###

($ in millions, except per share data)

#REF! #REF!
2005A 2006A 2007A 2008P 2009P
Total Revenue $370.8 $380.8 $402.5 $458.1 $468.0
% Growth NA 2.7% 5.7% 13.8% 2.2%
COGS 182.5 188.6 207.7 239.6 249.8
% of Sales 49.2% 49.5% 51.6% 52.3% 53.4%
Gross Profit $188.3 $192.2 $194.8 $218.5 $218.2
% Margin 50.8% 50.5% 48.4% 47.7% 46.6%
SG&A 46.6 61.9 74.8 88.3 91.7
% of Sales 12.6% 16.3% 18.6% 19.3% 19.6%

EBITDA $141.7 $130.3 $120.0 $130.2 $126.5

% Margin 38.2% 34.2% 29.8% 28.4% 27.0%
Depreciation 14.0 11.1 12.1 14.1 14.1
% of Sales 3.8% 2.9% 3.0% 3.1% 3.0%
Amortization 25.7 18.2 18.6 19.6 19.9
% of Sales 6.9% 4.8% 4.6% 4.3% 4.3%
Total D&A 39.7 29.3 30.7 33.7 34.0
% of Sales 10.7% 7.7% 7.6% 7.4% 7.3%
Stock-Based Comp 16.5 13.4 11.3 10.8 10.6
% of Sales 4.4% 3.5% 2.8% 2.4% 2.3%
EBIT $85.5 $87.6 $78.0 $85.7 $81.9
% Margin 23.1% 23.0% 19.4% 18.7% 17.5%
EBITA $127.7 $119.2 $107.9 $116.1 $112.4
% Margin 34.4% 31.3% 26.8% 25.3% 24.0%

Interest (Income) / Expense 4.9 0.9 - (2.4) -

Equity (Income) - - - - -
Minority Interest - - - - -
Other (Income) / Expense 0.1 - - (0.1) -
Income Before Taxes $122.7 $118.3 $107.9 $118.6 $112.4
Provision for Tax 42.9 41.4 37.8 41.5 39.3
% Tax Rate 35.0% 35.0% 35.0% 35.0% 35.0%
Cash Net Income $79.8 $76.9 $70.1 $77.1 $73.1
% Margin 21.5% 20.2% 17.4% 16.8% 15.6%
Cash Diluted EPS $2.27 $2.27 $1.97 $2.14 $2.00
Diluted Shares Out 35.064 33.880 35.580 36.080 36.580

Cash to GAAP Reconciliation:

Amortization $16.7 $11.8 $12.1 $12.7 $12.9
Stock-Based Comp 10.7 8.7 7.3 7.0 6.9
One-Time Charges 8.2 3.4 0.7 0.1 -
GAAP Net Income $44.1 $53.0 $50.0 $57.2 $53.2
% Margin 11.9% 13.9% 12.4% 12.5% 11.4%
GAAP Diluted EPS $1.26 $1.56 $1.41 $1.59 $1.46

Capex $26.0 $12.5 $18.0 $16.0 $14.1

% of Sales 7.0% 3.3% 4.5% 3.5% 3.0%
#REF! CAGR
2010P 2011E 2012E 2008-2012
$470.5 $475.2 $480.0 1.2%
0.5% 1.0% 1.0%
252.2 254.7 257.3
53.6% 53.6% 53.6%
$218.3 $220.5 $222.7 0.5%
46.4% 46.4% 46.4%
92.4 93.3 94.3
19.6% 19.6% 19.6%

$125.9 $127.2 $128.4 (0.3%)

26.8% 26.8% 26.8%
14.1 14.2 14.4
3.0% 3.0% 3.0%
20.0 20.0 20.0
4.3% 4.2% 4.2%
34.1 34.2 34.4
7.2% 7.2% 7.2%
10.7 10.8 10.9
2.3% 2.3% 2.3%
$81.1 $82.1 $83.1 (0.8%)
17.2% 17.3% 17.3%
$111.8 $112.9 $114.0 (0.4%)
23.8% 23.8% 23.8%

- - -
- - -
- - -
- - -
$111.8 $112.9 $114.0 (1.0%)
39.1 39.5 39.9
35.0% 35.0% 35.0%
$72.7 $73.4 $74.1 (1.0%)
15.4% 15.4% 15.4%
$1.99 $2.01 $2.03 (1.3%)
36.580 36.580 36.580

$13.0 $13.0 $13.0

7.0 7.0 7.1
- - -
 $52.7 $53.4 $54.0 (1.4%)
11.2% 11.2% 11.3%
$1.44 $1.46 $1.48 (1.8%)

$14.2 $14.3 $14.5

3.0% 3.0% 3.0%
TargetCo LBO Valuation
($ in millions, except per share data)

Sources and Uses of Funds

% of Mult. of Interest
$ mm Total EBITDA Rate Spread
Sources of Funds
Excess Cash $116.6 14.3% 0.97x 2.00% -
Debt Assumed 230.0 28.2% 1.91x 2.50% -
Minority Interest Assumed 0.0 0.0% 0.00x NA -
Debt
Revolver 0.0 0.0% 0.00x 7.03% L + 425
Term Loan - A 150.0 18.4% 1.24x 7.57% L + 479
Term Loan - B 0.0 0.0% 0.00x 8.78% L + 600
Senior Note 75.0 9.2% 0.62x 9.28% L + 650
Subordinated Note 0.0 0.0% 0.00x 10.25% -
Mezzanine 0.0 0.0% 0.00x 10.50% -
Seller Note 0.0 0.0% 0.00x 10.50% -
Preferred
Preferred Stock - A 10.0 1.2% 0.08x 14.00% -
Preferred Stock - B 0.0 0.0% 0.00x 14.25% -
Equity
Common - Sponsor 233.6 28.7% 1.94x Current Interest Rates
Management Rollover 0.0 0.0% 0.00x
Investor Rollover 0.0 0.0% 0.00x 3-Month LIBOR
Other 0.0 0.0% 0.00x 10-Year Treasury
Total Sources $815.2 100.0% 6.76x Interest on Excess Cash

Uses of Funds Refinance Target Debt

Equity Purchase Price
Existing Shareholders $563.0 69.1% 4.67x Refinance?
Investor Rollover 0.0 0.0% 0.00x
Other Uses Minimum Cash / Revolver
Fund Cash Balance 0.0 0.0% 0.00x
Assume Debt 230.0 28.2% 1.91x Minimum Cash Balance
Refinance Debt 0.0 0.0% 0.00x Total Bank Commitment
Assume Minority Int. 0.0 0.0% 0.00x
Purchase Minority Int. 0.0 0.0% 0.00x Scenario
Fees & Expenses 22.3 2.7% 0.18x
Other 0.0 0.0% 0.00x Financing Case
Total Uses $815.2 100.0% 6.76x

Summary Credit Statistics

Year 1 Year 2 Year 3 Year 4

LTM 2008 2009 2010 2011
Leverage Statistics
 Total Debt / EBITDA 3.51x 2.38x 2.04x 2.04x
Senior Debt / EBITDA 3.43x 2.31x 1.96x 1.94x
Net Debt / EBITDA 3.28x 2.19x 1.67x 1.12x

Interest Coverage
EBITDA / Senior Interest 42.27x 9.15x 13.90x 17.73x
EBITDA / Total Interest 14.36x 6.42x 8.32x 9.45x
EBITDA - Capex / Total Interest 14.07x 5.84x 7.56x 8.59x

Cumulative Senior Debt Paydown 1.9% 20.6% 33.0% 33.0%

Capital Stru
($ in millions, except per share data)

Operating Data
EBITDA
Capex
Increase / (Decrease) in Working Capital

Debt Summary
Debt Assumed
Revolver
Term Loan
Senior Note
Total Senior Debt
Subordinated Debt
Preferred Stock
Non-Controlling (Minority) Interest
Capital Leases
Total Debt
Cash
Net Debt

Interest Expense & Preferred Dividends

Interest on Assumed Debt
Senior Interest
Subordinated Interest
Preferred Dividends
Total Interest Expense & Preferred Dividends
Cash Interest Expense

Leverage Statistics
Total Debt / EBITDA
Senior Debt / EBITDA
Net Debt / EBITDA
Total Debt / EBITDA - Capex
Interest Coverage
EBITDA / Senior Interest
EBITDA / Total Interest
EBITDA / Cash Interest
EBITDA - Capex / Senior Interest
EBITDA - Capex / Total Interest
EBITDA - Capex / Cash Interest
EBITDA - Capex - Δ WC / Senior Interest
EBITDA - Capex - Δ WC / Total Interest
EBITDA - Capex - Δ WC / Cash Interest

Debt Paydown
Cumulative Senior Debt Paydown
Cumulative Debt Paydown (excl. Preferred and Minority Interest)

Returns
Return on Equity (ROE)
Return on Assets (ROA)

Liquidity Ratios
Current Ratio
Quick ("Acid Test") Ratio

Asset Utilization
Total Asset Turnover
Fixed Asset Turnover

Working Capital Assumptions

Inventory Turnover
Accounts Receivable Turnover
Accounts Payable Turnover
Inventory Holding Period (days)
Days Receivable
Days Payable

($ in millions, except per share data)

