2/6/200810:52 PM 167 $ASQLBO Model Template(2).xls1Sources_Uses Model Is Balanced ---Circ Breaker Is On ---Cash Min Switch Is Off Written By John P. Burns NOTE -Remember To Switch Off Circ Breaker Once Data Has Been Entered and Select Iteration 98.12.15 Performance Case: Base (FYE January; $ in millions) H:\public_html\models\[LBO Model Template.xlt]Sources_Uses % Equity Purchase Price $0.0 Existing Debt $0.0 0.0% Debt Retired 0.0 Bank Revolver 0.0 0.0% Debt Assumed 0.0 Senior Bank Term "A" 0.0 0.0% Cash Infusion 0.0 Senior Bank Term "B" 0.0 0.0% Transaction Costs 0.0 Other Long-Term Debt 0.0 0.0% Senior Subordinated Debt 0.0 0.0% Total Uses $0.0 Junior Subordinated Debt 0.0 0.0% Seller Note 0.0 0.0% Current Stock Price $0.00 Preferred Stock 0.0 0.0% Offer Premium 25.0% Common Equity: Offer Price Per Share $0.00 Sponsor Equity 0.0 0.0% Management Equity 0.0 0.0% Shares Outstanding (MM) 0.0 New Equity 0.0 0.0% Equity Purchase Price $0.0 Excess Cash on Balance Sheet 0.0 0.0% Total Sources $0.0 0.0% 1999 EBITDA 0.0x EST. 2000 EBITDA 0.0x Undiluted Fully-Diluted 1999 P/E 0.0x EST. 2000 P/E 0.0x Senior Subordinated Debt 0.0% 0.0% Purchase Price of Equity $0.0 To 1999 Book 0.0x Junior Subordinated Debt 0.0% 0.0% Plus: To EST. 2000 Book 0.0x Seller Note 0.0% 0.0% Existing Goodwill 0.0 Preferred Stock 0.0% 0.0% Less: Sponsor Equity 0.0% 0.0% Net Worth 0.0 Management Equity 0.0% 0.0% Asset Write-Up 0.0 Exit Year 2002 New Equity 0.0% 0.0% Deferred Taxes 0.0 Exit EBITDA Multiple 6.0x Exit P/E 0.0x Total Equity Allocation 0.0% 0.0% Goodwill $0.0 Exit Book Multiple 0.0x Leverage Assumptions 1999 2000 2001 2002 Other Assumptions /Switches Sr. Debt /EBITDA 0.0x 0.0x 0.0x 0.0x Performance Case 1 Sr. Debt /(EBITDA -Capex) 0.0x 0.0x 0.0x 0.0x Circ Breaker 0 Total Debt /EBITDA 0.0x 0.0x 0.0x 0.0x Preferred Dividend 0 Total Debt /(EBITDA -Capex) 0.0x 0.0x 0.0x 0.0x Cash Minimum 0 Amt. Of Cash Min. $10.0 Coverage Assumptions 1999 2000 2001 2002 Transaction Fees: EBITDA /Sr. Interest Expense 0.0x 0.0x 0.0x 0.0x Advisory 1.0% (EBITDA -Capex) /Sr. Int. Exp. 0.0x 0.0x 0.0x 0.0x Financing 3.0% EBITDA /Total Interest Expense 0.0x 0.0x 0.0x 0.0x Use Excess Cash 0 (EBITDA -Capex) /Total Int. Exp. 0.0x 0.0x 0.0x 0.0x No Base On % of Par Off Exit Multiples IRR Uses of Funds Sources of Funds Acquisition Multiples Goodwill Calculation Average Life Equity AllocationProject XXX Transaction Structure 3/24/2001 19:162/6/200810:52 PM 267 $ASQLBO Model Template(2).xls1Balance_Sheet Model Is Balanced ---Circ Breaker Is On ---Cash Min Switch Is Off Performance Case: Base (FYE January; $ in millions) 1995 1996 1997 1998 1999 -+ Closing 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 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 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 1995 1996 1997 1998 1999 -+ Closing 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Current Liabilities: Accounts Payable $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Accrued Expenses 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Dividend Payable 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Income Tax Payable 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Current Liabilities #1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Current Liabilities #2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Current Liabilities #3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Total Current Liabilities $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Deferred Taxes $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Other Deferred Liability #1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Deferred Liability #2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Minority Interest 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Long Term Debt: Existing Debt $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Bank Revolver 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Senior Bank Term "A" 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Senior Bank Term "B" 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Long-Term Debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Senior Subordinated Debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Junior Subordinated Debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Seller Note 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Total Long Term Debt $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $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 