DISCOUNTED CASH FLOW ANALYSIS

VALUATION DATE 1/1/2013

SHARE PRICE ON VALUATION DATE: $25.00
DILUTED SHARES OUTSTANDING 500

Select Operating Data

2010A 2011A
Revenue $ 5,300.00 $ 5,700.00
Revenue Growth Rate (%)

EBITDA $ 2,000.00 $ 2,080.00

EBITDA Margin (%)

EBIT 1,700.00 1750

EBIT Margin (%)

Depreciation & Amortization $ 300.00 $ 330.00

D&A as a % of revenue

Select Balance Sheet And Other Data

2010A 2011A
Cash $ 700.00 $ 1,000.00
Accounts Receivable 1,100.00 1,250.00
Inventories 900.00 925.00
Prepaid Expenses 50.00 63.00

Accounts Payable $ 930.00 $ 960.00

Accrued Expenses 90.00 88.00

Debt

Capital Expenditures
 Projected Annual Forecast
2012A 2013P 2014P 2015P 2016P 2017P
$ 6,000.00 $ 6,600.00 $ 7,326.00 $ 8,205.10 $ 9,271.80 $ 10,477.10
10% 11% 12% 13% 13%

$ 2,150.00 $ 2,310.00 $ 2,561.10 $ 2,871.80 $ 3,245.10 $ 3,667.00

35.00% 35.00% 35.00% 35.00% 35.00%

1800 1980 2197.8 2461.5 2781.5 3143.1

30% 30% 30% 30% 30%

$ 350.00 $ 369.60 $ 388.30 $ 336.40 $ 435.80 $ 461.00

5.60% 5.30% 4.10% 4.70% 4.40%

Projected Annual Forecast

2012A 2013P 2014P 2015P 2016P 2017P
$ 1,500.00 $ 1,500.00 $ 1,500.00 $ 1,500.00 $ 1,500.00 $ 1,500.00
1,350.00 1,485.00 1,648.40 1,846.20 2,086.20 2,357.40
935.00 949.00 1,001.10 1,092.30 1,200.50 1,319.30
75.00 89.70 106.50 123.10 139.10 160.40

$ 1,000.00 $ 1,015.00 $ 1,070.00 $ 1,168.30 $ 1,283.90 $ 1,411.00

93.00 102.30 113.60 127.20 143.70 162.40