Cigno Co, sep/dec 2015

No, and the reason is the last sentence in the question under the heading 'possible additional post-acquisition benefits'. It says that the cash flows would increase for the next 3 years (so 4 in total). I do see your point, and accept that you could read this sentence in different ways. The examiner would therefore have still given full marks if you had interpreted it in your way (even though the final answer would obviously have been different).

You are welcome :-)