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $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 Project XXX Historical and Projected Balance Sheet Historical Projected TOTAL LIABILITIES & EQUITY TOTAL NET WORTH LIABILITIES & EQUITY TOTAL ASSETS ASSETS TOTAL LIABILITIES Historical Projected2/6/200810:52 PM 367 $ASQLBO Model Template(2).xls1Income_Statement Model Is Balanced ---Circ Breaker Is On ---Cash Min Switch Is Off Performance Case: Base (FYE January; $ in millions) 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Net Sales $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Cost Of Goods Sold 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Gross Margin 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Operating Expenses: SG&A 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Expense #1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Expense #2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Expense #3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Expense #4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Subtotal 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Consolidated EBITDA 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Consolidated D&A 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Consolidated EBIT (Pre-Transaction) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Transaction Amortization 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 New Goodwill Amortization 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Subtotal 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Consolidated EBIT (Post-Transaction) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Interest Income 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Interest Expense: Existing Debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Bank Revolver 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Senior Bank Term "A" 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Senior Bank Term "B" 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Long-Term Debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Senior Subordinated Debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Junior Subordinated Debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Seller Note 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Total Interest Expense 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Gain (Loss) On Asset Sales 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Net Income Before Taxes 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Provision For Income Taxes 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Net Income $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Preferred Dividends 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Net Income To Common 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 Project XXX Historical and Projected Income Statement Historical Projected2/6/200810:52 PM 467 $ASQLBO Model Template(2).xls1Cash_Flow Model Is Balanced ---Circ Breaker Is On ---Cash Min Switch Is Off Performance Case: Base (FYE January; $ in millions) 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 Projected Project XXX Projected Cash Flow Summary2/6/200810:52 PM 567 $ASQLBO Model Template(2).xls1Debt_Repayment Model Is Balanced ---Circ Breaker Is On ---Cash Min Switch Is Off Performance Case: Base (FYE January; $ in millions) 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 Existing Debt Mandatory Repayment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 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 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 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 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 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 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 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% Project XXX Projected Debt Repayment Schedule 0 Automatic Projected Mandatory (1=Mandatory. 