HispanicBusiness

KAR Auction Services, Inc.
Condensed Consolidated Balance Sheets
(In millions) (Unaudited)

                                                 December 31,   December 31,                                                     2012           2011                                                -------------  -------------Cash and cash equivalents                       $       108.7  $        97.4Restricted cash                                          11.9            8.2Trade receivables, net of allowances                    342.4          297.4Finance receivables, net of allowances                  996.2          874.2Other current assets                                    122.2           96.0                                                -------------  -------------  Total current assets                                1,581.4        1,373.2Goodwill                                              1,679.6        1,679.5Customer relationships, net of accumulated amortization                                           618.9          694.0Intangible and other assets                             341.7          345.7Property and equipment, net of accumulated depreciation                                           700.7          686.7                                                -------------  -------------  Total assets                                  $     4,922.3  $     4,779.1                                                =============  =============Current liabilities, excluding current maturities of debt and obligations collateralized by finance receivables          $       529.9  $       500.0Obligations collateralized by finance receivables                                            713.3          610.3Current maturities of debt                               43.7           85.9                                                -------------  -------------  Total current liabilities                           1,286.9        1,196.2Long-term debt                                        1,774.6        1,816.9Other non-current liabilities                           417.1          422.8Stockholders' equity                                  1,443.7        1,343.2                                                -------------  -------------  Total liabilities and stockholders' equity    $     4,922.3  $     4,779.1                                                =============  =============

KAR Auction Services, Inc.
EBITDA and Adjusted EBITDA Measures

EBITDA and Adjusted EBITDA Measures
EBITDA and Adjusted EBITDA as presented herein are supplemental measures of our performance that are not required by, or presented in accordance with, generally accepted accounting principles in the United States ("GAAP"). They are not measurements of our financial performance under GAAP and should not be considered as substitutes for net income (loss) or any other performance measures derived in accordance with GAAP.

EBITDA is defined as net income (loss), plus interest expense net of interest income, income tax provision (benefit), depreciation and amortization. Adjusted EBITDA is EBITDA adjusted for the items of income and expense and expected incremental revenue and cost savings as described in our senior secured credit agreement covenant calculations. Management believes that the inclusion of supplementary adjustments to EBITDA applied in presenting Adjusted EBITDA is appropriate to provide additional information to investors about one of the principal measures of performance used by our creditors. In addition, management uses Adjusted EBITDA to evaluate our performance and to evaluate results relative to incentive compensation targets. EBITDA and Adjusted EBITDA have limitations as analytical tools, and should not be considered in isolation or as a substitute for analysis of the results as reported under GAAP. These measures may not be comparable to similarly titled measures reported by other companies.