Exhibit 1

Operatting Results
Revenue
COGS
Gross
SG&A Expense
EBITDA
Depr expense
EBIT
Int expense
EBT
Taxes
Net Income

2003
503.4
405.2
98.2
37.8
60.4
6.8
53.6
5.5
48.1
19.2
28.9

2004
543.7
432.3
111.4
44.6
66.8
6.2
60.6
5.8
54.8
22
32.8

2005
587.2
496.2
91
45.8
45.2
6
39.2
5.9
33.3
13.3
20

2006
636.1
513.4
122.7
51.5
71.2
5.9
65.3
5.3
60
24
36

2007
680.7
558.2
122.5
49
73.5
6.1
67.4
3.3
64.1
25.6
38.5

Assets
Cash & equivalent
Accts Receivable
Inventory
Total CA

2003
4.3
62.1
57.7
124.1

2004
5.1
70.1
58
133.2

2005
4.8
78.8
61.2
144.8

2006
7.8
87.1
61.9
156.8

2007
5
93.3
67.3
165.6

Liabilites & Equity

PP&E
Other Non-current
Total Assets

201.4
12.3
337.8

202.9
12.1
348.2

203.1
11.8
359.7

202.3
12.5
371.6

204.4
10.8
380.8

AP and Accrued exp

LT Debt
Total Equity
Total Liab and Equity

42.2
91.6
204
337.8

45
82.8
220.4
348.2

51.6
73.8
234.3
359.7

53.4
65.8
252.4
371.6

58.1
54.8
267.9
380.8

Accts Receivable
Inventory
Accts Payable
NWC

2003
62.1
57.7
42.2
77.6

2004
70.1
58
45
83.1

2005
78.8
61.2
51.6
88.4

2006
87.1
61.9
53.4
95.6

2007
93.3
67.3
58.1
102.5

Exhibit 4

Channel
Mass Merchant
Grocery
Club
Drug
Dollar
Other
Total

2003
170
91
136
55
22
31
505

2004
193
92
141
60
24
33
543

2005
220
92
149
66
26
34
587

2006
247
92
159
73
29
37
637

2007
268
94
167
80
32
40
681

Exhibit 5
Year 1
Selling price/unit
Raw material/unit
Manufacturing Overhead
Maintenance expense
Hourly labor cost
Manager salary

$1.77
$0.94
$3,920,000
$2,250,000
$20.00
160,000

Est Annual Growth

2.00%
1.00%
3.00%
3.00%
3.50%
3.50%

WACC Calculation
10 year US Treasury
Market Risk Premium
Total Debt 2008

3.75%
5.00%
49.8

Component
Faculty expansion
Manufacturing equip
Purchase equip

Amount
Est Life
10,000,000
20,000,000
15,000,000

Salvage
20
10
10

none
$5,500
$4,200

Exhibit 6
Market Value Enterprise Value EBITDA/EV EBIT/EV
P/E
Cathleen Sinclair
298.9
1628.5
6.4
10
General Health & Beauty
319.3
382.4
6.2
7.4
Women's Care Company
498.6
553.9
10.5
11.2
Skin Care Enterprises
1204.2
1576.1
10.1
12.6
Average
8.3
10.3
Exhibit 7

Cathleen Sinclair

Debt to Value Debt to Equity Equity Beta Asset Beta

81.60%
4.4490
2.22
0.605

13.9
13.4
6.5
18.4
13.1

General Health & Beauty

Women's Care Company
Skin Care Enterprises
Average
Debt to Value
0%
5%
10%
15%
20%
25%

16.50%
10%
23.60%
32.925%

0.1980
0.1110
0.3090
1.267

Debt to Equity Asset Beta

0.000%
5.263%
11.111%
17.647%
25.000%
33.333%

1.139
1.139
1.139
1.139
1.139
1.139

1.95
1.14
1.35
1.665

1.743
1.069
1.139
1.139

Equity Beta Cost of EquityCost of Debt

1.139
9.444%
7.75%
1.175
9.624%
7.75%
1.215
9.824%
7.75%
1.259
10.047%
7.75%
1.310
10.299%
7.75%
1.367
10.583%
7.75%

Cash for Operations

Net Income
Depreciation
Less: Inc in AR
Less: Inc in Inv
Plus: Inc in AP & Accr
Total Cash from Operations
Cash from Investing
Capital expenditures
Other Non-current
Total Cash used in Investments
Cash from Financing
Repayment of debt
Dividend payments
Cash used in Financing
Total cash generated
HCL Ratios
Rev growth (%)
Gross Margin
SGA/Rev
EBITDA margin
EBIT margin
Net margin
Effective Tax
Market Share (%)

Days Sales Out

Days Inventory Out
Days Payable Out

2003
28.9
6.8
3.1
0.5
0.3
32.4

2004
32.8
6.2
8
0.3
2.8
33.5

2005
20
6
8.7
3.2
6.6
20.7

7.3
0.5
7.8

7.7
-0.2
7.5

6.2
-0.2
6

8
14.4
22.4

8.8
16.4
25.2

9
6.1
15.1

2.2

0.8

-0.4

2003
19.507%
7.509%
11.998%
9.555%
5.741%
39.917%

2004
8.006%
20.489%
8.203%
12.286%
10.079%
6.033%
40.146%

2005
8.001%
15.497%
7.800%
7.698%
5.671%
3.406%
39.940%

2003
44.410
51.264
37.493

2004
46.415
48.300
37.474

2005
48.311
44.401
37.437

P/B
NM
1.6
11.4
3.8
5.6

WACC
9.444%
9.375%
9.307%
9.238%
9.169%
9.100%

2006
36
5.9
8.3
0.7
1.8
34.7

2007
38.5
6.1
6.2
5.4
4.7
37.7

5.1
-0.7
4.4

8.2
-1.7
6.5

8
17.9
25.9

11
23
34

4.4

-2.8

2006
8.328%
19.289%
8.096%
11.193%
9.432%
5.659%
40.000%

2007 Average
7.011%
7.836%
17.996%
18.556%
7.198%
7.761%
10.798%
10.795%
9.417%
8.831%
5.656%
5.299%
39.938%
39.988%
3.151%

2006
49.294
43.405
37.444

2007 Average
49.343
47.555
43.404
46.155
37.470
37.464

Exhibit 5
Year 1
Selling price/unit
Raw material/unit
Manufacturing Overhead
Maintenance expense
Hourly labor cost
Manager salary
sga of sales

$1.77
$0.94
$3,920,000
$2,250,000
$20.00
160,000
7.76%

Est Annual Growth

2.00%
4.00%
3.00%
3.00%
3.50%
3.50%

Net Income
Cap Ex
NWC
Depreciation
Free Cash Flow
Cummulative
WACC
NPV
IRR
Payback
MIRR

Year
Max Cap
Cap Percentage
Units
Price
Operatting Results
Revenue
COGS
Gross
SG&A Expense
Managers Expense (Fixed)
EBITDA
Depr Expense
EBIT
Taxes
Net Income

2008

1
80,000,000.00
60%
48,000,000.00
$1.77

2
80,000,000.00
65.00%
52,000,000.00
$1.81

2009
2010
$84,960,000.00
$93,880,800.00
($68,770,000.00) ($76,772,500.00)
$16,190,000.00
$17,108,300.00
($6,592,896.00)
($7,285,150.08)
$
(640,000.00) $
(662,400.00)
$9,597,104.00
$9,823,149.92
$ (4,000,000.00) $ (4,000,000.00)
$ 4,957,104.00
$5,823,149.92
($1,982,841.60)
($2,329,259.97)
$2,974,262.40
$3,493,889.95

Cap Ex
NWC
Depreciation

$ (45,000,000.00)

Free Cash Flow

Cummulative

$ (45,000,000.00) $ (5,908,877.82) $ 6,122,289.74

$ (45,000,000.00) $ (50,908,877.82) $ (44,786,588.08)

WACC
NPV
IRR
Payback
MIRR

9.238%
$ (16,887,126.814)
2.079%
11.389
4.871%

($12,883,140.22)
($1,371,600.21)
$ 4,000,000.00 $ 4,000,000.00

3
80,000,000.00
70.00%
56,000,000.00
$1.84

4
80,000,000.00
75.00%
60,000,000.00
$1.88

5
80,000,000.00
75.00%
60,000,000.00
$1.92

6
80,000,000.00
75.00%
60,000,000.00
$1.95

7
80,000,000.00
75.00%
60,000,000.00
$1.99

2011
2012
2013
2014
2015
$103,124,448.00 $112,700,289.60 $114,954,295.39 $117,253,381.30 $119,598,448.93
($85,334,167.00) ($94,398,853.58) ($97,986,314.48) ($101,711,013.65) ($105,578,231.64)
$17,790,281.00
$18,301,436.02
$16,967,980.92
$15,542,367.65
$14,020,217.29
($8,002,457.16)
($8,745,542.47)
($8,920,453.32)
($9,098,862.39)
($9,280,839.64)
$ (1,028,376.00) $ (1,064,369.16) $ (1,468,829.44) $ (1,520,238.47) $ (1,573,446.82)
$9,787,823.84
$9,555,893.55
$8,047,527.59
$6,443,505.26
$4,739,377.65
$ (4,000,000.00) $ (4,000,000.00) $ (4,000,000.00) $ (4,000,000.00) $ (4,000,000.00)
$5,787,823.84
$5,555,893.55
$4,047,527.59
$2,443,505.26
$739,377.65
($2,315,129.53)
($2,222,357.42)
($1,619,011.04)
($977,402.10)
($295,751.06)
$3,472,694.30
$3,333,536.13
$2,428,516.56
$1,466,103.16
$443,626.59

