#1Project Charlie Discussion Materials June 29, 2004 Exhibit (c)(15) DRAFT 29-Jun-04#2General Assumptions The purpose of this presentation is only to preview a series of hypothetical investment alternatives for CEI to provide general background to senior executives of CEI. DRAFT 29-Jun-04 This presentation does not present or recommend any investment alternative as a definitive undertaking that should be pursued by CEI. Accordingly, no investment alternative is being presented as a preferred investment alternative that should be pursued by CEI. This presentation has been prepared by Citigroup Global Markets, in reliance on information provided by CEI. No other person has participated in the development of this presentation, and where the description of some investment alternatives indicate the involvement of one or more persons in addition to CEI, such involvement is shown only for illustrative purposes. 1 citigroup]#3Table of Contents 1. 2. 3. 2 Transaction Structure Decisions and Timing Financing Considerations DRAFT 29-Jun-04 Citigroup]#41. Transaction Structure DRAFT 29-Jun-04#5Overview 3 Offeror Process Consideration Papa - a purchase of outstanding shares from the public Charlie technically a recapitalization One-Step • Merger with parent, or, • Recapitalization Two-Step • Papa tenders for Charlie shares • Follow-on merger to purchase remaining shares Cash - funded largely through additional borrowings Refinancing in addition, may need to refinance certain debt instruments DRAFT 29-Jun-04 citigroup]#6One-Step Merger Purchasing Entity Time to Complete Legal Framework Formation of Special Committee Conditions to Consummating Deal Process Requirements Benefits Considerations 4 Typical Process Typically the Parent 4-5 Months Entire fairness doctrine Fair Price ● Fair Process Rare not to have ◆ Special Committee approval, or; Special Committee may insist on "Majority of Minority" vote of the Class A shareholders Negotiations with Special Committee and subsequent shareholder vote Special Committee approval ▲ Avoids negotiation in public forum ▾ Delaware Entire Faimess Doctrine ▾ Special Committee primary voice of shareholders Risk of leaks ▼ Market test of pricing limited ▾ Lack of timing discipline Papa or Chadie Same Same Papa/Charlie Yes - comprised of Independent Directors Same Special Committee approval, or; ◆ Approval of the majority of the minority Class A shareholders DRAFT 29-Jun-04 Same More flexibility regarding whether Papa or Charlie makes the offer citigroup]#7Two-Step Merger Purchasing Entity Time to Complete Legal Framework Formation of Special Committee Conditions to Consummating Deal Process Requirements Benefits Considerations Parent 2-3 Months Typical Process Delaware law distinguishes between going-private mergers and unilateral tender offers Tender offers that meet non-coercive standard not subject to Entire Fairness Advisable, but not necessary ◆ 90% ownership for short-form merger "Majority of Minority" tender ◆ Non-coercive Unilateral offer Puts choice in the hands of shareholders Timing discipline by announcing intention, then commencing unilateral offer Flexibility to negotiate with Special Committee is maintained ▲ Pricing discipline ▾ Uncertainty of reaching 90% ▾ Litigation risk remains, but is reduced PR risks Requires full disclosure and non-coercive Papa / Charlie Papa Same under most conditions Same Form Special Committee consisting of Independent Directors DRAFT 29-Jun-04 ◆ 90% ownership for short-form merger Non-coercive 'Majority of Minority" tender ◆ Approval from Special Committee, or; ◆ Approval of a majority of the minority Class A shareholders post-tender ◆ Approach Special Committee before launch of offer ◆ Query as to proceeding with tender offer prior to Special Committee approval Same ▾ Same, and; either Special Committee approval or Independent Directors call special meeting and seek majority of minority ▾ Reliant on majority of the minority vote of the shares not tendered if Special Committee does not approve Citigroup#86 Business Combination Charter Provision Overview General Requirement Exceptions Based on the definition of "Business Combination" in Charlie's charter, either a one- or two-step going private transaction would qualify as a Business Combination If no Special Committee approval, Business Combination Requirement: 1. Vote of 80% or more of all voting stock, and; 2. Vote of majority of the minority Exceptions to 80% requirement: 1. The Business Combination has been approved by a majority of the Independent Directors, or; 2. If (a) through (d) are met: Offered value for common stock equal or greater than the higher of: a. b. C. II. DRAFT 29-Jun-04 III. Highest per share price paid by Related Party within 18 months prior to announcement of a transaction, or in a transaction in which it became a Related Party, or, The Fair Market Value per share, which is based on the average closing price of the common stock for the 30 days prior to the announcement of the transaction Offered value for Charlie securities other than common stock equal or greater than the highest of: Highest per share price paid by Related Party within 18 months of proposed transaction; or The redemption price or liquidation value of each class of non-common capital stock; or Fair Market Value of each class of non-common stock Consideration offered to holders of common