Leveraged Buyout Model

(in US$ millions except per share amounts)

Purchase Price Sources

Target share price $60.48 Amount
Purchase premium 19.9% Debt
Purchase price per share $72.50 Revolving line of credit 0.0
Shares outstanding 325.2 Term facilities 10,500.0
Purchase price 23,575.7 The notes 2,100.0
Purchase Multiples Equity
Enterprise value 27,458.9 Berkshire Hathaway Preferred 8,000.0
Implied EV / LTM EBITDA 14.4 Berkshire Hathaway Common 4,120.0
Implied EV / LTM EBIT 17.6 3G Capital Common 4,120.0
Total 28,840.0

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 Uses
% of Total Capital % Equity Ownership Purchase price (equity value) 23,575.7
Net debt 3,883.2
0% 0% Transaction fees 1,381.1
36% 0% % fee 5.9%
7% 0% Total 28,840.0
Goodwill and Intangible Assets
28% 0% Purchase price (equity value) 23,575.7
14% 30% Target book value 3,030.6
14% 70% Price over book 20,545.1
100.0% 100% % book to amortization 25%
New Intangible Assets 5,136.3
Amortization (years) 15.0
Amortization ($/year) 342.4
Adjustments:
Step-up of PP&E 0
Deferred tax adjustments 0

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 Goodwill 15,408.8

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Consolidated Income Statements
(in US$ millions except per share amounts) Actuals

Period Ending 2010A 2011A 2012A

Revenue 10,495.0 10,706.6 11,649.1

Y/Y revenue growth (%) 2.0% 8.8%

Cost of goods sold 6,397.8 6,455.4 7,306.8

COGS as a % of revenue 61.0% 60.3% 62.7%

Gross profit 4,097.1 4,251.2 4,342.3

Gross profit margin (%) 39.0% 39.7% 37.3%

Operating expenses
Selling, general and administrative 2,235.1 2,304.4 2,548.4
SG&A as a % of revenue 21.3% 21.5% 21.9%
Fund Management Fee 0.0 0.0 0.0
Cost savings 0.0 0.0 0.0
Cost savings as a % of SG&A
Total operating expenses 2,235.1 2,304.4 2,548.4

Other income
Equity in earnings of unconsolidated affiliates 0.0 0.0 0.0

EBITDA 1,862.1 1,946.9 1,794.0

EBITDA margin (%) 17.7% 18.2% 15.4%

Depreciation 254.5 255.2 295.7

Amortization 48.3 43.4 47.1
Amortization of identifiable intangible assets 0.0 0.0 0.0
Total depreciation and amortization 302.8 298.7 342.8

EBIT 1,559.2 1,648.2 1,451.2

EBIT margin (%) 14.9% 15.4% 12.5%

Interest
Interest expense 295.7 275.4 294.1
Interest income 45.1 22.6 34.6
Net interest expense 250.6 252.8 259.5

EBT 1,308.7 1,395.4 1,191.7

EBT margin (%) 12.5% 13.0% 10.2%

Income tax expense 363.6 373.9 245.2

All-in effective tax rate (%) 27.8% 26.8% 20.6%

Net income (adjusted) 945.1 1,021.5 946.4

Nonrecurring events
Other expense, net 13.1 15.5 6.5

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 Loss from discounted operations, net of tax 49.6 0.0 0.0
Effect of accounting changes 0.0 0.0 0.0
Extraordinary items, net of tax 0.0 0.0 0.0
Total nonrecurring events 62.7 15.5 6.5

Net income (after nonrecurring events) 882.3 1,005.9 939.9

Net income attributable to noncontrolling interests 17.5 16.4 16.7

Net income (as reported) 864.9 989.5 923.2

Earnings per share (EPS)

Basic 2.737 3.091 2.879
Diluted 2.719 3.063 2.855

Average common shares outstanding

Basic 315.9 320.1 320.7
Diluted 318.1 323.0 323.3
Consolidated Statements of Cash Flows
(in US$ millions except per share amounts) Actuals

