Epstein Secrets

Going fwd ex small acquisition RDNT will utilize FCF to pay down debt * RDNTs FCF for 2014 & 2015 is expected @ $35m Et $44m implying a significant FCF yld of 28% & 36% ' RDNT is tgeng net debt/ebitda @ .<4x ' I expect net debt to ebitda cld drop to 4.8x by yrend 2014 & 4.1x by wend 2015 ' As RDNT de-

2033. As of December 31, 2013, $23.5 million of RDNT's federal net operating loss carryforwards acquired in connection with the 2011 acquisition of Raven Holdings U.S., Inc. were subject to limitations related to their utilization under Section 382 of the Internal Revenue Code. Future ownership changes as det

' Going fwd ex small acquisition RDNT will utilize FCF to pay down debt • RDNTs FCF for 2014 a 2015 is expected @ $35m a $44m implying a significant FCF yld of 28% a 36% • RDNT is trig net debt/ebitda @ =<4x • I expect net debt to ebitda cld drop to 4.8x by yrend 2014 a 4.1x by yrend 2015 ' As RDNT de-

2033. As of December 31, 2013, $23.5 million of RDNT's federal net operating loss carryforwards acquired in connection with the 2011 acquisition of Raven Holdings U.S., Inc. were subject to limitations related to their utilization under Section 382 of the Internal Revenue Code. Future ownership changes as det

' Going fwd ex small acquisition RDNT will utilize FCF to pay down debt ▪ RDNTs FCF for 2014 a 2015 is expected @ $35m a $44m implying a significant FCF yld of 28% a 36% ▪ RDNT is trig net debt/ebitda @ =<4x ' I expect net debt to ebitda cld drop to 4.8x by yrend 2014 a 4.1x by yrend 2015 ' As RDNT de-

2033. As of December 31, 2013, $23.5 million of RDNT's federal net operating loss carryforwards acquired in connection with the 2011 acquisition of Raven Holdings U.S., Inc. were subject to limitations related to their utilization under Section 382 of the Internal Revenue Code. Future ownership changes as det