($1,427,746.58)
($1,483,771.96)
$ 4,000,000.00 $ 4,000,000.00 $

($384,353.88)
4,000,000.00 $

($393,621.99)
4,000,000.00 $

($403,136.67)
4,000,000.00

$ 6,044,947.72 $ 5,849,764.17 $ 6,044,162.68 $

5,072,481.17 $
4,040,489.92
$ (38,741,640.35) $ (32,891,876.19) $ (26,847,713.51) $ (21,775,232.34) $ (17,734,742.42)

8
80,000,000.00
75.00%
60,000,000.00
$2.03

9
80,000,000.00
75.00%
60,000,000.00
$2.07

10
80,000,000.00
75.00%
60,000,000.00
$2.12

2016
2017
2018
$121,990,417.90 $124,430,226.26 $126,918,830.79
($109,593,453.20) ($113,762,375.21) ($118,090,914.96)
$12,396,964.71
$10,667,851.05
$8,827,915.83
($9,466,456.43)
($9,655,785.56)
($9,848,901.27)
$ (1,628,517.46) $ (1,685,515.57) $ (1,744,508.61)
$2,930,508.28
$1,012,065.49
($1,020,985.44)
$ (4,000,000.00) $ (4,000,000.00) $ (4,000,000.00)
($1,069,491.72)
($2,987,934.51)
($5,020,985.44)
$427,796.69
$1,195,173.80
$2,008,394.18
($641,695.03)
($1,792,760.70)
($3,012,591.26)
$

($412,905.25)
4,000,000.00 $

8,245.00
($422,935.27)
$19,183,212.03
4,000,000.00 $
4,000,000.00

$
2,945,399.72 $
1,784,304.02 $ 20,178,865.76
$ (14,789,342.70) $ (13,005,038.68) $
7,173,827.08

Accounts Payable
NWC
Recover
Change in NWC

Year
Manager
Salary
Total Cost
HOURLY
Cost/Hour
Hours
Cost/Worker
# of Workers
Total Cost
Material
Raw Material
Units
Total

0
$
$

1
4
160,000.00 $
640,000.00 $

2
3
4
6
165,600.00 $
171,396.00
662,400.00 $ 1,028,376.00

$20.00 $
20.70 $
21.42
2,000.00
2,000.00
2,000.00
$40,000.00
$41,400.00
$42,849.00
437
473
510
$17,480,000.00 $19,582,200.00 $21,852,990.00
$
0.94 $
0.98 $
1.02
$ 48,000,000.00 $ 52,000,000.00 $ 56,000,000.00
$ 45,120,000.00 $ 50,835,200.00 $ 56,935,424.00

Manufacturing Overhead
Maintenence Expense
Total

$ 3,920,000.00 $ 4,037,600.00 $ 4,158,728.00

$ 2,250,000.00 $ 2,317,500.00 $ 2,387,025.00
$ 6,170,000.00 $ 6,355,100.00 $ 6,545,753.00

Depreciation
Facilty Expansion

Manufacturing Equipment
Packing Equipment
Total

$ 2,000,000.00 $ 2,000,000.00 $ 2,000,000.00

$ 1,500,000.00 $ 1,500,000.00 $ 1,500,000.00
$ 4,000,000.00 $ 4,000,000.00 $ 4,000,000.00

Days Sales Out

Days Inventory Out
Days Payable Out
NWC
Accounts Receivable
Inventory
Accounts Payable
NWC
Recover
Change in NWC

500,000.00 $

47.555
46.155
37.464

500,000.00 $

47.555
46.155
37.464

500,000.00

47.555
46.155
37.464

$11,222,904.50 $12,401,309.47 $13,622,361.48

$ 8,816,824.69 $ 9,842,804.62 $ 10,940,473.91
($7,156,588.97) ($7,989,373.66) ($8,880,348.38)
$12,883,140.22 $14,254,740.43 $15,682,487.01

$12,883,140.22

($12,883,140.22) ($14,254,740.43)
$1,371,600.21
$1,427,746.58

4
5
6
7
8
6
8
8
8
8
$
177,394.86 $
183,603.68 $
190,029.81 $
196,680.85 $
203,564.68
$ 1,064,369.16 $ 1,468,829.44 $ 1,520,238.47 $ 1,573,446.82 $ 1,628,517.46
$

22.17 $
22.95 $
23.75 $
24.59 $
25.45
2,000.00
2,000.00
2,000.00
2,000.00
2,000.00
$44,348.72
$45,900.92
$47,507.45
$49,170.21
$50,891.17
546
546
546
546
546
$24,214,398.39 $25,061,902.33 $25,939,068.92 $26,846,936.33 $27,786,579.10

$
1.06 $
1.10 $
1.14 $
1.19 $
1.24
$ 60,000,000.00 $ 60,000,000.00 $ 60,000,000.00 $ 60,000,000.00 $ 60,000,000.00
$ 63,442,329.60 $ 65,980,022.78 $ 68,619,223.70 $ 71,363,992.64 $ 74,218,552.35
$ 4,283,489.84 $ 4,411,994.54 $ 4,544,354.37 $ 4,680,685.00 $ 4,821,105.55
$ 2,458,635.75 $ 2,532,394.82 $ 2,608,366.67 $ 2,686,617.67 $ 2,767,216.20
$ 6,742,125.59 $ 6,944,389.36 $ 7,152,721.04 $ 7,367,302.67 $ 7,588,321.75

500,000.00 $

500,000.00 $

500,000.00 $

500,000.00 $

500,000.00

$ 2,000,000.00 $ 2,000,000.00 $ 2,000,000.00 $ 2,000,000.00 $ 2,000,000.00

$ 1,500,000.00 $ 1,500,000.00 $ 1,500,000.00 $ 1,500,000.00 $ 1,500,000.00
$ 4,000,000.00 $ 4,000,000.00 $ 4,000,000.00 $ 4,000,000.00 $ 4,000,000.00
47.555
46.155
37.464

47.555
46.155
37.464

47.555
46.155
37.464

47.555
46.155
37.464

47.555
46.155
37.464

$14,887,295.04 $15,185,040.95 $15,488,741.76 $15,798,516.60 $16,114,486.93

$ 12,102,634.04 $ 12,562,573.17 $ 13,040,107.26 $ 13,535,913.33 $ 14,050,694.55
($9,823,670.12) ($10,197,001.27) ($10,584,614.19) ($10,987,058.42) ($11,404,904.73)
$17,166,258.97 $17,550,612.85 $17,944,234.83 $18,347,371.51 $18,760,276.76
($15,682,487.01) ($17,166,258.97) ($17,550,612.85) ($17,944,234.83) ($18,347,371.51)
$1,483,771.96
$384,353.88
$393,621.99
$403,136.67
$412,905.25

9
10
8
8
$
210,689.45 $
218,063.58
$ 1,685,515.57 $ 1,744,508.61
$

26.34 $
27.26
2,000.00
2,000.00
$52,672.36
$54,515.89
546
546
$28,759,109.37 $29,765,678.20

$
1.29 $
1.34
$ 60,000,000.00 $ 60,000,000.00
$ 77,187,294.44 $ 80,274,786.22
$ 4,965,738.72 $ 5,114,710.88
$ 2,850,232.68 $ 2,935,739.66
$ 7,815,971.40 $ 8,050,450.54

500,000.00 $

500,000.00 $

$ 2,000,000.00 $ 2,000,000.00 $
$ 1,500,000.00 $ 1,500,000.00 $
$ 4,000,000.00 $ 4,000,000.00 $
47.555
46.155
37.464

4,675.00
3,570.00
8,245.00

47.555
46.155
37.464

$16,436,776.67 $16,765,512.20
$ 14,585,181.31 $ 15,140,132.25
($11,838,745.95) ($12,289,197.89)
$19,183,212.03 $19,616,446.56
($18,760,276.76) ($19,183,212.03) ($19,616,446.56)
$422,935.27 ($19,183,212.03) ($19,616,446.56)

Exhibit 5
Year 1
Selling price/unit
Raw material/unit
Manufacturing Overhead
Maintenance expense
Hourly labor cost
Manager salary
sga of sales

$1.77
$0.94
$3,920,000
$2,250,000
$20.00
160,000
7.76%

Est Annual Growth

2.00%
1.00%
3.00%
3.00%
3.50%
3.50%

Net Income
Cap Ex
NWC
Depreciation
Free Cash Flow
Cummulative
WACC
NPV
IRR
Payback
MIRR

Year
Max Cap
Cap Percentage
Units
Price
Operatting Results
Revenue
COGS
Gross
SG&A Expense
Managers Expense (Fixed)
EBITDA
Depr Expense
EBIT
Taxes
Net Income

2008

1
80,000,000.00
60%
48,000,000.00
$1.77

2
80,000,000.00
65.00%
52,000,000.00
$1.81

2009
2010
$84,960,000.00
$93,880,800.00
($68,770,000.00) ($75,306,100.00)
$16,190,000.00
$18,574,700.00
($6,592,896.00)
($7,285,150.08)
$
(640,000.00) $
(662,400.00)
$9,597,104.00
$11,289,549.92
$ (4,000,000.00) $ (4,000,000.00)
$ 4,957,104.00
$7,289,549.92
($1,982,841.60)
($2,915,819.97)
$2,974,262.40
$4,373,729.95

Cap Ex
NWC
Depreciation

$ (45,000,000.00)

Free Cash Flow

Cummulative

$ (45,000,000.00) $ (5,908,877.82) $ 7,037,531.37

$ (45,000,000.00) $ (50,908,877.82) $ (43,871,346.45)

