Morgan Stanley Investment Banking Pitch Book

Morgan Stanley Overview of Street vs. Management Plan (Cont'd) (1)(2) Adj. EBITDA SMM $1 2019A 0.8% $16 Adj. EBITDA Margin % 2019A 2020A 9.0% 2020A $42 2021A 17.1% 2021A $55 $49 2022E 16.5% 14.6% 2022E $75 2023E Actuals $70 Notes 1. Street financials represent Thomson consensus estimates as of 9/12/2022 2. Management reflects forecast provided by Management on 8/12/2022 PROJECT ORANGE 17.1% 2023E 17.0% $132 $97 2024E 23.8% 19.5% 2024E Street $213 $138 2025E 30.6% 23.6% 2025E Levered Free Cash Flow SMM $19 2019A % 15.7% $37 2019A 2020A Levered Free Cash Flow Margin 21.0% 2020A -O-Street Extrapolations $71 PRELIMINARY AND CONFIDENTIAL DRAFT 2021A 28.9% 2021A $92 $80 2022E 27.5% 23.8% 2022E $107 $104 2023E Management 24.4% 25.0% 2023E $151 $117 2024E 27.3% 23.6% 2024E $208 $143 2025E 29.8% 24.4% 2025E REFERENCE MATERIALS 22

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