7/31/2019 DIT Appendix

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DIT Appendix

1. Investment Summary

2. Additional Company Information

3. Reformulated Balance Sheet

4. Adjusted Income Statement

5. Free Cash Flow

6. DCF Valuation

7. IRR Valuation

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DIT - Appendix 2

Investment Summary ($ in thousands, except per share data)

Company Name: Amcon Dis tributing

Ticker: DIT

Recommendation: LONG

FYE CAGR CAGR

Market Data Financial Data 30-Sep-10 ('06-'10) ('10-'15)

Stock Price $77.05 Sales $1,010,538 4.7% 4.3%

Diluted Shares Outstanding 762.793 EBITDA $17,263 18.9% 9.7%

Market Capitalization $58,773 EBIT $15,526 23.4% 10.2%

Net Debt $23,039 EPS $11.53 63.9% 11.5%

Enterprise Value $81,812 FCF per share $12.76 43.2% 9.3%

FYE Ave. Ave.

Equity Valuation Margins 30-Sep-10 ('06-'10) ('11-'15)

Base Case Valuation $132.61 Gross Margin % 7.1% 7.4% 7.2%

% probability 80.0% EBIT Margin % 1.5% 1.3% 1.8%

Downside Valuation $81.71 Net Margin % 0.9% 0.6% 1.1%

% probability 20.0% Dividend Payout % 5.0% 1.9% 3.6%

Adjus ted Equity Value $122.43

Margin of Safety 37.1%

FYE Projected Projected

Base Case Return Projections Multiples & Ratios 30-Sep-10 30-Sep-11 30-Sep-12

3 YR IRR % 23.4% EV/Sales 0.1x 0.1x 0.1x

4 YR IRR % 21.6% EV/EBITDA 4.7x 4.3x 3.8x

5 YR IRR % 20.8% EV/EBIT 5.3x 4.7x 4.2x

P/E 6.8x 5.9x 5.1x

Balance Sheet as of: 31-Dec-10 FCF Yield % 16.2% 17.7% 19.6%

Assets

Cash & Equivalents $356.7 Debt/Total Cap. 30.5% 29.4% 28.7%

Current Assets 67,829.1 Debt/EBITDA 1.4x 1.3x 1.1x

PP&E 11,855.7 EBIT/Interest 10.3x 16.4x 19.8x

Goodwill & Intangibles 10,956.8Other 1,069.1 Pre-Tax ROIC 33.4% 34.6% 37.0%

Total $92,067.4 ROE 26.3% 23.8% 22.1%

Liabilities & Shareholders' Equity

Current Liabilities $28,192.6

Other $1,663.3

Non-Convertible Debt, incl. ST 24,936.6

Convertible Preferred Stock 4,500.0

Shareholders' Equity 32,774.8

Total $92,067.4

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Additional Company Information

The Amcon Story

Amcon boasts a turnaround story with its current CEO, Chris Atayan, at its center. In 2006, with Amcon on the verge

of bankruptcy, Draupnir, LLC, a Chicago-based private equity firm, structured a $7.5MM capital infusion in exchange for 3 tranches

of convertible preferred stock. Chris Atayan, Senior Managing Director of Slusser Associates, was chosen as Draupnirs executiverepresentation to lead the companys turnaround. SinceAtayan took the helm, Amcon has divested its unprofitable water business

and streamlined operations. Despite the severe economic conditions during this period, core EPS grew from $1.60 in FY 2006 to

$11.53 in FY 2010. In the same period Debt/EBITDA was reduced from 6.5x to 1.4x and pre-tax ROIC increased from 13.9% to

33.4%. In 2009, Atayan invested $4.5MM to buy out the former chairman and an additional $2MM to acquire Draupnirs preferred

stock interest. Atayan currently controls 34% ofAmcons fully diluted shares.

