combination template

54
NewCo Model Balances -- Circ Breaker Is On -- No Cash Minimum -- Pooling Accounting Written By John P. Burns NOTE - Remember To Switch Off Circ Breaker Once Data Has Been Entered and Select Iteration 98.12.15 Project XXX Transaction Structure Performance Case: Base 10/27/2022 14:34 (FYE January; $ in millions) C:\Program Files\Microsoft Office\Templates\Spreadsheet Solutions\[LBO Model Template.xlt]Sources_Uses Uses of Funds Sources of Funds Rate % Goodwill Calculation Equity Purchase Price $0.0 Existing Debt $0.0 0.0% 0.0% Purchase Price of Equity $0.0 Debt Retired 0.0 Bank Revolver 0.0 0.0% 0.0% Plus: Debt Assumed 0.0 Senior Bank Term "A" 0.0 0.0% 0.0% Existing Goodwill 0.0 Cash Infusion 0.0 Senior Bank Term "B" 0.0 0.0% 0.0% Less: Transaction Costs 0.0 Other Long-Term Debt #1 0.0 0.0% 0.0% Net Worth 0.0 Other Long-Term Debt #2 0.0 0.0% 0.0% Asset Write-Up 0.0 Total Uses $0.0 Other Long-Term Debt #3 0.0 0.0% 0.0% Deferred Taxes 0.0 Other Long-Term Debt #4 0.0 0.0% 0.0% Consideration Assumptions Common Stock 0.0 0.0% Goodwill $0.0 Excess Cash 0.0 0.0% Current Stock Price $0.00 Acquisition Multiples Offer Premium 25.0% Total Sources $0.0 0.0% Offer Price Per Share $0.00 1999 EBITDA 0.0x Other Assumptions / Switches EST. 2000 EBITDA 0.0x Shares Outstanding (MM) 10.0 1999 P/E 0.0x Equity Purchase Price $0.0 Accounting Type 0 Pooling EST. 2000 P/E 0.0x Performance Case 1 Base To 1999 Book 0.0x Circ Breaker 0 On To EST. 2000 Book 0.0x Consideration Percent Per Share Preferred Dividend 0 % of Par Cash 0.0% $0.00 NewCo Cash Min. 0 Off Stock 100.0% $0.00 Amt. Of Cash Min. $10.0 Financing Inputs Total 100.0% $0.00 Acquiror Cash Min. 0 Off Pro Forma Year 1999 Percent of Target Acquired 100.0% Amt. Of Cash Min. $10.0 Transaction Fees: Premium to Current Price 25.0% Target Cash Min. 0 Off Advisory 1.0% Amt. Of Cash Min. $10.0 Financing 3.0% Risk Free Rate 10.00% Use Excess Cash 0 (Type of Bond Used) 10yr T-Bond Acquiror Name Company A No Market Risk Premia 5.00% Target Name Company B Leverage Assumptions 1999 2000 2001 2002 Coverage Assumptions 1999 2000 2001 2002 Sr. Debt / EBITDA 0.0x 0.0x 0.0x 0.0x EBITDA / Sr. Interest Expens 0.0x 0.0x 0.0x 0.0x Sr. Debt / (EBITDA - Capex) 0.0x 0.0x 0.0x 0.0x (EBITDA - Capex) / Sr. Int. 0.0x 0.0x 0.0x 0.0x Total Debt / EBITDA 0.0x 0.0x 0.0x 0.0x EBITDA / Total Interest Expe 0.0x 0.0x 0.0x 0.0x Total Debt / (EBITDA - Capex 0.0x 0.0x 0.0x 0.0x (EBITDA - Capex) / Total Int 0.0x 0.0x 0.0x 0.0x

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Page 1: Combination Template

NewCo Model Balances -- Circ Breaker Is On -- No Cash Minimum -- Pooling Accounting Written By John P. BurnsNOTE - Remember To Switch Off Circ Breaker Once Data Has Been Entered and Select Iteration 98.12.15

Project XXXTransaction Structure

Performance Case: Base 4/8/2023 15:10(FYE January; $ in millions) C:\Program Files\Microsoft Office\Templates\Spreadsheet Solutions\[LBO Model Template.xlt]Sources_Uses

Uses of Funds Sources of Funds Rate % Goodwill Calculation

Equity Purchase Price $0.0 Existing Debt $0.0 0.0% 0.0% Purchase Price of Equity $0.0 Debt Retired 0.0 Bank Revolver 0.0 0.0% 0.0% Plus:Debt Assumed 0.0 Senior Bank Term "A" 0.0 0.0% 0.0% Existing Goodwill 0.0 Cash Infusion 0.0 Senior Bank Term "B" 0.0 0.0% 0.0% Less:Transaction Costs 0.0 Other Long-Term Debt #1 0.0 0.0% 0.0% Net Worth 0.0

Other Long-Term Debt #2 0.0 0.0% 0.0% Asset Write-Up 0.0 Total Uses $0.0 Other Long-Term Debt #3 0.0 0.0% 0.0% Deferred Taxes 0.0

Other Long-Term Debt #4 0.0 0.0% 0.0%Consideration Assumptions Common Stock 0.0 0.0% Goodwill $0.0

Excess Cash 0.0 0.0%Current Stock Price $0.00 Acquisition MultiplesOffer Premium 25.0% Total Sources $0.0 0.0%Offer Price Per Share $0.00 1999 EBITDA 0.0x

Other Assumptions / Switches EST. 2000 EBITDA 0.0xShares Outstanding (MM) 10.0 1999 P/E 0.0xEquity Purchase Price $0.0 Accounting Type 0 Pooling EST. 2000 P/E 0.0x

Performance Case 1 Base To 1999 Book 0.0xCirc Breaker 0 On To EST. 2000 Book 0.0x

Consideration Percent Per Share Preferred Dividend 0 % of ParCash 0.0% $0.00 NewCo Cash Min. 0 OffStock 100.0% $0.00 Amt. Of Cash Min. $10.0 Financing Inputs

Total 100.0% $0.00 Acquiror Cash Min. 0 Off Pro Forma Year 1999

Percent of Target Acquired 100.0% Amt. Of Cash Min. $10.0 Transaction Fees:Premium to Current Price 25.0% Target Cash Min. 0 Off Advisory 1.0%

Amt. Of Cash Min. $10.0 Financing 3.0%Risk Free Rate 10.00% Use Excess Cash 0(Type of Bond Used) 10yr T-Bond Acquiror Name Company A NoMarket Risk Premia 5.00% Target Name Company B

Leverage Assumptions 1999 2000 2001 2002 Coverage Assumptions 1999 2000 2001 2002

Sr. Debt / EBITDA 0.0x 0.0x 0.0x 0.0x EBITDA / Sr. Interest Expense 0.0x 0.0x 0.0x 0.0xSr. Debt / (EBITDA - Capex) 0.0x 0.0x 0.0x 0.0x (EBITDA - Capex) / Sr. Int. Exp. 0.0x 0.0x 0.0x 0.0xTotal Debt / EBITDA 0.0x 0.0x 0.0x 0.0x EBITDA / Total Interest Expense 0.0x 0.0x 0.0x 0.0xTotal Debt / (EBITDA - Capex) 0.0x 0.0x 0.0x 0.0x (EBITDA - Capex) / Total Int. Exp. 0.0x 0.0x 0.0x 0.0x

E15
Hank Reardon: Once Iteration is selected, input formula for cost
N16
Hank Reardon: Individual asset write-ups must be itemized and inputted manually on the Balance Sheet. Then sum up the write-ups and input on this page in cell Q35
H28
Hank Reardon: Use this switch to break the circ created by average interest expense on Income Statement
Page 2: Combination Template

NewCo Model BalancesCirc Breaker Is On Project XXXNo Cash Minimum Transaction Adjustment PagePooling Accounting

ASSETSCompany A Company B

Current Assets:Cash & Marketable Securities $0.0 $0.0 Accounts Receivable 0.0 0.0 Inventories 0.0 0.0 Other Current Assets #1 0.0 0.0 Other Current Assets #2 0.0 0.0 Other Current Assets #3 0.0 0.0 Other Current Assets #4 0.0 0.0 Other Current Assets #5 0.0 0.0

Total Current Assets $0.0 $0.0

NonCurrent Assets:Net PP&E $0.0 $0.0 Goodwill and Intangible Assets 0.0 0.0 Other NC Assets #1 0.0 0.0 Other NC Assets #2 0.0 0.0 Other NC Assets #3 0.0 0.0 Other NC Assets #4 0.0 0.0 Other NC Assets #5 0.0 0.0 Other NC Assets #6 0.0 0.0 Other NC Assets #7 0.0 0.0

