Condensed Consolidating Financial Statements of Aramark and Subsidiaries | CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF ARAMARK AND SUBSIDIARIES: The following condensed consolidating financial statements of the Company have been prepared pursuant to Rule 3-10 of Regulation S-X. The condensed consolidating financial statements are presented for: (i) Aramark (the "Parent"); (ii) Aramark Services, Inc. and Aramark International Finance S.à r.l. (the "Issuers"); (iii) the guarantors; (iv) the non guarantors; (v) elimination entries necessary to consolidate the Parent with the Issuers, the guarantors and non guarantors; and (vi) the Company on a consolidated basis. Each of the guarantors is wholly-owned, directly or indirectly, by the Company. The 5.125% Senior Notes due 2024 (the "2024 Notes"), 5.000% Senior Notes due April 1, 2025 (the "5.000% 2025 Notes"), 3.125% Senior Notes due April 1, 2025 (the "3.125% 2025 Notes" and, together with the 5.000% 2025 Notes, the "2025 Notes"), 4.75% Senior Notes due June 1, 2026 ("2026 Notes") and 2028 Notes are obligations of the Company's wholly-owned subsidiary, Aramark Services, Inc., (other than the 3.125% 2025 Notes, which are obligations of the Company's wholly owned subsidiary, Aramark International Finance S.a.r.l) and are each jointly and severally guaranteed on a senior unsecured basis by the Company and substantially all of the Company's existing and future domestic subsidiaries (excluding the Receivables Facility subsidiary) ("Guarantors"). All other subsidiaries of the Company, either direct or indirect, do not guarantee the 2024 Notes, 2025 Notes, 2026 Notes or 2028 Notes ("Non Guarantors"). The Guarantors also guarantee certain other debt. These condensed consolidating financial statements have been prepared from the Company's financial information on the same basis of accounting as the condensed consolidated financial statements. Interest expense and certain other costs are partially allocated to all of the subsidiaries of the Company. Goodwill and other intangible assets have been allocated to the subsidiaries based on management's estimates. CONDENSED CONSOLIDATING BALANCE SHEETS June 29, 2018 (in thousands) Aramark (Parent) Issuers Guarantors Non Eliminations Consolidated ASSETS Current Assets: Cash and cash equivalents $ 5 $ 27,472 $ 26,034 $ 112,457 $ — $ 165,968 Receivables — 1,307 549,047 1,301,574 — 1,851,928 Inventories — 15,142 575,835 114,387 — 705,364 Prepayments and other current assets — 9,330 83,863 93,613 — 186,806 Total current assets 5 53,251 1,234,779 1,622,031 — 2,910,066 Property and Equipment, net — 27,653 963,811 329,902 — 1,321,366 Goodwill — 181,756 4,769,053 655,425 — 5,606,234 Investment in and Advances to Subsidiaries 2,845,770 7,507,640 90,049 634,463 (11,077,922 ) — Other Intangible Assets — 29,684 1,950,400 190,524 — 2,170,608 Other Assets — 94,609 1,211,119 353,540 (2,002 ) 1,657,266 $ 2,845,775 $ 7,894,593 $ 10,219,211 $ 3,785,885 $ (11,079,924 ) $ 13,665,540 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Current maturities of long-term borrowings $ — $ 32,162 $ 27,022 $ 22,786 $ — $ 81,970 Accounts payable — 141,797 376,492 328,451 — 846,740 Accrued expenses and other current liabilities — 197,794 681,087 334,935 88 1,213,904 Total current liabilities — 371,753 1,084,601 686,172 88 2,142,614 Long-term Borrowings — 6,773,741 74,602 939,992 — 7,788,335 Deferred Income Taxes and Other Noncurrent Liabilities — 389,980 407,460 81,331 — 878,771 Intercompany Payable — — 5,328,743 519,783 (5,848,526 ) — Redeemable Noncontrolling Interest — — 10,045 — — 10,045 Total Stockholders' Equity 2,845,775 359,119 3,313,760 1,558,607 (5,231,486 ) 2,845,775 $ 2,845,775 $ 7,894,593 $ 10,219,211 $ 3,785,885 $ (11,079,924 ) $ 13,665,540 CONDENSED CONSOLIDATING BALANCE SHEETS September 29, 2017 (in thousands) Aramark (Parent) Issuers Guarantors Non Eliminations Consolidated ASSETS Current Assets: Cash and cash equivalents $ 5 $ 111,512 $ 37,513 $ 89,767 $ — $ 238,797 Receivables — 3,721 303,664 1,308,608 — 1,615,993 Inventories — 15,737 514,267 80,728 — 610,732 Prepayments and other current assets — 14,123 83,404 90,090 — 187,617 Total current assets 5 145,093 938,848 1,569,193 — 2,653,139 Property and Equipment, net — 29,869 775,362 236,800 — 1,042,031 Goodwill — 173,104 3,874,647 667,760 — 4,715,511 Investment in and Advances to Subsidiaries 2,459,056 5,248,858 90,049 567,277 (8,365,240 ) — Other Intangible Assets — 29,683 914,000 177,141 — 1,120,824 Other Assets — 53,538 1,112,076 311,112 (2,002 ) 1,474,724 $ 2,459,061 $ 5,680,145 $ 7,704,982 $ 3,529,283 $ (8,367,242 ) $ 11,006,229 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Current maturities of long-term borrowings $ — $ 33,487 $ 20,330 $ 24,340 $ — $ 78,157 Accounts payable — 167,926 461,192 326,807 — 955,925 Accrued expenses and other current liabilities — 200,130 814,542 319,253 88 1,334,013 Total current liabilities — 401,543 1,296,064 670,400 88 2,368,095 Long-term Borrowings — 4,460,730 63,604 665,997 — 5,190,331 Deferred Income Taxes and Other Noncurrent Liabilities — 425,297 513,797 39,850 — 978,944 Intercompany Payable — — 5,224,196 747,347 (5,971,543 ) — Redeemable Noncontrolling Interest — — 9,798 — — 9,798 Total Stockholders' Equity 2,459,061 392,575 597,523 1,405,689 (2,395,787 ) 2,459,061 $ 2,459,061 $ 5,680,145 $ 7,704,982 $ 3,529,283 $ (8,367,242 ) $ 11,006,229 CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the three months ended June 29, 2018 (in thousands) Aramark (Parent) Issuers Guarantors Non Eliminations Consolidated Sales $ — $ 261,383 $ 2,580,276 $ 1,129,947 $ — $ 3,971,606 Costs and Expenses: Cost of services provided — 235,789 2,263,239 1,025,776 — 3,524,804 Depreciation and amortization — 4,771 127,321 24,842 — 156,934 Selling and general corporate expenses — 51,310 43,179 7,226 — 101,715 Interest and other financing costs, net — 85,080 (1,466 ) 7,651 — 91,265 Expense allocations — (77,642 ) 73,564 4,078 — — — 299,308 2,505,837 1,069,573 — 3,874,718 Income (Loss) before Income Tax — (37,925 ) 74,439 60,374 — 96,888 Provision (Benefit) for Income Taxes — (9,612 ) 17,470 16,314 — 24,172 Equity in Net Income of Subsidiaries 72,577 — — — (72,577 ) — Net income (loss) 72,577 (28,313 ) 56,969 44,060 (72,577 ) 72,716 Less: Net income attributable to noncontrolling interest — — 139 — — 139 Net income (loss) attributable to Aramark stockholders 72,577 (28,313 ) 56,830 44,060 (72,577 ) 72,577 Other comprehensive income (loss), net of tax (35,371 ) 13,521 — (100,736 ) 87,215 (35,371 ) Comprehensive income (loss) attributable to Aramark stockholders $ 37,206 $ (14,792 ) $ 56,830 $ (56,676 ) $ 14,638 $ 37,206 CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the nine months ended June 29, 2018 (in thousands) Aramark (Parent) Issuers Guarantors Non Guarantors Eliminations Consolidated Sales $ — $ 772,008 $ 7,828,692 $ 3,275,335 $ — $ 11,876,035 