Company Overview

Headquartered in Omaha, NE, Amcon Distributing is the 9th largest convenience store wholesale distributer in theUnited States with approximately $1 billion in annual sales.Amcons wholesale operations serve approximately 4,300 retail outlets in

the Central, Rocky and Southern regions of the U.S. In addition, the company owns and operates 14 organic health food stores, 6

located in and around Orlando, FL and the remaining 8 located in various parts of the Midwest. Wholesale operations account for

96% ofAmcons annual sales with the remainder coming from the Retail Health Food segment. Within the wholesale segment, 72%

of sales are derived from cigarettes, 6.5% from confectionary items, and 17.4% from other tobacco products (such as smokeless tobacco

and cigars), non-alcoholic beverages, food service, and other products.

Industry/Macro Overview

Rising food prices and fuel costs coupled with steadily declining cigarette consumption is forcing the convenience store

distribution industry to consolidate. As suppliers and manufacturers increase prices to compensate for these macro-trends, smaller

distributors who lack bargaining power are becoming less and less competitive. Amcon is large enough to capitalize on this trend going

forward and, down the road, should be a takeover target by a larger company. In addition, Amcon is one of the only publically traded

companies in the industry. Other major competitors in the industry that should benefit from industry consolidation are Core-Mark

(NYSE: CORE) which has $6.5 billion in sales and trades at 6x EBITDA as well as the McLane Company which is private and owned

by Berkshire Hathaway.

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DIT - Appendix 4

FYE FYE FYE FYE FYE Projected Projected Projected Projected Projected

Invested Capi tal - S ources and Us es 30 -S ep-06 30-S ep-07 30 -S ep-08 30-S ep-09 30-S ep-10 30-Sep-11 30-Sep-12 30-Sep-13 30-Sep-14 30-Sep-15

Operating Cash 481.1 717.6 457.7 309.9 356.7 425.0 443.2 461.2 479.5 498.3

Receivables 27,815.8 27,848.9 27,198.4 28,393.2 27,903.7 29,690.1 30,965.4 32,224.2 33,499.4 34,811.5

Inventories 29,407.2 29,738.7 37,331.0 34,486.0 35,006.0 36,505.7 38,053.2 39,578.9 41,145.1 42,756.8

Prepaid and Other Current Assets 5,369.2 5,935.2 3,519.7 1,728.6 3,013.5 2,443.6 2,548.6 2,652.2 2,757.1 2,865.1

Operating Current Assets - Total 63,073.2 64,240.4 68,506.7 64,917.7 66,279.9 69,064.4 72,010.4 74,916.5 77,881.1 80,931.7

Accounts Payable 14,633.1 15,253.6 14,738.2 15,222.7 16,656.3 16,655.7 17,361.4 18,056.1 18,770.3 19,505.2

Accrued Expenses 4,687.8 5,293.9 5,275.7 6,768.9 6,007.9 6,693.4 6,980.9 7,264.7 7,552.1 7,848.0

Accrued Wages, Salaries and Bonuses 1,879.7 2,202.6 2,636.7 3,257.8 3,161.8 3,399.8 3,545.8 3,690.0 3,836.0 3,986.3

Taxes Payable 168.9 367.8 313.0 3,984.3 2,366.7 3,187.3 3,324.2 3,459.4 3,596.3 3,737.1

Operating Current Liabilities - Total 21,369.5 23,117.9 22,963.6 29,233.7 28,192.6 29,936.1 31,212.4 32,470.1 33,754.7 35,076.6Net Working Capital 41,703.7 41,122.6 45,543.1 35,684.0 38,087.2 39,128.3 40,798.0 42,446.4 44,126.4 45,855.1

Increase (Decrease) in NWC (581.1) 4,420.5 (9,859.1) 2,403.2 1,041.0 1,669.8 1,648.4 1,680.0 1,728.7

Plant, Property & Equip (Net) 12,528.5 11,190.8 10,907.5 11,256.6 11,855.7 12,218.1 12,853.7 13,491.5 14,145.3 14,823.9

Net Long Term Operating Assets (Liabilities) 1,247.5 1,093.2 1,123.3 1,026.4 481.6 743.7 775.7 807.2 839.1 872.0

Net Fixed Assets 13,776.0 12,283.9 12,030.8 12,283.0 12,337.2 12,961.8 13,629.3 14,298.7 14,984.4 15,695.9