WACC
NPV
IRR
Payback
MIRR

9.238%
$ 6,626,430.986
11.577%
6.402
10.595%

($12,883,140.22)
($1,336,198.58)
$ 4,000,000.00 $ 4,000,000.00

3
80,000,000.00
70.00%
56,000,000.00
$1.84

4
80,000,000.00
75.00%
60,000,000.00
$1.88

5
80,000,000.00
80.00%
64,000,000.00
$1.92

6
80,000,000.00
85.00%
68,000,000.00
$1.95

7
80,000,000.00
85.00%
68,000,000.00
$1.99

2011
2012
2013
2014
2015
$103,124,448.00 $112,700,289.60 $122,617,915.08 $132,887,165.47 $135,544,908.78
($82,096,807.00) ($89,065,500.38) ($96,261,462.05) ($103,740,396.37) ($105,656,032.58)
$21,027,641.00
$23,634,789.22
$26,356,453.03
$29,146,769.10
$29,888,876.21
($8,002,457.16)
($8,745,542.47)
($9,515,150.21) ($10,312,044.04) ($10,518,284.92)
$ (1,028,376.00) $ (1,064,369.16) $ (1,468,829.44) $ (1,520,238.47) $ (1,573,446.82)
$13,025,183.84
$14,889,246.75
$16,841,302.82
$18,834,725.06
$19,370,591.28
$ (4,000,000.00) $ (4,000,000.00) $ (4,000,000.00) $ (4,000,000.00) $ (4,000,000.00)
$9,025,183.84
$10,889,246.75
$12,841,302.82
$14,834,725.06
$15,370,591.28
($3,610,073.53)
($4,355,698.70)
($5,136,521.13)
($5,933,890.03)
($6,148,236.51)
$5,415,110.30
$6,533,548.05
$7,704,781.69
$8,900,835.04
$9,222,354.77

($1,384,992.31)
($1,433,170.79)
($1,483,805.86)
($1,537,085.71)
$ 4,000,000.00 $ 4,000,000.00 $ 4,000,000.00 $
4,000,000.00 $

($397,325.17)
4,000,000.00

$ 8,030,117.99 $ 9,100,377.26 $ 10,220,975.83 $ 11,363,749.33 $ 12,825,029.60

$ (35,841,228.46) $ (26,740,851.20) $ (16,519,875.37) $ (5,156,126.05) $
7,668,903.56

8
80,000,000.00
85.00%
68,000,000.00
$2.03

9
80,000,000.00
85.00%
68,000,000.00
$2.07

10
80,000,000.00
85.00%
68,000,000.00
$2.12

2016
2017
2018
$138,255,806.96 $141,020,923.10 $143,841,341.56
($107,620,848.00) ($109,636,363.78) ($111,704,151.64)
$30,634,958.96
$31,384,559.32
$32,137,189.92
($10,728,650.62) ($10,943,223.63) ($11,162,088.11)
$ (1,628,517.46) $ (1,685,515.57) $ (1,744,508.61)
$19,906,308.34
$20,441,335.68
$20,975,101.81
$ (4,000,000.00) $ (4,000,000.00) $ (4,000,000.00)
$15,906,308.34
$16,441,335.68
$16,975,101.81
($6,362,523.33)
($6,576,534.27)
($6,790,040.73)
$9,543,785.00
$9,864,801.41
$10,185,061.09

($405,534.01)
4,000,000.00 $

8,245.00

($413,920.00)
4,000,000.00 $

4,000,000.00

$ 13,138,250.99 $ 13,450,881.41 $ 14,193,306.09

$ 20,807,154.55 $ 34,258,035.96 $ 48,451,342.04

Accounts Payable
NWC
Recover
Change in NWC

Year
Manager
Salary
Total Cost
HOURLY
Cost/Hour
Hours
Cost/Worker
# of Workers
Total Cost
Material
Raw Material
Units
Total

0
$
$

1
4
160,000.00 $
640,000.00 $

2
3
4
6
165,600.00 $
171,396.00
662,400.00 $ 1,028,376.00

$20.00 $
20.70 $
21.42
2,000.00
2,000.00
2,000.00
$40,000.00
$41,400.00
$42,849.00
437
473
510
$17,480,000.00 $19,582,200.00 $21,852,990.00
$
0.94 $
0.95 $
0.96
$ 48,000,000.00 $ 52,000,000.00 $ 56,000,000.00
$ 45,120,000.00 $ 49,368,800.00 $ 53,698,064.00

Manufacturing Overhead
Maintenence Expense
Total

$ 3,920,000.00 $ 4,037,600.00 $ 4,158,728.00

$ 2,250,000.00 $ 2,317,500.00 $ 2,387,025.00
$ 6,170,000.00 $ 6,355,100.00 $ 6,545,753.00

Depreciation
Facilty Expansion

Manufacturing Equipment
Packing Equipment
Total

$ 2,000,000.00 $ 2,000,000.00 $ 2,000,000.00

$ 1,500,000.00 $ 1,500,000.00 $ 1,500,000.00
$ 4,000,000.00 $ 4,000,000.00 $ 4,000,000.00

Days Sales Out

Days Inventory Out
Days Payable Out
NWC
Accounts Receivable
Inventory
Accounts Payable
NWC
Recover
Change in NWC

500,000.00 $

47.555
46.155
37.464

500,000.00 $

47.555
46.155
37.464

500,000.00

47.555
46.155
37.464

$11,222,904.50 $12,401,309.47 $13,622,361.48

$ 8,816,824.69 $ 9,654,801.25 $ 10,525,420.31
($7,156,588.97) ($7,836,771.91) ($8,543,450.68)
$12,883,140.22 $14,219,338.81 $15,604,331.11

$12,883,140.22

($12,883,140.22) ($14,219,338.81)
$1,336,198.58
$1,384,992.31

4
5
6
7
8
6
8
8
8
8
$
177,394.86 $
183,603.68 $
190,029.81 $
196,680.85 $
203,564.68
$ 1,064,369.16 $ 1,468,829.44 $ 1,520,238.47 $ 1,573,446.82 $ 1,628,517.46
$

22.17 $
22.95 $
23.75 $
24.59 $
25.45
2,000.00
2,000.00
2,000.00
2,000.00
2,000.00
$44,348.72
$45,900.92
$47,507.45
$49,170.21
$50,891.17
546
582
619
619
619
$24,214,398.39 $26,714,335.45 $29,407,112.93 $30,436,361.88 $31,501,634.55

$
0.97 $
0.98 $
0.99 $
1.00 $
1.01
$ 60,000,000.00 $ 64,000,000.00 $ 68,000,000.00 $ 68,000,000.00 $ 68,000,000.00
$ 58,108,976.40 $ 62,602,737.24 $ 67,180,562.40 $ 67,852,368.03 $ 68,530,891.71
$ 4,283,489.84 $ 4,411,994.54 $ 4,544,354.37 $ 4,680,685.00 $ 4,821,105.55
$ 2,458,635.75 $ 2,532,394.82 $ 2,608,366.67 $ 2,686,617.67 $ 2,767,216.20
$ 6,742,125.59 $ 6,944,389.36 $ 7,152,721.04 $ 7,367,302.67 $ 7,588,321.75

500,000.00 $

500,000.00 $

500,000.00 $

500,000.00 $

500,000.00

$ 2,000,000.00 $ 2,000,000.00 $ 2,000,000.00 $ 2,000,000.00 $ 2,000,000.00

$ 1,500,000.00 $ 1,500,000.00 $ 1,500,000.00 $ 1,500,000.00 $ 1,500,000.00
$ 4,000,000.00 $ 4,000,000.00 $ 4,000,000.00 $ 4,000,000.00 $ 4,000,000.00
47.555
46.155
37.464

47.555
46.155
37.464

47.555
46.155
37.464

47.555
46.155
37.464

47.555
46.155
37.464

$14,887,295.04 $16,197,377.01 $17,553,907.33 $17,904,985.48 $18,263,085.19

$ 11,418,858.56 $ 12,341,434.28 $ 13,300,289.20 $ 13,545,887.99 $ 13,797,791.91
($9,268,651.70) ($10,017,503.52) ($10,795,803.05) ($10,995,154.82) ($11,199,624.45)
$17,037,501.90 $18,521,307.77 $20,058,393.48 $20,455,718.65 $20,861,252.65
($15,604,331.11) ($17,037,501.90) ($18,521,307.77) ($20,058,393.48) ($20,455,718.65)
$1,433,170.79
$1,483,805.86
$1,537,085.71
$397,325.17
$405,534.01

9
10
8
8
$
210,689.45 $
218,063.58
$ 1,685,515.57 $ 1,744,508.61
$

26.34 $
27.26
2,000.00
2,000.00
$52,672.36
$54,515.89
619
619
$32,604,191.76 $33,745,338.47

$
1.02 $
1.03
$ 68,000,000.00 $ 68,000,000.00
$ 69,216,200.62 $ 69,908,362.63
$ 4,965,738.72 $ 5,114,710.88
$ 2,850,232.68 $ 2,935,739.66
$ 7,815,971.40 $ 8,050,450.54

500,000.00 $

500,000.00 $

$ 2,000,000.00 $ 2,000,000.00 $
$ 1,500,000.00 $ 1,500,000.00 $
$ 4,000,000.00 $ 4,000,000.00 $
47.555
46.155
37.464

4,675.00
3,570.00
8,245.00

47.555
46.155
37.464

$18,628,346.89 $19,000,913.83
$ 14,056,196.00 $ 14,321,301.76
($11,409,370.24) ($11,624,555.75)
$21,275,172.66 $21,697,659.84
($20,861,252.65) ($21,275,172.66) ($21,697,659.84)
$413,920.00 ($21,275,172.66) ($21,697,659.84)

Exhibit 5
Year 1
Selling price/unit
Raw material/unit
Manufacturing Overhead
Maintenance expense
Hourly labor cost
Manager salary
sga of sales

