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LBO Valuation Model Tamplate

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LBO Valuation Model Tamplate Powered By Docstoc
					LBO Valuation Model Template
Contents
   9   Sources & Uses of Cash
   9   Balance Sheet
   9   Income Statement
   9   Cashflow Statement
   9   Debt Repayment
   9   Book Depreciation
   9   Tax Decpreciation
   9   Ratio Analysis
   9   Working Capital & Balance Sheet Assumptions
   9   Income Statement Assumptions
   9   Performance Assumptions
   9   Asset Sales
   9   Capital Structure
   9   Income Tax Calculation
   9   Free Cash Flow Summary
   9   DCF Analysis
   9   WACC
   9   Returns Calculation
                                                                          [Project Name]
                                                                       Transaction Structu

Performance Case: Base
(FYE Month; $ in millions)

                 Uses of Funds                                              Sources of Funds

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

              Acquisition Multiples                        Total Sources

1998 EBITDA                              0.0x
EST. Closing EBITDA                      0.0x                  Equity Allocation
1998 P/E                                 0.0x
EST. Closing P/E                         0.0x              Senior Subordinated Debt
To 1998 Book                             0.0x              Junior Subordinated Debt
To EST. Closing Book                     0.0x              Seller Note
                                                           Preferred Stock
                  Exit Multiples                           Sponsor Equity
                                                           Management Equity
Exit Year                                2002              New Equity
Exit EBITDA Multiple                      6.0x
Exit P/E                                  0.0x             Total Equity Allocation
Exit Book Multiple                        0.0x

Leverage Assumptions                  1998       Closing    2000     2001
Sr. Debt / EBITDA                       0.0x      0.0x     0.0x     0.0x
Sr. Debt / (EBITDA - Capex)             0.0x      0.0x     0.0x     0.0x
Total Debt / EBITDA                     0.0x      0.0x     0.0x     0.0x
Total Debt / (EBITDA - Capex)           0.0x      0.0x     0.0x     0.0x

Coverage Assumptions                 1998      Closing   2000     2001

EBITDA / Sr. Interest Expense           0.0x      0.0x     0.0x     0.0x
(EBITDA - Capex) / Sr. Int. Exp.        0.0x      0.0x     0.0x     0.0x
EBITDA / Total Interest Expense         0.0x      0.0x     0.0x     0.0x
(EBITDA - Capex) / Total Int. Exp.      0.0x      0.0x     0.0x     0.0x
        [Project Name]
     Transaction Structure

                                                                              1/19/2008 17:59


         Sources of Funds                       %                 IRR          Average Life

                                    $0.0            0.0%
                                     0.0            0.0%
Bank Term "A"                        0.0            0.0%
Bank Term "B"                        0.0            0.0%
ong-Term Debt                        0.0            0.0%
Subordinated Debt                    0.0            0.0%
 ubordinated Debt                    0.0            0.0%
                                     0.0            0.0%
                                     0.0            0.0%

                                     0.0            0.0%
gement Equity                        0.0            0.0%
                                     0.0            0.0%
Cash on Balance Sheet                0.0            0.0%

                                    $0.0            0.0%


uity Allocation               Undiluted    Fully-Diluted          Goodwill Calculation

Subordinated Debt                   0.0%            0.0%   Purchase Price of Equity
 ubordinated Debt                   0.0%            0.0%   Plus:
                                    0.0%            0.0%    Existing Goodwill
                                    0.0%            0.0%   Less:
                                    0.0%            0.0%    Net Worth
ment Equity                         0.0%            0.0%    Asset Write-Up
                                    0.0%            0.0%    Deferred Taxes

quity Allocation                    0.0%            0.0%   Goodwill


                    Other Assumptions / Switches
Performance Case       1      Base
Circ Breaker           0       On
Preferred Dividend     0     % of Par
Cash Minimum           0       Off
Amt. Of Cash Min.    $10.0

Transaction Fees:
 Advisory            1.0%
 Financing           3.0%
Use Excess Cash        0       No
  1/19/2008 17:59


   Average Life




Calculation

              $0.0

               0.0

               0.0
               0.0
               0.0

              $0.0
12/9/20119:56 PM                                                                                                                          873                                                                                           9837bb85-b097-46de-9de2-63608c9ee4bf.xlsBalance_Sheet




