Web-based Training ü Lifetime access

ü 30 day money back guarantee

ü iPad / iPhone / Android accessible
TTS Discount Site è http://tinyurl.com/ks6vqdo ç

Self-study Training The Street self-study course packs deliver the high-powered materials
● Financial Accounting and instruction style featured at live seminars in an innovative combination of a
● Corporate Valuation reference book, on-demand online companion and dynamic Excel modeling
● Financial Modeling drills. Our materials are designed to equip or enhance your financial modeling
● Merger Modeling and corporate valuation skills to best prepare you for an interview, a new
● Excel Best Practices profession or a specific job function.
and more... For more detail à https://www.ttsuniversity.com

University Workshops, Corporate Valuation and Financial Modeling workshops ideal for industry
Open Enrollment, professionals, students and perspective new hires.
Evening & Weekend
Classes Public Comparables, Acquisition Comparables, Financial Modeling
Discounted Cash Flow, Merger Modeling, Leveraged Buyouts

TTS Macros List? Do you want us to send you our latest updates?
Email: info@trainingthestreet.com
Training The Street, Inc.
275 Madison Avenue Suite 1201
New York, NY 10016 USA
Tel: +1 (800) 887-1320 (in the United States)
+1 (704) 927-9688 (outside the United States)
Email: info@trainingthestreet.com
 Name: Yell Notes:
Before you begin:
3/31/2001 Last fiscal year end Excel 2007–2013: Office Button, E
Excel 97–2003: Tools, Options, Ca
365 Numbers of days in the period Excel 2008, 2011 (Mac): Excel, Pre
● Blue cells are for data input
Purchase price options: 1 ● Green cells are links to between th
1) = Premium Paid (Public Co.) 25.0% ● Black cells are formulas
2) = EBITDA Multiple (Private Co.) 9.0x
This template is designed for instructional pu
1 "Circ" To clear "#VALUE!" errors put in 0, calculate fundamentals of Leveraged Buyout Analysis.
your model, then put back a 1 and recalculate at info@trainingthestreet.com

Leveraged Buyout of Yell

Figures in millions, except per share

Transaction Assumptions Sources

Current share price $0.00 Cash
x Offer price premium 25.0% Bank debt
Offer price per share $0.00 Subordinated debt
Target diluted shares outstanding 0.000 Sponsor's equity
Offer Value $2,230,762.0 Total sources
+ Debt 0.0
+ Preferred 0.0 Uses
+ Noncontrolling interest 36.2 Purchase of equity
- Cash & equivalents 0.0 Refinancing of existing debt
Transaction Value $2,230,762.0 Transaction expenses @ 5.0%
Total uses

Transaction Multiples Pro Forma IRR Returns

Transaction Value / Sales 3.05x 7.5x
Transaction Value / EBITDA 8.7x EBITDA Exit 8.0x
Transaction Value / EBIT 8.7x 8.5x

Pro Forma EBITDA £ 255,810.70

Pro Forma Projected year end

Credit stats 2001 2002 2003 2004
Senior Debt / EBITDA 4.1x 3.5x 3.0x 2.5x
Total Debt / EBITDA 6.5x 5.4x 4.7x 4.0x
EBITDA / Interest NM 2.1x 2.4x 2.7x
EBITDA - CapEx / Interest NM 2.0x 2.3x 2.6x

x Cash Flow Analysis for

Figures in thousands
 Historical year ending March 31,
2000 2001

Sales £ 629,772.67 £ 732,075.67

EBITDA 255,810.7
EBITDA Margin 0.0% 34.9%

Less: Depreciation (10,231.1)

Less: Amortization 0.0
EBIT 255,810.7
Less: Taxes @ (74,889.3)
Tax-effected EBIT 170,690.6

Plus: Depreciation and amortization 10,231.1

Less: Capital expenditures (14,621.1)
Less: Additions to intangibles 0.0
(Increase)/decrease in working capital (25,544.0)
Unlevered Free Cash Flow 140,756.6

Less: Interest expense 0.0

Plus: Tax shield on interest @ 30.0% 0.0
Levered Free Cash Flow Before Debt Paydown 140,756.6
Scheduled debt payments
Excess cash available for debt sweep
Required deficit funding
Application of excess cash
Bank debt
Subordinated debt
Net change in cash

