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@ @  ! !  "  #   !   " "           #    ""@   " " @   @          @                    @   "|      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$(%%%%%%%%%%%%%%%%&'H !&ZPerformance Case: BasertL@! AJr ) **)$!filenameB}PMC:\Documents and Settings\Horace\My Documents\Valuation_Model_1_Protected.xls+ i jjk i jjjj  -  ij j@k .&&/ .&&&0/  .&&/ . && 1D 2 &&& ~ 3 4, 1  'L LD  B9 l4 %#D   :  B m&/ . && 5Z: 2 &&& ~ 6 4  H l8  2D  Z  B$ :  B m78 . &&~ 5 2 &&& ~ 6 4  H l< 4 2D  Z  B$ :  B m` n@  JD  Z  B$#;,, X2D Z  B o . &&~ 5 2 &&& ~ 6 4  H lD  2D  Z  B$ :  B m` nH  JD  Z  B$#;-- X2D Z  B o . &&69 D D2 %  4D3  2 &&& ~  6 4  H lL  2D  Z  B$ :  Bm`nP  JD  Z  B$#;.. X2D Z  Bo.&&/ 2 &&& ~  6 4  H l-T 2D  Z  B$ :  Bm`n*X 5JD  Z!  B$#;// X2D Z!  Bo : <<#= %  2 &&& ~  6 4  H l\  2D  Z  B$ :  Bm`n*` JD  Z"  B$#;00 X2D Z"  Bo&&&& 2 &&& ~  6 4  H ld  2D  Z#  B$ :#  Bm`n*h JD  Z#  B$#;11 X2D Z#  Bo > ??~ @ 2 &&& ~  6 4  H ll  2D  Z  B$ :  B m78 . &&~ A? 2&&&04  .&78 . &&&BDD C &&& ; 0%D%  8+D D D = 4 'D  D D  BH lp 2D  Z * B$ : * B m78.&&/ C &&& ~  6= 4 'D  D D  BH lt  2D  Z 0 B$ : 0 B m78 . &&~ D C &&& ~  6= 4 'D  D D  BH lx  2D  Z 5 B$ : 5 B m78 : <<!=  DD 2 &&& 9 E #D4  : B= F 'D  D D  B .&&/&&&&2&&&&4  .&&/ i jjk : <<< # G %  = H 'D  D D  B I<<J.&&/(.| $ Z EBITDA 2007 EBITDA &&IK3Z DD Z B1. EST. Z  EBITDAEST. 2008 EBITDA &&IK!+3Z  DD Z  B i% jjL  ,&  -'  i3 jjk%. Z P/E 2007 P/E &&CK-Z? D Z? B.&&&&/  .&&/.. EST. Z  P/E EST. 2008 P/E &&CK! -Z?  D Z?  B.  DSenior Subordinated Debt &&& ~  M 4- Z   .4 &&1 D-. To Z Book To 2007 Book &&HK 2ZL D D ZL B.8 DJunior Subordinated Debt &&& ~  M 4 Z   .5 &&/DlO488,i |:99e!R!^@:S ;@!;@ ";@ #;@$;@%;@&;@ ';@(;@ );@ *;@+;@,;@-;@.;@/;@ 0;@ 1;@2;@3;@4;@5;@6;@7;@2 Il To EST. Z  BookTo EST. 2008 Book <<H N!22ZL  D D ZL  B . D Seller Note &&& ~ M 4! Z  O6 && P"Z!.  DPreferred Stock !&&& ~ ! M! 4 Z  ! .7 !&&/ "i "jjk". !DSponsor Equity "&&& " Q& Z " 4& Z  " O8 "&&"P$ZL#.&&/#. "DManagement Equity #&&& # Q Z # 4$ Z  # O9 #&&~ #5 $.! $&&~ $Rp@$. #D New Equity $&&& $ S# Z $ F# Z  $ O: $&&$9&Z4 %." %&&%K@Z %.&&&&/ % .&&/ &.# &&&&K!rD# :?CZ BNB$-Z %:?CZ BN B &:? &<<< #& T %$ -#& H" %$ - & :; &<</&= DD %"$@ 'I$ '<<'N!2rD# :L CZ' BNB$-Z %:L CZ' BN B )U( )LL),\@0Z),`@0Z ),d@)Z )-h@)Z ) U) LLLLLLV*.&&&&&/* .* &&&&&/ +.) +&&+W Z+W!+Z +W!+Z +K!,Z + .=~ + X?3+ g$ !: CBNBase+ h&&/ ,.* ,&&,W+Z,W!,Z ,W!,Z ,K!-Z , .~ , X:, g0 5$D,   Off OnBOn, h&&/ -., -&&-W)Z-W!-Z -W!-Z -K!.Z - .~ - XE- g8 $/D-  % of Par$ AmountB % of Par- h&&/ .I- .