File Financial Modeling - Module I

Author(s) Asfi Shaheen

Tab Control Page
Created 2/1/09

Control Page
Aircraft Specifications # of Seats LF Assump.
B-737-300 118 0.5% Annually
A-320 140 0.8% Annually
A310 184 0.0% Annually
B747 398 -0.3% Annually

Aircraft Traffic Forecast 2006 2007

Aircraft Movements
B-737-300 154 160
A-320 130 156
A310 65 80
B747 45 40

Key Financials Historical Financials

2006 2007
Revenue 57,932.6 66,997.7
EBITDA 30,442 37,470
Net Income 4,414 8,400
Cash and Equivalents 10,430 14,028

Investment Amount offered by SAS Capital 30,000 Exit EBITDA Multiple

Offer price / share Rs. 2.8 Sponsor's Ownership a %
Current Stock Price Rs. 2.6
Premium Paid by SAS Capital Partners 7.7% IRR
14.1%
Additional Shares Issued 10,714 13.9%
Current Shares Outstanding 100,601 19.0%
Common shares outstanding post investment 111,315 20.8%
 Red Requires further attention
Blue Input cells
Green Cells linked to another sheet
Black Cells containing a calculation on the same sheet

MTOW (Tons) Revenue Driver Inflation Assumptions

61 Operating Revenue: Assumption: Rate:
73 Landing Charges / Ton Annually - Fixed 7%
160 Handling Charges / AC Movement Annually - Fixed 9%
350 Emarkation Fees / Passenger Annually - Fixed 9%

2008 2009 2010 2011 2012

176 179 188 213 243

160 164 174 197 213
94 100 105 135 156
37 35 35 35 35

cal Financials Projected Financials

2008 2009 2010 2011 2012
74,713.1 82,742.0 94,488.0 118,762.1 143,897.3
43,028 46,980 54,316 70,330 86,922
11,437 14,587 18,074 27,052 36,674
19,970 34,473 22,182 14,964 16,466

EBITDA Multiple 7.3 7.3 7.3 7.3

nsor's Ownership a % 9.6%

Initial Inv 2009 2010 2011 2012

(30,000.0) 34,244.5
(30,000.0) 322.9 38,582.3
(30,000.0) 322.9 400.1 49,626.8
(30,000.0) 322.9 400.1 598.9 61,931.5
File Financial Modeling - Module I
Author(s) Asfi Shaheen
Tab Historical Financials
Created 2/1/09

Financial Statements
Income Statement Historical Financials
(Pak Rupees in 000s, except per share amounts) 2006 2007 2008
Revenue
Landing Fees 4,188 4,603 4,990
Handling Fees 21,670 25,179 28,318
Embarkation Fees 14,910 17,003 18,663
Total Operating Revenue 40,769 46,785 51,971

Non Operating Revenue

Airport Development Fund 9,564 11,478 12,389
Flying Club 2,000 2,000 2,000
Rental Income 5,600 6,735 8,353
Total Revenue Rs.57,933 Rs.66,998 Rs.74,713

Operating Costs
Staff salaries (9,044) (9,768) (10,549)
Maintenance (8,403) (8,874) (9,282)
Marketing & Advertising (8,843) (9,506) (10,267)
Other Operating Costs (1,200) (1,380) (1,587)
EBITDA 30,442 37,470 43,028

Depreciation & Amortization (21,400) (22,400) (23,352)

EBIT 9,042 15,070 19,676

Interest Expense (3,190) (3,085) (3,020)

Interest Income 939 939 939
EBT 6,791 12,924 17,595

Taxes @ 35% (2,377) (4,523) (6,158)

Net Income Rs.4,414 Rs.8,400 Rs.11,437
Net Income Margin 7.6% 12.5% 15.3%

Balance Sheet Historical Financials

(Pak Rupees in 000s, except per share amounts) 2006 2007 2008
Assets
Cash and Equivalents 10,430 14,028 19,970
Accounts Receivable 13,000 13,910 14,884
Inventory 5,000 5,400 5,500
 Other Current Assets 9,105 10,016 11,017
Total Current Assets 37,535 43,353 51,370

Gross PP&E 500,000 520,000 540,800

Other Non Current Assets 25,889 26,666 27,466
Accumulated Depreciation (167,654) (190,054) (213,406)
Total Assets Rs.395,770 Rs.399,965 Rs.406,230