and capital stock be in cash or the same form a related person has previously paid for shares citigroup]#9Process Interplay of Business Combination Provision 7 One-Step Papa negotiates with the Special Committee to work toward signing a merger agreement Transaction then subject to shareholder vote when a simple majority of the Class A common stock needs to vote in favor of the transaction Merger agreement could be made subject to a majority of the minority as additional validation of what the Special Committee negotiated Two-Step Special Committee consisting of Independent Directors is practical requirement DRAFT 29-Jun-04 Support of the Special Committee can be gained prior or following launch. Support is typically gained post-launch • 88% of recent Special Committees in going private transactions eventually recommended the transaction (the remaining 12% adopted a neutral position) If Special Committee support is not gained, back-end merger will require a special meeting called by the Independent Directors and the vote will be subject to a majority of the minority of the shares that have not tendered citigroup#10One Step Merger vs Two Step Tender Merger One-Step Merger Common Action Two-Step Tender Offer 8 Finalize Proposal Stage 1 Approach target with proposal Launch Tender Inform target of parent's intentions/ Launch Stage 2 Special Committee formed Could negotiate with Special Committee and get agreementi pre-launch Stage 3 Negotiate with Special Committee Gain S.C. Support Do not Gain S.C. Support Stage 4 Long form Merger Tender Offer Tender Offer Distribute proxies; Share-holder vote Short Form Merger Short Form Merger Subject to Majority of the Minority Vote at special meeting of shareholders Stage 5 DRAFT 29-Jun-04 Close citigroup#11Summary Timetable Going Private: One Step Going Private: Two Step (a) Week 9 THEM. Approach Bourd The ww. Launch lunder 11G/1 in unneun und Iwunch Iwa I 1 6,29 Commi lamed I Naglal 2 Weeks COPAL 55 מכות ble und Manga Larouby Farger Agneinant 7.9 Hapend 109 12 7.5 7/12 1/19 7/26 8/2 Failu 34:12 lundur Centrum Famian GFun 1+2% art How and laraw Ocna Fundur Extandard 1- 12 Weeks Nur: var? 12 Film Lice with LMKARM 89 816 823 800 96 لاعات 9/13 9/20 1.MATE Lhot ITEA Unbenant Pldt hundheldun 14 9/27 104 10/11 10/18 10/25 11/1 Mapproval ofspecial committee is notgan ed, the Independent Directors will be asked to call a special meeting to vote on the merger of the remalilig shares hoteidered. The couldextend the timetable by 2-3 montis. 11/8 21 Weeks Shun heldur Yer 11/15 11/23 DRAFT 29-Jun-04 citigroup]#12Hypothetical Process 10 Offeror Process Timing Tender Offer Papa prepares an offer to purchase the remaining shares of Charlie DRAFT 29-Jun-04 Two-step transaction structure with tender offer commenced within five buisness days after announcement Contact Independent Directors on Friday after market close regarding intentions and encourage formation of Special Committee Make public announcement of intentions on Monday prior to market opening Entertain discussion with Special Committee prior to launch of the tender Commence Tender Offer 5 to 10 business days following the Monday public announcement Continue discussions with the Special Committee in anticipation of initial formal response of Special Committee 10 days business following commencement of the Tender Offer Structured Tender Offer to be non-coercive (In Re Pure Resources) • It is subject to a majority of the minority tender condition • The majority stockholder commits to consummate a prompt merger at the same price if it acquires more than 90% of the shares • The majority stockholder has made no retributive threats Citigroup]#13Charlie Shareholders 11 (Shares in thousands) Cla1 A Sh135 Benechal Holders Papa Gates Gree sp Entitles) Total Beneficial Holders Top 20 nititutional Holderi Capital Research & Mgm. Barclays Global Capital Garda Trest Wellingb Management Transamerica lu. Mgmt MFS Inu. Mgmt. Tirbuentiau. Mgmt. Lord, Abbett & Co. Janis Capital Mgmt Allance Capital Vaigiard Group State Street Global Adulsors Goldman Sacis Asset Mgmt Waddell & Reed lau. Mgmt In uesco Fide Iby Mgmt & Research Exbe I Brady & Stmai Stong Captal Mgmt CalP ERS SutastBank Total Top-20 Other (p) Total Cla A Share Outstanding Cia 11 C Share (c) Papa Total Charlle Sharei Cutitanding Share Held 365,691 33,840 12,601 412,133 22,197 13,750 8,397 6,709 6,425 6,402 6,350 5,934 4,806 4,884 4,409 4,190 4059 3,776 3,371 3,113 2,971 2,818 2,427 2,152 113,940 74,590 605,662 27 598 633,260 A&CO 393,289 % Economic Interest 57.7% 5.3 20 65.1% 3.5% 22 1.3 1.1 10 10 10 09 0.8 0.7 0.7 0.7 0.6 0.6 0.5 0.5 0.5 0.4 0.4 0.3 13.8% 11.8% 95.6% 4.4% 100.0% Total Papa Com mon Share Ownership Source: Share world as 016230+ and Papa proxy 2015/120+. Greenspun Enlles lola Indudes 48 million shares tam the conversion of the Series AConuer ble Pretemed Block. b) Indudes 13milion shares om op lassumirga arrenimarket price of $2300s of DS250+. (Class C shares are med lo a 10:1 uole stucure. 