Historical year ending March 31,

2000 2001

Operating Assumptions
Sales growth 16.2%
Cost of goods sold (as a % sales) 0.5% 0.5%
SG&A (as a % sales) 0.1% 0.1%
Capital Expenditure Assumptions
CapEx (as a % sales) 0.0% 2.0%
Depreciation (as a % of CapEx) 0.0% 70.0%

Additions to Intangibles ($ amount) $0.0 $0.0

Amortization ($ amount) 0.0 0.0

x Debt Schedule for Yell

Figures in million

Bank debt
Beginning balance
 Mandatory repayment
Application of excess cash 50.0%
Required deficit funding
Ending balance

Average balance
Interest rate
Interest expense on bank debt

Subordinated debt
Beginning balance
Mandatory repayment
Application of excess cash 50.0%
Ending balance

Average balance
Interest rate
Interest expense on subordinated debt

Cash
Beginning balance
Net change in cash
Ending balance

x Returns Analysis: EBITDA Multiple Method

Figures in million

Initial investment: $692,300.1

EBITDA

Implied enterprise value @ EBITDA multiple of:

7.5x
8.0x
8.5x

LESS: Debt
PLUS: Cash

Implied equity value @ EBITDA multiple of:

7.5x
8.0x
8.5x

Equity return @ EBITDA multiple of:

7.5x
8.0x
8.5x

x END This model is provided "as is". Training The Street, Inc. and their affiliates have no liability arising out of the use of this model.
 re you begin: Ensure that iterations are enabled
cel 2007–2013: Office Button, Excel Options, Formulas
cel 97–2003: Tools, Options, Calculation tab
cel 2008, 2011 (Mac): Excel, Preferences, Calculation icon
ue cells are for data input
een cells are links to between the different worksheets
ck cells are formulas

template is designed for instructional purposes only. Simplifications have been made to teach the
amentals of Leveraged Buyout Analysis. To learn more about LBO's, contact Training The Street
o@trainingthestreet.com

Cumulative
Pro Forma Financing
Amount % of Total EBITDA assumptions
$0.0 0.0% 0.0x $0.0
1,050,000.0 44.8% 4.1x 3.5x
rdinated debt 600,000.0 25.6% 6.5x 2.5x
sor's equity 692,300.1 29.6% 9.2x
$2,342,300.1 100.0% 9.2x

Amount % of Total
hase of equity $2,230,762.0 95.2%
ancing of existing debt 0.0 0.0%
saction expenses @ 5.0% 111,538.1 4.8% 5.0%
$2,342,300.1 100.0%

Year 4 Year 5 Year 6

21.4% 21.6% 21.2%
24.9% 24.0% 23.0%
28.1% 26.3% 24.6%

Projected year ending March 31,

2005 2006 2007
2.0x 1.5x 1.0x
3.3x 2.7x 2.0x
3.2x 3.9x 4.9x
3.1x 3.8x 4.8x
 Projected year ending March 31,
2002 2003 2004 2005 2006 2007

£ 810,774.05 £ 869,091.71 £ 927,354.74 £ 981,722.95 £ 1,061,057.98 ###

289,826.7 312,646.6 335,167.3 360,921.8 382,254.7 402,088.2
35.7% 36.0% 36.1% 36.8% 36.0% 35.7%

(10,463.3) (13,183.3) (12,733.3) (11,963.3) (12,333.3) (12,333.3)

0.0 0.0 0.0 0.0 0.0 0.0
289,826.7 312,646.6 335,167.3 360,921.8 382,254.7 402,088.2
(86,411.7) (92,826.6) (100,599.8) (109,138.0) (116,307.8) (122,855.2)
192,951.8 206,636.9 221,834.3 239,820.7 253,613.8 266,899.8

10,463.3 13,183.3 12,733.3 11,963.3 12,333.3 12,333.3

(17,581.1) (15,771.7) (14,903.6) (14,623.1) (13,555.6) (13,555.6)
0.0 0.0 0.0 0.0 0.0 0.0
(4,356.0) (12,000.0) (16,994.0) (12,600.0) (8,750.0) (4,046.0)
181,478.0 192,048.5 202,670.1 224,560.9 243,641.6 261,631.6

($139,334.2) ($131,355.2) ($122,172.5) ($111,098.9) ($97,626.4) ($81,687.5)

