ࡱ>   `\pHorace Ba=$  =#8@"1Arial1Arial1Arial1Arial1Arial1QTahoma1QTahoma1QTahoma1Arial1Arial1Arial1 Arial1 Arial1Arial1 Arial1 Arial1Arial1@ Arial1@Arial1@ Arial1@Arial1 Arial1QTahoma1QTahoma1Arial"$"#,##0_);\("$"#,##0\)!"$"#,##0_);[Red]\("$"#,##0\)""$"#,##0.00_);\("$"#,##0.00\)'""$"#,##0.00_);[Red]\("$"#,##0.00\)7*2_("$"* #,##0_);_("$"* \(#,##0\);_("$"* "-"_);_(@_).))_(* #,##0_);_(* \(#,##0\);_(* "-"_);_(@_)?,:_("$"* #,##0.00_);_("$"* \(#,##0.00\);_("$"* "-"??_);_(@_)6+1_(* #,##0.00_);_(* \(#,##0.00\);_(* "-"??_);_(@_)#,##0.0_);[Red]\(#,##0.0\)% "$"#,##0.0_);[Red]\("$"#,##0.0\) 0.0%0.0_);[Red]\(0.0\)"Yes";[Red]"Error";"No")$"Senior";[Red]"Error";"Subordinated")$"Mandatory";[Red]"Error";"Automatic";;;% "Manual";[Red]"Error";"Computed"0.00_);[Red]\(0.00\)/*"Manual WACC";[Red]"Error";"Computed WACC" 0.0\x0.0 0.0000.000_);[Red]\(0.000\)0.0000_);[Red]\(0.0000\)                + ) , *   H  "X  h    H  "x@@   "x@   "x @    h   h@@    h@    h @    H  L   L  "X  h  #X  h@  h   l  l    h@   l  l    l "x "x   l    h@   h   h@@  h@   l    l   l   h@   h    l  l   l  l   "x@ @   "x @   "x@ @   "|@ @   "x  "x@@   "x@  "x  "x   "x  "x  !X   L  L   L  L  l    H   L   l`   h`  !X !X   la@   ha@   !X !X   h@@    h @   !X   h@@  h @   h@  l  l  l   !x@  "|@ @   "|  !x@  l  !x@  l   h@   l   l`   h@@  h@  h  @  h@  h  "x@   !x   l`    l   h @   h   l`  #X  h@    l  h@@  h@   l@  h  @   l""@ @   h@  h   l  h   l  l ( l   "|  h @   !x   h    l   h    h@@   h@  #x@ @  #| #|  #x #|   h@@   h@    l@    h@    l @   L  l`    l@ @   "x   L "X   H  H   L   L   h    l    l@ @    L  L   l@ @   "x@ @   "x@ @   "|@ @  "|@   "|@  "\  "|@    h@  h   "|@ @   h   h    h   "x@   "x@    l@    H !X   L  h@  h  h   x@  x  x  "x@ "x  "|  "|   "x@ "x  "|   "x@  "x   "|    H  H   L  L "|@  "|@   L  #|   "|@ @  !x@  "x@  "x   "|   "|   "|   !X  "x@  "|@   "|  "|  "|   l@  l  l   l@  l@   l  l@   l   l   l@   l   l   "x@  "x@  !X "|   "|  "|   l@ "| "|  "| "| @ "|    l@  "|@ @   H "X "X !x@ !x@  h@ !x@  !X   h@@  "x@@    h@   "x@   "x  @    l    l     l `   #x   h@  l@@  l@  l @  l@  l@   l    l   l   H  L  L  "|@ @  !X  "|@ @   l@ @  ! !  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" "           #    ""@   " " @   @          @                    @   "|      a @   @@  @    @     a @   !@           a@   a @   @         "@       !