Exhibit $11$: Auto distribution$-$Historical Cash Flow Statements

Thousand of FFr $19941995199619971998$

Consolidated net results $103,957119,393120,487123,078153,017$

Depreciation allowance $44,40446,13051,19658,78464,889$

Risk allowance $(6,223)16,672(13,223)(17,077)(6,752)$

Goodwill depreciation $3,3344,7615,81015,12113,624$

Funds provided by operations $145,473186,957164,270179,906224,778$

Tangible acquisitions n$.$d$.45,73461,95393,75661,032$

Intangible acquisitions n$.$d$.10,02710,17813,8716,486$

Investments and financial assets n$.$d$.36,62238,50527,33736,419$

Additions to long term assets $(1)$ n$.$d$.92,383110,636134,964103,937$

Long term asset disposals $(21,298)(33,052)(8,796)(12,559)$

Net capital expenditure $(1)$ n$.$d$.71,08577,584126,16891,378$

Change in WCR n$.$d$.61,05442,59128,102(72,758)$

Attributed dividends n$.$d$.3,5366,38333,44743,144$

Cash used $-$ total n$.$d$.135,675126,558187,71761,764$

Net cash n$.$d$.51,28237,712(7,811)163,014$

Changes in perimeter & ajustments $(9,240)24,980(8,678)4,728$

Total n$.$d$.42,04262,692(16,489)167,742$

Increase in net debt $(2)$ n$.$d$.(42,042)(62,692)16,489(167,742)$

What rates of return do you expect for equity holders and each tranche of senior debt and subordinated debt for this investment given the forecasted financials and capital structure?

Is this rate of return sufficient from Butler Capital$$s perspective?

Are the rates of return fair for the risks being taken from the perspective of the markets?

You should consider the assumptions for margin improvements and growth in Exhibit $18$ of the case in answering these questions.