Exhibit (c)(3)

Preliminary DCF analysis — GSA management case

Summary (US$ millions)

US$ millions	2008			2009			2010			2011			2012			2013			2014			2015			2016			2017			2018			2019			TV
Shipments (‘000 tons)		8,320			5,314			6,469			7,119			7,859			8,325			8,664			8,664			8,664			8,664			8,664			8,664			8,664
% growth					(36.1	%)		21.7	%		10.1	%		10.4	%		5.9	%		4.1	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
Net revenues	$	8,528		$	4,196		$	4,962		$	5,949		$	6,684		$	6,900		$	7,019		$	6,922		$	7,088		$	7,266		$	7,474		$	7,643		$	7,815
% growth					(50.8	%)		18.3	%		19.9	%		12.3	%		3.2	%		1.7	%		(1.4	%)		2.4	%		2.5	%		2.9	%		2.3	%		2.3	%
EBITDA (excl. JVs)		1,468			308			409			1,022			1,267			1,260			1,225			1,064			1,089			1,128			1,192			1,218			1,246
% margin		17.2	%		7.4	%		8.2	%		17.2	%		19.0	%		18.3	%		17.4	%		15.4	%		15.4	%		15.5	%		15.9	%		15.9	%		15.9	%
memo: % margin (incl. JVs)		17.7	%		7.2	%		8.5	%		18.2	%		20.3	%		19.6	%		18.7	%		16.4	%		16.5	%		16.7	%		17.2	%		17.2	%		17.2	%
(-) Depreciation								(204	)		(221	)		(228	)		(234	)		(230	)		(227	)		(225	)		(224	)		(224	)		(225	)		(239	)
(-) Tax								(78	)		(304	)		(395	)		(390	)		(378	)		(318	)		(328	)		(344	)		(368	)		(378	)		(383	)
EBIAT								127			496			645			636			617			519			536			560			600			616			624
(+) NI from JVs								14			61			92			92			87			73			78			85			91			93			95
(+) Depreciation								204			221			228			234			230			227			225			224			224			225			239
(-) Change NWI								(55	)		(84	)		(86	)		(40	)		(46	)		(9	)		(38	)		(34	)		(28	)		(30	)		(30	)
(-) Capex								(150	)		(194	)		(250	)		(205	)		(209	)		(214	)		(219	)		(224	)		(229	)		(234	)		(239	)
Free cash flow								140			501			628			717			678			597			582			611			658			670			689

Firm Value (US$ millions)

	Terminal growth
Discount rate		1.5	%	2.0	%	2.5	%
11.5%		6,025		6,161		6,312
12.0%		5,739		5,857		5,988
12.5%		5,479		5,582		5,696

Price per share (US$/share)

	Terminal growth
Discount rate		1.5	%	2.0	%	2.5	%
11.5%		9.35		9.66		10.01
12.0%		8.69		8.96		9.26
12.5%		8.09		8.33		8.59

FV / 2011E EBITDA¹

	Terminal growth
Discount rate		1.5	%	2.0	%	2.5	%
11.5%		5.6	x	5.7	x	5.8	x
12.0%		5.3	x	5.4	x	5.5	x
12.5%		5.1	x	5.2	x	5.3	x

TV / 2019E EBITDA

	Terminal growth
Discount rate		1.5	%	2.0	%	2.5	%
11.5%		5.3	x	5.5	x	5.8	x
12.0%		5.0	x	5.3	x	5.5	x
12.5%		4.8	x	5.0	x	5.3	x

Valuation date: June 30, 2010.

¹ EBITDA ’11E based on GSA management estimates including JVs earnings. DCF implied multiples based on market consensus: 5.5x-6.4x for 2011

G S A J.P.Morgan