INDUSTRIAL LBO MODEL

Operating Case: Offering Memo Case

Capital Structure: Case 2 - Proposal from Bank A

TOTAL SOURCES 2007 LTM 12/31/07 TOTAL USES TRANSACTION SUMMARY

($ in millions, except per share amounts) % of Total Int. / Div. EBITDA EBITDA ($ in millions, except per share amounts) ($ in millions, except per share amounts)

Amount Capital Rate Cum. Multiple Cum. Multiple

Excess Cash of Company $0.0 0.0% -- -- -- Equity Purchase Price $595.0 Purch. Price Per Share
Revolver Debt 0.0 0.0% 7.50% 0.00x 0.00x Rollover Equity 0.0 % Premium to Current
Term Loan A 0.0 0.0% 8.50% 0.00x 0.00x Less: Cash (5.0)
Term Loan B 654.0 65.1% 8.50% 4.15x 3.93x Plus: Existing Debt Refinanced 410.0 338(h)(10) Election?
Senior Sub Notes 150.0 14.9% 8.75% 5.10x 4.84x Plus: Existing Preferred Refinanced 0.0 Assumed Exit Date
PIK Sub Notes 0.0 0.0% 0.00% 5.10x 4.84x Plus: Prepayment Penalties 0.0 Base Exit Multiple of EBITDA
Total Debt 804.0 80.0% -- 5.10x 4.84x Transaction Enterprise Value $1,000.0 Sponsor Equity Ownership
Preferred 0.0 0.0% 9.00% 5.10x 4.84x Bank Debt Fees (1.8%) 0.0 Management Carry (% of Profits)
Rollover Equity 0.0 0.0% -- 5.10x 4.84x Bond Fees (3.2%) 0.0 Warrants to Mezz. Holders
Sponsor Common Equity 201.0 20.0% -- 6.38x 6.05x Other Transaction Expenses 5.0 Free Warrants?
Total Equity 201.0 20.0% -- 6.38x 6.05x Total Transaction Fees $5.0
Total Sources 1,005.0 100.0% -- 6.38x 6.05x Excess Cash for WC 0.0
Total Uses $1,005.0

OPERATING SUMMARY VALUATION MULTIPLES (including fees)

($ in millions, except per share amounts) Pro Forma ($ in millions, except per share amounts)
LTM Projected Fiscal Year Ending December 31, Data Multiple
2007 12/31/2007 2008 2009 2010 2011 2012 2007 LTM 12/31/07 2008 2007 LTM 12/31/07
Revenue $900.0 $950.0 $1,000.0 $1,100.0 $1,210.0 $1,331.0 $1,370.9 TEV /
% Growth NA -- 11.1% 10.0% 10.0% 10.0% 3.0% EBITDA $157.5 $166.3 $175.0 6.4x 6.0x
Gross Profit $315.0 $332.5 $350.0 $385.0 $423.5 $465.9 $479.8 EBITDA - Cap 130.5 137.8 145.0 7.7x 7.3x
% Margin 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% EBIT 130.5 137.8 145.0 7.7x 7.3x
EBITDA $157.5 $166.3 $175.0 $192.5 $211.8 $232.9 $239.9
% Margin 17.5% 17.5% 17.5% 17.5% 17.5% 17.5% 17.5% Eq. Value /
% Growth NA 5.6% 11.1% 10.0% 10.0% 10.0% 3.0% PF Earnings $38.1 $38.1 $47.1 5.3x 5.3x

Total Capex (Excl. Growth) $27.0 $28.5 $30.0 $33.0 $36.3 $39.9 $39.9 Note: TEV is defined as total uses less cash.
Total Capex (Incl. Growth) $27.0 $28.5 $30.0 $33.0 $36.3 $39.9 $39.9
VARIANCE ANALYSIS OF SPONSOR RETURNS - 5 YEAR EXIT
Cash Interest 69.0 69.0 69.0 65.5 61.1 55.7 49.0 ($ in millions, except per share amounts) Transaction Enterprise Value (before fees)
Total Interest 69.0 69.0 69.0 65.5 61.1 55.7 49.0 $950 $1,000
Total Interest + Pref. Divs. 69.0 69.0 69.0 65.5 61.1 55.7 49.0 Less: Net Debt 405.0 405.0
Transaction Equity Value $545.0 $595.0
CREDIT & LEVERAGE STA Pro Forma LTM EBITDA 166.3 166.3
($ in millions, except per share amounts) LTM Projected Fiscal Year Ending December 31, Implied Purch. Price EBITDA Multiple 5.7x 6.0x
2007 12/31/2007 2008 2009 2010 2011 2012
Cash $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Common Equity Investment $191 $201
Bank Debt 654.0 654.0 613.0 560.9 496.7 418.9 327.8
Total Debt 804.0 804.0 763.0 710.9 646.7 568.9 477.8 Returns to Sponsor (EBITDA Multiple): Transaction Enterprise Value
Total Debt + Preferred 804.0 804.0 763.0 710.9 646.7 568.9 477.8 41.1% $950 $1,000
Cum. Debt Paid Down -- -- 41.0 93.1 157.3 235.1 326.2 5.5x 31.6% 31.6%
% of Bank Debt -- -- 6.3% 14.2% 24.1% 35.9% 49.9% LTM EBITDA 6.0x 35.1% 35.1%
% of Total Debt -- -- 5.1% 11.6% 19.6% 29.2% 40.6% Exit 6.5x 38.2% 38.2%
Multiple 7.0x 41.1% 41.1%
EBITDA / Cash Interest Exp. 2.3x 2.4x 2.5x 2.9x 3.5x 4.2x 4.9x 7.5x 43.8% 43.8%
EBITDA / Total Interest Exp. 2.3 2.4 2.5 2.9 3.5 4.2 4.9
EBITDA - Capex / Cash Int. 1.9 2.0 2.1 2.4 2.9 3.5 4.1 Returns to Sponsor (Earnings Multiple): Transaction Enterprise Value
EBITDA - Capex / Total Int. 1.9 2.0 2.1 2.4 2.9 3.5 4.1 46.3% $950 $1,000
9.0x 34.1% 34.1%
Total Debt / EBITDA 5.1 4.8 4.4 3.7 3.1 2.4 2.0 Fwd Earnings 10.0x 36.9% 36.9%
Total Debt + Preferred / EBI 5.1 4.8 4.4 3.7 3.1 2.4 2.0 Exit 11.0x 39.5% 39.5%
Net Debt / EBITDA 5.1 4.8 4.4 3.7 3.1 2.4 2.0 Multiple 12.0x 41.9% 41.9%
13.0x 44.1% 44.1%

