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Model Not In Balance --- Circ Breaker Is On --- Cash Min Switch Is On

NOTE - Remember To Sw itch Off Circ Breaker Once Data Has Been Entered and Select I terat ion

Performance Case: Base(FYE January; in millions) \\vboxsrv\conversion_tmp\scratch_1\[23856

%

Equity Purchase Price $19.0 Existing Debt $0.0 0.0%Debt Retired 1.0 Bank Revolver 0.0 0.0%Debt Assumed 1.0 Senior Bank Term "A" 12.0 54.3%Cash Infusion 0.5 Senior Bank Term "B" 0.0 0.0%Transaction Costs 0.6 Other Long-Term Debt 0.0 0.0%

Senior Subordinated Debt 3.0 13.6%Total Uses $22.1 Junior Subordinated Debt 0.0 0.0%

Seller Note 0.0 0.0%Current Stock Price $55.00 Preferred Stock 0.0 0.0%Offer Premium 15.0% Common Equity:Offer Price Per Share $63.25 Sponsor Equity 6.6 29.9%

Management Equity 0.5 2.3%Shares Outstanding (MM) 0.3 New Equity 0.0 0.0%Equity Purchase Price $19.0 Excess Cash on Balance Sheet 0.0 0.0%

Total Sources $22.1 100.0%

2005 EBITDA 11.1xEST. 2006 EBITDA 9.9x Undiluted Fully-Diluted2005 P/E 54.2xEST. 2006 P/E 0.0x Senior Subordinated Debt 0.0% 2.0% To 2005 Book 3.5x Junior Subordinated Debt 0.0% 0.0% To EST. 2006 Book 2.8x Seller Note 0.0% 0.0%

Preferred Stock 0.0% 0.0% Sponsor Equity 93.0% 91.1% Management Equity 7.0% 6.9%

Exit Year 2010 New Equity 0.0% 0.0% Exit EBITDA Multiple 7.0xExit P/E 0.0x Total Equity Allocation 100.0% 100.0% G

Project GiddyTransact ion Structu re

Uses of Funds Sources of Funds

Acquisition Multiples

Equity Allocation

Exit Multiples

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Performance Case: Base(FYE January; $ in millions)

2001 2002 2003 2004 2005

Current Assets:Cash & Marketable Securities $0.0 $0.0 $0.0 $0.0 $0.5

Accounts Receivable 0.0 0.0 0.0 0.0 1.0 Inventories 0.0 0.0 0.0 0.0 1.0 Prepaid Expenses 0.0 0.0 0.0 0.0 0.0 Prepaid Income Taxes 0.0 0.0 0.0 0.0 0.0 Other Current Assets #1 0.0 0.0 0.0 0.0 0.0 0Other Current Assets #2 0.0 0.0 0.0 0.0 0.0 0Other Current Assets #3 0.0 0.0 0.0 0.0 0.0 0

Total Current Assets $0.0 $0.0 $0.0 $0.0 $2.5

NonCurrent Assets:Net PP&E $0.0 $0.0 $0.0 $0.0 $6.5 $Other Assets #1 0.0 0.0 0.0 0.0 0.0 Other Assets #2 0.0 0.0 0.0 0.0 0.0 Other Assets #3 0.0 0.0 0.0 0.0 0.0 Transaction Costs 0.0 0.0 0.0 0.0 0.0 New Goodwill 0.0 0.0 0.0 0.0 0.0 Other NC Assets #1 0.0 0.0 0.0 0.0 0.0 Other NC Assets #2 0.0 0.0 0.0 0.0 0.0 Other NC Assets #3 0.0 0.0 0.0 0.0 0.0

Total NonCurrent Assets $0 0 $0 0 $0 0 $0 0 $6 5

Histori cal an

His to ric al

ASSETS

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Performance Case: Base(FYE January; $ in millions)

2006 2007 2008 2009 2010 2011 2012

Net To Retained Earnings ($0.4) $0.1 $0.7 $1.3 $2.1 $2.9 $3.7

Non-Cash Adjustments:Consolidated D&A $0.9 $0.7 $0.5 $0.3 $0.1 $0.0 $0.0 Transaction Amortization 0.1 0.1 0.1 0.1 0.1 0.0 0.0 New Goodwill Amortization 0.3 0.3 0.3 0.3 0.3 0.3 0.3 Deferred Taxes (0.1) 0.1 0.0 0.0 0.0 0.0 0.0