TANGIBLEINVESTED CAPITAL 55,479.7 53,406.5 57,573.9 47,967.0 50,424.5 52,090.0 54,427.3 56,745.1 59,110.8 61,551.1

Goodwill 5,848.8 5,848.8 5,848.8 5,848.8 6,149.2 6,149.2 6,149.2 6,149.2 6,149.2 6,149.2

Indefinite Life Intangibles 3,439.8 3,400.1 3,373.3 3,373.3 3,373.3 3,373.3 3,373.3 3,373.3 3,373.3 3,373.3

Definite Life Intangibles 0.0 0.0 0.0 0.0 1,434.4 1,231.9 1,029.4 826.9 624.4 421.9

Cum. Amortization and Writedowns o f Intangibles 0.0 0.0 0.0 0.0 185.6 388.1 590.6 793.1 995.6 1,198.1

TOTAL INVESTED CAPITAL 64,768.3 62,655.4 66,796.0 57,189.1 61,566.9 63,232.5 65,569.8 67,887.5 70,253.3 72,693.5

NOL's

Disc. Operations Assets (Net of Liabilities) (7,504.5) (8,502.2) (8,533.2) 0.0 0.0

Other

Non-Operating Assets (Net of Liabilities) (7,504.5) (8,502.2) (8,533.2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Beg. Excess Cash 0.0 7,316.3 15,553.3 20,888.9 31,860.2

Plus: Net Cash Flow 7,316.3 8,237.0 5,335.6 10,971.3 12,187.9

End. Excess Cash 7,316.3 15,553.3 20,888.9 31,860.2 44,048.1

TOTAL FUNDS INVESTED - USES 57,263.8 54,153.1 58,262.8 57,189.1 61,566.9 70,548.7 81,123.1 88,776.4 102,113.5 116,741.6

Revolving Credit Facility 48,823.4 38,854.2 35,201.0 22,833.7 18,816.7 18,816.7 18,816.7 18,816.7 18,816.7 18,816.7

Long Term Debt 7,593.5 7,691.5 7,313.0 6,536.6 6,119.9 5,226.6 4,667.4 0.0 0.0 0.0

Debt and Debt Equivalents - Total 56,416.9 46,545.7 42,514.0 29,370.4 24,936.6 24,043.3 23,484.1 18,816.7 18,816.7 18,816.7

Deferred Tax Liabilities (Assets) (6,835.7) (4,214.4) (1,494.8) (444.9) (830.1) (415.1) (207.5) (103.8) (51.9) (25.9)

Cum. Amortization and Writedowns of Intangibles 0.0 0.0 0.0 0.0 185.6 388.1 590.6 793.1 995.6 1,198.1

Preferred Stock - Convertible Series A 2,438.4 2,438.4 2,438.4 2,500.0 2,500.0 2,500.0 2,500.0 2,500.0 2,500.0 2,500.0

Preferred Stock - Convertible Series B 1,857.6 1,857.6 1,857.6 2,000.0 2,000.0 2,000.0 2,000.0 2,000.0 2,000.0 2,000.0

Preferred Stock - Convertible Series C 1,982.4 1,982.4 1,982.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Shareholder's Equity 1,404.2 5,543.5 10,965.2 23,763.6 32,774.8 42,032.4 52,755.9 64,770.4 77,853.0 92,252.7

Less: Treasury Stock

Equity and Equity Equivalents - Total 846.9 7,607.5 15,748.8 27,818.8 36,630.3 46,505.4 57,639.0 69,959.7 83,296.8 97,924.9

TOTAL FUNDS INVESTED - S OURCES 57,263.8 54,153.1 58,262.8 57,189.1 61,566.9 70,548.7 81,123.1 88,776.4 102,113.5 116,741.6

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DIT - Appendix 5

FYE FYE FYE FYE FYE Projected Projected Projected Projected Projected

Adjus ted Income Statement 3 0-S ep-0 6 30 -Sep-07 30-S ep-08 30-S ep-09 30 -Sep-10 3 0-S ep-1 1 30-S ep-12 30 -Sep-13 3 0-S ep-1 4 30-S ep-15

