Fidelity Model Worksheet Mar 2019

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March 27, 2021

Fidelity Moldings
Financial Model

Prepared By:
The Marquee Group
Fidelity Moldings
Summary Values

Discounted Cash Flow Valuation (1)

Stock Price on:


Scenario Enterprise Values Equity Values Equity per Share 03/26/21 - $12.25
($ MM) ($ MM) ($ per share) Premium / (Discount)

Base Case Scenario to 0 to 0 0.00 to 0.00 (100.0%) to (100.0%)

Best Case Scenario to 0 to 0 0.00 to 0.00 (100.0%) to (100.0%)

Worst Case Scenario to 0 to 0 0.00 to 0.00 (100.0%) to (100.0%)

P/E Multiple Valuation

Stock Price on:


Scenario 2019F EPS P/E Multiple Range Equity per Share 03/26/21 - $12.25
($ per share) ($ per share) Premium / (Discount)

Base Case Scenario 12.0x to 14.0x 0.00 to 0.00 (100.0%) to (100.0%)

Best Case Scenario 12.0x to 14.0x 0.00 to 0.00 (100.0%) to (100.0%)

Worst Case Scenario 12.0x to 14.0x 0.00 to 0.00 (100.0%) to (100.0%)

(1)

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Fidelity Moldings
Inputs and Assumptions
GENERAL DEPRECIATION
- First year of forecast in financial model: 2019 - Depreciation Methodology Used: Straight Line
- 5-year cash flow model discounted to December 31, 2018 - Years remaining for depreciation of existing assets: 25 years
- Three scenarios have been used for Inflation, FX and Product Pricing - Years used for depreciation of new assets: 30 years
and sales volume growth
PRODUCT PRICING VALUATION
- The product pricing cases used in the model are as follows: - Cost of Equity 15.0%
Pricing Case 2019 - 2023 Terminal Year - Low end of the discount rate (WACC) range: 11.0%
Base Case Research Forecast Avg. of Last 5 Years - The discount rate range used is 0.0% to 1.5%
Best Case +5% Avg. of Last 5 Years - Low end of the terminal value growth rate: 1.5%
Worst Case (5%) Avg. of Last 5 Years - The terminal value growth rate range is 0.0% to 1.5%

COSTS TAXES
Cost Item 2019 Increases - Values are calculated assuming a share purchase
Raw Materials $226.0 per Unit Inflation on a unit basis - Interest Deductibility limit 30.0%
Chemicals $66.1 per Unit Inflation on a unit basis - NOL deduction limit 80.0%
Energy $11.2 MM Inflation on a total $ basis - Include Depreciation in Interest test until 2022
Supplies $12.2 MM Inflation on a total $ basis - Tax rate assumed in the model: 21.0%
Operating Labor $26.0 MM Inflation on a total $ basis - Blended Tax Dep'n Rate assumed in the model: 15.0%
Salaries $10.2 MM Inflation on a total $ basis - Opening NOL balance ($MM): $25.0
Insurance $7.1 MM Inflation on a total $ basis - Opening Tax Basis balance ($MM): $116.2
Other $2.0 MM Inflation on a total $ basis - Interest Carry Forward balance ($MM): $0.0
SG&A $3.9 MM Inflation on a total $ basis

INTEREST RATES AND DEBT COVENANTS TERMINAL YEAR


Interest Rates
- Interest rate earned on cash balances: 2.0% - This EBITDA Margin is used to calculate EBITDA
- Interest rate on the Bank Revolver: 8.5% - Full cash taxes are paid (ie. no deferred taxes)
- Interest rate on the Senior Secured Term Debt: 8.5% - Capex is equal to 2023 Capex grown at inflation
- Depreciation is equal to Capex
Debt Covenants - No changes in working capital
- Net Debt / EBITDA
- Interest Coverage (EBITDA / Interest) > 1.5 x
- Interest Coverage ((EBITDA-CAPEX) / Int) > 1.2 x
- Net Debt / Capitalization < 40.0%

