Let's assume the 85.4 billion number is indeed going to be the transaction value (excluding another 23.3 billion in debt), and if this is anywhere near a classical valuation of Time Warner. 1) We have data on 2014, 2015 and 2016 (always at the end of the year, see Exhibits 3 and 4). Calculate the effect Net working Capital will have on the FCF. Explain the problem you'll run into when constructing FCF numbers for those three years?