Simple DCF Analysis - Mid-Year Convention and Stub Periods

($ in Millions Except Per Share and Per Unit Data)

Discounted Cash Flow (DCF) Analysis - Assumptions and Output:

Use Mid-Year Convention in Calculations? 1 Terminal Value - Multiples Method: Terminal Value - Perpetuity Growth Method:
Valuation Date: Apr 30
Stub Period: 0.671 Baseline Terminal EBITDA Multiple: 8.0 x Baseline Terminal FCF Growth Rate:
% Cash Flow Generated in Year 1 to Date: 33.3% Baseline Terminal Value: $ 16,638.9 Baseline Terminal Value:
Cash Flow to Subtract in Projected Year 1: $ 100.1
Terminal Value Discount Period: 9.671 Terminal Value Discount Period:
Effective Tax Rate: 25.0%
Years in Projection Period: 10 (+) PV of Terminal Value: 6,856.6 (+) PV of Terminal Value:
(+) Sum of PV of Free Cash Flows: 5,391.1 (+) Sum of PV of Free Cash Flows:
Risk-Free Rate: 1.80% Implied Enterprise Value: $ 12,247.6 Implied Enterprise Value:
Equity Risk Premium: 5.20%

Median Unlevered Beta for Comparables: 1.50

Company - Debt / Total Capital Ratio: 20.0%
Company - Debt / Equity Ratio: 25.0%
Re-Levered Beta: 1.78
Cost of Equity: 11.06%

Pre-Tax Cost of Debt: 5.00%

Discount Rate (WACC): 9.60%

Historical: Projected:
Unlevered Free Cash Flow Projections: Units: Year 1 Year 2 Year 3 Year 4 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8

Revenue: $M $ 173.8 $ 272.3 $ 586.0 $ 872.4 $ 1,176.9 $ 1,553.3 $ 1,998.0 $ 2,554.3 $ 3,174.8 $ 3,853.2 $ 4,323.1 $ 4,567.8

Operating Income (EBIT): $M 57.8 127.8 197.8 340.3 447.2 590.2 779.2 996.2 1,269.9 1,541.3 1,729.2 1,827.1

(-) Taxes, Excluding Effect of Interest: $M (14.4) (32.0) (49.5) (85.1) (111.8) (147.6) (194.8) (249.0) (317.5) (385.3) (432.3) (456.8)

Net Operating Profit After Tax (NOPAT): $M 43.3 95.9 148.4 255.2 335.4 442.7 584.4 747.1 952.4 1,156.0 1,296.9 1,370.3

(+) Depreciation & Amortization: $M 5.4 9.0 14.6 32.3 42.4 54.4 67.9 84.3 101.6 123.3 138.3 146.2
(+/-) Changes in Operating Assets & Liabilities: $M (5.8) (5.5) (13.2) (23.8) (24.7) (29.0) (32.0) (37.8) (39.1) (40.7) (28.2) (14.7)
(-) Capital Expenditures: $M (7.8) (11.2) (22.3) (39.3) (53.0) (68.3) (85.9) (107.3) (133.3) (161.8) (181.6) (191.8)

Annual Unlevered Free Cash Flow: $M $ 35.1 $ 88.2 $ 127.6 $ 224.5 $ 300.2 $ 399.7 $ 534.4 $ 686.3 $ 881.6 $ 1,076.7 $ 1,225.5 $ 1,310.0

Unlevered Free Cash Flow for Remainder of Year: $M 200.1 399.7 534.4 686.3 881.6 1,076.7 1,225.5 1,310.0

Standard Discount Period: # 0.671 1.671 2.671 3.671 4.671 5.671 6.671 7.671
Present Value of Unlevered FCF (Standard): $M 188.2 342.9 418.3 490.2 574.5 640.2 664.9 648.4

Mid-Year Discount Period: # 0.336 1.171 2.171 3.171 4.171 5.171 6.171 7.171
Present Value of Unlevered FCF (Mid-Year): $M 194.0 359.0 438.0 513.2 601.5 670.2 696.0 678.9

Annual Free Cash Flow Growth Rate: % N/A 151.2% 44.7% 75.9% 33.7% 33.2% 33.7% 28.4% 28.5% 22.1% 13.8% 6.9%

Annual EBITDA: $M $ 63.2 $ 136.8 $ 212.5 $ 372.6 $ 489.6 $ 644.6 $ 847.2 $ 1,080.5 $ 1,371.5 $ 1,664.6 $ 1,867.6 $ 1,973.3
Annual EBITDA Growth Rate: % N/A 116.6% 55.3% 75.3% 31.4% 31.7% 31.4% 27.5% 26.9% 21.4% 12.2% 5.7%
Annual EBITDA Margin: % 36.4% 50.2% 36.3% 42.7% 41.6% 41.5% 42.4% 42.3% 43.2% 43.2% 43.2% 43.2%
 Terminal Value - Perpetuity Growth Method:

eline Terminal FCF Growth Rate: 1.2%

$ 16,639.0

minal Value Discount Period: 9.171

7,178.2
) Sum of PV of Free Cash Flows: 5,391.1
$ 12,569.2

Year 9 Year 10

$ 4,701.2 $ 4,814.5

1,880.5 1,925.8

(470.1) (481.5)

1,410.4 1,444.4

150.4 154.1
(8.0) (6.8)
(197.5) (202.2)

$ 1,355.3 $ 1,389.4

1,355.3 1,389.4

8.671 9.671
612.1 572.5

8.171 9.171
640.8 599.4

3.5% 2.5%

$ 2,030.9 $ 2,079.9
2.9% 2.4%
43.2% 43.2%