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					8/12/20087:04 PM

167

3651b7c5-b1f0-4062-8234-811964bd11791Sources_Uses

Model Is Balanced --- Circ Breaker Is On --- Cash Min Switch Is Off NOTE - Remember To Switch Off Circ Breaker Once Data Has Been Entered and Select Iteration

Written By John P. Burns 98.12.15

Project XXX Transaction Structure
Performance Case: Base (FYE January; $ in millions) Uses of Funds Equity Purchase Price Debt Retired Debt Assumed Cash Infusion Transaction Costs Total Uses Current Stock Price Offer Premium Offer Price Per Share Shares Outstanding (MM) Equity Purchase Price Acquisition Multiples 1999 EBITDA EST. 2000 EBITDA 1999 P/E EST. 2000 P/E To 1999 Book To EST. 2000 Book Exit Multiples Exit Year Exit EBITDA Multiple Exit P/E Exit Book Multiple Leverage Assumptions Sr. Debt / EBITDA Sr. Debt / (EBITDA - Capex) Total Debt / EBITDA Total Debt / (EBITDA - Capex) Coverage Assumptions EBITDA / Sr. Interest Expense (EBITDA - Capex) / Sr. Int. Exp. EBITDA / Total Interest Expense (EBITDA - Capex) / Total Int. Exp. 2002 6.0x 0.0x 0.0x 1999 0.0x 0.0x 0.0x 0.0x 1999 0.0x 0.0x 0.0x 0.0x 2000 0.0x 0.0x 0.0x 0.0x 2000 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 $0.00 25.0% $0.00 0.0 $0.0 Sources of Funds Existing Debt Bank Revolver Senior Bank Term "A" Senior Bank Term "B" Other Long-Term Debt Senior Subordinated Debt Junior Subordinated Debt Seller Note Preferred Stock Common Equity: Sponsor Equity Management Equity New Equity Excess Cash on Balance Sheet Total Sources $0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 $0.0 3/24/2001 19:16 H:\public_html\models\[LBO Model Template.xlt]Sources_Uses % 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% IRR Average Life

Equity Allocation Senior Subordinated Debt Junior Subordinated Debt Seller Note Preferred Stock Sponsor Equity Management Equity New Equity Total Equity Allocation

Undiluted Fully-Diluted 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Goodwill Calculation Purchase Price of Equity Plus: Existing Goodwill Less: Net Worth Asset Write-Up Deferred Taxes Goodwill $0.0 0.0 0.0 0.0 0.0 $0.0

2001 0.0x 0.0x 0.0x 0.0x 2001 0.0x 0.0x 0.0x 0.0x

2002 0.0x 0.0x 0.0x 0.0x 2002 0.0x 0.0x 0.0x 0.0x

Other Assumptions / Switches Performance Case Circ Breaker Preferred Dividend Cash Minimum Amt. Of Cash Min. Transaction Fees: Advisory Financing Use Excess Cash 1 0 0 0 $10.0 Base On % of Par Off

1.0% 3.0% 0

No

8/12/20087:04 PM

267

3651b7c5-b1f0-4062-8234-811964bd11791Balance_Sheet

Model Is Balanced --- Circ Breaker Is On --- Cash Min Switch Is Off

Project XXX Historical and Projected Balance Sheet
Performance Case: Base (FYE January; $ in millions) 1995 ASSETS Current Assets: Cash & Marketable Securities Accounts Receivable Inventories Prepaid Expenses Prepaid Income Taxes Other Current Assets #1 Other Current Assets #2 Other Current Assets #3 Total Current Assets NonCurrent Assets: Net PP&E Other Assets #1 Other Assets #2 Other Assets #3 Transaction Costs New Goodwill Other NC Assets #1 Other NC Assets #2 Other NC Assets #3 Total NonCurrent Assets TOTAL ASSETS 1996 Historical 1997 1998 1999 + Closing 2000 2001 2002 2003 Projected 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 0.0 0.0 0.0 0.0 0.0 0.0 $0.0 $0.0

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

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

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

$0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

$0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

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

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

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

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

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

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

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

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

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

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

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

LIABILITIES & EQUITY Current Liabilities: Accounts Payable Accrued Expenses Dividend Payable Income Tax Payable Other Current Liabilities #1 Other Current Liabilities #2 Other Current Liabilities #3 Total Current Liabilities Deferred Taxes Other Deferred Liability #1 Other Deferred Liability #2 Minority Interest Long Term Debt: Existing Debt Bank Revolver Senior Bank Term "A" Senior Bank Term "B" Other Long-Term Debt Senior Subordinated Debt Junior Subordinated Debt Seller Note Total Long Term Debt TOTAL LIABILITIES Net Worth: Equity - Common - Preferred Retained Earnings TOTAL NET WORTH