41,800.3 39,406.6 36,651.7 33,329.7 29,287.9 24,506.3
83,944.1 100,099.9 117,149.3 146,791.7 175,303.1 204,450.4
0.0 (50,000.0) (75,000.0) (100,000.0) (125,000.0) (125,000.0)
83,944.1 50,099.9 42,149.3 46,791.7 50,303.1 79,450.4
0.0 0.0 0.0 0.0 0.0 0.0

(41,972.0) (25,050.0) (21,074.7) (23,395.8) (25,151.6) (39,725.2)

(41,972.0) (25,050.0) (21,074.7) (23,395.8) (25,151.6) (39,725.2)
$0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Projected year ending March 31,

2002 2003 2004 2005 2006 2007 0

4.0% 4.5% 5.0% 5.5% 6.0% 6.5% 7.0%

64.0% 63.7% 63.4% 63.1% 62.8% 62.5% 62.2%
16.9% 16.7% 16.5% 16.3% 16.1% 15.9% 15.7%

4.8% 4.8% 4.8% 4.8% 4.8% 4.8% 4.8%

70.0% 69.9% 69.9% 69.9% 69.9% 69.9% 69.9%

$10.0 $10.0 $10.0 $10.0 $10.0 $10.0 $10.0

0.0 1.4 2.9 4.3 5.7 7.1 8.6

Projected year ending March 31,

2002 2003 2004 2005 2006 2007

$1,050,000.0 $1,008,028.0 $932,978.0 $836,903.3 $713,507.5 $563,355.9

 0.0 (50,000.0) (75,000.0) (100,000.0) (125,000.0) (125,000.0)
(41,972.0) (25,050.0) (21,074.7) (23,395.8) (25,151.6) (39,725.2)
0.0 0.0 0.0 0.0 0.0 0.0
$1,008,028.0 $932,978.0 $836,903.3 $713,507.5 $563,355.9 $398,630.8

$1,029,014.0 $970,503.0 $884,940.7 $775,205.4 $638,431.7 $480,993.3

8.2% 8.2% 8.2% 8.2% 8.2% 8.2%
$83,864.6 $79,096.0 $72,122.7 $63,179.2 $52,032.2 $39,201.0

$600,000.0 $558,028.0 $532,978.0 $511,903.3 $488,507.5 $463,355.9

0.0 0.0 0.0 0.0 0.0 0.0
(41,972.0) (25,050.0) (21,074.7) (23,395.8) (25,151.6) (39,725.2)
$558,028.0 $532,978.0 $511,903.3 $488,507.5 $463,355.9 $423,630.8

$579,014.0 $545,503.0 $522,440.7 $500,205.4 $475,931.7 $443,493.3

9.6% 9.6% 9.6% 9.6% 9.6% 9.6%
$55,469.5 $52,259.2 $50,049.8 $47,919.7 $45,594.3 $42,486.7

$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 $0.0 $0.0

($139,334.2) ($131,355.2) ($122,172.5) ($111,098.9) ($97,626.4) ($81,687.6)

Projected years
2002 2003 2004 2005 2006 2007

$289,826.7 $312,646.6 $335,167.3 $360,921.8 $382,254.7 $402,088.2

$2,173,700.3 $2,344,849.5 $2,513,754.8 $2,706,913.5 $2,866,910.3 $3,015,661.5

2,318,613.6 2,501,172.8 2,681,338.4 2,887,374.4 3,058,037.6 3,216,705.6
2,463,527.0 2,657,496.1 2,848,922.1 3,067,835.3 3,249,165.0 3,417,749.7

($1,566,055.9) ($1,465,956.0) ($1,348,806.7) ($1,202,015.0) ($1,026,711.9) ($822,261.5)

0.0 0.0 0.0 0.0 0.0 0.0

$607,644.3 $878,893.5 $1,164,948.1 $1,504,898.5 $1,840,198.4 $2,193,400.0

752,557.7 1,035,216.8 1,332,531.7 1,685,359.4 2,031,325.7 2,394,444.1
897,471.0 1,191,540.1 1,500,115.4 1,865,820.3 2,222,453.1 2,595,488.2