Costs and Expenses: Cost of services provided — 681,761 6,891,330 3,033,286 — 10,606,377 Depreciation and amortization — 14,645 360,485 68,516 — 443,646 Selling and general corporate expenses — 153,434 111,383 17,510 — 282,327 Interest and other financing costs, net — 244,475 (2,053 ) 19,295 — 261,717 Expense allocations — (223,650 ) 210,863 12,787 — — — 870,665 7,572,008 3,151,394 — 11,594,067 Income (Loss) before Income Tax — (98,657 ) 256,684 123,941 — 281,968 Provision (Benefit) for Income Taxes — (37,516 ) (112,920 ) 39,532 — (110,904 ) Equity in Net Income of Subsidiaries 392,430 — — — (392,430 ) — Net income (loss) 392,430 (61,141 ) 369,604 84,409 (392,430 ) 392,872 Less: Net income attributable to noncontrolling interest — — 442 — — 442 Net income (loss) attributable to Aramark stockholders 392,430 (61,141 ) 369,162 84,409 (392,430 ) 392,430 Other comprehensive income (loss), net of tax 25,694 36,344 2,181 (33,859 ) (4,666 ) 25,694 Comprehensive income (loss) attributable to Aramark stockholders $ 418,124 $ (24,797 ) $ 371,343 $ 50,550 $ (397,096 ) $ 418,124 CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the three months ended June 30, 2017 ( in thousands) Aramark (Parent) Issuers Guarantors Non Guarantors Eliminations Consolidated Sales $ — $ 274,030 $ 2,346,917 $ 972,330 $ — $ 3,593,277 Costs and Expenses: Cost of services provided — 247,571 2,082,456 902,339 — 3,232,366 Depreciation and amortization — 4,288 104,394 17,758 — 126,440 Selling and general corporate expenses — 37,969 35,189 6,634 — 79,792 Interest and other financing costs, net — 58,831 (847 ) 3,499 — 61,483 Expense allocations — (67,250 ) 62,913 4,337 — — — 281,409 2,284,105 934,567 — 3,500,081 Income (Loss) before Income Tax — (7,379 ) 62,812 37,763 — 93,196 Provision (Benefit) for Income Taxes — (3,087 ) 17,424 13,495 — 27,832 Equity in Net Income of Subsidiaries 65,295 — — — (65,295 ) — Net income (loss) 65,295 (4,292 ) 45,388 24,268 (65,295 ) 65,364 Less: Net income attributable to noncontrolling interest — — 69 — — 69 Net income (loss) attributable to Aramark stockholders 65,295 (4,292 ) 45,319 24,268 (65,295 ) 65,295 Other comprehensive income, net of tax 17,574 4,034 1,495 57,622 (63,151 ) 17,574 Comprehensive income (loss) attributable to Aramark stockholders $ 82,869 $ (258 ) $ 46,814 $ 81,890 $ (128,446 ) $ 82,869 CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the nine months ended June 30, 2017 ( in thousands) Aramark (Parent) Issuers Guarantors Non Guarantors Eliminations Consolidated Sales $ — $ 785,435 $ 7,310,795 $ 2,854,058 $ — $ 10,950,288 Costs and Expenses: Cost of services provided — 713,520 6,404,749 2,639,623 — 9,757,892 Depreciation and amortization — 12,851 313,350 52,057 — 378,258 Selling and general corporate expenses — 105,283 102,978 15,723 — 223,984 Interest and other financing costs, net — 212,651 (2,207 ) 14,347 — 224,791 Expense allocations — (210,077 ) 201,245 8,832 — — — 834,228 7,020,115 2,730,582 — 10,584,925 Income (Loss) before Income Tax — (48,793 ) 290,680 123,476 — 365,363 Provision (Benefit) for Income Taxes — (19,186 ) 82,727 40,793 — 104,334 Equity in Net Income of Subsidiaries 260,785 — — — (260,785 ) — Net income (loss) 260,785 (29,607 ) 207,953 82,683 (260,785 ) 261,029 Less: Net income attributable to noncontrolling interest — — 244 — — 244 Net income (loss) attributable to Aramark stockholders 260,785 (29,607 ) 207,709 82,683 (260,785 ) 260,785 Other comprehensive