LionTree Investment Banking Pitch Book

Discounted Cash Flow Analysis¹ ($mm) EBITDA (Before SBC) Less: Stock Based Compensation Less: Depreciation & Amortization EBIT Less: Taxes @ 35% After-Tax EBIT Plus: D&A Less: Capex Less: (Increase) / Decrease in Working Capital Unlevered Free Cash Flows Present Value of Cash Flows Present Value of Terminal Value Present Value of Enterprise Less: Net Debt & Other Present Value of Equity Shares Price Per Share Source: Wall Street research Draft Working Materials - Subject to Change LionTree Notes: WACC 2016E Fiscal Year Ended December 31, 2017E 2019E 2018E DCF Equity Value Per Share LTM Terminal EBITDA Multiple 2020E 29

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