Key Business Principles

• Rigorous board and management review processes
  • Board members with experience relevant to our businesses
  • Three board members added in 2007
  • Advisory committees for each business
• Prudent financial policies
  • Targeted after-tax payout ratio of below 90%
  • Target leverage senior debt to EBITDA: 1.5x - 2.0x
  • Investment grade credit rating
• Long-term view of businesses
  • 5-year business plan
• Active capital allocation
  • Monthly business review
  • Quarterly capital reviews
  • Active risk management approach