/16/2010   10.32    2%   3/16/2010   1159.46    1%
3/15/2010    10.1   -3%   3/15/2010   1150.51    0%
3/12/2010   10.43    2%   3/12/2010   1149.99    0%
3/11/2010   10.25   -1%   3/11/2010   1150.24    0%
3/10/2010   10.39    1%   3/10/2010   1145.61    0%
 3/9/2010    10.3   -2%    3/9/2010   1140.45    0%
 3/8/2010   10.47   -1%    3/8/2010    1138.5    0%
 3/5/2010   10.56    4%    3/5/2010    1138.7    1%
 3/4/2010   10.13    2%    3/4/2010   1122.97    0%
 3/3/2010    9.93    0%    3/3/2010   1118.79    0%
 3/2/2010    9.93    4%    3/2/2010   1118.31    0%
 3/1/2010    9.55    3%    3/1/2010   1115.71    1%
2/26/2010    9.29   -1%   2/26/2010   1104.49    0%
2/25/2010    9.36   -1%   2/25/2010   1102.94    0%
2/24/2010    9.42    1%   2/24/2010   1105.24    1%
2/23/2010    9.35   -2%   2/23/2010    1094.6   -1%
2/22/2010    9.58    2%   2/22/2010   1108.01    0%
2/19/2010    9.36   -1%   2/19/2010   1109.17    0%
2/18/2010    9.49    0%   2/18/2010   1106.75    1%
2/17/2010    9.45   -1%   2/17/2010   1099.51    0%
2/16/2010     9.5    1%   2/16/2010   1094.87    2%
2/12/2010    9.38   -1%   2/12/2010   1075.51    0%
2/11/2010    9.51    2%   2/11/2010   1078.47    1%
2/10/2010    9.29   -1%   2/10/2010   1068.13    0%
 2/9/2010    9.43    1%    2/9/2010   1070.52    1%
 2/8/2010    9.35   -3%    2/8/2010   1056.74   -1%
 2/5/2010    9.65    0%    2/5/2010   1066.19    0%
 2/4/2010    9.67   -2%    2/4/2010   1063.11   -3%
 2/3/2010     9.9    1%    2/3/2010   1097.28   -1%
 2/2/2010    9.81    9%    2/2/2010   1103.32    1%
 2/1/2010    8.96   -1%    2/1/2010   1089.19    1%
1/29/2010    9.07    1%   1/29/2010   1073.87   -1%
1/28/2010    8.99   -7%   1/28/2010   1084.53   -1%
1/27/2010    9.67    4%   1/27/2010    1097.5    0%
1/26/2010    9.26    0%   1/26/2010   1092.17    0%
1/25/2010    9.25    3%   1/25/2010   1096.78    0%
1/22/2010    8.94   -3%   1/22/2010   1091.76   -2%
1/21/2010    9.17    0%   1/21/2010   1116.48   -2%
 1/20/2010    9.2    0%    1/20/2010   1138.04   -1%
 1/19/2010   9.18    0%    1/19/2010   1150.23    1%
 1/15/2010   9.22    0%    1/15/2010   1136.03   -1%
 1/14/2010   9.25    0%    1/14/2010   1148.46    0%
 1/13/2010   9.27    1%    1/13/2010   1145.68    1%
 1/12/2010   9.18   -2%    1/12/2010   1136.22   -1%
 1/11/2010   9.38    0%    1/11/2010   1146.98    0%
  1/8/2010   9.39    0%     1/8/2010   1144.98    0%
  1/7/2010   9.37    3%     1/7/2010   1141.69    0%
  1/6/2010   9.12    2%     1/6/2010   1137.14    0%
  1/5/2010   8.93    1%     1/5/2010   1136.52    0%
  1/4/2010   8.85    3%     1/4/2010   1132.99    2%
12/31/2009   8.56   -1%   12/31/2009    1115.1   -1%
12/30/2009   8.65    2%   12/30/2009   1126.42    0%
12/29/2009   8.51    1%   12/29/2009    1126.2    0%
12/28/2009   8.46    0%   12/28/2009   1127.78    0%
12/24/2009   8.45    1%   12/24/2009   1126.48    1%
12/23/2009   8.34   -1%   12/23/2009   1120.59    0%
12/22/2009    8.4    1%   12/22/2009   1118.02    0%
12/21/2009   8.33    1%   12/21/2009   1114.05    1%
12/18/2009   8.25    1%   12/18/2009   1102.47    1%
12/17/2009   8.18   -3%   12/17/2009   1096.08   -1%
12/16/2009   8.39    2%   12/16/2009   1109.18    0%
12/15/2009   8.24   -1%   12/15/2009   1107.93   -1%
12/14/2009   8.32    3%   12/14/2009   1114.11    1%
12/11/2009   8.04   -2%   12/11/2009   1106.41    0%
12/10/2009   8.17   -2%   12/10/2009   1102.35    1%
 12/9/2009   8.35    3%    12/9/2009   1095.95    0%
 12/8/2009   8.11    2%    12/8/2009   1091.94   -1%
 12/7/2009   7.99   -1%    12/7/2009   1103.25    0%
