02/06/201714:12:56 167 344636758.

xlsSources_Uses

Model Is Balanced --- Circ Breaker Is On --- Cash Min Switch Is Off Written By John P. Burns
NOTE - Remember To Switch Off Circ Breaker Once Data Has Been Entered and Select Iteration 98.12.15
Project XXX
Transaction Structure
Performance Case: Base 2/6/2017 14:12
(FYE January; $ in millions) 'file:///var/www/apps/conversion/tmp/scratch_7/344636758.xls'#$Sources_Uses

Uses of Funds Sources of Funds % IRR Average Life

Equity Purchase Price $0.0 Existing Debt $0.0 0.0%

Debt Retired 0.0 Bank Revolver 0.0 0.0%
Debt Assumed 0.0 Senior Bank Term "A" 0.0 0.0%
Cash Infusion 0.0 Senior Bank Term "B" 0.0 0.0%
Transaction Costs 0.0 Other Long-Term Debt 0.0 0.0%
Senior Subordinated Debt 0.0 0.0%
Total Uses $0.0 Junior Subordinated Debt 0.0 0.0%
Seller Note 0.0 0.0%
Current Stock Price $0.00 Preferred Stock 0.0 0.0%
Offer Premium 25.0% Common Equity:
Offer Price Per Share $0.00 Sponsor Equity 0.0 0.0%
Management Equity 0.0 0.0%
Shares Outstanding (MM) 0.0 New Equity 0.0 0.0%
Equity Purchase Price $0.0 Excess Cash on Balance Sheet 0.0 0.0%

Acquisition Multiples Total Sources $0.0 0.0%

1999 EBITDA 0.0x

EST. 2000 EBITDA 0.0x Equity Allocation Undiluted Fully-Diluted Goodwill Calculation
1999 P/E 0.0x
EST. 2000 P/E 0.0x Senior Subordinated Debt 0.0% 0.0% Purchase Price of Equity $0.0
To 1999 Book 0.0x Junior Subordinated Debt 0.0% 0.0% Plus:
To EST. 2000 Book 0.0x Seller Note 0.0% 0.0% Existing Goodwill 0.0
Preferred Stock 0.0% 0.0% Less:
Exit Multiples Sponsor Equity 0.0% 0.0% Net Worth 0.0
Management Equity 0.0% 0.0% Asset Write-Up 0.0
Exit Year 2002 New Equity 0.0% 0.0% Deferred Taxes 0.0
Exit EBITDA Multiple 6.0x
Exit P/E 0.0x Total Equity Allocation 0.0% 0.0% Goodwill $0.0
Exit Book Multiple 0.0x

Leverage Assumptions 1999 2000 2001 2002 Other Assumptions / Switches

Sr. Debt / EBITDA 0.0x 0.0x 0.0x 0.0x Performance Case 1 Base
Sr. Debt / (EBITDA - Capex) 0.0x 0.0x 0.0x 0.0x Circ Breaker 0 On
Total Debt / EBITDA 0.0x 0.0x 0.0x 0.0x Preferred Dividend 0 % of Par
Total Debt / (EBITDA - Capex) 0.0x 0.0x 0.0x 0.0x Cash Minimum 0 Off
Amt. Of Cash Min. $10.0
Coverage Assumptions 1999 2000 2001 2002
Transaction Fees:
EBITDA / Sr. Interest Expense 0.0x 0.0x 0.0x 0.0x Advisory 1.0%
(EBITDA - Capex) / Sr. Int. Exp. 0.0x 0.0x 0.0x 0.0x Financing 3.0%
EBITDA / Total Interest Expense 0.0x 0.0x 0.0x 0.0x Use Excess Cash 0 No
(EBITDA - Capex) / Total Int. Exp. 0.0x 0.0x 0.0x 0.0x
02/06/201714:12:56 267 344636758.xlsBalance_Sheet

Model Is Balanced --- Circ Breaker Is On --- Cash Min Switch Is Off
Project XXX
Historical and Projected Balance Sheet
Performance Case: Base
(FYE January; $ in millions)
Historical Projected
1995 1996 1997 1998 1999 - + Closing 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
ASSETS

Current Assets:
Cash & Marketable Securities $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Accounts Receivable 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Inventories 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Prepaid Expenses 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Prepaid Income Taxes 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other Current Assets #1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other Current Assets #2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other Current Assets #3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Total Current Assets $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

NonCurrent Assets:
Net PP&E $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Other Assets #1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other Assets #2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other Assets #3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Transaction Costs 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
New Goodwill 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other NC Assets #1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other NC Assets #2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other NC Assets #3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Total NonCurrent Assets $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

TOTAL ASSETS $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Historical Projected
LIABILITIES & EQUITY 1995 1996 1997 1998 1999 - + Closing 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Current Liabilities:
Accounts Payable $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Accrued Expenses 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Dividend Payable 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Income Tax Payable 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other Current Liabilities #1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other Current Liabilities #2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other Current Liabilities #3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Total Current Liabilities $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Deferred Taxes $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Other Deferred Liability #1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other Deferred Liability #2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Minority Interest 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Long Term Debt:

Existing Debt $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Bank Revolver 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Senior Bank Term "A" 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Senior Bank Term "B" 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other Long-Term Debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Senior Subordinated Debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Junior Subordinated Debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Seller Note 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Total Long Term Debt $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