Historical FYs Ended Sep 30, LTM
Year 0 Ended
2005 2006 2007 3/31/2008

Net Sales $370.8 $380.8 $402.5 $420.4

% Growth NA 2.7% 5.7% NA
COGS 182.5 188.6 207.7 219.3
% of Sales 49.2% 49.5% 51.6% 52.2%
SG&A 46.6 61.9 74.8 80.5
% of Sales 12.6% 16.3% 18.6% 19.1%
Other 0.0 0.0 0.0 0.0
% of Sales 0.0% 0.0% 0.0% 0.0%
EBITDA $141.7 $130.3 $120.0 $120.6
% Margin 38.2% 34.2% 29.8% 28.7%
Existing Depreciation 14.0 11.1 12.1 13.1
% of Sales 3.8% 2.9% 3.0% 3.1%
Depreciation of Fixed Asset Write-Up 0.0 0.0 0.0 0.0
% of Sales 0.0% 0.0% 0.0% 0.0%
EBITA $127.7 $119.2 $107.9 $107.5
% Margin 34.4% 31.3% 26.8% 25.6%
Existing Amortization 25.7 18.2 18.6 19.1
% of Sales 6.9% 4.8% 4.6% 4.5%
New Intangibles Amortization 0.0 0.0 0.0 0.0
% of Sales 0.0% 0.0% 0.0% 0.0%
Stock-Based Compensation 16.5 13.4 11.3 11.5
% of Sales 4.4% 3.5% 2.8% 2.7%
EBIT $85.5 $87.6 $78.0 $76.9
% Margin 23.1% 23.0% 19.4% 18.3%

Interest Expense
Debt Assumed
Revolver
Term Loan - A
Term Loan - B
Senior Note
Subordinated Note
Mezzanine
Seller Note
Total Interest Expense

Other (Income) / Expense Rate

Interest Income 2.00%
Amortization of Capitalized Financing Costs
Equity Income
Sponsor Management Fee
(Gain) / Loss on Sale of Assets
Other Expense / (Income)
Total Other (Income) / Expense

Income Before Tax

Income Tax Expense / (Benefit)
Effective Tax Rate
Pro Forma GAAP Net Income
% Margin

Preferred Stock - A Dividend 14.00%

Preferred Stock - B Dividend 14.25%
Common Stock Dividend
Non-Controlling (Minority) Interest
Pro Forma GAAP Net Income Available to Common Shareholders

Existing Fully Diluted Shares Outstanding

Shares Issued to Contributors of New Equity Capital
Pro Forma Fully Diluted Shares Outstanding

Pro Forma GAAP EPS

Standalone GAAP EPS
$ Accretion / (Dilution)
% Accretion / (Dilution)

Pre-Tax Non-Cash Items

Less: Tax Impact
After-Tax Non-Cash Adjustments

Pro Forma Cash Net Income Available to Common Shareholders

Pro Forma Cash EPS

Standalone Cash EPS
$ Accretion / (Dilution)
% Accretion / (Dilution)

($ in millions, except per share data)

Sales
COGS
Assumptions
Non-Cash Current Asset Projections Method FY2007
Accounts Receivable % of Sales 29.9%
Inventories % of COGS 0.0%
Deferred Income Taxes % of Sales 2.6%
Prepaid Expenses & Other % of COGS 4.1%
Non-Debt Current Liabilities Projections
Accounts Payable % of COGS 8.9%
Accrued Liabilities % of COGS 10.1%
Client Deposits % of Sales 6.6%
Other Current Liabilities % of COGS 12.1%

($ in millions, except per share data)

Historical Adjustments
Year 0 Mar 31 GAAP/
2007 2008 Financing Other

Assets
 Cash & Equivalents $132.8 $146.6 ($116.6)
Accounts Receivable 120.2 131.4
Inventories 0.0 0.0
Deferred Income Taxes 10.7 8.8
Prepaid Expenses & Other 8.5 8.2
Total Current Assets $272.2 $295.1

PP&E, gross $168.9 $175.4 $15.0

(Accumluated Depreciation) (136.2) (142.4)
PP&E, net $32.7 $33.0
Equity Investments 0.0 0.0
Capitalized Financing Costs 0.0 0.0 6.4
Goodwill, net 60.7 61.1 379.8
Intangible Assets, net 40.2 37.5 116.3
Operating Rights, net 0.0 0.0
Other Long-Term Assets 16.6 14.3
Total Assets $422.4 $440.9

Liabilities
Short-Term Debt $0.0 $0.0 $0.0
Accounts Payable 18.4 20.7
Accrued Liabilities 21.0 15.4
Client Deposits 26.7 0.0
Other Current Liabilities 25.1 59.1
Total Current Liabilities $91.2 $95.2

Deferred Income Taxes $0.0 $0.0 $45.9

Capital Leases 0.0 0.0
Other Long-Term Liabilities 18.7 17.9
Revolver 0.0 0.0 0.0
Existing LT Debt (excl. current portion) 230.0 230.0 0.0
Term Loan - A 0.0 0.0 150.0
Term Loan - B 0.0 0.0 0.0
Senior Note 0.0 0.0 75.0
Subordinated Note 0.0 0.0 0.0
Mezzanine 0.0 0.0 0.0
Seller Note 0.0 0.0 0.0
Total Liabilities $339.9 $343.1

Shareholders' Equity
Existing Shareholders' Equity $82.5 $97.9 ($97.9)
Non-Controlling (Minority) Interest 0.0 0.0 0.0
Preferred Stock - A 0.0 0.0 10.0
Preferred Stock - B 0.0 0.0 0.0
Common - Sponsor 0.0 0.0 233.6
Management Rollover 0.0 0.0 0.0
Investor Rollover 0.0 0.0 0.0
Other 0.0 0.0 0.0
Additional Paid-In Capital 0.0 0.0
 Retained Earnings 0.0 0.0 (15.8)
Total Shareholders' Equity $82.5 $97.9

Liabilities & Shareholders' Equity $422.4 $440.9

Net Working Capital $48.2 $53.3

Change in Net Working Capital

Check 0.000 0.000

($ in millions, except per share data)

Operating Activities
Net Income
Income Statement Adjustments
Depreciation
Amortization of Intangibles
Amortization of Capitalized Financing Costs
Stock-Based Compensation
Non-Controlling (Minority) Interest
Accrual of Subordinated Note
Accural of Mezzanine
Accural of Seller Notes
Accrual of Preferred Stock - A
Accrual of Preferred Stock - B
Balance Sheet Adjustments
(Increase) / Decrease in Working Capital
Increase / (Decrease) in Non-Current Net DTL
Increase / (Decrease) in Other LT Liabilities
Cash Flow from Operating Activities

Investing Activities
Capital Expenditures
Proceeds from the Sale of Assets
Dividends from Equity Investments
Cash Flow from Investing Activities

Cash Flow Available for Debt Repayment

Financing Activities
Revolver
Debt Assumed
Term Loan - A
Term Loan - B
Senior Note
Subordinated Note
 Mezzanine
Seller Note
Preferred Stock - A
Preferred Stock - B
Cash Flow from Financing Activities

Change in Cash

($ in millions, except per share data)

Libor Curve

Interest Rate Assumptions

Assumed Debt
Revolver
Term Loan - A
Term Loan - B
Senior Note
Subordinated Note
Mezzanine
Seller Note
Preferred Stock - A
Preferred Stock - B
Revolver Undrawn Commitment Fee 0.50%

Debt Amortization Schedule Beginning Scheduled

Balance Amort. Prepay? Bullet Year
Assumed Debt 230.0 0.0% no 2013
Term Loan - A 150.0 20.0% yes 2013
Term Loan - B 0.0 5.0% yes 2014
Senior Note 75.0 0.0% no 2016
Subordinated Note 0.0 0.0% no 2014
Mezzanine 0.0 0.0% no 2009
Seller Note 0.0 0.0% yes 2011

Sources of Funds
Beginning Cash Balance
Less: Minimum Cash Balance
Excess Cash / (Cash Deficit)
Plus: Cash Flow Available for Debt Repayment
Subtotal
Incremental Revolver Borrowing
Total Sources of Funds

Uses of Funds
 Mandatory Debt Repayment
Assumed Debt
Term Loan - A
Term Loan - B
Senior Note
Subordinated Note
Mezzanine
Seller Note
Mandatory Repayment Subtotal
Optional Debt Repayment Repay?
Revolver yes
Assumed Debt
Term Loan - A
Term Loan - B
Senior Note
Subordinated Note
Mezzanine
Seller Note
Optional Repayment Subtotal
Excess Cash Added to Balance Sheet
Total Uses of Funds

Check

($ in millions, except per share data)

Existing Fixed Assets Beginning Remain. Salvage

Classification Amount Life Value
PP&E $175.4 14.0 $0.0
Class 2 0.0 0.0 0.0
Class 3 0.0 0.0 0.0
Class 4 0.0 0.0 0.0

Capital Expenditures Useful Salvage

Year CapEx Life Value
2008 $16.0 20.0 $0.0
2009 14.1 20.0 0.0
2010 14.2 20.0 0.0
2011 14.3 20.0 0.0
2012 14.5 20.0 0.0
2013 14.6 20.0 0.0
2014 14.8 20.0 0.0
2015 14.9 20.0 0.0
2016 15.0 20.0 0.0
 2017 15.2 20.0 0.0

Manual or Computed Depreciation Total Computed Depreciation Expense

0=Manual, 1=Computed Analyst-Projected (Manual) Depreciation Expense
0 Manual
Book Depreciation Expense

($ in millions, except per share data)

Income Tax Rate

Book Deal Structure

Book Taxable Income 0=Stock Purchase, 1=Asset Purchase
+ Adjustments 0 Stock Purchase
= Adjusted Book Taxable Income
Income Tax Expense Intangibles Amortization
Book Tax
Tax Period (yrs) 5.0 15.0
Book Taxable Income Expense $23.3 $0.0
+ Book Amortization of Intangibles
+ Book Amortization of Goodwill Goodwill Amortization
+ Book Depreciation Book Tax
+ Book (Gain) / Loss on Sale of Assets Period (yrs) NA 15.0
+ Non-Deductible Expenses Expense $0.0 $0.0
- Tax Amortization of Intangibles
- Tax Amortization of Goodwill Fixed Asset Depreciation
- Tax Depreciation Book Tax
- Tax (Gain) / Loss on Sale of Assets Period (yrs) 8.0 6.0
= Pre-NOL Taxable Income Expense $1.9 $0.0
- Pre-Deal NOLs Used
- Post-Deal NOLs Used Federal Equity Sec. 382 NOL
= Post-NOL Taxable Income Rate Value Limit Expiration
Cash Taxes Payable 4.46% $563.0 $25.1 5

