Question: Granite Apparel (Create Pro Formas for 2007 and 2008 for Preferred Stock scenario) Pro Forma PI 2006 2007E 2008E 2007E REVENUE 193 289.5 405.3 289.5

Granite Apparel (Create Pro Formas for 2007 and 2008 for Preferred Stock scenario) Pro Forma PI 2006 2007E 2008E 2007E REVENUE 193 289.5 405.3 289.5 COGS -98.4 -144.7 -202.6 -144.7 GP 94.6 144.8 202.7 144.8 S,G&A -67.5 -110 -150 -110 EBITDA 27.1 34.8 52.7 34.8 Depreciation -5.2 -11.7 -18.3 -11.7 EBIT 21.9 23.1 34.4 23.1 Interest 0.5 0.4 0.4 0.4 PreTax 21.4 22.7 34 Tax 6.42 6.81 10.2 Net Income 14.98 15.89 23.8 Preferred Dividends 0 0 0 Income Available to Common 14.98 15.89 23.8 SHARES OUTSTANDING 20 20 20 New Shares Issued (if applicable) 0 0 0 Total Shares Outstanding 20 20 20 EPS $ 0.75 0.79 S 1.19

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