1. Blyth Fund Common Stock Analysis
Percent Market Enterprise
Current of LTM Value Value(1) Price / Earnings EV / Revenue EV / EBITDA Rev Growth LT Growth CY 09E
Company name Price High CY 10P CY 11P CY 10P CY 11P CY 10P CY 11P CY 10P CY 11P Rate P/E/G
Bucket Name
ATVI $ 10.89 82.88% $ 14,236 $ 11,278 14.5 x 12.5 x 2.3 x 2.1 x 7.3 x 6.4 x 10.28% 7.23% 15.92 0.9 x
ERTS 17.03 71.68% 5,500 3,879 35.9 22.2 0.9 0.9 10.0 7.4 0.94% -1.02% 15.53 2.3 x
TTWO 10.08 80.19% 839 874 (17.5) 8.0 1.0 0.7 (43.5) 7.1 -5.14% 40.34% 12.70 (1.4)x
SNE 33.99 99.65% 34,110 41,816 48.0 N/A 0.5 N/A N/A N/A 8.14% N/A 10.50 4.6 x
Mean 83.60% 32.8 x 14.3 x 1.2 x 1.2 x 7.0 x 13.66 2.6 x

2. EBITDA Margin
CY 10P CY 11P
31.31% 32.87%
9.37% 12.80%
-2.20% 9.63%
N/A N/A

3. ERTS
Current Price 17.03
Range of Exercisable Prices Number Exercisable (in $mm)
$0.65-$29.99 5.42
30.00-39.99 3.00
40.00-49.99 5.06
50.00-59.99 6.48
60.00-65.93 2.05
ATVI
Current Price 10.89
Range of Exercisable Prices Number Exercisable (in $mm)
798,617.00
TTWO
Current Price $10.08
Range of Exercisable Prices Number Exercisable (in $mm)

4. 10.42-15.39 1,560.00
15.50-20.68 253.00
20.70-24.51 402.00
25.10-26.59 918.00
SNE
Current Price $33.99
Range of Exercisable Prices Number Exercisable (in $mm)
8,408,500

5. Weighted Average Exercise Price FD Options
24.25 0
31.90 0
47.60 0
53.63 0
64.48 0
TSO 322,954,870
Options Adjustment $0.00
DTSO $322,954,870.00
TSO (mm) $322.95
Options Adjustment (mm) $0.00
DTSO (mm) $322.95
Weighted Average Exercise Price FD Options
38.00 0
0
0
0
0
0
0
TSO 1,307,215,125
Options Adjustment $0.00
Warrant Dilution $0.00
DTSO $1,307,215,125.00
TSO (mm) $1,307.22
Options Adjustment (mm) $0.00
Warrant Adjustment (mm) $0.00
DTSO (mm) $1,307.22
Weighted Average Exercise Price FD Options

6. 14.17 0
18.69 0
22.72 0
25.42 0
0
TSO 83,187,187
Options Adjustment $0.00
Warrant Dilution $0.00
DTSO $83,187,187.00
TSO (mm) $83.19
Options Adjustment (mm) $0.00
Warrant Adjustment (mm) $0.00
DTSO (mm) $83.19
Weighted Average Exercise Price FD Options
45 0
0
0
0
0
TSO 1,003,522,077
Options Adjustment $0.00
Warrant Dilution $0.00
DTSO $1,003,522,077.00
TSO (mm) $1,003.52
Options Adjustment (mm) $0.00
Warrant Adjustment (mm) $0.00
DTSO (mm) $1,003.52

7. Reuters Consensus Estimates
ERTS ($ in mm) 2009 2010 2011
Revenue 4,110.17 4,148.70 4,106.21
EBITDA -1.29 388.6 525.46
EPS (Pre Except) -0.35 0.48 0.77
ATVI ($ in mm) 2009 2010 2011
Revenue 4,498.38 4,960.77 5,319.59
EBITDA 1,536.11 1,553.41 1,748.49
EPS (Pre Except) 0.64 0.75 0.87
TTWO ($ in mm) 2009 2010 2011
Revenue 962.53 913.09 1,281.45
EBITDA -61.76 -20.08 123.38
EPS (Pre Except) -1.12 -0.58 1.26
SNE ($ in mm) 2009 2010 2011
Revenue 79339.3 85798.35 N/A
EBITDA 2971.6 N/A N/A
EPS (Pre Except) -0.99 0.71 N/A

8. Price Percent of
FT Sector / Company 07/31/09 LTM High
Bucket Name
1 ATVI $ 10.89 82.88%
2 ERTS 17.03 71.68%
3 TTWO 10.08 80.19%
4 SNE 33.99 99.65%
5
6
7
8
9
10
11
12
13
14
15
16
Median

9. Market Multiples
Value Price / Earnings EV / EBITDA EV / Revenue
($ mm) CY 09E CY 10E CY 09E CY 10E CY 09E
$ 14,236 14.5 x 12.5 x 7.3 x 6.4 x 2.3 x
5,500 35.9 22.2 10.0 7.4 0.9
839 (17.5) 8.0 (43.5) 7.1 1.0
34,110 48.0 N/A N/A N/A 0.5

10. Growth Rates Margins
EV / Revenue Revenue EPS EBITDA
CY 10E CY 09E CY 10E LT Growth CY 09E CY 10E
2.1 x 10.28% 7.23% 16 % 31.31% 32.87%
0.9 0.94% -1.02% 16 9.37% 12.80%
0.7 -5.14% 40.34% 13 -2.20% 9.63%
N/A 8.14% N/A 11 N/A N/A

11. CY 09E
P/E/G
0.9 x
2.3
(1.4)
4.6