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Transaction Structure: Project XXX
Transaction Structure: Project XXX
Burns
NOTE - Remember To Switch Off Circ Breaker Once Data Has Been Entered and Select Iteration 98.12.15
Project XXX
Transaction Structure
Performance Case: Base 9/23/2018 16:14
(FYE January; $ in millions) C:\Program Files\Microsoft Office\Templates\Spreadsheet Solutions\[LBO Model Template.xlt]Sources_Uses
Equity Purchase Price $0.0 Existing Debt $0.0 0.0% 0.0% Purchase Price of Equity $0.0
Debt Retired 0.0 Bank Revolver 0.0 0.0% 0.0% Plus:
Debt Assumed 0.0 Senior Bank Term "A" 0.0 0.0% 0.0% Existing Goodwill 0.0
Cash Infusion 0.0 Senior Bank Term "B" 0.0 0.0% 0.0% Less:
Transaction Costs 0.0 Other Long-Term Debt #1 0.0 0.0% 0.0% Net Worth 0.0
Other Long-Term Debt #2 0.0 0.0% 0.0% Asset Write-Up 0.0
Total Uses $0.0 Other Long-Term Debt #3 0.0 0.0% 0.0% Deferred Taxes 0.0
Other Long-Term Debt #4 0.0 0.0% 0.0%
Consideration Assumptions Common Stock 0.0 0.0% Goodwill $0.0
Excess Cash 0.0 0.0%
Current Stock Price $0.00 Acquisition Multiples
Offer Premium 25.0% Total Sources $0.0 0.0%
Offer Price Per Share $0.00 1999 EBITDA 0.0x
Other Assumptions / Switches EST. 2000 EBITDA 0.0x
Shares Outstanding (MM) 10.0 1999 P/E 0.0x
Equity Purchase Price $0.0 Accounting Type 0 Pooling EST. 2000 P/E 0.0x
Performance Case 1 Base To 1999 Book 0.0x
Circ Breaker 0 On To EST. 2000 Book 0.0x
Consideration Percent Per Share Preferred Dividend 0 % of Par
Cash 0.0% $0.00 NewCo Cash Min. 0 Off
Stock 100.0% $0.00 Amt. Of Cash Min. $10.0 Financing Inputs
Total 100.0% $0.00
Acquiror Cash Min. 0 Off Pro Forma Year 1999
Percent of Target Acquired 100.0% Amt. Of Cash Min. $10.0 Transaction Fees:
Premium to Current Price 25.0% Target Cash Min. 0 Off Advisory 1.0%
Amt. Of Cash Min. $10.0 Financing 3.0%
Risk Free Rate 10.00% Use Excess Cash 0
(Type of Bond Used) 10yr T-Bond Acquiror Name Company A No
Market Risk Premia 5.00% Target Name Company B
Leverage Assumptions 1999 2000 2001 2002 Coverage Assumptions 1999 2000 2001 2002
Sr. Debt / EBITDA 0.0x 0.0x 0.0x 0.0x EBITDA / Sr. Interest Expense 0.0x 0.0x 0.0x 0.0x
Sr. Debt / (EBITDA - Capex) 0.0x 0.0x 0.0x 0.0x (EBITDA - Capex) / Sr. Int. Exp. 0.0x 0.0x 0.0x 0.0x
Total Debt / EBITDA 0.0x 0.0x 0.0x 0.0x EBITDA / Total Interest Expense 0.0x 0.0x 0.0x 0.0x
Total Debt / (EBITDA - Capex) 0.0x 0.0x 0.0x 0.0x (EBITDA - Capex) / Total Int. Exp. 0.0x 0.0x 0.0x 0.0x
NewCo Model Balances
Circ Breaker Is On Project XXX
No Cash Minimum Transaction Adjustmen
Pooling Accounting
ASSETS
Company A Company B
Current Assets:
Cash & Marketable Securities $0.0 $0.0
Accounts Receivable 0.0 0.0
Inventories 0.0 0.0
Other Current Assets #1 0.0 0.0
Other Current Assets #2 0.0 0.0
Other Current Assets #3 0.0 0.0
Other Current Assets #4 0.0 0.0
Other Current Assets #5 0.0 0.0
NonCurrent Assets:
Net PP&E $0.0 $0.0
Goodwill and Intangible Assets 0.0 0.0
Other NC Assets #1 0.0 0.0
Other NC Assets #2 0.0 0.0
Other NC Assets #3 0.0 0.0
Other NC Assets #4 0.0 0.0
Other NC Assets #5 0.0 0.0
Other NC Assets #6 0.0 0.0
Other NC Assets #7 0.0 0.0
Current Liabilities:
Accounts Payable $0.0 $0.0
Accrued Liabilities 0.0 0.0
Other Current Liabilities #1 0.0 0.0
Other Current Liabilities #2 0.0 0.0
Other Current Liabilities #3 0.0 0.0
Other Current Liabilities #4 0.0 0.0
Other Current Liabilities #5 0.0 0.0
Net Worth:
Equity - Common $0.0 $0.0
- Preferred 0.0 0.0
Retained Earnings 0.0 0.0
NewCo
Adjustments ProForma
$0.0 $0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
$0.0 $0.0
$0.0
0.0 0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
$0.0 $0.0
$0.0 $0.0
$0.0
0.0
0.0
0.0
0.0
0.0
0.0
$0.0 $0.0
$0.0
0.0
0.0
0.0
0.0
0.0
$0.0 $0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
$0.0 $0.0
$0.0 $0.0
$0.0 $0.0
0.0
$0.0 0.0
$0.0 $0.0
$0.0 $0.0
$0.0 $0.0
NewCo Model Balances
Circ Breaker Is On Project XXX
No Cash Minimum Synergies Detail Pag
Pooling Accounting
SG&A Savings 1 2 3 4
5 6 7 8 9 10 11
5 6 7 8 9 10 11
5 6 7 8 9 10 11
5 6 7 8 9 10 11
5 6 7 8 9 10 11
5 6 7 8 9 10 11
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
5 6 7 8 9 10 11
ProForma Projected
1999 2000 2001 2002 2003
Net Sales
Company A (Acquiror) $0.0 $0.0 $0.0 $0.0 $0.0
Company B (Target) 0.0 0.0 0.0 0.0 0.0
Additional Projected 0.0 0.0 0.0 0.0 0.0
Total $0.0 $0.0 $0.0 $0.0 $0.0
SG&A
Company A (Acquiror) $0.0 $0.0 $0.0 $0.0 $0.0
Company B (Target) 0.0 0.0 0.0 0.0 0.0
Savings 0.0 0.0 0.0 0.0 0.0
Total $0.0 $0.0 $0.0 $0.0 $0.0
Other Expense #1
Company A (Acquiror) $0.0 $0.0 $0.0 $0.0 $0.0
Company B (Target) 0.0 0.0 0.0 0.0 0.0
Savings 0.0 0.0 0.0 0.0 0.0
Total $0.0 $0.0 $0.0 $0.0 $0.0
Other Expense #2
Company A (Acquiror) $0.0 $0.0 $0.0 $0.0 $0.0
Company B (Target) 0.0 0.0 0.0 0.0 0.0
Savings 0.0 0.0 0.0 0.0 0.0
Total $0.0 $0.0 $0.0 $0.0 $0.0
Other Expense #3
Company A (Acquiror) $0.0 $0.0 $0.0 $0.0 $0.0
Company B (Target) 0.0 0.0 0.0 0.0 0.0
Savings 0.0 0.0 0.0 0.0 0.0
Total $0.0 $0.0 $0.0 $0.0 $0.0
Other Expense #4
Company A (Acquiror) $0.0 $0.0 $0.0 $0.0 $0.0
Company B (Target) 0.0 0.0 0.0 0.0 0.0
Savings 0.0 0.0 0.0 0.0 0.0
Total $0.0 $0.0 $0.0 $0.0 $0.0
Project XXX
come Statement Detail Sheet
Projected
Projected CAGR / Average
2004 2005 2006 2007 2008 2009 ( 2000 - 2009 )
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
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
Goodwill and Intangible Assets 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
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
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
Other NC Assets #4 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 #5 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 #6 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 #7 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
TOTAL ASSETS $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
ProForma Projected
LIABILITIES & EQUITY 1999 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
Accrued Liabilities 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
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
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
