sample training model - values only

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TABLE OF CONTENTS

Title ContentsA summary of the main financial information

Identifies and matches abbreviations in the model with contracts, contact and naming in model

Documents changes to the model and their impact on main financial outputs

List of input drivers to the model

Coding of the construction loan draw and calculates Interest During Construction ("IDC")

Coding and assigning appropriate construction phase insurance premiums

Coding of appropriate development taxes to the appropriate contracts and invoicing

Coding of the incremental annual depreciation and basis for asset section of balance sheet

Coding of the various amortization schedules

Aggregates the previous page, Debt Schedule, for use in the financial statements

Also contains Statement of Retained Earnings

Calculates Internal Rate of Returns (IRR's) and Debt Service Coverage Ratios (DSCR's)

Calculates the Present Value of the Loan using LIBOR

Pro Rata Chart Profile of the Pro Rata Construction Loan

Equity First Chart Profile of the Equity First Construction Loan

Sr Debt Mtge Chart Profile of the Senior Debt Mortgage Loan

Sr Debt Level P Chart Profile of the Senior Debt Level Principal Loan

Tranche - Mrtge Chart Profile of the Tranche Mortgage Loan

Tranche - Mrtge Chart Profile of the Tranche Level Principal Loan

Debt Prof Chart Profile of the four debt payouts in relation to each other

Flows Chart

Project View Chart Profile of proposed developer's term sheet and available cash

Price Curve Chart Compares Fundamental Pricing Curve and PPA Price over Life of the Contract

Summary

Glossary

Log Book (Log)

Assumption Page (Assum)

OperationsCoding of development contracts that create revenue and expenses line items for income statement

Construction

Insurance

Development Taxes (DevTaxes)

Depreciation (Depr)

Debt Schedule (Debt Sch)

Debt Calculation (Debt Calc)

Income Statement (IS)

Balance Sheet (BS)

Statement of Cash Flows (SCF)

Returns and Ratios

Present Value of Loan (PV of Loan)

Profile of cash inflows and outflows, along with net income and retained earnings to better understand trapped cash

Summary Date 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

Period -1 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

Name Doc Inv Cons Units Esc

Except where indicated in USD ('000's)

Income Statement

Total Revenue - - 159,939 163,427 167,019 170,719 174,531 178,456 182,499 186,664 190,953 195,372 199,922 204,610 209,438 214,410 219,532 224,808 230,242 235,838 241,603 247,541

Gross Pofit - - 50,289 50,487 50,692 50,902 51,119 51,342 51,572 51,808 52,052 52,303 52,562 52,829 53,103 53,386 53,677 53,977 54,286 54,604 54,932 55,269

EBITDA - - 43,680 43,680 43,680 43,680 43,680 43,680 43,680 43,680 43,680 43,680 43,680 43,680 43,680 43,680 43,680 43,680 43,680 43,680 43,680 43,680

Net Income - - 10,407 11,021 11,625 12,229 12,832 13,436 14,040 18,079 18,683 19,287 19,891 20,494 21,073 20,840 20,840 20,840 20,840 20,840 20,840 20,840

cents/kWh - - 7.0115 7.1644 7.3219 7.4841 7.6511 7.8232 8.0005 8.1831 8.3711 8.5648 8.7643 8.9698 9.1814 9.3994 9.6239 9.8552 10.0934 10.3388 10.5915 10.8518

Balance Sheet

Assets

Cash - 9,556 9,556 8,341 6,780 5,221 3,664 2,110 559 - - - - - 22,254 12,209 12,212 24,169 36,388 48,611 60,837 73,067

Other Current Assets - 17,118 30,323 30,211 30,109 30,018 29,938 29,869 29,812 29,767 29,735 29,716 29,709 29,717 20,151 20,648 21,160 21,687 22,230 22,789 23,365 23,958

Non-Current Assets, Net - 279,209 261,900 244,591 227,282 209,973 192,665 175,356 158,047 145,943 133,840 121,736 109,632 97,529 85,425 73,322 61,218 49,114 37,011 24,907 12,804 700

Total Assets - 305,882 301,779 283,143 264,171 245,212 226,267 207,335 188,418 175,711 163,575 151,452 139,342 127,246 127,831 106,179 94,590 94,970 95,629 96,307 97,006 97,725

Liabilities

Current Liabilites - - 14,087 14,509 14,945 15,393 15,855 16,330 16,820 17,325 17,845 18,380 18,931 19,499 20,084 20,687 21,307 21,947 22,605 23,283 23,982 24,701

Long Term Debt - 232,858 213,453 194,049 174,644 155,239 135,834 116,429 97,024 77,619 58,215 38,810 19,405 - - - - - - - - -

Equity

Pain-In Capital - 73,024 73,024 73,024 73,024 73,024 73,024 73,024 73,024 73,024 73,024 73,024 73,024 73,024 73,024 73,024 73,024 73,024 73,024 73,024 73,024 73,024

Retained Earnings - - 1,215 1,561 1,559 1,556 1,554 1,552 1,549 7,742 14,492 21,238 27,982 34,723 34,723 12,468 259 - - - - -

Total Liabilities & Equity - 305,882 301,779 283,143 264,171 245,212 226,267 207,335 188,418 175,711 163,575 151,452 139,342 127,246 127,831 106,179 94,590 94,970 95,629 96,307 97,006 97,725

Statement of Cash Flows

Cash Flow from Operations - - 28,597 28,865 29,471 30,077 30,683 31,289 31,896 30,732 31,339 31,945 32,552 33,158 43,327 33,050 33,053 33,056 33,060 33,063 33,067 33,070

Cash Flow from Investing & Financing - - (19,405) (19,405) (19,405) (19,405) (19,405) (19,405) (19,405) (19,405) (19,405) (19,405) (19,405) (19,405) - - - - - - - -

Change in Cash Flow for the Period - - 9,192 9,460 10,066 10,672 11,278 11,884 12,491 11,327 11,934 12,540 13,147 13,754 43,327 33,050 33,053 33,056 33,060 33,063 33,067 33,070

Cash Available

Cash Avaiable for Debt Service ("CADS") - - 39,427 38,313 37,997 37,681 37,366 37,050 36,735 34,650 34,334 34,019 33,704 33,389 33,279 33,050 33,053 33,056 33,060 33,063 33,067 33,070

Debt Service - - 30,235 29,313 28,392 27,470 26,548 25,627 24,705 23,783 22,861 21,940 21,018 20,096 - - - - - - - -

Debt Service Coverage Ratio ("DSCR") 1.30 1.31 1.34 1.37 1.41 1.45 1.49 1.46 1.50 1.55 1.60 1.66

Cash Avaiable for Distribution ("CAD") w/ Trapped Cash (66,841) (6,182) 9,192 11,136 12,088 12,692 13,296 13,899 14,503 12,347 12,395 13,001 13,608 14,214 31,121 43,095 33,050 21,099 20,840 20,840 20,840 20,840

Cash Avaiable for Distribution ("CAD") w/o Trapped Cash (66,841) (6,182) 9,192 9,921 10,527 11,133 11,739 12,345 12,952 11,788 12,395 13,001 13,608 14,214 53,375 33,050 33,053 33,056 33,060 33,063 33,067 33,070

Project Capitalization

Hard Costs 244,350 79.88%

Soft Costs 61,532 20.12%

Total Project Costs 305,882

Debt 232,858 76.13%

Equity 73,024 23.87%

Total Project Capitalization 305,882

Key Financial Summaries

Debt Service Cover Ratios ("DSCR")

Average 1.45

Minimum 1.30

Internal Rate of Return (IRR)

With Trapped Cash 16.05%

Without Trapped Cash 16.25%

Internal Rate of Return (IRR)

Flag Off

With Trapped Cash 17.10%

Without Trapped Cash 17.22%

Financing

Present Value of the Loan 31,704

ToC

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GLOSSARY OF TERMS, INDIVIDUALS, CONTRACTS AND MODEL NAMES

Documents

Abbreviation DefinedEPC Engineering, Procurement and ConstructionGen General Macroeconomic and Country InformationDev Development Costs and InformationOM Operation and MaintenancePPA Power Purchase AgreementGSA Gas Supply AgreementTerm Proposed Term Sheet by DeveloperTaxes Country Tax RegimeIns Insurance

Responsible Parties

Abbreviation DefinedTC Tom Claire, Project DirectorHP Helma Prinssen, Financial DirectorBP Breck Prewitt, EPC LeadDS David Sugrue, O&M LeadWHP Hunt Priest, LegalCP Chris Pryor, Accounting & TaxDD David Donahue, Commercial Director for PPACM Chris Matz, Commercial Director for GSASJ Steve Janes, Commercial Director for Risk

Model Name Assignments

Abbreviation DefinedEPC LSTK EPCLand LandTotal_VAT Custom Duties & VATTotal_PT Profits TaxesLegal_Fees Legal FeesFin_Fees Financing FeesDev_Fees Development FeesIE Independent Engineers (Construction Phase)WC Working CapitalIns_Prem Insurance PremiumPC_Costs Pre-Commissioning CostsDev_Costs Development CostsIDC Commitment Fees & Interest During Construction ("IDC")DSRA Debt Service Reserve Account (DSRA)Conting ContingencyCap_Cost Total Capital CostsIPC Installed Plant CapacityCap_Fac Plant Capacity FactorHours Hours Per YearAEP_MWh Annual Electrical OutputMW_Conv MW to kW Conversion Factor

ToC

AEP_kWh Annual Electrical OutputMonths Operational MonthsPPA_Yrs Number of Years of PPAPPCC Power Plant Capacity ChargeFOMC Fixed O&M ChargeVOMC Variable O&M ChargeVOMC_SP Variable O&M Charge with Spare PartsFC Fuel ChargeGSA_Yrs Number of Years of GSAHR Guaranteed Plant Heat RateHV_Gas Heating Value Content of GasGas_Use Gas Quantity UsageMMBTU Conversion FactorGas_Price Gas PriceOM_Yrs Number of Years of Variable O&MVOME Variable O&M ExpenseOM_Yrs Number of Years of Fixed ExpensesPer_Exp Personnel ExpenseLTSA Long Term Service Agreement (LTSA)Ins_Exp Insurance ExpenseOp_Exp Operations ExpenseAdm_Exp Administrative ExpenseTFE_$ Total Fixed ExpensesTFE_¢ Total Fixed ExpensesDays Days ConventionWC_Days Beginning Cash Requirement (on Opex)Pays PayablesRecs ReceivablesWC Beginning Cash Requirement (on Opex)SP Spare Parts (DDP)SPAT Spare Parts Annual TurnoverSP_¢ Spare Parts (DDP)WC_$ Total Working CapitalInc_Tax Corporate Income TaxVAT_Cap VAT on Capital GoodsVAT_Fuel VAT on FuelPT_LS Profits Tax on Local ServicesPT_FS Profits Tax on Foreign ServicesCD_Cap Custom Duties on Capital GoodsBAR Builder's All Risk (BAR)DIS Delay-in-Start-Up (DIS)MC Marine CargoOAR Operator's All RiskBI Business Interruption (BI)TPL Third Party LiabilityEWC Employer's Workers CompensationTOI_$ TOTAL OPERATIONAL INSURANCESFin_Close Financial CloseNTP_Mo Term - MonthsNTP_Date Notice to Proceed (NTP) to EPCEPC_St_Mo Term - MonthsEPC_St_Date EPC StartEPC_Mo Term - MonthsEPC_Date Commission

Comm_Mo Term - MonthsComm_Date Commercial Operation Date (COD)Gear Senior DebtEquity Owner's EquityProj_Cap Total Project CapitalizationSr_Debt Senior DebtEquity Owner's EquityLIBOR LIBORSwap_C Swap Fee - ConstructionSwap_T Swap Fee - TermSpr_C_PR Premium Spread - Construction (Pro Rata)Spr_C_E1 Premium Spread - Construction (Equity 1st)IRC_PR Interest Rate - Construction (Pro Rata)IRC_E1 Interest Rate - Construction (Equity 1st)Spr_T_M Premium Spread - Term (Mortgage)Spr_T_L Premium Spread - Term (Level Principal)IRT_M Interest Rate - Senior/Tranche A (Mortgage)IRT_L Interest Rate - Senior/Tranche A (Level Principal)T_Dur Senior/Tranche A Loan TermC_Dur Construction Loan TermT_Repay Senior/Tranche A Loan RepaymentC_Repay Construction Loan RepaymentC_Fee Commitment FeeDSRA_Prem Premium over Libor on DSRA Paid to ProjectDSRA_Mo Number of Months for ReserveFin_Fee_R Financing FeeLC_Mo Number of Months for L/C CalculationLC_R Cost of L/C over LIBOR to ProjectConting ContingencyCPI_Local Project InflationCPI_For Lender InflationProj_Curr Project CurrencyLend_Curr Lender CurrencyDep_Plant Plant & Machinery Dep_PreOp Pre-operative ExpensesDep_Build Buildings

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LOG BOOK

Current Financial Outputs16.25% 16.05%

Impact to

Date Change Inv.16-Jul-05 Base TC 35.73% 23.44%23-Jul-05 Output from 95% to 93% PS 35.71% 23.45%23-Jul-05 Heat Rate from 7500 to 7600 PS 34.54% 22.40%

23-Jul-05 CA 33.08% 24.50%

28-Jul-05 MF 29.31% 22.75%28-Jul-05 DSRA from 1 to 6 Months MF 28.61% 22.47%28-Jul-05 L/C Fee from 50 to 100 Bp's MF 28.60% 22.45%28-Jul-05 Cash from 100 to 50 Bp's MF 28.56% 22.42%28-Jul-05 Fin Fee from 50 to 150 Bp's MF 28.32% 22.05%

28-Jul-05 Initial WC from 10 to 30 Days MF 27.44% 21.56%28-Jul-05 Loan Term from 18 to 12 Yrs MF 21.85% 21.43%

28-Jul-05 MF 21.78% 21.33%

28-Jul-05 MF 21.40% 20.80%

28-Jul-05 MF 19.94% 20.44%28-Jul-05 Contingency from 1 to 10% MF 21.64% 22.07%01-Aug-05 Capacity Charge Taken Out JC 16.21% 16.16%01-Aug-05 Gearing from 80 to 66% JC 13.09% 10.82%

02-Aug-05 IDC Capitalized & Compunded JC 13.07% 10.79%

02-Aug-05 JC 11.94% 10.01%02-Aug-05 Gear from 66% to 71% JC 12.59% 11.37%05-Aug-05 VOM from 0.5859 to 0.6769 AB 13.84% 12.83%05-Aug-05 Fuel from 3.9375 to 3.99 AB 14.54% 13.64%05-Aug-05 Seek a min DSCR 1.25x AB 15.92% 15.83%06-Aug-05 Use Senior Debt Level - P JC 16.25% 16.05%