Period Ending 2010A 2011A 2012A

Cash flows from operating activities

Net income 882.3 1,005.9 939.9
Depreciation 254.5 255.2 295.7
Amortization 48.3 43.4 47.1
Amortization of identifiable intangible assets 0.0 0.0 0.0
Deferred tax (beneft) / provision 220.5 153.7 (94.8)
Net losses on divestitures 44.9 0.0 0.0
Impairment on assets held for sale 0.0 0.0 0.0
Pension contributions (539.9) (22.4) (23.5)
Asset write-downs from Fiscal 2012 productivity initiatives 0.0 0.0 58.7
Other items, net 90.9 98.2 75.4
Changes in operating working capital
Changes in receivables 121.4 (91.1) 171.8
Changes in inventories 48.5 (80.8) 60.9
Changes in prepaid expenses and other current assets 2.1 (1.7) (11.6)
Changes in accounts payable (2.8) 233.3 (72.4)
Changes in accrued liabilities 96.5 (60.9) (20.0)
Changes in accrued income taxes (5.1) 50.7 65.8
Net changes in operating working capital 260.6 49.5 194.6
Total cash provided by (used for) operating activities 1,262.2 1,583.6 1,493.1

Cash flows from investing activities

Capital expenditures (CAPEX) (277.6) (335.6) (418.7)
CAPEX % of revenue
Proceeds from disposal of property, plant, and equipment 96.5 13.2 9.8
Acquisitions net of cash acquired (11.4) (618.3) (3.3)
Proceeds from divestitures 18.6 1.9 3.8
Sale of short-term investments 0.0 0.0 56.8
Change in restricted cash 192.7 (5.0) (39.1)
Other items, net (5.4) (5.8) (11.4)
Total cash provided by (used for) investing activities 13.4 (949.6) (402.0)

Cash flows from financing activities

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 Revolver borrowings (repayments) 0.0 0.0 0.0
Term facilities borrowings (repayments) 0.0 0.0 0.0
The notes borrowings (repayments) 0.0 0.0 0.0
Common equity 0.0 0.0 0.0
Preferred equity 0.0 0.0 0.0
Proceeds (payments) of long-term debt (183.3) 184.1 471.5
Net payments on commercial paper and short-term debt (427.2) (193.2) (42.5)
Dividends (533.6) (579.6) (619.1)
Purchase of treasury stock 0.0 (70.0) (201.9)
Exercise of stock options 67.4 154.8 82.7
Acquisitions of subsidiary shares from noncontrolling interests (62.1) (6.3) (54.8)
Earn-out settlement 0.0 0.0 0.0
Other items, net (9.1) 27.8 1.3
Total cash provided by (used for) financing activities (1,147.9) (482.5) (362.8)
Effect of exchange rate on cash and cash equivalents (17.6) 89.6 (122.1)

Total change in cash and cash equivalents 110.1 241.1 606.1

SUPPLEMENTAL DATA:
Cash flow before debt paydown
Consolidated Balance Sheet Adjustments
(in US$ millions except per share amounts) Actuals Pro-Forma

On January 27, 2013 LTM Additions (+)

Assets
Current assets:
Cash and cash equivalents 1,100.7
Trade receivables, net 896.4
Other receivables, net 202.4
Total inventories 1,448.4
Prepaid expenses 173.0
Other current assets 88.0
Total current assets 3,908.9
Property, plant, and equipment, net 2,428.2 0.0
Goodwill 3,104.5 15,408.8
Trademarks, net 1,050.9
Other intangibles, net 383.0 5,136.3
Other noncurrent assets 1,053.6
Total assets 11,929.1

Liabilities
Current liabilities:
Short-term debt 14.7
Portion of long-term debt due within one year 1,038.5
Revolving line of credit 0.0 0.0
Trade payables 1,129.7
Other payables 158.1
Accrued marketing 320.1
Other accrued liabilities 624.0
Income taxes 91.3
Total current liabilities 3,376.3
Term facilities 0.0 10,500.0
The notes 0.0 2,100.0
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 Long-term debt 3,930.6
Deferred income taxes 776.7
Nonpension postretirement benefits 230.9
Other noncurrent liabilities 504.8
Redeemable noncontrolling interest 28.7
Total liabilities 8,848.0

Total Equity
Shareholders' equity
Capital stock 716.7
Common equity investment 0.0 8,240.0
Preferred equity investment 0.0 8,000.0
Retained earnings 7,877.4
Treasury stock (4,675.8)
Accumulated other comprehensive loss (887.7)
Total shareholders' equity 3,030.6
Noncontrolling interest 50.5
Total equity 3,081.1

Total liabilities and equity 11,929.1

SUPPLEMENTAL DATA:
Balance? (Y/N) Y
Consolidated Balance Sheets
(in US$ millions except per share amounts) Actuals