1995

1996

Historical 1997

1998

1999

-

+

Closing

2000

2001

2002

2003

Projected 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 $0.0 0.0 0.0 0.0

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

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

$0.0 0.0 0.0 0.0

$0.0 0.0 0.0 0.0

$0.0 0.0 0.0 0.0

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

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

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

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

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

$0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

$0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

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

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

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

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

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

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

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

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

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

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

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

$0.0 0.0 0.0 $0.0

$0.0 0.0 0.0 $0.0

$0.0 0.0 0.0 $0.0

$0.0 0.0 0.0 $0.0

$0.0 0.0 0.0 $0.0

$0.0 0.0 0.0

$0.0 0.0 0.0

$0.0 0.0 0.0 $0.0

$0.0 0.0 0.0 $0.0

$0.0 0.0 0.0 $0.0

$0.0 0.0 0.0 $0.0

$0.0 0.0 0.0 $0.0

$0.0 0.0 0.0 $0.0

$0.0 0.0 0.0 $0.0

$0.0 0.0 0.0 $0.0

$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 Balance Sheet Check

$0.0 $0.0

$0.0 $0.0

$0.0 $0.0

$0.0 $0.0

$0.0 $0.0

$0.0 $0.0

$0.0 $0.0

$0.0 $0.0

$0.0 $0.0

$0.0 $0.0

$0.0 $0.0

$0.0 $0.0

$0.0 $0.0

$0.0 $0.0

$0.0 $0.0

$0.0 $0.0

8/12/20087:04 PM

367

3651b7c5-b1f0-4062-8234-811964bd11791Income_Statement

Model Is Balanced --- Circ Breaker Is On --- Cash Min Switch Is Off

Project XXX Historical and Projected Income Statement
Performance Case: Base (FYE January; $ in millions) 1995 Net Sales Cost Of Goods Sold Gross Margin Operating Expenses: SG&A Other Expense #1 Other Expense #2 Other Expense #3 Other Expense #4 Subtotal Consolidated EBITDA Consolidated D&A Consolidated EBIT (Pre-Transaction) Transaction Amortization New Goodwill Amortization Subtotal Consolidated EBIT (Post-Transaction) Interest Income Interest Expense: Existing Debt Bank Revolver Senior Bank Term "A" Senior Bank Term "B" Other Long-Term Debt Senior Subordinated Debt Junior Subordinated Debt Seller Note Total Interest Expense Gain (Loss) On Asset Sales Net Income Before Taxes Provision For Income Taxes Net Income Preferred Dividends Net Income To Common Shareholders $0.0 0.0 0.0 1996 $0.0 0.0 0.0 Historical 1997 $0.0 0.0 0.0 1998 $0.0 0.0 0.0 1999 $0.0 0.0 0.0 2000 $0.0 0.0 0.0 2001 $0.0 0.0 0.0 2002 $0.0 0.0 0.0 2003 $0.0 0.0 0.0 Projected 2004 2005 $0.0 0.0 0.0 $0.0 0.0 0.0 2006 $0.0 0.0 0.0 2007 $0.0 0.0 0.0 2008 $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 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

8/12/20087:04 PM

467

3651b7c5-b1f0-4062-8234-811964bd11791Cash_Flow

Model Is Balanced --- Circ Breaker Is On --- Cash Min Switch Is Off

Project XXX Projected Cash Flow Summary
Performance Case: Base (FYE January; $ in millions) 2000 Net To Retained Earnings Non-Cash Adjustments: Consolidated D&A Transaction Amortization New Goodwill Amortization Deferred Taxes Accrued Junior Subordinated Debt Interest Accrued Preferred Dividends Funds From Operations Working Capital Source (Use): Accounts Receivable Inventories Prepaid Expenses Prepaid Income Taxes Other Current Assets #1 Other Current Assets #2 Other Current Assets #3 Accounts Payable Accrued Expenses Dividend Payable Income Tax Payable Other Current Liabilities #1 Other Current Liabilities #2 Other Current Liabilities #3 (Increase) In Net Working Capital Cash From Operations Existing Cash On Balance Sheet Capital Expenditures (Inc)/Dec in Other Assets #1 (Inc)/Dec in Other Assets #2 (Inc)/Dec in Other NC Assets #1 (Inc)/Dec in Other NC Assets #2 (Inc)/Dec in Other NC Assets #3 Inc/(Dec) in Deferred Taxes Inc/(Dec) in Other Deferred Liability #1 Inc/(Dec) in Other Deferred Liability #2 Inc/(Dec) in Minority Interest Cash Available For Debt Repayment $0.0 2001 $0.0 2002 $0.0 2003 $0.0 Projected 2004 2005 $0.0 $0.0 2006 $0.0 2007 $0.0 2008 $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 0.0 0.0 0.0 $0.0