<<.Y-Z.Y!.Z .Y!.Z .N!Z . .~ . X:. gL $D.   On OffBOff. h&&/ / .~ / Z$@/ & /&&/ 0U. 0LL0,\@D)0,`@)D)0,d@0D)0-h@0D)0 . 0 && 0&&/1.&&&&&/ 1 .< 1 && 1&&/ 2./ 2&&2W.Z2W" Z 2W!3Z 2K!3Z 2 O=~ 2 [?2 & 2&&/ 3.0 3&&3W4Z3W2Z 3W!4Z 3K!4Z 3 O>~ 3 [@3 & 3&&/ 4.1 4&&4W2Z4W3Z 4W!5Z 4K!5Z 4 .~ 4 X:4 gT , $D4   Yes NoBNo4 h&&/ 5I2 5<<5Y3Z5Y4Z 5Y!'Z 5N!H:Z 5 I<<<<<<J4Uec8&6DH < JH &  + B5 BT <( 101  ~  <dE} XPP?  # 2(U]4@dE} ]pI_DEST g <hHank Reardon: Use this switch to break the circ created by average interest expense on Income Statement< B   g~~  <E} XPP?  kU n]4@E} pطJ_DEST  <Hank Reardon: Individual asset write-ups must be itemized and inputted manually on the Balance Sheet. Then sum up the write-ups and input on this page in cell Q35< B   Zma#  Hank Reardon,  Hank Reardon>@<K"            ""     44 ++ ,, -- .. 7   XT   dMbP?_*+%,&L&D&T&C&P&N&R&F&AMHP DeskJet 670C Series Printer7d,,HP DeskJet 670C Series Printer\\Reardon\colorjet ,,",,,??cU} } }  } $} } $ X@; ;,,;; ; , , ,,,,,,,;,;,,,,,,,,,\ !UZFCModel Is Balanced --- Circ Breaker Is On --- Cash Min Switch Is Off&################s :Z Project XXX*ssssssssssssssssss tU*tttttttttttttttttt,3 !S Performance Case: Z+ Performance Case: Base, 'Z(FYE January; $ in millions) ^?^^^^BBB  ^E ^^^^^^^^^~ CL@P@ DT@ DX@ D\@ D D`  Ea  F+ `@ D d@ D  h@   Ll@ p@ t@ x@ |@ @ @ _V_*GHHHHH.. T IW$ JJJJJ: K $Z4   D B K Z  K     - K! Z 1 K! Z 1 K! Z 1 K!Z 1 K!Z 1 K!Z 1 K!Z 1  K!Z 1  K!Z 1  K!Z 1 IX0 LLLLLLL  M  % M! Z @Z % M! Z @Z % M! Z @Z % M! Z @Z % M! Z @Z % M! Z @Z % M! Z @Z % M! Z @Z % M! Z @Z % M! Z @Z  IY0 LLLLLLL  M  % M! Z @Z % M! Z @Z % M! Z @Z % M!Z @Z % M!Z @Z % M!Z @Z % M!Z @Z % M!Z @Z % M!Z @Z % M!Z @Z  IZ0LLLLLLL  M  % M! Z @Z % M! Z @Z % M! Z @Z %M!Z @Z %M!Z @Z %M!Z @Z %M!Z @Z %M!Z @Z %M!Z @Z %M!Z @Z  I[0LLLLLLL  M  % M! Z @Z % M! Z @Z % M! Z @Z %M!Z @Z %M!Z @Z %M!Z @Z %M!Z @Z %M!Z @Z %M!Z @Z %M!Z @Z  I\0LLLLLLL  M  % M! Z @Z % M! Z @Z % M! Z @Z %M!Z @Z %M!Z @Z %M!Z @Z%M!Z @Z%M!Z @Z%M!Z @Z%M!Z @Z I]0LLLLLLL  M  % M! Z @Z % M! Z @Z % M! Z @Z %M!Z @Z %M!Z @Z %M!Z @Z%M!Z @Z%M!Z @Z%M!Z @Z%M!Z @Z I^06666666  N  % N!* Z @Z % N!* Z @Z % N!* Z @Z %N!*Z @Z %N!*Z @Z %N!*Z @Z%N!*Z @Z%N!*Z @Z%N!*Z @Z%N!*Z @ZO _#P# % 6#P# % 6#P# % 6#P# % 6#P# % 6 PP  P#    -6 P)#   P)#   P)#  P)# P)# P)# P)# P)# P)# P)# O b M Ic0JJJJJJJ  K   -+ K D Z+Z + K D Z+Z + K D Z+Z +KD Z+Z +KDZ+Z +KDZ+Z+KDZ+ Z+KDZ+ Z+KDZ+ Z+KDZ+ Z IC0LLLLLLL  M  % M! Z @Z % M! Z @Z % M! Z @Z %M!Z @Z %M!Z @Z %M!Z @Z%M!Z @Z%M!Z @Z%M!Z @Z%M!Z @Z IB0LLLLLLL  M  % M! Z @Z % M! Z @Z % M! Z @Z %M!Z @Z %M!Z @Z %M!Z @Z%M!Z @Z%M!Z @Z%M!Z @Z%M!Z @Z ID0LLLLLLL  M  % M! Z @Z % M! Z @Z % M! Z @Z %M!Z @Z %M!Z @Z %M!Z @Z%M!Z @Z%M!Z @Z%M!Z @Z%M!Z @Z I*LLLLLL M Z M  # M D Z. # M D Z. # M D Z. #M D Z. #M DZ. #M DZ.