$1.77
$0.94
$3,920,000
$2,250,000
$20.00
160,000
7.76%

Est Annual Growth

2.00%
1.00%
3.00%
3.00%
3.50%
3.50%

Taxes
Net Income
Cap Ex
NWC
Depreciation
Free Cash Flow
Cummulative
WACC
NPV
IRR
Payback
MIRR

Year
Max Cap
Cap Percentage
Units
Price
Operatting Results
Revenue
COGS
Gross
fixed cost
SG&A Expense
Managers Expense (Fixed)
EBITDA
Depr Expense
EBIT
Taxes
Net Income

2008

1
80,000,000.00
60%
48,000,000.00
$1.77

2
80,000,000.00
65.00%
52,000,000.00
$1.81

2009
2010
$84,960,000.00
$93,880,800.00
$ (45,120,000.00) $ (49,368,800.00)
$39,840,000.00
$44,512,000.00
(23,650,000.00)
(25,937,300.00)
($6,592,896.00)
($7,285,150.08)
$
(640,000.00) $
(662,400.00)
$8,957,104.00
$10,627,149.92
$ (4,000,000.00) $ (4,000,000.00)
$ 4,317,104.00
$6,627,149.92
($1,726,841.60)
($2,650,859.97)
$2,590,262.40
$3,976,289.95

Cap Ex
NWC
Depreciation

$ (45,000,000.00)

Free Cash Flow

Cummulative

$ (45,000,000.00) $ (5,721,922.83) $ 6,695,311.04

$ (45,000,000.00) $ (50,721,922.83) $ (44,026,611.78)

WACC
NPV
IRR
Payback
MIRR

9.238%
$ 237,885,925.796
33.693%
6.646
30.085%

($12,312,185.23)
($1,280,978.91)
$ 4,000,000.00 $ 4,000,000.00

3
80,000,000.00
70.00%
56,000,000.00
$1.84

4
80,000,000.00
75.00%
60,000,000.00
$1.88

2011
$103,124,448.00
$ (53,698,064.00)
$49,426,384.00
(28,398,743.00)
($8,002,457.16)
$ (1,028,376.00)
$11,996,807.84
$ (4,000,000.00)
$7,996,807.84
($3,198,723.13)
$4,798,084.70

2012
$112,700,289.60
$ (58,108,976.40)
$54,591,313.20
(30,956,523.98)
($8,745,542.47)
$ (1,064,369.16)
$13,824,877.59
$ (4,000,000.00)
$9,824,877.59
($3,929,951.03)
$5,894,926.55

5
80,000,000.00
80.00%
64,000,000.00
$1.92

6
80,000,000.00
90.00%
72,000,000.00
$1.95

7
80,000,000.00
90.00%
72,000,000.00
$1.99

2013
2014
2015
$122,617,915.08 $140,704,057.56 $143,518,138.71
$ (62,602,737.24) $ (71,132,360.19) $ (71,843,683.79)
$60,015,177.84
$69,571,697.37
$71,674,454.92
(33,658,724.81)
(38,270,102.25)
(39,573,792.22)
($9,515,150.21) ($10,918,634.87) ($11,137,007.56)
$ (1,468,829.44) $ (1,520,238.47) $ (1,573,446.82)
$15,372,473.38
$18,862,721.78
$19,390,208.32
$ (4,000,000.00) $ (4,000,000.00) $ (4,000,000.00)
$11,372,473.38
$14,862,721.78
$15,390,208.32
($4,548,989.35)
($5,945,088.71)
($6,156,083.33)
$6,823,484.03
$8,917,633.07
$9,234,124.99

($1,325,568.50)
($1,371,421.20)
($1,418,569.71)
($2,595,034.07)
$ 4,000,000.00 $ 4,000,000.00 $ 4,000,000.00 $
4,000,000.00 $

($388,902.48)
4,000,000.00

$ 7,472,516.21 $ 8,523,505.36 $ 9,404,914.32 $ 10,322,599.00 $ 12,845,222.51

$ (36,554,095.58) $ (28,030,590.22) $ (18,625,675.90) $ (8,303,076.91) $
4,542,145.61

8
80,000,000.00
90.00%
72,000,000.00
$2.03

9
80,000,000.00
90.00%
72,000,000.00
$2.07

10
80,000,000.00
90.00%
72,000,000.00
$2.12

2016
2017
2018
$146,388,501.49 $149,316,271.51 $152,302,596.95
$ (72,562,120.63) $ (73,287,741.84) $ (74,020,619.26)
$73,826,380.85
$76,028,529.68
$78,281,977.69
(39,600,000.00)
(39,600,000.00)
(39,600,000.00)
($11,359,747.72) ($11,586,942.67) ($11,818,681.52)
$ (1,628,517.46) $ (1,685,515.57) $ (1,744,508.61)
$21,238,115.68
$23,156,071.44
$25,118,787.55
$ (4,000,000.00) $ (4,000,000.00) $ (4,000,000.00)
$17,238,115.68
$19,156,071.44
$21,118,787.55
($6,895,246.27)
($7,662,428.58)
($8,447,515.02)
$10,342,869.41
$11,493,642.86
$12,671,272.53

($396,508.80)
4,000,000.00 $

($404,265.53)
$21,493,434.42
$
4,000,000.00 $
4,000,000.00
$ 537,836,668.29
$ 13,946,360.61 $ 15,089,377.33 $576,001,375.25
$ 18,488,506.22 $ 33,577,883.55 $ 609,579,258.80

Inventory
Accounts Payable
NWC
Recover
Change in NWC

total fixed cost pe

per unit
new cogs

Year
Manager
Salary
Total Cost
HOURLY
Cost/Hour
Hours
Cost/Worker
# of Workers
Total Cost

0
$
$

1
4
160,000.00 $
640,000.00 $

2
4
165,600.00
662,400.00

$20.00 $
20.70
2,000.00
2,000.00
$40,000.00
$41,400.00
437
473
$17,480,000.00 $19,582,200.00

Material
Raw Material
Units
Total

$
0.94 $
0.95
$ 48,000,000.00 $ 52,000,000.00
$ 45,120,000.00 $ 49,368,800.00

Manufacturing Overhead
Maintenence Expense
Total

$ 3,920,000.00 $ 4,037,600.00
$ 2,250,000.00 $ 2,317,500.00
$ 6,170,000.00 $ 6,355,100.00

Depreciation
Facilty Expansion
Manufacturing Equipment
Packing Equipment
Total

$
500,000.00 $
500,000.00
$ 2,000,000.00 $ 2,000,000.00
$ 1,500,000.00 $ 1,500,000.00
$ 4,000,000.00 $ 4,000,000.00

Days Sales Out

Days Inventory Out
Days Payable Out
NWC
Accounts Receivable
Inventory
Accounts Payable
NWC
Recover
Change in NWC

47.555
46.155
37.464

47.555
46.155
37.464

$11,222,904.50 $12,401,309.47
$ 5,784,719.06 $ 6,329,446.78
($4,695,438.33) ($5,137,592.11)
$12,312,185.23 $13,593,164.14

$12,312,185.23

($12,312,185.23)
$1,280,978.91

total fixed cost per year

per unit
new cogs

$ 23,650,000.00 $ 25,937,300.00
0.492708333
0.498794231
23,650,000.00
25,937,300.00

3
4
5
6
7
6
6
8
8
8
$
171,396.00 $
177,394.86 $
183,603.68 $
190,029.81 $
196,680.85
$ 1,028,376.00 $ 1,064,369.16 $ 1,468,829.44 $ 1,520,238.47 $ 1,573,446.82
$

21.42 $
22.17 $
22.95 $
23.75 $
24.59
2,000.00
2,000.00
2,000.00
2,000.00
2,000.00
$42,849.00
$44,348.72
$45,900.92
$47,507.45
$49,170.21
510
546
582
655
655
$21,852,990.00 $24,214,398.39 $26,714,335.45 $31,117,381.21 $32,206,489.55

$
0.96 $
0.97 $
0.98 $
0.99 $
1.00
$ 56,000,000.00 $ 60,000,000.00 $ 64,000,000.00 $ 72,000,000.00 $ 72,000,000.00
$ 53,698,064.00 $ 58,108,976.40 $ 62,602,737.24 $ 71,132,360.19 $ 71,843,683.79
$ 4,158,728.00 $ 4,283,489.84 $ 4,411,994.54 $ 4,544,354.37 $ 4,680,685.00
$ 2,387,025.00 $ 2,458,635.75 $ 2,532,394.82 $ 2,608,366.67 $ 2,686,617.67
$ 6,545,753.00 $ 6,742,125.59 $ 6,944,389.36 $ 7,152,721.04 $ 7,367,302.67

$
500,000.00 $
500,000.00
$ 2,000,000.00 $ 2,000,000.00
$ 1,500,000.00 $ 1,500,000.00
$ 4,000,000.00 $ 4,000,000.00
47.555
46.155
37.464

47.555
46.155
37.464

$
500,000.00 $
500,000.00
$ 2,000,000.00 $ 2,000,000.00
$ 1,500,000.00 $ 1,500,000.00
$ 4,000,000.00 $ 4,000,000.00
47.555
46.155
37.464

47.555
46.155
37.464

$
500,000.00
$ 2,000,000.00
$ 1,500,000.00
$ 4,000,000.00
47.555
46.155
37.464

$13,622,361.48 $14,887,295.04 $16,197,377.01 $18,586,490.12 $18,958,219.92

$ 6,884,490.57 $ 7,450,002.30 $ 8,026,135.81 $ 9,119,696.81 $ 9,210,893.78
($5,588,119.42) ($6,047,143.51) ($6,514,789.28) ($7,402,429.32) ($7,476,453.61)
$14,918,732.63 $16,290,153.83 $17,708,723.54 $20,303,757.61 $20,692,660.09
($13,593,164.14) ($14,918,732.63) ($16,290,153.83) ($17,708,723.54) ($20,303,757.61)
$1,325,568.50
$1,371,421.20
$1,418,569.71
$2,595,034.07
$388,902.48