62.1% % Voing nbreit 41.5% 3.8 1.4 46.7% 2.5% 1.6 1.0 0.8 0.7 0.7 0.7 0.7 0.5 0.5 0.5 0.5 0.5 0.4 0.4 0.4 0.3 0.3 0.3 0.2 13.5% 8.5% 68.7% 31.3% 100.0% 72.8% C3 II Â Share 60.4% 5.6 2.1 68.0% 3.7% 2.3 1.4 1.1 1.1 1.1 1.0 1.0 0.8 0.8 0.7 0.7 0.7 0.6 0.6 0.5 0.5 0.5 0.4 0.4 19.6% 12.3% 100.0% 60.4% DRAFT 29-Jun-04 citigroup]#14Potential Holder Reactions Holder Capital Research & Mgm. Barclays Global Capital Guardian Trust Wellington Transamerica MFS Thrivent Lord, Abbett Janus Alliance Vanguard State Street Goldman Sachs Asset Mgmt. Waddell & Reed Invesco Fidelity Mgmt. Eubel Brady Strong Capital Mgmt. CalPERS Suntrust 12 $ Value % Ownership* $585 362 221 177 169 169 167 156 127 123 116 110 107 100 89 82 78 74 64 57 3.5% 2.2 1.3 1.1 1.0 1.0 1.0 0.9 0.8 0.7 0.7 0.7 0.6 0.6 0.5 0.5 0.5 0.4 0.4 0.3 Characteristic /Potential Reaction, etc. Economically driven / being held in Growth Fund of America / will do the right thing for the fund • Indexers ♦ Growth at a reasonable price / will do right thing for fund ◆ May continue to hold t/ will do right thing for fund ◆ Insurance / will do what market tells them to do ◆ Holds in a variety of funds/growth at a reasonable price / net seller ♦ Unclear ♦ Recent buyer in size/smart long-term investors ◆ Recent performance weak / will take a profit ◆ Net seller/ getting out of cable ◆ Indexer Indexer ♦ DRAFT 29-Jun-04 Net seller in size / growth at a reasonable price Net seller/ will continue to sell /in Advisors Core Investment Fund ♦ Unclear Selling across the board/postion in Magellan /tiny position relative to fund size Unclear Net seller across the board Indexer Unclear Notes: Values based on closing Charlleshare price of $28.36, as of June 28, 2004 Represents aggregate economic Interest la Charlle. Citigroup]#15Share Tender Analysis 700,000 600,000 500,000 400,000 300,000 200,000 100,000 13 0 Majority of the Minority for One-Step Merger 239,971 Minority 120,226 Majority of Minority (a) 90% Threshold for Tender 545,096 Total Needed % of Public Float Required 75.7% 145,565 Public Shares Needed w/o Gates 93.3% 1 179,405 Public Shares Needed w/ Gates 100% of Class A: 605,662 1,296 12,601 33,840 192,234 365,691 Total Class A Shares DRAFT 29-Jun-04 ITM Options Greenspun Entities Gates Other hstitutional Retail Papa Citigroup]#16Precedent Minority Squeeze-Out Transactions THE CHARTS BELOW SUVIVARIZE THE DATA ON PRECEDENT MINORITY SQUEEZE OUTS ABOVE $50 MILLION IN TOTAL VALUE OCCURING BETWEEN 1/1/2000 AND TODAY Cash Versus Stock 16 24 26 15 16 S .6 16 26 16 14 Cat Mal Pou Mor Such Special Committee Recommendation Reccouho Reccrours whestral Comb Fiat PuMor JS 16 X 26 1$ 16 $ 200% 150% 100% 50% 00% DAY AND Negotiated Versus Unilateral 21 Uporal 25% - 2 Day AND. Offer Premium Pokal Firmal ho 16 Mogodilon DRAFT 29-Jun-04 755 citigroup]#17Precedent Minority Squeeze-Out Transactions IRANSACTIONS ABOVE $PALLIGN-INI Dota ainmiona uscualq sh) LWM Annourraard SORE 201050 84¹00 USA BE USA USA alkalm 12:21 12 Sava SA de CVTSemma Vah Indiamoni Cap. 200101 BBB BRB COLLE 7775/20 SbwHMnga Iraacationi XEGNAGEY Led Ind Inm HIDROI UNC Uniled Induta inc ww IU Bankal Uo Tyco hral rryCam Sec Comm. InclPradgy CommInc. Thum Eluctron B0¹ Libely Mulual Il Libly Francal 05300 COSKUNgaph Sakuica US/ANY arwolmik Antoni 02-01 CSFeal Bacala CSF Schind All Am כיכם 0204 107000 022¹0 At 252.0 םכיכם BAKI AZT AND 0221 BYDE שביכם BRO BATE UTAN PER EKE USERT AR BAKI ננג צט USTAN 28922 Aquiran lurg ON Promabal Papham Ficy Nanc Malacom Expdc 15 MK/D Darul J. Haymond Hall Spaly F Firancangan CarEclNF Hard Eren Carp Auric Ford Mola Cal Hair Cap AX GolAXA Firan inc Cardan CapJ Group Holdinga Inc. 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SecuwDat Company. prin bay con. 12.5% 250 25.0 GTT 245 24,5 193 200 424 NTF 21,r 18.0 SE **.2 110 53.0 nTV: ZD 145 5.25 ORI 225 20 135 40.0 32.2 23. 223 NR. ܡܡ 43.3 FR. 12.0 Z.TI NT P'17. 15.0 TR 18.0 YOU Inachon N YMUM Conserwan Un Cah ir 222 1,0¹5 2,091 PO DK 12r 125 Bi 55€ 85 1,045 616 2009 ZDA far FR 520 15 Back Cah Cheah Ch Cah Chah Cah Ch Cah Chesh Cah 11.12.2 Cash & Stock 140 12,042 59 110 16 390 124 RZ. 402 121 REA סכי 12+ 7. 2.5TH MORT 2372 1.2 Black Black Cah T3 Tack Cah Ch Zack Pock Jack Cah & Sack Chah Cah & Sack Cah Chesh Stock Gock Black Cah Chesh Unt Nagall p Unda Untamal Negalcald Unatama Una Untamal Untamal Un345 Negalcald Nagalaland Untamal Unwww Untaia Unatama Unlea Naglal Untamal Unwww Urata Nagalaland Untamal Unwww Untamal Urata bal Unata Untama Negal aland Unlulu Naglaland Untamal Unnlam Urata ima Ncward 1345 Nu coward Unt Unt Untamal Cn555 Урсм Cenn V N ^ Y Y A A N A A N Y A A A Y N A Y S.C. Inni Paten Nol Recommend Natal KIR S.C. hd Noudal I conn PAMAN Fift Nol Recommand Nol Recommand Fxcommand Nol Recommand Not Pacommand Nal Noual Nedal Noticond Ivonnand Na Pacommand Nol Recommand Pacommand KIN Pacommand $50 82 PE Plecommand Pecommand Pxcommand Recommand Pecommand KIN Net&conand innind Nol Recommand Recommand Plecommand Nud Recommand Pecommand Nol Recommand Pacommand Neti&comand 1&vocomand Nol Recommand Pxcommand Pxcommand Recommand Nol Recommand Becommand Notionand lacnnand Nol Recommand Recommand Nol Recommend Recommand Nol Recommand Pxcommand Nol Recommand Pecommand Pecommand Pacommand Noticon and 1&vecnmand Recommend Pxcommand Nol Recommand Becommand Neti& connand Favocand Nol Recommand Pecommand Ind I-rocninand Netl&connand Innand Avocad Ironmand Fxcommand Recommand Pacommand Recommand Pxcommand Pxcommand Noticomand Ivonnand KIN 4 Intu Find Incmacal 118% BY 15 80 24 31 20 15.17 BM 2.40 353 655 2¹ 10 20 14.3 333 15 21.00 1150 XxXJOI 0551 500 14.00 3.45 2000 224 2rm 100 EXY BE FOLLIALD 2.91 EXT 13.1 35 2.40 ¥.31 T.W 526 20.40 1020 WE NETI MY RZ. 12 13 72 9.30 187 11,40 11:55 T.UU 20.00 255 5950 34 322 PE 40.0 2151 BE T3U 22 50 SCR ஈ 225 . 