Pre-Deal NOL Detail

Beginning NOL Balance
- Pre-Deal NOLs Used / Acquisition Accounting Adj.
Ending NOL Balance

Post-Deal NOL Detail

Beginning NOL Balance
- Post-Deal NOLs Used
+ NOL Carrryforward from Current Period
Ending NOL Balance
Deferred Taxes
Increase / Decrease in Net Deferred Tax Liability

($ in millions, except per share data)

Estimated Sale Proceeds

Book Basis in Assets Sold
Tax Basis in Assets Sold
Book Gain / (Loss) on Sale
Tax Gain / (Loss) on Sale

Allocation to Balance Sheet

PP&E, gross
Equity Investments
Operating Rights, net
Other Long-Term Assets

($ in millions, except per share data)

Revenue Growth
Management Case
Analyst Case
Downside Case
Analyst Case

COGS (% of Sales)
Management Case
Analyst Case
Downside Case
Analyst Case

SG&A (% of Sales)
Management Case
Analyst Case
Downside Case
Analyst Case

Other (% of Sales)
Management Case
Analyst Case
Downside Case
 Analyst Case

C
($ in millions, except per share data)

Financing Scenarios
Case 1 2 3 4

Description No deal Refi A Refi B LBO A

Sources of Funds
Excess Cash $0.0 $0.0 $0.0 $116.6
Debt Assumed 0.0 230.0 230.0 230.0
Minority Interest Assumed 0.0 0.0 0.0 0.0
Revolver 0.0 0.0 0.0 0.0
Term Loan - A 0.0 (29.2) (74.0) 150.0
Term Loan - B 0.0 0.0 0.0 0.0
Senior Note 0.0 50.0 100.0 75.0
Subordinated Note 0.0 0.0 0.0 0.0
Mezzanine 0.0 0.0 0.0 0.0
Seller Note 0.0 0.0 0.0 0.0
Preferred Stock - A 0.0 0.0 0.0 10.0
Preferred Stock - B 0.0 0.0 0.0 0.0
Common - Sponsor 0.0 0.0 0.0 233.6
Management Rollover 0.0 0.0 0.0 0.0
Investor Rollover 0.0 0.0 0.0 0.0
Other 0.0 0.0 0.0 0.0
### Total Sources $0.0 $250.8 $256.0 $815.2

Uses of Funds
Existing Shareholders $0.0 $0.0 $0.0 $563.0
Investor Rollover 0.0 0.0 0.0 0.0
Fund Cash Balance 0.0 10.0 15.0 0.0
Assume Debt 0.0 230.0 230.0 230.0
Refinance Debt 0.0 0.0 0.0 0.0
Tender / Call Premium 0.0 0.0 0.0 0.0
Assume Minority Int. 0.0 0.0 0.0 0.0
Purchase Minority Int. 0.0 0.0 0.0 0.0
Expensed Transaction Costs 0.0 8.5 8.5 15.8
Capitalized Financing Costs 0.0 2.3 2.5 6.4
Other 0.0 0.0 0.0 0.0
Total Uses $0.0 $250.8 $256.0 $815.2

LBO? no no no yes

Check 0.000 0.000 0.000 0.000

Transa
($ in millions, except per share data)
Fees (%) Computation Metric
M&A / Sponsor Fees
Bank Fee 0.65% of Transaction Value (x-Fees & Expenses):
Sponsor Fee 0.65% of Transaction Value (x-Fees & Expenses):
Financing Fees
Revolver 1.75% of Total Facility Size (Commitment):
Term Loan - A 2.00% of Total Principal Amount:
Term Loan - B 1.75% of Total Principal Amount:
Senior Note 2.25% of Total Principal Amount:
Subordinated Note 3.00% of Total Principal Amount:
Mezzanine 0.00% of Total Principal Amount:
Seller Note 0.00% of Total Principal Amount:
Preferred Stock - A 0.00% of Total Principal Amount:
Preferred Stock - B 0.00% of Total Principal Amount:
Other Miscellaneous Fees
Legal
Accounting
Printing
Other
Target's Expenses

Amortization of Capitalized Financing Costs

Amort. Annual
Period Expense
Revolver 5.0 $0.4
Term Loan - A 5.0 0.6
Term Loan - B 2,014.0 0.0
Senior Note 2,016.0 0.0
Subordinated Note 2,014.0 0.0
Mezzanine 2,009.0 0.0
Seller Note 2,011.0 0.0
Total Annual Amortization

D
($ in millions, except per share data)
2 Mos.
Ending Year 2 Year 3 Year 4 Year 5
9/30/2008 2009 2010 2011 2012

Revenue $76.4 $468.0 $470.5 $475.2 $480.0

% Growth 13.8% 2.2% 0.5% 1.0% 1.0%
EBITDA 21.7 156.5 155.9 157.2 158.4
% Margin 28.4% 33.4% 33.1% 33.1% 33.0%
Less: Depreciation (2.4) (16.0) (16.0) (16.1) (16.3)
EBITA $19.3 $140.5 $139.9 $141.0 $142.2
Tax Rate 35.0% 35.0% 35.0% 35.0% 35.0%
Unlevered Net Income $12.5 $91.3 $91.0 $91.7 $92.4
Plus: Depreciation 2.4 16.0 16.0 16.1 16.3
Less: Capital Expenditures (2.7) (14.1) (14.2) (14.3) (14.5)
Less: Change in Working Capital (0.6) (2.5) 0.0 (0.5) (0.5)
Less: Change in Deferred Tax (1.5) (8.8) (8.8) (8.8) (8.8)
Unlevered Free Cash Flow $10.2 $81.9 $84.0 $84.1 $84.9

DCF Analysis: EBITDA Multiple Method

Total Enterprise Value Total Equity Value (1)

Terminal EBITDA Multiple Terminal EBITDA Multiple
4.0x 4.5x 5.0x 4.0x 4.5x
Discount 11.0% $675.2 $726.4 $777.7 $591.8 $643.1
Rate 12.0% $654.4 $703.8 $753.2 $571.0 $620.4
(WACC) 13.0% $634.4 $682.0 $729.6 $551.0 $598.6

Implied Perpetuity Growth Rate Total Price Per Share (2)

Terminal EBITDA Multiple Terminal EBITDA Multiple
4.0x 4.5x 5.0x 4.0x 4.5x
Discount 11.0% (2.1%) (0.8%) 0.3% $16.83 $18.29
Rate 12.0% (1.2%) 0.1% 1.2% $16.24 $17.64
(WACC) 13.0% (0.3%) 1.0% 2.1% $15.67 $17.03

DCF Analysis: Perpetuity Growth Method

Total Enterprise Value Total Equity Value (1)

Terminal Perpetuity Growth Rate Terminal Perpetuity Growth Rate
0.5% 1.0% 1.5% 0.5% 1.0%
Discount 11.0% $790.8 $819.8 $851.9 $707.4 $736.4
Rate 12.0% $721.7 $745.1 $770.8 $638.3 $661.7
(WACC) 13.0% $663.7 $682.9 $703.7 $580.3 $599.5

Implied Terminal EBITDA Multiple Total Price Per Share (2)

Terminal Perpetuity Growth Rate Terminal Perpetuity Growth Rate
0.5% 1.0% 1.5% 0.5% 1.0%
Discount 11.0% 5.1x 5.4x 5.7x $20.12 $20.95
Rate 12.0% 4.7x 4.9x 5.2x $18.15 $18.82
(WACC) 13.0% 4.3x 4.5x 4.7x $16.50 $17.05

($ in millions, except per share data)

Shares & Options

Pre-Deal Adj. Post-Deal
Basic Shares / Retained Equity 34.922 (34.922) 0.000
Options 1.456 (1.456) 0.000
Sponsor Equity 0.000 14.591 14.591
Management Rollover 0.000 0.000 0.000
Investor Rollover 0.000 0.000 0.000
Other New Equity 0.000 0.000 0.000
Preferred Stock - A 0.000 0.625 0.625
 Preferred Stock - B 0.000 0.000 0.000
Subordinated Debt Equity 0.000 0.000 0.000
Management Performance Equity 0.000 0.000 0.000
Total 36.378 15.215

Equity Value Calculation

EBITDA Multiple Method
Forward EBITDA Multiple
Exit Year EBITDA Valuation Multiple Net
Exit Year Enterprise Value 0=EBITDA, 1=GAAP P/E Income
Less: Net Debt 0 EBITDA GAAP
Plus: Proceeds from Options Rollover
Total Equity Value at Exit Exit EBITDA GAAP P/E
Year Multiple Multiple
GAAP P/E Multiple Method 2012 5.0x 14.0x
Forward P/E Multiple
Exit Year GAAP Net Income
Plus: Proceeds from Options Rollover
Total Equity Value at Exit

Equity Value Used in Calculating Equity Returns

Assumptions Used in Equity Returns Calculations

Subordinated Note
Call Premium (%)
Call Premium ($)

Cash Flows to Contributors of Capital

Subordinated Note
Initial Investment
Cash Interest Payments
Take-Out Premium
Paydown of Principal
Principal
Equity Participation at Exit
Total Cash Flows
XIRR
Preferred Stock - A
Initial Investment
Cash Dividends
Paydown of Principal
Principal
Equity Participation at Exit
Total Cash Flows
XIRR
Preferred Stock - B
 Initial Investment
Cash Dividends
Paydown of Principal
Principal
Equity Participation at Exit
Total Cash Flows
XIRR
Management Equity
Initial Investment
Cash Dividends
Principal
Equity Participation at Exit
Total Cash Flows
XIRR
Investor Rollover Equity
Initial Investment
Cash Dividends
Principal
Equity Participation at Exit
Total Cash Flows
XIRR
Sponsor Equity
Initial Investment
Cash Dividends
Principal
Equity Participation at Exit
Total Cash Flows
XIRR
 Valuation Summary Pro