Other Current Liabilities #4 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 #5 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
Other NC Liability #1 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Other NC Liability #2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other NC Liability #3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other NC Liability #4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other NC Liability #5 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
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
TOTAL LIABILITIES $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
- Preferred 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
TOTAL NET WORTH $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 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Page 15 of 50 397787191.xlsNew_IS 16:14:0909/23/2018
NewCo Model Balances
Circ Breaker Is On Project XXX
No Cash Minimum NewCo Projected Income Statement
Pooling Accounting
Performance Case: Base
(FYE January; $ in millions) Historical
ProForma Projected
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
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
Gross Margin 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
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
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
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
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
Subtotal 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Consolidated EBIT 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Depreciation & Depletion 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Intangible Amortization 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
Interest Income 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
Bank Revolver 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
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
Other Long-Term Debt #1 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 #2 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 #3 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 #4 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
Extraordinary Gain (Loss) 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
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
Net Income $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
Net Income To Common $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Shares Outstanding 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Earnings Per Share $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Page 16 of 50 397787191.xlsNew_SCF 16:14:0909/23/2018
NewCo Model Balances
Circ Breaker Is On Project XXX
No Cash Minimum NewCo Projected Cash Flow Statement
Pooling Accounting
Performance Case: Base
(FYE January; $ in millions) Historical
Projected
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Cash Flow From Operations:
Net Income To Common $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Depreciation & Depletion 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Intangible Amortization 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
(Increase) In Other Assets/Liabilties $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Cash Flows From Operating Activities $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Cash Flows Available For Financing $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Cash Flows From Financing Activities $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 Liabilities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Page 17 of 50 397787191.xlsNew_Debt_Repay 16:14:0909/23/2018
NewCo Model Balances
Circ Breaker Is On Project XXX
No Cash Minimum Projected Debt Repayment Schedule
Pooling Accounting
Performance Case: Base
(FYE January; $ in millions)
Projected
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
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
Available Cash Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Minimum Cash Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Available Discretionary Cash $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Existing Debt
Beginning Existing Debt Balance 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
Ending Existing Debt Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Bank Revolver
Beginning Bank Revolver Balance 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
Ending Bank Revolver Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Page 18 of 50 397787191.xlsNew_D&A_Page 16:14:0909/23/2018
NewCo Model Balances
Circ Breaker Is On Project XXX
No Cash Minimum Book Depreciation and Amortization Schedule
Pooling Accounting
Performance Case: Base
(FYE January; $ in millions) Depreciation Method Computed or Manual Depreciation
(0=SLN,1=Sum of Years) (0=Computed,1=Manual)
Existing Equipment 0 Straight Line 0 Computed
Beginning Projected
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 Projected
Depreciation Period 10 years 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
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
PP&E Schedule
Beginning PP&E $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
Asset Sales 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Land 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Less: Depreciation 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Ending PP&E Balance $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Goodwill and Intangible Assets 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Amortization $ $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Amotiztion Period 40 years
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Intangible Schedule
Beginning Intangible Account $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Less: Amortization 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Ending Intangible Account $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
TOTAL CALCULATED AMORTIZATION 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
TOTAL AMORTIZATION 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Page 19 of 50 397787191.xlsNew_Shdlrs_Equity 16:14:0909/23/2018