Sales (Net) 839,539.8 853,566.5 860,451.1 907,953.0 1,010,538.0 1,062,439.7 1,108,074.2 1,153,120.2 1,198,752.0 1,245,707.2

COGS 779,189.4 789,317.8 795,774.8 839,813.2 938,830.2 987,006.4 1,028,846.9 1,070,095.5 1,112,441.8 1,156,016.2

Gross Profit 60,350.4 64,248.7 64,676.3 68,139.8 71,707.8 75,433.2 79,227.3 83,024.7 86,310.1 89,690.9

% margin 7.19% 7.53% 7.52% 7.50% 7.10% 7.10% 7.15% 7.20% 7.20% 7.20%

SG&A 51,721.5 50,963.6 51,631.3 51,539.8 54,445.2 56,309.3 57,730.7 59,385.7 61,136.4 62,285.4

+/- Non-Recurring Items

Adj. EBITDA 8,628.9 13,285.1 13,045.0 16,600.0 17,262.6 19,123.9 21,496.6 23,639.0 25,173.8 27,405.6

% margin 1.03% 1.56% 1.52% 1.83% 1.71% 1.80% 1.94% 2.05% 2.10% 2.20%

Depreciation & A mortization 1,936.9 1,831.6 1,386.2 1,216.1 1,736.8 1,624.2 1,673.9 1,761.0 1,848.3 1,937.9

Non-Deductible Intan gible Amortization 202.5 202.5 202.5 202.5 202.5

Adj. EBIT 6,692.0 11,453.4 11,658.8 15,383.9 15,525.8 17,297.2 19,620.3 21,675.5 23,123.0 25,265.2

% margin 0.80% 1.34% 1.35% 1.69% 1.54% 1.63% 1.77% 1.88% 1.93% 2.03%

Interest Expense 4,858.0 4,816.3 2,986.2 1,627.4 1,504.9 1,054.5 993.1 948.6 658.6 658.6

Pre-Tax Income 1,834.0 6,637.1 8,672.5 13,756.6 14,020.9 16,242.7 18,627.1 20,726.9 22,464.4 24,606.6

% margin 0.22% 0.78% 1.01% 1.52% 1.39% 1.53% 1.68% 1.80% 1.87% 1.98%

Marginal Tax Rate 38.2% 35.7% 36.7% 38.0% 38.5% 38.5% 38.5% 38.5% 38.5% 38.5%

Income Taxes 700.9 2,366.8 3,182.8 5,233.0 5,400.8 6,256.7 7,175.2 7,984.0 8,653.3 9,478.5

Adj. Net Income (Loss) 1,133.0 4,270.3 5,489.7 8,523.6 8,620.0 9,986.0 11,452.0 12,742.9 13,811.1 15,128.1

% margin 0.13% 0.50% 0.64% 0.94% 0.85% 0.94% 1.03% 1.11% 1.15% 1.21%

Preferred Dividends Paid 366.0 418.7 419.8 568.7 297.0 297.0 297.0 297.0 297.0 297.0

Net Income Available for Common 767.0 3,851.6 5,069.9 7,954.9 8,323.0 9,689.0 11,154.9 12,445.9 13,514.1 14,831.1

% margin 0.09% 0.45% 0.59% 0.88% 0.82% 0.91% 1.01% 1.08% 1.13% 1.19%

Common Dividends Paid 0.0 0.0 91.0 228.2 416.8 431.4 431.4 431.4 431.4 431.4

% payout 0.00% 0.00% 1.79% 2.87% 5.01% 4.45% 3.87% 3.47% 3.19% 2.91%

Retained Earnings 767.0 3,851.6 4,978.9 7,726.7 7,906.2 9,257.6 10,723.5 12,014.4 13,082.7 14,399.7

Basic Earnings Per Share $1.46 $7.31 $9.45 $14.50 $14.75 $16.17 $18.62 $20.77 $22.55 $24.75

Diluted Earnings Per Share $1.60 $4.96 $6.45 $10.91 $11.53 $13.09 $15.01 $16.71 $18.11 $19.83