Total NonCurrent Assets $0.0 $0.0

TOTAL ASSETS $0.0 $0.0

LIABILITIES & EQUITY

Current Liabilities:Accounts Payable $0.0 $0.0 Accrued Liabilities 0.0 0.0 Other Current Liabilities #1 0.0 0.0 Other Current Liabilities #2 0.0 0.0 Other Current Liabilities #3 0.0 0.0 Other Current Liabilities #4 0.0 0.0 Other Current Liabilities #5 0.0 0.0

Page 3: Combination Template

Total Current Liabilities $0.0 $0.0

Other NC Liability #1 $0.0 $0.0 Other NC Liability #2 0.0 0.0 Other NC Liability #3 0.0 0.0 Other NC Liability #4 0.0 0.0 Other NC Liability #5 0.0 0.0 Minority Interest 0.0 0.0

Long Term Debt:Existing Debt $0.0 $0.0 Bank Revolver 0.0 0.0 Senior Bank Term "A" 0.0 0.0 Senior Bank Term "B" 0.0 0.0 Other Long-Term Debt #1 0.0 0.0 Other Long-Term Debt #2 0.0 0.0 Other Long-Term Debt #3 0.0 0.0 Other Long-Term Debt #4 0.0 0.0

Total Long Term Debt $0.0 $0.0

TOTAL LIABILITIES $0.0 $0.0

Net Worth:Equity - Common $0.0 $0.0

- Preferred 0.0 0.0 Retained Earnings 0.0 0.0

TOTAL NET WORTH $0.0 $0.0

TOTAL LIABILITIES & EQUITY $0.0 $0.0

Balance Check $0.0 $0.0

Page 4: Combination Template

Project XXXTransaction Adjustment Page

NewCoAdjustments ProForma

$0.0 $0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

$0.0 $0.0

$0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0

$0.0 $0.0

$0.0 $0.0

$0.0 0.0 0.0 0.0 0.0 0.0 0.0

Page 5: Combination Template

$0.0 $0.0

$0.0 0.0 0.0 0.0 0.0 0.0

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

$0.0 $0.0

$0.0 $0.0

$0.0 $0.0 0.0

$0.0 0.0

$0.0 $0.0

$0.0 $0.0

$0.0 $0.0

Page 6: Combination Template

NewCo Model BalancesCirc Breaker Is On Project XXXNo Cash Minimum Synergies Detail PagePooling Accounting

ENTER DATA AS POSITIVE NUMBERS ProForma1999 2000 2001 2002

Additional Net Sales Increase 1 2 3 4

Base 1 0.0 0.0 0.0 0.0 Optimistic 2 0.0 0.0 0.0 0.0 Pessimistic 3 0.0 0.0 0.0 0.0

Cost Of Goods Sold Savings 1 2 3 4

Base 1 0.0 0.0 0.0 0.0 Optimistic 2 0.0 0.0 0.0 0.0 Pessimistic 3 0.0 0.0 0.0 0.0

SG&A Savings 1 2 3 4

Base 1 0.0 0.0 0.0 0.0 Optimistic 2 0.0 0.0 0.0 0.0 Pessimistic 3 0.0 0.0 0.0 0.0

Other Expense #1 Savings 1 2 3 4

Base 1 0.0 0.0 0.0 0.0 Optimistic 2 0.0 0.0 0.0 0.0 Pessimistic 3 0.0 0.0 0.0 0.0

Other Expense #2 Savings 1 2 3 4

Base 1 0.0 0.0 0.0 0.0 Optimistic 2 0.0 0.0 0.0 0.0 Pessimistic 3 0.0 0.0 0.0 0.0

Other Expense #3 Savings 1 2 3 4

Page 7: Combination Template

Base 1 0.0 0.0 0.0 0.0 Optimistic 2 0.0 0.0 0.0 0.0 Pessimistic 3 0.0 0.0 0.0 0.0

Other Expense #4 Savings 1 2 3 4

Base 1 0.0 0.0 0.0 0.0 Optimistic 2 0.0 0.0 0.0 0.0 Pessimistic 3 0.0 0.0 0.0 0.0

Page 8: Combination Template

Project XXXSynergies Detail Page

2003 2004 2005 2006 2007 2008 2009

5 6 7 8 9 10 11

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 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 6 7 8 9 10 11

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 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 6 7 8 9 10 11

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 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 6 7 8 9 10 11

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 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 6 7 8 9 10 11

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 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 6 7 8 9 10 11

Page 9: Combination Template

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 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 6 7 8 9 10 11

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

Page 10: Combination Template

NewCo Model BalancesCirc Breaker Is On Project XXXNo Cash Minimum NewCo Income Statement Detail SheetPooling Accounting

Case Selection: 1

ProForma Projected1999 2000 2001 2002 2003

Net SalesCompany A (Acquiror) $0.0 $0.0 $0.0 $0.0 $0.0 Company B (Target) 0.0 0.0 0.0 0.0 0.0 Additional Projected 0.0 0.0 0.0 0.0 0.0

Total $0.0 $0.0 $0.0 $0.0 $0.0

Cost Of Goods SoldCompany A (Acquiror) $0.0 $0.0 $0.0 $0.0 $0.0 Company B (Target) 0.0 0.0 0.0 0.0 0.0 Savings 0.0 0.0 0.0 0.0 0.0

Total $0.0 $0.0 $0.0 $0.0 $0.0

SG&ACompany A (Acquiror) $0.0 $0.0 $0.0 $0.0 $0.0 Company B (Target) 0.0 0.0 0.0 0.0 0.0 Savings 0.0 0.0 0.0 0.0 0.0

Total $0.0 $0.0 $0.0 $0.0 $0.0

Other Expense #1Company A (Acquiror) $0.0 $0.0 $0.0 $0.0 $0.0 Company B (Target) 0.0 0.0 0.0 0.0 0.0 Savings 0.0 0.0 0.0 0.0 0.0

Total $0.0 $0.0 $0.0 $0.0 $0.0

Other Expense #2Company A (Acquiror) $0.0 $0.0 $0.0 $0.0 $0.0 Company B (Target) 0.0 0.0 0.0 0.0 0.0 Savings 0.0 0.0 0.0 0.0 0.0

Total $0.0 $0.0 $0.0 $0.0 $0.0

Other Expense #3Company A (Acquiror) $0.0 $0.0 $0.0 $0.0 $0.0 Company B (Target) 0.0 0.0 0.0 0.0 0.0 Savings 0.0 0.0 0.0 0.0 0.0

Total $0.0 $0.0 $0.0 $0.0 $0.0

Other Expense #4

Page 11: Combination Template

Company A (Acquiror) $0.0 $0.0 $0.0 $0.0 $0.0 Company B (Target) 0.0 0.0 0.0 0.0 0.0 Savings 0.0 0.0 0.0 0.0 0.0

Total $0.0 $0.0 $0.0 $0.0 $0.0

Page 12: Combination Template

Project XXXNewCo Income Statement Detail Sheet

ProjectedProjected CAGR / Average

2004 2005 2006 2007 2008 2009 ( 2000 - 2009 )

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

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

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

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

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

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

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

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

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

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

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

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

Page 13: Combination Template

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

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

Page 14: Combination Template

Page 14 of 50 document.xlsNew_BS 15:10:3104/08/2023

NewCo Model BalancesCirc Breaker Is On Project XXXNo Cash Minimum NewCo Projected Balance SheetPooling AccountingPerformance Case: Base(FYE January; $ in millions)

ProForma Projected1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

ASSETS

Current Assets:Cash & Marketable Securities $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Accounts Receivable 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Inventories 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Current Assets #1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Current Assets #2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Current Assets #3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Current Assets #4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Current Assets #5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Total Current Assets $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

NonCurrent Assets:Net PP&E $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Goodwill and Intangible Assets 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other NC Assets #1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other NC Assets #2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other NC Assets #3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other NC Assets #4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other NC Assets #5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other NC Assets #6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other NC Assets #7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Total NonCurrent Assets $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