$ 28,398,743.00 $ 30,956,523.98 $ 33,658,724.81 $ 38,270,102.25 $ 39,573,792.22

0.507120411
0.515942066
0.525917575
0.531529198
0.549636003
28,398,743.00
30,956,523.98
33,658,724.81
38,270,102.25
39,573,792.22

8
9
10
8
8
8
$
203,564.68 $
210,689.45 $
218,063.58
$ 1,628,517.46 $ 1,685,515.57 $ 1,744,508.61
$

25.45 $
26.34 $
27.26
2,000.00
2,000.00
2,000.00
$50,891.17
$52,672.36
$54,515.89
655
655
655
$33,333,716.68 $34,500,396.77 $35,707,910.66

$
1.01 $
1.02 $
1.03
$ 72,000,000.00 $ 72,000,000.00 $ 72,000,000.00
$ 72,562,120.63 $ 73,287,741.84 $ 74,020,619.26
$ 4,821,105.55 $ 4,965,738.72 $ 5,114,710.88
$ 2,767,216.20 $ 2,850,232.68 $ 2,935,739.66
$ 7,588,321.75 $ 7,815,971.40 $ 8,050,450.54

$
500,000.00 $
500,000.00
$ 2,000,000.00 $ 2,000,000.00
$ 1,500,000.00 $ 1,500,000.00
$ 4,000,000.00 $ 4,000,000.00
47.555
46.155
37.464

47.555
46.155
37.464

$
500,000.00 $
$ 2,000,000.00 $
$ 1,500,000.00 $
$ 4,000,000.00 $

4,675.00
3,570.00
8,245.00

47.555
46.155
37.464

$19,337,384.32 $19,724,132.00 $20,118,614.64

$ 9,303,002.72 $ 9,396,032.74 $ 9,489,993.07
($7,551,218.15) ($7,626,730.33) ($7,702,997.63)
$21,089,168.89 $21,493,434.42 $21,905,610.09
($20,692,660.09) ($21,089,168.89) ($21,493,434.42) ($21,905,610.09)
$396,508.80
$404,265.53 ($21,493,434.42) ($21,905,610.09)

$ 40,922,038.43 $ 42,316,368.17 $ 43,758,361.20

0.568361645
0.587727336
0.607755017
39,600,000.00
39,600,000.00
39,600,000.00

Best Case
Base
Worst Case
Expected Value
Standard Deviation
Coefficient of Variation

NPV

IRR

Probability

$237,885,925.796
$6,626,430.986
-$16,887,126.814

33.693%
11.577%
2.079%

25%
50%
25%

$58,562,915.239

14.732%

103,976,256.610
1.775

11.614%
0.788

Risk Free Rate

3.75%

Sharpe Ratio

0.946

Exhibit 5
Year 1
Selling price/unit
Raw material/unit
Manufacturing Overhead
Maintenance expense
Hourly labor cost
Manager salary
sga of sales

$1.77
$0.94
$3,920,000
$2,250,000
$20.00
160,000
7.76%

Est Annual Growth

2.00%
1.00%
3.00%
3.00%
3.50%
3.50%

Selling Price

1.77
-20%
-15%
-10%
-5%
0%
5%
10%
15%

$
$
$
$
$
$
$
$

1.42
1.50
1.59
1.68
1.77
1.86
1.95
2.04

20%

selling price
direct material

2.12

-20%
-15%
$ (71,796,450.76) $ (52,190,730.32)
$ (38,648,185.91) $ (27,329,531.68)

$100,000,000.00
$80,000,000.00
$60,000,000.00
$40,000,000.00
$20,000,000.00
$$(20,000,000.00)
$(40,000,000.00)
$(60,000,000.00)
$(80,000,000.00)

Year
Max Cap
Cap Percentage
Units
Price
Operatting Results
Revenue
COGS
Gross
SG&A Expense
Managers Expense (Fixed)
EBITDA
Depr Expense
EBIT
Taxes
Net Income

2008

1
80,000,000.00
60%
48,000,000.00
$1.77

2
80,000,000.00
65.00%
52,000,000.00
$1.81

2009
2010
$84,960,000.00
$93,880,800.00
($68,770,000.00) ($75,306,100.00)
$16,190,000.00
$18,574,700.00
($6,592,896.00)
($7,285,150.08)
$
(640,000.00) $
(662,400.00)
$9,597,104.00
$11,289,549.92
$ (4,000,000.00) $ (4,000,000.00)
$ 4,957,104.00
$7,289,549.92
($1,982,841.60)
($2,915,819.97)
$2,974,262.40
$4,373,729.95

Cap Ex
NWC
Depreciation

$ (45,000,000.00)

Free Cash Flow

Cummulative

$ (45,000,000.00) $ (5,908,877.82) $ 7,037,531.37

$ (45,000,000.00) $ (50,908,877.82) $ (43,871,346.45)

WACC
NPV
IRR
Payback
MIRR

9.238%
$ 6,626,430.986
11.577%
6.402
10.595%

($12,883,140.22)
($1,336,198.58)
$ 4,000,000.00 $ 4,000,000.00

NPV
$

$
$
$
$
$
$
$
$

6,626,430.99

(71,796,450.76)
(52,190,730.32)
(32,585,009.89)
(12,979,289.45)
6,626,430.99
26,232,151.42
45,837,871.86
65,443,592.29

$
$

85,049,312.73

-10%
-5%
(32,585,009.89) $ (12,979,289.45) $
(16,010,877.46) $ (4,692,223.24) $

0%
6,626,430.99
6,626,430.99

100,000,000.00

$80,000,000.00

$60,000,000.00

$40,000,000.00

selling price

$20,000,000.00

direct material

$-

Linear (selling price)

Linear (direct material)

(20,000,000.00)

(40,000,000.00)

(60,000,000.00)

(80,000,000.00)

y(selling price) = 2E+07x - 9E+07

y(direct materials) = 1E+07x - 5E+07

5%
$ 26,232,151.42
$ 17,945,085.21

3
80,000,000.00
70.00%
56,000,000.00
$1.84

4
80,000,000.00
75.00%
60,000,000.00
$1.88

5
80,000,000.00
80.00%
64,000,000.00
$1.92

6
80,000,000.00
85.00%
68,000,000.00
$1.95

7
80,000,000.00
85.00%
68,000,000.00
$1.99

2011
2012
2013
2014
2015
$103,124,448.00 $112,700,289.60 $122,617,915.08 $132,887,165.47 $135,544,908.78
($82,096,807.00) ($89,065,500.38) ($96,261,462.05) ($103,740,396.37) ($105,656,032.58)
$21,027,641.00
$23,634,789.22
$26,356,453.03
$29,146,769.10
$29,888,876.21
($8,002,457.16)
($8,745,542.47)
($9,515,150.21) ($10,312,044.04) ($10,518,284.92)
$ (1,028,376.00) $ (1,064,369.16) $ (1,468,829.44) $ (1,520,238.47) $ (1,573,446.82)
$13,025,183.84
$14,889,246.75
$16,841,302.82
$18,834,725.06
$19,370,591.28
$ (4,000,000.00) $ (4,000,000.00) $ (4,000,000.00) $ (4,000,000.00) $ (4,000,000.00)
$9,025,183.84
$10,889,246.75
$12,841,302.82
$14,834,725.06
$15,370,591.28
($3,610,073.53)
($4,355,698.70)
($5,136,521.13)
($5,933,890.03)
($6,148,236.51)
$5,415,110.30
$6,533,548.05
$7,704,781.69
$8,900,835.04
$9,222,354.77

($1,384,992.31)
($1,433,170.79)
($1,483,805.86)
($1,537,085.71)
$ 4,000,000.00 $ 4,000,000.00 $ 4,000,000.00 $
4,000,000.00 $

($397,325.17)
4,000,000.00

$ 8,030,117.99 $ 9,100,377.26 $ 10,220,975.83 $ 11,363,749.33 $ 12,825,029.60

$ (35,841,228.46) $ (26,740,851.20) $ (16,519,875.37) $ (5,156,126.05) $
7,668,903.56

Direct Material Cost

0.94
20%
15%
10%
5%
0%
-5%
-10%
-15%

NPV
$

1.128
1.081
1.034
0.987
0.94
0.893
0.846
0.799

6,626,430.99

$ (38,648,185.91)
$ (27,329,531.68)
$ (16,010,877.46)
$ (4,692,223.24)
$ 6,626,430.99
$ 17,945,085.21
$ 29,263,739.43
$ 40,582,393.65

-20%

0.752

$ 51,901,047.88

10%
15%
20%
$ 45,837,871.86 $ 65,443,592.29 $ 85,049,312.73
$ 29,263,739.43 $ 40,582,393.65 $ 51,901,047.88

8
80,000,000.00
85.00%
68,000,000.00
$2.03

9
80,000,000.00
85.00%
68,000,000.00
$2.07

10
80,000,000.00
85.00%
68,000,000.00
$2.12

2016
2017
2018
$138,255,806.96 $141,020,923.10 $143,841,341.56
($107,620,848.00) ($109,636,363.78) ($111,704,151.64)
$30,634,958.96
$31,384,559.32
$32,137,189.92
($10,728,650.62) ($10,943,223.63) ($11,162,088.11)
$ (1,628,517.46) $ (1,685,515.57) $ (1,744,508.61)
$19,906,308.34
$20,441,335.68
$20,975,101.81
$ (4,000,000.00) $ (4,000,000.00) $ (4,000,000.00)
$15,906,308.34
$16,441,335.68
$16,975,101.81
($6,362,523.33)
($6,576,534.27)
($6,790,040.73)
$9,543,785.00
$9,864,801.41
$10,185,061.09