3.75 240 31.31 JO ¥25 FR 2009 $2.50 LPWY un Ira 220 45 112 20 40 2.1 112 22 . ad 10) 213 1251 2010 L'e 500 12 PTI 132 21 123 jira) 240 403 22 208 49 7540 Mee PTI That I im. 107% 24.5% 24) 2. 20 214 444 12 33 RK 193 15.0 Z.R 434 43 सूर 23 25,1 F.TE BOB 125 91.9 21.1 ZA 12,5 12.5 IBA 142 ZZA 442 24 25 Z.R... 250 73 уни K₂ 715 22 נין 5.50 NA 20 223 12.1 R.7. 115) 129 al 100 23 T 1150 448 11.T 21) 123 212 Tau 2443 7.3 525 32 10.3 12.20 125 ra 172 202 120 112 142 210 202 289 499 FTI KEZ MPZ. TALFOMCH 2.M1, 65 2) 120 220 - 432 42 122 RR 20 22.5 15.0 Z.FF ar R'LZ. 22 12.3 ETP 140.0 125 112 W 484 JA ZA 18.7 IBA litt 224 1201 NT 42,1 F.TI FF TRA 50 715 PF. DRAFT 29-Jun-04 NTE 21-3 SHUM Ag. 50.7% 23 20.3 פים 1133 223 18.0 Z.W. 10.2 15.3 Irm R.TZ rrg 2.r Adi בין 14,1 ETP 23.0 123 723 NE 255 בפי 42,5 Ord 112 Rtt 21 D T.d 2.3 25.0 525 32 IR 23 39 503 5.72 42.8 citigroup#182. Decisions and Timing DRAFT 29-Jun-04#19Decisions to be Taken 1. 2. 3. 4. 5. 6. 7. 16 Which Company Makes the Offer Selection of Going Private Structure: One- vs. Two-Step Timing of and Approach to Special Committee Financing Alternatives: Choice of Which Balance Sheet Potential Asset Dispositions: Selection and Timing Approach to Bill Gates Prior to Announcement? Communication Plan DRAFT 29-Jun-04 Citigroup]#20Detailed Illustrative Timing: One Step Structure Timing June 28 July 1-6 July 6-8 July 12 July 14 July 18 August 2 Augu et7 August 21 Cotober 1 17 ◆ Make key decisions regarding structure, franding and process ◆ Papa counse prepares Schedule 130 amendmenl + + ◆ Order DTC run + ◆ + Events Papa begne lo amange franding with banks Due diligence Is I reuewed by Company • ◆ Reulew shareholder Information Banker due diligence Dramleler lo Charlle board Papa approaches Challe board with commlmeni leller tom banks + Papa iles Schedule GD amendment la discussions with Cakes Prepare Board malenas Ob in Papa Board approud + Charlie Board appoint Spedal Commi lee onlindependent directors lo regolat ems Spedal comml lee engages les owniega coured and thanda aduisce Buyer and spedal commilee of Challe board regolat tarszcion lems and merger agreement Spedal commillee trandal adulsor meet with Chenille managemenland spedal commille lo discuss salon and timess considerations Papa course prepares secord Schedule 130 amendment Charlle begreb prepare dran proxy statement @nduding required disclosure under SBC's going priusle rules) DRAFT 29-Jun-04 • Spedal commilke trandal adulsor deluers presenblon lo he specta commilte regarding the timess of the merger condderallon lo Charles unamated slockholder each approue merger agreemenl Papa and Charte execut merger agreemenl Parles Issue kini press release amounding transacion Charlle des S-Kannounding signing of merger agreement Papales second Schedule 130 amendment ◆ Ob in inanding commitmenl +Challe es preliminary proxy statement with SEC • Submilany applicable regulatoryings g., HarcoltRodino nolfason) ♦ Receive SEC comments,Itary, on proxy statement (Note: If the SEC Indiales hal hey plan breuew the proxy statement which usualy will occur insublecl lo going priusle rues), subse lacions in Ms Imetle be Citigroup]#21Detailed Illustrative Timing: One Step Structure-Jun-04 (cont'd) Timing Cotober 16 November 16 After Completion of Merger 18 Events + Charlle and Papareuse and traxe defri lue proxy sbalement ◆ Selspedd mee ing dalke, hour and location and nolty releuants lock marke Charle des deirilue proxy statement ◆ Challe mais detri lue proxy semeni lol tslochdders (the proxy statemeni musibe maled nolless than 20 business days before the date of he slockholder mee ing pursuant to the proxy rules Ipubidy Bed document Incorporated by reference) Finallbank loan documentalon ◆ DRAFT Mee Ing of Charlle's slodhdders Execution and doding of bank loan documentation ♦ Cloding of merger agreemenl Filecerilonofmerger with Delaware secretary of state + Merger becomes efeclue upon such ing Charle des -Kannounding comple lon of merger Molt NYBE for dising File nola wh SEO deregles lerng Challe commons lock ◆ Resolue any pendre apprasa acton led by former Charlle commanslockholders Citigroup]#22Detailed Illustrative Timing: Two Step Structure Timing June 28 July 1 July 6-8 July 8 July 12 July 18 July 20 August 13 19 ◆ Make key decsions regarding structure, franding and process Papa course prepares Schedule 130 amendment Papa begre lo amarge franding with banks Due diligence isi reuewed by Company • Papa counse begre prepang otter documents ◆ Events + Finanding due digerce Order DTC run Reuew shareholder Information ♦ Prepare Board malenas ◆ Obiniranding commi Imenl Obtain Papa Board approu • Contact Charte Independenidirecke Finale bank loan documentalon inom Cales of Interiors ◆ ◆ ◆ Papa isues press release announding decision bbz Charle pluse forcashala spedfed price ◆ Papa des Schedule TO-C with press release announding Intention b commerce ender ofter Schedule TO-C may alsosene as amendment to any exsing Schedule 130 of Pap Board appoint aspedal commi le onndeperdenidireckors to euduse lender ofter proposal ◆ → Spedal commillee engages its ownlegal course and franda adulsce Execution and doding of bank loan documentation • Papa issues press release announdre commencement of lerder ofter lo ke Charile priusle for halaspedfed price • Papa des Schedule TO-T (Sedut TO-Tused