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Contents

RP98793_1    Round  3 - 2024 Report

Section 1 High Level Overview

Section 2 Research & Development

Section 3 Marketing - United States of America: Low Tech

Section 4 Marketing - United States of America: High Tech

Section 5 Marketing - Germany: Low Tech

Section 6 Marketing - Germany: High Tech

Section 7 Marketing - China: Low Tech

Section 8 Marketing - China: High Tech

Section 9 Production

Section 10 Finance

Section 11 Custom Modules

0 . 1 R o st er

Andrews

Daniel Borowski

Antonia Martin

Angelina Adu-Henaku

Mauricio De Casa

Andrew Kravchenko

Anjah Flora Ayuk

Baldwin

Jacqueline Randolph

Emily Leite

Earli Lesane-Evans

Jacquelyn Jose

Donald Ru�n

Darriel Hawkins

Chester

Patricia Czyzewski

Kirstie Hafer

Megan Graham

Mark Ahrens

Javis LeMelle

Victoria Pearlman

Digby

Travis Lee

Ruslana Milikhiker

Shemeika Gilmore

Valerie Gregorio

Zachary Masin

Erie Ferris

Section 1 | High Level Overview Please note: For �nancials, millions are reported in thousands

1 . 1 H ig h L ev el O v er v iew

Andrews Baldwin Chester Digby Erie Ferris Average

Sales $48,201 $72,792 $94,502 $88,624 $23,663 $186,147 $85,655

EBIT ($3,217) $5,781 $25,569 $11,353 $1,694 $42,673 $13,976

Pro�t ($7,824) $2,537 $14,767 $1,948 $449 $24,387 $6,044

Cumulative Pro�t $5,542 $8,788 $24,212 $31,253 $21,091 $62,443 $25,555

SG&A to Sales Ratio 13.15% 7.87% 10.10% 11.44% 9.29% 5.74% 9.60%

Contribution Margin 16.39% 20.75% 42.99% 30.67% 25.07% 32.60% 28.08%

Stock Price $1.00 $17.42 $37.28 $14.35 $26.51 $87.31 $30.65

Market Cap $2m $35m $110m $29m $53m $176m $68m

Emergency Loan $37,497 $2,978 $0 $49,252 $0 $0 $14,955

1 . 2 Ma r ket Sh a r e

Andrews Baldwin Chester Digby Erie Ferris

United States of America 13.3% 20% 26% 24.4% 6.5% 9.9%

Germany 0% 0% 0% 0% 0% 100%

China 0% 0% 0% 0% 0% 100%

Global Market Share 9.4% 14.2% 18.4% 17.2% 4.6% 36.2%

1.3 USA Market Share

AndrewsAndrews 13.3 %13.3 % Andrews 13.3 %

BaldwinBaldwin 20.0 %20.0 % Baldwin 20.0 %

ChesterChester 26.0 %26.0 % Chester 26.0 %

DigbyDigby 24.4 %24.4 % Digby 24.4 %

ErieErie 6.5 %6.5 % Erie 6.5 %

FerrisFerris 9.9 %9.9 % Ferris 9.9 %

Andrews Baldwin Chester Digby

Erie Ferris

1.4 Germany Market Share

AndrewsAndrews 0.0 %0.0 % Andrews 0.0 %

BaldwinBaldwin 0.0 %0.0 % Baldwin 0.0 %

ChesterChester 0.0 %0.0 % Chester 0.0 %

DigbyDigby 0.0 %0.0 % Digby 0.0 %

ErieErie 0.0 %0.0 % Erie 0.0 %