0=Auto) 0 Automatic 0 Automatic 0 Automatic 0 Automatic 0 Automatic 0 Automatic2/6/200810:52 PM 667 $ASQLBO Model Template(2).xls1Book_Depreciation Model Is Balanced ---Circ Breaker Is On ---Cash Min Switch Is Off Performance Case: Base (FYE January; $ in millions) Existing Equipment 0 0 0 Gross PP&E $0.0 Land $0.0 Beginning 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 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 Projected Project XXX Book Depreciation Schedule (0=SLN,1=Sum of Years) Projected Straight Line Depreciation Method Computed or Manual Depreciation (0=Computed,1=Manual) Computed Goodwill Amortization Tax-Deductible (0=Not Deductible,1=Deductible) Not Tax-Deductible2/6/200810:52 PM 767 $ASQLBO Model Template(2).xls1Tax_Depreciation Model Is Balanced ---Circ Breaker Is On ---Cash Min Switch Is Off Performance Case: Base (FYE January; $ in millions) Existing Equipment 0 Gross PP&E $0.0 Land $0.0 Beginning 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 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 XXX Tax Depreciation Schedule Depreciation Method (0=SLN,1=Sum of Years) Projected Straight Line ProjectedModel Is Balanced ---Circ Breaker Is On ---Cash Min Switch Is Off Performance Case: Base (FYE January; $ in millions) 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 Historical Project XXX Ratio AnalysisSales 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 0.0Closing 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 Projected Project XXX Ratio Analysis0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.02008 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 Payables0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0 0.0 0.0 0.02/6/200810:52 PM 1467 $ASQLBO Model Template(2).xls1WC_BS_Assumptions Model Is Balanced ---Circ Breaker Is On ---Cash Min Switch Is Off Performance Case: Base (FYE January; $ in millions) 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% Historical Projected Project XXX Working Capital and Balance Sheet Assumptions2/6/200810:52 PM 1567 $ASQLBO Model Template(2).xls1Inc_Stmt_Assumptions Model Is Balanced ---Circ Breaker Is On ---Cash Min Switch Is Off Performance Case: Base (FYE January; $ in millions) 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% Historical Projected Project XXX Income Statement Assumptions and Historical Performance2/6/200810:52 PM 1667 $ASQLBO Model Template(2).xls1Performance_Assumptions Model Is Balanced ---Circ Breaker Is On ---Cash Min Switch Is Off Performance Case: Base (FYE January; $ in millions) Case Selection: 1 Historical 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Consolidated Sales Growth 1 = Base 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 2 = Optimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 3 = Pessimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Cost Of Goods Sold /Sales Base 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Optimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Pessimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% SG&A /SalesBase 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 XXX Performance AssumptionsModel Is Balanced ---Circ Breaker Is On ---Cash Min Switch Is Off Performance Case: Base (FYE January; $ in millions) 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 Historical Project XXX Asset Sale AssumptionsCurrent 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 $0.02000 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 Projected Project XXX Asset Sale Assumptions$0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.02009 $0.0 0.0 0.0 0.0 $0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 $0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 $0.0$0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 $0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 $0.0 0.0 0.0 $0.0 $0.02/6/200810:52 PM 2367 $ASQLBO Model Template(2).xls1Capital_Structure Model Is Balanced ---Circ Breaker Is On ---Cash Min Switch Is Off Performance Case: Base (FYE January; $ in millions) 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 % 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 Projected Asset-Backed Revolver Project XXX Current and Projected Capital Structure Summary2/6/200810:52 PM 2467 $ASQLBO Model Template(2).xls1Income_Tax_Calc Model Is Balanced ---Circ Breaker Is On ---Cash Min Switch Is Off Performance Case: Base (FYE January; $ in millions) 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 Projected Project XXX Income Tax CalculationModel Is Balanced ---Circ Breaker Is On ---Cash Min Switch Is Off Performance Case: Base (FYE January; $ in millions) 40.0% 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 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 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 0.0Project XXX Free Cash Flow Summary Tax Rate: FV of Terminal Value (Perpetuity) Projected Free Cash Flow Calculation FV of Terminal Value (EBITDA)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 