Reported Forecast Horizon Period Terminal millions 2018 Sales NOPAT NOA 1,491 1,584 1,679 1,780 1,887 2019 2020 2021 $8,122 $8,610 $9,126 $9,674 $10,254 $10,459 1,924 2022 Period 5,204 5,515 5,847 6,197 6,569 6,701 Assumptions Terminal period growth rate Discount rate (WACC) Common shares outstanding 2% 7.35% 180.00 million Net nonoperating obligations (NNO) $3,412 million ($ millions) Increase in NOA FCFF (NOPAT - Increase in NOA) Present value of horizon FCFF Cum. present value of horizon FCFF $ Present value of terminal FCFF Total firm value NNO Firm equity value $ Shares outstanding (millions) Stock price per share $ Reported 2018 Forecast Horizon Terminal 2019 2020 2021 2022 Period $ $ $ $ $