ated Free Cash Flow Over the past 5 years Quest has spent over $1.5b in net acquisitions (including sales of nearly $800m). how- ever both sales and NOPAT have changed very litde over that tirneframe. We believe acquisitions have been used co fill the hole created by a declining core routine testing bu

166% 183% 19.9% 21.6% 23.2% 24.9% 26,5% Unlevered Free Cash now 1,995 2,355 2,536 2,764 2,856 2,912 2,967 3,023 3,078 3,133 3,179 NOPAT % of revenue 32.0% 36.0% 37.1% 38.0% 37.8% 37.1% 36.3% 35.6% 34.8% 344% 33.3% D&A 640 680 683 719 758 789 822 856 891 928 963

(e.g. GM's Maven). To determine pricing for this service, we assumed that the service provider would require a 20% return on invested capital (i.e. NOPAT should be $10,000 on a $50,000 vehicle investment), which corresponds to $0.18 per mile for a vehicle generating 56,000 revenue miles per year. We