EBIT Tax @ 20% Depreciation Incr. in W/C Capex Proj. FCF Residual value FCF: Growth rate: WACC 2020 $1,590 (318) 200 (40) (150) $1,282 $1,700 5% 14% 2021 2022 2023 $1,688 $1,790 1,897 (338) (358) (379) 200 200 200 (50) (60) (70) (150) (150) (150) $1,350 $1,422 $1,498 2024 $2,032 (406) 200 (80) (150) $1,596

\begin{tabular}{lrrrrr} EBIT & 2020 & 2021 & 2022 & 2023 & 2024 \\ Tax @ 20\% & $1,590 & $1,688 & $1,790 & 1,897 & $2,032 \\ Depreciation & (318) & (338) & (358) & (379) & (406) \\ Incr. in W/C & 200 & 200 & 200 & 200 & 200 \\ Capex & (40) & (50) & (60) & (70) & (80) \\ Proj. FCF & (150) & (150) & (150) & (150) & (150) \\ & $1,282 & $1,350 & $1,422 & $1,498 & $1,596 \\ Residual value FCF: & $1,700 & & & & \\ Growth rate: & 5% & & & & \\ WACC & 14% & & & & \end{tabular} \begin{tabular}{lrrrrr} EBIT & 2020 & 2021 & 2022 & 2023 & 2024 \\ Tax @ 20\% & $1,590 & $1,688 & $1,790 & 1,897 & $2,032 \\ Depreciation & (318) & (338) & (358) & (379) & (406) \\ Incr. in W/C & 200 & 200 & 200 & 200 & 200 \\ Capex & (40) & (50) & (60) & (70) & (80) \\ Proj. FCF & (150) & (150) & (150) & (150) & (150) \\ & $1,282 & $1,350 & $1,422 & $1,498 & $1,596 \\ Residual value FCF: & $1,700 & & & & \\ Growth rate: & 5% & & & & \\ WACC & 14% & & & & \end{tabular}