Exhibit 1: Teuer Furnitures Showrooms and Square Footage

Stores Total SQ FT TotalOpened Stores Opened SQ FT

2003 1 1 17,200 17,2002004 3 4 17,600 70,0002005 4 8 18,500 144,0002006 5 13 21,100 249,5002007 6 19 22,100 382,1002008 2 21 15,500 413,1002009 1 22 14,500 427,6002010 2 24 14,700 457,0002011 2 26 15,400 487,8002012 3 29 16,300 536,7002013 2 31 16,000 568,7002014 2 33 16,000 600,7002015 2 35 15,000 630,700 2003 2005 2007 2009 2011 2013 2015

0

5

10

15

20

25

30

35

40

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

Number of Showrooms Total Square Feet

2003 2005 2007 2009 2011 2013 20150

5

10

15

20

25

30

35

40

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

Number of Showrooms Total Square Feet

Exhibit 2: Economic Indicators: GDP and Furniture Sales Growth2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

CPI index 180.9 184.3 190.3 196.8 201.8 210.0 210.2 215.9 219.2 225.7 229.6 233.5 237.7 242.3 247.4 252.1 256.6 261.3 Inflation (CPI) 1.9% 3.3% 3.4% 2.5% 4.1% 0.1% 2.7% 1.5% 3.0% 1.7% 1.7% 1.8% 1.9% 2.1% 1.9% 1.8% 1.8%GDP (T$) 10,642 11,142 11,853 12,623 13,377 14,029 14,292 13,974 14,499 15,076 15,685 16,238 17,049 18,012 19,021 20,078 21,101 GDP growth 4.7% 6.4% 6.5% 6.0% 4.9% 1.9% -2.2% 3.8% 4.0% 4.0% 3.5% 5.0% 5.6% 5.6% 5.6% 5.1%Furniture sales ($B) 94.44 96.7 103.8 109.1 112.8 111.1 99.6 86.3 87.3 90.1 93.1 95.9 98.6 101.2 103.6 105.9 108.0 110.2 Furniture sales growth 2.4% 7.3% 5.2% 3.4% -1.5% -10.4% -13.4% 1.2% 3.2% 3.4% 3.0% 2.8% 2.6% 2.4% 2.2% 2.0% 2.0%

2003 2005 2007 2009 2011 2013 2015 2017

-15.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

GDP Growth Furniture Sales Growth Inflation (CPI)

Exhibit 3: Teuer Furniture Income Statement2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Sales 2,057 10,415 26,701 51,540 79,191 90,680 111,451 134,093 148,218Cost of goods sold -1,463 -7,057 -17,424 -30,730 -43,834 -47,290 -49,068 -55,487 -61,955Selling, general and admin -410 -1,812 -4,958 -9,230 -13,576 -14,679 -16,471 -18,698 -21,253 Advertising -203 -1,019 -2,411 -4,588 -6,585 -7,532 -8,367 -9,545 -10,744 Depreciation -72 -307 -669 -1,264 -2,075 -2,188 -2,032 -1,820 -1,450Lease -250 -1,080 -2,330 -4,240 -6,770 -7,380 -7,712 -8,450 -9,320Corporate expense -185 -729 -1,602 -3,092 -4,751 -5,441 -5,573 -6,705 -7,411Taxes 0 0 0 0 0 -543 -8,892 -13,356 -14,434Net income -526 -1,588 -2,693 -1,604 1,600 5,626 13,337 20,033 21,651

Parameters:Corporate tax rate 40%

Exhibit 4: Teuer Furniture Balance Sheet2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

AssetsAccounts Receivable 0 751 3,479 8,675 16,946 25,272 29,059 36,625 42,421 48,200Inventory 671 3,151 8,216 15,125 20,908 21,715 24,868 26,808 29,216 33,343