Roll Over Options: 0=Liquidate, 1=Roll Over 0 Sponsor

Years PIK Management
Current Target Stock Price $12.81 Investor Rollover
- Offer Premium 25.0% Other New Equity
0 Offer Price Per Target Share $16.01 Preferred Stock - A
- Preferred Stock - B
Fully Diluted Shares Outstanding (mm) 35.159 Total
0 Equity Purchase Price $563.0
0 Target Pro Forma Net Debt 83.4
0 Pro Forma Enterprise Value $646.4
0
5 Pro Forma Enterprise Value Multiples
0 Metric Multiple
2 LTM Sales $420.4 1.54x
FY 2008 PF Sales 458.1 1.41x
3 FY 2009 PF Sales 468.0 1.38x
3 Purchase P
LTM EBITDA $120.6 5.4x
nt Interest Rates FY 2008 PF EBITDA 130.2 5.0x % of Excess PP Allocated to In
FY 2009 PF EBITDA 156.5 4.1x Intangibles Amortization Period
2.78% Fixed Asset Write-Up
4.50% Operating Performance Drivers Fixed Asset Depreciation Perio
2.00%
Operating Case: Analyst Case 2 Recap Accounting?
ance Target Debt
COGS Savings $10.0 Equity Purchase Price
no SG&A Savings 20.0 Transaction Fees
Total Savings $30.0 Book Value of Net Assets
m Cash / Revolver Excess Purchase Price to Allo
Calendarization / Timing Net Asset Step-Ups:
$30.0 Fixed Asset Write-Up
$100.0 Last Fiscal Year End 9/30/2007 Indentifiable Intangibles Wr
LTM End Date 3/31/2008 Write Off Target's Existing
Scenario Current Date 5/17/2008 Write Down Target's Existin
Expected Closing Date 7/31/2008 Write Off Target's Existing
4 Months from Last FYE to LTM End 6 DTL from Asset Write-Ups
Months from Closing to Next FYE 2 Goodwill Created
Stub Allocation 16.7%

Other Switches / Assumptions

Year 5 Target Code Name
2012 Sponsor Management Fee $0.0 Model Created / Modified by:
Percent of Equity Retained 0.0%
 2.02x Equity to Subordinated Debt at Exit 0.0%
1.93x Additional Equity to Management at Exit 0.0% Last Modified:
0.59x File Name:
Circular Reference Breaker / Model Check

17.64x To break a circ. reference, toggle average interest off then back on:
9.39x Average Interest: 0=No, 1=Yes 1
8.54x

33.0%

Capital Structure, Credit Statistics, & Ratio Analysis

LTM/ Year 1 Year 2 Year 3 Year 4 Year 5 Year 6

Closing 2008 2009 2010 2011 2012 2013

$120.6 $130.2 $156.5 $155.9 $157.2 $158.4 $159.7

2.7 14.1 14.2 14.3 14.5 14.6
0.6 2.5 (0.0) 0.5 0.5 0.5

$230.0 $230.0 $230.0 $230.0 $230.0 $230.0 $0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0
150.0 141.2 56.1 0.0 0.0 0.0 0.0
75.0 75.0 75.0 75.0 75.0 75.0 75.0
$455.0 $446.2 $361.1 $305.0 $305.0 $305.0 $75.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
10.0 10.2 11.8 13.5 15.2 15.2 15.2
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
$465.0 $456.5 $372.9 $318.5 $320.2 $320.2 $90.2
30.0 30.0 30.0 58.5 143.7 226.8 82.7
$435.0 $426.5 $342.9 $260.1 $176.5 $93.5 $7.5

$5.8 $5.8 $5.8 $5.8 $5.8 $2.9

3.1 17.1 11.2 8.9 9.0 9.1
0.0 0.0 0.0 0.0 0.0 0.0
0.2 1.5 1.8 2.0 2.1 2.1
$9.1 $24.4 $18.7 $16.6 $16.9 $14.1
$8.8 $22.8 $17.0 $14.9 $16.9 $14.1

3.86x 3.51x 2.38x 2.04x 2.04x 2.02x 0.56x

3.77x 3.43x 2.31x 1.96x 1.94x 1.93x 0.47x
3.61x 3.28x 2.19x 1.67x 1.12x 0.59x 0.05x
NA 3.58x 2.62x 2.25x 2.24x 2.22x 0.62x
 42.27x 9.15x 13.90x 17.73x 17.64x 17.58x
14.36x 6.42x 8.32x 9.45x 9.39x 11.33x
14.74x 6.85x 9.19x 10.51x 9.39x 11.33x
41.40x 8.33x 12.64x 16.12x 16.03x 15.97x
14.07x 5.84x 7.56x 8.59x 8.54x 10.30x
14.44x 6.23x 8.36x 9.56x 8.54x 10.30x
41.20x 8.18x 12.64x 16.06x 15.97x 15.91x
14.00x 5.74x 7.56x 8.56x 8.50x 10.26x
14.37x 6.12x 8.36x 9.52x 8.50x 10.26x

1.9% 20.6% 33.0% 33.0% 33.0% 83.5%

1.9% 20.6% 33.0% 33.0% 33.0% 83.5%

17.5% 16.6% 22.7% 23.1% 22.8% 25.2%

5.5% 6.7% 8.1% 7.8% 7.2% 8.1%

187.5% 180.1% 181.9% 208.0% 286.7% 361.7% 228.3%

169.6% 159.1% 160.9% 186.9% 265.6% 340.7% 207.3%

0.54x 0.57x 0.58x 0.56x 0.53x 0.57x

9.52x 9.89x 10.35x 10.88x 11.47x 12.10x

NM NM NM NM NM NM
3.57x 3.39x 3.36x 3.37x 3.37x 3.37x
12.07x 11.27x 11.33x 11.33x 11.33x 11.33x
NM NM NM NM NM NM
102.4 107.8 108.7 108.4 108.4 108.4
30.2 32.4 32.2 32.2 32.2 32.2

Income Statement

2 Mos. Projected Fiscal Years Ending September 30,

Ending Year 1 Year 2 Year 3 Year 4 Year 5 Year 6
9/30/2008 2008 2009 2010 2011 2012 2013

$76.4 $458.1 $468.0 $470.5 $475.2 $480.0 $484.8

NA 13.8% 2.2% 0.5% 1.0% 1.0% 1.0%
39.9 239.6 239.8 242.2 244.7 247.3 249.8
52.3% 52.3% 51.2% 51.5% 51.5% 51.5% 51.5%
14.7 88.3 71.7 72.4 73.3 74.3 75.2
19.3% 19.3% 15.3% 15.4% 15.4% 15.5% 15.5%
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%
 $21.7 $130.2 $156.5 $155.9 $157.2 $158.4 $159.7
28.4% 28.4% 33.4% 33.1% 33.1% 33.0% 32.9%
2.4 14.1 14.1 14.1 14.2 14.4 14.5
3.1% 3.1% 3.0% 3.0% 3.0% 3.0% 3.0%
0.1 0.3 1.9 1.9 1.9 1.9 1.9
0.1% 0.1% 0.4% 0.4% 0.4% 0.4% 0.4%
$19.3 $115.8 $140.5 $139.9 $141.0 $142.2 $143.3
25.3% 25.3% 30.0% 29.7% 29.7% 29.6% 29.6%
3.3 19.6 17.9 0.0 0.0 0.0 0.0
4.3% 4.3% 3.8% 0.0% 0.0% 0.0% 0.0%
0.6 3.9 23.3 23.3 23.3 23.3 19.4
0.8% 0.8% 5.0% 4.9% 4.9% 4.8% 4.0%
1.8 10.8 10.6 10.7 10.8 10.9 11.0
2.4% 2.4% 2.3% 2.3% 2.3% 2.3% 2.3%
$13.6 $81.5 $88.8 $106.0 $107.0 $108.0 $112.9
17.8% 17.8% 19.0% 22.5% 22.5% 22.5% 23.3%

$1.0 $5.8 $5.8 $5.8 $5.8 $5.8 $2.9

0.1 0.1 0.5 0.5 0.5 0.5 0.5
1.8 1.8 8.7 2.6 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
1.2 1.2 7.9 8.1 8.4 8.5 8.6
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 0.0 0.0 0.0 0.0 0.0
$4.0 $8.8 $22.8 $17.0 $14.6 $14.7 $12.0

$0.1 $1.6 $0.6 $0.9 $2.0 $3.7 $3.1

0.2 0.2 1.0 1.0 1.0 1.0 0.8
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
1.2 7.2 0.0 0.0 0.0 0.0 0.0
$1.5 $9.0 $1.6 $1.8 $3.0 $4.7 $3.9

$8.1 $63.7 $64.4 $87.2 $89.4 $88.6 $97.1

2.8 22.3 22.5 30.5 31.3 31.0 34.0
35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%
$5.3 $41.4 $41.8 $56.7 $58.1 $57.6 $63.1
6.9% 9.0% 8.9% 12.0% 12.2% 12.0% 13.0%

$0.2 $0.2 $1.5 $1.8 $2.0 $2.1 $2.1

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 0.0 0.0 0.0 0.0 0.0
 $5.0 $41.2 $40.3 $54.9 $56.1 $55.5 $61.0

36.080 36.080 36.580 36.580 36.580 36.580 36.580

15.215 15.215 15.215 15.215 15.215 15.215 15.215
51.295 51.295 51.795 51.795 51.795 51.795 51.795