@       @ @      a@   "@@   " @     "@ @      "@ @   "@ @   "  #  "x   "X  "|   "|   "x@  "x  "x@   "x   "|  "@@   " @   ""@@   ""@   " " @  "@ " " "  " "  #@ "X "X  "x@@   "x@   "x @   "X  "\ "x@@  "x@  "x @   "x@@   "x @   "x@@   "x@   "x @   "x@  "x  "X "X  "x   "x  "x   "x@   "x   "x@  "|@@   "| @   "x@@   "x@   "x @   "|@@   "|@   "| @   "|@@   "| @   "x@  "|@@   "| @  "x "| `Y Sources_Uses Balance_Sheet'"Income_Statement% Cash_FlowZDebt_Repayment<Book_DepreciationnvTax_DepreciationkRatio_AnalysisT<WC_BS_AssumptionslInc_Stmt_AssumptionsaPerformance_Assumptionsa Asset_Sales<Capital_StructureiIncome_Tax_CalcHFree_Cash_Flow_Summary DCF_Analysis WACC_PageIReturns_Calculationn    Case: EXIT_YEAR:   ;R  ;1  ; ;  ;+  ;@  ; $   ;'  ;6  ; )  ; *  ;"<#    s  3  @@    Project XXXTransaction Structure Uses of FundsEquity Purchase Price Debt Retired Debt Assumed Cash InfusionTransaction Costs Total UsesCurrent Stock Price Offer PremiumOffer Price Per ShareShares Outstanding (MM)Sources of Funds Existing Debt Bank RevolverSenior Bank Term "A"Senior Bank Term "B"Other Long-Term DebtSenior Subordinated DebtJunior Subordinated Debt Seller NotePreferred StockCommon Equity:Sponsor EquityManagement Equity New EquityExcess Cash on Balance Sheet Total Sources%IRRAcquisition MultiplesExit Multiples Exit YearExit EBITDA MultipleExit P/EExit Book MultipleEquity Allocation Undiluted Fully-DilutedLeverage AssumptionsSr. Debt / EBITDASr. Debt / (EBITDA - Capex)ClosingTotal Debt / EBITDATotal Debt / (EBITDA - Capex)Coverage AssumptionsEBITDA / Sr. Interest Expense (EBITDA - Capex) / Sr. Int. Exp.EBITDA / Total Interest Expense"(EBITDA - Capex) / Total Int. Exp.Goodwill CalculationPurchase Price of EquityPlus:Existing GoodwillLess: Net WorthAsset Write-UpDeferred TaxesGoodwillPerformance AssumptionsPerformance CaseCase Selection: HistoricalConsolidated Sales Growth1 =2 =3 =7Income Statement Assumptions and Historical Performance ProjectedBase Optimistic Pessimistic Gross MarginOperating Expenses / Sales:SG&AOther Expense #4Interest (Coupon) RatesInterest Income Tax Rates:Federal Tax RateState Tax RateEffective Tax RateWorking Capital AssumptionsCurrent Assets:&Historical and Projected Balance SheetASSETSCash & Marketable SecuritiesAccounts Receivable InventoriesPrepaid ExpensesPrepaid Income TaxesOther Current Assets #1Other Current Assets #2Other Current Assets #3Total Current Assets-+NonCurrent Assets:Net PP&E New GoodwillOther NC Assets #1Other NC Assets #2Other NC Assets #3Total NonCurrent Assets TOTAL ASSETSLIABILITIES & EQUITYCurrent Liabilities:Accounts PayableAccrued ExpensesDividend PayableIncome Tax PayableOther Current Liabilities #1Other Current Liabilities #2Other Current Liabilities #3Total Current LiabilitiesOther Deferred Liability #1Other Deferred Liability #2Minority InterestLong Term Debt:Total Long Term DebtTOTAL LIABILITIES Net Worth: - PreferredEquity - CommonRetained EarningsTOTAL LIABILITIES & EQUITYTOTAL NET WORTHBalance Sheet CheckProjected Cash Flow SummaryNet To Retained EarningsNon-Cash Adjustments:Consolidated D&AFunds From OperationsWorking Capital Source (Use):!