on size for a SPAC is typically 3-5x the initial IPO size Key assumptions: — $200mm SPAC IPO - Sponsor promote of 20% or 550mm upfront — 10.0x TEV/EBITDA acquisition multiple Deutsche Bank Corporate & Investment Banking EBITDA delta (x) EBITDA delta (%) 10.0x 5200.0 10.0x 20.0 5250.0 12.5x

5.11 $ 15.11 $ 15.11 $ 15.11 Market Cap 3.0)5 1.515 1,523 1,523 1,523 1,523 1.523 QV 17.159 16,054 15,975 15975 15.811 15811 15,824 TEV/EBITDA 7.54 6.7x 7.3x I 7.241 5.7a 6.44 654 Sea* Dwarf w Brat et1 avow, metro Page 110 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO

d note that at current leverage and FCF levels (our 2018E net leverage estimate is 7.5x) there is relatively little room for error. That said, on a TEV/EBITDA basis we believe VRX should trade at a higher valuation than certain other HY peers due to the durability of a large portion of its business (BOL /