Life Partners Holdings, Inc.

(LPHI)
($ in millions, except per share data) Options Out Exercise Net Shares
Currrent Price $ 20.00 0 $ - 0
Company Name Life Partners Holdings, Inc. 52-week High $ 36.06 Stock Appreciation Rights
Ticker Symbol LPHI 52-week Low $ 13.61 0 $ - 0
Fiscal Year End 2/28/2009 Market Cap. $ 297.18 Restricted Stock Units
Recent Quarter 11/30/2009 Enterprise Value $ 270.60 0 $ - 0
Last Updated 1/11/2010 0 $ - 0
Shares Out 14.859 0 $ - 0
Estimated Tax 35.0% Options Out 0 0 $ - 0
Face Value Growth 8.0% Average Exercise $ - 0 $ - 0
Ending Earnings Multip 4.19x Diluted Share Coun 14.859 0 $ - 0
Discount Rate 15% 0 $ - 0
Reinvestment Rate 50% Current Value $ 11.11 0 $ - 0
Life Settlement IRR 8% High Estimate 0 $ - 0
Dividend Yield 3.5% Low Estimate 0 $ - 0
Store Growth 8.0% 0
Ratio Analysis
Income Statement Metrics 2002 2003 2004 2005 2006 2007 2008 2009 LTM
EBIT Margin -20.9% 19.6% 23.2% 20.0% 5.0% 12.8% 37.4% 38.8% 39.9%
Net Profit Margin -18.5% 15.4% 15.9% 14.3% 5.7% 11.0% 25.8% 26.2% 26.8%
P/E nm 12.86x 20.39x 21.46x 48.10x 30.17x 8.54x 10.48x 9.73x
P/B 15.52x 6.35x 10.16x 9.19x 10.50x 12.81x 7.03x 6.47x 5.28x
P/S 12.46x 1.98x 3.24x 3.07x 2.74x 3.31x 2.21x 2.75x 2.61x
RoA -15.2% 27.8% 27.5% 26.1% 9.5% 19.7% 58.9% 51.9% 44.3%
RoE -23.1% 49.4% 49.8% 42.8% 21.8% 42.4% 82.3% 61.7% 54.3%
RoIC 211.0% -160.2% -738.5% 377.6% -32.5% -167.1% 137.8% 149.7% 119.6%
Interest Coverage -16.40x 45.11x 9.38x 117.09x 7.31x 18.44x 166.61x 659.66x 756.08x
EV/After-tax EBIT -85.53x 12.53x 19.59x 22.01x 78.77x 37.58x 8.67x 10.03x 9.14x

Balance Sheet Metrics

Cost of Debt 9.52% 9.08% 70.13% 4.56% 4.85% 9.93% 13.97% 7.83% #DIV/0!
Asset Turnover 0.82x 1.80x 1.73x 1.82x 1.67x 1.80x 2.28x 1.98x 1.65x
InvestedCap turnover -15.56x -12.55x -49.05x 29.06x -9.94x -14.62x 6.16x 12.06x 13.69x
Equipment Turnover 5.41x 12.23x 13.99x 12.44x 13.97x 22.87x 28.81x 39.94x 41.90x
Debt/Equity 0.17x 0.15x 0.11x 0.11x 0.54x 0.27x 0.05x 0.02x 0.00x

Cash Flow Metrics

Excess Cash Ratio 14.00% 6.68% -6.66% -3.44% 0.21% 0.85% -9.19% 1.24% -3.50%
FCFF/EV -0.4% 12.9% 3.2% 2.8% 2.2% 3.8% 6.4% 10.7% 9.7%
FCFE/MC -0.4% 10.1% 2.4% 2.5% 5.8% 2.7% 5.5% 9.7% 8.5%

Business Metrics 249.1% -3.8% 55.1% 34.1% 73.5% 174.3% 67.0%

Face Value of Policies $ 12.499 $ 43.629 $ 41.953 $ 65.082 $ 87.275 $ 151.397 $ 415.293 $ 693.715 $ 576.422
Rev/Face Value 36% 28% 37% 29% 23% 20% 17% 15% 20%
Face Value Growth 249% -4% 55% 34% 73% 174% 67%
Quarterly Income Statement
4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q