#M DZ.#M DZ.#M DZ.#M DZ. Id*LLLLLL M Z& M  # M D Z0 # M D Z0 # M D Z0 #M D Z0 #M DZ0 #M DZ0#M DZ0#M DZ0#M DZ0#M DZ0 Ie0LLLLLLL  M  % M! Z @Z % M! Z @Z % M! Z @Z %M!Z @Z %M!Z @Z %M!Z @Z%M!Z @Z%M!Z @Z%M!Z @Z%M!Z @Z If0LLLLLLL  M  % M! Z @Z % M! Z @Z % M! Z @Z %M!Z @Z %M!Z @Z %M!Z @Z %M!Z @Z %M!Z @Z %M!Z @Z %M!Z @Z  Ig06666666  N!  % N!! Z @Z! % N!! Z @Z! % N!! Z @Z! %N!!Z @Z! %N!!Z @Z! %N!!Z @Z!%N!!Z @Z!%N!!Z @Z!%N!!Z @Z!%N!!Z @Z!B+Xa<0TDPF O R!;#J $;&,';);*,+,,,-,.,/,0,2;4,5,6,7,9;:,;,<,=,>,?, !h#!P %>#!P %>#!P %>#!P %>#!P %>! P ! !!  ->! P) ! ! P) ! ! P) ! !P) ! !P) ! !P) ! !P) ! !P) ! !P) ! !P) ! #_i#_!#QL D!D!#QL D!D!#QL D!D!#QL D!D!#QL D!D #RR # QH# ##  LL# Q)H # # Q)H # # Q)H # #Q)H# #Q)H# #Q)H# #Q)H# #Q)H# #Q)H# #Q)H# &^?&^^^^BBB & ^E& ^^^^^^^^^ '_j'_'L@'D'P@' D''T@' D''X@' D''\@' D' 'D` ' Ea ' F+' `@' D'' d@' D' ' h@'' ''  L'l@'' 'p@'' 't@'' 'x@'' '|@'' '@'' '@ ' )k *Il0*JJJJJJJ * K+ * *0  -%* K!+ Z @Z %* K!+ Z @Z %* K!+ Z @Z %*K!+Z @Z %*K!+Z @Z %*K!+Z @Z%*K!+Z @Z%*K!+Z @Z%*K!+Z @Z%*K!+Z @Z +Im0+LLLLLLL + M, * %+ M!, Z @Z %+ M!, Z @Z %+ M!, Z @Z %+M!,Z @Z %+M!,Z @Z %+M!,Z @Z%+M!,Z @Z%+M!,Z @Z%+M!,Z @Z%+M!,Z @Z ,In0,LLLLLLL , M- * %, M!- Z @Z %, M!- Z @Z %, M!- Z @Z %,M!-Z @Z %,M!-Z @Z %,M!-Z @Z%,M!-Z @Z%,M!-Z @Z%,M!-Z @Z%,M!-Z @Z -Io0-LLLLLLL - M. * %- M!. Z @Z %- M!. Z @Z %- M!. Z @Z %-M!.Z @Z %-M!.Z @Z %-M!.Z @Z%-M!.Z @Z%-M!.Z @Z%-M!.Z @Z%-M!.Z @Z .Ip0.LLLLLLL . M/ * %. M!/ Z @Z %. M!/ Z @Z %. M!/ Z @Z %.M!/Z @Z %.M!/Z @Z %.M!/Z @Z%.M!/Z @Z%.M!/Z @Z%.M!/Z @Z%.M!/Z @Z /Iq0/LLLLLLL / M0 * %/ M!0 Z @Z %/ M!0 Z @Z %/ M!0 Z @Z %/M!0Z @Z %/M!0Z @Z %/M!0Z @Z%/M!0Z @Z%/M!0Z @Z%/M!0Z @Z%/M!0Z @Z 0Ir006666666 0 N2 * %0 N!4 Z @Z %0 N!4 Z @Z %0 N!4 Z @Z %0N!4Z @Z %0N!4Z @Z %0N!4Z @Z%0N!4Z @Z%0N!4Z @Z%0N!4Z @Z%0N!4Z @Z 2s#2PC %(0>#2PC %(0>#2PC %(0>#2PC %(0>#2PC %(0>#2 P4 %(0 >#2 P!: %(0 >2 P): 2 22  ->2 P): 2 2P):2 2P):2 2P):2 2P):2 2P):2 2P):2 2P):2 4I:$4JJJJJ4J4 D4~ 4 J#4 K5 %44 #4 K!5 D4 Z#4 K!5 D4 Z#4 K!5 D4 Z#4K!5 D4 Z#4K!5 D4Z#4K!5 D4Z#4K!5 D4Z #4K!5 D4Z #4K!5 D4Z #4K!5 D4Z  5It$5LLLLL5L5 D5~ 5 L#5 M6 %55 V#5 M6 D5 Z#5 M6 D5 Z#5 M6 D5 Z#5M6 D5 Z#5M6 D5Z#5M6 D5Z#5M6 D5Z #5M6 D5Z #5M6 D5Z #5M6 D5Z  6Iu$6LLLLL6L6 D6~ 6 L#6 M7 %66 V%6 M!7 Z @Z# %6 M!7 Z @Z# %6 M!7 Z @Z# %6M!7Z @Z# %6M!7Z @Z# %6M!7Z @Z#%6M!7Z @Z#%6M!7Z @Z#%6M!7Z @Z#%6M!7Z @Z# 7Iv07LLLLLLL #7 M: %77 V%7 M! Z @Z$ %7 M! Z @Z$ %7 M! Z @Z$ %7M! Z @Z$ %7M! Z @Z$ %7M! Z @Z$%7M! Z @Z$%7M! Z @Z$%7M! Z @Z$%7M! Z @Z$ 9w 9L 9M:Sh !Z  Existing Debt$:JJJJJ:K: ::AL: K: Z : K;: :A  -#: K!; D: Z #: K!; D: Z #: K!; D: Z #:K!; D: Z #:K!; D:Z #:K!; D:Z #:K!; D:Z  #:K!; D:Z  #:K!; D:Z  #:K!; D:Z  :?;Z* :N;S :Z  Bank Revolver$;LLLLL;M; :; M; Z ; M<: 3; M!