Accrued Junior Subordinated Debt Intere 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Accrued Preferred Dividends 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Funds From Operations $0.9 $1.3 $1.7 $2.1 $2.6 $3.3 $4.1 $

Working Capital Source (Use): Accounts Receivable ($0.1) ($0.1) ($0.2) ($0.2) ($0.2) ($0.2) ($0.2) Inventories (0.1) (0.1) (0.2) (0.2) (0.2) (0.2) (0.2) Prepaid Expenses 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Prepaid Income Taxes 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 Other Current Assets #2 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

Accounts Payable 0.2 0.2 0.2 0.3 0.3 0.3 0.4 Accrued Expenses 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Dividend Payable 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Income Tax Payable 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 Other Current Liabilities #2 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

Projected

Project GiddyProjected Cash Flow Sum mary

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Performance Case: Base(FYE January; $ in millions)

2006 2007 2008 2009 2010 2011 2012 2013Year # 1 2 3 4 5 6 7

Cash Available For Debt Repayment $1.4 $1.3 $1.6 $2.0 $2.5 $3.1 $4.0 $6

Asset-Backed Addition To Revolver 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Cash For Retirement Of Existing Debt 1.4 1.3 1.6 2.0 2.5 3.1 4.0 6.8Existing Debt Mandatory Repayment 0.5 0.5 0.0 0.0 0.0 0.0 0.0 Existing Debt Retired 0.5 0.5 0.0 0.0 0.0 0.0 0.0 0

Cash For Retirement Of Senior Bank Term "A" 1.9 1.8 1.6 2.0 2.5 3.1 4.0 6.8Senior Bank Term "A" Mandatory Repayment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Senior Bank Term "A" Retired (1.9) (1.8) (1.6) (2.0) (2.5) (2.2) 0.0

Cash For Retirement Of Senior Bank Term "B" 0.0 0.0 0.0 0.0 0.0 1.0 4.0 6.8Senior Bank Term "B" Mandatory Repayment 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.

Cash For Retirement Of Other Long-Term Debt 0.0 0.0 0.0 0.0 0.0 1.0 4.0 6.8 Other Long-Term Debt Mandatory Repayment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Long-Term Debt Retired 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Cash For Retirement Of Senior Subordinated Debt 0.0 0.0 0.0 0.0 0.0 1.0 4.0 6.8 Senior Subordinated Debt Mandatory Repayment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Senior Subordinated Debt Retired 0.0 0.0 0.0 0.0 0.0 (1.0) (2.0)

Cash For Retirement Of Junior Subordinated Debt 0.0 0.0 0.0 0.0 0.0 0.0 1.9 6.8 Junior Subordinated Debt Mandatory Repayment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Junior Subordinated Debt Retired 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Project GiddyProjected Debt Repaym ent Schedule

Projected

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Performance Case: Base(FYE January; $ in millions)

Existing Equipment 0 0 0

Gross PP&E $6.5Land $0.0

BeginningAmount Period Salvage 2006 2007 2008 2009 2010 2011 2012 20

Category 1 $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 Category 3 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 Category 5 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

Capital ExpendituresCapital

Depreciation Period 10 Expenditure Year 2006 2007 2008 2009 2010 2011 2012 2

$0.0 2006 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 0.0 2007 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2008 0.0 0.0 0.0 0.0 0.00.0 2009 0.0 0.0 0.0 0.00.0 2010 0.0 0.0 0.00.0 2011 0.0 0.00.0 2012 0.00.0 2013 0.0 2014 0.0 2015

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

Project GiddyBoo k Depreciat ion Schedule

(0=SLN,1=Sum of Years)

Projected

Straight Line

Depreciation Method ComputedGoodwill Amortization Tax-Deductible(0=Not Deductible,1=Deductible)

Not Tax-Deductible

Projected

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Model Not In Balance --- Circ Breaker Is On --- Cash Min Switch Is On

