Assumptions for Forecasting Model

Income Statement Sales Cost of Sales Selling, General & Admn. Expenses Depreciation Other Operating Income Interest Income Interest Expense Income Taxes Balance Sheet Assets Cash and Marketable Securities Accounts Receivable Inventories Other Current Assets Gross Fixed Assets Accumulated Depreciation Net Fixed Assets Other Non-Current Assets Liabilities and Shareholders' Equity Accounts Payable Short-Term Debt Other Current Liabilities Long-Term Debt Deferred Income Taxes Other Non-Current Liabilities Paid-In Capital Retained Earnings Other Assumptions Dividend payout ratio Interest on short-term debt Interest on long-term debt Interest on cash & marketable securities Number of shares outstaning P/E ratio

Assumption Will grow at 5%, based on input from management 52% of sales, little better than historical average 29% of sales, based on expected worsening 8% of Gross Fixed Assets, based on analysis of depreciation schedules 0.7% of sales, based on historical average Calculate based on average balance and interest rate specified later For STD calculate based on average balance and interest rate For LTD interest expense will remain unchanged at $ 13.5 million 35% of pre-tax income

2.1%, of sales based on historical average 8.4% of sales, based on historical average 8.8% of sales, based on historical average 7.6% of sales, based on historical average Will grow at 11% per year, based on discussion with management Calculated from other items Calculated from other items Will grow at 10% per year, based on discussion with management

6.1% of sales, same as historical average Read Handout 8.3% of sales, same as 2013 Will remain unchanged 1.4% of sales, based on historical average 7.6% of sales, based on historical average Will remain unchanged Calculated from other items

40%, based on discussion with management 7%, based on economic forecast Rates embedded in existing debt, annual expense $13.5 million 6%, based on economic forecast Will remain unchanged Will decline to 16 in 2014 and then improve to 18, 20, and 22 in the following years

Income Statement and Balance Sheet for OLP Limited Income Statement ($. Million)
Sales Cost of Sales Other Operating Income Gross Operating Income Selling, General & Admn. Expenses Depreciation EBIT Interest Income Interest Expense Pre-Tax Income Income Taxes Net Income Dividends Addition to Retained Earnings 2010 1234.9 679.1 11.8 567.6 339.7 47.5 180.4 1.3 16.2 165.5 56.8 108.7 38.3 70.4 Historical period 2011 2012 1251.7 1300.4 659 681.3 7.6 7 600.3 626.1 348.6 52 199.7 1.4 15.1 186 64.2 121.8 38.7 83.1 351.2 55.9 219 1.7 20.5 200.2 67.5 132.7 39.8 92.9

Balance Sheet ($ Million)

Assets Cash and Marketable Securities Accounts Receivable Inventories Other Current Assets Total Current Assets Gross Fixed Assets Accumulated Depreciation Net Fixed Assets Other Non-Current Assets Total Non-Current Assets Total Assets Liabilities and Shareholders' Equity Accounts Payable Short-Term Debt Other Current Liabilities Total Current Liabilities Long-Term Debt Deferred Income Taxes Other Non-Current Liabilities Total Liabilities 25.6 99.4 109.6 96.7 331.3 680.9 244.8 436.1 203.2 639.3 970.6 23 102.9 108 91.4 325.3 734.3 296.8 437.5 205.1 642.6 967.9 32.1 107.3 114.9 103.7 358 820.8 352.7 468.1 407 875.1 1233.1

82.8 39.1 152 273.9 163.5 22.3 100.6 560.3

77.1 29.7 123.8 230.6 145 19.6 80.1 475.3

71.8 79.8 172.1 323.7 201.8 15 115 655.5

Share Capital Retained Earnings Total Shareholders' Equity Total Liabilities and Shareholders' Equity Discretionary Funding Need (DFN)

46.9 363.4 410.3 970.6

46.1 446.5 492.6 967.9

38.2 539.4 577.6 1233.1

eriod 2013 1334.4 667 8.2 675.6 373.3 75.2 227.1 2 23.7 205.4 72.6 132.8 40.1 92.7

28.4 120.1 116.8 97.5 362.8 913.1 427.9 485.2 456.3 941.5 1304.3

80.5 110.3 111.3 302.1 218.1 12.7 94.5 627.4

44.8 632.1 676.9 1304.3

Statement of Cash Flows for OLP Limited

Millions of $ Historical Period 2011 2012 121.8 52 -3.5 1.6 5.3 -5.7 -28.2 -2.7 -20.5 120.1 132.7 55.9 -4.4 -6.9 -12.3 -5.3 48.3 -4.6 34.9 238.3

2010 Cash Flows from Operations Net Income Depreciation Expense Decrease/(Increase) in Accounts Receivable Decrease/(Increase) in Inventories Decrease/(Increase) in Other Current Assets Increase/(Decrease) in Accounts Payable Increase/(Decrease) in Other Current Liabilities Increase/(Decrease) in Deferred Income Taxes Increase/(Decrease) in Other Non-Current Liabilities Total Cash Flows from Operations Cash Flows from Investing (Additions to) Gross Fixed Assets (Investment) in Other Non-Current Assets Total Cash Flows from Investing Cash Flows from Financing From Issuance/(Repayment) of Short-Term Debt From Issuance/(Repayment) of Long-Term Debt From Sale/(Repurchase) of Equity Cash Dividends Paid to Shareholders Total Cash Flows from Financing Net Change in Cash & Marketable Securities

-53.4 -1.9 -55.3

-86.5 -201.9 -288.4

-9.4 -18.5 -0.8 -38.7 -67.4 -2.6

50.1 56.8 -7.9 -39.8 59.2 9.1

Beginning Cash & Marketable Securities Ending Cash & Marketable Securities Net Change in Cash & Marketable Securities

25.6 23 -2.6

23 32.1 9.1

eriod 2013 132.8 75.2 -12.8 -1.9 6.2 8.7 -60.8 -2.3 -20.5 124.6

-92.3 -49.3 -141.6

30.5 16.3 6.6 -40.1 13.3 -3.7

32.1 28.4 -3.7