Swiss Army Brands (SABI) SC 13E3/A Going private transaction (amended)

EXHIBIT (c)(2)

June 12, 2002 Needham & Company, Inc. 445 Park Avenue New York, NY 10022 212/371-8300 Project Alps

TABLE OF CONTENTS

Preliminary Summary of the Transaction
Valuation Summary
Purchase Price Sensitivity Analysis
Ranger Shareholder Analysis
Selected Company Analysis
Comparable Transaction Analysis
Ranger Historical Stock Price Performance
Discounted Cash Flow Analysis
Appendices:
	A. Projected Financial Schedules of Ranger
	B. Historical and Projected Quarterly Income Statement of Ranger
	C. Analysis of License Agreements
	D. Analysis of Insurance Policies
MATERIALS FOR DISCUSSION

Table of Contents

Presentation Basis This presentation was prepared on a confidential basis exclusively for the benefit and use of the Special Committee of the Board of Directors of Ranger (the "Company") in the context of a meeting of the Board of Directors to evaluate the feasibility of the transaction described herein, and does not carry any right of publication or disclosure. Neither this presentation nor any of its contents may be used for any other purpose without the prior written consent of Needham & Company, Inc. This presentation is also subject to the qualifications set forth in the opinion letter of Needham & Company, Inc. with respect to certain aspects of the transaction described herein. The information contained in this material was obtained from the Company and other sources. Any estimates and projections for the Company contained herein have been prepared by management or are based upon such estimates and projections, and involve numerous and significant subjective determinations, which may or may not be correct. No representation or warranty, expressed or implied, is made as to the accuracy or completeness of such information and nothing contained herein is, or shall be relied upon as, a promise or representation, whether as to the past or the future. This material was not prepared for use by readers not as familiar with the business and affairs of the Company as the Special Committee of the Board of Directors and, accordingly, Needham & Company, Inc. takes no responsibility for the accompanying material when used by persons other than the Special Committee of the Board of Directors of the Company.

Preliminary Summary of the Transaction

Preliminary Summary of the Transaction Structure Victorinox has made a cash offer of $9.00 for the remaining 32.3% of Ranger it does not already own. Victorinox plans to reach at least 90% ownership and complete a short form merger for the remaining outstanding shares. Timing Precise timing for the transaction has not been established. Business Descriptions of Ranger's Partially Owned Subsidiaries Xantia S.A. In July 2000, the Company purchased a 50% interest in Xantia, S.A., which designs and manufactures watches. Xantia is the principal supplier of watches to the Company, and in addition they also manufacture watches for third-party customers. VSA On July 30, 2000, the Company and Victorinox announced an agreement on the formation of ("VSA"), a new watch company that will combine the watch businesses of the two companies outside the United States, Canada and the Caribbean. Each of the Company and Victorinox have a 50% equity interest in VSA.

Transaction Multiples

($ in thousands)

						Proposed
						Transaction			Current
						Price			Price
Equity Purchase Price						$	9.00		$	6.23
Purchase Premium							44.4	%
Current Shares Outstanding(1)							8,274			8,274
Options Issued(2)							192			8
		Fully Diluted Shares Outstanding					8,465			8,282
Equity Value						$	76,189		$	51,607
	Plus: Net Debt(3)						7,574			7,574
Enterprise Value						$	83,763		$	59,181
Enterprise Value as a Multiple of:
	FY December 31, 2001A Net Sales		$	114,629			0.7x			0.5x
	Last Twelve Months Net Sales			118,097			0.7x			0.5x
	FY December 31, 2002E Net Sales			123,769			0.7x			0.5x
	FY December 31, 2003E Net Sales			141,400			0.6x			0.4x
	FY December 31, 2004E Net Sales			157,000			0.5x			0.4x
	FY December 31, 2005E Net Sales			174,600			0.5x			0.3x
	FY December 31, 2006E Net Sales			189,900			0.4x			0.3x
	FY December 31, 2001A EBIT		$	(3,740	)	NM			NM
	Last Twelve Months EBIT			(1,075	)	NM			NM
	FY December 31, 2002E EBIT			3,405			24.6x			17.4x
	FY December 31, 2003E EBIT			8,118			10.3x			7.3x
	FY December 31, 2004E EBIT			12,699			6.6x			4.7x
	FY December 31, 2005E EBIT			18,200			4.6x			3.3x
	FY December 31, 2006E EBIT			21,972			3.8x			2.7x
	FY December 31, 2001A EBITDA		$	224			373.9x			264.2x
	Last Twelve Months EBITDA			2,660			31.5x			22.2x
	FY December 31, 2002E EBITDA			6,440			13.0x			9.2x
	FY December 31, 2003E EBITDA			10,595			7.9x			5.6x
	FY December 31, 2004E EBITDA			14,732			5.7x			4.0x
	FY December 31, 2005E EBITDA			20,207			4.1x			2.9x
	FY December 31, 2006E EBITDA			23,919			3.5x			2.5x
Equity Value as a Multiple of:
	FY December 31, 2001A Net Income		$	(3,152	)	NM			NM
	Last Twelve Months Net Income			(1,829	)	NM			NM
	FY December 31, 2002E Net Income			1,407			54.1x			36.7x
	FY December 31, 2003E Net Income			3,682			20.7x			14.0x
	FY December 31, 2004E Net Income			6,043			12.6x			8.5x
	FY December 31, 2005E Net Income			8,975			8.5x			5.8x
	FY December 31, 2006E Net Income			10,783			7.1x			4.8x
Book Value(3)			$	74,611			1.0x			0.7x

Notes:

(1)	Includes 106,000 shares related to the Bear acquisition issued April 19, 2002.
(2)	Based on options vesting schedule as of March 29, 2002 and the Treasury Stock Method.
(3)	As of March 31, 2002.

Page 4

Project Alps
Historical and Projected Consolidated Income Statement⁽¹⁾
($ in thousands)

			Fiscal Year Ending December 31,
			Historical												Three Months Ended
			1998A			1999A			2000A			2001A			3/31/01			3/31/02
Total Revenue:				*			*			*			*			*			*
	Forschner Cutlery			*			*			*			*			*			*
	Victorinox Knives/Tools/Card			*			*			*			*			*			*
	Watches			*			*			*			*			*			*
	Other			*			*			*			*			*			*
	Bear			*			*			*			*			*			*
	Licensing			*			*			*			*			*			*
		Total Revenue	$	127,851		$	129,452		$	131,752		$	114,629		$	21,273		$	24,741
Gross Profit:
	Forschner Cutlery			*			*			*			*			*			*
	Victorinox Knives/Tools/Card			*			*			*			*			*			*
	Watches			*			*			*			*			*			*
	Other			*			*			*			*			*			*
	Bear			*			*			*			*			*			*
	Licensing			*			*			*			*			*			*
		Gross Profit		43,982			50,846			50,706			46,314			7,986			10,313
Selling, General & Administrative				(46,211	)		(43,075	)		(43,963	)		(46,090	)		(10,501	)		(10,392	)
Depreciation & Amortization				(2,794	)		(3,230	)		(3,504	)		(3,964	)		(1,159	)		(930	)
		Total Operating Expenses		(49,005	)		(46,305	)		(47,467	)		(50,054	)		(11,660	)		(11,322	)
EBIT				977			4,541			3,239			(3,740	)		(3,674	)		(1,009	)
Interest and Other Income (Expense)				1,706			(2,273	)		1,734			1,477			—			—
Interest Expense				—			(617	)		(1,430	)		(973	)		(218	)		(162	)
Pre-Tax Income				2,683			1,651			3,543			(3,236	)		(3,892	)		(1,171	)
Income Tax Benefit (Provision)				(1,220	)		(1,531	)		(1,579	)		344			1,585			343
Minority Interest(3)				—			—			49			(260	)		48			(108	)
Net Income			$	1,463		$	120		$	2,013		$	(3,152	)	$	(2,259	)	$	(936	)
Diluted EPS			$	0.18		$	0.01		$	0.25		$	(0.39	)	$	(0.27	)	$	(0.11	)
Weighted Average Diluted Shares Outstanding				8,138			8,022			8,187			8,139			8,278			8,168
EBIT			$	977		$	4,541		$	3,239		$	(3,740	)	$	(3,674	)	$	(1,009	)
Add back Depreciation & Amortization				2,794			3,230			3,504			3,964			1,159			930
EBITDA			$	3,771		$	7,771		$	6,743		$	224		$	(2,515	)	$	(79	)
EBITDA without 50% of Xantia owned by Victorinox

[Additional columns below]

[Continued from above table, first column(s) repeated]

			Fiscal Year Ending December 31,
			Projected
			2002E(2)			2003E(2)			2004E(2)			2005E(2)			2006E(2)
Total Revenue:
	Forschner Cutlery			*			*			*			*			*
	Victorinox Knives/Tools/Card			*			*			*			*			*
	Watches			*			*			*			*			*
	Other			*			*			*			*			*
	Bear			*			*			*			*			*
	Licensing			*			*			*			*			*
		Total Revenue	$	123,769		$	141,400		$	157,000		$	174,600		$	189,900
Gross Profit:
	Forschner Cutlery			*			*			*			*			*
	Victorinox Knives/Tools/Card			*			*			*			*			*
	Watches			*			*			*			*			*
	Other			*			*			*			*			*
	Bear			*			*			*			*			*
	Licensing			*			*			*			*			*
		Gross Profit		53,409			60,707			68,349			77,339			84,886
Selling, General & Administrative				(46,969	)		(50,112	)		(53,617	)		(57,132	)		(60,967	)
Depreciation & Amortization				(3,035	)		(2,477	)		(2,033	)		(2,007	)		(1,947	)
		Total Operating Expenses		(50,004	)		(52,589	)		(55,650	)		(59,139	)		(62,914	)
EBIT				3,405			8,118			12,699			18,200			21,972
Interest and Other Income (Expense)				97			84			85			202			436
Interest Expense				(537	)		(449	)		(285	)		(137	)		(97	)
Pre-Tax Income				2,965			7,753			12,499			18,265			22,310
Income Tax Benefit (Provision)				(1,127	)		(3,101	)		(4,999	)		(7,306	)		(8,924	)
Minority Interest(3)				(431	)		(970	)		(1,456	)		(1,985	)		(2,603	)
Net Income			$	1,407		$	3,682		$	6,043		$	8,975		$	10,783
Diluted EPS			$	0.17		$	0.44		$	0.71		$	1.03		$	1.21
Weighted Average Diluted Shares Outstanding				8,220			8,385			8,552			8,724			8,898
EBIT			$	3,405		$	8,118		$	12,699		$	18,200		$	21,972
Add back Depreciation & Amortization				3,035			2,477			2,033			2,007			1,947
EBITDA			$	6,440		$	10,595		$	14,732		$	20,207		$	23,919
EBITDA without 50% of Xantia owned by Victorinox			$	5,369		$	9,306		$	13,235		$	18,416		$	21,962

Notes:

(1)	Projections reflect Company internal estimates.
(2)	Projections include results from Xantia S.A.
(3)	Minority interest includes half of Xantia S.A.’s net income and half of VSA’s net income.
*	This material has been omitted pursuant to a request for confidential treatment and has been filed separately with the Securities and Exchange Commission.

Page 5

Valuation Summary

Project Alps
Valuation Summary
($ in thousands)

							Value of
		Ranger Consolidated(1)					Insurance(2)
Comparable Company Analysis		Low			High		Low			High
	Implied Equity Valuation	$	58,577	—	$	116,195	$	4,379	—	$	9,043
	Implied per share value
	Implied fully diluted per share value(6)
Discounted Cash Flow Analysis		Low			High		Low			High
	Implied Equity Valuation	$	75,292	—	$	106,323	$	4,379	—	$	9,043
	Implied per share value
	Implied fully diluted per share value(6)
Comparable Transaction Analysis(7)
	Implied Equity Valuation
	Implied per share value(8)
	Implied fully diluted per share value(6)(8)
Needham’s Valuation Range
	Implied Equity Valuation
	Implied per share value
	Implied fully diluted per share value(6)

[Additional columns below]

[Continued from above table, first column(s) repeated]

		50% of Xantia(3)						50% of VSA(4)					Ranger Owned Business(5)
Comparable Company Analysis		Low			High		��	Low			High		Low			High
	Implied Equity Valuation	$	3,357	—	$	16,700		$	1,382	—	$	5,850	$	58,217	—	$	102,688
	Implied per share value												$	7.04	—	$	12.41
	Implied fully diluted per share value(6)												$	6.98	—	$	11.76
Discounted Cash Flow Analysis		Low			High			Low			High		Low			High
	Implied Equity Valuation	$	10,308	—	$	13,888		$	3,520	—	$	4,885	$	65,843	—	$	96,594
	Implied per share value												$	7.96	—	$	11.67
	Implied fully diluted per share value(6)												$	7.84	—	$	11.15
Comparable Transaction Analysis(7)
	Implied Equity Valuation												$	61,865	—	$	87,642
	Implied per share value(8)												$	7.48	—	$	10.59
	Implied fully diluted per share value(6)(8)												$	7.39	—	$	10.23
Needham’s Valuation Range
	Implied Equity Valuation												$	58,217	—	$	102,688
	Implied per share value												$	7.04	—	$	12.41
	Implied fully diluted per share value(6)												$	6.98	—	$	11.76

Notes:

(1)	Ranger as a consolidated company.
(2)	Non-operating assets include life insurance policies and other illiquid investments.
(3)	Xantia is 50% owned by Victorinox but consolidated in Ranger’s financials. This column removes Victorinox’ interest in Xantia.
(4)	VSA is 50% owned by Victorinox but consolidate in Ranger’s financials. This column removes Victorinox’ interest in VSA.
(5)	This is the value of Ranger less the businesses owned by Victorinox.
(6)	Based on options vesting schedule as of March 29, 2002 and the Treasury Stock Method.
(7)	The comparable transactions indicate a range of premiums between 20% and 70%.
(8)	Per share valuation is based on Ranger’s closing price of $6.23 as of June 10, 2002.

Page 7

Project Alps
Financial Performance Attributable to Ranger⁽¹⁾

			Fiscal Year Ending December 31,
			2001A			2002E			2003E			2004E			2005E			2006E
Revenue:
	Total Revenue		$	114,629		$	123,769		$	141,400		$	157,000		$	174,600		$	189,900
	(minus 50% of VSA Revenue)			(2,724	)		(4,500	)		(6,000	)		(7,500	)		(9,000	)		(11,000	)
	(minus 50% of Xantia Revenue)			(10,937	)		(13,500	)		(15,105	)		(17,130	)		(19,860	)		(21,690	)
		Revenue Attributable to Ranger	$	100,969		$	105,769		$	120,295		$	132,370		$	145,740		$	157,210
EBIT:
	Total EBIT		$	(3,740	)	$	3,405		$	8,118		$	12,699		$	18,200		$	21,972
	(minus 50% of VSA EBIT)			89			276			(100	)		(430	)		(738	)		(1,232	)
	(minus 50% of Xantia EBIT)			(340	)		(922	)		(1,139	)		(1,347	)		(1,641	)		(1,807	)
		EBIT Attributable to Ranger	$	(3,991	)	$	2,760		$	6,879		$	10,922		$	15,821		$	18,933
EBITDA:
	Total EBITDA		$	224		$	6,440		$	10,595		$	14,732		$	20,207		$	23,919
	(minus 50% of VSA EBITDA)			(10	)		166			(205	)		(527	)		(841	)		(1,345	)
	(minus 50% of Xantia EBITDA)			(190	)		(1,072	)		(1,289	)		(1,497	)		(1,791	)		(1,957	)
		EBITDA Attributable to Ranger	$	24		$	5,369		$	9,306		$	13,235		$	18,416		$	21,962
Net Income:
	Total Net Income		$	(3,152	)	$	1,386		$	3,682		$	6,043		$	8,974		$	10,783
	(minus 50% of VSA Net Income)(2)			89			276			(100	)		(430	)		(738	)		(1,232	)
	(minus 50% of Xantia Net Income)			230			(707	)		(870	)		(1,026	)		(1,247	)		(1,371	)
		Net Income Attributable to Ranger	$	(2,833	)	$	976		$	2,712		$	4,587		$	6,990		$	8,180

Notes:

(1)	Assume Xantia’s results are captured in full starting in the fiscal year ending December 31, 2002.
(2)	Ranger has indicated that VSA does not incur income taxes.

Page 8

Consolidated Ranger
Valuation Based on Comparable Company Analysis
($ in thousands)

Ranger
Enterprise Value / CY 2002E Revenue
Low		0.7x
High		1.0x
FY 2002E Revenue	$	123,769
Implied Equity Value(2)
Low	$	79,064
High	$	116,195

Enterprise Value / LTM EBITDA
Low		7.5x
High		9.5x
FY 2003E EBITDA	$	10,595
Implied Equity Value(2)(3)
Low	$	58,577
High	$	76,218

Price / Earnings CY 2002E
Low		15.0x
High		17.0x
FY 2003E Net Income(1)	$	4,652
Implied Equity Value(3)
Low	$	61,750
High	$	69,983

Price / Most Recent Book
Low		0.8x
High		1.2x
Book Value for Ranger(1)	$	74,611
Implied Equity Value
Low	$	59,689
High	$	89,533

Implied Equity Value
Low	$	58,577
Mean		87,386
High		116,195

Xantia S.A.
Enterprise Value / CY 2002E Revenue
Low		0.9x
High		1.2x
FY 2002E Revenue	$	27,000
Implied Equity Value(4)
Low	$	25,300
High	$	33,400

Enterprise Value / LTM EBITDA
Low		8.0x
High		10.0x
FY 2003E EBITDA	$	2,578
Implied Equity Value(4)(5)
Low	$	17,944
High	$	22,180

Price / Earnings CY 2002E
Low		16.0x
High		18.0x
FY 2003E Net Income	$	1,740
Implied Equity Value(5)
Low	$	24,421
High	$	27,474

Price / Most Recent Book
Low		0.9x
High		1.3x
Book Value	$	7,461
Implied Equity Value
Low	$	6,715
High	$	9,699

Implied Equity Value
Low	$	6,715
Mean		20,057
High		33,400

VSA
Enterprise Value / CY 2002E Revenue
Low		1.0x
High		1.3x
FY 2002E Revenue	$	9,000
Implied Equity Value
Low	$	9,000
High	$	11,700

Enterprise Value / LTM EBITDA
Low		8.2x
High		10.2x
FY 2003E EBITDA	$	410
Implied Equity Value(5)
Low	$	2,764
High	$	3,438

Price / Earnings CY 2002E
Low		16.3x
High		18.3x
FY 2003E Net Income	$	200
Implied Equity Value(5)
Low	$	2,860
High	$	3,211

Price / Most Recent Book
Low		0.9x
High		1.3x
Book Value	$	3,731
Implied Equity Value
Low	$	3,357
High	$	4,850

Implied Equity Value
Low	$	2,764
Mean		7,232
High		11,700

Ranger without 50% Xantia , 50% VSA Owned by Victorinox
Implied Equity Valuation Range
Low	$	53,838
Mean		73,741
High		93,645
Current Shares Outstanding(6)		8,274
Implied Stock Price
Low	$	6.51
Mean		8.91
High		11.32

Diluted Shares Outstanding(7)
Based on Low	8,295
Based on Mean	8,459
Based on High	8,634

Diluted Implied Stock Price
Based on Low	$	6.49
Based on Mean		8.72
Based on High		10.85

Notes:

(1)	Includes minority interest to arrive at a net income figure for Ranger as a consolidated entity.
(2)	As of March 31, 2002 Ranger has $408,000 in cash and $7,982,000 in debt.
(3)	Assumes a discount rate of 13.0% to arrive at a LTM valuation.
(4)	Assumes Xantia has $1,000,000 in cash and no debt.
(5)	Assumes a discount rate of 14.0% to arrive at a LTM valuation.
(6)	Includes 106,000 shares related to the Bear acquisition to be issued on April 19, 2002.
(7)	Based on options vesting schedule as of March 29, 2002 and the Treasury Stock Method.