Performance Case: Base(FYE January; $ in millions)

Existing Equipment 0

Gross PP&E $0.0Land $0.0

BeginningAmount Period Salvage 2006 2007 2008 2009 2010 2011 2012 2013 20

Category 1 $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 Category 3 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 Category 5 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 $0.0Capital Expenditures

CapitalDepreciation Period 10 Expenditure Year 2006 2007 2008 2009 2010 2011 2012 2013 2

$0.0 2006 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 0.0 2007 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2008 0.0 0.0 0.0 0.0 0.0 0.00.0 2009 0.0 0.0 0.0 0.0 0.00.0 2010 0.0 0.0 0.0 0.00.0 2011 0.0 0.0 0.00.0 2012 0.0 0.00.0 2013 0.0.0 2014 0.0 2015

Total $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0

Projected

(0=SLN,1=Sum of Years)

Project GiddyTax Depreciat ion Sch edule

Depreciation Method

Projected

Straight Line

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Performance Case: Base(FYE January; $ in millions)

2001 2002 2003 2004 2005

Capital StructureTotal Debt / Book Capitalization 0.0% 0.0% 0.0% 0.0% 26.7%Total Debt / Equity 0.0% 0.0% 0.0% 0.0% 36.4%Total Debt / Tangible Equity 0.0% 0.0% 0.0% 0.0% 0.0%

Leverage RatiosSenior Debt / EBITDA 0.0x 0.0x 0.0x 0.0x 1.0xSenior Debt / (EBITDA-CapEx) 0.0x 0.0x 0.0x 0.0x 1.0x

Total Debt / EBITDA 0.0x 0.0x 0.0x 0.0x 1.0xTotal Debt / (EBITDA-CapEx) 0.0x 0.0x 0.0x 0.0x 1.0x

Interest CoverageEBITDA / Senior Interest 0.0x 0.0x 0.0x 0.0x 2.9xEBITDA / Total Interest 0.0x 0.0x 0.0x 0.0x 2.9x

(EBITDA-CapEx) / Senior Interest 0.0x 0.0x 0.0x 0.0x 2.0x(EBITDA-CapEx) / Total Interest 0.0x 0.0x 0.0x 0.0x 2.0x

Histor ica l

PrRat

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Sales Growth 0.0% 0.0% 0.0% 0.0% 0.0%Gross Margin 0.0% 0.0% 0.0% 0.0% 20.0%

EBITDA Margin 0.0% 0.0% 0.0% 0.0% 10.0%EBIT Margin 0.0% 0.0% 0.0% 0.0% 5.0%Pretax Profit To Sales

Liquidity Ratios

Current Ratio 0.0 0.0 0.0 0.0 1.7 Acid Test Ratio 0.0 0.0 0.0 0.0 1.0

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Closing 2006 2007 2008 2009 2010 2011 2012 2013

67.8% 67.2% 64.6% 59.0% 49.8% 36.2% 18.0% 5.4% 4.3%210.8% 204.6% 182.2% 144.2% 99.1% 56.8% 22.0% 5.7% 4.5%

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 129.4% 15.6% 8.8%

4.8x 3.4x 2.3x 1.4x 0.7x 0.2x 0.2x 0.1x4.8x 3.4x 2.3x 1.4x 0.7x 0.2x 0.2x 0.1x

6.1x 4.4x 3.2x 2.2x 1.3x 0.5x 0.2x 0.1x6.1x 4.4x 3.2x 2.2x 1.3x 0.5x 0.2x 0.1x

2.2x 3.1x 4.2x 6.1x 9.8x 20.6x 73.4x 85.2x1.6x 2.1x 2.8x 3.8x 5.5x 8.5x 18.7x 85.2x

2.2x 2.8x 3.4x 4.1x 4.8x 5.7x 6.6x 7.7x2.2x 2.8x 3.4x 4.1x 4.8x 5.7x 6.6x 7.7x

Projected

ject Giddyo A na lys is

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12.0% 12.0% 12.0% 12.0% 12.0% 12.0% 12.0% 12.0%20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0%

20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0%4.0% 2.8% 1.8% 1.0% 0.3% 0.0% 0.0% 0.0%

