Merger Model - Blank

Rules of the Road for the Merger Model
1. Complete the Acquiror and Target information on the [Deal Summary] tab located at the top of the page. We will assume a
9/30/06 Transaction Date.
2. Load financial information for the Acquiror and Target. (Weve already done this for you. Please remember that you are still
responsible for every number in the model.)
3. Consolidate the financial data for the Acquiror and Target on the [Deal] tab in the model down to the EBITDA Line.
4. On the [Deal Summary] tab load the Trading Information for both companies. Assume a 35% premium to Triumph Groups
stock price of $40.46 for the transaction.
5. On the [Deal Summary] tab link the Moog Stand Alone information.
6. Complete the Consolidated Depreciation and Cap Ex portion of the model on the [Deal] tab in the model.
7. Link the respective Balance Sheets for both the Acquiror and Target to the Balance Sheet Transaction Adjustments located on
the [Deal Summary] tab.
8. Complete the Sources and Uses of Funds section on the [Deal Summary] tab. Assume 3.0x Senior Leverage (L+300 with a
100bps underwriting fee) and 5.0x Total Leverage (Senior Notes priced at 9% cash pay coupon with a 2.5% Gross Spread).
9. Complete the Goodwill Calculation section on the [Deal Summary] tab.

10. Complete the Consolidated Depreciation and Amortization section of the [Deal] tab and link it to the appropriate line items in
the Income Statement section of the [Deal] tab.
11. Complete the Financing and Accounting section of the Balance Sheet Transaction Adjustments section to the [Deal Summary]
tab. Ensure that the Financing and Accounting columns offset each other so that the Consolidated column balances. Pay
particular attention to this section as it is the main driver of the model.
12. Link the Consolidated Pro Forma Balance Sheet on the [Deal] tab to the Consolidated Pro Forma Balance Sheet on the [Deal
Summary] tab.
13. Project the Balance Sheet line items on the [Deal] tab.
14. Project the rest of the Asset line items on the Balance Sheet on the [Deal] tab.
15. Link all of the items in the Cash Flow Statement on the [Deal] tab be sure to pay particular attention to the + or sign of
each line item. Stop and ask yourself does this make sense and remember an increase in an Asset is a USE of Cash and an
increase in a Liability is a SOURCE of Cash.
16. On the [Deal] tab link the Ending Cash Balance from the Consolidated Cash Flow Statement to the Cash Line Item on the
Balance Sheet.
17. On the [Deal] tab complete the Consolidated Tax Table sections and link them to the appropriate places in the Consolidated
Income Statement and Consolidated Cash Flow Statement sections of the [Deal] tab.
18. On the [Deal] tab complete the Consolidated Debt & Preferred Schedules and link it to the appropriate sections of the
Consolidated Balance Sheet on the [Deal] tab.
19. On the [Deal] tab complete the Shares, Interest Expense & Fixed Charges section and link it to the appropriate sections of the
Consolidated Balance Sheet and Consolidated Income Statement sections of the [Deal] tab.
20. You should now have the Consolidated Income Statement on the [Deal] tab completed to the Net Income line. If you have a
#REF error then you will need to Jump Start or Ref Bust the model.
21. Check to make sure that the balance sheet balances if it does balance then you should still recheck all line items for trends to
ensure that they make sense. If your balance sheet does not balance then you need to recheck each line item to determine
where the error has occurred. Be methodical about checking line-by-line and dont try to fix the entire model all at once take
your time and check each line and ask yourself if it makes sense.
22. Complete the Moog Pro Forma EPS calculations on the [Deal Summary] tab and finalize the Accretion / Dilution analysis.
23. On the [Deal Summary] tab link the Summary Pro Form Credit Statistics and Accretion / (Dilution) Summary sections to the
appropriate sections of the [Deal] tab.
24. Complete the Fully Diluted Ownership in Acquiror section on the [Deal Summary] tab.
25. On the [Deal Summary] tab link the Pro Forma Credit Statistics to the appropriate line items on the [Deal] tab.
26. Complete the [Analysis at Prices] tab for the Target.
27. Build-out the Percentage Debt / Equity consideration into the model after you have the base-line model up-and-running.
28. Build data tables to show appropriate sensitivities for the merger analysis.
Additional Information / Assumptions

Do not worry about 2011, do all CAGRS to 2010 where there is 2011
Rules of the Road for the Merger Model
Be careful on the Acquiror I/S (COGS includes Depreciation and SG&A includes amortization which is different than the target
financial statements)
Do not worry about filling out rows 249 - 259 on "Deal" Tab
Senior notes should be priced at 9% cash pay
Interest expense on drawn revolver should be the same as the senior debt
No amortization of senior or sub debt
Pro Forma EBITDA for leverage should include synergies
Decrease Tangible book value of Triumph Group by the Transaction costs for allocation to Goodwill
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Pro Forma Merger Overview
(Dollars in Millions, Except Per Share Data)
Transaction Summary Trading Information

Merger of Moog and Triumph Group Triumph Group
All Stock Purchase Price @ $0.00 (0.0% Premium to Market) Enterprise Value Moog Current
Annual Synergy Savings of [x] Share Price
Transaction Date : September 30, 2006 Premium
Fully Diluted Shares
Sources and Uses of Funds
Sources of Funds Amount Rate Percent Equity Market Value
Balance Sheet Cash Plus: Debt
Bank Revolver Less: Cash
Acquisition Senior Debt Enterprise Value
Acquisition Subordinated Debt
Acquisition PIK Preferred Multiple Analysis
Acquiror Common Equity 2006 E Revenue FYE 9/30
Total Sources of Funds 2007 E Revenue
2006 E EBITDA
Uses of Funds 2007 E EBITDA
Triumph Group Common Equity 2006 E P/E Ratio
Existing Bank Revolver 2007 E P/E Ratio
Existing Senior Debt
Existing Subordinated Debt Triumph Group Summary Pro Forma Credit Statistics
Existing Preferred Stock FYE 9/30 2006 2007
Debt Repurchase Premium EBITDA/Interest Expense
Transaction Costs (EBITDA-Capex)/Interest Expense
Financing Fees Debt/EBITDA
Additional Cash on Balance Sheet Debt/Book Equity
Total Uses of Funds Debt/Book Capitalization
Fully Diluted Ownership in Acquiror Goodwill Calculation

Exchange Ratio Moog Post-Merger Goodwill
Shares Percent Purchase Price of Equity
Moog Shareholders Less: Asset Write-Up, Net of DTL 10.0%
Triumph Group Shareholders Less: Write off of R&D 0.0%
Total Less: Identifiable Intangibles, Net of DTL 15.0%
Less: Tangible Book Value of Triumph Group
Total Deal Goodwill
Accretion / (Dilution) Summary Depreciation Period (Years) of Asset Writeup
EPS 2007 2008 2009 Annual Depreciation of Asset Writeup
Absolute Change Amortization Period (Years) of Identifiable Intangibles
Percent Change Annual Amortization of Identifiable Intangibles
Total Pre-Tax Synergies Required
Pro Forma Break Even P/E Multiple
Deal Summary
03/28/2017 12:50:43
Moog Acc. / (Dil.) Analysis

Estimated Projected
2006 PF 2007 2008 2009 2010 2011
Moog Stand Alone

Net Income
Fully Diluted Shares Outstanding
Reported EPS
Moog Pro Forma

Net Income
Fully Diluted Shares Outstanding
Reported EPS
Implied P/E Multiple (1)
Moog Reported EPS Accretion / (Dilution)

Absolute $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Percent NM NM NM NM NM NM
Pre-Tax Synergies Required for Reported EPS Neutrality
(1) Assumes no change in acquiror's stock price.
Deal Summary
03/28/2017 12:50:43
Balance Sheet - Transaction Adjustments
Moog Triumph Group Adjustments Consolidated

Assets 09/30/06 09/30/06 Financing Accounting Pro Forma
Cash and Cash Equivalents $0.0
Accounts Receivable 0.0
Inventory 0.0
Other Current Assets 0.0
Total Current Assets 0.0
Net Property, Plant & Equipment 0.0

Deal Goodwill 0.0
Existing Goodwill 0.0
Deferred Fees 0.0
Deferred Tax 0.0
Other Intangible Assets 0.0
Other Assets 0.0
Total Assets $0.0
Liabilities and Shareholders' Equity

Bank Revolver $0.0
Accounts Payable 0.0
Other Current Liabilities 0.0
Total Current Liabilities 0.0
Other Liabilities 0.0

Deferred Tax 0.0
Existing Senior Debt at Triumph Group 0.0

Existing Senior Debt at Moog 0.0
Acquisition Senior Debt 0.0
Existing Subordinated Debt at Triumph Group 0.0
Existing Subordinate Debt at Moog 0.0
Acquisition Subordinated Debt 0.0
Total Long Term Debt 0.0
Total Liabilities 0.0
Minority Interest 0.0

Existing Preferred Stock 0.0
Acquisition PIK Preferred 0.0
Common Equity 0.0
Total Liabilities and Equity $0.0
Balance Sheet Check 0
Deal Summary
03/28/2017 12:50:43
Pro Forma Credit Statistics
Pro Forma Projected