Revenue $ 18.1 $ 24.4 $ 24.8 $ 28.1 $ 26.3 $ 27.4 $ 29.1 $ 31.0

Brokerage Fees $ 8.6 $ 12.2 $ 11.4 $ 13.9 $ 11.8 $ 12.2 $ 12.9 $ 14.5
G&A $ 2.2 $ 2.3 $ 2.9 $ 2.9 $ 2.9 $ 3.7 $ 3.3 $ 2.8
Premium Advances $ 0.4 $ 0.3 $ 0.5 $ 0.3 $ 0.4 $ 0.4 $ 0.4 $ 0.5
Settlement Costs $ (0.1) $ 0.1 $ 0.4 $ 0.4 $ 0.4 $ 0.2 $ 1.3 $ 0.5
D&A $ 0.1 $ 0.1 $ 0.1 $ 0.1 $ 0.1 $ 0.1 $ 0.1 $ 0.1
EBIT $ 6.8 $ 9.4 $ 9.5 $ 10.6 $ 10.7 $ 11.0 $ 11.1 $ 12.6

Interest Expense $ 0.0 $ 0.0 $ 0.0 $ 0.0 $ 0.0 $ 0.0 $ - $ -

Interest Income $ (0.3) $ (0.4) $ (0.5) $ (0.7) $ (0.2) $ (0.7) $ (0.5) $ (0.5)
Other non-operating $ - $ - $ - $ - $ - $ - $ - $ -
Pre-tax Income $ 7.1 $ 9.8 $ 10.0 $ 11.2 $ 10.9 $ 11.7 $ 11.7 $ 13.1

Tax Provision $ 2.7 $ 3.6 $ 3.4 $ 4.0 $ 3.8 $ 4.2 $ 4.0 $ 4.6
Minority Interest $ - $ - $ - $ - $ - $ - $ - $ -
Net Income $ 4.5 $ 6.2 $ 6.6 $ 7.3 $ 7.0 $ 7.4 $ 7.6 $ 8.4

Costs
Brokerage Fees 47.8% 49.8% 45.9% 49.3% 44.8% 44.3% 44.2% 46.8%
G&A 12.1% 9.6% 11.6% 10.2% 11.1% 13.3% 11.4% 9.2%
Premium Advances 2.2% 1.1% 2.0% 1.0% 1.5% 1.5% 1.4% 1.5%
Settlement Costs -0.4% 0.6% 1.7% 1.4% 1.6% 0.7% 4.5% 1.5%

Diluted Shares 15.11 14.89 14.86 14.86 $ 14.86 14.86 14.86 14.86
EPS $ 0.30 $ 0.42 $ 0.44 $ 0.49 $ 0.47 $ 0.50 $ 0.51 $ 0.57

Margins
EBIT 37.8% 38.6% 38.4% 37.7% 40.7% 39.9% 38.3% 40.7%
Operating 39.5% 40.1% 40.4% 40.0% 41.4% 42.5% 40.1% 42.2%
Tax Rate 37.4% 36.2% 34.0% 35.2% 35.4% 36.2% 34.6% 35.4%
Profit 24.7% 25.6% 26.6% 25.9% 26.7% 27.1% 26.2% 27.2%

