Note: $MM

Assumptions
Prj. 1 Sales Year 1
Prj. 1 Sales Growth Rate
Prj. 1 COGS Growth Rate
Prj. 1 OPEX/Sales %

Opex%/Sales

$110.0
10.0%
4.7%
20.0%

Prj. 1 Capital Inv.

Prj. 1 Discount Rate
Prj. 1 Tax Rate

$40.0
10%
40.0%

Year 2

Year 3

Year 4

$110.0
$65.0
$45.0

$121.0
$68.1
$52.9

$133.1
$71.3
$61.8

$146.4
$74.6
$71.8

Total OPEX

$22.0

$24.2

$26.6

$29.3

EBITDA
Taxes
Capital Investment
Operating Cash Flow

$23.0
$9.2

$28.7
$11.5

$35.2
$14.1

$42.5
$17.0

$13.8

$17.2

$21.1

$25.5

($40.0)
($40.0)

15%
Capital Investment

Year 1
Sales
COGS
Net Sales

Min

NPV Project 1 $20.1

IRR Project 1 29.16%

$35
$40
$45

Sales Growth Rate

COGS Growth Rate
K2:K201
M2:M201
10.2%
4.0%

Opex%/Sales
M-L

Max

9.2%

3.5%

20%

23%

10.8%

4.0%

11.3%

4.2%

12.0%

4.9%

11.2%

4.7%

10.1%

3.8%

9.1%

3.2%

9.2%

3.4%

11.3%

3.8%

10.2%

4.1%

10.1%

3.3%

11.1%

4.4%

11.2%

4.9%

10.5%

4.6%

9.8%

3.2%

10.3%

3.2%

10.6%

3.7%

Capital Investment

9.7%

3.8%

10.7%

4.6%

9.3%
9.0%
11.6%
9.3%
9.4%
9.6%

3.7%
3.3%
4.9%
4.0%
3.4%
3.8%

10.5%

3.9%

9.3%

3.3%

9.3%

3.6%

10.4%

3.4%

9.2%

3.1%

8.5%

3.6%

11.5%

4.5%

10.5%

4.3%

11.5%
9.8%
10.2%
10.9%
9.7%
9.1%
10.8%
11.4%
9.4%
9.9%

4.4%
3.6%
4.1%
4.5%
3.3%
3.4%
4.3%
4.9%
3.3%
3.8%

10.2%
10.1%
12.6%
11.4%
10.1%
10.6%
10.1%
9.4%
9.6%
11.1%
11.5%
10.1%
11.4%
10.3%
10.7%
10.4%
11.3%
11.3%
10.8%
10.0%
9.3%
13.1%
10.0%
9.7%
10.5%
12.0%
10.2%
10.1%
11.1%
10.2%
10.1%
10.1%
11.2%
10.4%
11.4%
12.5%
10.6%
9.8%
9.9%
9.5%
9.1%
9.2%
9.6%
10.8%
10.2%
9.5%
9.4%
8.3%
9.7%
11.1%
12.8%
9.6%

3.4%
4.9%
4.7%
4.5%
3.7%
3.8%
4.1%
3.3%
3.4%
4.0%
4.7%
4.4%
5.0%
3.8%
5.0%
4.2%
4.5%
4.4%
3.4%
3.7%
3.3%
4.7%
3.8%
3.1%
4.9%
4.9%
3.7%
3.7%
4.8%
3.3%
3.3%
4.7%
4.9%
4.2%
4.6%
4.7%
3.9%
4.2%
4.0%
4.5%
3.2%
3.1%
3.2%
4.4%
4.4%
3.6%
3.7%
3.3%
3.8%
4.9%
5.0%
3.5%

9.3%
10.0%
12.3%
10.0%
9.4%
10.0%
11.1%
10.5%
12.0%
10.3%
9.0%
11.0%
9.0%
9.6%
9.1%
9.7%
9.8%
10.4%
10.6%
11.1%
10.3%
10.1%
10.0%
9.4%
10.1%
10.7%
9.1%
11.2%
9.6%
12.0%
11.8%
12.0%
8.8%
10.9%
10.5%
11.0%
9.8%
10.5%
11.0%
9.5%
9.8%
9.0%
10.7%
10.0%
8.6%
9.9%
10.0%
11.4%
8.8%
9.7%
9.4%
9.8%

3.3%
3.5%
5.0%
3.1%
3.7%
4.2%
4.3%
3.4%
4.7%
3.2%
3.2%
4.3%
3.8%
3.1%
3.9%
4.0%
3.8%
4.1%
4.7%
4.5%
4.6%
4.6%
4.2%
4.1%
4.1%
4.6%
3.5%
4.7%
3.2%
4.9%
4.4%
4.5%
3.1%
4.4%
3.7%
4.5%
4.1%
4.5%
4.1%
3.3%
3.2%
3.1%
4.1%
4.3%
3.3%
3.3%
3.8%
3.8%
3.7%
3.2%
3.2%
3.2%

