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Relative Valuation - US Retail SectorDiscount Store Format

Per Share % of Market Enterprise

Company Price 52w High Capitalization Value

Dollar Tree Inc 46.11 81.2% 10,551 10,816

Dollar General 47.57 84.9% 15,941 18,965

Family Dollar Stores 58.69 78.5% 6,846 7,571

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Dollar Tree Inc(In $ Million, except per share data) Input Formulae

General Information ESOPs / Warr

Analyst Name

Updation Date O/s

Bloomberg Ticker DLTR : US 0.0009

Latest Annual Filing 28 Jan'2012 0.1004Latest Quarter Filing 27 Oct'2012 0.3114

0.2192

0.0053

0.0105

Enterprise Value 0.0076

Current Market Price 46.11 1.2557

52 week high 56.82

52 week low 37.20

Shares o/s - Basic 227 Cpnvertible P

Shares o/s - Diluted 229 Convertible

Common Equity (Diluted Market Cap) 10,551 Amount

Add: Pref. Capital -

Less: Pref. Equity Converted - -Add: Non Controling Interest - -

Add: Total Debt 264

Less: Debt Converted - 264 Pension/Retir

Debt Equivalent Pension/Retir

Unfunded pension/Retirement liability - Pension & Ret

Implicit Capital Lease - -

Less: Excess cash & Equivalents Capital Leas

Marketable Securtities - Operating Le

Excess of Pension /retirement assets - - Moody's Multi

Enterprise Value 10,816 Implicit Capit

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nts/RSU

In the Money Notional Notional

Ex. Price Options Cash Buyback Dilution

0.57 0.0009 0.0005 0.0000 0.0009

13.35 0.1004 1.3406 0.0291 0.071317.50 0.3114 5.4487 0.1182 0.1932

24.26 0.2192 5.3185 0.1153 0.1039

32.22 0.0053 0.1692 0.0037 0.0016

46.52 - - - -

69.41 - - - -

- 1.2557 - - 1.2557

1.63

ref. Shares Cpnvertible Debt

Conversion New Convertible Conversion New

Price Shares Amount Price Shares

0 0

0 00 - 0

ment Benefits

ment Liabilities

irement Assets

Obligations

asing Yearly Rental

plication Factor 8

alised Lease 0

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Dollar General(In $ Million, except per share data) Input Formulae

General Information ESOPs / Warr

Analyst Name

Updation Date O/s

Bloomberg Ticker DG : US 4.2586

Latest Annual Filing 3.9682Latest Quarter Filing 02 Nov'2012

Enterprise Value

Current Market Price 47.57

52 week high 56.04

52 week low 39.73

Shares o/s - Basic 329 Cpnvertible P

Shares o/s - Diluted 335 Convertible

Common Equity (Diluted Market Cap) 15,941 Amount

Add: Pref. Capital -

Less: Pref. Equity Converted - -Add: Non Controling Interest - -

Add: Total Debt 3,024

Less: Debt Converted - 3,024 Pension/Retir

Debt Equivalent Pension/Retir

Unfunded pension/Retirement liability - Pension & Ret

Implicit Capital Lease - -

Less: Excess cash & Equivalents Capital Leas

Marketable Securtities - Operating Le

Excess of Pension /retirement assets - - Moody's Multi

Enterprise Value 18,965 Implicit Capit

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nts/RSU

In the Money Notional Notional

Ex. Price Options Cash Buyback Dilution

10.55 4.259 44.928 0.944 3.314

10.75 3.968 42.659 0.897 3.071- - - -

- - - -

- - - -

- - - -

- - - -

- - - -

6.386

ref. Shares Cpnvertible Debt

Conversion New Convertible Conversion New

Price Shares Amount Price Shares

0 0

0 00 - 0

ment Benefits

ment Liabilities

irement Assets

Obligations

asing Yearly Rental

plication Factor 8

alised Lease 0

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Family Dollar Stores(In $ Million, except per share data) Input Formulae

General Information ESOPs / Warr

Analyst Name

Updation Date O/s

Bloomberg Ticker FDO : US 2.017

Latest Annual Filing 0.447Latest Quarter Filing 24 Nov'2012 -0.600

Enterprise Value

Current Market Price 58.69

52 week high 74.73

52 week low 54.03

Shares o/s - Basic 116 Cpnvertible P

Shares o/s - Diluted 117 Convertible

Common Equity (Diluted Market Cap) 6,846 Amount

Add: Pref. Capital -

Less: Pref. Equity Converted - -Add: Non Controling Interest - -

Add: Total Debt 725

Less: Debt Converted - 725 Pension/Retir

Debt Equivalent Pension/Retir

Unfunded pension/Retirement liability - Pension & Ret

Implicit Capital Lease - -

Less: Excess cash & Equivalents Capital Leas

Marketable Securtities - Operating Le

Excess of Pension /retirement assets - - Moody's Multi

Enterprise Value 7,571 Implicit Capit

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nts/RSU

In the Money Notional Notional

Ex. Price Options Cash Buyback Dilution

37.600 2.02 75.84 1.29 0.72

- 0.45 - - 0.4526.330 -0.60 -15.80 -0.27 -0.33

- - - -

- - - -

- - - -

- - - -

- - - -

0.84

ref. Shares Cpnvertible Debt

Conversion New Convertible Conversion New

Price Shares Amount Price Shares

0 0

0 00 - 0

ment Benefits

ment Liabilities

irement Assets

Obligations

asing Yearly Rental

plication Factor 8

alised Lease 0