TOTAL ASSETS $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

ProForma ProjectedLIABILITIES & EQUITY 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Current Liabilities:Accounts Payable $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Accrued Liabilities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Current Liabilities #1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Current Liabilities #2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Current Liabilities #3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Current Liabilities #4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Current Liabilities #5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Total Current Liabilities $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Other NC Liability #1 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Other NC Liability #2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other NC Liability #3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other NC Liability #4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other NC Liability #5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Minority Interest 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Long Term Debt:Existing Debt $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Bank Revolver 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Senior Bank Term "A" 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Senior Bank Term "B" 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Long-Term Debt #1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Long-Term Debt #2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Long-Term Debt #3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Long-Term Debt #4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Total Long Term Debt $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

TOTAL LIABILITIES $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Net Worth:Equity - Common $0.0 $0.0 $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 0.0 0.0 Retained Earnings 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

TOTAL NET WORTH $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

TOTAL LIABILITIES & EQUITY $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

A24
Hank Reardon: This includes Land, which should be subtracted from PP&E on the PP&E Schedule to determin projected depreciation
A61
Hank Reardon: Includes short term current portion of debt
Page 15: Combination Template

Page 15 of 50 document.xlsNew_IS 15:10:3104/08/2023NewCo Model BalancesCirc Breaker Is On Project XXXNo Cash Minimum NewCo Projected Income StatementPooling AccountingPerformance Case: Base(FYE January; $ in millions) Historical

ProForma Projected1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Net Sales $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Cost Of Goods Sold 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Gross Margin 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Operating Expenses:SG&A 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Expense #1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Expense #2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Expense #3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Expense #4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Subtotal 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Consolidated EBIT 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Depreciation & Depletion 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Intangible Amortization 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Consolidated EBITDA 0.0 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 0.0

Interest Expense:Existing Debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Bank Revolver 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Senior Bank Term "A" 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Senior Bank Term "B" 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Long-Term Debt #1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Long-Term Debt #2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Long-Term Debt #3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Long-Term Debt #4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Total Interest Expense 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Extraordinary Gain (Loss) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Net Income Before Taxes 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Provision For Income Taxes 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Net Income $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Preferred Dividends 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Net Income To Common $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Shares Outstanding 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Earnings Per Share $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

Page 16: Combination Template

Page 16 of 50 document.xlsNew_SCF 15:10:3104/08/2023NewCo Model BalancesCirc Breaker Is On Project XXXNo Cash Minimum NewCo Projected Cash Flow StatementPooling AccountingPerformance Case: Base(FYE January; $ in millions) Historical

Projected2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Cash Flow From Operations:Net Income To Common $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Depreciation & Depletion 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Intangible Amortization 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Working Capital Source (Use):

(Increase) In Net Working Capital $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Changes in Other Assets/Liabilties:

(Increase) In Other Assets/Liabilties $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Cash Flows From Operating Activities $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Cash Flow From Investing Activities:Capital Expenditures $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Cash Flows Available For Financing $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Cash Flow From Financing:Existing Debt $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Bank Revolver 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Senior Bank Term "A" 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Senior Bank Term "B" 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Long-Term Debt #1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Long-Term Debt #2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Long-Term Debt #3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Long-Term Debt #4 0.0 0.0 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 0.0 0.0 Issuance (Repurchase) of Common Stock 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Cash Flows From Financing Activities $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Cash Balance Schedule:Beginning Cash Balance $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Change In Cash 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Ending Cash Balance $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

(Inc)/Dec In All NC Assets 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Inc/(Dec) In All NC Liabilities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Page 17: Combination Template

Page 17 of 50 document.xlsNew_Debt_Repay 15:10:3104/08/2023

NewCo Model BalancesCirc Breaker Is On Project XXXNo Cash Minimum Projected Debt Repayment SchedulePooling AccountingPerformance Case: Base(FYE January; $ in millions)

Projected2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Cash Available For Debt Repayment $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Available Cash Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Minimum Cash Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Available Discretionary Cash $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Existing DebtBeginning Existing Debt Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Cash For Retirement Of Existing Debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Existing Debt Mandatory Repayment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Existing Debt Retired 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Ending Existing Debt Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Senior Bank Term "A"Beginning Senior Bank Term "A" Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Cash For Retirement Of Senior Bank Term "A" 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Senior Bank Term "A" Mandatory Repayment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Senior Bank Term "A" Retired 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Ending Senior Bank Term "A" Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Senior Bank Term "B"Beginning Senior Bank Term "B" Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Cash For Retirement Of Senior Bank Term "B" 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Senior Bank Term "B" Mandatory Repayment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Senior Bank Term "B" Retired 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Ending Senior Bank Term "B" Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Other Long-Term Debt #1Beginning Other Long-Term Debt #1 Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Cash For Retirement Of Other Long-Term Debt #1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Long-Term Debt #1 Mandatory Repayment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Long-Term Debt #1 Retired 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Ending Other Long-Term Debt #1 Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Other Long-Term Debt #2Beginning Other Long-Term Debt #2 Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Cash For Retirement Of Other Long-Term Debt #2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Long-Term Debt #2 Mandatory Repayment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Long-Term Debt #2 Retired 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Ending Other Long-Term Debt #2 Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Other Long-Term Debt #3Beginning Other Long-Term Debt #3 Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Cash For Retirement Of Other Long-Term Debt #3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Long-Term Debt #3 Mandatory Repayment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Long-Term Debt #3 Retired 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Ending Other Long-Term Debt #3 Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Other Long-Term Debt #4Beginning Other Long-Term Debt #4 Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Cash For Retirement Of Other Long-Term Debt #4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Long-Term Debt #4 Mandatory Repayment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Long-Term Debt #4 Retired 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Ending Other Long-Term Debt #4 Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Bank RevolverBeginning Bank Revolver Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Cash For Retirement Of Bank Revolver 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Bank Revolver Retired 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Bank Revolver Addition 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Ending Bank Revolver Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Page 18: Combination Template

Page 18 of 50 document.xlsNew_D&A_Page 15:10:3104/08/2023NewCo Model BalancesCirc Breaker Is On Project XXXNo Cash Minimum Book Depreciation and Amortization SchedulePooling AccountingPerformance Case: Base(FYE January; $ in millions) Depreciation Method Computed or Manual Depreciation

(0=SLN,1=Sum of Years) (0=Computed,1=Manual)Existing Equipment 0 Straight Line 0 Computed

Gross PP&E $0.0 Land $0.0

Beginning ProjectedAmount Period Salvage 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Category 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 Category 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 Category 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 Category 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 Category 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

Total $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Capital ExpendituresCapital Projected

Depreciation Period 10 years Expenditure Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

$0.0 2000 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 0.0 2001 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2002 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2003 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2004 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2005 0.0 0.0 0.0 0.0 0.0 0.0 2006 0.0 0.0 0.0 0.0 0.0 2007 0.0 0.0 0.0 0.0 2008 0.0 0.0 0.0 2009 0.0

Total $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

TOTAL CALCULATED BOOK DEPRECIATION 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 MANUALLY INPUT BOOK DEPRECIATION 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

BOOK DEPRECIATION 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009PP&E Schedule

Beginning PP&E $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Capital Expenditures 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Asset Sales 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Land 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Ending PP&E Balance $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Goodwill and Intangible Assets 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Amortization $ $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Amotiztion Period 40 years

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009Intangible Schedule

Beginning Intangible Account $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Ending Intangible Account $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

TOTAL CALCULATED AMORTIZATION 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 MANUALLY INPUT BOOK DEPRECIATION 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

TOTAL AMORTIZATION 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Less: Depreciation

Less: Amortization

F53
Hank Reardon: Assumed to remain static - leave number as is - any sales can be placd in "Asset Sales"
Page 19: Combination Template

Page 19 of 50 document.xlsNew_Shdlrs_Equity 15:10:3104/08/2023

NewCo Model BalancesCirc Breaker Is On Project XXXNo Cash Minimum Shareholder's Equity SchedulePooling AccountingPerformance Case: Base(FYE January; $ in millions)

Projected2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Beginning Shareholder's Equity $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Net IncomeAdjustments to Net Income 0.0 0.0 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 0.0 0.0 Issuance (Repurchase) of Common Stock 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Ending Shareholder's Equity $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Page 20: Combination Template

Page 20 of 50 document.xlsNew_WC&BS_Assume 15:10:3104/08/2023NewCo Model BalancesCirc Breaker Is On Project XXXNo Cash Minimum NewCo Working Capital and Balance Sheet AssumptionsPooling AccountingPerformance Case: Base(FYE January; $ in millions) Historical