YoY Growth
Revenue 45.3% 12.3% 17.2% 10.2%
EBIT 56.2% 16.2% 16.9% 18.8%
Operating 52.3% 19.0% 16.6% 16.2%
Profit 57.0% 19.2% 15.5% 15.8%
EPS 59.7% 19.4% 15.5% 15.8%
Annual Income Statement
10 11 12.1 13.31 14.641 16.1051 17.71561 19.487171
2002 2003 2004 2005 2006 2007 2008 2009 Present Term PTM LTM
Revenue $ 4.6 $ 12.2 $ 15.6 $ 18.7 $ 20.1 $ 29.8 $ 72.6 $ 103.6 $ 87.5 $ 95.4 $ 113.8
Brokerage Fees $ 2.3 $ 6.1 $ 7.4 $ 9.6 $ 11.6 $ 17.6 $ 35.8 $ 49.2 $ 39.5 $ 46.0 $ 51.3
G&A $ 2.5 $ 3.4 $ 4.4 $ 4.5 $ 6.0 $ 6.8 $ 8.2 $ 11.0 $ 9.8 $ 10.3 $ 12.7
Premium Advances $ - $ - $ - $ 0.7 $ 0.9 $ 0.9 $ 1.0 $ 1.4 $ 1.3 $ 1.5 $ 1.7
Settlement Costs $ 0.7 $ 0.2 $ 0.1 $ 0.1 $ 0.4 $ 0.4 $ 0.2 $ 1.4 $ 2.0 $ 0.9 $ 2.4
D&A $ 0.05 $ 0.06 $ 0.09 $ 0.16 $ 0.2 $ 0.32 $ 0.33 $ 0.3 $ 0.2 $ 0.3 $ 0.3
EBIT $ (1.0) $ 2.4 $ 3.6 $ 3.7 $ 1.0 $ 3.8 $ 27.2 $ 40.2 $ 34.7 $ 36.4 $ 45.4

Interest Expense $ 0.1 $ 0.1 $ 0.4 $ 0.0 $ 0.1 $ 0.2 $ 0.2 $ 0.1 $ - $ 0.1 $ 0.1
Interest Income $ (0.2) $ (0.2) $ (0.2) $ (0.4) $ (0.7) $ (1.0) $ (1.7) $ (1.7) $ (1.8) $ (1.9) $ (2.0)
Other non-operating $ - $ - $ 0.0 $ 0.1 $ (0.4) $ - $ - $ - $ - $ - $ -
Pre-tax Income $ (0.8) $ 2.5 $ 3.4 $ 4.0 $ 2.0 $ 4.6 $ 28.7 $ 41.9 $ 36.4 $ 38.2 $ 47.3

Tax Provision $ 0.0 $ 0.7 $ 0.9 $ 1.3 $ 0.8 $ 1.3 $ 9.9 $ 14.8 $ 12.9 $ 13.6 $ 16.7
Minority Interest $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Net Income $ (0.8) $ 1.9 $ 2.5 $ 2.7 $ 1.1 $ 3.3 $ 18.8 $ 27.2 $ 23.6 $ 24.6 $ 30.5

Diluted Shares $ 14.6 $ 14.8 $ 14.8 14.76 14.70 14.77 14.99 14.87 14.86 14.93 14.86
EPS $ (0.06) $ 0.13 $ 0.17 $ 0.18 $ 0.08 $ 0.22 $ 1.25 $ 1.83 $ 1.58 $ 1.65 $ 2.05
Stock Price (at end) $ 3.9 $ 1.6 $ 3.4 $ 3.90 $ 3.74 $ 6.68 $ 10.68 $ 19.15 $ 19.09 $ 20.00

Costs
Brokerage Fees 50.8% 50.2% 47.3% 51.1% 57.8% 58.9% 49.3% 47.5% 48.3% 45.1%
G&A 54.0% 27.7% 28.3% 23.9% 29.7% 22.9% 11.3% 10.6% 10.8% 11.2%
Premium Advances 0.0% 0.0% 0.0% 3.7% 4.5% 2.9% 1.3% 1.4% 1.5% 1.5%
Settlement Costs 14.9% 1.9% 0.6% 0.5% 1.9% 1.4% 0.2% 1.3% 0.9% 2.1%
Tax rate -3.3% 25.8% 27.5% 33.3% 42.3% 29.2% 34.6% 35.2% 35.6% 35.4%

Margins
EBIT -20.9% 19.6% 23.2% 20.0% 5.0% 12.8% 37.4% 38.8% 38.1% 39.9%
Net Income -18.5% 15.4% 15.9% 14.3% 5.7% 11.0% 25.8% 26.2% 25.8% 26.8%

