This case condenses "Iskall Arno (A) and (B)" (F-0780 and F-0781) for teaching in one class period. The senior managers of this company are reviewing 12 capital-expenditure proposals and because of a financing constraint must choose only a subset. Full quantitative analysis of the projects is presented to the students (NPVs, IRRs, profitability indexes), as is explicit analysis of expected synergies among the projects. The case illustrates the challenge of allocating capital under a constraint. Two student Lotus worksheet files are available on a computer diskette for use with this case.