 12/4/2009   8.04    0%    12/4/2009   1105.98    1%
 12/3/2009   8.02    0%    12/3/2009   1099.92   -1%
 12/2/2009   8.02    1%    12/2/2009   1109.24    0%
 12/1/2009   7.98    3%    12/1/2009   1108.86    1%
11/30/2009   7.72   -1%   11/30/2009   1095.63    0%
11/27/2009   7.81   -1%   11/27/2009   1091.49   -2%
11/25/2009   7.91    1%   11/25/2009   1110.63    0%
11/24/2009   7.85    2%   11/24/2009   1105.65    0%
11/23/2009   7.72    2%   11/23/2009   1106.24    1%
11/20/2009   7.57   -1%   11/20/2009   1091.38    0%
11/19/2009   7.64   -9%   11/19/2009    1094.9   -1%
11/18/2009   8.37    3%   11/18/2009    1109.8    0%
11/17/2009   8.12    0%   11/17/2009   1110.32    0%
11/16/2009   8.13    2%   11/16/2009    1109.3    1%
11/13/2009   7.98    2%   11/13/2009   1093.48    1%
11/12/2009    7.8   -1%   11/12/2009   1087.24   -1%
11/11/2009   7.86    2%   11/11/2009   1098.51    1%
11/10/2009   7.72   -1%   11/10/2009   1093.01    0%
 11/9/2009   7.77    3%    11/9/2009   1093.08    2%
 11/6/2009   7.52    0%    11/6/2009    1069.3    0%
 11/5/2009   7.54    2%    11/5/2009   1066.63    2%
 11/4/2009   7.38    2%    11/4/2009    1046.5    0%
 11/3/2009   7.23   -1%    11/3/2009   1045.41    0%
 11/2/2009   7.33    1%    11/2/2009   1042.88    1%
10/30/2009   7.27   -1%   10/30/2009   1036.19   -3%
10/29/2009   7.38    4%   10/29/2009   1066.11    2%
10/28/2009   7.08   -2%   10/28/2009   1042.63   -2%
10/27/2009   7.24   -2%   10/27/2009   1063.41    0%
10/26/2009   7.37    0%   10/26/2009   1066.95   -1%
10/23/2009    7.4   -2%   10/23/2009    1079.6   -1%
10/22/2009   7.55   -2%   10/22/2009   1092.91    1%
10/21/2009   7.74   -1%   10/21/2009    1081.4   -1%
10/20/2009   7.83   -1%   10/20/2009   1091.06   -1%
10/19/2009   7.88    4%   10/19/2009   1097.91    1%
10/16/2009   7.56    0%   10/16/2009   1087.68   -1%
10/15/2009   7.54    1%   10/15/2009   1096.56    0%
10/14/2009   7.46    3%   10/14/2009   1092.02    2%
10/13/2009   7.27    0%   10/13/2009   1073.19    0%
10/12/2009   7.27   -1%   10/12/2009   1076.19    0%
 10/9/2009   7.36    3%    10/9/2009   1071.49    1%
 10/8/2009   7.17    3%    10/8/2009   1065.48    1%
 10/7/2009   6.96    1%    10/7/2009   1057.58    0%
 10/6/2009   6.86    2%    10/6/2009   1054.72    1%
 10/5/2009    6.7    3%    10/5/2009   1040.46    1%
 10/2/2009   6.52   -2%    10/2/2009   1025.21    0%
 10/1/2009   6.65   -5%    10/1/2009   1029.85   -3%
 9/30/2009      7    1%    9/30/2009   1057.08    0%
 9/29/2009   6.95    2%    9/29/2009   1060.61    0%
 9/28/2009   6.81    1%    9/28/2009   1062.98    2%
 9/25/2009   6.72    1%    9/25/2009   1044.38   -1%
 9/24/2009   6.64   -2%    9/24/2009   1050.78   -1%
 9/23/2009    6.8    1%    9/23/2009   1060.87   -1%
 9/22/2009   6.74    1%    9/22/2009   1071.66    1%
 9/21/2009    6.7    0%    9/21/2009   1064.66    0%
 9/18/2009    6.7    0%    9/18/2009    1068.3    0%
 9/17/2009   6.67   -1%    9/17/2009   1065.49    0%
 9/16/2009   6.77   -1%    9/16/2009   1068.76    2%
 9/15/2009   6.84    1%    9/15/2009   1052.63    0%
 9/14/2009    6.8   -1%    9/14/2009   1049.34    1%
 9/11/2009   6.87   -1%    9/11/2009   1042.73    0%
 9/10/2009   6.94    4%    9/10/2009   1044.14    1%
  9/9/2009    6.7    1%     9/9/2009   1033.37    1%
  9/8/2009   6.65    4%     9/8/2009   1025.39    1%
  9/4/2009   6.39    3%     9/4/2009    1016.4    1%
 9/3/2009   6.21    2%    9/3/2009   1003.24    1%
 9/2/2009   6.09   -2%    9/2/2009    994.75    0%
 9/1/2009   6.24   -2%    9/1/2009    998.04   -2%