On January 27,

Assets
Current assets:
Cash and cash equivalents
Receivables
Inventories
Prepaid expenses and other current assets
Total current assets
Property, plant, and equipment, net
Goodwill
Trademarks, net
Other intangibles, net
Other noncurrent assets
Total assets

Liabilities
Current liabilities:
Short-term debt
Portion of long-term debt due within one year
Revolving line of credit
Accounts payable
Accrued marketing and other accrued liabilities
Income taxes
Total current liabilities
Term facilities
The notes
Long term debt

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 Deferred income taxes
Nonpension postretirement benefits
Other noncurrent liabilities
Redeemable noncontrolling interest
Total liabilities

Total Equity
Shareholders' equity
Capital stock
Common equity investment
Preferred equity investment
Retained earnings
Treasury stock
Accumulated other comprehensive loss
Total shareholders' equity
Noncontrolling interest
Total equity

Total liabilities and equity

SUPPLEMENTAL DATA:
Balance? (Y/N)
Depreciation
(in US$ millions except per share amounts)

Period Ending
Property, plant, and equipment beginning of year
Capital expenditures beginning of year

Straight-line depreciation
Years (PP&E)
Years (CAPEX)
Existing PP&E
2014 CAPEX
2015 CAPEX
2016 CAPEX
2017 CAPEX
2018 CAPEX
Total straight-line depreciation
Amortization
Amortization of identifiable intangible assets
Total depreciation and amortization
Operating Working Capital Schedule (OWC)
(in US$ millions except per share amounts)

On January 27,

Current assets
Receivables
Days receivable
Inventories
Inventory turnover days
Prepaid expenses and other current assets
Days prepaid
Total current assets
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Current liabilities
Accounts payable
Days payable
Accrued liabilities
Days payable
Income taxes
Days payable
Total current liabilities

Total operating working capital

Change in total operating working capital
Match? (Y/N)
Debt Schedule
(in US$ millions except per share amounts) Actuals

On January 27,

Cash available to pay down debt

Cash at beginning of year
Cash flow before debt paydown
Minimum cash cushion
Total cash available to pay down debt

Revolving line of credit

Revolving line of credit (beginning of year)
Mandatory issuances / (retirements)
Nonmandatory issuances / (retirements)
Revolving line of credit (end of year)
Revolving line of credit interest expense
Revolving line of credit interest rate

Term facilities
Term facilities (beginning of year)
Mandatory issuances / (retirements)
Nonmandatory issuances / (retirements)
Term facilities (end of year)
Term facilities interest expense
Term facilities interest rate

The notes
The notes (beginning of year)
Mandatory issuances / (retirements)
Nonmandatory issuances / (retirements)
The notes (end of year)
The notes interest expense
The notes interest rate

Total issuances / (retirements)

Total interest expense

Cash at the end of the year

Interest income
Interest rate
Match? (Y/N)
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 Last Twelve Months (LTM) Estimates

9Mo. 2012 9Mo. 2013 LTM 2014E 2015E 2016E 2017E 2018E

8,495.9 8,538.3 11,691.5 12,334.5 13,012.9 13,728.6 14,483.7 15,280.3

0.4% 5.5% 5.5% 5.5% 5.5% 5.5%

5,260.2 5,160.4 7,207.0 7,598.1 8,016.0 8,456.8 8,922.0 9,412.7

61.9% 60.4% 61.6% 61.6% 61.6% 61.6% 61.6% 61.6%

3,235.7 3,377.9 4,484.5 4,736.5 4,997.0 5,271.8 5,561.7 5,867.6

38.1% 39.6% 38.4% 38.4% 38.4% 38.4% 38.4% 38.4%

1,814.2 1,841.5 2,575.6 2,713.6 2,862.8 3,020.3 3,186.4 3,361.7

21.4% 21.6% 22.0% 22.0% 22.0% 22.0% 22.0% 22.0%
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 (27.1) (28.6) (30.2) (31.9) (33.6)
1.0% 1.0% 1.0% 1.0% 1.0%
1,814.2 1,841.5 2,575.6 2,686.5 2,834.2 2,990.1 3,154.6 3,328.1

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

1,421.5 1,536.4 1,908.9 2,050.0 2,162.7 2,281.7 2,407.2 2,539.6

16.7% 18.0% 16.3% 16.6% 16.6% 16.6% 16.6% 16.6%

217.6 221.5 299.6 298.0 311.0 324.7 339.2 354.5

34.0 34.9 48.0 30.0 30.0 30.0 30.0 30.0
0.0 0.0 0.0 342.4 342.4 342.4 342.4 342.4
251.6 256.4 347.6 670.4 683.4 697.2 711.6 726.9