12/09/2021 - 05:04:51
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INDUSTRIAL LBO MODEL
Operating Case: Offering Memo Case
Capital Structure: Case 2 - Proposal from Bank A

CLOSING BALANCE SHEET DETERMINATION OF GOODWILL

($ in millions, except per share amounts) Estimated Debit Credit Pro ($ in millions, except per share amounts)

12/31/07 (1) Adjustment Adjustment Forma

Assets Goodwill Calculation
Cash & Equivalents $5.0 $0.0 $5.0 $0.0 Target Book Equity $55.0
Accounts Receivable 100.0 0.0 0.0 100.0 Existing Net Goodwill 0.0
Inventory 100.0 0.0 0.0 100.0 Tangible Book Value 55.0
Other Current Assets 5.0 0.0 0.0 5.0
Total Current Assets 210.0 0.0 5.0 205.0 Equity Purchase Price 600.0
Gross PP&E 500.0 0.0 0.0 500.0 Plus: Prepayment Penalties 0.0
Less: Accumulated Depreciation 100.0 0.0 0.0 100.0 Total Equity Purchase Price 600.0
Net PP&E 400.0 0.0 0.0 400.0 Less: Tangible Book Value 55.0
Net Goodwill 0.0 545.0 0.0 545.0 Excess of Purchase Price over Book Value 545.0
Net Intangibles 0.0 0.0 0.0 0.0
Deferred Tax Asset 5.0 0.0 0.0 5.0 Allocation of Excess
Other Assets 5.0 0.0 0.0 5.0 Capitalized Financing Fees 0.0
Capitalized Financing Fees 0.0 0.0 0.0 0.0 Intangible Assets Allocation %? 0.0% 0.0
Total Assets $620.0 $545.0 $5.0 $1,160.0 New Goodwill Created 545.0
Total Allocation 545.0
Liabilities & Shareholders Equity
Accounts Payable $100.0 $0.0 $0.0 $100.0 338(h)(10) Election? No
Other Current Liabilities 50.0 0.0 0.0 50.0 Goodwill Amoritzation Period 15
Total Current Liabilities 150.0 0.0 0.0 150.0 Capitalized Financing Fees Amortization Period 8
Revolver Debt 10.0 10.0 0.0 0.0 Intangible Amortization Period 10
Term Loan A 400.0 400.0 0.0 0.0
Term Loan B 0.0 0.0 654.0 654.0
Senior Sub Notes 0.0 0.0 150.0 150.0
PIK Sub Notes 0.0 0.0 0.0 0.0
Total Long Term Debt 410.0 410.0 804.0 804.0
Deferred Tax Liability 0.0 0.0 0.0 0.0
Other LT Liabilities 5.0 0.0 0.0 5.0
Total Liabilities $565.0 $410.0 $804.0 $959.0
Minority Interest 0.0 0.0 0.0 0.0
Preferred 0.0 0.0 0.0 0.0
Common Equity 55.0 55.0 201.0 201.0
Stockholders' Equity $55.0 $55.0 $201.0 $201.0
Total Liab. & Equity $620.0 $465.0 $1,005.0 $1,160.0
Balance Sheet Check Check Check
(1) estimated balance sheet

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INDUSTRIAL LBO MODEL
Operating Case: Offering Memo Case
Capital Structure: Case 2 - Proposal from Bank A

OPERATING ASSUMPTIONS Projected Fiscal Year Ending December 31, 2005 - 2007
($ in millions, except per share amounts) 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 CAGR
Total Sales $600.0 $700.0 $800.0 $900.0 $1,000.0 $1,100.0 $1,210.0 $1,331.0 $1,370.9 $1,412.1 $1,454.4 $1,498.1 13.4%
% Growth NA 16.7% 14.3% 12.5% 11.1% 10.0% 10.0% 10.0% 3.0% 3.0% 3.0% 3.0% --
Cost of Goods Sold (Excl. Depreciation) 390.0 455.0 520.0 585.0 650.0 715.0 786.5 865.2 891.1 917.8 945.4 973.7 13.4%
% of Sales 65.0% 65.0% 65.0% 65.0% 65.0% 65.0% 65.0% 65.0% 65.0% 65.0% 65.0% 65.0% --
Total Gross Profit $210.0 $245.0 $280.0 $315.0 $350.0 $385.0 $423.5 $465.9 $479.8 $494.2 $509.0 $524.3 13.4%
% Margin 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% --

Operating Expenses $105.0 $122.5 $140.0 $157.5 $175.0 $192.5 $211.8 $232.9 $239.9 $247.1 $254.5 $262.2 13.4%
% of Sales 17.5% 17.5% 17.5% 17.5% 17.5% 17.5% 17.5% 17.5% 17.5% 17.5% 17.5% 17.5% --
Total Normalized EBITDA $105.0 $122.5 $140.0 $157.5 $175.0 $192.5 $211.8 $232.9 $239.9 $247.1 $254.5 $262.2 13.4%
% Margin 17.5% 17.5% 17.5% 17.5% 17.5% 17.5% 17.5% 17.5% 17.5% 17.5% 17.5% 17.5% --
% Growth NA 16.7% 14.3% 12.5% 11.1% 10.0% 10.0% 10.0% 3.0% 3.0% 3.0% 3.0% --

Depreciation Expense $18.0 $21.0 $24.0 $27.0 $30.0 $33.0 $36.3 $39.9 $39.9 $39.9 $39.9 $39.9 13.4%
Amortization Expense 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 NA
Normalized EBIT $87.0 $101.5 $116.0 $130.5 $145.0 $159.5 $175.5 $193.0 $200.0 $207.2 $214.6 $222.2 13.4%
% Margin 14.5% 14.5% 14.5% 14.5% 14.5% 14.5% 14.5% 14.5% 14.6% 14.7% 14.8% 14.8% --

Capital Expenditures
Maintenance $18.0 $21.0 $24.0 $27.0 $30.0 $33.0 $36.3 $39.9 $39.9 $39.9 $39.9 $39.9 13.4%
Growth 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 NA
Total Capex $18.0 $21.0 $24.0 $27.0 $30.0 $33.0 $36.3 $39.9 $39.9 $39.9 $39.9 $39.9 13.4%