NM NM NM NM NM NM
$1.59 $1.46 $1.44 $1.46 $1.48 NA
NM NM NM NM NM NA
NM NM NM NM NM NA

$34.4 $52.7 $34.9 $35.0 $35.1 $31.2

(12.1) (18.4) (12.2) (12.3) (12.3) (10.9)
$22.4 $34.3 $22.7 $22.8 $22.8 $20.3

$63.5 $74.6 $77.6 $78.9 $78.3 $81.2

NM NM NM NM NM NM
$2.14 $2.00 $1.99 $2.01 $2.03 NA
NM NM NM NM NM NA
NM NM NM NM NM NA

Working Capital Assumptions

Historical Projected Fiscal Years Ending September 30,

Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6
2007 2008 2009 2010 2011 2012 2013
$402.5 $458.1 $468.0 $470.5 $475.2 $480.0 $484.8
207.7 239.6 239.8 242.2 244.7 247.3 249.8

$120.2 $136.8 $139.7 $140.5 $141.9 $143.3 $144.7

0.0 0.0 0.0 0.0 0.0 0.0 0.0
10.7 12.1 12.4 12.5 12.6 12.7 12.8
8.5 9.8 9.8 9.9 10.0 10.2 10.3

$18.4 $21.3 $21.3 $21.5 $21.7 $21.9 $22.2

21.0 24.3 24.3 24.5 24.8 25.1 25.3
26.7 30.3 31.0 31.2 31.5 31.8 32.1
25.1 28.9 29.0 29.2 29.5 29.9 30.2

Balance Sheet

Pro Forma Projected Fiscal Years Ending September 30,

Closing Year 1 Year 2 Year 3 Year 4 Year 5 Year 6
7/31/2008 2008 2009 2010 2011 2012 2013
 $30.0 $30.0 $30.0 $58.5 $143.7 $226.8 $82.7
131.4 136.8 139.7 140.5 141.9 143.3 144.7
0.0 0.0 0.0 0.0 0.0 0.0 0.0
8.8 12.1 12.4 12.5 12.6 12.7 12.8
8.2 9.8 9.8 9.9 10.0 10.2 10.3
$178.5 $188.7 $192.0 $221.3 $308.2 $392.9 $250.5

$190.4 $193.1 $207.2 $221.4 $235.7 $250.1 $264.7

(142.4) (144.8) (160.8) (176.8) (192.9) (209.2) (225.6)
$48.0 $48.2 $46.4 $44.6 $42.8 $41.0 $39.2
0.0 0.0 0.0 0.0 0.0 0.0 0.0
6.4 6.3 5.3 4.4 3.4 2.5 1.7
440.9 440.9 440.9 440.9 440.9 440.9 440.9
153.8 149.9 108.7 85.5 62.2 38.9 19.6
0.0 0.0 0.0 0.0 0.0 0.0 0.0
14.3 14.3 14.3 14.3 14.3 14.3 14.3
$841.9 $848.3 $807.5 $810.9 $871.8 $930.5 $766.1

$0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

20.7 21.3 21.3 21.5 21.7 21.9 22.2
15.4 24.3 24.3 24.5 24.8 25.1 25.3
0.0 30.3 31.0 31.2 31.5 31.8 32.1
59.1 28.9 29.0 29.2 29.5 29.9 30.2
$95.2 $104.8 $105.5 $106.4 $107.5 $108.6 $109.7

$45.9 $44.5 $35.7 $26.9 $18.1 $9.3 $1.9

0.0 0.0 0.0 0.0 0.0 0.0 0.0
17.9 17.9 17.9 17.9 17.9 17.9 17.9
0.0 0.0 0.0 0.0 0.0 0.0 0.0
230.0 230.0 230.0 230.0 230.0 230.0 0.0
150.0 141.2 56.1 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
75.0 75.0 75.0 75.0 75.0 75.0 75.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
$614.0 $613.4 $520.2 $456.2 $448.5 $440.8 $204.5

$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
10.0 10.2 11.8 13.5 15.2 15.2 15.2
0.0 0.0 0.0 0.0 0.0 0.0 0.0
233.6 233.6 233.6 233.6 233.6 233.6 233.6
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 0.0 0.0 0.0 0.0 0.0
0.0 1.8 12.4 23.1 33.9 44.8 55.8
 (15.8) (10.8) 29.5 84.4 140.5 196.0 256.9
$227.8 $234.9 $287.3 $354.7 $423.3 $489.6 $561.6

$841.9 $848.3 $807.5 $810.9 $871.8 $930.5 $766.1

$53.3 $53.9 $56.4 $56.4 $57.0 $57.5 $58.1

0.6 2.5 (0.0) 0.5 0.5 0.5

0.000 0.000 0.000 0.000 0.000 0.000 0.000

Cash Flow Statement

2 Mos. Projected Fiscal Years Ending September 30,

Ending Year 2 Year 3 Year 4 Year 5 Year 6
9/30/2008 2009 2010 2011 2012 2013

$5.0 $40.3 $54.9 $56.1 $55.5 $61.0

2.4 16.0 16.0 16.1 16.3 16.4

3.9 41.1 23.3 23.3 23.3 19.4
0.2 1.0 1.0 1.0 1.0 0.8
1.8 10.6 10.7 10.8 10.9 11.0
Years PIK 0.0 0.0 0.0 0.0 0.0 0.0
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
2 0.0 0.0 0.0 0.0 0.0 0.0
3 0.2 1.5 1.8 1.7 0.0 0.0
3 0.0 0.0 0.0 0.0 0.0 0.0

($0.6) ($2.5) $0.0 ($0.5) ($0.5) ($0.5)

(1.5) (8.8) (8.8) (8.8) (8.8) (7.4)
0.0 0.0 0.0 0.0 0.0 0.0
$11.4 $99.2 $98.7 $99.6 $97.5 $100.6

($2.7) ($14.1) ($14.2) ($14.3) ($14.5) ($14.6)

0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
($2.7) ($14.1) ($14.2) ($14.3) ($14.5) ($14.6)

$8.8 $85.1 $84.6 $85.3 $83.0 $86.0

$0.0 $0.0 $0.0 $0.0 $0.0 $0.0

0.0 0.0 0.0 0.0 0.0 (230.0)
(8.8) (85.1) (56.1) 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 0.0 0.0 0.0 0.0 0.0
 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
($8.8) ($85.1) ($56.1) $0.0 $0.0 ($230.0)

$0.0 $0.0 $28.5 $85.3 $83.0 ($144.0)

Debt Schedule

2 Mos. Projected Fiscal Years Ending September 30,

Ending Year 2 Year 3 Year 4 Year 5 Year 6
9/30/2008 2009 2010 2011 2012 2013
2.78% 4.03% 4.36% 4.65% 4.81% 4.95%

LIBOR +
2.5% 2.5% 2.5% 2.5% 2.5% 2.5%
4.25% 7.03% 8.28% 8.61% 8.90% 9.06% 9.20%
4.79% 7.57% 8.82% 9.15% 9.44% 9.60% 9.74%
6.00% 8.78% 10.03% 10.36% 10.65% 10.81% 10.95%
6.50% 9.28% 10.53% 10.86% 11.15% 11.31% 11.45%
10.25% 10.25% 10.25% 10.25% 10.25% 10.25%
10.50% 10.50% 10.50% 10.50% 10.50% 10.50%
10.50% 10.50% 10.50% 10.50% 10.50% 10.50%
14.00% 14.00% 14.00% 14.00% 14.00% 14.00%
14.25% 14.25% 14.25% 14.25% 14.25% 14.25%
$0.1 $0.5 $0.5 $0.5 $0.5 $0.5

Years PIK
0 0.0% 0.0% 0.0% 0.0% 0.0% 100.0%
0 3.3% 20.0% 20.0% 20.0% 20.0% 16.7%
0 0.8% 5.0% 5.0% 5.0% 5.0% 5.0%
0 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
5 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
0 0.0% 100.0% 0.0% 0.0% 0.0% 0.0%
2 0.0% 0.0% 0.0% 100.0% 0.0% 0.0%

$30.0 $30.0 $30.0 $58.5 $143.7 $226.8

(30.0) (30.0) (30.0) (30.0) (30.0) (30.0)
$0.0 $0.0 $0.0 $28.5 $113.7 $196.8
8.8 85.1 84.6 85.3 83.0 86.0
$8.8 $85.1 $84.6 $113.7 $196.8 $282.7
$0.0 $0.0 $0.0 $0.0 $0.0 $0.0
$8.8 $85.1 $84.6 $113.7 $196.8 $282.7
 $0.0 $0.0 $0.0 $0.0 $0.0 $230.0
5.0 30.0 30.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
$5.0 $30.0 $30.0 $0.0 $0.0 $230.0

$0.0 $0.0 $0.0 $0.0 $0.0 $0.0

0.0 0.0 0.0 0.0 0.0 0.0
3.8 55.1 26.1 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 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
$3.8 $55.1 $26.1 $0.0 $0.0 $0.0
0.0 0.0 28.5 113.7 196.8 52.7
$8.8 $85.1 $84.6 $113.7 $196.8 $282.7

0.000 0.000 0.000 0.000 0.000 0.000

Book Depreciation Schedule

2 Mos. Projected Fiscal Years Ending September 30,

Ending Year 2 Year 3 Year 4 Year 5 Year 6
9/30/2008 2009 2010 2011 2012 2013

Depreciation of Existing Fixed Assets

$2.1 $12.5 $12.5 $12.5 $12.5 $12.5
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 0.0 0.0
Subtotal $2.1 $12.5 $12.5 $12.5 $12.5 $12.5

Depreciation of Capital Expenditures

$0.1 $0.8 $0.8 $0.8 $0.8 $0.8
0.7 0.7 0.7 0.7 0.7
0.7 0.7 0.7 0.7
0.7 0.7 0.7
0.7 0.7
0.7
 Subtotal $0.1 $1.5 $2.2 $2.9 $3.7 $4.4

$2.2 $14.0 $14.7 $15.5 $16.2 $16.9

reciation Expense 2.4 14.1 14.1 14.2 14.4 14.5

$2.4 $14.1 $14.1 $14.2 $14.4 $14.5

Tax Schedule

2 Mos. Projected Fiscal Years Ending September 30,

Ending Year 2 Year 3 Year 4 Year 5 Year 6
9/30/2008 2009 2010 2011 2012 2013
35.0% 35.0% 35.0% 35.0% 35.0% 35.0%