kosalst compliance with SBC going prius rdes shareholdes DRAFT 29-Jun-04 Publish Erder oferaduerisemenl Submilary applicable regulatory Ings g., HarkBoltRodino nolfalon) applicable) and dis Mbules ofter materias lo Challe ◆ Challe muside Schedule 140-9 win 10 business days ofcommencement of the lender ofter ◆ Prior to 1ling Schedule 140-9Spedal Commillee mus I decide whether lo recommend in tor of or againsi lender ofter, or elecl loreman neula or take no posilon on whether Charles lod hdders should lender theirshares (Notke: he SEC herpreis atuorable recommendalon engaging in te slo Reclue SEC Comment, l'any, on Schede TO-T ✦ Tender ofter may be required to remain open for add lonel days depending on rakure and Ime of amendments Schedule TO-T to accommodate SEC comment + Tender ofter candose sublecl lo reelpl ofrecessary regulatory approuts and any required extension for material amendments to the Schedule TO-T ◆ N Papa changes the ofter price, he offer mus I be extended for 10 business days tom tre dalk he newoner price is amounced Citigroup]#23Detailed Illustrative Timing: Two Step Structure-Jun-04 (cont'd) Timing Upon Clo dng of Tender Offer (Beptember 1) (a) Within 10 Dayco Comple ton of Merger 20 Events ◆ Papadopt resdulonapprouing shorHomm merger ♦ File cerae of ownership and merger wil Debre Seart bry of St ShorHom merger becomes ereclue upon such ing Molt NYBE for dels Ing File nolce with SEC deregls lering Challe commons lock ◆ Disseminat Infomalon salemenilo remarirg Charlle commons lockholders noirg hem of complelon of the shorHom merger and the right receive appraised use of their shares. DRAFT Assimes Special Committee approual. WithoutSpecial Committee approual, a specials hare holders meeting needs to be called to effect the short-torm merger which requires obtahilig a majority of the minority Class A common holders to vote Ia tauor of the merger. This could add 2-3 months to the process. citigroup]#243. Financing Considerations DRAFT 29-Jun-04#25Financing Alternatives 21 Benefits Considerations Finance Entirely at Charlie Protects other Papa asset ◆ Ties incremental indebtedness directly to investment Established public registrant and will remain so unless Charlie public debt refinanced • Papa can contribute capital (from additional Papa borrowings and Papa asset sales as equity) as desired Systems already in place for reporting requirements and investor relations ◆ Less cash flow than at combined entity Current leverage levels appear to push Charlie into high yield on a purely quantitative basis Finance Entirely at Papa Stronger credit profile at pro forma entity ◆ High free cash flow from non-Charlie can be used to reduce overall indebtedness Diversity of assets and cash flow will be viewed favorably by capital providers and credit agencies ◆ Free cash flow from Charlie can be used for other corporate purposes All Papa assets will be encumbered with additional indebtedness ◆ Pro forma leverage levels appear to move Papa to a strong high yield credit ◆ Likely to need access to public capital markets to ensure adequate funding ◆ In most, if not all cases, likely to require additional disclosure Raising $10 billion of capital at Papa likely to required increased contact with debt investors by Papa management Best alternative combines financing at both Papa and Charlie DRAFT 29-Jun-04 citigroup#26Financing Alternatives Scorecard 22 Pro Forma 6/30/04 (a) Total Debt Total EBITDA (LQA) (b) Debt / EBITDA Annual Interest Expense Estimated Credit Rating At Closing (2004) In 2 Years (2006) Asset Sale Flexibility Papa Assets Charlie Assets Ongoing Public Disdosure Ability to Isolate Papa Assets Ability to Offer Equity Charlie $15,265 2.427 6.3x $955 BB 888- Financing Entity Yes Yes Likely Yes At Charlie (a) Represents debt at Papa as of 3/31/04. (b) Total EBITDA for Papa represents 2004 E, per Company Projections. Papa $16,928 3,245 5.2x $1111.. BB+ 888 Yes Yes Yes No At Papa DRAFT 29-Jun-04 ◆ Financing at Papa trades the potential for investment grade ratings against ongoing disclosure at Papa and greater financial risk ◆ However, an intermediate solution may be possible is Papa is willing to use its balance sheet but prefers not to become a public filer ◆ Intermediate solution can be structured in a variety of ways, involving temporary guarantees, asset sales and / or bank debt Citigroup]#27Papa Current Structure 23 Papa PCS(a) Issu er of PCS Loan Papa Inc. Credit Facilit; CP uer of Private Placement Notes Charlie Holdings Inc. Charlie Inc. Credit Facllt;CP er of Senior Note Charlie Classic Cable Inc. Legacy Senior Notes Total Debt (mm) $2,369 / 9,105 $6,736 $190 Leverage 2.9x/ 2.8 2.8x NA Note: Reflects capitalization as of 3.31.04 for Papa (excl. CCI & CXR) and estimated 6/30/04 for Charlie Location of Papa PCS Loans with collars of $969 million, which are not included in Papa restricted DRAFT 29-Jun-04 Comments ◆ Credittacility las maximum leverage of 50x for Papa and it Restricted Subsidiaries ◆ Credit tacility prohibit la vestments I Unrestricted Sube idtarles fleuerage greater than 4.5x Credit tacility has maximim leve rage of 50x or Charlle and its Restricted Subsidiaries ◆ Charge of control la bond in de ture requires success or to be dom kolled In U.S. and hoeven totdetailt to have occurred Citigroup]#28Illustrative Financing: Alternative A 24 Papa Inc. Charlie Holding