WORKING CAPITAL ASSUMPTIONS Pro Forma Full Yr. Projected Fiscal Year Ending December 31,
($ in millions, except per share amounts) 12/31/07 2008 2009 2010 2011 2012 2013 2014 2015
Working Capital Drivers
LTM Revenue $900.0 $1,000.0 $1,100.0 $1,210.0 $1,331.0 $1,370.9 $1,412.1 $1,454.4 $1,498.1
LTM COGS 585.0 650.0 715.0 786.5 865.2 891.1 917.8 945.4 973.7

Working Capital Assumptions

Accounts Receivable (% Total Revenue) 11.1% 11.1% 11.1% 11.1% 11.1% 11.1% 11.1% 11.1% 11.1%
Days Sales in Receivables (days) 40.6 40.6 40.6 40.6 40.6 40.6 40.6 40.6 40.6
Inventory (% Total COGS) 17.1% 17.1% 17.1% 17.1% 17.1% 17.1% 17.1% 17.1% 17.1%
Days COGS in Inventory (days) 62.4 62.4 62.4 62.4 62.4 62.4 62.4 62.4 62.4
Inventory Turns (x) 5.9x 5.9x 5.9x 5.9x 5.9x 5.9x 5.9x 5.9x 5.9x
Prepaid & Other Current Assets (% Total Revenue) 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6%
Accounts Payable (% Total COGS) 17.1% 17.1% 17.1% 17.1% 17.1% 17.1% 17.1% 17.1% 17.1%
Days COGS in Payable (days) 62.4 62.4 62.4 62.4 62.4 62.4 62.4 62.4 62.4
Other Current Liabilities (% Total Revenue) 5.6% 5.6% 5.6% 5.6% 5.6% 5.6% 5.6% 5.6% 5.6%
Net Working Capital (% of Total Revenue 6.1% 6.1% 6.1% 6.1% 6.1% 6.1% 6.1% 6.1% 6.1%

Working Capital Accounts

Accounts Receivable $100.0 $111.1 $122.2 $134.4 $147.9 $152.3 $156.9 $161.6 $166.5
Inventory 100.0 111.1 122.2 134.4 147.9 152.3 156.9 161.6 166.5
Other Current Assets 5.0 5.6 6.1 6.7 7.4 7.6 7.8 8.1 8.3
Accounts Payable 100.0 111.1 122.2 134.4 147.9 152.3 156.9 161.6 166.5
Other Current Liabilities 50.0 55.6 61.1 67.2 73.9 76.2 78.4 80.8 83.2
Net Working Capital $55.0 $61.1 $67.2 $73.9 $81.3 $83.8 $86.3 $88.9 $91.5

Working Capital Changes

(Increase) / Decrease Accounts Receivable ($11.1) ($11.1) ($12.2) ($13.4) ($4.4) ($4.6) ($4.7) ($4.8)
(Increase) / Decrease Inventory (11.1) (11.1) (12.2) (13.4) (4.4) (4.6) (4.7) (4.8)
(Increase) / Decrease Other Current Assets (0.6) (0.6) (0.6) (0.7) (0.2) (0.2) (0.2) (0.2)
Increase / (Decrease) Accounts Payable 11.1 11.1 12.2 13.4 4.4 4.6 4.7 4.8
Increase / (Decrease) Other Current Liabilities 5.6 5.6 6.1 6.7 2.2 2.3 2.4 2.4
Working Capital Surplus / (Deficiency) ($6.1) ($6.1) ($6.7) ($7.4) ($2.4) ($2.5) ($2.6) ($2.7)

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INDUSTRIAL LBO MODEL
Operating Case: Offering Memo Case
Capital Structure: Case 2 - Proposal from Bank A

INCOME STATEMENT Pro Forma Full Yr. Projected Fiscal Year Ending December 31,
($ in millions, except per share amounts) 2007 2008 2008 2009 2010 2011 2012 2013 2014 2015
Revenue $900.0 $1,000.0 $1,000.0 $1,100.0 $1,210.0 $1,331.0 $1,370.9 $1,412.1 $1,454.4 $1,498.1
COGS 585.0 650.0 650.0 715.0 786.5 865.2 891.1 917.8 945.4 973.7
Gross Profit 315.0 350.0 350.0 385.0 423.5 465.9 479.8 494.2 509.0 524.3
% Margin 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%
Operating Expenses 157.5 175.0 175.0 192.5 211.8 232.9 239.9 247.1 254.5 262.2
Depreciation Expense 27.0 30.0 30.0 33.0 36.3 39.9 39.9 39.9 39.9 39.9
Existing Amortization Expense 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
New Intangible Amortization Expense 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
EBIT 130.5 145.0 145.0 159.5 175.5 193.0 200.0 207.2 214.6 222.2
% Margin 14.5% 14.5% 14.5% 14.5% 14.5% 14.5% 14.6% 14.7% 14.8% 14.8%
Amortization of Cap. Financing Fees 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Interest Income 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Interest Expense 69.0 69.0 69.0 65.5 61.1 55.7 49.0 41.3 32.8 23.4
Pretax Income 61.5 76.0 76.0 94.0 114.3 137.3 150.9 165.9 181.8 198.8
Current Taxes 23.4 28.9 28.9 35.7 43.4 52.2 57.4 63.0 69.1 75.6
Deferred Taxes 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Net Income 38.1 47.1 47.1 58.3 70.9 85.1 93.6 102.8 112.7 123.3
Preferred Dividends 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Net Income to Common $38.1 $47.1 $47.1 $58.3 $70.9 $85.1 $93.6 $102.8 $112.7 $123.3

EBITDA Calculation
EBIT $130.5 $145.0 $145.0 $159.5 $175.5 $193.0 $200.0 $207.2 $214.6 $222.2
Total Deprciation & Amortization Expense 27.0 30.0 30.0 33.0 36.3 39.9 39.9 39.9 39.9 39.9
EBITDA $157.5 $175.0 $175.0 $192.5 $211.8 $232.9 $239.9 $247.1 $254.5 $262.2
% Margin 17.5% 17.5% 17.5% 17.5% 17.5% 17.5% 17.5% 17.5% 17.5% 17.5%