ProForma Projected1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Current Assets:Accounts Receivable / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Inventories / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other Current Assets #1 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other Current Assets #2 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other Current Assets #3 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other Current Assets #4 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other Current Assets #5 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Current Liabilities:Accounts Payable / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Accrued Liabilities / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other Current Liabilities #1 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other Current Liabilities #2 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other Current Liabilities #3 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other Current Liabilities #4 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other Current Liabilities #5 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Other Assumptions:Other NC Assets #1 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other NC Assets #2 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other NC Assets #3 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other NC Assets #4 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other NC Assets #5 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other NC Assets #6 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Other NC Liability #1 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other NC Liability #2 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other NC Liability #3 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other NC Liability #4 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other NC Liability #5 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Minority Interest / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Page 21: Combination Template

Page 21 of 50 document.xlsNew_IS_Assume 15:10:3104/08/2023

NewCo Model BalancesCirc Breaker Is On Project XXXNo Cash Minimum NewCo Income Statement AssumptionsPooling AccountingPerformance Case: Base(FYE January; $ in millions)

ProForma Projected1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Net Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Cost Of Goods Sold / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Gross Margin 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Operating Expenses / SalesSG&A 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other Expense #1 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other Expense #2 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other Expense #3 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other Expense #4 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Consolidated EBIT / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Consolidated EBITDA / Sale 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Interest (Coupon) Rates:Interest Income 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Existing Debt 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Bank Revolver 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Senior Bank Term "A" 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Senior Bank Term "B" 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other Long-Term Debt #1 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other Long-Term Debt #2 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other Long-Term Debt #3 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other Long-Term Debt #4 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Preferred Stock (% of Par) 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Preferred Stock ($ Amount) $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 Preferred Stock Par Value

Tax Rates:Federal Tax Rate 40.0% 40.0% 40.0% 40.0% 40.0% 40.0% 40.0% 40.0% 40.0% 40.0% 40.0%State Tax Rate 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Effective Tax Rate 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Page 22: Combination Template

Page 22 of 50 document.xlsNew_Perform_Assume 15:10:3104/08/2023NewCo Model BalancesCirc Breaker Is On Project XXXNo Cash Minimum Performance AssumptionsPooling AccountingPerformance Case: Base(FYE January; $ in millions)

Case Selection: 1Projected

Historical 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Net Sales1 = Base 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%2 = Optimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%3 = Pessimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Cost Of Goods Sold / SalesBase 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Optimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Pessimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

SG&A / SalesBase 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Optimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Pessimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Other Expense #1 / SalesBase 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Optimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Pessimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Other Expense #2 / SalesBase 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Optimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Pessimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Other Expense #3 / SalesBase 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Optimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Pessimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Other Expense #4 / SalesBase 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Optimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Pessimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Page 23: Combination Template

Page 23 of 50 document.xlsNew_FCFF 15:10:3104/08/2023

NewCo Model BalancesCirc Breaker Is On Project XXXNo Cash Minimum Free Cash Flow SummaryPooling AccountingPerformance Case: Base(FYE January; $ in millions)

Projected Normalized Proforma2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2009 1999

Consolidated EBIT $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Less: Taxes at (40.0%) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Plus: Depreciation & Amortization 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Unlevered Cash Flow $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Minus:Capital Expenditures 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Inc/(Dec) In Working Capital 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Inc/(Dec) In All NC Assets 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 (Inc)/Dec In All NC Liabilities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Free Cash Flow $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Page 24: Combination Template

Page 24 of 50 document.xlsNew_DCF 15:10:3204/08/2023

NewCo Model BalancesCirc Breaker Is On Project XXXNo Cash Minimum Discounted Cash Flow AnalysisPooling AccountingPerformance Case: Base(FYE January; $ in millions)

NPV of Free Cash Flows FV of Terminal Value (EBITDA) FV of Terminal Value (Perpetuity)1.0% 2.0% 3.0%

NPV of FCFF @ 7.00% $0.0 Terminal Value @ 4.0x $0.0 Terminal Value @ 7.00% $0.0 $0.0 $0.0 NPV of FCFF @ 8.00% 0.0 Terminal Value @ 6.0x 0.0 Terminal Value @ 8.00% 0.0 0.0 0.0 NPV of FCFF @ 9.00% 0.0 Terminal Value @ 8.0x 0.0 Terminal Value @ 9.00% 0.0 0.0 0.0

PV of Terminal Value (EBITDA) PV of Terminal Value (Perpetuity)4.0x 6.0x 8.0x 1.0% 2.0% 3.0%

Terminal Value @ 7.00% $0.0 $0.0 $0.0 Terminal Value @ 7.00% $0.0 $0.0 $0.0 Terminal Value @ 8.00% 0.0 0.0 0.0 Terminal Value @ 8.00% 0.0 0.0 0.0 Terminal Value @ 9.00% 0.0 0.0 0.0 Terminal Value @ 9.00% 0.0 0.0 0.0

Page 25: Combination Template

Page 25 of 50 document.xlsNew_DCF_Table 15:10:3204/08/2023NewCo Model BalancesCirc Breaker Is On Project XXXNo Cash Minimum Discounted Cash Flow Table SummaryPooling AccountingPerformance Case: Base(FYE January; $ in millions)

Total Enterprise Value

EBITDA Multiple Method Perpetuity Growth Method4.0x 6.0x 8.0x 1.0% 2.0% 3.0%

7.00% $0.0 $0.0 $0.0 7.00% $0.0 $0.0 $0.0

8.00% 0.0 0.0 0.0 8.00% 0.0 0.0 0.0

9.00% 0.0 0.0 0.0 9.00% 0.0 0.0 0.0

Total Enterprise Value

EBITDA Multiple Method Perpetuity Growth Method4.0x 6.0x 8.0x 1.0% 2.0% 3.0%

7.00% $0.0 $0.0 $0.0 7.00% $0.0 $0.0 $0.0

8.00% 0.0 0.0 0.0 8.00% 0.0 0.0 0.0

9.00% 0.0 0.0 0.0 9.00% 0.0 0.0 0.0

Total Equity Value Per Share

EBITDA Multiple Method Perpetuity Growth Method4.0x 6.0x 8.0x 1.0% 2.0% 3.0%

7.00% NA NA NA 7.00% NA NA NA

8.00% NA NA NA 8.00% NA NA NA

9.00% NA NA NA 9.00% NA NA NA

Page 26: Combination Template

Page 26 of 50 document.xlsAcq_BS 15:10:3204/08/2023

Acquiror Model BalancesCirc Breaker Is On Project XXX - Company ANo Cash Minimum Historical and Projected Balance SheetPooling AccountingPerformance Case: Base(FYE January; $ in millions)

Historical ProForma Projected1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

ASSETS

Current Assets:Cash & Marketable Securities $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Accounts Receivable 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Inventories 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Current Assets #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 Other Current Assets #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 0.0 0.0 Other Current Assets #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 0.0 Other Current Assets #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 Other Current Assets #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

Total Current Assets $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

NonCurrent Assets:Net PP&E $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Goodwill and Intangible Assets 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other NC Assets #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 Other NC Assets #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 0.0 0.0 Other NC Assets #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 0.0 Other NC Assets #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 Other NC Assets #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 Other NC Assets #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 Other NC Assets #7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Total NonCurrent Assets $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

TOTAL ASSETS $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Historical ProForma ProjectedLIABILITIES & EQUITY 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Current Liabilities:Accounts Payable $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Accrued Liabilities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Current Liabilities #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 Other Current Liabilities #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 0.0 0.0 Other Current Liabilities #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 0.0 Other Current Liabilities #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 Other Current Liabilities #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

Total Current Liabilities $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Other NC Liability #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 Other NC Liability #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 0.0 0.0 Other NC Liability #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 0.0 Other NC Liability #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 Other NC Liability #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 Minority Interest 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Long Term Debt:Existing Debt $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Bank Revolver 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Senior Bank Term "A" 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Senior Bank Term "B" 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Long-Term Debt #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 Other Long-Term Debt #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 0.0 0.0 Other Long-Term Debt #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 0.0 Other Long-Term Debt #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

Total Long Term Debt $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

TOTAL LIABILITIES $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Net Worth:Equity - Common $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $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 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Retained Earnings 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

TOTAL NET WORTH $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

TOTAL LIABILITIES & EQUITY $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

A24
Hank Reardon: This includes Land, which should be subtracted from PP&E on the PP&E Schedule to determin projected depreciation
A61
Hank Reardon: Includes short term current portion of debt
Page 27: Combination Template

Page 27 of 50 document.xlsAcq_IS 15:10:3204/08/2023

Acquiror Model BalancesCirc Breaker Is On Project XXX - Company ANo Cash Minimum Historical and Projected Income StatementPooling AccountingPerformance Case: Base(FYE January; $ in millions)

