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penetration rates have reached relatively saturated levels. As a result, the focus of market growth has turned to emerging markets in regions within the Asia-Pacific, where low penetration rates and pent-up demand for network connectivity bode well for new subscriber acquisitions. According to Datamonitor, as of
ON EQUITY VALUATION REPORT As of June 20, 2011 HISTORICAL AND IMPLIED EQUITY VOLATILITIES OF THE GUIDELINE COMPANIES Comparable Company Ticker s Yr Historical 2 Yr Historical 3 Yr Historical Implied Volatility Motorola Solutions, Inc. MSI 56.0% 47.2% 60.6% 26.0% Motorola Mobility Holdings. Inc. MM
penetration rates have reached relatively saturated levels. As a result, the focus of market growth has turned to emerging markets in regions within the Asia-Pacific, where low penetration rates and pent-up demand for network connectivity bode well for new subscriber acquisitions. According to Datamonitor, as of
ON EQUITY VALUATION REPORT As of June 20, 2011 HISTORICAL AND IMPLIED EQUITY VOLATILITIES OF THE GUIDELINE COMPANIES Comparable Company Ticker s Yr Historical 2 Yr Historical 3 Yr Historical Implied Volatility Motorola Solutions, Inc. MSI 56.0% 47.2% 60.6% 26.0% Motorola Mobility Holdings. Inc. MM
penetration rates have reached relatively saturated levels. As a result, the focus of market growth has turned to emerging markets in regions within the Asia-Pacific, where low penetration rates and pent-up demand for network connectivity bode well for new subscriber acquisitions. According to Datamonitor, as of
ON EQUITY VALUATION REPORT As of June 20, 2011 HISTORICAL AND IMPLIED EQUITY VOLATILITIES OF THE GUIDELINE COMPANIES Comparable Company Ticker s Yr Historical 2 Yr Historical 3 Yr Historical Implied Volatility Motorola Solutions, Inc. MSI 56.0% 47.2% 60.6% 26.0% Motorola Mobility Holdings. Inc. MM
Entities connected to both the Asia-Pacific and Yr Historical

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