(Increase) In Net Working CapitalCash From OperationsExisting Cash On Balance SheetCapital Expenditures!Cash Available For Debt Repayment)Historical and Projected Income Statement Net SalesCost Of Goods SoldOperating Expenses:SubtotalConsolidated EBITDA#Consolidated EBIT (Pre-Transaction)Transaction AmortizationNew Goodwill Amortization$Consolidated EBIT (Post-Transaction)Interest Expense:Total Interest ExpenseAverage Interest (1=Yes, 0=No)Gain (Loss) On Asset SalesNet Income Before TaxesProvision For Income TaxesOther Assumptions / Switches Circ Breaker Net IncomePreferred DividendsPreferred Dividend!Net Income To Common ShareholdersSenior Debt (1=Yes, 0=No)Senior Interest ExpenseJunior Interest Expense Years PIK!Projected Debt Repayment Schedule(FYE January; $ in millions) Cash MinimumAmt. Of Cash Min.!Asset-Backed Addition To RevolverMandatory (1=Mandatory. 0=Auto)Year #& /Current and Projected Capital Structure SummaryBook Capitalization$** Note - Change on Income Statement Total Debt Book EquityBorrowing BaseSenior Debt ?**Total Borrowing Base% of Borrowing Base Utilized Revolver DebtAsset-Backed Revolver0 = No1 = YesAdditions To CashQ% of A/R and Inventory Increase, which increases Asset-Backed Revolver, if activec(I.e., if set equal to % of borrowing base utilzed, this percentage will remain constant over time))% of Working Capital Increase To RevolverBook Depreciation ScheduleLand BeginningAmountPeriodExisting Equipment Gross PP&E Category 1 Category 2 Category 3 Category 4 Category 5TotalSalvageDepreciation MethodDepreciation PeriodYearCapital ExpenditureBOOK DEPRECIATIONTRANSACTION COST AMORTIZATIONYEARS -GOODWILL AMORTIZATION'(0=Not Tax-Deductible,1=Tax-Deductible)Computed or Manual Depreciation$Goodwill Amortization Tax-Deductible(0=Computed,1=Manual)Tax Depreciation ScheduleIncome Tax CalculationPlus: Book DepreciationLess: Tax DepreciationLess: Book Gain On Assets SoldPlus: Goodwill AmortizationPre-NOL Taxable IncomeNOL Used To Shelter IncomeNOL CarryforwardCurrent Taxable IncomeCurrent Tax ExpenseTotal Book TaxBeginning NOL's Current NOLNOL Carryforward Utilized Ending NOL6Estimated Weighted Average Cost of Capital Calculation Interest Rate Wtd. RateEstimated Cost of Debt:Pre-Tax After-TaxEstimated Cost of Preferred:!Estimated Cost of Equity Capital:Total Book Equity CapitalRisk-Free Rate (10 Yr T-Note)Market Risk PremiumUnlevered BetaTarget Debt / Equity RatioRelevered BetaCAPM Cost of Equity ProportionsTotal Preferred Total EquityTotal Book CapitalizationRate Wtd. FactorAtfer Tax Cost of DebtCost of PreferredCost of Equity Weighted Average Cost of Capital,Weighted Average Cost Of Capital Calculation(0 = Computed, 