Page 9

Project Alps
Summary Discounted Cash Flow Analysis⁽¹⁾
($ in thousands)

		Ranger						Xantia
		Discount Rate						Discount Rate
		10.0%		12.0%		15.0%		10.0%		12.0%		15.0%
A	Present Value of Free Cash Flows	$	16,386	$	15,322	$	13,901	$	5,544	$	5,243	$	4,838

[Additional columns below]

[Continued from above table, first column(s) repeated]

		VSA
		Discount Rate
		10.0%		12.0%		15.0%
A	Present Value of Free Cash Flows	$	2,293	$	2,096	$	1,836

		Ranger							Xantia
		Discount Rate							Discount Rate
		10.0%		12.0%		15.0%			10.0%		12.0%		15.0%
B	Present Value of Terminal Value	$	74,295	$	71,022	$	66,480	7.0x	$	16,515	$	15,787	$	14,778
	Based on EBITDA Multiples(2)	$	85,903	$	82,119	$	76,868	8.0x	$	18,874	$	18,043	$	16,889
		$	97,511	$	93,216	$	87,255	9.0x	$	21,233	$	20,298	$	19,000

[Additional columns below]

[Continued from above table, first column(s) repeated]

			VSA
			Discount Rate
			10.0%		12.0%		15.0%
B	Present Value of Terminal Value	7.0x	$	5,815	$	5,559	$	5,203
	Based on EBITDA Multiples(2)	8.0x	$	6,646	$	6,353	$	5,947
		9.0x	$	7,477	$	7,147	$	6,690

			Ranger										Xantia
			Discount Rate										Discount Rate
			10.0%			12.0%			15.0%				10.0%		12.0%		15.0%
C = A + B		Enterprise Value	$	90,680		$	87,408		$	82,866		7.0x	$	22,058	$	21,030	$	19,616
		Based on EBITDA Multiples	$	102,289		$	98,505		$	93,254		8.0x	$	24,417	$	23,286	$	21,727
			$	113,897		$	109,602		$	103,641		9.0x	$	26,777	$	25,541	$	23,838
	D	Less : Net Debt(3)(4)	$	(7,574	)	$	(7,574	)	$	(7,574	)		$	1,000	$	1,000	$	1,000

[Additional columns below]

[Continued from above table, first column(s) repeated]

			VSA
			Discount Rate
			10.0%		12.0%		15.0%
C = A + B	Enterprise Value	7.0x	$	8,108	$	7,655	$	7,040
	Based on EBITDA Multiples	8.0x	$	8,938	$	8,449	$	7,783
		9.0x	$	9,769	$	9,244	$	8,527
D	Less : Net Debt(3)(4)		$	—	$	—	$	—

		Ranger						Xantia
		Discount Rate						Discount Rate
		10.0%		12.0%		15.0%		10.0%		12.0%		15.0%
E = C + D	Equity Value	$	83,106	$	79,834	$	75,292	$	23,058	$	22,030	$	20,616
	Based on EBITDA Multiples	$	94,715	$	90,931	$	85,680	$	25,417	$	24,286	$	22,727
		$	106,323	$	102,028	$	96,067	$	27,777	$	26,541	$	24,838

[Additional columns below]

[Continued from above table, first column(s) repeated]

			VSA
			Discount Rate
			10.0%		12.0%		15.0%
E = C + D		Equity Value	$	8,108	$	7,655	$	7,040
	Based on EBITDA Multiples		$	8,938	$	8,449	$	7,783
			$	9,769	$	9,244	$	8,527

Notes:

(1)	Based on 2004 EBITDA.
(2)	Ranger’s terminal value reflects a blended EBITDA multiple.
(3)	As of March 31, 2002 Ranger has $1,187,000 in cash and $7,979,226 in debt.
(4)	Assumes Xantia has $1,000,000 in cash and no debt.

Page 10

Project Alps

Summary Comparable Transaction Analysis

Acquirors with Preexisting Ownership Greater Than 50%
January 1, 2000 to Present

							Equity Value/
	Enterprise Value / Target LTM
							LTM				Announced
	Net Sales		EBIT		EBITDA		Net Income		Book		Premium			% Owned			% Acquired
Mean		2.1x		17.2x		15.3x		30.5x		2.5x		35.1	%		72.8	%		85.9	%
Median		1.1x		13.1x		9.3x		16.5x		1.8x		24.7	%		73.2	%		100.0	%
High		14.4x		102.6x		145.1x		260.2x		14.7x		220.0	%		96.2	%		100.0	%
Low		0.1x		2.1x		1.3x		2.8x		-0.5x		-15.8	%		50.6	%		3.8	%

Selected Brand and Apparel Retailers
January 1, 1997 to Present

							Equity Value/
	Enterprise Value / Target LTM
							LTM				Announced
	Net Sales		EBIT		EBITDA		Net Income		Book		Premium			% Owned			% Acquired
Mean		0.9x		30.1x		9.3x		17.2x		6.0x		39.1	%		55.3	%		83.4	%
Median		0.6x		14.4x		7.3x		18.6x		1.8x		38.8	%		56.5	%		100.0	%
High		2.9x		184.3x		25.8x		31.1x		29.8x		114.9	%		92.3	%		100.0	%
Low		0.3x		6.3x		4.3x		1.3x		0.6x		7.1	%		16.0	%		7.7	%

Ranger Multiples at an Implied Stock Price of $9.00

0.7x NM 31.5x NM 1.0x 44.4 %

Page 11

Purchase Price Sensitivity Analysis

Project Alps
Purchase Price Sensitivity Analysis
($ in thousands)

Equity Purchase Price

$

5.00

$

6.00

$

7.00

$

8.00

$

9.00

$

10.00

$

11.00

$

12.00

$

13.00

Current Shares Outstanding(1)

8,274

8,274

8,274

8,274

8,274

8,274

8,274

8,274

8,274

Options Issued(2)

3

8

62

131

192

262

331

421

519

Fully Diluted Shares Outstanding

8,277

8,281

8,336

8,405

8,465

8,536

8,604

8,695

8,793

Equity Value

$

41,385

$

49,689

$

58,354

$

67,236

$

76,189

$

85,356

$

94,648

$

104,334

$

114,308

Plus: Net Debt(3)

7,574

7,574

7,574

7,574

7,574

7,574

7,574

7,574

7,574

Enterprise Value

$

48,959

$

57,263

$

65,928

$

74,810

$

83,763

$

92,930

$

102,222

$

111,908

$

121,882

Enterprise Value as a Multiple of:

FY December 31, 2001A Net Sales

$

114,629

0.4x

0.5x

0.6x

0.7x

0.7x

0.8x

0.9x

1.0x

1.1x

Last Twelve Months Net Sales

118,097

0.4x

0.5x

0.6x

0.6x

0.7x

0.8x

0.9x

0.9x

1.0x

FY December 31, 2002E Net Sales

123,769

0.4x

0.5x

0.5x

0.6x

0.7x

0.8x

0.8x

0.9x

1.0x

FY December 31, 2003E Net Sales

141,400

0.3x

0.4x

0.5x

0.5x

0.6x

0.7x

0.7x

0.8x

0.9x

FY December 31, 2004E Net Sales

157,000

0.3x

0.4x

0.4x

0.5x

0.5x

0.6x

0.7x

0.7x

0.8x

FY December 31, 2005E Net Sales

174,600

0.3x

0.3x

0.4x

0.4x

0.5x

0.5x

0.6x

0.6x

0.7x

FY December 31, 2006E Net Sales

189,900

0.3x

0.3x

0.3x

0.4x

0.4x

0.5x

0.5x

0.6x

0.6x

FY December 31, 2001A EBIT

$

(3,740

)

NM

NM

NM

NM

NM

NM

NM

NM

NM

Last Twelve Months EBIT

(1,075

)

NM

NM

NM

NM

NM

NM

NM

NM

NM

FY December 31, 2002E EBIT

3,405

14.4x

16.8x

19.4x

22.0x

24.6x

27.3x

30.0x

32.9x

35.8x

FY December 31, 2003E EBIT

8,118

6.0x

7.1x

8.1x

9.2x

10.3x

11.4x

12.6x

13.8x

15.0x

FY December 31, 2004E EBIT

12,699

3.9x

4.5x

5.2x

5.9x

6.6x

7.3x

8.0x

8.8x

9.6x

FY December 31, 2005E EBIT

18,200

2.7x

3.1x

3.6x

4.1x

4.6x

5.1x

5.6x

6.1x

6.7x

FY December 31, 2006E EBIT

21,972

2.2x

2.6x

3.0x

3.4x

3.8x

4.2x

4.7x

5.1x

5.5x

FY December 31, 2001A EBITDA

$

224

218.6x

255.6x

294.3x

334.0x

373.9x

414.9x

456.4x

499.6x

544.1x

Last Twelve Months EBITDA

2,660

18.4x

21.5x

24.8x

28.1x

31.5x

34.9x

38.4x

42.1x

45.8x

FY December 31, 2002E EBITDA

6,440

7.6x

8.9x

10.2x

11.6x

13.0x

14.4x

15.9x

17.4x

18.9x

FY December 31, 2003E EBITDA

10,595

4.6x

5.4x

6.2x

7.1x

7.9x

8.8x

9.6x

10.6x

11.5x

FY December 31, 2004E EBITDA

14,732

3.3x

3.9x

4.5x

5.1x

5.7x

6.3x

6.9x

7.6x

8.3x

FY December 31, 2005E EBITDA

20,207

2.4x

2.8x

3.3x

3.7x

4.1x

4.6x

5.1x

5.5x

6.0x

FY December 31, 2006E EBITDA

23,919

2.0x

2.4x

2.8x

3.1x

3.5x

3.9x

4.3x

4.7x

5.1x

Equity Value as a Multiple of:

FY December 31, 2001A Net Income

$

(3,152

)

NM

NM

NM

NM

NM

NM

NM

NM

NM

Last Twelve Months Net Income

(1,829

)

NM

NM

NM

NM

NM

NM

NM

NM

NM

FY December 31, 2002E Net Income

1,407

29.9x

35.3x

41.5x

47.8x

54.1x

60.7x

67.3x

74.1x

81.2x

FY December 31, 2003E Net Income

3,682

11.2x

13.5x

15.8x

18.3x

20.7x

23.2x

25.7x

28.3x

31.0x

FY December 31, 2004E Net Income

6,043

6.8x

8.2x

9.7x

11.1x

12.6x

14.1x

15.7x

17.3x

18.9x

FY December 31, 2005E Net Income

8,974

4.6x

5.5x

6.5x

7.5x

8.5x

9.5x

10.5x

11.6x

12.7x

FY December 31, 2006E Net Income

10,783

3.8x

4.6x

5.4x

6.2x

7.1x

7.9x

8.8x

9.7x

10.6x

Book Value(3)

$

74,611

0.6x

0.7x

0.8x

0.9x

1.0x

1.1x

1.3x

1.4x

1.5x

Notes:

(1)	Includes 106,000 shares related to the Bear acquisition issued April 19, 2002.
(2)	Based on options vesting schedule as of March 29, 2002 and the Treasury Stock Method.
(3)	As of March 31, 2002.

Page 13

Ranger Shareholder Analysis

Ranger
Shareholder Analysis
(Shares in Thousands)

					Percentage of
			Shares		Total Shares
			Owned		Outstanding
Shares held by:
	Victorinox(1)			5,254		63.50	%
	Management / Insiders(1)(2)			140		1.69	%
	Dimensional Funds Advisors, Inc.(3)			503		6.08	%
	Charles Elsener, Sr.(1)			347		4.19	%
	Shufro, Rose & Co., LLC(4)			307		3.71	%
	David L. Babson & Co., Inc.(4)			302		3.65	%
	Other Institutional Shareholders(4)			191		2.31	%
	Retail			1,230		14.87	%
		Total Shares Outstanding		8,274		100.00	%

Notes:

(1)	Source: Proxy Statement filed on 4/23/02, excludes exercisable stock options.
(2)	Management beneficially owns 1,645,793 shares, of which includes exercisable stock options.
(3)	Source: Schedule 13F filed 3/31/02.
(4)	Source: Shareworld

Page 15

Ranger
Stock Ownership of Management
(Shares in Thousands)

		Total Number of						Number of Shares
		Shares		Options /				Held as a Percentage
		Benefically		Warrants		Number of		of Total Shares			Weighted Average
Name of Beneficial Owner	Position	Owned		Exercisable		Shares Held		Outstanding			Strike Price
Louis Marx, Jr.	Director, Chairman of the Executive Committee		524		500		24		0.29%		$	9.58
Peter W. Gilson	Chairman and CEO		233		232		1		0.01%			11.10
Stanley R. Rawn, Jr.	Senior Managing Director, member of the Executive Committee and Nominating Committee		143		100		43		0.52%			11.35
Thomas M. Lupinski	Senior VP, CFO		96		79		17		0.21%			8.40
James R. Cary	Senior Vice President, Operations		56		54		3		0.03%			8.17
Robert S. Prather, Jr.	Director, member of the Audit Committee		56		10		46		0.55%			6.38
A. Jeffrey Turner	President		51		49		3		0.03%			7.67
A. Clinton Allen	Director, Chairman of the Stock Option and Compensation Committee, member of the Executive Committee		51		50		1		0.01%			11.74
Clarke H. Bailey	Director, member of the Executive Committee		43		40		3		0.04%			8.72
Susanne Rechner	Senior Vice President, Global Watch		15		15		-		0.00%			4.47
John Spencer	Director, member of the Audit Committee and Stock Option and Compensation Committee		11		10		1		0.01%			6.38
John V. Tunney	Director, member of the Stock Option and Compensation Committee		11		10		1		0.01%			6.38
Herbert M. Friedman	VP, General Counsel and Director		3		-		3		0.04%			5.29
	All directors and executive officers as a group (15 persons)		1,243		1,103		140		1.69	%

Page 16

Ranger
Institutional Shareholders
(Shares in Thousands)

				Percentage of
				Total Shares
Institution		Shares Owned		Outstanding
AXA Rosenberg Investment Management LLC			70		0.84	%
California Public EMP Retirement System			39		0.47	%
Northern Trust Company			31		0.37	%
Mellon Private Asset Management			17		0.21	%
D.F. Dent & Company, Inc.			10		0.12	%
Havard Management Co., Inc.			9		0.11	%
Prudential Investment Management, Inc.			7		0.08	%
Fidelity Management			5		0.06	%
Barclays Global Investors, N.A			3		0.03	%
CIBC World Markets Corp.			1		0.01	%
	Total Institutional Shareholders		191		2.31	%

Page 17

Selected Company Analysis Summary

Ranger
Selected Company Summary

(in thousands, except per share amounts)

			Margin Analysis													Enterprise Value/
				Gross Profit			EBITDA			EBIT			Net Income				Revenues						EBITDA
Company(1)				LTM			LTM			LTM			LTM				LTM		CY 2002E(2)		CY 2003E(2)		LTM
		Tier One
Tiffany & Co.					59.3	%		23.8	%		19.7	%		10.9	%			3.4x		3.2x		2.8x		14.4x
Coach, Inc.					67.2	%		22.2	%		18.5	%		11.6	%			3.5x		3.2x	NA			16.0x
Oakley, Inc.					58.0	%		21.3	%		15.6	%		10.5	%			3.0x		2.5x		2.0x		13.9x
Mean					61.5	%		22.4	%		17.9	%		11.0	%			3.3x		2.9x		2.4x		14.7x
Median					59.3	%		22.2	%		18.5	%		10.9	%			3.4x		3.2x		2.4x		14.4x
High					67.2	%		23.8	%		19.7	%		11.6	%			3.5x		3.2x		2.8x		16.0x
Low					58.0	%		21.3	%		15.6	%		10.5	%			3.0x		2.5x		2.0x		13.9x
		Tier Two
Energizer Holdings, Inc.					42.1	%		18.6	%		13.9	%		5.5	%			1.6x		1.5x	NA			8.7x
The Timberland Company					44.0	%		14.9	%		13.0	%		8.8	%			1.2x		1.2x		1.1x		8.1x
Columbia Sportswear Company					45.8	%		21.2	%		19.0	%		11.4	%			1.7x		1.6x		1.5x		7.9x
Kenneth Cole Productions, Inc.					44.2	%		8.4	%		7.0	%		4.6	%			1.3x		1.2x		1.1x		15.4x
Fossil, Inc.					49.9	%		15.9	%		14.0	%		8.0	%			1.1x		1.0x		0.9x		6.8x
Quicksilver, Inc.					37.4	%		10.4	%		8.2	%		4.1	%			1.1x		1.1x	NA			10.4x
Movado Group, Inc.					61.3	%		11.7	%		9.8	%		6.6	%			1.1x		1.0x	NA			9.2x
Mean					46.4	%		14.5	%		12.1	%		7.0	%			1.3x		1.2x		1.1x		9.5x
Median					44.2	%		14.9	%		13.0	%		6.6	%			1.2x		1.2x		1.1x		8.7x
High					61.3	%		21.2	%		19.0	%		11.4	%			1.7x		1.6x		1.5x		15.4x
Low					37.4	%		8.4	%		7.0	%		4.1	%			1.1x		1.0x		0.9x		6.8x
	Tier Three
Tropical Sportswear Int’l Corporation					28.2	%		8.6	%		6.6	%		2.1	%			0.7x	NA		NA			8.7x
Vans, Inc.					46.3	%		8.8	%		6.5	%		4.3	%			0.4x		0.4x	NA			4.4x
A.T. Cross Company					53.0	%		12.7	%		6.7	%		0.2	%			0.8x	NA		NA			6.4x
Perry Ellis International, Inc.					32.0	%		11.8	%		9.6	%		2.9	%			0.9x	NA		NA			7.5x
Cutter & Buck, Inc.					38.0	%		0.3	%		-2.9	%		-2.5	%			0.5x		0.5x	NA		NM
Deckers Outdoor Corporation					42.2	%		8.4	%		4.6	%		-7.1	%			0.4x		0.3x		0.3x		4.4x
Mean					39.9	%		8.4	%		5.2	%		0.0	%			0.6x		0.4x		0.3x		6.3x
Median					40.1	%		8.7	%		6.5	%		1.2	%			0.6x		0.4x		0.3x		6.4x
High					53.0	%		12.7	%		9.6	%		4.3	%			0.9x		0.5x		0.3x		8.7x
Low					28.2	%		0.3	%		-2.9	%		-7.1	%			0.4x		0.3x		0.3x		4.4x
Ranger					41.2	%		2.3	%		-0.9	%		-1.5	%			0.6x		0.5x		0.5x	NM

[Additional columns below]

[Continued from above table, first column(s) repeated]

Price/

EBIT

EPS

LTM

LTM

CY 2002E(2)

CY 2003E(2)

Market Value/ Last Q Book

Tier One

Tiffany & Co.

