Assumptions Operating Case Purchase Price Analysis Checks

Project Name Name Management Case 1 LTM EBITDA $ 315.0 Net Debt Paydown
Close 9/30/2018 Sponsor Case 2 Purchase Multiple 8x Sources / Uses
Stub 25% Barclays Case 3 TEV $ 2,520.0 FCF Build
Financeable EBITDA 315.0 Downside Case 4 Less: Debt (1,582.0)
Purchase Multiple 8.0x Stress Case 5 Plus: Cash - ECF Switch
Min Cash $ - Case 6 6 Purchase Equity Value $ 938.0 On 1
Tax 21% Case 7 7 Off 2
LIBOR Floor 0% Case 8 8 Returns Analysis Off 2
Revolver Commitment Fee 50 bps Management Case 1 Exit EBITDA $ 491.7
Interest Deductibility Rate 30% Exit Multiple 8.0x
Cash Interest Income 0% Financing Case Enterprise Value $ 3,933.8
ABL / 2nd - 5.5x 1 Less: Debt (1,359.0)
Purchase Multiple Case 2 2 Plus: Cash 264.0
ABL / 2nd - 5.5x 8x Case 3 3 Equity Value $ 2,838.8
Case 2 8x Case 4 4
Case 3 8x Case 5 5 IRR 27.2%
Case 4 8x ABL / 2nd - 5.5x 1 MOIC 3.3x
Case 5 8x

ABL / 2nd - ABL / 2nd -

Financing Case 5.5x Case 2 Case 3 Case 4 Case 5 5.5x
Revolver Capacity $ 575.0 $ 575.0 $ 575.0 $ 575.0 $ 575.0 $ 575.0

Leverage
New ABL 1.2x 1.2x
New 1L
New 2L 4 4.2x
New Senior Notes
New Mezz
Total Leverage 5.4x 5.4x

Sources
Cash from BS $ - $ -
New ABL 375.0 375.0
New 1L - -
New 2L 1,325.0 1,325.0
New Senior Notes - -
New Mezz - -
Debt Rollover - -
Mgmt Rollover - - Equity Check
Sponsor Equity 851.9 851.9 34.3%
Total Sources $ 2,551.9 $ 2,551.9

Uses
Cash to BS $ - $ -
Repay Existing Debt 1,548.0 1,548.0
Purchase Equity Value 938.0 938.0
Debt Rollover - -
Mgmt Rollover - -
OID 13.3 13.3
Fees 52.7 52.7
Total Uses $ 2,551.9 $ 2,551.9

Tenor
New ABL 5 years 5 years
New 1L 7 years 7 years
New 2L 8 years 8 years
New Senior Notes 8 years 8 years
New Mezz 8 years 8 years

Pricing
New ABL L + 200 L + 200
New 1L 0% 0%
New 2L 8.25% 8.25%
New Senior Notes 0% 0%
New Mezz 0% 0%

Fees - %
New ABL 2.25% 2.25%
New 1L 2.25% 2.25%
New 2L 3.00% 3.00%
New Senior Notes 3.25% 3.25%
New Mezz 0.00% 0.00%

Fees - $
New ABL $ 12.9 $ 12.9
New 1L - -
New 2L 39.8 39.8
New Senior Notes - -
New Mezz - -
Total Fees $ 52.7 $ 52.7

OID - %
New ABL 0.00% 0.00%
New 1L 0.50% 0.50%
New 2L 1.00% 1.00%
New Senior Notes 0.00% 0.00%
New Mezz 0.00% 0.00%

OID - $
New ABL $ - $ -
New 1L - -
New 2L 13.3 13.3
New Senior Notes - -
New Mezz - -
Total OID $ 13.3 $ 13.3
Amortization of Financing Fees & OID

FYE Dec. 31,

($ in millions) Term Fees + OID 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E
New ABL 5 years $ 12.9 $ 2.6 $ 2.6 $ 2.6 $ 2.6 $ 2.6 $ - $ - $ -
New 1L 7 years - - - - - - - - -
New 2L 8 years 53.0 6.6 6.6 6.6 6.6 6.6 6.6 6.6 6.6
New Senior Notes 8 years - - - - - - - - -
New Mezz 8 years - - - - - - - - -
Total $ 65.9 $ 9.2 $ 9.2 $ 9.2 $ 9.2 $ 9.2 $ 6.6 $ 6.6 $ 6.6