                                                                                                 [Project Name]
                                                                                    Historical and Projected Balance Sheet
         Performance Case: Base
         (FYE Month; $ 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:                                                                                                                                                                                                     Senior Debt    Note: Change Senior / Sub Status
            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      Senior      on the Income Statement Page
            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
            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
            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      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      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      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      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      0.0         0.0      0.0      0.0      0.0      0.0   Subordinated

         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

         Total Senior 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 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     $0.0     $0.0     $0.0     $0.0
12/9/20119:56 PM                                                                                                             973                                                                        9837bb85-b097-46de-9de2-63608c9ee4bf.xlsIncome_Statement




                                                                                            [Project Name]
                                                                              Historical and Projected Income Statement
  Performance Case: Base
  (FYE Month; $ 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
                                                                                                                                                                                       Average Interest (1=Yes, 0=No)        Senior Debt (1=Yes, 0=No)
  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         0               No

  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         0               No                   1             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      0.0      0.0      0.0         0               No                   1             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      0.0      0.0      0.0         0               No                   1             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      0.0      0.0      0.0         0               No                   1             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      0.0      0.0      0.0         0               No                   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      0.0      0.0      0.0         0               No                   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      0.0      0.0      0.0         0               No                   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      0.0      0.0      0.0         0               No                   0          Subordinated

  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 Shareholders       $0.0    $0.0      $0.0       $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 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
  Junior 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
12/9/20119:56 PM                                                                                    1073                                                  9837bb85-b097-46de-9de2-63608c9ee4bf.xlsCash_Flow




                                                                                [Project Name]
                                                                        Projected Cash Flow Summary
                   Performance Case: Base
                   (FYE Month; $ 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 Interest    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
12/9/20119:56 PM                                                                                                          1173                                                         9837bb85-b097-46de-9de2-63608c9ee4bf.xlsDebt_Repayment




                                                                                                        [Project Name]
                                                                                             Projected Debt Repayment Schedule
  Performance Case: Base
  (FYE Month; $ 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%
12/9/20119:56 PM                                                                          1273                                          9837bb85-b097-46de-9de2-63608c9ee4bf.xlsBook_Depreciation




                                                                                   [Project Name]
                                                                             Book Depreciation Schedule

      Performance Case: Base
      (FYE Month; $ 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
12/9/20119:56 PM                                                                                                                   1373                                                                     9837bb85-b097-46de-9de2-63608c9ee4bf.xlsTax_Depreciation




                                                                               [Project Name]
                                                                          Tax Depreciation Schedule

   Performance Case: Base
   (FYE Month; $ in millions)                   Depreciation Method                                                                                                Goodwill Amortization Tax-Deductible                 Computed or Manual Depreciation
                                              (0=SLN,1=Sum of Years)                                                                                              (0=Not Tax-Deductible,1=Tax-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 TAX DEPRECIATION                                                        0.0     0.0     0.0     0.0     0.0      0.0     0.0       0.0     0.0     0.0
                                                                           [Project Na
                                                                           Ratio Analy
Performance Case: Base
(FYE Month; $ 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 Name]
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
12/9/20119:56 PM                                                                 2073                               9837bb85-b097-46de-9de2-63608c9ee4bf.xlsWC_BS_Assumptions




                                                                           [Project Name]
                                                          Working Capital and Balance Sheet Assumptions
Performance Case: Base
(FYE Month; $ 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%

Other Assumptions:
Other 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 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 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%
Other NC 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 NC 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 NC 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%

Other Deferred Liability #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%
Minority Interest / 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%
12/9/20119:56 PM                                                                         2173                                   9837bb85-b097-46de-9de2-63608c9ee4bf.xlsInc_Stmt_Assumptions




                                                                      [Project Name]
                                                  Income Statement Assumptions and Historical Performance
 Performance Case: Base
 (FYE Month; $ 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%
12/9/20119:56 PM                                                                 2273                          9837bb85-b097-46de-9de2-63608c9ee4bf.xlsPerformance_Assumptions