ToC

Untrapped IRR

Trapped IRR

Plant Depreciation from stepped to 20-year Straight

Line

Construction Draw for Pro Rata to Equity First

Construction Interest from 200 to 250 Bp's

Term Loan Interest from 100 to 150 Bp's

Loan Profile to Tranched Level Principal

Contingency for Construction Debt

Current Financial Outputs1.45 1.30 31,704

Impact to

Model ID2.38 2.15 34,653 Project_Vair_Base2.38 2.15 34,646 Project_Vair_OpChgs2.32 2.10 34,650 Project_Vair_OpChgs

2.32 2.03 34,650 Project_Vair_OpChgs

2.33 2.04 33,176 Project_Vair_FinChgs2.28 2.00 29,714 Project_Vair_FinChgs2.28 2.00 30,025 Project_Vair_FinChgs2.28 2.00 30,673 Project_Vair_FinChgs2.26 1.99 33,331 Project_Vair_FinChgs

2.22 1.95 33,989 Project_Vair_FinChgs1.53 1.44 26,407 Project_Vair_FinChgs

1.52 1.44 27,290 Project_Vair_FinChgs

1.49 1.41 34,438 Project_Vair_FinChgs

1.54 1.15 34,630 Project_Vair_FinChgs1.46 1.11 38,034 Project_Vair_FinChgs1.22 1.08 38,034 Project_Vair_MktChgs1.49 1.31 29,737 Project_Vair_MktChgs

1.49 1.31 30,009 Project_Vair_ContChgs

1.62 1.40 27,214 Project_Vair_ContChgs1.49 1.29 30,008 Project_Vair_ContChgs1.57 1.35 30,008 Project_Vair_PPAReNegChgs1.61 1.37 30,008 Project_Vair_PPAReNegChgs1.45 1.24 34,055 Project_Vair_PPAReNegChgs1.45 1.30 31,704 Project_Vair_Tables

DSCR Average

DSCR Minimum

Present Value of the Loan

Assum

Name Doc Inv Cons Units Esc Aux


I PROJECT CAPITAL COSTS FINANCING MACROA LSTK EPC EPC EPC BP 200,000 $ 714 Financing Fee

B Land Land Gen TC 700 $ 3 Target Value Formula Accuracy

C Custom Duties & VAT Total_VAT 36,221 $ 129 3,493 3,493 0.01

D Profits Taxes Total_PT 7,429 $ 27

E Legal Fees Legal_Fees Dev WHP 4,000 $ 14 DSRA

F Financing Fees Fin_Fees 3,493 $ 12 Target Value Formula Accuracy

G Development Fees Dev_Fees Dev TC 6,000 $ 21 15,118 15,118 0.01

H Independent Engineers (Construction Phase) IE Dev BP 750 $ 3

I Working Capital WC 11,556 $ 41

J Insurance Premium Ins_Prem 2,893 $ 10

K Pre-Commissioning Costs PC_Costs OM DS 250 $ 1

L Development Costs Dev_Costs Dev TC 5,000 $ 18

M Commitment Fees & Interest During Construction ("IDC") IDC 12,473 $ 45

N Debt Service Reserve Account (DSRA) DSRA 15,118 $ 54

O Contingency Conting 20,000 $ 71

P Total Capital Costs Cap_Cost 325,882 $ 1,164

II GENERAL PLANT PARAMETERS RESULTSA Installed Plant Capacity IPC EPC BP 280 MW

B Plant Capacity Factor Cap_Fac PPA DD 93.00% % IRR's

C Hours Per Year Hours Gen 8,760 Hours Without Trapped Cash 16.25%

D Annual Electrical Output AEP_MWh 2,281,104 MWh With Trapped Cash 16.05%

E MW to kW Conversion Factor MW_Conv Gen 1,000 kW/MW

F Annual Electrical Output AEP_kWh 2,281,104,000 kWh DSCR

G Operational Months Months PPA DD 12 Months With Net Income Method

Average 1.45

Minimum 1.30

III TARIFFS FROM PPA With EBITDA Base

A Number of Years of PPA PPA_Yrs PPA DD 20 Years Average 1.45

B Power Plant Capacity Charge PPCC PPA DD 13.0000 $/kW/mo 0.00% 1.9149 Minimum 1.30

C Fixed O&M Charge FOMC PPA DD 1.9097 $/kW/mo 3.00% 0.2813

D Variable O&M Charge VOMC PPA DD 0.6769 ¢/kWh 3.00% 0.6769 Financing

E Fuel Charge FC PPA DD 3.9900 ¢/kWh 3.00% 3.9900 PV of the Loan 31,704

F Average Unit Price 6.8630

Balance Sheet Check OK

IV GAS SUPPLY AGREEMENT

A Number of Years of GSA GSA_Yrs GSA CM 12 Years

B Guaranteed Plant Heat Rate HR EPC BP 7600 HHV (Btu/kWh)

C Heating Value Content of Gas HV_Gas GSA CM 1000 HHV (BTU/cf)

D Gas Quantity Usage Gas_Use 7.6000 kWh/cf

E Conversion Factor MMBTU Gen 1,000,000 Btu/mmBtu

F Gas Price Gas_Price GSA CM 5.0000 $/mmBTU 3.00%

G Gas Price 3.8000 ¢/kWh 3.00%

V VARIABLE EXPENSES (Non-fuel)

A Number of Years of Variable O&M OM_Yrs OM DS 15 Years

B Variable O&M Expense VOME OM DS 0.5000 ¢/kWh 3.00%

C Spare Parts (DDP) SP OM 0 2,000 $

D Spare Parts (DDP) SP_¢ 0.0877 ¢/kWh

E Variable O&M Expense (with Spare Parts) VOME_SP 0.5877 ¢/kWh

VI FIXED EXPENSES

A Number of Years of Fixed Expenses OM_Yrs OM DS 15 Years

B Personnel Expense Per_Exp OM DS 1,780 $ 3.00%

C Long Term Service Agreement (LTSA) LTSA OM DS 1,500 $ 3.00%

D Insurance Expense Ins_Exp 1,700 $ 3.00%

E Operations Expense Op_Exp OM DS 500 $ 3.00%

H Administrative Expense Adm_Exp OM DS 300 $ 3.00%

G Total Fixed Expenses TFE_$ 5,780 $

I Total Fixed Expenses TFE_¢ 0.2534 ¢/kWh

VII WORKING CAPITAL

A Days Convention Days Gen TC 365 Days

B Beginning Cash Requirement (on Opex) WC_Days Terms HP 30 Days

C Payables Pays TC 45 Days

D Receivables Recs PPA DD 30 Days

E Beginning Cash Requirement (on Opex) WC 9,556 $

F Spare Parts (DDP) SP OM 2,000 $

G Spare Parts Turnover SPAT OM DS 1 # 3.00%

H Total Working Capital WC_$ 11,556 $

VIII TAXES

A Corporate Income Tax Inc_Tax Taxes CP 34.00% %

B VAT on Capital Goods VAT_Cap Taxes CP 10.00% %

C VAT on Fuel VAT_Fuel Taxes CP 5.00% %

D Profits Tax on Local Services PT_LS Taxes CP 12.00% %

E Profits Tax on Foreign Services PT_FS Taxes CP 15.00% %

F Custom Duties on Capital Goods CD_Cap Taxes CP 12.00% %

IX INSURANCEConstruction Insurances

A Builder's All Risk (BAR) BAR Ins SJ 0.50% %

B Delay-in-Start-Up (DIS) DIS Ins SJ 0.75% %

C Marine Cargo MC Ins SJ 0.25% %

Operational Insurances

D Operator's All Risk OAR Ins SJ 800 $ 3.00%

E Business Interruption (BI) BI Ins SJ 500 $ 3.00%

F Third Party Liability TPL Ins SJ 200 $ 3.00%

G Employer's Workers Compensation EWC Ins SJ 200 $ 3.00%

H TOTAL OPERATIONAL INSURANCES TOI_$ 1,700 $

X PROJECT TIMING

A Financial Close Fin_Close Terms HP 1-Jan-05 Date

B Term - Months NTP_Mo EPC BP 1 Month

C Notice to Proceed (NTP) to EPC NTP_Date 1-Feb-05 Date

D Term - Months EPC_St_Mo EPC BP 1 Month

E EPC Start EPC_St_Date 1-Mar-05 Date

F Term - Months EPC_Mo EPC BP 19 Month

ToC

G Commission EPC_Date 1-Oct-06 Date

H Term - Months Comm_Mo EPC BP 3 Month

I Commercial Operation Date (COD) Comm_Date 1-Jan-07 Date

J Lag to Contract Escalation Start 12 Month

K Lag to Contract Escalation Start 1-Jan-06 Date

L Lag to Fiscal Year Close from COD 12 Month

M First Fiscal Year Close 31-Dec-07 Date

Summary

N Construction Commencement Date 1-Mar-05 Date

O Construction Term 19 Month

P Construction Completion Date 1-Jan-07 Date

Q Commissioning 3 Month

R Commercial Operation Date 1-Jan-07 Date

S Time to COD from Financial Close 24 Month

XI CAPITALIZATION FOR OPERATIONAL PHASE

A Total Project Capitalization 100% %

B Senior Debt Gear Terms HP 78% %

C Owner's Equity Equity 22% %

D Total Project Capitalization Proj_Cap 325,882 $

E Senior Debt Sr_Debt 252,858 $

F Contingency 20,000 $

G Adjusted Senior Debt 232,858 $

H Tranche A - Plant 74.98% %

I Tranche A - Plant 174,600 $

J Tranche B - Development Costs 21.47% %

K Tranche B - Development Costs 50,002 $

L Tranche C - Working Capital 3.55% %

M Tranche C - Working Capital 8,257 $

N Owner's Equity Equity 73,024 $

OK

XII FINANCING AGREEMENT

A LIBOR LIBOR Gen HP 3.00% %

B Swap Fee - Construction Swap_C Terms HP 0.25% %

C Swap Fee - Term Swap_T Terms HP 0.25% %

D Premium Spread - Construction (Pro Rata) Spr_C_PR Terms HP 2.50% %

E Premium Spread - Construction (Equity 1st) Spr_C_E1 Terms HP 2.50% %

F Interest Rate - Construction (Pro Rata) IRC_PR 5.75% %

G Interest Rate - Construction (Equity 1st) IRC_E1 5.75% %

H Premium Spread - Term (Mortgage) Spr_T_M Terms HP 1.50% %

I Premium Spread - Term (Level Principal) Spr_T_L Terms HP 1.50% %

J Interest Rate - Senior/Tranche A (Mortgage) IRT_M 4.75% %

K Interest Rate - Senior/Tranche A (Level Principal) IRT_L 4.75% %

L Additional Spread Tranche B (Mortgage) over Senior HP 1.00% %

M Additional Spread Tranche B (Level P) over Senior HP 1.00% %

N Additional Spread Tranche C (Mortgage) over Senior HP 2.00% %

O Additional Spread Tranche C (Level P) over Senior HP 2.00% %

P Interest Rate - Tranche B (Mortgage) 5.75% %

Q Interest Rate - Tranche B (Level Principal) 5.75% %

R Interest Rate - Tranche C (Mortgage) 6.75% %

S Interest Rate - Tranche C (Level Principal) 6.75% %

T Senior/Tranche A Loan Term T_Dur Terms HP 12 Years

U Tranche B Loan Term HP 12 Years

V Tranche C Loan Term HP 5 Years

W Construction Loan Term C_Dur Terms HP 24 Months

X Senior/Tranche A Loan Repayment T_Repay Terms HP 2 per Year

Y Tranche B Loan Repayment HP 4 per Year

Z Tranche C Loan Repayment HP 6 per Year

AA Construction Loan Repayment C_Repay Terms HP 12 per Year

AB Commitment Fee C_Fee Terms HP 0.50% %

AC Premium over Libor on DSRA Paid to Project DSRA_Prem Terms HP 0.50% %

AD Number of Months for Reserve DSRA_Mo Terms HP 6 months

AC Financing Fee Fin_Fee_R Terms HP 1.50% %

AE Number of Months for L/C Calculation LC_Mo Terms HP 6 months

AF Cost of L/C over LIBOR to Project LC_R Terms HP 1.00% %

AG Contingency Conting Terms HP 10.00% %

XIII GENERAL ASSUMPTIONS

A Project Inflation CPI_Local Gen TC 3.00% %

B Lender Inflation CPI_For Gen TC 3.00% %

C Project Currency Proj_Curr US$

D Lender Currency Lend_Curr US$

E Relative Purchasing Power Parity (RPPP) 1.00

Depreciation EPC

F Plant & Machinery Dep_Plant Gen CP 20 Years 1 1

G Pre-operative Expenses Dep_PreOp Gen CP 7 Years 2 1

H Buildings Dep_Build Gen CP 12 Years 3 1

I Non-Depreciable Items CP - Years 4

XIV TOGGLES

Flags 0

0 = Off

1 = On

Construction Debt 2

1 = Debt/Equity Pro Rata Draw

2 = Equity First Draw

Construction Debt 2

1 = Capitalized

2 = Capitalized and Compounded

Term Loan 2

1 = Senior Debt - Mortgage Style

2 = Senior Debt - Level Principal

3 = Tranche - Mortgage

4 = Tranche - Level Principal

Contingency 2

1 = Equity Distribution

2 = Debt Prepayment

Passive Income 2

1 = Interest on Trapped Cash

2 = No Interest on Trapped Cash

Operations Date 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Period -1 0 1 2 3 4 5 6 7 8 9 10 11 12



II GENERAL PLANT PARAMETERS

A Installed Plant Capacity IPC EPC BP 280 MW 0.00%

B Plant Capacity Factor Cap_Fac PPA DD 93.00% % 0.00%

C Hours Per Year Hours Gen - 8760 Hours 0.00%

D Annual Electrical Output AEP_MWh 0 - 2,281,104 MWh 0.00%

E MW to kW Conversion Factor MW_Conv Gen - 1,000 kW/MW 0.00%

F Annual Electrical Output AEP_kWh 0 - 2,281,104,000 kWh 0.00%

G Operational Months Months PPA DD 12 Months 0.00%

III TARIFFS FROM PPA

A Number of Years of PPA PPA_Yrs PPA DD 20 Years 0.00%

B Power Plant Capacity Charge PPCC PPA DD 13.0000 $/kW/mo 0.00%

C Fixed O&M Charge FOMC PPA DD 1.9097 $/kW/mo 3.00%

D Variable O&M Charge VOMC PPA DD 0.6769 ¢/kWh 3.00%

E Fuel Charge FC PPA DD 3.9900 ¢/kWh 3.00%

F PPA Timing Flag Start 2007 Date

G PPA Timing Flag Stop 2027 Date

H PPA Flag - - 1 1 1 1 1 1 1 1 1 1 1 1

I Flag Toggle -

J PAA Flag Use - - 1 1 1 1 1 1 1 1 1 1 1 1

XV REVENUES $

A Power Plant Capacity Charge $ - - 43,680 43,680 43,680 43,680 43,680 43,680 43,680 43,680 43,680 43,680 43,680 43,680