TOTAL LIABILITIES $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Net Worth:
Equity - Common $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
- Preferred 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Retained Earnings 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

TOTAL NET WORTH $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

TOTAL LIABILITIES & EQUITY $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Balance Sheet Check $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
$0.0
02/06/201714:12:56 367 344636758.xlsIncome_Statement

Model Is Balanced --- Circ Breaker Is On --- Cash Min Switch Is Off
Project XXX
Historical and Projected Income Statement

Performance Case: Base

(FYE January; $ in millions)
Historical Projected
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Net Sales $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Cost Of Goods Sold 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Gross Margin 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Operating Expenses:
SG&A 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other Expense #1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other Expense #2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other Expense #3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other Expense #4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Subtotal 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Consolidated EBITDA 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Consolidated D&A 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Consolidated EBIT (Pre-Transaction) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Transaction Amortization 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
New Goodwill Amortization 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Subtotal 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Consolidated EBIT (Post-Transaction 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Interest Income 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Interest Expense:
Existing Debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Bank Revolver 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Senior Bank Term "A" 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Senior Bank Term "B" 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other Long-Term Debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Senior Subordinated Debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Junior Subordinated Debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Seller Note 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Total Interest Expense 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Gain (Loss) On Asset Sales 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Net Income Before Taxes 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Provision For Income Taxes 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Net Income $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Preferred Dividends 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Net Income To Common Shareholder $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
02/06/201714:12:56 467 344636758.xlsCash_Flow

Model Is Balanced --- Circ Breaker Is On --- Cash Min Switch Is Off
Project XXX
Projected Cash Flow Summary

Performance Case: Base

(FYE January; $ in millions)
Projected
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Net To Retained Earnings $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Non-Cash Adjustments:
Consolidated D&A $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Transaction Amortization 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
New Goodwill Amortization 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Deferred Taxes 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Years PIK
Accrued Junior Subordinated Debt Interes 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0
Accrued Preferred Dividends 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0

Funds From Operations $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Working Capital Source (Use):

Accounts Receivable $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Inventories 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Prepaid Expenses 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Prepaid Income Taxes 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other Current Assets #1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other Current Assets #2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other Current Assets #3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Accounts Payable 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Accrued Expenses 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Dividend Payable 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Income Tax Payable 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other Current Liabilities #1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other Current Liabilities #2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other Current Liabilities #3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

(Increase) In Net Working Capital 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Cash From Operations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Existing Cash On Balance Sheet 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Capital Expenditures $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
(Inc)/Dec in Other Assets #1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
(Inc)/Dec in Other Assets #2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
(Inc)/Dec in Other NC Assets #1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
(Inc)/Dec in Other NC Assets #2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
(Inc)/Dec in Other NC Assets #3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Inc/(Dec) in Deferred Taxes 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Inc/(Dec) in Other Deferred Liability #1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Inc/(Dec) in Other Deferred Liability #2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Inc/(Dec) in Minority Interest 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Cash Available For Debt Repayment $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

(Inc)/Dec in All NC Assets 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Inc/(Dec) in All NC Liabilties 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
02/06/201714:12:57 567 344636758.xlsDebt_Repayment

Model Is Balanced --- Circ Breaker Is On --- Cash Min Switch Is Off
Project XXX
Projected Debt Repayment Schedule

Performance Case: Base

(FYE January; $ in millions)
Projected
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Year # 1 2 3 4 5 6 7 8 9 10

Cash Available For Debt Repayment $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Asset-Backed Addition To Revolver 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Cash For Retirement Of Existing Debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Mandatory (1=Mandatory. 0=Auto)
Existing Debt Mandatory Repayment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0 Automatic
Existing Debt Retired 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Cash For Retirement Of Senior Bank Term "A" 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Senior Bank Term "A" Mandatory Repayment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0 Automatic
Senior Bank Term "A" Retired 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Cash For Retirement Of Senior Bank Term "B" 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Senior Bank Term "B" Mandatory Repayment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0 Automatic
Senior Bank Term "B" Retired 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Cash For Retirement Of Other Long-Term Debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other Long-Term Debt Mandatory Repayment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0 Automatic
Other Long-Term Debt Retired 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Cash For Retirement Of Senior Subordinated Debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Senior Subordinated Debt Mandatory Repayment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0 Automatic
Senior Subordinated Debt Retired 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Cash For Retirement Of Junior Subordinated Debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Junior Subordinated Debt Mandatory Repayment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0 Automatic
Junior Subordinated Debt Retired 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Cash For Retirement Of Seller Note 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Seller Note Mandatory Repayment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0 Automatic
Seller Note Retired 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Cash For Retirement Of Preferred Stock 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Preferred Stock Retired 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Cash For Retirement Of Bank Revolver 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Bank Revolver Retired 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Bank Revolver Addition 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Additions To Cash $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

% of A/R and Inventory Increase, which increases Asset-Backed Revolver, if active

(I.e., if set equal to % of borrowing base utilzed, this percentage will remain constant over time)

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
% of Working Capital Increase To Revolver 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
02/06/201714:12:57 667 344636758.xlsBook_Depreciation

Model Is Balanced --- Circ Breaker Is On --- Cash Min Switch Is Off
Project XXX
Book Depreciation Schedule