FerrisFerris 100.0 %100.0 % Ferris 100.0 %

Andrews Baldwin Chester Digby

Erie Ferris

1.5 China Market Share

AndrewsAndrews 0.0 %0.0 % Andrews 0.0 %

BaldwinBaldwin 0.0 %0.0 % Baldwin 0.0 %

ChesterChester 0.0 %0.0 % Chester 0.0 %

DigbyDigby 0.0 %0.0 % Digby 0.0 %

ErieErie 0.0 %0.0 % Erie 0.0 %

FerrisFerris 100.0 %100.0 % Ferris 100.0 %

Andrews Baldwin Chester Digby

Erie Ferris

Section 2 | Research & Development

2 . 1 P r o d u ct L ist

Name Speed Accuracy Service Life Region Kit Age Revision Date Design Score

Able 7.7 8.6 21,050 USA 3.3 June 8, 2024 50

Baker 6.3 6.3 20,000 2.1 October 30, 2024 74

Cake 6.3 6.3 14,500 USA 1.6 September 11, 2024 36

Clack 8.3 8.3 20,000 USA 0.8 December 7, 2024 39

Dart 7.0 7.0 20,000 USA 0.6 June 8, 2024 33

Daze 9.1 9.2 23,000 USA 1.4 December 19, 2024 91

Dell -- -- -- -- August 26, 2025 --

Eat 6.4 6.4 21,000 6.1 November 25, 2018 38

Fast 8.2 8.2 19,000 China 1.4 December 12, 2024 26

Foot 5.6 5.6 17,000 0.9 February 20, 2024 28

2.2 Perceptual Map

Speed

A cc u ra cy

AbleAbleAble

BakerBakerBakerCakeCakeCake

ClackClackClack DazeDazeDaze

DartDartDart EatEatEat

FastFastFast

FootFootFoot

0 2 4 6 8 10 12 14 16 18 20 0

2

4

6

8

10

12

14

16

18

20

Section 3 | Marketing - United States of America: Low Tech

3 . 1 Cu st o mer B u y in g Cr it er ia

Expectations Importance

Price $15.00 - $35.00 55%

Age 3 Years 19%

Positioning Speed 6.3 Accuracy 6.3 17%

Service Life 14,000 - 20,000 Hours 9%

3 . 2 Dema n d I n f o r ma t io n

2024 Total Market Size 6,954

2024 Total Units Sold 6,954

2025 Demand Growth Rate 6%

3.3 USA Market Share

AndrewsAndrews 11.7 %11.7 % Andrews 11.7 %

BaldwinBaldwin 37.7 %37.7 % Baldwin 37.7 %

ChesterChester 30.6 %30.6 % Chester 30.6 %

DigbyDigby 4.2 %4.2 % Digby 4.2 %

ErieErie 7.8 %7.8 % Erie 7.8 %

FerrisFerris 8.1 %8.1 % Ferris 8.1 %

Andrews Baldwin Chester Digby Erie Ferris

3.4 Actual vs. Potential Units Sold

812

2618

2127

292

542 563

785

2531

2282

286

524 545

Actual Potential

Andrews Baldwin Chester Digby Erie Ferris 0

500

1000

1500

2000

2500

3000

3 . 5 To p P r o d u ct s

Name Price Revision

Date Units

Sold Potential

Sold Stock Out

Age Speed Accuracy Sales

Budget Customer

Accessibility Promo Budget

Customer Awareness

Region Kit

Design Score

Customer Satisfaction

Baker $25.00 30-Oct-2024 2,618 2,531 No 2.1 6.3 6.3 $2,650 67% $1,400 100% No 74 45

Cake $24.50 11-Sep-2024 2,060 2,210 No 1.6 6.3 6.3 $1,500 62% $2,100 100% Yes 36 31

