Scotia Bank Report Part TwoFinancial Analysis December-31 2011A 2012A 2013A 2014A 2015E 2016E 2017E 11-14 14-16 Average Growth Per-Share Data (FD) Cash Earnings $2.23 $1.88 $4.79 $6.74 $7.60 89.3% Cash Flow $7.55 $0.49 $4.33 $6.99 $7.66 276.0% Dividends $0.00 $0.23 $0.30 $0.30 $0.30 15.5% Book Value $9.56 $9.47 $46.39 $37.92 $42.96 100.2% Shares O/S (M) 6.4 27.2 38.1 52.4 52.4 38.8% Valuation Ratio Price/Cash Earnings 3.5x 21.5x 8.5x 3.9x 3.5x EV/Adj EBITDA n.m. 69.4x 17.3x 7.5x 7.0x Price/Cash Flow 1.0x 81.9x 9.4x 3.8x 3.4x Yield 0.0% 0.6% 0.7% 1.1% 1.1% Price/Book 0.8x 4.3x 0.9x 0.7x 0.6x Profitability Revenues (M) $40 $122 $425 $1,018 $1,081 188.7% Adjusted EBITDA (M) $21 $64 $282 $630 $676 213.7% EBITDA Margin 52.3% 52.4% 66.4% 61.9% 62.5% Income Tax Rate 0.0% 12.2% 5.0% 10.0% 10.0% Net Income (M) $2 $12 $50 $238 $279 353.1% Net Margin 6.0% 9.5% 11.8% 23.4% 25.9% Debt Analysis Cash+Equivalents (M) $43 $43 $0 $166 $287 96.9% Total Debt (M) $21 $259 $3,520 $3,479 $3,325 266.7% Net Debt/EBITDA -0.3x 0.8x 5.6x 4.9x 4.2x EBITDA/Int. Exp 3.3x 5.2x 2.5x 2.6x 2.9x Capital Structure Total Assets (M) $171 $593 $5,445 $5,683 $5,799 209.6% Working Capital (M) $-4 $3 $23 $73 $336 407.4% Long-Term Debt (M) $5 $230 $3,479 $3,325 $3,307 280.2% Common Equity (M) $62 $258 $1,765 $1,988 $2,252 177.8% Total Capital (M) $171 $593 $5,445 $5,683 $5,799 209.6