2006 2007 2008 2009 2010 2011
Cash Stand Alone

Cash Pro Forma
EBITDA Stand Alone
EBITDA Pro Forma (Includes Synergies)
EBIT Stand Alone
EBIT Pro Forma
Interest Expense (net) Stand Alone
Interest Expense (net) Pro Forma
Total Fixed Charges Stand Alone
Total Fixed Charges Pro Forma
Total Debt Stand Alone
Total Debt Pro Forma
Total Debt, Preferred & Minority Interest Standalone
Total Debt, Preferred & Minority Interest Pro Forma
Total Book Equity Stand Alone
Total Book Equity Pro Forma
Total Book Capitalization Stand Alone
Total Book Capitalization Pro Forma
EBITDA / Interest Expense (net)

Moog Stand Alone #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Moog Pro Forma #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
(EBITDA - Capex )/ Interest Expense (net)

EBITDA / Fixed Charges (1)

Moog Pro Forma NM NM NM NM NM NM
EBIT / Interest Expense (net)

EBIT / Fixed Charges (1)

Total Debt / EBITDA

Deal Summary
03/28/2017 12:50:43
Total Debt / Total Book Equity

Moog Stand Alone NM NM NM NM NM NM
Total Debt / Total Book Capitalization

Net Debt / Total Book Capitalization

(1) Fixed Charges defined as net interest expense plus all cash common and preferred dividends.
Deal Summary
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Triumph Group
@ Deal
2008
15.0
10.0
Deal Summary
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CAGR
2006 - 2011
Deal Summary
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Deal Summary
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Deal Summary
03/28/2017 12:50:43
Deal Summary
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MARCH 28, 2017
Consolidated Income Statement
Fiscal Year End 9/30 Estimated Projected

2006 PF 2007 2008 2009 2010 2011
Sales
Cost of Goods Sold
Gross Profit
SG&A
Synergies
Other Operating Expenses
EBITDA
Depreciation
Amortization
EBIT
Amortization of Deferred Financing Fees

Interest Expense (Income), net
Minority Interest Expense
Other Non-Operating Expense
Pre-Tax Income
Income Tax Expense

Net Income
Preferred Dividends
Net Income to Common
Number of Fully Diluted Shares Outstanding

Fully Diluted EPS
Margin & Growth Rate Analysis

Sales Growth -- #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Gross Margin NM NM NM NM NM NM
SG&A as a % of Sales NM NM NM NM NM NM
Other Operating Expense as a % of Sales #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
EBITDA Margin NM NM NM NM NM NM
EBIT Margin NM NM NM NM NM NM
Effective Tax Rate NM NM NM NM NM NM
Pre-Tax Margin NM NM NM NM NM NM
Net Margin NM NM NM NM NM NM
Net Income Growth -- NM NM NM NM NM
Deal
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MARCH 28, 2017
Consolidated Balance Sheet
Pro Forma Projected

2006 2007 2008 2009 2010 2011
Assets
Cash and Cash Equivalents
Accounts Receivable
Inventory
Other Current Assets
Total Current Assets
Net Property, Plant & Equipment

Deal Goodwill
Existing Goodwill
Deferred Fees
Deferred Tax
Other Intangible Assets
Other Assets
Total Assets

Bank Revolver
Accounts Payable
Other Current Liabilities
Total Current Liabilities
Other Liabilities
Deferred Tax
Existing Senior Debt at Triumph Group

Existing Senior Debt at Moog
Acquisition Senior Debt
Existing Subordinated Debt at Triumph Group
Existing Subordinate Debt at Moog
Total Long Term Debt
Total Liabilities
Common Equity
Total Liabilities and Equity
Total Debt
Total Debt, Preferred & Minority Interest
Net Debt, Preferred & Minority Interest
Total Book Equity
Total Book Capitalization
Balance Sheet Check
Deal
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Deal
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MARCH 28, 2017
Consolidated Cash Flow Statement
Projected
2007 2008 2009 2010 2011
Cash Flow From Operations
Net Income
Depreciation
Existing Amortization
Amortization of Deal Goodwill
Amortization of Identifiable Intangibles
Amortization of Stock Based Compensation
Amortization of Deferred Financing Fees
Deferred Tax Asset
Deferred Tax Liability
Minority Interest
Change in Working Capital
Change in Other Assets
Change in Other Liabilities
Cash Provided / (Used) by Operating Activities
Cash Flow From Investing Activities

Capital Expenditures
Cash Provided / (Used) by Investing Activities
Cash Flow From Financing Activities

Existing Preferred Dividends
(Payments) / Borrowings on Acquisition PIK Preferred
Non-Cash Acquisition PIK Dividends
Dividend Paid to Common Shareholders
Change in Common Equity
Cash Provided / (Used) by Financing Activities
Minimum Cash
(Deficiency) / Excess Cash
Cash Provided / (Used) by Operating Activities
Cash Provided / (Used) by Investing Activities
Cash Provided / (Used) by Financing Activities
(Payments) / Borrowings on Revolver

Total Change In Cash
Beginning Cash Balance

Change In Cash
Ending Cash Balance
Cash Check
Deal
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MARCH 28, 2017
Consolidated Depreciation & Amortization
Estimated Projected
2006 PF 2007 2008 2009 2010 2011
Capital Expenditures
% Change
Depreciation
Depreciation
Depreciation of Asset Write-Up
Total Depreciation
Amortization
Transaction Goodwill
Purchase Price of Equity
Less: Asset Write-Up
Less: Write-Off of R&D
Less: Identifiable Intangibles Write-Up
Less: Tangible Book Value of Triumph Group
Beginning Transaction Goodwill
Amortization of Transaction Goodwill (1)

Amortization of Stock Based Compensation
Amortization of Deferred Financing Fees 6.0
Amortization of Existing Goodwill
Amortization of Transaction Identifiable Intangibles
Amortization of Intangible Assets
Total Amortization
Total Depreciation & Amortization
Deal
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MARCH 28, 2017
Consolidated Tax Table
Estimated Projected
2006 PF 2007 2008 2009 2010 2011
Pre-Tax Income
Plus: Asset Write-Up Depreciation
Plus: Identifiable Intangibles Write-Up
Plus: Existing Goodwill
Plus: Minority Interest Expense
Plus: Deal Goodwill
Taxable Income
Less: NOL Adjustment
Adjusted Taxable Income
Income Tax Expense @ 40.0%
Income Tax Expense @ 40.0%

Current Deferred Taxes
Deferred Tax Asset
Deferred Tax Liabilities
Cash Taxes
Percent of Total Income Taxes Deferred 0.0% 0.0% 0.0% 0.0% 0.0%
Deferred Tax $0.0 $0.0 $0.0 $0.0 $0.0
Net Operating Losses

Beginning Balance
Accrual / (Use)
Ending Balance
Deal
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MARCH 28, 2017
Consolidated Tax Table
Estimated Projected
2006 PF 2007 2008 2009 2010 2011
Deferred Tax Asset

Beginning Balance
Increase/(Decrease) from Timing Difference of Depreciation of Asset Writeup
Increase/(Decrease) from Timing Difference of Amorization of Intangibles Writeup
Amortization
Ending Balance
Deferred Tax Liability with Asset Write-Up and Intangibles Write-Up

Beginning Balance
Increase/(Decrease) from Goodwill Amortization In Asset Deal
Amortization
Ending Balance
Asset Writeup Book/Tax Reconciliation

Book Depreciation over 15 Years
Tax Amortization over 15 Years
Taxes Associated Book Life Depreciation

Taxes Associated Tax Life Depreciation
Intangible Writeup Book/Tax Reconciliation

Book Depreciation over 15 Years
Tax Amortization over 15 Years
Taxes Associated Book Life Depreciation

Taxes Associated Tax Life Depreciation
Deal
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MARCH 28, 2017
Consolidated Debt & Preferred Schedule
Projected
2007 2008 2009 2010 2011
Bank Revolver
Beginning Balance
Less: (Payments) / Borrowings
Ending Balance
Interest Expense @ 0.0%
Commitment Fee Expense 0.0%
Bank Revolver Capacity of $0.0

Beginning Balance
Plus Refinancing Add-Backs
Ending Balance
Existing Senior Debt at Moog

Beginning Balance
Ending Balance

Beginning Balance
Ending Balance

Beginning Balance
Ending Balance
Existing Subordinate Debt at Moog

Beginning Balance
Ending Balance
Deal
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MARCH 28, 2017
Consolidated Debt & Preferred Schedule
Projected
2007 2008 2009 2010 2011

Beginning Balance
Less: (Payments) / Borrowin 0.0%
Ending Balance
Existing Preferred Stock

Beginning Balance
Less: (Payments) / Borrowings Moog
Less: (Payments) / Borrowings Triumph Group
Ending Balance
Preferred Dividends @ 0.0%
Acquisition PIK Preferred

Beginning Balance
Plus: PIK Additions 0.0
Ending Balance
Preferred Dividends @ 0.0%

Beginning Balance
Excess / (Deficiency) In Cash
(Payment) / Borrowing On Bank Revolver
(Payment) / Borrowing On Acquisition Senior Debt
Ending Balance
Interest Expense / (Income) 2.0%
Cash Check
Deal
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MARCH 28, 2017
Shares, Interest Expense & Fixed Charges
Projected
2007 2008 2009 2010 2011
Common Equity Share Analysis