Able $33.25 8-June-2024 812 785 No 3.3 7.7 8.6 $2,700 66% $2,500 100% Yes 50 15

Fast $34.00 12-Dec-2024 563 545 No 1.4 8.2 8.2 $1,350 39% $1,350 85% No 14 4

Eat $32.00 25-Nov-2018 542 524 No 6.1 6.4 6.4 $1,000 29% $1,000 62% No 38 9

Dart $37.00 8-June-2024 168 165 No 0.6 7 7 $2,000 49% $1,500 61% Yes 33 5

Daze $42.00 19-Dec-2024 124 121 No 1.4 9.1 9.2 $1,500 49% $1,600 94% Yes 14 0

Clack $43.00 7-Dec-2024 67 72 No 0.8 8.3 8.3 $1,800 62% $1,800 91% Yes 12 1

Section 4 | Marketing - United States of America: High Tech

4 . 1 Cu st o mer B u y in g Cr it er ia

Expectations Importance

Positioning Speed 9.5 Accuracy 9.5 39%

Age 0 Years 32%

Service Life 17,000 - 23,000 Hours 19%

Price $25.00 - $45.00 10%

4 . 2 Dema n d I n f o r ma t io n

2024 Total Market Size 4,610

2024 Total Units Sold 4,610

2025 Demand Growth Rate 13%

4.3 USA Market Share

AndrewsAndrews 13.8 %13.8 % Andrews 13.8 %

BaldwinBaldwin 6.4 %6.4 % Baldwin 6.4 %

ChesterChester 23.7 %23.7 % Chester 23.7 %

DigbyDigby 41.0 %41.0 % Digby 41.0 %

ErieErie 4.3 %4.3 % Erie 4.3 %

FerrisFerris 10.7 %10.7 % Ferris 10.7 %

Andrews Baldwin Chester Digby Erie Ferris

4.4 Actual vs. Potential Units Sold

638

293

1095

1891

198

496

624

284

1214

1824

189

474

Actual Potential

Andrews Baldwin Chester Digby Erie Ferris 0

500

1000

1500

2000

4 . 5 To p P r o d u ct s

Name Price Revision

Date Units

Sold Potential

Sold Stock Out

Age Speed Accuracy Sales

Budget Customer

Accessibility Promo Budget

Customer Awareness

Region Kit

Design Score

Customer Satisfaction

Daze $42.00 19-Dec-2024 1,445 1,379 No 1.4 9.1 9.2 $1,500 73% $1,600 94% Yes 91 70