1,169.9 1,280.0 1,561.3 1,379.6 1,479.3 1,584.5 1,695.5 1,812.7

13.8% 15.0% 13.4% 11.2% 11.4% 11.5% 11.7% 11.9%

218.1 213.1 289.1 682.5 682.5 682.5 682.5 682.5

25.6 22.3 31.3 1.4 4.6 8.5 13.1 18.4
192.5 190.8 257.8 681.1 677.9 674.0 669.4 664.1

977.4 1,089.2 1,303.5 698.5 801.4 910.6 1,026.2 1,148.6

11.5% 12.8% 11.1% 5.7% 6.2% 6.6% 7.1% 7.5%

192.6 172.8 225.5 194.2 222.8 253.1 285.3 319.3

19.7% 15.9% 17.3% 27.8% 27.8% 27.8% 27.8% 27.8%

784.9 916.4 1,078.0 504.3 578.6 657.4 740.9 829.3

2.6 15.2 19.1 19.1 19.1 19.1 19.1 19.1

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 19.9 72.1 52.2 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
22.5 87.3 71.3 19.1 19.1 19.1 19.1 19.1

762.3 829.1 1,006.7 485.2 559.5 638.3 721.8 810.2

14.5 12.1 14.3

747.8 817.0 992.4

2.331 2.549 3.096

2.311 2.529 3.072

320.9 320.5 320.5

323.5 323.0 323.0

Last Twelve Months (LTM) Estimates

9Mo. 2012 9Mo. 2013 LTM 2014E 2015E 2016E 2017E 2018E

762.3 829.1 1,006.7 485.2 559.5 638.3 721.8 810.2

217.6 221.5 299.6 298.0 311.0 324.7 339.2 354.5
34.0 34.9 48.0 30.0 30.0 30.0 30.0 30.0
0.0 0.0 0.0 342.4 342.4 342.4 342.4 342.4
(71.5) (59.7) (83.0) (83.0) (83.0) (83.0) (83.0) (83.0)
0.0 19.8 19.8 0.0 0.0 0.0 0.0 0.0
0.0 36.0 36.0 0.0 0.0 0.0 0.0 0.0
(15.5) (53.3) (61.2) (80.0) (80.0) (80.0) (80.0) (80.0)
0.0 0.0 58.7 0.0 0.0 0.0 0.0 0.0
87.9 22.7 10.2 10.2 10.2 10.2 10.2 10.2

46.1 (148.1) (22.4) (59.3) (63.7) (67.2) (70.9) (74.8)

(126.6) (158.5) 29.1 (77.6) (83.9) (88.5) (93.4) (98.6)
(13.7) 5.7 7.8 (11.3) (15.0) (15.8) (16.7) (17.6)
(182.3) (42.9) 67.1 69.3 74.6 78.7 83.1 87.6
(77.0) (5.4) 51.6 40.3 54.1 57.1 60.3 63.6
82.3 (24.9) (41.4) (12.7) 11.6 12.3 13.0 13.8
(271.2) (374.0) 91.8 (51.3) (22.2) (23.4) (24.6) (25.9)
743.5 676.9 1,426.5 951.4 1,067.9 1,159.3 1,256.0 1,358.3

(274.5) (259.2) (403.4) (493.4) (520.5) (549.1) (579.3) (611.2)

4.0% 4.0% 4.0% 4.0% 4.0%
6.9 17.3 20.2 0.0 0.0 0.0 0.0 0.0
0.7 16.8 12.9 0.0 0.0 0.0 0.0 0.0
(3.3) 0.0 7.1 0.0 0.0 0.0 0.0 0.0
48.0 0.0 8.8 0.0 0.0 0.0 0.0 0.0
(39.1) 4.0 4.0 (39.1) (39.1) (39.1) (39.1) (39.1)
(9.4) (10.3) (12.3) (12.3) (12.3) (12.3) (12.3) (12.3)
(270.6) (231.4) (362.7) (544.7) (571.8) (600.5) (630.7) (662.5)