$8.1 $64.4 $87.2 $89.4 $88.6 $97.1

0.0 0.0 0.0 0.0 0.0 0.0
$8.1 $64.4 $87.2 $89.4 $88.6 $97.1
$2.8 $22.5 $30.5 $31.3 $31.0 $34.0

$8.1 $64.4 $87.2 $89.4 $88.6 $97.1

3.9 23.3 23.3 23.3 23.3 19.4
0.0 0.0 0.0 0.0 0.0 0.0
0.3 1.9 1.9 1.9 1.9 1.9
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
$12.3 $89.5 $112.3 $114.5 $113.7 $118.3
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
$12.3 $89.5 $112.3 $114.5 $113.7 $118.3
$4.3 $31.3 $39.3 $40.1 $39.8 $41.4

$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 $0.0 $0.0 $0.0 $0.0 $0.0

$0.0 $0.0 $0.0 $0.0 $0.0 $0.0

0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
$0.0 $0.0 $0.0 $0.0 $0.0 $0.0
 ($1.5) ($8.8) ($8.8) ($8.8) ($8.8) ($7.4)

Projected Asset Sales

2 Mos. Projected Fiscal Years Ending September 30,

Ending Year 2 Year 3 Year 4 Year 5 Year 6
9/30/2008 2009 2010 2011 2012 2013

$0.0 $0.0 $0.0 $0.0 $0.0 $0.0

0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0

$0.0 $0.0 $0.0 $0.0 $0.0 $0.0

0.0 0.0 0.0 0.0 0.0 0.0
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 Assumptions

Projected Fiscal Years Ending September 30,

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6
Historical 2008 2009 2010 2011 2012 2013

14.0% 4.5% 3.6% 2.4% 2.4% 2.4%

13.8% 2.2% 0.5% 1.0% 1.0% 1.0%
11.0% 2.0% 0.5% 0.5% 0.5% 0.5%
5.7% 13.8% 2.2% 0.5% 1.0% 1.0% 1.0%

52.0% 51.5% 51.5% 51.0% 51.0% 51.0%

52.3% 53.4% 53.6% 53.6% 53.6% 53.6%
52.5% 53.9% 54.2% 54.5% 54.5% 54.5%
51.6% 52.3% 53.4% 53.6% 53.6% 53.6% 53.6%

19.0% 19.0% 18.9% 18.8% 18.7% 18.7%

19.3% 19.6% 19.6% 19.6% 19.6% 19.6%
19.6% 20.0% 20.2% 20.4% 20.5% 20.5%
18.6% 19.3% 19.6% 19.6% 19.6% 19.6% 19.6%

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% 0.0% 0.0%
 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Capital Structure Assumptions

Active
cenarios Case
5 6 4

LBO B LBO C LBO A Mult. of Percent

EBITDA of Total

$116.6 $116.6 $116.6 0.97x 14.3%

230.0 230.0 230.0 1.91x 28.2%
0.0 0.0 0.0 0.00x 0.0%
0.0 0.0 0.0 0.00x 0.0%
0.0 50.0 150.0 1.24x 18.4%
75.0 0.0 0.0 0.00x 0.0%
100.0 100.0 75.0 0.62x 9.2%
0.0 50.0 0.0 0.00x 0.0%
0.0 0.0 0.0 0.00x 0.0%
0.0 0.0 0.0 0.00x 0.0%
75.0 0.0 10.0 0.08x 1.2%
0.0 0.0 0.0 0.00x 0.0%
217.5 248.7 233.6 1.94x 28.7%
0.0 20.0 0.0 0.00x 0.0%
0.0 0.0 0.0 0.00x 0.0%
0.0 0.0 0.0 0.00x 0.0%
$814.1 $815.3 $815.2

$563.0 $563.0 $563.0 4.67x 69.1%

0.0 0.0 0.0 0.00x 0.0%
0.0 0.0 0.0 0.00x 0.0%
230.0 230.0 230.0 1.91x 28.2%
0.0 0.0 0.0 0.00x 0.0%
0.0 0.0 0.0 0.00x 0.0%
0.0 0.0 0.0 0.00x 0.0%
0.0 0.0 0.0 0.00x 0.0%
15.8 15.8 15.8 0.13x 1.9%
5.3 6.5 6.4 0.05x 0.8%
0.0 0.0 0.0 0.00x 0.0%
$814.1 $815.3 $815.2

yes yes yes

0.000 0.000 0.000

Transaction Fees & Expenses Assumptions

putation Metric Fees ($) Notes / Assumptions

 $563.0 $3.7 Expensed as incurred (in current period) in accordance with FAS 141r
563.0 3.7 Expensed as incurred (in current period) in accordance with FAS 141r

$100.0 $1.8 Capitalized / amortized over life of financing

150.0 3.0 Capitalized / amortized over life of financing
0.0 0.0 Capitalized / amortized over life of financing
75.0 1.7 Capitalized / amortized over life of financing
0.0 0.0 Capitalized / amortized over life of financing
0.0 0.0 Capitalized / amortized over life of financing
0.0 0.0 Capitalized / amortized over life of financing
10.0 0.0 Reduction in Gross Proceeds. Reduction in APIC.
0.0 0.0 Reduction in Gross Proceeds. Reduction in APIC.

$3.0 Expensed as incurred (in current period) in accordance with FAS 141r
2.5 Expensed as incurred (in current period) in accordance with FAS 141r
1.0 Expensed as incurred (in current period) in accordance with FAS 141r
2.0 Expensed as incurred (in current period) in accordance with FAS 141r
0.0 Expensed as incurred (in current period) in accordance with FAS 141r

2 Mos. Projected Fiscal Years Ending September 30,

Ending Year 2 Year 3 Year 4 Year 5 Year 6
9/30/2008 2009 2010 2011 2012 2013
$0.1 $0.4 $0.4 $0.4 $0.4 $0.3
0.1 0.6 0.6 0.6 0.6 0.5
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 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
$0.2 $1.0 $1.0 $1.0 $1.0 $0.8

Discounted Cash Flow Analysis

CAGR Weighted-Average Cost of Capital (WACC)

(0.0%) WACC Input Manual

0=Manual, 1=Computed WACC
(0.0%) 0 Manual 12.0%

Unlever Beta
(0.0%)
Pre-Transaction Levered Beta 0.86
(0.0%) Current Stock Price $12.81

Basic Shares Outstanding 34.922

 Treasury Method Shares 0.099
In-the-Money Convertible Shares 0.000
(0.0%) Fully Diluted Shares Outstanding (mm) 35.021

Pre-Transaction Market Value of Common Equity $448.6

Pre-Transaction Market Value of Debt 230.0
Pre-Transaction Market Value of Preferred Stock 0.0
al EBITDA Multiple
5.0x Unlevered Beta 0.65
$694.3
$669.8 CAPM Calculation
$646.2
Risk-Free Rate (10 Yr T-Note) 4.50%
Market Risk Premium 4.00%
al EBITDA Multiple Relevered Beta 1.49
5.0x CAPM Cost of Equity 10.46%
$19.75
$19.05 WACC Computation
$18.38
Amount Rate Wtd. Rate
Debt Assumed $230.0 2.50% 0.53%
Revolver 0.0 7.03% 0.00%
Term Loan - A 150.0 7.57% 1.06%
erpetuity Growth Rate Term Loan - B 0.0 8.78% 0.00%
1.5% Senior Note 75.0 9.28% 0.65%
$768.5 Subordinated Note 0.0 10.25% 0.00%
$687.4 Mezzanine 0.0 10.50% 0.00%
$620.4 Seller Note 0.0 10.50% 0.00%

Preferred Stock - A 10.0 14.00% 0.20%

erpetuity Growth Rate Preferred Stock - B 0.0 14.25% 0.00%
1.5%
$21.86 Common Equity $233.6 10.46% 3.50%
$19.55
$17.64 WACC 5.94%

IRR Analysis

ares & Options Percent

Adj. Exit Ownership
0.000 0.000 0.0%
0.000 0.000 0.0%
0.000 14.591 95.9%
0.000 0.000 0.0%
0.000 0.000 0.0%
0.000 0.000 0.0%
0.625 4.1%
 0.000 0.0%
0.000 0.000 0.0%
0.000 0.000 0.0%
15.215 100.0%

Projected Fiscal Years Ending September 30,

Closing Year 1 Year 2 Year 3 Year 4 Year 5 Year 6
7/31/2008 2008 2009 2010 2011 2012 2013

5.0x 5.0x 5.5x 5.0x 5.0x 5.0x

$130.2 $156.5 $155.9 $157.2 $158.4 $159.7
$651.0 $782.5 $857.5 $785.8 $792.2 $798.6
(426.5) (342.9) (260.1) (176.5) (93.5) (7.5)
0.0 0.0 0.0 0.0 0.0 0.0
$224.5 $439.6 $597.4 $609.3 $698.7 $791.1

14.0x 14.0x 14.0x 14.0x 14.0x 14.0x

$41.2 $40.3 $54.9 $56.1 $55.5 $61.0
0.0 0.0 0.0 0.0 0.0 0.0
$576.1 $564.3 $768.4 $785.3 $776.5 $853.4

$224.5 $439.6 $597.4 $609.3 $698.7 $791.1

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 $0.0 $0.0 $0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
$0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

($10.0)
$0.0 $0.0 $0.0 $0.3 $2.1 $2.1
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 15.2 0.0
0.0 0.0 0.0 0.0 28.7 0.0
($10.0) $0.0 $0.0 $0.0 $0.3 $46.0 $2.1
85.3% 44.6%
 $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 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
$0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

$0.0
$0.0 $0.0 $0.0 $0.0 $0.0 $0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
$0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

$0.0
$0.0 $0.0 $0.0 $0.0 $0.0 $0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
$0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