B Fixed O&M Charge $ - - 6,609 6,807 7,012 7,222 7,439 7,662 7,892 8,128 8,372 8,623 8,882 9,149

C Variable O&M Charge $ - - 15,903 16,380 16,872 17,378 17,899 18,436 18,989 19,559 20,146 20,750 21,373 22,014

D Fuel Charge $ - - 93,747 96,559 99,456 102,439 105,513 108,678 111,938 115,296 118,755 122,318 125,987 129,767

E Total Revenue $ - - 159,939 163,427 167,019 170,719 174,531 178,456 182,499 186,664 190,953 195,372 199,922 204,610

F Total Revenue ¢/kWh - - 7.0115 7.1644 7.3219 7.4841 7.6511 7.8232 8.0005 8.1831 8.3711 8.5648 8.7643 8.9698


A Number of Years of GSA GSA_Yrs GSA CM 12 Years 0.00%

B Guaranteed Plant Heat Rate HR EPC BP 7,600 HHV (Btu/kWh) 0.00%

C Heating Value Content of Gas HV_Gas GSA CM 1,000 HHV (BTU/cf) 0.00%

D Gas Quantity Usage Gas_Use 0 - 7.6000 kWh/cf 0.00%

E Conversion Factor MMBTU Gen - 1,000,000 Btu/mmBtu 0.00%

F Gas Price Gas_Price GSA CM 5.0000 $/mmBTU 3.00%

G Gas Price 0 0 - 3.8000 ¢/kWh 3.00%

H GSA Timing Flag Start 2007 Date

I GSA Timing Flag Stop 2019 Date

H GSA Flag - - 1 1 1 1 1 1 1 1 1 1 1 1

I Flag Toggle -

J GSA Flag Use - - 1 1 1 1 1 1 1 1 1 1 1 1

XVI GAS EXPENSE

A Gas Expense (Pre-Tax) $ - - 89,282 91,961 94,720 97,561 100,488 103,503 106,608 109,806 113,100 116,493 119,988 123,588

B VAT on Fuel VAT_Fuel Taxes CP 5.00% %

C VAT on Fuel $ - - 4,464 4,598 4,736 4,878 5,024 5,175 5,330 5,490 5,655 5,825 5,999 6,179

D Total Gas Expense $ - - 93,747 96,559 99,456 102,439 105,513 108,678 111,938 115,296 118,755 122,318 125,987 129,767

E Total Gas Expense ¢/kWh - - 4.1097 4.2330 4.3600 4.4908 4.6255 4.7643 4.9072 5.0544 5.2060 5.3622 5.5231 5.6888

F Passthrough Check - - - - - - - - - - - - - -


A Number of Years of Variable O&M OM_Yrs OM DS 15 Years

B Variable O&M Expense VOME OM DS 0.5000 ¢/kWh 3.00%

H VOM Timing Flag Start 2007 Date

I VOM Timing Flag Stop 2022 Date

ToC

Date 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Period -1 0 1 2 3 4 5 6 7 8 9 10 11 12

H VOM Flag - - 1 1 1 1 1 1 1 1 1 1 1 1

I Flag Toggle -

J VOM Flag Use - - 1 1 1 1 1 1 1 1 1 1 1 1

XVII VARIABLE O&M EXPENSES

A Profits Tax on Local Services PT_LS Taxes CP 12.00% %

B Profits Tax on Foreign Services PT_FS Taxes CP 15.00% %

C Custom Duties on Capital Goods CD_Cap Taxes CP 12.00% %

D VAT on Capital Goods VAT_Cap Taxes CP 10.00% %

E Basis of Profits Tax on Local Services 25.00% %

F Bases of Profits Tax on Foreign Services 25.00% %

G Bases of Custom Duties on Capital Goods 50.00% %

H Variable O&M Expenses (Pre-Tax) $ - - 11,748 12,100 12,463 12,837 13,222 13,619 14,027 14,448 14,882 15,328 15,788 16,262

I Profits Tax on Local Services $ - - 352 363 374 385 397 409 421 433 446 460 474 488

J Profits Tax on Foreign Services $ - - 441 454 467 481 496 511 526 542 558 575 592 610

K Custom Duties on Capital Goods $ - - 705 726 748 770 793 817 842 867 893 920 947 976

L VAT on Capital Goods $ - - 658 678 698 719 740 763 786 809 833 858 884 911

M Variable O&M Expenses $ - - 13,903 14,320 14,750 15,193 15,648 16,118 16,601 17,099 17,612 18,141 18,685 19,246

N Variable O&M Expenses ¢/kWh - - 0.6095 0.6278 0.6466 0.6660 0.6860 0.7066 0.7278 0.7496 0.7721 0.7953 0.8191 0.8437

O Spare Parts Turnover SPAT OM DS 1 # 3.00%

P Inventory - Beginning Balance $ 2,000 2,060 2,122 2,185 2,251 2,319 2,388 2,460 2,534 2,610 2,688 2,768

Q Inventory - Purchases $ 2,060 2,122 2,185 2,251 2,319 2,388 2,460 2,534 2,610 2,688 2,768 2,852

R Inventory - Cost of Goods Sold $ 2,000 2,060 2,122 2,185 2,251 2,319 2,388 2,460 2,534 2,610 2,688 2,768

S Inventory - Ending Balance $ 2,000 2,060 2,122 2,185 2,251 2,319 2,388 2,460 2,534 2,610 2,688 2,768 2,852

T Variable O&M Expenses with Spare Parts $ - - 15,903 16,380 16,872 17,378 17,899 18,436 18,989 19,559 20,146 20,750 21,373 22,014

U Variable O&M Expenses with Spare Parts ¢/kWh - - 0.6972 0.7181 0.7396 0.7618 0.7847 0.8082 0.8325 0.8574 0.8832 0.9097 0.9370 0.9651

V Passthrough Check - - - - - - - - - - - - - -

VI FIXED EXPENSES

A Number of Years of Fixed Expenses OM_Yrs OM DS 15 Years 0.00%

B Personnel Expense Per_Exp OM DS 1,780 $ 3.00%

C Long Term Service Agreement (LTSA) LTSA OM DS 1,500 $ 3.00%

D Insurance Expense Ins_Exp 0 - 1,700 $ 3.00%

E Operations Expense Op_Exp OM DS 500 $ 3.00%

H Administrative Expense Adm_Exp OM DS 300 $ 3.00%

I FOM Timing Flag Start 2007 Date

J FOM Timing Flag Stop 2022 Date

K FOM Flag - - 1 1 1 1 1 1 1 1 1 1 1 1

L FOM Toggle -

M FOM Flag Use - - 1 1 1 1 1 1 1 1 1 1 1 1

XVIII FIXED O&M EXPENSES

A Profits Tax on Local Services PT_LS Taxes CP 12.00% %

B Profits Tax on Foreign Services PT_FS Taxes CP 15.00% %

C Custom Duties on Capital Goods CD_Cap Taxes CP 12.00% %

D VAT on Capital Goods VAT_Cap Taxes CP 10.00% %

E Personnel Expense $ - - 1,833 1,888 1,945 2,003 2,064 2,125 2,189 2,255 2,322 2,392 2,464 2,538

F Long Term Service Agreement (LTSA) $ - - 1,545 1,591 1,639 1,688 1,739 1,791 1,845 1,900 1,957 2,016 2,076 2,139

G Insurance Expense $ - - 1,751 1,804 1,858 1,913 1,971 2,030 2,091 2,154 2,218 2,285 2,353 2,424

H Operations Expense $ - - 515 530 546 563 580 597 615 633 652 672 692 713

I Administrative Expense $ - - 309 318 328 338 348 358 369 380 391 403 415 428

J Total Fixed O&M Expenses (Pre-Tax) $ - - 5,953 6,132 6,316 6,505 6,701 6,902 7,109 7,322 7,542 7,768 8,001 8,241

K Profits Tax on Local Services $ - - 220 227 233 240 248 255 263 271 279 287 296 305

L Profits Tax on Foreign Services $ - - 77 80 82 84 87 90 92 95 98 101 104 107

M Custom Duties on Capital Goods $ - - 185 191 197 203 209 215 221 228 235 242 249 257

N VAT on Capital Goods $ - - 173 178 184 189 195 201 207 213 219 226 233 240

O Fixed O&M Expenses $ - - 6,609 6,807 7,012 7,222 7,439 7,662 7,892 8,128 8,372 8,623 8,882 9,149

P Fixed O&M Expenses ¢/kWh - - 0.2897 0.2984 0.3074 0.3166 0.3261 0.3359 0.3460 0.3563 0.3670 0.3780 0.3894 0.4011

Q Passthrough Check - - (0) (0) (0) (0) (0) (0) (0) (0) (0) (0) (0) (0)

Operations Date

Period

Name


II GENERAL PLANT PARAMETERS

A Installed Plant Capacity IPC

B Plant Capacity Factor Cap_Fac

C Hours Per Year Hours

D Annual Electrical Output AEP_MWh

E MW to kW Conversion Factor MW_Conv

F Annual Electrical Output AEP_kWh

G Operational Months Months

III TARIFFS FROM PPA

A Number of Years of PPA PPA_Yrs

B Power Plant Capacity Charge PPCC

C Fixed O&M Charge FOMC

D Variable O&M Charge VOMC

E Fuel Charge FC

F PPA Timing Flag Start

G PPA Timing Flag Stop

H PPA Flag

I Flag Toggle

J PAA Flag Use

XV REVENUES

A Power Plant Capacity Charge

B Fixed O&M Charge

C Variable O&M Charge

D Fuel Charge

E Total Revenue

F Total Revenue


A Number of Years of GSA GSA_Yrs

B Guaranteed Plant Heat Rate HR

C Heating Value Content of Gas HV_Gas

D Gas Quantity Usage Gas_Use

E Conversion Factor MMBTU

F Gas Price Gas_Price

G Gas Price 0

H GSA Timing Flag Start

I GSA Timing Flag Stop

H GSA Flag

I Flag Toggle

J GSA Flag Use

XVI GAS EXPENSE

A Gas Expense (Pre-Tax)

B VAT on Fuel VAT_Fuel

C VAT on Fuel

D Total Gas Expense

E Total Gas Expense

F Passthrough Check


A Number of Years of Variable O&M OM_Yrs

B Variable O&M Expense VOME

H VOM Timing Flag Start

I VOM Timing Flag Stop

ToC

2019 2020 2021 2022 2023 2024 2025 2026

13 14 15 16 17 18 19 20

1 1 1 1 1 1 1 1

1 1 1 1 1 1 1 1

43,680 43,680 43,680 43,680 43,680 43,680 43,680 43,680

9,423 9,706 9,997 10,297 10,606 10,924 11,252 11,589

22,674 23,355 24,055 24,777 25,520 26,286 27,074 27,887

133,660 137,670 141,800 146,054 150,436 154,949 159,597 164,385

209,438 214,410 219,532 224,808 230,242 235,838 241,603 247,541

9.1814 9.3994 9.6239 9.8552 10.0934 10.3388 10.5915 10.8518

- - - - - - - -

1 1 1 1 1 1 1 1

127,295 131,114 135,048 139,099 143,272 147,570 151,997 156,557

6,365 6,556 6,752 6,955 7,164 7,379 7,600 7,828

133,660 137,670 141,800 146,054 150,436 154,949 159,597 164,385

5.8594 6.0352 6.2163 6.4028 6.5949 6.7927 6.9965 7.2064

- - - - - - - -

Date

Period

H VOM Flag

I Flag Toggle

J VOM Flag Use

XVII VARIABLE O&M EXPENSES

A Profits Tax on Local Services PT_LS

B Profits Tax on Foreign Services PT_FS

C Custom Duties on Capital Goods CD_Cap

D VAT on Capital Goods VAT_Cap

E Basis of Profits Tax on Local Services

F Bases of Profits Tax on Foreign Services

G Bases of Custom Duties on Capital Goods

H Variable O&M Expenses (Pre-Tax)

I Profits Tax on Local Services

J Profits Tax on Foreign Services

K Custom Duties on Capital Goods

L VAT on Capital Goods

M Variable O&M Expenses

N Variable O&M Expenses

O Spare Parts Turnover SPAT

P Inventory - Beginning Balance

Q Inventory - Purchases

R Inventory - Cost of Goods Sold

S Inventory - Ending Balance

T Variable O&M Expenses with Spare Parts

U Variable O&M Expenses with Spare Parts

V Passthrough Check

VI FIXED EXPENSES

A Number of Years of Fixed Expenses OM_Yrs

B Personnel Expense Per_Exp

C Long Term Service Agreement (LTSA) LTSA

D Insurance Expense Ins_Exp

E Operations Expense Op_Exp

H Administrative Expense Adm_Exp

I FOM Timing Flag Start

J FOM Timing Flag Stop

K FOM Flag

L FOM Toggle

M FOM Flag Use

XVIII FIXED O&M EXPENSES

A Profits Tax on Local Services PT_LS

B Profits Tax on Foreign Services PT_FS

C Custom Duties on Capital Goods CD_Cap

D VAT on Capital Goods VAT_Cap

E Personnel Expense

F Long Term Service Agreement (LTSA)

G Insurance Expense

H Operations Expense

I Administrative Expense

J Total Fixed O&M Expenses (Pre-Tax)

