CASE EXHIBIT 21.2 Historical and Projected Financials for Malaysia Airlines Historical Financials Projected Financials 2012 2007 2008 2009 2010 2011 2013 2014E 14,630.2 14,031.9 4,915.8 2,082.5 7,033.6 2,680.8 598.3 795.5 15,035.3 14,855.2 6,531.6 1,890.8 6,432.8 2,070.9 180.1 244.3 11,309.9 11,866.6 3,497.3 1,846.7 6,522.6 1,290.0 (556.7) 490.3 12,971.7 12,473.8 4,330.0 1,751.4 6,422.4 2,249.2 497.9 177.3 14,038.5 12,591.4 4,335.1 1,305.6 6,950.6 2,752.8 1,4472 1,145.1 15,192.1 13,620.2 4,509.8 1,588.6 7,521.7 3,160.5 1,571.9 1,193.9 16,439.3 14,442.8 4,619.9 1,683.7 8,139.2 3,680.1 1,996.4 1,554.2 17,787.6 15,345.5 4,763.0 1,775.8 8,806.8 4,217.9 2,442.1 1,996.7 (In Millions of MYR) Profit Loss Revenues Operation expenses -Fuel cost -Depreciation -Others EBITDA EBIT Net profit Balance sheet Gross debt (includes off- balance sheet debt) Net debt (includes off- balance-sheet debt) Cash PPE Total assets Shareholders' equity (excluding MI) Cash flow Cash flow from operating activities Cash flow from investing activities Cash flow from financing activities 8,256.2 8,938.2 7,390.2 6.081.0 7,898.5 10,157,5 10,318.9 9,681.5 3,821.9 4,434.3 9,457.7 17,458.5 5,366.4 3,571.7 9,984.0 17,590.8 4,725.4 2,664.9 8,182.6 13,598.3 4,133.5 1,947.5 6,764.9 11,983. 3 4,662.1 3,236.4 8,594.8 15,362.0 5,774.9 4,382.6 11,070.0 19.264.5 4,539.2 5,779.7 11,572.3 21,467.7 2,210.0 7,471.6 11,440.3 23,356.2 3,934.9 4,185.7 735.7 913.0 2,058.1 3,252.0 4,806.2 6,802.8 4,108.5 939.3 (47.7) 925.6 2,606.9 2,951.1 3,421.6 3,973.0 (2,245.2) (2,922.6) (1,306.0) (1,693.2) (2,942.4) (4,480.2) (2,230.1) (1,747.1) 986.3 489.6 862.5 50.3 1,624.5 2,675.2 205.6 (534.1) QUESTIONS FOR DISCUSSION 1. What is a fair value for MAS as a stand-alone firm? 2. What would be the synergistic benefits for Etihad of acquiring a strategic minor- ity stake in Malaysia Airlines? 3. How much should Etihad bid for MAS shares