Performance Case: Base

(FYE January; $ in millions) Depreciation Method Goodwill Amortization Tax-Deductible Computed or Manual Depreciation
(0=SLN,1=Sum of Years) (0=Not Deductible,1=Deductible) (0=Computed,1=Manual)
Existing Equipment 0 Straight Line 0 Not Tax-Deductible 0 Computed

Gross PP&E $0.0

Land $0.0

Beginning Projected
Amount Period Salvage 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Category 1 $0.0 0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Category 2 0.0 0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Category 3 0.0 0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Category 4 0.0 0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Category 5 0.0 0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Total $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Capital Expenditures
Capital Projected
Depreciation Period 10 Expenditure Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

$0.0 2000 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
0.0 2001 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 2002 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 2003 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 2004 0.0 0.0 0.0 0.0 0.0 0.0
0.0 2005 0.0 0.0 0.0 0.0 0.0
0.0 2006 0.0 0.0 0.0 0.0
0.0 2007 0.0 0.0 0.0
0.0 2008 0.0 0.0
0.0 2009 0.0

Total $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

TOTAL CALCULATED BOOK DEPRECIATION 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
MANUALLY INPUT BOOK DEPRECIATION 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

BOOK DEPRECIATION 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

TRANSACTION COST AMORTIZATION YEARS - 5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

GOODWILL AMORTIZATION YEARS - 40 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
02/06/201714:12:57 767 344636758.xlsTax_Depreciation

Model Is Balanced --- Circ Breaker Is On --- Cash Min Switch Is Off
Project XXX
Tax Depreciation Schedule

Performance Case: Base

(FYE January; $ in millions) Depreciation Method
(0=SLN,1=Sum of Years)
Existing Equipment 0 Straight Line

Gross PP&E $0.0

Land $0.0

Beginning Projected
Amount Period Salvage 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Category 1 $0.0 0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Category 2 0.0 0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Category 3 0.0 0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Category 4 0.0 0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Category 5 0.0 0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Total $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Capital Expenditures
Capital Projected
Depreciation Period 10 Expenditure Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

$0.0 2000 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
0.0 2001 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 2002 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 2003 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 2004 0.0 0.0 0.0 0.0 0.0 0.0
0.0 2005 0.0 0.0 0.0 0.0 0.0
0.0 2006 0.0 0.0 0.0 0.0
0.0 2007 0.0 0.0 0.0
0.0 2008 0.0 0.0
0.0 2009 0.0

Total $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

TOTAL TAX DEPRECIATION 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Model Is Balanced --- Circ Breaker Is On --- Cash Min Switch Is Off
Project XX
Ratio Analy

Performance Case: Base

(FYE January; $ in millions)
Historical
1995 1996 1997 1998 1999

Capital Structure
Total Debt / Book Capitalization 0.0% 0.0% 0.0% 0.0% 0.0%
Total Debt / Equity 0.0% 0.0% 0.0% 0.0% 0.0%
Total Debt / Tangible Equity 0.0% 0.0% 0.0% 0.0% 0.0%

Leverage Ratios
Senior Debt / EBITDA 0.0x 0.0x 0.0x 0.0x 0.0x
Senior Debt / (EBITDA-CapEx) 0.0x 0.0x 0.0x 0.0x 0.0x

Total Debt / EBITDA 0.0x 0.0x 0.0x 0.0x 0.0x

Total Debt / (EBITDA-CapEx) 0.0x 0.0x 0.0x 0.0x 0.0x

Interest Coverage
EBITDA / Senior Interest 0.0x 0.0x 0.0x 0.0x 0.0x
EBITDA / Total Interest 0.0x 0.0x 0.0x 0.0x 0.0x

(EBITDA-CapEx) / Senior Interest 0.0x 0.0x 0.0x 0.0x 0.0x

(EBITDA-CapEx) / Total Interest 0.0x 0.0x 0.0x 0.0x 0.0x

EBIT / Senior Interest 0.0x 0.0x 0.0x 0.0x 0.0x

EBIT / Total Interest 0.0x 0.0x 0.0x 0.0x 0.0x

Return on Average Common Equity 0.0% 0.0% 0.0% 0.0% 0.0%

EBIT / Average Capitalization 0.0% 0.0% 0.0% 0.0% 0.0%

Working Capital Assumptions

Asset Turnover (Sales) 0.0x 0.0x 0.0x 0.0x 0.0x
Inventory Turnover (COGS) 0.0x 0.0x 0.0x 0.0x 0.0x
Days Receivable (Sales) 0.0 0.0 0.0 0.0 0.0
Days Inventory (Sales) 0.0 0.0 0.0 0.0 0.0
Days Payable (Sales) 0.0 0.0 0.0 0.0 0.0
Operating Results
Sales Growth 0.0% 0.0% 0.0% 0.0% 0.0%
Gross Margin 0.0% 0.0% 0.0% 0.0% 0.0%
EBITDA Margin 0.0% 0.0% 0.0% 0.0% 0.0%
EBIT Margin 0.0% 0.0% 0.0% 0.0% 0.0%
Pretax Profit To Sales

Liquidity Ratios
Current Ratio 0.0 0.0 0.0 0.0 0.0
Acid Test Ratio 0.0 0.0 0.0 0.0 0.0
 Project XXX
Ratio Analysis

