Market Value to Enterprise Value Reconciliation

Market Value of Basic Equity

- Excess Cash

- Net Assets from Discontinued Operations

- Fair Value of Unconsolidated Subsidiary Assets (non-operating)

- Net Deferred Tax Liability

- Net Deferred Compensation Assets

+ Fair Value of Total Debt

+ Fair Value of Preferred Capital

+ Fair Value of Minority Interests

+ Value of Outstanding ESO After-Tax

- Pensions Net Funded Status

= Enterprise Value