K Profits Tax on Local Services

L Profits Tax on Foreign Services

M Custom Duties on Capital Goods

N VAT on Capital Goods

O Fixed O&M Expenses

P Fixed O&M Expenses

Q Passthrough Check

2019 2020 2021 2022 2023 2024 2025 2026

13 14 15 16 17 18 19 20

1 1 1 - - - - -

1 1 1 1 1 1 1 1

16,749 17,252 17,769 18,303 18,852 19,417 20,000 20,600

502 518 533 549 566 583 600 618

628 647 666 686 707 728 750 772

1,005 1,035 1,066 1,098 1,131 1,165 1,200 1,236

938 966 995 1,025 1,056 1,087 1,120 1,154

19,823 20,418 21,030 21,661 22,311 22,980 23,670 24,380

0.8690 0.8951 0.9219 0.9496 0.9781 1.0074 1.0376 1.0688

2,852 2,937 3,025 3,116 3,209 3,306 3,405 3,507

2,937 3,025 3,116 3,209 3,306 3,405 3,507 3,612

2,852 2,937 3,025 3,116 3,209 3,306 3,405 3,507

2,937 3,025 3,116 3,209 3,306 3,405 3,507 3,612

22,674 23,355 24,055 24,777 25,520 26,286 27,074 27,887

0.9940 1.0238 1.0545 1.0862 1.1188 1.1523 1.1869 1.2225

- - - - - - - -

1 1 1 - - - - -

1 1 1 1 1 1 1 1

2,614 2,692 2,773 2,856 2,942 3,030 3,121 3,215

2,203 2,269 2,337 2,407 2,479 2,554 2,630 2,709

2,497 2,571 2,649 2,728 2,810 2,894 2,981 3,070

734 756 779 802 826 851 877 903

441 454 467 481 496 511 526 542

8,488 8,743 9,005 9,275 9,553 9,840 10,135 10,439

314 323 333 343 353 364 375 386

110 113 117 120 124 128 132 135

264 272 280 289 298 306 316 325

247 254 262 270 278 286 295 303

9,423 9,706 9,997 10,297 10,606 10,924 11,252 11,589

0.4131 0.4255 0.4382 0.4514 0.4649 0.4789 0.4933 0.5080

(0) (0) (0) (0) (0) (0) (0) (0)

Construction Date Jan-05 Feb-05 Mar-05 Apr-05 May-05 Jun-05 Jul-05 Aug-05 Sep-05 Oct-05 Nov-05 Dec-05 Jan-06 Feb-06 Mar-06 Apr-06 May-06 Jun-06 Jul-06 Aug-06 Sep-06 Oct-06 Nov-06 Dec-06

Period 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24



I PROJECT CAPITAL COSTS

A LSTK EPC EPC EPC BP 200,000 $ -

B Land Land Gen TC 700 $ -

C Custom Duties & VAT Total_VAT - - 36,221 $ -

D Profits Taxes Total_PT - - 7,429 $ -

E Legal Fees Legal_Fees Dev WHP 4,000 $ -

F Financing Fees Fin_Fees - - 3,493 $ -

G Development Fees Dev_Fees Dev TC 6,000 $ -

H Independent Engineers (Construction Phase) IE Dev BP 750 $ -

I Working Capital WC - - 11,556 $ -

J Insurance Premium Ins_Prem - - 2,893 $ -

K Pre-Commissioning Costs PC_Costs OM DS 250 $ -

L Development Costs Dev_Costs Dev TC 5,000 $ -

O Contingency Conting - - 20,000 $ -

Total Capex for Construction Debt 298,292 $ -

% Checks

CONSTRUCTION DRAW TOTALS problem

LSTK EPC 0.00% 10.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 12.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 0.00% 0.00% 10.00% 100.00% OK

Land 100.00% 100.00% OK

Custom Duties & VAT 40.00% 20.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 0.00% 0.00% 10.00% 100.00% OK

Profits Taxes 0.00% 10.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 12.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 0.00% 0.00% 10.00% 100.00% OK

Legal Fees 100.00% 100.00% OK

Financing Fees 100.00% 100.00% OK

Development Fees 100.00% 100.00% OK

Independent Engineers (Construction Phase) 10.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 0.00% 0.00% 10.00% 100.00% OK

Working Capital 100.00% 100.00% OK

Insurance Premium 100.00% 100.00% OK

Pre-Commissioning Costs 100.00% 100.00% OK

Development Costs 100.00% 100.00% OK

Contingency 100.00% 100.00% OK

LSTK EPC - 20,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 24,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 - - 20,000 200,000 OK

Land 700 - - - - - - - - - - - - - - - - - - - - - - - 700 OK

Custom Duties & VAT - - - - - - - - - - - - - 14,488 7,244 1,811 1,811 1,811 1,811 1,811 1,811 - - 3,622 36,221 OK

Profits Taxes - 743 223 223 223 223 223 223 223 223 223 223 223 891 371 371 371 371 371 371 371 - - 743 7,429 OK

Legal Fees 4,000 - - - - - - - - - - - - - - - - - - - - - - - 4,000 OK

Financing Fees 3,493 - - - - - - - - - - - - - - - - - - - - - - - 3,493 OK

Development Fees 6,000 - - - - - - - - - - - - - - - - - - - - - - - 6,000 OK

Independent Engineers (Construction Phase) 75 30 30 30 30 30 30 30 30 30 30 30 30 30 30 30 30 30 30 30 30 - - 75 750 OK

Working Capital - - - - - - - - - - - - - - - - - - - - 11,556 - - - 11,556 OK

Insurance Premium - - - - - - - - - - - - - - 2,893 - - - - - - - - - 2,893 OK

Pre-Commissioning Costs - - - - - - - - - - - - - 250 - - - - - - - - - - 250 OK

Development Costs 5,000 - - - - - - - - - - - - - - - - - - - - - - - 5,000 OK

Contingency 20,000 - - - - - - - - - - - - - - - - - - - - - - - 20,000 OK

Total Capital Costs during Construction 39,268 20,773 6,253 6,253 6,253 6,253 6,253 6,253 6,253 6,253 6,253 6,253 6,253 39,660 20,539 12,212 12,212 12,212 12,212 12,212 23,768 - - 24,440 298,292 OK

PRO RATA DRAWSenior Debt Gear Terms HP 78% % -

Owner's Equity Equity - - 22% % -

Construction Debt Terms - 231,450 $ - 30,469 16,118 4,852 4,852 4,852 4,852 4,852 4,852 4,852 4,852 4,852 4,852 4,852 30,773 15,937 9,476 9,476 9,476 9,476 9,476 18,442 - - 18,963

Owner's Equity - - 66,841 $ - 8,799 4,655 1,401 1,401 1,401 1,401 1,401 1,401 1,401 1,401 1,401 1,401 1,401 8,887 4,602 2,737 2,737 2,737 2,737 2,737 5,326 - - 5,477

IDC & COMMITMENT FEE CALACULATIONS (PRO RATA)Construction Debt Facility 231,450 $

Debt Draw (Year 1) 95,104 $


Equity Draw (Year 1) 27,465 $


Total Construction Draw 298,292 $

Interest Rate - Construction (Pro Rata) IRC_PR - - 5.75% % -

Commitment Fee C_Fee Terms HP 0.50% % -

Construction Loan Repayment C_Repay Terms HP 12 per Year -

Beginning Balance of Construction Facility $ 231,450 200,982 184,863 180,012 175,160 170,308 165,457 160,605 155,753 150,901 146,050 141,198 136,346 131,495 100,722 84,785 75,309 65,833 56,357 46,881 37,406 18,963 18,963 18,963

Debt Draws $ 30,469 16,118 4,852 4,852 4,852 4,852 4,852 4,852 4,852 4,852 4,852 4,852 4,852 30,773 15,937 9,476 9,476 9,476 9,476 9,476 18,442 - - 18,963

Ending Balance of Construction Facility $ ### 200,982 184,863 180,012 175,160 170,308 165,457 160,605 155,753 150,901 146,050 141,198 136,346 131,495 100,722 84,785 75,309 65,833 56,357 46,881 37,406 18,963 18,963 18,963 -

Beginning Cumulative Draw Balance $ - 30,469 46,587 51,439 56,290 61,142 65,994 70,845 75,697 80,549 85,401 90,252 95,104 99,956 130,729 146,665 156,141 165,617 175,093 184,569 194,045 212,487 212,487 212,487

Draw for the Period $ 30,469 16,118 4,852 4,852 4,852 4,852 4,852 4,852 4,852 4,852 4,852 4,852 4,852 30,773 15,937 9,476 9,476 9,476 9,476 9,476 18,442 - - 18,963

Ending Cumulative Draw Balance $ 30,469 46,587 51,439 56,290 61,142 65,994 70,845 75,697 80,549 85,401 90,252 95,104 99,956 130,729 146,665 156,141 165,617 175,093 184,569 194,045 212,487 212,487 212,487 231,450

Interest Compounding Flag 2

Commitment Fee for the Period $ 96 84 77 75 73 71 69 67 65 63 61 59 57 55 42 35 31 27 23 20 16 8 8 8

Interest for the Period $ 146 223 246 270 293 316 339 363 386 409 432 456 479 626 703 748 794 839 884 930 1,018 1,018 1,018 1,109

Interest & Commitment Fee for the Period $ 242 307 324 345 366 387 408 430 451 472 493 515 536 681 745 784 825 866 908 949 1,034 1,026 1,026 1,117

Beginning Bases for Interest & Fee Compounding $ - 242 549 873 1,218 1,584 1,971 2,379 2,809 3,260 3,732 4,225 4,740 5,275 5,957 6,701 7,485 8,310 9,176 10,084 11,033 12,067 13,093

Period Interest & Fee $ 242 307 324 345 366 387 408 430 451 472 493 515 536 681 745 784 825 866 908 949 1,034 1,026 1,026

Ending Bases for Interest & Fee Compounding $ 242 549 873 1,218 1,584 1,971 2,379 2,809 3,260 3,732 4,225 4,740 5,275 5,957 6,701 7,485 8,310 9,176 10,084 11,033 12,067 13,093 14,119

Compounded Interest & Fee Costs $ - 1 3 4 6 8 9 11 13 16 18 20 23 25 29 32 36 40 44 48 53 58 63 68

Pro Rata IDC & Commitment Fee 15,863 $

EQUITY FIRST DRAWSenior Debt Gear Terms HP 78% % -

Owner's Equity Equity - - 22% % -

Construction Debt Facility Terms - 231,450 $ -

Owner's Equity - - 66,841 $ -

IDC & COMMITMENT FEE CALACULATIONS (EQUITY FIRST)Construction Debt Facility 231,450 $

ToC

Date Jan-05 Feb-05 Mar-05 Apr-05 May-05 Jun-05 Jul-05 Aug-05 Sep-05 Oct-05 Nov-05 Dec-05 Jan-06 Feb-06 Mar-06 Apr-06 May-06 Jun-06 Jul-06 Aug-06 Sep-06 Oct-06 Nov-06 Dec-06

Period 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24




Equity Draw (Year 2) - $

Total Construction Draw 298,292 $

Interest Rate - Construction (Equity 1st) IRC_E1 - - 5.75% % -

Commitment Fee C_Fee Terms HP 0.50% % -

Construction Loan Repayment C_Repay Terms HP 12 per Year -

Beginning Balance of Equity Draw $ 66,841 27,573 6,801 548 - - - - - - - - - - - - - - - - - - - -

Equity Draws $ 39,268 20,773 6,253 548 - - - - - - - - - - - - - - - - - - - -

Ending Balance of Equity Draw $ ### 27,573 6,801 548 - - - - - - - - - - - - - - - - - - - - -

Beginning Balance of Construction Facility $ 231,450 231,450 231,450 231,450 225,745 219,492 213,239 206,987 200,734 194,481 188,228 181,975 175,722 169,469 129,810 109,270 97,058 84,845 72,633 60,420 48,208 24,440 24,440 24,440

Debt Draws $ - - - 5,705 6,253 6,253 6,253 6,253 6,253 6,253 6,253 6,253 6,253 39,660 20,539 12,212 12,212 12,212 12,212 12,212 23,768 - - 24,440

Ending Balance of Construction Facility $ ### 231,450 231,450 231,450 225,745 219,492 213,239 206,987 200,734 194,481 188,228 181,975 175,722 169,469 129,810 109,270 97,058 84,845 72,633 60,420 48,208 24,440 24,440 24,440 0

Beginning Cumulative Draw Balance $ - - - - 5,705 11,958 18,211 24,464 30,717 36,969 43,222 49,475 55,728 61,981 101,641 122,180 134,392 146,605 158,817 171,030 183,242 207,010 207,010 207,010

Draw for the Period $ - - - 5,705 6,253 6,253 6,253 6,253 6,253 6,253 6,253 6,253 6,253 39,660 20,539 12,212 12,212 12,212 12,212 12,212 23,768 - - 24,440

Ending Cumulative Draw Balance $ - - - 5,705 11,958 18,211 24,464 30,717 36,969 43,222 49,475 55,728 61,981 101,641 122,180 134,392 146,605 158,817 171,030 183,242 207,010 207,010 207,010 231,450

Interest Compounding Flag 2

Commitment Fee for the Period $ 96 96 96 96 94 91 89 86 84 81 78 76 73 71 54 46 40 35 30 25 20 10 10 10

Interest for the Period $ - - - 27 57 87 117 147 177 207 237 267 297 487 585 644 702 761 820 878 992 992 992 1,109

Interest & Commitment Fee for the Period $ 96 96 96 124 151 179 206 233 261 288 315 343 370 558 640 689 743 796 850 903 1,012 1,002 1,002 1,119

Beginning Bases for Interest & Fee Compounding $ - 96 193 289 413 564 743 949 1,183 1,443 1,732 2,047 2,390 2,760 3,318 3,957 4,647 5,390 6,186 7,036 7,939 8,951 9,953

Period Interest & Fee $ 96 96 96 124 151 179 206 233 261 288 315 343 370 558 640 689 743 796 850 903 1,012 1,002 1,002

Ending Bases for Interest & Fee Compounding $ 96 193 289 413 564 743 949 1,183 1,443 1,732 2,047 2,390 2,760 3,318 3,957 4,647 5,390 6,186 7,036 7,939 8,951 9,953 10,955

Compounded Interest & Fee Costs $ - 0 1 1 2 3 4 5 6 7 8 10 11 13 16 19 22 26 30 34 38 43 48 52

Pro Rata IDC & Commitment Fee 12,473 $

EMPLOYED OUTPUTConstruction Debt Profile Flag 2

IDC & Commitment Fee 12,473

Equity Draw (Year 1) 66,841

Equity Draw (Year 2) -

Debt Draw (Year 1) 55,728

Debt Draw (Year 2) 175,722

CONSTRUCTION DRAW GRAPHING INFORMATIONPro Rata Draw

Cumulative Equity Draw 8,799 13,454 14,855 16,256 17,657 19,059 20,460 21,861 23,262 24,663 26,064 27,465 28,867 37,754 42,356 45,093 47,829 50,566 53,302 56,039 61,365 61,365 61,365 66,841

Cumulative Debt Draw 30,469 46,587 51,439 56,290 61,142 65,994 70,845 75,697 80,549 85,401 90,252 95,104 99,956 130,729 146,665 156,141 165,617 175,093 184,569 194,045 212,487 212,487 212,487 231,450

Capitalized IDC and Commitment Fee for the Period 242 551 877 1,226 1,597 1,992 2,410 2,851 3,315 3,803 4,314 4,849 5,408 6,114 6,887 7,703 8,564 9,470 10,422 11,419 12,506 13,590 14,679 15,863