< D; ; ./bZ 3; M!< D; ; ./bZ 3; M!< D; ; ./bZ 3;M!<D; ; ./bZ 3;M!<D;; ./bZ 3;M!<D;; ./bZ 3;M!<D;; ./ bZ 3;M!<D;; ./ bZ 3;M!<D;; ./ bZ 3;M!<D;; ./ bZ ;?<Z+<S ;Z Senior Bank Term "A"$<LLLLL<M< :< M< Z < M=: #< M!= D< Z #< M!= D< Z #< M!= D< Z #<M!= D< Z #<M!= D<Z #<M!= D<Z #<M!= D<Z  #<M!= D<Z  #<M!= D<Z  #<M!= D<Z  <?=Z,=S <Z Senior Bank Term "B"$=LLLLL=M= := M= Z = M>: #= M!> D= Z #= M!> D= Z #= M!> D= Z #=M!> D= Z #=M!> D=Z #=M!> D=Z #=M!> D=Z  #=M!> D=Z  #=M!> D=Z  #=M!> D=Z  =?>Z->S =ZOther Long-Term Debt$>LLLLL>M> :> M> Z > M?: #> M!? D> Z #> M!? D> Z #> M!? D> Z #>M!? D> Z #>M!? D>Z #>M!? D>Z #>M!? D>Z  #>M!? D>Z  #>M!? D>Z  #>M!? D>Z  >?Z.?S$>ZSenior Subordinated Debt$?LLLLL?M? :? M? Z ? M@: #? M!@ D? Z #? M!@ D? Z #? M!@ D? Z #?M!@ D? Z #?M!@ D?Z #?M!@ D?Z #?M!@ D?Z #?M!@ D?Z #?M!@ D?Z #?M!@ D?Z ?@Z/6.1AMPBQ%*jjj@,A,C;EJ F;G;H,I,J,LJ M;OJ P;Q,R,S;U;W,@SX?ZJunior Subordinated Debt$@-----@(@ :@ (@ Z @ (A: +@ (!A D@ Z $Z+@ (!A D@ Z $Z+@ (!A D@ Z $Z+@(!AD@ Z $Z+@(!AD@Z $Z+@(!AD@Z $Z+@(!AD@Z $ Z +@(!AD@Z $ Z +@(!AD@Z $ Z +@(!AD@Z $ Z @AZ0AS@Z Seller Note$A66666ANA :A NA Z A NC : #A N!C DA Z (#A N!C DA Z (#A N!C DA Z (#AN!C DA Z (#AN!C DAZ (#AN!C DAZ (#AN!C DAZ ( #AN!C DAZ ( #AN!C DAZ ( #AN!C DAZ ( ASZ1 Cx#CPE %:Av#CPE %:Av#CPE %:Av#CPE %:Av#CPE %:Av CPP #C PE %:A vC P)E C CC  -vC P)E C C P)E C CP)EC CP)EC CP)EC CP)EC CP)EC CP)EC CP)EC E_yE_9EQO#D2D4D5D6D7DC9EQO#D2D4D5D6D7DC9EQO#D2D4D5D6D7DC9EQO#D2D4D5D6D7DC9EQO#D2D4D5D6D7DC EQQ E QO E -EE  #LLLLLLE Q)O E E Q)O E E Q)O E EQ)OE EQ)OE EQ)OE EQ)OE EQ)OE EQ)OE EQ)OE Gz HS|$HJJJJJHKH DH-H KH Z Z Z #H KI %HH H KI DH H KI H HH  LH KI H HKIH HKIH HKIH HKIH HKIH HKIH HKIH IT{$I-----I(I DII (I Z #I (J %II V+I (J DI ZZ ++I (J DI ZZ ++I (J DI ZZ ++I(JDI ZZ ++I(JDIZZ ++I(JDIZZ ++I(JDIZ Z + +I(JDIZ Z + +I(JDIZ Z + +I(JDIZ Z +  JS}$J66666JNJ DJ~ J 6#J NL %JJ V#J N!L DJ Z? #J N!L DJ Z? #J N!L DJ Z? #JN!L DJ Z? #JN!L DJZ? #JN!L DJZ?#JN!L DJZ?#JN!L DJZ?#JN!L DJZ?