Extended TRS Breakdown

Colombo Dockyard PLC

Sri Lanka Telecom PLC
Hayleys MGT Knitting Mills PLC
Kegalle Plantations PLC
Royal Palms Beach Hotels PLC
Colombo Dockyards PLC
Extended TRS Breakdown
2006 2007 2008 2009
Revenue Growth 24.0% 17.6% 26.8% 20.4%
Margin Growth 741.4% 51.6% 3.8% 24.0%
Combined Effect of Revenue and Margin Growth 177.7% 9.1% 1.0% 4.9%
Investment for Growth 11.7% -38.0% 41.2% -12.7%
TRS from Performance 954.7% 40.2% 72.7% 36.7%

Zero Growth Return 3.6% 16.0% 20.2% 27.5%

Change in Unlevered P/E -77.8% -20.6% -26.7% 128.3%

Combined Effect of P/E and Earnings Growth -733.4% -16.1% -8.4% 63.3%

Impact of Financial Leverage -81.7% 35.9% -57.8% 172.2%

Total TRS 65.4% 55.6% 0.0% 428.0%

Sri Lanka Telecom PLC

Extended TRS Breakdown
2006 2007 2008 2009
Revenue Growth 23.3% 2.7% -2.6% -5.6%
Margin Growth 2.5% -4.5% 25.8% -80.2%
Combined Effect of Revenue and Margin Growth 0.6% -0.1% -0.7% 4.5%
Investment for Growth 4.9% 4.2% 1.3% 3.8%
TRS from Performance 31.3% 2.2% 23.8% -77.6%

Zero Growth Return 12.9% 11.9% 10.3% 9.4%

Change in Unlevered P/E 8.1% 15.5% 10.3% 410.5%

Combined Effect of P/E and Earnings Growth 2.1% -0.3% 2.3% -333.9%

Impact of Financial Leverage 19.8% -12.2% -45.2% 40.8%

Total TRS 74.2% 17.1% 1.6% 49.2%

1
Hayleys MGT Knitting Mills PLC
Extended TRS Breakdown
2007 2008 2009 2010
Revenue Growth 35.2% 17.6% -1.1% -15.3%
Margin Growth -17.9% 13.8% -44.3% 17.4%
Combined Effect of Revenue and Margin Growth -6.3% 2.4% 0.5% -2.7%
Investment for Growth -23.5% -13.3% -9.0% -20.9%
TRS from Performance -12.6% 20.5% -54.0% -21.4%

Zero Growth Return 13.0% 14.6% 18.4% 15.2%

Change in Unlevered P/E -11.2% -20.6% 21.2% 1.0%

Combined Effect of P/E and Earnings Growth -1.2% -6.9% -9.5% 0.0%

Impact of Financial Leverage 21.3% 16.3% -21.8% 28.5%

Total TRS 9.2% 23.9% -45.7% 23.2%

Kegalle Plantations PLC

Extended TRS Breakdown
2007 2008 2009 2010
Revenue Growth 20.2% 18.9% -10.9% 15.0%
Margin Growth 35.3% 15.5% -53.4% 84.3%
Combined Effect of Revenue and Margin Growth 7.1% 2.9% 5.8% 12.6%
Investment for Growth -19.0% -2.6% 1.0% -0.5%
TRS from Performance 43.6% 34.7% -57.5% 111.5%

Zero Growth Return 13.2% 20.6% 20.5% 18.3%

Change in Unlevered P/E -36.2% 0.4% 12.3% -9.4%

Combined Effect of P/E and Earnings Growth -22.7% 0.1% -7.2% -10.6%

Impact of Financial Leverage 14.6% -1.1% -34.8% 53.4%

Total TRS 12.5% 54.8% -66.7% 163.2%

2
Royal Palms Beach Hotels PLC
Extended TRS Breakdown
2006 2007 2008 2009
Revenue Growth 22.3% 10.7% 14.3% 25.5%
Margin Growth -17.9% 19.1% 15.0% 81.2%
Combined Effect of Revenue and Margin Growth -4.0% 2.1% 2.2% 20.7%
Investment for Growth -8.8% 0.2% -1.6% -16.4%
TRS from Performance -8.3% 32.1% 29.9% 111.0%

Zero Growth Return 0.8% 0.8% 1.2% 2.1%

Change in Unlevered P/E -4.9% -30.1% -43.8% -13.7%

Combined Effect of P/E and Earnings Growth 0.0% -9.6% -13.8% -17.5%

Impact of Financial Leverage 7.0% 8.0% 6.4% 25.7%

Total TRS -5.5% 1.3% -20.1% 107.6%