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 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
479.4 (14.6) (22.5) 0.0 0.0 0.0 0.0 0.0
(56.9) 31.1 45.5 0.0 0.0 0.0 0.0 0.0
(464.9) (499.7) (653.9) 0.0 0.0 0.0 0.0 0.0
74.5 96.1 (180.3) 0.0 0.0 0.0 0.0 0.0
(201.9) (139.1) 145.5 0.0 0.0 0.0 0.0 0.0
(54.8) (80.1) (80.1) 0.0 0.0 0.0 0.0 0.0
0.0 (44.5) (44.5) 0.0 0.0 0.0 0.0 0.0
5.5 1.6 (2.6) (9.1) (9.1) (9.1) (9.1) (9.1)
(219.2) (649.3) (792.9) (9.1) (9.1) (9.1) (9.1) (9.1)
(129.1) (26.0) (19.1) (122.1) (122.1) (122.1) (122.1) (122.1)

124.6 (229.8) 251.8 275.5 364.8 427.5 494.1 564.6

275.5 364.8 427.5 494.1 564.6

Pro-Forma

Subtractions
(-) Total

1,100.7 0.0
896.4
202.4
1,448.4
173.0
88.0
2,808.2
2,428.2
18,513.4
1,050.9
5,519.3
1,053.6
31,373.5

14.7 0.0
1,038.5 0.0
0.0
1,129.7
158.1
320.1
624.0
91.3
2,323.1
10,500.0
2,100.0
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 3,930.6 0.0
0.0 776.7
230.9
504.8
28.7
16,464.1

716.7 0.0
0.0 8,240.0
0.0 8,000.0
9,258.6 (1,381.1)
(4,675.8) 0.0
(887.7) 0.0
14,858.9
50.5
14,909.4

31,373.5

Pro-Forma Estimates

2013PF 2014E 2015E 2016E 2017E 2018E

0.0 275.5 640.3 1,067.8 1,561.9 2,126.4

1,098.8 1,158.1 1,221.8 1,289.0 1,359.9 1,434.7
1,448.4 1,525.9 1,609.9 1,698.4 1,791.8 1,890.4
261.1 272.4 287.4 303.2 319.8 337.4
2,808.2 3,231.9 3,759.3 4,358.4 5,033.4 5,788.9
2,428.2 2,623.6 2,833.1 3,057.5 3,297.6 3,554.3
18,513.4 18,513.4 18,513.4 18,513.4 18,513.4 18,513.4
1,050.9 1,020.9 990.9 960.9 930.9 900.9
5,519.3 5,176.9 4,834.5 4,492.1 4,149.6 3,807.2
1,053.6 1,094.8 1,135.9 1,177.1 1,218.3 1,259.4
31,373.5 31,661.4 32,067.0 32,559.2 33,143.1 33,824.0

0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
1,287.8 1,357.1 1,431.7 1,510.5 1,593.6 1,681.2
944.0 984.3 1,038.4 1,095.5 1,155.8 1,219.4
91.3 78.6 90.2 102.5 115.5 129.2
2,323.1 2,420.0 2,560.3 2,708.5 2,864.8 3,029.8
10,500.0 10,500.0 10,500.0 10,500.0 10,500.0 10,500.0
2,100.0 2,100.0 2,100.0 2,100.0 2,100.0 2,100.0
0.0 0.0 0.0 0.0 0.0 0.0

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 776.7 693.7 610.7 527.7 444.7 361.7
230.9 230.9 230.9 230.9 230.9 230.9
504.8 424.8 344.8 264.8 184.8 104.8
28.7 28.7 28.7 28.7 28.7 28.7
16,464.1 16,398.0 16,375.4 16,360.5 16,353.9 16,355.8

0.0 0.0 0.0 0.0 0.0 0.0

8,240.0 8,240.0 8,240.0 8,240.0 8,240.0 8,240.0
8,000.0 8,000.0 8,000.0 8,000.0 8,000.0 8,000.0
(1,381.1) (895.9) (336.4) 301.9 1,023.7 1,833.9
0.0 0.0 0.0 0.0 0.0 0.0
0.0 (131.2) (262.5) (393.7) (525.0) (656.2)
14,858.9 15,212.8 15,641.1 16,148.2 16,738.7 17,417.7
50.5 50.5 50.5 50.5 50.5 50.5
14,909.4 15,263.3 15,691.6 16,198.7 16,789.3 17,468.2

