Normalized EPS

P/E ratio based on the normalized EPS = Current stock price / Normalized EPS 

• using the method of average EPS
Normalized EPS (based on average EPS) = average EPS over the sample period

• using the method of average ROE

Normalized EPS (based on average ROE) = average ROE over the sample period

P/E ratio based on the normalized EPS = Current stock price / (average ROE over the sample period * BVPS (latest))

---

Selected Financial Data

Year		2008	2007	2006	2005	2004	2003	2002
EPS		(1.05)	1.90	1.65	0.99	1.35	0.77	1.04
BVPS		9.11	10.66	9.26	8.11	7.62	6.77	6.50
ROE		(0.115)	0.178	0.178	0.122	0.177	0.114	0.160

2008 EPS and ROE are left out of the estimates.

---

Normalized EPS; the method of average EPS

	year & date	Sum	Average	Current
EPS	2002-2007	7.70 (*2)	7.70/6=1.28 (*1)
Stock price	12/31/2008			26.50
trailing P/E ratio	2008			26.50/1.28=20.70

(*1) Normalized EPS based on the method of average EPS
(*2) 1.90+1.65+0.99+1.35+0.77+1.04=7.70

---

Normalized EPS; the method of average ROE

	year & date	Sum	Average	Current
ROE	2002-2007	0.929 (*3)	0.929/6=0.155
Normalized EPS	2008			Average ROE * BVPS2008 =0.155*9.11 =1.412
Stock price	12/31/2008			26.50
trailing P/E ratio	2008			26.50/1.412=18.768

(*3) 0.178+0.178+0.122+0.177+0.114+0.160=0.929