EQUITY OPERATIONS
Stock Price - 03/26/21 $12.25 - Operating Days per Year: 350
Average Stock Price - 2018 $10.80 - Factory Capacity (Units per day): 1,200
Common Dividend Payout Rate 20.0% - Inventory Calculation LIFO
Fully Diluted Shares O/S (MM) - Dec. 31, 2018 14.80
The Marquee Group
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The Marquee Group
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Fidelity Moldings
Inputs and Assumptions

CAPITAL EXPENDITURES (CAPEX)


- Capex has been assumed at $16 million in 2019, $17 million in 2020 and grown at inflation thereafter
- Capex used in the model is maintenance Capex only
- If productivity enhancing (strategic) capex is added, corresponding changes to the model's capacity and/or cost structure
will need to be incorporated

($ millions) 2019 2020 2021 2022 2023 Term


Maintenance 16.0 17.0 17.0 17.0 17.0 17.0
Environmental 0.0 0.0 0.0 0.0 0.0 0.0
Strategic 0.0 0.0 0.0 0.0 0.0 0.0
Total $16.0 $17.0 $17.0 $17.0 $17.0 $17.0

PRODUCTION ASSUMPTION

(%) 2019 2020 2021 2022 2023 Term


Capacity Utilization (%)

EARNINGS ADJUSTMENTS (PRE-EBITDA)

($ millions) 2019 2020 2021 2022 2023


Adjustment 1 0.0 0.0 0.0 0.0 0.0
Adjustment 2 0.0 0.0 0.0 0.0 0.0
Adjustment 3 0.0 0.0 0.0 0.0 0.0
Total $0.0 $0.0 $0.0 $0.0 $0.0

WORKING CAPITAL DAYS

(Days) 2019 2020 2021 2022 2023


Accounts Receivable 45.0 40.0 40.0 40.0 40.0
Accounts Payable 40.0 40.0 40.0 40.0 40.0

CHANGE IN DEBT AND EQUITY

($ millions) 2019 2020 2021 2022 2023


Sr. Term Debt Issuance / (Repayment) ($25.0) ($25.0) ($25.0) ($25.0) ($25.0)
Common Stock Issuance / (Buy-back) $0.0 $0.0 $0.0 $0.0 $0.0
Stock Option Grants (MM) 0.5 0.5 0.0 0.0 0.0

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The Marquee Group
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Fidelity Moldings
Economic and Sales Scenarios

SCENARIO SWITCH: 1 2019 2020 2021 2022 2023 Term

ECONOMIC SCENARIOS
Cost Inflation
Base Case 2.0% 2.0% 2.0% 2.5% 2.5% 2.2%
Best Case 1.8% 1.8% 1.8% 2.0% 2.0% 2.0%
Worst Case 2.1% 2.2% 2.2% 2.6% 2.8% 2.5%

FX Rate - US$ / C$
Base Case 0.95 0.94 0.93 0.92 0.91 0.90
Best Case 0.96 0.95 0.94 0.93 0.92 0.91
Worst Case 0.94 0.93 0.92 0.91 0.90 0.89

SALES SCENARIOS
Gross Sales Price in the U.S. - US$/Unit
Base Case 780.0 745.0 825.0 805.0 815.0 794.0
Best Case: +5% 819.0 782.3 866.3 845.3 855.8 833.7
Worst Case: -5% 741.0 707.8 783.8 764.8 774.3 754.3

Gross Sales Price in Canada - C$/Unit


Base Case 770.0 740.0 825.0 815.0 825.0 795.0
Best Case: +5% 808.5 777.0 866.3 855.8 866.3 834.8
Worst Case: -5% 731.5 703.0 783.8 774.3 783.8 755.3

Sales Volume Growth


Base Case 5.0% 4.0% 4.0% 4.0% 3.0% 2.5%
Best Case 5.0% 4.0% 4.0% 5.0% 5.0% 3.0%
Worst Case 5.0% 4.0% 3.0% 3.0% 2.0% 2.0%

Sales Volume Distribution - % to U.S. 40.0% 50.0% 55.0% 60.0% 65.0% 65.0%

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CURRENTLY RUNNING: BASE CASE SCENARIO

Fidelity Moldings
Revenue Schedule
Projected
2016A 2017A 2018F 2019 2020 2021 2022 2023 Term.
Exchange Rate (US$ / C$) 0.74 0.85 0.90
Cost Inflation (for Freight) (%)
Capacity Utilization (%)

Pricing to the U.S.