YoY Growth CAGR

Revenue 167.2% 28.1% 20.2% 7.1% 48.4% 143.7% 42.7% 56.2% 19.2%
COGS 163.9% 20.7% 29.8% 21.1% 51.4% 103.8% 37.5% 11.4%
EBIT -351.4% 51.1% 3.7% -73.1% 278.4% 611.3% 48.2% 24.7%
Pre-tax Income -409.4% 35.3% 17.6% -50.7% 133.0% 521.3% 46.1% 23.8%
Profit -322.4% 32.1% 8.2% -57.4% 186.2% 473.4% 44.8% 24.1%
EPS -319.9% 32.3% 8.3% -57.2% 184.8% 464.9% 46.0% 56.0% 24.6%
Annual Balance Sheet
2002 2003 2004 2005 2006 2007 2008 2009 PTM LTM
Cash $ 4.5 $ 5.2 $ 5.1 $ 4.6 $ 5.5 $ 7.5 $ 8.2 $ 18.3 $ - $ 22.1
Receivables $ 0.0 $ 0.4 $ 2.1 $ 2.6 $ 2.2 $ 5.1 $ 11.7 $ 10.2 $ - $ 13.2
Note Receivable $ 0.0 $ - $ 0.0 $ - $ - $ - $ 0.5 $ 0.6 $ 0.6
Prepaid $ 0.1 $ 0.0 $ 0.0 $ 0.0 $ 0.3 $ 0.1 $ 0.5 $ 0.1 $ - $ 0.1
Current Assets $ 4.7 $ 5.7 $ 7.2 $ 7.2 $ 8.0 $ 12.7 $ 20.9 $ 29.2 $ - $ 35.9
PP&E $ 0.8 $ 1.0 $ 1.1 $ 1.5 $ 1.4 $ 1.3 $ 2.5 $ 2.6 $ - $ 2.7
Investment in Securities $ - $ - $ - $ - $ - $ - $ 4.6 $ 2.7 $ - $ 4.5
Investment in Policies $ - $ - $ - $ - $ 0.0 $ 0.6 $ 1.0 $ 8.9 $ - $ 16.3
Investment in Partnership $ - $ - $ - $ - $ 0.7 $ - $ - $ 4.9 $ - $ 5.5
Other $ 0.0 $ 0.1 $ 0.7 $ 1.5 $ 1.9 $ 2.0 $ 2.8 $ 4.1 $ - $ 4.0
Total Assets $ 5.5 $ 6.8 $ 9.0 $ 10.3 $ 12.0 $ 16.6 $ 31.9 $ 52.4 $ - $ 68.9

ST Debt (& Capital Leases) $ 0.0 $ 0.0 $ 0.0 $ 0.1 $ 2.0 $ 1.7 $ 0.1 $ 0.0 $ - $ -
Other $ 1.3 $ 2.4 $ 3.5 $ 3.3 $ 3.9 $ 6.8 $ 7.9 $ 7.6 $ - $ 12.7
Current Liabilities $ 1.3 $ 2.4 $ 3.5 $ 3.5 $ 6.0 $ 8.5 $ 8.0 $ 7.6 $ - $ 12.7
Debt $ 0.6 $ 0.6 $ 0.5 $ 0.6 $ 0.8 $ 0.4 $ 1.1 $ 0.7 $ - $ -
Defered Income Tax $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Other LT Liab. $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Total Liabilities $ 1.9 $ 3.0 $ 4.0 $ 4.0 $ 6.8 $ 8.9 $ 9.1 $ 8.4 $ - $ 12.7
Minority Interest $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Shareholder Equity $ 3.7 $ 3.8 $ 5.0 $ 6.3 $ 5.2 $ 7.7 $ 22.8 $ 44.0 $ - $ 56.3

Check $ (0.001) $ 0.001 $ - $ (0.001) $ (0.001) $ (0.002) $ 0.002 $ - $ - $ -

NCNWC $ (1.1) $ (2.0) $ (1.4) $ (0.9) $ (3.5) $ (3.3) $ 4.7 $ 3.3 $ - $ 1.1

Annual Cash Flow

2002 2003 2004 2005 2006 2007 2008 2009 Prior Stub Current Stub LTM
Depreciation $ 0.1 $ 0.1 $ 0.1 $ 0.2 $ 0.2 $ 0.2 $ 0.3 $ 0.3 $ 0.2 $ 0.2 $ 0.3
Stock Based Compensation $ - $ - $ - $ 0.1 $ - $ - $ - $ - $ - $ - $ -
Total from Operations $ (0.2) $ 2.7 $ 1.4 $ 2.0 $ 1.2 $ 3.5 $ 12.1 $ 28.4 $ 24.3 $ 22.4 $ 26.5