(12.2%) 12.7% 18.9% 21.4% 21.6% 21.2%

8.7% 22.3% 24.4% 24.9% 24.0% 23.0%
29.6% 31.2% 29.4% 28.1% 26.3% 24.6%

se of this model.
assumptions
Minimum cash level
Bank debt / EBITDA 4.10459766
Subordinated debt / EBITD 2.34548438

Transaction fee
 2001-
CAGR

7.4%

Tax Rate
30.0%

Steps
7.5% 0.5%
61.9% (0.3%)
15.5% (0.2%)

4.8% 0.0%
69.9% (0.0%)

$10.0 $0.0
10.0 1.4
Step
0.5x
 Name: Yell Notes:
Before you begin:
3/31/2001 Last fiscal year end Excel 2007–2013: Office Button, E
Excel 97–2003: Tools, Options, Ca
365 Numbers of days in the period Excel 2008, 2011 (Mac): Excel, Pre
● Blue cells are for data input
Purchase price options: 1 ● Green cells are links to between th
1) = Premium Paid (Public Co.) 25.0% ● Black cells are formulas
2) = EBITDA Multiple (Private Co.) 9.0x
This template is designed for instructional pu
1 "Circ" To clear "#VALUE!" errors put in 0, calculate fundamentals of Leveraged Buyout Analysis.
your model, then put back a 1 and recalculate at info@trainingthestreet.com

Leveraged Buyout of Yell

Figures in millions, except per share

Transaction Assumptions Sources

Current share price $0.00 Cash
x Offer price premium 25.0% Bank debt
Offer price per share $0.00 Subordinated debt
Target diluted shares outstanding 0.000 Sponsor's equity
Offer Value $2,230,762.0 Total sources
+ Debt 0.0
+ Preferred 0.0 Uses
+ Noncontrolling interest 0.0 Purchase of equity
- Cash & equivalents 0.0 Refinancing of existing debt
Transaction Value $2,230,762.0 Transaction expenses @ 5.0%
Total uses

Transaction Multiples Pro Forma IRR Returns

Transaction Value / Sales 3.15x 7.5x
Transaction Value / EBITDA 8.7x EBITDA Exit 8.0x
Transaction Value / EBIT 9.1x 8.5x

Pro Forma EBITDA £ 255,810.67

Pro Forma Projected year end

Credit stats 2001 2002 2003 2004
Senior Debt / EBITDA 4.1x 3.9x 3.5x 3.0x
Total Debt / EBITDA 6.5x 6.0x 5.5x 4.9x
EBITDA / Interest NM 1.9x 2.1x 2.4x
EBITDA - CapEx / Interest NM 1.8x 2.0x 2.3x

x Cash Flow Analysis for

Figures in thousands
 Historical year ending March 31,
2000 2001

Sales £ 614,668.50 £ 709,159.00

Cost of goods sold £ 232,787.81 £ 265,450.00
Gross profit £ 381,880.69 £ 443,709.00

SG&A £ 199,616.61 £ 187,898.34

EBITDA £ 182,264.08 £ 255,810.67
EBITDA Margin 29.7% 36.1%

Less: Depreciation (10,231.1)

Less: Amortization 0.0
EBIT 245,579.6
Less: Taxes @ (74,889.3)
Tax-effected EBIT 133,134.4

Plus: Depreciation and amortization 10,231.1

Less: Capital expenditures (14,621.1)
Less: Additions to intangibles 0.0
(Increase)/decrease in working capital (10,570.0) (36,581.3)
Unlevered Free Cash Flow 92,163.0

Less: Interest expense 0.0

Plus: Tax shield on interest @ 30.0% 0.0
Levered Free Cash Flow Before Debt Paydown 92,163.0
Scheduled debt payments
Excess cash available for debt sweep
Required deficit funding
Application of excess cash
Bank debt
Subordinated debt
Net change in cash

Historical year ending March 31,

0 2000 2001

Operating Assumptions
Sales growth NA #DIV/0! 15.4%
Cost of goods sold (as a % sales) #DIV/0! #VALUE! #VALUE!
SG&A (as a % sales) #DIV/0! #VALUE! #VALUE!
Capital Expenditure Assumptions
CapEx (as a % sales) NA 0.0% 2.1%
Depreciation (as a % of CapEx) NA 0.0% 70.0%