                                                          [Project Name]
                                                    Performance Assumptions
 Performance Case: Base
 (FYE Month; $ 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%
                                                              [Project Name]
                                                          Asset Sale Assump
Performance Case: Base
(FYE Month; $ 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 Name]
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
12/9/20119:56 PM                                                                         2973                                                    9837bb85-b097-46de-9de2-63608c9ee4bf.xlsCapital_Structure




                                                                              [Project Name]
                                                             Current and Projected Capital Structure Summary
 Performance Case: Base
 (FYE Month; $ 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
12/9/20119:56 PM                                                                          3073                                       9837bb85-b097-46de-9de2-63608c9ee4bf.xlsIncome_Tax_Calc




                                                                       [Project Name]
                                                                   Income Tax Calculation
 Performance Case: Base
 (FYE Month; $ 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 Sold      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
                                                                                         [Project Nam
                                                                                    Free Cash Flow Su
Performance Case: Base
(FYE Month; $ 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 (40.0%)               0.0         0.0        0.0          0.0        0.0

Plus: Depreciation & Amortization         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 Name]
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


etuity)                                                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
                                                                               [Project Nam
                                                                       Discounted Cash Flo
Performance Case: Base
(FYE Month; $ in millions)
                                                        Total Enterprise Value
                                  EBITDA Multiple Method                             Perpertuity Gro
                             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 Gro
                             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 Gro
                             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 Name]
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%
are
      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

uture 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

ully-Diluted Shares Outstanding     #REF!                #REF!

 Equity Value Per Share             #REF!                #REF!
                                                 EBITDA Multiple Method

                                    4.0x                  6.0x

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

uture 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

ully-Diluted Shares Outstanding     #REF!                #REF!

 Equity Value Per Share             #REF!                #REF!



                                                 EBITDA Multiple Method

                                    4.0x                  6.0x

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

uture 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

ully-Diluted Shares Outstanding     #REF!                #REF!

 Equity Value Per Share             #REF!                #REF!
                  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

                      #REF!        #REF!              #REF!

                      #REF!        #REF!              #REF!

                  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

                      #REF!        #REF!              #REF!

                      #REF!        #REF!              #REF!

                  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

                      #REF!        #REF!              #REF!

                      #REF!        #REF!              #REF!
y Growth Method

                  3.0%

                    $0.00

                      0.0
                      0.0

                    $0.00

                      0.0

                    $0.00

                  #REF!

                  #REF!
y Growth Method

                  3.0%

                    $0.00

                      0.0
                      0.0

                    $0.00

                      0.0

                    $0.00

                  #REF!

                  #REF!



y Growth Method

                  3.0%

                    $0.00

                      0.0
                      0.0

                    $0.00

                      0.0

                    $0.00

                  #REF!

                  #REF!
12/9/20119:56 PM                                                                                         6773                                                                       9837bb85-b097-46de-9de2-63608c9ee4bf.xlsWACC_Page




                                                                                       [Project Name]
                                                                    Estimated Weighted Average Cost of Capital Calculation
                   Performance Case: Base
                   (FYE Month; $ 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%




                   Manual Interest Rates and Proportions                             Calculation Given Target D / E
                   After-Tax Cost of Debt                5.00%                      Debt / Equity        0.5000

                   Cost of Preferred                     0.00%                      1+ D / E               1.5

                   Cost of Equity                       10.00%                      Debt / Value          33.3%

                                                                                    Preferred Stock       0.0%
                   Beta Calculation
                   Unlevered Beta = Adjusted (Levered) Beta * [MVE / (Market Cap - (T * Book Value Of Debt))]
                   Relevered Beta = Unlevered Beta / [MVE / (Market Cap - (T * Book Value of Debt))]

                   Levered Beta                         0.78
                   Current Stock Price                $0.00
                   $ of Outstanding Shares              0.0

                   Market Value Of Equity              $0.0
                   Pre-Transaction LT Debt              0.0

                   Market Capitalization               $0.0                        E / V Percentage       66.7%
                   Tax Rate                           40.0%                        Book Equity Value       $0.0
                                                                                   Book Debt Value         $0.0
                   Post-Transaction Book Cap.          $0.0

                   Unlevered Beta                      0.00                        Relevered Beta          0.00
Performance Case: Base
(FYE Month; $ 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 Name]
               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

				
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