Common Dividends Per Share $0.00 $0.00 $0.16 $0.40 $0.72 $0.72 $0.72 $0.72 $0.72 $0.72

Basic Ave. Shares Outstanding 527.1 527.1 536.3 548.6 564.4 599.2 599.2 599.2 599.2 599.2

Diluted Ave. Shares Outstanding 708.9 860.1 851.3 781.3 747.9 762.8 762.8 762.8 762.8 762.8

Shares Outstanding at Fiscal Year End 0.0 0.0 570.4 573.2 577.4 599.2 599.2 599.2 599.2 599.2

FYE FYE FYE FYE FYE Projected Projected Projected Projected Projected

Cash Earnings 30-Sep-06 30-Sep-07 30-Sep-08 30-Sep-09 30-Sep-10 30-Sep-11 30-Sep-12 30-Sep-13 30-Sep-14 30-Sep-15

Adj. EBITDA 8,628.9 13,285.1 13,045.0 16,600.0 17,262.6 19,123.9 21,496.6 23,639.0 25,173.8 27,405.6

Less: Maintenance CapEx (920.7) (346.0) (762.5) (1,103.4) (812.6) (1,389.7) (1,780.1) (1,871.8) (1,963.6) (2,057.8)

Less: NWC Inflation

EBITDA - MCX 7,708.2 12,939.1 12,282.4 15,496.6 16,450.0 17,734.2 19,716.5 21,767.2 23,210.1 25,347.8

% margin 0.92% 1.52% 1.43% 1.71% 1.63% 1.67% 1.78% 1.89% 1.94% 2.03%

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DIT - Appendix 6

FYE FYE FYE FYE FYE Projected Projected Projected Projected Projected

Free Cash Flow 30-Sep-06 30-Sep-07 30-Sep-08 30-Sep-09 30-Sep-10 30-Sep-11 30-Sep-12 30-Sep-13 30-Sep-14 30-Sep-15

Adj. Net Income (Loss) 1,133.0 4,270.3 5,489.7 8,523.6 8,620.0 9,986.0 11,452.0 12,742.9 13,811.1 15,128.1

Plus: Depreciation 1,936.9 1,831.6 1,386.2 1,216.1 1,736.8 1,624.2 1,673.9 1,761.0 1,848.3 1,937.9

Plus: Amortization 0.0 0.0 0.0 0.0 0.0 202.5 202.5 202.5 202.5 202.5

Gross Cash Flow 3,069.9 6,101.9 6,875.9 9,739.7 10,356.9 11,812.7 13,328.3 14,706.3 15,861.9 17,268.5

Less: Maintenance CapEx (920.7) (346.0) (762.5) (1,103.4) (812.6) (1,389.7) (1,780.1) (1,871.8) (1,963.6) (2,057.8)

Less: NWC Inflation 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Free Cash Flow - Core Operations 2,149.3 5,756.0 6,113.4 8,636.2 9,544.2 10,423.0 11,548.2 12,834.6 13,898.3 15,210.7

% margin 0.26% 0.67% 0.71% 0.95% 0.94% 0.98% 1.04% 1.11% 1.16% 1.22%

Less: Growth CapEx (59.9) (168.3) (82.6) (570.0) (1,231.0) (596.9) (529.4) (527.0) (538.5) (558.8)

Decrease (Increase) in NWC 0.0 581.1 (4,420.5) 9,859.1 (2,403.2) (1,041.0) (1,669.8) (1,648.4) (1,680.0) (1,728.7)

Less: Acquisitions (15.0) 0.0 0.0 0.0 (3,099.8)

Less: Decrease (Increase) Net LT Assets 0.0 154.3 (30.1) 96.9 544.8 (262.1) (31.9) (31.5) (31.9) (32.9)

Plus: Asset Sales

Decrease (Increase) Non-Operating Assets 7,504.5 997.8 30.9 (8,533.2) 0.0 0.0 0.0 0.0 0.0 0.0

Cash Flow for Debt & Preferred 9,578.9 7,320.9 1,611.1 9,489.0 3,355.0 8,523.0 9,317.1 10,627.6 11,647.8 12,890.4