Growth Rates
Revenue -- 11.1% 11.1% 10.0% 10.0% 10.0% 3.0% 3.0% 3.0% 3.0%
Gross Profit -- 11.1% 11.1% 10.0% 10.0% 10.0% 3.0% 3.0% 3.0% 3.0%
EBITDA -- 11.1% 11.1% 10.0% 10.0% 10.0% 3.0% 3.0% 3.0% 3.0%
EBIT -- 11.1% 11.1% 10.0% 10.0% 10.0% 3.6% 3.6% 3.6% 3.6%
Net Income to Common -- 23.6% 23.6% 23.7% 21.7% 20.1% 9.9% 9.9% 9.6% 9.3%

12/09/2021 - 05:04:51
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INDUSTRIAL LBO MODEL
Operating Case: Offering Memo Case
Capital Structure: Case 2 - Proposal from Bank A

BALANCE SHEET Pro Forma Projected Fiscal Year Ending December 31,
($ in millions, except per share amounts) 12/31/07 2008 2009 2010 2011 2012 2013 2014 2015
Assets
Cash & Equivalents $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $3.3
Accounts Receivable 100.0 111.1 122.2 134.4 147.9 152.3 156.9 161.6 166.5
Inventory 100.0 111.1 122.2 134.4 147.9 152.3 156.9 161.6 166.5
Other Current Assets 5.0 5.6 6.1 6.7 7.4 7.6 7.8 8.1 8.3
Total Current Assets 205.0 227.8 250.6 275.6 303.2 312.3 321.6 331.3 344.5
Gross PP&E 500.0 530.0 563.0 599.3 639.2 679.2 719.1 759.0 799.0
Less: Accumulated Depreciation 100.0 130.0 163.0 199.3 239.2 279.2 319.1 359.0 399.0
Net PP&E 400.0 400.0 400.0 400.0 400.0 400.0 400.0 400.0 400.0
Net Goodwill 545.0 545.0 545.0 545.0 545.0 545.0 545.0 545.0 545.0
Net Intangibles 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Deferred Tax Asset 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0
Other Assets 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0
Capitalized Financing Fees 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Total Assets $1,160.0 $1,182.8 $1,205.6 $1,230.6 $1,258.2 $1,267.3 $1,276.6 $1,286.3 $1,299.5

Liabilities & Shareholders Equity

Accounts Payable $100.0 111.1 122.2 134.4 147.9 152.3 156.9 161.6 166.5
Other Current Liabilities 50.0 55.6 61.1 67.2 73.9 76.2 78.4 80.8 83.2
Total Current Liabilities 150.0 166.7 183.3 201.7 221.8 228.5 235.3 242.4 249.7
Revolver Debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Term Loan A 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Term Loan B 654.0 613.0 560.9 496.7 418.9 327.8 227.5 117.3 0.0
Senior Sub Notes 150.0 150.0 150.0 150.0 150.0 150.0 150.0 150.0 150.0
PIK Sub Notes 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Total Long Term Debt 804.0 763.0 710.9 646.7 568.9 477.8 377.5 267.3 150.0
Deferred Tax Liability 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other LT Liabilities 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0
Total Liabilities $959.0 $934.7 $899.2 $853.4 $795.8 $711.3 $617.8 $514.7 $404.7
Minority Interest 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Preferred 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Common Equity 201.0 248.1 306.4 377.2 462.4 556.0 658.8 771.5 894.8
Stockholders' Equity $201.0 $248.1 $306.4 $377.2 $462.4 $556.0 $658.8 $771.5 $894.8
Total Liab. & Equity $1,160.0 $1,182.8 $1,205.6 $1,230.6 $1,258.2 $1,267.3 $1,276.6 $1,286.3 $1,299.5
Balance Sheet Check Check Check Check Check Check Check Check Check Check
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Changes In Common Equity
Common Equity - Beginning of Year $201.0 $248.1 $306.4 $377.2 $462.4 $556.0 $658.8 $771.5
Net Income 47.1 58.3 70.9 85.1 93.6 102.8 112.7 123.3
Equity Issuances 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Equity Repurchases 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Common Stock Dividends 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Common Equity - End of Year $248.1 $306.4 $377.2 $462.4 $556.0 $658.8 $771.5 $894.8

12/09/2021 - 05:04:51
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INDUSTRIAL LBO MODEL
Operating Case: Offering Memo Case
Capital Structure: Case 2 - Proposal from Bank A

CASH FLOW STATEMENT Pro Forma Full Yr. Projected Fiscal Year Ending December 31,
($ in millions, except per share amounts) 2007 2008 2009 2010 2011 2012 2013 2014 2015
Funds From Operating Activities
Net Income $38.1 $47.1 $58.3 $70.9 $85.1 $93.6 $102.8 $112.7 $123.3
Depreciation Expense 27.0 30.0 33.0 36.3 39.9 39.9 39.9 39.9 39.9
Intangible Amortization Expense 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Amortization of Capitalized Financing Fees 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Interest Accretion of PIK Debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Dividend Accretion of PIK Preferred 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Funds From Operation $65.1 $77.1 $91.3 $107.2 $125.1 $133.5 $142.8 $152.7 $163.2
Changes in Deferred Tax Assets 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Changes in Deferred Tax Liabilities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Working Capital Surplus / (Deficiency) (6.1) (6.1) (6.1) (6.7) (7.4) (2.4) (2.5) (2.6) (2.7)
Cash Flow From Operating Activities $59.0 $71.0 $85.1 $100.5 $117.7 $131.1 $140.3 $150.1 $160.5

Funds From Investing Activities

Total Capex (27.0) (30.0) (33.0) (36.3) (39.9) (39.9) (39.9) (39.9) (39.9)
Changes in Other LT Assets and LT Liabilities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Free Cash Flow (Cash Available to Service Total Debt) $32.0 $41.0 $52.1 $64.2 $77.8 $91.1 $100.3 $110.1 $120.6
% Return on Equity 20.4% 25.9% 31.9% 38.7% 45.3% 49.9% 54.8% 60.0%
Cumulative Free Cash Flow $41.0 $93.1 $157.3 $235.1 $326.2 $426.5 $536.7 $657.3

