CLOSING THE DEAL - BLANK MODEL SET: THE BOOK'S OWN INPUTS

The four model workbooks, with their 64 inputs emptied. Type these values back into the cells
named below and the book's results come back. The switches (1 or 0) and the shape dropdown are
left as they are in the book: every item switched on, the cliff chosen.

The_Equity_Bridge_Blank.xlsx  (22 inputs)
   '1. Assumptions'!B4             Enterprise value (EUR m)                                      118
   '1. Assumptions'!B5             LTM EBITDA (EUR m)                                            14.75
   '1. Assumptions'!B7             Cash on the balance sheet (EUR m)                             6.8
   '1. Assumptions'!B8             Trapped cash (EUR m)                                          1.9
   '1. Assumptions'!B12            Bank debt drawn                                               31.5
   '1. Assumptions'!B13            Overdraft drawn at completion                                 2.4
   '1. Assumptions'!B14            Finance leases                                                4.2
   '1. Assumptions'!B15            Operating leases capitalised (disputed)                       7.9
   '1. Assumptions'!B16            Pension deficit, funding basis (disputed)                     3.6
   '1. Assumptions'!B17            Deferred consideration owed                                   1.8
   '1. Assumptions'!B18            Accrued but unpaid bonuses (disputed)                         1.15
   '1. Assumptions'!B19            Corporation tax payable (disputed)                            2.05
   '1. Assumptions'!B20            Deferred revenue (disputed)                                   3.4
   '1. Assumptions'!B21            Capex committed, uninvoiced (disputed)                        2.6
   '1. Assumptions'!B22            Dividend declared, unpaid                                     1.5
   '1. Assumptions'!B23            Transaction costs of the seller                               2.2
   '1. Assumptions'!B29            Working capital at completion (EUR m)                         22.4
   '1. Assumptions'!B30            Target working capital, the peg (EUR m)                       19.8333
   '3. What is at stake'!B6        The choice of working capital peg                             7
   '3. What is at stake'!B7        Locked box against completion accounts                        6.5635
   '3. What is at stake'!B8        Earn-out protection against no protection                     6.6
   '3. What is at stake'!B9        Linear earn-out against a cliff                               6.9

Locked_Box_or_Completion_Accounts_Blank.xlsx  (10 inputs)
   '1. Assumptions'!B4             Enterprise value (EUR m)                                      118
   '1. Assumptions'!B5             Target working capital, the peg (EUR m)                       19.8333
   '1. Assumptions'!B7             Net debt at the locked box date (EUR m)                       47.5
   '1. Assumptions'!B8             Working capital at the locked box date (EUR m)                16.9
   '1. Assumptions'!B9             Ticker rate                                                   0.06
   '1. Assumptions'!B10            Months to completion                                          3
   '1. Assumptions'!B11            Leakage (EUR m)                                               0.85
   '1. Assumptions'!B12            Permitted leakage (EUR m)                                     0.42
   '1. Assumptions'!B14            Net debt on the completion accounts (EUR m)                   59.4
   '1. Assumptions'!B15            Working capital at completion (EUR m)                         22.4

Working_Capital_and_the_Peg_Blank.xlsx  (18 inputs)
   '1. The twelve months'!B5       Month 1, working capital                                      17.8
   '1. The twelve months'!B6       Month 2, working capital                                      18.4
   '1. The twelve months'!B7       Month 3, working capital                                      19.6
   '1. The twelve months'!B8       Month 4, working capital                                      21.3
   '1. The twelve months'!B9       Month 5, working capital                                      22.8
   '1. The twelve months'!B10      Month 6, working capital                                      23.9
   '1. The twelve months'!B11      Month 7, working capital                                      22.1
   '1. The twelve months'!B12      Month 8, working capital                                      20.4
   '1. The twelve months'!B13      Month 9, working capital                                      19.1
   '1. The twelve months'!B14      Month 10, working capital                                     18.2
   '1. The twelve months'!B15      Month 11, working capital                                     17.5
   '1. The twelve months'!B16      Month 12, working capital                                     16.9
   '1. The twelve months'!B24      Working capital at completion                                 22.4
   '1. The twelve months'!B26      Month in which completion falls (1 to 12)                     6
   '1. The twelve months'!B27      Enterprise value (EUR m)                                      118
   '1. The twelve months'!B28      Net debt, buyer's definition (EUR m)                          59.4
   '1. The twelve months'!B31      Locked box date, month                                        12
   '1. The twelve months'!B32      Months from the box to completion                             3

The_Earn_Out_Blank.xlsx  (14 inputs)
   '1. Assumptions'!B4             Threshold, nothing below this (EUR m of EBITDA)               16
   '1. Assumptions'!B5             Target, full payment at or above (EUR m of EBITDA)            18
   '1. Assumptions'!B6             Maximum per year (EUR m)                                      6
   '1. Assumptions'!B7             Maximum in total (EUR m)                                      12
   '1. Assumptions'!B9             EBITDA, year 1 (EUR m)                                        16.9
   '1. Assumptions'!B10            EBITDA, year 2 (EUR m)                                        17.4
   '1. Assumptions'!B14            Buyer's management charge                                     -0.75
   '1. Assumptions'!B15            Change of accounting policy                                   -0.35
   '1. Assumptions'!B16            Integration and restructuring costs                           -0.6
   '1. Assumptions'!B17            Synergy benefit credited                                      0.45
   '1. Assumptions'!B18            Bonus accrual for the retained team                           -0.3
   '1. Assumptions'!B19            Capex deferred by the buyer                                   0.25
   '1. Assumptions'!B23            The seller's projection, EBITDA year 1 (EUR m)                18
   '1. Assumptions'!B24            The seller's projection, EBITDA year 2 (EUR m)                18