Increase (Decrease) Credit Facility 0.0 (9,969.3) (3,653.2) (12,367.3) (4,017.0) 0.0 0.0 0.0 0.0 0.0

Increase (Decrease) LT Debt 0.0 98.0 (378.5) (776.4) (416.8) (893.3) (559.2) (4,667.4) 0.0 0.0

Issuance (Redemption) of Preferred Securities 0.0 0.0 0.0 (1,778.4) 0.0 0.0 0.0 0.0 0.0 0.0

Less: Preferred Dividends (366.0) (418.7) (419.8) (568.7) (297.0) (297.0) (297.0) (297.0) (297.0) (297.0)

Cash Flow for Common 9,212.8 (2,969.1) (2,840.4) (6,001.7) (1,375.8) 7,332.6 8,460.9 5,663.2 11,350.8 12,593.4

Increase (Decrease) Deferred Tax Liabilities (6,835.7) 2,621.3 2,719.7 1,049.9 (385.3) 415.1 207.5 103.8 51.9 25.9

Less: Common Dividends 0.0 0.0 (91.0) (228.2) (416.8) (431.4) (431.4) (431.4) (431.4) (431.4)

Less: Treasury Stock Purchase

Net Cash Flow 2,377.2 (347.8) (211.7) (5,180.0) (2,177.8) 7,316.3 8,237.0 5,335.6 10,971.3 12,187.9

Excess Cash - Beg. Balance 0.0 2,377.2 2,029.3 1,817.6 (3,362.4) (5,540.2) 1,776.1 10,013.1 15,348.7 26,320.0

Excess Cash - End. Balance 2,377.2 2,029.3 1,817.6 (3,362.4) (5,540.2) 1,776.1 10,013.1 15,348.7 26,320.0 38,507.9

Basic FCF per Share $4.08 $10.92 $11.40 $15.74 $16.91 $17.40 $19.27 $21.42 $23.20 $25.39

Diluted FCF per Share $3.03 $6.69 $7.18 $11.05 $12.76 $13.66 $15.14 $16.83 $18.22 $19.94

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DIT - Appendix 7

FYE Projected Projected Projected Projected Projected Equity Value Per Share

Enterprise DCF 30-Sep-10 30-Sep-11 30-Sep-12 30-Sep-13 30-Sep-14 30-Sep-15 EBITDA Multiple

EBIT 15,525.8 17,297.2 19,620.3 21,675.5 23,123.0 25,265.2 132.61 4.0x 4.5x 5.0x 5.5x 6.0x

Marginal Tax Rate 38.5% 38.5% 38.5% 38.5% 38.5% 38.5% 11.0% $117.36 $128.03 $138.69 $149.35 $160.01

Less: Income Taxes (5,980.5) (6,662.9) (7,557.7) (8,349.4) (8,907.0) (9,732.1) Discount 11.5% $114.76 $125.19 $135.61 $146.04 $156.46

NOPAT 9,545.3 10,634.3 12,062.5 13,326.1 14,216.0 15,533.0 Rate 12.0% $112.23 $122.42 $132.62 $142.81 $153.00

Add back: Depreciation 1,736.8 1,624.2 1,673.9 1,761.0 1,848.3 1,937.9 (WACC) 12.5% $109.76 $119.72 $129.69 $139.66 $149.63

Add back: Amortization 0.0 202.5 202.5 202.5 202.5 202.5 13.0% $107.34 $117.09 $126.84 $136.59 $146.34

Less: Maintenance CapEx (812.6) (1,389.7) (1,780.1) (1,871.8) (1,963.6) (2,057.8)Less: Growth CapEx (1,231.0) (596.9) (529.4) (527.0) (538.5) (558.8) Implied Perpetuity Growth Rate

Decrease (Increase) in NWC (2,403.2) (1,041.0) (1,669.8) (1,648.4) (1,680.0) (1,728.7) EBITDA Multiple

Enterprise Free Cash Flow 6,835.2 9,433.4 9,959.7 11,242.4 12,084.7 13,328.2 0.02 4.0x 4.5x 5.0x 5.5x 6.0x