Beginning Shares Fully Diluted Shares Outstanding
Scheduled Increase in Moog Shares Outstanding
Scheduled Increase in Triumph Group Shares Outstanding @ Exchange Ratio
Ending Shares
Interest Expense
Total Senior Debt Cash Interest Expense
Total Subordinated Debt Cash Interest Expense
Interest Cash and Cash Equivalents
Net Interest Expense (Income)
Preferred Dividends
Acquisition PIK Preferred
Total Preferred Dividends
Dividends to Common Shareholders
Total Dividends
Fixed Charges
Net Interest Expense
Total Dividends
Total Fixed Charges
Deal
Purchase Premium 30.0%
Synergies $30.0
Project TATTOO
When you build-out data tables show 2007(P) Accretion / (Dilution) Analysis (%)
a very wide range for your first cut at
the analysis. This will enable you to Premium Paid to Current
find the break-even points are w/o Share Price
having to change the analysis multiple 0.0% 10.0% 20.0%
times and will aid in determining the
sensitivity ranges that are most $0.0
applicable. $5.0
$10.0
$15.0
$20.0
$25.0
$30.0
($ in Millions) $35.0
$40.0
Synergies
$45.0
$50.0
$55.0
$60.0
$65.0
$70.0
$75.0
$80.0
$85.0
$90.0
$95.0
$100.0
2007(P) Accretion / (Dilution) Analysis ($)

At Various Prices Analysis
Share Price
0.0% 10.0% 20.0%
$0.0
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
$35.0
($ in Millions)
$40.0
Synergies
$45.0
$50.0
$55.0
$60.0
$65.0
$70.0
$75.0
$80.0
$85.0
($
$90.0
$95.0
$100.0
2007(P) Pre-Tax Synergies / (Cushion) Required to Br

($ in millions, except per share data)
At Various Prices Analysis
Share Price
0.0% 10.0% 20.0%
$0.0
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
$35.0
($ in Millions)
$40.0
Synergies
$45.0
$50.0
$55.0
$60.0
$65.0
$70.0
$75.0
$80.0
$85.0
$90.0
$95.0
$100.0
TOO / 0% Cash Project TATTOO
Dilution) Analysis (%) 2008(P) Accretion / (Dilution) Analysis (%)
emium Paid to Current Premium Paid to Current
Share Price
30.0% 40.0% 50.0% 0.0% 10.0% 20.0%
$0.0
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
$35.0
($ in Millions)
$40.0
Synergies
$45.0
$50.0
$55.0
$60.0
$65.0
$70.0
$75.0
$80.0
$85.0
$90.0
$95.0
$100.0
(Dilution) Analysis ($) 2008(P) Accretion / (Dilution) Analysis ($)

Various Prices Analysis At Various Prices Analysis
Share Price
30.0% 40.0% 50.0% 0.0% 10.0% 20.0%
$0.0
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
$35.0
($ in Millions)
$40.0
Synergies
$45.0
$50.0
$55.0
$60.0
$65.0
$70.0
$75.0
$80.0
$85.0
($
$90.0
$95.0
$100.0
ushion) Required to Breakeven 2008(P) Pre-Tax Synergies / (Cushion) Required to Breake

($ in millions, except per share data)
Various Prices Analysis At Various Prices Analysis
Share Price
30.0% 40.0% 50.0% 0.0% 10.0% 20.0%
$0.0
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
$35.0
($ in Millions)
$40.0
Synergies
$45.0
$50.0
$55.0
$60.0
$65.0
$70.0
$75.0
$80.0
$85.0
$90.0
$95.0
$100.0
TOO / 0% Cash
Dilution) Analysis (%)
emium Paid to Current
30.0% 40.0% 50.0%
(Dilution) Analysis ($)

Various Prices Analysis
30.0% 40.0% 50.0%

Cushion) Required to Breakeven
Various Prices Analysis
30.0% 40.0% 50.0%

At Various Prices Analysis - Triumph Group Project TATTOO
Premium to Current Share Price 0.0% 10.0%

Triumph Group Share Price
Fully Diluted Shares Outstanding (in Millions)
Transaction Equity Value
Plus Net Debt
Transaction Enterprise Value
Enterprise Value as a Multiple of: Statistic
Sales 2005
2006P
2007P
EBITDA 2005
2006P
2007P
EBIT 2005
2006P
2007P
Price as a Multiple of:
Fully Diluted EPS 2005

2006P
2007P
ct TATTOO MARCH 28, 2017
20.0% 30.0% 40.0% 50.0% 10.0% Step-up

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MARCH 28, 2017
Triumph Group Income Statement
Calendarized to Year Ended September 30,
Actual Estimated Projected
Fiscal Year End 9/30 2004 2005 2006 2007 2008 2009 2010 2011 2012
Sales $648.4 $714.5 $785.9 $868.5 $959.6 $1,060.4 $1,171.7 $1,294.8 $1,430.7
Cost of Goods Sold 485.9 531.7 584.9 646.3 714.2 789.2 872.0 963.6 1,064.8
Gross Profit 162.5 182.8 201.0 222.1 245.5 271.2 299.7 331.2 366.0
SG&A 98.1 107.3 118.1 130.5 144.2 159.3 176.1 194.5 215.0
Synergies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
EBITDA 64.4 75.4 83.0 91.7 101.3 111.9 123.7 136.7 151.0
Depreciation 24.5 24.6 31.7 34.6 37.9 41.4 45.4 49.8 54.6
Amortization 4.9 6.8 5.3 5.3 5.3 5.3 5.3 5.3 5.3
EBIT 35.0 44.1 46.0 51.8 58.2 65.2 73.0 81.6 91.1
Interest Expense (Income), net 12.6 12.9 10.6 18.7 15.8 12.7 9.1 5.0 0.2
Minority Interest Expense 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other Non-Operating Expense 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Pre-Tax Income 22.4 31.1 35.4 33.1 42.3 52.6 63.9 76.6 90.9
Income Tax Expense 4.8 8.1 9.2 8.6 11.0 13.7 16.6 20.0 23.7
Net Income 17.6 23.0 26.2 24.5 31.3 38.9 47.2 56.7 67.3
Preferred Dividends 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Net Income to Common $17.6 $23.0 $26.2 $24.5 $31.3 $38.9 $47.2 $56.7 $67.3
Number of Shares Outstanding 15.9 16.1 16.1 16.1 16.1 16.1 16.1 16.1 16.1
Fully Diluted EPS (In Dollars) $1.10 $1.43 $1.63 $1.52 $1.95 $2.42 $2.94 $3.53 $4.19
Margin & Growth Rate Analysis

Revenue Growth -- 10.2% 10.0% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5%
COGS as a % of Sales 74.9% 74.4% 74.4% 74.4% 74.4% 74.4% 74.4% 74.4% 74.4%
Gross Margin 25.1% 25.6% 25.6% 25.6% 25.6% 25.6% 25.6% 25.6% 25.6%
SG&A as a % of Sales 15.1% 15.0% 15.0% 15.0% 15.0% 15.0% 15.0% 15.0% 15.0%
Other Oper. Exp. as a % of Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
EBITDA Margin 9.9% 10.6% 10.6% 10.6% 10.6% 10.6% 10.6% 10.6% 10.6%
EBIT Margin 5.4% 6.2% 5.9% 6.0% 6.1% 6.2% 6.2% 6.3% 6.4%
Effective Tax Rate 21.4% 26.1% 26.1% 26.1% 26.1% 26.1% 26.1% 26.1% 26.1%
Pre-Tax Margin 3.5% 4.4% 4.5% 3.8% 4.4% 5.0% 5.5% 5.9% 6.4%
Net Margin 2.7% 3.2% 3.3% 2.8% 3.3% 3.7% 4.0% 4.4% 4.7%
Target
03/28/2017 12:50:44
MARCH 28, 2017
Triumph Group Balance Sheet


Fiscal Year End 9/30 2005 2006 2007 2008 2009 2010 2011 2012
Assets
Cash and Cash Equivalents $5.3 $11.3 $5.0 $5.0 $5.0 $5.0 $5.0 $25.8
Accounts Receivable 124.5 136.9 151.3 167.2 184.7 204.1 225.6 249.2
Inventory 229.2 252.1 278.6 307.8 340.2 375.9 415.4 459.0
Other Current Assets 10.5 11.5 12.7 14.0 15.5 17.1 18.9 20.9
Total Current Assets 369.5 411.8 447.6 494.1 545.4 602.2 664.9 754.9
Net Property, Plant & Equipment 232.1 221.7 210.6 198.7 185.9 172.3 157.5 141.6
Existing Goodwill 273.6 273.6 273.6 273.6 273.6 273.6 273.6 273.6
Other Intangible Assets 52.6 47.3 42.1 36.8 31.6 26.3 21.0 15.8
Other Assets 14.8 14.8 14.8 14.8 14.8 14.8 14.8 14.8
Total Assets $942.5 $969.2 $988.6 $1,017.9 $1,051.3 $1,089.1 $1,131.7 $1,200.7