Sources & Uses

Sources Amount % of Total Uses Amount % of Total

Cash from BS $ - 0.0% Cash to BS $ - 0.0%
New ABL 375.0 14.7% Repay Existing Debt 1548 60.7%
New 1L - 0.0% Purchase Equity Value 938 36.8%
New 2L 1,325.0 51.9% Debt Rollover 0 0.0%
New Senior Notes - 0.0% Mgmt Rollover 0 0.0%
New Mezz - 0.0% OID 13.25 0.5%
Debt Rollover - 0.0% Fees 52.6875 2.1%
Mgmt Rollover - 0.0%
Sponsor Equity 851.9 33.4%
Total Sources $ 2,551.9 100.0% Total Uses $ 2,551.9 100.0%
Income Statement

FYE Dec. 31, LTM FYE Dec. 31,

($ in millions) 2015A 2016A 2017A 6/30/2018 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E

Total Rental Revenue $ 568.9 $ 543.0 $ 598.4 $ 627.9 $ 657.3 $ 707.2 $ 765.2 $ 814.2 $ 851.6 $ 886.5 $ 922.8 $ 960.6
% Growth -4.6% 10.2% N/A 9.8% 7.6% 8.2% 6.4% 4.6% 4.1% 4.1% 4.1%

Used Equipment Sales 101.2 102.3 107.4 104.0 100.5 105.8 107.2 109.2 124.8 124.8 124.8 124.8
% Growth 1.1% 5.0% N/A -6.4% 5.2% 1.3% 1.9% 14.3% 0.0% 0.0% 0.0%

All Other 25.7 27.0 28.5 28.6 28.6 29.4 30.3 31.2 32.1 33.1 34.1 35.2
% Growth 5.1% 5.6% N/A 0.4% 2.8% 3.1% 3.0% 2.9% 3.1% 2.9% 3.1%
Total Revenue $ 695.8 $ 672.3 $ 734.3 $ 760.4 $ 786.4 $ 842.4 $ 902.7 $ 954.6 $ 1,008.6 $ 1,044.5 $ 1,081.7 $ 1,120.6
% Growth -3.4% 9.2% 7.1% 7.1% 7.2% 5.8% 5.7% 3.6% 3.6% 3.6%

Adj. EBITDA $ 232.7 $ 220.9 $ 268.5 $ 305.0 $ 336.3 $ 374.1 $ 412.3 $ 444.4 $ 473.5 $ 497.8 $ 515.6 $ 534.1
% Margin 33.4% 32.9% 36.6% 40.1% 42.8% 44.4% 45.7% 46.6% 46.9% 47.7% 47.7% 47.7%
% Growth 11.2% 10.2% 7.8% 6.5% 5.1% 3.6% 3.6%

Synergies 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0
PF Adj. EBITDA $ 315.0 $ 346.3 $ 384.1 $ 422.3 $ 454.4 $ 483.5 $ 507.8 $ 525.6 $ 544.1
% Margin 41.4% 44.0% 45.6% 46.8% 47.6% 47.9% 48.6% 48.6% 48.6%
% Growth 10.9% 9.9% 7.6% 6.4% 5.0% 3.5% 3.5%

Less: D&A (206.8) (210.2) (224.2) (236.5) (247.1) (257.1) (266.3) (275.9)
Less: Amortization of Financing Fees and OID (9.2) (9.2) (9.2) (9.2) (9.2) (6.6) (6.6) (6.6)
EBIT $ 120.3 $ 154.7 $ 178.9 $ 198.7 $ 217.2 $ 234.1 $ 242.7 $ 251.6
Less: Deductible Net Cash Interest Expense 30% (100.9) (112.2) (123.7) (133.3) (65.2) (70.2) (72.8) (75.5)
EBT Post Interest Expense Deduction $ 19.4 $ 42.5 $ 55.2 $ 65.4 $ 152.0 $ 163.9 $ 169.9 $ 176.1

Less: Cash Taxes 21% (4.1) (8.9) (11.6) (13.7) (31.9) (34.4) (35.7) (37.0)
Net Income $ 15.3 $ 33.5 $ 43.6 $ 51.6 $ 120.1 $ 129.4 $ 134.2 $ 139.1
% Margin 1.9% 4.0% 4.8% 5.4% 11.9% 12.4% 12.4% 12.4%
Interest Expense Deduction

