[Company Name]

BUSINESS ENTERPRISE VALUE ANALYSIS

Assumptions
Cost of Operations (% of sales) 57.0%
Other Income (% of sales) 0.4%
Tax Rate 40.0%
Discount Rate 11.8%
Long Term Growth Rate 4.0%
Capitalization Rate 7.8%
Discounted Cash Flow Valuation
($ in thousands)
Actual Projected Terminal
2009 2010 2011 2012 2013 Year

Revenues 78,419.5 92,858.9 110,469.6 127,040.0 139,744.0 145,333.8

Cost of Operations 48,694.0 52,929.6 62,967.7 72,412.8 79,654.1 82,840.3
Operating Income 29,725.5 39,929.3 47,501.9 54,627.2 60,089.9 62,493.5
Other Income 469.0 398.4 474.0 545.1 599.6 623.6
Income Before Taxes 30,194.5 40,327.8 47,975.9 55,172.3 60,689.5 63,117.1
Provision for Taxes 12,077.8 16,131.1 19,190.4 22,068.9 24,275.8 25,246.9
Income After Taxes 18,116.7 24,196.7 28,785.6 33,103.4 36,413.7 37,870.3
Plus: Depreciation & Amort 3,538.0 4,073.7 4,718.1 4,759.0 3,555.3 3,500.0
Gross Cash Flow 21,654.7 28,270.4 33,503.7 37,862.4 39,969.0 41,370.3
Less: Capital Expenditures 2,056.2 3,500.0 4,025.0 2,500.0 3,000.0 3,500.0
Less: Incremental Working Capital - - 1,320.8 1,242.8 952.8 419.2
Debt Free Net Cash Flow 19,598.5 24,770.4 28,157.9 34,119.6 36,016.2 37,451.0

Operating Income % 37.9% 43.0% 43.0% 43.0% 43.0% 43.0%

Revenue Growth % NA 18.4% 19.0% 15.0% 10.0% 4.0%
Net Income % 23.1% 26.1% 26.1% 26.1% 26.1% 26.1%
Net Income Growth % NA 33.6% 19.0% 15.0% 10.0% 4.0%
Net Cash Flow % 25.0% 26.7% 25.5% 26.9% 25.8% 25.8%
Net Cash Flow Growth % NA 26.4% 13.7% 21.2% 5.6% 4.0%

Calculated
Terminal
Value 480,141.6

Years To Discount 1.0 2.0 3.0 4.0 5.0

Discount Rate PVI Factors 89.4% 80.0% 71.6% 64.0% 57.3%

Present Value of Net Cash Flow 22,156.0 22,527.7 24,416.2 23,053.2 274,890.9

Annuity of Cash Flows 92,153.0

Terminal Value 274,890.9
Enterprise Value 367,043.9
Less: Interest bearing debt -
Equity Value 367,043.9
Rounded Equity Value $367,000