2.0 1.6 1.6 1.6 1.5 1.5 1.5 2.11.3 1.0 0.9 0.9 0.9 0.9 0.8 1.4

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2014 2015

3.5% 2.8%3.6% 2.9%5.8% 4.2%

CapEx0.1x 0.1x 2001 2002 2003 2004 20050.1x 0.1x 0 0 0 0 0

0.1x 0.1x0.1x 0.1x

98.4x 113.1x98.4x 113.1x

8.9x 10.2x8.9x 10.2x

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12.0% 12.0%20.0% 20.0%

20.0% 20.0%0.0% 0.0%

3.3 4.42.6 3.8

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Model Not In Balance --- Circ Breaker Is On --- Cash Min Switch Is On

Performance Case: Base(FYE January; $ in millions)

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Current Assets: Accounts Receivable / Sales 0.0% 0.0% 0.0% 0.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0Inventories / Sales 0.0% 0.0% 0.0% 0.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0Prepaid 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% 0.0Prepaid Income Taxes / 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

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% 0.0Other 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% 0.0Other 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

Current Liabilities: Accounts Payable / Sales 0.0% 0.0% 0.0% 0.0% 7.5% 7.5% 7.5% 7.5% 7.5% 7.5% 7.5% 7.5% 7.5 Accrued 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% 0.0Dividend 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% 0.0Income Tax 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% 0.0Other 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% 0.0Other 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

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

His to rical Pro jec ted

Project GiddyWorking Capi tal and Balance Sheet Assum pt ions

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Performance Case: Base(FYE January; $ in millions)

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Consolidated Sales Growth 0.0% 0.0% 0.0% 0.0% 0.0% 12.0% 12.0% 12.0% 12.0% 12.0% 12.0%

Cost Of Goods Sold / Sales 0.0% 0.0% 0.0% 0.0% 80.0% 80.0% 80.0% 80.0% 80.0% 80.0% 80.0% 80.0

Gross Margin 0.0% 0.0% 0.0% 0.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 2

Operating Expenses / Sales:SG&A 0.0% 0.0% 0.0% 0.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 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% 0Other Expense #2 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0Other Expense #3 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0Other 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

Consolidated EBITDA / Sales 0.0% 0.0% 0.0% 0.0% 10.0% 10.0% 11.1% 12.0% 12.9% 13.6% 14.3%

Consolidated EBIT (Post-Transaction) / Sales 0.0% 0.0% 0.0% 0.0% 5.0% 4.0% 2.8% 1.8% 1.0% 0.3% 0.0%

Interest (Coupon) RatesInterest Income 0.0% 0.0% 0.0% 0.0% 0.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0%Existing Debt 0.0% 0.0% 0.0% 0.0% 0.0% 9.0% 9.0% 9.0% 9.0% 9.0% 9.0%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% 8.5% 8.5% 8.5% 8.5% 8.5% 8.5%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 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Senior Subordinated Debt 0.0% 0.0% 0.0% 0.0% 0.0% 13.0% 13.0% 13.0% 13.0% 13.0% 13.0%Junior Subordinated Debt 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Seller Note 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%

$ $ $ $ $ $ $ $ $ $ $ $

His to rical Pro jec ted

Project GiddyIncome Sta tement Assu mp tions and His tor ica l Performance

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7/16/20143:37 PM 1668 238562104.xls.ms_officePerformance_Assumpti

Model Not In Balance --- Circ Breaker Is On --- Cash Min Switch Is On

Performance Case: Base(FYE January; $ in millions)

Case Selection: 1

Historical 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Consolidated Sales Growth1 = Base 0.0% 12.0% 12.0% 12.0% 12.0% 12.0% 12.0% 12.0% 12.0% 12.0% 12.0%2 = Optimistic 15.0% 15.0% 15.0% 15.0% 15.0% 15.0% 15.0% 15.0% 15.0% 15.0%3 = Pessimistic 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0%

Cost Of Goods Sold / SalesBase 80.0% 80.0% 80.0% 80.0% 80.0% 80.0% 80.0% 80.0% 80.0% 80.0% 80.0%Optimistic 65.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Pessimistic 75.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