Additions to Intangibles ($ amount) NA $0.0 $0.0

Amortization ($ amount) NA 0.0 0.0

x Debt Schedule for Yell

Figures in million
 Bank debt
Beginning balance
Mandatory repayment
Application of excess cash 50.0%
Required deficit funding
Ending balance

Average balance
Interest rate
Interest expense on bank debt

Subordinated debt
Beginning balance
Mandatory repayment
Application of excess cash 50.0%
Ending balance

Average balance
Interest rate
Interest expense on subordinated debt

Cash
Beginning balance
Net change in cash
Ending balance

x Returns Analysis: EBITDA Multiple Method

Figures in million

Initial investment: $692,300.1

EBITDA

Implied enterprise value @ EBITDA multiple of:

7.5x
8.0x
8.5x

LESS: Debt
PLUS: Cash

Implied equity value @ EBITDA multiple of:

7.5x
8.0x
8.5x

Equity return @ EBITDA multiple of:

7.5x
8.0x
 8.5x

x END This model is provided "as is". Training The Street, Inc. and their affiliates have no liability arising out of the use of this model.
 re you begin: Ensure that iterations are enabled
cel 2007–2013: Office Button, Excel Options, Formulas
cel 97–2003: Tools, Options, Calculation tab
cel 2008, 2011 (Mac): Excel, Preferences, Calculation icon
ue cells are for data input
een cells are links to between the different worksheets
ck cells are formulas

template is designed for instructional purposes only. Simplifications have been made to teach the
amentals of Leveraged Buyout Analysis. To learn more about LBO's, contact Training The Street
o@trainingthestreet.com

Cumulative
Pro Forma Financing
Amount % of Total EBITDA assumptions
$0.0 0.0% 0.0x $0.0
1,050,000.0 44.8% 4.1x 4.0x
rdinated debt 600,000.0 25.6% 6.5x 2.5x
sor's equity 692,300.1 29.6% 9.2x
$2,342,300.1 100.0% 9.2x

Amount % of Total
hase of equity $2,230,762.0 95.2%
ancing of existing debt 0.0 0.0%
saction expenses @ 5.0% 111,538.1 4.8% 5.0%
$2,342,300.1 100.0%

Year 4 Year 5 Year 6

10.2% 6.8% 7.5%
14.3% 9.8% 9.8%
17.9% 12.6% 11.9%

Projected year ending March 31,

2005 2006 2007
2.5x 2.3x 2.0x
4.3x 4.2x 3.9x
2.8x 3.0x 3.6x
2.7x 2.8x 3.4x
 Projected year ending March 31,
2002 2003 2004 2005 2006 2007

£ 731,317.06 £ 754,277.41 £ 774,690.83 £ 808,528.69 £ 757,975.34 £752,918.82

£ 289,192.44 £ 296,830.28 £ 297,394.05 £ 305,053.52 £ 274,802.80 £ 267,207.13
£ 442,124.61 £ 457,447.13 £ 477,296.78 £ 503,475.17 £ 483,172.54 £ 485,711.68

£ 175,938.90 £ 180,166.08 £ 184,102.66 £ 187,974.46 £ 191,539.29 £ 194,383.99

£ 266,185.71 £ 277,281.05 £ 293,194.11 £ 315,500.71 £ 291,633.26 £291,327.69
36.4% 36.8% 37.8% 39.0% 38.5% 38.7%

(10,463.3) (13,183.3) (12,733.3) (11,963.3) (12,333.3) (12,333.3)

0.0 0.0 0.0 0.0 0.0 0.0
255,722.4 262,938.0 279,634.4 301,752.7 278,077.7 277,772.1
(86,411.7) (92,826.6) (100,599.8) (109,138.0) (116,307.8) (122,855.2)
170,690.4 175,337.5 178,496.4 188,529.2 201,937.8 185,756.2

10,463.3 13,183.3 12,733.3 11,963.3 12,333.3 12,333.3

(17,581.1) (15,771.7) (14,903.6) (14,623.1) (13,555.6) (13,555.6)
0.0 0.0 0.0 0.0 0.0 0.0
(25,435.5) (1,728.6) (6,261.8) (6,680.8) (15,405.7) (17,160.9)
138,137.1 171,020.6 170,064.4 179,188.7 185,309.9 167,373.1

($139,334.2) ($131,355.2) ($122,172.5) ($111,098.9) ($97,626.0) ($81,684.5)