Historical ProForma Projected1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Net Sales $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Cost Of Goods Sold 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Gross Margin 0.0 0.0 0.0 0.0 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 Expenses:SG&A 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Expense #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 Other Expense #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 0.0 0.0 Other Expense #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 0.0 Other Expense #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

Subtotal 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Consolidated EBIT 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Depreciation & Depletion 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Intangible Amortization 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Consolidated EBITDA 0.0 0.0 0.0 0.0 0.0 0.0 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 0.0 0.0 0.0 0.0 0.0 0.0

Interest Expense:Existing Debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Bank Revolver 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Senior Bank Term "A" 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Senior Bank Term "B" 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Long-Term Debt #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 Other Long-Term Debt #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 0.0 0.0 Other Long-Term Debt #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 0.0 Other Long-Term Debt #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

Total Interest 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 0.0 0.0 0.0 0.0

Extraordinary Gain (Loss) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Net Income Before Taxes 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Provision For Income Taxes 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Net Income $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Preferred Dividends 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Net Income To Common $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Shares Outstanding 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Earnings Per Share $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

Page 28: Combination Template

Page 28 of 50 document.xlsAcq_CF 15:10:3204/08/2023Acquiror Model BalancesCirc Breaker Is On Project XXX - Company ANo Cash Minimum Historical and Projected Cash Flow StatementPooling AccountingPerformance Case: Base(FYE January; $ in millions)

Projected2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Cash Flow From Operations:Net Income To Common $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Depreciation & Depletion 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Intangible Amortization 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Working Capital Source (Use):

(Increase) In Net Working Capital $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Changes in Other Assets/Liabilties:

(Increase) In Other Assets/Liabilties $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Cash Flows From Operating Activities $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Cash Flow From Investing Activities:Capital Expenditures $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Cash Flows Available For Financing $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Cash Flow From Financing:Existing Debt $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Bank Revolver 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Senior Bank Term "A" 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Senior Bank Term "B" 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Long-Term Debt #1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Long-Term Debt #2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Long-Term Debt #3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Long-Term Debt #4 0.0 0.0 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 0.0 0.0 Issuance (Repurchase) of Common Stock 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Cash Flows From Financing Activities $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Cash Balance Schedule:Beginning Cash Balance $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Change In Cash 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Ending Cash Balance $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

(Inc)/Dec In All NC Assets 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Inc/(Dec) In All NC Liabilities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Page 29: Combination Template

Page 29 of 50 document.xlsAcq_Debt_Repay 15:10:3204/08/2023

Acquiror Model BalancesCirc Breaker Is On Project XXX - Company ANo Cash Minimum Projected Debt Repayment SchedulePooling AccountingPerformance Case: Base(FYE January; $ in millions)

Projected2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Cash Available For Debt Repayment $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Available Cash Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Minimum Cash Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Available Discretionary Cash $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Existing DebtBeginning Existing Debt Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Cash For Retirement Of Existing Debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Existing Debt Mandatory Repayment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Existing Debt Retired 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Ending Existing Debt Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Senior Bank Term "A"Beginning Senior Bank Term "A" Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Cash For Retirement Of Senior Bank Term "A" 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Senior Bank Term "A" Mandatory Repayment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Senior Bank Term "A" Retired 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Ending Senior Bank Term "A" Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Senior Bank Term "B"Beginning Senior Bank Term "B" Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Cash For Retirement Of Senior Bank Term "B" 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Senior Bank Term "B" Mandatory Repayment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Senior Bank Term "B" Retired 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Ending Senior Bank Term "B" Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Other Long-Term Debt #1Beginning Other Long-Term Debt #1 Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Cash For Retirement Of Other Long-Term Debt #1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Long-Term Debt #1 Mandatory Repayment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Long-Term Debt #1 Retired 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Ending Other Long-Term Debt #1 Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Other Long-Term Debt #2Beginning Other Long-Term Debt #2 Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Cash For Retirement Of Other Long-Term Debt #2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Long-Term Debt #2 Mandatory Repayment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Long-Term Debt #2 Retired 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Ending Other Long-Term Debt #2 Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Other Long-Term Debt #3Beginning Other Long-Term Debt #3 Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Cash For Retirement Of Other Long-Term Debt #3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Long-Term Debt #3 Mandatory Repayment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Long-Term Debt #3 Retired 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Ending Other Long-Term Debt #3 Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Other Long-Term Debt #4Beginning Other Long-Term Debt #4 Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Cash For Retirement Of Other Long-Term Debt #4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Long-Term Debt #4 Mandatory Repayment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Long-Term Debt #4 Retired 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Ending Other Long-Term Debt #4 Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Bank RevolverBeginning Bank Revolver Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Cash For Retirement Of Bank Revolver 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Bank Revolver Retired 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Bank Revolver Addition 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Ending Bank Revolver Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Page 30: Combination Template

Page 30 of 50 document.xlsAcq_D&A 15:10:3204/08/2023Acquiror Model BalancesCirc Breaker Is On Project XXX - Company ANo Cash Minimum Book Depreciation and Amortization SchedulePooling AccountingPerformance Case: Base(FYE January; $ in millions) Depreciation Method Computed or Manual Depreciation

(0=SLN,1=Sum of Years) (0=Computed,1=Manual)Existing Equipment 0 Straight Line 0 Computed

Gross PP&E $0.0 Land $0.0

Beginning ProjectedAmount Period Salvage 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Category 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 Category 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 Category 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 Category 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 Category 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

Total $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Capital ExpendituresCapital Projected

Depreciation Period 10 years Expenditure Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

$0.0 2000 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 0.0 2001 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2002 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2003 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2004 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2005 0.0 0.0 0.0 0.0 0.0 0.0 2006 0.0 0.0 0.0 0.0 0.0 2007 0.0 0.0 0.0 0.0 2008 0.0 0.0 0.0 2009 0.0

Total $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

TOTAL CALCULATED BOOK DEPRECIATION 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 MANUALLY INPUT BOOK DEPRECIATION 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

BOOK DEPRECIATION 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009PP&E Schedule

Beginning PP&E $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Capital Expenditures 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Asset Sales 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Land 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Ending PP&E Balance $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Goodwill and Intangible Assets 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Amortization $ $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Amotiztion Period 5 years

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009Intangible Schedule

Beginning Intangible Account $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Ending Intangible Account $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

TOTAL CALCULATED AMORTIZATION 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 MANUALLY INPUT BOOK DEPRECIATION 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

TOTAL AMORTIZATION 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Less: Depreciation

Less: Amortization

F53
Hank Reardon: Assumed to remain static - leave number as is - any sales can be placd in "Asset Sales"
Page 31: Combination Template

Page 31 of 50 document.xlsAcq_SHE 15:10:3204/08/2023

Acquiror Model BalancesCirc Breaker Is On Project XXX - Company ANo Cash Minimum Shareholder's Equity SchedulePooling AccountingPerformance Case: Base(FYE January; $ in millions)

Projected2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Beginning Shareholder's Equity $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Net IncomeAdjustments to Net Income 0.0 0.0 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 0.0 0.0 Issuance (Repurchase) of Common Stock 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Ending Shareholder's Equity $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Page 32: Combination Template

Page 32 of 50 document.xlsAcq_WC&BS_Assume 15:10:3204/08/2023

Acquiror Model BalancesCirc Breaker Is On Project XXX - Company ANo Cash Minimum Working Capital and Balance Sheet AssumptionsPooling AccountingPerformance Case: Base(FYE January; $ in millions)

Historical ProForma Projected1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Current Assets:Accounts Receivable / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Inventories / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other Current Assets #1 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other Current Assets #2 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other Current Assets #3 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other Current Assets #4 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other Current Assets #5 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Current Liabilities:Accounts Payable / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Accrued Liabilities / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other Current Liabilities #1 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other Current Liabilities #2 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other Current Liabilities #3 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other Current Liabilities #4 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other Current Liabilities #5 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Other Assumptions:Other NC Assets #1 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other NC Assets #2 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other NC Assets #3 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other NC Assets #4 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other NC Assets #5 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other NC Assets #6 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Other NC Liability #1 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other NC Liability #2 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other NC Liability #3 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other NC Liability #4 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other NC Liability #5 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Minority Interest / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Page 33: Combination Template