Clack $43.00 7-Dec-2024 775 872 No 0.8 8.3 8.3 $1,800 71% $1,800 91% Yes 39 30

Able $33.25 8-June-2024 638 624 No 3.3 7.7 8.6 $2,700 66% $2,500 100% Yes 19 19

Fast $34.00 12-Dec-2024 496 474 No 1.4 8.2 8.2 $1,350 40% $1,350 85% No 26 18

Dart $37.00 8-June-2024 446 445 No 0.6 7 7 $2,000 73% $1,500 61% Yes 28 21

Cake $24.50 11-Sep-2024 320 343 No 1.6 6.3 6.3 $1,500 71% $2,100 100% Yes 14 8

Baker $25.00 30-Oct-2024 293 284 No 2.1 6.3 6.3 $2,650 45% $1,400 100% No 17 18

Eat $32.00 25-Nov-2018 198 189 No 6.1 6.4 6.4 $1,000 30% $1,000 62% No 6 5

Section 5 | Marketing - Germany: Low Tech

5 . 1 Cu st o mer B u y in g Cr it er ia

Expectations Importance

Price €15.00 - €35.00 50%

Positioning Speed 6.3 Accuracy 6.3 21%

Age 3 Years 15%

Service Life 14,000 - 20,000 Hours 14%

5 . 2 Dema n d I n f o r ma t io n

FX Rate $1.00$ : €1.05EUR

2024 Total Market Size 1,574

2024 Total Units Sold 672

2025 Demand Growth Rate 20%

5.3 Germany Market Share

AndrewsAndrews 0.0 %0.0 % Andrews 0.0 %

BaldwinBaldwin 0.0 %0.0 % Baldwin 0.0 %

ChesterChester 0.0 %0.0 % Chester 0.0 %

DigbyDigby 0.0 %0.0 % Digby 0.0 %

ErieErie 0.0 %0.0 % Erie 0.0 %

FerrisFerris 100.0 %100.0 % Ferris 100.0 %

Andrews Baldwin Chester Digby Erie Ferris

5.4 Actual vs. Potential Units Sold

0 0 0 0 0

672

0 0 0 0 0

1443

Actual Potential

Andrews Baldwin Chester Digby Erie Ferris 0

250

500

750

1000

1250

1500

1750

5 . 5 To p P r o d u ct s

Name Price Revision

Date Units

Sold Potential

Sold Stock Out

Age Speed Accuracy Sales

Budget Customer

Accessibility Promo Budget

Customer Awareness

Region Kit

Design Score

Customer Satisfaction

Foot €30.00 20-Feb-2024 672 1,443 Yes 0.9 5.6 5.6 $1,250 11% $1,250 54% No 28 8

Section 6 | Marketing - Germany: High Tech

6 . 1 Cu st o mer B u y in g Cr it er ia

Expectations Importance

Positioning Speed 9.5 Accuracy 9.5 43%

Age 0 Years 33%

Service Life 17,000 - 23,000 Hours 16%

Price €25.00 - €45.00 8%

6 . 2 Dema n d I n f o r ma t io n

FX Rate $1.00$ : €1.05EUR

2024 Total Market Size 1,838

2024 Total Units Sold 785

2025 Demand Growth Rate 35%

6.3 Germany Market Share

AndrewsAndrews 0.0 %0.0 % Andrews 0.0 %

BaldwinBaldwin 0.0 %0.0 % Baldwin 0.0 %

ChesterChester 0.0 %0.0 % Chester 0.0 %

DigbyDigby 0.0 %0.0 % Digby 0.0 %

ErieErie 0.0 %0.0 % Erie 0.0 %

FerrisFerris 100.0 %100.0 % Ferris 100.0 %

Andrews Baldwin Chester Digby Erie Ferris

6.4 Actual vs. Potential Units Sold

0 0 0 0 0

785

0 0 0 0 0

1685

Actual Potential

Andrews Baldwin Chester Digby Erie Ferris 0

500

1000

1500

2000

6 . 5 To p P r o d u ct s

Name Price Revision

Date Units

Sold Potential

Sold Stock Out

Age Speed Accuracy Sales

Budget Customer

Accessibility Promo Budget

Customer Awareness

Region Kit

Design Score

Customer Satisfaction

Foot €30.00 20-Feb-2024 785 1,685 Yes 0.9 5.6 5.6 $1,250 5% $1,250 54% No 16 3

Section 7 | Marketing - China: Low Tech

7 . 1 Cu st o mer B u y in g Cr it er ia

Expectations Importance

Price ¥100.00 - ¥240.00 60%

Age 3 Years 14%

Positioning Speed 6.3 Accuracy 6.3 14%

Service Life 14,000 - 20,000 Hours 12%

7 . 2 Dema n d I n f o r ma t io n

FX Rate $1.00$ : ¥6.60CNY

2024 Total Market Size 2,509

2024 Total Units Sold 2,509

2025 Demand Growth Rate 45%

7.3 China Market Share

AndrewsAndrews 0.0 %0.0 % Andrews 0.0 %

BaldwinBaldwin 0.0 %0.0 % Baldwin 0.0 %

ChesterChester 0.0 %0.0 % Chester 0.0 %

DigbyDigby 0.0 %0.0 % Digby 0.0 %

ErieErie 0.0 %0.0 % Erie 0.0 %

FerrisFerris 100.0 %100.0 % Ferris 100.0 %

Andrews Baldwin Chester Digby Erie Ferris

7.4 Actual vs. Potential Units Sold

0 0 0 0 0

2509

0 0 0 0 0

2509

Actual Potential

Andrews Baldwin Chester Digby Erie Ferris 0

500

1000

1500

2000

2500

3000

7 . 5 To p P r o d u ct s

Name Price Revision

Date Units

Sold Potential

Sold Stock Out

Age Speed Accuracy Sales

Budget Customer

Accessibility Promo Budget

Customer Awareness

Region Kit

Design Score

Customer Satisfaction

Fast ¥230.00 12-Dec-2024 2,509 2,509 No 1.4 8.2 8.2 $1,250 23% $1,250 73% Yes 20 4

