RESOURCES

Employee Buyout Tour

1	Title Page
2	Table Of Contents
3	American Capital
4	American Capital Transactions
5	ESOPs - Employee Stock Ownership Plans
6	Growth Of ESOPs
7	Reasons for ESOPs
8	Transaction Process
9	Detailed Business Planning
10	Detailed Business Planning
11	Detailed Business Planning
12	Detailed Business Planning
13	Financing
14	Closing
15	Transaction Structure
16	ESOP Company
17	Bank Financing
18	Sponsorship of an ESOP
19	ESOP Bylaws
20	ESOP Trustee
21	Purchase of Subsidiary
22	Annual ESOP Contributions
23	Contributions are Deductible
24	Annual ESOP Valuations
25	Repayment of Debt
26	Allocation of Stock
27	Vesting Rights
28	Annual ESOP Statement
29	Stock Distributions
30	Stock Put Right
31	The ESOP Company
32	ESOP Advantages
33	Improved Productivity
34	Board of Directors
35	Transaction Financing
36	Sources of Financing
37	Line of Credit Financing
38	Senior Term Debt Financing
39	Subordinated Debt Financing
40	Equity Financing
41	Employee Sacrifices
42	Profit Sharing Plan
43	Stock Option or SAR Program
44	Employee Votes
45	Example of an ESOP's Impact
46	After-Tax Cashflow is Increased
47	Debt is Repaid Faster
48	Book Value of Equity Grows Faster
49	Employees May Receive Substansial Economic Interest
50	American Capital vs. Allied Capital
51	ESOP Stock Value