Year 0 1-9 10 Revenues 95.8 95.8 Manufacturing Expenses (other than depreciation) - 36.6 - 36.6 Marketing Expenses -9.9 -9.9 Depreciation - 15.3 - 15.3 EBIT 34.0 34.0 Taxes at 35% - 11.9 -11.9 Unlevered Net Income 22.1 22.1 Depreciation + 15.3 + 15.3 Additions to Net Working Capital - 5.1 - 5.1 Capital Expenditures - 153.4 Continuation Value + 12.3 Free Cash Flow 153.4 32.3 44.6