Beginning Shareholder's Equity $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Net Income
Adjustments to Net Income 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Common Stock Dividends 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Issuance (Repurchase) of Common Stock 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Ending Shareholder's Equity $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Page 20 of 50 397787191.xlsNew_WC&BS_Assume 16:14:0909/23/2018
NewCo Model Balances
Circ Breaker Is On Project XXX
No Cash Minimum NewCo Working Capital and Balance Sheet Assumptions
Pooling Accounting
Performance Case: Base
(FYE January; $ in millions) Historical
ProForma Projected
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%
Inventories / Sales 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%
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%
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%
Other Current Assets #4 / Sales 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 #5 / Sales 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%
Accrued Liabilities / Sales 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%
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%
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%
Other Current Liabilities #4 / Sales 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 #5 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Other Assumptions:
Other NC 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%
Other NC 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%
Other NC 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%
Other NC Assets #4 / Sales 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 #5 / Sales 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 #6 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Other NC Liability #1 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Other NC Liability #2 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Other NC Liability #3 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Other NC Liability #4 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Other NC Liability #5 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Minority Interest / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Page 21 of 50 397787191.xlsNew_IS_Assume 16:14:0909/23/2018
NewCo Model Balances
Circ Breaker Is On Project XXX
No Cash Minimum NewCo Income Statement Assumptions
Pooling Accounting
Performance Case: Base
(FYE January; $ in millions)
ProForma Projected
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%
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%
Gross Margin 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Consolidated EBIT / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Consolidated EBITDA / Sale 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Tax Rates:
Federal Tax Rate 40.0% 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%
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%
Page 22 of 50 397787191.xlsNew_Perform_Assume 16:14:0909/23/2018
NewCo Model Balances
Circ Breaker Is On Project XXX
No Cash Minimum Performance Assumptions
Pooling Accounting
Performance Case: Base
(FYE January; $ in millions)
Case Selection: 1
Projected
Historical 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Net Sales
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 / 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 #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%
Page 23 of 50 397787191.xlsNew_FCFF 16:14:1009/23/2018
Consolidated EBIT $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Less: Taxes at (40.0%) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Plus: Depreciation & Amortization 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Unlevered Cash Flow $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Minus:
Capital Expenditures 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 Working Capital 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 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 Liabilities 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 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Page 24 of 50 397787191.xlsNew_DCF 16:14:1009/23/2018
NPV of Free Cash Flows FV of Terminal Value (EBITDA) FV of Terminal Value (Perpetuity)
1.0% 2.0% 3.0%
NPV of FCFF @ 7.00% $0.0 Terminal Value @ 4.0x $0.0 Terminal Value @ 7.00% $0.0 $0.0 $0.0
NPV of FCFF @ 8.00% 0.0 Terminal Value @ 6.0x 0.0 Terminal Value @ 8.00% 0.0 0.0 0.0
NPV of FCFF @ 9.00% 0.0 Terminal Value @ 8.0x 0.0 Terminal Value @ 9.00% 0.0 0.0 0.0
7.00% NA NA NA 7.00% NA NA NA
8.00% NA NA NA 8.00% NA NA NA
9.00% NA NA NA 9.00% NA NA NA
Page 26 of 50 397787191.xlsAcq_BS 16:14:1009/23/2018
Acquiror Model Balances
Circ Breaker Is On Project XXX - Company A
No Cash Minimum Historical and Projected Balance Sheet
Pooling Accounting
Performance Case: Base
(FYE January; $ in millions)
Historical ProForma Projected
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
ASSETS
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
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
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
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
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
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
Other Current Assets #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
Other Current Assets #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 0.0 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
Goodwill and Intangible 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
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
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
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
Other NC Assets #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
Other NC Assets #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 0.0 0.0 0.0 0.0
Other NC Assets #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