Gross Sales Price (US$/unit) 820.0 860.0 800.0
Freight & Warehousing (US$/unit) 75.0 81.0 83.0
Net Sales Price (US$/unit) 745.0 779.0 717.0
Pricing to Canada
Gross Sales Price (CDN$/unit) 795.0 785.0 730.0
Gross Sales Price (US$/unit) 588.3 667.3 657.0
Freight & Warehousing (US$/unit) 95.0 102.0 103.0
Net Sales Price (US$/unit) 493.3 565.3 554.0

Available Units
Operating Days (Days) 350.0 350.0 350.0 - - - - -
Units per day (Units) 1,200.0 900.0 1,200.0 - - - - -
Capacity (000's units) 420.0 315.0 420.0
Units Produced per day (Units) 1,000.0 800.0 1,086.0
Units Produced (000's units) 350.0 280.0 380.0
Opening Inventory (000's units) - 23.0 - - - - - - 0.0
Available Units (000's units) 350.0 303.0 380.0 - - - - - -
Sales Volume
Operating Days (Days) 340.0 335.0 348.0
Sales Volume Growth (%) 2.0% 1.6% 1.5%
Units per day (Units) 960.0 975.0 990.0
Annual Sales Volume (000's units) 326.4 326.6 344.5
Sales Volume Distribution
Sales Volume to U.S. (%) 35.0% 36.0% 38.0%
Sales Volume to Canada (%) 65.0% 64.0% 62.0%
Total Sales Volume (%) 100.0% 100.0% 100.0%

Sales Volume to U.S. (000's units) 114.2 117.6 130.9


Sales Volume to Canada (000's units) 212.2 209.0 213.6
Total Sales Volume (000's units) 326.4 326.6 344.5

Revenue
Gross Revenue - U.S. ($ MM) 93.7 101.1 104.7
Gross Revenue - Canada ($ MM) 124.8 139.5 140.3
Freight & Warehousing ($ MM) 28.7 30.8 32.9
Net Revenue ($ MM) $189.8 $209.8 $212.2
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Fidelity Moldings
Costs of Production
Projected
2016A 2017A 2018F 2019 2020 2021 2022 2023

Units Produced (000's units) 350.0 280.0 380.0 0.0 0.0 0.0 0.0 0.0
Available Units (000's units) 350.0 303.0 380.0 0.0 0.0 0.0 0.0 0.0
Cost Inflation (%) 0.0% 0.0% 0.0% 0.0%

COSTS PER UNIT


Variable Costs
Raw Material ($/unit) 218.1 226.0 219.0
Chemicals ($/unit) 63.0 64.0 65.0
Total Variable Costs ($/unit) 281.1 290.0 284.0
Fixed Costs
Energy ($/unit) 28.6 35.7 26.3
Supplies ($/unit) 34.3 42.9 34.2
Operating Labor ($/unit) 71.4 89.3 65.8
Salaries & Benefits ($/unit) 28.6 35.7 26.3
Insurance ($/unit) 17.1 21.4 15.8
Other ($/unit) 5.7 7.1 7.9
Total Fixed Costs ($/unit) 185.7 232.1 176.3
Total Costs ($/unit) $466.8 $522.1 $460.3