Section 8 | Marketing - China: High Tech

8 . 1 Cu st o mer B u y in g Cr it er ia

Expectations Importance

Positioning Speed 9.5 Accuracy 9.5 41%

Age 0 Years 28%

Service Life 17,000 - 23,000 Hours 20%

Price ¥170.00 - ¥305.00 11%

8 . 2 Dema n d I n f o r ma t io n

FX Rate $1.00$ : ¥6.60CNY

2024 Total Market Size 605

2024 Total Units Sold 605

2025 Demand Growth Rate 32%

8.3 China Market Share

AndrewsAndrews 0.0 %0.0 % Andrews 0.0 %

BaldwinBaldwin 0.0 %0.0 % Baldwin 0.0 %

ChesterChester 0.0 %0.0 % Chester 0.0 %

DigbyDigby 0.0 %0.0 % Digby 0.0 %

ErieErie 0.0 %0.0 % Erie 0.0 %

FerrisFerris 100.0 %100.0 % Ferris 100.0 %

Andrews Baldwin Chester Digby Erie Ferris

8.4 Actual vs. Potential Units Sold

0 0 0 0 0

605

0 0 0 0 0

605

Actual Potential

Andrews Baldwin Chester Digby Erie Ferris 0

100

200

300

400

500

600

700

8 . 5 To p P r o d u ct s

Name Price Revision

Date Units

Sold Potential

Sold Stock Out

Age Speed Accuracy Sales

Budget Customer

Accessibility Promo Budget

Customer Awareness

Region Kit

Design Score

Customer Satisfaction

Fast ¥230.00 12-Dec-2024 605 605 No 1.4 8.2 8.2 $1,250 24% $1,250 73% Yes 26 16

Section 9 | Production 9 . 1 P r o d u ct io n P la n t L o ca t io n s

USA Germany China

Andrews, Baldwin, Chester, Digby, Erie Ferris

Production vs Capacity

9 . 2 P la n t I n f o r ma t io n

Name Primary Segment

Units Produced

Units Sold

Inventory USA

Inventory Germany

Inventory China

Auto. Next Round

Capacity Next Round

Plant Utilization

Total Plant Investment

Able High Tech 3,120 1,450 2,715 0 0 4.3 2,500 130% $0

Baker Low Tech 3,336 2,912 424 0 0 4 2,450 183% $12,100

Cake Low Tech 2,496 2,380 116 0 0 7 1,550 179% $3,400

Clack High Tech 864 842 22 0 0 6 700 180% $6,000

Dart High Tech 1,087 614 473 0 0 2 1,200 160% $6,800

Daze High Tech 3,120 1,569 1,551 0 0 5 2,500 148% $12,200

Dell -- 0 0 0 0 0 1 1,000 0% $10,000

Eat Low Tech 1,632 739 1,055 0 0 3 1,700 100% $0

Fast High Tech 4,465 4,173 212 0 82 4.8 3,200 198% $27,752

Foot Low Tech 1,457 1,457 0 0 0 4 1,100 200% $4,400

9 . 3 Co st s

Name Price Direct Material Direct Labor Shipping Defects Cont. Margin

Able $33.25 $13.31 $9.05 $0.00 $0.91 16.4%

Baker $25.00 $9.15 $10.36 $0.00 $0.78 20.7%

Cake $24.50 $8.63 $5.89 $0.00 $0.61 37.3%

Clack $43.00 $13.11 $7.37 $0.00 $0.82 52.2%

Dart $37.00 $11.43 $15.07 $0.00 $1.11 17.9%

Daze $42.00 $15.25 $9.13 $0.00 $0.97 35.1%

Dell $0.00 $0.00 $0.00 $0.00 $0.00 0%

Eat $32.00 $9.56 $9.74 $0.00 $0.82 25.1%

Fast $34.63 $12.17 $9.62 $0.43 $1.35 33.3%

Foot $28.57 $7.46 $9.64 $1.50 $1.11 30.1%

3,1203,1203,120

3,3363,3363,336

3,3603,3603,360

4,2074,2074,207

1,6321,6321,632

5,9225,9225,922

2,5002,5002,500

1,9001,9001,900

1,9501,9501,950

3,2003,2003,200

1,7001,7001,700

3,3043,3043,304

Production Capacity

Andrews

Baldwin

Chester

Digby

Erie

Ferris

0 500 1000 1500 2000 2500 3000 3500 4000 4500 5000 5500 6000 6500

Section 10 | Finance 1 0 . 1 I n co me St a t emen t

Andrews Baldwin Chester Digby Erie Ferris

Sales $48,201 $72,792 $94,502 $88,624 $23,663 $186,147

Variable Costs

Direct Material $18,009 $24,255 $31,229 $29,533 $7,358 $59,459

Direct Labor $13,580 $30,174 $20,234 $23,579 $7,175 $54,170

Shipping $0 $0 $0 $0 $0 $3,774

Defects $1,316 $2,268 $2,144 $2,213 $606 $7,253

Inventory Carry $7,395 $991 $268 $6,116 $2,592 $806

Total Variable Costs (Labor, Material, Carry, Ship, Defect)

