Working Capital 2007.00 2008.00 2009.00 2010.

00
Accounts Receivable 521.93 594.99 669.37
Days Sales Equip. (Inventory) 134.98 153.85 173.10
Prepaid Expenses 46.89 53.46 60.14
Current Asests 703.80 802.29 902.61
Accounts Payable 335.46 382.42 430.22
Deferred Serv. Revenue 132.24 150.75 169.59
Accrued Liabilities 64.66 73.71 82.92
Current Liabilities 532.35 606.88 682.74
NWC 171.45 195.41 219.87
Change in NWC 56.75 23.97 24.46

Net working capital for 2007 - Refer Exhibit 5

Current Assets 435.5 Accounts Receivable

101 Days Sales Equip. Rev.
41.6 Prepaid Expenses
578.1 Accounts Payable
Deferred Serv. Revenue
Current Liabilities 260.8 Accrued Liabilities
143.4
59.2 Capital Expenditures (2):
463.4 Capital Expenditures
Cap-x/Total Revenue
Net working capit 114.7
 2011.00 2012.00
736.32 787.86 Multiple * Total Sales per day
190.42 203.76 Multiple * EquipmAssumption - This is Inventory
66.15 70.78 Assumption - % of Cash Operating expense
992.89 1062.40
473.24 506.38 Multiple * Cash expenses per day
186.55 199.62 Multiple * Cash expenses per day
91.21 97.60 Multiple * Cash expenses per day
751.01 803.59
241.88 258.81
22.01 16.93 Investments in Working Capital - Ou

unts Receivable 41.67 41.67 41.67

Sales Equip. Rev. 154.36 154.36 154.36
aid Expenses 1.38% 1.38% 1.38%
unts Payable 35.54 35.54 35.54
rred Serv. Revenue 14.01 14.01 14.01
ued Liabilities 6.85 6.85 6.85

l Expenditures (2):
al Expenditures 631.3 719.7 867.4
Total Revenue 14.00% 14.00% 15.00%
Total Sales 4,509.10
Total sales /day 12.52527778

41.67 41.67
154.36 154.36
1.38% 1.38%
35.54 35.54
14.01 14.01
6.85 6.85

970.1 1,055.00
15.30% 15.50%
Revenue Projections:
Service Revenue
Service Revenue Growth

Equipment Revenue
Equipment Revenue/Service Revenue (1)
Total revenue
Total revenue /day
Equipment revenue / day
Operating Expenses:
System Operating Expenses
System Operating Exp./Service Revenue

Cost of Equipment Sold

Equipment COGS

Selling, General & Administrative

SG&A/Total Revenue
Total Cash operating expenses
Cash Expenses /day
Depreciation & Amortization

Tax Rate

Working Capital Assumptions (1):

Accounts Receivable
Days Sales Equip. Rev.
Prepaid Expenses
Accounts Payable
Deferred Serv. Revenue
Accrued Liabilities

Capital Expenditures (2):

Capital Expenditures
Cap-x/Total Revenue
NOPAT
Depreciation & Amortization
Capital Expenditures
Change in NWC
Unlevered Cash Flow
 2008 2009 2010 2011 2012
4,194.30 4,781.50 5,379.20 5,917.20 6,331.40
14.00% 14.00% 12.50% 10.00% 7.00%

314.8 358.8 403.7 444.1 475.2

7.50% 7.50% 7.50% 7.50% 7.50%
4,509.10 5,140.30 5,782.90 6,361.30 6,806.60
12.5252777778 14.2786111111 16.0636111111 17.6702777778 18.9072222222
0.8744444444 0.9966666667 1.1213888889 1.2336111111 1.32

838.9 956.3 1,075.80 1,183.40 1,266.30

20.00% 20.00% 20.00% 20.00% 20.00%

755.5 861.2 968.9 1,065.80 1,140.40

240.00% 240.00% 240.00% 240.00% 240.00%

1,803.60 2,056.20 2,313.20 2,544.50 2,722.60

40.00% 40.00% 40.00% 40.00% 40.00%
3398 3873.7 4,357.90 4,793.70 5,129.30
9.4388888889 10.7602777778 12.1052777778 13.3158333333 14.2480555556
705.2 804 867.4 922.4 952.9

40.00% 40.00% 40.00% 40.00% 40.00%

41.67x 41.67x 41.67x 41.67x 41.67x

154.36x 154.36x 154.36x 154.36x 154.36x
1.38% 1.38% 1.38% 1.38% 1.38%
35.54x 35.54x 35.54x 35.54x 35.54x
14.01x 14.01x 14.01x 14.01x 14.01x
6.85x 6.85x 6.85x 6.85x 6.85x

631.3 719.7 867.4 970.1 1,055.00

14.00% 14.00% 15.00% 15.30% 15.50%
 243.5 277.6 334.6 387.1 434.6
705.2 804 867.4 922.4 952.9
631.3 719.7 867.4 970.1 1,055.00
56.7466361111 23.9659488889 24.4570322222 22.0111288889 16.9324105556
260.653363889 337.934051111 310.142967778 317.388871111 315.57