8/31/2009   6.35   -2%   8/31/2009   1020.62   -1%
8/28/2009   6.47    2%   8/28/2009   1028.93    0%
8/27/2009   6.35    3%   8/27/2009   1030.98    0%
8/26/2009   6.16    0%   8/26/2009   1028.12    0%
8/25/2009   6.17   -1%   8/25/2009     1028     0%
8/24/2009   6.21   -1%   8/24/2009   1025.57    0%
8/21/2009    6.3    1%   8/21/2009   1026.13    2%
8/20/2009   6.25    1%   8/20/2009   1007.37    1%
8/19/2009   6.19   -1%   8/19/2009    996.46    1%
8/18/2009   6.23    4%   8/18/2009    989.67    1%
8/17/2009   5.98   -4%   8/17/2009    979.73   -2%
8/14/2009    6.2    0%   8/14/2009   1004.09   -1%
8/13/2009   6.22    0%   8/13/2009   1012.73    1%
8/12/2009   6.22    1%   8/12/2009   1005.81    1%
8/11/2009   6.14   -1%   8/11/2009    994.35   -1%
8/10/2009   6.23   -1%   8/10/2009    1007.1    0%
 8/7/2009   6.32    1%    8/7/2009   1010.48    1%
 8/6/2009   6.24   -3%    8/6/2009    997.08   -1%
 8/5/2009   6.46   -3%    8/5/2009   1002.72    0%
 8/4/2009   6.67    1%    8/4/2009   1005.65    0%
 8/3/2009   6.58    3%    8/3/2009   1002.63    2%
7/31/2009   6.39   -1%   7/31/2009    987.48    0%
7/30/2009   6.46    4%   7/30/2009    986.75    1%
7/29/2009   6.22   -5%   7/29/2009    975.15    0%
7/28/2009   6.52    0%   7/28/2009    979.62    0%
7/27/2009   6.49    1%   7/27/2009    982.18    0%
7/24/2009   6.44   -1%   7/24/2009    979.26    0%
7/23/2009   6.52    1%   7/23/2009    976.29    2%
7/22/2009   6.47    1%   7/22/2009    954.07    0%
7/21/2009   6.41   -1%   7/21/2009    954.58    0%
7/20/2009   6.45    1%   7/20/2009    951.13    1%
7/17/2009   6.37    0%   7/17/2009    940.38    0%
7/16/2009   6.35   -2%   7/16/2009    940.74    1%
7/15/2009   6.45    4%   7/15/2009    932.68    3%
7/14/2009   6.19    1%   7/14/2009    905.84    1%
7/13/2009   6.12    1%   7/13/2009    901.05    2%
7/10/2009   6.08    2%   7/10/2009    879.13    0%
 7/9/2009   5.97    5%    7/9/2009    882.68    0%
 7/8/2009   5.69    0%    7/8/2009    879.56    0%
 7/7/2009   5.69   -4%    7/7/2009    881.03   -2%
 7/6/2009   5.91   -1%    7/6/2009    898.72    0%
 7/2/2009   5.94    0%    7/2/2009    896.42   -3%
 7/1/2009   5.95    0%    7/1/2009    923.33    0%
6/30/2009   5.97   -1%   6/30/2009    919.32   -1%
6/29/2009   6.04    1%   6/29/2009   927.23    1%
6/26/2009   5.97    3%   6/26/2009    918.9    0%
6/25/2009   5.78    3%   6/25/2009   920.26    2%
6/24/2009   5.61    3%   6/24/2009   900.94    1%
6/23/2009   5.44    1%   6/23/2009    895.1    0%
6/22/2009   5.37   -5%   6/22/2009   893.04   -3%
6/19/2009   5.64    5%   6/19/2009   921.23    0%
6/18/2009   5.36    0%   6/18/2009   918.37    1%
6/17/2009   5.34    0%   6/17/2009   910.71    0%
6/16/2009   5.32   -1%   6/16/2009   911.97   -1%
6/15/2009   5.39   -2%   6/15/2009   923.72   -2%
6/12/2009   5.49    3%   6/12/2009   946.21    0%
6/11/2009   5.31    0%   6/11/2009   944.89    1%
6/10/2009   5.31   -1%   6/10/2009   939.15    0%
 6/9/2009   5.36    2%    6/9/2009   942.43    0%
 6/8/2009   5.27    2%    6/8/2009   939.14    0%
 6/5/2009   5.16    0%    6/5/2009   940.09    0%
 6/4/2009   5.18    1%    6/4/2009   942.46    1%
 6/3/2009   5.13   -6%    6/3/2009   931.76   -1%
 6/2/2009   5.44    1%    6/2/2009   944.74    0%
 6/1/2009   5.38    2%    6/1/2009   942.87    3%
5/29/2009   5.26    1%   5/29/2009   919.14    1%
5/28/2009   5.22   -1%   5/28/2009   906.83    2%
5/27/2009   5.25    2%   5/27/2009   893.06   -2%
5/26/2009   5.16   -3%   5/26/2009   910.33    3%
5/22/2009   5.31   -1%   5/22/2009     887     0%
