ATTACHMENT D Widget Inc Financial Projections PROFIT PROJECTIONS Year 0 Year 1 Year 2 Year 3 Revenue 5.000 6.000 7.000 8.000 EBITDA 1.000 1.200 1.400 1.600 Less Depreciation & Amortisation -0.125 -0.150 -0.175 -0.200 EBIT 0.875 1.050 1.225 1.400 Less Senior Debt Interest 0.000 -0.150 -0.134 -0.114 Profit Before Tax 0.875 0.900 1.091 1.286 Less Tax -0.219 -0.225 -0.273 -0.322 Profit After Tax 0.656 0.675 0.818 0.965 CASH FLOW PROJECTIONS Year 1 Year 2 Year 3 EBIT 1.050 1.225 1.400 Plus Depreciation & Amortisation 0.150 0.175 0.200 Less CAPEX -0.168 -0.196 -0.224 Less WC Increase -0.120 -0.120 -0.120 Free Cash Flow Before Financing 0.912 1.084 1.256 Less Senior Debt Interest -0.150 -0.134 -0.114 Less Tax -0.225 -0.273 -0.322 Free Cash Flow After Financing 0.537 0.677 0.821 SENIOR DEBT BALANCE Year 1 Year 2 Year 3 Beginning Debt Balance 5.000 4.463 3.786 Less FCF After Financing -0.537 -0.677 -0.821 Ending Debt Balance 5.000 4.463 3.786 2.965