Citi Investment Banking Pitch Book

Illustrative 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]

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