5/21/2009   5.35   -3%   5/21/2009   888.33   -2%
5/20/2009   5.53    1%   5/20/2009   903.47   -1%
5/19/2009   5.47    1%   5/19/2009   908.13    0%
5/18/2009   5.39    8%   5/18/2009   909.71    3%
5/15/2009      5    0%   5/15/2009   882.88   -1%
5/14/2009   4.98    1%   5/14/2009   893.07    1%
5/13/2009   4.91   -3%   5/13/2009   883.92   -3%
5/12/2009   5.04    5%   5/12/2009   908.35    0%
5/11/2009   4.79   -3%   5/11/2009   909.24   -2%
 5/8/2009   4.95   -2%    5/8/2009   929.23    2%
 5/7/2009   5.04   -4%    5/7/2009   907.39   -1%
 5/6/2009   5.23   -6%    5/6/2009   919.53    2%
 5/5/2009   5.54   -1%    5/5/2009    903.8    0%
 5/4/2009   5.61    4%    5/4/2009   907.24    3%
 5/1/2009   5.38    1%    5/1/2009   877.52    1%
4/30/2009   5.31    2%   4/30/2009   872.81    0%
4/29/2009   5.21    4%   4/29/2009   873.64    2%
4/28/2009   5.02   -3%   4/28/2009   855.16    0%
4/27/2009   5.17    0%   4/27/2009   857.51   -1%
4/24/2009   5.16   -2%   4/24/2009   866.23    2%
4/23/2009   5.26    4%   4/23/2009   851.92    1%
4/22/2009   5.08   -2%   4/22/2009   843.55   -1%
4/21/2009   5.18    3%   4/21/2009   850.08    2%
4/20/2009   5.03   -3%   4/20/2009   832.39   -4%
4/17/2009   5.21    0%   4/17/2009    869.6    0%
4/16/2009   5.22    0%   4/16/2009    865.3    2%
4/15/2009   5.22    4%   4/15/2009   852.06    1%
4/14/2009   5.04   -1%   4/14/2009    841.5   -2%
4/13/2009   5.11    0%   4/13/2009   858.73    0%
 4/9/2009    5.1    3%    4/9/2009   856.56    4%
 4/8/2009   4.95    0%    4/8/2009   825.16    1%
 4/7/2009   4.94   -5%    4/7/2009   815.55   -2%
 4/6/2009   5.18    1%    4/6/2009   835.48   -1%
 4/3/2009   5.11    4%    4/3/2009    842.5    1%
 4/2/2009   4.93    3%    4/2/2009   834.38    3%
 4/1/2009   4.78    8%    4/1/2009   811.08    2%
3/31/2009   4.42    0%   3/31/2009   797.87    1%
3/30/2009   4.43    0%   3/30/2009   787.53   -3%
3/27/2009   4.45   -3%   3/27/2009   815.94   -2%
3/26/2009   4.58    1%   3/26/2009   832.86    2%
3/25/2009   4.52    1%   3/25/2009   813.88    1%
3/24/2009   4.48   -1%   3/24/2009   806.12   -2%
3/23/2009   4.53    2%   3/23/2009   822.92    7%
3/20/2009   4.43   -2%   3/20/2009   768.54   -2%
3/19/2009   4.54   -3%   3/19/2009   784.04   -1%
3/18/2009   4.69    2%   3/18/2009   794.35    2%
3/17/2009   4.62    5%   3/17/2009   778.12    3%
3/16/2009   4.39   -4%   3/16/2009   753.89    0%
3/13/2009   4.55    5%   3/13/2009   756.55    1%
3/12/2009   4.33    6%   3/12/2009   750.74    4%
3/11/2009   4.08    3%   3/11/2009   721.36    0%
3/10/2009   3.95    6%   3/10/2009    719.6    6%
 3/9/2009   3.73   -1%    3/9/2009   676.53   -1%
 3/6/2009   3.77   -2%    3/6/2009   683.38    0%
 3/5/2009   3.83   -3%    3/5/2009   682.55   -4%
 3/4/2009   3.95    0%    3/4/2009   712.87    2%
 3/3/2009   3.96    1%    3/3/2009   696.33   -1%
 3/2/2009   3.93   -6%    3/2/2009   700.82   -5%
2/27/2009   4.19    2%   2/27/2009   735.09   -2%
2/26/2009   4.09         2/26/2009   752.83
           WACC Calculation
Risk Free Rate                3.43%
Implied Equity Risk Premium   5.07%
Beta                           1.10
CAPM                          8.99%
Debt/Capital                  0.00%
WACC                          8.99%
Statement of Cashflows
(in thousands of pounds stelring)
                                                                          Fiscal Year Ending December 31
Operating activities                                      2005       2006           2007
Profit from Operations                                  35,157     49,248         39,694