#JN!L DJZ? L_L_#LQ2 %HJ#LQ2 %HJ#LQ2 %HJ#LQ2 %HJ#LQ2 %HJ LRR L Q* L LL  -L Q)2 L L Q)2 L L Q)2 L LQ)2L LQ)2L LQ)2L LQ)2L LQ)2L LQ)2L LQ)2L O_~O_!OUQ DLDE!OUQ DLDE!OUQ DLDE!OUQ DLDE!OUQ DLDE OVV !O UQ DL DE O U)Q O OO  LLO U)Q O O U)Q O OU)QO OU)QO OU)QO OU)QO OU)QO OU)QO OU)QO Q'QK!D#DOA'QK!D#DOA'QK!D#DOA'QK!D#DOA'QK D#DOAQ KQ QQ  LLAQ K) Q Q K) Q Q K)Q QK)Q QK)Q QK)Q QK)Q QK)Q QK)Q QK)RQ bR!L%QQb Model Is BalancedModel Not In BalanceBModel Is Balanced SK S/SS%:A%:ABY/SS%:A%:ABY/SS%:A%:ABY/SS%:A%:ABY/SS %:A%:ABY S S U S #SS  %:A-BYS )U S S )U S S )U S S)US S)US S)US S)US S)US S)US S)US UZ U!U DCDL!UU DCDL!UU DCDL!UU DCDL!UU DCDL U U U UU  LLU )S U U )S U U )SU U)SU U)SU U)SU U)SU U)SU U)SU U),TU W KKKKKKKKK(TaWtYSY~Q4 K* K     B   s B     ot   e  a  B  e                 HP  670  Pri        on\                     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 0 tic0 ist0 s M0 per0 ens0 s:0 Oth0 e #0 est0  Ra  ere  : Tax tat e e T Wo ita ion   nt  Hi  and  d B  eet    rke  uri  cou  vab!  nto! epa! es!  In! s! rre!  #1! Cur! ts ! r C !  set ! tal ! Ass ! + ! ent ! N ! Ne ! l !  As ! Ot*  set*  her*  s #*  No* Ass* AL * LIA* & E* urr* lit+  cou+  le+  Ex+ Div+ abl+ e T+ e+ rre+ iti+ the ,  Li ,  #2 ,  Cur , ili , To , nt , es , efe , ili , the!-  d L!-  #2!-  y I!- Lo!- ebt!-  Lo!- ebt!- LIA!- N!-  ".  rre".  y ".  R". arn". TAL". IES". ".  WO". anc". hec#/  cte#/  ow #/  Ne#/ ine#/ s#/  Ad#/ :#/ ate#/ und#/ era$0  ork$0  al $0  se)$0 eas$0  Wo$0 ita$0 Fro$0 ons$0 ng $0 ala14  14  xpe14  C14 abl14 t R14 H14  an14 ed 14 ate14 t S25  st 25  Sol25  tin25 s:25 l25 ate25 C25 ed 25 -Tr25 )36  ion36  tio36  ood36 tiz36 ons36 EBI36 ran36 I36 xpe36 tal47  Ex47  ver47  est47 0=N47  (L47 sse47 Ne47 Bef47 47  Fo:: Tax+: r A;; s /,;  << ker-< com== rre.= ds>> ed /> N?? To0? har@@ S1@ t (AA No) H  In+Q pen Q or Q Exp Q ars Q oje Q  Re Q che Q YE Q $ i Q s) R nim U  Of r((  (x p( 6Z}XPP? 9=3]4p@Z}   ;K_DEST 9<:Hank Reardon: Includes short term current portion of debt<B  9}0:p Hank Reardon>@<KA b EE&&&& OOLL''## 7ggD   D$ :> B:> BR. M!/ <Z Z. :> :> B:> BR. M!/ <Z Z. :> :> B:> BR. M!/ <Z Z. :>:> B:> BR. M!/ <Z Z. :>:>B:>BR.M!/<Z Z. :>:>B:>BR.M!/<Z Z. :>:>B:>BR.M!/<Z Z. :>:>B:>BR.M!/<Z Z. :>:>B:>BR.M!/<Z Z. :>:>B:>B.M.b. Z, .c.f-* .;M~ .../*/S.ZSenior Subordinated Debt$/LLLLLR/ M0<Z! Z/ :? :? B:? BR/ M!0 <Z! Z/ :? :? B:? BR/ M!0 <Z! Z/ :? :? B:? BR/ M!0 <Z! Z/ :?:? B:? BR/ M!0 <Z! Z/ :?:?B:?BR/M!0<Z!Z/ :?:?B:?BR/M!0<Z!Z/ :?:?B:?BR/M!0<Z!Z/ :?:?B:?BR/M!0<Z!Z/ :?:?B:?BR/M!0<Z!Z/ :?:?B:?B/M/b/ Z, /c/f.