$0.0 0.0 0.0 0.0 0.0 0.0 $0.0

$0.0 0.0 0.0 0.0 0.0 0.0 $0.0

$0.0 0.0 0.0 0.0 0.0 0.0 $0.0

Years PIK 0 0

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

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

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

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

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

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

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

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

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

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

0.0 0.0

0.0 0.0

0.0 0.0

0.0 0.0

0.0 0.0

8/12/20087:04 PM

567

3651b7c5-b1f0-4062-8234-811964bd11791Debt_Repayment

Model Is Balanced --- Circ Breaker Is On --- Cash Min Switch Is Off

Project XXX Projected Debt Repayment Schedule
Performance Case: Base (FYE January; $ in millions) 2000 Year #… Cash Available For Debt Repayment Asset-Backed Addition To Revolver Cash For Retirement Of Existing Debt Existing Debt Mandatory Repayment Existing Debt Retired Cash For Retirement Of Senior Bank Term "A" Senior Bank Term "A" Mandatory Repayment Senior Bank Term "A" Retired Cash For Retirement Of Senior Bank Term "B" Senior Bank Term "B" Mandatory Repayment Senior Bank Term "B" Retired Cash For Retirement Of Other Long-Term Debt Other Long-Term Debt Mandatory Repayment Other Long-Term Debt Retired Cash For Retirement Of Senior Subordinated Debt Senior Subordinated Debt Mandatory Repayment Senior Subordinated Debt Retired Cash For Retirement Of Junior Subordinated Debt Junior Subordinated Debt Mandatory Repayment Junior Subordinated Debt Retired Cash For Retirement Of Seller Note Seller Note Mandatory Repayment Seller Note Retired Cash For Retirement Of Preferred Stock Preferred Stock Retired Cash For Retirement Of Bank Revolver Bank Revolver Retired Bank Revolver Addition Additions To Cash 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 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 $0.0 2001 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 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 $0.0 2002 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 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 $0.0 2003 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 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 $0.0 Projected 2004 2005 5 6 $0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 $0.0 $0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 $0.0 2006 7 $0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 $0.0 2007 8 $0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 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 9 $0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 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 10 $0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 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) 0 Automatic

0

Automatic

0

Automatic

0

Automatic

0

Automatic

0

Automatic

0

Automatic

% 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 % of Working Capital Increase To Revolver 0.0% 2001 0.0% 2002 0.0% 2003 0.0% 2004 0.0% 2005 0.0% 2006 0.0% 2007 0.0% 2008 0.0% 2009 0.0%

8/12/20087:04 PM

667

3651b7c5-b1f0-4062-8234-811964bd11791Book_Depreciation

Model Is Balanced --- Circ Breaker Is On --- Cash Min Switch Is Off

Project XXX Book Depreciation Schedule
Performance Case: Base (FYE January; $ in millions) Existing Equipment Gross PP&E Land $0.0 $0.0 Beginning Amount Category 1 Category 2 Category 3 Category 4 Category 5 Total Capital Expenditures Depreciation Period 10 Capital Expenditure $0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Total TOTAL CALCULATED BOOK DEPRECIATION MANUALLY INPUT BOOK DEPRECIATION BOOK DEPRECIATION TRANSACTION COST AMORTIZATION GOODWILL AMORTIZATION YEARS YEARS 5 40 $0.0 Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2000 $0.0 2001 $0.0 0.0 2002 $0.0 0.0 0.0 2003 $0.0 0.0 0.0 0.0 Projected 2004 2005 $0.0 0.0 0.0 0.0 0.0 $0.0 0.0 0.0 0.0 0.0 0.0 2006 $0.0 0.0 0.0 0.0 0.0 0.0 0.0 2007 $0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2008 $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 Projected 2004 2005 $0.0 0.0 0.0 0.0 0.0 $0.0 $0.0 0.0 0.0 0.0 0.0 $0.0 Depreciation Method (0=SLN,1=Sum of Years) 0 Straight Line Goodwill Amortization Tax-Deductible (0=Not Deductible,1=Deductible) 0 Not Tax-Deductible Computed or Manual Depreciation (0=Computed,1=Manual) 0 Computed

Period 0 0 0 0 0

Salvage $0.0 0.0 0.0 0.0 0.0

2000 $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

2002 $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

2006 $0.0 0.0 0.0 0.0 0.0 $0.0

2007 $0.0 0.0 0.0 0.0 0.0 $0.0

2008 $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 0.0 0.0

$0.0 0.0 0.0 0.0 0.0 0.0

$0.0 0.0 0.0 0.0 0.0 0.0

8/12/20087:04 PM

767

3651b7c5-b1f0-4062-8234-811964bd11791Tax_Depreciation

Model Is Balanced --- Circ Breaker Is On --- Cash Min Switch Is Off

Project XXX Tax Depreciation Schedule
Performance Case: Base (FYE January; $ in millions) Existing Equipment Gross PP&E Land $0.0 $0.0 Beginning Amount Category 1 Category 2 Category 3 Category 4 Category 5 Total Capital Expenditures Depreciation Period 10 Capital Expenditure $0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Total TOTAL TAX DEPRECIATION $0.0 Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2000 $0.0 2001 $0.0 0.0 2002 $0.0 0.0 0.0 2003 $0.0 0.0 0.0 0.0 Projected 2004 2005 $0.0 0.0 0.0 0.0 0.0 $0.0 0.0 0.0 0.0 0.0 0.0 2006 $0.0 0.0 0.0 0.0 0.0 0.0 0.0 2007 $0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2008 $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 Projected 2004 2005 $0.0 0.0 0.0 0.0 0.0 $0.0 $0.0 0.0 0.0 0.0 0.0 $0.0 Depreciation Method (0=SLN,1=Sum of Years) 0 Straight Line