Total Current Assets 671 3,902 11,695 23,800 37,853 46,987 53,927 63,433 71,637 81,543PPE 358 1,461 2,969 5,270 8,065 6,914 5,119 3,839 3,142 3,920

Total Assets 1,029 5,364 14,663 29,070 45,918 53,900 59,046 67,272 74,779 85,463

Liabilities and EquityAccounts Payable 236 1,158 2,781 5,119 7,228 7,767 8,277 9,133 9,986 11,364Accrued Expenses 29 145 358 658 958 1,055 1,203 1,359 1,519 1,682

Total Current Liabilities 265 1,303 3,139 5,777 8,186 8,822 9,480 10,493 11,505 13,046Debt 0 0 0 0 0 0 0 0 0 0Equity 764 4,061 11,525 23,293 37,732 45,079 49,565 56,779 63,274 72,417

Total Liabilities and Equity 1,029 5,364 14,663 29,070 45,918 53,900 59,046 67,272 74,779 85,463

Balance sheet check

Exhibit 5: Teuer Furniture Income Statement for Individual Showrooms # Avg Size 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

2003 1 17,200 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

Sales 2,057 3,754 5,224 6,148 6,341 5,503 5,636 5,871 6,034 6,235 6,430 6,618 6,799 6,971 7,133 7,299

CGS 1,463 2,309 3,018 2,394 2,753 2,311 2,194 2,150 2,416 2,486 2,564 2,639 2,711 2,779 2,844 2,910

SGA 410 640 857 856 815 765 767 687 791 848 874 900 925 948 970 993

Advertising 203 334 399 434 422 423 391 401 457 447 461 474 487 499 511 523

Depreciation 72 72 72 72 72 0 0 0 65 65 65 65 65 0 0 0 1027.124Lease 250 250 250 250 250 250 302 302 302

2004 3 17,600 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

Sales 6,661 11,907 15,158 16,488 15,446 16,187 17,279 17,869 18,464 19,041 19,599 20,134 20,643 21,123 21,615

CGS 4,748 7,428 7,894 7,216 6,031 6,675 6,691 7,176 7,362 7,592 7,815 8,028 8,231 8,422 8,618

SGA 1,171 2,148 2,631 2,323 2,239 2,224 2,395 2,319 2,511 2,589 2,665 2,738 2,807 2,873 2,939

Advertising 685 971 1,266 1,213 1,235 1,241 1,245 1,287 1,323 1,364 1,404 1,442 1,479 1,513 1,548

Depreciation 235 235 235 235 235 0 0 0 187 187 187 187 187 0 0

Lease 830 830 830 830 830 830 1,003 1,003

2005 4 18,500 1 2 3 4 5 6 7 8 9 10 11 12 13 14

Sales 9,570 16,651 19,785 20,951 22,847 24,451 24,499 25,315 26,108 26,872 27,605 28,303 28,962 29,636

CGS 6,978 10,917 11,430 8,499 9,387 9,857 9,042 10,094 10,410 10,715 11,007 11,285 11,548 11,817

SGA 1,953 2,977 3,371 3,039 3,021 3,228 3,693 3,443 3,550 3,654 3,754 3,849 3,939 4,030

Advertising 1,041 1,488 1,587 1,598 1,605 1,645 1,793 1,813 1,870 1,925 1,977 2,027 2,074 2,123

Depreciation 363 363 363 363 363 0 0 0 0 0 0 0 0 0

Lease 1,250 1,250 1,250 1,250 1,250 1,250 1,510

2006 5 21,100 1 2 3 4 5 6 7 8 9 10 11 12 13

Sales 13,583 21,142 23,592 29,702 34,105 34,824 35,984 37,110 38,197 39,239 40,231 41,167 42,125

CGS 9,526 11,229 13,594 9,902 13,259 13,932 14,348 14,797 15,230 15,646 16,041 16,415 16,797

SGA 2,767 4,016 4,237 3,780 4,895 4,946 4,893 5,047 5,194 5,336 5,471 5,598 5,729

Advertising 1,400 1,784 1,964 2,014 2,327 2,287 2,577 2,658 2,736 2,811 2,882 2,949 3,017