* /;M~ ///0*0S/ZJunior Subordinated Debt$0LLLLLR0 M1<Z" Z0 :@ :@ B:@ BR0 M!1 <Z" Z0 :@ :@ B:@ BR0 M!1 <Z" Z0 :@ :@ B:@ BR0 M!1 <Z" Z0 :@:@ B:@ BR0 M!1 <Z" Z0 :@:@B:@BR0M!1<Z"Z0 :@:@B:@BR0M!1<Z"Z0 :@:@B:@BR0M!1<Z"Z0 :@:@B:@BR0M!1<Z"Z0 :@:@B:@BR0M!1<Z"Z0 :@:@B:@B0M0b0 Z, 0c0f/* 0;M~ 0001*1S0Z Seller Note$166666R1 N3 <Z# Z1 :A :A B:A BR1 N!3 <Z# Z1 :A :A B:A BR1 N!3 <Z# Z1 :A :A B:A BR1 N!3 <Z# Z1 :A:A B:A BR1 N!3 <Z# Z1 :A:AB:ABR1N!3<Z#Z1 :A:AB:ABR1N!3<Z#Z1 :A:AB:ABR1N!3<Z#Z1 :A:AB:ABR1N!3<Z#Z1 :A:AB:ABR1N!3<Z#Z1 :A:AB:AB1(1d1 Z, 1e1`0* 1a(~ 111 * 3#3M7 %*1h#3M7 %*1h#3M7 %*1h#3M7 %*1h#3M7 %*1h3 M5 3 33  -h3 M)5 3 3 M)5 3 3 M)5 3 3 M)5 3 3M)53 3M)53 3M)53 3M)53 3M)53 3M3M 5O$5LLLLL5 M7 Z 5 M7 Z 5 M7 Z 5 M7 Z 5 M7 Z 5M7Z 5M7Z  5M7Z  5M7Z  5M7Z  7-7M;D%D'D3D5-7M;D%D'D3D5-7M;D%D'D3D5-7M;D%D'D3D5-7M;D%D'D3D57 M)9 7 !77  LLLL7 M)9 7 7 M)9 7 7 M)9 7 7 M)9 7 7M)97 7M)97 7M)97 7M)97 7M)97 9$9666669 N!; Z 9 N!; Z 9 N!; Z 9 N!; Z 9 N!; Z 9N!;Z 9N!;Z  9N!;Z  9N!;Z  9N!;Z  ;!;Q? D7D9!;Q? D7D9!;Q? D7D9!;Q? D7D9!;Q? D7D9; Q)? ; ;;  LL; Q)? ; ; Q)? ; ; Q)? ; ; Q)? ; ;Q)?; ;Q)?; ;Q)?; ;Q)?; ;Q)?; =O$=66666B= 6666666666 ?!?Q' D;D=!?Q# D;D=!?Q# D;D=!?Q# D;D=!?Q# D;D=? Q) ? ??  LL? Q) ? ? Q) ? ? Q) ? ? Q)? ?Q)? ?Q)? ?Q)? ?Q)? ?Q)? 4<**:"0xRYYY]]P6^|@J0B;C;,@ B B/B#%*1%*1BY/BB%*1%*1BY/BB%*1%*1BY/BB%*1%*1BY/BB%*1%*1BYBB B #BB  %*1-BYB )C B B )C B B )C B B )C B B)CB B)CB B)CB B)CB B)CB C C/CB%*1%+2BYCCC#CC%*1-BYCCCCCCCCCCC B CC )B CC )B CC )B CC )BCC)BCC)BCC)BCC)BCC)C (00     B B   B                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!. !. rke!. uri>. cou"/ vab"/ nto"/ epa"/ es"/  In"/ s"/ rre"/  #1"/ Cur?/ ts #0 r C#0 set#0 tal#0 Ass#0 +#0 ent#0 N#0 Ne#0 l@0  AsA1 Ot3  set3  her3  s #3  No3  Ass3 AL 3 LIA3 & E3 urr3 lit 7  cou 7  le 7  Ex 7  Div 7  abl 7 e T 7 e 7 rre 7 iti 7 the ?  Li ?  #2 ?  Cur ?  ili ?  To ? nt ? es ? efe ? ili ? theC d L0( ̙3f3 ~  <p} XPP?   Qb]4@p} ە}HK= 9 <:John P. Burns: Must exclude Depreciation and Amortization< B   9 John P. Burns9>@<KA  ,,''&&&&''**++11--..//0011**++,,--..//007ggD   ?   dMbP?_*+%,&L&D&T&C&P&N&R&F&AMColorJet7d,,ColorJetLPT1 ,,"B,,??cU}  } }  } m } I } } I}  } $ ?@; ;,,; ; ; , ,,;;;,;;,,,,,,,i@,,!4ZFCModel Is Balanced --- Circ Breaker Is On --- Cash Min Switch Is Off&################s+Z Project XXX sssssssssssss t ttttttttttttt " 3!:Performance Case: Z+ Performance Case: BaseZ(FYE January; $ in millions) ^E^^^^^^^^^ `@Z d@ Dh@  Ll@p@t@ x@  |@  @  @   K! Z?  K! Z?  K! Z?  K! Z?  K! Z?  K! Z? K! Z? K! Z? K! Z? K! Z?  