Other NC Assets #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
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
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
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
Accrued 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
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
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
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
Other Current Liabilities #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
Other Current Liabilities #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 0.0 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
Other NC 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
Other NC 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
Other NC Liability #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
Other NC Liability #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
Other NC Liability #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 0.0 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
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
TOTAL 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
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
- 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
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
TOTAL NET WORTH $0.0 $0.0 $0.0 $0.0 $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 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Page 27 of 50 397787191.xlsAcq_IS 16:14:1009/23/2018
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 $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 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 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 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 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 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 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 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 0.0
Consolidated EBIT 0.0 0.0 0.0 0.0 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 & Depletion 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Intangible 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 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 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 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 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
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
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
Other Long-Term Debt #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
Other Long-Term Debt #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
Other Long-Term Debt #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
Other Long-Term Debt #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
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 0.0
Extraordinary Gain (Loss) 0.0 0.0 0.0 0.0 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 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 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 $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 0.0
Net Income To 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
Shares Outstanding 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Earnings Per Share $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 $0.00
Page 28 of 50 397787191.xlsAcq_CF 16:14:1009/23/2018
Acquiror Model Balances
Circ Breaker Is On Project XXX - Company A
No Cash Minimum Historical and Projected Cash Flow Statement
Pooling Accounting
Performance Case: Base
(FYE January; $ in millions)
Projected
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Cash Flow From Operations:
Net Income To Common $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Depreciation & Depletion 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Intangible Amortization 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
(Increase) In Other Assets/Liabilties $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Cash Flows From Operating Activities $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Cash Flows Available For Financing $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Cash Flows From Financing Activities $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 Liabilities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Page 29 of 50 397787191.xlsAcq_Debt_Repay 16:14:1009/23/2018
Acquiror Model Balances
Circ Breaker Is On Project XXX - Company A
No Cash Minimum Projected Debt Repayment Schedule
Pooling Accounting
Performance Case: Base
(FYE January; $ in millions)
Projected
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
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
Available Cash Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Minimum Cash Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Available Discretionary Cash $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Existing Debt
Beginning Existing Debt Balance 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
Ending Existing Debt Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Bank Revolver
Beginning Bank Revolver Balance 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
Ending Bank Revolver Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Page 30 of 50 397787191.xlsAcq_D&A 16:14:1009/23/2018
Acquiror Model Balances
Circ Breaker Is On Project XXX - Company A
No Cash Minimum Book Depreciation and Amortization Schedule
Pooling Accounting
Performance Case: Base
(FYE January; $ in millions) Depreciation Method Computed or Manual Depreciation
(0=SLN,1=Sum of Years) (0=Computed,1=Manual)
Existing Equipment 0 Straight Line 0 Computed
Beginning Projected
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 Projected
Depreciation Period 10 years 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
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
PP&E Schedule
Beginning PP&E $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