Depreciation 594 594 594 594 594 0 0 0 0 0 0 0 0

Lease 1,910 1,910 1,910 1,910 1,910 1,910

2007 6 22,100 1 2 3 4 5 6 7 8 9 10 11 12

Sales 15,435 22,001 30,466 39,628 43,541 45,542 46,967 48,343 49,662 50,917 52,102 53,315

CGS 11,205 14,801 16,422 15,232 17,856 18,159 18,727 19,276 19,802 20,302 20,775 21,258

SGA 3,050 3,878 5,471 5,166 5,917 6,193 6,387 6,574 6,754 6,924 7,085 7,250

Advertising 1,578 1,986 2,458 2,748 3,109 3,262 3,364 3,463 3,557 3,647 3,732 3,819

Depreciation 812 812 812 812 812 0 0 0 0 0 0 0

Lease 2,530 2,530 2,530 2,530 2,530

2008 2 15,500 1 2 3 4 5 6 7 8 9 10 11

Sales 3,187 5,176 7,244 9,257 10,461 10,921 11,241 11,547 11,839 12,115 12,397

CGS 2,053 3,467 4,421 3,764 4,171 4,354 4,482 4,604 4,721 4,830 4,943

SGA 522 951 1,225 1,243 1,423 1,485 1,529 1,570 1,610 1,647 1,686

Advertising 326 499 598 675 749 782 805 827 848 868 888

Depreciation 185 185 185 185 185 0 0 0 0 0 0

Lease 610 610 610 610

2009 1 14,500 1 2 3 4 5 6 7 8 9 10

Sales 1,437 2,507 3,540 4,480 5,053 5,264 5,408 5,545 5,674 5,806

CGS 1,021 1,652 1,887 1,786 2,015 2,099 2,156 2,211 2,262 2,315

SGA 257 480 615 609 687 716 735 754 772 790

Advertising 158 227 303 321 362 377 387 397 406 416

Depreciation 79 79 79 79 79 0 0 0 0 0

Lease 280 280 280

2010 2 14,700 1 2 3 4 5 6 7 8 9

Sales 3,008 5,300 7,286 9,202 10,359 10,771 11,044 11,301 11,564

CGS 2,226 3,526 4,096 3,669 4,130 4,295 4,403 4,506 4,611

SGA 623 1,028 1,259 1,251 1,409 1,465 1,502 1,537 1,573

Advertising 353 473 596 659 742 772 791 809 828

Depreciation 150 150 150 150 150 0 0 0 0

Lease 565 565

2011 2 15,400 1 2 3 4 5 6 7 8

Sales 3,354 5,878 8,065 10,166 11,421 11,853 12,129 12,412

CGS 2,357 3,742 4,533 4,054 4,554 4,726 4,836 4,949

SGA 701 1,077 1,394 1,383 1,553 1,612 1,649 1,688

Advertising 358 522 659 728 818 849 869 889

Depreciation 160 160 160 160 160 0 0 0

Lease 610

2012 3 16,300 1 2 3 4 5 6 7

Sales 5,379 9,409 12,885 16,210 18,176 18,827 19,265

CGS 3,812 5,989 7,243 6,464 7,248 7,507 7,682

SGA 1,039 1,723 2,227 2,204 2,472 2,560 2,620

Advertising 569 836 1,053 1,161 1,302 1,349 1,380

Depreciation 259 259 259 259 259 0 0

Lease 1,000

2013 2 16,000 1 2 3 4 5 6

Sales 3,622 6,324 8,644 10,853 12,145 12,580

CGS 2,567 4,026 4,859 4,327 4,843 5,016

SGA 700 1,158 1,494 1,476 1,652 1,711

Advertising 383 562 707 777 870 901

Depreciation 172 172 172 172 172 0

Lease 668

2014 2 16,000 1 2 3 4 5

Sales 3,731 6,502 8,868 11,114 12,437

CGS 2,644 4,138 4,985 4,431 4,959

SGA 721 1,191 1,533 1,511 1,691

Advertising 395 578 725 796 891

Depreciation 175 175 175 175 175

Lease 682

2015 2 15,000 1 2 3 4

Sales 3,597 6,256 8,516 10,672

CGS 2,549 3,982 4,787 4,255

SGA 695 1,146 1,472 1,451

Advertising 381 556 696 764

Depreciation 167 167 167 167

Lease 652

Parameters:Lease rate (2013) 20.88Lease inflation 2.0%

TotalSales 2,057 10,415 26,701 51,540 79,191 90,680 111,451 134,093 148,218 165,024 181,929 199,600 217,540 231,499 242,308 251,122CGS 1,463 7,057 17,424 30,730 43,834 47,290 49,068 55,487 61,955 70,055 77,218 84,352 90,813 95,242 98,007 100,130SGA 410 1,812 4,958 9,230 13,576 14,679 16,471 18,698 21,253 23,295 25,689 28,131 30,415 32,104 33,266 34,150 Advertising 203 1,019 2,411 4,588 6,585 7,532 8,367 9,545 10,744 12,179 13,399 14,664 15,904 16,779 17,442 17,987 Depreciation 72 307 669 1,264 2,075 2,188 2,032 1,820 1,450 1,084 1,071 1,168 1,185 960 515 343Lease 250 1,080 2,330 4,240 6,770 7,380 7,712 8,450 9,320 1,000 668 682 652 0 0 0

Exhibit 6: Teuer Furniture Balance Sheet for Individual Showrooms # Avg Size 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

2003 1 17,200 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

Cap expenditure 358 324

Accts receivable 751 1,187 1,665 1,975 2,040 1,700 1,745 1,742 1,902

Inventory 671 1,090 1,330 1,206 1,167 980 972 1,082 1,027 1,090

Accts payable 236 396 448 405 403 350 345 370 369 390

Accr expenses 29 49 62 61 61 53 54 57 58 58

2004 3 17,600 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14

Cap expenditure 1,175 936

Accts receivable 2,292 3,870 5,029 5,526 5,276 5,599 5,612 5,691 5,989

Inventory 2,061 3,590 4,304 3,352 2,851 3,042 3,248 3,397 3,619

Accts payable 762 1,255 1,421 1,124 1,025 1,090 1,124 1,139 1,153

Accr expenses 95 158 193 173 162 162 175 177 179

2005 4 18,500 0 1 2 3 4 5 6 7 8 9 10 11 12 13

Cap expenditure 1,814

Accts receivable 3,140 5,508 6,296 6,231 7,149 7,751 7,950

Inventory 3,296 5,271 4,640 3,975 4,075 4,427 4,354 5,114

Accts payable 1,078 1,760 1,742 1,381 1,523 1,572 1,565 1,631

Accr expenses 138 212 240 203 240 244 251 259

2006 5 21,100 0 1 2 3 4 5 6 7 8 9 10 11 12

Cap expenditure 2,971

Accts receivable 4,433 6,593 7,974 10,040 10,908 11,761

Inventory 4,344 6,518 6,635 5,870 6,689 6,854 6,348

Accts payable 1,533 2,227 2,181 1,889 2,165 2,325 2,377

Accr expenses 193 272 300 291 337 343 362

2007 6 22,100 0 1 2 3 4 5 6 7 8 9 10 11

Cap expenditure 4,058

Accts receivable 4,817 6,829 9,849 12,400 13,920

Inventory 5,232 6,246 8,710 7,320 8,121 9,022

Accts payable 1,732 2,480 2,712 2,631 2,712 2,919

Accr expenses 213 293 362 381 436 435

2008 2 15,500 0 1 2 3 4 5 6 7 8 9 10

Cap expenditure 924

Accts receivable 1,048 1,758 2,212 2,905

Inventory 1,028 1,711 2,147 1,727 1,911

Accts payable 349 547 662 586 690

Accr expenses 43 72 88 94 101

2009 1 14,500 0 1 2 3 4 5 6 7 8 9

Cap expenditure 394

Accts receivable 484 840 1,191

Inventory 488 882 881 823

Accts payable 171 261 327 281

Accr expenses 21 34 43 44

2010 2 14,700 0 1 2 3 4 5 6 7 8

Cap expenditure 752

Accts receivable 956 1,787

Inventory 1,013 1,787 1,913

Accts payable 348 577 683

Accr expenses 44 71 91

2011 2 15,400 0 1 2 3 4 5 6 7