S$ZConsolidated D&A K Z  K Z  K Z  K Z  K Z  K Z K Z K Z K Z K Z S@ Z Transaction Amortization MZ  MZ  MZ  MZ  MZ  MZ  M Z  M Z  M Z  M Z St Z!New Goodwill AmortizationMZ! MZ! MZ! MZ! MZ! MZ! M Z! M Z! M Z! M Z!SZ4Deferred TaxesM!Z M!Z M!Z M!Z M!Z M!Z  M! Z   M! Z   M! Z   M! Z  6S Accrued Z@ Interest,)Accrued Junior Subordinated Debt InterestAM+DDD :0 BAM+DDD :0 BAM+DDD :0 BAM+DDD :0 BAM+DDD :0 BAM+DDD :0BA M +D DD :0BA M +D DD :0BA M +D DD :0BA M +D DD :0B~ )SAccrued Z=Accrued Preferred DividendsAN+DDD := BAN+DDD := BAN+DDD := BAN+DDD := BAN+DDD := BAN+DDD :=BA N +D DD :=BA N +D DD :=BA N +D DD :=BA N +D DD :=B~ S )P!(D % bP)( L-bP)(P)(P)(P)( P)(  P)(  P)(  P)(  STZ Accounts Receivable%K!Z Z %K!Z Z %K!Z Z %K!Z Z %K!Z Z %K!Z Z % K! Z Z % K! Z Z % K! Z Z % K! Z Z S|Z  Inventories%M!Z Z %M!Z Z %M!Z Z %M!Z Z %M!Z Z %M!Z Z % M! Z Z % M! Z Z % M! Z Z % M! Z Z SZPrepaid Expenses%M!Z Z %M!Z Z %M!Z Z %M!Z Z%M!ZZ%M!ZZ% M! ZZ% M! ZZ% M! ZZ% M! ZZSZPrepaid Income Taxes%M!Z Z %M!Z Z %M!Z Z %M!Z Z%M!ZZ%M!ZZ% M! ZZ% M! ZZ% M! ZZ% M! ZZSZOther Current Assets #1%M!Z Z %M!Z Z %M!Z Z %M!Z Z%M!ZZ%M!ZZ% M! ZZ% M! ZZ% M! ZZ% M! ZZSZOther Current Assets #2%M!Z Z %M!Z Z %M!Z Z %M!Z Z%M!ZZ%M!ZZ% M! ZZ% M! ZZ% M! ZZ% M! ZZSDZOther Current Assets #3%M!Z Z %M!Z Z %M!Z Z %M!Z Z%M!ZZ%M!ZZ% M! ZZ% M! ZZ% M! ZZ% M! ZZSStZ*Accounts Payable%M!Z* Z* %M!Z* Z* %M!Z* Z* %M!Z*Z* %M!Z*Z*%M!Z*Z*% M! Z*Z*% M! Z*Z*% M! Z*Z*% M! Z*Z*SZ+Accrued Expenses%M! Z+ Z+ %M! Z+ Z+ %M! Z+ Z+ %M! Z+Z+ %M! Z+Z+%M! Z+Z+% M! Z+Z+% M! Z+Z+% M! Z+Z+% M! Z+Z+>o%0W2&TD*SX* s  ,! ," ,# ,$ ,& ;( ;) ;+ ,, ,- ,. ,/ ,0 ,1 ,2 ,3 ,4 ,6 J 7 ;9 ,: ,= ,> , SZ,Dividend Payable% M!!Z, Z, % M!!Z, Z, % M!!Z, Z, % M!!Z,Z, % M!!Z,Z,% M!!Z,Z,% M!! Z,Z,% M!! Z,Z,% M!! Z,Z,% M!! Z,Z,!S Z-Income Tax Payable%!M!"Z- Z- %!M!"Z- Z- %!M!"Z- Z- %!M!"Z-Z- %!M!"Z-Z-%!M!"Z-Z-%! M!" Z-Z-%! M!" Z-Z-%! M!" Z-Z-%! M!" Z-Z-"S!Z.Other Current Liabilities #1%"M!#Z. Z. %"M!#Z. Z. %"M!#Z. Z. %"M!#Z.Z. %"M!#Z.Z.%"M!#Z.Z.%" M!# Z.Z.%" M!# Z.Z.%" M!# Z.Z.%" M!# Z.Z.#SD"Z/Other Current Liabilities #2%#M!$Z/ Z/ %#M!$Z/ Z/ %#M!$Z/ Z/ %#M!$Z/Z/ %#M!$Z/Z/%#M!$Z/Z/%# M!$ Z/Z/%# M!$ Z/Z/%# M!$ Z/Z/%# M!$ Z/Z/$S#Z0Other Current Liabilities #3%$N!&Z0 Z0 %$N!&Z0 Z0 %$N!&Z0 Z0 %$N!&Z0Z0 %$N!&Z0Z0%$N!&Z0Z0%$ N!& Z0Z0%$ N!& Z0Z0%$ N!& Z0Z0%$ N!& Z0Z0 &#&!  %$e&) &&& -e&) &&) &&) &&) && ) && ) && ) && ) & (!(M!) D&D(M))((( LL(M))((M))((M))((M))(( M)) (( M)) (( M)) (( M)) ( ))M,Z )M!,Z )M!,Z )M!,Z )M!,Z )M!,Z ) M!, Z ) M!, Z ) M!, Z ) M!, Z  +S+K++!++ {$AS+K+++K+++K+++K+++K+ ++ K+ ++ K+ ++ K+ ++ K+.,S (Inc)/Dec in Z(Inc)/Dec in Other Assets #1&,M!-Z Z ',M!-Z Z ',M!-Z Z ',M!-Z Z',M!-ZZ',M!-ZZ', M!- ZZ', M!- ZZ', M!- ZZ', M!- ZZ.