Funds From Financing Activities

Additional Borrowings / (Mandatory Repayments) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Revolver Drawdown / (Repayments) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Total Optional Debt Repayments (41.0) (52.1) (64.2) (77.8) (91.1) (100.3) (110.1) (117.3)
Common Stock Dividends 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Equity Issuances / (Repurchases) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Change in Cash & Cash Equivalents $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $3.3

PP&E AND DEPRECIATION SUMMARY Pro Forma Full Yr. Projected Fiscal Year Ending December 31,
($ in millions, except per share amounts) 12/31/07 2008 2009 2010 2011 2012 2013 2014 2015
Gross PP&E
Gross PP&E - Beginning of Period $500.0 $500.0 $530.0 $563.0 $599.3 $639.2 $679.2 $719.1 $759.0
Plus: Capex 0.0 30.0 33.0 36.3 39.9 39.9 39.9 39.9 39.9
Gross PP&E - End of Period $500.0 $530.0 $563.0 $599.3 $639.2 $679.2 $719.1 $759.0 $799.0

Accumulated Depreciation
Accumulated Depreciation - Beginning of Period $100.0 $100.0 $130.0 $163.0 $199.3 $239.2 $279.2 $319.1 $359.0
Plus: Book Depreciation Expense 0.0 30.0 33.0 36.3 39.9 39.9 39.9 39.9 39.9
Accumulated Depreciation - End of Period $100.0 $130.0 $163.0 $199.3 $239.2 $279.2 $319.1 $359.0 $399.0

Net PP&E
Gross PP&E - End of Period $500.0 $530.0 $563.0 $599.3 $639.2 $679.2 $719.1 $759.0 $799.0
Accumulated Depreciation 100.0 130.0 163.0 199.3 239.2 279.2 319.1 359.0 399.0
Net PP&E - End of Period $400.0 $400.0 $400.0 $400.0 $400.0 $400.0 $400.0 $400.0 $400.0

12/09/2021 - 05:04:51
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INDUSTRIAL LBO MODEL
Operating Case: Offering Memo Case
Capital Structure: Case 2 - Proposal from Bank A

FINANCING COSTS AND OTHER ASSUMPTIONS Full Yr. Projected Fiscal Year Ending December 31,
($ in millions, except per share amounts) 2007 2008 2009 2010 2011 2012 2013 2014 2015
Interest / Dividend Rate Summary
LIBOR 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%
5 Year Swap Rate 6.00%
Pro Forma % Swapped
LIBOR + into Fixed
Interest Rate on Revolver Debt 2.50% 0.0% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50%
Interest Rate on Term Loan B 3.50% 0.0% 8.50% 8.50% 8.50% 8.50% 8.50% 8.50% 8.50% 8.50%
Interest Rate on Senior Sub Notes -- -- 8.75% 8.75% 8.75% 8.75% 8.75% 8.75% 8.75% 8.75%

Interest Income & Expense Summary

Revolver Debt Interest Expense $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Term Loan B Interest Expense 55.6 52.1 47.7 42.2 35.6 27.9 19.3 10.0
Senior Sub Notes Interest Expense 13.1 13.1 13.1 13.1 13.1 13.1 13.1 13.1
Total Interest Expense $68.7 $65.2 $60.8 $55.3 $48.7 $41.0 $32.5 $23.1
Annual Revolver Commitment Fee (0.3% of Undrawn Balance) $0.3 $0.3 $0.3 $0.3 $0.3 $0.3 $0.3 $0.3
Total Interest Income $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Other Assumptions
Book Income Tax Rate 38.0% 38.0% 38.0% 38.0% 38.0% 38.0% 38.0% 38.0% 38.0%
Cash Income Tax Rate 38.0% 38.0% 38.0% 38.0% 38.0% 38.0% 38.0% 38.0% 38.0%
Common Dividend per Share $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

TAX SCHEDULE Pro Forma Full Yr. Projected Fiscal Year Ending December 31,
($ in millions, except per share amounts) 2007 2008 2009 2010 2011 2012 2013 2014 2015
Cash Income Tax Schedule
Book Pretax Income $61.5 $76.0 $94.0 $114.3 $137.3 $150.9 $165.9 $181.8 $198.8
Plus: Non-Decuctible Items 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Less: 338(h)(10) Goodwill Amortization 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Less: Other Deductions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Taxable Income $61.5 $76.0 $94.0 $114.3 $137.3 $150.9 $165.9 $181.8 $198.8
Utilization of NOL 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Net Adjusted Taxable Income $61.5 $76.0 $94.0 $114.3 $137.3 $150.9 $165.9 $181.8 $198.8
Cash Tax Rate 38.0% 38.0% 38.0% 38.0% 38.0% 38.0% 38.0% 38.0% 38.0%
Cash Tax Provision $23.4 $28.9 $35.7 $43.4 $52.2 $57.4 $63.0 $69.1 $75.6

NOL Calculation
Beginning of Year NOL Carryforward $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Additions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Subtractions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
End of Year NOL Carryforward $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Deferred Tax Asset Calculation

Beginning of Period Deferred Tax Asset $0.0 $5.0 $5.0 $5.0 $5.0 $5.0 $5.0 $5.0 $5.0
Additions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Subtractions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
End of Period Deferred Tax Asset $0.0 $5.0 $5.0 $5.0 $5.0 $5.0 $5.0 $5.0 $5.0

Book Income Tax Schedule

Pretax Income $61.5 $76.0 $94.0 $114.3 $137.3 $150.9 $165.9 $181.8 $198.8
Non-Tax Deductible Amortization 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Taxable Income 61.5 76.0 94.0 114.3 137.3 150.9 165.9 181.8 198.8
Utilization of NOL 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Net Adjusted Taxable Income 61.5 76.0 94.0 114.3 137.3 150.9 165.9 181.8 198.8
Book Tax Rate 38.0% 38.0% 38.0% 38.0% 38.0% 38.0% 38.0% 38.0% 38.0%
Total Tax Provision $23.4 $28.9 $35.7 $43.4 $52.2 $57.4 $63.0 $69.1 $75.6
Current Taxes $23.4 $28.9 $35.7 $43.4 $52.2 $57.4 $63.0 $69.1 $75.6
Deferred Taxes $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

12/09/2021 - 05:04:51
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INDUSTRIAL LBO MODEL
Operating Case: Offering Memo Case
Capital Structure: Case 2 - Proposal from Bank A