Projected
Closing 2000 2001 2002 2003 2004 2005 2006 2007

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x

0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x

0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x

0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x

0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x

0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x

0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x

0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x

0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x

0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x

0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
2008 2009

0.0% 0.0%
0.0% 0.0%
0.0% 0.0%

CapEx
0.0x 0.0x 1995 1996 1997 1998 1999
0.0x 0.0x 0 0 0 0 0

0.0x 0.0x
0.0x 0.0x

0.0x 0.0x
0.0x 0.0x

0.0x 0.0x
0.0x 0.0x

0.0x 0.0x
0.0x 0.0x
1994
0.0% 0.0% 0 Common Equity
0.0% 0.0% 0 Capitalization

0.0x 0.0x 0 Total Assets

0.0x 0.0x 0 Inventories
0.0 0.0 0 Account Receivables
0.0 0.0 0 Inventories
0.0 0.0 0 Account Payables
0.0% 0.0%
0.0% 0.0%
0.0% 0.0%
0.0% 0.0%

0.0 0.0
0.0 0.0
02/06/201714:12:57 1467 344636758.xlsWC_BS_Assumptions

Model Is Balanced --- Circ Breaker Is On --- Cash Min Switch Is Off
Project XXX
Working Capital and Balance Sheet Assumptions

Performance Case: Base

(FYE January; $ in millions)
Historical Projected
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Current Assets:
Accounts Receivable / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Inventories / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Prepaid Expenses / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Prepaid Income Taxes / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Other Current Assets #1 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Other Current Assets #2 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Other Current Assets #3 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Current Liabilities:
Accounts Payable / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Accrued Expenses / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Dividend Payable / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Income Tax Payable / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Other Current Liabilities #1 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Other Current Liabilities #2 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Other Current Liabilities #3 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
02/06/201714:12:57 1567 344636758.xlsInc_Stmt_Assumptions

Model Is Balanced --- Circ Breaker Is On --- Cash Min Switch Is Off
Project XXX
Income Statement Assumptions and Historical Performance

Performance Case: Base

(FYE January; $ in millions)
Historical Projected
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Consolidated Sales Growth 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Cost Of Goods Sold / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Gross Margin 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Operating Expenses / Sales:

SG&A 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Other Expense #1 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Other Expense #2 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Other Expense #3 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Other Expense #4 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Consolidated EBITDA / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Consolidated EBIT (Post-Transaction) / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Interest (Coupon) Rates

Interest Income 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Existing Debt 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Bank Revolver 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Senior Bank Term "A" 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Senior Bank Term "B" 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Other Long-Term Debt 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Senior Subordinated Debt 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Junior Subordinated Debt 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Seller Note 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Preferred Stock (% of Par) 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Preferred Stock ($ Amount) $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Preferred Stock Par Value $100.00

Tax Rates:
Federal Tax Rate 0.0% 0.0% 0.0% 0.0% 0.0% 40.0% 40.0% 40.0% 40.0% 40.0% 40.0% 40.0% 40.0% 40.0% 40.0%
State Tax Rate 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Effective Tax Rate 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
02/06/201714:12:57 1667 344636758.xlsPerformance_Assumptions

Model Is Balanced --- Circ Breaker Is On --- Cash Min Switch Is Off
Project XXX
Performance Assumptions

Performance Case: Base

(FYE January; $ in millions)

Case Selection: 1

Historical 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Consolidated Sales Growth

1 = Base 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
2 = Optimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
3 = Pessimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Cost Of Goods Sold / Sales
Base 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Optimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Pessimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
SG&A / Sales
Base 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Optimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Pessimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Other Expense #1 / Sales
Base 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Optimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Pessimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Other Expense #2 / Sales
Base 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Optimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Pessimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Other Expense #3 / Sales
Base 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Optimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Pessimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Other Expense #4 / Sales
Base 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Optimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Pessimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Model Is Balanced --- Circ Breaker Is On --- Cash Min Switch Is Off
Project XXX
Asset Sale Assump

Performance Case: Base

(FYE January; $ in millions)
Historical
Projected Asset Sales 1995 1996 1997 1998 1999

Estimated Sale Proceeds $0.0 $0.0 $0.0 $0.0 $0.0

Tax Basis of Asset 0.0 0.0 0.0 0.0 0.0

Gain (Loss) On Asset Sale 0.0 0.0 0.0 0.0 0.0

Book Basis Of Asset 0.0 0.0 0.0 0.0 0.0

Allocation To Balance Sheet

Current Assets:
Cash & Marketable Securities $0.0 $0.0 $0.0 $0.0 $0.0
Accounts Receivable 0.0 0.0 0.0 0.0 0.0
Inventories 0.0 0.0 0.0 0.0 0.0
Prepaid Expenses 0.0 0.0 0.0 0.0 0.0
Prepaid Income Taxes 0.0 0.0 0.0 0.0 0.0
Other Current Assets #1 0.0 0.0 0.0 0.0 0.0
Other Current Assets #2 0.0 0.0 0.0 0.0 0.0
Other Current Assets #3 0.0 0.0 0.0 0.0 0.0

