bbqdays

CLL always presents it this way to confuse the user of the presentation (they never present it likes this in their financial statements.....).

You're adding the the Cash + Restricted Cash to Working Capital...where in fact the Cash et el. is PART OF the Working Capital

Working Capital = Current Assets - Current Liabilities

Part of Current Assets is Cash + Restricted

Slide 9 has three parts that are not related, but looks like a summation of numbers in a column.

1) The first two numbers 260M and 284M represents we have 260M in CASH+ restricted cash AFTER the share offering, but have 284M in working capital which represents, after we pay our bills and collect receivables and sell inventory etc...

2) Middle part of Slide 9 shows the debt and parts coming due (what it doesn't show is if there are any principal payments and interest on anticipated $150M due 2014 (I'd estimate 1/5 per year or 30M + interest annually)

3) Bottom part of Silde 9 shows Share Equity Value...

These are supposed to represent Financial "quick look" reference metrics....but it really looks and reads different with various interpretations (all by design by CLL communication team.....)

Good Luck

Booster