Total D&A                                               28,608     26,726        26,907
Profit on disposal of available-for-sale securities                (5,270)
Loss on dispoal of PPE                                      16         63           317
Impairment of available-for-sale investments               337                    2,100
Share-based compensation payments                       20,863     17,437        16,786
Provision for doubtful debts                               722        255           215
Provision for obsolescence of inventory                     22         65           247
Change in currency exchange contracts
Change in embedded derivatives
Changes in working capital
Accounts receivable                                     (21,247)   (18,986)          260
Inventories                                                (519)      (508)         (653)
Prepayed expenses and other assets                          (61)     1,015        (3,291)
Current exchange contracts                                3,382     (2,147)          935
Accounts payable                                         (1,931)      (672)          404
Deferred revenues                                        (2,043)    11,071        (3,877)
Accrued and other liabilities                            (7,199)     5,373        (7,954)

Cash generated by operations before tax                  56,107     83,670        72,090
Income taxes paid                                       (14,447)   (21,147)      (12,265)

Net cash from operating activities                      41,660     62,523        59,825

Investing activities
Interest Received                                        5,444      6,636         5,607
Interest Paid
Purchases of PPE                                         (5,492)    (7,189)       (4,661)
Purchases of other intangible assets                       (572)    (1,370)       (3,332)
Purchases of available-for-sale securities                 (274)      (165)       (2,657)
Proceeds on disposal of PPE                                  37         31
Proceeds on disposal of available-for-sale securities        96      5,567
Purchases of short and long-term deposits
(Purchases)/maturity of short-term securities             (599)     (4,926)      35,937
Outflow from provision of long-term loan
Purchases of subsidiaries, net of cash acquired         (20,304)   (17,270)       (3,357)

