Starting with managements NOPAT projections in case Exhibit 17, what do you estimate as the free cash flow for 2010 through 2015? How do these cash flows compare with those based on the market scenario given in case Exhibit 18?

Exhibit 18 SANOFI-AVENTIS'S TENDER OFFER FOR GENZYME Genzyme -Financial Forecasts (Market Scenario) in Millions of U.S. Dollars Proiected 2009 2010 2011 2012 2013 2014 2015 Revenue Sources Personalized Genetic Health S1,850.0 $1,665.0 $2,164.5 $2,489.2$2,787.9S3,122.4$3,497.1 $1,101.5 S595.6 $1,157.2 Renal and Endocrinology $850.9 S1,033.2 S1,008.0 $513.7 $509.8 S29.1 $1,038.2 S590.8 $688.2 $20.4 S1,069.4 $679.4 $1,134.5 S898.5 $894.7 $1,118.4 $1,342.0 S1,543.4 $1,774.9 $22.3 $70.0 Biosurgery $781.3 Hematology and Oncology $23.6 S300.0 $21.0 S22.9 $220.0 Pipeline (probability adjusted) Revenues COGS Gross Profit General & Administrative R&D Service and R&D Revenues EBITDA Depreciation & Amortization Other Expense Operating Income (EBIT) Taxes NOPAT (Net Op Profit After Tax Source: Analyst reports and case writer estimates $20.0 $4,076.7$4,002.7$4,829.7 $5,532.5$6,255.7 S6,793.0 $7,348.5 (S1,386.1 ($1,280.9) (S1,473.1)($1,604.4) ($1,720.3) (S1,766.2) ($1,910.6) $3,928.1 ($1,428.6)($1,300.9) $1,497.2) ($1,632.1) ($1,845.4) ($2,003.9) ($2,167.8) ($865.3($840.6 (1,014. ($1,161.8) ($1,313.7) (S1,426.5) ($1,543.2) $553.3 $1,687.4 ($266.3)($280.2) (S338.1) ($387.3) ($437.9)($475.5) ($514.4) S2,690.6 $2,721.9 $3,356.7 $4,535.4 S5,026.8 $5,437.9 $438.9 $400.3 $483.0 S625.6 $679.3 $734.9 $980.7 S1,328.2 $2,001.8 S2,275.7 $2,461.8 (S65.6)($200.1) $503.7 ($62.6) $1,244.8 ($1214($175.1) (S329.6 ($435.7) (S525.5) ($630.1) ($681.6) $809.1 S500.3 $941.8 $1,501.4 S1,800.2 $1,947.4 $382.3 $325.2 $612.2 S975.9 S1,1701 $1,265.8 Exhibit 18 SANOFI-AVENTIS'S TENDER OFFER FOR GENZYME Genzyme -Financial Forecasts (Market Scenario) in Millions of U.S. Dollars Proiected 2009 2010 2011 2012 2013 2014 2015 Revenue Sources Personalized Genetic Health S1,850.0 $1,665.0 $2,164.5 $2,489.2$2,787.9S3,122.4$3,497.1 $1,101.5 S595.6 $1,157.2 Renal and Endocrinology $850.9 S1,033.2 S1,008.0 $513.7 $509.8 S29.1 $1,038.2 S590.8 $688.2 $20.4 S1,069.4 $679.4 $1,134.5 S898.5 $894.7 $1,118.4 $1,342.0 S1,543.4 $1,774.9 $22.3 $70.0 Biosurgery $781.3 Hematology and Oncology $23.6 S300.0 $21.0 S22.9 $220.0 Pipeline (probability adjusted) Revenues COGS Gross Profit General & Administrative R&D Service and R&D Revenues EBITDA Depreciation & Amortization Other Expense Operating Income (EBIT) Taxes NOPAT (Net Op Profit After Tax Source: Analyst reports and case writer estimates $20.0 $4,076.7$4,002.7$4,829.7 $5,532.5$6,255.7 S6,793.0 $7,348.5 (S1,386.1 ($1,280.9) (S1,473.1)($1,604.4) ($1,720.3) (S1,766.2) ($1,910.6) $3,928.1 ($1,428.6)($1,300.9) $1,497.2) ($1,632.1) ($1,845.4) ($2,003.9) ($2,167.8) ($865.3($840.6 (1,014. ($1,161.8) ($1,313.7) (S1,426.5) ($1,543.2) $553.3 $1,687.4 ($266.3)($280.2) (S338.1) ($387.3) ($437.9)($475.5) ($514.4) S2,690.6 $2,721.9 $3,356.7 $4,535.4 S5,026.8 $5,437.9 $438.9 $400.3 $483.0 S625.6 $679.3 $734.9 $980.7 S1,328.2 $2,001.8 S2,275.7 $2,461.8 (S65.6)($200.1) $503.7 ($62.6) $1,244.8 ($1214($175.1) (S329.6 ($435.7) (S525.5) ($630.1) ($681.6) $809.1 S500.3 $941.8 $1,501.4 S1,800.2 $1,947.4 $382.3 $325.2 $612.2 S975.9 S1,1701 $1,265.8