Debt covenant disclosure – EBITDA

EBITDAEBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization)Corresponds to operative cash flow before taxes. (earnings before interest, tax, depreciation and amortization expenses) was approximately $2,427 M, 20.1% of revenues for 2010, and $2,213 M, 19.7% of revenues for 2009. EBITDA is the basis for determining compliance with certain covenants contained in our Amended 2006 Senior Credit Agreement, Euro Notes, EIB, and the indentures relating to our Senior Notes and our outstanding Trust Preferred Securities. You should not consider EBITDA to be an alternative to net earnings determined in accordance with U.S. GAAPU.S. GAAPUnited States Generally Accepted Accounting Principles. or to cash flow from operations, investing activities or financing activities. In addition, not all funds depicted by EBITDA are available for management’s discretionary use. For example, a substantial portion of such funds are subject to contractual restrictions and functional requirements for debt service, to fund necessary capital expenditures and to meet other commitments from time to time as described in more detail elsewhere in this report. EBITDA, as calculated, may not be comparable to similarly titled measures reported by other companies. A reconciliation of EBITDA to cash flow provided by operating activities, which we believe to be the most directly comparable U.S. GAAP financial measure, is calculated as follows: