Leucadia National Corporation - A Raw Value Worksheet

LEUCADIA NATIONAL CORPORATION (NYSE: LUK) is is a diversified holding company engaged in a variety of businesses, including manufacturing, telecommunications, property management and services, gaming entertainment, real estate activities, medical product development and winery operations.

General Information

The Company also owns equity interests in operating businesses and investment partnerships which are accounted for under the equity method of accounting, including a broker-dealer engaged in making markets and trading of high yield and special situation securities, land based contract oil and gas drilling, real estate activities and development of a copper mine in Spain. The Company concentrates on return on investment and cash flow to maximize long-term shareholder value.

Additionally, the Company continuously evaluates the retention and disposition of its existing operations
and investigates possible acquisitions of new businesses. In identifying possible acquisitions, the Company tends to seek assets and companies that are out of favor or troubled and, as a result, are selling substantially below the values the Company believes to be present.

Shareholders' equity has grown from a deficit of $7,700,000 at December 31, 1978 (prior to the acquisition of a controlling interest in the Company by the Company's Chairman and President), to a positive shareholders' equity of $5,570,500,000 at December 31, 2007, equal to a book value per common share of the Company (a "common share") of negative $.04 at December 31, 1978 and $25.03 at December 31, 2007. Shareholders' equity and book value per share amounts have been reduced by the $811,900,000 special cash dividend paid in 1999.

In March 2007, the Company's 75% owned subsidiary, STi Prepaid, LLC ("STi Prepaid"), acquired the assets of Telco Group, Inc. and its affiliates ("Telco") for an aggregate purchase price of $121,800,000 in cash, including expenses. STi Prepaid is a provider of international prepaid phone cards and other telecommunications services in the U.S.

In June 2007, the Company completed the acquisition of ResortQuest International, Inc. ("ResortQuest") for a purchase price of $11,900,000, including expenses and working capital adjustments. ResortQuest is engaged in offering property management and other services to vacation properties in beach and mountain resort locations in the continental U.S.

The Company's manufacturing operations are conducted through Idaho Timber, LLC ("Idaho Timber") and Conwed Plastics, LLC ("Conwed Plastics").

Acquired in May 2005, Idaho Timber is headquartered in Boise, Idaho and primarily remanufactures dimension lumber and remanufactures, packages and/or produces other specialized wood products. Conwed Plastics manufactures and markets lightweight plastic netting used for a variety of purposes including, among other things, building and construction, erosion control, packaging, agricultural, carpet padding, filtration and consumer products.

The Company's gaming entertainment operations are conducted through its controlling interest in Premier Entertainment Biloxi, LLC ("Premier"), which is the owner of the Hard Rock Hotel & Casino Biloxi ("Hard Rock Biloxi"), located in Biloxi, Mississippi. The Hard Rock Biloxi was severely damaged by Hurricane Katrina on August 29, 2005 just prior to its originally scheduled opening; upon completion of reconstruction the Hard Rock Biloxi opened for business on June 30, 2007.

The Company's domestic real estate operations include a mixture of commercial properties, residential land development projects and other unimproved land, all in various stages of development and all available for sale.

The Company's medical product development operation is conducted through Sangart, Inc. ("Sangart"), which became a majority-owned subsidiary of the Company in 2005. Sangart is developing a product called Hemospan(R), which is a form of cell-free hemoglobin that is designed for intravenous administration to treat a wide variety of medical conditions, including use as an alternative to red blood cell transfusions.

The Company's winery operations consist of Pine Ridge Winery in Napa Valley, California and Archery Summit in the Willamette Valley of Oregon, and a vineyard development project in the Columbia Valley of Washington. The wineries primarily produce and sell wines in the ultra premium and luxury segments of the premium table wine market.

In April 2007, the Company and Jefferies & Company, Inc. ("Jefferies"), expanded and restructured the Company's equity investment in Jefferies Partners Opportunity Fund II, LLC ("JPOF II") and formed Jefferies High Yield Holdings, LLC ("JHYH"). Through its wholly-owned subsidiary, JHYH makes markets in high yield and special situation securities and provides research coverage on these types of securities.

The Company's land based contract oil and gas drilling investment is conducted by Goober Drilling, LLC ("Goober Drilling"), in which the Company has a 50% voting and equity interest at December 31, 2007. The Company has also made secured loans to Goober Drilling aggregating $171,000,000, at various interest rates, to finance new equipment purchases and construction costs, repay existing debt and finance working capital needs.

The Company owns 30% of Cobre Las Cruces, S.A. ("CLC"), a former subsidiary of the Company that holds the exploration and mineral rights to the Las Cruces copper deposit in the Pyrite Belt of Spain. During 2005, the Company sold a 70% interest in CLC to Inmet Mining Corporation ("Inmet"), a Canadian-based global mining company, in exchange for 5,600,000 newly issued Inmet common shares, representing approximately 11.6% of Inmet's current outstanding common shares. CLC expects to begin commercial production at the mine in the fourth quarter of 2008.

In August 2006, pursuant to a subscription agreement with Fortescue Metals Group Ltd ("Fortescue") and its subsidiary, FMG Chichester Pty Ltd ("FMG"), the Company invested in Fortescue's Pilbara iron ore and infrastructure project in Western Australia. In July 2007, Fortescue sold new common shares and the Company exercised its pre-emptive rights to maintain its ownership position. Fortescue is a publicly traded company on the Australian Stock Exchange (Symbol: FMG). The Company also owns a $100,000,000 note of FMG that matures in August 2019; interest on the note is calculated as 4% of the revenue, net of government royalties, invoiced from the iron ore produced from two specified project areas. Fortescue expects to begin shipping ore in May 2008. The Company's total cash investment in Fortescue aggregates $452,200,000; the market value of the Fortescue common shares owned by the Company was $1,824,700,000 at December 31, 2007.

The Company and certain of its subsidiaries have substantial net operating loss carryforwards ("NOLs") of approximately $5,400,000,000 at December 31, 2007.

As used herein, the term "Company" refers to Leucadia National Corporation, a New York corporation organized in 1968, and its subsidiaries, except as the context otherwise may require.

Investor Information

The Company is subject to the informational requirements of the Securities Exchange Act of 1934 (the "Exchange Act"). Accordingly, the Company files periodic reports, proxy statements and other information with the Securities and Exchange Commission (the "SEC"). Such reports, proxy statements and other information may be obtained by visiting the Public Reference Room of the SEC at 100 F Street, N.E., Washington, D.C. 20549 or by calling the SEC at 1-800-SEC-0330. In addition, the SEC maintains an Internet site (www.sec.gov) that contains reports, proxy and information statements and other information regarding the Company and other issuers that file electronically.

In addition, material filed by the Company can be inspected at the offices of the New York Stock Exchange, Inc. (the "NYSE"), 20 Broad Street, New York, NY 10005, on which the Company's common shares are listed. The Company has submitted to the NYSE a certificate of the Chief Executive Officer of the Company, dated May 15, 2007, certifying that he is not aware of any violations by the Company of NYSE corporate governance listing standards.

The Company's website address is www.leucadia.com. The Company makes available, without charge through its website, copies of its annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act, as soon as reasonably practicable after such reports are filed with or furnished to the SEC.

Financial Information about Segments

The Company's reportable segments consist of the operating units identified above, which offer different products and services and are managed separately. At acquisition, the Company's investment in Premier was reported as a consolidated subsidiary in the other operations segment; however, it was deconsolidated and classified as an investment in an associated company upon the filing of voluntary petitions for reorganization under chapter 11 of title 11 of the United States Bankruptcy Code in September 2006. While in bankruptcy Premier was classified as an investment in an associated company and its operating results were not reported in the gaming entertainment segment. Upon its emergence from bankruptcy in August 2007, Premier was once again consolidated by the Company and has been reported as an operating segment since that date. Other operations primarily consist of the Company's wineries and energy projects.

Associated companies include equity interests in other entities that the Company accounts for on the equity method of accounting.

Investments in associated companies include HomeFed Corporation ("HomeFed"), a corporation engaged in real estate activities, JHYH, Goober Drilling and CLC. The Company also has made non-controlling investments in entities that are engaged in investing and/or securities transactions activities which are accounted for as investments in associated companies including Pershing Square IV, L.P. ("Pershing Square"), Highland Opportunity Fund, L.P. ("Highland Opportunity"), HFH ShortPLUS Fund, L.P. ("Shortplus"), RCG Ambrose, L.P., ("Ambrose"), EagleRock Capital Partners (QP), LP ("EagleRock") and Wintergreen Partners Fund, L.P. ("Wintergreen").

Corporate assets primarily consist of investments and cash and cash equivalents and corporate revenues primarily consist of investment income and securities gains and losses. Corporate assets include the Company's investments in Fortescue and Inmet. Corporate assets, revenues, overhead expenses and interest expense are not allocated to the operating units.

Conwed Plastics has manufacturing facilities located in Belgium and Mexico, STi Prepaid has a customer care unit located in the Dominican Republic and other operations includes a small Caribbean-based telecommunications provider. These are the only foreign operations with non-U.S. revenue or assets that the Company consolidates, and are not material. Unconsolidated non-U.S. based investments include 38% of Light and Power Holdings Ltd., the parent company of the principal electric utility in Barbados, the 30% ownership of CLC and the investments in Fortescue and Inmet. From time to time the Company invests in the securities of non-U.S. entities or in investment partnerships that invest in non-U.S. securities.

Certain information concerning the Company's segments is presented in the following table. Consolidated subsidiaries are reflected as of the date of acquisition, which was June 2007 for ResortQuest, March 2007 for STi Prepaid, November 2005 for Sangart and May 2005 for Idaho Timber. As discussed above, Premier is reflected as a consolidated subsidiary from May 2006 until it was deconsolidated in September 2006; Premier once again became a consolidated subsidiary in August 2007.

Leucadia National Corporation1207.pdf

Mirant Corporation - A Wax Ink Short Report

“We are an independent power company with a solid fleet of assets, experienced leadership and financial strength. Through excellence, discipline and creativity, we are delivering value.”

Welcome to Mirant Corporation (NYSE: MIR) an energy company that produces and sells electricity in the United States.

The company owns or leases 10,280 MW of electric generating capacity located in markets in the Mid-Atlantic (5,244 MW) and Northeast regions (2,689 MW) and in California (2,347 MW). The company also operates an integrated asset management and energy marketing organization based in Atlanta, Georgia.

The comany's customers are ISOs, investor-owned utilities, municipal systems, aggregators, electric cooperative utilities, producers, generators, marketers and large industrial customers.

Mirant's generating portfolio is diversified across fuel types, power markets and dispatch types and serves customers located near many major metropolitan load centers. Their total net generating capacity is approximately 31% baseload, 57% intermediate and 12% peaking.

The company was incorporated in Delaware on September 23, 2005.

Pursuant to the Plan for Mirant and certain of its subsidiaries, on January 3, 2006, New Mirant emerged from bankruptcy and acquired substantially all of the assets of Old Mirant, a corporation that was formed in Delaware on April 3, 1993, and that had been named Mirant Corporation prior to January 3, 2006.

The Plan provides that New Mirant has no successor liability for any unassumed obligations of Old Mirant. Old Mirant was then renamed and transferred to a trust, which is not affiliated with New Mirant.

Financial Basis
All financial data is based on the company’s annual financial information for fiscal year end December 2007.

Short-Term Investor (Hold of one year or less)
Based on a recent close of $15.62, the stock has First Resistance at $18.16, a 16% increase from recent levels, Second Resistance at $25.93, a 66% increase from recent levels, and First Support at $11.99, a 23% decline from recent levels.

While I am enticed when I see a 66% delta between the Recent Close and Second Resistance (200 day moving average), I am far more leery that the stock can overcome its 52 week low of $11.99, something that must happen before the stock can move above its 50 day moving average of $18.66.

In the end, I simply don't believe the stock is poised to make such a move at this time, and so I have no short-term investment interest in this stock at the present time.

Long-Term Investor (Hold of 3-5 years)
I have added the stock to my watch list with a Reasonable Value Estimate of $12.93, a Buy Target of $6.47, a First Sell Target of $12.61, and a Close Target of $13.65.

Based on the financial metrics that are important to me when evaluating a company for potential investment, I have added a further reduction to my Buy Target of 69%, making my Strength of Statement Buy Target $1.99.

In the end, based on my perception of management's abilities, both prior and current, and in consideration of the vast number of lawsuits the company is currently facing, I simply do not believe that Mirant Corporation is a viable investment candidate at this time.

My Investment Opinion
I am rating this stock a strong sell. Considering the company's current Debt load of $11.17 per share, and Free Cash flow of ($3.31) I think the company will make for a very poor investment for a very long time.


Wax


Mirant Corporation1207.pdf

Buffalo Wild Wings - A Wax Ink Raw Value Worksheet

Buffalo Wild Wings, Inc. (Nasdaq: BWLD) owns, operates and franchises restaurants featuring a variety of boldly flavored, made-to-order menu items, including the Buffalo, New York-style chicken wings spun in any of the Company's signature sauces. The Company's concept offers elements of the quick casual and casual dining restaurant concepts featuring a service model that allows its guests to choose among dining options, such as casual counter service, casual dining table service or take out. Buffalo Wild Wings' menu, priced between the quick casual and casual dining segments, features fresh chicken wings and other items, including boneless wings, chicken tenders, popcorn shrimp, specialty hamburgers and sandwiches, wraps, Buffalito soft tacos, appetizers and salads. As of December 30, 2007, the Company owned or franchised 493 Buffalo Wild Wings restaurants in 37 states, of which 161 were Company-owned and 332 were franchised.

The Company's restaurants feature a variety of menu items, including its Buffalo, New York-style chicken wings spun in one of its signature sauces (from sweet to screamin hot: Sweet BBQ, Teriyaki, Mild, Parmesan Garlic, Medium, Honey BBQ, Spicy Garlic, Asian Zing, Caribbean Jerk, Hot BBQ, Hot, Mango Habanero, Wild and Blazin'. The Company's fresh chicken wings can be ordered in sizes ranging from 6 to 100 wings, with larger orders available for parties. Buffalo Wild Wings' sauces complement and distinguish its chicken wings to create a bold flavor profile for its guests. In addition to chicken wings, its menu features a variety of food items, including boneless wings, chicken tenders, popcorn shrimp, specialty hamburgers and sandwiches, wraps, Buffalito soft tacos, finger foods and salads. Buffalo Wild Wings also provides a menu for kids less than 12. In addition, the Company's restaurants feature a full bar, which offers a selection of approximately 20 domestic and imported beers on tap, as well as bottled beers, wine and liquor.

The Company's restaurants also feature dining and bar areas and select restaurants have patio seating. Buffalo Wild Wings places approximately 40 televisions and up to seven projection screen televisions throughout the restaurant to allow for easy viewing. These televisions, combined with its sound system, Buzztime Trivia and assorted video games, provide a source of entertainment for its guests. The Company tailors the content and volume of its video and audio programming in each dining area to reflect its guests' tastes. Company-owned restaurants range in size from 4,500 to 8,200 square feet.

Buffalo Wild Wings1207.pdf

Volcom, Inc. - A Wax Ink Raw Value Worksheet

Volcom, Inc. (Nasdaq: VLCM), incorporated in 1991, is a designer, marketer and distributor of young mens and young womens clothing, footwear, accessories and related products under the Volcom brand name. Its products include t-shirts, fleece, bottoms, tops, jackets, boardshorts, denim, outerwear, sandals, girls swimwear and a complete collection of kids clothing for young boys ages 4 to 7 years. During the year ended December 31, 2007, it launched its product extensions to complement its product offerings. It has six primary product categories, which include mens, girls, boys, footwear, girls swim and snow. On January 17, 2008, the Company acquired all of the outstanding membership interests of Electric Visual Evolution LLC (Electric).

As of December 31, 2007, the Company’s customer base of retailers included approximately 2,250 accounts that operated approximately 4,800 store locations (of which approximately 1,150 accounts that operated approximately 2,950 stores are located in the United States) and 37 distributors in countries not serviced by its licensees. Its retail customers are consists of specialty boardsports retailers and several retail chains. Some of these include 17th Street Surf, Becker Surfboards, Froghouse, Hotline, Huntington Surf & Sport, IG Performance, K5 Board Shop, Laguna Surf & Sport, Macy’s, Nordstrom, Pacific Sunwear, Snowboard Connection, Sun Diego, Surfside Sports, Tilly’s, Val Surf, West Beach and Zumiez. Its products are sold over the Internet through selected authorized online retailers. At December 31, 2007, the Company operated six full-price Volcom branded retail stores located in California and Hawaii.

T-Shirts and Fleece

Majority of Volcom's items display a distinctive art style, utilizing treatments, placements of screened images, designs and embroideries. On some of its t-shirts and fleece, Volcom promotes its featured artist series, a program in which the Company works with boardsports athletes and relevant artists associated with its target market to design certain products. Most pieces display the Volcom name or The Volcom Stone.

Tops, Jackets and Suits

The Company’s knit and woven tops and casual jackets are recognizable for their bold and creative styling. Many of its designs are built on traditional fashions, with a distinctive Volcom image or style feature.

Bottoms

Volcom designs a range of casual and dress pants, shorts and skirts. The Company's bottoms are generally made using cotton or cotton-blend fabrics. Volcom's bottoms are designed to be both functional and distinctive, and generally have one or more elements that provide a Volcom look.

Denim

The Company introduced the Volcom brand jeans in 1993. The design and construction of the denim products is directly influenced by the Company's skateboard team. Volcom offers denim products in a range of washes and fits to suit individual preferences for appearance and functionality.

Boardshorts

Volcom introduced its boardshorts line in 1992. The Company's boardshorts are designed with input from the Company's surf team and incorporate technical features, such as welded seams, mesh paneling and enhanced waterproof zipper fly technology.

Outerwear

The Company's outerwear products, which were introduced in 2000, consist of technically advanced jackets and pants that are designed to meet the demands of snowboarding. Volcom's outerwear is designed with a number of technical features and fabrics. Some of the technical aspects of the Company's outerwear include Gore-Tex fabrics, taped and welded seam construction, waterproof zippers and Zip-Tech jacket/pant connection system.

Accessories

Volcom also sells a range of accessories. These include hats, wallets, ties, belts and bags to complement its clothing lines.

Creedlers

During the year ended December 31, 2007, the Company introduced a line of sandals, slippers and vulcanized slip-on footwear, branded Creedlers. These products are offered in its mens, boys and girls categories. They are generally distributed within its existing customer base.

Swim

The swimwear product complements its existing girls business and is merchandised with the girls sportswear, Creedlers and accessories. The Company’s swimwear is generally distributed within its customer base.

V.co-Operative

The Company designs certain product styles, called V.co-Operative, such as those designed in conjunction with team riders Bruce Irons, Mark Appleyard, Ozzie Wright, Ryan Sheckler, Dean Morrison, Bjorn Leines, Geoff Rowley and Dustin Dollin. It also generates revenues from the sale of music produced by its label, Volcom Entertainment, and films produced by Veeco Productions, its film production division. It also offers a line of sunglasses and goggles under the Electric brand name. It also offers t-shirts, fleece and accessories under the Electric brand name.

The Company competes with Quiksilver Inc., Billabong International Limited and Burton.

Volcom1207.pdf

Frontier Oil Corporation - A Wax Ink Raw Value Worksheet

Frontier Oil Corporation (NYSE: FTO) is an independent energy company engaged in crude oil refining and the wholesale marketing of refined petroleum products. The Company operates refineries (the Refineries) in Cheyenne, Wyoming and El Dorado, Kansas with a total annual average crude oil capacity of approximately 162,000 barrels per day (bpd). Frontier’s Cheyenne Refinery has a permitted crude oil capacity of 52,000 bpd on a 12-month average. The Company markets its refined products primarily in the eastern slope of the Rocky Mountain region, which encompasses eastern Colorado (including the Denver metropolitan area), eastern Wyoming and western Nebraska (the Eastern Slope). The Cheyenne Refinery has a coking unit, which allows the refinery to process amounts of heavy crude oil for use as a feedstock. During the year ended December 31, 2007, heavy crude oil constituted approximately 72% of the Cheyenne Refinery’s total crude oil charge. During 2007, the Cheyenne Refinery’s product yield included gasoline (42%), diesel fuel (30%) and asphalt and other refined petroleum products (28%). EMC's primary assets are a 25,000 bpd products terminal and blending facility located near Denver, Colorado. In February 2007, the Company acquired Ethanol Management Company.

The El Dorado Refinery is a refinery in the Plains States and the Rocky Mountain region with an average crude oil capacity of 110,000 bpd. The El Dorado Refinery selects from many different types of crude oil with its direct access to Cushing, Oklahoma, which is connected by pipeline to the Gulf Coast and to Canada. This access, combined with the El Dorado Refinery’s complexity (including a coking unit), gives it the flexibility to refine a wide variety of crude oils. During 2007, the El Dorado Refinery’s product yield included gasoline (50%), diesel and jet fuel (36%) and chemicals and other refined petroleum products (14%).

