IRR 22.

1%
IDQ Holdings, Inc.

LBO ANALYSIS MGMT CASE

ASSUMPTIONS TRANSACTION SUMMARY

Tax Rate 38.0% Entry Exit
Minimum Cash Balance $3.0 Entry Multiple 6.25x Exit Multiple 6.25x
Circular Switch 1 ON 2011E EBITDA $52.4 2016E EBITDA $73.9
TEV $327.3 TEV $461.7
Financing Assumptions: Less: Debt 0.0 Less: Debt (22.5)
Revolver Amount $30.0 Plus: Excess Cash 0.0 Plus: Cash 3.0
Interest Rate L+225 bps Equity Value at Entry $327.3 Total Equity Value at Exit $442.2
Commitment Fee 37.5 bps Less: Initial Sponsor Equity (152.1)
Transaction Fee 3.00% Revolver Leverage 0.0x Less: 0.0% Incremental Hurdle 0.0
First Lien Leverage 3.5x Distributable Equity at Exit $290.2
First Lien TL Interest Rate 8.00% Second Lien Leverage 0.0x
Transaction Fee 3.00% Sub Notes Leverage 0.0x Sponsor Returns
Mandatory Amortization 0.0% Total Leverage 3.5x Equity at Entry $142.1
Cash Flow Sweep 100.0% Ownership at Exit 87.3%
Equity at Exit $386.0
Second Lien TL Interest Rate L+550 bps Implied TEV / 2011E EBITDA 6.3x
Transaction Fee 3.00% Implied TEV / 2011E FCF (1) 6.3x IRR 22.1%
(1) FCF defined as EBITDA less Maint. Capex. Times Money 2.7x
Sub Notes Interest Rate 11.00%
Transaction Fee 3.50% SOURCES AND USES
Cum Mult
Cash Interest Rate 1.00% Sources Amount % of Total '11E EBITDA Uses
Revolver $0.0 0.0% 0.0x Purchase Price $327.3
M&A Transaction Fee 1.00% First Lien 185.0 54.9% 3.5x Transaction Costs 9.7
Second Lien 0.0 0.0% 3.5x
OWNERSHIP Sub Notes 0.0 0.0% 3.5x
Sponsor Equity 152.1 45.1% 6.4x
Equity % at Close Options % at Exit
Oaktree $142.1 93.4% - 87.3% Total Sources $337.1 100.0% 6.4x Total Uses $337.1
Oaktree Option - - 0.0% 0.0%
Mgmt 10.0 6.6% - 6.1%
Mgmt Prom. - - 10.0% 6.6%
Total $152.1 100.0% 10.0% 100.0% SPONSOR RETURNS ANALYSIS

MANAGEMENT RETURNS Entry Multiple

22.1% 5.75x 6.00x 6.25x 6.50x 6.75x
Equity at Entry $10.0 5.75x 24.6% 22.2% 20.1% 18.2% 16.5%
Exit Multiple

Ownership at Exit 12.7% 6.00x 25.7% 23.3% 21.1% 19.2% 17.5%

Equity at Exit $56.2 6.25x 26.7% 24.3% 22.1% 20.2% 18.4%
IRR 41.2% 6.50x 27.7% 25.3% 23.1% 21.1% 19.4%
Times Money 5.6x 6.75x 28.7% 26.2% 24.0% 22.1% 20.3%
Note: Assumes 3.5x 2011E Leverage.
FINANCIAL SUMMARY MGMT CASE
Fiscal Year Ending December 31, '11-'16
($ in millions) 2008A 2009A 2010A 2011E 2012E 2013E 2014E 2015E 2016E CAGR

Income Summary
Revenue $95.9 $99.1 $139.7 $179.9 $202.1 $212.9 $225.0 $236.3 $248.1 6.6%
% Growth NA 3.3% 40.9% 28.8% 12.4% 5.3% 5.7% 5.0% 5.0%
EBITDA $25.9 $27.8 $46.2 $52.4 $57.0 $61.8 $67.0 $70.4 $73.9 7.1%
% Margin 27.0% 28.1% 33.1% 29.1% 28.2% 29.0% 29.8% 29.8% 29.8%

Cash Flow Summary

EBITDA $57.0 $61.8 $67.0 $70.4 $73.9
Less: Capital Expenditures (1.0) (1.0) (1.0) (1.0) (1.0)
Less: Changes in Working Capital (2.1) (1.0) (1.2) (1.1) (1.1)
Less: Cash Taxes (15.1) (17.5) (20.4) (22.6) (25.1)
Free Cash Flow before Debt Servicing $38.8 $42.3 $44.5 $45.7 $46.7
Less: Cash Interest (14.9) (13.2) (10.9) (8.2) (5.2)
Levered Free Cash Flow $23.9 $29.1 $33.6 $37.5 $41.5
Cumulative Free Cash Flow 23.9 53.0 86.6 124.0 165.5