Cap expenditure 798

Accts receivable 1,093

Inventory 1,067 1,795

Accts payable 387 623

Accr expenses 47 76

2012 3 16,300 0 1 2 3 4 5 6

Cap expenditure 1,293

Accts receivable

Inventory 1,708

Accts payable 617

Accr expenses 79

2013 2 16,000 0 1 2 3 4 5

Cap expenditure 860

Accts receivable

Inventory

Accts payable

Accr expenses

2014 2 16,000 0 1 2 3 4

Cap expenditure 876

Accts receivable

Inventory

Accts payable

Accr expenses

2015 2 15,000 0 1 2 3

Cap expenditure 837

Accts receivable

Inventory

Accts payable

Accr expenses

PPE 358 1,175 1,814 2,971 4,058 924 394 752 1,122 2,229 860 876 837 0 0 0358 1,533 3,275 5,940 9,328 8,989 7,308 5,871 4,961 5,370 4,780 4,572 4,338 3,170 1,985 1,025358 1,461 2,969 5,270 8,065 6,914 5,119 3,839 3,142 3,920 3,696 3,501 3,170 1,985 1,025 510

Equity 29,495 32,872 36,374 40,617 44,903 48,578 72,417 101,912 134,784 171,159 211,776 256,679 305,256

Exhibit 7: Teuer Furniture Cash Flow Assets 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Sales 2,057 10,415 26,701 51,540 79,191 90,680 111,451 134,093 148,218 - Costs -2,583 -12,003 -29,394 -53,144 -77,592 -84,510 -89,222 -100,704 -112,132 - Taxes 0 0 0 0 0 -543 -8,892 -13,356 -14,434Net income 0 -526 -1,588 -2,693 -1,604 1,600 5,626 13,337 20,033 21,651 - Capital expenditure -358 -1,175 -1,814 -2,971 -4,058 -924 -394 -752 -1,122 -2,229 + Depreciation 0 72 307 669 1,264 2,075 2,188 2,032 1,820 1,450 - Increase in NWC -406 -2,193 -5,957 -9,467 -11,645 -8,498 -6,281 -8,494 -7,192 -8,365Cash flow to assets -764 -3,823 -9,052 -14,461 -16,043 -5,747 1,139 6,124 13,539 12,508

Exhibit 8: Forecasting Sales Revenue and CostsYear 1 2 3 4 5 6 7 8 9

Sales growth 2003 73.6% 34.6% 19.5% 15.1% 0.2% 1.2% 1.0% -0.6%2004 72.9% 29.2% 21.4% 8.1% 3.6% 3.4% 0.0%2005 76.6% 32.6% 22.2% 7.8% 3.7% -3.1%2006 73.8% 28.8% 24.4% 11.3% -1.3%2007 64.5% 36.8% 26.1% 6.3%2008 60.5% 35.6% 23.6%2009 69.0% 36.6%2010 70.4%2011

Average 70.2% 33.5% 22.9% 9.7% 1.5% 0.3%

Year 1 2 3 4 5 6 7 8 9CGS 2003 71.1% 61.5% 57.8% 38.9% 43.4% 42.0% 38.9% 36.6% 40.0%