Period 0 0 0 0 0

Salvage $0.0 0.0 0.0 0.0 0.0

2000 $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

2002 $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

2006 $0.0 0.0 0.0 0.0 0.0 $0.0

2007 $0.0 0.0 0.0 0.0 0.0 $0.0

2008 $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

Model Is Balanced --- Circ Breaker Is On --- Cash Min Switch Is Off

Project XX Ratio Analy
Performance Case: Base (FYE January; $ in millions) 1995 Capital Structure Total Debt / Book Capitalization Total Debt / Equity Total Debt / Tangible Equity Leverage Ratios Senior Debt / EBITDA Senior Debt / (EBITDA-CapEx) Total Debt / EBITDA Total Debt / (EBITDA-CapEx) Interest Coverage EBITDA / Senior Interest EBITDA / Total Interest (EBITDA-CapEx) / Senior Interest (EBITDA-CapEx) / Total Interest EBIT / Senior Interest EBIT / Total Interest Return on Average Common Equity EBIT / Average Capitalization Working Capital Assumptions Asset Turnover (Sales) Inventory Turnover (COGS) Days Receivable (Sales) Days Inventory (Sales) Days Payable (Sales) Operating Results Historical 1996 1997 1998 1999

0.0% 0.0% 0.0%

0.0% 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 0.0% 0.0%

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

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

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

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

0.0x 0.0x 0.0 0.0 0.0

0.0x 0.0x 0.0 0.0 0.0

0.0x 0.0x 0.0 0.0 0.0

0.0x 0.0x 0.0 0.0 0.0

0.0x 0.0x 0.0 0.0 0.0

Sales Growth Gross Margin EBITDA Margin EBIT Margin Pretax Profit To 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% 0.0%

0.0% 0.0% 0.0% 0.0%

Liquidity Ratios Current Ratio Acid Test Ratio

0.0 0.0

0.0 0.0

0.0 0.0

0.0 0.0

0.0 0.0

Project XXX Ratio Analysis

Closing

2000

2001

2002

Projected 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 0.0% 0.0%

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

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

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

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

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

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

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

0.0x 0.0x 0.0 0.0 0.0

0.0x 0.0x 0.0 0.0 0.0

0.0x 0.0x 0.0 0.0 0.0

0.0x 0.0x 0.0 0.0 0.0

0.0x 0.0x 0.0 0.0 0.0

0.0x 0.0x 0.0 0.0 0.0

0.0x 0.0x 0.0 0.0 0.0

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

2008

2009

0.0% 0.0% 0.0%

0.0% 0.0% 0.0% CapEx 1995 0

0.0x 0.0x 0.0x 0.0x

0.0x 0.0x 0.0x 0.0x

1996 0

1997 0

1998 0

1999 0

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

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

0.0x 0.0x 0.0 0.0 0.0

0.0x 0.0x 0.0 0.0 0.0

0 0 0 0 0

Total Assets Inventories Account Receivables Inventories 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

8/12/20087:04 PM

1467

3651b7c5-b1f0-4062-8234-811964bd11791WC_BS_Assumptions

Model Is Balanced --- Circ Breaker Is On --- Cash Min Switch Is Off

Project XXX Working Capital and Balance Sheet Assumptions
Performance Case: Base (FYE January; $ in millions) 1995 Current Assets: Accounts Receivable / Sales Inventories / Sales Prepaid Expenses / Sales Prepaid Income Taxes / Sales Other Current Assets #1 / Sales Other Current Assets #2 / Sales Other Current Assets #3 / Sales Current Liabilities: Accounts Payable / Sales Accrued Expenses / Sales Dividend Payable / Sales Income Tax Payable / Sales Other Current Liabilities #1 / Sales Other Current Liabilities #2 / Sales Other Current Liabilities #3 / Sales 1996 Historical 1997 1998 1999 2000 2001 2002 2003 Projected 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% 0.0%

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

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

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

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

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

8/12/20087:04 PM

1567

3651b7c5-b1f0-4062-8234-811964bd11791Inc_Stmt_Assumptions

Model Is Balanced --- Circ Breaker Is On --- Cash Min Switch Is Off

Project XXX Income Statement Assumptions and Historical Performance
Performance Case: Base (FYE January; $ in millions) 1995 Consolidated Sales Growth Cost Of Goods Sold / Sales Gross Margin Operating Expenses / Sales: SG&A Other Expense #1 Other Expense #2 Other Expense #3 Other Expense #4 Consolidated EBITDA / Sales Consolidated EBIT (Post-Transaction) / Sales Interest (Coupon) Rates Interest Income Existing Debt Bank Revolver Senior Bank Term "A" Senior Bank Term "B" Other Long-Term Debt Senior Subordinated Debt Junior Subordinated Debt Seller Note Preferred Stock (% of Par) Preferred Stock ($ Amount) Preferred Stock Par Value Tax Rates: Federal Tax Rate State Tax Rate Effective Tax Rate 0.0% 0.0% 0.0% 1996 Historical 1997 0.0% 0.0% 0.0% 1998 0.0% 0.0% 0.0% 1999 0.0% 0.0% 0.0% 2000 0.0% 0.0% 0.0% 2001 0.0% 0.0% 0.0% 2002 0.0% 0.0% 0.0% 2003 0.0% 0.0% 0.0% Projected 2004 2005 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 2006 0.0% 0.0% 0.0% 2007 0.0% 0.0% 0.0% 2008 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% 0.0% 0.0%