income, net of tax 24,710 42,069 172 13,955 (56,196 ) 24,710 Comprehensive income attributable to Aramark stockholders $ 285,495 $ 12,462 $ 207,881 $ 96,638 $ (316,981 ) $ 285,495 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the nine months ended June 29, 2018 (in thousands) Aramark (Parent) Issuers Guarantors Non Eliminations Consolidated Net cash provided by (used in) operating activities $ — $ (11,280 ) $ (2,707 ) $ 190,411 $ (35,002 ) $ 141,422 Cash flows from investing activities: Purchases of property and equipment, client contract investments and other — (8,926 ) (367,388 ) (56,465 ) — (432,779 ) Disposals of property and equipment — 2,142 2,393 3,151 — 7,686 Acquisitions of businesses, net of cash acquired — (2,381,800 ) 236,613 (94,414 ) — (2,239,601 ) Other investing activities — (4,214 ) 512 (3,783 ) — (7,485 ) Net cash used in investing activities — (2,392,798 ) (127,870 ) (151,511 ) — (2,672,179 ) Cash flows from financing activities: Proceeds from long-term borrowings — 2,982,209 — 163,860 — 3,146,069 Payments of long-term borrowings — (639,731 ) (19,962 ) (41,369 ) — (701,062 ) Net change in funding under the Receivables Facility — — — 145,800 — 145,800 Payments of dividends — (77,317 ) — — — (77,317 ) Proceeds from issuance of common stock — 15,961 — — — 15,961 Repurchase of stock — (24,410 ) — — — (24,410 ) Other financing activities — (44,037 ) (2,686 ) (390 ) — (47,113 ) Change in intercompany, net — 107,363 141,746 (284,111 ) 35,002 — Net cash provided by (used in) financing activities — 2,320,038 119,098 (16,210 ) 35,002 2,457,928 (Decrease) increase in cash and cash equivalents — (84,040 ) (11,479 ) 22,690 — (72,829 ) Cash and cash equivalents, beginning of period 5 111,512 37,513 89,767 — 238,797 Cash and cash equivalents, end of period $ 5 $ 27,472 $ 26,034 $ 112,457 $ — $ 165,968 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the nine months ended June 30, 2017 (in thousands) Aramark (Parent) Issuers Guarantors Non Eliminations Consolidated Net cash provided by operating activities $ — $ 195,061 $ 202,300 $ 97,854 $ (46,026 ) $ 449,189 Cash flows from investing activities: Purchases of property and equipment, client contract investments and other — (15,791 ) (269,316 ) (55,187 ) — (340,294 ) Disposals of property and equipment — 150 12,624 2,143 — 14,917 Acquisitions of businesses, net of cash acquired — — (88,313 ) (41,781 ) — (130,094 ) Other investing activities — (84,408 ) 6,011 80,098 — 1,701 Net cash used in investing activities — (100,049 ) (338,994 ) (14,727 ) — (453,770 ) Cash flows from financing activities: Proceeds from long-term borrowings — 3,606,864 — 100,544 — 3,707,408 Payments of long-term borrowings — (3,228,896 ) (14,492 ) (318,112 ) — (3,561,500 ) Net change in funding under the Receivables Facility — — — 82,000 — 82,000 Payments of dividends — (75,543 ) — — — (75,543 ) Proceeds from issuance of common stock — 23,048 — — — 23,048 Repurchase of stock — (100,000 ) — — — (100,000 ) Other financing activities — (73,175 ) 4,632 (195 ) — (68,738 ) Change in intercompany, net — (268,998 ) 146,205 76,767 46,026 — Net cash provided by (used in) financing activities — (116,700 ) 136,345 (58,996 ) 46,026 6,675 Increase (decrease) in cash and cash equivalents — (21,688 ) (349 ) 24,131 — 2,094 Cash and cash equivalents, beginning of period 5 47,850 31,344 73,381 — 152,580 Cash and cash equivalents, end of period $ 5 $ 26,162 $ 30,995 $ 97,512 $ — $ 154,674 |