$40,300 $57,689 $53,875 $61,441 $17,731 $125,461

Contribution Margin $7,901 $15,103 $40,627 $27,183 $5,932 $60,686

Period Costs

Depreciation $3,867 $3,593 $4,913 $5,453 $2,040 $6,629

SG&A

R&D $434 $829 $1,629 $2,399 $0 $1,085

Promotions $2,500 $1,400 $3,900 $3,100 $1,000 $3,850

Sales $2,700 $2,650 $3,300 $3,500 $1,000 $3,850

Administration $705 $850 $715 $1,141 $198 $1,905

Total Period Costs $10,205 $9,322 $14,457 $15,594 $4,238 $17,319

Net Margin ($2,304) $5,781 $26,169 $11,590 $1,694 $43,367

Other (Fees/Write-offs/Bonuses/Relocation Fee) $913 $0 $600 $237 $0 $694

EBIT ($3,217) $5,781 $25,569 $11,353 $1,694 $42,673

Interest (Short term/Long Term) $8,820 $1,798 $2,388 $8,294 $989 $4,619

Taxes ($4,213) $1,394 $8,114 $1,070 $247 $13,169

Pro�t Sharing $0 $52 $301 $40 $9 $498

Net Pro�t ($7,824) $2,537 $14,767 $1,948 $449 $24,387

1 0 . 2 B a la n ce Sh eet

Andrews Baldwin Chester Digby Erie Ferris

Cash $0 $0 $25,798 $0 $12,584 $29,899

Accounts Receivable $3,962 $5,983 $7,767 $7,284 $1,945 $15,300

Inventory $61,626 $8,262 $2,230 $50,963 $21,597 $6,716

Total Current Assets $65,588 $14,245 $35,795 $58,247 $36,126 $51,915

Plant and Equipment $58,000 $53,900 $73,700 $91,800 $30,600 $99,440

Accumulated Depreciation ($20,600) ($19,367) ($17,320) ($21,293) ($16,320) ($22,849)

Total Fixed Assets $37,400 $34,533 $56,380 $70,507 $14,280 $76,591

Total Assets $102,988 $48,779 $92,175 $128,754 $50,406 $128,507

Accounts Payable $5,776 $5,339 $4,589 $8,736 $2,741 $10,794

Current Debt $47,097 $2,978 $0 $53,252 $0 $19,042

Long-Term Debt $24,733 $14,433 $26,833 $17,273 $9,333 $33,445

Total Liabilities $77,606 $22,751 $31,423 $79,260 $12,074 $63,282

Common Stock $7,537 $4,937 $24,237 $5,937 $4,937 $6,042

Retained Earnings $17,845 $21,091 $36,515 $43,557 $33,394 $59,183

Total Equity $25,382 $26,028 $60,752 $49,493 $38,331 $65,225

Total Liabilities & Owners Equity $102,988 $48,779 $92,175 $128,754 $50,406 $128,507

1 0 . 3 Ca sh F lo w St a t emen t

Andrews Baldwin Chester Digby Erie Ferris

Starting Cash Position $0 $12,708 $9,214 $23,251 $28,309 $34,366

Cash From Operations

Net Income(Loss) ($7,824) $2,537 $14,767 $1,948 $449 $24,387

Adjustment For Non-Cash Items

Depreciation $3,867 $3,593 $4,913 $5,453 $2,040 $6,629

Extraordinary Gains/Losses/Write-offs $0 $0 $0 $39 $0 $0

Changes In Current Assets And Liabilities

Accounts Payable ($180) $2,844 $961 $4,858 ($57) $5,261

Inventory ($37,365) ($8,262) ($2,230) ($50,963) ($18,210) ($6,671)

Accounts Receivable $1,710 ($2,432) ($2,561) ($972) $1,921 ($6,476)

Net Cash From Operations ($39,793) ($1,720) $15,850 ($39,636) ($13,858) $23,129

Cash From Investing

Net Plant Improvements $0 ($12,100) ($9,400) ($29,000) $0 ($32,152)

Cash From Financing

Dividends Paid $0 $0 $0 $0 $0 ($5,018)

Sales Of Common Stock $2,600 $0 $4,200 $1,000 $0 $0

Purchase Of Common Stock $0 $0 $0 $0 $0 ($657)

Cash From Long-Term Debt Issued $15,600 $0 $7,800 $2,600 $0 $13,680

Early Retirement Of Long-Term Debt ($200) $0 $0 ($1,200) $0 $0

Retirement Of Current Debt ($25,304) ($1,867) ($1,867) ($10,267) ($1,867) ($20,989)

Cash From Current Debt Borrowing $9,600 $0 $0 $4,000 $0 $19,042

Cash From Emergency Loan $37,497 $2,978 $0 $49,252 $0 $0

Net Cash From Financing $39,793 $1,111 $10,133 $45,385 ($1,867) $6,058

Effect Of Exchange Rates $0 $0 $0 $0 $0 ($1,502)

Net Change In Cash $0 ($12,708) $16,584 ($23,251) ($15,725) ($4,466)