Inc. Charlie Holding Inc. Provides guarantee and pledge of stock until certain conditions are met Must repay existing credit facility / CP Issuer of new credit facility and senior notes All financing issued by Charlie Papa provides [guarantee and pledge of stock], both of which disappear once Charlie reaches investment grade DRAFT 29-Jun-04 Demonstrates support for credit to both investors and rating agencies [Does not require Papa to refinance any debt] Does not require Papa to publicly disclose statements Citigroup]#29Illustrative Financing: Alternative B 25 Papa Inc. Charlie Holding Inc. Charlie Holding Inc. Draws on existing credit facility or refinances credit facility Invests cash in Charlie Inc. Must repay existing credit facility / CP Issuer of new credit facility and senior notes Financed mostly at Charlie Papa invests equity in Charlie Draw on existing credit facility, subject to 4.5x leverage covenant for investments or DRAFT 29-Jun-04 Refinance credit facility Utilizes Papa's balance sheet and cash flows without requiring public disclosure Note: Drawing greater 50% of Papa's credit facility would incur a 12.5 bp increase in the Margin Percentage implied based on the credit rating. citigroup]#30Key Considerations Regarding Existing Indebtedness 26 Charlie Credit Facility ◆ Maximum leverage ratio of 5:1 (Company and Restricted Subsidiaries) ◆ Minimum interest coverage of 2:1 ◆ Margin percentage increased by 12.5 bps if aggregate of outstanding Loans and LC Exposure exceed 50% of aggregate Commitments ◆ Leverage Ratio based on LQA EBITDA Senior Notes ◆ Change of control allowed subject to i. Survivor being a corporation organized and existing in any US state of DC and ii. No event of default occurs ◆ Reporting requirement continue based on rules and regulations from SC Finance Entirely at Papa Credit Facility ◆ Maximum leverage ratio of 5:1 (Company and Restricted Subsidiaries) DRAFT 29-Jun-04 ◆ Minimum interest coverage of 2:1 ◆ Margin percentage increased by 12.5 bps if aggregate of outstanding Loans and LC Exposure exceed 50% of aggregate Commitments ◆ Leverage Ratio based on LTM EBITDA ◆ An Investment in any Unrestricted Subsidiary is prohibited if, after giving effect thereto, the Leverage Ratio on a pro forma basic would have exceeded 4.5:1 Private Placements ◆ [To come] citigroup]#31Charlie Finances (Sources & Uses) (Sin lions, except per share) The following sources & uses scenarios assume varying purchase prices for 100% of Charlie's public float 27 Source New Debtissted Reuouer Term Loan A Bridge Faciny /Sealor Notes Sabordated Notes Equy Contribution Asset Sales Total Source Une Shares Puchate Assamed Price per Share Purchase Price Rethanchg of Papa CP Rethancing of Charlè Reuouer/CP Fees Total Use 10.0% Premium $30.80 $1,000 3,000 3,891 0 0 0 $7,89 1 240 $30.80 $7,397 0 302 192 $7,89 1 Sources & Uses 20.0% Premium $33.60 $1,000 3,000 4,601 0 0 0 $8,60 1 241 $33.60 $8,086 0 302 213 $8,60 1 30.0% Premium $36.40 $1,000 3,000 5,313 0 0 0 $9,313 241 $535.40 $3,776 0 302 234 $9,313 Note: Does not consider a refinanclag of Charlle's public debt which totaled approximately $5.4 billion (excluding reuoluer/CP, which is assumed to be refhaiced. 40.0% Premium $39.20 $1,000 3,000 6,025 0 0 0 $10,025 242 $39 20 $9,467 0 302 255 $10,025 DRAFT 29-Jun-04 citigroup]#32Charlie Finances (Pro Forma Capitalization) (Simons, excepper share) The following capitalization scenarios assume varying purchase prices for 100% of Charlie's public float (Dollars in million) New Reuoluer New Te m Loa New Bridge Facility /Se lor Notes Total New Debt Reuoluer / CP MTN Sex br Notes Excl MTN Seabr Discount Notes Other Debt Total Exithg De bt Total Debt Credt statutc Total Debt Total EBITDA (LOA) Total Bank Debt/ EBITDA Total Debt/EBITDA 28 Eit 6/30004 $0 0 0 $0 $72 433 6044 31 156 $6,736 $6,736 $5,736 2,427 00 28 10.0% Premium Ad $1.000 3,00 3,891 $7,891 Capitalization (12) Pro Form 3 6/30/04 $1,000 3,000 3,891 $7,89 1 $0 433 6,044 31 156 $5,664 $14,555 $14,555 2,427 1.5x 6.0 20.0% Premium Adl $1,000 3,00 4,601 $8,601 (12) Pro Forma 6/30/04 $1,000 3,000 4,601 $3,60 1 $0 433 6,044 31 156 $5,664 $15,265 $15,255 2,427 1.6x 6.3 30.0% Premium Adl $1,000 3,00 5,313 $9,3 13 (12) Pro Forma 6/30/04 $1,000 3,000 5,313 $9,313 $0 433 6,044 31 156 $5,664 $ 15,977 $15,977 2,427 1.6x 6.6 40.0% Premium Adl $1,000 3,00 6,025 $10,025 (12) Pro Forma 6/30/04 $1,000 3,000 6,025 $10,025 $0 433 6,044 31 156 $5,664 $16,689 $16,689 2,427 1.5x 6.9 DRAFT 29-Jun-04 Citigroup]#33Charlie Finances (Projected Paydown) (Simons, excepper share) (Dots in Mons) EBITDA Less: Old Interest Expense New Interest Expense Casi Taxes Captal Expenditures Change In Working Capital Pas / Less: Tax Adjustment Levered Free Cash Row Credit Statistic. Total Debt Total Debt/ EBITDA (Dollars in Milone) EBITDA Less: Old Interest Expense New Inte est Expense Cari Taxes Capital Expedita res Change In Working Capital PMs / Less: Tax Adjustment Levered Free Cash Flow Credt Statisti Total Debt Total Debt/ EBITDA 29 10% Premium 2004 E $2,459 (442) (455) 0 (1,400) 0 153 $315 2004E $2,459 2005 E $2,833 (442) (513) 0 (1,400) 0 153 $257 (407) 5000) (135) (1,312) 20% Premium $14,966 0 22 $501 2005E $2,833 (407) (550) 89) (1,312) 0 22 $487 2006 E $3,252 (372) (667) (332) (1,217) 0 4 $769 $10,385 $14,198 $14,000 $13,231 $12,005 58904.1x. 32 25x 6.1x 5.2 2006 E $3,252 (372) (630) (30) (217) 2007 E $3,7 22 (354) 0 4 $7.30 645) 5000) (1,122) 0 24 $1,225 2007 E $3,7 22 (354) 612) (474) (1,122) 0 24 $1,184 $14,782 $14,051 $12,867 4.30 2003E $4,185 (343) (476) (683) (1,042) 0 $1,620 2008 E $4,185 (343) 645) (656) (1,042) 0 (20) $1,578 $11,289 350 23x_ 03-08 CAGR 14.2% 50.6% '03-'08. CAGR 14.2% 57.5% DRAFT 29-Jun-04 citigroup]#34Charlie Finances (Projected Paydown) (in mons, excepper share) (Dolbys in Ilon) EBITDA Less: Old Interest Expense New Interest Expense Cari Taxes Captal Expenditures Change In Working Capital Pas / Less: Tax Adjustment Levered Free Cash Row Credit Statistic. Total Debt Total Debt/ EBITDA (Dolls in Milone) EBITDA Less: Old Interest Expense New Ite est Expense Casi Taxes Captal Expenditures Change In Working Capital Pls / Less: Tax Adjustment Levered Free Cash Row 30 Credit Statistic Total Debt Total Debt/EB ITDA 30% Premium 2004 E $2,459 (42) 671) 0 (1,400) 0 153 $198 2004 E $2,459 (442) 630) 0 (1,400) 0 153 $140 2005 E $2,833 40% Premium $16,507 (407) 621) (43) (1,312) 6.7x 0 22 $473 2005 E $2,833 2006 E $3,252 (407) 681) 0 (1,312) 0 22 $455 (372) 693) (282) (1,217) 0 4 $692 $15,735 $15,566 $14,874 $13,730 $12,195 6.4x5.5____1__3.7x____29x_ 2006 E $3,252 (372) (56) (254) (1,217) 2007 E $3,7 22 0 4 $657 (354) 678) (48) (1,122) 0 24 $1,144 2007 E $3,7 22 (54) (44) (422) (1,122) 0 24 $1,103 2003E $4,185 $16,355 $15,697 $14,594 5.8x 48x (343) (616) (629) (1,042) 0 (20) $1,535 2003E $4,185 (343) (585) (202) (1,042) 0 (20) $1,492 $13,102 39 3.1x 03-08 CAGR 14.2% 66.8% 03-08 CAGR 14.2% 20.8% DRAFT 29-Jun-04 Citigroup]#35Charlie Finances (Credit Impact) Bala G mm, LTM) (in mons, except per share) 10,000 888 dindin 88+ IT HE ITU.HE 7,500 5,00 10,000 7,500 500 1 31 1 A- A- 888+ 25 25 10% Premium 888+ 888 IT 200E 55 Lea-Adju ced Total Debt/EEBIT DA (0) 30% Premium 888 888 IT AN 88+ IT 2015 88 +200€ SS Lea-Ad ju ed Total Debt/EEIT DA (1) 7 10,000 7,500 5,000 10,000 7,500 5,000 1 A- A- 888+ 2.5 25 20% Premium 888+ 888 IT WE 888 IT 200 4 55 Lea-d jucted Total Deb VEETDA(1) 40% Premium BB+ 888 IT 20 IT 200 88 SS грауы 88- + IT SUUSE 88 Lea-Adju led Total Debt/EBITDA (0) IT 20 DRAFT 29-Jun-04 ITSE 7 8+ Citigroup]#36Papa Finances (Sources & Uses) ($inlions, except per share) The following sources & uses scenarios assume varying purchase prices for 100% of Charlie's public float Source New Debtissted Reuouer Term Loan A Bridge Faciny /Sealor Notes Sabodhated Notes Eqty Contribution Asset Sales Total Source Une Shares Purchase Assumed Price per Share Purchase Price Rethachg of Papa CP Rethancing of Charlé Reuouer/CP Fees 32 Total U 10.0% Premium $30.80 $1,000 3,000 4077 0 0 0 $3,077 240 $30.80 $7,397 182 302 196 $8,077 Sources & Uses 20.0% Premium $33.60 $1,000 3,000 4,787 0 0 0 $8,787 241 $33.60 $3,086 182 302 217 $8,787 30.0% Premium $36.40 Note: Does not considera rethanclag of C harlie's public debt which baked approximately $5.4 billion. $1,000 3,000 5,499 0 0 0 $9.499 241 $35.40 $3,776 182 302 238 $9.499 40.0% Premlum $39.20 $1,000 3,000 6,211 0 0 0 $10,211 242 $39 20 $9,467 182 302 259 $10,211 DRAFT 29-Jun-04 Citigroup]#37Papa Finances (Pro Forma Capitalization) (in lons, excepper share) The following capitalization scenarios assume varying purchase prices for 100% of Charlie's public float (Dolls in milions) New Reuouer New Te m Loa New Bridge Facility / Sealor Notes Total New Debt Papa Bank Debt Commercial Paper MTN Seabr Notes Excl MTN Sen br Discount Notes Other Debt Total Existing Debt Total Debt Credt Statister Total Debt Total EBITDA (2004E) Bank Debt/ EBITDA Total Debt/EBITDA Eit 6/30004 33 $30 0 0 $0 $2,369 72 433 6044 31 156 $9,105 $9, 105 $9,105 3,245 10.0% Premium Adl $1,000 3,000 4077 $3,077 (182) (12) Pro Form a 6/30/04 $1,000 3,000 4,077 $8,077 $2,187 0 433 6,044 31 156 $8,851 $16,928 Capitalization $16,928 3,245 20.0% Premium 12x 00x 2.8 5.2 Note: Represents estimated 6/30/04 debt for Charlle and 3/31/04actial debt for Papa. Adl $1,000 3,00 4,787 $8,787 (182) (12) Pro Form3 6/30/04 $1,000 3,000 4,787 $8,787 $2,187 0 433 6,044 31 156 $8,851 $17.638 $17,638 3,245 12x 5.4 30.0% Premium Adl $1,000 3,00 5,499 $9,499 (182) (12) Pro Forma 6/30/04 $1,000 3,000 5,199 $9,499 $2,187 0 433 6,044 31 156 $8,851 $13,350 $18,350 3,245 12x 5.7 40.0% Premlum --------- Pro Form 3 6/30/04 Adl $1,000 3,000 6,211 $10,211 (182) (72) $1,000 3,000 6,211 $10,211 $2,187 0 433 6,044 31 156 $8,851 $19,062 $19,052 3,245 12x 5.9 DRAFT 29-Jun-04 Citigroup]#38Papa Finances (Projected Paydown) (Simons, excepper share) Dola Mora) EBITDA Papa EBITDA Charle EBITDA Less: Old Interesi Expense New heresi Expense Cash Taxes Cap Expenditures Pluus/Less: Tax Adlus meni Lored Free Cach Ro Credit Bacioc To Debl To Debli BITDA Do Mora) EBITDA Papa EBITDA Charte EBITDA Less: Old heresi Experse New heres Expense Cash Taxes Cpl Expenditures Plus Less: Tax Adlus menl Lored Free Cach Ro Credit Bactio Tom Debl To Debl EBITDA 34 10% Premium 2004E $3,245 785 2,459 (641) (4700 (75) (1247) 153 386 2004E $3,245 795 2,459 2006 E $3,78+ 9:51 2X3 (6+1) (528) (75) (1247) 153 208 $17,45€ (585) (515) (525) (504) (455) (1,747) (1,578) + ZZ $701 20% Premium (245) 2008 E 14,278 1,025 3,252 2006 E $3,784 951 ZXE (585) (576) (1,747) ZZ 1837 #1,141 $16,715 $16,400 $15,769 $14,243 52.33.7x__23_____22_ 2008 E $4,278 1,025 3,252 (525) (545) (1,578) + 1,102 2007 E $50 $17,122 $16,509 5.4x4.5% 3% 1,795 3,722 (434) (563) (701) (1,456) 24 $1,328 2007 E $50 2003 E $5,533 1,348 1,795 3,772 (45) (5729) (575) (1,496) 24 $1,728 4,135 (+0+) (495) (505) (1,3530 (200 $2,368 $12,112 2003 E $5.533 1,348 4,135 (404) (564) (372) (1,3530 (200 $2,3 13 $15,109 $13,015 30x2.4x '03-02- CAOR 1+3% 14.4 142 68.496 02-03 CUR 143% 14.4 142 86.3% DRAFT 29-Jun-04 Citigroup]#39Papa Finances (Projected Paydown) (Sin ons, excepper share) Dolla Mora) EBITDA Papa EBITDA Charle EBITDA Less: Old heresi Expense New heresi Expense Can Taves Capi Expenditures Plus / Less: Texx Aduus meni Levered Free Cach Ro Credit Btstico Told Debl To Debl? EBITDA Dola Millora) EBITDA Papa EBITDA Charle EBITDA Less: Old Interest Expense New heresi Expense Cash Taxes Capi Expenditures Plus Less: Tax Ads meni Lovered Free Cach Ro 35 Credit atat ctoc To Debl To Debl EBITDA 30% Premium 2004E $3,245 735 2,499 (5+1) (537) (75) (1247) 153 1243 2004E $3,245 735 40% Premium 2,459 2006 E $3,784 951 2X0 (595) (635) (5+1) (545) (75) (1247) 153 128 (154) (1,747) ZZ 1873 $19,024 5.5% 2006 E $3,784 951 2X3 (595) (97) (120 (1,747) ZZ 0842 2008 E $4,278 1,025 3,252 (525) (709) $18,763 (405) (1,578) 4 $1,084 2007 E $5.00 2008 E 14,278 1,025 3,252 (525) (773) (385) (1,578) $1,042 1,795 3,722 $18,253 $17,995 $17,412 $15,972 $13,921 5.7x41x32____25_ (484) (695) (545) (1,455) 24 1,743 2007 E $50 1,295 3,7ZZ (45) (762) 2003 E $5,533 1,348 4,135 067230 (1,456) 24 $1,703 (404) (63) (351) (1,353) (200 $2,270 2003 E $5,5x3 1,348 4,185 (404) (704) (24) (1,3530 (200 $2,223 $14,828 18,235 $16, 50+3 3.4 2.7x_ '02-03 CAOR 1+3% 142 74.09 '03-03 CUER 1+3% 142 36.2% DRAFT 29-Jun-04 Citigroup]#40Balemm, LTM) Repurchase of Entire Float - Papa Finances (Credit Impact) ($ in lons, except per share) 20000 17,500 15.000 12,500 10,000 7,500 5,000 2008 17,500 15,000 1 12,500 10,000 7,500 500 36 1 25 25 10% Premium 888+ IT ZUME 888 IT 2009E 888- 888- BB+ IT 2002 IT WHE 200 Lea-Adju cled Total Debt/EBITDA (1) 30% Premium 888 55 88 2011 UHE BB+ 55 IT ACCE 88 88- Lea-Adju ched Total Debt'EEIT DA (0) 7 7 B+ Bals Gmm, LTM) 20,000 17,500 A 888+ M 15.000 12,500 10,000 7,500 5,000 20,000 17 500 15,000 1 12,500 10,000 7,500 5,000 25 A 20% Premium 888 888 IT 200 Din 201 888- If 2004E 25 888 IN 200 888-2017 UTHE 40 i 10.HE S5 Lea-Adju led Total Debt/EBIT DA (1) 40% Premium +88 55 ITAL 88 88- Lea-Adju led Total Debt/EEIT DA (0) 7 88- DRAFT 29-Jun-04 7 Citigroup#41How Much Capital Could Be Required? (Dollars in milions, excepts lock price) Stock Prbe Purch13 Price (Dollars in millions, excepls lock price) Stock Prbe Purch13 Price Fees New Capital Required Existig Indebtedness Total Indebtedne [3] Total Indebtedness /2004E EBITDA Target Indebtedness for lau. Grade (5.0) Target Indebtedness for hau. Grade (1.50) Target Indebtedness for lau. Grade (4.0) Charlie Equit: Capital Required for hnitment Grade (5.0) Equit Capital Required for investment Grade (4.5:) Equit: Capital Required for hw itment Grade (4.0) 10.0% Fees New Capital Required Exktag Indebtedness Total Indebtedne (3) Total Indebtedness /2004E EBITDA Target Indebtedness or lau. Grade (5.0) Target Indebtedness for lau. Grade (4.5) Target Indebtedness for hau. Grade (4.00) Equit Capital Required for hvitment Grade (5.00) Equit: Capital Required for investment Grade (4.5%) Equit: Capital Required for investment Grade (4.0) Pro Toma lokal Ihndebledress does nolequel sum ofrewcapld required and exis ng Indeb ledress due lo redemption of in the ruments. Papa & Charlie $30.80 $33.60 $7,439 $8,115 208 227 $7,647 $8,342 $5,736 $5,736 $14,555 $15,265 $2,260 3,490 4,719 10.0% 59x 62x 6.5x $12,295 $12,295 $12,295 11,056 11,056 11,056 9,836 9,836 9,836 $30.80 $7,397 207 $7,60 4 $9,105 $16,928 Purchase Premium 20.0% 52x $16,225 14,602 12,960 $704 2,326 3,949 $2,970 4,200 5,429 30.0% $36.40 $8,79 1 246 $9,037 $5,736 $15,977 $33.60 $8,070 226 $8,296 $9,105 $17.638 5.4x $16,225 14,602 12,960 $1,413 3,036 4,658 Purchia e Premium 20.0% $3,682 4,911 6,141 30.0% $36.40 $8,742 245 $8,987 5.7x 40.0% $16,225 14,602 12,960 $39 20 $9,467 255 $9,732 $5,736 $16,689 6.8x $12,295 11,056 9,836 $2,125 3,747 5,370 $4,394 5,623 6,853 40.0% $9,105 $9,105 $18,350 $19,062 59x $16,225 14,602 12,960 $39 20 $9,415 253 $9,67 8 $2,837 4,460 6,032 (20) Pro forma lo Indebledness does not equal sum ofrew capll required and exting deb ledress due lo redemplonofante ruments. 37 DRAFT 29-Jun-04 Citigroup]#4230 FD. SA 20 20. TO Debt Repayment Sensitivity - Papa & Charlie Slandelorm 38 8.5x 2004 Total Debt / EBITDA: Charlie 5.3x 200 20% Pamum 2% Piemum 28E 2005 40% Piemumman Grade 545 2.5. 2003 12 50. 64. 2.D. 20. ID. □ D. 2004 Flandelorm Total Debt / EBITDA: Papa HP 20% Pimum 20% Pamum 2000 DRAFT 29-Jun-04 283 40% Pamuman Grach Citigroup]#43dy herbmbur Bralacak parpoem orban arebjeco para. Priory Torcorsoblespoor our 15.0 are bleu chacComofan Tramacio. bregas,baccp praarudor,sc colbab fpronban you roerbby or bellus or accarakitarus belgaus or car courtes Tramacio,14 souborbraucotid yuboleprecebeuragurib your garbado ao carbastechTraJN OUT We are robuberthcorecarub brukce domulberedt for your comple, peber. Wescoperto corrof art mude proslave. declibur. [TOR PITCH MISTERILGEEL TEGTODTD..sor CRCLITOVCMONER OF ITOR-CILE SUORE FOR SUCH PTCHES THE FOLLOV.GRENGEMISN70L70CCOLTO 11; ATCI ISTOR SEORY SERVICES OF.L70R12 PTCHI TO FORUCUSTOMER SE TEMENCTION. 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