($405,534.01)
4,000,000.00 $

8,245.00

($413,920.00)
4,000,000.00 $

4,000,000.00

$ 13,138,250.99 $ 13,450,881.41 $ 14,193,306.09

$ 20,807,154.55 $ 34,258,035.96 $ 48,451,342.04

Year
Manager
Salary
Total Cost
HOURLY
Cost/Hour
Hours
Cost/Worker
# of Workers
Total Cost
Material
Raw Material
Units
Total

0
$
$

1
4
160,000.00 $
640,000.00 $

2
3
4
6
165,600.00 $
171,396.00
662,400.00 $ 1,028,376.00

$20.00 $
20.70 $
21.42
2,000.00
2,000.00
2,000.00
$40,000.00
$41,400.00
$42,849.00
437
473
510
$17,480,000.00 $19,582,200.00 $21,852,990.00
$
0.94 $
0.95 $
0.96
$ 48,000,000.00 $ 52,000,000.00 $ 56,000,000.00
$ 45,120,000.00 $ 49,368,800.00 $ 53,698,064.00

Manufacturing Overhead
Maintenence Expense
Total

$ 3,920,000.00 $ 4,037,600.00 $ 4,158,728.00

$ 2,250,000.00 $ 2,317,500.00 $ 2,387,025.00
$ 6,170,000.00 $ 6,355,100.00 $ 6,545,753.00

Depreciation
Facilty Expansion

Manufacturing Equipment
Packing Equipment
Total

$ 2,000,000.00 $ 2,000,000.00 $ 2,000,000.00

$ 1,500,000.00 $ 1,500,000.00 $ 1,500,000.00
$ 4,000,000.00 $ 4,000,000.00 $ 4,000,000.00

Days Sales Out

Days Inventory Out
Days Payable Out
NWC
Accounts Receivable
Inventory
Accounts Payable
NWC
Recover
Change in NWC

500,000.00 $

47.555
46.155
37.464

500,000.00 $

47.555
46.155
37.464

500,000.00

47.555
46.155
37.464

$11,222,904.50 $12,401,309.47 $13,622,361.48

$ 8,816,824.69 $ 9,654,801.25 $ 10,525,420.31
($7,156,588.97) ($7,836,771.91) ($8,543,450.68)
$12,883,140.22 $14,219,338.81 $15,604,331.11

$12,883,140.22

($12,883,140.22) ($14,219,338.81)
$1,336,198.58
$1,384,992.31

4
5
6
7
8
6
8
8
8
8
$
177,394.86 $
183,603.68 $
190,029.81 $
196,680.85 $
203,564.68
$ 1,064,369.16 $ 1,468,829.44 $ 1,520,238.47 $ 1,573,446.82 $ 1,628,517.46
$

22.17 $
22.95 $
23.75 $
24.59 $
25.45
2,000.00
2,000.00
2,000.00
2,000.00
2,000.00
$44,348.72
$45,900.92
$47,507.45
$49,170.21
$50,891.17
546
582
619
619
619
$24,214,398.39 $26,714,335.45 $29,407,112.93 $30,436,361.88 $31,501,634.55

$
0.97 $
0.98 $
0.99 $
1.00 $
1.01
$ 60,000,000.00 $ 64,000,000.00 $ 68,000,000.00 $ 68,000,000.00 $ 68,000,000.00
$ 58,108,976.40 $ 62,602,737.24 $ 67,180,562.40 $ 67,852,368.03 $ 68,530,891.71
$ 4,283,489.84 $ 4,411,994.54 $ 4,544,354.37 $ 4,680,685.00 $ 4,821,105.55
$ 2,458,635.75 $ 2,532,394.82 $ 2,608,366.67 $ 2,686,617.67 $ 2,767,216.20
$ 6,742,125.59 $ 6,944,389.36 $ 7,152,721.04 $ 7,367,302.67 $ 7,588,321.75

500,000.00 $

500,000.00 $

500,000.00 $

500,000.00 $

500,000.00

$ 2,000,000.00 $ 2,000,000.00 $ 2,000,000.00 $ 2,000,000.00 $ 2,000,000.00

$ 1,500,000.00 $ 1,500,000.00 $ 1,500,000.00 $ 1,500,000.00 $ 1,500,000.00
$ 4,000,000.00 $ 4,000,000.00 $ 4,000,000.00 $ 4,000,000.00 $ 4,000,000.00
47.555
46.155
37.464

47.555
46.155
37.464

47.555
46.155
37.464

47.555
46.155
37.464

47.555
46.155
37.464

$14,887,295.04 $16,197,377.01 $17,553,907.33 $17,904,985.48 $18,263,085.19

$ 11,418,858.56 $ 12,341,434.28 $ 13,300,289.20 $ 13,545,887.99 $ 13,797,791.91
($9,268,651.70) ($10,017,503.52) ($10,795,803.05) ($10,995,154.82) ($11,199,624.45)
$17,037,501.90 $18,521,307.77 $20,058,393.48 $20,455,718.65 $20,861,252.65
($15,604,331.11) ($17,037,501.90) ($18,521,307.77) ($20,058,393.48) ($20,455,718.65)
$1,433,170.79
$1,483,805.86
$1,537,085.71
$397,325.17
$405,534.01

9
10
8
8
$
210,689.45 $
218,063.58
$ 1,685,515.57 $ 1,744,508.61
$

26.34 $
27.26
2,000.00
2,000.00
$52,672.36
$54,515.89
619
619
$32,604,191.76 $33,745,338.47

$
1.02 $
1.03
$ 68,000,000.00 $ 68,000,000.00
$ 69,216,200.62 $ 69,908,362.63
$ 4,965,738.72 $ 5,114,710.88
$ 2,850,232.68 $ 2,935,739.66
$ 7,815,971.40 $ 8,050,450.54

500,000.00 $

500,000.00 $

$ 2,000,000.00 $ 2,000,000.00 $
$ 1,500,000.00 $ 1,500,000.00 $
$ 4,000,000.00 $ 4,000,000.00 $
47.555
46.155
37.464

4,675.00
3,570.00
8,245.00

47.555
46.155
37.464

$18,628,346.89 $19,000,913.83
$ 14,056,196.00 $ 14,321,301.76
($11,409,370.24) ($11,624,555.75)
$21,275,172.66 $21,697,659.84
($20,861,252.65) ($21,275,172.66) ($21,697,659.84)
$413,920.00 ($21,275,172.66) ($21,697,659.84)

Exhibit 5
Year 1
Selling price/unit
Raw material/unit
Manufacturing Overhead
Maintenance expense
Hourly labor cost
Manager salary
sga of sales

$1.74
$0.94
$3,920,000
$2,250,000
$20.00
160,000
7.76%

Est Annual Growth

2.00%
1.00%
3.00%
3.00%
3.50%
3.50%

Net Income
Cap Ex
NWC
Depreciation
Free Cash Flow
Cummulative
WACC
NPV
IRR
Payback
MIRR

Year
Max Cap
Cap Percentage
Units
Price

Operatting Results
Revenue
COGS
Gross
SG&A Expense
Managers Expense (Fixed)
EBITDA
Depr Expense
EBIT
Taxes
Net Income

2008

1
80,000,000.00
60%
48,000,000.00
$1.74

2
80,000,000.00
65.00%
52,000,000.00
$1.77

2009
2010
$83,524,241.55
$92,294,286.91
($68,770,000.00) ($75,306,100.00)
$14,754,241.55
$16,988,186.91
($6,481,481.14)
($7,162,036.66)
$
(640,000.00) $
(662,400.00)
$8,272,760.40
$9,826,150.25
$ (4,000,000.00) $ (4,000,000.00)
$ 3,632,760.40
$5,826,150.25
($1,453,104.16)
($2,330,460.10)
$2,179,656.24
$3,495,690.15

Cap Ex
NWC
Depreciation

$ (45,000,000.00)

Free Cash Flow

Cummulative

$ (45,000,000.00) $ (6,513,825.55) $ 6,179,405.70

$ (45,000,000.00) $ (51,513,825.55) $ (45,334,419.85)

WACC
NPV
IRR
Payback
MIRR

($12,693,481.79)
($1,316,284.45)
$ 4,000,000.00 $ 4,000,000.00

9.238%
(0.000)
9.238%
6.946
9.238%

3
80,000,000.00
70.00%
56,000,000.00
$1.81

4
80,000,000.00
75.00%
60,000,000.00
$1.85

5
80,000,000.00
80.00%
64,000,000.00
$1.88

6
80,000,000.00
85.00%
68,000,000.00
$1.92

7
80,000,000.00
85.00%
68,000,000.00
$1.96

2011
2012
2013
2014
2015
$101,381,724.39 $110,795,741.66 $120,545,766.92 $130,641,474.90 $133,254,304.40
($82,096,807.00) ($89,065,500.38) ($96,261,462.05) ($103,740,396.37) ($105,656,032.58)
$19,284,917.39
$21,730,241.28
$24,284,304.87
$26,901,078.53
$27,598,271.82
($7,867,221.81)
($8,597,749.55)
($9,354,351.51) ($10,137,778.45) ($10,340,534.02)
$ (1,028,376.00) $ (1,064,369.16) $ (1,468,829.44) $ (1,520,238.47) $ (1,573,446.82)
$11,417,695.58
$13,132,491.72
$14,929,953.35
$16,763,300.08
$17,257,737.80
$ (4,000,000.00) $ (4,000,000.00) $ (4,000,000.00) $ (4,000,000.00) $ (4,000,000.00)
$7,417,695.58
$9,132,491.72
$10,929,953.35
$12,763,300.08
$13,257,737.80
($2,967,078.23)
($3,652,996.69)
($4,371,981.34)
($5,105,320.03)
($5,303,095.12)
$4,450,617.35
$5,479,495.03
$6,557,972.01
$7,657,980.05
$7,954,642.68