1 = Manual)After-Tax Cost of Debt Debt / Equity1+ D / ECalculation Given Target D / E Debt / ValueBeta CalculationZUnlevered Beta = Adjusted (Levered) Beta * [MVE / (Market Cap - (T * Book Value Of Debt))]QRelevered Beta = Unlevered Beta / [MVE / (Market Cap - (T * Book Value of Debt))] Levered Beta$ of Outstanding SharesMarket Value Of EquityPre-Transaction LT DebtMarket CapitalizationTax RatePost-Transaction Book Cap.E / V PercentageBook Debt ValueBook Equity ValueBook Capitalization At Closing:Proportion Setting:Returns Calculation EXIT YEAR:Dilution InvestmentPartialFullManagement Performance OptionTotal Initial Equity InvestmentTotal Overall InvestmentExit Proceeds And AllocationExit Year EBITDAx EBITDA MultipleExit ValuationConversion CostsPlus: Excess CashLess: Total Remaining DebtNet Proceeds To Allocate AllocationGross ConversionCostsNetTotalsReturnsInterest ParticipationIRR = Dividends Guess Rate:Discounted Cash Flow AnalysisFree Cash Flow SummaryEBIT!Plus: Depreciation & AmortizationUnlevered Cash FlowMinus:Free Cash FlowTransaction Fees:Advisory FinancingTotal Equity Allocation Average LifeOther Assumptions:Other Assets #2Other Assets #1Other Assets #3Ratio AnalysisTotal Debt / EquityTotal Debt / Tangible EquityCapital StructureLeverage RatiosSenior Debt / EBITDATotal Senior Debt Senior Debt Note: Change Senior / Sub Statuson the Income Statement PageSenior Debt / (EBITDA-CapEx)Total Debt / (EBITDA-CapEx)Interest CoverageEBITDA / Senior InterestEBITDA / Total Interest (EBITDA-CapEx) / Senior Interest(EBITDA-CapEx) / Total InterestEBIT / Senior InterestEBIT / Total InterestReturn on Average Common EquityEBIT / Average CapitalizationTotal CapitalizationAsset Turnover (Sales) Common EquityCapitalization Total AssetsInventory Turnover (COGS)Days Receivable (Sales)Days Inventory (Sales)Days Payable (Sales)Account ReceivablesAccount Payables Sales GrowthOperating Results EBITDA Margin EBIT Margin Total Debt / Book CapitalizationCapEx NormalizedEBITDA Multiple MethodPerpetuity Growth MethodMultiple RangeDiscount Rate RangeDCF AssumptionsPerpetuity Range DISCOUNT RATEFuture Value of TerminalTotal Enterprise Value<Less: Net Debt Equity Value Fully-Diluted Shares OutstandingEquity Value Per Share#Present Value of FCFF (1999 - 2008)Present Value of TerminalNet DebtTotal Equity Value(0=Not Deductible,1=Deductible)(0=SLN,1=Sum of Years)Asset Sale AssumptionsProjected Asset SalesEstimated Sale ProceedsTax Basis of AssetGain (Loss) On Asset SaleBook Basis Of AssetAllocation To Balance Sheet$Plus: Tax Gain (Loss) On Assets SoldPerpertuity Growth MethodFree Cash Flow CalculationPV of Terminal Value (EBITDA) Tax Rate:!PV of Terminal Value (Perpetuity)FV of Terminal