1) calculate Free Cash Flows to Equity for 2018. Include cash in all measures of working capital for purposes of these calculations:

Jimmy's Corp. Annual Income Statements For Years Ending December 31 Sales Cost of sales Gross profit 2017 $156,121,419 55.330.466 100,790,953 2018 $173,219,147 60.213.877 113,005,270 Net operating expenses Operating income 84.109.861 16,681,092 94.003.364 19,001,906 Other income (expense) Interest expense (1,629,942) (1,680,884) (981,955) (2,109,889) Pretax net income 13,370,266 15,910,062 Taxes (sub S) Net income (loss) $13,370,266 $15,910,062 2018 Jimmy's Corp. Annual Balance Sheets As of December 31 Assets 2017 Current assets Cash and equivalents $1,804,453 Trade accounts receivables, net 23,030,198 Other receivables Inventories 36,745,737 Prepaid expenses and other current assets 3.939,599 Total current assets 65,519,987 $1,595,523 23,382,755 43,380,253 6.693.922 75,052,453 10,290,678 9,599,309 12,079,418 10,093,994 Property and equipment Net property and equipment Intangible assets, net Investment in ANLO Other non current assets Total assets 985.979 $86,395,953 884.071 $98, 109,936 Liabilities Current liabilities Accounts payable Accrued liabilities Current portion of notes payable Loans payable to bank Total current liabilities 14,295,177 8,752,413 3,447,223 29.000.000 55,494,813 12,033,428 12,603,200 1,180,291 42.700.000 68,516,919 Long-term debt Total liabilities 4,074,673 59,569,486 2.663.353 71,180,272 Minority interest 46.073 Stockholder's Equity Common stock Additional paid-in capital Retained earnings Treasury stock Accumulated other adjustments Total stockholder's equity 1,000,000 7,099,489 18,737,139 1,000,000 7,099,489 19,099,622 (416,400) 100,880 26,883,591 (10,161) 26,826,467 Total Stockholder's Equity and Liabilities $86,395,953 $98,109,936 $0 $0 Jimmys Corp. Annual Statements of Cash Flows For Years Ending December 31 Cash Flows From Operations: 2017 2018 Net Income $13.370.266 $15,910,062 2,969,115 3,163,863 39,751 58,321 (22,029) ($36,004) 61,414 0 ($23,058) 73,831 8,573 Adjustments to reconcile net income to net cash from operations: Depreciation and amortization Provision for excess and obsolete inventories Loss on sales of fixed assets Gain on sale of securities Income (loss) on investments in nonconsolidated Accretion of discounted note payable Minority interest in subsidiary income Unrealized foreign exchange loss Loss on sale of nonconsolidated subsidiary Collection of bad debt in the form of stock Provision for doubtful accounts Changes in assets and liabilities: Accounts receivable Note receivable Inventories Prepaid expenses Other assets Accounts payable Accrued expenses Total Adjustments 642,974 863,181 (6,051,474) (1,215,738) (546,687) 92,761 139,392 2,168,809 2,787,062 2,263,654 (6,546,961) (2,512,527) 101,908 (2,261,749) (649.213) (8,958,139) Net Cash Provided (Used) by Operating Activities $15,633,920 $6,951,923 (9,292,079) (6,048,987) Cash Flows From Investing Activities: Capital expenditures Purchase of minority interest in subsidiary Sale of minority interest in subsidiary Proceeds from sales of fixed assets Cash received from sale of nonconsolidated subs Proceeds from sale of securities Net Cash Provided by Investing Activities 37,500 324,688 36,808 51.535 ($9,203,736) ($5,686,799) 13,700,000 4,950,000 2,086,349 (2,993,983) Cash Flows From Financing Activities: Draws on note payable, net Borrowings of long-term debt Principal repayments of long-term debt Treasury stock acquired Proceeds from sale of treasury stock Cash contributions by minority shareholder Cash distributions to stockholders (dividends) Net Cash Provided (Used) by Financing Activities (3,733,133) (416,400) (10,027.705) ($5,985,339) (11.024.521) ($1,474,054) Net Increase (Decrease) in Cash 444,845 (208,930) Cash and Equivalents at Beginning of Year Cash and Equivalents at End of Year 1.359.608 1,804,453 1.804,453 1,595,523 Other Valuation Assumptions: Cost of equity capital Cost of debt capital Perpetual growth rate for all cash flows Tax rate 15.00% 5.00% 3.00% 0.00%