Ending Cash Position $0 $0 $25,798 $0 $12,584 $29,899

1 0 . 4 B o n d Ma r ket Su mma r y

Company Series Face Value Yield Closing Price S&P Rating

Andrews 10.0S2025 11.0S2027 10.0S2034

$3,533,333 $5,600,000

$15,600,000

10.1% 11.03% 10.69%

$99.01 $99.76 $93.55

DDD DDD DDD

Baldwin 10.0S2025 11.0S2027 8.0S2032

$3,733,333 $5,600,000 $5,100,000

9.9% 10.44% 8.42%

$101.01 $105.33 $95.00

BB BB BB

Chester

10.0S2025 11.0S2027 8.0S2032 8.3S2033 7.8S2034

$3,733,333 $5,600,000 $5,100,000 $4,600,000 $7,800,000

9.78% 10.11% 7.82% 7.95% 7.69%

$102.23 $108.83 $102.33 $104.45 $101.37

A A A A A

Digby

10.0S2025 11.0S2027 8.0S2032 8.3S2033 8.1S2034

$2,572,607 $5,600,000 $3,500,000 $3,000,000 $2,600,000

10.04% 10.84% 9.16% 9.42% 9.41%

$99.64 $101.48 $87.38 $88.10 $86.11

CC CC CC CC CC

Erie 10.0S2025 11.0S2027

$3,733,333 $5,600,000

9.71% 9.9%

$103.00 $111.06

AAA AAA

Ferris

10.0S2025 11.0S2027 8.0S2032 8.5S2033 9.2S2034

$3,733,333 $5,600,000 $102,150

$10,329,850 $13,679,945

9.93% 10.52% 8.56% 8.87% 9.2%

$100.73 $104.54 $93.41 $95.84

$100.00

B B B B B

Next Year's Prime Rate: 5%

1 0 . 5 St o ck Ma r ket Su mma r y

Company Closing Price Change Shares Outstanding Market Cap Book Value EPS Dividend Yield P/E

Andrews $1.00 ($11.15) 2,214,047 $2m $11.46 ($3.53) $0.00 0% -0.28

Baldwin $17.42 $3.90 2,000,000 $35m $13.01 $1.27 $0.00 0% 13.73

Chester $37.28 $18.20 2,943,830 $110m $20.64 $5.02 $0.00 0% 7.43

Digby $14.35 ($38.15) 2,019,048 $29m $24.51 $0.96 $0.00 0% 14.88

Erie $26.51 ($10.66) 2,000,000 $53m $19.17 $0.22 $0.00 0% 118.13

Ferris $87.31 $19.76 2,014,566 $176m $32.38 $12.11 $2.49 2.9% 7.21

Finance - Charts

10.6 Stock Price

10.7 Net Pro�t

1 0 . 8 I n co me St a t emen t - USA

Andrews Baldwin Chester Digby Erie Ferris

Sales $48,201 $72,792 $94,502 $88,624 $23,663 $35,991

Variable Costs

Direct Material $18,009 $24,255 $31,229 $29,533 $7,358 $10,994

Direct Labor $13,580 $30,174 $20,234 $23,579 $7,175 $10,179

Shipping $0 $0 $0 $0 $0 $1,588

Defects $1,316 $2,268 $2,144 $2,213 $606 $1,351

Inventory Carry $7,395 $991 $268 $6,116 $2,592 $581

Total Variable Costs (Labor, Material, Carry, Ship, Defect)