Value (EBITDA)!FV of Terminal Value (Perpetuity)Total Equity Value Per ShareNumber of SharesCash Flow % of TEVTerminal Value % of TEV$Percentage Breakdown of DCF Analysis-Working Capital and Balance Sheet AssumptionsUse Excess CashInc/(Dec) in All NC Assets(Inc)/Dec in All NC LiabiltiesOther Expense #1Other Expense #2Other Expense #3Liquidity Ratios Current RatioAcid Test RatioPretax Profit To SalesInc/(Dec) in Working Capital(Inc)/Dec in All NC AssetsInc/(Dec) in All NC Liabilties%Manual Interest Rates and ProportionsWritten By John P. Burns98.12.15%3 3M444|5c667g88t99:o:;~<e = = > ? `@G 8A!BBCUD<DE|mFTGGH|"I I&K KeLLMzMaMNx1OOPQs2RRSGRT,UVVWlcc   8!\x  dMbP?_*+%,&L&D&T&C&P&N&R&F&AMNHP LaserJet 4MpcX,Letter 7''''"E,,??c#U} I } $ }  }  }  } m } $ } } $ } I }  } $ } m } I } $ 8@@h""i@ @((!J  , , , , ,,,;@ ;@;@;@;@ ;@;@;@ ;@0;@ ;@;@ ;@ ;@;@;@!. ZRD,   --- Circ Breaker Is On" --- Circ Breaker Is OffBD.  " --- Cash Min Switch Is Off$ --- Cash Min Switch Is OnBFCModel Is Balanced --- Circ Breaker Is On --- Cash Min Switch Is Off$\\ ]!yD,  aZNOTE - Remember To Switch Off Circ Breaker Once Data Has Been Entered and Select Iteration B]ZNOTE - Remember To Switch Off Circ Breaker Once Data Has Been Entered and Select Iteration$\\ ] p&ppppppppppppppp# q&qqqqqqqqqqqqqqq$(%%%%%%%%%%%%%%%%&'H !&ZPerformance Case: BasertL@! 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-Z @ Z*Z @B "  L " D  "   L "   "  " " " " " )(Z+ / SalesAccrued Expenses / SalesC!-Z @ Z+Z @BC!-Z @ Z+Z @BC!-Z @ Z+Z @BC!-Z @ Z+Z @BC! -Z @ Z+Z @B "  " D  "   "   "  " " " " " )(Z, / SalesDividend Payable / SalesC!-Z @ Z,Z @BC!-Z @ Z,Z @BC!-Z @ Z,Z @BC!-Z @ Z,Z @BC! -Z @ Z,Z @B "  " D  "   L "   "  " " " " " ))Z- / SalesIncome Tax Payable / SalesC!-Z @ Z-Z @BC!-Z @ Z-Z @BC!-Z @ Z-Z @BC!-Z @ Z-Z @BC! -Z @ Z-Z @B "  " D  "   "   "  " " " " " )@)Z. / Sales'$Other Current Liabilities #1 / SalesC!-Z @ Z.Z @BC!-Z @ Z.Z @BC!-Z @ Z.Z @BC!-Z @ Z.Z @BC! -Z @ Z.Z @B "  " D  "   "   "  " " " " " ))Z/ / Sales'$Other Current Liabilities #2 / SalesC!-Z @ Z/Z @BC!-Z @ Z/Z @BC!-Z @ Z/Z @BC!-Z @ Z/Z @BC! -Z @ Z/Z @B "  "    L "   "   "  " " " " " ))Z0 / Sales'$Other Current Liabilities #3 / SalesC!-Z @ Z0Z @BC!-Z @ Z0Z @BC!-Z @ Z0Z @BC!-Z @ Z0Z @BC! -Z @ Z0Z @B "#  "#    L "#   "#   "#  "# "# "# "# "# A)$*Z / SalesOther Assets #1 / SalesC!-Z @ ZZ @BC!-Z @ ZZ @BC!-Z @ ZZ @BC!-Z @ ZZ @BC! -Z @ ZZ @B " ! 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Performance Case: Z+ Performance Case: Base,Z(FYE January; $ in millions) ^?^^^^  ^E ^^^^^^^^^L@ZP@ DT@ DX@ D\@ D `@ D d@ D  h@    L l@   p@ t@ x@ |@ @ @  @~ "L !&6Z  Z Z Z BL ! 6Z  Z Z Z BL ! 6Z  Z Z Z BL ! 