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

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

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

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

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

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

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

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

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

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% $0.00 $100.00

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% $0.00

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% $0.00

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% $0.00

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% $0.00

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% $0.00

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% $0.00

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% $0.00

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% $0.00

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% $0.00

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% $0.00

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% $0.00

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% $0.00

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% $0.00

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% $0.00

0.0% 0.0% 0.0%

0.0% 0.0% 0.0%

0.0% 0.0% 0.0%

0.0% 0.0% 0.0%

0.0% 0.0% 0.0%

40.0% 0.0% 0.0%

40.0% 0.0% 0.0%

40.0% 0.0% 0.0%

40.0% 0.0% 0.0%

40.0% 0.0% 0.0%

40.0% 0.0% 0.0%

40.0% 0.0% 0.0%

40.0% 0.0% 0.0%

40.0% 0.0% 0.0%

40.0% 0.0% 0.0%

8/12/20087:04 PM

1667

3651b7c5-b1f0-4062-8234-811964bd11791Performance_Assumptions

Model Is Balanced --- Circ Breaker Is On --- Cash Min Switch Is Off

Project XXX Performance Assumptions
Performance Case: Base (FYE January; $ in millions) Case Selection: 1 Historical Consolidated Sales Growth 1 = Base 2 = Optimistic 3 = Pessimistic Cost Of Goods Sold / Sales Base Optimistic Pessimistic SG&A / Sales Base Optimistic Pessimistic Other Expense #1 / Sales Base Optimistic Pessimistic Other Expense #2 / Sales Base Optimistic Pessimistic Other Expense #3 / Sales Base Optimistic Pessimistic Other Expense #4 / Sales Base Optimistic Pessimistic 2000 2001 2002 2003 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% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

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

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

Model Is Balanced --- Circ Breaker Is On --- Cash Min Switch Is Off

Project XXX Asset Sale Assump
Performance Case: Base (FYE January; $ in millions) Projected Asset Sales Estimated Sale Proceeds Tax Basis of Asset Gain (Loss) On Asset Sale Book Basis Of Asset 1995 $0.0 0.0 0.0 0.0 Historical 1996 1997 1998 $0.0 0.0 0.0 0.0 $0.0 0.0 0.0 0.0 $0.0 0.0 0.0 0.0 1999 $0.0 0.0 0.0 0.0

Allocation To Balance Sheet Current Assets: Cash & Marketable Securities Accounts Receivable Inventories Prepaid Expenses Prepaid Income Taxes Other Current Assets #1 Other Current Assets #2 Other Current Assets #3 NonCurrent Assets: Net PP&E Other Assets #1 Other Assets #2 Other Assets #3 Transaction Costs New Goodwill Other NC Assets #1 Other NC Assets #2 Other NC Assets #3 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

$0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

$0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

$0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

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

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

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

$0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 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 Accrued Expenses Dividend Payable Income Tax Payable Other Current Liabilities #1 Other Current Liabilities #2 Other Current Liabilities #3 Deferred Taxes Other Deferred Liability #1 Other Deferred Liability #2 Minority Interest Long Term Debt: Existing Debt Bank Revolver Senior Bank Term "A" Senior Bank Term "B" Other Long-Term Debt Senior Subordinated Debt Junior Subordinated Debt Seller Note Net Worth: Equity - Common - Preferred Retained Earnings Total Liabilities & Equity Balance Sheet Check

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

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

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

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

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

$0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

$0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

$0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

$0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

$0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

$0.0 0.0 0.0 $0.0 $0.0

$0.0 0.0 0.0 $0.0 $0.0

$0.0 0.0 0.0 $0.0 $0.0

$0.0 0.0 0.0 $0.0 $0.0

$0.0 0.0 0.0 $0.0 $0.0

Project XXX et Sale Assumptions

2000 $0.0 0.0 0.0 0.0

2001 $0.0 0.0 0.0 0.0

2002 $0.0 0.0 0.0 0.0

2003 $0.0 0.0 0.0 0.0

Projected 2004 2005 $0.0 0.0 0.0 0.0 $0.0 0.0 0.0 0.0

2006 $0.0 0.0 0.0 0.0

2007 $0.0 0.0 0.0 0.0

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

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

8/12/20087:04 PM

2367

3651b7c5-b1f0-4062-8234-811964bd11791Capital_Structure

Model Is Balanced --- Circ Breaker Is On --- Cash Min Switch Is Off

Project XXX Current and Projected Capital Structure Summary
Performance Case: Base (FYE January; $ in millions) 1999 Existing Debt Bank Revolver Senior Bank Term "A" Senior Bank Term "B" Other Long-Term Debt Senior Subordinated Debt Junior Subordinated Debt Seller Note Preferred Stock Common Equity: Book Capitalization Total Debt 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 $0.0 Closing $0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 $0.0 $0.0 $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 $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 $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 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 0.0 0.0 $0.0 $0.0 $0.0 Projected 2004 $0.0 0.0 0.0 0.0 0.0 0.0 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 0.0 0.0 0.0 0.0 $0.0 $0.0 $0.0 2006 $0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 $0.0 $0.0 $0.0 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 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 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 Senior Debt ?** Senior Senior Senior Senior Subordinated Subordinated Subordinated Subordinated ** Note - Change on Income Statement