9.1%
11.9%
10.8%
11.1%
11.4%
11.3%
11.9%
12.5%
12.4%
10.4%
11.1%
10.7%
10.2%
11.4%
10.5%
10.6%
10.7%
11.1%
9.9%
10.3%
10.2%
11.5%
10.8%
9.3%
10.1%
10.2%
9.3%
10.7%
9.9%
10.9%
9.2%
11.3%
10.7%
9.3%
9.7%
10.3%
11.1%
11.7%
10.5%
10.2%
10.0%
10.1%
10.7%
8.3%
10.5%
10.2%
10.1%
10.9%
8.4%
9.7%
10.9%
9.6%

4.0%
4.9%
4.2%
4.8%
4.0%
4.4%
4.8%
4.8%
4.8%
4.2%
4.0%
4.4%
4.3%
4.5%
4.1%
4.7%
3.7%
4.0%
3.8%
3.9%
4.8%
4.2%
4.4%
4.6%
3.7%
4.0%
3.2%
4.1%
4.1%
4.1%
3.2%
5.0%
3.8%
4.7%
3.5%
3.2%
3.8%
4.5%
4.3%
3.9%
4.0%
4.6%
3.8%
3.8%
4.8%
4.4%
4.1%
4.7%
3.3%
3.7%
4.0%
4.3%

Note: $MM

Assumptions
Prj. 2 Sales Year 1
Prj. 2 Sales Growth Rate
Prj. 2 COGS Growth Rate
Prj. 2 OPEX/Sales %

Opex%/Sales

$120.0
10.0%
5.0%
20.0%

Prj. 2 Capital Inv.

Prj. 2 Discount Rate
Prj. 2 Tax Rate

$50.0
10%
40.0%

Year 2

Year 3

Year 4

$120.0
$65.0
$55.0

$132.0
$68.3
$63.8

$145.2
$71.7
$73.5

$159.7
$75.2
$84.5

Total OPEX

$24.0

$26.4

$29.0

$31.9

EBITDA
Taxes
Capital Investment
Operating Cash Flow

$31.0
$12.4

$37.4
$14.9

$44.5
$17.8

$52.5
$21.0

$18.6

$22.4

$26.7

$31.5

($50.0)
($50.0)

18%
Capital Investment

Year 1
Sales
COGS
Net Sales

Min

NPV Project 2
$27.0
IRR Project 2 30.82%

$45
$50
$55

COGS Growth Rate

Opex%/Sales

5.6%

M-L

Max

4.7%

20%

27%

4.8%
4.3%

Capital Investment

4.6%
5.5%
5.7%
5.9%
4.2%
5.3%
4.8%
5.8%
5.3%
4.9%
5.1%
4.2%
4.8%
4.1%
4.6%
5.1%
4.9%
4.7%
5.5%
5.1%
4.6%
5.5%
5.2%
5.8%
5.8%
5.6%
4.1%
5.5%
4.5%
4.2%
5.5%
5.1%
4.4%
4.7%
4.8%
5.7%
4.4%
5.0%
5.4%
4.3%

L2:L201

5.9%
4.8%
5.2%
5.4%
5.8%
4.9%
6.0%
5.1%
5.3%
5.2%
5.0%
4.3%
5.4%
5.9%
4.5%
4.8%
5.7%
4.5%
5.7%
5.6%
4.1%
4.6%
5.8%
4.1%
5.2%
4.1%
5.4%
5.1%
4.6%
5.2%
5.7%
4.4%
5.5%
4.3%
5.8%
4.4%
4.1%
5.9%
5.2%
5.6%
5.6%
5.1%
4.6%
4.0%
4.2%
5.2%
4.3%
5.4%
4.6%
5.4%
5.8%
5.3%

4.6%
5.9%
4.4%
4.2%
5.2%
4.8%
4.4%
4.8%
4.6%
4.0%
4.5%
5.9%
5.3%
5.6%
4.8%
4.7%
4.4%
5.1%
5.4%
5.5%
4.8%
6.0%
4.7%
4.5%
4.7%
4.8%
4.5%
5.3%
4.9%
4.3%
4.4%
5.6%
4.9%
5.9%
5.7%
4.9%
5.3%
5.0%
5.0%
5.9%
5.4%
5.4%
5.3%
5.8%
4.8%
5.8%
5.8%
5.7%
5.9%
5.1%
5.8%
4.3%

4.5%
5.0%
5.5%
4.4%
6.0%
4.6%
4.2%
4.4%
5.5%
4.6%
5.6%
5.0%
5.1%
5.4%
5.0%
4.0%
5.5%
4.8%
5.0%
5.2%
4.3%
5.6%
5.9%
5.9%
5.5%
5.7%
4.8%
4.4%
5.9%
5.5%
5.4%
5.6%
5.5%
4.6%
5.6%
6.0%
4.2%
4.9%
5.8%
5.0%
4.3%
5.7%
4.9%
5.0%
5.6%
4.8%
4.1%
5.0%
4.7%
4.2%
4.7%
4.7%