Bank Revolver $43.9 $35.0 $34.8 $36.0 $31.7 $21.4 $4.2 $0.0
Accounts Payable 57.4 63.2 69.8 77.1 85.2 94.2 104.1 115.0
Other Current Liabilities 65.9 72.5 80.1 88.5 97.8 108.1 119.4 132.0
Total Current Liabilities 167.2 170.7 184.7 201.6 214.7 223.6 227.7 247.0
Other Liabilities 106.5 106.5 106.5 106.5 106.5 106.5 106.5 106.5
Deferred Tax 0.0 0.9 1.8 2.9 4.3 5.9 7.9 10.3
Existing Senior Debt at Triumph Group 124.4 124.4 104.4 84.4 64.4 44.4 24.4 4.4
Existing Subordinated Debt at Triumph Group 3.9 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Total Long Term Debt 128.3 124.4 104.4 84.4 64.4 44.4 24.4 4.4
Total Liabilities 402.0 402.5 397.5 395.5 390.0 380.5 366.6 368.2
Minority Interest 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Existing Preferred Stock 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Common Equity 540.5 566.6 591.1 622.4 661.3 708.5 765.2 832.5
Total Liabilities and Equity $942.5 $969.2 $988.6 $1,017.9 $1,051.3 $1,089.1 $1,131.7 $1,200.7
Total Debt $172.2 $159.4 $139.2 $120.4 $96.1 $65.8 $28.6 $4.4
Total Debt, Preferred & Minority Interest 172.2 159.4 139.2 120.4 96.1 65.8 28.6 4.4
Net Debt, Preferred & Minority Interest 166.8 148.1 134.2 115.4 91.1 60.8 23.6 (21.4)
Total Book Equity 540.5 566.6 591.1 622.4 661.3 708.5 765.2 832.5
Total Book Capitalization 712.6 726.1 730.4 742.8 757.4 774.3 793.8 836.9
Balance Sheet Check 0 0 0 0 0 0 0 0
Target
03/28/2017 12:50:44
MARCH 28, 2017
Triumph Group Cash Flow Statement
Estimated Projected
Fiscal Year End 9/30 2006 2007 2008 2009 2010 2011 2012
Cash Flow From Operations

Net Income $26.2 $24.5 $31.3 $38.9 $47.2 $56.7 $67.3
Depreciation 31.7 34.6 37.9 41.4 45.4 49.8 54.6
Amortization of Intangible Assets 5.3 5.3 5.3 5.3 5.3 5.3 5.3
Deferred Taxes 0.9 0.9 1.1 1.4 1.7 2.0 2.4
Minority Interest 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Change in Working Capital (24.1) (27.8) (30.7) (34.0) (37.5) (41.5) (45.8)
Change in Other Assets 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Change in Other Liabilities 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Cash Provided / (Used) by Operating Activities $40.0 $37.4 $44.8 $53.0 $62.0 $72.2 $83.7
Cash Flow From Investing Activities

Capital Expenditures (21.3) (23.5) (26.0) (28.7) (31.7) (35.0) (38.7)
Cash Provided / (Used) by Investing Activities ($21.3) ($23.5) ($26.0) ($28.7) ($31.7) ($35.0) ($38.7)
Cash Flow From Financing Activities

Change in Existing Senior Debt at Triumph Group 0.0 (20.0) (20.0) (20.0) (20.0) (20.0) (20.0)
Change in Existing Subordinated Debt at Triumph Group (3.9) 0.0 0.0 0.0 0.0 0.0 0.0
Change in Existing Preferred Stock 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Change in Common Equity 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Cash Provided / (Used) by Financing Activities (3.9) (20.0) (20.0) (20.0) (20.0) (20.0) (20.0)
Minimum Cash 5.0 5.0 5.0 5.0 5.0 5.0 5.0
(Deficiency) / Excess Cash $15.1 $0.2 ($1.2) $4.3 $10.3 $17.2 $25.0
Cash Provided / (Used) by Operating Activities $40.0 $37.4 $44.8 $53.0 $62.0 $72.2 $83.7
Cash Provided / (Used) by Investing Activities (21.3) (23.5) (26.0) (28.7) (31.7) (35.0) (38.7)
Cash Provided / (Used) by Financing Activities (3.9) (20.0) (20.0) (20.0) (20.0) (20.0) (20.0)
(Payments) / Borrowings on Revolver (8.9) (0.2) 1.2 (4.3) (10.3) (17.2) (4.2)
Total Change In Cash $5.9 ($6.3) $0.0 $0.0 $0.0 $0.0 $20.8
Beginning Cash Balance 5.3 11.3 5.0 5.0 5.0 5.0 5.0
Change In Cash 5.9 (6.3) 0.0 0.0 0.0 0.0 20.8
Ending Cash Balance $11.3 $5.0 $5.0 $5.0 $5.0 $5.0 $25.8
Cash Check 0 0 0 0 0 0 0
Target
03/28/2017 12:50:44
MARCH 28, 2017
Triumph Group Depreciation & Amortization

Fiscal Year End 9/30 2004 2005 2006 2007 2008 2009 2010 2011 2012
Capital Expenditures -- $19.2 $21.3 $23.5 $26.0 $28.7 $31.7 $35.0 $38.7
% Change -- 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5%
% of Sales 2.7% 2.7% 2.7% 2.7% 2.7% 2.7% 2.7% 2.7%
Beginning Balance Existing PP&E $232.1 $203.1 $174.1 $145.0 $116.0 $87.0 $58.0
Depreciation of Existing PP&E 8 29.0 29.0 29.0 29.0 29.0 29.0 29.0
Ending Balance Existing PP&E 203.1 174.1 145.0 116.0 87.0 58.0 29.0
Year Capex
Depreciation of Capital Expenditures 8 2006 $21.3 2.7 2.7 2.7 2.7 2.7 2.7 2.7
2007 $23.5 -- 2.9 2.9 2.9 2.9 2.9 2.9
2008 $26.0 -- -- 3.2 3.2 3.2 3.2 3.2
2009 $28.7 -- -- -- 3.6 3.6 3.6 3.6
2010 $31.7 -- -- -- -- 4.0 4.0 4.0
2011 $35.0 -- -- -- -- -- 4.4 4.4
2012 $38.7 -- -- -- -- -- -- 4.8
Total Depreciation $24.5 $24.6 $31.7 $34.6 $37.9 $41.4 $45.4 $49.8 $54.6
% of Sales 3.8% 3.4% 4.0% 4.0% 3.9% 3.9% 3.9% 3.8% 3.8%
Existing Intangible Assets

Beginning Balance 52.6 47.3 42.1 36.8 31.6 26.3 21.0
Amort of Non-Ded Intangibles 10 5.3 5.3 5.3 5.3 5.3 5.3 5.3
Ending Balance 47.3 42.1 36.8 31.6 26.3 21.0 15.8
Total Amortization $4.9 $6.8 5.3 5.3 5.3 5.3 5.3 5.3 5.3
Total Depreciation & Amortization $29.4 $31.4 $36.9 $39.9 $43.1 $46.7 $50.7 $55.0 $59.9
(1) Reflects recent FASB decision for the treatment of goodwill.
Target
03/28/2017 12:50:44
MARCH 28, 2017
Triumph Group Working Capital Analysis

Fiscal Year End 9/30 2005 2006 2007 2008 2009 2010 2011 2012
Operating Statistics
Days Receivables (Days) 63.6 63.6 63.6 63.6 63.6 63.6 63.6 63.6
Inventory Turns (Times) 2.3x 2.3x 2.3x 2.3x 2.3x 2.3x 2.3x 2.3x
Other Current Assets / Sales 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5%
Days Payables (Days) 39.4 39.4 39.4 39.4 39.4 39.4 39.4 39.4
Other Current Liabilities / Sales 9.2% 9.2% 9.2% 9.2% 9.2% 9.2% 9.2% 9.2%
Change in Working Capital

Increase (Decrease) in Accounts Receivable $12.4 $14.4 $15.9 $17.6 $19.4 $21.4 $23.7
Increase (Decrease) in Inventory 22.9 26.5 29.3 32.3 35.7 39.5 43.6
Increase (Decrease) in Other Current Assets 1.0 1.2 1.3 1.5 1.6 1.8 2.0
Decrease (Increase) in Accounts Payable (5.7) (6.6) (7.3) (8.1) (8.9) (9.9) (10.9)
Decrease (Increase) in Other Current Liabilities (6.6) (7.6) (8.4) (9.3) (10.3) (11.3) (12.5)
Increase (Decrease) in Net Working Capital $24.1 $27.8 $30.7 $34.0 $37.5 $41.5 $45.8
Triumph Group Tax Table

Estimated Projected
Fiscal Year End 9/30 2006 2007 2008 2009 2010 2011 2012
Pre-Tax Income $35.4 $33.1 $42.3 $52.6 $63.9 $76.6 $90.9

Plus: Minority Interest Expense 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Taxable Income 35.4 33.1 42.3 52.6 63.9 76.6 90.9
Less: NOL Adjustment 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Adjusted Taxable Income 35.4 33.1 42.3 52.6 63.9 76.6 90.9
Income Tax Expense @ 26.1% $9.2 $8.6 $11.0 $13.7 $16.6 $20.0 $23.7
Percent of Book Tax Attributable to Deferred Tax 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0%
Deferred Tax $0.9 $0.9 $1.1 $1.4 $1.7 $2.0 $2.4
Net Operating Losses