-S, (Inc)/Dec in Z(Inc)/Dec in Other Assets #2&-M!.Z Z '-M!.Z Z '-M!.Z Z '-M!.Z Z'-M!.ZZ'-M!.ZZ'- M!. ZZ'- M!. ZZ'- M!. ZZ'- M!. ZZ..S4- (Inc)/Dec in Z"(Inc)/Dec in Other NC Assets #1&.M!/Z Z '.M!/Z Z '.M!/Z Z '.M!/Z Z'.M!/ZZ'.M!/ZZ'. M!/ ZZ'. M!/ ZZ'. M!/ ZZ'. M!/ ZZ./St. (Inc)/Dec in Z"(Inc)/Dec in Other NC Assets #2&/M!0Z Z '/M!0Z Z '/M!0Z Z '/M!0Z Z'/M!0ZZ'/M!0ZZ'/ M!0 ZZ'/ M!0 ZZ'/ M!0 ZZ'/ M!0 ZZ.0S/ (Inc)/Dec in Z"(Inc)/Dec in Other NC Assets #3&0M!1Z Z '0M!1Z Z '0M!1Z Z '0M!1Z Z'0M!1ZZ'0M!1ZZ'0 M!1 ZZ'0 M!1 ZZ'0 M!1 ZZ'0 M!1 ZZ.1S0 Inc/(Dec) in Z4Inc/(Dec) in Deferred Taxes&1M!2Z4 Z4 '1M!2Z4 Z4 '1M!2Z4 Z4 '1M!2Z4Z4 '1M!2Z4Z4'1M!2Z4Z4'1 M!2 Z4Z4'1 M!2 Z4Z4'1 M!2 Z4Z4'1 M!2 Z4Z4.2S,1 Inc/(Dec) in Z5+(Inc/(Dec) in Other Deferred Liability #1&2M3Z5 Z5 '2M3Z5 Z5 '2M3Z5 Z5 '2M3Z5Z5 '2M3Z5Z5'2M3Z5Z5'2 M3 Z5Z5'2 M3 Z5Z5'2 M3 Z5Z5'2 M3 Z5Z5.3S2 Inc/(Dec) in Z6+(Inc/(Dec) in Other Deferred Liability #2&3M!4Z6 Z6 '3M!4Z6 Z6 '3M!4Z6 Z6 '3M!4Z6Z6 '3M!4Z6Z6'3M!4Z6Z6'3 M!4 Z6Z6'3 M!4 Z6Z6'3 M!4 Z6Z6'3 M!4 Z6Z6.4S3 Inc/(Dec) in Z7!Inc/(Dec) in Minority Interest&4N!6Z7 Z7 %4N!6Z7 Z7 %4N!6Z7 Z7 %4N!6Z7Z7 %4N!6Z7Z7%4N!6Z7Z7%4 N!6 Z7Z7%4 N!6 Z7Z7%4 N!6 Z7Z7%4 N!6 Z7Z7 6/6U!D(D)%+46U)6#66 LL-6U)66U)66U)66U) 66 U) 66 U) 66 U) 66 U)6 9#9M!: %,09M)9999 -9M)999M)999M)999M)9 99 M)9 99 M)9 99 M)9 99 M)99 :#:M!xT %24:M):::: -:M):::M):::M):::M): :: M): :: M): :: M): :: M)9:= > 4O'gcXdgg          7  s                      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#   & rke& uri& cou& vab& nto& epa& es& In& s& rre+ #140 Cur40 ts 40 r C40 set40 tal40 Ass40  +40  ent40  N40  Ne51 l51  As51 Ot51 set51 her51 s #51  No51  Ass51  AL 51  LIA#2 & E#2 urr#2 lit#2 cou#2 le#2  Ex#2  Div#2  abl#2  e T#2  e$3 rre$3 iti$3 the$3  Li$3  #2$3 Cur$3  ili$3  To$3  nt $3  es 6 efe 6 ili 6 the 6 d L 6 #2 6 y I 6 Lo 6 ebt 6 Lo 6 ebt : LIA@"(  x  6}XPP? {"C%]4@}\ ?/ J_DEST $<%John P. Burns: Check this out later <B I $%) John P. Burnsi>@<U    7ggD   ;':  dMbP?_*+%,&L&D&T&C&P&N&R&F&AMColorJet7d,,ColorJetLPT1 ,,">,,??cU}  } m }  } } } } } } $ }  } $ ;@; ;,,;; ; ,;;,,;,,;,,;,,;!:ZFCModel Is Balanced --- Circ Breaker Is On --- Cash Min Switch Is Off&################sZ Project XXX(sssssssssssssssss t(ttttttttttttttttt*3!: Performance Case: Z+ Performance Case: BaseZ(FYE January; $ in millions) ^E^^^^^^^^^ `@Z d@ Dh@  Ll@p@t@  x@  |@  @  @8  xB1?@@@@@@ @"@$@ C K! -Z6Z.   :/  BC K! -Z6Z.   :/  BC K! -Z6Z.   :/  BC K! -Z6Z.   :/  BC K! -Z6Z.   :/  BC K! -Z6Z.   :/  BC K! -Z6 Z.   :/  BC K! -Z6 Z.   :/  BC K! -Z6 Z.   :/  BC K! -Z6 Z.   :/  B J M4Z! ZZD: BJ M4Z! ZZD: BJ M4Z! ZZD: BJ M4Z! Z ZD: BJ M4Z! Z Z