The primary market for the Cheyenne Refinery’s refined products is the Eastern Slope. During 2007, the Company sold approximately 88% of the Cheyenne Refinery’s gasoline volumes in Colorado and 11% in Wyoming. During 2007, it sold approximately 67% of the Cheyenne Refinery’s diesel in Wyoming and 30% in Colorado. The gasoline and remaining diesel produced by this Refinery are primarily shipped via pipeline to terminals for distribution by truck or rail. Pipeline shipments from the Cheyenne Refinery are handled mainly by the Plains All American Pipeline (formerly Rocky Mountain Pipeline), serving Denver and Colorado Springs, Colorado, and the ConocoPhillips Pipeline, serving Sidney, Nebraska.

In 2007, the Company obtained approximately 61% of the Cheyenne Refinery’s crude oil charge from Canada, 19% from Wyoming, 18% from Colorado and 2% from other domestic sources. During 2007, heavy crude oil constituted approximately 72% of the Cheyenne Refinery’s total crude oil charge. In 2007, Frontier obtained approximately 67% of the El Dorado Refinery’s crude oil charge from Texas, 20% from Canada, 6% from Kansas, 4% from the Gulf of Mexico, and the remaining 3% from other foreign and domestic locations.

The Company competes with Sinclair Oil Company and Suncor Energy (U.S.A.) Inc.

Frontier Oil Corporation1207.pdf

Hanes Brands, Inc. - A Wax Ink Raw Value Worksheet

Hanesbrands Inc. (NYSE: HBI) is a consumer goods company with a portfolio of apparel brands, including Hanes, Champion, Playtex, Bali, Just My Size, barely there and Wonderbra. The Company designs, manufactures, sources and sells a range of apparel essentials, such as t-shirts, bras, panties, men’s underwear, kids’ underwear, socks, hosiery, casualwear and activewear. Its products are sold through multiple distribution channels. The Company’s business is organized into five segments: innerwear, outerwear, hosiery, international and other.

In December 2007, the Company acquired a sheer hosiery manufacturing operation in Las Lourdes, El Salvador. In August 2007, the Company acquired the textile manufacturing operations in San Juan Opico, El Salvador of Industrias Duraflex, S.A. de C.V., which had been a supplier to the Company.

Innerwear

The innerwear segment focuses on core apparel essentials, and consists of products, such as women’s intimate apparel, men’s underwear, kids’ underwear, socks, thermals and sleepwear. The Company’s Hanes, Playtex, Bali, barely there, Just My Size and Wonderbra brands offer a line of bras, panties and bodywear. It is also a manufacturer and marketer of men’s underwear and kids’ underwear under the Hanes and Champion brand names. It also produces underwear products under a licensing agreement with Polo Ralph Lauren.

Outerwear

Through the Hanes, Champion and Just My Size brands, Hanesbrands Inc. offers products, such as t-shirts and fleece. Its casualwear lines offer a range of comfortable clothing for men, women and children marketed under the Hanes and Just My Size brands. The Just My Size brand offers casual apparel designed exclusively to meet the needs of plus-size women. In addition to activewear for men and women, Champion provides uniforms for athletic programs, and has launched an apparel program at Target stores, C9 by Champion. It also licenses its Champion name for collegiate apparel and footwear. The Company also supplies its t-shirts, sportshirts and fleece products primarily to wholesalers, who then resell to screen printers and embellishers through brands, such as Hanes, Champion, and Outer Banks. These products are sold primarily under the Hanes, Hanes Beefy-T and Outer Banks brands.

Hosiery

Hanesbrands Inc. is a marketer of women’s sheer hosiery in the United States. It markets hosiery products under Hanes, L’eggs and Just My Size brands.

International and Other

International segment includes products that span across the innerwear, outerwear and hosiery reportable segment and includes products marketed under the Hanes, Champion, Wonderbra, Playtex, Rinbros, Bali and Stedman brands. The Company’s net sales in this segment included sales in Latin America, Asia, Canada and Europe. It also has sales offices in India and China. The Company net sales in other segment comprise sales of nonfinished products, such as fabric and certain other materials in the United States and Latin America.

The Company competes with Fruit of the Loom, Inc., Warnaco Group Inc., VF Corporation, Maidenform Brands, Inc., Gildan Activewear, Inc., Russell Corporation, Nike, Inc., adidas AG, Berskhire Hathaway Inc., Victoria's Secret, Old Navy and The Gap.

Hanesbrands1208.pdf