Beginning Balance $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Accrual / (Use) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Ending Balance $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Target
03/28/2017 12:50:44
MARCH 28, 2017
Triumph Group Debt & Preferred
Estimated Projected
Fiscal Year End 9/30 2006 2007 2008 2009 2010 2011 2012
Bank Revolver
Less: (Payments) / Borrowings (8.9) (0.2) 1.2 (4.3) (10.3) (17.2) (4.2)
Ending Balance $35.0 $34.8 $36.0 $31.7 $21.4 $4.2 $0.0
Interest Expense @ 6.5% $2.9 $2.3 $2.3 $2.3 $2.1 $1.4 $0.3
Commitment Fee Expense 0.2% $0.4 $0.4 $0.4 $0.4 $0.4 $0.5 $0.5
Bank Revolver Capacity $250.0
Less: (Payments) / Borrowings 0.0 (20.0) (20.0) (20.0) (20.0) (20.0) (20.0)
Ending Balance $124.4 $104.4 $84.4 $64.4 $44.4 $24.4 $4.4
Less: (Payments) / Borrowings (3.9) 0.0 0.0 0.0 0.0 0.0 0.0
Ending Balance $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Less: (Payments) / Borrowings 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Ending Balance $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Preferred Dividends @ 0.0% $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Change in Cash 5.9 (6.3) 0.0 0.0 0.0 0.0 20.8
Ending Balance $11.3 $5.0 $5.0 $5.0 $5.0 $5.0 $25.8
Interest Income @ 2.0% ($0.1) ($0.2) ($0.1) ($0.1) ($0.1) ($0.1) ($0.1)
Interest Expense
Total Senior Debt Cash Interest Expense $10.7 $10.2 $9.0 $7.8 $6.4 $4.5 $2.2
Total Subordinated Debt Cash Interest Expense 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Interest Cash and Cash Equivalents (0.1) (0.2) (0.1) (0.1) (0.1) (0.1) (0.1)
Net Interest Expense (Income) $10.6 $9.9 $8.9 $7.7 $6.3 $4.4 $2.1
Dividends
Dividends to Common Shareholders $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Existing Preferred Stock 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Total Dividends $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Fixed Charges
Net Interest Expense (Income) $10.6 $9.9 $8.9 $7.7 $6.3 $4.4 $2.1
Total Dividends 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Target
03/28/2017 12:50:44
MARCH 28, 2017
Total Fixed Charges $10.6 $9.9 $8.9 $7.7 $6.3 $4.4 $2.1
Target
Income Statement
2003 2004 2005 2006 2007 2008 2009 2010
Total Net Sales $755.5 $938.9 $1,051.3 $1,187.2 $1,338.7 $1,499.9 $1,680.7 $1,883.0
Cost of Goods Sold 516.7 644.6 718.1 811.4 915.6 1,026.6 1,151.0 1,290.0
Gross Profit 238.8 294.2 333.3 375.8 423.1 473.3 529.7 592.9
SG&A Expense 151.1 187.8 210.3 237.4 267.7 300.0 336.1 376.6
Advertising Costs 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Operating Income 87.7 106.4 123.0 138.3 155.4 173.3 193.6 216.3
Other(Income) Expense 12.3 11.9 14.4 15.0 15.0 15.0 15.0 15.0
EBIT 75.4 94.5 108.6 123.3 140.4 158.3 178.6 201.3
plus: Depreciation 28.4 34.3 35.0 33.6 34.0 34.8 35.8 37.4
plus: Amortization 0.0 0.0 0.0 1.7 1.7 1.7 1.7 1.7
EBITDA 103.8 128.8 143.6 158.6 176.0 194.7 216.1 240.4
Interest (Income) 0.0 0.0 0.0 Err:522 Err:522 Err:522 Err:522 Err:522
Other (Income) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other Expense (Income) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Interest Expense 17.1 11.1 13.7 Err:522 Err:522 Err:522 Err:522 Err:522
Pre-Tax Income 58.2 83.5 94.9 Err:522 Err:522 Err:522 Err:522 Err:522
Income Taxes Expense 15.6 26.2 30.1 Err:522 Err:522 Err:522 Err:522 Err:522
Minority Interest Expense 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Net Income $42.7 $57.3 $64.8 Err:522 Err:522 Err:522 Err:522 Err:522
Weighted Average Fully Diluted Shares Outstandin 34.9 39.6 39.5 Err:522 Err:522 Err:522 Err:522 Err:522
Earnings per Share $1.22 $1.45 $1.64 Err:522 Err:522 Err:522 Err:522 Err:522
Margins
Gross Profit Margin 31.6% 31.3% 31.7% 31.7% 31.6% 31.6% 31.5% 31.5%
SG&A Expense (% Sales) 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0%
Advertising Costs (% Sales) 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Other(Income) Expense (% Sales) 1.6% 1.3% 1.4% 1.3% 1.1% 1.0% 0.9% 0.8%
EBIT Margin 10.0% 10.1% 10.3% 10.4% 10.5% 10.6% 10.6% 10.7%
EBITDA Margin 13.7% 13.7% 13.7% 13.4% 13.1% 13.0% 12.9% 12.8%
Minority Interest Expense (% Sales) 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Net Income Margin 5.7% 6.1% 6.2% 0.0% 0.0% 0.0% 0.0% 0.0%
Growth Rate Analysis

Revenue Growth Rate n/a 24.3% 12.0% 12.9% 12.8% 12.0% 12.1% 12.0%
EBITDA Growth Rate n/a 24.1% 11.5% 10.4% 11.0% 10.6% 11.0% 11.2%
Net Income Growth Rate n/a 34.2% 13.1% n/a n/a n/a n/a n/a
Earnings per Share Growth Rate n/a 18.1% 13.4% n/a n/a n/a n/a n/a
Effective Tax Rate 26.7% 31.4% 31.7% 32.0% 32.0% 32.0% 32.0% 32.0%
Acquiror
Balance Sheet
2003 2004 2005 2006 2007 2008 2009 2010
Cash 77.5 56.7 33.8 Err:522 Err:522 Err:522 Err:522 Err:522

Accounts Receivable, net 262.1 261.8 297.0 335.0 377.8 423.3 474.3 531.4
Inventory 170.6 189.6 215.4 244.5 275.9 309.4 346.9 388.8
Total Current Assets 522.2 516.1 565.4 Err:522 Err:522 Err:522 Err:522 Err:522
PP&E, net 208.2 246.7 262.8 264.8 271.0 281.2 295.8 314.9
Goodwill 194.9 288.6 378.2 378.2 378.2 378.2 378.2 378.2
Intangibles 10.9 14.5 24.8 23.1 21.5 19.8 18.2 16.5
Defered Income Taxes 30.0 33.0 34.7 34.7 34.7 34.7 34.7 34.7
Other Long-Term Assets 25.3 26.1 37.4 37.4 37.4 37.4 37.4 37.4
Total Assets 991.6 1,124.9 1,303.3 Err:522 Err:522 Err:522 Err:522 Err:522
Accounts Payable $47.2 $54.2 $70.2 $77.8 $87.8 $98.4 $110.4 $123.7
Accrued Liabilities 122.4 139.2 185.1 202.9 228.9 256.6 287.7 322.5
Total Cur. Liabilities 185.7 207.7 269.4 296.9 335.0 375.6 421.1 472.0
Revolving Credit Facility 175.0 243.0 99.4 Err:522 Err:522 Err:522 Err:522 Err:522
Long-Term Debt 81.7 68.3 249.5 233.6 218.6 211.0 211.0 211.0
Deferred Income Taxes 32.0 34.2 36.3 36.3 36.3 36.3 36.3 36.3
Postretirement Pension Cost 91.3 97.9 125.5 125.5 125.5 125.5 125.5 125.5
Other Long-Term Liabilities 1.8 2.2 2.2 2.2 2.2 2.2 2.2 2.2
Total Liabilities 567.4 653.3 782.3 Err:522 Err:522 Err:522 Err:522 Err:522
Minority Interest 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Common Stock 30.6 45.7 45.7 $45.7 $45.7 $45.7 $45.7 $45.7
Additional Paid-In Capital 196.2 183.3 187.0 187.0 187.0 187.0 187.0 187.0
Treasury Stock (39.3) (53.3) (55.9) Err:522 Err:522 Err:522 Err:522 Err:522
Retained Earnings 236.6 295.9 344.2 Err:522 Err:522 Err:522 Err:522 Err:522
Total Equity 424.148 471.7 521.0 Err:522 Err:522 Err:522 Err:522 Err:522
Total Liabilities and Shareholders' Equity 991.6 1,124.9 1,303.3 Err:522 Err:522 Err:522 Err:522 Err:522
Check 0.0 0.0 0.0 Err:522 Err:522 Err:522 Err:522 Err:522
Total Debt $256.7 $311.3 $348.9 Err:522 Err:522 Err:522 Err:522 Err:522
Total Book Capitalization 680.8 782.9 869.9 Err:522 Err:522 Err:522 Err:522 Err:522
Total Debt / Total Book Capitalization 37.7% 39.8% 40.1% Err:522 Err:522 Err:522 Err:522 Err:522
EBITDA $103.8 $128.8 $143.6 $158.6 $176.0 $194.7 $216.1 $240.4
Total Debt to EBITDA 2.5x 2.4x 2.4x Err:522 Err:522 Err:522 Err:522 Err:522
Interest Expense $17.1 $11.1 $13.7 Err:522 Err:522 Err:522 Err:522 Err:522
EBITDA Coverage 6.06x 11.63x 10.51x Err:522 Err:522 Err:522 Err:522 Err:522
Acquiror
Segment Analysis
Aircraft Controls 2003 2004 2005 2006 2007 2008 2009
Total Net Sales $404.0 $411.9 $451.7 $478.8 $507.5 $538.0 $570.3
Cost of Goods Sold 252.9 266.2 297.5 315.3 334.2 354.3 375.5
Gross Profit 151.1 145.7 154.2 163.5 173.3 183.7 194.7
SG&A Expense 80.8 82.4 90.3 95.8 101.5 107.6 114.1

