h 3.75% PV of Operating leases 2C3 Terminal MIT Margin 450% 4-Reached by 2020 Implied Equity Value 36,077 Terminal The Rate 26.5% 41:1'18e Sharecount Terminal O&A (% of rev.) 10.1% USD/CAD 5t.25 Terminal Capra OS of rev.) (19.0%) ImplbO Share Price $209 Translates to- 17,5x our 2029 EPS es

q Pre/ $ Liquidation Resulting Liquidation Change In Series 8 Ratio Preference Series 8 Invested Preference Increase Preference Sharecount $1,250,000 6.0x $5,000,000 $7,500,000 5.0x 56,250.000 i $11,250.000 I 677,244 $2.OM Investment Amount Invested in Exchange Current Liq