SG&A / SalesBase 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0%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 / Sales

Base 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%

Project GiddyPer fo rmance Assum pt ions

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Model Not In Balance --- Circ Breaker Is On --- Cash Min Switch Is On

Performance Case: Base(FYE January; $ in millions)

Projected Asset Sales 2001 2002 2003 2004 2005

Estimated Sale Proceeds $0.0 $0.0 $0.0 $0.0 $0.0Tax Basis of Asset 0.0 0.0 0.0 0.0 0.0

Gain (Loss) On Asset Sale 0.0 0.0 0.0 0.0 0.0

Book Basis Of Asset 0.0 0.0 0.0 0.0 0.0

Allocation To Balance Sheet

Current Assets:Cash & Marketable Securities $0.0 $0.0 $0.0 $0.0 $0.0

Accounts Receivable 0.0 0.0 0.0 0.0 0.0Inventories 0.0 0.0 0.0 0.0 0.0

Prepaid Expenses 0.0 0.0 0.0 0.0 0.0Prepaid Income Taxes 0.0 0.0 0.0 0.0 0.0Other Current Assets #1 0.0 0.0 0.0 0.0 0.0Other Current Assets #2 0.0 0.0 0.0 0.0 0.0

Histor ica l

ProjecAs set Sale

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Current Liabilities: Accounts Payable $0.0 $0.0 $0.0 $0.0 $0.0

Accrued Expenses 0.0 0.0 0.0 0.0 0.0Dividend Payable 0.0 0.0 0.0 0.0 0.0Income Tax Payable 0.0 0.0 0.0 0.0 0.0Other Current Liabilities #1 0.0 0.0 0.0 0.0 0.0Other Current Liabilities #2 0.0 0.0 0.0 0.0 0.0Other Current Liabilities #3 0.0 0.0 0.0 0.0 0.0

Deferred Taxes 0.0 0.0 0.0 0.0 0.0Other Deferred Liability #1 0.0 0.0 0.0 0.0 0.0Other Deferred Liability #2 0.0 0.0 0.0 0.0 0.0Minority Interest 0.0 0.0 0.0 0.0 0.0

Long Term Debt:Existing Debt $0.0 $0.0 $0.0 $0.0 $0.0Bank Revolver 0.0 0.0 0.0 0.0 0.0Senior Bank Term "A" 0.0 0.0 0.0 0.0 0.0Senior Bank Term "B" 0.0 0.0 0.0 0.0 0.0Other Long-Term Debt 0.0 0.0 0.0 0.0 0.0Senior Subordinated Debt 0.0 0.0 0.0 0.0 0.0Junior Subordinated Debt 0.0 0.0 0.0 0.0 0.0Seller Note 0.0 0.0 0.0 0.0 0.0

Net Worth:Equity - Common $0.0 $0.0 $0.0 $0.0 $0.0 - Preferred 0.0 0.0 0.0 0.0 0.0

Retained Earnings 0.0 0.0 0.0 0.0 0.0

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2006 2007 2008 2009 2010 2011 2012 2013 2014

$0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.00.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

$0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.00.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.00.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.00.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.00.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.00.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Projected

Giddy s s u m p t i o n s

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

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.00.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.00.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.00.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.00.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.00.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.00.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.00.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.00.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

$0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.00.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.00.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.00.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.00.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.00.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.00.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.00.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

$0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.00.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.00.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

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2015

$0.00.0

0.0

0.0

$0.00.00.0

0.00.00.00.0

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$0.0

0.00.00.00.00.00.0

0.00.00.00.0

$0.00.0

0.00.00.00.00.00.0

$0.00.00.0

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Model Not In Balance --- Circ Breaker Is On --- Cash Min Switch Is On

Performance Case: Base(FYE January; $ in millions)

2005 Closing 2006 2007 2008 2009 2010 2011 2012 2

Existing Debt $2.0 $0.0 $0.5 $1.0 $1.0 $1.0 $1.0 $1.0 $1.0 Bank Revolver 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Senior Bank Term "A" 0.0 12.0 10.1 8.3 6.8 4.7 2.2 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 Other Long-Term Debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Senior Subordinated Debt 0.0 3.0 3.0 3.0 3.0 3.0 3.0 2.0 0.0 Junior Subordinated Debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Seller Note 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Preferred Stock 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Common Equity: 5.5 7.1 6.7 6.8 7.5 8.8 10.9 13.8 17.5

