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	PROJECTED CASH FLOW STATEMENT
	All amounts in USD millions | 5-Year Projection
		Year 1	Year 2	Year 3	Year 4	Year 5
	Cash Flow from Operations
	Net Income	190	213	238	263	286
	(+) Depreciation & Amortization	85	86	87	88	89
	(-) Change in Net Working Capital	(11)	(2)	2	(2)	(3)
	Cash from Operations	264	297	327	349	372
	Cash Flow from Investing
	Capital Expenditures	(95)	(97)	(97)	(98)	(96)
	Cash from Investing	(95)	(97)	(97)	(98)	(96)
	Cash Flow from Financing
	Net Debt Issuance / (Repayment)	-	-	-	-	-
	Cash from Financing	-	-	-	-	-
	Summary
	Net Change in Cash	168	200	230	251	276
	Free Cash Flow (Unlevered)	168	200	230	251	276
	FCF Margin %	10.6%	11.9%	13.1%	13.6%	14.4%
	Beginning Cash Balance	120	288	488	718	969
	Ending Cash Balance	288	488	718	969	1,246
	Note: Free Cash Flow = Cash from Operations + Capital Expenditures (capex shown as negative).