17.3x

31.7x

28.0x

24.0x

5.0x

Coach, Inc.

19.2x

31.7x

26.2x

NA

10.8x

Oakley, Inc.

19.0x

27.4x

22.2x

18.4x

4.7x

Mean

18.5x

30.3x

25.5x

21.2x

6.9x

Median

19.0x

31.7x

26.2x

21.2x

5.0x

High

19.2x

31.7x

28.0x

24.0x

10.8x

Low

17.3x

27.4x

22.2x

18.4x

4.7x

Tier Two

Energizer Holdings, Inc.

11.6x

27.4x

16.6x

NA

3.7x

The Timberland Company

9.3x

15.1x

16.2x

14.1x

4.1x

Columbia Sportswear Company

8.8x

15.6x

15.6x

14.0x

3.8x

Kenneth Cole Productions, Inc.

18.4x

33.3x

25.3x

20.6x

3.8x

Fossil, Inc.

7.7x

15.4x

12.5x

10.6x

2.5x

Quicksilver, Inc.

13.3x

23.5x

18.9x

NA

2.6x

Movado Group, Inc.

11.0x

12.6x

12.5x

11.2x

1.5x

Mean

11.5x

20.4x

16.8x

14.1x

3.1x

Median

11.0x

15.6x

16.2x

14.0x

3.7x

High

18.4x

33.3x

25.3x

20.6x

4.1x

Low

7.7x

12.6x

12.5x

10.6x

1.5x

Tier Three

Tropical Sportswear Int’l Corporation

11.3x

19.9x

NA

NA

2.0x

Vans, Inc.

5.9x

10.3x

26.8x

NA

0.8x

A.T. Cross Company

12.0x

NM

7.5x

NA

1.6x

Perry Ellis International, Inc.

9.2x

12.0x

8.0x

7.2x

1.0x

Cutter & Buck, Inc.

NM

NM

NM

NA

0.8x

Deckers Outdoor Corporation

8.1x

NM

8.3x

NA

0.8x

Mean

9.3x

14.0x

12.7x

7.2x

1.2x

Median

9.2x

12.0x

8.2x

7.2x

0.9x

High

12.0x

19.9x

26.8x

7.2x

2.0x

Low

5.9x

10.3x

7.5x

7.2x

0.8x

Ranger

NM

NM

36.7x

14.2x

0.7x

Notes:

(1)	All financials are net of non-recurring items and are taxed at the Company’s effective tax rate.
(2)	Source: First Call

Page 19

Ranger
Selected Company Summary

(in thousands, except per share amounts)

														Revenue Growth Rate
				Price		Market		Net			Enterprise		FY 2000/			LTM/			CY 2002E/			EBITDA
Company (1)			Ticker	6/10/02		Value		Debt			Value		FY 2001			CY 2002E			CY 2003E			LTM
		Tier One
Tiffany & Co.			TIF	$	37.01	$	5,385,143	$	130,205		$	5,515,348		-3.7	%		7.7	%		12.5	%	$	384,301
Coach, Inc.			COH		56.32		2,485,336		(37,202	)		2,463,720		12.2	%		10.9	%	NA				154,389
Oakley, Inc.			OO		18.42		1,269,292		48,861			1,318,153		18.1	%		20.8	%		20.6	%		94,757
Mean						$	3,046,590	$	47,288		$	3,099,074		8.9	%		13.1	%		16.5	%	$	211,149
Median							2,485,336		48,861			2,463,720		12.2	%		10.9	%		16.5	%		154,389
High							5,385,143		130,205			5,515,348		18.1	%		20.8	%		20.6	%		384,301
Low							1,269,292		(37,202	)		1,318,153		-3.7	%		7.7	%		12.5	%		94,757
		Tier Two
Energizer Holdings, Inc. (3)			ENR		27.51		2,514,099	$	225,800			2,739,899		-12.1	%		6.4	%	NA				314,675
The Timberland Company			TBL		38.96		1,473,670		(69,396	)		1,404,274		8.4	%		2.0	%		6.5	%		172,929
Columbia Sportswear Company			COLM		34.97		1,376,505		(66,246	)		1,310,259		26.8	%		2.3	%		10.3	%		166,755
Kenneth Cole Productions, Inc.			KCP		28.60		561,904		(68,445	)		493,459		-5.0	%		7.8	%		8.2	%		32,040
Fossil, Inc.			FOSL		22.37		684,759		(71,570	)		616,335		8.2	%		10.9	%		13.6	%		90,171
Quicksilver, Inc.			ZQK		26.15		607,608		108,282			715,890		19.3	%		3.5	%	NA				68,603
Movado Group, Inc.			MOV		20.70		274,120		49,593			323,713		-6.6	%		4.8	%	NA				35,246
Mean						$	1,070,381	$	15,431		$	1,086,261		5.6	%		5.4	%		9.7	%	$	125,774
Median							684,759		(66,246	)		715,890		8.2	%		4.8	%		9.3	%		90,171
High							2,514,099		225,800			2,739,899		26.8	%		10.9	%		13.6	%		314,675
Low							274,120		(71,570	)		323,713		-12.1	%		2.0	%		6.5	%		32,040
	Tier Three
Tropical Sportswear Int’l Corporation			TSIC	$	23.82	$	186,076	$	145,597		$	331,673		-7.7	%	NA			NA			$	38,129
Vans, Inc.			VANS		9.37		172,424		(40,470	)		135,079		23.0	%		-0.5	%	NA				31,000
A.T. Cross Company			ATX		7.45		121,013		(23,508	)		97,505		-5.4	%	NA			NA				15,324
Perry Ellis International, Inc.			PERY		15.20		96,070		149,763			246,488		-2.7	%	NA			NA				32,875
Cutter & Buck, Inc.			CBUK		6.64		70,316		6,010			76,326		12.2	%		0.0	%	NA				479
Deckers Outdoor Corporation			DECK		5.00		46,303		(12,624	)		33,679		-19.6	%		18.0	%		13.2	%		7,585
Mean						$	115,367	$	37,461		$	153,458		0.0	%		5.8	%		13.2	%	$	20,899
Median							108,542		(3,307	)		116,292		-4.0	%		0.0	%		13.2	%		23,162
High							186,076		149,763			331,673		23.0	%		18.0	%		13.2	%		38,129
Low							46,303		(40,470	)		33,679		-19.6	%		-0.5	%		13.2	%		479
Ranger				$	6.23	$	51,554	$	7,574		$	65,784		-13.0	%		4.8	%		14.2	%	$	2,660

[Additional columns below]

[Continued from above table, first column(s) repeated]

												Growth Rate
			EPS
											LTM/			CY 2002E/
			LTM			CY 2002E(2)			CY 2003E(2)		CY 2002E			CY 2003E
		Tier One
Tiffany & Co.			$	1.17		$	1.32		$	1.54		13.0	%		16.7	%
Coach, Inc.				1.78			2.15		NA			20.9	%	NA
Oakley, Inc.				0.67			0.83			1.00		23.6	%		20.5	%
Mean			$	1.21		$	1.43		$	1.27		19.2	%		18.6	%
Median				1.17			1.32			1.27		20.9	%		18.6	%
High				1.78			2.15			1.54		23.6	%		20.5	%
Low				0.67			0.83			1.00		13.0	%		16.7	%
		Tier Two
Energizer Holdings, Inc. (3)				1.00			1.66		NA			65.4	%	NA
The Timberland Company				2.57			2.41			2.77		-6.4	%		14.9	%
Columbia Sportswear Company				2.24			2.24			2.49		0.1	%		11.2	%
Kenneth Cole Productions, Inc.				0.86			1.13			1.39		31.4	%		23.0	%
Fossil, Inc.				1.45			1.79			2.11		23.5	%		17.9	%
Quicksilver, Inc.				1.11			1.38		NA			24.0	%	NA
Movado Group, Inc.				1.65			1.65			1.85		0.1	%		12.1	%
Mean			$	1.55		$	1.75		$	2.12		19.7	%		15.8	%
Median				1.45			1.66			2.11		23.5	%		14.9	%
High				2.57			2.41			2.77		65.4	%		23.0	%
Low				0.86			1.13			1.39		-6.4	%		11.2	%
	Tier Three
Tropical Sportswear Int’l Corporation			$	1.20		NA			NA		NA			NA
Vans, Inc.				0.91			0.35		NA		NM			NA
A.T. Cross Company				0.02			1.00		NA		NM			NA
Perry Ellis International, Inc.				1.27			1.89			2.10		48.6	%		11.1	%
Cutter & Buck, Inc.				(0.40	)		(0.05	)	NA		NM			NA
Deckers Outdoor Corporation				(0.66	)		0.60		NA		NM			NA
Mean			$	0.39		$	0.76		$	2.10		48.6	%		11.1	%
Median				0.46			0.60			2.10		48.6	%		11.1	%
High				1.27			1.89			2.10		48.6	%		11.1	%
Low				(0.66	)		(0.05	)		2.10		48.6	%		11.1	%
Ranger			$	(0.39	)	$	0.17		$	0.44	NM				158.8	%

Notes:

(1)	All financials are net of non-recurring items and are taxed at the Company’s effective tax rate.
(2)	Source: First Call
(3)	Company’s financials are net of non-recurring items taxed at its 35% statutory income tax rate.

Page 20

Comparable Transaction Analysis

Project Alps
Summary Comparable Transaction Analysis

Acquirors with Preexisting Ownership Greater Than 50%
January 1, 2000 to Present

							Equity Value/
	Enterprise Value / Target LTM						LTM				Announced
	Net Sales		EBIT		EBITDA		Net Income		Book		Premium			% Owned			% Acquired
Mean		2.1x		17.2x		15.3x		30.5x		2.5x		35.1	%		72.8	%		85.9	%
Median		1.1x		13.1x		9.3x		16.5x		1.8x		24.7	%		73.2	%		100.0	%
High		14.4x		102.6x		145.1x		260.2x		14.7x		220.0	%		96.2	%		100.0	%
Low		0.1x		2.1x		1.3x		2.8x		-0.5x		-15.8	%		50.6	%		3.8	%

Selected Brand and Apparel Retailers
January 1, 1997 to Present

Equity Value/

Enterprise Value / Target LTM

LTM

Announced

Net Sales

EBIT

EBITDA

Net Income

Book

Premium

% Owned

% Acquired

Mean

0.9x

30.1x

9.3x

17.2x

6.0x

39.1

%

55.3

%

83.4

%

Median

0.6x

14.4x

7.3x

18.6x

1.8x

38.8

%

56.5

%

100.0

%

High

2.9x

184.3x

25.8x

31.1x

29.8x

114.9

%

92.3

%

100.0

%

Low

0.3x

6.3x

4.3x

1.3x

0.6x

7.1

%

16.0

%

7.7

%

Ranger Multiples at an Implied Stock Price of $9.00

0.7x

NM

31.5x

NM

1.0x

44.4

%

Page 22

Project Alps
Comparable Transaction Analysis
Acquirors with Preexisiting Ownership Greater Than 50%
January 1, 2000 to Present

							Enterprise Value / Target LTM
Date	Date				Transaction
Announced	Effective	Target	Business Description	Acquiror	Value		Net Sales	EBIT	EBITDA
2/19/02	4/11/02	Travelocity.com Inc. (Sabre Hlg)	Pvd online travel agency svcs	Sabre Holdings Corp.	$	447.2	4.8x	NM	33.7x
2/4/02	3/21/02	Intimate Brands Inc. (Limited)	Own,op women’s accessory store	Limited Inc.		1,644.7	1.9x	17.9x	14.2x
10/12/01	3/15/02	Liberty Digital (Liberty Media)	Pvd interactive TV services	Liberty Media Corp.		69.1	7.2x	8.2x	5.8x
11/16/01	3/4/02	Ugly Duckling Corp.	Own,op used car dealerships	Ernest C Garcia II		17.0	1.0x	NM	NM
8/21/01	2/26/02	Spectra Physics, Inc.	Mnfr. semiconductors	Thermo Electron Corp.		70.9	1.6x	NM	57.9x
10/1/01	2/13/02	NCH Corp.	Mnfr,whl maintenance products	Investor Group		121.5	0.4x	8.5x	6.1x
9/18/01	1/14/02	Organic, Inc.	Dvlp Internet mktng software	Seneca Investments LLC		5.8	0.2x	NM	NM
11/7/01	1/7/02	Aquila, Inc. (UtiliCorp. United)	Pvd wholesale energy assets	UtiliCorp. United Inc.		414.2	0.1x	11.4x	8.6x
11/9/01	12/27/01	Thermo Fibergen Inc.	Mnfr paper inds machinery	Kadant Inc.		2.7	14.4x	NM	NM
10/16/01	12/20/01	Fortnum & Mason Plc	Luxury department store operator	Wittington Investments Ltd.		8.2	0.6x	13.6x	7.3x
6/6/01	12/13/01	Liberty Financial Cos Inc.	Pvd fund mgmt,fin advisory svcs	Liberty Mutual Insurance Co.		536.0	0.4x	2.5x	1.3x
1/16/01	12/1/01	Leslie Fay Co Inc.	Manufacture women’s apparel	Investor Group		10.5	0.1x	10.5x	9.2x
5/14/01	10/31/01	Agency.com Ltd.	Pvd business svcs	Seneca Investments LLC		53.8	0.4x	NM	NM
5/23/01	9/28/01	Unigraphics Solutions Inc.	Dvlp CAD,CAE,CAM,PDM software	Electronic Data Systems Corp.		208.5	2.5x	20.5x	14.0x
5/30/01	9/6/01	Bacou USA Inc.	Manufacture ophthalmic goods	Bacou SA		160.3	1.9x	10.5x	7.9x
12/14/00	8/31/01	NPC International Inc.	Own,op fast food restaurants	O Gene Bicknell		93.6	1.0x	10.6x	6.5x
10/25/00	8/1/01	Uno Restaurant Corp.	Retail — Restaurant	Management Group		35.5	0.6x	7.4x	4.2x
8/14/00	7/13/01	BHC Communications Inc.	Own and operate TV stations	News Corp. Ltd		887.7	4.8x	20.9x	10.0x
4/18/01	5/18/01	ICBT Groupe	Designs, manufactures, and markets industrial equipment	Terrat Industrie Commerce Investors		1.8	0.3x	NM	NM

[Additional columns below]

[Continued from above table, first column(s) repeated]

Equity Value/

Date

Date

LTM Net

Announced

Announced

Effective

Target

Business Description

Acquiror

Income

Book

Premium

% Owned

% Acquired

2/19/02

4/11/02

Travelocity.com Inc. (Sabre Hlg)

Pvd online travel agency svcs

Sabre Holdings Corp.

NM

5.6x

45.8%

65.5%

100.0

%

2/4/02

3/21/02

Intimate Brands Inc. (Limited)

Own,op women’s accessory store

Limited Inc.

31.1x

14.7x

10.2%

81.8%

100.0

%

10/12/01

3/15/02

Liberty Digital (Liberty Media)

Pvd interactive TV services

Liberty Media Corp.

NM

1.9x

10.1%

89.6%

100.0

%

11/16/01

3/4/02

Ugly Duckling Corp.

Own,op used car dealerships

Ernest C Garcia II

NM

0.3x

41.8%

60.5%

100.0

%

8/21/01

2/26/02

Spectra Physics, Inc.

Mnfr. semiconductors

Thermo Electron Corp.

NM

2.6x

27.8%

73.4%

100.0

%

10/1/01

2/13/02

NCH Corp.

Mnfr,whl maintenance products

Investor Group

12.7x

1.2x

34.0%

54.3%

100.0

%

9/18/01

1/14/02

Organic, Inc.

Dvlp Internet mktng software

Seneca Investments LLC

NM

3.9x

13.8%

80.0%

100.0

%

11/7/01

1/7/02

Aquila, Inc. (UtiliCorp. United)

Pvd wholesale energy assets

UtiliCorp. United Inc.

20.8x

3.9x

15.0%

80.0%

100.0

%

11/9/01

12/27/01

Thermo Fibergen Inc.

Mnfr paper inds machinery

Kadant Inc.

NM

0.4x

7.6%

95.3%

100.0

%

10/16/01

12/20/01

Fortnum & Mason Plc

Luxury department store operator

Wittington Investments Ltd.

19.2x

NA

84.1%

89.9%

10.1

%

6/6/01

12/13/01

Liberty Financial Cos Inc.

Pvd fund mgmt,fin advisory svcs

Liberty Mutual Insurance Co.

16.7x

1.2x

24.8%

65.6%

100.0

%

1/16/01

12/1/01

Leslie Fay Co Inc.

Manufacture women’s apparel

Investor Group

4.0x

0.5x

73.9%

56.4%

100.0

%

5/14/01

10/31/01

Agency.com Ltd.

Pvd business svcs

Seneca Investments LLC

NM

0.7x

63.4%

59.6%

100.0

%

5/23/01

9/28/01

Unigraphics Solutions Inc.

Dvlp CAD,CAE,CAM,PDM software

Electronic Data Systems Corp.

173.5x

8.0x

52.9%

78.5%

100.0

%

5/30/01

9/6/01

Bacou USA Inc.

Manufacture ophthalmic goods

Bacou SA

16.8x

2.3x

21.8%

67.4%

100.0

%

12/14/00

8/31/01

NPC International Inc.

Own,op fast food restaurants

O Gene Bicknell

14.2x

1.8x

11.3%

60.5%

100.0

%

10/25/00

8/1/01

Uno Restaurant Corp.

Retail — Restaurant

Management Group

18.5x

1.3x

30.3%

62.0%

38.0

%

8/14/00

7/13/01

BHC Communications Inc.