Page 33 of 50 document.xlsAcq_IS_Assume 15:10:3204/08/2023

Acquiror Model BalancesCirc Breaker Is On Project XXX - Company ANo Cash Minimum Income Statement Assumptions and Historical PerformancePooling AccountingPerformance Case: Base(FYE January; $ in millions)

Historical ProForma Projected1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009Sales

Net Sales $0.0 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Cost Of Goods Sold / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Gross Margin 0.0% 0.0% 0.0% 0.0% 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 Expenses / SalesSG&A 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other Expense #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%Other Expense #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% 0.0% 0.0%Other Expense #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% 0.0%Other Expense #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%

Consolidated EBIT / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Consolidated EBITDA / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Interest (Coupon) Rates:Interest Income 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Existing Debt 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Bank Revolver 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Senior Bank Term "A" 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Senior Bank Term "B" 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other Long-Term Debt #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%Other Long-Term Debt #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% 0.0% 0.0%Other Long-Term Debt #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% 0.0%Other Long-Term Debt #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%Preferred Stock (% of Par) 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Preferred Stock ($ Amount) $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 Preferred Stock Par Value $100.0

Tax Rates:Federal Tax Rate 0.0% 0.0% 0.0% 0.0% 0.0% 40.0% 40.0% 40.0% 40.0% 40.0% 40.0% 40.0% 40.0% 40.0% 40.0% 40.0%State Tax Rate 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Effective Tax Rate 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Page 34: Combination Template

Page 34 of 50 document.xlsAcq_Perform_Assume 15:10:3204/08/2023Acquiror Model BalancesCirc Breaker Is On Project XXX - Company ANo Cash Minimum Performance AssumptionsPooling AccountingPerformance Case: Base(FYE January; $ in millions)

Case Selection: 1Projected

Historical 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Net Sales1 = Base 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%2 = Optimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%3 = Pessimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Cost Of Goods Sold / SalesBase 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Optimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Pessimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

SG&A / SalesBase 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Optimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Pessimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Other Expense #1 / SalesBase 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Optimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Pessimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Other Expense #2 / SalesBase 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Optimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Pessimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Other Expense #3 / SalesBase 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Optimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Pessimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Other Expense #4 / SalesBase 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Optimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Pessimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Page 35: Combination Template

Page 35 of 50 document.xlsAcq_FCFF 15:10:3204/08/2023

Acquiror Model BalancesCirc Breaker Is On Project XXX - Company ANo Cash Minimum Free Cash Flow SummaryPooling AccountingPerformance Case: Base(FYE January; $ in millions)

Projected Normalized Proforma2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2009 1999

Consolidated EBIT $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Less: Taxes at (40.0%) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Plus: Depreciation & Amortization 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Unlevered Cash Flow $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Minus:Capital Expenditures 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Inc/(Dec) In Working Capital 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Inc/(Dec) In All NC Assets 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 (Inc)/Dec In All NC Liabilities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Free Cash Flow $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Page 36: Combination Template

Page 36 of 50 document.xlsAcq_DCF 15:10:3204/08/2023

Acquiror Model BalancesCirc Breaker Is On Project XXX - Company ANo Cash Minimum Discounted Cash Flow AnalysisPooling AccountingPerformance Case: Base(FYE January; $ in millions)

NPV of Free Cash Flows FV of Terminal Value (EBITDA) FV of Terminal Value (Perpetuity)1.0% 2.0% 3.0%

NPV of FCFF @ 7.00% $0.0 Terminal Value @ 4.0x $0.0 Terminal Value @ 7.00% $0.0 $0.0 $0.0 NPV of FCFF @ 8.00% 0.0 Terminal Value @ 6.0x 0.0 Terminal Value @ 8.00% 0.0 0.0 0.0 NPV of FCFF @ 9.00% 0.0 Terminal Value @ 8.0x 0.0 Terminal Value @ 9.00% 0.0 0.0 0.0

PV of Terminal Value (EBITDA) PV of Terminal Value (Perpetuity)4.0x 6.0x 8.0x 1.0% 2.0% 3.0%

Terminal Value @ 7.00% $0.0 $0.0 $0.0 Terminal Value @ 7.00% $0.0 $0.0 $0.0 Terminal Value @ 8.00% 0.0 0.0 0.0 Terminal Value @ 8.00% 0.0 0.0 0.0 Terminal Value @ 9.00% 0.0 0.0 0.0 Terminal Value @ 9.00% 0.0 0.0 0.0

Page 37: Combination Template

Page 37 of 50 document.xlsAcq_DCF_Table 15:10:3204/08/2023Acquiror Model BalancesCirc Breaker Is On Project XXX - Company ANo Cash Minimum Discounted Cash Flow Table SummaryPooling AccountingPerformance Case: Base(FYE January; $ in millions)

Total Enterprise Value

EBITDA Multiple Method Perpetuity Growth Method4.0x 6.0x 8.0x 1.0% 2.0% 3.0%

7.00% $0.0 $0.0 $0.0 7.00% $0.0 $0.0 $0.0

8.00% 0.0 0.0 0.0 8.00% 0.0 0.0 0.0

9.00% 0.0 0.0 0.0 9.00% 0.0 0.0 0.0

Total Enterprise Value

EBITDA Multiple Method Perpetuity Growth Method4.0x 6.0x 8.0x 1.0% 2.0% 3.0%

7.00% $0.0 $0.0 $0.0 7.00% $0.0 $0.0 $0.0

8.00% 0.0 0.0 0.0 8.00% 0.0 0.0 0.0

9.00% 0.0 0.0 0.0 9.00% 0.0 0.0 0.0

Total Equity Value Per Share

EBITDA Multiple Method Perpetuity Growth Method4.0x 6.0x 8.0x 1.0% 2.0% 3.0%

7.00% NA NA NA 7.00% NA NA NA

8.00% NA NA NA 8.00% NA NA NA

9.00% NA NA NA 9.00% NA NA NA

Page 38: Combination Template

Page 38 of 50 document.xlsAcq_WACC 15:10:3204/08/2023

Acquiror Model BalancesCirc Breaker Is On Project XXX - Company ANo Cash Minimum Estimated Weighted Average Cost of Capital CalculationPooling AccountingPerformance Case: Base(FYE January; $ in millions)

Weighted Average Cost Of Capital Calculation(0 = Computed, 1 = Manual) Proportion Setting: Manual

1 Manual WACC

Estimated Cost of Debt: Amount Interest Rate Wtd. RateBook Capitalization At Closing:

Existing Debt $0.0 0.00% 0.00% Amount ProportionsBank Revolver 0.0 0.00% 0.00%Senior Bank Term "A" 0.0 0.00% 0.00% Total Debt $0.0 0.0%Senior Bank Term "B" 0.0 0.00% 0.00% Total Preferred 0.0 0.0%Other Long-Term Debt #1 0.0 0.00% 0.00% Total Equity 0.0 0.0%Other Long-Term Debt #2 0.0 0.00% 0.00%Other Long-Term Debt #3 0.0 0.00% 0.00% Total Book Capitalization $0.0 0.0%Other Long-Term Debt #4 0.0 0.00% 0.00%

Total $0.0 Pre-Tax 0.00%

After-Tax 0.00% Proportions Rate Wtd. Factor

Estimated Cost of Preferred: Amount Interest Rate Atfer Tax Cost of Debt 40.0% 5.00% 2.00%

Preferred Stock $0.0 0.00% Cost of Preferred 0.0% 0.00% 0.00%

Estimated Cost of Equity Capital: Amount Interest Rate Cost of Equity 60.0% 9.50% 5.70%

Total Book Equity Capital $0.0 #REF! Weighted Average Cost of Capital 7.70%

#REF! #REF!#REF! #REF!

Unlevered Beta 0.00 Target Debt / Equity Ratio 66.7%Relevered Beta 0.00

CAPM Cost of Equity #REF!