NonCurrent Assets:
Net PP&E $0.0 $0.0 $0.0 $0.0 $0.0
Other Assets #1 0.0 0.0 0.0 0.0 0.0
Other Assets #2 0.0 0.0 0.0 0.0 0.0
Other Assets #3 0.0 0.0 0.0 0.0 0.0
Transaction Costs 0.0 0.0 0.0 0.0 0.0
New Goodwill 0.0 0.0 0.0 0.0 0.0
Other NC Assets #1 0.0 0.0 0.0 0.0 0.0
Other NC Assets #2 0.0 0.0 0.0 0.0 0.0
Other NC Assets #3 0.0 0.0 0.0 0.0 0.0

Total Assets $0.0 $0.0 $0.0 $0.0 $0.0

Current Liabilities:
Accounts Payable $0.0 $0.0 $0.0 $0.0 $0.0
Accrued Expenses 0.0 0.0 0.0 0.0 0.0
Dividend Payable 0.0 0.0 0.0 0.0 0.0
Income Tax Payable 0.0 0.0 0.0 0.0 0.0
Other Current Liabilities #1 0.0 0.0 0.0 0.0 0.0
Other Current Liabilities #2 0.0 0.0 0.0 0.0 0.0
Other Current Liabilities #3 0.0 0.0 0.0 0.0 0.0

Deferred Taxes 0.0 0.0 0.0 0.0 0.0

Other Deferred Liability #1 0.0 0.0 0.0 0.0 0.0
Other Deferred Liability #2 0.0 0.0 0.0 0.0 0.0
Minority Interest 0.0 0.0 0.0 0.0 0.0

Long Term Debt:

Existing Debt $0.0 $0.0 $0.0 $0.0 $0.0
Bank Revolver 0.0 0.0 0.0 0.0 0.0
Senior Bank Term "A" 0.0 0.0 0.0 0.0 0.0
Senior Bank Term "B" 0.0 0.0 0.0 0.0 0.0
Other Long-Term Debt 0.0 0.0 0.0 0.0 0.0
Senior Subordinated Debt 0.0 0.0 0.0 0.0 0.0
Junior Subordinated Debt 0.0 0.0 0.0 0.0 0.0
Seller Note 0.0 0.0 0.0 0.0 0.0

Net Worth:
Equity - Common $0.0 $0.0 $0.0 $0.0 $0.0
- Preferred 0.0 0.0 0.0 0.0 0.0
Retained Earnings 0.0 0.0 0.0 0.0 0.0

Total Liabilities & Equity $0.0 $0.0 $0.0 $0.0 $0.0

Balance Sheet Check $0.0 $0.0 $0.0 $0.0 $0.0

 Project XXX
et Sale Assumptions

Projected
2000 2001 2002 2003 2004 2005 2006 2007 2008

$0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

$0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

$0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

$0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

$0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

$0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

$0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

$0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

$0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

2009

$0.0
0.0

0.0

0.0

$0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0

$0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0

$0.0
$0.0
0.0
0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

$0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0

$0.0
0.0
0.0

$0.0

$0.0
02/06/201714:12:57 2367 344636758.xlsCapital_Structure

Model Is Balanced --- Circ Breaker Is On --- Cash Min Switch Is Off
Project XXX
Current and Projected Capital Structure Summary

Performance Case: Base

(FYE January; $ in millions)
Projected
1999 Closing 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Senior Debt ?**
Existing Debt $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Senior
Bank Revolver 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Senior
Senior Bank Term "A" 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Senior
Senior Bank Term "B" 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Senior
Other Long-Term Debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Subordinated
Senior Subordinated Debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Subordinated
Junior Subordinated Debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Subordinated
Seller Note 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Subordinated
Preferred Stock 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 ** Note - Change on Income Statement
Common Equity: 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Book Capitalization $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Total Debt $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Book Equity $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Borrowing Base
Accounts Receivable (80.0%) $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 80.0%
Inventories (50.0%) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 50.0%

Total Borrowing Base $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Asset-Backed Revolver

% of Borrowing Base Utilized 0 = No No

Revolver Debt 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 1 = Yes
02/06/201714:12:57 2467 344636758.xlsIncome_Tax_Calc

Model Is Balanced --- Circ Breaker Is On --- Cash Min Switch Is Off
Project XXX
Income Tax Calculation

Performance Case: Base

(FYE January; $ in millions)
Projected
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Net Income Before Taxes $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Plus: Book Depreciation 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Less: Tax Depreciation 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Less: Book Gain On Assets Sold 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Plus: Tax Gain (Loss) On Assets So 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Plus: Goodwill Amortization 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Pre-NOL Taxable Income 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

NOL Used To Shelter Income 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
NOL Carryforward 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Current Taxable Income 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Current Tax Expense 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Total Book Tax 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Deferred Taxes 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Beginning NOL's 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Current NOL 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
NOL Carryforward Utilized 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Ending NOL $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Model Is Balanced --- Circ Breaker Is On --- Cash Min Switch Is Off
Project XX
Free Cash Flow S

Performance Case: Base

(FYE January; $ in millions) Tax Rate: 40.0%
Projected
2000 2001 2002 2003 2004

EBIT $0.0 $0.0 $0.0 $0.0 $0.0

Less: Taxes on EBIT ( 0.0 0.0 0.0 0.0 0.0

Plus: Depreciation & A 0.0 0.0 0.0 0.0 0.0

Unlevered Cash Flow $0.0 $0.0 $0.0 $0.0 $0.0

Minus:
Capital Expenditures 0.0 0.0 0.0 0.0 0.0
Inc/(Dec) in Working Capital 0.0 0.0 0.0 0.0 0.0
Deferred Taxes 0.0 0.0 0.0 0.0 0.0
Inc/(Dec) in All NC Assets 0.0 0.0 0.0 0.0 0.0
(Inc)/Dec in All NC Liabilties 0.0 0.0 0.0 0.0 0.0

