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ARAMARK CORPORATION AND SUBSIDIARIES
                                                    RECONCILIATION OF NON-GAAP MEASURES
                                      CASH FLOW BEFORE WORKING CAPITAL AND AFTER CAPITAL EXPENDITURES
                                                                   (Unaudited)
                                                                 (In Thousands)

Cash flow before working capital and after capital expenditures, as defined by ARAMARK, is an internal operating metric used by management to evaluate cash flows from
normal operations of our business, excluding the impact of working capital changes. This metric eliminates the volatility of working capital changes which long term investors
may find useful.


                                                                                              Six Months Ended
                                                                                    March 28, 2003        March 29, 2002

Cash flow before working capital and after
  capital expenditures:
      Income from continuing operations                                               $     96,226            $    105,006
      Depreciation and amortization                                                        126,436                 113,798
      Income taxes deferred                                                                 11,690                  14,854
      Gain on sale of investment, net of taxes                                                 -                   (24,400)
      Net purchases of property and equipment                                             (102,742)                (80,012)

    Cash flow before working capital and after capital expenditures                   $   131,610             $    129,246




Reconciliation of cash flow before working capital and after capital expenditures
  to net cash provided by operating activities from continuing operations:            $    131,610            $    129,246
     Net purchases of property and equipment                                               102,742                  80,012
     Provision for income taxes on gain on sale of investment                                  -                   (13,489)
     Changes in noncash working capital                                                   (164,134)               (119,579)
     Net proceeds from sale of receivables                                                     -                    35,805
     Other operating activities                                                            (11,715)                 (7,084)

Net cash provided by operating activities from continuing operations                  $    58,503             $    104,911

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rmk_050803a

  • 1. ARAMARK CORPORATION AND SUBSIDIARIES RECONCILIATION OF NON-GAAP MEASURES CASH FLOW BEFORE WORKING CAPITAL AND AFTER CAPITAL EXPENDITURES (Unaudited) (In Thousands) Cash flow before working capital and after capital expenditures, as defined by ARAMARK, is an internal operating metric used by management to evaluate cash flows from normal operations of our business, excluding the impact of working capital changes. This metric eliminates the volatility of working capital changes which long term investors may find useful. Six Months Ended March 28, 2003 March 29, 2002 Cash flow before working capital and after capital expenditures: Income from continuing operations $ 96,226 $ 105,006 Depreciation and amortization 126,436 113,798 Income taxes deferred 11,690 14,854 Gain on sale of investment, net of taxes - (24,400) Net purchases of property and equipment (102,742) (80,012) Cash flow before working capital and after capital expenditures $ 131,610 $ 129,246 Reconciliation of cash flow before working capital and after capital expenditures to net cash provided by operating activities from continuing operations: $ 131,610 $ 129,246 Net purchases of property and equipment 102,742 80,012 Provision for income taxes on gain on sale of investment - (13,489) Changes in noncash working capital (164,134) (119,579) Net proceeds from sale of receivables - 35,805 Other operating activities (11,715) (7,084) Net cash provided by operating activities from continuing operations $ 58,503 $ 104,911