FYE Dec. 31,

($ in millions) 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E

EBITDA $ 336.3 $ 374.1 $ 412.3 $ 444.4 $ 473.5 $ 497.8 $ 515.6 $ 534.1

EBIT 120.3 154.7 178.9 198.7 217.2 234.1 242.7 251.6
Limit @ 30% of ATI 30% 100.9 112.2 123.7 133.3 65.2 70.2 72.8 75.5

Total Interest Expense $ 127.9 $ 127.3 $ 125.0 $ 120.4 $ 113.8 $ 112.2 $ 112.2 $ 112.2
Allowed Deduction 100.9 112.2 123.7 133.3 65.2 70.2 72.8 75.5
Disallowed Deductions 27.0 15.1 1.3 - 48.7 42.0 39.4 36.7

Total Deductible Interest $ 100.9 $ 112.2 $ 123.7 $ 133.3 $ 65.2 $ 70.2 $ 72.8 $ 75.5

Carryover Balance, Beg. - $ 27.0 $ 42.1 $ 43.4 $ 30.5 $ 79.2 $ 121.1 $ 160.5
Disallowed Deductions 27.0 15.1 1.3 - 48.7 42.0 39.4 36.7
Carryover Utilized - - - (12.9) - - - -
Carryover Balance, End. $ 27.0 $ 42.1 $ 43.4 $ 30.5 $ 79.2 $ 121.1 $ 160.5 $ 197.2
Drivers

FYE Dec. 31, LTM FYE Dec. 31,

($ in millions) 2015A 2016A 2017A 6/30/2018E 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E

D&A $ 222.3 $ 207.9 $ 206.8 $ 206.8 $ 206.8 $ 210.2 $ 224.2 $ 236.5 $ 247.1 $ 257.1 $ 266.3 $ 275.9
% of Revenue 31.9% 30.9% 28.2% 27.2% 26.3% 25.0% 24.8% 24.8% 24.5% 24.6% 24.6% 24.6%

Change in NWC N/A - - - - - - - - - - -

NWC - - - - - - - - - - - -
% of Revenue 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Maintenace Capex (Net) - - - 25.9 51.8 114.1 115.6 117.8 134.5 134.5 139.3 144.3
% of Revenue 0.0% 0.0% 0.0% 3.4% 6.6% 13.5% 12.8% 12.3% 13.3% 12.9% 12.9% 12.9%

Growth Capex - - - - - 81.3 72.0 55.6 39.8 43.4 45.0 46.6

% of Revenue 0.0% 0.0% 0.0% 0.0% 0.0% 9.7% 8.0% 5.8% 3.9% 4.2% 4.2% 4.2%
Total Capex $ - $ - $ - $ 25.9 $ 51.8 $ 195.4 $ 187.6 $ 173.4 $ 174.3 $ 177.9 $ 184.3 $ 190.9
% of Revenue 0.0% 0.0% 0.0% 3.4% 6.6% 23.2% 20.8% 18.2% 17.3% 17.0% 17.0% 17.0%
Cash Flow Statement

3 Months FYE Dec. 31, 9 Months

($ in millions) 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E
PF Adjusted EBITDA $ 86.6 $ 384.1 $ 422.3 $ 454.4 $ 483.5 $ 507.8 $ 525.6 $ 408.1
Less: Net Cash Interest Expense (32.0) (127.3) (125.0) (120.4) (113.8) (112.2) (112.2) (84.1)
Less: Cash Taxes (1.0) (8.9) (11.6) (13.7) (31.9) (34.4) (35.7) (27.7)
Less: Change in NWC - - - - - - - -
Less: Net Maintenance Capex (13.0) (114.1) (115.6) (117.8) (134.5) (134.5) (139.3) (108.2)
Less: Growth Capex - (81.3) (72.0) (55.6) (39.8) (43.4) (45.0) (35.0)
Free Cash Flow $ 40.6 $ 52.5 $ 98.1 $ 146.8 $ 163.4 $ 183.3 $ 193.4 $ 153.0
% of Total Debt
Cumulative FCF
Cumulative FCF / Opening 1L Debt
Cumulative FCF / Opening Total Debt