Advertising Costs 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Corporate & Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Operating Income 70.3 63.3 63.9 67.7 71.8 76.1 80.7
70.3 63.3 63.9
plus: Depreciation 15.5 15.7 15.5 14.8 15.0 15.3 15.8
plus: Amortization 0.0 0.0 0.0 0.5 0.5 0.5 0.5
EBITDA $85.8 $79.0 $79.4 $83.0 $87.2 $91.9 $96.9
Margins
Gross Profit Margin 37.4% 35.4% 34.1% 34.1% 34.1% 34.1% 34.1%
SG&A Expense (% Sales) 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0%
Advertising Costs (% Sales) 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Corporate & Other (% Sales) 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Operating Income (% Sales) 17.4% 15.4% 14.1% 14.1% 14.1% 14.1% 14.1%
Depreciation (% Sales) 3.8% 3.8% 3.4% 3.1% 2.9% 2.8% 2.8%
Amortization (% Sales) 0.0% 0.0% 0.0% 0.1% 0.1% 0.1% 0.1%
EBITDA Margin 21.2% 19.2% 17.6% 17.3% 17.2% 17.1% 17.0%

Revenue Growth Rate n/a 1.9% 9.7% 6.0% 6.0% 6.0% 6.0%
EBITDA Growth Rate n/a -7.8% 0.5% 4.5% 5.1% 5.3% 5.5%
Space and Defense Controls 2003 2004 2005 2006 2007 2008 2009
Total Net Sales $114.1 $115.8 $128.5 $133.6 $139.0 $144.5 $150.3
Gross Profit 25.9 26.4 36.8 38.2 39.8 41.4 43.0
SG&A Expense 22.8 23.2 25.7 26.7 27.8 28.9 30.1

Corporate & Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0
3.1 3.2 11.1
EBITDA $6.3 $6.8 $15.8 $16.4 $16.9 $17.5 $18.2
Margins
EBITDA Margin 5.5% 5.9% 12.3% 12.3% 12.2% 12.1% 12.1%

EBITDA Growth Rate n/a 8.8% 132.0% 3.9% 3.1% 3.4% 3.7%
Acquiror
Segment Analysis
Acquiror
Segment Analysis
Industrial Controls
2003 2004 2005 2006 2007 2008 2009
Total Net Sales $237.4 $281.6 $315.0 $374.8 $442.3 $517.4 $600.2
Gross Profit 61.8 80.6 90.0 107.1 126.4 147.8 171.5
SG&A Expense 47.5 56.3 63.0 75.0 88.5 103.5 120.0

Corporate & Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0
14.3 24.3 27.0
EBITDA $24.1 $35.4 $37.9 $42.9 $48.8 $55.5 $62.9
Margins
EBITDA Margin 10.1% 12.6% 12.0% 11.4% 11.0% 10.7% 10.5%

EBITDA Growth Rate n/a 47.0% 6.9% 13.4% 13.8% 13.7% 13.4%
Components
2003 2004 2005 2006 2007 2008 2009
Total Net Sales $0.0 $129.6 $156.2 $200.0 $250.0 $299.9 $359.9
Gross Profit 0.0 41.5 52.3 66.9 83.7 100.4 120.5
SG&A Expense 0.0 25.9 31.2 40.0 50.0 60.0 72.0

Corporate & Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0
15.6 21.0
EBITDA $0.0 $19.4 $24.9 $31.3 $38.1 $44.9 $53.1
Margins
EBITDA Margin 0.0% 15.0% 16.0% 15.6% 15.2% 15.0% 14.7%

Revenue Growth Rate n/a n/a 20.5% 28.0% 25.0% 20.0% 20.0%
Acquiror
EBITDA Growth Rate n/a n/a
Segment Analysis 28.2% 25.4% 21.7% 17.9% 18.3%
Acquiror
Segment Analysis
2010
$604.5
398.1
206.4
120.9
0.0
0.0
85.5
16.4
0.5
$102.4
34.1%
20.0%
0.0%
0.0%
14.1%
2.7%
0.1%
16.9%
6.0%
5.7%
2010
$156.3
111.6
44.7
31.3
0.0
0.0
13.5
5.2
0.2
$18.9
28.6%
20.0%
0.0%
0.0%
8.6%
3.3%
0.1%
12.1%
4.0%
4.0%
Acquiror
Segment Analysis
Acquiror
Segment Analysis
2010
$690.3
493.0
197.2
138.1
0.0
0.0
59.2
11.6
0.4
$71.1
28.6%
20.0%
0.0%
0.0%
8.6%
1.7%
0.1%
10.3%
15.0%
13.0%
2010
$431.9
287.3
144.6
86.4
0.0
0.0
58.2
4.1
0.6
$62.9
33.5%
20.0%
0.0%
0.0%
13.5%
1.0%
0.1%
14.6%
20.0%
Acquiror
18.6%
Segment Analysis
Acquiror
Cash Flow
2006 2007 2008 2009 2010
Operating Activities
Net Income Err:522 Err:522 Err:522 Err:522 Err:522
Depreciation 33.6 34.0 34.8 35.8 37.4
Amortization 1.7 1.7 1.7 1.7 1.7
Minority Interest 0.0 0.0 0.0 0.0 0.0
Change in Working Capital (38.3) (38.3) (40.7) (45.7) (51.1)
Change in Other Long-Term Assets & Liabilities 0.0 0.0 0.0 0.0 0.0
Other 0.0 0.0 0.0 0.0 0.0
Cash Flow from Operating Activities Err:522 Err:522 Err:522 Err:522 Err:522
Investing Activities
Capital Expenditures (35.6) (40.2) (45.0) (50.4) (56.5)
Asset Sales 0.0 0.0 0.0 0.0 0.0
Additions to Goodwill / Intangibles 0.0 0.0 0.0 0.0 0.0
Other 0.0 0.0 0.0 0.0 0.0
Cash Flow from Investing Activities ($35.6) ($40.2) ($45.0) ($50.4) ($56.5)
CASH FLOW AVAILABLE FOR FINANCING ACTIVITIES Err:522 Err:522 Err:522 Err:522 Err:522
Financing Activities
Proceeds from / (Repayment of) Revolver Err:522 Err:522 Err:522 Err:522 Err:522
Proceeds from / (Repayment of) Long Term Debt (15.9) (15.0) (7.6) (0.0) (0.0)
Issuance / (Repurchase of) Equity Err:522 Err:522 Err:522 Err:522 Err:522
Dividends Err:522 Err:522 Err:522 Err:522 Err:522
Other 0.0 0.0 0.0 0.0 0.0
Cash Flow from Financing Activities Err:522 Err:522 Err:522 Err:522 Err:522
Effects of Exchange Rates on Cash 0.0 0.0 0.0 0.0 0.0

Net Change in Cash Err:522 Err:522 Err:522 Err:522 Err:522
Beginning Cash Balance 33.8 Err:522 Err:522 Err:522 Err:522
Ending Cash Balance Err:522 Err:522 Err:522 Err:522 Err:522
Acquiror
Working Cap Schedule
2003 2004 2005 2006 2007 2008 2009 2010
Net Sales $755.5 $938.9 $1,051.3 $1,187.2 $1,338.7 $1,499.9 $1,680.7 $1,883.0
Cost of Sales 516.7 644.6 718.1 811.4 915.6 1,026.6 1,151.0 1,290.0
Ratios and Assumptions

Accounts Receivable (Collection period in days) 126.6 101.8 103.1 103.0 103.0 103.0 103.0 103.0
Inventory (Days outstanding) 120.5 107.4 109.5 110.0 110.0 110.0 110.0 110.0
Other Current Assets as % of Net Sales 1.6% 0.8% 1.8% 1.5% 1.5% 1.5% 1.5% 1.5%
Accounts Payable (Days Payable) 33.3 30.7 35.7 35.0 35.0 35.0 35.0 35.0
Accrued Liabilities as % of COGS 23.7% 21.6% 25.8% 25.0% 25.0% 25.0% 25.0% 25.0%
Other Current Liabilities as % of COGS 3.1% 2.2% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%
Working Capital Balances

Accounts Receivable, net $262.1 $261.8 $297.0 $335.0 $377.8 $423.3 $474.3 $531.4
Inventory 170.6 189.6 215.4 244.5 275.9 309.4 346.9 388.8
Total Non-Cash Current Assets $444.7 $459.4 $531.6 $597.4 $673.8 $755.1 $846.4 $948.4
Accounts Payable $47.2 $54.2 $70.2 $77.8 $87.8 $98.4 $110.4 $123.7
Accrued Liabilities 122.4 139.2 185.1 202.9 228.9 256.6 287.7 322.5
Total Non-Debt Current Liabilities $185.7 $207.7 $269.4 $296.9 $335.0 $375.6 $421.1 $472.0
NET WORKING CAPITAL / (DEFICIT) $259.1 $251.7 $262.2 $300.5 $338.8 $379.5 $425.2 $476.4
(Increase)/Decrease in Working Capital $7.4 ($10.5) ($38.3) ($38.3) ($40.7) ($45.7) ($51.1)
Cash Flows by Individual Accounts