Balance Sheet Summary

Cash $0.0 $3.0 $3.0 $3.0 $3.0 $3.0
Revolver $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
First Lien TL 185.0 164.1 135.0 101.4 64.0 22.5
Second Lien TL 0.0 0.0 0.0 0.0 0.0 0.0
Bank Debt 185.0 164.1 135.0 101.4 64.0 22.5
Sub Notes 0.0 0.0 0.0 0.0 0.0 0.0
Total Debt $185.0 $164.1 $135.0 $101.4 $64.0 $22.5
Net Debt 185.0 161.1 132.0 98.4 61.0 19.5

Credit Statistics
Bank Debt / EBITDA 3.5x 2.9x 2.2x 1.5x 0.9x 0.3x
Total Debt / EBITDA 3.5x 2.9x 2.2x 1.5x 0.9x 0.3x
Net Debt / EBITDA 3.5x 2.8x 2.1x 1.5x 0.9x 0.3x
EBITDA / Cash Interest 3.8x 4.7x 6.2x 8.6x 14.2x
EBITDA - CapEx / Cash Interest 3.8x 4.6x 6.1x 8.5x 14.0x
INCOME STATEMENT MGMT CASE
Fiscal Year Ending December 31, '11-'16
($ in millions) 2008A 2009A 2010A 2011E 2012E 2013E 2014E 2015E 2016E CAGR

Revenue $95.9 $99.1 $139.7 $179.9 $202.1 $212.9 $225.0 $236.3 $248.1 6.6%
% Growth 3.3% 40.9% 28.8% 12.4% 5.3% 5.7% 5.0% 5.0%

Gross Profit 36.8 39.8 59.1 68.4 75.8 81.0 86.6 90.9 95.5 6.9%
% Margin 38.4% 40.2% 42.3% 38.0% 37.5% 38.0% 38.5% 38.5% 38.5%

Operating Expenses 10.9 12.0 12.9 16.0 18.8 19.1 19.6 20.6 21.6 6.2%
% of Sales 11.4% 12.1% 9.3% 8.9% 9.3% 9.0% 8.7% 8.7% 8.7%

EBITDA 25.9 27.8 46.2 52.4 57.0 61.8 67.0 70.4 73.9 7.1%
% Margin 27.0% 28.1% 33.1% 29.1% 28.2% 29.0% 29.8% 29.8% 29.8%

Depreciation 1.0 1.0 1.0 1.3 1.4 1.5 1.6 1.7 1.8 6.6%
% of Sales 1.0% 1.0% 0.7% 0.7% 0.7% 0.7% 0.7% 0.7% 0.7%

EBIT 24.9 26.8 45.2 51.1 55.6 60.3 65.4 68.7 72.1 7.1%
% Margin 26.0% 27.0% 32.3% 28.4% 27.5% 28.3% 29.1% 29.1% 29.1%

Amortization of Financing Fees (0.9) (0.9) (0.9) (0.9) (0.9)

Interest Income 0.0 0.0 0.0 0.0 0.0
Interest Expense (14.9) (13.2) (10.9) (8.2) (5.2)
Pre Tax Income $39.7 $46.2 $53.6 $59.5 $66.0

Taxes 15.1 17.5 20.4 22.6 25.1

Net Income $24.6 $28.6 $33.2 $36.9 $40.9
CASH FLOW SUMMARY
Fiscal Year Ending December 31,
($ in millions) 2008A 2009A 2010A 2011E 2012E 2013E 2014E 2015E 2016E

Cash Flow Available 23.9 29.1 33.6 37.5 41.5

Add: Opening Cash Balance 0.0 3.0 3.0 3.0 3.0
Less: Minimum Cash Balance (3.0) (3.0) (3.0) (3.0) (3.0)
Cash Flow Available for Debt Repayment 20.9 29.1 33.6 37.5 41.5
First Lien Mandatory Amortization 0.0 0.0 0.0 0.0 0.0
Cash Flow Available for Optional Debt Repayment 20.9 29.1 33.6 37.5 41.5

Optional Debt Paydown / Drawdown

Revolver Drawdown / (Repayment) 0.0 0.0 0.0 0.0 0.0
Term Loan (Repayment) 100.0% (20.9) (29.1) (33.6) (37.5) (41.5)