Liabilities and Shareholders' Equity

Accounts Payable 2,476 2,426 2,378
Accrued Expenses and Other Current Liabilities 2,467 2,418 2,369
Total Current Liabilities 4,943 4,844 4,747

Secured Debt 24,000 22,000 20,000

Unsecured Debt 10,000 9,000 8,000
Total Debt 34,000 31,000 28,000

Other Non Current Liabilities 10,123 9,921 9,722

Total Liabilities 49,066 45,765 42,469

Shareholders' Equity
Authorized Capital of 200,000,000 common shares
of Rs. 1 each
Common stock issued at par 100,000 100,300 100,601
Additional paid-in capital 234,987 235,692 236,399
Common stock issued at par to foreign investor
Additional paid-in capital by foreign investor
Accumulated earnings (deficit) 11,717 18,208 26,761
Total Shareholder's Equity 346,704 354,200 363,761

Total Liabilities & Shareholder's Equity Rs.395,770 Rs.399,965 Rs.406,230

0.0 0.0 0.0
Cash Flow Statement
(Pak Rupees in 000s, except per share amounts)
Cash Flow from Operations
Net Income 8,400 11,437
(+) Depreciation & Amortization 22,400 23,352
(Increase)/Decrease in Accounts Receivable (910) (974)
(Increase)/Decrease in Inventory (400) (100)
(Increase)/Decrease in Other Current Assets (911) (1,002)
Increase/(Decrease) in Accounts Payable (50) (49)
Increase/(Decrease) in Accrued Expenses & Other Current Liabilities (49) (48)
Increase/(Decrease) in Accrued Expenses & Other Non Current Liabiliti (202) (198)
Total Cash Flow from Operating Activities 28,279 32,418

Cash Flow from Investing Activities

(-) Capital Expenditures on PP&E (20,000) (20,800)
(-) Capital Expenditures on Other Non Current Assets (777) (800)
(+) Asset Sales
(-) Acquisition of Assets / Other Securities
Total Cash Flow from Investing Activities (20,777) (21,600)

Cash Flow from Financing

(+) Issuance of Common Stock 1,005 1,008
(+) Proceeds from Secured Debt
(+) Proceeds from Unsecured Debt
(+) Proceeds from Equity Raise from Foreign Investor
(-) Dividends Paid (1,909.0) (2,884.5)
(-) Payment of Secured Debt (2,000) (2,000)
(-) Payment of Unsecured Debt (1,000) (1,000)
Total Cash Flow from Investing Activities (3,904) (4,876)

Change in Cash Balance 3,598 5,942

 Red Requires further attention
Blue Input cells
Green Cells linked to another sheet
Black Cells containing a calculation on the same sheet
File Financial Modeling - Module I
Author(s) Asfi Shaheen
Tab Capital Structure
Created 2/1/09

Valuation as of 05/04/2009
Common shares Outstanding as of 12/31/2008 100,601
Stock Price as of 05/04/2009 Rs. 2.6
Market Capitalization Rs. 261,562

(+) Total Debt 28,000

(-) Cash and Equivalents 19,970
Enterprise Value Rs. 269,593

Revenue Rs. 74,713

EBITDA 43,028
Net Income 11,437

Enterprise Value / Revenue 3.6x

Enterprise Value / EBITDA 6.3x
Price / Earnings 22.9x

Capital Structure as of 05/04/2009

Shareholders % of Total Common shares held
Frontier Capital Corporation 55% 55,345
Shareef Brothers Limited 17% 16,893
Establishment Foundation 15% 15,456
Publicly Traded 13% 12,907
Total Common Shares Outstanding 100% 100,601
 Red Requires further attention
Blue Input cells
Green Cells linked to another sheet
Black Cells containing a calculation on the same sheet
File Financial Modeling - Module I
Author(s) Asfi Shaheen
Tab Operating Model
Created 2/1/09

Operating Model
Aircraft Specifications # of Seats LF Assump.
B-737-300 118 0.5% Annually
A-320 140 0.8% Annually
A310 184 0.0% Annually
B747 398 -0.3% Annually

Revenue Driver Rates Historical

2006 2007
Landing Fees / Ton (PKR) Rs.93 Rs.96
Handling Charges / AC Movement (PKR) 55,000 57,750
Embarkation Fees / Passenger (PKR) 300 315