COSTS IN $MM
Variable Costs
Raw Material ($ MM) 76.3 63.3 83.2
Chemicals ($ MM) 22.1 17.9 24.7
Total Variable Costs ($ MM) 98.4 81.2 107.9
Fixed Costs
Energy ($ MM) 10.0 10.0 10.0
Supplies ($ MM) 12.0 12.0 13.0
Operating Labor ($ MM) 25.0 25.0 25.0
Salaries & Benefits ($ MM) 10.0 10.0 10.0
Insurance ($ MM) 6.0 6.0 6.0
Other ($ MM) 2.0 2.0 3.0
Total Fixed Costs ($ MM) 65.0 65.0 67.0
Total Costs of Production ($ MM) 163.4 146.2 174.9 0.0 0.0 0.0 0.0 0.0
Add: Opening Inventory ($ MM) - 11.0 -
Less: Closing Inventory ($ MM) 11.0 - 16.3
Cost of Sales ($ MM) $152.4 $157.2 $158.6

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Fidelity Moldings
Income Statement

Projected
2016A 2017A 2018F 2019 2020 2021 2022 2023 Term.
Sales Volume (000's units) 326.4 326.6 344.5 0.0 0.0 0.0 0.0 0.0 0.0

Revenue
Gross Revenue ($ MM) 218.5 240.6 245.1
Freight & Warehousing ($ MM) 28.7 30.8 32.9
Net Revenue ($ MM) 189.8 209.8 212.2

Cost of Sales ($ MM) 152.4 157.2 158.6


S,G & A ($ MM) 3.4 3.6 3.8
Total Costs ($ MM) 155.8 160.8 162.4

Adjustments ($ MM) 0.0 0.0 0.0


EBITDA ($ MM) 34.0 49.0 49.8 #DIV/0!

Depreciation ($ MM) 15.4 15.5 15.8


EBIT ($ MM) 18.6 33.5 34.0 #DIV/0!
Interest Expense ($ MM) 9.0 13.0 14.0 0.0
EBT ($ MM) 9.6 20.5 20.0 #DIV/0!
Current Income Taxes ($ MM) 0.0 0.0 0.0 #DIV/0!
Future Income Taxes ($ MM) 0.0 0.0 0.0 0.0
Total Income Taxes ($ MM) 0.0 0.0 0.0 #DIV/0!

Net Income ($ MM) $9.6 $20.5 $20.0 #DIV/0!

Average Diluted Shares O/S (MM's) 13.9 14.2 14.6 0.0 0.0 0.0 0.0 0.0 0.0
Earnings per Share ($ / share) $0.69 $1.44 $1.37 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Margins
EBITDA Margin 17.9% 23.3% 23.5% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
EBIT Margin 9.8% 16.0% 16.0% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Return on Equity 9.4% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

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Fidelity Moldings
Cash Flow Statement
($ Millions)
Projected
2016A 2017A 2018F 2019 2020 2021 2022 2023
Operating Activities
Net Income 9.6 20.5 20.0
Depreciation & Amortization 15.4 15.5 15.8
Future Income Taxes 0.0 0.0 0.0
Changes in working capital 0.0 0.0 0.0
Operating Cash Flow 25.0 36.0 35.8

Investing Activities
CAPEX (14.1) (15.0) (15.5)
Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Investing Cash Flow (14.1) (15.0) (15.5)

Financing Activities
Revolver Issuance / (Repayment)
Term Debt Issuance / (Repayment)
Common Shares Issuance/ (Buy-Back)
Common Dividends
Financing Cash Flow

Change in the Cash Position


Beginning Cash
Ending Cash

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Fidelity Moldings
Balance Sheet
($ Millions)
Projected
2018F 2019 2020 2021 2022 2023

ASSETS
Cash 0.0
Accounts Receivable 28.3
Inventory 16.3
Other 1.5
Total Current Assets 46.1

Net PP&E 397.7


Other 0.0
Total Assets $443.8

LIABILITIES AND EQUITY


Bank Debt - Revolver 0.0
Accounts Payable 18.2
Other 4.8
Total Current Liabilities 23.0

Future Income Taxes 8.0


Senior Secured Term Debt 200.0
Total Long Term Liabilities 208.0

Total Liabilities 231.0

Common Shares 120.0


Retained Earnings 92.8
Shareholder's Equity 212.8

Total Liabilities and Equity $443.8

Check 0.000 0.000 0.000 0.000 0.000 0.000

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Fidelity Moldings
Depreciation Schedule
($ Millions)
Projected
2016A 2017A 2018F 2019 2020 2021 2022 2023

Years Remaining on Existing Assets:


Depreciation Years on New Assets:

Depreciation to Existing Assets $15.4 $15.5 $15.8

CAPEX
2019
2020
2021
2022
2023

Total Depreciation $15.4 $15.5 $15.8

The Marquee Group


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Fidelity Moldings
Income Tax Schedule (Part 1)
($ Millions)
Projected
2019 2020 2021 2022 2023
NOL Deduction Limit 80.0%

Earnings Before Taxes (as is on I/S) A

Add Back GAAP Depreciation


Deduct Tax Depreciation
Earnings Before NOL after Tax Dep'n

Net Operating Loss Schedule


Existing NOL (Initial Balance) 0.0 0.0 0.0 0.0
Existing NOL Used 0.0 0.0 0.0 0.0 0.0
Earnings after use of Existing NOL

Newly Created NOL - Beginning 0.0 0.0 0.0 0.0 0.0


Newly Created NOL Used / (Added) - to a Limit of 80.0% of Earnings Before NOL 0.0 0.0 0.0 0.0 0.0
Newly Created NOL - Ending 0.0 0.0 0.0 0.0 0.0
Remaining Existing NOL 0.0 0.0 0.0 0.0 0.0
Total NOL Available 0.0 0.0 0.0 0.0 0.0

EBT (after Tax Dep'n and NOLs before Interest Adjustment) $0.0 $0.0 $0.0 $0.0 $0.0

Tax Depreciation Schedule


Blended Tax Dep'n Rate 2019 2020 2021 2022 2023
Tax Basis Beginning B
Plus: New Capex C
1/2 of New Capex
Tax Basis After New Capex (1/2 Year)
Less: Tax Dep'n Available and Used D
Tax Basis Ending (B + C - D)

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Fidelity Moldings
Income Tax Schedule (Part 2)
($ Millions)
Projected
2019 2020 2021 2022 2023
Interest Deductibility limit 30.0%
Include Depreciation in Interest test 2022
Tax Rate 21.0%

Adjusted Taxable Income for Interest Deduction


EBT (after Tax Dep'n and NOLs before Interest Adjustment)
Less: Interest Income
Add: Interest Expense
Add: NOL Used
Add: Tax Depreciation until 2022
Adjusted Taxable Income
Allowable Interest Deduction (30.0% of Adjusted Taxable Income)
Add: Interest Income
Gross Interest Expense Available
Actual Interest Expense
Excess Carried Forward
Carry Forwards Applied
Total Interest Expense for Tax Purposes
Interest Carry Forward Beginning
Additions/(Reductions)
Interest Carry Forward Ending

Earnings Before Interest and Taxes (as is on I/S) $0.0 $0.0 $0.0 $0.0 $0.0
Add: Accounting Depreciation
Deduct: Tax Depreciation
Deduct: Total Interest Expense for Tax Purposes
Add: Interest Income
Deduct: NOL Used
EBT After Deductions E

Accounting (GAAP) Tax (21% of A)

Taxes as Appearing on Income Statement


Current Tax (21% of E)
Increase (Decrease) in Deferred Income Taxes
Total Income Tax (Same as Accounting Tax Above)

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Fidelity Moldings
Working Capital Schedule (Part 1)
($ Millions)
Projected
2017A 2018F 2019 2020 2021 2022 2023

Units Produced (Units) 280.0 380.0 - - - - -


Sales Volume (Units) 326.6 344.5 - - - - -

Inventory
Opening Inventory (000's units) 0.0
Add: Units Produced (000's units)
Less: Sales Volume (000's units)
Closing Inventory (000's units)

INVENTORY UNIT COST


2018
2019
2020
2021
2022
2023
Closing Inventory (000's units)

Closing Inventory ($ MM)

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Fidelity Moldings
Working Capital Schedule (Part 2)
($ Millions)
Projected
2017A 2018F 2019 2020 2021 2022 2023

Days per Year (days)

Income Statement Items


Net Revenue ($ MM)
Cost of Sales ($ MM)

Days In
Accounts Receivable (days)
Inventory (days)
Accounts Payable (days)

Account Balances
Accounts Receivable ($ MM)
Inventory ($ MM)
Accounts Payable ($ MM)
Net Working Capital ($ MM)

Change in Working Capital ($ MM)

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Fidelity Moldings
Debt and Interest Schedule
($ Millions)
Projected
2018F 2019 2020 2021 2022 2023
FINANCING COMPONENT
Cash
Amount Outstanding - Beginning
Change in Cash
Amount Outstanding - Ending
Interest Rate
Annual Interest Income

Revolver
Operating Cash Flow
Investing Cash Flow
Mandatory Debt Repayments
Dividends
FCF After Mandatory Debt Repayment and Dividend

Revolver Outstanding - Beginning


Additions / (Repayments)
Revolver Outstanding - Ending
Interest Rate
Annual Interest Expense

Senior Secured Term Debt


Amount Outstanding - Beginning
Additions / (Repayments)
Amount Outstanding - Ending
Interest Rate
Annual Interest Expense

Net Interest Expense

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Fidelity Moldings
Shareholders' Equity Schedule
($ Millions)
Projected
2018F 2019 2020 2021 2022 2023

Common Shares
Amount Outstanding - Beginning
New Issuance / (Buy-Back)
Amount Outstanding - Ending
Dividend Payout Rate
Net Income
Common Dividend

Retained Earnings
Amount Outstanding - Beginning
Net Income
Common Dividend
Amount Outstanding - Ending

Shares Outstanding
Cost of Equity
Average Stock Price

Fully Diluted Shares O/S (MM) - Beginning


New Issuance / (Buy-Back)
Stock Option Grants
Fully Diluted Shares O/S (MM) - Ending
Average Fully Diluted Shares O/S

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Fidelity Moldings
Credit Statistics and Covenants
($ Millions)
Projected
2018F 2019 2020 2021 2022 2023

Credit Statistic Values


EBITDA ($ MM)
Capital Expenditures ($ MM)
Total Debt ($ MM)
Net Debt ($ MM)
Interest Expense ($ MM)
Total Book Capitalization ($ MM)

Consolidated Ratios
Net Debt / EBITDA Covenant
EBITDA Cushion

Interest Coverage (EBITDA / Interest) Covenant


EBITDA Cushion

Interest Coverage ((EBITDA - CAPEX) / Int.) Covenant


EBITDA Cushion

Net Debt / Capitalization Covenant

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Fidelity Moldings
Income Tax Schedule for Calculating UFCF
($ Millions)
Projected
Tax Rate 2019 2020 2021 2022 2023

Earnings Before INTEREST and Taxes A

Add Back GAAP Depreciation 0.0 0.0 0.0 0.0 0.0


Deduct Tax Depreciation 0.0 0.0 0.0 0.0 0.0
Earnings Before NOL after Tax Dep'n 0.0 0.0 0.0 0.0 0.0

Net Operating Loss Schedule


Existing NOL (Initial Balance) 25.0 25.0 25.0 25.0 25.0
Existing NOL Used 0.0 0.0 0.0 0.0 0.0
Earnings after use of Existing NOL 0.0 0.0 0.0 0.0 0.0

Newly Created NOL - Beginning 0.0 0.0 0.0 0.0 0.0


Newly Created NOL Used (Added) 0.0 0.0 0.0 0.0 0.0
Newly Created NOL - Ending 0.0 0.0 0.0 0.0 0.0
Remaining Existing NOL 25.0 25.0 25.0 25.0 25.0
Total NOL Available 25.0 25.0 25.0 25.0 25.0

