Please solve the question quickly I am in the exam

Rasha and Saeed studying Corporate Finance were overheard in the library debating the treatment of depreciation in capital budgeting projects just before the exam. Rasha said: "You are wrong, depreciation is never included in project cash flows". However, Saeed responded with: "The formula sheet given by the lecturer for the exam includes depreciation expenses when calculating the project's after-tax cash flows". Write a clear and accurate response you would offer these two students to explain the appropriate treatment of depreciation for capital budgeting purposes