CapEx $ (0.0) $ (0.2) $ (0.2) $ (0.6) $ (0.1) $ (0.1) $ (2.4) $ (0.4) $ (0.3) $ (0.4) $ (0.4)
Policies $ - $ - $ - $ - $ 0.5 $ (0.1) $ (0.5) $ (8.0) $ (6.5) $ (7.7) $ (9.2)
Total from Investing $ (0.0) $ (0.2) $ (2.2) $ (2.6) $ (0.7) $ (0.2) $ (4.9) $ (15.9) $ (11.0) $ (5.3) $ (10.2)

Change in Debt $ (0.0) $ (0.0) $ (0.0) $ (0.0) $ 2.1 $ (0.8) $ (0.9) $ (0.4) $ (0.4) $ (0.8) $ (0.8)
Sale (Purchase) of Shares $ 4.7 $ (0.6) $ 0.0 $ 0.4 $ - $ 0.6 $ (0.6) $ (0.7) $ (0.7) $ - $ -
Common Dividends $ (0.2) $ (1.1) $ (1.3) $ 1.8 $ (1.9) $ (1.4) $ (2.4) $ (3.3) $ (2.4) $ (9.5) $ (10.5)
Total from Financing $ 4.4 $ (1.8) $ (1.3) $ (1.5) $ 0.2 $ (1.5) $ (3.6) $ (4.4) $ (3.4) $ (10.3) $ (11.3)

Other Changes $ - $ - $ - $ - $ - $ - $ - $ - $ -
Net Change in Cash $ 4.2 $ 0.7 $ (2.1) $ (2.1) $ 0.7 $ 1.7 $ 3.6 $ 8.1 $ 6.7
Cash at Begining $ 0.3 $ 4.5 $ 5.2 $ 3.2 $ 1.1 $ 1.8 $ 3.5 $ 7.1 $ 15.3 $ 15.3
Cash at End $ 4.5 $ 5.2 $ 3.2 $ 1.1 $ 1.8 $ 3.5 $ 7.1 $ 15.3 $ 22.0 $ 22.0

FCFF $ (0.2) $ 2.5 $ 1.5 $ 1.5 $ 1.1 $ 3.6 $ 9.8 $ 28.1 $ 26.2
FCFE $ (0.3) $ 2.4 $ 1.2 $ 1.4 $ 3.2 $ 2.7 $ 8.8 $ 27.6 $ 25.3
FCF $ (0.2) $ 2.5 $ 1.2 $ 1.5 $ 1.0 $ 3.4 $ 9.7 $ 28.0 $ 26.1
Future Ratio Analysis
Income Statement Metrics 2010 2011 2012 2013 2014
EBIT Margin 35.5% 35.2% 35.3% 35.3% 35.3%
Net Profit Margin 25.0% 27.0% 27.3% 27.7% 28.1%
P/E 6.08x 7.47x 7.48x 7.50x 7.53x
P/B 2.36x 2.31x 2.18x 2.08x 1.99x
P/S 1.52x 2.01x 2.05x 2.08x 2.11x
RoA 32.9% 27.2% 25.9% 24.8% 23.8%
RoE 38.9% 30.9% 29.1% 27.7% 26.4%
RoIC 100.6% 89.8% 99.6% 109.9% 120.6%
Interest Coverage #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
EV/After-tax EBIT 4.95x 6.28x 6.01x 5.77x 5.55x

Balance Sheet Metrics

Cost of Debt #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Asset Turnover 1.32x 1.01x 0.95x 0.89x 0.85x
InvestedCap turnover 12.70x 12.52x 14.73x 17.05x 19.44x
Equipment Turnover 41.94x 36.00x 38.88x 41.99x 45.35x
Debt/Equity 0.00x 0.00x 0.00x 0.00x 0.00x