2004 71.3% 62.4% 52.1% 43.8% 39.0% 41.2% 38.7% 40.2%2005 72.9% 65.6% 57.8% 40.6% 41.1% 40.3% 40.2%2006 70.1% 53.1% 57.6% 33.3% 38.9% 40.0%2007 72.6% 67.3% 53.9% 38.4% 41.0%2008 64.4% 67.0% 61.0% 40.7%2009 71.0% 65.9% 53.3%2010 74.0% 66.5%2011 70.3%

Average 70.9% 63.7% 56.2% 39.9%

Year 1 2 3 4 5 6 7 8 9SGA 2003 19.9% 17.1% 16.4% 13.9% 12.9% 13.9% 13.6% 11.7% 13.1%

2004 17.6% 18.0% 17.4% 14.1% 14.5% 13.7% 13.9% 13.0%2005 20.4% 17.9% 17.0% 14.5% 13.2% 13.2% 15.1%2006 20.4% 19.0% 18.0% 12.7% 14.4% 14.2%2007 19.8% 17.6% 18.0% 13.0% 13.6%2008 16.4% 18.4% 16.9% 13.4%2009 17.9% 19.2% 17.4%

2010 20.7% 19.4%2011 20.9%

Average 19.3% 18.3% 17.3% 13.6%

Year 1 2 3 4 5 6 7 8 9Advertising 2003 9.9% 8.9% 7.6% 7.1% 6.7% 7.7% 6.9% 6.8% 7.6%

2004 10.3% 8.2% 8.3% 7.4% 8.0% 7.7% 7.2% 7.2%2005 10.9% 8.9% 8.0% 7.6% 7.0% 6.7% 7.3%2006 10.3% 8.4% 8.3% 6.8% 6.8% 6.6%2007 10.2% 9.0% 8.1% 6.9% 7.1%2008 10.2% 9.6% 8.3% 7.3%2009 11.0% 9.1% 8.6%2010 11.7% 8.9%2011 10.7%

Average 10.6% 8.9% 8.2% 7.2%

Exhibit 9: Forecasting InvestmentYear 1 2 3 4 5 6 7 8 9

Accounts Receivable 2003 36.5% 31.6% 31.9% 32.1% 32.2% 30.9% 31.0% 29.7% 31.5%2004 34.4% 32.5% 33.2% 33.5% 34.2% 34.6% 32.5% 31.9%2005 32.8% 33.1% 31.8% 29.7% 31.3% 31.7% 32.4%2006 32.6% 31.2% 33.8% 33.8% 32.0% 33.8%2007 31.2% 31.0% 32.3% 31.3% 32.0%2008 32.9% 34.0% 30.5% 31.4%2009 33.7% 33.5% 33.6%2010 31.8% 33.7%2011 32.6%

Average 32.4%

Year 1 2 3 4 5 6 7 8 9Inventory 2003 45.9% 47.2% 44.0% 50.4% 42.4% 42.4% 44.3% 50.3% 42.5%

2004 43.4% 48.3% 54.5% 46.4% 47.3% 45.6% 48.5% 47.3%2005 47.2% 48.3% 40.6% 46.8% 43.4% 44.9% 48.2%2006 45.6% 58.0% 48.8% 59.3% 50.4% 49.2%2007 46.7% 42.2% 53.0% 48.1% 45.5%2008 50.1% 49.4% 48.6% 45.9%2009 47.8% 53.4% 46.7%2010 45.5% 50.7%2011 45.3%

Average 47.6%

Year 1 2 3 4 5 6 7 8 9Accounts Payable 2003 16.1% 17.2% 14.8% 16.9% 14.6% 15.2% 15.7% 17.2% 15.3%

