Adventure Works | Doris Hartwig | July 2005

Quarterly Results and FY 2006 Financial Outlook

Agenda
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Quarterly Results – 4th Quarter FY 05 FY 2006 Financial Outlook

4th Quarter 2005 Adjusted Financial Highlights
4th Quarter Adjusted EPS Revenues Cash Expense Operating Expense Operating Income EBITDA Debt $6.2M $14.2M $1.6M $12.5M $2.3M $2.8M ($1.2M) % Change 0.0% (0.5%) 0.7% 0.3% (0.2%) (1.2%) (10.6%)

Earnings Reconciliation
Reported Earnings (loss) per share Investment-related Write-downs Investment 1 Investment 2 Gain on Sale Investment 1 Investment 2 Adjusted Earnings per Share $.03 $.02 $.03 $.07 $.03 $.05 ($.12) $.10

Balance Sheet Highlights
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Reduced debt by more than 10% Anticipate profits from sales of ancillary subsidiaries

Innovation and Marketing
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3 new products/services in Research and Development Rollout planned for new division Campaigns targeting new markets

4th Quarter Summary
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Economic environment impedes sales Renewed commitment to innovation and marketing

Projected Earnings
90 80 70 60 50 40 30 20 10 0 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr East West North

2006 Projected Outlook

Assumptions
Economic recovery imminent − Pending issues

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Legacy holdings Regulatory changes

Capital management − Balance sheets

FY 2006 Projections
Estimated Revenue Growth EPS Capital Expenditures $14.2M $1.6M $12.5M % Change (0.5%) 0.7% 0.3%

Projected Capital Expenditures
90 80 70 60 50 40 30 20 10 0 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr East West North

Summary
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Additional capital flow anticipated in 3rd Quarter Development, marketing key