Accounts Receivable, net $0.3 ($35.2) ($38.0) ($42.8) ($45.5) ($51.0) ($57.1)
Inventory (19.1) (25.8) (29.1) (31.4) (33.4) (37.5) (41.9)
Other Current Assets 4.1 (11.3) 1.4 (2.3) (2.4) (2.7) (3.0)
Accounts Payable 7.0 16.0 7.6 10.0 10.6 11.9 13.3
Accrued Liabilities 16.8 46.0 17.7 26.0 27.7 31.1 34.8
Other Current Liabilities (1.8) (0.2) 2.1 2.1 2.2 2.5 2.8
(Increase)/Decrease in Working Capital $7.4 ($10.5) ($38.3) ($38.3) ($40.7) ($45.7) ($51.1)
Check 0.0 (0.0) 0.0 0.0 0.0 0.0 0.0
Other Long-Term Items

Deferred Income Taxes $30.0 $33.0 $34.7 $34.7 $34.7 $34.7 $34.7 $34.7
Other Long-Term Assets 25.3 26.1 37.4 37.4 37.4 37.4 37.4 37.4
Total Other Assets: $55.3 $59.1 $72.1 $72.1 $72.1 $72.1 $72.1 $72.1
(Increase)/Decrease in Other Assets: (3.8) (13.0) 0.0 0.0 0.0 0.0 0.0
Deferred Income Taxes $32.0 $34.2 $36.3 $36.3 $36.3 $36.3 $36.3 $36.3
Postretirement Pension Cost 91.3 97.9 125.5 125.5 125.5 125.5 125.5 125.5
Other Long-Term Liabilities 1.8 2.2 2.2 2.2 2.2 2.2 2.2 2.2
Total Other Liabilities: $125.1 $134.3 $164.0 $164.0 $164.0 $164.0 $164.0 $164.0
(Increase)/Decrease in Other Liabilities: (9.2) (29.6) 0.0 0.0 0.0 0.0 0.0
Change in Other Long-Term Assets and Liabilities ($13.0) ($42.7) $0.0 $0.0 $0.0 $0.0 $0.0
Acquiror
Depreciation Schedule 1 2 3 4 5
2003 2004 2005 2006 2007 2008 2009 2010
Net Sales $755.5 $938.9 $1,051.3 $1,187.2 $1,338.7 $1,499.9 $1,680.7 $1,883.0
Capital Expenditures 27.7 30.4 41.2 35.6 40.2 45.0 50.4 56.5
Capital Expenditures as % of Net Sales 3.7% 3.2% 3.9% 3.0% 3.0% 3.0% 3.0% 3.0%
Beginning Gross PP&E $450.7 $485.8 $545.1 $556.1 $591.7 $631.9 $676.9 $727.3
Capital Expenditures 27.7 30.4 41.2 35.6 40.2 45.0 50.4 56.5
(Asset Sales and Write-Offs) 7.4 28.9 (30.2) 0.0 0.0 0.0 0.0 0.0
Ending Gross PP&E $485.8 $545.1 $556.1 $591.7 $631.9 $676.9 $727.3 $783.8
Beginning Accumulated Depreciation $248.1 $277.6 $298.4 $293.2 $326.9 $360.9 $395.6 $431.5
Existing PP&E, net $262.8

Land (20.2) Useful Life
Depreciable PP&E, net $242.7 14 Years $32.4 $30.0 $27.7 $25.4 $23.1
CAPEX Useful Life

2006 35.6 14 Years $1.3 $2.5 $2.5 $2.5 $2.5
2007 40.2 1.4 2.9 2.9 2.9
2008 45.0 1.6 3.2 3.2
2009 50.4 1.8 3.6
2010 56.5 2.0
Total Depreciation Expense $28.4 $34.3 $35.0 $33.6 $34.0 $34.8 $35.8 $37.4
Ending Accumulated Depreciation 326.9 360.9 395.6 431.5 468.8
Ending PP&E, net $208.2 $246.7 $262.8 $264.8 $271.0 $281.2 $295.8 $314.9
Depreciation as % of PP&E, net 13.7% 13.9% 13.3% 12.7% 12.6% 12.4% 12.1% 11.9%
Depreciation as % of CapEx 102.6% 112.7% 85.1% 94.4% 84.7% 77.2% 71.1% 66.1%
Acquiror
Amortization Schedule 1 2 3 4 5
2003 2004 2005 2006 2007 2008 2009 2010
Net Sales $755.5 $938.9 $1,051.3 $1,187.2 $1,338.7 $1,499.9 $1,680.7 $1,883.0
Additions to Intangibles 1.5 5.8 12.7 0.0 0.0 0.0 0.0 0.0
Additions to Intangibles as % of Net Sales 0.2% 0.6% 1.2% 0.0% 0.0% 0.0% 0.0% 0.0%
Beginning Intangibles $13.2 $14.8 $20.6 $33.3 $33.3 $33.3 $33.3 $33.3
Additions to Intangibles 1.5 5.8 12.7 0.0 0.0 0.0 0.0 0.0
(Intangible Sales and Write-Offs) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Ending Gross Goodwill / Intangibles $14.8 $20.6 $33.3 $33.3 $33.3 $33.3 $33.3 $33.3
Beginning Accumulated Amortization $2.8 $3.8 $6.1 $8.5 $10.1 $11.8 $13.4 $15.1
Existing Intangibles, net $24.8

Non amort. Int. 0.0 Useful Life
Amortizable Intangibles, net $24.8 15 Years $1.7 $1.7 $1.7 $1.7 $1.7
Additions Useful Life

2006 0.0 15 Years $0.0 $0.0 $0.0 $0.0 $0.0
2007 0.0 0.0 0.0 0.0 0.0
2008 0.0 0.0 0.0 0.0
2009 0.0 0.0 0.0
2010 0.0 0.0
Total Amortization Expense $2.4 $3.8 $4.0 $1.7 $1.7 $1.7 $1.7 $1.7
Ending Accumulated Amortization $5.2 $7.6 $10.2 10.1 11.8 13.4 15.1 16.7
Ending Intangibles, net $10.9 $14.5 $24.8 $23.1 $21.5 $19.8 $18.2 $16.5
Amortization as % of Intangibles net 22.3% 26.5% 16.3% 7.1% 7.7% 8.3% 9.1% 10.0%
Acquiror
Shareholders Equity Schedule
2003 2004 2005 2006 2007 2008 2009 2010
Common Stock
Beginning Balance 41.2 45.7 45.7 45.7 45.7 45.7 45.7 45.7
Proceeds from Share Issuance 4.5 0.0 (0.0) 0.0 0.0 0.0 0.0 0.0
Ending Balance 45.7 45.7 45.7 45.7 45.7 45.7 45.7 45.7
Additional Paid-In Capital

Proceeds from Share Issuance 68.7 2.2 0.7 0.0 0.0 0.0 0.0 0.0
Net Other Activities 0.0 0.3 3.0 0.0 0.0 0.0 0.0 0.0
Ending Balance 180.9 183.3 187.0 187.0 187.0 187.0 187.0 187.0
Treasury Stock / SECT

Beginning Balance (40.0) (39.3) (53.3) (55.9) Err:522 Err:522 Err:522 Err:522
Repurchases of Stock, net of Options issued 0.7 (14.0) (2.6) Err:522 Err:522 Err:522 Err:522 Err:522
Ending Balance (39.3) (53.3) (55.9) Err:522 Err:522 Err:522 Err:522 Err:522
Retained Earnings / Other

Beginning Balance 186.4 236.6 295.9 344.2 Err:522 Err:522 Err:522 Err:522
Net Income 42.7 57.3 64.8 Err:522 Err:522 Err:522 Err:522 Err:522
Dividends (0.0) (0.0) 0.0 Err:522 Err:522 Err:522 Err:522 Err:522
Other 7.5 1.9 (16.5) 0.0 0.0 0.0 0.0 0.0
Ending Balance 236.6 295.9 344.2 Err:522 Err:522 Err:522 Err:522 Err:522
Minority Interest
Minority Interest Expense 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Additions & Reductions through Acquisitions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Ending Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Share Repurchase Assumptions

Current Year EPS $1.22 $1.45 $1.64 Err:522 Err:522 Err:522 Err:522 Err:522
Assumed Current Year EPS Multiple 30.0x 30.0x 30.0x 30.0x 30.0x
Projected Share Price Err:522 Err:522 Err:522 Err:522 Err:522
Shares repurchased - millions 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
$ Amount Repurchased $0.0 $0.0 $0.0 Err:522 Err:522 Err:522 Err:522 Err:522
Share Issuance of Options

Shares issued under options - millions 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
$ Received $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Shares Outstanding (average)

