Deluxe Corp

A AA Pretax cost of debt (Exhibit 9) Required EBIT iterest co!era"e (Exhibit #)

Estimate of Maximum Debt Capacity &or'aied 5*+ear EBIT (Exhibit ) ,axi'u' iterest i'-ied b rati" ,axi'u' tota debt i'-ied b rati" Downside EBIT ,axi'u' iterest i'-ied b rati" ,axi'u' tota debt i'-ied b rati" Estimate of unused Debt Capacity Boo !aue of euxe3s existi" debt ,axi'u' debt i'-ied b rati" uused debt ca-acit at curret rati" uused ca-acit uti i!est'et "rate rati" is ost (atBB)

Esti'ate of a-ita 6tructure euxe cor-oratio 'aret !aue of Equit ,axi'u' debt i'-ied b rati"  Tota  Tota debt7equit i'-ied b rati"

AA 5.51% 2$.

5.52% 1$.$

$59.2 15 2 /9 200 9 1 55

$59.2 2/ 90 200 15 2/2

1# 1 2/ 9 11/./# 15$.4

1#1 90 $24.5/ 1$2$.#/

2##5 2/ 9 10.#%

2##5 90 14.$/%

A

BBB

BB

B

5./0% #.$

#.$$% $.9

9.01% 2.2

11.9/% 1

$59.2 5/ 1001 200 $2 55/

$59.2 92 15# 200 51 410

$59.2 1#$ 141$ 200 91 1009

$59.2 $59 $00$ 200 200 1#/1

1#1 1001 4$9.49 412.$5

1#1 15# 129.91 $5/.$$

2##5 1001 $/.5#%

2##5 15# 5.#

%$1#1 1#1 141$ $00$ 1#52.2 241.#/ 0.00 *1149.

2##5 141$ #4.0%

2##5 $00$ 112.#/%

cost fo debt (-retax) cost of equit

A--roach based o 8udso Bacor- Esti'ates of Equit costs  Tax rate $4% After*tax cost of debt cost of equit ebt7ca-ita (Exhibit #) :ei"ht of debt (i'-ied b co!era"e ratio) :ei"ht of Equit :A (usi" 'aret ;ei"hts)

Aterati!e a--roach based o AP, ad 0.05$0? ,P>0.05) After*tax cost of debt ost of equit ebt7ca-ita boo !aue Exhibit # :ei"ht of debt (i'-ied b co!era"e ratio) :ei"ht of equit :A (usi" 'aret ;ei"hts)

AAA

AA

A

BBB

BB

B

5./% 10.25%

5.50% 10.$5%

5./0% 10.50%

#.$0% 10.#0%

9% 12%

12% 1.25%

$.$9% 10.25% 5% 9.50% 90.5%

$.1% 10.$5% $5.90% 15.50% 4.5%

$.5$% 10.50% 2.#0% 2/.$0% /2./%

$.91% 10.#0% /% $5.$0% #./%

5.54% 12.00% 5/./0% 0.50% 59.5%

/.% 1.25% /5.10% 5$.00% /.0%

9.#0%

9.2/%

4.#0%

4.2%

9.0%

10.#%

5./% 0.42 10.#% 0.4/ 10.02%

5.50% 0.42 14.$/% 0.91 10.2

%$5./0% 0.42 $/.5#% 1.01 10./#%

#.$0% 0.42 5.#$% 1.10 11.2

%$9.00% 12.00% 0.42 0.42 #4.0% 112.#/% 1.1/ 1.$9 11.#0% 12.42%

$.$9% 10.02% 5.0% 9.50% 90.5%

$.1% 10.2$% $5.9% 15.50% 4.5%

$.5$% 10./#% 2.#% 2/.$0% /2./%

$.91% 11.2$% /.0% $5.$0% #./%

5.54% 11.#0% 5/./% 0.50% 59.5%

/.% 12.42% /5.1% 5$.0% /.0%

9.$9%

9.1/%

4./9%

4.#%

9.1#%

9.9/%

0.4400/

Cost of Equity Rati" 8udso AP, AAA 10.25% 10.02% AA 10.$5% 10.2$% A 10.50% 10./#% BBB 10.#0% 11.2$% BB 12% 11.#0% B 1.25% 12.42%

D 1#.00% 1.00% 12.00% 10.00% Axis Title

4.00% #.00% .00% 2.00% 0.00% AAA

WACC Calculation Rati" 8udso AP, AAA 9.#0% 9.$9% AA 9.2/% 9.14% A 4.#0% 4./9% BBB 4.2% 4.#% BB 9.0% 9.1#% B 10.#% 9.9/%

12.00% 10.00% 4.00% Axis Title

#.00% .00% 2.00% 0.00% AAA

luxe Copoation

8udso AP,

AA

A

BBB

BB

B

C!at Title

8udso AP,

AA

A

BBB

BB

B