Aircraft Traffic Forecast 2006 2007

Aircraft Movements
B-737-300 154 160
A-320 130 156
A310 65 80
B747 45 40
Historical Load Factor
B-737-300 74% 77%
A-320 83% 84%
A310 72% 73%
B747 70% 65%

Passenger Forecast 2006 2007

B-737-300 13,447.3 14,537.6
A-320 15,106.0 18,345.6
A310 8,611.2 10,745.6
B747 12,537.0 10,348.0

Operating Cost Rates Historical

2006 2007
Staff salaries as a % of Operating Revenue 22.2% 20.9%
Maintenance as a % of PP&E 1.7% 1.7%
Marketing & Advertising as a % of Revenue 15.3% 14.2%
Other Operating Costs as a % of Total Op Costs (ex-OOC) 4.6% 4.9%

Income Statement Historical Financials

 2006 2007
Revenue
Landing Fees 4,188 4,603
Handling Fees 21,670 25,179
Embarkation Fees 14,910 17,003
Total Operating Revenue 40,768.6 46,784.7
`
Non Operating Revenue
Airport Development Fund 9,564 11,478
Flying Club 2,000 2,000
Rental Income 5,600 6,735
Total Revenue Rs.57,932.6 Rs.66,997.7

Operating Costs
Staff salaries (9,044) (9,768)
Maintenance (8,403) (8,874)
Marketing & Advertising (8,843) (9,506)
Other Operating Costs (1,200) (1,380)
EBITDA 30,442 37,470

Depreciation & Amortization (21,400) (22,400)

EBIT 9,042 15,070

Interest Expense (3,190) (3,085)

Interest Income 939 939
EBT 6,791 12,924

Taxes @ 37.5% (2,377) (4,523)

Net Income 4,414 8,400
Net Income Margin 7.6% 12.5%
 Red Requires further attention
Blue Input cells
Green Cells linked to another sheet
Black Cells containing a calculation on the same sheet

MTOW (Tons) Revenue Driver Inflation Assumptions

61 Operating Revenue: Assumption: Rate:
73 Landing Charges / Ton Annually - Fixed 7%
160 Handling Charges / AC Movement Annually - Fixed 9%
350 Emarkation Fees / Passenger Annually - Fixed 9%
Non Operating Revenue: Assumption: Rate:
Airport Development Fund as a % of Op Rev 24%
Flying Club as a % of Op Rev 4%
Rental Income as a % of Op Rev 15%

Historical Projected
2008 2009 2010 2011 2012
Rs.99 Rs. 106 Rs. 113 Rs. 121 Rs. 130
60,638 66,095 72,043 78,527 85,595
331 361 393 428 467

2008 2009 2010 2011 2012

176 179 188 213 243

160 164 174 197 213
94 100 105 135 156
37 35 35 35 35

76% 77% 77% 78% 78%

82% 83% 84% 84% 85%
76% 76% 76% 76% 76%
62% 62% 61% 61% 61%

2008 2009 2010 2011 2012

15,783.7 16,158.3 17,081.7 19,478.9 22,365.7
18,368.0 18,999.4 20,340.6 23,236.2 25,347.0
13,145.0 13,984.0 14,683.2 18,878.4 21,815.0
9,130.1 8,594.8 8,553.0 8,511.2 8,469.4

Historical Projected
2008 2009 2010 2011 2012
20.3% 21.1% 21.1% 21.1% 21.1%
1.7% 1.7% 1.7% 1.7% 1.7%
13.7% 14.4% 14.4% 14.4% 14.4%
5.3% 4.9% 4.9% 4.9% 4.9%

cal Financials Projected Financials

 2008 2009 2010 2011 2012

4,990 5,417 6,032 7,425 8,770

28,318 31,593 36,166 45,546 55,380
18,663 20,815 23,837 30,028 36,415
51,971.1 57,825.7 66,034.6 82,999.0 100,565.2

12,389 13,855 15,822 19,887 24,096

2,000 2,487 2,840 3,569 4,325
8,353 8,574 9,791 12,307 14,911
Rs.74,713.1 Rs.82,742.0 Rs.94,488.0 Rs.118,762.1 Rs.143,897.3

(10,549) (12,213) (13,947) (17,530) (21,240)

(9,282) (9,961) (10,739) (11,535) (12,349)
(10,267) (11,913) (13,605) (17,100) (20,719)
(1,587) (1,675) (1,881) (2,268) (2,668)
43,028 46,980 54,316 70,330 86,922