Book Capitalization $7.5 $22.1 $20.3 $19.1 $18.2 $17.5 $17.1 $16.8 $18.5

Total Debt $2.0 $15.0 $13.6 $12.3 $10.8 $8.7 $6.2 $3.0 $1.0

Book Equity $5.5 $7.1 $6.7 $6.8 $7.5 $8.8 $10.9 $13.8 $17.5

Borrowing Base

Projected

Project GiddyCurrent and Projected Capital Structu re Sum mary

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Model Not In Balance --- Circ Breaker Is On --- Cash Min Switch Is On

Performance Case: Base(FYE January; $ in millions)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Net Income Before Taxes ($0.5) $0.3 $1.2 $2.3 $3.4 $4.7 $5.9 $7.3 $8.6 $10.1

Plus: Book Depreciation 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0Less: Tax Depreciation 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Less: Book Gain On Assets Sold 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0Plus: Tax Gain (Loss) On Assets S 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Plus: Goodwill Amortization 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3

Pre-NOL Taxable Income (0.2) 0.7 1.6 2.6 3.7 5.0 6.3 7.6 9.0 10.5

NOL Used To Shelter Income 0.0 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0NOL Carryforward 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Current Taxable Income (0.2) 0.5 1.6 2.6 3.7 5.0 6.3 7.6 9.0 10.5

Current Tax Expense 0.0 0.2 0.6 0.9 1.3 1.8 2.2 2.7 3.1 3.7

Total Book Tax (0.1) 0.2 0.6 0.9 1.3 1.8 2.2 2.7 3.1 3.7Deferred Taxes (0.1) 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Beginning NOL's 0.0 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0Current NOL 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0NOL Carryforward Utilized 0.0 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Ending NOL $0.2 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Projected

Project GiddyIncome Tax Calcula t ion

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Model Not In Balance --- Circ Breaker Is On --- Cash Min Switch Is On

Performance Case: Base(FYE January; $ in millions) 35.0%

2006 2007 2008 2009 2010

EBIT $1.3 $2.1 $2.9 $3.8 $4.7

Less: Taxes on EBIT (35.0%) 0.5 0.7 1.0 1.3 1.6

Plus: Depreciation & Amortizatio 0.9 0.7 0.5 0.3 0.1

Unlevered Cash Flow $1.8 $2.1 $2.4 $2.7 $3.2

Minus:Capital Expenditures 0.0 0.0 0.0 0.0 0.0Inc/(Dec) in Working Capital 0.1 0.1 0.1 0.1 0.1Deferred Taxes 0.1 (0.1) 0.0 0.0 0.0Inc/(Dec) in All NC Assets 0.0 0.0 0.0 0.0 0.0(Inc)/Dec in All NC Liabilties 0.0 0.0 0.0 0.0 0.0

Free Cash Flow $1.7 $2.0 $2.3 $2.7 $3.1

PrFree Cas

Tax Rate:Proj

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Normalized2011 2012 2013 2014 2015 2015

$5.7 $6.6 $7.7 $8.9 $10.2 $10.2

2.0 2.3 2.7 3.1 3.6 3.6

0.0 0.0 0.0 0.0 0.0 0.0

$3.7 $4.3 $5.0 $5.8 $6.6 $6.6

0.0 0.0 0.0 0.0 0.0 0.00.1 0.1 0.1 0.1 0.2 0.00.0 0.0 0.0 0.0 0.0 0.00.0 0.0 0.0 0.0 0.0 0.00.0 0.0 0.0 0.0 0.0 0.0

$3.6 $4.2 $4.8 $5.6 $6.5 $6.6

ject Giddy h F low Summ ary

ected

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Model Not In Balance --- Circ Breaker Is On --- Cash Min Switch Is On

Performance Case: Base(FYE January; $ in millions)