Opening Cash Balance

Minimum Cash Refill 3.0 0.0 0.0 0.0 0.0
Excess Cash Flow Available 0.0 0.0 0.0 0.0 0.0
Ending Cash Balance 3.0 0.0 0.0 0.0 0.0
CAPEX AND WORKING CAP
Fiscal Year Ending December 31,
($ in millions) 2008A 2009A 2010A 2011E 2012E 2013E 2014E 2015E 2016E

Capital Expenditures
Maintenance Capital Expenditures 0.4 0.3 0.2 0.4 0.2 0.2 0.2 0.2 0.2
% of Sales 0.4% 0.3% 0.1% 0.2% 0.1% 0.1% 0.1% 0.1% 0.1%
Growth Capital Expenditures 0.5 0.5 0.6 0.6 0.8 0.8 0.8 0.8 0.8
Total Capex 0.9 0.8 0.8 1.0 1.0 1.0 1.0 1.0 1.0

Capital Expenditures 0.9 0.8 0.8 1.0 1.0 1.0 1.0 1.0 1.0
% of Sales 0.9% 0.8% 0.5% 0.6% 0.5% 0.5% 0.4% 0.4% 0.4%

Working Capital
Net Working Capital 17.1 19.2 20.2 21.4 22.5 23.6
% of sales 9.5% 9.5% 9.5% 9.5% 9.5% 9.5% 9.5% 9.5% 9.5%

Changes in Working Capital 2.1 1.0 1.2 1.1 1.1

SECURITIES SCHEDULE
Fiscal Year Ending
($ in millions) 2011PF 2012E 2013E 2014E 2015E 2016E
LIBOR 0.50% 0.50% 0.50% 0.50% 0.50%

Revolver
Beginning Balance $0.0 $0.0 $0.0 $0.0 $0.0
Drawdown / (Repayment) 0.0 0.0 0.0 0.0 0.0
Ending Balance $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Undrawn Revolver Capacity $30.0 $30.0 $30.0 $30.0 $30.0 $30.0

Commitment Fee 38 bps 0.1 0.1 0.1 0.1 0.1
Interest Expense L+225 bps 0.0 0.0 0.0 0.0 0.0

Capital Leases
Beginning Balance $0.0 $0.0 $0.0 $0.0 $0.0
Optional Repayment 0.0 0.0 0.0 0.0 0.0
Ending Balance $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Interest Expense 7.50% 0.0 0.0 0.0 0.0 0.0

First Lien TL
Beginning Balance $185.0 $164.1 $135.0 $101.4 $64.0
Mandatory Amortization 0.0% 0.0 0.0 0.0 0.0 0.0
Cash Flow Sweep 100.0% (20.9) (29.1) (33.6) (37.5) (41.5)
Optional Repayment 0.0 0.0 0.0 0.0 0.0
Ending Balance $185.0 $164.1 $135.0 $101.4 $64.0 $22.5

Interest Expense 8.00% 14.8 13.1 10.8 8.1 5.1

Second Lien TL
Beginning Balance $0.0 $0.0 $0.0 $0.0 $0.0
Optional Repayment 0.0 0.0 0.0 0.0 0.0
Ending Balance $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Interest Expense L+550 bps 0.0 0.0 0.0 0.0 0.0

Subordinated Notes
Beginning Balance $0.0 $0.0 $0.0 $0.0 $0.0
Optional Repayment 0.0 0.0 0.0 0.0 0.0
Ending Balance $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Interest Expense 11.00% 0.0 0.0 0.0 0.0 0.0

Total Interest Expense $14.9 $13.2 $10.9 $8.2 $5.2

Cash
Beginning Balance $0.0 $3.0 $3.0 $3.0 $3.0
Net Cash Flow 3.0 0.0 0.0 0.0 0.0
Ending Balance $0.0 $3.0 $3.0 $3.0 $3.0 $3.0

Interest Income 1.00% 0.0 0.0 0.0 0.0 0.0

Total Interest Expense, Net $14.9 $13.2 $10.9 $8.2 $5.2

AMORTIZATION OF FINANCING FEES

1 2 3 4 5
($ in millions) 2012E 2013E 2014E 2015E 2016E
Amount Term
New Revolving Credit Facility 0.9 6 yrs 0.2 0.2 0.2 0.2 0.2
New First Lien Term Loan 5.6 7 yrs 0.8 0.8 0.8 0.8 0.8
New Second Lien Term Loan 0.0 7 yrs 0.0 0.0 0.0 0.0 0.0
New Sub Notes 0.0 8 yrs 0.0 0.0 0.0 0.0 0.0
Total Amortization of Financing Fees 6.5 0.9 0.9 0.9 0.9 0.9