Net cash from investing activities                      (21,664)   (18,686)      27,537

Financing activities
Issue of shares                                         13,921        811         5,509
Purchase of own shares                           (16,211)   (76,519)   (128,561)
Issue of treasury shares                                     17,049      13,383
Dividends paid to shareholders                   (10,436)   (12,367)    (18,547)

Net cash from financing activities               (12,726)   (71,026)   (128,216)

Net in/(de)crease in cash and cash equivalents     7,270    (27,189)    (40,854)
Cash and cash equivalents at beginning of year   110,561    128,077      90,743
Effect of foreign exchange rate changes           10,246    (10,822)       (380)
Cash and cash equivalents at end of year         128,077     90,066      49,509
al Year Ending December 31
                     2008       2009        2010
                   59,943     45,614     106,959

                  26,952       24,953     19,949
                                 (224)       (37)
                      36           79        255
                                  412
                   15,409      19,001     27,129
                      641       1,018       (904)
                       87         211       (199)
                   17,961     (18,914)       658
                  (12,518)      9,818        177

                   (6,364)     9,531      (39,945)
                      280         81           95
                   (8,915)       358        4,695
                        0          0            0
                    4,661     (4,673)       2,025
                    1,548     10,281       53,594
                    6,831     14,564       25,340

                 106,552     112,110     199,791
                  (6,019)    (15,559)    (22,859)

                 100,533      96,551     176,932


                   3,234        1,277       2,101
                                             (566)
                   (7,236)     (6,030)     (6,182)
                   (5,901)     (3,888)     (1,173)
                   (1,029)     (9,116)    (10,997)
                                   49         146
                                  663         142
                   6,291     (104,902)   (153,264)
                    (758)
                                           (1,934)
                   (7,371)       (563)

                  (12,770)   (122,510)   (171,727)
(40,286)
  5,581     19,085     24,015
(26,383)   (28,961)   (34,323)

(61,088)    (9,876)   (10,308)

26,675     (35,835)   (5,103)
49,509      76,502    34,489
   317      (6,178)      (23)
76,501      34,489    29,363

				
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