Less: Mandatory Paydown - - - - - - - -

Free Cash Flow After Mandatory Paydown $ 40.6 $ 52.5 $ 98.1 $ 146.8 $ 163.4 $ 183.3 $ 193.4 $ 153.0
Plus: Revolver Draw / (Repayment) (40.6) (52.5) (98.1) (146.8) (36.9) - - -
Free Cash Flow Available for Optional Paydown $ - $ - $ - $ - $ 126.5 $ 183.3 $ 193.4 $ 153.0
ECF Case 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Free Cash Flow Available for Optional Paydown after ECF Case Applied $ - $ - $ - $ - $ - $ - $ - $ -
Less: Optional Paydown - - - - - - - -
Free Cash Flow After Debt Paydown $ - $ - $ - $ - $ 126.5 $ 183.3 $ 193.4 $ 153.0

Beginning Cash $ - $ - $ - $ - $ - $ 126.5 $ 309.8 $ 503.2

Change in Cash - - - - 126.5 183.3 193.4 153.0
Ending Cash $ - $ - $ - $ - $ 126.5 $ 309.8 $ 503.2 $ 656.3
Cap Table

As of Adjustments Pro Forma FYE Dec. 31,

($ in millions) 9/30/2018 Debit Credit 9/30/2018 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E

Cash - - $ - $ - $ - $ - $ 126.5 $ 309.8 $ 503.2 $ 656.3

ABL 448.0 448.0 375.0 375.0 334.4 281.9 183.8 36.9 - - - -

1L - - - - - - - - - -
Existing Cap Leases 34.0 34.0 34.0 34.0 34.0 34.0 34.0 34.0 34.0 34.0
Total 1L Debt $ 482.0 $ 409.0 $ 368.4 $ 315.9 $ 217.8 $ 70.9 $ 34.0 $ 34.0 $ 34.0 $ 34.0

2L 1,100.0 1,100.0 1,325.0 1,325.0 1,325.0 1,325.0 1,325.0 1,325.0 1,325.0 1,325.0 1,325.0 1,325.0
Senior Notes - - - - - - - - - -
New Mezz - - - - - - - - - -
Total Debt $ 1,582.0 $ 1,734.0 $ 1,693.4 $ 1,640.9 $ 1,542.8 $ 1,395.9 $ 1,359.0 $ 1,359.0 $ 1,359.0 $ 1,359.0

Net Debt 1,582.0 1,734.0 1,693.4 1,640.9 1,542.8 1,395.9 1,232.5 1,049.2 855.8 702.7

Credit Statistics
Total 1L Debt / PF Adj. EBITDA
Total Net 1L Debt / PF Adj. EBITDA
Total Debt / PF Adj. EBITDA
Total Net Debt / PF Adj. EBITDA

PF Adj. EBITDA / Net Cash Interest Expense

(PF Adj. EBITDA - Capex) / Net Cash Interest Expense
Debt Tables

LTM FYE Dec. 31,

($ in millions) 9/30/2018 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E
LIBOR Floor 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Projected LIBOR 2.492% 2.685% 3.022% 3.037% 2.996% 2.963% 2.959% 2.985% 3.015%
Effective LIBOR 2.492% 2.685% 3.022% 3.037% 2.996% 2.963% 2.959% 2.985% 3.015%

New ABL
Beginning Balance 375.0 375.0 334.4 281.9 183.8 36.9 - - -
Drawdown / (Repayment) - (40.6) (52.5) (98.1) (146.8) (36.9) - - -
Ending Balance 375.0 334.4 281.9 183.8 36.9 - - - -

ABL Commitment Fee 50 bps - 1.0 1.2 1.5 2.0 2.7 2.9 2.9 2.9

ABL Interest Expense L + 200 - 17.6 16.8 14.2 9.2 1.8 - - -

New 1L Debt
Beginning Balance - - - - - - - - -
Mandatory Amortization 1.00% - - - - - - - - -
Optional Paydown No - - - - - - - - -
Ending Balance - - - - - - - - -

1L Interest Expense 0.0% - - - - - - - - -

New 2L Debt
Beginning Balance 1,325.0 1,325.0 1,325.0 1,325.0 1,325.0 1,325.0 1,325.0 1,325.0 1,325.0
Mandatory Amortization 0.00% - - - - - - - - -
Optional Paydown No - - - - - - - - -
Ending Balance 1,325.0 1,325.0 1,325.0 1,325.0 1,325.0 1,325.0 1,325.0 1,325.0 1,325.0

2L Interest Expense 8.3% - 109.3 109.3 109.3 109.3 109.3 109.3 109.3 109.3

New Senior Notes

Beginning Balance - - - - - - - - -
Optional Paydown No - - - - - - - - -
Ending Balance - - - - - - - - -

