Page Number	Correction/Addendum
195	In illustration 10.2, Dividends per share in 1994 = $ 2.00 (not $ 2.04)
198	Fifth line from the top.. "the fundamental growth model described in Chapter 7 (not chapter 5).
200	In illustration 10.5 Length of the high-growth period = 5 years
219	FCFE = Net Income - (1 - Debt Ratio) (Capital expenditures - depreciation) - (1 - Debt ratio) (Change in Working Capital) {not added, but subtracted)
221	In illustration 11.1 Chg in Working Capital (instead of ¶ Working Capital)
231	The expected cash flows were computed using - (Cap Ex - Depr.) (.9) [not (Cap Ex - Depr.) (.09)] - Chg in Working Capital (.9) [not Chg in Working Capital (.09)]
238	The table has to be corrected as follows: EBITDA = FCFF + EBIT(t) + Capital Expenditures + Chg in Working Capital NOI (1-t) = FCFF + (Cap Ex - Depr) + Non oper Exp (1-t) + Chg in Working Capital EBIT (1-t) = FCFF + (Cap Ex - Depr) + Chg in Working Capital At the bottom of the table, EBIT (1-t) = EBITDA(1-t) - Depreciation (1-t) EBIT = NOI - Nonoperating expenses
243	Add to Base year information Market Value of debt outstanding now = $ 2,740.58 million
255	The current FCFF is estimated by assuming that the change in working capital = 0
294
295
298	In illustration 14.6 The treasury bond rate used is 6%
310	The same correction applies to the value/FCFF multiple.
340	See correction from page 294 above.