Total 39,510 60,591 67,170 73,772 80,397 87,044 93,715 100,409 107,126 113,867 120,631 127,418 134,230 174,596 195,908 208,937 222,010 235,129 248,293 261,503 286,358 287,442 288,530 314,155

Equity First

Cumulative Equity Draw 39,268 60,041 66,294 66,841 66,841 66,841 66,841 66,841 66,841 66,841 66,841 66,841 66,841 66,841 66,841 66,841 66,841 66,841 66,841 66,841 66,841 66,841 66,841 66,841

Cumulative Debt Draw - - - 5,705 11,958 18,211 24,464 30,717 36,969 43,222 49,475 55,728 61,981 101,641 122,180 134,392 146,605 158,817 171,030 183,242 207,010 207,010 207,010 231,450

Capitalized IDC and Commitment Fee for the Period 96 193 291 416 569 751 960 1,198 1,465 1,760 2,084 2,436 2,818 3,389 4,044 4,753 5,518 6,340 7,219 8,156 9,206 10,251 11,301 12,473

Total 39,364 60,234 66,584 72,962 79,369 85,803 92,265 98,756 105,275 111,823 118,400 125,006 131,640 171,871 193,065 205,986 218,964 231,999 245,091 258,240 283,058 284,103 285,153 310,764

Insurance Date

Period



IX INSURANCEConstruction Insurances

A Builder's All Risk (BAR) BAR Ins SJ 0.50% %

B Delay-in-Start-Up (DIS) DIS Ins SJ 0.75% %

C Marine Cargo MC Ins SJ 0.25% %

Basis for BAR

LSTK EPC EPC EPC BP 200,000 $

% Subject to BAR EPC 100% %

LSTK EPC BAR Premium 1,000 $

Pre-Commissioning Costs PC_Costs OM DS 250 $

% Subject to BAR OM 100% %

Pre-Commissioning Costs BAR Premium 1 $

Total BAR Premium 1,001 $

Basis for DIS


% Subject to DIS EPC 100% %

LSTK EPC DIS Premium 1,500 $


% Subject to DIS OM 100% %

Pre-Commission Costs DIS Premium 2

Total DIS Premium 1,502 $

Basis for Marine Cargo


% Subject to Marine Cargo EPC 78% %

LSTK EPC Marine Cargo Premium 390 $


% Subject to Marine Cargo OM 50% %

Pre-Commission Costs Marine Cargo Premium 0 $

Total Marine Cargo Premium 390 $

Total Construction Premium 2,893 $

ToC

DevTaxes Date

Period



VIII TAXES

A Corporate Income Tax Inc_Tax Taxes CP 34.00% % -

B VAT on Capital Goods VAT_Cap Taxes CP 10.00% % -

C VAT on Fuel VAT_Fuel Taxes CP 5.00% % -

D Profits Tax on Local Services PT_LS Taxes CP 12.00% % -

E Profits Tax on Foreign Services PT_FS Taxes CP 15.00% % -

F Custom Duties on Capital Goods CD_Cap Taxes CP 12.00% % -

% Subject to % Subject to TOTAL

% Subject to Custom Duties % Subject to VAT Local Foreign Total DEV.

I PROJECT CAPITAL COSTS Custom Duties 12.00% VAT 10.00% Profits Tax 12.00% Profits Tax 15.00% Profits Tax TAXES % Check

A LSTK EPC EPC EPC BP 200,000 $ - 78.00% 18,720 78.00% 17,472 12.00% 2,880 10.00% 3,000 5,880 42,072 100.00% OK

B Land Land Gen TC 700 $ - 0.00% - 0.00% - 0.00% - 0.00% - - - 0.00% OK



E Legal Fees Legal_Fees Dev WHP 4,000 $ - 0.00% - 0.00% - 25.00% 120 75.00% 450 570 570 100.00% OK

F Financing Fees Fin_Fees - - 3,493 $ - 0.00% - 0.00% - 0.00% - 0.00% - - - 0.00% OK

G Development Fees Dev_Fees Dev TC 6,000 $ - 0.00% - 0.00% - 25.00% 180 75.00% 675 855 855 100.00% OK

H Independent Engineers (Construction Ph IE Dev BP 750 $ - 0.00% - 0.00% - 25.00% 23 75.00% 84 107 107 100.00% OK

I Working Capital WC - - 11,556 $ - 0.00% - 0.00% - 0.00% - 0.00% - - - 0.00% OK

J Insurance Premium Ins_Prem - - 2,893 $ - 0.00% - 0.00% - 0.00% - 0.00% - - - 0.00% OK

K Pre-Commissioning Costs PC_Costs OM DS 250 $ - 50.00% 15 50.00% 14 25.00% 8 25.00% 9 17 46 100.00% OK

L Development Costs Dev_Costs Dev TC 5,000 $ - 0.00% - 0.00% - 0.00% - 0.00% - - - 0.00% OK

M Commitment Fees & Interest During Const IDC - - 12,473 $ -

N Debt Service Reserve Account (DSRA) DSRA - - 15,118 $ -


P Total Capital Costs Cap_Cost - - 325,882 $ - 18,735 17,486 3,210 4,219 7,429 43,650

Custom Duties on Capital Goods 18,735

VAT on Capital Goods 17,486


Profits Tax on Local Services 3,210

Profits Tax on Foreign Services 4,219

D Total Profits Tax Total_PT - - 7,429 $ -

Total Development Taxes 43,650 $ -

OK

ToC

Local Profits Tax

Foreign Profits Tax

Depr Date

Period

Name Doc Inv Cons Units Esc Category ID % of Cap. Costs Capital Costs Duties Allocation Duties & VAT Profits Allocation Profits Taxs Asset Base Dep Sch Yr - 20 Dep Sch Yr - 7 Dep Sch Yr - 12



F Plant & Machinery Dep_Plant Gen CP 20 Years - 1

G Pre-operative Expenses Dep_PreOp Gen CP 7 Years - 2

H Buildings Dep_Build Gen CP 12 Years - 3

I Non-Depreciable Items - - CP - Years - 4

I PROJECT CAPITAL COSTS Category ID

A LSTK EPC EPC EPC BP 200,000 $ - 36,192 5,880 1 2 3

Plant & Machinery 1 78.00% 156,000 90.70% 32,825 0.00% - 188,825 188,825 - -

Pre-operative Expenses 1 14.00% 28,000 0.00% - 100.00% 5,880 33,880 33,880 - -

Buildings 1 8.00% 16,000 9.30% 3,367 0.00% - 19,367 19,367 - -

B Land Land Gen TC 700 $ - 4 100.00% 700 - - 700 - - -



E Legal Fees Legal_Fees Dev WHP 4,000 $ - 2 100.00% 4,000 - 570 4,570 - 4,570 -

F Financing Fees Fin_Fees - - 3,493 $ - 2 100.00% 3,493 - - 3,493 - 3,493 -

G Development Fees Dev_Fees Dev TC 6,000 $ - 2 100.00% 6,000 - 855 6,855 - 6,855 -

H Independent Engineers (Construction Phase) IE Dev BP 750 $ - 2 100.00% 750 - 107 857 - 857 -

I Working Capital WC - - 11,556 $ - 4 100.00% 11,556 - - 11,556 - - -

J Insurance Premium Ins_Prem - - 2,893 $ - 2 100.00% 2,893 - - 2,893 - 2,893 -

K Pre-Commissioning Costs PC_Costs OM DS 250 $ - 2 100.00% 250 29 17 296 - 296 -

L Development Costs Dev_Costs Dev TC 5,000 $ - 2 100.00% 5,000 - - 5,000 - 5,000 -

M Commitment Fees & Interest During Construction ("IDC") IDC - - 12,473 $ - 2 100.00% 12,473 - - 12,473 - 12,473 -

N Debt Service Reserve Account (DSRA) DSRA - - 15,118 $ - 4 100.00% 15,118 - - 15,118 - - -

O Contingency Conting - - 20,000 $ - 2 0.00% - - - - - - -

P Total Capital Costs Cap_Cost - - 325,882 $ - OK OK 305,882 242,072 36,437 -

Date 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Period -1 0 1 2 3 4 5 6 7 8 9

ToC

DEPRECIATION SCHEDULEPlant & Machinery Dep_Plant Gen CP 242,072 $ 12,104 12,104 12,104 12,104 12,104 12,104 12,104 12,104 12,104

Pre-operative Expenses Dep_PreOp Gen CP 36,437 $ 5,205 5,205 5,205 5,205 5,205 5,205 5,205 - -

Buildings Dep_Build Gen CP - $ - - - - - - - - -

Non-Depreciable Items - - CP 27,373 $

Total Assets 305,882 $ - - 17,309 17,309 17,309 17,309 17,309 17,309 17,309 12,104 12,104

OK

ToC

Depr Date

Period




F Plant & Machinery Dep_Plant Gen CP 20 Years -

G Pre-operative Expenses Dep_PreOp Gen CP 7 Years -

H Buildings Dep_Build Gen CP 12 Years -

I Non-Depreciable Items - - CP - Years -

I PROJECT CAPITAL COSTS

A LSTK EPC EPC EPC BP 200,000 $ -

Plant & Machinery

Pre-operative Expenses

Buildings

B Land Land Gen TC 700 $ -



E Legal Fees Legal_Fees Dev WHP 4,000 $ -

F Financing Fees Fin_Fees - - 3,493 $ -

G Development Fees Dev_Fees Dev TC 6,000 $ -

H Independent Engineers (Construction Phase) IE Dev BP 750 $ -

I Working Capital WC - - 11,556 $ -

J Insurance Premium Ins_Prem - - 2,893 $ -

K Pre-Commissioning Costs PC_Costs OM DS 250 $ -

L Development Costs Dev_Costs Dev TC 5,000 $ -

M Commitment Fees & Interest During Construction ("IDC") IDC - - 12,473 $ -

N Debt Service Reserve Account (DSRA) DSRA - - 15,118 $ -


P Total Capital Costs Cap_Cost - - 325,882 $ -

Date

Period

ToC

DEPRECIATION SCHEDULEPlant & Machinery Dep_Plant Gen CP 242,072 $

Pre-operative Expenses Dep_PreOp Gen CP 36,437 $

Buildings Dep_Build Gen CP - $

Non-Depreciable Items - - CP 27,373 $

Total Assets 305,882 $

OK

ToC Dep Sch Yr - 0

Category ID

4

-

-

-

700

-

-

-

-

11,556

-

-

-

-

15,118

-

27,373

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

10 11 12 13 14 15 16 17 18 19 20

12,104 12,104 12,104 12,104 12,104 12,104 12,104 12,104 12,104 12,104 12,104

- - - - - - - - - - -

- - - - - - - - - - -

12,104 12,104 12,104 12,104 12,104 12,104 12,104 12,104 12,104 12,104 12,104

Debt Sch Date

Period

Name Doc


XII FINANCING AGREEMENT

A LIBOR LIBOR Gen

C Swap Fee - Term Swap_T Terms

H Premium Spread - Term (Mortgage) Spr_T_M Terms

I Premium Spread - Term (Level Principal) Spr_T_L Terms

J Interest Rate - Senior/Tranche A (Mortgage) IRT_M -

K Interest Rate - Senior/Tranche A (Level Principal) IRT_L -

L Additional Spread Tranche B (Mortgage) over Senior - -

M Additional Spread Tranche B (Level P) over Senior - -

N Additional Spread Tranche C (Mortgage) over Senior - -

O Additional Spread Tranche C (Level P) over Senior - -

P Interest Rate - Tranche B (Mortgage) - -

Q Interest Rate - Tranche B (Level Principal) - -

R Interest Rate - Tranche C (Mortgage) - -

S Interest Rate - Tranche C (Level Principal) - -

T Senior/Tranche A Loan Term T_Dur Terms

U Tranche B Loan Term - -

V Tranche C Loan Term - -

X Senior/Tranche A Loan Repayment T_Repay Terms

Y Tranche B Loan Repayment - -

Z Tranche C Loan Repayment - -

XI CAPITALIZATION FOR OPERATIONAL PHASE G Adjusted Senior Debt - -

I Tranche A - Plant - -

K Tranche B - Development Costs - -

M Tranche C - Working Capital - -

ToC

Senior Debt - Mortgage

Start

Period Balance

1 232,858

2 225,548

3 218,064

4 210,403

5 202,559

6 194,529

7 186,308

8 177,893

9 169,277

10 160,457

11 151,427

12 142,183

13 132,719

14 123,030

15 113,112

16 102,957

17 92,562

18 81,920

19 71,025

20 59,871

21 48,452

22 36,762

23 24,795

24 12,543

25 (0)

26 (0)

27 (0)

28 (0)

29 (0)

30 (0)

31 (0)

32 (0)

33 (0)

34 (0)

35 (0)

36 (0)

37 (0)

38 (0)

39 (0)

40 (0)

41 (0)

42 (0)

43 (0)

44 (0)

45 (0)

46 (0)

47 (0)

48 (0)

49 (0)

50 (0)

51 (0)

52 (0)

53 (0)

54 (0)

55 (0)

56 (0)

57 (0)

58 (0)

59 (0)

60 (0)

Senior Debt - Level Principal

Start

Period Balance

1 232,858

2 223,156

3 213,453

4 203,751

5 194,049

6 184,346

7 174,644

8 164,941

9 155,239

10 145,536

11 135,834

12 126,132

13 116,429

14 106,727

15 97,024

16 87,322

17 77,619

18 67,917

19 58,215

20 48,512

21 38,810

22 29,107

23 19,405

24 9,702

25 (0)

26 (0)

27 (0)

28 (0)

29 (0)

30 (0)

31 (0)

32 (0)

33 (0)

34 (0)

35 (0)

36 (0)

37 (0)

38 (0)

39 (0)

40 (0)

41 (0)

42 (0)

43 (0)

44 (0)

45 (0)

46 (0)

47 (0)

48 (0)

49 (0)

50 (0)

51 (0)

52 (0)

53 (0)

54 (0)

55 (0)

56 (0)

57 (0)

58 (0)

59 (0)

60 (0)

Tranche A - Mortgage

Start

Period Balance

1 174,600

2 169,118

3 163,507

4 157,762

5 151,881

6 145,860

7 139,696

8 133,386

9 126,926

10 120,312

11 113,541

12 106,610

13 99,514

14 92,249

15 84,812

16 77,198

17 69,404

18 61,424

19 53,255

20 44,892

21 36,330

22 27,565

23 18,591

24 9,405

25 (0)

26 (0)

27 (0)

28 (0)

29 (0)

30 (0)

31 (0)

32 (0)

33 (0)

34 (0)

35 (0)

36 (0)

37 (0)

38 (0)

39 (0)

40 (0)

41 (0)