Borrowing Base Accounts Receivable (80.0%) Inventories (50.0%) Total Borrowing Base % of Borrowing Base Utilized Revolver 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

$0.0 0.0 $0.0

$0.0 0.0 $0.0

$0.0 0.0 $0.0

$0.0 0.0 $0.0

$0.0 0.0 $0.0

80.0% 50.0% Asset-Backed Revolver 0 = No 1 = Yes No

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

8/12/20087:04 PM

2467

3651b7c5-b1f0-4062-8234-811964bd11791Income_Tax_Calc

Model Is Balanced --- Circ Breaker Is On --- Cash Min Switch Is Off

Project XXX Income Tax Calculation
Performance Case: Base (FYE January; $ in millions) 2000 Net Income Before Taxes Plus: Book Depreciation Less: Tax Depreciation Less: Book Gain On Assets Sold Plus: Tax Gain (Loss) On Assets Sold Plus: Goodwill Amortization Pre-NOL Taxable Income NOL Used To Shelter Income NOL Carryforward Current Taxable Income Current Tax Expense Total Book Tax Deferred Taxes Beginning NOL's Current NOL NOL Carryforward Utilized Ending NOL $0.0 0.0 0.0 0.0 0.0 0.0 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 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 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 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 $0.0 Projected 2004 2005 $0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 $0.0 $0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 $0.0 2006 $0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 $0.0 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 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 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

Model Is Balanced --- Circ Breaker Is On --- Cash Min Switch Is Off

Project XXX Free Cash Flow Su
Performance Case: Base (FYE January; $ in millions) Tax Rate: 2000 EBIT Less: Taxes on EBIT (40.0%) Plus: Depreciation & Amortization Unlevered Cash Flow Minus: Capital Expenditures Inc/(Dec) in Working Capital Deferred Taxes Inc/(Dec) in All NC Assets (Inc)/Dec in All NC Liabilties Free Cash Flow $0.0 0.0 0.0 $0.0 2001 $0.0 0.0 0.0 $0.0 40.0% 2002 $0.0 0.0 0.0 $0.0 2003 $0.0 0.0 0.0 $0.0 Projected 2004 $0.0 0.0 0.0 $0.0

0.0 0.0 0.0 0.0 0.0 $0.0

0.0 0.0 0.0 0.0 0.0 $0.0

0.0 0.0 0.0 0.0 0.0 $0.0

0.0 0.0 0.0 0.0 0.0 $0.0

0.0 0.0 0.0 0.0 0.0 $0.0

Free Cash Flow Calculation NPV of FCFF @ 7.0% NPV of FCFF @ 8.0% NPV of FCFF @ 9.0% $0.0 0.0 0.0

FV of Terminal Value (EBITDA) Terminal Value @ 4.0x Terminal Value @ 6.0x Terminal Value @ 8.0x

FV of Terminal Value (Perpetuity) 1.0% 2.0% Terminal Value @ 7.0% $0.0 $0.0 Terminal Value @ 8.0% 0.0 0.0 Terminal Value @ 9.0% 0.0 0.0

Project XXX ree Cash Flow Summary

Projected 2005 $0.0 0.0 0.0 $0.0

2006 $0.0 0.0 0.0 $0.0

2007 $0.0 0.0 0.0 $0.0

2008 $0.0 0.0 0.0 $0.0

2009 $0.0 0.0 0.0 $0.0

Normalized 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

Value (EBITDA) $0.0 0.0 0.0

PV of Terminal Value (EBITDA) 4.0x 6.0x Terminal Value @ 7.0% $0.0 $0.0 Terminal Value @ 8.0% 0.0 0.0 Terminal Value @ 9.0% 0.0 0.0

etuity) 3.0% $0.0 0.0 0.0

PV 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

A) 8.0x $0.0 0.0 0.0

ty) 3.0% $0.0 0.0 0.0

Model Is Balanced --- Circ Breaker Is On --- Cash Min Switch Is Off

Project XX Discounted Cash Flo
Performance Case: Base (FYE January; $ in millions) Total Enterprise Value EBITDA Multiple Method 4.0x 6.0x 8.0x 7.00% 8.00% 9.00% $0.0 0.0 0.0 $0.0 0.0 0.0 $0.0 0.0 0.0 7.00% 8.00% 9.00%

Perpertuity Gro 1.0% $0.0 0.0 0.0

Total Equity Value EBITDA Multiple Method 4.0x 6.0x 8.0x 7.00% 8.00% 9.00% $0.0 0.0 0.0 $0.0 0.0 0.0 $0.0 0.0 0.0 7.00% 8.00% 9.00%

Perpertuity Gro 1.0% $0.0 0.0 0.0

Total Equity Value Per Share EBITDA Multiple Method 4.0x 6.0x 8.0x 7.00% 8.00% 9.00% $0.0 0.0 0.0 $0.0 0.0 0.0 $0.0 0.0 0.0 7.00% 8.00% 9.00%