(23,352) (23,506) (25,455) (27,451) (29,490)

19,676 23,474 28,861 42,879 57,432

(3,020) (2,615) (2,260) (1,865) (1,440)

939 1,000 1,000 1,000 1,000
17,595 21,859 27,601 42,014 56,992

(6,158) (7,651) (9,660) (14,705) (19,947)

11,437 14,209 17,941 27,309 37,045
15.3% 17.2% 19.0% 23.0% 25.7%
File Financial Modeling - Module I
Author(s) Asfi Shaheen
Tab CapEx and D&A
Created 2/1/09

Cap Ex and D&A Schedule

Historical Financials
2006 2007 2008
Property Plant & Equipment 500,000 520,000 540,800
Other Non Current Assets 25,889 26,666 27,466
Accumulated Depreciation (167,654) (190,054) (213,406)
Capital Exependitures - PP&E 20,000 20,800
Capital Exependitures - Other Non Current Assets 777 800

Depreciation Expense (A + B + C + D) 21,400 22,400 23,352

D&A Method: Straight Line assuming no residual value

(A)----> Depreciation on Existing Gross PP&E

Useful Life (in years) Remaining of Existing Net PP&

Year CapEx Useful Life

2009 44,752 23 Years
2010 45,742 25 Years
2011 46,772 25 Years
2012 47,843 25 Years
(B)----> Depreciation on Cap Ex

(C)----> Depreciation on Other Non Current Assets

Useful Life (in years) Remaining of Existing Net PP&

Year CapEx Useful Life

2009 1,000 10 Years
2010 1,200 10 Years
2011 1,250 10 Years
2012 1,250 10 Years
(D)----> Depreciation on Cap Ex
 Red Requires further attention
Blue Input cells
Green Cells linked to another sheet
Black Cells containing a calculation on the same sheet

Projected Financials
2009 2010 2011 2012
585,552 631,294 678,066 725,908
28,466 29,666 30,916 32,166
(236,912) (262,367) (289,818) (319,308)
44,752 45,742 46,772 47,843
1,000 1,200 1,250 1,250

23,506 25,455 27,451 29,490

18,027 18,027 18,027 18,027

30

2009 2010 2011 2012

1,946 1,946 1,946 1,946
1,830 1,830 1,830
1,871 1,871
1,914
1,946 3,775 5,646 7,560

3,433 3,433 3,433 3,433

8

2009 2010 2011 2012

100 100 100 100
120 120 120
125 125
125
100 220 345 470
File Financial Modeling - Module I
Author(s) Asfi Shaheen
Tab Debt and Interest
Created 2/1/09

Debt & Interest

Debt Obligations Face Value Term Type
Secured Debt 24,000 12 Years Fixed
Unsecured Debt 10,000 10 Years Floating

Historical
2006 2007 2008

KIBOR - Historical and Forward Curve 9.0% 11.0% 14.0%

Secured Debt - Principal Amount Outstanding 24,000 22,000 20,000
Unsecured Debt - Principal Amount Outstanding 10,000 9,000 8,000

Secured Debt - Interest Expense 2,040 1,870 1,700

Unsecured Debt - Interest Expense 1,150 1,215 1,320
Total Interest Expense 3,190 3,085 3,020 ###
 Red Requires further attention
Blue Input cells
Green Cells linked to another sheet
Black Cells containing a calculation on the same sheet

Base Rate Spread

8.5% N/A
KIBOR 2.5%

Projected
2009 2010 2011 2012

13.0% 12.5% 11.0% 8.0%

18,000 16,000 14,000 12,000
7,000 6,000 5,000 4,000

1,530 1,360 1,190 1,020

1,085 900 675 420
2,615 2,260 1,865 1,440
File Financial Modeling - Module I
Author(s) Asfi Shaheen
Tab Tax Schedule
Created 2/1/09

Tax Schedule
Historical
2006 2007 2008

EBT Rs. 6,791.0 Rs. 12,923.8 Rs. 17,595.0

Tax Rate 35.0% 35.0% 35.0%
Taxes Payable ($2,376.9) ($4,523.3) ($6,158.3)
 Red Requires further attention
Blue Input cells
Green Cells linked to another sheet
Black Cells containing a calculation on the same sheet

