Citi Investment Banking Pitch Book

Illustrative 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]

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