5.0x 7.0x 9.0x 1.0%

10.00% $39.5 $47.4 $55.3 10.00% $48.6

11.00% 36.8 44.0 51.2 11.00% 42.4

12.00% 34.3 40.9 47.4 12.00% 37.5

5.0x 7.0x 9.0x 1.0%

10.00% $26.4 $34.3 $42.1 10.00% $35.4

11.00% 23.7 30.8 38.0 11.00% 29.3

12 00% 21 2 27 7 34 3 12 00% 24 3

ProDiscoun ted

Total Enterprise Value

EBITDA Multiple Method Perp

Perp

Total Equity Value

EBITDA Multiple Method

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Multiple Range 2.0x

2.0% 3.0% Discount Rate Range 1.0%Perpetuity Range 1.0%

$52.5 $57.5 Net Debt $13.1Number of Shares 0.3

45.3 48.9

39.7 42.3

2.0% 3.0% Cash Flow % of TEV 5.0x 7.0x@ 10.00% 50.4% 42.0%

$39.3 $44.3 @ 11.00% 51.3% 42.9%

@ 12.00% 52.2% 43.8%32.2 35.8 Terminal Value % of TEV@ 10.00% 49.6% 58.0%

26 5 29 2 @ 11 00% 48 7% 57 1%

ect Giddy a sh F low An alys i s

Percentage Breakdown of DCF Analys

EBITDA Multiple M

ertuity Growth Method

ertuity Growth Method

DCF Assumptions

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9.0x36.0%36.9%

37.8%

64.0%63 1%

is

ethod

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Present Valu

Future ValuePresent Valu

Total Ent

Less: Net De

Equity V

Fully-Diluted

Equity V

Present Valu

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5.0x 7.0x

EBITDA Multiple

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5.0x 7.0x

e of FCFF (2006 - 2015) $19.92 $19.92

of Terminal 50.9 71.3 e of Terminal 21.6 30.2

erprise Value $41.51 $50.15

bt 13.1 13.1

lue $28.37 $37.01

Shares Outstanding 0.3 0.3

lue Per Share $94.57 $123.36

5.0x 7.0x

e of FCFF (1999 - 2008) $17.92 $17.92

EBITDA Multiple

EBITDA Multiple

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DISCOUNT RATE 11.00%

9.0x 1.0% 2.0%

ethod Perpetuity Growth

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9.0x 1.0% 2.0%

$19.92 $19.92 $19.92

91.7 74.3 84.438.9 31.5 35.8

$58.79 $51.42 $55.71

13.1 13.1 13.1

$45.64 $38.28 $42.57

0.3 0.3 0.3

$152.15 $127.60 $141.89

DISCOUNT RATE 12.00%

9.0x 1.0% 2.0%

$17.92 $17.92 $17.92

ethod Perpetuity Growth

ethod Perpetuity Growth

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3.0%

ethod

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3.0%

$19.92

97.441.3

$61.22

13.1

$48.08

0.3

$160.27

3.0%

$17.92

ethod

ethod

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Model Not In Balance --- Circ Breaker Is On --- Cash Min Switch Is On

Performance Case: Base(FYE January; $ in millions)

Proportion Setting: Computed

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

Existing Debt $0.0 9.00% 0.00% Amount PrBank Revolver 0.0 0.00% 0.00%Senior Bank Term "A" 12.0 8.50% 6.80% Total Debt $15.0 Senior Bank Term "B" 0.0 0.00% 0.00% Total Preferred 0.0 Other Long-Term Debt 0.0 0.00% 0.00% Total Equity 7.1 Senior Subordinated Debt 3.0 13.00% 2.60%Junior Subordinated Debt 0.0 0.00% 0.00% Total Book Capitalization $22.1Seller Note 0.0 0.00% 0.00%

Total $15.0 Pre-Tax 9.40%

After-Tax 6.11% Proportions Rate Wtd

Estimated Cost of Preferred: Amount Interest Rate Atfer Tax Cost of Debt 67.8% 6.11%

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

Estimated Cost of Equity Capital: Amount Interest Rate Cost of Equity 32.2% 22.71%