Projected
2009 2010 2011 2012

Rs. 21,859.2 Rs. 27,600.9 Rs. 42,013.7 Rs. 56,992.2

35.0% 35.0% 35.0% 35.0%
($7,650.7) ($9,660.3) ($14,704.8) ($19,947.3)
File Financial Modeling - Module I
Author(s) Asfi Shaheen
Tab Working Capital
Created 2/1/09

Working Capital

(Pak Rupees in 000s, except per share amounts) Historical Financials

2006 2007

Total Revenue 57,933 66,998

Total Operating Costs (27,490) (29,528)

Assets
Accounts Receivable 13,000 13,910
Inventory 5,000 5,400
Other Current Assets 9,105 10,016

Liabilities
Accounts Payable 2,476 2,426
Accrued Expenses and Other Current Liabilities 2,467 2,418
Other Non Current Liabilities 10,123 9,921

Ratios and Assumptions

Days in a Year 364.5
Accounts Receivable (Collection Period in Days) 82 76
Inventory (Days Outstanding) 66 67
Other Current Assets as a % of Total Revenue 15.7% 14.9%

Accounts Payable (Days Payable) 33 30

Accrued Expenses and Other CL (as a % of Op Costs) 9.0% 8.2%
Other Non Current Liabilities (as a % of Op Costs) 36.8% 33.6%
 Red Requires further attention
Blue Input cells
Green Cells linked to another sheet
Black Cells containing a calculation on the same sheet

cal Financials Projected Financials

2008 2009 2010 2011 2012

74,713 82,742 94,488 118,762 143,897

(31,685) (35,762) (40,172) (48,432) (56,975)

14,884 17,410 19,104 23,034 26,724

5,500 6,417 6,878 7,894 8,817
11,017 12,525 14,303 17,977 21,782

2,378 2,948 3,311 3,992 4,697

2,369 2,937 3,299 3,978 4,679
9,722 12,052 13,539 16,323 19,202

73 77 74 71 68
63 65 62 59 56
14.7% 15.1% 15.1% 15.1% 15.1%

27 30 30 30 30
7.5% 8.2% 8.2% 8.2% 8.2%
30.7% 33.7% 33.7% 33.7% 33.7%
File Financial Modeling - Module I
Author(s) Asfi Shaheen
Tab Valuation Consideration
Created 2/1/09

Share Purchase Summary

Investment Amount offered by SAS Capital 30,000
Offer price / share Rs. 2.8
Additional Shares Issued 10,714
Current Shares Outstanding 100,601

Common shares outstanding post investment 111,315

Stock Price as of 05/04/2009 Rs. 2.6

Premium Paid by SAS Capital Partners 7.7%

Capital Structure post SAS Investment

Shareholders % of Total Common shares held
Frontier Capital Corporation 49.7% 55,345
Shareef Brothers Limited 15.2% 16,893
Establishment Foundation 13.9% 15,456
SAS Capital Partners 9.6% 10,714
Publicly Traded 11.6% 12,907
Total Common Shares Outstanding 100% 111,315
 Red Requires further attention
Blue Input cells
Green Cells linked to another sheet
Black Cells containing a calculation on the same sheet
File Financial Modeling - Module I
Author(s) Asfi Shaheen
Tab Shareholder's Equity
Created 2/1/09

Shareholder's Equity Schedule

Historical Financials
2006 2007 2008
Beginning Equity Balance
Net Income 4,414 8,400 11,437
Additional shares issued to investor at par
Additional paid in capital by investor
Dividends Paid (1,545.0) (1,909.0) (2,884.5)
Ending Equity Balance 346,704 353,195 361,748

Dividend Assumptions
Total Dividends Paid 1,545.0 1,909.0 2,884.5
Net Income 4,414 8,400 11,437
Divident Payout Ratio 35% 23% 25%
 Red Requires further attention
Blue Input cells
Green Cells linked to another sheet
Black Cells containing a calculation on the same sheet

Projected Financials
2009 2010 2011 2012
361,748 402,980 416,897 437,727
14,587 18,074 27,052 36,674
10,714 0.0
19,286
(3,355.1) (4,156.9) (6,221.9) (8,434.9)
402,980 416,897 437,727 465,965

3,355.1 4,156.9 6,221.9 8,434.9

14,587 18,074 27,052 36,674
23% 23% 23% 23%
File Financial Modeling - Module I
Author(s) Asfi Shaheen
Tab Financial Model Step 2
Created 2/1/09

