Cost of Debt Int (Exhibit 3a)/LT liabili 0.

063743662
Tax Rate tax rate 0.438833961
1-tax rate 0.561166039
Risk Free Rate April 98 in Exhibit 0.06

Company ASD AMWD MAS

Business KIT KIT KIT
Beta 0.82 0.76 1.28
Based on Current Data
Equity/Value 0.59 0.95 0.89
Asset Beta 0.49 0.72 1.14
Based on 36 Months Data
Equity/Value 0.55 0.87 0.82
Asset Beta 0.45 0.66 1.04
Beta Avg KIT 0.71999
Beta Avg PWR 0.81
Beta Avg All 0.77

Standard Dev of Market 3.30

Standard Dev of Stocks 7.7 14.7 6.4
Total Beta 2.33 4.45 1.94

Based on Current Data Beta E/V Equity B

Beta Avg KIT 0.78 0.81 0.97
Beta Avg PWR 0.78 0.77 1.02
Beta Avg All 0.78001 0.79 0.99
80-20 Weight 0.78 0.80 0.97

Based on 36 Months Data

Beta Avg KIT 0.72 0.75 0.96
Beta Avg PWR 0.81 0.81 1.00
Beta Avg All 0.77 0.78 0.98
80-20 Weight 0.74 0.76 0.97
BGG CUM DDC
PWR PWR PWR
0.66 1.09 1.3

0.81 0.65 0.84

0.53 0.70 1.09

0.89 0.75 0.80

0.58 0.82 1.04

5.7 8.5 10.4

1.73 2.58 3.15

COE COD WACC Total Beta COE WACC

10.8% 6.4% 9.5%
11.1% 6.4% 9.3%
10.9% 6.4% 9.4%
10.9% 6.4% 9.4%

10.8% 6.4% 9.0% 1.91 15.5% 12.5%

11.0% 6.4% 9.6% 1.88 15.4% 13.2%
10.9% 6.4% 9.3% 1.67 14.3% 12.0%
10.9% 6.4% 9.1% 1.76 14.8% 12.1%
 1998a 1999 2000
Operating Income after Depreciation 102,688 126,032 171,619
Tax (1998 - 44.3 and 43.42%) 45470 54723 74517
EBIAT 57,218 71,309 97,102
Depreciation and Amortization 56,113 87,661 91,786
Net Cash Flow from Investing Activities -87,691 -97,205 -96,971
Change In Net Working Capital (1,435) (5,762) (27,705)
Free Cash Flow 24,205 56,003 64,212
Discounting Period 0.33 1.17 2.17
Discounting Factor 0.9687 0.8948 0.8134

PV of cash flow 244583.5

Terminal Value
PV of Terminal Value 899375.9
Enterprise Value 1143959

Minority Discount 23%

Discount for Marketability 40%

Enterprise Value 1143959.3

Less Debt (183815+48629) 232444
Value of Equity (marketable control) 911515.34 120.13
Minority Discount 209649 92.50
Lack of Marketability 280747
Value after Adjustment 421120
Shares Outstanding 7588
Value per Share 55.5
 2001 2002 2003
187,978 201,604 (Increase) Decrease in Accounts Receivable

81620 87536 (Increase) Decrease in Inventory

(Increase) Decrease in Future Income Tax
106,358 114,068 114,068 Benefits
(Incr.) Decr. in Prepaid Expenses and Other
94,593 97,355 97355 Assets
Incr. (Decr.) in Accounts Payable and Accrued
-96,811 -106,647 -97355 Exp.

(17,702) (23,145) (23,145)

86,438 81,631 90,923
3.17 4.17
0.7395 0.6722 Reinvestment

D+E

Reinvestment/Nopat

1337860.3 Nopat/D+E
 9,097 (3,410) (21,803) (17,002) (16,631)

6,644 (2,707) (10,396) (9,485) (12,711)

(15,744) (450) (2,570) (966) (1,989)
21,707 1,463 (9,072) (4,201) (3,649)
(23,139) (658) 16,136 13,952 11,835

(1,435) (5,762) (27,705) (17,702) (23,145)

32,437
###

0.284367
0.088861
0.025269
 ASD AMWD MAS BGG
Market Value of Equity 3,502.0 236.3 9,838.8 1,109.3
Total Debt 2,404.0 13.4 1,187.9 259.6
EV 5,906.0 249.7 11,026.7 1,368.9
Sales 6,139.5 327.0 3,945.0 1,327.2
EBITDA 699.3 37.6 838.4 178.3
Cash Flow c 462.5 27.4 553.4 127.2
EBIAT 292.6 17.1 437.3 80.4
EV/Sales 0.96 0.76 2.80 1.03
EV/EBITDA 8.45 6.64 13.15 7.68
EV/Cash Flow 12.77 9.11 19.93 10.76
EV/EBITAT 20.18 14.60 25.22 17.03

Avg Avg KIT

EV/Sales 1.08 1.51
EV/EBITDA 8.26 9.41
EV/Cash Flow 11.63 13.94
EV/EBITAT 18.21 20.00

Sales 2,269,661 2444431 3420140

EBITDA 194,043 1603414 1826502
Cash Flow 119,130 1385670 1660205
EBITAT 98,340 1791006 1966876
Average 1806130 2218431

Enterprise Value 1867975 1816917

Less Debt (183815+48629) 232444 232444
Value of Equity 1635531 1584473
Value per share 215.54 208.81
Control premium 0.30 0.30
Adjusted Value 2124067 2057757
Adjusted Value per share 279.9 271.2
CUM DDC
2,285.7 568.1
1,250.0 107.4
3,535.7 675.5
5,821.0 2,233.0
487 105.5
390.2 82.8
224.2 41
0.61 0.30
7.26 6.40
9.06 8.16
15.77 16.48

Avg PWR Avg (80:20)

0.65 1.33
7.11 8.95
9.33 13.01
16.42 19.29

1468721.5 3029856.2797
1380326 1737267.015
1111135.7 1550391.2643
1615136.9 1896527.8125
1393830 2053510.5929 1867975.44

246.174938968