Free Cash Flow $0.0 $0.0 $0.0 $0.0 $0.0

Free Cash Flow Calculation FV of Terminal Value (EBITDA)

NPV of FCFF @ 7.0% $0.0 Terminal Value @ 4.0x

NPV of FCFF @ 8.0% 0.0 Terminal Value @ 6.0x
NPV of FCFF @ 9.0% 0.0 Terminal Value @ 8.0x

FV of Terminal Value (Perpetuity)

1.0% 2.0%
Terminal Value @ 7.0% $0.0 $0.0
Terminal Value @ 8.0% 0.0 0.0
Terminal Value @ 9.0% 0.0 0.0
 Project XXX
ree Cash Flow Summary

Projected Normalized
2005 2006 2007 2008 2009 2009

$0.0 $0.0 $0.0 $0.0 $0.0 $0.0

0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0

$0.0 $0.0 $0.0 $0.0 $0.0 $0.0

0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0

$0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Value (EBITDA) PV of Terminal Value (EBITDA)

4.0x 6.0x
$0.0 Terminal Value @ 7.0% $0.0 $0.0
0.0 Terminal Value @ 8.0% 0.0 0.0
0.0 Terminal Value @ 9.0% 0.0 0.0

tuity) PV of Terminal Value (Perpetuity)

3.0% 1.0% 2.0%
$0.0 Terminal Value @ 7.0% $0.0 $0.0
0.0 Terminal Value @ 8.0% 0.0 0.0
0.0 Terminal Value @ 9.0% 0.0 0.0
A)
8.0x
$0.0
0.0
0.0

ty)
3.0%
$0.0
0.0
0.0
Model Is Balanced --- Circ Breaker Is On --- Cash Min Switch Is Off
Project XX
Discounted Cash Fl
Performance Case: Base
(FYE January; $ in millions)

Total Enterprise Value

EBITDA Multiple Method Perpertuity Gr
4.0x 6.0x 8.0x 1.0%

7.00% $0.0 $0.0 $0.0 7.00% $0.0

8.00% 0.0 0.0 0.0 8.00% 0.0

9.00% 0.0 0.0 0.0 9.00% 0.0

Total Equity Value

EBITDA Multiple Method Perpertuity Gr
4.0x 6.0x 8.0x 1.0%

7.00% $0.0 $0.0 $0.0 7.00% $0.0

8.00% 0.0 0.0 0.0 8.00% 0.0

9.00% 0.0 0.0 0.0 9.00% 0.0

Total Equity Value Per Share

EBITDA Multiple Method Perpertuity Gr
4.0x 6.0x 8.0x 1.0%

7.00% $0.0 $0.0 $0.0 7.00% $0.0

8.00% 0.0 0.0 0.0 8.00% 0.0

9.00% 0.0 0.0 0.0 9.00% 0.0

 Project XXX
ounted Cash Flow Analysis

DCF Assumptions
Perpertuity Growth Method Multiple Range 2.0x
2.0% 3.0% Discount Rate Range 1.0%
Perpetuity Range 1.0%
$0.0 $0.0 Net Debt $0.0
Number of Shares 0.0
0.0 0.0

0.0 0.0

Percentage Breakdown of DCF Analysis

Perpertuity Growth Method EBITDA Multiple Method
2.0% 3.0% Cash Flow % of TEV 4.0x 6.0x
@ 7.00% 0.0% 0.0%
$0.0 $0.0 @ 8.00% 0.0% 0.0%
@ 9.00% 0.0% 0.0%
0.0 0.0 Terminal Value % of TEV
@ 7.00% 0.0% 0.0%
0.0 0.0 @ 8.00% 0.0% 0.0%
@ 9.00% 0.0% 0.0%
re
Perpertuity Growth Method Perpertuity Growth Method
2.0% 3.0% Cash Flow % of TEV 1.0% 2.0%
@ 7.00% 0.0% 0.0%
$0.0 $0.0 @ 8.00% 0.0% 0.0%
@ 9.00% 0.0% 0.0%
0.0 0.0 Terminal Value % of TEV
@ 7.00% 0.0% 0.0%
0.0 0.0 @ 8.00% 0.0% 0.0%
@ 9.00% 0.0% 0.0%
CF Analysis
Multiple Method
8.0x
0.0%
0.0%
0.0%

0.0%
0.0%
0.0%

y Growth Method
3.0%
0.0%
0.0%
0.0%

0.0%
0.0%
0.0%
Present Value of FCFF (2

Future Value of Terminal

Present Value of Termina

Total Enterprise Valu

Less: Net Debt

Equity Value

Fully-Diluted Shares Outs

Equity Value Per Sha

Present Value of FCFF (2

Future Value of Terminal

Present Value of Termina

Total Enterprise Valu

Less: Net Debt

Equity Value

Fully-Diluted Shares Outs

Equity Value Per Sha

Present Value of FCFF (1

Future Value of Terminal

Present Value of Termina

Total Enterprise Valu

Less: Net Debt

Equity Value

Fully-Diluted Shares Outs

Equity Value Per Sha

 EBITDA Multiple Method

4.0x 6.0x

esent Value of FCFF (2000 - 2009) $0.00 $0.00

ture Value of Terminal 0.0 0.0

esent Value of Terminal 0.0 0.0

Total Enterprise Value $0.00 $0.00

ss: Net Debt 0.0 0.0

Equity Value $0.00 $0.00

lly-Diluted Shares Outstanding 0.0 0.0

Equity Value Per Share #DIV/0! #DIV/0!