Financial Statements

Income Statement
(Pak Rupees in 000s, except per share amounts) Historical Financials
Revenue 2006 2007 2008
Landing Fees 4,188 4,603 4,990
Handling Fees 21,670 25,179 28,318
Embarkation Fees 14,910 17,003 18,663
Total Operating Revenue 40,768.6 46,784.7 51,971.1

Non Operating Revenue

Airport Development Fund 9,564 11,478 12,389
Flying Club 2,000 2,000 2,000
Rental Income 5,600 6,735 8,353
Total Revenue Rs.57,932.6 Rs.66,997.7 Rs.74,713.1

Operating Costs
Staff salaries (9,044) (9,768) (10,549)
Maintenance (8,403) (8,874) (9,282)
Marketing & Advertising (8,843) (9,506) (10,267)
Other Operating Costs (1,200) (1,380) (1,587)
EBITDA 30,442 37,470 43,028

Depreciation & Amortization (21,400) (22,400) (23,352)

EBIT 9,042 15,070 19,676

Interest Expense (3,190) (3,085) (3,020)

Interest Income 939 939 939
EBT 6,791 12,924 17,595

Taxes @ 35% (2,377) (4,523) (6,158)

Net Income 4,414 8,400 11,437
Net Income Margin 7.6% 12.5% 15.3%
Interest Income Rate

Balance Sheet Historical Financials

(Pak Rupees in MM, except per share amounts) 2006 2007 2008
Assets
Cash and Equivalents 10,430 14,028 19,970
Accounts Receivable 13,000 13,910 14,884
Inventory 5,000 5,400 5,500
Other Current Assets 9,105 10,016 11,017
 Total Current Assets 37,535 43,353 51,370

Gross PP&E 500,000 520,000 540,800

Other Non Current Assets 25,889 26,666 27,466
Accumulated Depreciation (167,654) (190,054) (213,406)
Total Assets 395,770 399,965 406,230

Liabilities and Shareholders' Equity

Accounts Payable 2,476 2,426 2,378
Accrued Expenses and Other Current Liabilities 2,467 2,418 2,369
Total Current Liabilities 4,943 4,844 4,747

Secured Debt 24,000 22,000 20,000

Unsecured Debt 10,000 9,000 8,000
Total Debt 34,000 31,000 28,000

Other Non Current Liabilities 10,123 9,921 9,722

Total Liabilities 49,066 45,765 42,469

Shareholders' Equity
Authorized Capital of 200,000,000 common shares
of Rs. 1,000 each
Common stock issued at par 100,000 100,300 100,601
Additional paid-in capital 234,987 235,692 236,399
Common stock issued at par to SAS
Additional paid-in capital by SAS
Accumulated earnings (deficit) 11,717 18,208 26,761
Total Shareholder's Equity 346,704 354,200 363,761

Total Liabilities & Shareholder's Equity 395,770 399,965 406,230

Balance Sheet Check - - -

Cash Flow Statement Historical Financials

(Pak Rupees in MM, except per share amounts) 2006 2007 2008
Cash Flow from Operations
Net Income 8,400 11,437
(+) Depreciation & Amortization 22,400 23,352
(Increase)/Decrease in Accounts Receivable (910) (974)
(Increase)/Decrease in Inventory (400) (100)
(Increase)/Decrease in Other Current Assets (911) (1,002)
Increase/(Decrease) in Accounts Payable (50) (49)
Increase/(Decrease) in Accrued Expenses & Other Current Liabilities (49) (48)
Increase/(Decrease) in Accrued Expenses & Other Non Current Liabiliti (202) (198)
Total Cash Flow from Operating Activities 28,279 32,418

Cash Flow from Investing Activities

(-) Capital Expenditures on PP&E (20,000) (20,800)
(-) Capital Expenditures on Other Non Current Assets
(+) Asset Sales
 (-) Acquisition of Assets / Other Securities
Total Cash Flow from Investing Activities (20,000) (20,800)

Cash Flow from Financing

(+) Issuance of Common Stock
(+) Proceeds from Secured Debt
(+) Proceeds from Unsecured Debt
(+) Proceeds from Equity Raise from SAS
(-) Dividends Paid
(-) Payment of Secured Debt (2,000) (2,000)
(-) Payment of Unsecured Debt (1,000) (1,000)
Total Cash Flow from Investing Activities (3,000) (3,000)

Change in Cash Balance 5,279 8,618

 Red Requires further attention
Blue Input cells
Green Cells linked to another sheet
Black Cells containing a calculation on the same sheet