Asset Sales 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Land 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Less: Depreciation 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Ending PP&E Balance $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Goodwill and Intangible Assets 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Amortization $ $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Amotiztion Period 5 years
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Intangible Schedule
Beginning Intangible Account $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Less: Amortization 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Ending Intangible Account $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
TOTAL CALCULATED AMORTIZATION 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
TOTAL AMORTIZATION 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Page 31 of 50 397787191.xlsAcq_SHE 16:14:1009/23/2018
Beginning Shareholder's Equity $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Net Income
Adjustments to Net Income 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Common Stock Dividends 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Issuance (Repurchase) of Common Stock 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Ending Shareholder's Equity $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Page 32 of 50 397787191.xlsAcq_WC&BS_Assume 16:14:1009/23/2018
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% 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% 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% 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% 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% 0.0%
Other Current Assets #4 / 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%
Other Current Assets #5 / 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%
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% 0.0%
Accrued Liabilities / 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%
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% 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% 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% 0.0%
Other Current Liabilities #4 / 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%
Other Current Liabilities #5 / 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%
Other Assumptions:
Other NC 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% 0.0%
Other NC 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% 0.0%
Other NC 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% 0.0%
Other NC Assets #4 / 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%
Other NC Assets #5 / 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%
Other NC Assets #6 / 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%
Other NC Liability #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% 0.0%
Other NC Liability #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% 0.0%
Other NC Liability #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% 0.0%
Other NC Liability #4 / 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%
Other NC Liability #5 / 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%
Minority Interest / 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%
Page 33 of 50 397787191.xlsAcq_IS_Assume 16:14:1009/23/2018
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% 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% 0.0%
Consolidated EBIT / 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%
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% 0.0%
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% 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% 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% 0.0%
Page 34 of 50 397787191.xlsAcq_Perform_Assume 16:14:1009/23/2018
Acquiror Model Balances
Circ Breaker Is On Project XXX - Company A
No Cash Minimum Performance Assumptions
Pooling Accounting
Performance Case: Base
(FYE January; $ in millions)
Case Selection: 1
Projected
Historical 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Net Sales
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 / 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 #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%
Page 35 of 50 397787191.xlsAcq_FCFF 16:14:1009/23/2018
Consolidated EBIT $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Less: Taxes at (40.0%) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Plus: Depreciation & Amortization 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Unlevered Cash Flow $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Minus:
Capital Expenditures 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 Working Capital 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 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 Liabilities 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 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Page 36 of 50 397787191.xlsAcq_DCF 16:14:1009/23/2018
NPV of Free Cash Flows FV of Terminal Value (EBITDA) FV of Terminal Value (Perpetuity)
1.0% 2.0% 3.0%
NPV of FCFF @ 7.00% $0.0 Terminal Value @ 4.0x $0.0 Terminal Value @ 7.00% $0.0 $0.0 $0.0
NPV of FCFF @ 8.00% 0.0 Terminal Value @ 6.0x 0.0 Terminal Value @ 8.00% 0.0 0.0 0.0
NPV of FCFF @ 9.00% 0.0 Terminal Value @ 8.0x 0.0 Terminal Value @ 9.00% 0.0 0.0 0.0
7.00% NA NA NA 7.00% NA NA NA
8.00% NA NA NA 8.00% NA NA NA
9.00% NA NA NA 9.00% NA NA NA
Page 38 of 50 397787191.xlsAcq_WACC 16:14:1009/23/2018
Acquiror Model Balances
Circ Breaker Is On Project XXX - Company A
No Cash Minimum Estimated Weighted Average Cost of Capital Calculation
Pooling Accounting
Performance Case: Base
(FYE January; $ in millions)
Weighted Average Cost Of Capital Calculation
(0 = Computed, 1 = Manual) Proportion Setting: Manual
1 Manual WACC
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 #1 0.0 0.00% 0.00% Total Equity 0.0 0.0%
Other Long-Term Debt #2 0.0 0.00% 0.00%
Other Long-Term Debt #3 0.0 0.00% 0.00% Total Book Capitalization $0.0 0.0%
Other Long-Term Debt #4 0.0 0.00% 0.00%
Estimated Cost of Preferred: Amount Interest Rate Atfer Tax Cost of Debt 40.0% 5.00% 2.00%
