Blyth Fund Common Stock Analysis

Percent Market EnterpriseCurrent of LTM Value 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 NameATVI $ 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 xERTS 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 xTTWO 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)xSNE 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

Value(1)

EBITDA MarginCY 10P CY 11P

31.31% 32.87%9.37% 12.80%

-2.20% 9.63%N/A N/A

ERTS

Current Price 17.03

Range of Exercisable Prices Number Exercisable (in $mm)$0.65-$29.99 5.4230.00-39.99 3.0040.00-49.99 5.0650.00-59.99 6.4860.00-65.93 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)

10.42-15.39 1,560.0015.50-20.68 253.0020.70-24.51 402.0025.10-26.59 918.00

SNE

Current Price $33.99

Range of Exercisable Prices Number Exercisable (in $mm)8,408,500

Weighted Average Exercise Price FD Options24.25 031.90 047.60 053.63 064.48 0

TSO 322,954,870Options Adjustment $0.00DTSO $322,954,870.00

TSO (mm) $322.95Options Adjustment (mm) $0.00DTSO (mm) $322.95

Weighted Average Exercise Price FD Options38.00 0

000000

TSO 1,307,215,125Options Adjustment $0.00Warrant Dilution $0.00DTSO $1,307,215,125.00

TSO (mm) $1,307.22Options Adjustment (mm) $0.00Warrant Adjustment (mm) $0.00DTSO (mm) $1,307.22

Weighted Average Exercise Price FD Options

14.17 018.69 022.72 025.42 0

0

TSO 83,187,187Options Adjustment $0.00Warrant Dilution $0.00DTSO $83,187,187.00

TSO (mm) $83.19Options Adjustment (mm) $0.00Warrant Adjustment (mm) $0.00DTSO (mm) $83.19

Weighted Average Exercise Price FD Options45 0

0000

TSO 1,003,522,077Options Adjustment $0.00Warrant Dilution $0.00DTSO $1,003,522,077.00

TSO (mm) $1,003.52Options Adjustment (mm) $0.00Warrant Adjustment (mm) $0.00DTSO (mm) $1,003.52

Reuters Consensus Estimates

ERTS ($ in mm) 2009 2010 2011Revenue 4,110.17 4,148.70 4,106.21EBITDA -1.29 388.6 525.46EPS (Pre Except) -0.35 0.48 0.77

ATVI ($ in mm) 2009 2010 2011Revenue 4,498.38 4,960.77 5,319.59EBITDA 1,536.11 1,553.41 1,748.49EPS (Pre Except) 0.64 0.75 0.87

TTWO ($ in mm) 2009 2010 2011Revenue 962.53 913.09 1,281.45EBITDA -61.76 -20.08 123.38EPS (Pre Except) -1.12 -0.58 1.26

SNE ($ in mm) 2009 2010 2011Revenue 79339.3 85798.35 N/AEBITDA 2971.6 N/A N/AEPS (Pre Except) -0.99 0.71 N/A

Price Percent ofFT Sector / Company 07/31/09 LTM High

Bucket Name1 ATVI $ 10.89 82.88%2 ERTS 17.03 71.68%3 TTWO 10.08 80.19%4 SNE 33.99 99.65%56789

10111213141516

Median

Market MultiplesValue 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 x5,500 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

Multiples Growth Rates MarginsEV / 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

CY 09EP / E / G

0.9 x2.3

(1.4) 4.6