DEBT AND CASH SCHEDULES Full Yr. Projected Fiscal Year Ending December 31,
($ in millions, except per share amounts) 2008 2009 2010 2011 2012 2013 2014 2015
Debt Amortization Detail
Cash & Cash Equivalents - Beginning of Year $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Minimum Operating Cash Requirement (WC Cash - Enter as Negative) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Free Cash Flow (Cash Available to Service Total Debt) 41.0 52.1 64.2 77.8 91.1 100.3 110.1 120.6
Additional Borrowings / (Mandatory Repayments) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Common Stock Dividends 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Equity Issuances / (Repurchases) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Net Cash Available to Service Total Debt / (Funds Required) $41.0 $52.1 $64.2 $77.8 $91.1 $100.3 $110.1 $120.6
Revolver Drawdown / (Repayments) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Cash Available to Service Term Loan A 41.0 52.1 64.2 77.8 91.1 100.3 110.1 120.6
Optional Repayments on Term Loan A 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Cash Available to Service Term Loan B 41.0 52.1 64.2 77.8 91.1 100.3 110.1 120.6
Optional Repayments on Term Loan B (41.0) (52.1) (64.2) (77.8) (91.1) (100.3) (110.1) (117.3)
Cash Available to Service Senior Sub Notes 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3.3
Optional Repayments on Senior Sub Notes 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Cash & Cash Equivalents - End of Year (before optional pre-payments of bonds or preferred) 41.0 52.1 64.2 77.8 91.1 100.3 110.1 120.6

Revolver Debt
Beginning Balance $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Revolver Drawdown 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Revolver Repayments 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Ending Balance $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Beginning Balance Average Interest? No $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Interest Rate on Revolver Debt 7.5% 7.5% 7.5% 7.5% 7.5% 7.5% 7.5% 7.5%
Interest Expense $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Term Loan B Amortize ? No

Beginning Balance Years to Amortize 5 $654.0 $613.0 $560.9 $496.7 $418.9 $327.8 $227.5 $117.3
Additional Borrowings 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Mandatory Repayments 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Optional Repayments Optional Repayments? Yes (41.0) (52.1) (64.2) (77.8) (91.1) (100.3) (110.1) (117.3)
Ending Balance $613.0 $560.9 $496.7 $418.9 $327.8 $227.5 $117.3 $0.0
Beginning Balance Average Interest? No $654.0 $613.0 $560.9 $496.7 $418.9 $327.8 $227.5 $117.3
Interest Rate 8.5% 8.5% 8.5% 8.5% 8.5% 8.5% 8.5% 8.5%
Interest Expense $55.6 $52.1 $47.7 $42.2 $35.6 $27.9 $19.3 $10.0

Senior Sub Notes

Beginning Balance $150.0 $150.0 $150.0 $150.0 $150.0 $150.0 $150.0 $150.0
Additional Borrowings / (Mandatory Repayments) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Optional Repayments Optional Repayments? No 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Ending Balance $150.0 $150.0 $150.0 $150.0 $150.0 $150.0 $150.0 $150.0
Beginning Balance Average Interest? No $150.0 $150.0 $150.0 $150.0 $150.0 $150.0 $150.0 $150.0
Interest Rate 8.8% 8.8% 8.8% 8.8% 8.8% 8.8% 8.8% 8.8%
Interest Expense $13.1 $13.1 $13.1 $13.1 $13.1 $13.1 $13.1 $13.1

Cash & Equivalents

Beginning Balance $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Change in Cash & Equivalents 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3.3
Ending Balance $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $3.3
Beginning Balance Average Interest? No $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Interest Rate on Cash & Equivalents 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%
Interest Income $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

12/09/2021 - 05:04:51
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INDUSTRIAL LBO MODEL
Operating Case: Offering Memo Case
Capital Structure: Case 2 - Proposal from Bank A

SPONSOR EQUITY RETURNS - EBITDA BASIS

($ in millions, except per share amounts) Exit at End of FY2012 - 5 Years Exit at End of FY2014 - 7 Years
Exit Valuation
EBITDA - Exit Year $239.9 $239.9 $239.9 $239.9 $254.5 $254.5 $254.5
Exit Multiple 6.50x 7.00x 7.50x 8.00x 6.50x 7.00x 7.50x
Exit Enterprise Value $1,559.4 $1,679.4 $1,799.3 $1,919.3 $1,654.4 $1,781.7 $1,908.9
Less: Total Debt (477.8) (477.8) (477.8) (477.8) (267.3) (267.3) (267.3)
Less: Preferred Stock 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Plus: Cash 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Value of Common Equity at Exit 1,081.6 1,201.6 1,321.5 1,441.5 1,387.1 1,514.3 1,641.6
Less: Warrants to Mezz Holders (0.0% Free Warrants) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Less: Management Options (7.5% of Net Gain in Equity) (66.0) (75.0) (84.0) (93.0) (89.0) (98.5) (108.0)
Net Value of Common Equity at Exit $1,015.6 $1,126.5 $1,237.5 $1,348.5 $1,298.1 $1,415.8 $1,533.5

Return to Sponsor
Initial Investment - 12/31/07 12/31/07 ($201.0) ($201.0) ($201.0) ($201.0) ($201.0) ($201.0) ($201.0)
Cash Flow to Sponsor - 2008 12/30/08 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Cash Flow to Sponsor - 2009 12/31/09 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Cash Flow to Sponsor - 2010 12/31/10 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Cash Flow to Sponsor - 2011 12/31/11 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Cash Flow to Sponsor - 2012 12/30/12 $1,015.6 $1,126.5 $1,237.5 $1,348.5 0.0 0.0 0.0
Cash Flow to Sponsor - 2013 12/31/13 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Cash Flow to Sponsor - 2014 12/31/14 0.0 0.0 0.0 0.0 $1,298.1 $1,415.8 $1,533.5
IRR 38.2% 41.1% 43.8% 46.3% 30.5% 32.1% 33.7%
Net Gain $814.6 $925.5 $1,036.5 $1,147.5 $1,097.1 $1,214.8 $1,332.5
Multiple of Initial Investment 5.1x 5.6x 6.2x 6.7x 6.5x 7.0x 7.6x