($1,364,357.47)
($1,411,794.39)
($1,461,666.49)
($1,514,161.40)
$ 4,000,000.00 $ 4,000,000.00 $ 4,000,000.00 $
4,000,000.00 $

($391,392.22)
4,000,000.00

$ 7,086,259.88 $ 8,067,700.65 $ 9,096,305.52 $ 10,143,818.65 $ 11,563,250.46

$ (38,248,159.98) $ (30,180,459.33) $ (21,084,153.81) $ (10,940,335.16) $
622,915.31

8
80,000,000.00
85.00%
68,000,000.00
$2.00

9
80,000,000.00
85.00%
68,000,000.00
$2.04

10
80,000,000.00
85.00%
68,000,000.00
$2.08

2016
2017
2018
$135,919,390.49 $138,637,778.30 $141,410,533.86
($107,620,848.00) ($109,636,363.78) ($111,704,151.64)
$28,298,542.48
$29,001,414.52
$29,706,382.22
($10,547,344.70) ($10,758,291.60) ($10,973,457.43)
$ (1,628,517.46) $ (1,685,515.57) $ (1,744,508.61)
$17,751,197.78
$18,243,122.92
$18,732,924.79
$ (4,000,000.00) $ (4,000,000.00) $ (4,000,000.00)
$13,751,197.78
$14,243,122.92
$14,732,924.79
($5,500,479.11)
($5,697,249.17)
($5,893,169.92)
$8,250,718.67
$8,545,873.75
$8,839,754.88

($399,482.40)
4,000,000.00 $

8,245.00

($407,747.36)
4,000,000.00 $

4,000,000.00

$ 11,851,236.27 $ 12,138,126.39 $ 12,847,999.88

$ 12,474,151.58 $ 24,612,277.96 $ 37,460,277.84

Accounts Payable
NWC
Recover
Change in NWC

Year
Manager
Salary
Total Cost
HOURLY
Cost/Hour
Hours
Cost/Worker
# of Workers
Total Cost
Material
Raw Material
Units
Total

0
$
$

1
4
160,000.00 $
640,000.00 $

2
3
4
6
165,600.00 $
171,396.00
662,400.00 $ 1,028,376.00

$20.00 $
20.70 $
21.42
2,000.00
2,000.00
2,000.00
$40,000.00
$41,400.00
$42,849.00
437
473
510
$17,480,000.00 $19,582,200.00 $21,852,990.00
$
0.94 $
0.95 $
0.96
$ 48,000,000.00 $ 52,000,000.00 $ 56,000,000.00
$ 45,120,000.00 $ 49,368,800.00 $ 53,698,064.00

Manufacturing Overhead
Maintenence Expense
Total

$ 3,920,000.00 $ 4,037,600.00 $ 4,158,728.00

$ 2,250,000.00 $ 2,317,500.00 $ 2,387,025.00
$ 6,170,000.00 $ 6,355,100.00 $ 6,545,753.00

Depreciation
Facilty Expansion

Manufacturing Equipment
Packing Equipment
Total

$ 2,000,000.00 $ 2,000,000.00 $ 2,000,000.00

$ 1,500,000.00 $ 1,500,000.00 $ 1,500,000.00
$ 4,000,000.00 $ 4,000,000.00 $ 4,000,000.00

Days Sales Out

Days Inventory Out
Days Payable Out
NWC
Accounts Receivable
Inventory
Accounts Payable
NWC
Recover
Change in NWC

500,000.00 $

47.555
46.155
37.464

500,000.00 $

47.555
46.155
37.464

500,000.00

47.555
46.155
37.464

$11,033,246.07 $12,191,736.91 $13,392,154.08

$ 8,816,824.69 $ 9,654,801.25 $ 10,525,420.31
($7,156,588.97) ($7,836,771.91) ($8,543,450.68)
$12,693,481.79 $14,009,766.24 $15,374,123.72

$12,693,481.79

($12,693,481.79) ($14,009,766.24)
$1,316,284.45
$1,364,357.47

4
5
6
7
8
6
8
8
8
8
$
177,394.86 $
183,603.68 $
190,029.81 $
196,680.85 $
203,564.68
$ 1,064,369.16 $ 1,468,829.44 $ 1,520,238.47 $ 1,573,446.82 $ 1,628,517.46
$

22.17 $
22.95 $
23.75 $
24.59 $
25.45
2,000.00
2,000.00
2,000.00
2,000.00
2,000.00
$44,348.72
$45,900.92
$47,507.45
$49,170.21
$50,891.17
546
582
619
619
619
$24,214,398.39 $26,714,335.45 $29,407,112.93 $30,436,361.88 $31,501,634.55

$
0.97 $
0.98 $
0.99 $
1.00 $
1.01
$ 60,000,000.00 $ 64,000,000.00 $ 68,000,000.00 $ 68,000,000.00 $ 68,000,000.00
$ 58,108,976.40 $ 62,602,737.24 $ 67,180,562.40 $ 67,852,368.03 $ 68,530,891.71
$ 4,283,489.84 $ 4,411,994.54 $ 4,544,354.37 $ 4,680,685.00 $ 4,821,105.55
$ 2,458,635.75 $ 2,532,394.82 $ 2,608,366.67 $ 2,686,617.67 $ 2,767,216.20
$ 6,742,125.59 $ 6,944,389.36 $ 7,152,721.04 $ 7,367,302.67 $ 7,588,321.75

500,000.00 $

500,000.00 $

500,000.00 $

500,000.00 $

500,000.00

$ 2,000,000.00 $ 2,000,000.00 $ 2,000,000.00 $ 2,000,000.00 $ 2,000,000.00

$ 1,500,000.00 $ 1,500,000.00 $ 1,500,000.00 $ 1,500,000.00 $ 1,500,000.00
$ 4,000,000.00 $ 4,000,000.00 $ 4,000,000.00 $ 4,000,000.00 $ 4,000,000.00
47.555
46.155
37.464

47.555
46.155
37.464

47.555
46.155
37.464

47.555
46.155
37.464

47.555
46.155
37.464

$14,635,711.24 $15,923,653.83 $17,257,259.84 $17,602,405.04 $17,954,453.14

$ 11,418,858.56 $ 12,341,434.28 $ 13,300,289.20 $ 13,545,887.99 $ 13,797,791.91
($9,268,651.70) ($10,017,503.52) ($10,795,803.05) ($10,995,154.82) ($11,199,624.45)
$16,785,918.10 $18,247,584.59 $19,761,745.99 $20,153,138.20 $20,552,620.60
($15,374,123.72) ($16,785,918.10) ($18,247,584.59) ($19,761,745.99) ($20,153,138.20)
$1,411,794.39
$1,461,666.49
$1,514,161.40
$391,392.22
$399,482.40

9
10
8
8
$
210,689.45 $
218,063.58
$ 1,685,515.57 $ 1,744,508.61
$

26.34 $
27.26
2,000.00
2,000.00
$52,672.36
$54,515.89
619
619
$32,604,191.76 $33,745,338.47

$
1.02 $
1.03
$ 68,000,000.00 $ 68,000,000.00
$ 69,216,200.62 $ 69,908,362.63
$ 4,965,738.72 $ 5,114,710.88
$ 2,850,232.68 $ 2,935,739.66
$ 7,815,971.40 $ 8,050,450.54

500,000.00 $

500,000.00 $

$ 2,000,000.00 $ 2,000,000.00 $
$ 1,500,000.00 $ 1,500,000.00 $
$ 4,000,000.00 $ 4,000,000.00 $
47.555
46.155
37.464

4,675.00
3,570.00
8,245.00

47.555
46.155
37.464

$18,313,542.20 $18,679,813.05
$ 14,056,196.00 $ 14,321,301.76
($11,409,370.24) ($11,624,555.75)
$20,960,367.97 $21,376,559.06
($20,552,620.60) ($20,960,367.97) ($21,376,559.06)
$407,747.36 ($20,960,367.97) ($21,376,559.06)

Exhibit 5
Year 1
Selling price/unit
Raw material/unit
Manufacturing Overhead
Maintenance expense
Hourly labor cost
Manager salary
sga of sales

$1.77
$0.94
$3,920,000
$2,250,000
$21.36
160,000
7.76%

Est Annual Growth

2.00%
1.00%
3.00%
3.00%
3.50%
3.50%

Net Income
Cap Ex
NWC
Depreciation
Free Cash Flow
Cummulative
WACC
NPV
IRR
Payback
MIRR

Year
Max Cap
Cap Percentage
Units
Price

Operatting Results
Revenue
COGS
Gross
SG&A Expense
Managers Expense (Fixed)
EBITDA
Depr Expense
EBIT
Taxes
Net Income

2008

1
80,000,000.00
60%
48,000,000.00
$1.77

2
80,000,000.00
65.00%
52,000,000.00
$1.81

2009
2010
$84,960,000.00
$93,880,800.00
($69,959,412.00) ($76,638,554.45)
$15,000,588.00
$17,242,245.55
($6,592,896.00)
($7,285,150.08)
$
(640,000.00) $
(662,400.00)
$8,407,692.00
$9,957,095.47
$ (4,000,000.00) $ (4,000,000.00)
$ 3,767,692.00
$5,957,095.47
($1,507,076.80)
($2,382,838.19)
$2,260,615.20
$3,574,257.28

Cap Ex
NWC
Depreciation

$ (45,000,000.00)

Free Cash Flow

Cummulative

$ (45,000,000.00) $ (6,651,239.64) $ 6,234,605.39

$ (45,000,000.00) $ (51,651,239.64) $ (45,416,634.26)

