Spreadsheet: vkaminski__40810__jvcredit
Sheet: Sheet2

 | Company Name: | PaperCo |  |  | TRADING OVERLAY CASE
 | SUMMARY CREDIT STATISTICS
 |  |  |  |  |  | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010
 | EBITDA/Total Interest |  |  |  |  | 10.9574524225665 | 68.08124555348374 | NM | NM | NM | NM | NM | NM | NM | NM
 | (EBITDA-CAPEX)/Total Interest |  |  |  |  | 9.874193442049505 | 61.95718869031615 | NM | NM | NM | NM | NM | NM | NM | NM
 | Senior Debt/EBITDA |  |  |  |  | 0.3202370122064689 | NM | NM | NM | NM | NM | NM | NM | NM | NM
 | Total Debt/EBITDA |  |  |  |  | 0.7433683546599353 | 0.1049166636830375 | NM | NM | NM | NM | NM | NM | NM | NM
 | Total Debt/Capitalization |  |  |  |  | 0.2816242429633424 | 0.04654655019760373 | NM | NM | NM | NM | NM | NM | NM | NM
 | Net Total Debt/EBITDA |  |  |  |  | 0.7008781780118885 | 0.06625526568858532 | NM | NM | NM | NM | NM | NM | NM | NM
 | CONSOLIDATING INCOME STATEMENT - PaperCo - TRADING OVERLAY
 |  |  |  |  |  |  | PROJECTED FOR YEARS ENDING DECEMBER 31:
 |  |  |  |  |  | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010
 | Forest Products |  |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Pulp |  |  |  |  | 380.83014288 | 355.6953534499199 | 345.3090491291823 | 337.4705337139498 | 332.9146815088115 | 332.9146815088115 | 332.9146815088115 | 332.9146815088115 | 332.9146815088115 | 332.9146815088115
 | Publishing Paper |  |  |  |  | 495.0288057600001 | 495.7218460880641 | 492.1526487962301 | 493.2353846235818 | 494.3205024697537 | 494.3205024697537 | 494.3205024697537 | 494.3205024697537 | 494.3205024697537 | 494.3205024697537
 | Paperboard Products |  |  |  |  | 50.3445372 | 47.9783439516 | 44.8117732507944 | 44.82969796009471 | 45.36765433561585 | 45.36765433561585 | 45.36765433561585 | 45.36765433561585 | 45.36765433561585 | 45.36765433561585
 | Chemical & Other Products |  |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 |  |  |  |  |  | ______ | ______ | ______ | ______ | ______ | ______ | ______ | ______ | ______ | ______
 | Total Revenues |  |  |  |  | 926.2034858400001 | 899.395543489584 | 882.2734711762068 | 875.5356162976262 | 872.602838314181 | 872.602838314181 | 872.602838314181 | 872.602838314181 | 872.602838314181 | 872.602838314181
 | Incrm'l Trading & Fin. Svc. Gross Profit |  |  |  |  | 196.5740875 | 226.008506 | 307.971581854 | 292.659699436 | 299.93949041908 | 307.4376751316524 | 315.160805385602 | 323.1156295471701 | 331.3090984335852 | 339.7483713865928
 | Overview |  |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Cost of Goods Sold - (Excl. Depreciation) |  |  |  |  | 726.754 | 700.0094528000001 | 689.7893147891201 | 683.1673373671446 | 672.6465603716906 | 672.6465603716906 | 672.6465603716906 | 672.6465603716906 | 672.6465603716906 | 672.6465603716906
 | Freight and Commissions |  |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Trading Income |  |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Commission Income |  |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Warehousing |  |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 |  |  |  |  |  | ______ | ______ | ______ | ______ | ______ | ______ | ______ | ______ | ______ | ______
 | Gross Profit |  |  |  |  | 396.0235733400001 | 425.3945966895841 | 500.4557382410866 | 485.0279783664818 | 499.8957683615704 | 507.3939530741427 | 515.1170833280923 | 523.0719074896606 | 531.2653763760757 | 539.7046493290832
 | Staff Costs |  |  |  |  | 43.0008 | 37.410696 | 37.953151092 | 38.4920858375064 | 39.03097503923149 | 39.03097503923149 | 39.03097503923149 | 39.03097503923149 | 39.03097503923149 | 39.03097503923149
 | Additional Compensation Expense |  |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Other |  |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 |  |  |  |  |  | ______ | ______ | ______ | ______ | ______ | ______ | ______ | ______ | ______ | ______