42 (0)

43 (0)

44 (0)

45 (0)

46 (0)

47 (0)

48 (0)

49 (0)

50 (0)

51 (0)

52 (0)

53 (0)

54 (0)

55 (0)

56 (0)

57 (0)

58 (0)

59 (0)

60 (0)

Tranche A - Level Principal

Start

Period Balance

1 174,600

2 167,325

3 160,050

4 152,775

5 145,500

6 138,225

7 130,950

8 123,675

9 116,400

10 109,125

11 101,850

12 94,575

13 87,300

14 80,025

15 72,750

16 65,475

17 58,200

18 50,925

19 43,650

20 36,375

21 29,100

22 21,825

23 14,550

24 7,275

25 (0)

26 (0)

27 (0)

28 (0)

29 (0)

30 (0)

31 (0)

32 (0)

33 (0)

34 (0)

35 (0)

36 (0)

37 (0)

38 (0)

39 (0)

40 (0)

41 (0)

42 (0)

43 (0)

44 (0)

45 (0)

46 (0)

47 (0)

48 (0)

49 (0)

50 (0)

51 (0)

52 (0)

53 (0)

54 (0)

55 (0)

56 (0)

57 (0)

58 (0)

59 (0)

60 (0)

Tranche B - Mortgage

Start

Period Balance

1 50,002

2 49,271

3 48,530

4 47,779

5 47,016

6 46,243

7 45,458

8 44,662

9 43,855

10 43,036

11 42,206

12 41,363

13 40,508

14 39,641

15 38,762

16 37,870

17 36,965

18 36,047

19 35,116

20 34,171

21 33,213

22 32,242

23 31,256

24 30,256

25 29,241

26 28,213

27 27,169

28 26,110

29 25,036

30 23,947

31 22,842

32 21,721

33 20,584

34 19,430

35 18,260

36 17,074

37 15,870

38 14,649

39 13,410

40 12,153

41 10,879

42 9,586

43 8,274

44 6,944

45 5,595

46 4,226

47 2,837

48 1,429

49 0

50 0

51 0

52 0

53 0

54 0

55 0

56 0

57 0

58 0

59 0

60 0

Tranche B - Level Principal

Start

Period Balance

1 50,002

2 48,960

3 47,918

4 46,877

5 45,835

6 44,793

7 43,752

8 42,710

9 41,668

10 40,626

11 39,585

12 38,543

13 37,501

14 36,460

15 35,418

16 34,376

17 33,335

18 32,293

19 31,251

20 30,209

21 29,168

22 28,126

23 27,084

24 26,043

25 25,001

26 23,959

27 22,917

28 21,876

29 20,834

30 19,792

31 18,751

32 17,709

33 16,667

34 15,626

35 14,584

36 13,542

37 12,500

38 11,459

39 10,417

40 9,375

41 8,334

42 7,292

43 6,250

44 5,209

45 4,167

46 3,125

47 2,083

48 1,042

49 -

50 -

51 -

52 -

53 -

54 -

55 -

56 -

57 -

58 -

59 -

60 -

Tranche C - Mortgage

Start

Period Balance

1 8,257

2 8,024

3 7,789

4 7,550

5 7,309

6 7,066

7 6,820

8 6,570

9 6,319

10 6,064

11 5,806

12 5,546

13 5,282

14 5,016

15 4,746

16 4,474

17 4,199

18 3,920

19 3,638

20 3,353

21 3,065

22 2,774

23 2,479

24 2,181

25 1,880

26 1,576

27 1,267

28 956

29 641

30 322

31 (0)

32 (0)

33 (0)

34 (0)

35 (0)

36 (0)

37 (0)

38 (0)

39 (0)

40 (0)

41 (0)

42 (0)

43 (0)

44 (0)

45 (0)

46 (0)

47 (0)

48 (0)

49 (0)

50 (0)

51 (0)

52 (0)

53 (0)

54 (0)

55 (0)

56 (0)

57 (0)

58 (0)

59 (0)

60 (0)

Tranche C - Level Principal

Start

Period Balance

1 8,257

2 7,982

3 7,707

4 7,431

5 7,156

6 6,881

7 6,606

8 6,330

9 6,055

10 5,780

11 5,505

12 5,229

13 4,954

14 4,679

15 4,404

16 4,128

17 3,853

18 3,578

19 3,303

20 3,028

21 2,752

22 2,477

23 2,202

24 1,927

25 1,651

26 1,376

27 1,101

28 826

29 550

30 275

31 (0)

32 (0)

33 (0)

34 (0)

35 (0)

36 (0)

37 (0)

38 (0)

39 (0)

40 (0)

41 (0)

42 (0)

43 (0)

44 (0)

45 (0)

46 (0)

47 (0)

48 (0)

49 (0)

50 (0)

51 (0)

52 (0)

53 (0)

54 (0)

55 (0)

56 (0)

57 (0)

58 (0)

59 (0)

60 (0)

Inv Cons Units Esc

HP 3.00% % -

HP 0.25% % -

HP 1.50% % -

HP 1.50% % -

- 4.75% % -

- 4.75% % -

HP 1.00% % -

HP 1.00% % -

HP 2.00% % -

HP 2.00% % -

- 5.75% % -

- 5.75% % -

- 6.75% % -

- 6.75% % -

HP 12 Years -

HP 12 Years -

HP 5 Years -

HP 2 per Year -

HP 4 per Year -

HP 6 per Year -

- 232,858 $ -

- 174,600 $ -

- 50,002 $ -

- 8,257 $ -


End

Interest Principal Total Balance

5,530 7,310 12,841 225,548

5,357 7,484 12,841 218,064

5,179 7,662 12,841 210,403

4,997 7,844 12,841 202,559

4,811 8,030 12,841 194,529

4,620 8,221 12,841 186,308

4,425 8,416 12,841 177,893

4,225 8,616 12,841 169,277

4,020 8,820 12,841 160,457

3,811 9,030 12,841 151,427

3,596 9,244 12,841 142,183

3,377 9,464 12,841 132,719

3,152 9,689 12,841 123,030

2,922 9,919 12,841 113,112

2,686 10,154 12,841 102,957

2,445 10,395 12,841 92,562

2,198 10,642 12,841 81,920

1,946 10,895 12,841 71,025

1,687 11,154 12,841 59,871

1,422 11,419 12,841 48,452

1,151 11,690 12,841 36,762

873 11,968 12,841 24,795

589 12,252 12,841 12,543

298 12,543 12,841 (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

75,317 232,858


End


5,530 9,702 15,233 223,156

5,300 9,702 15,002 213,453

5,070 9,702 14,772 203,751

4,839 9,702 14,542 194,049

4,609 9,702 14,311 184,346

4,378 9,702 14,081 174,644

4,148 9,702 13,850 164,941

3,917 9,702 13,620 155,239

3,687 9,702 13,389 145,536

3,456 9,702 13,159 135,834

3,226 9,702 12,928 126,132

2,996 9,702 12,698 116,429

2,765 9,702 12,468 106,727

2,535 9,702 12,237 97,024

2,304 9,702 12,007 87,322

2,074 9,702 11,776 77,619

1,843 9,702 11,546 67,917

1,613 9,702 11,315 58,215

1,383 9,702 11,085 48,512

1,152 9,702 10,855 38,810

922 9,702 10,624 29,107

691 9,702 10,394 19,405

461 9,702 10,163 9,702

230 9,702 9,933 (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

69,130 232,858


End


4,147 5,481 9,628 169,118

4,017 5,611 9,628 163,507

3,883 5,745 9,628 157,762

3,747 5,881 9,628 151,881

3,607 6,021 9,628 145,860

3,464 6,164 9,628 139,696

3,318 6,310 9,628 133,386

3,168 6,460 9,628 126,926

3,014 6,614 9,628 120,312

2,857 6,771 9,628 113,541

2,697 6,931 9,628 106,610

2,532 7,096 9,628 99,514

2,363 7,265 9,628 92,249

2,191 7,437 9,628 84,812

2,014 7,614 9,628 77,198

1,833 7,795 9,628 69,404

1,648 7,980 9,628 61,424

1,459 8,169 9,628 53,255

1,265 8,363 9,628 44,892

1,066 8,562 9,628 36,330

863 8,765 9,628 27,565

655 8,973 9,628 18,591

442 9,187 9,628 9,405

223 9,405 9,628 (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

56,474 174,600


End


4,147 7,275 11,422 167,325

3,974 7,275 11,249 160,050

3,801 7,275 11,076 152,775

3,628 7,275 10,903 145,500

3,456 7,275 10,731 138,225

3,283 7,275 10,558 130,950

3,110 7,275 10,385 123,675

2,937 7,275 10,212 116,400

2,764 7,275 10,039 109,125

2,592 7,275 9,867 101,850

2,419 7,275 9,694 94,575

2,246 7,275 9,521 87,300

2,073 7,275 9,348 80,025

1,901 7,275 9,176 72,750

1,728 7,275 9,003 65,475

1,555 7,275 8,830 58,200

1,382 7,275 8,657 50,925

1,209 7,275 8,484 43,650

1,037 7,275 8,312 36,375

864 7,275 8,139 29,100

691 7,275 7,966 21,825

518 7,275 7,793 14,550

346 7,275 7,621 7,275

173 7,275 7,448 (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

51,834 174,600


End


719 731 1,449 49,271

708 741 1,449 48,530

698 752 1,449 47,779

687 762 1,449 47,016

676 773 1,449 46,243

665 785 1,449 45,458

653 796 1,449 44,662

642 807 1,449 43,855

630 819 1,449 43,036

619 831 1,449 42,206

607 843 1,449 41,363

595 855 1,449 40,508

582 867 1,449 39,641

570 879 1,449 38,762

557 892 1,449 37,870

544 905 1,449 36,965

531 918 1,449 36,047

518 931 1,449 35,116

505 944 1,449 34,171

491 958 1,449 33,213

477 972 1,449 32,242

463 986 1,449 31,256

449 1,000 1,449 30,256

435 1,014 1,449 29,241

420 1,029 1,449 28,213

406 1,044 1,449 27,169

391 1,059 1,449 26,110

375 1,074 1,449 25,036

360 1,089 1,449 23,947

344 1,105 1,449 22,842

328 1,121 1,449 21,721

312 1,137 1,449 20,584

296 1,153 1,449 19,430

279 1,170 1,449 18,260

262 1,187 1,449 17,074

245 1,204 1,449 15,870

228 1,221 1,449 14,649

211 1,239 1,449 13,410

193 1,257 1,449 12,153

175 1,275 1,449 10,879

156 1,293 1,449 9,586

138 1,311 1,449 8,274

119 1,330 1,449 6,944

100 1,349 1,449 5,595

80 1,369 1,449 4,226

61 1,389 1,449 2,837

41 1,408 1,449 1,429

21 1,429 1,449 0

0 (0) - 0

0 (0) - 0

0 (0) - 0

0 (0) - 0

0 (0) - 0

0 (0) - 0

0 (0) - 0

0 (0) - 0

0 (0) - 0

0 (0) - 0

0 (0) - 0

0 (0) - 0

19,564 50,002


End


719 1,042 1,760 48,960

704 1,042 1,746 47,918

689 1,042 1,731 46,877

674 1,042 1,716 45,835

659 1,042 1,701 44,793

644 1,042 1,686 43,752

629 1,042 1,671 42,710

614 1,042 1,656 41,668

599 1,042 1,641 40,626

584 1,042 1,626 39,585

569 1,042 1,611 38,543

554 1,042 1,596 37,501

539 1,042 1,581 36,460

524 1,042 1,566 35,418

509 1,042 1,551 34,376

494 1,042 1,536 33,335

479 1,042 1,521 32,293

464 1,042 1,506 31,251

449 1,042 1,491 30,209

434 1,042 1,476 29,168

419 1,042 1,461 28,126

404 1,042 1,446 27,084

389 1,042 1,431 26,043

374 1,042 1,416 25,001

359 1,042 1,401 23,959

344 1,042 1,386 22,917

329 1,042 1,371 21,876

314 1,042 1,356 20,834

299 1,042 1,341 19,792

285 1,042 1,326 18,751

270 1,042 1,311 17,709

255 1,042 1,296 16,667

240 1,042 1,281 15,626

225 1,042 1,266 14,584

210 1,042 1,251 13,542

195 1,042 1,236 12,500

180 1,042 1,221 11,459

165 1,042 1,206 10,417

150 1,042 1,191 9,375

135 1,042 1,176 8,334

120 1,042 1,161 7,292

105 1,042 1,147 6,250

90 1,042 1,132 5,209

75 1,042 1,117 4,167

60 1,042 1,102 3,125

45 1,042 1,087 2,083

30 1,042 1,072 1,042

15 1,042 1,057 -

- - - -

- - - -

- - - -

- - - -

- - - -

- - - -

- - - -

- - - -

- - - -

- - - -

- - - -

- - - -

17,610 50,002


End


93 233 326 8,024

90 236 326 7,789

88 238 326 7,550

85 241 326 7,309

82 244 326 7,066

79 246 326 6,820

77 249 326 6,570

74 252 326 6,319

71 255 326 6,064

68 258 326 5,806

65 260 326 5,546

62 263 326 5,282

59 266 326 5,016

56 269 326 4,746

53 272 326 4,474

50 275 326 4,199

47 279 326 3,920

44 282 326 3,638

41 285 326 3,353

38 288 326 3,065

34 291 326 2,774

31 295 326 2,479

28 298 326 2,181

25 301 326 1,880

21 305 326 1,576

18 308 326 1,267

14 312 326 956

11 315 326 641

7 319 326 322

4 322 326 (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

(0) 0 - (0)

1,518 8,257


End


93 275 368 7,982

90 275 365 7,707

87 275 362 7,431

84 275 359 7,156

81 275 356 6,881

77 275 353 6,606

74 275 350 6,330

71 275 346 6,055

68 275 343 5,780

65 275 340 5,505

62 275 337 5,229

59 275 334 4,954

56 275 331 4,679

53 275 328 4,404

50 275 325 4,128

46 275 322 3,853

43 275 319 3,578

40 275 315 3,303

37 275 312 3,028

34 275 309 2,752

31 275 306 2,477

28 275 303 2,202

25 275 300 1,927

22 275 297 1,651

19 275 294 1,376

15 275 291 1,101

12 275 288 826

9 275 285 550

6 275 281 275

3 275 278 (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

(0) - (0) (0)