Own and operate TV stations

News Corp. Ltd

53.5x

2.2x

16.4%

76.1%

100.0

%

4/18/01

5/18/01

ICBT Groupe

Designs, manufactures, and markets industrial equipment

Terrat Industrie Commerce Investors

NM

NA

3.3%

96.2%

3.8

%

Page 23

Project Alps
Comparable Transaction Analysis
Acquirors with Preexisiting Ownership Greater Than 50%
January 1, 2000 to Present

							Enterprise Value / Target LTM
Date	Date		Business		Transaction		Net
Announced	Effective	Target	Description	Acquiror	Value		Sales	EBIT	EBITDA
12/20/00	4/12/01	Vitaminshoppe.com Inc.	Operate online health source	Vitamin Shoppe Industries Inc.	$	7.3	0.4x	NM	NM
10/27/00	3/16/01	Azurix Corp. (Enron Corp.)	Pvd water services	Enron Corp.		330.1	3.7x	19.2x	10.4x
9/21/00	3/9/01	Hertz Corp. (Ford Motor Co.)	Pvd auto,truck rental services	Ford Motor Co.		734.0	2.0x	18.2x	14.0x
7/3/00	2/21/01	Brocacef Holding NV	Manufactures and markets pharmaceuticals and health care products	Phoenix Pharmahandel AG & Co.		47.7	0.2x	7.6x	5.1x
8/15/00	2/21/01	Infinity Broadcasting Corp.	Own,op radio broadcasting stns	Viacom, Inc.		13,649.0	11.3x	40.7x	25.1x
11/8/00	1/17/01	Holt’s Cigar Holdings, Inc.	Distributor of premium cigars	HCH Acquisition Corp.		9.5	0.3x	2.1x	1.9x
9/1/00	12/18/00	Minolta-QMS Inc. (Minolta Co)	Manufacture print systems	Minolta Investments Co		34.6	0.7x	NM	NM
7/20/00	11/17/00	JLK Direct Distribution Inc.	Wholesale indl machinery	Kennametal Inc.		36.5	0.4x	7.3x	5.5x
9/8/00	10/11/00	Dawsongroup Plc	Transport services company	Dawsoninvest Ltd.		22.3	2.9x	10.9x	4.6x
8/28/00	10/5/00	800-Jr Cigar, Inc.	Retailer of premium cigars	L&LR, Inc.		33.3	0.3x	22.0x	4.7x
11/16/99	9/22/00	Thermo TerraTech Inc. (Thermo)	Mnfr metal processing systems	Thermo Electron Corp.		80.7	1.1x	NM	NM
3/17/00	9/15/00	Vastar Resources Inc.	Oil and gas exploration,prodn	BP Amoco PLC		1,575.7	7.2x	28.6x	12.2x
7/9/00	9/14/00	Life Technologies, Inc. (Dexter)	Biological, medical products	Invitrogen Corp.		401.7	3.6x	26.2x	20.5x
7/27/00	9/13/00	Brookdale Living Communities	Pvd residential care services	Investor Group		149.3	3.6x	23.0x	16.9x
12/21/99	9/7/00	CyBear Inc. (Andryx Corp.)	Internet Service Provider{ISP}	Andrx Corp.		NA	NA	NM	NM
12/15/99	8/15/00	ThermoLase Corp. (ThermoTrex)	Mnfr personal care products	Thermo Electron Corp.		36.4	6.0x	NM	NM
12/17/99	8/15/00	ThermoTrex Corp.	Pvd electromedical services	Thermo Electron Corp.		36.9	1.0x	NM	NM
6/23/00	8/1/00	Lumination Plc	Imports, distributes, and manufactures a variety of light fitting products	Steeple Plc		17.3	0.8x	15.4x	9.3x

[Additional columns below]

[Continued from above table, first column(s) repeated]

Equity Value/LTM

Date

Date

Business

Net

Announced

Announced

Effective

Target

Description

Acquiror

Income

Book

Premium

% Owned

% Acquired

12/20/00

4/12/01

Vitaminshoppe.com Inc.

Operate online health source

Vitamin Shoppe Industries Inc.

NM

1.7x

220.0%

64.0%

100.0

%

10/27/00

3/16/01

Azurix Corp. (Enron Corp.)

Pvd water services

Enron Corp.

NM

0.5x

135.1%

64.9%

100.0

%

9/21/00

3/9/01

Hertz Corp. (Ford Motor Co.)

Pvd auto,truck rental services

Ford Motor Co.

10.7x

1.9x

46.4%

81.0%

100.0

%

7/3/00

2/21/01

Brocacef Holding NV

Manufactures and markets pharmaceuticals and health care products

Phoenix Pharmahandel AG & Co.

8.8x

NA

28.6%

50.6%

49.4

%

8/15/00

2/21/01

Infinity Broadcasting Corp.

Own,op radio broadcasting stns

Viacom, Inc.

91.5x

2.3x

-6.7%

62.4%

100.0

%

11/8/00

1/17/01

Holt’s Cigar Holdings, Inc.

Distributor of premium cigars

HCH Acquisition Corp.

6.3x

1.1x

56.8%

74.0%

26.0

%

9/1/00

12/18/00

Minolta-QMS Inc. (Minolta Co)

Manufacture print systems

Minolta Investments Co

NM

6.1x

100.0%

55.8%

100.0

%

7/20/00

11/17/00

JLK Direct Distribution Inc.

Wholesale indl machinery

Kennametal Inc.

12.4x

0.9x

48.9%

83.0%

100.0

%

9/8/00

10/11/00

Dawsongroup Plc

Transport services company

Dawsoninvest Ltd.

8.3x

NA

21.1%

72.5%

27.5

%

8/28/00

10/5/00

800-Jr Cigar, Inc.

Retailer of premium cigars

L&LR, Inc.

9.7x

NA

26.2%

78.4%

21.6

%

11/16/99

9/22/00

Thermo TerraTech Inc. (Thermo)

Mnfr metal processing systems

Thermo Electron Corp.

NM

4.5x

-15.8%

53.7%

100.0

%

3/17/00

9/15/00

Vastar Resources Inc.

Oil and gas exploration,prodn

BP Amoco PLC

30.3x

9.2x

16.2%

80.1%

100.0

%

7/9/00

9/14/00

Life Technologies, Inc. (Dexter)

Biological, medical products

Invitrogen Corp.

38.8x

4.8x

22.5%

72.1%

100.0

%

7/27/00

9/13/00

Brookdale Living Communities

Pvd residential care services

Investor Group

15.5x

1.8x

1.7%

79.5%

100.0

%

12/21/99

9/7/00

CyBear Inc. (Andryx Corp.)

Internet Service Provider{ISP}

Andrx Corp.

NM

3.1x

NA

73.0%

100.0

%

12/15/99

8/15/00

ThermoLase Corp. (ThermoTrex)

Mnfr personal care products

Thermo Electron Corp.

NM

NM

15.0%

68.9%

100.0

%

12/17/99

8/15/00

ThermoTrex Corp.

Pvd electromedical services

Thermo Electron Corp.

NM

2.9x

-5.7%

80.0%

100.0

%

6/23/00

8/1/00

Lumination Plc

Imports, distributes, and manufactures a variety of light fitting products

Steeple Plc

10.6x

NA

11.4%

57.3%

42.7

%

Page 24

Project Alps
Comparable Transaction Analysis
Acquirors with Preexisiting Ownership Greater Than 50%
January 1, 2000 to Present

							Enterprise Value / Target LTM
Date	Date		Business		Transaction		Net
Announced	Effective	Target	Description	Acquiror	Value		Sales	EBIT	EBITDA
4/24/00	7/18/00	Cherry Corp.	Produces switches, sensors, controls, and keyboards	Management Group	$	130.7	0.9x	32.2x	9.0x
11/22/99	7/18/00	ERC Industries Inc. (John Wood)	Manufacture oil field equip	John Wood Group PLC		5.1	0.9x	NM	NM
5/19/00	7/10/00	Virax	Designs, manufactures, and markets pipe handling tools	Coficom		2.8	0.4x	4.9x	NA
1/31/00	6/30/00	Thermedics (Thermo Electron)	Mnfr biomedical systems	Thermo Electron Corp.		169.2	2.0x	NM	145.1x
2/2/00	6/30/00	Thermo Instrument Systems, Inc.	Mnfr monitoring devices	Thermo Electron Corp.		831.7	1.9x	17.9x	13.2x
9/8/99	6/29/00	Sunrise International Leasing	Provides leasing options	The King Management Corp.		17.5	1.7x	NA	NA
6/28/00	6/28/00	New Paraho Corp.	Oil,gas exploration,prodn	Shale Technologies LLC		0.9	NA	NM	NM
3/14/00	6/20/00	Howmet International, Inc.	Mnfr investment engine parts	Alcoa Inc.		349.3	1.5x	10.6x	7.9x
12/8/99	6/19/00	Robertson-Ceco Corp.	Mnfr metal building products	Heico Companies LLC		57.0	0.6x	5.1x	4.4x
3/15/00	6/15/00	Goodhead Group Plc	Printing and marketing services	Management Group		19.1	0.6x	9.8x	4.6x
7/21/99	6/14/00	National Transaction Network	Electronic payment sys svcs	IVI Checkmate Corp.		0.2	1.2x	NM	NM
3/23/00	6/8/00	Homestead Village, Inc.	Own and op lodging properties	Security Capital Group, Inc.		156.8	4.3x	16.2x	9.6x
10/20/99	6/6/00	Thermoretec Corp.	Mnfr processed metals	Thermo Electron Corp.		56.9	1.1x	NM	34.2x
10/20/99	5/16/00	Randers Killam Gr	Construct nonresidential bldgs	Thermo Electron Corp.		6.7	1.5x	NM	NM
1/31/00	5/12/00	Thermo Optek Corp.	Mnfr spectroscopy instruments	Thermo Instrument Systems Inc.		51.8	1.8x	12.2x	9.9x
1/31/00	5/3/00	Metrika Systems Corp.	Mnfr measurement technologies	Thermo Instrument Systems, Inc.		14.2	1.1x	12.7x	9.0x

[Additional columns below]

[Continued from above table, first column(s) repeated]

Equity Value/

Date

Date

Business

LTM Net

Announced

Announced

Effective

Target

Description

Acquiror

Income

Book

Premium

% Owned

% Acquired

4/24/00

7/18/00

Cherry Corp.

Produces switches, sensors, controls, and keyboards

Management Group

19.3x

1.0x

83.3%

52.0%

48.0

%

11/22/99

7/18/00

ERC Industries Inc. (John Wood)

Manufacture oil field equip

John Wood Group PLC

NM

1.6x

NA

89.0%

100.0

%

5/19/00

7/10/00

Virax

Designs, manufactures, and markets pipe handling tools

Coficom

7.0x

NA

94.5%

88.4%

11.6

%

1/31/00

6/30/00

Thermedics (Thermo Electron)

Mnfr biomedical systems

Thermo Electron Corp.

NM

3.1x

76.3%

65.5%

100.0

%

2/2/00

6/30/00

Thermo Instrument Systems, Inc.

Mnfr monitoring devices

Thermo Electron Corp.

30.0x

3.4x

27.0%

69.8%

100.0

%

9/8/99

6/29/00

Sunrise International Leasing

Provides leasing options

The King Management Corp.

8.8x

NA

24.5%

57.0%

43.0

%

6/28/00

6/28/00

New Paraho Corp.

Oil,gas exploration,prodn

Shale Technologies LLC

NM

0.0x

NA

82.3%

100.0

%

3/14/00

6/20/00

Howmet International, Inc.

Mnfr investment engine parts

Alcoa Inc.

16.1x

4.0x

13.5%

81.1%

100.0

%

12/8/99

6/19/00

Robertson-Ceco Corp.

Mnfr metal building products

Heico Companies LLC

8.1x

1.8x

46.0%

69.2%

100.0

%

3/15/00

6/15/00

Goodhead Group Plc

Printing and marketing services

Management Group

2.8x

NA

7.8%

66.6%

34.4

%

7/21/99

6/14/00

National Transaction Network

Electronic payment sys svcs

IVI Checkmate Corp.

NM

-0.5x

NA

78.6%

100.0

%

3/23/00

6/8/00

Homestead Village, Inc.

Own and op lodging properties

Security Capital Group, Inc.

NM

0.8x

49.1%

72.3%

100.0

%

10/20/99

6/6/00

Thermoretec Corp.

Mnfr processed metals

Thermo Electron Corp.

NM

1.5x

27.3%

55.4%

100.0

%

10/20/99

5/16/00

Randers Killam Gr

Construct nonresidential bldgs

Thermo Electron Corp.

NM

1.6x

12.5%

91.2%

100.0

%

1/31/00

5/12/00

Thermo Optek Corp.

Mnfr spectroscopy instruments

Thermo Instrument Systems Inc.

20.5x

2.2x

6.7%

90.0%

100.0

%

1/31/00

5/3/00

Metrika Systems Corp.

Mnfr measurement technologies

Thermo Instrument Systems, Inc.

16.3x

2.0x

-6.5%

78.3%

100.0

%

Page 25

Project Alps
Comparable Transaction Analysis
Acquirors with Preexisiting Ownership Greater Than 50%
January 1, 2000 to Present

							Enterprise Value / Target LTM
Date	Date		Business		Transaction		Net
Announced	Effective	Target	Description	Acquiror	Value		Sales	EBIT	EBITDA
1/31/00	4/20/00	Thermo BioAnalysis (Thermo)	Mnfr,whl lab instruments	Thermo Instrument Systems, Inc.	$	167.9	2.4x	23.3x	15.7x
12/1/99	4/19/00	Boise Cascade Office Products	Whl stationary,office supplies	Boise Cascade Corp.		205.3	0.4x	9.6x	7.1x
1/19/00	4/19/00	Conning Corp.	Pvd asset mgmt,research svcs	Metropolitan Life Insurance Co		74.3	1.0x	4.1x	3.6x
1/31/00	4/13/00	ONIX Systems, Inc.	Mnfr process control device	Thermo Instrument Systems Inc.		23.1	0.9x	23.2x	13.0x
1/31/00	4/12/00	Thermedics Detection Inc.	Mnfr process control systems	Thermedics(Thermo Electron)		17.0	1.9x	24.9x	15.9x
1/31/00	4/4/00	Thermo Sentron Inc.(Thermedics)	Mnfr packaging machinery	Thermedics(Thermo Electron)		30.7	1.4x	14.6x	10.9x
7/13/99	1/7/00	Thermo Vision(Thermo Inst)	Mnfr medical monitoring equip	Thermo Instrument Systems Inc.		11.9	1.5x	102.6x	26.8x

[Additional columns below]

[Continued from above table, first column(s) repeated]

Equity Value/

Date

Date

Business

LTM Net

Announced

Announced

Effective

Target

Description

Acquiror

Income

Book

Premium

% Owned

% Acquired

1/31/00

4/20/00

Thermo BioAnalysis (Thermo)

Mnfr,whl lab instruments

Thermo Instrument Systems, Inc.

35.2x

1.0x

51.4%

70.1%

100.0

%

12/1/99

4/19/00

Boise Cascade Office Products

Whl stationary,office supplies

Boise Cascade Corp.

14.5x

1.7x

43.5%

80.5%

100.0

%

1/19/00

4/19/00

Conning Corp.

Pvd asset mgmt,research svcs

Metropolitan Life Insurance Co

13.4x

1.8x

15.6%

56.6%

100.0

%

1/31/00

4/13/00

ONIX Systems, Inc.

Mnfr process control device

Thermo Instrument Systems Inc.

29.4x

0.9x

2.9%

81.2%

100.0

%

1/31/00

4/12/00

Thermedics Detection Inc.

Mnfr process control systems

Thermedics(Thermo Electron)

30.6x

1.3x

0.8%

88.2%

100.0

%

1/31/00

4/4/00

Thermo Sentron Inc.(Thermedics)

Mnfr packaging machinery

Thermedics(Thermo Electron)

24.6x

1.6x

7.4%

80.5%

100.0

%

7/13/99

1/7/00

Thermo Vision(Thermo Inst)

Mnfr medical monitoring equip

Thermo Instrument Systems Inc.

260.2x

1.8x

75.0%

77.5%

100.0

%

Equity Value /

Enterprise Value / Target LTM

LTM

Announced

Net Sales

EBIT

EBITDA

Net Income

Book

Premium

% Owned

% Acquired

Mean

2.1x

17.2x

15.3x

30.5x

2.5x

35.1

%

72.8

%

85.9

%

Median

1.1x

13.1x

9.3x

16.5x

1.8x

24.7

%

73.2

%

100.0

%

High

14.4x

102.6x

145.1x

260.2x

14.7x

220.0

%

96.2

%

100.0

%

Low

0.1x

2.1x

1.3x

2.8x

-0.5x

-15.8

%

50.6

%

3.8

%

Ranger Multiples at an Implied Stock Price of $9.00

0.7x

NM

31.5x

NM

1.0x

44.4

%

Page 26

Project Alps
Comparable Transaction Analysis
Selected Brand and Apparel Retailers
January 1, 1997 to Present

							Enterprise Value / Target LTM
Date	Date		Business		Transaction		Net
Announced	Effective	Target	Description	Acquiror	Value		Sales	EBIT	EBITDA
1/18/02	Pending	Bendon Group Ltd.	Manufacturers and distributes intimate apparel, women’s lingerie, and men’s underwear	Pacific Retail Group Ltd.	$	25.6	0.39x	6.30x	4.35x
2/4/02	3/22/02	Intimate Brands, Inc.	Markets women’s lingiere and body lotions	Limited, Inc.		1,549.5	1.93x	17.89x	14.20x
12/18/00	11/28/01	Donna Karan International, Inc.	Designer of women’s and men’s clothing, shoes and accessories	LVMH Moet Hennessy Louis Vuitton SA		233.1	0.35x	11.31x	6.30x
4/25/01	11/15/01	Specialty Catalog Corp.	Direct marketer targeting niche consumer product categories through a variety of catalogs	Specialty Acquisition Corp.		21.8	0.55x	NM	NM
5/15/01	8/17/01	Time Products Plc	Distributes and retails branded watches, watchstraps and associated products	Almar Plc		74.6	1.00x	7.51x	6.62x
4/6/01	8/17/01	Rebel Sport Ltd.	Marketer of retail sporting goods	Harvey Norman Holdings Ltd.		58.2	0.48x	15.40x	7.15x
4/25/01	6/22/01	OroAmerica, Inc.	Manufacturer and distributor of fine karat gold jewelry to retail jewelers, jewelry chain stores, discount stores, department stores and television shopping networks	Aurafin LLC		49.2	0.31x	6.55x	4.29x
9/25/00	6/11/01	Bucherer AG	Retailer of jewelry	Private Investors		28.9	0.58x	6.80x	NM
2/22/01	6/8/01	Oshman’s Sporting Goods	Sporting good retailer	Gart Sports Co.		114.2	0.36x	11.85x	7.33x
2/22/01	4/5/01	Sunglass HUT International, Inc.	Marketer and distributer of eyewear	Shade Acquisition Corp.		669.2	1.0x	13.3x	8.3x

[Additional columns below]

[Continued from above table, first column(s) repeated]

Equity Value /

Date

Date

Business

LTM Net

Announced

Announced

Effective

Target

Description

Acquiror

Income

Book

Premium

% Owned

% Acquired

1/18/02

Pending

Bendon Group Ltd.

Manufacturers and distributes intimate apparel, women’s lingerie, and men’s underwear

Pacific Retail Group Ltd.

1.31x

0.58x

7.1%

16.0%

84.0

%

2/4/02

3/22/02

Intimate Brands, Inc.

Markets women’s lingiere and body lotions

Limited, Inc.

31.08x

14.70x

10.2%

84.0%

16.0

%

12/18/00

11/28/01

Donna Karan International, Inc.

Designer of women’s and men’s clothing, shoes and accessories

LVMH Moet Hennessy Louis Vuitton SA

17.77x

1.50x

114.9%

—

100.0

%

4/25/01

11/15/01

Specialty Catalog Corp.

Direct marketer targeting niche consumer product categories through a variety of catalogs

Specialty Acquisition Corp.

19.91x

1.80x

53.3%

29.0%

71.0

%

5/15/01

8/17/01

Time Products Plc

Distributes and retails branded watches, watchstraps and associated products

Almar Plc

10.12x

0.68x

11.1%

—

100.0

%

4/6/01

8/17/01

Rebel Sport Ltd.

Marketer of retail sporting goods

Harvey Norman Holdings Ltd.

NM

3.96x

21.4%

—

55.3

%

4/25/01

6/22/01

OroAmerica, Inc.

Manufacturer and distributor of fine karat gold jewelry to retail jewelers, jewelry chain stores, discount stores, department stores and television shopping networks

Aurafin LLC

15.78x

0.68x

51.0%

—

100.0

%

9/25/00

6/11/01

Bucherer AG

Retailer of jewlery

Private Investors

8.05x

0.61x

28.0%

92.3%

7.7

%

2/22/01

6/8/01

Oshman’s Sporting Goods

Sporting good retailer

Gart Sports Co.

7.54x

0.60x

43.2%

—

100.0

%

2/22/01

4/5/01

Sunglass HUT International, Inc.

Marketer and distributer of eyewear

Shade Acquisition Corp.

29.6x

11.5x

42.6%

—

100.0

%

Page 27

Project Alps
Comparable Transaction Analysis
Selected Brand and Apparel Retailers
January 1, 1997 to Present

							Enterprise Value / Target LTM
Date	Date		Business		Transaction		Net
Announced	Effective	Target	Description	Acquiror	Value		Sales	EBIT	EBITDA
8/11/00	10/2/00	Piercing Pagoda	Specialty retailer of gold jewelry	Zale Corporation	$	268.4	1.0x	184.3x	7.7x
6/30/00	8/29/00	Shani Group Plc	Clothing manufacturing	Goodvibes Ltd.		10.4	0.3x	15.9x	9.4x
12/28/99	5/11/00	Jostens, Inc.	Leading marketer of commemorative school products and services.	Investcorp Bank		917.1	1.3x	NA	7.8x
3/28/98	1/7/00	The Coleman Company, Inc.	Manufactures and distributes a wide range of outdoor products for camping and leisure-time activities	Sunbeam Corporation		1,919.2	1.7x	52.8x	25.8x
10/11/99	12/17/99	Authentic Fitness Corp.	Marketer, distributor and retailer of bathing suits, swimming accessories and other activewear	Warnaco Group, Inc.		536.3	1.3x	NM	7.2x
9/13/99	11/5/99	TAG Heuer International SA	Designer, producer and marketer of prestigious Seiss sports watches and chronographs	LVMH Moet Hennessy Louis Vuitton SA		1,251.7	2.9x	17.4x	16.1x
5/4/98	6/10/98	Farah, Inc.	Manufacturers and markets apparel primarily for men and boys, as well as for women	Tropical Sportswear International Corp.		92.9	0.4x	53.5x	7.0x

[Additional columns below]

[Continued from above table, first column(s) repeated]

Equity Value /

Date

Date

Business

LTM Net

Announced

Announced

Effective

Target

Description

Acquiror

Income

Book

Premium

% Owned

% Acquired

8/11/00

10/2/00

Piercing Pagoda

Specialty retailer of gold jewelry

Zale Corporation

19.4x

2.3x

46.0%

—

100.0

%

6/30/00

8/29/00

Shani Group Plc

Clothing manufacturing

Goodvibes Ltd.

11.5x

0.6x

41.2%

—

100.0

%

12/28/99

5/11/00

Jostens, Inc.

Leading marketer of commemorative school products and services.

Investcorp Bank

23.8x

19.7x

38.4%

—

94.0

%

3/28/98

1/7/00

The Coleman Company, Inc.

Manufactures and distributes a wide range of outdoor products for camping and leisure-time activities

Sunbeam Corporation

NM

8.0x

67.4%

—

100.0

%

10/11/99

12/17/99

Authentic Fitness Corp.

Marketer, distributor and retailer of bathing suits, swimming accessories and other activewear

Warnaco Group, Inc.

20.0x

3.2x

19.7%

—

100.0

%

9/13/99

11/5/99

TAG Heuer International SA

Designer, producer and marketer of prestigious Seiss sports watches and chronographs

LVMH Moet Hennessy Louis Vuitton SA

24.5x

29.8x

29.9%

—

94.9

%

5/4/98

6/10/98

Farah, Inc.

Manufacturers and markets apparel primarily for men and boys, as well as for women

Tropical Sportswear International Corp.

NM

1.2x

38.8%

—

95.0

%

Equity Value /

Transaction

Enterprise Value / Target LTM

LTM

Announced

Value

Net Sales

EBIT

EBITDA

Net Income

Book

Premium

% Owned

% Acquired

Mean

0.9x

30.1x

9.3x

17.2x

6.0x

39.1

%

55.3

%

83.4

%

Median

0.6x

14.4x

7.3x

18.6x

1.8x

38.8

%

56.5

%

100.0

%

High

2.9x

184.3x

25.8x

31.1x

29.8x

114.9

%

92.3

%

100.0

%

Low

0.3x

6.3x

4.3x

1.3x

0.6x

7.1

%

16.0

%

7.7

%

Ranger Multiples at an Implied Stock Price of $9.00

0.7x

NM

31.5x

NM

1.0x

44.4%

Page 28

Ranger Historical Stock Price Performance

Ranger Historical Stock Price Performance

Ranger Historical Stock Price Performance

Ranger Historical Stock Price Performance

Ranger Historical Stock Price Performance

Ranger Historical Stock Price Performance

Ranger Historical Stock Price Performance

Discounted Cash Flow Analysis

Project Alps
Ranger Terminal Value Schedule
($ in thousands)

Fiscal Year Ending December 31, 2004

Sales

COGS

Gross Profit

S,G&A

D&A

EBITDA

Forschner Cutlery

*

*

*

*

*

*

Victorinox Knives/Tools/Card

*

*

*

*

*

*

Watches

*

*

*

*

*

*

Other

*

*

*

*

*

*

Bear

*

*

*

*

*

*

Retail

*

*

*

*

��

*

*

Licensing

*

*

*

*

*

*

Total

189,900

(105,014

)

84,886

(53,617

)

(2,033

)

14,732

Fiscal Year Ending December 31, 2004

Sales

COGS

Gross Profit

S,G&A

D&A

EBITDA

Forschner Cutlery

*

*

*

*

*

*

Victorinox Knives/Tools/Card

*

*

*

*

*

*

Watches

*

*

*

*

*

*

Other

*

*

*

*

*

*

Bear

*

*

*

*

*

*

Retail

*

*

*

*

*

*

Licensing

*

*

*

*

*

*

Total

100.0%

100.0%

100.0%

-100.0%

-100.0%

100.00

Weighted Average Cost of Capital (WACC) and Discount Assumptions

Cost of Equity			Cost of Debt
Ke= CAPM = Rf +B(Rm-Rf)			Kd = Weighted Average Debt Yield
Rf = 10 - Year Bond =	5.03	%	Kd =		7.00	%
B=	0.84		Equity Value =	$	51,554
Rm - Rf	8.00	%
Ke=	11.75	%	Debt Value =	$	7,982
WACC = Ke * (Equity Value / Total Value) + Kd * (Debt Value / Total Value)*(1-T)
WACC =	10.78	%	Years Discounted =		2.5

Forschner Cutlery

	Discount Rate
	10.0%		12.0%		15.0%
5.0x		*		*		*
6.0x		*		*		*
7.0x		*		*		*

Victorinox Knives/Tools/Card

	Discount Rate
	10.0%		12.0%		15.0%
5.0x		*		*		*
6.0x		*		*		*
7.0x		*		*		*

Watches

	Discount Rate
	10.0%		12.0%		15.0%
5.0x		*		*		*
6.0x		*		*		*
7.0x		*		*		*

Bear

	Discount Rate
	10.0%		12.0%		15.0%
5.0x		*		*		*
6.0x		*		*		*
7.0x		*		*		*

Licensing

	Discount Rate
	10.0%		12.0%		15.0%
5.0x		*		*		*
6.0x		*		*		*
7.0x		*		*		*

Full Terminal Value

Discount Rate
10.0%		12.0%		15.0%
$	74,295	$	71,022	$	66,480
$	85,903	$	82,119	$	76,868
$	97,511	$	93,216	$	87,255

* This material has been omitted pursuant to a request for confidential treatment and has been filed separately with the Securities and Exchange Commission.

Page 37

Project Alps
Ranger Free Cash Flow Schedule
($ in thousands)

			Fiscal Year Ending December 31,
			Projected
			2002E			2003E			2004E			2005E			2006E
EBIT			$	3,405		$	8,118		$	12,699		$	18,200		$	21,972
Less: Income Taxes				(1,294	)		(3,328	)		(5,245	)		(7,553	)		(9,140	)
		Effective Tax Rate		38.0	%		41.0	%		41.3	%		41.5	%		41.6	%
After-Tax EBIT				2,111			4,790			7,454			10,647			12,832
	Plus: Depreciation & Amortization			3,035			2,477			2,033			2,007			1,947
	Less: Capital Expenditures			(2,276	)		(2,171	)		(2,048	)		(2,034	)		(2,034	)
	Less: Insurance Payments			(1,401	)		(1,376	)		(1,297	)		(1,259	)		(1,181	)
	Less: Working Capital Requirements			1,154			(3,372	)		(2,030	)		(3,458	)		(947	)
		Free Cash Flow	$	2,623		$	348		$	4,112		$	5,903		$	10,617

Page 38

Project Alps
Ranger Discounted Cash Flow Analysis
($ in thousands)

		Discount Rate
		10.0%		12.0%		15.0%
A	Present Value of Free Cash Flows	$	16,386	$	15,322	$	13,901

		Discount Rate
		10.0%		12.0%		15.0%
B	Present Value of Terminal Value	$	74,295	$	71,022	$	66,480
	Based on EBITDA Multiples	$	85,903	$	82,119	$	76,868
		$	97,511	$	93,216	$	87,255

			Discount Rate
			10.0%			12.0%			15.0%
C = A + B	Enterprise Value		$	90,680		$	87,408		$	82,866
		Based on EBITDA Multiples	$	102,289		$	98,505		$	93,254
			$	113,897		$	109,602		$	103,641
D	Less : Net Debt(1)		$	(7,574	)	$	(7,574	)	$	(7,574	)

			Discount Rate
			10.0%		12.0%		15.0%
E = C + D	Equity Value		$	83,106	$	79,834	$	75,292
		Based on EBITDA Multiples	$	94,715	$	90,931	$	85,680
			$	106,323	$	102,028	$	96,067
F	Current Shares Outstanding			8,274		8,274		8,274

			Discount Rate
			10.0%		12.0%		15.0%
G = E / F	Implied Stock Price		$	10.04	$	9.65	$	9.10
			$	11.45	$	10.99	$	10.36
			$	12.85	$	12.33	$	11.61
	Diluted Shares Outstanding(2)			8,538		8,513		8,473
		(based on implied stock price)		8,646		8,603		8,557
				8,776		8,723		8,661

	Discount Rate
	10.0%		12.0%		15.0%
Diluted Implied Stock Price	$	9.73	$	9.38	$	8.89
	$	10.95	$	10.57	$	10.01
	$	12.12	$	11.70	$	11.09

Notes:

(1)	As of March 31, 2002 Ranger has $1,187,000 in cash and $7,979,226 in debt.
(2)	Based on options vesting schedule as of March 29, 2002 and the Treasury Stock Method.

Page 39

Project Alps
Xantia Free Cash Flow Schedule
($ in thousands)

			Fiscal Year Ending December 31,
			Projected
			2002E			2003E			2004E			2005E			2006E
EBIT			$	1,843		$	2,278		$	2,694		$	3,282		$	3,614
Less: Income Taxes				(461	)		(569	)		(673	)		(820	)		(903	)
		Effective Tax Rate		25.0	%		25.0	%		25.0	%		25.0	%		25.0	%
After-Tax EBIT				1,382			1,709			2,021			2,462			2,711
	Plus: Depreciation & Amortization			300			300			300			300			300
	Less: Capital Expenditures(1)			(497	)		(464	)		(447	)		(463	)		(465	)
	Less: Working Capital Requirements(1)			252			(720	)		(443	)		(787	)		(216	)
		Free Cash Flow	$	1,438		$	825		$	1,431		$	1,512		$	2,330

Note:

(1) Calculated using a constant percentage of Ranger’s revenue in the respective fiscal year.

Page 40

Project Alps
Xantia Discounted Cash Flow Analysis
($ in thousands)

		Discount Rate
		10.0%		12.0%		15.0%
A	Present Value of Free Cash Flows	$	5,544	$	5,243	$	4,838

			Discount Rate
			10.0%		12.0%		15.0%
B	Present Value of Terminal Value	7.0x	$	16,515	$	15,787	$	14,778
	Based on EBITDA Multiples	8.0x	$	18,874	$	18,043	$	16,889
		9.0x	$	21,233	$	20,298	$	19,000

				Discount Rate
				10.0%		12.0%		15.0%
C = A + B	Enterprise Value		7.0x	$	22,058	$	21,030	$	19,616
		Based on EBITDA Multiples	8.0x	$	24,417	$	23,286	$	21,727
			9.0x	$	26,777	$	25,541	$	23,838
D	Plus : Cash(1)			$	1,000	$	1,000	$	1,000

			Discount Rate
			10.0%		12.0%		15.0%
E = C + D	Equity Value		$	23,058	$	22,030	$	20,616
		Based on EBITDA Multiples	$	25,417	$	24,286	$	22,727
			$	27,777	$	26,541	$	24,838

Note:

(1) Assumes Xantia has $1,000,000 in cash and no debt.

Page 41

Project Alps
VSA Free Cash Flow Schedule
($ in thousands)

			Fiscal Year Ending December 31,
			Projected
			2002E			2003E			2004E			2005E			2006E
EBIT			$	(552	)	$	200		$	860		$	1,476		$	2,464
Less: Income Taxes				—			—			—			—			—
		Effective Tax Rate		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
After-Tax EBIT				(552	)		200			860			1,476			2,464
	Plus: Depreciation & Amortization			221			210			194			207			226
	Less: Capital Expenditures(1)			(166	)		(184	)		(196	)		(210	)		(236	)
	Less: Working Capital Requirements(1)			84			(286	)		(194	)		(357	)		(110	)
		Free Cash Flow	$	(413)		$	(60	)	$	665		$	1,117		$	2,344

Note:

(1) Calculated using a constant percentage of Ranger’s revenue in the respective fiscal year.

Page 42

Project Alps
VSA Discounted Cash Flow Analysis
($ in thousands)

		Discount Rate
		10.0%		12.0%		15.0%
A	Present Value of Free Cash Flows	$	2,293	$	2,096	$	1,836

			Discount Rate
			10.0%		12.0%		15.0%
B	Present Value of Terminal Value	7.0x	$	5,815	$	5,559	$	5,203
	Based on EBITDA Multiples	8.0x	$	6,646	$	6,353	$	5,947
		9.0x	$	7,477	$	7,147	$	6,690

				Discount Rate
				10.0%		12.0%		15.0%
C = A + B	Enterprise Value		7.0x	$	8,108	$	7,655	$	7,040
		Based on EBITDA Multiples	8.0x	$	8,938	$	8,449	$	7,783
			9.0x	$	9,769	$	9,244	$	8,527
D	Less : Net Debt			$	—	$	—	$	—

			Discount Rate
			10.0%		12.0%		15.0%
E = C + D	Equity Value		$	8,108	$	7,655	$	7,040
		Based on EBITDA Multiples	$	8,938	$	8,449	$	7,783
			$	9,769	$	9,244	$	8,527

Page 43

Appendices

Projected Financial Schedules of Ranger

Project Alps
Historical and Projected Consolidated Income Statement⁽¹⁾
($ in thousands)

			Fiscal Year Ending December 31,												Fiscal Year Ending December 31,
			Historical												Projected
			1998A			1999A			2000A			2001A			2002E(2)			2003E(2)			2004E(2)			2005E(2)			2006E(2)
Total Revenue:
	Forschner Cutlery			*			*			*			*			*			*			*			*			*
	Victorinox Knives/Tools/Card			*			*			*			*			*			*			*			*			*
	Watches			*			*			*			*			*			*			*			*			*
	Other			*			*			*			*			*			*			*			*			*
	Licensing			*			*			*			*			*			*			*			*			*
		Total Revenue	$	127,851		$	129,452		$	131,752		$	114,629		$	123,769		$	141,400		$	157,000		$	124,600		$	184,900
Cost of Sales:
	Forschner Cutlery			*			*			*			*			*			*			*			*			*
	Victorinox Knives/Tools/Card			*			*			*			*			*			*			*			*			*
	Watches			*			*			*			*			*			*			*			*			*
	Other			*			*			*			*			*			*			*			*			*
	Licensing			*			*			*			*			*			*			*			*			*
		Cost of Sales		(77,869	)		(78,606	)		(81,046	)		(68,335	)		(70,360	)		(80,693	)		88,651			93,261			105,014
Gross Profit:
	Forschner Cutlery			*			*			*			*			*			*			*			*			*
	Victorinox Knives/Tools/Card			*			*			*			*			*			*			*			*			*
	Watches			*			*			*			*			*			*			*			*			*
	Other			*			*			*			*			*			*			*			*			*
	Licensing			*			*			*			*			*			*			*			*			*
		Gross Profit		49,982			50,846			50,706			46,314			53,409			60,707			68,349			77,339			84,886
Selling, General & Administrative				(46,211	)		(43,075	)		(43,963	)		(46,090	)		(46,969	)		(50,112	)		(53,617	)		(57,132	)		(60,967	)
Depreciation & Amortization				(2,794	)		(3,230	)		(3,504	)		(3,964	)		(3,035	)		(2,477	)		(2,033	)		(2,007	)		(1,947	)
		Total Operating Expenses		(49,005	)		(46,305	)		(47,467	)		(50,054	)		(50,004	)		(52,589	)		(55,650	)		(59,139	)		(62,914	)
EBIT				977			4,541			3,239			(3,740	)		3,405			8,118			12,699			18,200			21,972
Interest and Other Income (Expense)				1,706			(2,273	)		1,734			1,477			97			84			85			202			436
Interest Expense				—			(617	)		(1,430	)		(973	)		(537	)		(449	)		(285	)		(137	)		(97	)
Pre-Tax Income				2,683			1,651			3,543			(3,236	)		2,965			7,753			12,499			18,265			22,310
Income Tax Benefit (Provision)				(1,220	)		(1,531	)		(1,579	)		344			(1,127	)		(3,101	)		(4,999	)		(7,306	)		(8,924	)
Minority Interest(3)				—			—			49			(260	)		(431	)		(970	)		(1,456	)		(1,985	)		(2,603	)
Net Income			$	1,463		$	120		$	2,013		$	(3,152	)	$	1,407		$	3,682		$	6,043		$	8,975		$	10,783
Diluted EPS			$	0.18		$	0.01		$	0.25		$	(0.39	)	$	0.17		$	0.44		$	0.71		$	1.03		$	1.21
Weighted Average Diluted Shares Outstanding				8,138			8,022			8,187			8,139			8,220			8,385			8,552			8,724			8,898
EBIT			$	977		$	4,541		$	3,239		$	(3,740	)	$	3,405		$	8,118		$	12,699		$	18,200		$	21,972
Add back Depreciation & Amortization				2,794			3,230			3,504			3,964			3,035			2,477			2,033			2,007			1,947
EBITDA			$	3,771		$	7,771		$	6,743		$	224		$	6,440		$	10,595		$	14,732		$	20,207		$	23,919
EBITDA without 50% of Xantia owned by Victorinox															$	5,369		$	9,306		$	13,235		$	18,416		$	21,962

Notes:

(1)	Projections reflect Company internal estimates.
(2)	Projections include results from Xantia S.A.
(3)	Minority interest includes half of Xantia S.A.’s net income and half of VSA’s net income.
*	This material has been omitted pursuant to a request for confidential treatment and has been filed separately with the Securities and Exchange Commission.

