Exhibit: BartCo Proforma Cash Flows ($ millions) 31/12/19 Revenue Cost of Goods Sold Gross profit Selling General & Administrative expenses EBIT Depreciation Capital expenditures Working capital 25.0 TV at the end of 2024 @ 7x EBIT Corporate tax rate 0.4 Capital structure: D/ 0.3 Cost of debt: D 8% Working capital/sales 0.2 2020 125.8 76.5 49.3 40.8 8.5 2.7 4.1 2021 131.8 78.2 53.6 41.7 11.9 2.6 3.9 2022 140.3 79.9 60.4 42.5 17.9 2.6 2023 147.9 81.6 66.3 43.4 23.0 2.6 3.9 2024 152.2 83.3 68.9 44.2 24.7 2.6 3.9 3.9 A. Compute the FCFs for 2020-2024 [need Net Working Capital first] B. Compute TV at the end of 2024 BartCo Proforma Cash Flows ($ millions) 2022 140.3 79.9 60.4 2020 125.8 76.5 49.3 40.8 8.5 2.7 4.1 Revenue Cost of Goods Sold Gross profit SG&A EBIT Depreciation Capital expenditures Working capital TV: 7x EBIT Corporate tax rate Capital structure: DNV Cost of debt: D Working capital/sales 2021 131.8 78.2 53.6 41.7 11.9 2.6 3.9 2023 147.9 81.6 66.3 43.4 23.0 2.6 3.9 2024 152.2 83.3 68.9 44.2 24.7 2.6 3.9 42.5 17.9 2.6 3.9 25.0 0.4 0.3 8% 0.2 FCF=EBIT*(1-t)+Depreciatuion-CAPX-ChNWC TV = 7 * EBIT Exhibit: BartCo Proforma Cash Flows ($ millions) 31/12/19 Revenue Cost of Goods Sold Gross profit Selling General & Administrative expenses EBIT Depreciation Capital expenditures Working capital 25.0 TV at the end of 2024 @ 7x EBIT Corporate tax rate 0.4 Capital structure: D/ 0.3 Cost of debt: D 8% Working capital/sales 0.2 2020 125.8 76.5 49.3 40.8 8.5 2.7 4.1 2021 131.8 78.2 53.6 41.7 11.9 2.6 3.9 2022 140.3 79.9 60.4 42.5 17.9 2.6 2023 147.9 81.6 66.3 43.4 23.0 2.6 3.9 2024 152.2 83.3 68.9 44.2 24.7 2.6 3.9 3.9 A. Compute the FCFs for 2020-2024 [need Net Working Capital first] B. Compute TV at the end of 2024 BartCo Proforma Cash Flows ($ millions) 2022 140.3 79.9 60.4 2020 125.8 76.5 49.3 40.8 8.5 2.7 4.1 Revenue Cost of Goods Sold Gross profit SG&A EBIT Depreciation Capital expenditures Working capital TV: 7x EBIT Corporate tax rate Capital structure: DNV Cost of debt: D Working capital/sales 2021 131.8 78.2 53.6 41.7 11.9 2.6 3.9 2023 147.9 81.6 66.3 43.4 23.0 2.6 3.9 2024 152.2 83.3 68.9 44.2 24.7 2.6 3.9 42.5 17.9 2.6 3.9 25.0 0.4 0.3 8% 0.2 FCF=EBIT*(1-t)+Depreciatuion-CAPX-ChNWC TV = 7 * EBIT