Cash Flow Metrics

Excess Cash Ratio 2.03% 0.67% 0.31% 0.28% 0.25%
FCFF/EV 23.3% 18.9% 19.8% 20.9% 22.0%
FCFE/MC 17.1% 13.5% 13.3% 13.3% 13.2%

Business Metrics 8.0% 8.0% 8.0% 8.0%

Face Value of Policies $ 576.422 $ 622.536 $ 672.339 $ 726.126 $ 784.216
Rev/Face Value 15% 15% 15% 15% 15%
Face Value Growth
Model Drivers
4 Quarters 3 years Max (5-8 year average

Income Statement
Brokerage Fees/Revenue 45.1% 49.8% 50.3% 48.4%
G&A/Revenue 11.2% 12.6% 14.9% 12.9%
Premium Advances/Revenue 1.5% 1.6% 2.0% 1.7%
Settlement Costs/Revenue 2.1% 1.0% 1.0% 1.4%
Interest Expense/Total Debt 18.5%
Interest Income/Cash -8.0%
Return on Partnership -6.9%

Assets
Receivables/Revenue 11.6% 13.1% 12.4% 12.4%
Note Receivable/Revenue 0.5% 0.5% 0.4% 0.5%
Prepaid/Revenue 0.1% 0.4% 0.4% 0.3%

Liabilities
Other/Revenue 11.1% 10.8% 13.2% 11.7%
Defered Income Tax/Revenue 0.0% 0.0% 0.0% 0.0%
Other LT Liab./Current Liabilitie 0.0% 0.0% 0.0% 0.0%

Cash Flow
Stock Based Comp/SG&A 0.0% 0.0% 0.2% 0.1%
Depreciation Rate 17.1% 14.6% 15.8%

Future Income Statement

Face Value Growth 8% 8% 8% 8%
2010 2011 2012 2013 2014
Revenue $ 108.79 $ 93.38 $ 100.85 $ 108.92 $ 117.63
Brokerage Fees $ 52.50 $ 45.20 $ 48.82 $ 52.72 $ 56.94
G&A $ 13.27 $ 12.05 $ 13.01 $ 14.05 $ 15.18
Premium Advances $ 1.73 $ 1.57 $ 1.69 $ 1.83 $ 1.98
Settlement Costs $ 2.32 $ 1.26 $ 1.36 $ 1.47 $ 1.59
D&A $ 0.41 $ 0.41 $ 0.41 $ 0.41 $ 0.41
EBIT $ 38.6 $ 32.9 $ 35.6 $ 38.4 $ 41.5

Interest Expense $ - $ - $ - $ - $ -
Interest Income $ (2.86) $ (5.45) $ (6.49) $ (7.64) $ (8.92)
Return on Partnership $ (0.4) $ (0.4) $ (0.4) $ (0.4) $ (0.4)
Pre-tax Income $ 41.8 $ 38.7 $ 42.4 $ 46.5 $ 50.8

Tax Provision $ 14.63 $ 13.55 $ 14.85 $ 16.26 $ 17.79

Prefered Dividends $ - $ - $ - $ - $ -
Net Income $ 27.2 $ 25.2 $ 27.6 $ 30.2 $ 33.0

Diluted Shares 14.86 14.86 14.86 14.86 14.86

EPS $ 1.83 $ 1.69 $ 1.86 $ 2.03 $ 2.22
Stock Price (at end) $ 11.11 $ 12.65 $ 13.89 $ 15.24 $ 16.74

Costs
Brokerage Fees 48.3% 48.4% 48.4% 48.4% 48.4%
G&A 12.2% 12.9% 12.9% 12.9% 12.9%
Premium Advances 1.6% 1.7% 1.7% 1.7% 1.7%
Settlement Costs 2.1% 1.4% 1.4% 1.4% 1.4%
Tax rate 35.0% 35.0% 35.0% 35.0% 35.0%

Margins
EBIT 35.5% 35.2% 35.3% 35.3% 35.3%
Net Income 25.0% 27.0% 27.3% 27.7% 28.1%