EBT (after Tax Dep'n and NOLs) B $0.0 $0.0 $0.0 $0.0 $0.0

Accounting (GAAP) Tax (0% of A) 0.0 0.0 0.0 0.0 0.0

Taxes as Appearing on Income Statement


Current Tax (0% of B) 0.0 0.0 0.0 0.0 0.0
Future Income Tax 0.0 0.0 0.0 0.0 0.0
Total Income Tax (Same as Accounting Tax Above) 0.0 0.0 0.0 0.0 0.0

Tax Depreciation Schedule


Blended Tax Dep'n Rate 2019 2020 2021 2022 2023
Tax Basis Beginning C
Plus: New Capex D
1/2 of New Capex
Tax Basis After New Capex (1/2 Year)
Less: Tax Dep'n Available and Used E
Tax Basis Ending (C + D - E)

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Fidelity Moldings
Unlevered Free Cash Flow Schedule
($ Millions)
Projected
2019 2020 2021 2022 2023 Term.
Unlevered Free Cash Flow
EBITDA
Current Taxes
Changes in working capital
CAPEX
Unlevered Free Cash Flow (DCF Valuation)

CHECK CALCULATION ON UFCF


Unlevered Free Cash Flow
Net Income
Depreciation
Future Income Taxes
Interest Expense
Tax Shelter on Interest Expense
Changes in working capital
CAPEX
Unlevered Free Cash Flow

Check 0.000 0.000 0.000 0.000 0.000 0.000

The Marquee Group


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C:\My Documents\Fidelity Model.xls
CURRENTLY RUNNING: BASE CASE SCENARIO

Fidelity Moldings
DCF Valuation Schedule
($ Millions)

WACC Terminal Value Growth Rate


0.5% 1.0% 1.5%
PV of Cash Flows
PV of Terminal Year
Enterprise Value
Less Net Debt (12/31/18)
Equity Value
Shares O/S (MM) - (12/31/18)
Equity Value per Share

0.5% PV of Cash Flows


PV of Terminal Year
Enterprise Value
Less Net Debt (12/31/18)
Equity Value
Shares O/S (MM) - (12/31/18)
Equity Value per Share

1.0% PV of Cash Flows


PV of Terminal Year
Enterprise Value
Less Net Debt (12/31/18)
Equity Value
Shares O/S (MM) - (12/31/18)
Equity Value per Share

1.5% PV of Cash Flows


PV of Terminal Year
Enterprise Value
Less Net Debt (12/31/18)
Equity Value
Shares O/S (MM) - (12/31/18)
Equity Value per Share

The Marquee Group


Page 24 of 25 03/27/2021 06:35:55
C:\My Documents\Fidelity Model.xls
CURRENTLY RUNNING: BASE CASE SCENARIO

Fidelity Moldings
Alternate DCF Valuation Schedule
($ Millions)

WACC 12.0% Enterprise Values - Sensitivity Table


Terminal EBITDA Multiple 6.0 x
$MM Terminal Year EBITDA Multiple
PV of 5 yr Cash Flows 0.5 x 1.0 x 1.5 x 2.0 x

PV of Terminal Year

Enterprise Value 0.5%


W
A
Less Net Debt (12/31/18) 1.0%
C
C
Equity Value 1.5%

Shares O/S (MM) - (12/31/18) 2.0%

Equity Value per Share

Stock Price - 03/26/21

Implied TV Growth Rate

Equity Value per Share - Sensitivity Table

Terminal Year EBITDA Multiple


0.0 x 0.5 x 1.0 x 1.5 x 2.0 x
0.0%

0.5%
W
A
1.0%
C
C
1.5%

2.0%

The Marquee Group


Page 25 of 25 03/27/2021 06:35:55
C:\My Documents\Fidelity Model.xls

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