Implied Multiples
EV / EBITDA - Capex 7.8x 8.4x 9.0x 9.6x 7.7x 8.3x 8.9x
EV / EBIT 7.8x 8.4x 9.0x 9.6x 7.7x 8.3x 8.9x
Equity Value / Forward Earnings 10.5x 11.7x 12.8x 14.0x 11.3x 12.3x 13.3x

SPONSOR EQUITY RETURNS - EARNINGS BASIS

($ in millions, except per share amounts) Exit at End of FY2012 - 5 Years Exit at End of FY2014 - 7 Years
Exit Valuation
Forward Earnings - Exit Year $102.8 $102.8 $102.8 $102.8 $123.3 $123.3 $123.3
Exit Multiple 13.0x 14.0x 15.0x 16.0x 13.0x 14.0x 15.0x
Value of Common Equity at Exit $1,337.0 $1,439.8 $1,542.7 $1,645.5 $1,602.5 $1,725.7 $1,849.0
Less: Warrants to Mezz Holders (0.0% Free Warrants) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Less: Management Options (7.5% of Net Gain in Equity) (85.2) (92.9) (100.6) (108.3) (105.1) (114.4) (123.6)
Net Value of Common Equity at Exit $1,251.8 $1,346.9 $1,442.1 $1,537.2 $1,497.4 $1,611.4 $1,725.4

Return to Sponsor
Initial Investment - 12/31/07 12/31/07 ($201.0) ($201.0) ($201.0) ($201.0) ($201.0) ($201.0) ($201.0)
Cash Flow to Sponsor - 2008 12/30/08 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Cash Flow to Sponsor - 2009 12/31/09 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Cash Flow to Sponsor - 2010 12/31/10 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Cash Flow to Sponsor - 2011 12/31/11 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Cash Flow to Sponsor - 2012 12/30/12 $1,251.8 $1,346.9 $1,442.1 $1,537.2 0.0 0.0 0.0
Cash Flow to Sponsor - 2013 12/31/13 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Cash Flow to Sponsor - 2014 12/31/14 0.0 0.0 0.0 0.0 $1,497.4 $1,611.4 $1,725.4
IRR 44.1% 46.3% 48.3% 50.2% 33.2% 34.6% 35.9%
Net Gain $1,050.8 $1,145.9 $1,241.1 $1,336.2 $1,296.4 $1,410.4 $1,524.4
Multiple of Initial Investment 6.2x 6.7x 7.2x 7.6x 7.4x 8.0x 8.6x

Implied Multiples
EV / EBITDA 7.6x 8.0x 8.4x 8.9x 7.3x 7.8x 8.3x
EV / EBIT 9.1x 9.6x 10.1x 10.6x 8.7x 9.3x 9.9x
EV / EBITDA - Capex 9.1x 9.6x 10.1x 10.6x 8.7x 9.3x 9.9x

12/09/2021 - 05:04:51
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INDUSTRIAL LBO MODEL
Operating Case: Offering Memo Case
Capital Structure: Case 2 - Proposal from Bank A

CONTROL PANEL

TRIGGERS / INPUTS CAPITAL STRUCTURE CASE DESCRIPTIONS

($ in millions, except per share amounts)

Case Description
Case Triggers 1 No Transaction
Capital Structure Case 2 2 Proposal from Bank A
Operating Case 1 3 Proposal from Bank B
Circ Triggers 4
Average Interest Trigger No 5
Calculate Bank/Bond Fees? No 6
Date/Stub Inputs 7
Stub Percentage 100.0% 8
LTM Date 12/31/07 9
Last Historical Year 12/31/07 10
Exit Year 12/31/12
Purchase Price Inputs
Base Transaction EBITDA Purchase Price M 6.0x OPERATING CASE DESCRIPTIONS
Total Transaction Value $1,000 Case Description
Purchase Price Step $50 1 Offering Memo Case
General Inputs 2 Case 2
Company Name Industrial 3 Case 3
Minimum WC Cash $0.0 4 Case 4
Base Exit EBITDA Multiple 7.00x 5 Case 5
Multiple Step 0.5x
Base Exit Earnings Multiple 14.0x
Multiple Step 1.0x
Shares Outstanding NA
Current Share Price NA

12/09/2021 - 05:04:51
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INDUSTRIAL LBO MODEL
Operating Case: Offering Memo Case
Capital Structure: Case 2 - Proposal from Bank A

CAPITAL STRUCTURE CASES

($ in millions, except per share amounts) Active
Case Case Refinance
1 2 3 4 5 6 7 8 9 10 2 Trigger
Bank Debt Constraint 0.0x 4.5x 4.5x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 4.5x
Total Leverage Constraint 0.0x 6.0x 6.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 6.0x
Minimum Equity Constraint 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0%
EBITDA for Constraints $166.3 $166.3 $157.5 $166.3 $166.3 $166.3 $166.3 $166.3 $166.3 $166.3 $166.3
Sources
Excess Cash of Company $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Revolver Debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Term Loan A 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Term Loan B 0.0 654.0 555.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 654.0
Senior Sub Notes 0.0 150.0 255.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 150.0
PIK Sub Notes 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Total Debt 0.0 804.0 810.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 804.0
Preferred 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Rollover Equity 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Sponsor Common Equity 0.0 201.0 202.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 201.0
Total Equity 0.0 201.0 202.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 201.0
Total Sources 0.0 1,005.0 1,012.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1,005.0

Uses
Equity Purcahse Price $0.0 $595.0 $595.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $595.0
Rollover Equity 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Bank Fees 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Bond Fees 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other Transaction Expenses 0.0 5.0 12.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5.0
Total Purchase Price $0.0 $600.0 $607.5 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $600.0

Existing Debt Refinanced

Revolver Debt $0.0 $10.0 $10.0 $10.0 $10.0 $10.0 $10.0 $10.0 $10.0 $10.0 $10.0 Yes
Term Loan A 0.0 400.0 400.0 400.0 400.0 400.0 400.0 400.0 400.0 400.0 400.0 Yes
Term Loan B 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Yes
Senior Sub Notes 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Yes
PIK Sub Notes 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Yes
Total Debt Refinanced 0.0 410.0 410.0 410.0 410.0 410.0 410.0 410.0 410.0 410.0 410.0
Existing Preferred Refinanced:
Preferred 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 No
Total Preferred Refinance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Less: Excess Cash Used 0.0 (5.0) (5.0) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 (5.0)
Prepayment Penalties 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Excess Cash for WC 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Total Uses $0.0 $1,005.0 $1,012.5 $410.0 $410.0 $410.0 $410.0 $410.0 $410.0 $410.0 $1,005.0
Sources/Uses Check Check Check Check Error Error Error Error Error Error Error Check

