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Investor Presentaiton

28 STN TSX NYSE EXCELLENCE INNOVATION PEOPLE GROWTH 2019 Results Versus Guidance Expressed as a percent of net revenue & revised for IFRS 16 54.1% Gross Margin 49.0% 50.0% 51.0% 52.0% 53.0% 54.0% 55.0% 56.0% 57.0% 58.0% 59.0% 38.6% Admin & Marketing 33.0% 34.0% 35.0% 36.0% 37.0% 38.0% 39.0% 40.0% 41.0% 42.0% 43.0% 15.5% Adjusted EBITDA (1) 11.0% 12.0% 13.0% 14.0% 15.0% 16.0% 17.0% 18.0% 19.0% 20.0% 21.0% 6.1% Adjusted Net Income (1) 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0% 11.0% (1) Adjusted EBITDA and adjusted net income are non-IFRS measures discussed in the Definition section of our 2019 Annual Report.

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