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 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 Project XXX Free Cash Flow Summary PV of Terminal Value (Perpetuity) Projected Value (EBITDA) PV of Terminal Value (EBITDA)8.0x$0.0 0.0 0.0 3.0%$0.0 0.0 0.0Model Is Balanced ---Circ Breaker Is On ---Cash Min Switch Is Off Performance Case: Base (FYE January; $ in millions)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 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 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 Enterprise Value EBITDA Multiple Method Perpertuity Growth Perpertuity Growth Total Equity Value EBITDA Multiple Method Project XXX Discounted Cash Flow Total Equity Value Per Share EBITDA Multiple Method Perpertuity Growth 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 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% 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% Perpertuity Growth Method Perpertuity Growth Method DCF Assumptions Project XXX Discounted Cash Flow Analysis Perpertuity Growth Method Percentage Breakdown of DCF Analysis EBITDA Multiple Method Perpertuity Growth Method8.0x0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 3.0%0.0% 0.0% 0.0% 0.0% 0.0% 0.0% DCF Analysis Multiple Method Perpertuity Growth MethodPresent Value of FCFF (2000 Future Value of Terminal Present Value of Terminal Total Enterprise Value Less: Net Debt Equity Value Fully-Diluted Shares Outstanding Equity Value Per SharePresent Value of FCFF (2000 Future Value of Terminal Present Value of Terminal Total Enterprise Value Less: Net Debt Equity Value Fully-Diluted Shares Outstanding Equity Value Per Share Present Value of FCFF (1999 Future Value of Terminal Present Value of Terminal Total Enterprise Value Less: Net Debt Equity Value Fully-Diluted Shares Outstanding Equity Value Per Share4.0x 6.0x Present Value of FCFF (2000 -2009) $0.00 $0.00 Future Value of Terminal 0.0 0.0 Present Value of Terminal 0.0 0.0 Total Enterprise Value $0.00 $0.00 Less: Net Debt 0.0 0.0 Equity Value $0.00 $0.00 Fully-Diluted Shares Outstanding 0.0 0.0 Equity Value Per Share #DIV/0! #DIV/0! EBITDA Multiple Method4.0x 6.0x Present Value of FCFF (2000 -2009) $0.00 $0.00 Future Value of Terminal 0.0 0.0 Present Value of Terminal 0.0 0.0 Total Enterprise Value $0.00 $0.00 Less: Net Debt 0.0 0.0 Equity Value $0.00 $0.00 Fully-Diluted Shares Outstanding 0.0 0.0 Equity Value Per Share #DIV/0! #DIV/0! 4.0x 6.0x Present Value of FCFF (1999 -2008) $0.00 $0.00 Future Value of Terminal 0.0 0.0 Present Value of Terminal 0.0 0.0 Total Enterprise Value $0.00 $0.00 Less: Net Debt 0.0 0.0 Equity Value $0.00 $0.00 Fully-Diluted Shares Outstanding 0.0 0.0 Equity Value Per Share #DIV/0! #DIV/0! EBITDA Multiple Method EBITDA Multiple MethodDISCOUNT RATE 8.00% 8.0x 1.0% 2.0% $0.00 $0.00 $0.00 0.0 0.0 0.0 0.0 0.0 0.0 $0.00 $0.00 $0.00 0.0 0.0 0.0 $0.00 $0.00 $0.00 0.0 0.0 0.0 #DIV/0! #DIV/0! #DIV/0! Multiple Method Perpetuity Growth MethodDISCOUNT RATE 7.00% 8.0x 1.0% 2.0% $0.00 $0.00 $0.00 0.0 0.0 0.0 0.0 0.0 0.0 $0.00 $0.00 $0.00 0.0 0.0 0.0 $0.00 $0.00 $0.00 0.0 0.0 0.0 #DIV/0! #DIV/0! #DIV/0! DISCOUNT RATE 9.00% 8.0x 1.0% 2.0% $0.00 $0.00 $0.00 0.0 0.0 0.0 0.0 0.0 0.0 $0.00 $0.00 $0.00 0.0 0.0 0.0 $0.00 $0.00 $0.00 0.0 0.0 0.0 #DIV/0! #DIV/0! #DIV/0! Perpetuity Growth Method Multiple Method Perpetuity Growth Method Multiple Method3.0% $0.00 0.0 0.0 $0.00 0.0 $0.00 0.0 #DIV/0! Perpetuity Growth Method3.0% $0.00 0.0 0.0 $0.00 0.0 $0.00 0.0 #DIV/0! 3.0% $0.00 0.0 0.0 $0.00 0.0 $0.00 0.0 #DIV/0! Perpetuity Growth Method Perpetuity Growth Method2/6/200810:52 PM 6167 $ASQLBO Model Template(2).xls1WACC_Page Model Is Balanced ---Circ Breaker Is On ---Cash Min Switch Is Off Performance Case: Base (FYE January; $ in millions) Proportion Setting: Manual 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% Weighted Average Cost Of Capital Calculation Project XXX Estimated Weighted Average Cost of Capital Calculation (0 = Computed, 1 = Manual) 1 Manual WACCModel Is Balanced ---Circ Breaker Is On ---Cash Min Switch Is Off Performance Case: Base (FYE January; $ in millions) EXIT YEAR: 2002 Guess Rate: 10.0% Equity Allocation 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 DilutionOther 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%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 Project XXX Returns CalculationIRR = $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 $0.02004 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