 EBITDA Multiple Method

4.0x 6.0x

esent Value of FCFF (2000 - 2009) $0.00 $0.00

ture Value of Terminal 0.0 0.0

esent Value of Terminal 0.0 0.0

Total Enterprise Value $0.00 $0.00

ss: Net Debt 0.0 0.0

Equity Value $0.00 $0.00

lly-Diluted Shares Outstanding 0.0 0.0

Equity Value Per Share #DIV/0! #DIV/0!

EBITDA Multiple Method

4.0x 6.0x

esent Value of FCFF (1999 - 2008) $0.00 $0.00

ture Value of Terminal 0.0 0.0

esent Value of Terminal 0.0 0.0

Total Enterprise Value $0.00 $0.00

ss: Net Debt 0.0 0.0

Equity Value $0.00 $0.00

lly-Diluted Shares Outstanding 0.0 0.0

Equity Value Per Share #DIV/0! #DIV/0!

 DISCOUNT RATE 8.00%

Multiple Method Perpetuity Growth Method

8.0x 1.0% 2.0%

$0.00 $0.00 $0.00

0.0 0.0 0.0

0.0 0.0 0.0

$0.00 $0.00 $0.00

0.0 0.0 0.0

$0.00 $0.00 $0.00

0.0 0.0 0.0

#DIV/0! #DIV/0! #DIV/0!

 DISCOUNT RATE 7.00%

Multiple Method Perpetuity Growth Method

8.0x 1.0% 2.0%

$0.00 $0.00 $0.00

0.0 0.0 0.0

0.0 0.0 0.0

$0.00 $0.00 $0.00

0.0 0.0 0.0

$0.00 $0.00 $0.00

0.0 0.0 0.0

#DIV/0! #DIV/0! #DIV/0!

DISCOUNT RATE 9.00%

Multiple Method Perpetuity Growth Method

8.0x 1.0% 2.0%

$0.00 $0.00 $0.00

0.0 0.0 0.0

0.0 0.0 0.0

$0.00 $0.00 $0.00

0.0 0.0 0.0

$0.00 $0.00 $0.00

0.0 0.0 0.0

#DIV/0! #DIV/0! #DIV/0!

y Growth Method

3.0%

$0.00

0.0
0.0

$0.00

0.0

$0.00

0.0

#DIV/0!
y Growth Method

3.0%

$0.00

0.0
0.0

$0.00

0.0

$0.00

0.0

#DIV/0!

y Growth Method

3.0%

$0.00

0.0
0.0

$0.00

0.0

$0.00

0.0

#DIV/0!
02/06/201714:12:57 6167 344636758.xlsWACC_Page

Model Is Balanced --- Circ Breaker Is On --- Cash Min Switch Is Off
Project XXX
Estimated Weighted Average Cost of Capital Calculation

Performance Case: Base

(FYE January; $ in millions) Weighted Average Cost Of Capital Calculation
(0 = Computed, 1 = Manual) Proportion Setting: Manual
1 Manual WACC

Estimated Cost of Debt: Amount Interest Rate Wtd. Rate

Book Capitalization At Closing:
Existing Debt $0.0 0.00% 0.00% Amount Proportions
Bank Revolver 0.0 0.00% 0.00%
Senior Bank Term "A" 0.0 0.00% 0.00% Total Debt $0.0 0.0%
Senior Bank Term "B" 0.0 0.00% 0.00% Total Preferred 0.0 0.0%
Other Long-Term Debt 0.0 0.00% 0.00% Total Equity 0.0 0.0%
Senior Subordinated Debt 0.0 0.00% 0.00%
Junior Subordinated Debt 0.0 0.00% 0.00% Total Book Capitalization $0.0 0.0%
Seller Note 0.0 0.00% 0.00%

Total $0.0 Pre-Tax 0.00%

After-Tax 0.00% Proportions Rate Wtd. Factor

Estimated Cost of Preferred: Amount Interest Rate Atfer Tax Cost of Debt 33.3% 5.00% 1.67%

Preferred Stock $0.0 0.00% Cost of Preferred 0.0% 0.00% 0.00%

Estimated Cost of Equity Capital: Amount Interest Rate Cost of Equity 66.7% 10.00% 6.67%

Total Book Equity Capital $0.0 7.00% Weighted Average Cost of Capital 8.33%

Risk-Free Rate (10 Yr T-Note) 7.00%

Market Risk Premium 6.50%
Unlevered Beta 0.00
Target Debt / Equity Ratio 50.0%
Relevered Beta 0.00
CAPM Cost of Equity 7.00%
Model Is Balanced --- Circ Breaker Is On --- Cash Min Switch Is Off

