Exhibit 5: DCF ($ Thousands, Except Per-Share Data) base DCF Assumptions DCF Valuation Per Share % of Total Adjusted Beta 1.32 Current Intrinsic Value $31 Estimated Beta (Used for WACC) 1.32 Implied Value 1 Yr Out $34 Expected Return on Market 8.4% 10 Year Treasury Yield 2.3% Current Equity Risk Premium 6.1% LR Average Equity Risk Premium (Used for WACC) 6.1% Current Year for DCF 2016 Cost of Equity 10.3% Sum of NPV of FCF 2,579,079 93.6% Cost of LT Debt 4.7% Excluding Terminal Value 412,283 15.0% 66,796 78.6% Tax Rate 34% Terminal Value Only 2,1 After-Tax Cost of Debt 3.1% Cash Market Value 189,464.0 6.9% Debt/Capital Ratio 1% Debt Market Value 11,928.0 0.4% WACC 10.2% Total Equity Value 2,756,615 100.0% Terminal Growth Rate 4.5% FD Shares Outstanding 89,919.1 Terminal Value Multiple 17.4x Fiscal year 2013 2014 2015E 2016E 2017E 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E Free Cash Flow Analysis 160,617 1,424,462 1,734,042 2,046,169 2,394,018 Revenue 50,252 105,018 205,233 351,006 471,934 598,096 752,005 938,000 1, Operating Income (EBIT) (2,504) (14,990) (6,703) (18,232) (4,327) 18,258 60,160 103,180 185,699 270,648 364,149 450,157 538,654 Other* (1,766) (4,443) (8,158) (25,485) (28,495) (30,687) (34,635) (38,918) (43,536) (48,485) (53,754) (58,592) (63,572) EBIT (1-t) (4,270) (19,433) (14,861) (43,717) (32,821) (12,429) 16,847 42,413 93,827 146,627 204,861 258,433 313,554 + Depreciation & Amortization 1,365 4,672 7,236 12,736 16,676 21,192 20,167 21,175 26,200 32,157 39,145 46,192 54,044 - Capital Expenditures (3,462) (20,573) (16,525) (22,215) (24,000) (22,000) (20,167) (21,175) (26,200) (32,157) (39,145) (46,192) (54,044) - (Increase)/Decrease in Working Capital Needs 2,339 4,479 13,783 (2,205) 1,894 (454) (571) (712) (881) (1,081) (1,316) (1,553) (1,817) ,546 203,545 256,881 311,738 Free Cash Flow (4,028) (30,855) (10,367) (55,400) (38,251) (13,690) 16,276 41,701 92,946 145 Net Present Value of Free Cash Flow (53,445) (33,473) (10,867) 11,719 27,235 55,064 78,215 99,219 113,583 125,032 Note: Free Cash Flow is calculated by the following equation: FCF = EBIT (1 - t) + Depreciation Expense - Capital Expenditures - Change in Working Capital Need Growth Y/Y % Near Term Transition Revenue 109% 95% 71% 34% 27% 26% 25% 24% 23% 22% 18% 17% EBIT 499% -55% 172% -76% -522% 230% 72% 80% 46% 35% 24% 20% Other 152% 84% 212% 12% 8% 13% 12% 12% 11% 11% 9% 9% EBIT (1-t) 355% -24% 194% -25% -62% -236% 152% 121% 56% 40% 26% 21% Depreciation & Amortization 242% 55% 76% 31% 27% -5% 5% 24% 23% 22% 18% 17% Capital Expenditures 494% -20% 34% 8% -8% -8% 5% 24% 23% 22% 18% 17% Change in Working Capital 91% 208% -116% -186% -124% 26% 25% 24% 23% 22% 18% 17% 31% -64% -219% 156% 123% 57% 40% 26% 21% Free Cash Flow 666% -66% 434% - Selected Ratios Near Term Transition Operating Margin -5% -1% 3% 8% 11% 16% 19% 21% 22% 23% Implied EBITDA Margin -2.3% -9.8% 0.3% -1.6% 2.6% 6.6% 10.7% 13.3% 18.3% 21.3% 23.3% 24.3% 24.8% Tax Rate 34% 34% 34% 34% 34% 34% 34% Free Cash Flow to EBIT (1-T) 94% 159% 70% 127% 117% 110% 97% 98% 99% 99% 99% 99% 99% Capital Expenditure to Depreciation -254% -440% -228% -174% -144% -100% -100% -100% -100% -100% -100% -100% -100% Capital Expenditure to Revenue -7% -20% -8% -6% -5% -4% -3% -2% -2% -2% -2% -2% -2% Morgan Stanley Research Estimates E = * Other Expense includes cash impact of stock based compensation Source: Company data, Morgan Stanley Research 6