Year Revenues Manufacturing Expenses (other than depreciation) Marketina Expenses Depreciation EBIT Taxes at 34% Unlevered Net Income Depreciation Additions to Net Working Capital Capital Expenditures Continuation Value Free Cash Flow 1-9 10 96.0 37.5 10.7 15.5 32.3 10.982 21.318 15.5 4.2 96.0 37.5 10.7 15.5 32.3 10.982 21.318 +15.5 4.2 155.0 +12.1 44.718 155.0 32.618