Page 46

Project Alps
Historical and Projected Balance Sheet
($ in thousands)

		Fiscal Year Ending December 31,										Fiscal Year Ending December 31,
		Historical										Projected
										As of
		1998A		1999A		2000A		2001A		3/31/02A		2002E		2003E		2004E		2005E		2006E
ASSETS
Cash & Cash Equivalents		$	1,309	$	1,302	$	5,002	$	2,639	$	408	$	3,815	$	1,767	$	3,884	$	9,596	$	19,438
Accounts Receivable			31,321		33,718		34,173		29,172		23,712		29,223		33,386		37,069		40,740		42,200
Inventories			28,890		30,227		33,461		34,758		39,079		33,505		35,084		35,460		37,408		38,894
Other current assets			6,658		5,293		5,976		6,540		8,285		6,540		6,540		6,540		6,540		6,540
	Total Current Assets		68,178		70,540		78,612		73,109		71,484		73,062		76,777		82,954		94,284		107,072
Property, Plant & Equipment, Net			3,735		4,856		7,506		7,153		6,879		7,517		8,088		8,672		9,288		9,961
Goodwill and Other Intangibles			2,875		11,548		12,595		11,246		11,046		10,123		9,246		8,677		8,088		7,502
Deferred Income Taxes(1)			3,274		1,474		675		896		853		806		726		653		588		529
Investments			9,467		4,476		8,274		3,834		3,834		3,834		3,834		3,834		3,834		3,834
Other Assets(2)			12,875		14,710		16,787		17,896		18,499		19,297		20,673		21,970		23,229		24,410
	Total Assets	$	100,404	$	107,604	$	124,449	$	114,134	$	112,595	$	114,660	$	119,344	$	126,760	$	139,311	$	153,308
LIABILITIES & STOCKHOLDERS’ EQUITY
Current Portion of LT Debt(3)		$	5,140	$	875	$	1,493	$	1,264	$	1,261	$	2,339	$	2,112	$	568	$	1,389	$	—
Account Payable			12,439		7,732		11,057		14,034		14,200		13,681		15,242		16,745		18,372		19,836
Accrued Liabilities			8,227		10,562		8,452		9,349		8,471		9,654		10,464		10,990		11,524		12,059
	Total Current Liabilities		25,806		19,169		21,002		24,647		23,932		25,674		27,818		28,303		31,284		31,895
Long-Term Debt			—		11,362		16,038		6,408		6,721		4,069		1,957		1,389		—		—
Other Liabilities			—		693		675		675		675		675		675		675		675		675
	Total Liabilities		25,806		31,224		37,715		31,730		31,328		30,418		30,450		30,367		31,959		32,570
Minority Interest			—		—		6,050		6,644		6,656		7,075		8,005		9,289		10,978		13,089
Stockholders’ Equity			74,598		76,380		80,684		75,760		74,611		77,167		80,889		87,104		96,374		107,650
	Total Liabilities and Stockholders’ Equity	$	100,404	$	107,604	$	124,449	$	114,134	$	112,595	$	114,660	$	119,344	$	126,760	$	139,311	$	153,308

Notes:

(1)	Assumes deferred tax asset is amortized at a rate of 10% annually.
(2)	Reflects cash value of insurance policies.
(3)	Based on Company’s principal payment of debt schedule.

Page 47

Project Alps
Historical and Projected Margin Analysis
($ in thousands)

			Fiscal Year Ending December 31,												Fiscal Year Ending December 31,
			Historical												Projected
			1998A			1999A			2000A			2001A			2002E			2003E			2004E			2005E			2006E
Total Revenue Margin:
	Forschner Cutlery			*			*			*			*			*			*			*			*			*
	Victorinox Knives/Tools/Card			*			*			*			*			*			*			*			*			*
	Watches			*			*			*			*			*			*			*			*			*
	Other			*			*			*			*			*			*			*			*			*
	Bear			*			*			*			*			*			*			*			*			*
	Licensing			*			*			*			*			*			*			*			*			*
		Total Revenue Growth		—			1.3	%		1.8	%		-13.05	%		8.0	%		14.2	%		11.0	%		11.25	%		8.8	%
Cost of Sales:
	Forschner Cutlery			*			*			*			*			*			*			*			*			*
	Victorinox Knives/Tools/Card			*			*			*			*			*			*			*			*			*
	Watches			*			*			*			*			*			*			*			*			*
	Other			*			*			*			*			*			*			*			*			*
	Bear			*			*			*			*			*			*			*			*			*
	Licensing			*			*			*			*			*			*			*			*			*
		Cost of Sales:		-60.9	%		-60.7	%		-61.5	%		-59.6	%		-56.8	%		-57.1	%		-56.5	%		-55.7	%		-55.3	%
Gross Profit:
	Forschner Cutlery			*			*			*			*			*			*			*			*			*
	Victorinox Knives/Tools/Card			*			*			*			*			*			*			*			*			*
	Watches			*			*			*			*			*			*			*			*			*
	Other			*			*			*			*			*			*			*			*			*
	Bear			*			*			*			*			*			*			*			*			*
	Licensing			*			*			*			*			*			*			*			*			*
		Gross Profit		39.1	%		39.3	%		38.5	%		40.4	%		43.2	%		42.9	%		43.5	%		44.3	%		44.7	%
Selling, General & Administrative				-36.1	%		-33.3	%		-33.4	%		-40.2	%		-37.9	%		-35.4	%		-34.2	%		-32.7	%		-32.1	%
Depreciation & Amortization				-2.2	%		-2.5	%		-2.7	%		-3.5	%		-2.5	%		-1.8	%		-1.3	%		-1.1	%		-1.0	%
		Total Operating Expenses		-38.3	%		-35.8	%		-36.0	%		-43.7	%		-40.4	%		-37.2	%		-35.4	%		-33.9	%		-33.1	%
EBIT				0.8	%		3.5	%		2.5	%		-3.3	%		2.8	%		5.7	%		8.1	%		10.4	%		11.6	%
Interest and Other Income (Expense)				1.3	%		-1.8	%		1.3	%		1.3	%		0.1	%		0.1	%		0.1	%		0.1	%		0.2	%
Interest Expense				0.0	%		-0.5	%		-1.1	%		-0.8	%		-0.4	%		-0.3	%		-0.2	%		-0.1	%		-0.1	%
Pre-Tax Income				2.1	%		1.3	%		2.7	%		-2.8	%		2.4	%		5.5	%		8.0	%		10.5	%		11.7	%
Income Tax Rate				-45.5	%		-92.7	%		-44.6	%		-10.6	%		-38.0	%		-40.0	%		-40.0	%		-40.0	%		-40.0	%
Minority Interest				0.0	%		0.0	%		0.0	%		-0.2	%		-0.3	%		-0.7	%		-0.9	%		-1.1	%		-1.4	%
Net Income				1.1	%		0.1	%		1.5	%		-2.7	%		1.1	%		2.6	%		3.8	%		5.1	%		5.7	%
Diluted EPS Growth				—			-91.7	%		1543.7	%	NM				-144.2	%		156.5	%		60.9	%		45.6	%		17.8	%
Weighted Average Diluted Shares Outstanding				—			-1.4	%		2.1	%		-0.6	%		1.0	%		2.0	%		2.0	%		2.0	%		2.0	%
EBIT				0.8	%		3.5	%		2.5	%		-3.3	%		2.8	%		5.7	%		8.1	%		10.4	%		11.6	%
Add back Depreciation & Amortization				2.2	%		2.5	%		2.7	%		3.5	%		2.5	%		1.8	%		1.3	%		1.1	%		1.0	%
EBITDA				2.9	%		6.0	%		5.1	%		0.2	%		5.2	%		7.5	%		9.4	%		11.6	%		12.6	%
EBITDA without 50% of Xantia owned by Victorinox																4.3	%		6.6	%		8.4	%		10.5	%		11.6	%
*	This material has been omitted pursuant to a request for confidential treatment and has been filed separately with the Securities and Exchange Commission.

Page 48

Project Alps
Historical and Projected Cash Flow Statement
($ in thousands)

					Fiscal Year Ending December 31,												Fiscal Year Ending December 31,
					Historical												Projected
					1998A			1999A			2000A			2001A			2002E			2003E			2004E			2005E			2006E
Cash Flows from Operating Activities:
Net Income					$	1,463		$	120		$	2,013		$	(3,152	)	$	1,407		$	3,722		$	6,215		$	9,270		$	11,276
	Adjustments to reconcile net income to cash provided from operating activities:
		Minority Interest				—			—			(49	)		260			431			930			1,284			1,689			2,110
		Depreciation				2,794			3,230			3,504			3,964			1,912			1,600			1,464			1,418			1,361
		Amortization																1,123			877			569			589			586
		Stock Compensation Expense				21			73			58			32			—			—			—			—			—
		Deferred Income Taxes				2,652			(435	)		543			(451	)		90			81			73			65			59
		Investment (gain) loss, net				(1,651	)		2,280			(1,508	)		(1,477	)		—			—			—			—			—
					$	5,279		$	5,268		$	4,561		$	(824	)	$	4,963		$	7,209		$	9,605		$	13,031		$	15,392
Changes in other current assets and liabilities:
		(Increase) Decrease — Accounts Receivable			$	(3,167	)	$	(1,206	)	$	1,625		$	6,962		$	(51	)	$	(4,163	)	$	(3,683	)	$	(3,671	)	$	(1,460	)
		(Increase) Decrease — Inventories				(1,433	)		383			(727	)		96			1,253			(1,579	)		(376	)		(1,948	)		(1,486	)
		(Increase) Decrease — Prepaid and other				(2,814	)		3,652			(630	)		68			—			—			—			—			—
		Increase (Decrease) — Accounts Payable				3,937			(5,030	)		1,366			87			(353	)		1,561			1,503			1,626			1,464
		Increase (Decrease) — Accrued Liabilities				(1,661	)		1,872			(2,161	)		1,094			305			810			526			534			535
				Net cash provided from operating activities:	$	141		$	4,939		$	4,034		$	7,483		$	6,117		$	3,838		$	7,575		$	9,573		$	14,445
Cash flows from investing activities
		Acquisition of Bear MGC Cutlery, Inc., net of cash acquired			$	—		$	(7,982	)	$	—		$	—		$	—		$	—		$	—		$	—		$	—
		Acquisition of Xantia, S.A., net of cash acquired				—			—			(1,751	)		—			—			—			—			—			—
		Capital Expenditures				(1,302	)		(1,698	)		(1,433	)		(2,010	)		(2,276	)		(2,171	)		(2,048	)		(2,034	)		(2,034	)
		Additions to other assets				(2,701	)		(3,776	)		(2,605	)		(1,716	)		(1,401	)		(1,376	)		(1,297	)		(1,259	)		(1,181	)
		Proceeds from sales of investments				1,949			1,972			—			3,832			—			—			—			—			—
			Net cash used for investing activities			(2,054	)		(11,484	)		(5,789	)		106			(3,677	)		(3,547	)		(3,345	)		(3,293	)		(3,215	)
Cash flows from financing activities:
		Revolver net borrowings (payments of borrowings)			$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
		Net borrowings (repayments) of Debt				5,140			7,097			5,212			(9,793	)		(1,264	)		(2,339	)		(2,112	)		(568	)		(1,389	)
		Repurchase of common stock				(3,081	)		(517	)		—			(20	)		—			—			—			—			—
		Proceeds from exercise of stock options and warrants				70			54			—			—			—			—			—			—			—
			Net cash used for financing activities		$	2,129		$	6,634		$	5,212		$	(9,813	)	$	(1,264	)	$	(2,339	)	$	(2,112	)	$	(568	)	$	(1,389	)
Effect of exchange rate changes on cash					$	(25	)	$	(96	)	$	243		$	(139	)	$	—		$	—		$	—		$	—		$	—
Net increase (decrease) in cash & cash equivalents:						231			(7	)		3,700			(2,363	)		1,176			(2,048	)		2,117			5,712			9,841
			Cash & cash equivalents, beginning of period			1,078			1,269			1,262			4,962			2,639			3,815			1,767			3,884			9,596
			Cash & cash equivalents, end of period		$	1,269		$	1,262		$	4,962		$	2,639		$	3,815		$	1,767		$	3,884		$	9,596		$	19,438

Page 49

Project Alps
Historical and Projected Working Capital Schedule
($ in thousands)

			Fiscal Year Ending December 31,												Fiscal Year Ending December 31,
			Historical												Projected
			1998A			1999A			2000A			2001A			2002E			2003E			2004E			2005E			2006E
Summary Income Statement
	Net Sales		$	127,851		$	129,452		$	131,752		$	114,629		$	123,769		$	141,400		$	157,000		$	174,600		$	189,900
	Cost of Sales			(77,869	)		(78,606	)		(81,046	)		(68,315	)		(70,360	)		(80,693	)		(88,651	)		(97,261	)		(105,014	)
	EBIT			977			4,541			3,239			(3,740	)		3,405			8,118			12,699			18,200			21,972
	Depreciation & Amortization			2,794			3,230			3,504			3,964			3,035			2,477			2,033			2,007			1,947
	EBITDA		$	3,771		$	7,771		$	6,743		$	224		$	6,440		$	10,595		$	14,732		$	20,207		$	23,919
	Interest (Expense) / Income			1,706			(2,890	)		304			504			(440	)		(365	)		(200	)		65			338
	Income Taxes			(1,220	)		(1,531	)		(1,579	)		344			(1,127	)		(3,101	)		(4,999	)		(7,306	)		(8,924	)
	Net Income		$	1,463		$	120		$	2,013		$	(3,152	)	$	1,407		$	3,722		$	6,215		$	9,270		$	11,276
Summary Balance Sheet Data
	Cash & Cash Equivalents		$	1,309		$	1,302		$	5,002		$	2,639		$	3,815		$	1,767		$	3,884		$	9,596		$	19,438
	Accounts Receivable, net			31,321			33,718			34,173			29,172			29,223			33,386			37,069			40,740			42,200
		Days Outstanding		88			94			93			92			85			85			85			84			80
	Inventories			28,890			30,227			33,461			34,758			33,505			35,084			35,460			37,408			38,894
		InventoryTurns (COGS)		2.7x			2.6x			2.4x			2.0x			2.1x			2.3x			2.5x			2.6x			2.7x
	Other Current Assets			6,658			5,293			5,976			6,540			6,540			6,540			6,540			6,540			6,540
		% of Net Revenue		5.2	%		4.1	%		4.5	%		5.7	%		5.3	%		4.6	%		4.2	%		3.7	%		3.4	%
	Accounts Payable			12,439			7,732			11,057			14,034			13,681			15,242			16,745			18,372			19,836
		Days Outstanding		58			35			49			74			70			68			68			68			68
	Accrued Liabilities			8,227			10,562			8,452			9,349			9,654			10,464			10,990			11,524			12,059
		% of Net Revenue		6.4	%		8.2	%		6.4	%		8.2	%		7.8	%		7.4	%		7.0	%		6.6	%		6.4	%
	Long-term Debt			—			11,362			16,038			6,408			4,069			1,957			1,389			—			—
	Stockholders’ Equity			74,598			76,380			80,684			75,760			77,167			80,889			87,104			96,374			107,650
Working Capital (Net of Cash)				46,203			50,944			54,101			47,087			45,933			49,304			51,335			54,793			55,739
	% of Net Revenue			36.1	%		39.4	%		41.1	%		41.1	%		37.1	%		34.9	%		32.7	%		31.4	%		29.4	%
Summary Cash Flow Statement Data
	Net Income		$	1,463		$	120		$	2,013		$	(3,152	)	$	1,407		$	3,722		$	6,215		$	9,270		$	11,276
	Depreciation & Amortization			2,794			3,230			3,504			3,964			3,035			2,477			2,033			2,007			1,947
	Increase (Decrease) in Working Capital (Net)			—			4,741			3,157			(7,014	)		(1,154	)		3,372			2,030			3,458			947
	Payments on Insurance			(2,701	)		(3,776	)		(2,605	)		(1,716	)		(1,401	)		(1,376	)		(1,297	)		(1,259	)		(1,181	)
	Capital Expenditures			(1,302	)		(1,698	)		(1,433	)		(1,716	)		(2,276	)		(2,171	)		(2,048	)		(2,034	)		(2,034	)
		% of Net Revenue		-1.0	%		-1.3	%		-1.1	%		-1.5	%		-1.8	%		-1.5	%		-1.3	%		-1.2	%		-1.1	%

Page 50

Project Alps
Xantia S.A.