2004 16.1% 16.9% 18.0% 15.6% 17.0% 16.3% 16.8% 15.9%2005 15.4% 16.1% 15.2% 16.2% 16.2% 15.9% 17.3%2006 16.1% 19.8% 16.0% 19.1% 16.3% 16.7%2007 15.5% 16.8% 16.5% 17.3% 15.2%2008 17.0% 15.8% 15.0% 15.6%2009 16.8% 15.8% 17.3%

2010 15.6% 16.4%2011 16.4%

Average 16.3%

Year 1 2 3 4 5 6 7 8 9Accrued Expenses 2003 4.7% 5.1% 4.9% 4.7% 4.9% 4.5% 4.6% 5.2% 4.7%

2004 5.1% 5.1% 4.9% 4.9% 4.7% 4.7% 4.8% 4.9%2005 4.6% 4.7% 4.8% 4.4% 5.2% 5.0% 4.6%2006 4.6% 4.7% 4.8% 5.0% 4.7% 4.7%2007 4.6% 5.0% 4.6% 4.8% 4.8%2008 5.1% 5.0% 4.8% 4.9%2009 5.2% 4.8% 4.7%2010 4.5% 4.7%2011 4.4%

Average 4.8%

Nominal RealConstruction costs 2003 20.8 25.9

2004 22.3 26.82005 24.5 28.62006 28.2 32.02007 30.6 33.52008 29.8 32.62009 27.2 28.92010 25.6 26.82011 25.9 26.42012 26.4 26.42013 26.9 26.42014 27.4 26.42015 27.9 26.4

Nominal Real

Refresh cost 2003 90.6% 74.0%2004 79.6% 66.0%

Average 70.0%

Exhibit 10: Forecasting Parameters1 2 3 4 5 6 7

Sales growth 70.2% 33.5% 22.9% 9.7% 1.5% 0.3%CGS (% sales) 70.9% 63.7% 56.2% 39.9% 39.9% 39.9% 39.9%SGA (% sales, excluding dep & advertising) 19.3% 18.3% 17.3% 13.6% 13.6% 13.6% 13.6%Advertising (% sales) 10.6% 8.9% 8.2% 7.2% 7.2% 7.2% 7.2%Accounts Receivable (% sales) 32.4%Inventory (% next year's CGS) 47.6%Accounts Payable (% next year's CGS) 16.3%Accrued expenses (next year's SGA adv) 4.8%Depreciation (years) 5Refresh cost 70%Corporate tax rate 40.0%Corporate expenses 5.0%Discount rate 12.1%Long-term growth rate 3.5%Shares outstanding (K) 9,945

Teuer Furniture Pro Forma Income Statement 2,012 2,013 2,014 2,015 2,016 2,017 2,018 2,019

Sales 148,218 165,024 181,929 199,600 217,540 231,499 242,308 251,122 CGS (61,955) (70,055) (77,218) (84,352) (90,813) (95,242) (98,007) (100,130)SGA (exc adv & dep) (21,253) (23,295) (25,689) (28,131) (30,415) (32,104) (33,266) (34,150) Advertising (10,744) (12,179) (13,399) (14,664) (15,904) (16,779) (17,442) (17,987) Depreciation (1,450) (1,084) (1,071) (1,168) (1,185) (960) (515) (343)Lease (stores) (9,320) (1,000) (668) (682) (652) - - - Corp Expense (inc lease/adv) (7,411) (8,251) (9,096) (9,980) (10,877) (11,575) (12,115) (12,556)Taxes (14,434) (19,663) (21,915) (24,250) (27,078) (29,935) (32,385) (34,382)Net income 21,651 29,495 32,872 36,374 40,617 44,903 48,578 51,573

Parameters:Corporate tax rate 40%Corporate expenses 5%

PF2012 2013 2014 2015 2016 2017 2018

AssetsAccounts Receivable 48,200 53,529 59,012 64,745 70,564 75,092 78,598Inventory 33,343 36,726 40,119 43,192 45,299 46,614 47,624