Beginning Balance (average) 39.499 Err:522 Err:522 Err:522 Err:522
Shares Issued 0.000 0.000 0.000 0.000 0.000
Shares repurchased Err:522 Err:522 Err:522 Err:522 Err:522
Ending Balance (average) 34.860 39.592 39.499 Err:522 Err:522 Err:522 Err:522 Err:522
Annual Dividend per Share $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Total Dividends Paid $0.0 $0.0 $0.0 Err:522 Err:522 Err:522 Err:522 Err:522
Dividend Payout Ratio 0.0% 0.0% 0.0% Err:522 Err:522 Err:522 Err:522 Err:522
Acquiror
Debt Schedule
2003 2004 2005 2006 2007 2008 2009 2010
CASH FLOW AVAILABLE FOR FINANCING ACTIVITIES Err:522 Err:522 Err:522 Err:522 Err:522
Plus: Issuance / (Repurchase of) Equity Err:522 Err:522 Err:522 Err:522 Err:522
Less: Dividends Paid Err:522 Err:522 Err:522 Err:522 Err:522
Other 0.0 0.0 0.0 0.0 0.0
Effects of Exchange Rates on Cash 0.0 0.0 0.0 0.0 0.0
Plus: Beginning Cash Balance 33.8 Err:522 Err:522 Err:522 Err:522
Less: Minimum Cash Balance (25.0) (25.0) (25.0) (25.0) (25.0)
Cash Available for Debt Repayment Err:522 Err:522 Err:522 Err:522 Err:522
Long-Term Debt Balances

Notes Payable $10.1 $0.9 $0.9 $0.0 $0.0 $0.0 $0.0 $0.0
Term Loan 67.5 52.5 37.5 22.5 7.5 0.0 0.0 0.0
International and Other Agreements 3.9 11.7 8.5 8.4 8.4 8.3 8.3 8.3
Obligations under Capital Leases 0.1 3.1 2.5 2.5 2.5 2.5 2.5 2.5
Senior Sub Notes (6.25%) 0.0 0.0 200.1 200.1 200.1 200.1 200.1 200.1
FFF 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
GGG 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other Debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Total Long-Term Debt $81.7 $68.3 $249.5 $233.6 $218.6 $211.0 $211.0 $211.0
Long-Term Debt (Repayments) / Borrowings

Notes Payable ($9.2) ($0.0) ($0.9) $0.0 $0.0 $0.0 $0.0
Term Loan (15.0) (15.0) (15.0) (15.0) (7.5) 0.0 0.0
International and Other Agreements 7.8 (3.3) (0.0) (0.0) (0.1) (0.0) (0.0)
Obligations under Capital Leases 3.0 (0.6) 0.0 0.0 0.0 0.0 0.0
Senior Sub Notes (6.25%) 0.0 200.1 0.0 0.0 0.0 0.0 0.0
FFF 0.0 0.0 0.0 0.0 0.0 0.0 0.0
GGG 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other Debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Total Long-Term Debt (Repayments) / Borrowings ($13.4) $181.2 ($15.9) ($15.0) ($7.6) ($0.0) ($0.0)
Cash Available for Revolving Credit Facility Err:522 Err:522 Err:522 Err:522 Err:522
Revolving Credit Facility

Beginning Balance $99.4 Err:522 Err:522 Err:522 Err:522
(Mandatory Repayments) 0.0 0.0 0.0 0.0 0.0
Funds for Discretionary (Paydown) / Borrowings Err:522 Err:522 Err:522 Err:522 Err:522
Discretionary (Paydown) / Borrowings Err:522 Err:522 Err:522 Err:522 Err:522
Ending Balance Err:522 Err:522 Err:522 Err:522 Err:522
Cash Available after all Debt Repayments / (Borrowings) Err:522 Err:522 Err:522 Err:522 Err:522
Plus: Minimum Cash Balance 25.0 25.0 25.0 25.0 25.0

Ending Cash Balance Err:522 Err:522 Err:522 Err:522 Err:522
Acquiror
Interest Schedule
2003 2004 2005 2006 2007 2008 2009 2010
Debt Balances
Notes Payable $10.1 $0.9 $0.9 $0.0 $0.0 $0.0 $0.0 $0.0
Term Loan 67.5 52.5 37.5 22.5 7.5 0.0 0.0 0.0
International and Other Agreements 3.9 11.7 8.5 8.4 8.4 8.3 8.3 8.3
Obligations under Capital Leases 0.1 3.1 2.5 2.5 2.5 2.5 2.5 2.5
Senior Sub Notes (6.25%) 0.0 0.0 200.1 200.1 200.1 200.1 200.1 200.1
FFF 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
GGG 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other Debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Revolving Credit Facility 175.0 243.0 99.4 Err:522 Err:522 Err:522 Err:522 Err:522
Cash (77.5) (56.7) (33.8) Err:522 Err:522 Err:522 Err:522 Err:522
Average Balances
Notes Payable $5.5 $0.9 $0.4 $0.0 $0.0 $0.0 $0.0
Term Loan 60.0 45.0 30.0 15.0 3.8 0.0 0.0
International and Other Agreements 7.8 10.1 8.5 8.4 8.4 8.3 8.3
Obligations under Capital Leases 1.6 2.8 2.5 2.5 2.5 2.5 2.5
Senior Sub Notes (6.25%) 0.0 100.1 200.1 200.1 200.1 200.1 200.1
FFF 0.0 0.0 0.0 0.0 0.0 0.0 0.0
GGG 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other Debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Revolving Credit Facility 209.0 171.2 Err:522 Err:522 Err:522 Err:522 Err:522
Cash (67.1) (45.2) Err:522 Err:522 Err:522 Err:522 Err:522
Interest Rates
Notes Payable 9.0% 9.0% 9.0% 9.0% 9.0% 9.0% 9.0%
Term Loan 5.8% 5.8% 5.8% 5.8% 5.8% 5.8% 5.8%
International and Other Agreements 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0%
Obligations under Capital Leases 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0%
Senior Sub Notes (6.25%) 6.3% 6.3% 6.3% 6.3% 6.3% 6.3% 6.3%
FFF 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0%
GGG 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0%
Other Debt 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0%
Revolving Credit Facility 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0%
Cash 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%
Interest Expense
Notes Payable $0.5 $0.1 $0.0 $0.0 $0.0 $0.0 $0.0
Term Loan 3.5 2.6 1.7 0.9 0.2 0.0 0.0
International and Other Agreements 0.5 0.6 0.5 0.5 0.5 0.5 0.5
Obligations under Capital Leases 0.1 0.1 0.1 0.1 0.1 0.1 0.1
Senior Sub Notes (6.25%) 0.0 6.3 12.5 12.5 12.5 12.5 12.5
FFF 0.0 0.0 0.0 0.0 0.0 0.0 0.0
GGG 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other Debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Revolving Credit Facility 14.6 12.0 Err:522 Err:522 Err:522 Err:522 Err:522
Sub-Total 19.1 21.7 Err:522 Err:522 Err:522 Err:522 Err:522
Other Interest Expense (8.0) (8.0) 0.0 0.0 0.0 0.0 0.0
Interest Expense $11.1 $13.7 Err:522 Err:522 Err:522 Err:522 Err:522
Interest Income (1.3) (0.9) Err:522 Err:522 Err:522 Err:522 Err:522
Interest Expense (From Income Statement) 17.1 11.1 13.7
Acquiror

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Merger Model - Blank

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Rules of the Road for the Merger Model

9. Complete the Goodwill Calculation section on the [Deal Summary] tab.

Additional Information / Assumptions

Transaction Summary Trading Information

Fully Diluted Ownership in Acquiror Goodwill Calculation

Moog Acc. / (Dil.) Analysis

Moog Stand Alone

Moog Pro Forma

Moog Reported EPS Accretion / (Dilution)

Pre-Tax Synergies Required for Reported EPS Neutrality

(1) Assumes no change in acquiror's stock price.

Moog Triumph Group Adjustments Consolidated

Net Property, Plant & Equipment 0.0

Liabilities and Shareholders' Equity

Other Liabilities 0.0

Existing Senior Debt at Triumph Group 0.0

Minority Interest 0.0

Balance Sheet Check 0

Pro Forma Projected

Cash Stand Alone

EBITDA / Interest Expense (net)

(EBITDA - Capex )/ Interest Expense (net)

EBITDA / Fixed Charges (1)

EBIT / Interest Expense (net)

EBIT / Fixed Charges (1)

Total Debt / EBITDA

Total Debt / Total Book Equity

Total Debt / Total Book Capitalization

Net Debt / Total Book Capitalization

Fiscal Year End 9/30 Estimated Projected

Amortization of Deferred Financing Fees

Income Tax Expense

Number of Fully Diluted Shares Outstanding

Margin & Growth Rate Analysis

Pro Forma Projected

Net Property, Plant & Equipment

Liabilities and Shareholders' Equity

Existing Senior Debt at Triumph Group

Balance Sheet Check

Cash Flow From Investing Activities

Cash Flow From Financing Activities

(Payments) / Borrowings on Revolver

Beginning Cash Balance

Amortization of Transaction Goodwill (1)

Total Depreciation & Amortization

Income Tax Expense @ 40.0%

Income Tax Expense @ 40.0%

Net Operating Losses

Deferred Tax Asset

Deferred Tax Liability with Asset Write-Up and Intangibles Write-Up

Asset Writeup Book/Tax Reconciliation

Taxes Associated Book Life Depreciation

Intangible Writeup Book/Tax Reconciliation

Taxes Associated Book Life Depreciation

Existing Senior Debt at Triumph Group

Existing Senior Debt at Moog

Acquisition Senior Debt

Existing Subordinated Debt at Triumph Group

Existing Subordinate Debt at Moog

Acquisition Subordinated Debt

Existing Preferred Stock

Acquisition PIK Preferred

Cash and Cash Equivalents

Common Equity Share Analysis