 | Operating Income |  |  |  |  | 353.0227733400001 | 387.9839006895841 | 462.5025871490866 | 446.5358925289754 | 460.8647933223389 | 468.3629780349112 | 476.0861082888608 | 484.0409324504291 | 492.2344013368441 | 500.6736742898516
 | Other Operating Income/(Expenses) - 1 |  |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Other Operating Income/(Expenses) - 2 |  |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Corporate Adjustments |  |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | INTERMEDIATION OPPORTUNITY
 | Market Size
 | NBSK & NBHK revenues (global) |  |  |  |  | 14214 | 14640.42 | 15079.6326 | 15532.021578 | 15997.98222534 | 16477.9216921002 | 16972.25934286321 | 17481.4271231491 | 18005.86993684358 | 18546.04603494889
 | Estimated Growth Rate |  |  |  |  |  | 0.03
 | Newsprint revenues (NA) |  |  |  |  | 8446 | 8699.38 | 8960.361400000002 | 9229.172242000002 | 9506.047409260003 | 9791.228831537805 | 10084.96569648394 | 10387.51466737846 | 10699.14010739981 | 11020.11431062181
 | Estimated Growth Rate |  |  |  |  |  | 0.03
 | Total Market Size |  |  |  |  | 22660 | 23339.8 | 24039.994 | 24761.19382 | 25504.0296346 | 26269.150523638 | 27057.22503934715 | 27868.94179052756 | 28705.01004424339 | 29566.16034557069
 | Financial Trading
 | Financial Trading (% of physical) |  |  |  |  | 0.5 | 1 | 2 | 3 | 3 | 3 | 3 | 3 | 3 | 3
 | Financial Trading volumes |  |  |  |  | 11330 | 23339.8 | 48079.988 | 74283.58146000002 | 76512.0889038 | 78807.45157091401 | 81171.67511804144 | 83606.82537158269 | 86115.03013273017 | 88698.48103671208
 | Enron market share (%) |  |  |  |  | 0.6 | 0.5 | 0.4 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3
 | Enron's financial trading revenues |  |  |  |  | 6798 | 11669.9 | 19231.9952 | 22285.074438 | 22953.62667114 | 23642.2354712742 | 24351.50253541243 | 25082.04761147481 | 25834.50903981905 | 26609.54431101362
 | Trading margin |  |  |  |  | 0.0138 | 0.0125 | 0.0113 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01
 | Financial Trading Margin |  |  |  |  | 93.8124 | 145.87375 | 217.32154576 | 222.85074438 | 229.5362667114 | 236.422354712742 | 243.5150253541243 | 250.8204761147481 | 258.3450903981905 | 266.0954431101362
 | Physical Trading
 | % of market intermediated |  |  |  |  | 0.125 | 0.125 | 0.175 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2
 | Transaction velocity |  |  |  |  | 1.5 | 2 | 3 | 4 | 4 | 4 | 4 | 4 | 4 | 4
 | Ratio of intermediated vs total physical |  |  |  |  | 0.1875 | 0.25 | 0.525 | 0.8 | 0.8 | 0.8 | 0.8 | 0.8 | 0.8 | 0.8
 | Total intermediated market |  |  |  |  | 4248.75 | 5834.95 | 12620.99685 | 19808.95505600001 | 20403.22370768 | 21015.3204189104 | 21645.78003147772 | 22295.15343242205 | 22964.00803539471 | 23652.92827645656
 | Enron market share |  |  |  |  | 0.065 | 0.11 | 0.155 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2
 | Enron physical trading revenues |  |  |  |  | 276.16875 | 641.8445 | 1956.25451175 | 3961.791011200001 | 4080.644741536001 | 4203.064083782081 | 4329.156006295544 | 4459.030686484411 | 4592.801607078943 | 4730.585655291312
 | Trading margin |  |  |  |  | 0.01 | 0.008 | 0.008 | 0.005 | 0.005 | 0.005 | 0.005 | 0.005 | 0.005 | 0.005
 | Physical Trading Margin |  |  |  |  | 2.7616875 | 5.134756 | 15.650036094 | 19.80895505600001 | 20.40322370768001 | 21.01532041891041 | 21.64578003147772 | 22.29515343242205 | 22.96400803539471 | 23.65292827645656
 | Intermediation Margin |  |  |  |  | 96.57408749999999 | 151.008506 | 232.971581854 | 242.659699436 | 249.93949041908 | 257.4376751316524 | 265.160805385602 | 273.1156295471701 | 281.3090984335852 | 289.7483713865928
 | Origination Margin |  |  |  |  | 100 | 75 | 75 | 50 | 50 | 50 | 50 | 50 | 50 | 50
 | Total Margin |  |  |  |  | 196.5740875 | 226.008506 | 307.971581854 | 292.659699436 | 299.93949041908 | 307.4376751316524 | 315.160805385602 | 323.1156295471701 | 331.3090984335852 | 339.7483713865928