The document analyzes common stock for 4 companies (ATVI, ERTS, TTWO, SNE) and provides their current price, market value, price to earnings ratios, revenue and earnings growth rates, EBITDA and operating margins. It also lists consensus estimates for revenue, EBITDA and EPS for each company from 2009-2011. Finally, it shows outstanding shares and options for exercising shares for each company.

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