Manual Interest Rates and Proportions Calculation Given Target D / EAfter-Tax Cost of Debt 5.00% Debt / Equity 0.667

Cost of Preferred 0.00% 1+ D / E 1.6667

Cost of Equity 9.50% Debt / Value 40.0%

Preferred Stock 0.0%Beta CalculationUnlevered Beta = Adjusted (Levered) Beta * [MVE / (Market Cap - (T * Book Value Of Debt))]Relevered Beta = Unlevered Beta / [MVE / (Market Cap - (T * Book Value of Debt))]

Levered Beta 0.78Current Stock Price $0.00 Is Company Public ? 0$ of Outstanding Shares 0.0 (0=No, 1=Yes)

Equity Value $0.0 If company is not public, model takesTotal Outstanding Debt 0.0 book value of common stock andPreferred Stock 0.0 retained earnings in proforma year

Market Capitalization $0.0 E / V Percentage 60.0%Tax Rate 40.0% Equity Value $0.0

Debt Value $0.0 Post-Transaction Book Cap. $0.0

Unlevered Beta 0.00 Relevered Beta 0.00

P8
Hank Reardon: Manual setting is found below this grid - page down to set manual inputs
A65
Hank Reardon: Treated as debt for net debt purposes
Page 39: Combination Template

Page 39 of 50 document.xlsTarg_BS 15:10:3204/08/2023

Target Model BalancesCirc Breaker Is On Project XXX - Company BNo Cash Minimum Historical and Projected Balance SheetPooling AccountingPerformance Case: Base(FYE January; $ in millions)

Historical ProForma Projected1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

ASSETS

Current Assets:Cash & Marketable Securities $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Accounts Receivable 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Inventories 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Prepaid Expenses 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Current Assets #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 0.0 0.0 Other Current Assets #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 0.0 Other Current Assets #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 Other Current Assets #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

Total Current Assets $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

NonCurrent Assets:Net PP&E $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Goodwill and Intangible Assets 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other NC Assets #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 Other NC Assets #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 0.0 0.0 Other NC Assets #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 0.0 Other NC Assets #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 Other NC Assets #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 Other NC Assets #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 Other NC Assets #7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Total NonCurrent Assets $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

TOTAL ASSETS $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Historical ProForma ProjectedLIABILITIES & EQUITY 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Current Liabilities:Accounts Payable $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Accrued Liabilities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Current Liabilities #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 Other Current Liabilities #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 0.0 0.0 Other Current Liabilities #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 0.0 Other Current Liabilities #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 Other Current Liabilities #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

Total Current Liabilities $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Other NC Liability #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 Other NC Liability #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 0.0 0.0 Other NC Liability #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 0.0 Other NC Liability #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 Other NC Liability #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 Minority Interest 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Long Term Debt:Existing Debt $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Bank Revolver 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Senior Bank Term "A" 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Senior Bank Term "B" 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Long-Term Debt #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 Other Long-Term Debt #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 0.0 0.0 Other Long-Term Debt #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 0.0 Other Long-Term Debt #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

Total Long Term Debt $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

TOTAL LIABILITIES $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Net Worth:Equity - Common $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $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 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Retained Earnings 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

TOTAL NET WORTH $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

TOTAL LIABILITIES & EQUITY $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

A24
Hank Reardon: This includes Land, which should be subtracted from PP&E on the PP&E Schedule to determin projected depreciation
A61
Hank Reardon: Includes short term current portion of debt
Page 40: Combination Template

Page 40 of 50 document.xlsTarg_IS 15:10:3204/08/2023

Target Model BalancesCirc Breaker Is On Project XXX - Company BNo Cash Minimum Historical and Projected Income StatementPooling AccountingPerformance Case: Base(FYE January; $ in millions)

Historical ProForma Projected1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Net Sales $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Cost Of Goods Sold 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Gross Margin 0.0 0.0 0.0 0.0 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 Expenses:SG&A 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Expense #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 Other Expense #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 0.0 0.0 Other Expense #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 0.0 Other Expense #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

Subtotal 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Consolidated EBIT 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Depreciation & Depletion 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Intangible Amortization 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Consolidated EBITDA 0.0 0.0 0.0 0.0 0.0 0.0 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 0.0 0.0 0.0 0.0 0.0 0.0

Interest Expense:Existing Debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Bank Revolver 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Senior Bank Term "A" 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Senior Bank Term "B" 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Long-Term Debt #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 Other Long-Term Debt #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 0.0 0.0 Other Long-Term Debt #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 0.0 Other Long-Term Debt #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

Total Interest 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 0.0 0.0 0.0 0.0

Extraordinary Gain (Loss) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Net Income Before Taxes 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Provision For Income Taxes 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Net Income $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Preferred Dividends 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Net Income To Common $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Shares Outstanding 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Page 41: Combination Template

Page 41 of 50 document.xlsTarg_CF 15:10:3204/08/2023Target Model BalancesCirc Breaker Is On Project XXX - Company BNo Cash Minimum Historical and Projected Cash Flow StatementPooling AccountingPerformance Case: Base(FYE January; $ in millions)

Projected2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Cash Flow From Operations:Net Income To Common $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Depreciation & Depletion 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Intangible Amortization 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Working Capital Source (Use):

(Increase) In Net Working Capital $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Changes in Other Assets/Liabilties:

(Increase) In Other Assets/Liabilties $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Cash Flows From Operating Activities $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Cash Flow From Investing Activities:Capital Expenditures $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Cash Flows Available For Financing $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Cash Flow From Financing:Existing Debt $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Bank Revolver 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Senior Bank Term "A" 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Senior Bank Term "B" 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Long-Term Debt #1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Long-Term Debt #2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Long-Term Debt #3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Long-Term Debt #4 0.0 0.0 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 0.0 0.0 Issuance (Repurchase) of Common Stock 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Cash Flows From Financing Activities $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Cash Balance Schedule:Beginning Cash Balance $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Change In Cash 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Ending Cash Balance $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

(Inc)/Dec In All NC Assets 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Inc/(Dec) In All NC Liabilities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Page 42: Combination Template

Page 42 of 50 document.xlsTarg_Debt_Repay 15:10:3204/08/2023

Target Model BalancesCirc Breaker Is On Project XXX - Company BNo Cash Minimum Projected Debt Repayment SchedulePooling AccountingPerformance Case: Base(FYE January; $ in millions)

Projected2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Cash Available For Debt Repayment $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Available Cash Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Minimum Cash Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Available Discretionary Cash $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Existing DebtBeginning Existing Debt Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Cash For Retirement Of Existing Debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Existing Debt Mandatory Repayment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Existing Debt Retired 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Ending Existing Debt Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Senior Bank Term "A"Beginning Senior Bank Term "A" Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Cash For Retirement Of Senior Bank Term "A" 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Senior Bank Term "A" Mandatory Repayment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Senior Bank Term "A" Retired 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Ending Senior Bank Term "A" Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Senior Bank Term "B"Beginning Senior Bank Term "B" Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Cash For Retirement Of Senior Bank Term "B" 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Senior Bank Term "B" Mandatory Repayment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Senior Bank Term "B" Retired 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Ending Senior Bank Term "B" Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Other Long-Term Debt #1Beginning Other Long-Term Debt #1 Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Cash For Retirement Of Other Long-Term Debt #1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Long-Term Debt #1 Mandatory Repayment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Long-Term Debt #1 Retired 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Ending Other Long-Term Debt #1 Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Other Long-Term Debt #2Beginning Other Long-Term Debt #2 Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Cash For Retirement Of Other Long-Term Debt #2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Long-Term Debt #2 Mandatory Repayment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Long-Term Debt #2 Retired 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Ending Other Long-Term Debt #2 Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Other Long-Term Debt #3Beginning Other Long-Term Debt #3 Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Cash For Retirement Of Other Long-Term Debt #3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Long-Term Debt #3 Mandatory Repayment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Long-Term Debt #3 Retired 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Ending Other Long-Term Debt #3 Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Other Long-Term Debt #4Beginning Other Long-Term Debt #4 Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Cash For Retirement Of Other Long-Term Debt #4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Long-Term Debt #4 Mandatory Repayment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Long-Term Debt #4 Retired 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Ending Other Long-Term Debt #4 Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Bank RevolverBeginning Bank Revolver Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Cash For Retirement Of Bank Revolver 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Bank Revolver Retired 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Bank Revolver Addition 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Ending Bank Revolver Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Page 43: Combination Template

Page 43 of 50 document.xlsTarg_D&A 15:10:3204/08/2023Target Model BalancesCirc Breaker Is On Project XXX - Company BNo Cash Minimum Book Depreciation and Amortization SchedulePooling AccountingPerformance Case: Base(FYE January; $ in millions) Depreciation Method Computed or Manual Depreciation

(0=SLN,1=Sum of Years) (0=Computed,1=Manual)Existing Equipment 0 Straight Line 0 Computed

Gross PP&E $0.0 Land $0.0

Beginning ProjectedAmount Period Salvage 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Category 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 Category 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 Category 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 Category 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 Category 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

Total $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Capital ExpendituresCapital Projected

Depreciation Period 10 years Expenditure Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