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INDUSTRIAL LBO MODEL
Operating Case: Offering Memo Case
Capital Structure: Case 2 - Proposal from Bank A

INTEREST RATE / FINANCING ASSUMPTION CASES

($ in millions, except per share amounts) Active
Case Case
1 2 3 4 5 6 7 8 9 10 2
Spreads over LIBOR
Revolver Debt 0.00% 2.50% 2.50% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 2.50%
Term Loan A 0.00% 3.00% 3.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 3.00%
Term Loan B 0.00% 3.50% 3.50% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 3.50%
Interest / Dividend Rates
Senior Sub Notes 0.00% 8.75% 8.75% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 8.75%
PIK Sub Notes 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Preferred 0.00% 9.00% 9.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 9.00%
Other Financing Assumptions
Revolver Commitment Fee 0.00% 0.25% 0.25% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.25%
Revolver Amount $0.0 $125.0 $125.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $125.0
Bank Debt Fees 0.00% 1.75% 1.75% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 1.75%
Bond Fees 0.00% 3.24% 3.24% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 3.24%
Hardcode Bank Amt. $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Hardcode Bond Amt. $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

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INDUSTRIAL LBO MODEL
Operating Case: Offering Memo Case
Capital Structure: Case 2 - Proposal from Bank A

OPERATING CASES
2008 2009 2010 2011 2012 2013 2014 2015
Revenue Growth Rate
Offering Memo Case 11.1% 10.0% 10.0% 10.0% 3.0% 3.0% 3.0% 3.0%
Case 2 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0%
Case 3 26.7% 6.3% 6.4% 6.0% 6.0% 6.0% 6.0% 6.0%
Case 4 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Case 5 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Offering Memo Case 11.1% 10.0% 10.0% 10.0% 3.0% 3.0% 3.0% 3.0%

Gross Margin
Offering Memo Case 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%
Case 2 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%
Case 3 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%
Case 4 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Case 5 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Offering Memo Case 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%

EBITDA Margin
Offering Memo Case 17.5% 17.5% 17.5% 17.5% 17.5% 17.5% 17.5% 17.5%
Case 2 17.5% 17.5% 17.5% 17.5% 17.5% 17.5% 17.5% 17.5%
Case 3 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Case 4 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Case 5 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Offering Memo Case 17.5% 17.5% 17.5% 17.5% 17.5% 17.5% 17.5% 17.5%

Depreciation Expense
Offering Memo Case $30.0 $33.0 $36.3 $39.9 $39.9 $39.9 $39.9 $39.9
Case 2 30.0 33.0 36.3 39.9 39.9 39.9 39.9 39.9
Case 3 30.0 33.0 36.3 39.9 39.9 39.9 39.9 39.9
Case 4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Case 5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Offering Memo Case $30.0 $33.0 $36.3 $39.9 $39.9 $39.9 $39.9 $39.9

Amortization Expense
Offering Memo Case $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Case 2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Case 3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Case 4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Case 5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Offering Memo Case $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Maintenance Capex
Offering Memo Case $30.0 $33.0 $36.3 $39.9 $39.9 $39.9 $39.9 $39.9
Case 2 30.0 33.0 36.3 39.9 39.9 39.9 39.9 39.9
Case 3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Case 4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Case 5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Offering Memo Case $30.0 $33.0 $36.3 $39.9 $39.9 $39.9 $39.9 $39.9

Growth Capex
Offering Memo Case $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Case 2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Case 3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Case 4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Case 5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Offering Memo Case $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

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INDUSTRIAL LBO MODEL
Operating Case: Offering Memo Case
Capital Structure: Case 2 - Proposal from Bank A

CASE #1: OFFERING MEMO CASE

($ in millions, except per share amounts) 2008 2009 2010 2011 2012 2013 2014 2015
Total Revenue $1,000.0 $1,100.0 $1,210.0 $1,331.0 $1,464.1 $1,610.5 $1,771.6 $1,948.7
% Growth 11.1% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0%

Gross Profit $350.0 $385.0 $423.5 $465.9 $512.4 $563.7 $620.0 $682.1
% Margin 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%

EBITDA $175.0 $192.5 $211.8 $232.9 $256.2 $281.8 $310.0 $341.0

% Margin 17.5% 17.5% 17.5% 17.5% 17.5% 17.5% 17.5% 17.5%

Maintenance Capex $30.0 $33.0 $36.3 $39.9 $43.9 $48.3 $53.1 $58.5
Expansion Capex 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Total Capex $30.0 $33.0 $36.3 $39.9 $43.9 $48.3 $53.1 $58.5

Depreciation Expense $30.0 $33.0 $36.3 $39.9 $43.9 $48.3 $53.1 $58.5

12/09/2021 - 05:04:51
Page 14
 NA
NA

No
12/31/12
7.0x
92.5%
7.5%
0.0%
Yes

Multiple
2008

5.7x
6.9x
6.9x

4.3x

terprise Value (before fees)

$1,050
405.0
$645.0
166.3
6.3x

$211

ion Enterprise Value

$1,050
31.6%
35.1%
38.2%
41.1%
43.8%

ion Enterprise Value

$1,050
34.1%
36.9%
39.5%
41.9%
44.1%

12/09/2021 - 05:04:51
Page 15
2007 - 2015
CAGR
6.6%
--
6.6%
--
6.6%
--

6.6%
--
6.6%
--
--

5.0%
NA
6.9%
--

5.0%
NA
5.0%

12/09/2021 - 05:04:51
Page 16
2014 - 7 Years

$254.5
8.00x
$2,036.2
(267.3)
0.0
0.0
1,768.9
0.0
(117.6)
$1,651.3

($201.0)
0.0
0.0
0.0
0.0
0.0
0.0
$1,651.3
35.1%
$1,450.3
8.2x

9.5x
9.5x
14.3x

2014 - 7 Years

$123.3
16.0x
$1,972.3
0.0
(132.8)
$1,839.4

($201.0)
0.0
0.0
0.0
0.0
0.0
0.0
$1,839.4
37.2%
$1,638.4
9.2x

8.8x
10.4x
10.4x

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