Performance Case: Base

(FYE January; $ in millions)

EXIT YEAR: 2002 Guess Rate: 10.0%

Equity Allocation Dilution

Investment Undiluted Partial Full
Sponsor Equity $0.0 0.0% 0.0% 0.0%
Management Equity 0.0 0.0% 0.0% 0.0%
New Equity 0.0 0.0% 0.0% 0.0%
Other Long-Term Debt 0.0 0.0% 0.0%
Senior Subordinated Debt 0.0 0.0% 0.0%
Junior Subordinated Debt 0.0 0.0% 0.0%
Preferred Stock 0.0 0.0% 0.0%
Seller Note 0.0 0.0% 0.0%
Management Performance Option 0.0%

Total Initial Equity Investment $0.0

Total Overall Investment $0.0 0.0% 0.0% 0.0%

Exit Proceeds And Allocation

Exit Year EBITDA $0.0

x EBITDA Multiple 6.0x

Exit Valuation $0.0

Plus: Excess Cash 0.0

Conversion Costs 0.0

Less: Total Remaining Debt 0.0

Total Preferred 0.0

Net Proceeds To Allocate $0.0

Allocation Gross Conversion Net

 % Allocation Costs Allocation
Other Long-Term Debt Share 0.0% $0.0 $0.0 $0.0
Senior Subordinated Debt Share 0.0% 0.0 0.0 0.0
Junior Subordinated Debt Share 0.0% 0.0 0.0 0.0
Preferred Stock Share 0.0% 0.0
Seller Note Share 0.0% 0.0
Sponsor Equity Share 0.0% 0.0
Management Equity Share 0.0% 0.0
New Equity Share 0.0% 0.0

Totals 0.0%
 Project XXX
Returns Calculation

Returns
Closing 2000 2001 2002 2003
Senior Subordinated Debt Returns
Investment $0.0 $0.0 $0.0 $0.0 $0.0
Interest 0.0 0.0 0.0 0.0
Participation 0.0 0.0 0.0 0.0
IRR = $0.0 $0.0 $0.0 $0.0 $0.0

Junior Subordinated Debt Returns

Investment $0.0 $0.0 $0.0 $0.0 $0.0
Interest 0.0 0.0 0.0 0.0
Participation 0.0 0.0 0.0 0.0
IRR = $0.0 $0.0 $0.0 $0.0 $0.0

Preferred Stock Returns

Investment $0.0 $0.0 $0.0 $0.0 $0.0
Dividends 0.0 0.0 0.0 0.0
Participation 0.0 0.0 0.0 0.0
IRR = $0.0 $0.0 $0.0 $0.0 $0.0

Seller Note Returns

Investment $0.0 $0.0 $0.0 $0.0 $0.0
Interest 0.0 0.0 0.0 0.0
Participation 0.0 0.0 0.0 0.0
IRR = $0.0 $0.0 $0.0 $0.0 $0.0

Other Long-Term Debt Returns

Investment $0.0 $0.0 $0.0 $0.0 $0.0
Interest 0.0 0.0 0.0 0.0
Participation 0.0 0.0 0.0 0.0
IRR = $0.0 $0.0 $0.0 $0.0 $0.0

Sponsor Equity Returns

Investment $0.0 $0.0 $0.0 $0.0 $0.0
Participation 0.0 0.0 0.0 0.0
IRR = $0.0 $0.0 $0.0 $0.0 $0.0

Management Equity Returns

Investment $0.0 $0.0 $0.0 $0.0 $0.0
Participation 0.0 0.0 0.0 0.0

IRR = $0.0 $0.0 $0.0 $0.0 $0.0

New Equity Returns

Investment $0.0 $0.0 $0.0 $0.0 $0.0
Participation 0.0 0.0 0.0 0.0
IRR = $0.0 $0.0 $0.0 $0.0 $0.0
2004 2005 2006 2007 2008 2009

$0.0 $0.0 $0.0 $0.0 $0.0 $0.0

0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
$0.0 $0.0 $0.0 $0.0 $0.0 $0.0

$0.0 $0.0 $0.0 $0.0 $0.0 $0.0

0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
$0.0 $0.0 $0.0 $0.0 $0.0 $0.0

$0.0 $0.0 $0.0 $0.0 $0.0 $0.0

0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
$0.0 $0.0 $0.0 $0.0 $0.0 $0.0

$0.0 $0.0 $0.0 $0.0 $0.0 $0.0

0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
$0.0 $0.0 $0.0 $0.0 $0.0 $0.0

$0.0 $0.0 $0.0 $0.0 $0.0 $0.0

0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
$0.0 $0.0 $0.0 $0.0 $0.0 $0.0

$0.0 $0.0 $0.0 $0.0 $0.0 $0.0

 0.0 0.0 0.0 0.0 0.0 0.0
$0.0 $0.0 $0.0 $0.0 $0.0 $0.0

$0.0 $0.0 $0.0 $0.0 $0.0 $0.0

0.0 0.0 0.0 0.0 0.0 0.0

$0.0 $0.0 $0.0 $0.0 $0.0 $0.0

$0.0 $0.0 $0.0 $0.0 $0.0 $0.0

0.0 0.0 0.0 0.0 0.0 0.0
$0.0 $0.0 $0.0 $0.0 $0.0 $0.0