Total Book Equity Capital $7.1 22.71% Weighted Average Cost of Capital 1

Risk-Free Rate (10 Yr T-Note) 7.00%

Market Risk Premium 6.50%Unlevered Beta 1.02Target Debt / Equity Rat io 210.8%Relevered Beta 2.42

CAPM Cost of Equity 22 71%

Weighted Average Cost Of Capital Calculation

Project GiddyEst imated Weighted Av erage Cost of Capi ta l Calculat ion

(0 = Computed, 1 = Manual)0 Computed WACC

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Model Not In Balance --- Circ Breaker Is On --- Cash Min Switch Is On

Performance Case: Base(FYE January; $ in millions)

EXIT YEAR: 2010 Guess Rate: 10.0%

Equity Allocation Investment Undiluted Partial FullSponsor Equity $6.6 93.0% 91.1% 91.1%Management Equity 0.5 7.0% 6.9% 6.9%New Equity 0.0 0.0% 0.0% 0.0%Other Long-Term Debt 0.0 0.0% 0.0%Senior Subordinated Debt 3.0 2.0% 2.0%

Junior Subordinated Debt 0.0 0.0% 0.0%Preferred Stock 0.0 0.0% 0.0%Seller Note 0.0 0.0% 0.0%Management Performance Option 0.0%

Total Initial Equity Investment $7.1Total Overall Investment $10.1 100.0% 100.0% 100.0%

Exit Proceeds And Allocation

Exit Year EBITDA $4 8

Dilution

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ReturnsClosing 2006 2007 2008 2009

Senior Subordinated Debt ReturnsInvestment ($3.0) $0.0 $0.0 $0.0 $0.0Interest 0.4 0.4 0.4 0.4Participation 0.0 0.0 0.0 0.0

IRR = 15.06% ($3.0) $0.4 $0.4 $0.4 $0.4

Junior Subordinated Debt Returns

Investment $0.0 $0.0 $0.0 $0.0 $0.0Interest 0.0 0.0 0.0 0.0Participation 0.0 0.0 0.0 0.0

IRR = $0.0 $0.0 $0.0 $0.0 $0.0

Preferred Stock ReturnsInvestment $0.0 $0.0 $0.0 $0.0 $0.0Dividends 0.0 0.0 0.0 0.0Participation 0.0 0.0 0.0 0.0

IRR = $0.0 $0.0 $0.0 $0.0 $0.0

Project Giddy

Returns Calcu la t ion

IRR 31 12% ($6 6) $0 0 $0 0 $0 0 $0 0

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IRR = 31.12% ($6.6) $0.0 $0.0 $0.0 $0.0

Management Equity Returns

Investment ($0.5) $0.0 $0.0 $0.0 $0.0Participation 0.0 0.0 0.0 0.0

IRR = 31.12% ($0.5) $0.0 $0.0 $0.0 $0.0

New Equity ReturnsInvestment $0.0 $0.0 $0.0 $0.0 $0.0

Participation 0.0 0.0 0.0 0.0IRR = $0.0 $0.0 $0.0 $0.0 $0.0

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2010 2011 2012 2013 2014 2015

$3.0 $0.0 $0.0 $0.0 $0.0 $0.00.4 0.0 0.0 0.0 0.0 0.00.4 0.0 0.0 0.0 0.0 0.0

$3.8 $0.0 $0.0 $0.0 $0.0 $0.0

$0.0 $0.0 $0.0 $0.0 $0.0 $0.00.0 0.0 0.0 0.0 0.0 0.00.0 0.0 0.0 0.0 0.0 0.0

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

$0.0 $0.0 $0.0 $0.0 $0.0 $0.00.0 0.0 0.0 0.0 0.0 0.00.0 0.0 0.0 0.0 0.0 0.0

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

$25 6 $0 0 $0 0 $0 0 $0 0 $0 0

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$25.6 $0.0 $0.0 $0.0 $0.0 $0.0

$0.0 $0.0 $0.0 $0.0 $0.0 $0.01.9 0.0 0.0 0.0 0.0 0.0

$1.9 $0.0 $0.0 $0.0 $0.0 $0.0

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

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

Debt Amortization (US$ millions)

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0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

Closing 2006 2007 2008 2009 2010 2011 2012

Senior Debt Sub Debt Book equity