ATTACHMENT B Standard Ltd Financial Projections PROFIT PROJECTIONS Year 0 Year 1 Year 2 Year 3 Revenue 10.00 11.00 12.10 13.31 EBITDA 1.50 1.65 1.82 2.00 Less Depreciation & Amortisation -0.25 -0.28 -0.30 -0.33 EBIT 1.25 1.38 1.51 1.66 Less Senior Debt Interest 0.00 -1.00 -0.99 -0.96 Profit Before Tax 1.25 0.38 0.53 0.70 Less Tax -0.38 -0.11 -0.16 -0.21 Profit After Tax 0.88 0.26 0.37 0.49 CASH FLOW PROJECTIONS EBIT Year 1 Year 2 Year 3 1.38 1.51 1.66 19 Plus Depreciation & Amortisation 0.28 0.30 0.33 Less CAPEX -0.28 -0.30 -0.33 Less WC Increase -0.12 -0.13 -0.15 Free Cash Flow Before Financing 1.26 1.38 1.52 Less Senior Debt Interest -1.00 -0.99 -0.96 Less Tax -0.11 -0.16 -0.21 Free Cash Flow After Financing 0.14 0.24 0.35 SENIOR DEBT BALANCE Year 1 Year 2 Year 3 Beginning Debt Balance 10.00 9.86 9.62 Less FCF After Financing Ending Debt Balance -0.14 -0.24 -0.35 10.00 9.86 9.62 9.27 ATTACHMENT C Company Comparables and Market Data Selected Company Data (billions) Long- Shareholders' Term Market Company Revenue EBITDA Equity Debt Capitalisation A $1.10 $0.22 $1.98 $0.26 $3.76 B $2.89 $0.72 $5.06 $1.01 $8.60 $1.23 $0.33 $1.66 $0.30 $2.49 Selected Capital Markets Data Long-Term Interest 10 Year Treasury Difference Between Rate of Bond Yields of Share Company Interest Equities and Company Price Bonds Equity Beta Rate Bonds A $14.34 5.8% 1.75 B $19.45 5.3% 1.50 2.8% 6.3% $34.67 4.8% 1.35