Projected Financials
2009 2010 2011 2012
5,417 6,032 7,425 8,770
31,593 36,166 45,546 55,380
20,815 23,837 30,028 36,415
57,826 66,035 82,999 100,565

13,855 15,822 19,887 24,096

2,487 2,840 3,569 4,325
8,574 9,791 12,307 14,911
82,742 94,488 118,762 143,897

(12,213) (13,947) (17,530) (21,240)

(9,961) (10,739) (11,535) (12,349)
(11,913) (13,605) (17,100) (20,719)
(1,675) (1,881) (2,268) (2,668)
46,980 54,316 70,330 86,922

(23,506) (25,455) (27,451) (29,490)

23,474 28,861 42,879 57,432

(2,615) (2,260) (1,865) (1,440)

1,379 1,133 743 629
22,238 27,734 41,757 56,621

(7,651) (9,660) (14,705) (19,947)

14,587 18,074 27,052 36,674
17.6% 19.1% 22.8% 25.5%
4.0% 4.0% 4.0% 4.0%

Projected Financials
2009 2010 2011 2012

34,473 22,182 14,964 16,466

17,410 19,104 23,034 26,724
6,417 6,878 7,894 8,817
12,525 14,303 17,977 21,782
70,825 62,466 63,869 73,790

585,552 631,294 678,066 725,908

28,466 29,666 30,916 32,166
(236,912) (262,367) (289,818) (319,308)
447,931 461,059 483,032 512,556

2,948 3,311 3,992 4,697

2,937 3,299 3,978 4,679
5,885 6,611 7,970 9,376

18,000 16,000 14,000 12,000

7,000 6,000 5,000 4,000
25,000 22,000 19,000 16,000

12,052 13,539 16,323 19,202

42,938 42,149 43,293 44,578

100,601 100,601 100,601 100,601

236,399 236,399 236,399 236,399
10,714 10,714 10,714 10,714
19,286 19,286 19,286 19,286
37,993 51,910 72,740 100,978
404,993 418,910 439,740 467,978

447,931 461,059 483,032 512,556

- - - -

Projected Financials
2009 2010 2011 2012

14,587 18,074 27,052 36,674

23,506 25,455 27,451 29,490
(2,526) (1,694) (3,930) (3,691)
(917) (461) (1,016) (923)
(1,508) (1,778) (3,674) (3,805)
570 363 681 704
568 362 678 702
2,330 1,486 2,784 2,879
36,610 41,808 50,026 62,030

(44,752) (45,742) (46,772) (47,843)

(1,000) (1,200) (1,250) (1,250)
(45,752) (46,942) (48,022) (49,093)

30,000.0 0.0 0.0 0.0

(3,355.1) (4,156.9) (6,221.9) (8,434.9)
(2,000) (2,000) (2,000) (2,000)
(1,000) (1,000) (1,000) (1,000)
23,645 (7,157) (9,222) (11,435)

14,503 (12,291) (7,218) 1,502

File Financial Modeling - Module I
Author(s) Asfi Shaheen
Tab Capital Structure
Created 2/1/09

Returns Analysis

(Pak Rupees in 000s, except per share amounts)

EBITDA
Exit EBITDA Multiple
Enterprise Value

Less: Secured Debt

Less: Unsecured Debt
Plus: Cash
Total Equity Value
Sponsor's Ownership as a % 9.6%
SAS
Sponsor
Equity
Equity

Dividend's received by SAS

SAS Returns

IRR
14.1%
13.9%
19.0%
20.8%
 Red Requires further attention
Blue Input cells
Green Cells linked to another sheet
Black Cells containing a calculation on the same sheet

Projected Financials
2009 2010 2011 2012
46,979.9 54,316.2 70,329.8 86,922.0
7.3 7.3 7.3 7.3
342,953 396,508 513,408 634,531

(18,000) (16,000) (14,000) (12,000)

(7,000) (6,000) (5,000) (4,000)
34,473 22,182 14,964 16,466
352,426 396,690 509,372 634,997

### 33,922 38,182 49,028 61,120

323 400 599 812

Initial Inv 2009 2010 2011 2012

(30,000.0) 34,244.5
(30,000.0) 322.9 38,582.3
(30,000.0) 322.9 400.1 49,626.8
(30,000.0) 322.9 400.1 598.9 61,931.5