		Fiscal Year Ending December 31,
			2001A			2002E			2003E			2004E			2005E			2006E
Net Sales				*			*			*			*			*			*
	Growth Rate			*			*			*			*			*			*
COGS				*			*			*			*			*			*
Gross Profit				*			*			*			*			*			*
	Gross Margin (%)			*			*			*			*			*			*
S, G & A				*			*			*			*			*			*
EBIT				1,013			1,843			2,278			2,694			3,282			3,614
	EBIT Margin (%)			4.6	%		6.8	%		7.5	%		7.9	%		8.3	%		8.3	%
Interest Income				42			42			42			42			42			42
EBT				1,055			1,885			2,320			2,736			3,324			3,656
Income Taxes				(264	)		(471	)		(580	)		(684	)		(831	)		(914	)
	Income Tax (%)			25.0	%		25.0	%		25.0	%		25.0	%		25.0	%		25.0	%
Net Income				791			1,414			1,740			2,052			2,493			2,742
EBIT				1,013			1,843			2,278			2,694			3,282			3,614
Add back Depreciation & Amortization				300			300			300			300			300			300
EBITDA				1,313			2,143			2,578			2,994			3,582			3,914

* This material has been omitted pursuant to a request for confidential treatment and has been filed separately with the Securities and Exchange Commission.

Page 51

Project Alps
VSA

		2000A			2001A			2002E			2003E			2004E			2005E			2006E
Net Sales		$	*		$	*		$	*		$	*		$	*		$	*		$	*
	Growth Rate		*			*			*			*			*			*			*
COGS			*			*			*			*			*			*			*
Gross Profit		$	*		$	*		$	*		$	*		$	*		$	*		$	*
	Gross Margin (%)		*			*			*			*			*			*			*
S, G & A			*			*			*			*			*			*			*
EBIT			(398	)		(178	)		(552	)		200			860			1,476			2,464
	EBIT Margin (%)		-7.2	%		-3.3	%		-6.1	%		1.7	%		5.7	%		8.2	%		11.2	%
Income Taxes(1)			—			—			—			—			—			—			—
	Income Tax (%)		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
Net Income		$	(398	)	$	(178	)	$	(552	)	$	200		$	860		$	1,476		$	2,464

* This material has been omitted pursuant to a request for confidential treatment and has been filed separately with the Securities and Exchange Commission.

Page 52

Historical and Projected Quarterly Income Statement

Project Alps
Historical and Projected Quarterly Income Statement
($ in thousands)

		Fiscal Year Ending December 31, 1998
		3/31/98			6/30/98			9/30/98			12/31/98			FY 1998A
Total Revenue
	Forschner Cutlery		*			*			*			*			*
	Victorinox Knives/Tools/Card		*			*			*			*			*
	Watches		*			*			*			*			*
	Other		*			*			*			*			*
	Bear		*			*			*			*			*
	Licensing		*			*			*			*			*
	Total Revenue	$	24,610		$	30,187		$	31,370		$	41,684		$	127,851
Cost of Sales
	Forschner Cutlery		*			*			*			*			*
	Victorinox Knives/Tools/Card		*			*			*			*			*
	Watches		*			*			*			*			*
	Other		*			*			*			*			*
	Bear		*			*			*			*			*
	Licensing		*			*			*			*			*
	Cost of Sales		(15,375	)		(18,550	)		(18,680	)		(25,264	)		(77,869	)
Gross Profit
	Forschner Cutlery		*			*			*			*			*
	Victorinox Knives/Tools/Card		*			*			*			*			*
	Watches		*			*			*			*			*
	Other		*			*			*			*			*
	Bear		*			*			*			*			*
	Licensing		*			*			*			*			*
	Gross Profit		9,235			11,637			12,690			16,420			49,982
Selling, General & Administrative			(9,591	)		(10,818	)		(11,134	)		(14,668	)		(46,211	)
Depreciation & Amortization			(714	)		(712	)		(746	)		(622	)		(2,794	)
	Total Operating Expenses		(10,305	)		(11,530	)		(11,880	)		(15,290	)		(49,005	)
EBIT			(1,070	)		107			810			1,130			977
Interest and Other Income (Expense)			1,550			66			(4	)		94			1,706
Interest Expense			—			—			—			—			—
Pre-Tax Income			480			173			806			1,224			2,683
Income Tax Benefit (Provision)			(194	)		(70	)		(341	)		(615	)		(1,220	)
Minority Interest			—			—			—			—			—
Net Income		$	286		$	103		$	465		$	609		$	1,463
Diluted EPS		$	0.03		$	0.01		$	0.06		$	0.08		$	0.18
Weighted Average Diluted Shares Outstanding			8,213			8,261			8,237			7,904			8,138
EBIT		$	(1,070	)	$	107		$	810		$	1,130		$	977
Add back Depreciation & Amortization			714			712			746			622			2,794
EBITDA		$	(356	)	$	819		$	1,556		$	1,752		$	3,771

* This material has been omitted pursuant to a request for confidential treatment and has been filed separately with the Securities and Exchange Commission.

Page 54

Project Alps
Historical and Projected Quarterly Income Statement Margin Analysis
($ in thousands)

			Fiscal Year Ending December 31, 1998
			3/31/98			6/30/98			9/30/98			12/31/98			FY 1998A
Total Revenue:
	Forschner Cutlery			*			*			*			*			*
	Victorinox Knives/Tools/Card			*			*			*			*			*
	Watches			*			*			*			*			*
	Other			*			*			*			*			*
	Bear			*			*			*			*			*
	Licensing			*			*			*			*			*
	Total Revenue Growth			—			27.7	%		3.9	%		32.9	%		—
Cost of Sales:
	Forschner Cutlery			*			*			*			*			*
	Victorinox Knives/Tools/Card			*			*			*			*			*
	Watches			*			*			*			*			*
	Other			*			*			*			*			*
	Bear			*			*			*			*			*
	Licensing			*			*			*			*			*
	Cost of Sales			-62.5	%		-61.5	%		-59.5	%		-60.6	%		-60.9	%
Gross Profit
	Forschner Cutlery			*			*			*			*			*
	Victorinox Knives/Tools/Card			*			*			*			*			*
	Watches			*			*			*			*			*
	Other			*			*			*			*			*
	Bear			*			*			*			*			*
	Licensing			*			*			*			*			*
	Gross Profit			37.5	%		38.5	%		40.5	%		39.4	%		39.1	%
Selling, General & Administrative				-39.0	%		-35.8	%		-35.5	%		-35.2	%		-36.1	%
Depreciation & Amortization				-2.9	%		-2.4	%		-2.4	%		-1.5	%		-2.2	%
		Total Operating Expenses		-41.9	%		-38.2	%		-37.9	%		-36.7	%		-38.3	%
EBIT				-4.3	%		0.4	%		2.6	%		2.7	%		0.8	%
Interest and Other Income (Expense)				6.3	%		0.2	%		0.0	%		0.2	%		1.3	%
Interest Expense				0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
Pre-Tax Income				2.0	%		0.6	%		2.6	%		2.9	%		2.1	%
Income Tax Rate				-40.4	%		-40.5	%		-42.3	%		-50.2	%		-45.5	%
Minority Interest				0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
Net Income				1.2	%		0.3	%		1.5	%		1.5	%		1.1	%
Diluted EPS				—			-64.2	%		352.8	%		36.5	%		—
Weighted Average Diluted Shares Outstanding				—			0.6	%		-0.3	%		-4.0	%		—
EBIT				-4.3	%		0.4	%		2.6	%		2.7	%		0.8	%
Add back Depreciation & Amortization				2.9	%		2.4	%		2.4	%		1.5	%		2.2	%
EBITDA				-1.4	%		2.7	%		5.0	%		4.2	%		2.9	%

* This material has been omitted pursuant to a request for confidential treatment and has been filed separately with the Securities and Exchange Commission.

Page 55

Project Alps
Historical and Projected Quarterly Income Statement
($ in thousands)

			Fiscal Year Ending December 31, 1999
			3/31/99			6/30/99			9/30/99			12/31/99			FY 1999A
Total Revenue:
	Forschner Cutlery			*			*			*			*			*
	Victoria Knives/Tools/Card			*			*			*			*			*
	Watches			*			*			*			*			*
	Other			*			*			*			*			*
	Bear			*			*			*			*			*
	Licensing			*			*			*			*			*
		Total Revenue	$	23,570		$	30,396		$	33,026		$	42,460		$	129,452
Cost of Sales
	Forschner Cutlery			*			*			*			*			*
	Victoria Knives/Tools/Card			*			*			*			*			*
	Watches			*			*			*			*			*
	Other			*			*			*			*			*
	Bear			*			*			*			*			*
	Licensing			*			*			*			*			*
		Cost of Sales		(14,621	)		(18,406	)		(20,228	)		(25,351	)		(78,606	)
Gross Profit
	Forschner Cutlery			*			*			*			*			*
	Victoria Knives/Tools/Card			*			*			*			*			*
	Watches			*			*			*			*			*
	Other			*			*			*			*			*
	Bear			*			*			*			*			*
	Licensing			*			*			*			*			*
		Gross Profit		8,949			11,990			12,798			17,109			50,846
Selling, General & Administrative				(9,270	)		(10,524	)		(10,347	)		(12,934	)		(43,075	)
Depreciation & Amortization				(720	)		(806	)		(863	)		(841	)		(3,230	)
		Total Operating Expenses		(9,990	)		(11,330	)		(11,210	)		(13,775	)		(46,305	)
EBIT				(1,041	)		660			1,588			3,334			4,541
Interest and Other Income (Expense)				427			(2,700	)		—			—			(2,273	)
Interest Expense				—			(143	)		(235	)		(239	)		(617	)
Pre-Tax Income				(614	)		(2,183	)		1,353			3,095			1,651
Income Tax Benefit (Provision)				261			57			(587	)		(1,262	)		(1,531	)
Minority Interest				—			—			—			—			—
Net Income			$	(353	)	$	(2,126	)	$	766		$	1,833		$	120
Diluted EPS			$	(0.04	)	$	(0.27	)	$	0.10		$	0.22		$	0.01
Weighted Average Diluted Shares Outstanding				7,885			7,854			8,048			8,176			8,022
EBIT			$	(1,041	)	$	660		$	1,588		$	3,334		$	4,541
Add back Depreciation & Amortization				720			806			863			841			3,230
EBITDA			$	(321	)	$	1,466		$	2,451		$	4,175		$	7,771

* This material has been omitted pursuant to a request for confidential treatment and has been filed separately with the Securities and Exchange Commission.

Page 56

Project Alps
Historical and Projected Quarterly Income Statement Margin Analysis
($ in thousands)

			Fiscal Year Ending December 31, 1999
			3/31/99			6/30/99			9/30/99			12/31/99			FY 1999A
Total Revenue Growth
	Forschner Cutlery			*			*			*			*			*
	Victorinox Knives/Tools/Card			*			*			*			*			*
	Watches			*			*			*			*			*
	Other			*			*			*			*			*
	Bear			*			*			*			*			*
	Licensing			*			*			*			*			*
		Total Revenue Growth		-43.5	%		29.0	%		8.7	%		28.6	%		1.3	%
Cost of Goods Sold
	Forschner Cutlery			*			*			*			*			*
	Victorinox Knives/Tools/Card			*			*			*			*			*
	Watches			*			*			*			*			*
	Other			*			*			*			*			*
	Bear			*			*			*			*			*
	Licensing			*			*			*			*			*
		Cost of Sales		-62.0	%		-60.6	%		-61.2	%		-59.7	%		-60.7	%
Gross Profit
	Forschner Cutlery			*			*			*			*			*
	Victorinox Knives/Tools/Card			*			*			*			*			*
	Watches			*			*			*			*			*
	Other			*			*			*			*			*
	Bear			*			*			*			*			*
	Licensing			*			*			*			*			*
		Gross Profit		38.0	%		39.4	%		38.8	%		40.3	%		39.3	%
Selling, General & Administrative				-39.3	%		-34.6	%		-31.3	%		-30.5	%		-33.3	%
Depreciation & Amortization				-3.1	%		-2.7	%		-2.6	%		-2.0	%		-2.5	%
		Total Operating Expenses		-42.4	%		-37.3	%		-33.9	%		-32.4	%		-35.8	%
EBIT				-4.4	%		2.2	%		4.8	%		7.9	%		3.5	%
Interest and Other Income (Expense)				1.8	%		-8.9	%		0.0	%		0.0	%		-1.8	%
Interest Expense				0.0	%		-0.5	%		-0.7	%		-0.6	%		-0.5	%
Pre-Tax Income				-2.6	%		-7.2	%		4.1	%		7.3	%		1.3	%
Income Tax Rate				-42.5	%		-2.6	%		-43.4	%		-40.8	%		-92.7	%
Minority Interest				0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
Net Income				-1.5	%		-7.0	%		2.3	%		4.3	%		0.1	%
Diluted EPS				-158.1	%		504.6	%		-135.2	%		135.5	%		-91.7	%
Weighted Average Diluted Shares Outstanding				-0.2	%		-0.4	%		2.5	%		1.6	%		-1.4	%
EBIT				-4.4	%		2.2	%		4.8	%		7.9	%		3.5	%
Add back Depreciation & Amortization				3.1	%		2.7	%		2.6	%		2.0	%		2.5	%
EBITDA				-1.4	%		4.8	%		7.4	%		9.8	%		6.0	%

* This material has been omitted pursuant to a request for confidential treatment and has been filed separately with the Securities and Exchange Commission.

Page 57

Project Alps
Historical and Projected Quarterly Income Statement
($ in thousands)

			Fiscal Year Ending December 31, 2000
			3/31/00			6/30/00			9/30/00			12/31/00			FY 2000A
Total Revenue
	Forschner Cutlery			*			*			*			*			*
	Victorinox Knives/Tools/Card			*			*			*			*			*
	Watches			*			*			*			*			*
	Other			*			*			*			*			*
	Bear			*			*			*			*			*
	Licensing			*			*			*			*			*
		Total Revenue	$	25,310		$	29,345		$	32,719		$	44,378		$	131,752
Cost of Sales
	Forschner Cutlery			*			*			*			*			*
	Victorinox Knives/Tools/Card			*			*			*			*			*
	Watches			*			*			*			*			*
	Other			*			*			*			*			*
	Bear			*			*			*			*			*
	Licensing			*			*			*			*			*
		Cost of Sales		(15,769	)		(17,595	)		(19,920	)		(27,762	)		(81,046	)
Gross Profit
	Forschner Cutlery			*			*			*			*			*
	Victorinox Knives/Tools/Card			*			*			*			*			*
	Watches			*			*			*			*			*
	Other			*			*			*			*			*
	Bear			*			*			*			*			*
	Licensing			*			*			*			*			*
		Gross Profit		9,541			11,750			12,799			16,616			50,706
Selling, General & Administrative				(9,589	)		(10,403	)		(10,661	)		(13,310	)		(43,963	)
Depreciation & Amortization				(896	)		(892	)		(542	)		(1,174	)		(3,504	)
		Total Operating Expenses		(10,485	)		(11,295	)		(11,203	)		(14,484	)		(47,467	)
EBIT				(944	)		455			1,596			2,132			3,239
Interest and Other Income (Expense)				1,645			164			—			(75	)		1,734
Interest Expense				(214	)		(345	)		(294	)		(577	)		(1,430	)
Pre-Tax Income				487			274			1,302			1,480			3,543
Income Tax Benefit (Provision)				(211	)		(119	)		(525	)		(724	)		(1,579	)
Minority Interest				—			—			12			37			49
Net Income			$	276		$	155		$	789		$	793		$	2,013
Diluted EPS			$	0.03		$	0.02		$	0.10		$	0.10		$	0.25
Weighted Average Diluted Shares Outstanding				8,217			8,153			8,250			8,279			8,187
EBIT			$	(944	)	$	455		$	1,596		$	2,132		$	3,239
Add back Depreciation & Amortization				896			892			542			1,174			3,504
EBITDA			$	(48	)	$	1,347		$	2,138		$	3,306		$	6,743

* This material has been omitted pursuant to a request for confidential treatment and has been filed separately with the Securities and Exchange Commission.

Page 58

Project Alps
Historical and Projected Quarterly Income Statement Margin Analysis
($ in thousands)

			Fiscal Year Ending December 31, 2000
			3/31/00			6/30/00			9/30/00			12/31/00			FY 2000A
Total Revenue
	Forschner Cutlery			*			*			*			*			*
	Victorinox Knives/Tools/Card			*			*			*			*			*
	Watches			*			*			*			*			*
	Other			*			*			*			*			*
	Bear			*			*			*			*			*
	Licensing			*			*			*			*			*
		Total Revenue Growth		—			15.9	%		11.5	%		35.6	%		—
Cost of Sales
	Forschner Cutlery			*			*			*			*			*
	Victorinox Knives/Tools/Card			*			*			*			*			*
	Watches			*			*			*			*			*
	Other			*			*			*			*			*
	Bear			*			*			*			*			*
	Licensing			*			*			*			*			*
		Cost of Sales		-62.3	%		-60.0	%		-60.9	%		-62.6	%		-61.5	%
Gross Profit
	Forschner Cutlery			*			*			*			*			*
	Victorinox Knives/Tools/Card			*			*			*			*			*
	Watches			*			*			*			*			*
	Other			*			*			*			*			*
	Bear			*			*			*			*			*
	Licensing			*			*			*			*			*
		Gross Profit		37.7	%		40.0	%		39.1	%		37.4	%		38.5	%
Selling, General & Administrative				-37.9	%		-35.5	%		-32.6	%		-30.0	%		-33.4	%
Depreciation & Amortization				-3.5	%		-3.0	%		-1.7	%		-2.6	%		-2.7	%
		Total Operating Expenses		-41.4	%		-38.5	%		-34.2	%		-32.6	%		-36.0	%
EBIT				-3.7	%		1.6	%		4.9	%		4.8	%		2.5	%
Interest and Other Income (Expense)				6.5	%		0.6	%		0.0	%		-0.2	%		1.3	%
Interest Expense				-0.8	%		-1.2	%		-0.9	%		-1.3	%		-1.1	%
Pre-Tax Income				1.9	%		0.9	%		4.0	%		3.3	%		2.7	%
Income Tax Rate				-43.3	%		-43.4	%		-40.3	%		-48.9	%		-44.6	%
Minority Interest				0.0	%		0.0	%		0.0	%		0.1	%		0.0	%
Net Income				1.1	%		0.5	%		2.4	%		1.8	%		1.5	%
Diluted EPS				—			-43.4	%		403.0	%		0.2	%		—
Weighted Average Diluted Shares Outstanding				—			-0.8	%		1.2	%		0.4	%		2.1	%
EBIT				-3.7	%		1.6	%		4.9	%		4.8	%		2.5	%
Add back Depreciation & Amortization				3.5	%		3.0	%		1.7	%		2.6	%		2.7	%
EBITDA				-0.2	%		4.6	%		6.5	%		7.4	%		5.1	%

* This material has been omitted pursuant to a request for confidential treatment and has been filed separately with the Securities and Exchange Commission.