WACC
NPV
IRR
Payback
MIRR

($12,911,854.84)
($1,339,651.90)
$ 4,000,000.00 $ 4,000,000.00

9.238%
(0.000)
9.238%
6.940
9.238%

3
80,000,000.00
70.00%
56,000,000.00
$1.84

4
80,000,000.00
75.00%
60,000,000.00
$1.88

5
80,000,000.00
80.00%
64,000,000.00
$1.92

6
80,000,000.00
85.00%
68,000,000.00
$1.95

7
80,000,000.00
85.00%
68,000,000.00
$1.99

2011
2012
2013
2014
2015
$103,124,448.00 $112,700,289.60 $122,617,915.08 $132,887,165.47 $135,544,908.78
($83,583,775.46) ($90,713,148.90) ($98,079,216.70) ($105,741,378.81) ($107,727,049.41)
$19,540,672.54
$21,987,140.70
$24,538,698.38
$27,145,786.66
$27,817,859.38
($8,002,457.16)
($8,745,542.47)
($9,515,150.21) ($10,312,044.04) ($10,518,284.92)
$ (1,028,376.00) $ (1,064,369.16) $ (1,468,829.44) $ (1,520,238.47) $ (1,573,446.82)
$11,538,215.38
$13,241,598.23
$15,023,548.17
$16,833,742.62
$17,299,574.45
$ (4,000,000.00) $ (4,000,000.00) $ (4,000,000.00) $ (4,000,000.00) $ (4,000,000.00)
$7,538,215.38
$9,241,598.23
$11,023,548.17
$12,833,742.62
$13,299,574.45
($3,015,286.15)
($3,696,639.29)
($4,409,419.27)
($5,133,497.05)
($5,319,829.78)
$4,522,929.23
$5,544,958.94
$6,614,128.90
$7,700,245.57
$7,979,744.67

($1,388,722.56)
($1,437,049.90)
($1,487,912.54)
($1,541,509.17)
$ 4,000,000.00 $ 4,000,000.00 $ 4,000,000.00 $
4,000,000.00 $

($399,015.93)
4,000,000.00

$ 7,134,206.66 $ 8,107,909.03 $ 9,126,216.36 $ 10,158,736.40 $ 11,580,728.74

$ (38,282,427.59) $ (30,174,518.56) $ (21,048,302.20) $ (10,889,565.80) $
691,162.94

8
80,000,000.00
85.00%
68,000,000.00
$2.03

9
80,000,000.00
85.00%
68,000,000.00
$2.07

10
80,000,000.00
85.00%
68,000,000.00
$2.12

2016
2017
2018
$138,255,806.96 $141,020,923.10 $143,841,341.56
($109,764,350.42) ($111,854,888.79) ($114,000,325.02)
$28,491,456.54
$29,166,034.31
$29,841,016.54
($10,728,650.62) ($10,943,223.63) ($11,162,088.11)
$ (1,628,517.46) $ (1,685,515.57) $ (1,744,508.61)
$17,762,805.92
$18,222,810.68
$18,678,928.43
$ (4,000,000.00) $ (4,000,000.00) $ (4,000,000.00)
$13,762,805.92
$14,222,810.68
$14,678,928.43
($5,505,122.37)
($5,689,124.27)
($5,871,571.37)
$8,257,683.55
$8,533,686.41
$8,807,357.06

($407,283.95)
4,000,000.00 $

8,245.00

($415,731.19)
4,000,000.00 $

4,000,000.00

$ 11,850,399.60 $ 12,117,955.22 $ 12,815,602.06

$ 12,541,562.55 $ 24,659,517.77 $ 37,475,119.83

Accounts Payable
NWC
Recover
Change in NWC

Year
Manager
Salary
Total Cost
HOURLY
Cost/Hour
Hours
Cost/Worker
# of Workers
Total Cost
Material
Raw Material
Units
Total

0
$
$

1
4
160,000.00 $
640,000.00 $

2
3
4
6
165,600.00 $
171,396.00
662,400.00 $ 1,028,376.00

$21.36 $
22.11 $
22.88
2,000.00
2,000.00
2,000.00
$42,721.77
$44,217.03
$45,764.62
437
473
510
$18,669,412.00 $20,914,654.45 $23,339,958.46
$
0.94 $
0.95 $
0.96
$ 48,000,000.00 $ 52,000,000.00 $ 56,000,000.00
$ 45,120,000.00 $ 49,368,800.00 $ 53,698,064.00

Manufacturing Overhead
Maintenence Expense
Total

$ 3,920,000.00 $ 4,037,600.00 $ 4,158,728.00

$ 2,250,000.00 $ 2,317,500.00 $ 2,387,025.00
$ 6,170,000.00 $ 6,355,100.00 $ 6,545,753.00

Depreciation
Facilty Expansion

Manufacturing Equipment
Packing Equipment
Total

$ 2,000,000.00 $ 2,000,000.00 $ 2,000,000.00

$ 1,500,000.00 $ 1,500,000.00 $ 1,500,000.00
$ 4,000,000.00 $ 4,000,000.00 $ 4,000,000.00

Days Sales Out

Days Inventory Out
Days Payable Out
NWC
Accounts Receivable
Inventory
Accounts Payable
NWC
Recover
Change in NWC

500,000.00 $

47.555
46.155
37.464

500,000.00 $

47.555
46.155
37.464

500,000.00

47.555
46.155
37.464

$11,222,904.50 $12,401,309.47 $13,622,361.48

$ 8,969,316.14 $ 9,825,631.80 $ 10,716,060.71
($7,280,365.80) ($7,975,434.54) ($8,698,192.89)
$12,911,854.84 $14,251,506.74 $15,640,229.30

$12,911,854.84

($12,911,854.84) ($14,251,506.74)
$1,339,651.90
$1,388,722.56

4
5
6
7
8
6
8
8
8
8
$
177,394.86 $
183,603.68 $
190,029.81 $
196,680.85 $
203,564.68
$ 1,064,369.16 $ 1,468,829.44 $ 1,520,238.47 $ 1,573,446.82 $ 1,628,517.46
$

23.68 $
24.51 $
25.37 $
26.26 $
27.18
2,000.00
2,000.00
2,000.00
2,000.00
2,000.00
$47,366.39
$49,024.21
$50,740.06
$52,515.96
$54,354.02
546
582
619
619
619
$25,862,046.91 $28,532,090.10 $31,408,095.37 $32,507,378.71 $33,645,136.97

$
0.97 $
0.98 $
0.99 $
1.00 $
1.01
$ 60,000,000.00 $ 64,000,000.00 $ 68,000,000.00 $ 68,000,000.00 $ 68,000,000.00
$ 58,108,976.40 $ 62,602,737.24 $ 67,180,562.40 $ 67,852,368.03 $ 68,530,891.71
$ 4,283,489.84 $ 4,411,994.54 $ 4,544,354.37 $ 4,680,685.00 $ 4,821,105.55
$ 2,458,635.75 $ 2,532,394.82 $ 2,608,366.67 $ 2,686,617.67 $ 2,767,216.20
$ 6,742,125.59 $ 6,944,389.36 $ 7,152,721.04 $ 7,367,302.67 $ 7,588,321.75

500,000.00 $

500,000.00 $

500,000.00 $

500,000.00 $

500,000.00

$ 2,000,000.00 $ 2,000,000.00 $ 2,000,000.00 $ 2,000,000.00 $ 2,000,000.00

$ 1,500,000.00 $ 1,500,000.00 $ 1,500,000.00 $ 1,500,000.00 $ 1,500,000.00
$ 4,000,000.00 $ 4,000,000.00 $ 4,000,000.00 $ 4,000,000.00 $ 4,000,000.00
47.555
46.155
37.464

47.555
46.155
37.464

47.555
46.155
37.464

47.555
46.155
37.464

47.555
46.155
37.464

$14,887,295.04 $16,197,377.01 $17,553,907.33 $17,904,985.48 $18,263,085.19

$ 11,630,099.33 $ 12,574,483.93 $ 13,556,830.01 $ 13,811,407.72 $ 14,072,604.84
($9,440,115.17) ($10,206,669.19) ($11,004,036.43) ($11,210,676.36) ($11,422,689.24)
$17,077,279.20 $18,565,191.74 $20,106,700.92 $20,505,716.84 $20,913,000.79
($15,640,229.30) ($17,077,279.20) ($18,565,191.74) ($20,106,700.92) ($20,505,716.84)
$1,437,049.90
$1,487,912.54
$1,541,509.17
$399,015.93
$407,283.95

9
10
8
8
$
210,689.45 $
218,063.58
$ 1,685,515.57 $ 1,744,508.61
$

28.13 $
29.11
2,000.00
2,000.00
$56,256.41
$58,225.38
619
619
$34,822,716.76 $36,041,511.85

$
1.02 $
1.03
$ 68,000,000.00 $ 68,000,000.00
$ 69,216,200.62 $ 69,908,362.63
$ 4,965,738.72 $ 5,114,710.88
$ 2,850,232.68 $ 2,935,739.66
$ 7,815,971.40 $ 8,050,450.54

500,000.00 $

500,000.00 $

$ 2,000,000.00 $ 2,000,000.00 $
$ 1,500,000.00 $ 1,500,000.00 $
$ 4,000,000.00 $ 4,000,000.00 $
47.555
46.155
37.464

4,675.00
3,570.00
8,245.00

47.555
46.155
37.464

$18,628,346.89 $19,000,913.83
$ 14,340,627.39 $ 14,615,688.24
($11,640,242.30) ($11,863,508.34)
$21,328,731.98 $21,753,093.74
($20,913,000.79) ($21,328,731.98) ($21,753,093.74)
$415,731.19 ($21,328,731.98) ($21,753,093.74)