Perpertuity Gro 1.0% $0.0 0.0 0.0

Project XXX ounted Cash Flow Analysis

DCF Assumptions Perpertuity Growth Method 2.0% 3.0% $0.0 0.0 0.0 $0.0 0.0 0.0 Percentage Breakdown of DCF Analysis Perpertuity Growth Method 2.0% 3.0% $0.0 0.0 0.0 $0.0 0.0 0.0 Cash Flow % of TEV @ 7.00% @ 8.00% @ 9.00% Terminal Value % of TEV @ 7.00% @ 8.00% @ 9.00% EBITDA Multiple Method 4.0x 6.0x 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Multiple Range Discount Rate Range Perpetuity Range Net Debt Number of Shares 2.0x 1.0% 1.0% $0.0 0.0

are Perpertuity Growth Method 2.0% 3.0% $0.0 0.0 0.0 $0.0 0.0 0.0 Cash Flow % of TEV @ 7.00% @ 8.00% @ 9.00% Terminal Value % of TEV @ 7.00% @ 8.00% @ 9.00% Perpertuity Growth Method 1.0% 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%

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 $0.00 0.0 0.0 $0.00 0.0 $0.00 0.0 #DIV/0! 6.0x $0.00 0.0 0.0 $0.00 0.0 $0.00 0.0 #DIV/0!

esent Value of FCFF (2000 - 2009)

uture Value of Terminal esent Value of Terminal Total Enterprise Value

ss: Net Debt Equity Value

ully-Diluted Shares Outstanding Equity Value Per Share

EBITDA Multiple Method 4.0x $0.00 0.0 0.0 $0.00 0.0 $0.00 0.0 #DIV/0! 6.0x $0.00 0.0 0.0 $0.00 0.0 $0.00 0.0 #DIV/0!

esent Value of FCFF (2000 - 2009)

uture Value of Terminal esent Value of Terminal Total Enterprise Value

ss: Net Debt Equity Value

ully-Diluted Shares Outstanding Equity Value Per Share

EBITDA Multiple Method 4.0x $0.00 0.0 0.0 $0.00 0.0 $0.00 0.0 #DIV/0! 6.0x $0.00 0.0 0.0 $0.00 0.0 $0.00 0.0 #DIV/0!

esent Value of FCFF (1999 - 2008)

uture Value of Terminal esent Value of Terminal Total Enterprise Value

ss: Net Debt Equity Value

ully-Diluted Shares Outstanding Equity Value Per Share

DISCOUNT RATE

8.00% Perpetuity Growth Method

Multiple Method 8.0x $0.00 0.0 0.0 $0.00 0.0 $0.00 0.0 #DIV/0! DISCOUNT RATE 1.0% $0.00 0.0 0.0 $0.00 0.0 $0.00 0.0 #DIV/0! 7.00%

2.0% $0.00 0.0 0.0 $0.00 0.0 $0.00 0.0 #DIV/0!

Multiple Method 8.0x $0.00 0.0 0.0 $0.00 0.0 $0.00 0.0 #DIV/0! DISCOUNT RATE 1.0% $0.00 0.0 0.0 $0.00 0.0 $0.00 0.0 #DIV/0! 9.00%

Perpetuity Growth Method 2.0% $0.00 0.0 0.0 $0.00 0.0 $0.00 0.0 #DIV/0!

Multiple Method 8.0x $0.00 0.0 0.0 $0.00 0.0 $0.00 0.0 #DIV/0! 1.0% $0.00 0.0 0.0 $0.00 0.0 $0.00 0.0 #DIV/0!

Perpetuity Growth Method 2.0% $0.00 0.0 0.0 $0.00 0.0 $0.00 0.0 #DIV/0!

y Growth Method 3.0% $0.00 0.0 0.0 $0.00 0.0 $0.00 0.0 #DIV/0!

y Growth Method 3.0% $0.00 0.0 0.0 $0.00 0.0 $0.00 0.0 #DIV/0!

y Growth Method 3.0% $0.00 0.0 0.0 $0.00 0.0 $0.00 0.0 #DIV/0!

8/12/20087:04 PM

6167

3651b7c5-b1f0-4062-8234-811964bd11791WACC_Page

Model Is Balanced --- Circ Breaker Is On --- Cash Min Switch Is Off

Project XXX Estimated Weighted Average Cost of Capital Calculation
Performance Case: Base (FYE January; $ in millions) Weighted Average Cost Of Capital Calculation (0 = Computed, 1 = Manual) 1 Manual WACC Amount $0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 $0.0 Interest Rate 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Pre-Tax After-Tax Estimated Cost of Preferred: Preferred Stock Estimated Cost of Equity Capital: Total Book Equity Capital Amount $0.0 Amount $0.0 Interest Rate 0.00% Interest Rate 7.00% Wtd. Rate Book Capitalization At Closing: Existing Debt Bank Revolver Senior Bank Term "A" Senior Bank Term "B" Other Long-Term Debt Senior Subordinated Debt Junior Subordinated Debt Seller Note Total 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Atfer Tax Cost of Debt Cost of Preferred Cost of Equity Proportions 33.3% 0.0% 66.7% Rate 5.00% 0.00% 10.00% Wtd. Factor 1.67% 0.00% 6.67% 8.33% Amount Total Debt Total Preferred Total Equity Total Book Capitalization $0.0 0.0 0.0 $0.0 Proportions 0.0% 0.0% 0.0% 0.0%