YoY Growth
Revenue 5.0% -14.2% 8.0% 8.0% 8.0%
COGS 6.7% -13.9% 8.0% 8.0% 8.0%
EBIT -4.2% -14.7% 8.1% 8.1% 8.1%
Pre-tax Income -0.3% -7.4% 9.6% 9.5% 9.4%
Profit 0.0% -7.4% 9.6% 9.5% 9.4%
EPS 0.1% -7.4% 9.6% 9.5% 9.4%
Future Balance Sheet
2010 2011 2012 2013 2014
Cash $ 35.43 $ 48.23 $ 61.91 $ 76.90 $ 93.30
Receivables $ 13.44 $ 11.54 $ 12.46 $ 13.46 $ 14.53
Note Receivable $ 0.52 $ 0.45 $ 0.48 $ 0.52 $ 0.56
Prepaid $ 0.31 $ 0.26 $ 0.29 $ 0.31 $ 0.33
Current Assets $ 49.70 $ 60.48 $ 75.14 $ 91.18 $ 108.73
PP&E $ 2.59 $ 2.59 $ 2.59 $ 2.59 $ 2.59
Investment in Securities $ 4.47 $ 3.58 $ 2.86 $ 2.29 $ 1.83
Investment in Policies $ 16.35 $ 16.35 $ 16.35 $ 16.35 $ 16.35
Investment in Partnership $ 5.48 $ 5.48 $ 5.48 $ 5.48 $ 5.48
Other $ 4.02 $ 4.02 $ 4.02 $ 4.02 $ 4.02
Total Assets $ 82.6 $ 92.5 $ 106.4 $ 121.9 $ 139.0

ST Debt (& Capital Leases) $ - $ - $ - $ - $ -

Other $ 12.76 $ 10.96 $ 11.83 $ 12.78 $ 13.80
Current Liabilities $ 12.76 $ 10.96 $ 11.83 $ 12.78 $ 13.80
Debt $ - $ - $ - $ - $ -
Defered Income Tax $ - $ - $ - $ - $ -
Other LT Liab. $ - $ - $ - $ - $ -
Total Liabilities $ 12.76 $ 10.96 $ 11.83 $ 12.78 $ 13.80
Minority Interest $ - $ - $ - $ - $ -
Shareholder Equity $ 69.85 $ 81.54 $ 94.61 $ 109.14 $ 125.20

NCNWC $ 1.50 $ 1.29 $ 1.39 $ 1.50 $ 1.62

Future Cash Flow

2010 2011 2012 2013 2014
Depreciation $ 0.41 $ 0.41 $ 0.41 $ 0.41 $ 0.41
Stock Based Compensation $ 0.01 $ 0.01 $ 0.01 $ 0.01 $ 0.01
Total from Operations $ 29.38 $ 25.80 $ 27.89 $ 30.50 $ 33.34

CapEx $ (0.41) $ (0.41) $ (0.41) $ (0.41) $ (0.41)

Acquisitions $ - $ - $ - $ - $ -
Total from Investing $ (0.41) $ (0.41) $ (0.41) $ (0.41) $ (0.41)

Change in Debt $ (0.78) $ - $ - $ - $ -

Change in Common Shares $ (0.01) $ (0.01) $ (0.01) $ (0.01) $ (0.01)
Common Dividends $ (14.86) $ (12.58) $ (13.79) $ (15.10) $ (16.52)
Total from Financing $ (15.65) $ (12.59) $ (13.79) $ (15.10) $ (16.53)

Other Changes
Net Change in Cash $ 13.32 $ 12.80 $ 13.68 $ 14.99 $ 16.40
Cash at Begining $ 22.11 $ 35.43 $ 48.23 $ 61.91 $ 76.90
Cash at End $ 35.43 $ 48.23 $ 61.91 $ 76.90 $ 93.30

FCFF $ 28.97 $ 25.39 $ 27.48 $ 30.09 $ 32.93

FCFE $ 28.19 $ 25.39 $ 27.48 $ 30.09 $ 32.93
FCF $ 28.97 $ 25.39 $ 27.48 $ 30.09 $ 32.93