Total Current Assets 81,543 90,255 99,132 107,937 115,863 121,706 126,221Cash (bal fig) 0 22,451 47,985 77,110 111,832 152,392 197,384PPE 3,920 3,696 3,501 3,170 1,985 1,025 510

Total Assets 85,463 116,402 150,618 188,217 229,680 275,122 324,116

Liabilities and EquityAccounts Payable 11,364 12,611 13,777 14,832 15,555 16,007 16,353Accrued Expenses 1,682 1,879 2,057 2,226 2,349 2,437 2,506

Total Current Liabilities 13,046 14,490 15,833 17,058 17,904 18,444 18,859Debt 0 0 0 0 0 0 0Equity 72,417 101,912 134,784 171,159 211,776 256,679 305,256

Total Liabilities and Equity 85,463 116,402 150,618 188,217 229,680 275,122 324,116

Balance sheet check (A=L+E)

Teuer Furniture Pro Forma Cash Flow Assets 2012 2013 2014 2015 2016 2017 2018

Sales 148,218 165,024 181,929 199,600 217,540 231,499 242,308 - Costs (excl taxes) -112,132 -115,865 -127,142 -138,976 -149,845 -156,661 -161,345 - Taxes -14,434 -19,663 -21,915 -24,250 -27,078 -29,935 -32,385Net income 21,651 29,495 32,872 36,374 40,617 44,903 48,578 - Capital expenditure -2,229 -860 -876 -837 0 0 0 + Depreciation 1,450 1,084 1,071 1,168 1,185 960 515 - Increase in NWC -8,365 -7,268 -7,533 -7,580 -7,079 -5,304 -4,100Cash flow assets 12,508 22,451 25,534 29,125 34,722 40,560 44,992Terminal value 541,476

22,451 25,534 29,125 34,722 40,560 586,468Asset value 20,027 20,319 20,675 21,988 22,912 295,536Present Value 401,459Share value 40.37

Parameters:Asset discount rate 12.1%Long-term growth rate 3.5%Shareholders (#) 187 Shares outstanding (K) 9,945

2012 2013 2014 2015 2016 2017Sales 148,218 165,024 181,929 199,600 217,540 231,499 - Costs (excl taxes) -112,132 -115,865 -127,142 -138,976 -149,845 -156,661 - Taxes -14,434 -19,663 -21,915 -24,250 -27,078 -29,935Net income 21,651 29,495 32,872 36,374 40,617 44,903 - Capital expenditure -2,229 -860 -876 -837 0 0 + Depreciation 1,450 1,084 1,071 1,168 1,185 960 - Increase in NWC -8,365 -7,268 -7,533 -7,580 -7,079 -5,304Cash flow assets 12,508 22,451 25,534 29,125 34,722 40,560Terminal value

22,451 25,534 29,125 34,722 40,560Asset value 20,027 20,319 20,675 21,988 22,912Present Value 401,459

Parameters:Asset discount rate 12.1%Long-term growth rate 3.5%Shareholders (#) 187 Shares outstanding (K) 9,945

2018242,308

-161,345-32,38548,578

0515

-4,10044,992

541,476586,468295,536

1. To adjust the effecct of new showrooms and effect of economy the growth rate of sales is calculated as the ratio of paricular year to last year sales and divided by one plus the growth rate of total furniture sales in the year2. Because inventory, AP, and CGS all depend upon price paid for merchandise, inventory and AP can be forcasted as afunctionof next year CGS

1. To adjust the effecct of new showrooms and effect of economy the growth rate of sales is calculated as the ratio of paricular year to last year sales and divided by one plus the growth rate of total furniture sales in the year2. Because inventory, AP, and CGS all depend upon price paid for merchandise, inventory and AP can be forcasted as afunctionof next year CGS

1. To adjust the effecct of new showrooms and effect of economy the growth rate of sales is calculated as the ratio of paricular year to last year sales and divided by one plus the growth rate of total furniture sales in the year