$40,300 $57,689 $53,875 $61,441 $17,731 $24,693

Contribution Margin $7,901 $15,103 $40,627 $27,183 $5,932 $11,298

Period Costs

Depreciation $3,867 $3,593 $4,913 $5,453 $2,040 $0

SG&A

SG&A $6,339 $5,729 $9,544 $10,140 $2,198 $4,153

R&D $434 $829 $1,629 $2,399 $0 $1,085

Promotions $2,500 $1,400 $3,900 $3,100 $1,000 $1,350

Sales $2,700 $2,650 $3,300 $3,500 $1,000 $1,350

Administration $705 $850 $715 $1,141 $198 $368

Total Period Costs $10,205 $9,322 $14,457 $15,594 $4,238 $4,153

Net Margin ($2,304) $5,781 $26,169 $11,590 $1,694 $7,145

Other (Fees/Write-offs/Bonuses/Relocation Fee) $913 $0 $600 $237 $0 $694

EBIT ($3,217) $5,781 $25,569 $11,353 $1,694 $6,451

Interest (Short term/Long Term) $8,820 $1,798 $2,388 $8,294 $989 $4,619

Taxes ($4,213) $1,394 $8,114 $1,070 $247 $1,361

Pro�t Sharing $0 $52 $301 $40 $9 $9

Net Pro�t ($7,824) $2,537 $14,767 $1,948 $449 $461

20.6220.6220.62

28.728.728.7

12.1512.1512.15

111

13.1913.1913.19 17.4217.4217.42

21.0221.0221.02 19.0819.0819.08

37.2837.2837.28 41.6841.6841.68

52.552.552.5

33.733.733.7 37.1737.1737.17

26.5126.5126.51

48.9548.9548.95

67.5567.5567.55

87.3187.3187.31

Andrews Baldwin Chester Digby Erie Ferris

2021 2022 2023 2024 2025 2026 2027 2028 $0

$10

$20

$30

$40

$50

$60

$70

$80

$90

$100

Andrews Baldwin Chester Digby Erie Ferris $-10000

$-5000

$0

$5000

$10000

$15000

$20000

$25000

$30000

1 0 . 9 I n co me St a t emen t - G er ma n y

Andrews Baldwin Chester Digby Erie Ferris

Sales $0 $0 $0 $0 $0 $41,632

Variable Costs

Direct Material $0 $0 $0 $0 $0 $11,268

Direct Labor $0 $0 $0 $0 $0 $14,045

Shipping $0 $0 $0 $0 $0 $2,186

Defects $0 $0 $0 $0 $0 $1,616

Inventory Carry $0 $0 $0 $0 $0 $0

Total Variable Costs (Labor, Material, Carry, Ship, Defect)

$0 $0 $0 $0 $0 $29,115

Contribution Margin $0 $0 $0 $0 $0 $12,517

Period Costs

Depreciation $0 $0 $0 $0 $0 $0

SG&A

SG&A $0 $0 $0 $0 $0 $2,926

R&D $0 $0 $0 $0 $0 $0

Promotions $0 $0 $0 $0 $0 $1,250

Sales $0 $0 $0 $0 $0 $1,250

Administration $0 $0 $0 $0 $0 $426

Total Period Costs $0 $0 $0 $0 $0 $2,926

Net Margin $0 $0 $0 $0 $0 $9,591

Other (Fees/Write-offs/Bonuses/Relocation Fee) $0 $0 $0 $0 $0 $0

EBIT $0 $0 $0 $0 $0 $9,591

Interest (Short term/Long Term) $0 $0 $0 $0 $0 $0

Taxes $0 $0 $0 $0 $0 $5,151

Pro�t Sharing $0 $0 $0 $0 $0 $89

Net Pro�t $0 $0 $0 $0 $0 $4,352

1 0 . 1 0 I n co me St a t emen t - Ch in a

Andrews Baldwin Chester Digby Erie Ferris

Sales $0 $0 $0 $0 $0 $108,524

Variable Costs

Direct Material $0 $0 $0 $0 $0 $37,196

Direct Labor $0 $0 $0 $0 $0 $29,947

Shipping $0 $0 $0 $0 $0 $0

Defects $0 $0 $0 $0 $0 $4,286

Inventory Carry $0 $0 $0 $0 $0 $225

Total Variable Costs (Labor, Material, Carry, Ship, Defect)

$0 $0 $0 $0 $0 $71,654

Contribution Margin $0 $0 $0 $0 $0 $36,871

Period Costs

Depreciation $0 $0 $0 $0 $0 $6,629

SG&A

SG&A $0 $0 $0 $0 $0 $3,611

R&D $0 $0 $0 $0 $0 $0

Promotions $0 $0 $0 $0 $0 $1,250

Sales $0 $0 $0 $0 $0 $1,250

Administration $0 $0 $0 $0 $0 $1,111

Total Period Costs $0 $0 $0 $0 $0 $10,240

Net Margin $0 $0 $0 $0 $0 $26,631

Other (Fees/Write-offs/Bonuses/Relocation Fee) $0 $0 $0 $0 $0 $0

EBIT $0 $0 $0 $0 $0 $26,631

Interest (Short term/Long Term) $0 $0 $0 $0 $0 $0

Taxes $0 $0 $0 $0 $0 $6,658

Pro�t Sharing $0 $0 $0 $0 $0 $399

Net Pro�t $0 $0 $0 $0 $0 $19,574

Section 11 | Custom Modules

1 1 . 1 Wo r kf o r ce Su mma r y

Andrews Baldwin Chester Digby Erie Ferris

Number of Employees 523 585 358 780 327 1,060

First Shift 403 320 200 480 327 535

Second Shift 120 265 158 300 0 525

Overtime % 0% 0% 0% 0% 0% 0%

Turnover Rate 10.0% 10.0% 10.0% 10.0% 10.0% 10.0%

New Employees 52 341 54 521 33 602

Separated Employees 63 0 0 0 0 0

Productivity Index 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%