41,800.3 39,406.6 36,651.7 33,329.7 29,287.8 24,505.4
40,603.1 79,071.9 84,543.6 101,419.4 116,971.7 110,193.9
0.0 (50,000.0) (75,000.0) (100,000.0) (125,000.0) (125,000.0)
40,603.1 29,071.9 9,543.6 1,419.4 (8,028.3) (14,806.1)
0.0 0.0 0.0 0.0 8,028.3 14,806.1

(20,301.6) (14,536.0) (4,771.8) (709.7) 4,014.2 7,403.0

(20,301.6) (14,536.0) (4,771.8) (709.7) 4,014.2 7,403.0
$0.0 $0.0 $0.0 $0.0 $8,028.3 $14,806.1

Projected year ending March 31,

2002 2003 2004 2005 2006 2007 0

4.0% 4.5% 5.0% 5.5% 6.0% 6.5% 7.0%

64.0% 63.7% 63.4% 63.1% 62.8% 62.5% 62.2%
16.9% 16.7% 16.5% 16.3% 16.1% 15.9% 15.7%

4.8% 4.8% 4.8% 4.8% 4.8% 4.8% 4.8%

70.0% 69.9% 69.9% 69.9% 69.9% 69.9% 69.9%

$10.0 $10.0 $10.0 $10.0 $10.0 $10.0 $10.0

0.0 1.4 2.9 4.3 5.7 7.1 8.6
 Projected year ending March 31,
2002 2003 2004 2005 2006 2007

$1,050,000.0 $1,029,698.4 $965,162.5 $885,390.7 $784,680.9 $671,723.4

0.0 (50,000.0) (75,000.0) (100,000.0) (125,000.0) (125,000.0)
(20,301.6) (14,536.0) (4,771.8) (709.7) 4,014.2 7,403.0
0.0 0.0 0.0 0.0 8,028.3 14,806.1
$1,029,698.4 $965,162.5 $885,390.7 $784,680.9 $671,723.4 $568,932.5

$1,039,849.2 $997,430.5 $925,276.6 $835,035.8 $728,202.2 $620,328.0

8.2% 8.2% 8.2% 8.2% 8.2% 8.2%
$84,747.7 $81,290.6 $75,410.0 $68,055.4 $59,348.5 $50,556.7

$600,000.0 $579,698.4 $565,162.5 $560,390.7 $559,680.9 $563,695.1

0.0 0.0 0.0 0.0 0.0 0.0
(20,301.6) (14,536.0) (4,771.8) (709.7) 4,014.2 7,403.0
$579,698.4 $565,162.5 $560,390.7 $559,680.9 $563,695.1 $571,098.1

$589,849.2 $572,430.5 $562,776.6 $560,035.8 $561,688.0 $567,396.6

9.6% 9.6% 9.6% 9.6% 9.6% 9.6%
$56,507.6 $54,838.8 $53,914.0 $53,651.4 $53,809.7 $54,356.6

$0.0 $0.0 $0.0 $0.0 $0.0 $8,028.3

0.0 0.0 0.0 0.0 8,028.3 14,806.1
$0.0 $0.0 $0.0 $0.0 $8,028.3 $22,834.4

($141,255.3) ($136,129.4) ($129,324.0) ($121,706.8) ($113,158.2) ($104,913.3)

Projected years
2002 2003 2004 2005 2006 2007

$266,185.7 $277,281.0 $293,194.1 $315,500.7 $291,633.3 $291,327.7

$1,996,392.8 $2,079,607.9 $2,198,955.8 $2,366,255.3 $2,187,249.4 $2,184,957.7

2,129,485.7 2,218,248.4 2,345,552.9 2,524,005.7 2,333,066.1 2,330,621.5
2,262,578.5 2,356,888.9 2,492,149.9 2,681,756.1 2,478,882.7 2,476,285.4

($1,609,396.9) ($1,530,324.9) ($1,445,781.3) ($1,344,361.9) ($1,235,418.5) ($1,140,030.6)

0.0 0.0 0.0 0.0 8,028.3 22,834.4

$386,995.9 $549,282.9 $753,174.5 $1,021,893.5 $959,859.2 $1,067,761.4

520,088.8 687,923.5 899,771.6 1,179,643.8 1,105,675.9 1,213,425.3
653,181.7 826,564.0 1,046,368.6 1,337,394.2 1,251,492.5 1,359,089.1