Estimated Cost of Equity Capital: Amount Interest Rate Cost of Equity 60.0% 9.50% 5.70%
Total Book Equity Capital $0.0 #REF! Weighted Average Cost of Capital 7.70%
#REF! #REF!
#REF! #REF!
Unlevered Beta 0.00
Target Debt / Equity Ratio 66.7%
Relevered Beta 0.00
CAPM Cost of Equity #REF!
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
Goodwill and Intangible 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
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
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
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
Other NC Assets #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
Other NC Assets #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 0.0 0.0 0.0 0.0
Other NC Assets #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
Other NC Assets #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
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
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
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
Accrued 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
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
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
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
Other Current Liabilities #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
Other Current Liabilities #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 0.0 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
Other NC 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
Other NC 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
Other NC Liability #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
Other NC Liability #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
Other NC Liability #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 0.0 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
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
TOTAL 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
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
- 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
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
TOTAL NET WORTH $0.0 $0.0 $0.0 $0.0 $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 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Page 40 of 50 397787191.xlsTarg_IS 16:14:1109/23/2018
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 $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 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 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 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 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 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 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 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 0.0
Consolidated EBIT 0.0 0.0 0.0 0.0 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 & Depletion 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Intangible 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 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 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 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 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
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
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
Other Long-Term Debt #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
Other Long-Term Debt #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
Other Long-Term Debt #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
Other Long-Term Debt #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
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 0.0
Extraordinary Gain (Loss) 0.0 0.0 0.0 0.0 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 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 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 $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 0.0
Net Income To 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
Shares Outstanding 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Page 41 of 50 397787191.xlsTarg_CF 16:14:1109/23/2018
Target Model Balances
Circ Breaker Is On Project XXX - Company B
No Cash Minimum Historical and Projected Cash Flow Statement
Pooling Accounting
Performance Case: Base
(FYE January; $ in millions)
Projected
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Cash Flow From Operations:
Net Income To Common $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Depreciation & Depletion 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Intangible Amortization 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
(Increase) In Other Assets/Liabilties $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Cash Flows From Operating Activities $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Cash Flows Available For Financing $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Cash Flows From Financing Activities $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 Liabilities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Page 42 of 50 397787191.xlsTarg_Debt_Repay 16:14:1109/23/2018
Target Model Balances
Circ Breaker Is On Project XXX - Company B
No Cash Minimum Projected Debt Repayment Schedule
Pooling Accounting
Performance Case: Base
(FYE January; $ in millions)
Projected
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
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
Available Cash Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Minimum Cash Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Available Discretionary Cash $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Existing Debt
Beginning Existing Debt Balance 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
Ending Existing Debt Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Bank Revolver
Beginning Bank Revolver Balance 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
Ending Bank Revolver Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
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Target Model Balances