31,373.5 31,661.4 32,067.0 32,559.2 33,143.1 33,824.0

Y Y Y Y Y Y

Estimates

2014E 2015E 2016E 2017E 2018E

2,428.2
493.4 520.5 549.1 579.3 611.2

8.5
40 40 40 40 40
285.7 285.7 285.7 285.7 285.7
12.3 12.3 12.3 12.3 12.3
13.0 13.0 13.0 13.0
13.7 13.7 13.7
14.5 14.5
15.3
298.0 311.0 324.7 339.2 354.5
30.0 30.0 30.0 30.0 30.0
342.4 342.4 342.4 342.4 342.4
670.4 683.4 697.2 711.6 726.9

Pro-Forma Estimates

2013PF 2014E 2015E 2016E 2017E 2018E

1,098.8 1,158.1 1,221.8 1,289.0 1,359.9 1,434.7

33.8 33.8 33.8 33.8 33.8 33.8
1,448.4 1,525.9 1,609.9 1,698.4 1,791.8 1,890.4
72.3 72.3 72.3 72.3 72.3 72.3
261.1 272.4 287.4 303.2 319.8 337.4
36.5 36.5 36.5 36.5 36.5 36.5
2,808.2 2,956.4 3,119.0 3,290.5 3,471.5 3,662.5
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 1,287.8 1,357.1 1,431.7 1,510.5 1,593.6 1,681.2
64.3 64.3 64.3 64.3 64.3 64.3
944.0 984.3 1,038.4 1,095.5 1,155.8 1,219.4
131.9 131.9 131.9 131.9 131.9 131.9
91.3 78.6 90.2 102.5 115.5 129.2
145.7 145.7 145.7 145.7 145.7 145.7
2,323.1 2,420.0 2,560.3 2,708.5 2,864.8 3,029.8

485.1 536.4 558.7 582.1 606.7 632.7

51.3 22.2 23.4 24.6 25.9
Y Y Y Y Y

Pro-Forma Estimates

2013PF 2014E 2015E 2016E 2017E 2018E

0.0 275.5 640.3 1,067.8 1,561.9

275.5 364.8 427.5 494.1 564.6
(100.0) (100.0) (100.0) (100.0) (100.0)
175.5 540.3 967.8 1,461.9 2,026.4

0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0
1.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
5.00% 5.00% 5.00% 5.00% 5.00%

10,500.0 10,500.0 10,500.0 10,500.0 10,500.0

0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
10,500.0 10,500.0 10,500.0 10,500.0 10,500.0 10,500.0
525.0 525.0 525.0 525.0 525.0
5.00% 5.00% 5.00% 5.00% 5.00%

2,100.0 2,100.0 2,100.0 2,100.0 2,100.0

0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
2,100.0 2,100.0 2,100.0 2,100.0 2,100.0 2,100.0
157.5 157.5 157.5 157.5 157.5
7.50% 7.50% 7.50% 7.50% 7.50%

0.0 0.0 0.0 0.0 0.0

682.5 682.5 682.5 682.5 682.5

0.0 275.5 640.3 1,067.8 1,561.9 2,126.4

1.4 4.6 8.5 13.1 18.4
1.00% 1.00% 1.00% 1.00% 1.00%
Y Y Y Y Y
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Investment Returns
(in US$ millions except per share amounts) Actuals Estima

Period Ending LTM 2014E

Exit Multiple 14.4x

Enterprise value [(EBITDA + management fee) x EBITDA multiple)]

Plus cash
Less revolving line of credit
Less term facilities
Less the notes
Less preferred equity
Less preferred dividends
Equity to common

Return to 3G (4,120.0) 0.0

IRR 19.7%
Return Multiple 2.5x

Return to Berkshire Hathaway

Equity investment
Equity value
Preferred equity
Preferred dividends payable
Preferred dividends
Total return

IRR
Return Multiple

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 Estimates

2015E 2016E 2017E 2018E

36,531.6
2,126.4
0.0
10,500.0
2,100.0
8,000.0
3,600.0
14,458.0

0.0 0.0 0.0 10,120.6

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Consolidated Income Statements
(in US$ millions except per share amounts) Actuals Estima

Period Ending 2014A

Input Data
EBITDA
Less taxes
Less maintenance capex
Operating Cash Flow (OCF)

Debt service
Total cash interest expense
Total principal repayments
Total debt service

Total Debt

Coverage Ratios
EBITDA / Interest expense
EBITDA / Total Senior Cash Debt Service
OCF / Interest expense
OCF / Total Senior Cash Debt Service

Leverage Ratios
Total Debt / EBITDA
Total Debt / OCF

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 Estimates

2015A 2016A 2017A 2018A

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