1,440 8,257

Left Blank


Calendar Beginning Interest Principal Total Debt Ending

Year Balance Service Balance

1 232,858 10,887 14,794 25,681 218,064

2 218,064 10,176 15,505 25,681 202,559

3 202,559 9,431 16,250 25,681 186,308

4 186,308 8,650 17,032 25,681 169,277

5 169,277 7,831 17,850 25,681 151,427

6 151,427 6,973 18,708 25,681 132,719

7 132,719 6,074 19,607 25,681 113,112

8 113,112 5,132 20,550 25,681 92,562

9 92,562 4,144 21,537 25,681 71,025

10 71,025 3,109 22,573 25,681 48,452

11 48,452 2,024 23,657 25,681 24,795

12 24,795 887 24,795 25,681 (0)

13 (0) - - - (0)

14 (0) - - - (0)

15 (0) - - - (0)

16 (0) - - - (0)

17 (0) - - - (0)

18 (0) - - - (0)

19 (0) - - - (0)

20 (0) - - - (0)

21 (0) - - - (0)

22 (0) - - - (0)

75,317 232,858

0 (0)




1 232,858 10,830 19,405 30,235 213,453

2 213,453 9,909 19,405 29,313 194,049

3 194,049 8,987 19,405 28,392 174,644

4 174,644 8,065 19,405 27,470 155,239

5 155,239 7,143 19,405 26,548 135,834

6 135,834 6,222 19,405 25,627 116,429

7 116,429 5,300 19,405 24,705 97,024

8 97,024 4,378 19,405 23,783 77,619

9 77,619 3,456 19,405 22,861 58,215

10 58,215 2,535 19,405 21,940 38,810

11 38,810 1,613 19,405 21,018 19,405

12 19,405 691 19,405 20,096 0

13 0 - - - 0

14 0 - - - 0

15 0 - - - 0

16 0 - - - 0

17 0 - - - 0

18 0 - - - 0

19 0 - - - 0

20 0 - - - 0

21 0 - - - 0

22 0 - - - 0

69,130 232,858

- (0)




1 174,600 8,163 11,093 19,256 163,507

2 163,507 7,630 11,626 19,256 151,881

3 151,881 7,071 12,185 19,256 139,696

4 139,696 6,486 12,770 19,256 126,926

5 126,926 5,872 13,384 19,256 113,541

6 113,541 5,229 14,028 19,256 99,514

7 99,514 4,554 14,702 19,256 84,812

8 84,812 3,848 15,408 19,256 69,404

9 69,404 3,107 16,149 19,256 53,255

10 53,255 2,331 16,925 19,256 36,330

11 36,330 1,517 17,739 19,256 18,591

12 18,591 665 18,591 19,256 (0)

13 (0) - - - (0)

14 (0) - - - (0)

15 (0) - - - (0)

16 (0) - - - (0)

17 (0) - - - (0)

18 (0) - - - (0)

19 (0) - - - (0)

20 (0) - - - (0)

21 (0) - - - (0)

22 (0) - - - (0)

56,474 174,600

0 (0)




1 174,600 8,121 14,550 22,671 160,050

2 160,050 7,430 14,550 21,980 145,500

3 145,500 6,738 14,550 21,288 130,950

4 130,950 6,047 14,550 20,597 116,400

5 116,400 5,356 14,550 19,906 101,850

6 101,850 4,665 14,550 19,215 87,300

7 87,300 3,974 14,550 18,524 72,750

8 72,750 3,283 14,550 17,833 58,200

9 58,200 2,592 14,550 17,142 43,650

10 43,650 1,901 14,550 16,451 29,100

11 29,100 1,209 14,550 15,759 14,550

12 14,550 518 14,550 15,068 0

13 0 - - - 0

14 0 - - - 0

15 0 - - - 0

16 0 - - - 0

17 0 - - - 0

18 0 - - - 0

19 0 - - - 0

20 0 - - - 0

21 0 - - - 0

22 0 - - - 0

51,834 174,600

- -




1 50,002 2,811 2,986 5,797 47,016

2 47,016 2,636 3,161 5,797 43,855

3 43,855 2,450 3,347 5,797 40,508

4 40,508 2,254 3,543 5,797 36,965

5 36,965 2,046 3,752 5,797 33,213

6 33,213 1,825 3,972 5,797 29,241

7 29,241 1,592 4,205 5,797 25,036

8 25,036 1,345 4,452 5,797 20,584

9 20,584 1,083 4,714 5,797 15,870

10 15,870 806 4,991 5,797 10,879

11 10,879 513 5,284 5,797 5,595

12 5,595 202 5,595 5,797 0

13 0 - - - 0

14 0 - - - 0

15 0 - - - 0

16 0 - - - 0

17 0 - - - 0

18 0 - - - 0

19 0 - - - 0

20 0 - - - 0

19,564 50,002

(0) 0




1 50,002 2,785 4,167 6,952 45,835

2 45,835 2,546 4,167 6,712 41,668

3 41,668 2,306 4,167 6,473 37,501

4 37,501 2,066 4,167 6,233 33,335

5 33,335 1,827 4,167 5,994 29,168

6 29,168 1,587 4,167 5,754 25,001

7 25,001 1,348 4,167 5,515 20,834

8 20,834 1,108 4,167 5,275 16,667

9 16,667 869 4,167 5,035 12,500

10 12,500 629 4,167 4,796 8,334

11 8,334 389 4,167 4,556 4,167

12 4,167 150 4,167 4,317 -

13 - - - - -

14 - - - - -

15 - - - - -

16 - - - - -

17 - - - - -

18 - - - - -

19 - - - - -

20 - - - - -

17,610 50,002

- -




1 8,257 517 1,437 1,955 6,820

2 6,820 418 1,537 1,955 5,282

3 5,282 311 1,644 1,955 3,638

4 3,638 197 1,758 1,955 1,880

5 1,880 75 1,880 1,955 (0)

6 (0) - - - (0)

7 (0) - - - (0)

8 (0) - - - (0)

9 (0) - - - (0)

10 (0) - - - (0)

11 (0) - - - (0)

12 (0) - - - (0)

13 (0) - - - (0)

14 (0) - - - (0)

15 (0) - - - (0)

16 (0) - - - (0)

17 (0) - - - (0)

18 (0) - - - (0)

19 (0) - - - (0)

20 (0) - - - (0)

1,518 8,257

0 -




1 8,257 511 1,651 2,162 6,606

2 6,606 399 1,651 2,051 4,954

3 4,954 288 1,651 1,939 3,303

4 3,303 176 1,651 1,828 1,651

5 1,651 65 1,651 1,716 -

6 - - - - -

7 - - - - -

8 - - - - -

9 - - - - -

10 - - - - -

11 - - - - -

12 - - - - -

13 - - - - -

14 - - - - -

15 - - - - -

16 - - - - -

17 - - - - -

18 - - - - -

19 - - - - -

20 - - - - -

1,440 8,257

- -

Debt Calc Date 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Period -1 0 1 2 3 4 5 6 7 8 9



XXIV TERM LOAN CALCULATIONS

1 Senior Debt - Mortgage

Interest 10,887 10,176 9,431 8,650 7,831 6,973 6,074 5,132 4,144

Principal 232,858 14,794 15,505 16,250 17,032 17,850 18,708 19,607 20,550 21,537

Debt Service 25,681 25,681 25,681 25,681 25,681 25,681 25,681 25,681 25,681

Ending Balance 232,858 218,064 202,559 186,308 169,277 151,427 132,719 113,112 92,562 71,025

2 Senior Debt - Level Principal

Interest 10,830 9,909 8,987 8,065 7,143 6,222 5,300 4,378 3,456

Principal 232,858 19,405 19,405 19,405 19,405 19,405 19,405 19,405 19,405 19,405

Debt Service 30,235 29,313 28,392 27,470 26,548 25,627 24,705 23,783 22,861

Ending Balance 232,858 213,453 194,049 174,644 155,239 135,834 116,429 97,024 77,619 58,215


Interest 8,163 7,630 7,071 6,486 5,872 5,229 4,554 3,848 3,107

Principal 174,600 11,093 11,626 12,185 12,770 13,384 14,028 14,702 15,408 16,149

Debt Service 19,256 19,256 19,256 19,256 19,256 19,256 19,256 19,256 19,256

Ending Balance 174,600 163,507 151,881 139,696 126,926 113,541 99,514 84,812 69,404 53,255


Interest 8,121 7,430 6,738 6,047 5,356 4,665 3,974 3,283 2,592

Principal 174,600 14,550 14,550 14,550 14,550 14,550 14,550 14,550 14,550 14,550

Debt Service 22,671 21,980 21,288 20,597 19,906 19,215 18,524 17,833 17,142

Ending Balance 174,600 160,050 145,500 130,950 116,400 101,850 87,300 72,750 58,200 43,650


Interest 2,811 2,636 2,450 2,254 2,046 1,825 1,592 1,345 1,083

Principal 50,002 2,986 3,161 3,347 3,543 3,752 3,972 4,205 4,452 4,714

Debt Service 5,797 5,797 5,797 5,797 5,797 5,797 5,797 5,797 5,797

Ending Balance 50,002 47,016 43,855 40,508 36,965 33,213 29,241 25,036 20,584 15,870


Interest 2,785 2,546 2,306 2,066 1,827 1,587 1,348 1,108 869

Principal 50,002 4,167 4,167 4,167 4,167 4,167 4,167 4,167 4,167 4,167

Debt Service 6,952 6,712 6,473 6,233 5,994 5,754 5,515 5,275 5,035

Ending Balance 50,002 45,835 41,668 37,501 33,335 29,168 25,001 20,834 16,667 12,500


Interest 517 418 311 197 75 - - - -

Principal 8,257 1,437 1,537 1,644 1,758 1,880 - - - -

Debt Service 1,955 1,955 1,955 1,955 1,955 - - - -

Ending Balance 8,257 6,820 5,282 3,638 1,880 (0) (0) (0) (0) (0)


Interest 511 399 288 176 65 - - - -

Principal 8,257 1,651 1,651 1,651 1,651 1,651 - - - -

Debt Service 2,162 2,051 1,939 1,828 1,716 - - - -

Ending Balance 8,257 6,606 4,954 3,303 1,651 - - - - -

XXV TRANCHED DEBT SERVICES - AGGREGATED

3 Tranches Aggregated - Mortgage

Interest 11,492 10,684 9,833 8,936 7,992 7,054 6,146 5,192 4,190

Principal 232,858 15,516 16,324 17,175 18,072 19,016 17,999 18,907 19,861 20,863

ToC

Debt Calc Date 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Period -1 0 1 2 3 4 5 6 7 8 9

Name Doc Inv Cons Units EscToC

Debt Service 27,008 27,008 27,008 27,008 27,008 25,053 25,053 25,053 25,053

Ending Balance 232,858 217,342 201,018 183,843 165,771 146,755 128,755 109,848 89,988 69,125

4 Tranches Aggregated - Level Principal

Interest 11,417 10,375 9,332 8,290 7,248 6,252 5,322 4,391 3,460

Principal 232,858 20,368 20,368 20,368 20,368 20,368 18,717 18,717 18,717 18,717

Debt Service 31,785 30,743 29,701 28,658 27,616 24,969 24,038 23,108 22,177

Ending Balance 232,858 212,490 192,122 171,754 151,386 131,017 112,301 93,584 74,867 56,150

1,397,150 1,397,150

Check (0 = Check Ok) -

XXV DEBT SERVICE SCHEDULE (Switch Employed)


Interest - 10,830 9,909 8,987 8,065 7,143 6,222 5,300 4,378 3,456

Principal 232,858 - 19,405 19,405 19,405 19,405 19,405 19,405 19,405 19,405 19,405

Debt Service - 30,235 29,313 28,392 27,470 26,548 25,627 24,705 23,783 22,861

Ending Balance 232,858 213,453 194,049 174,644 155,239 135,834 116,429 97,024 77,619 58,215

Debt Calc Date 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Period -1 0 1 2 3 4 5 6 7 8 9


XXVI DEBT SERVICE RESERVE ACCOUNTS (DSRA)

A LIBOR LIBOR Gen HP 3.00% % 0

AC Premium over Libor on DSRA Paid to Project DSRA_Prem Terms HP 0.50% % 0

AD Number of Months for Reserve DSRA_Mo Terms HP 6 months 0

AC Financing Fee Fin_Fee_R Terms HP 1.50% % 0

AE Number of Months for L/C Calculation LC_Mo Terms HP 6 months 0

AF Cost of L/C over LIBOR to Project LC_R Terms HP 1.00% % 0

Number of Months 12 %

Percentage of DSRA per Year 50.00% 0

Annual Debt Service - 30,235 29,313 28,392 27,470 26,548 25,627 24,705 23,783 22,861

Required Balance 15,118 15,118 14,657 14,196 13,735 13,274 12,813 12,352 11,892 11,431

Mask (1 = Debt, 0 = No Debt) 1 1 1 1 1 1 1 1 1 1

Beginning Account Balance 15,118 15,118 15,118 14,657 14,196 13,735 13,274 12,813 12,352 11,892

Contribution - - - - - - - - - -

Withdraws - - 461 461 461 461 461 461 461 461

Ending Balance 15,118 15,118 15,118 14,657 14,196 13,735 13,274 12,813 12,352 11,892 11,431

L/C Expense - - 302 293 284 275 265 256 247 238 229

GRAPHING INFORMATIONMortgage Style

Tranche A - Interest 8,163 7,630 7,071 6,486 5,872 5,229 4,554 3,848 3,107

Tranche B - Interest 2,811 2,636 2,450 2,254 2,046 1,825 1,592 1,345 1,083

Tranche C - Interest 517 418 311 197 75 - - - -

Tranche A - Principal 11,093 11,626 12,185 12,770 13,384 14,028 14,702 15,408 16,149

Tranche B - Principal 2,986 3,161 3,347 3,543 3,752 3,972 4,205 4,452 4,714

Tranche C - Principal 1,437 1,537 1,644 1,758 1,880 - - - -

27,008 27,008 27,008 27,008 27,008 25,053 25,053 25,053 25,053

Level Principal

Tranche A - Interest 8,121 7,430 6,738 6,047 5,356 4,665 3,974 3,283 2,592

Tranche B - Interest 2,785 2,546 2,306 2,066 1,827 1,587 1,348 1,108 869

Tranche C - Interest 511 399 288 176 65 - - - -

Tranche A - Principal 14,550 14,550 14,550 14,550 14,550 14,550 14,550 14,550 14,550

Tranche B - Principal 4,167 4,167 4,167 4,167 4,167 4,167 4,167 4,167 4,167

Tranche C - Principal 1,651 1,651 1,651 1,651 1,651 - - - -

31,785 30,743 29,701 28,658 27,616 24,969 24,038 23,108 22,177

Debt Services

Senior Debt - Mortgage 25,681 25,681 25,681 25,681 25,681 25,681 25,681 25,681 25,681

Senior Debt - Level Principal 30,235 29,313 28,392 27,470 26,548 25,627 24,705 23,783 22,861