Senior Notes Interest Expense 0.0% - - - - - - - - -

New Mezz
Beginning Balance - - - - - - - - -
Optional Paydown No - - - - - - - - -
Ending Balance - - - - - - - - -

Mezz Interest Expense 0.0% - - - - - - - - -

Interest Expense Summary

ABL Commitment Fee $ - $ 1.0 $ 1.2 $ 1.5 $ 2.0 $ 2.7 $ 2.9 $ 2.9 $ 2.9
ABL Interest Expense - 17.6 16.8 14.2 9.2 1.8 - - -
1L Interest Expense - - - - - - - - -
2L Interest Expense - 109.3 109.3 109.3 109.3 109.3 109.3 109.3 109.3
Senior Notes Interest Expense - - - - - - - - -
Mezz Interest Expense - - - - - - - - -
Net Cash Interest Income 0.0% - - - - - - - - -
Net Cash Interest Expense $ - $ 127.9 $ 127.3 $ 125.0 $ 120.4 $ 113.8 $ 112.2 $ 112.2 $ 112.2
Returns Analysis

FYE Dec. 31,

9/30/2018 9/30/2019 9/30/2020 9/30/2021 9/30/2022 9/30/2023 9/30/2024 9/30/2025
Equity In $ (851.9)
Equity Out 2,838.8
Net Equity $ (851.9) $ - $ - $ - $ - $ 2,838.8 $ - $ -

9/30/2023E EBITDA $ 491.7

Exit Multiple 8.0x
Enterprise Value $ 3,933.8
Less: 9/30/2023E Debt (1,359.0)
Plus: 9/30/2023E Cash 264.0
Equity Value $ 2,838.8

IRR 27.2%
MOIC 3.3x
Lookup Tables

FYE Dec. 31,

($ in millions) 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E

Rental Revenues - % Growth

Management Case 9.8% 7.6% 8.2% 6.4% 4.6% 4.1% 4.1% 4.1%
Sponsor Case
Barclays Case
Downside Case
Stress Case
Case 6
Case 7
Case 8
Management Case 9.8% 7.6% 8.2% 6.4% 4.6% 4.1% 4.1% 4.1%

Used Equipment Sales - % Growth

Management Case -6.4% 5.2% 1.3% 1.9% 14.3% 0.0% 0.0% 0.0%
Sponsor Case
Barclays Case
Downside Case
Stress Case
Case 6
Case 7
Case 8
Management Case -6.4% 5.2% 1.3% 1.9% 14.3% 0.0% 0.0% 0.0%

All Other - % Growth

Management Case 0.4% 2.8% 3.1% 3.0% 2.9% 3.1% 2.9% 3.1%
Sponsor Case
Barclays Case
Downside Case
Stress Case
Case 6
Case 7
Case 8
Management Case 0.4% 2.8% 3.1% 3.0% 2.9% 3.1% 2.9% 3.1%

Adjusted EBITDA - % Revenue

Management Case 42.8% 44.4% 45.7% 46.6% 46.9% 47.7% 47.7% 47.7%
Sponsor Case
Barclays Case
Downside Case
Stress Case
Case 6
Case 7
Case 8
Management Case 42.8% 44.4% 45.7% 46.6% 46.9% 47.7% 47.7% 47.7%

D&A - % Revenue
Management Case 26.3% 25.0% 24.8% 24.8% 24.5% 24.6% 24.6% 24.6%
Sponsor Case
Barclays Case
Downside Case
Stress Case
Case 6
Case 7
Case 8
Management Case 26.3% 25.0% 24.8% 24.8% 24.5% 24.6% 24.6% 24.6%

NWC - % Revenue
Management Case 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Sponsor Case
Barclays Case
Downside Case
Stress Case
Case 6
Case 7
Case 8
Management Case 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Maintenance Capex - % Revenue

Management Case 6.6% 13.5% 12.8% 12.3% 13.3% 12.9% 12.9% 12.9%
Sponsor Case
Barclays Case
Downside Case
Stress Case
Case 6
Case 7
Case 8
Management Case 6.6% 13.5% 12.8% 12.3% 13.3% 12.9% 12.9% 12.9%

Growth Capex - % Revenue

Management Case 0.0% 9.7% 8.0% 5.8% 3.9% 4.2% 4.2% 4.2%
Sponsor Case
Barclays Case
Downside Case
Stress Case
Case 6
Case 7
Case 8
Management Case 0.0% 9.7% 8.0% 5.8% 3.9% 4.2% 4.2% 4.2%