($233.6)
$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 0.0 670.0 0.0
($233.6) $0.0 $0.0 $0.0 $0.0 $670.0 $0.0
51.3% 28.7%
 Pro Forma Ownership

95.9%
0.0%
estor Rollover 0.0% Options
her New Equity 0.0% Number of
eferred Stock - A 4.1% Options (m)
eferred Stock - B 0.0% Tranche 1 0.209
100.0% Tranche 2 0.059
Tranche 3 0.221
Sponsor IRR Tranche 4 0.300
Tranche 5 0.269
EBITDA Exit Year Tranche 6 0.211
Multiple 2010 2012 2014 Tranche 7 0.187
4.5x 31.6% 25.1% 21.4% Tranche 8 0.000
5.0x 41.8% 28.7% 23.3% Tranche 9 0.000
5.5x 51.3% 32.1% 25.0% Tranche 10 0.000

Purchase Price Allocation / Goodwill Convertible Debt

of Excess PP Allocated to Intangibles 25.0% Face Value

angibles Amortization Period (yrs) 5.0 Conversion Price
ed Asset Write-Up $15.0 Convertible Shares
ed Asset Depreciation Period (yrs) 8.0 Interest Rate

cap Accounting? no Fully Diluted Shares Outstanding

Basic Shares Outstanding
uity Purchase Price $563.0 Treasury Method Shares
ansaction Fees 0.0 In-the-Money Convertible Shares
ok Value of Net Assets (97.9) Fully Diluted Shares Outstanding
cess Purchase Price to Allocate $465.1
t Asset Step-Ups: Net Debt
Fixed Asset Write-Up $15.0 Non-Convertible Debt
Indentifiable Intangibles Write-Up 116.3 Convertible Debt
Write Off Target's Existing Goodwill (61.1) Minority Interest
Write Down Target's Existing DTA 0.0 Cash & Cash Equivalents
Write Off Target's Existing DTL 0.0 Net Debt
DTL from Asset Write-Ups (45.9) ($24.2)
odwill Created $440.9
LBO Model Checks
Model Detail Sources and Uses Balance
Debt Schedule Balances
rget Code Name TargetCo Balance Sheet Balances
del Created / Modified by: Ryan MacGregor Balance Sheet Items > 0
ryan@macabacus.com Revolver Limit Exceeded
 www.macacbacus.com Error Message
12/8/2021 8:55 PM
'file:///conversion/tmp/scratch/55824854.xlsx'#$LBO

Year 7 Year 8 Year 9 Year 10

2014 2015 2016 2017

$161.0 $162.3 $163.6 $165.0

14.8 14.9 15.0 15.2
0.6 0.6 0.6 0.6

$0.0 $0.0 $0.0 $0.0

0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
75.0 75.0 0.0 0.0
$75.0 $75.0 $0.0 $0.0
0.0 0.0 0.0 0.0
15.2 15.2 15.2 15.2
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
$90.2 $90.2 $15.2 $15.2
171.4 259.6 275.8 370.0
($81.1) ($169.4) ($260.6) ($354.7)

$0.0 $0.0 $0.0 $0.0

9.2 9.2 4.9 0.5
0.0 0.0 0.0 0.0
2.1 2.1 2.1 2.1
$11.3 $11.3 $7.0 $2.6
$11.3 $11.3 $7.0 $2.6

0.56x 0.56x 0.09x 0.09x

0.47x 0.46x 0.00x 0.00x
(0.50x) (1.04x) (1.59x) (2.15x)
0.62x 0.61x 0.10x 0.10x
 17.57x 17.67x 33.61x 329.96x
14.26x 14.34x 23.38x 62.68x
14.26x 14.34x 23.38x 62.68x
15.96x 16.05x 30.52x 299.57x
12.95x 13.03x 21.23x 56.91x
12.95x 13.03x 21.23x 56.91x
15.90x 15.99x 30.40x 298.43x
12.90x 12.98x 21.15x 56.69x
12.90x 12.98x 21.15x 56.69x

83.5% 83.5% 100.0% 100.0%

83.5% 83.5% 100.0% 100.0%

32.0% 31.8% 33.1% 34.7%

10.2% 9.2% 8.7% 8.3%

307.4% 384.6% 396.5% 476.4%

286.4% 363.6% 375.5% 455.3%

0.60x 0.55x 0.53x 0.50x

12.79x 13.56x 14.34x 14.78x

NM NM NM NM
3.37x 3.37x 3.37x 3.37x
11.33x 11.33x 11.33x 11.33x
NM NM NM NM
108.4 108.4 108.4 108.4
32.2 32.2 32.2 32.2

LTM Inputs
6 Mos. 6 Mos.
ding September 30, Ended Ended
Year 7 Year 8 Year 9 Year 10 Mar 31 Mar 31
2014 2015 2016 2017 2007 2008

$489.6 $494.5 $499.4 $504.4 $197.4 $215.3

1.0% 1.0% 1.0% 1.0% NA 9.1%
252.4 255.1 257.7 260.4 100.8 112.4
51.6% 51.6% 51.6% 51.6% 51.1% 52.2%
76.2 77.1 78.1 79.1 35.5 41.2
15.6% 15.6% 15.6% 15.7% 18.0% 19.1%
0.0 0.0 0.0 0.0 0.0 0.0
0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
$161.0 $162.3 $163.6 $165.0 $61.1 $61.7
32.9% 32.8% 32.8% 32.7% 31.0% 28.7%
14.7 14.8 15.0 15.1 5.7 6.7
3.0% 3.0% 3.0% 3.0% 2.9% 3.1%
1.9 1.9 1.6 0.0 0.0 0.0
0.4% 0.4% 0.3% 0.0% 0.0% 0.0%
$144.5 $145.6 $147.1 $149.9 $55.4 $55.0
29.5% 29.4% 29.5% 29.7% 28.1% 25.5%
0.0 0.0 0.0 0.0 9.2 9.7
0.0% 0.0% 0.0% 0.0% 4.7% 4.5%
0.0 0.0 0.0 0.0 0.0 0.0
0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
11.1 11.2 11.4 11.5 5.5 5.7
2.3% 2.3% 2.3% 2.3% 2.8% 2.6%
$133.3 $134.4 $135.8 $138.4 $40.7 $39.6
27.2% 27.2% 27.2% 27.4% 20.6% 18.4%

$0.0 $0.0 $0.0 $0.0

0.5 0.5 0.5 0.5
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
8.7 8.7 4.4 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
$9.2 $9.2 $4.9 $0.5

$2.5 $4.3 $5.4 $6.5

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
0.0 0.0 0.0 0.0
$2.5 $4.3 $5.4 $6.5

$121.6 $120.9 $125.5 $131.4

42.6 42.3 43.9 46.0
35.0% 35.0% 35.0% 35.0%
$79.1 $78.6 $81.6 $85.4
16.1% 15.9% 16.3% 16.9%

$2.1 $2.1 $2.1 $2.1

0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
 $76.9 $76.4 $79.5 $83.3

36.580 36.580 36.580 36.580

15.215 15.215 15.215 15.215
51.795 51.795 51.795 51.795

NM NM NM NM
NA NA NA NA
NA NA NA NA
NA NA NA NA

$11.1 $11.2 $11.4 $11.5

(3.9) (3.9) (4.0) (4.0)
$7.2 $7.3 $7.4 $7.5

$84.2 $83.8 $86.8 $90.8

NM NM NM NM
NA NA NA NA
NA NA NA NA
NA NA NA NA

ding September 30,

Year 7 Year 8 Year 9 Year 10
2014 2015 2016 2017
$489.6 $494.5 $499.4 $504.4
252.4 255.1 257.7 260.4

$146.2 $147.6 $149.1 $150.6

0.0 0.0 0.0 0.0
13.0 13.1 13.2 13.4
10.4 10.5 10.6 10.7

$22.4 $22.6 $22.9 $23.1

25.6 25.8 26.1 26.4
32.4 32.8 33.1 33.4
30.5 30.8 31.1 31.4

ding September 30,

Year 7 Year 8 Year 9 Year 10
2014 2015 2016 2017
$171.4 $259.6 $275.8 $370.0
146.2 147.6 149.1 150.6
0.0 0.0 0.0 0.0
13.0 13.1 13.2 13.4
10.4 10.5 10.6 10.7
$340.9 $430.8 $448.8 $544.6

$279.5 $294.4 $309.4 $324.6

(242.1) (258.8) (275.3) (290.5)
$37.4 $35.6 $34.1 $34.2
0.0 0.0 0.0 0.0
1.7 1.7 1.7 1.7
440.9 440.9 440.9 440.9
19.6 19.6 19.6 19.6
0.0 0.0 0.0 0.0
14.3 14.3 14.3 14.3
$854.7 $942.8 $959.3 $1,055.2

$0.0 $0.0 $0.0 $0.0

22.4 22.6 22.9 23.1
25.6 25.8 26.1 26.4
32.4 32.8 33.1 33.4
30.5 30.8 31.1 31.4
$110.9 $112.0 $113.2 $114.3

$1.2 $0.5 $0.0 $0.0

0.0 0.0 0.0 0.0
17.9 17.9 17.9 17.9
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
75.0 75.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
$205.0 $205.5 $131.1 $132.2

$0.0 $0.0 $0.0 $0.0

0.0 0.0 0.0 0.0
15.2 15.2 15.2 15.2
0.0 0.0 0.0 0.0
233.6 233.6 233.6 233.6
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
67.0 78.2 89.6 101.1
 333.8 410.3 489.7 573.0
$649.7 $737.4 $828.2 $923.0

$854.7 $942.8 $959.3 $1,055.2

$58.6 $59.2 $59.8 $60.3

0.6 0.6 0.6 0.6

0.000 0.000 0.000 0.000

ars Ending September 30,

Year 7 Year 8 Year 9 Year 10
2014 2015 2016 2017

$76.9 $76.4 $79.5 $83.3

16.5 16.7 16.5 15.1

0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
11.1 11.2 11.4 11.5
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
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0

