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Moyse, Brandon [BMoyse@catcapital.com]

5/19/2014 8:39:08 PM

Creighton, Lorne [LCreighton@catcapital.com]; Michaud, Zach [zmichaud@catcapital.com]

RE: Project Turbine Model

In the "LBO" tab, aren't we buying this debt-free? I thought S300MM buys out all the vendor financing and the

shareholder loans go away as well. But the current case is keeping them in place and subtracting those from EV to calculate equity returns. Unless I'm misunderstanding, they should run a 2nd base case which better reflects hovv the transaction would actually be structured. (maybe a la and l b depending on if we roll vendor financing or not)

Brandon Moyse

The Catalyst Capita l Group Inc.

Ct) : 416.945.3015

(rn): 416.27 0.2902

bmoyse@catcapital.com

From: Creighton, Lorne Sent: Monday, May 19, 2014 2:04 PM To: Michaud, Zach; Moyse, Brandon Subject: RE: Project Turbine Model

.lust a couple high level comments for now. Otherwise I think it works.

Did we want it to be monthJy/quarterly? Looks like they put a monthly tab in there but I don't quite understand why some of the caks are set up the way they are

Does it 1nake sense for the HR costs lo based on per subscriber? Wou.ld think there would be more of a step function.

I am updating the memo where appropriate.

Thanks

CCG0011275

From: Michaud, Zach

Sent: May-19-14 8:55 AM

To: Moyse, Brandon; Creighton, Lorne

Subject: FW: Project Turbine Model

Please take a look and provide rne your comments by early afternoon. Lorne can you please insert these into the memo

where appropriate.

From: McGuire, Dylan [mailto:Dylan.McGuire@morqanstanley.com]

Sent: May-19-14 12:48 AM

To: Michaud, Zach

Cc: Moyse, Brandon; Creighton, Lorne; Babcock, Ben; Yao, George; Shaw, Victor; Bai, Aoyu

Subject: Project Turbine Model

Zach,

Please see attached our first draft working model for Project Turbine - the file password is "phones". The model

contains functionality based on our previous discussions as well as an illustrative LBO analysis. We have included the full

base case as described by the Wind team and will continue to refine other cases as the project progresses.

In addition, we will continue to think about outputs that will be helpful and welcome your team's views on anything that

would help you arrive at a conclusion regarding this transaction. Please let us know if you would like to discuss anything

about the model or any additions/refinements which would be useful for your team.

Best,

Dylan

CCG0011275

Dylan McGuire Morgan Stanley Canada Limited I Investment Banking Division 181 Bay St. Suite 3700 I P.O. Box 7761Floor37 Toronto, ON M5J 2T3 Phone: +1 416 943-8445 Fax: +1 416 943-8673 Dylan.McGuire@m organstanley.com

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