6Z  Z Z Z B3 !! : CBN3 !! : CBN3 !! : CBN3 !! : CBN3 !! : CBN3 !! : CBN3 !! : CBN3 !! : CBN3 !! : CBN3 !! : CBN O) , Z  / SalesCost Of Goods Sold / SalesC = -Z  Z Z BC = -Z  Z Z BC = -Z  Z Z BC = -Z  Z Z BC = -Z  Z Z B3 =!:CBN3 =! :CBN3 =! :CBN3 =! :CBN3 =! :CBN3 =!: CBN3 =!: CBN3 =!: CBN3 =!: CBN3 =!: CBN O -Z  Gross MarginC ! -Z  Z Z BC ! -Z  Z Z BC !-Z  Z Z BC !-Z  Z Z BC !-Z  Z Z BC !! -Z  Z Z BC !! -Z  Z Z BC !! -Z  Z Z BC !! -Z  Z Z BC !! -Z  Z Z BC !! -Z  Z Z BC !! -Z  Z Z BC !! -Z  Z Z BC !! -Z  Z Z BC !!-Z  Z Z BO JS8-+ ZSG&AC! -Z @ ZZ @BC!-Z @ ZZ @BC!-Z @ ZZ @BC!-Z @ ZZ @BC! -Z @ ZZ @B3 !!:CBN3 !! :CBN3 !! :CBN3 !! :CBN3 !! :CBN3!!: CBN3!!: CBN3!!: CBN3!!: CBN3!!: CBNSD-ZOther Expense #1C!-Z @ ZZ @BC!-Z @ ZZ @BC!-Z @ ZZ @BC!-Z @ ZZ @BC! -Z @ ZZ @B3 !!:CBN3 !! :CBN3 !! :CBN3 !! :CBN3 !! :CBN3!!: CBN3!!: CBN3!!: CBN3!!: CBN3!!: CBNSh-ZOther Expense #2C!-Z @ ZZ @BC!-Z @ ZZ @BC!-Z @ ZZ @BC!-Z @ ZZ @BC! -Z @ ZZ @B3 !!:CBN3 !! :CBN3 !! :CBN3 !! :CBN3 !! :CBN3!!: CBN3!!: CBN3!!: CBN3!!: CBN3!!: CBNS-ZOther Expense #3C!-Z @ ZZ @BC!-Z @ ZZ @BC!-Z @ ZZ @BC!-Z @ ZZ @BC! -Z @ ZZ @B3 !!:CBN3 !! :CBN3 !! :CBN3 !! :CBN3 !! :CBN3!!: CBN3!!: CBN3!!: CBN3!!: CBN3!!: CBNS-ZOther Expense #4C=-Z @ ZZ @BC=-Z @ ZZ @BC=-Z @ ZZ @BC=-Z @ ZZ @BC= -Z @ ZZ @B3 =! :#CBN3 =! :#CBN3 =! :#CBN3 =! :#CBN3 =! :#CBN3=!:# CBN3=!:# CBN3=!:# CBN3=!:# CBN3=!:# CBN)- Z / SalesConsolidated EBITDA / SalesC!-Z @ ZZ @BC!-Z @ ZZ @BC!-Z @ ZZ @BC!-Z @ ZZ @BC!-Z @ ZZ @BC !! -Z @ Z Z @BC !! -Z @ Z Z @BC !! -Z @ Z Z @BC !! -Z @ Z Z @BC !! -Z @ Z Z @BC!!-Z @ ZZ @BC!!-Z @ ZZ @BC!!-Z @ ZZ @BC!!-Z @ ZZ @BC!! -Z @ ZZ @B) .Z% / Sales/,Consolidated EBIT (Post-Transaction) / SalesC!-Z @ ZZ @BC!-Z @ ZZ @BC! -Z @ ZZ @BC! -Z @ ZZ @BC!-Z @ ZZ @BC !! -Z @ Z Z @BC !! -Z @ Z Z @BC !! -Z @ Z Z @BC !! -Z @ Z Z @BC !!-Z @ Z Z @BC!!-Z @ ZZ @BC!!-Z @ ZZ @BC!!-Z @ ZZ @BC!!-Z @ ZZ @BC!!-Z @ ZZ @B M IN$"""""~  " !    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"SX/!ZJunior Subordinated Debt$""""""~ " "" !#  " !#  " !# " "" L" !# " "!#" "!#" "!#" "!#" "!#" #S/"Z Seller Note$#"""""~ # "# !)  # !)  # !) # ## L# !) # #!)# #!)# #!)# #!)# #!)# ,$S/Z (% of Par)Preferred Stock (% of Par)$$"""""~ $ "$ !$  $ !$  $ !$ $ $$ L$ !$$ $!$$ $!$$ $!$$ $!$$ $!#$ ,%S/$Z ($ Amount)Preferred Stock ($ Amount)$%~ % % % D% % % % %% L% % % % %% %%% %%% %%% %%% %%% +&S0% Z Par ValuePreferred Stock Par Value~ &Y@&&  (O )SP$)"""""~ ) "D@) !? ) )+ L) !? ) ) !? ) )) L) !? ) )!? ) )!? ) )!? ) )!? ) )!?) *SQ$*"""""~ * "* !* ) * !* ) * !* * ** L* !** *!** *!** *!** *!** *!$ * +SR$+"""""~ + "+ !+ ) + !+ ) + !+ + ++ L+ !++ +!++ +!++ +!++ +!++ +!