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III. Valuations
BURROUGHS WELLCOME COMPANY
DU PONT DE NEMOURS (DEUTSCHLAND) GmbH
FIRST COMPUTER CORPORATION
The IBM 3081 and 4341 Central Processors and the IBM and
Control Data Corporation disk are the latest model in their
price and capacity ranges, and should have an economic life of
not less than twelve years.
Below is the anticipated residual value for the equipment
described in Exhibits A-D upon the expiration of the initial
user lease term and upon the expiration of 96 months:
March, 1987 (Exh A) - $1,062,751
November, 1986 (Exh B) - 179,800
November, 1985 (Exh C) - 261,855
June, 1985 (Exh D) - 188,502
The user leases are for 52 months at a rental of $92,676
per month (at a 16% debt interest rate) for Exhibit A; for 47
months at a rental of $8,659 per month (at a 12% assumed debt
rate and a currency conversion rate of 2.496) for Exhibit B; 35
months at a rental of $10,375 per month (at a 12% assumed debt
rate and a currency conversion of 2.496) for Exhibit C; and
for 31 months at $7,500 per month (at a 16.75% debt rate) for
Exhibit D. The present value of the user lease is $4,331,327.
In our opinion, the assessed value of the equipment
described in Exhibit A [sic] should be the sum of the present
value of the user lease plus the present value of the residual
value of such equipment upon expiration of the initial user
lease term. We have discounted such residual value at 16% and
calculated the appraised value as follows:
Present value, user lease: $4,331,327
Present value, residual: March, 1987 (Exh A) - $519,763
November, 1986 (Exh B) - 112,763
November, 1985 (Exh C) - 181,205
June, 1985 (Exh D) - 122,657
Sum of present values: $5,267,715
Since the sum of the Present Values exceeds the Acquisi-
tion Cost of the equipment, we will limit the appraisal to such
Acquisition Cost.
Appraised Value: $5,170,392
Respectfully submitted,
John R. Wilkins
President
Communigraphics, Inc.
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