Proportion Setting:

Manual

Estimated Cost of Debt:

Weighted Average Cost of Capital

Risk-Free Rate (10 Yr T-Note) Market Risk Premium Unlevered Beta Target Debt / Equity Ratio Relevered Beta CAPM Cost of Equity

7.00% 6.50% 0.00 50.0% 0.00 7.00%

Model Is Balanced --- Circ Breaker Is On --- Cash Min Switch Is Off

Performance Case: Base (FYE January; $ in millions) EXIT YEAR: Equity Allocation Sponsor Equity Management Equity New Equity Other Long-Term Debt Senior Subordinated Debt Junior Subordinated Debt Preferred Stock Seller Note Management Performance Option Total Initial Equity Investment Total Overall Investment Exit Proceeds And Allocation Exit Year EBITDA x EBITDA Multiple Exit Valuation Plus: Excess Cash Conversion Costs Less: Total Remaining Debt Total Preferred Net Proceeds To Allocate $0.0 6.0x $0.0 0.0 0.0 0.0 0.0 $0.0 Investment $0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Undiluted 0.0% 0.0% 0.0% 2002 Guess Rate: Dilution Partial 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 10.0%

Full 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

$0.0 $0.0

0.0%

0.0%

0.0%

Allocation %

Gross Conversion Net Allocation Costs Allocation

Other Long-Term Debt Share Senior Subordinated Debt Share Junior Subordinated Debt Share Preferred Stock Share Seller Note Share Sponsor Equity Share Management Equity Share New Equity Share Totals

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

$0.0 0.0 0.0

$0.0 0.0 0.0

$0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Project XXX Returns Calculation

Returns Closing Senior Subordinated Debt Returns Investment Interest Participation IRR = Junior Subordinated Debt Returns Investment Interest Participation IRR = Preferred Stock Returns Investment Dividends Participation IRR = Seller Note Returns Investment Interest Participation IRR = Other Long-Term Debt Returns Investment Interest Participation IRR = Sponsor Equity Returns Investment Participation $0.0 2000 $0.0 0.0 0.0 $0.0 2001 $0.0 0.0 0.0 $0.0 2002 $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 0.0 0.0 $0.0

$0.0 0.0 0.0 $0.0

$0.0 0.0 0.0 $0.0

$0.0 0.0 0.0 $0.0

$0.0

$0.0

$0.0 0.0 0.0 $0.0

$0.0 0.0 0.0 $0.0

$0.0 0.0 0.0 $0.0

$0.0 0.0 0.0 $0.0

$0.0

$0.0

$0.0 0.0 0.0 $0.0

$0.0 0.0 0.0 $0.0

$0.0 0.0 0.0 $0.0

$0.0 0.0 0.0 $0.0

$0.0

$0.0

$0.0 0.0 0.0 $0.0

$0.0 0.0 0.0 $0.0

$0.0 0.0 0.0 $0.0

$0.0 0.0 0.0 $0.0

$0.0

$0.0 0.0

$0.0 0.0

$0.0 0.0

$0.0 0.0

IRR = Management Equity Returns Investment Participation IRR = New Equity Returns Investment Participation IRR =

$0.0

$0.0

$0.0

$0.0

$0.0

$0.0

$0.0 0.0 $0.0

$0.0 0.0 $0.0

$0.0 0.0 $0.0

$0.0 0.0 $0.0

$0.0

$0.0 $0.0

$0.0 0.0 $0.0

$0.0 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

2005 $0.0 0.0 0.0 $0.0

2006 $0.0 0.0 0.0 $0.0

2007 $0.0 0.0 0.0 $0.0

2008 $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 0.0 $0.0

$0.0 0.0 0.0 $0.0

$0.0 0.0 0.0 $0.0

$0.0 0.0 0.0 $0.0

$0.0 0.0 0.0 $0.0

$0.0 0.0 0.0 $0.0

$0.0 0.0 0.0 $0.0

$0.0 0.0 0.0 $0.0

$0.0 0.0 0.0 $0.0

$0.0 0.0 0.0 $0.0

$0.0 0.0 0.0 $0.0

$0.0 0.0 0.0 $0.0

$0.0 0.0 0.0 $0.0

$0.0 0.0 0.0 $0.0

$0.0 0.0

$0.0 0.0

$0.0 0.0

$0.0 0.0

$0.0 0.0

$0.0 0.0

$0.0

$0.0

$0.0

$0.0

$0.0

$0.0

$0.0 0.0 $0.0

$0.0 0.0 $0.0

$0.0 0.0 $0.0

$0.0 0.0 $0.0

$0.0 0.0 $0.0

$0.0 0.0 $0.0

$0.0 0.0 $0.0

$0.0 0.0 $0.0

$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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