($0.6) ($0.6) ($0.6) ($0.6)

(0.7) (0.7) (0.5) 0.0
0.0 0.0 0.0 0.0
$103.4 $103.2 $106.2 $109.3

($14.8) ($14.9) ($15.0) ($15.2)

0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
($14.8) ($14.9) ($15.0) ($15.2)

$88.6 $88.3 $91.2 $94.1

$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
0.0 0.0 (75.0) 0.0
0.0 0.0 0.0 0.0
 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
$0.0 $0.0 ($75.0) $0.0

$88.6 $88.3 $16.2 $94.1

ars Ending September 30,

Year 7 Year 8 Year 9 Year 10
2014 2015 2016 2017
5.05% 5.08% 5.15% 5.13%

2.5% 2.5% 2.5% 2.5%

9.30% 9.33% 9.40% 9.38%
9.84% 9.87% 9.94% 9.92%
11.05% 11.08% 11.15% 11.13%
11.55% 11.58% 11.65% 11.63%
10.25% 10.25% 10.25% 10.25%
10.50% 10.50% 10.50% 10.50%
10.50% 10.50% 10.50% 10.50%
14.00% 14.00% 14.00% 14.00%
14.25% 14.25% 14.25% 14.25%
$0.5 $0.5 $0.5 $0.5

0.0% 0.0% 0.0% 0.0%

0.0% 0.0% 0.0% 0.0%
74.2% 0.0% 0.0% 0.0%
0.0% 0.0% 100.0% 0.0%
100.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0%

$82.7 $171.4 $259.6 $275.8

(30.0) (30.0) (30.0) (30.0)
$52.7 $141.4 $229.6 $245.8
88.6 88.3 91.2 94.1
$141.4 $229.6 $320.8 $340.0
$0.0 $0.0 $0.0 $0.0
$141.4 $229.6 $320.8 $340.0
 $0.0 $0.0 $0.0 $0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 75.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
$0.0 $0.0 $75.0 $0.0

$0.0 $0.0 $0.0 $0.0

0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
$0.0 $0.0 $0.0 $0.0
141.4 229.6 245.8 340.0
$141.4 $229.6 $320.8 $340.0

0.000 0.000 0.000 0.000

ars Ending September 30,

Year 7 Year 8 Year 9 Year 10
2014 2015 2016 2017

g Fixed Assets
$12.5 $12.5 $12.5 $12.5
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
$12.5 $12.5 $12.5 $12.5

l Expenditures
$0.8 $0.8 $0.8 $0.8
0.7 0.7 0.7 0.7
0.7 0.7 0.7 0.7
0.7 0.7 0.7 0.7
0.7 0.7 0.7 0.7
0.7 0.7 0.7 0.7
0.7 0.7 0.7 0.7
0.7 0.7 0.7
0.8 0.8
 0.8
$5.1 $5.9 $6.6 $7.4

$17.6 $18.4 $19.1 $19.9

14.7 14.8 15.0 15.1

$14.7 $14.8 $15.0 $15.1

ars Ending September 30,

Year 7 Year 8 Year 9 Year 10
2014 2015 2016 2017
35.0% 35.0% 35.0% 35.0%

$121.6 $120.9 $125.5 $131.4

0.0 0.0 0.0 0.0
$121.6 $120.9 $125.5 $131.4
$42.6 $42.3 $43.9 $46.0

$121.6 $120.9 $125.5 $131.4

0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
1.9 1.9 1.6 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 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
$123.5 $122.8 $127.1 $131.4
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
$123.5 $122.8 $127.1 $131.4
$43.2 $43.0 $44.5 $46.0

$0.0 $0.0 $0.0 $0.0

0.0 0.0 0.0 0.0
$0.0 $0.0 $0.0 $0.0

$0.0 $0.0 $0.0 $0.0

0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
$0.0 $0.0 $0.0 $0.0
 ($0.7) ($0.7) ($0.5) $0.0

ars Ending September 30,

Year 7 Year 8 Year 9 Year 10
2014 2015 2016 2017

$0.0 $0.0 $0.0 $0.0

0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0

$0.0 $0.0 $0.0 $0.0

0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0

ding September 30,

Year 7 Year 8 Year 9 Year 10
2014 2015 2016 2017

2.4% 2.4% 2.4% 2.4%

1.0% 1.0% 1.0% 1.0%
0.5% 0.5% 0.5% 0.5%
1.0% 1.0% 1.0% 1.0%

51.0% 51.0% 51.0% 51.0%

53.6% 53.6% 53.6% 53.6%
54.5% 54.5% 54.5% 54.5%
53.6% 53.6% 53.6% 53.6%

18.7% 18.7% 18.7% 18.7%

19.6% 19.6% 19.6% 19.6%
20.5% 20.5% 20.5% 20.5%
19.6% 19.6% 19.6% 19.6%

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%

Assumptions
dance with FAS 141r
dance with FAS 141r

<= Need to incorporate this fee somewhere

<= Need to incorporate this fee somewhere

dance with FAS 141r

dance with FAS 141r
dance with FAS 141r
dance with FAS 141r
dance with FAS 141r

ars Ending September 30,

Year 7 Year 8 Year 9 Year 10
2014 2015 2016 2017
$0.0 $0.0 $0.0 $0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
$0.0 $0.0 $0.0 $0.0

#REF!
Number of Average Treasury
Options (m) Strike Shares
Tranche 1 0.209 $9.04 0.062
Tranche 2 0.059 10.03 0.013
Tranche 3 0.221 11.53 0.022
Tranche 4 0.300 12.69 0.003
Tranche 5 0.269 19.54 0.000
Tranche 6 0.211 27.06 0.000
Tranche 7 0.187 45.75 0.000
Tranche 8 0.000 0.00 0.000
Tranche 9 0.000 0.00 0.000
Tranche 10 0.000 0.00 0.000

#REF!
Convert 1 Convert 2
Face Value $230.0 $0.0
Conversion Price $26.77 NA
Convertible Shares 8.592 0.000
ding September 30,
Year 7 Year 8 Year 9 Year 10
2014 2015 2016 2017

5.5x 5.0x 5.0x 5.0x

$161.0 $162.3 $163.6 $165.0
$885.6 $811.6 $818.2 $824.9
81.1 169.4 260.6 354.7
0.0 0.0 0.0 0.0
$966.7 $981.0 $1,078.8 $1,179.6

14.0x 14.0x 14.0x 14.0x

$76.9 $76.4 $79.5 $83.3
0.0 0.0 0.0 0.0
$1,076.9 $1,070.2 $1,112.5 $1,166.2

$966.7 $981.0 $1,078.8 $1,179.6

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

$2.1
0.0
15.2
39.7
$57.0
35.3%
 $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
927.0
$927.0
25.0%
 Options
Average Treasury
Strike Shares
$9.04 0.091
10.03 0.022
11.53 0.062
12.69 0.062
19.54 0.000
27.06 0.000
45.75 0.000
0.00 0.000
0.00 0.000
0.00 0.000

Convertible Debt
Convert 1 Convert 2
$230.0 $0.0
$26.77 NA
8.592 0.000
2.5% 0.0%

Diluted Shares Outstanding

34.922
0.237
vertible Shares 0.000
es Outstanding 35.159

Net Debt
$0.0
230.0
0.0
(146.6)
$83.4

LBO Model Checks

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 IRR Sensitivities

Instructions: Only one set of returns tables (e.g. EBITDA method or P/E method) will be corre
depending on which method is used to calculate equity value. Upon changing any input to the
be sure to hit F9 to recalculate these tables.

Subordinated Note
Exit Year
2010 2012 2014
Exit 4.5x
EBITDA 5.0x
Multiple 5.5x

Preferred Stock - A
Exit Year
44.6% 2010 2012 2014
Exit 4.5x 70.2% 42.1% 32.9%
EBITDA 5.0x 78.0% 44.6% 34.1%
Multiple 5.5x 85.3% 47.0% 35.3%

Preferred Stock - B
 Exit Year
2010 2012 2014
Exit 4.5x
EBITDA 5.0x
Multiple 5.5x

Management Equity
Exit Year
2010 2012 2014
Exit 4.5x
EBITDA 5.0x
Multiple 5.5x

Investor Rollover Equity

Exit Year
2010 2012 2014
Exit 4.5x
EBITDA 5.0x
Multiple 5.5x

Sponsor Equity
Exit Year
28.7% 2010 2012 2014
Exit 4.5x 31.6% 25.1% 21.4%
EBITDA 5.0x 41.8% 28.7% 23.3%
Multiple 5.5x 51.3% 32.1% 25.0%
R Sensitivities

A method or P/E method) will be correct at a time,

lue. Upon changing any input to the returns calculations,

Subordinated Note
Exit Year
2010 2012 2014
Exit 12.0x
GAAP P/E 14.0x
Multiple 16.0x

Preferred Stock - A
Exit Year
44.6% 2010 2012 2014
Exit 12.0x 78.0% 44.6% 34.1%
GAAP P/E 14.0x 78.0% 44.6% 34.1%
Multiple 16.0x 78.0% 44.6% 34.1%

Preferred Stock - B
 Exit Year
2010 2012 2014
Exit 12.0x
GAAP P/E 14.0x
Multiple 16.0x

Management Equity
Exit Year
2010 2012 2014
Exit 12.0x
GAAP P/E 14.0x
Multiple 16.0x

Investor Rollover Equity

Exit Year
2010 2012 2014
Exit 12.0x
GAAP P/E 14.0x
Multiple 16.0x

Sponsor Equity
Exit Year
28.7% 2010 2012 2014
Exit 12.0x 41.8% 28.7% 23.3%
GAAP P/E 14.0x 41.8% 28.7% 23.3%
Multiple 16.0x 41.8% 28.7% 23.3%