(44.1%) (10.9%) 2.8% 10.2% 6.8% 7.5%

(24.9%) (0.3%) 9.1% 14.3% 9.8% 9.8%
 (5.7%) 9.3% 14.8% 17.9% 12.6% 11.9%

se of this model.
assumptions
Minimum cash level
Bank debt / EBITDA
Subordinated debt / EBITDA

Transaction fee
 2001-
CAGR

1.0%

Tax Rate
30.0%

Steps
7.5% 0.5%
61.9% (0.3%)
15.5% (0.2%)

4.8% 0.0%
69.9% (0.0%)

$10.0 $0.0
10.0 1.4
Step
0.5x
Working Capital Schedule for Yell
Figures in thousands

Historical year ending March 31, Projected year ending March 31,
0 2000 2001 2002 2003 2004 2005 2006 2007 0 0
Sales $0.0 $629,772.7 $732,075.7 $810,774.1 $869,091.7 $927,354.7 $981,723.0 ### ### $0.0 $0.0
Cost of sales 0.0 3,297.3 3,396.5 518,895.4 553,611.4 587,942.9 619,467.2 666,344.4 703,970.7 0.0 0.0
Accounts receivable, net $505.0 $455.2 $466.0 $68,860.3 $73,813.3 $78,761.6 $83,379.2 $90,117.3 $95,662.9 $0.0 $0.0
Inventories 600.2 592.5 577.1 88,165.6 93,305.9 98,286.7 102,708.0 109,567.5 114,790.1 0.0 0.0
Other current assets 192.2 260.2 270.2 299.2 320.8 342.3 362.3 391.6 415.7 0.0 0.0
Total non-cash current assets: $1,297.4 $1,307.9 $1,313.3 $157,325.1 $167,439.9 $177,390.6 $186,449.6 $200,076.4 $210,868.7 $0.0 $0.0

Accounts payable $223.0 $249.5 $249.1 $38,055.9 $41,360.3 $44,730.7 $47,977.6 $52,521.0 $56,451.1 $0.0 $0.0
Accrued liabilities 539.0 504.1 504.1 558.3 598.4 638.6 676.0 730.6 775.6 0.0 0.0
Other current liabilities 0.4 15.2 15.2 16.8 18.0 19.3 20.4 22.0 23.4 0.0 0.0
Total non-debt current liabilities $762.4 $768.8 $768.4 $38,631.0 $41,976.8 $45,388.5 $48,674.0 $53,273.7 $57,250.1 $0.0 $0.0

Net working capital / (deficit) $535.0 $539.1 $544.9 $118,694.1 $125,463.1 $132,002.1 $137,775.6 $146,802.7 $153,618.6 $0.0 $0.0

(Increase)/decrease in working capital ($4.1) ($5.8) ($118,149.2) ($6,768.9) ($6,539.1) ($5,773.5) ($9,027.1) ($6,815.9) $153,618.6 $0.0

Working Capital Assumptions

Accounts receivable (days collection period) #DIV/0! 0.3 0.2 31.0 31.0 31.0 31.0 31.0 31.0 31.0 31.0
Inventories (days outstanding) #DIV/0! 65.6 62.0 62.0 61.5 61.0 60.5 60.0 59.5 59.0 58.5
Accounts payable (days outstanding) #DIV/0! 27.6 26.8 26.8 27.3 27.8 28.3 28.8 29.3 29.8 30.3

Other current assets (as % of sales) #DIV/0! 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Accrued liabilities (as % of sales) #DIV/0! 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1%
Other current liabilities (as % of sales) #DIV/0! 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

This model is provided "as is". Training The Street, Inc. and their affiliates have no liability arising out of the use of this model.

COPYRIGHT 2014 © by Training The Street, Inc For training purposes only!
© 1999-2014 Training The Street, Inc.
All rights reserved.
Training The Street, Inc. (“TTS”) owns all rights, including copyright, in this
file. This file may not be reproduced or redistributed, in whole or
in part, in any format or by any means without TTS’s prior written consent. No
TTS seminar, workshop, or other instructional activity may be recorded or
transmitted in any format or by any means without TTS’s prior written consent.

The files is for training purposes only.