% growth 38.0% 5.6% 12.9% 7.5% 10.3% 11.0% -1.0% 0.2% 1.2% 2.0% 2.7%

Period 0.0 1.0 2.0 3.0 4.0 5.0 Discount 11.5% -0.6% 0.6% 1.6% 2.4% 3.1%

Discounted Cash Flow 6,835.2 8,422.7 7,939.8 8,002.1 7,680.0 7,562.8 Rate 12.0% -0.1% 1.1% 2.1% 2.9% 3.6%

(WACC) 12.5% 0.3% 1.5% 2.5% 3.4% 4.1%

13.0% 0.8% 2.0% 3.0% 3.8% 4.5%

EBITDA Multiple Valuation Implied Terminal Rates & MultiplesDiscount Rate 12.0% Perpetuity Growth Rate 2.1%

Exit M ultiple 5.0x EBITDA-MCX Multiple 5.41x

Ent. Terminal Value 137,027.8 EBIT Multiple 5.42x

PV of Cash Flows 46,442.6 FCF Yield % 15.0%

PV of Terminal Value 77,753.2 PE Multiple 6.69x

Less: Net Debt (23,038.9)

Equity Value 101,157.0

Diluted Shares 762.8

Value per share $132.61

7/31/2019 DIT Appendix

8/8

DIT - Appendix 8

FYE Projected Projected Projected Projected Projected CAGR Investor IRR

Free Cash Flow (IRR) 30-Sep-10 30-Sep-11 30-Sep-12 30-Sep-13 30-Sep-14 30-Sep-15 ('10-'15) EBITDA-MCX Exit M ultiple

EBITDA-MCX Per Share 21.57 23.25 25.85 28.54 30.43 33.23 9.0% 23% 4.0x 4.5x 5.0x 5.5x 6.0x

Exit M ultiple 5.0x 5.0x 5.0x 5.0x 5.0x 5.0x 1.0 (8.22%) 6.88% 21.98% 37.08% 52.17%

Enterprise Value Per Share $107.83 $116.24 $129.24 $142.68 $152.14 $166.15 Holding 2.0 9.39% 16.83% 23.83% 30.45% 36.75%

Less: Debt (32.69) (31.52) (30.79) (24.67) (24.67) (24.67) Period 3.0 14.66% 19.21% 23.43% 27.38% 31.09%

Equity Value Per Share $75.14 $84.72 $98.45 $118.01 $127.47 $141.48 13.5% (Years) 4.0 15.60% 18.69% 21.57% 24.25% 26.77%

Excess Cash Per Share $0.00 $9.59 $20.39 $27.38 $41.77 $57.75 5.0 16.34% 18.63% 20.76% 22.74% 24.60%

% cash discount (10.00%) (10.00%) (10.00%) (10.00%) (10.00%) (10.00%)

Adjusted Cash Per Share $0.00 $8.63 $18.35 $24.65 $37.59 $51.97

Period 0.0 1.0 2.0 3.0 4.0 5.0

Equity Cash Flows

Initial Investment ($77.05)

Dividends Per Share $0.57 $0.57 $0.57 $0.57 $0.57

Residual at Exit $93.36 $116.80 $142.66 $165.06 $193.45

Net Cash Flows to Equity ($77.05) $0.57 $0.57 $143.22 $0.00 $0.00

Investment Holding Period 3.0

IRR % 23.4%

EBITDA Per Share 22.63 25.07 28.18 30.99 33.00 35.93 9.7%Implied EBITDA Multiple 4.76x 4.64x 4.59x 4.60x 4.61x 4.62x

FCF Per Share 12.51 13.66 15.14 16.83 18.22 19.94 9.8%

Implied FCF Yield % 16.7% 16.1% 15.4% 14.3% 14.3% 14.1%

Earnings Per Share 11.30 13.09 15.01 16.71 18.11 19.83 11.9%

Implied PE Multiple 6.65x 6.47x 6.56x 7.06x 7.04x 7.13x

Fully Diluted Shares Outstanding 762.8