Circ Breaker Is On Project XXX - Company B
No Cash Minimum Book Depreciation and Amortization Schedule
Pooling Accounting
Performance Case: Base
(FYE January; $ in millions) Depreciation Method Computed or Manual Depreciation
(0=SLN,1=Sum of Years) (0=Computed,1=Manual)
Existing Equipment 0 Straight Line 0 Computed
Beginning Projected
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 Projected
Depreciation Period 10 years 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
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
PP&E Schedule
Beginning PP&E $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
Asset Sales 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Land 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Less: Depreciation 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Ending PP&E Balance $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Goodwill and Intangible Assets 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Amortization $ $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Amotiztion Period 5 years
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Intangible Schedule
Beginning Intangible Account $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Less: Amortization 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Ending Intangible Account $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
TOTAL CALCULATED AMORTIZATION 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
TOTAL AMORTIZATION 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Page 44 of 50 397787191.xlsTarg_SHE 16:14:1109/23/2018
Beginning Shareholder's Equity $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Net Income
Adjustments to Net Income 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Common Stock Dividends 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Issuance (Repurchase) of Common Stock 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Ending Shareholder's Equity $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Page 45 of 50 397787191.xlsTarg_WC&BS_Assume 16:14:1109/23/2018
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% 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% 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% 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% 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% 0.0%
Other Current Assets #4 / 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%
Other Current Assets #5 / 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%
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% 0.0%
Accrued Liabilities / 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%
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% 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% 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% 0.0%
Other Current Liabilities #4 / 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%
Other Current Liabilities #5 / 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%
Other Assumptions:
Other NC 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% 0.0%
Other NC 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% 0.0%
Other NC 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% 0.0%
Other NC Assets #4 / 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%
Other NC Assets #5 / 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%
Other NC Assets #6 / 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%
Other NC Liability #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% 0.0%
Other NC Liability #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% 0.0%
Other NC Liability #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% 0.0%
Other NC Liability #4 / 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%
Other NC Liability #5 / 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%
Minority Interest / 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%
Page 46 of 50 397787191.xlsTarg_IS_Assume 16:14:1109/23/2018
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% 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% 0.0%
Consolidated EBIT / 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%
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% 0.0%
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% 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% 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% 0.0%
Page 47 of 50 397787191.xlsTarg_Perform_Assume 16:14:1109/23/2018
Target Model Balances
Circ Breaker Is On Project XXX - Company B
No Cash Minimum Performance Assumptions
Pooling Accounting
Performance Case: Base
(FYE January; $ in millions)
Case Selection: 1
Projected
Historical 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Net Sales
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 / 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 #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%
Page 48 of 50 397787191.xlsTarg_FCFF 16:14:1109/23/2018
Consolidated EBIT $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Less: Taxes at (40.0%) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Plus: Depreciation & Amortization 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Unlevered Cash Flow $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Minus:
Capital Expenditures 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 Working Capital 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 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 Liabilities 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 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Page 49 of 50 397787191.xlsTarg_DCF 16:14:1109/23/2018
NPV of Free Cash Flows FV of Terminal Value (EBITDA) FV of Terminal Value (Perpetuity)
1.0% 2.0% 3.0%
NPV of FCFF @ 7.00% $0.0 Terminal Value @ 4.0x $0.0 Terminal Value @ 7.00% $0.0 $0.0 $0.0
NPV of FCFF @ 8.00% 0.0 Terminal Value @ 6.0x 0.0 Terminal Value @ 8.00% 0.0 0.0 0.0
NPV of FCFF @ 9.00% 0.0 Terminal Value @ 8.0x 0.0 Terminal Value @ 9.00% 0.0 0.0 0.0
7.00% NA NA NA 7.00% NA NA NA
8.00% NA NA NA 8.00% NA NA NA
9.00% NA NA NA 9.00% NA NA NA