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WORKSHEET TO ACCOMPANY YOUR ANSWER BOOKLET

Name:_________________________________ Roll Number:_____________________________________

WORKSHEET 1: ASSUMPTIONS

2002 2003 2004 2005 2006 2007

2%
Annual Growth Rate of sales

40%
Income tax rate

45%
Net Working Capital/ Sales ratio

35%
PP&E / Sales

Discount rate

Terminal Growth Rate

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WORKSHEET 2: VALUATION BASE MODEL ASSUMING IMPROVEMENTS IN OPERATIONS REALISED

2002
Actual 2003 2004 2005 2006 2007

Cost of Goods Sold / Sales 68.0%

SGA / Sales 22.0%

Sales 55.3

Cost of Goods Sold 37.9

SG&A 12.3

Depreciation 2.1

Other

EBIT 3.0

Taxes 1.2

EBIAT 1.8

Depreciation 2.1

Cash Flows from Operations 3.9

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2003 2004 2005 2006 2007

Cash Flows from Operations (FROM PREVIOUS
SHEET)

Deduct Change in NWC

Deduct Capital Expenditures

Deduct Change in Other Assets

Cash Flow to Capital

Terminal Value of Cash Flows to Capital

Present Value of Cash Flows to Capital

Present Value of Terminal Value

Total Present Value of Cash Flows to Capital

Debt Outstanding at Acquisition Date

Present Value of Common Stock

Present Value of Robertson Common Stock per

Share
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WORKSHEET 3: VALUATION ASSUMING NET WORKING CAPITAL IN LINE WITH BEST AMONG COMPARABLE
COMPANIES + OTHER IMPROVEMENTS CONSIDERED IN BASE CASE

2002
Actual 2003 2004 2005 2006 2007

Cost of Goods Sold / Sales 68.0%

SGA / Sales 22.0%

Sales 55.3

Cost of Goods Sold 37.9

SG&A 12.3

Depreciation 2.1

Other

EBIT 3.0

Taxes 1.2

EBIAT 1.8

Depreciation 2.1

Cash Flows from Operations 3.9

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2003 2004 2005 2006 2007

Cash Flows from Operations (FROM PREVIOUS
PAGE)

Deduct Change in NWC

Deduct Capital Expenditures

Deduct Change in Other Assets

Cash Flow to Capital

Terminal Value of Cash Flows to Capital

Present Value of Cash Flows to Capital

Present Value of Terminal Value

Total Present Value of Cash Flows to Capital

Debt Outstanding at Acquisition Date

Present Value of Common Stock

Present Value of Robertson Common Stock per
Share