THE CHEFS' WAREHOUSE, INC.
Reconciliation of Adjusted EBITDA Guidance for Fiscal 2023
(in millions)		Low-End		High-End
Net Income		56.0		61.0
Provision for income taxes		20.5		22.5
Depreciation and amortization		42.0		45.0
Interest expense		38.0		38.0
EBITDA		156.5		166.5
Adjustments:
Stock compensation		17.0		17.0
Duplicate rent		5.0		5.0
Change in earn-out fair value		1.5		1.5
Adjusted EBITDA	$	180.0	$	190.0