* + n                           Co                            y G hod ash cul V o l V TDA ate Te lue ity Te lue ! min (Pe   ity r S mbe es ow  T alu V$ ge   of ysi$ ng  nd  hee ion xce In n A ets Dec C L  ens' her' #2' xpe' Liq' tio' nt ' cid' io' Pro* les* ec)* ng * (I* n A* ets* ec)* C L* %+ ter+ an+ ion+ en + . B+ .12+ Hi+ C+ ed , wth, 2 =, Inc, men, ion, tor, orm, oje, se - tic- ist- s M- per- ens- s:- Oth- e #- est.  Ra.  ere.  .  :.  Tax.  tat.  e.  e T.  Wo/! ita/! ion/! nt /! Hi/! and/! d B/! eet/! /! rke0" uri0" cou0" vab0" nto0" epa0" es0"  In0" s0" rre1# #11# Cur1# ts 1# r C1# set1# tal1# Ass1# +1# ent)  N)  Ne)  l)  As) Ot) set) her) s #)  No>@<K?" 7ggD   '.Gc  dMbP?_*+%,&L&D&T&C&P&N&R&F&AMColorJet7d,,ColorJetLPT1 ,,"V,,??cU} } $} } m }  $ } } $ '@; ;,; ; ; ; ,,;;,,;;,,;;,,;;,,;H0! ZFCModel Is Balanced --- Circ Breaker Is On --- Cash Min Switch Is Off&################s0 Z Project XXX"ssssssssssssss t<"tttttttttttttt$0!ZPerformance Case: Base1#Z(FYE January; $ in millions) Y>Z? 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OptimisticB%"""""""""" &3D" PessimisticB&"""""""""" xvwLvl 4 +                     Co                                    y G  hod  ash  cul V o l V TDA ate  Te  lue  ity  Te  lue  ! min (Pe  ity r S  mbe  es  ow   T  alu$ V$$ ge $  of$ ysi$ ng $  nd $  hee$  ion$  xce$  In>@<U?7ggD   K=09  dMbP?_*+%,",??cU} } m} I} $ } } I } $ K@; ;,,; , , ,,;;,,,,,,,,,;,,4! 'ZFCModel Is Balanced --- Circ Breaker Is On --- Cash Min Switch Is Off&################s4AZ Project XXX*ssssssssssssssssss t*tttttttttttttttttt,34!Performance Case: Z+ Performance Case: Base4Z(FYE January; $ in millions) ^?^^^^  ^E ^^^^^^^^^  L@ZP@ DT@ DX@ D\@ D `@ D d@ D  h@    L l@   p@ t@ x@ |@ @ @ $ JJJJJB JJJJJJJJJJ $ 66666B 6666666666 ! 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B;#( %D@C :.B;#(#%D@C :.B;#(#%D@C :.B;#($%D@C :.B;#;$%D@C :.B$&$$$$'$&OD Participation $$2 9$ N#D @C  $* B$ N $ -$$  #L@C  , B$ N" $ $ N $ $N) $ $N"$ $N)$ $N$ $N%$ $0%$ %^(%$3%Q!*DDD D"D# %$$'%eOD IRR = D%cO.D"  %%% DB> B% _%% %%  -H% _) % % _) % % _)) % % _) % %_) % %_)% %_%% %_%% %_)% %))% &&$$$$' &&$$$$$$$$$$$''&$$$$'''^OD  ReturnsSponsor Equity Returns'$$$$$$$$$$$' (i) ($$ (.* (.+ (/-(&O-D Investment($( _* D B( +++++++++j )&$ )E )E) )E, )F))&P.D Participation )$2 ) N)) -))  #L@C  , B) N) ) N* ) ) N) ) )N)) ) )N*) )N*) )N/) )N*) )0*) %*& P3D ShareOther Long-Term Debt Share*$*<*D!*_!* D%D*]*_+G% 0 *% %  DB#*)!$ %**/*eXP0D IRR = D*chP.D(  %** DB> B#* _3 %() * _ * **  -* _* * * _. * * _* * *_)* * *_.* *_.* *_** *_.* *).* %+&lP D Share!Senior Subordinated Debt Share+$+<+D!+(!+ D%D+]+(,G% 0 *% %  DB#+;!  %++/ +&$$$$$$$$$$$'%,&P+D Share!Junior Subordinated Debt Share,$,<,D!,(!, D%D,],( G% 0 *% %  DB#,;! %,,/',^P D  ReturnsManagement Equity Returns,$$$$$$$$$$$'%-& Q,D SharePreferred Stock Share-$-<D -$$!-;! 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