2. Find the equity value of Spyder using trading multiples. a) Use Exhibit 11 on comparable companies. Note that LTM Interest-Bearing Debt stands for net debt (i.e., debt excess cash), so to find enterprise value, you can simply use the sum of columns D and E in Exhibit 11. b) Find the average EV/Sales of comparable companies. c) Find the average EV/EBITDA of comparable companies. d) Use Exhibit 5 and the FY2004 Sales and EBITDA to find the enterprise value of Spyder in 2004 using the two average multiples you found in b) and c). You will get two different answers, one for each multiple. e) Use Exhibit 6 and the FY2004 balance sheet numbers to find the equity value of Spyder (Spyders debt in 2004 is given by the balance sheet item Other Liabilities). You will get two different answers, one for each multiple.

2 Figures are in U.S. dollars for all companies except for Adidas-Salomon AG and Skis Rossignol SA, which are in Euros ' Estimated by 60 -month regression of stock returns on S\&P500 returns ' For companies that have dual share classes including one non-traded class, market value of equity is computed as the product of the publicle share price by the total number of shares outstanding of classes Traded in the Frankfurt stock exchange 'Fiscal quarter ending Jan 31, 2004 Fiscal quarter ending Feb 29, 2004 : Traded in the Paris stock exchange Exhibit 6 Spyder Consolidated Balance Sheet-Historical and Forecasted (in $ thousands) aFY2004 figures are unaudited. Source: Company documents Exhibit 6 - Balance Sheets Ex. 9 - Comparable Transactions Exhik... "FY2004 figures are unaudited. Source: Company documents 35 1 ... Exhibit 5 - Income Statements Exhibit 6 - Balance Sheets 2 Figures are in U.S. dollars for all companies except for Adidas-Salomon AG and Skis Rossignol SA, which are in Euros ' Estimated by 60 -month regression of stock returns on S\&P500 returns ' For companies that have dual share classes including one non-traded class, market value of equity is computed as the product of the publicle share price by the total number of shares outstanding of classes Traded in the Frankfurt stock exchange 'Fiscal quarter ending Jan 31, 2004 Fiscal quarter ending Feb 29, 2004 : Traded in the Paris stock exchange Exhibit 6 Spyder Consolidated Balance Sheet-Historical and Forecasted (in $ thousands) aFY2004 figures are unaudited. Source: Company documents Exhibit 6 - Balance Sheets Ex. 9 - Comparable Transactions Exhik... "FY2004 figures are unaudited. Source: Company documents 35 1 ... Exhibit 5 - Income Statements Exhibit 6 - Balance Sheets