Page 59

Project Alps
Historical and Projected Quarterly Income Statement
($ in thousands)

							Fiscal Year Ending December 31, 2001
				3/31/01			6/30/01			9/30/01			12/31/01			FY 2001A
Total Revenue
	Forschner Cutlery				*			*			*			*			*
	Victorinox Knives/Tools/Card				*			*			*			*			*
	Watches				*			*			*			*			*
	Other				*			*			*			*			*
	Bear				*			*			*			*			*
	Licensing				*			*			*			*			*
		Total Revenue		$	21,273		$	27,577		$	27,015		$	38,764		$	114,629
Cost of Sales:
	Forschner Cutlery		��		*			*			*			*			*
	Victorinox Knives/Tools/Card				*			*			*			*			*
	Watches				*			*			*			*			*
	Other				*			*			*			*			*
	Bear				*			*			*			*			*
	Licensing				*			*			*			*			*
		Cost of Sales			(13,287	)		(15,961	)		(15,357	)		(23,710	)		(68,315	)
Gross Profit
	Forschner Cutlery				*			*			*			*			*
	Victorinox Knives/Tools/Card				*			*			*			*			*
	Watches				*			*			*			*			*
	Other				*			*			*			*			*
	Bear				*			*			*			*			*
	Licensing				*			*			*			*			*
		Gross Profit			7,986			11,616			11,658			15,054			46,314
Selling, General & Administrative					(10,501	)		(10,612	)		(11,107	)		(13,870	)		(46,090	)
Depreciation & Amortization					(1,159	)		(956	)		(923	)		(926	)		(3,964	)
		Total Operating Expenses			(11,660	)		(11,568	)		(12,030	)		(14,796	)		(50,054	)
EBIT					(3,674	)		48			(372	)		258			(3,740	)
Interest and Other Income (Expense)					—			—			1,854			(377	)		1,477
Interest Expense					(218	)		(237	)		(281	)		(237	)		(973	)
Pre-Tax Income					(3,892	)		(189	)		1,201			(356	)		(3,236	)
Income Tax Benefit (Provision)					1,585			44			(622	)		(663	)		344
Minority Interest					48			71			(172	)		(207	)		(260	)
Net Income				$	(2,259	)	$	(74	)	$	407		$	(1,226	)	$	(3,152	)
Diluted EPS				$	(0.27	)	$	(0.01	)	$	0.05		$	(0.15	)	$	(0.39	)
Weighted Average Diluted Shares Outstanding					8,278			8,278			8,284			8,168			8,139
EBIT				$	(3,674	)	$	48		$	(372	)	$	258		$	(3,740	)
Add back Depreciation & Amortization					1,159			956			923			926			3,964
EBITDA				$	(2,515	)	$	1,004		$	551		$	1,184		$	224

* This material has been omitted pursuant to a request for confidential treatment and has been filed separately with the Securities and Exchange Commission.

Page 60

Project Alps
Historical and Projected Quarterly Income Statement Margin Analysis
($ in thousands)

			Fiscal Year Ending December 31, 2001
			3/31/01			6/30/01			9/30/01			12/31/01			FY 2001A
Total Revenue
	Forschner Cutlery			*			*			*			*			*
	Victorinox Knives/Tools/Card			*			*			*			*			*
	Watches			*			*			*			*			*
	Other			*			*			*			*			*
	Bear			*			*			*			*			*
	Licensing			*			*			*			*			*
		Total Revenue Growth		-52.1	%		29.6	%		-2.0	%		43.5	%		-13.0	%
Cost of Goods Sold
	Forschner Cutlery			*			*			*			*			*
	Victorinox Knives/Tools/Card			*			*			*			*			*
	Watches			*			*			*			*			*
	Other			*			*			*			*			*
	Bear			*			*			*			*			*
	Licensing			*			*			*			*			*
		Cost of Sales		-62.5	%		-57.9	%		-56.8	%		-61.2	%		-59.6	%
Gross Profit
	Forschner Cutlery			*			*			*			*			*
	Victorinox Knives/Tools/Card			*			*			*			*			*
	Watches			*			*			*			*			*
	Other			*			*			*			*			*
	Bear			*			*			*			*			*
	Licensing			*			*			*			*			*
		Gross Profit		37.5	%		42.1	%		43.2	%		38.8	%		40.4	%
Selling, General & Administrative				-49.4	%		-38.5	%		-41.1	%		-35.8	%		-40.2	%
Depreciation & Amortization				-5.4	%		-3.5	%		-3.4	%		-2.4	%		-3.5	%
		Total Operating Expenses		-54.8	%		-41.9	%		-44.5	%		-38.2	%		-43.7	%
EBIT				-17.3	%		0.2	%		-1.4	%		0.7	%		-3.3	%
Interest and Other Income (Expense)				0.0	%		0.0	%		6.9	%		-1.0	%		1.3	%
Interest Expense				-1.0	%		-0.9	%		-1.0	%		-0.6	%		-0.8	%
Pre-Tax Income				-18.3	%		-0.7	%		4.4	%		-0.9	%		-2.8	%
Income Tax Rate				-40.7	%		-23.3	%		-51.8	%		186.2	%		-10.6	%
Minority Interest				0.2	%		0.3	%		-0.6	%		-0.5	%		-0.2	%
Net Income				-10.6	%		-0.3	%		1.5	%		-3.2	%		-2.7	%
Diluted EPS				-384.9	%		-96.7	%		-649.6	%		-405.5	%		-257.5	%
Weighted Average Diluted Shares Outstanding				0.0	%		0.0	%		0.1	%		-1.4	%		-0.6	%
EBIT				-17.3	%		0.2	%		-1.4	%		0.7	%		-3.3	%
Add back Depreciation & Amortization				5.4	%		3.5	%		3.4	%		2.4	%		3.5	%
EBITDA				-11.8	%		3.6	%		2.0	%		3.1	%		0.2	%

* This material has been omitted pursuant to a request for confidential treatment and has been filed separately with the Securities and Exchange Commission.

Page 61

Project Alps
Historical and Projected Quarterly Income Statement⁽¹⁾
($ in thousands)

		Fiscal Year Ending December 31, 2002
		3/31/02			6/30/02			9/30/02			12/31/02			FY 2002E
Total Revenue
	Forschner Cutlery		*			*			*			*			*
	Victorinox Knives/Tools/Card		*			*			*			*			*
	Watches		*			*			*			*			*
	Other		*			*			*			*			*
	Bear		*			*			*			*			*
	Retail		*			*			*			*			*
	Licensing		*			*			*			*			*
	Total Revenue	$	24,741		$	27,916		$	31,252		$	39,860		$	123,769
Cost of Goods Sold
	Forschner Cutlery		*			*			*			*			*
	Victorinox Knives/Tools/Card		*			*			*			*			*
	Watches		*			*			*			*			*
	Other		*			*			*			*			*
	Bear		*			*			*			*			*
	Retail		*			*			*			*			*
	Licensing		*			*			*			*			*
	Cost of Sales		(14,428	)		(16,049	)		(17,680	)		(22,203	)		(70,360	)
Gross Profit
	Forschner Cutlery		*			*			*			*			*
	Victorinox Knives/Tools/Card		*			*			*			*			*
	Watches		*			*			*			*			*
	Other		*			*			*			*			*
	Bear		*			*			*			*			*
	Retail		*			*			*			*			*
	Licensing		*			*			*			*			*
	Gross Profit		10,313			11,867			13,572			17,657			53,409
Selling, General & Administrative(2)			(10,392	)		(12,276	)		(12,151	)		(12,151	)		(46,969	)
Depreciation & Amortization			(930	)		(702	)		(702	)		(702	)		(3,035	)
	Total Operating Expenses		(11,322	)		(12,978	)		(12,852	)		(12,852	)		(50,004	)
EBIT			(1,009	)		(1,111	)		720			4,805			3,405
Interest and Other Income (Expense)			—			49			24			24			97
Interest Expense			(162	)		(125	)		(125	)		(125	)		(537	)
Pre-Tax Income			(1,171	)		(1,187	)		619			4,704			2,965
Income Tax Benefit (Provision)			343			439			(223	)		(1,687	)		(1,127	)
Minority Interest			(108	)		(108	)		(108	)		(108	)		(431	)
Net Income		$	(936	)	$	(856	)	$	288		$	2,909		$	1,407
Diluted EPS		$	(0.11	)	$	(0.10	)	$	0.04		$	0.35		$	0.17
Weighted Average Diluted Shares Outstanding			8,168			8,188			8,209			8,229			8,199
EBIT		$	(1,009	)	$	(1,111	)	$	720		$	4,805		$	3,405
Add back Depreciation & Amortization			930			702			702			702			3,035
EBITDA		$	(79	)	$	(409	)	$	1,422		$	5,507		$	6,440

Notes:

(1)	Projections reflect Company internal estimates.
(2)	Includes results from Xantia S.A. for the fiscal year ending December 31, 2002.
*	This material has been omitted pursuant to a request for confidential treatment and has been filed separately with the Securities and Exchange Commission.

Page 62

Project Alps
Historical and Projected Quarterly Income Statement Margin Analysis
($ in thousands)

			Fiscal Year Ending December 31, 2002(2)
			3/31/02			6/30/02			9/30/02			12/31/02			FY 2002E
Total Revenue
	Forschner Cutlery			*			*			*			*			*
	Victorinox Knives/Tools/Card			*			*			*			*			*
	Watches			*			*			*			*			*
	Other			*			*			*			*			*
	Bear			*			*			*			*			*
	Licensing			*			*			*			*			*
		Total Revenue Growth		-36.2	%		12.8	%		12.0	%		27.5	%		8.0	%
Cost of Goods Sold
	Forschner Cutlery			*			*			*			*			*
	Victorinox Knives/Tools/Card			*			*			*			*			*
	Watches			*			*			*			*			*
	Other			*			*			*			*			*
	Bear			*			*			*			*			*
	Licensing			*			*			*			*			*
		Cost of Sales		-58.3	%		-57.5	%		-56.6	%		-55.7	%		-56.8	%
Gross Profit
	Forschner Cutlery			*			*			*			*			*
	Victorinox Knives/Tools/Card			*			*			*			*			*
	Watches			*			*			*			*			*
	Other			*			*			*			*			*
	Bear			*			*			*			*			*
	Licensing			*			*			*			*			*
		Gross Profit		41.7	%		42.5	%		43.4	%		44.3	%		43.2	%
Selling, General & Administrative(2)				-42.0	%		-44.0	%		-38.9	%		-30.5	%		-37.9	%
Depreciation & Amortization				-3.8	%		-2.5	%		-2.2	%		-1.8	%		-2.5	%
		Total Operating Expenses		-45.8	%		-46.5	%		-41.1	%		-32.2	%		-40.4	%
EBIT				-4.1	%		-4.0	%		2.3	%		12.1	%		2.8	%
Interest and Other Income (Expense)				0.0	%		0.2	%		0.1	%		0.1	%		0.1	%
Interest Expense				-0.7	%		-0.4	%		-0.4	%		-0.3	%		-0.4	%
Pre-Tax Income				-4.7	%		-4.3	%		2.0	%		11.8	%		2.4	%
Income Tax Rate				-29.3	%		-37.0	%		-36.0	%		-35.9	%		-38.0	%
Minority Interest				-0.4	%		-0.4	%		-0.3	%		-0.3	%		-0.3	%
Net Income				-3.8	%		-3.1	%		0.9	%		7.3	%		1.1	%
Diluted EPS				-23.7	%		-8.8	%		-133.6	%		906.1	%		-144.3	%
Weighted Average Diluted Shares Outstanding				0.0	%		0.2	%		0.2	%		0.2	%		0.7	%
EBIT				-4.1	%		-4.0	%		2.3	%		12.1	%		2.8	%
Add back Depreciation & Amortization				3.8	%		2.5	%		2.2	%		1.8	%		2.5	%
EBITDA				-0.3	%		-1.5	%		4.5	%		13.8	%		5.2	%

Notes:

(1)	Projections reflect Company internal estimates.
(2)	Includes results from Xantia S.A. for the fiscal year ending December 31, 2002.
*	This material has been omitted pursuant to a request for confidential treatment and has been filed separately with the Securities and Exchange Commission.

Page 63

Analysis of License Agreements

Analysis of Licensing Agreements

Analysis of Insurance Policies

($ in thousands)

		Cash Values
Split Dollar Life Insurance
	Louis Marx	$	5,100
	Stan Rawn		2,500
	Various Management		2,356
Charitable Insurance
	CEC Charity Policy		3,442
	Other Charity Policies		4,058
		$	17,456

Life Expectancy
	Marx	10 yrs.
	Rawn	15 yrs.
Various Management		20 yrs.
	Charity	20 yrs.

Present Values
Louis Marx		$	3,236
Stan Rawn			936
Various Management			206
CEC Charity			4,343
Other Charity			322
	Total	$	9,043
Value Per Share with Charity		$	1.09
Value Per Share without Charity		$	0.53
Discount			4.00	%

Additions		2002			2003			2004			2005			2006			2007			2008
Louis Marx		$	(190	)	$	(190	)	$	(142	)	$	(127	)	$	(127	)	$	(127	)	$	(127	)
Stan Rawn			(282	)		(282	)		(282	)		(282	)		(204	)		—			—
Various Management			(325	)		(300	)		(269	)		(246	)		(246	)		(246	)		(180	)
CEC Charity Policy			(292	)		(292	)		(292	)		(292	)		(292	)		(292	)		(292	)
Other Charity Policies			(312	)		(312	)		(312	)		(312	)		(312	)		(312	)		(312	)
		$	(1,401	)	$	(1,376	)	$	(1,297	)	$	(1,259	)	$	(1,181	)	$	(977	)	$	(911	)
Cash Values
Louis Marx		$	5,290		$	5,480		$	5,622		$	5,749		$	5,876		$	6,003		$	6,130
Stan Rawn			2,782			3,064			3,346			3,628			3,832			3,832			3,832
Various Management			2,681			2,981			3,250			3,496			3,742			3,988			4,168
		$	10,753		$	11,525		$	12,218		$	12,873		$	13,450		$	13,823		$	14,130
Value of CEC Charity		$	3,734		$	4,026		$	4,318		$	4,610		$	4,902		$	5,194		$	5,486
Value of Other Charity			4,370			4,682			4,994			5,306			5,618			5,930			6,242
	Total Cash Values	$	18,857		$	20,233		$	21,530		$	22,789		$	23,970		$	24,947		$	25,858
Cash Flows
Louis Marx		$	(190	)	$	(190	)	$	(142	)	$	(127	)	$	(127	)	$	(127	)	$	(127	)
Stan Rawn			(282	)		(282	)		(282	)		(282	)		(204	)		—			—
Various Management			(325	)		(300	)		(269	)		(246	)		(246	)		(246	)		(180	)
CEC Charity Policy			(292	)		(292	)		(292	)		(292	)		(292	)		(292	)		(292	)
Other Charity Policies			(312	)		(312	)		(312	)		(312	)		(312	)		(312	)		(312	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

Additions		2009			2010			2011			2012			2013			2014			2015
Louis Marx		$	(127	)	$	(127	)	$	—		$	—		$	—		$	—		$	—
Stan Rawn			—			—			—			—			—			—			—
Various Management			(169	)		(153	)		(111	)		(78	)
CEC Charity Policy			(292	)		(292	)		—			—			—			—			—
Other Charity Policies			(312	)		(221	)		(210	)		(210	)		(210	)		(168	)		(135	)
		$	(900	)	$	(793	)	$	(321	)	$	(288	)	$	(210	)	$	(168	)	$	(135	)
Cash Values
Louis Marx		$	6,257		$	6,384		$	6,384		$	—		$	—		$	—		$	—
Stan Rawn			3,832			3,832			3,832			3,832			3,832			3,832			3,832
Various Management			4,337			4,490			4,601			4,679			4,679			4,679			4,679
		$	14,426		$	14,706		$	14,817		$	8,511		$	8,511		$	8,511		$	8,511
Value of CEC Charity		$	5,778		$	6,070		$	6,070		$	—		$	—		$	—		$	—
Value of Other Charity			6,554			6,775			6,985			7,195			7,405			7,573			7,708
	Total Cash Values	$	26,758		$	27,551		$	27,872		$	15,706		$	15,916		$	16,084		$	16,219
Cash Flows
Louis Marx		$	(127	)	$	(127	)	$	6,384		$	—		$	—		$	—		$	—
Stan Rawn			—			—			—			—			—			—			—
Various Management			(169	)		(153	)		(111	)		(78	)		—			—			—
CEC Charity Policy			(292	)		(292	)		16,070			—			—			—			—
Other Charity Policies			(312	)		(221	)		(210	)		(210	)		(210	)		(168	)		(135	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

Additions		2016			2017			2018			2019			2020			2021
Louis Marx		$	—		$	—		$	—		$	—		$	—		$	—
Stan Rawn			—			—			—			—			—			—
Various Management
CEC Charity Policy			—			—			—			—			—			—
Other Charity Policies			(107	)		(107	)		(107	)		(87	)		(87	)		—
		$	(107	)	$	(107	)	$	(107	)	$	(87	)	$	(87	)	$	—
Cash Values
Louis Marx		$	—		$	—		$	—		$	—		$	—		$	—
Stan Rawn			3,832			—			—			—			—			—
Various Management			4,679			4,679			4,679			4,679			4,679			4,679
		$	8,511		$	4,679		$	4,679		$	4,679		$	4,679		$	4,679
Value of CEC Charity		$	—		$	—		$	—		$	—		$	—		$	—
Value of Other Charity			7,815			7,922			8,029			8,116			8,203			8,203
	Total Cash Values	$	16,326		$	12,601		$	12,708		$	12,795		$	12,882		$	12,882
Cash Flows
Louis Marx		$	—		$	—		$	—		$	—		$	—		$	—
Stan Rawn			3,832			—			—			—			—			—
Various Management			—			—			—			—			—			4,679
CEC Charity Policy			—			—			—			—			—			—
Other Charity Policies			(107	)		(107	)		(107	)		(87	)		(87	)		8,203

Note:

(1) The charity policies are structured so that half the proceeds upon collection go to a designated charity and half go to a charitable foundation set up by Ranger.

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