USG

In Millions of USD (except for per share items)	12 months Ending 2005-12-31	12 months Ending 2004-12-31	12 months Ending 2003-12-31	12 months Ending 2002-12-31	12 months Ending 2001-12-31	12 months Ending 2000-12-31
Net Income/Starting Line	-1436	312	122	43	16	-259
Depreciation/Depletion	125	120	112	106	107	96
Amortization	-	-	-	-	-	-
Deferred Taxes	-1261	49	59	67	134	-365
Non-Cash Items	3106	-1	16	96	33	900
Changes in Working Capital	-28	-52	-72	130	-53	-8
Cash from Operating Activities	506	428	237	442	237	364
Capital Expenditures	-198	-138	-111	-100	-109	-380
Free Cash Flow	308	290	126	342	128	-16
% change in FCF	6%	130%	-63%	167%	0%
Average Growth	48%

	Growth	30%	Duration	10
	Constant Growth Phase	5%
	Discount Rate	7%
Year		FCF	PV Factor	Present Value
1	2005	308	1	308.00
2	2006	400	0.931	372.79
3	2007	521	0.867	451.20
4	2008	677	0.807	546.11
5	2009	880	0.751	660.98
6	2010	1,144	0.700	800.01
7	2011	1,487	0.651	968.29
8	2012	1,933	0.606	1,171.96
9	2013	2,512	0.565	1,418.48
10	2014	3,266	0.526	1,716.85
11	2015	4,246	0.489
	Future value at Constant growth	176,374	0.456
	Future Int Value		0.424
	NPV	99,407.81
	Total Common Share	90
	Value per Share	1014.53
	Margin of Safety	30%
	Estimate	1,558.81
	Current price	$57