$0.0 2000 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 0.0 2001 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2002 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2003 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2004 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2005 0.0 0.0 0.0 0.0 0.0 0.0 2006 0.0 0.0 0.0 0.0 0.0 2007 0.0 0.0 0.0 0.0 2008 0.0 0.0 0.0 2009 0.0

Total $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

TOTAL CALCULATED BOOK DEPRECIATION 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 MANUALLY INPUT BOOK DEPRECIATION 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

BOOK DEPRECIATION 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009PP&E Schedule

Beginning PP&E $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Capital Expenditures 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Asset Sales 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Land 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Ending PP&E Balance $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Goodwill and Intangible Assets 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Amortization $ $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Amotiztion Period 5 years

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009Intangible Schedule

Beginning Intangible Account $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Ending Intangible Account $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

TOTAL CALCULATED AMORTIZATION 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 MANUALLY INPUT BOOK DEPRECIATION 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

TOTAL AMORTIZATION 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Less: Depreciation

Less: Amortization

F53
Hank Reardon: Assumed to remain static - leave number as is - any sales can be placd in "Asset Sales"
Page 44: Combination Template

Page 44 of 50 document.xlsTarg_SHE 15:10:3204/08/2023

Target Model BalancesCirc Breaker Is On Project XXX - Company BNo Cash Minimum Shareholder's Equity SchedulePooling AccountingPerformance Case: Base(FYE January; $ in millions)

Projected2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Beginning Shareholder's Equity $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Net IncomeAdjustments to Net Income 0.0 0.0 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 0.0 0.0 Issuance (Repurchase) of Common Stock 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Ending Shareholder's Equity $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Page 45: Combination Template

Page 45 of 50 document.xlsTarg_WC&BS_Assume 15:10:3204/08/2023

Target Model BalancesCirc Breaker Is On Project XXX - Company BNo Cash Minimum Working Capital and Balance Sheet AssumptionsPooling AccountingPerformance Case: Base(FYE January; $ in millions)

Historical ProForma Projected1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Current Assets:Accounts Receivable / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Inventories / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Prepaid Expenses / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other Current Assets #2 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other Current Assets #3 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other Current Assets #4 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other Current Assets #5 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Current Liabilities:Accounts Payable / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Accrued Liabilities / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other Current Liabilities #1 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other Current Liabilities #2 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other Current Liabilities #3 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other Current Liabilities #4 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other Current Liabilities #5 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Other Assumptions:Other NC Assets #1 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other NC Assets #2 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other NC Assets #3 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other NC Assets #4 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other NC Assets #5 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other NC Assets #6 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Other NC Liability #1 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other NC Liability #2 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other NC Liability #3 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other NC Liability #4 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other NC Liability #5 / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Minority Interest / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Page 46: Combination Template

Page 46 of 50 document.xlsTarg_IS_Assume 15:10:3204/08/2023

Target Model BalancesCirc Breaker Is On Project XXX - Company BNo Cash Minimum Income Statement Assumptions and Historical PerformancePooling AccountingPerformance Case: Base(FYE January; $ in millions)

Historical ProForma Projected1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009Sales

Net Sales $0.0 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Cost Of Goods Sold / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Gross Margin 0.0% 0.0% 0.0% 0.0% 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 Expenses / SalesSG&A 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other Expense #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%Other Expense #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% 0.0% 0.0%Other Expense #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% 0.0%Other Expense #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%

Consolidated EBIT / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Consolidated EBITDA / Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Interest (Coupon) Rates:Interest Income 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Existing Debt 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Bank Revolver 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Senior Bank Term "A" 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Senior Bank Term "B" 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other Long-Term Debt #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%Other Long-Term Debt #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% 0.0% 0.0%Other Long-Term Debt #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% 0.0%Other Long-Term Debt #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%Preferred Stock (% of Par) 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Preferred Stock ($ Amount) $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 Preferred Stock Par Value $100.0

Tax Rates:Federal Tax Rate 0.0% 0.0% 0.0% 0.0% 0.0% 40.0% 40.0% 40.0% 40.0% 40.0% 40.0% 40.0% 40.0% 40.0% 40.0% 40.0%State Tax Rate 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Effective Tax Rate 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Page 47: Combination Template

Page 47 of 50 document.xlsTarg_Perform_Assume 15:10:3204/08/2023Target Model BalancesCirc Breaker Is On Project XXX - Company BNo Cash Minimum Performance AssumptionsPooling AccountingPerformance Case: Base(FYE January; $ in millions)

Case Selection: 1Projected

Historical 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Net Sales1 = Base 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%2 = Optimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%3 = Pessimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Cost Of Goods Sold / SalesBase 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Optimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Pessimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

SG&A / SalesBase 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Optimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Pessimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Other Expense #1 / SalesBase 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Optimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Pessimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Other Expense #2 / SalesBase 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Optimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Pessimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Other Expense #3 / SalesBase 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Optimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Pessimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Other Expense #4 / SalesBase 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Optimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Pessimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Page 48: Combination Template

Page 48 of 50 document.xlsTarg_FCFF 15:10:3204/08/2023

Target Model BalancesCirc Breaker Is On Project XXX - Company BNo Cash Minimum Free Cash Flow SummaryPooling AccountingPerformance Case: Base(FYE January; $ in millions)

Projected Normalized Proforma2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2009 1999

Consolidated EBIT $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Less: Taxes at (40.0%) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Plus: Depreciation & Amortization 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Unlevered Cash Flow $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Minus:Capital Expenditures 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Inc/(Dec) In Working Capital 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Inc/(Dec) In All NC Assets 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 (Inc)/Dec In All NC Liabilities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Free Cash Flow $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Page 49: Combination Template

Page 49 of 50 document.xlsTarg_DCF 15:10:3204/08/2023

Target Model BalancesCirc Breaker Is On Project XXX - Company BNo Cash Minimum Discounted Cash Flow AnalysisPooling AccountingPerformance Case: Base(FYE January; $ in millions)

NPV of Free Cash Flows FV of Terminal Value (EBITDA) FV of Terminal Value (Perpetuity)1.0% 2.0% 3.0%

NPV of FCFF @ 7.00% $0.0 Terminal Value @ 4.0x $0.0 Terminal Value @ 7.00% $0.0 $0.0 $0.0 NPV of FCFF @ 8.00% 0.0 Terminal Value @ 6.0x 0.0 Terminal Value @ 8.00% 0.0 0.0 0.0 NPV of FCFF @ 9.00% 0.0 Terminal Value @ 8.0x 0.0 Terminal Value @ 9.00% 0.0 0.0 0.0

PV of Terminal Value (EBITDA) PV of Terminal Value (Perpetuity)4.0x 6.0x 8.0x 1.0% 2.0% 3.0%

Terminal Value @ 7.00% $0.0 $0.0 $0.0 Terminal Value @ 7.00% $0.0 $0.0 $0.0 Terminal Value @ 8.00% 0.0 0.0 0.0 Terminal Value @ 8.00% 0.0 0.0 0.0 Terminal Value @ 9.00% 0.0 0.0 0.0 Terminal Value @ 9.00% 0.0 0.0 0.0

Page 50: Combination Template

Page 50 of 50 document.xlsTarg_DCF_Table 15:10:3204/08/2023Target Model BalancesCirc Breaker Is On Project XXX - Company BNo Cash Minimum Discounted Cash Flow Table SummaryPooling AccountingPerformance Case: Base(FYE January; $ in millions)

Total Enterprise Value

EBITDA Multiple Method Perpetuity Growth Method4.0x 6.0x 8.0x 1.0% 2.0% 3.0%

7.00% $0.0 $0.0 $0.0 7.00% $0.0 $0.0 $0.0

8.00% 0.0 0.0 0.0 8.00% 0.0 0.0 0.0

9.00% 0.0 0.0 0.0 9.00% 0.0 0.0 0.0

Total Enterprise Value

EBITDA Multiple Method Perpetuity Growth Method4.0x 6.0x 8.0x 1.0% 2.0% 3.0%

7.00% $0.0 $0.0 $0.0 7.00% $0.0 $0.0 $0.0

8.00% 0.0 0.0 0.0 8.00% 0.0 0.0 0.0

9.00% 0.0 0.0 0.0 9.00% 0.0 0.0 0.0

Total Equity Value Per Share

EBITDA Multiple Method Perpetuity Growth Method4.0x 6.0x 8.0x 1.0% 2.0% 3.0%

7.00% NA NA NA 7.00% NA NA NA

8.00% NA NA NA 8.00% NA NA NA

9.00% NA NA NA 9.00% NA NA NA