Tranche Debt - Mortgage 27,008 27,008 27,008 27,008 27,008 25,053 25,053 25,053 25,053

Tranche Debt - Level Principal 31,785 30,743 29,701 28,658 27,616 24,969 24,038 23,108 22,177

Debt Calc Date

Period



XXIV TERM LOAN CALCULATIONS

1 Senior Debt - Mortgage

Interest

Principal

Debt Service

Ending Balance

2 Senior Debt - Level Principal

Interest

Principal

Debt Service

Ending Balance


Interest

Principal

Debt Service

Ending Balance


Interest

Principal

Debt Service

Ending Balance


Interest

Principal

Debt Service

Ending Balance


Interest

Principal

Debt Service

Ending Balance


Interest

Principal

Debt Service

Ending Balance


Interest

Principal

Debt Service

Ending Balance

XXV TRANCHED DEBT SERVICES - AGGREGATED

3 Tranches Aggregated - Mortgage

Interest

Principal

ToC

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

10 11 12 13 14 15 16 17 18 19 20

3,109 2,024 887 - - - - - - - -

22,573 23,657 24,795 - - - - - - - -

25,681 25,681 25,681 - - - - - - - -

48,452 24,795 (0) (0) (0) (0) (0) (0) (0) (0) (0)

2,535 1,613 691 - - - - - - - -

19,405 19,405 19,405 - - - - - - - -

21,940 21,018 20,096 - - - - - - - -

38,810 19,405 0 0 0 0 0 0 0 0 0

2,331 1,517 665 - - - - - - - -

16,925 17,739 18,591 - - - - - - - -

19,256 19,256 19,256 - - - - - - - -

36,330 18,591 (0) (0) (0) (0) (0) (0) (0) (0) (0)

1,901 1,209 518 - - - - - - - -

14,550 14,550 14,550 - - - - - - - -

16,451 15,759 15,068 - - - - - - - -

29,100 14,550 0 0 0 0 0 0 0 0 0

806 513 202 - - - - - - - -

4,991 5,284 5,595 - - - - - - - -

5,797 5,797 5,797 - - - - - - - -

10,879 5,595 0 0 0 0 0 0 0 0 0

629 389 150 - - - - - - - -

4,167 4,167 4,167 - - - - - - - -

4,796 4,556 4,317 - - - - - - - -

8,334 4,167 - - - - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

(0) (0) (0) (0) (0) (0) (0) (0) (0) (0) (0)

- - - - - - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

3,137 2,030 867 - - - - - - - -

21,916 23,023 24,186 - - - - - - - -

Debt Calc Date

Period


Debt Service

Ending Balance

4 Tranches Aggregated - Level Principal

Interest

Principal

Debt Service

Ending Balance

Check (0 = Check Ok)

XXV DEBT SERVICE SCHEDULE (Switch Employed)


Interest

Principal

Debt Service

Ending Balance

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

10 11 12 13 14 15 16 17 18 19 20

25,053 25,053 25,053 - - - - - - - -

47,209 24,186 (0) (0) (0) (0) (0) (0) (0) (0) (0)

2,530 1,599 668 - - - - - - - -

18,717 18,717 18,717 - - - - - - - -

21,246 20,316 19,385 - - - - - - - -

37,434 18,717 - - - - - - - - -

2,535 1,613 691 - - - - - - - -

19,405 19,405 19,405 - - - - - - - -

21,940 21,018 20,096 - - - - - - - -

38,810 19,405 0 0 0 0 0 0 0 0 0

Debt Calc Date

Period


XXVI DEBT SERVICE RESERVE ACCOUNTS (DSRA)

A LIBOR LIBOR Gen HP 3.00% % 0

AC Premium over Libor on DSRA Paid to Project DSRA_Prem Terms HP 0.50% % 0

AD Number of Months for Reserve DSRA_Mo Terms HP 6 months 0

AC Financing Fee Fin_Fee_R Terms HP 1.50% % 0

AE Number of Months for L/C Calculation LC_Mo Terms HP 6 months 0

AF Cost of L/C over LIBOR to Project LC_R Terms HP 1.00% % 0

Number of Months 12 %

Percentage of DSRA per Year 50.00% 0

Annual Debt Service

Required Balance

Mask (1 = Debt, 0 = No Debt)

Beginning Account Balance

Contribution

Withdraws

Ending Balance

L/C Expense

GRAPHING INFORMATIONMortgage Style

Tranche A - Interest

Tranche B - Interest

Tranche C - Interest

Tranche A - Principal

Tranche B - Principal

Tranche C - Principal

Level Principal

Tranche A - Interest

Tranche B - Interest

Tranche C - Interest

Tranche A - Principal

Tranche B - Principal

Tranche C - Principal

Debt Services



Tranche Debt - Mortgage

Tranche Debt - Level Principal

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

10 11 12 13 14 15 16 17 18 19 20

21,940 21,018 20,096 - - - - - - - -

10,970 10,509 10,048 - - - - - - - -

1 1 1 - - - - - - -

11,431 10,970 10,509 10,048 - - - - - - -

- - - - - - - - - - -

461 461 461 10,048 - - - - - - -

10,970 10,509 10,048 - - - - - - - -

219 210 201 - - - - - - - -

2,331 1,517 665 - - - - - - - -

806 513 202 - - - - - - - -

- - - - - - - - - - -

16,925 17,739 18,591 - - - - - - - -

4,991 5,284 5,595 - - - - - - - -

- - - - - - - - - - -

25,053 25,053 25,053 - - - - - - - -

1,901 1,209 518 - - - - - - - -

629 389 150 - - - - - - - -

- - - - - - - - - - -

14,550 14,550 14,550 - - - - - - - -

4,167 4,167 4,167 - - - - - - - -

- - - - - - - - - - -

21,246 20,316 19,385 - - - - - - - -

25,681 25,681 25,681 - - - - - - - -

21,940 21,018 20,096 - - - - - - - -

25,053 25,053 25,053 - - - - - - - -

21,246 20,316 19,385 - - - - - - - -

IS Put in Checks

Date 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Period -1 0 1 2 3 4 5 6 7 8 9

Name Doc Inv Cons Units Checks


XXVII INCOME STATEMENT

A Power Plant Capacity Charge - - - - $ - - 43,680 43,680 43,680 43,680 43,680 43,680 43,680 43,680 43,680

B Fixed O&M Charge - - - - $ - - 6,609 6,807 7,012 7,222 7,439 7,662 7,892 8,128 8,372

C Variable O&M Charge - - - - $ - - 15,903 16,380 16,872 17,378 17,899 18,436 18,989 19,559 20,146

D Fuel Charge - - - - $ - - 93,747 96,559 99,456 102,439 105,513 108,678 111,938 115,296 118,755

E Total Revenue - - - - $ - - 159,939 163,427 167,019 170,719 174,531 178,456 182,499 186,664 190,953

D Total Gas Expense - - - - $ - - - 93,747 96,559 99,456 102,439 105,513 108,678 111,938 115,296 118,755

T Variable O&M Expenses with Spare Parts $ - - - 15,903 16,380 16,872 17,378 17,899 18,436 18,989 19,559 20,146

Total Variable Expenses $ - - 109,650 112,939 116,328 119,817 123,412 127,114 130,928 134,856 138,901

Gross Profit $ - - 50,289 50,487 50,692 50,902 51,119 51,342 51,572 51,808 52,052

O Fixed O&M Expenses - - - - $ (0) - - 6,609 6,807 7,012 7,222 7,439 7,662 7,892 8,128 8,372

Total Fixed O&M Expenses $ - - 6,609 6,807 7,012 7,222 7,439 7,662 7,892 8,128 8,372

EBITDA $ (0) - - 43,680 43,680 43,680 43,680 43,680 43,680 43,680 43,680 43,680

Depreciation $ - - 28,597 268 606 606 606 606 606 (1,163) 606

EBIT $ - - 15,083 43,412 43,074 43,074 43,074 43,074 43,074 44,843 43,074

Interest Expense/(Income)

Interest Expense $ - 10,830 9,909 8,987 8,065 7,143 6,222 5,300 4,378 3,456

Interest Income $ - - - (606) (606) (606) (606) (606) (606) (606) (424)

L/C Fee $ - - 302 293 284 275 265 256 247 238 229

Totals $ - - 11,133 9,596 8,665 7,734 6,803 5,872 4,941 4,010 3,261

Earnings Before Taxes (EBT) $ - - 3,951 33,816 34,409 35,340 36,271 37,202 38,133 40,833 39,812

Taxes

Corporate Taxes $ - - 1,343 11,497 11,699 12,016 12,332 12,649 12,965 13,883 13,536

Net Income $ - - 2,608 22,318 22,710 23,324 23,939 24,553 25,167 26,950 26,276

PPA - Power Price (cents / kWh)

Power Plant Capacity Charge - - 1.9149 1.9149 1.9149 1.9149 1.9149 1.9149 1.9149 1.9149 1.9149

Fixed O&M Charge - - 0.2897 0.2984 0.3074 0.3166 0.3261 0.3359 0.3460 0.3563 0.3670

Variable O&M Charge - - 0.6972 0.7181 0.7396 0.7618 0.7847 0.8082 0.8325 0.8574 0.8832

Fuel Charge - - 4.1097 4.2330 4.3600 4.4908 4.6255 4.7643 4.9072 5.0544 5.2060

7.0115 7.1644 7.3219 7.4841 7.6511 7.8232 8.0005 8.1831 8.3711

Fundamental Curve Power Price (cents / kWh)

Projected Annual Growth on Base Load Power Price 2.00% %

Project Spot Price Starting with 2005 6.9500 ¢/kWh 6.9500 7.0890 7.2308 7.3754 7.5229 7.6734 7.8268 7.9834 8.1430 8.3059 8.4720

Differential in Fundamental and PPA Pricing 6.9500 7.0890 0.2193 0.2110 0.2010 0.1893 0.1757 0.1601 0.1425 0.1228 0.1009

Graphing Information 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Annual PPA Price - - 7.0115 7.1644 7.3219 7.4841 7.6511 7.8232 8.0005 8.1831 8.3711

Fundamental Pricing Curve 6.9500 7.0890 7.2308 7.3754 7.5229 7.6734 7.8268 7.9834 8.1430 8.3059 8.4720

ToC

IS Put in Checks

Date

Period

Name Doc Inv Cons Units Checks


XXVII INCOME STATEMENT

A Power Plant Capacity Charge - - - - $

B Fixed O&M Charge - - - - $

C Variable O&M Charge - - - - $

D Fuel Charge - - - - $

E Total Revenue - - - - $

D Total Gas Expense - - - - $ -

T Variable O&M Expenses with Spare Parts $ -

Total Variable Expenses $

Gross Profit $

O Fixed O&M Expenses - - - - $ (0)

Total Fixed O&M Expenses $

EBITDA $ (0)

Depreciation $

EBIT $

Interest Expense/(Income)

Interest Expense $

Interest Income $

L/C Fee $

Totals $

Earnings Before Taxes (EBT) $

Taxes

Corporate Taxes $

Net Income $

PPA - Power Price (cents / kWh)

Power Plant Capacity Charge

Fixed O&M Charge

Variable O&M Charge

Fuel Charge

Fundamental Curve Power Price (cents / kWh)

Projected Annual Growth on Base Load Power Price 2.00% %

Project Spot Price Starting with 2005 6.9500 ¢/kWh

Differential in Fundamental and PPA Pricing

Graphing Information

Annual PPA Price

Fundamental Pricing Curve

ToC

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

10 11 12 13 14 15 16 17 18 19 20

43,680 43,680 43,680 43,680 43,680 43,680 43,680 43,680 43,680 43,680 43,680

8,623 8,882 9,149 9,423 9,706 9,997 10,297 10,606 10,924 11,252 11,589

20,750 21,373 22,014 22,674 23,355 24,055 24,777 25,520 26,286 27,074 27,887

122,318 125,987 129,767 133,660 137,670 141,800 146,054 150,436 154,949 159,597 164,385

195,372 199,922 204,610 209,438 214,410 219,532 224,808 230,242 235,838 241,603 247,541

122,318 125,987 129,767 133,660 137,670 141,800 146,054 150,436 154,949 159,597 164,385

20,750 21,373 22,014 22,674 23,355 24,055 24,777 25,520 26,286 27,074 27,887

143,068 147,360 151,781 156,335 161,025 165,855 170,831 175,956 181,235 186,672 192,272

52,303 52,562 52,829 53,103 53,386 53,677 53,977 54,286 54,604 54,932 55,269

8,623 8,882 9,149 9,423 9,706 9,997 10,297 10,606 10,924 11,252 11,589

8,623 8,882 9,149 9,423 9,706 9,997 10,297 10,606 10,924 11,252 11,589

43,680 43,680 43,680 43,680 43,680 43,680 43,680 43,680 43,680 43,680 43,680

607 607 607 10,168 (10,277) 3 3 3 3 4 4

43,073 43,073 43,073 33,512 53,957 43,677 43,677 43,677 43,677 43,676 43,676

2,535 1,613 691 - - - - - - - -

(424) (424) (424) (424) (424) (424) (424) (424) (424) (424) (424)

219 210 201 - - - - - - - -

2,331 1,400 469 (424) (424) (424) (424) (424) (424) (424) (424)

40,743 41,674 42,605 33,935 54,381 44,100 44,100 44,100 44,100 44,100 44,100

13,853 14,169 14,486 11,538 18,489 14,994 14,994 14,994 14,994 14,994 14,994

26,890 27,505 28,119 22,397 35,891 29,106 29,106 29,106 29,106 29,106 29,106

1.9149 1.9149 1.9149 1.9149 1.9149 1.9149 1.9149 1.9149 1.9149 1.9149 1.9149

0.3780 0.3894 0.4011 0.4131 0.4255 0.4382 0.4514 0.4649 0.4789 0.4932 0.5080

0.9097 0.9370 0.9651 0.9940 1.0238 1.0545 1.0862 1.1188 1.1523 1.1869 1.2225

5.3622 5.5231 5.6888 5.8594 6.0352 6.2163 6.4028 6.5949 6.7927 6.9965 7.2064

8.5648 8.7643 8.9698 9.1814 9.3994 9.6239 9.8552 10.0934 10.3388 10.5915 10.8518

8.6415 8.8143 8.9906 9.1704 9.3538 9.5409 9.7317 9.9263 10.1248 10.3273 10.5339

0.0767 0.0500 0.0208 (0.0110) (0.0456) (0.0831) (0.1235) (0.1671) (0.2139) (0.2642) (0.3179)

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

8.5648 8.7643 8.9698 9.1814 9.3994 9.6239 9.8552 10.0934 10.3388 10.5915 10.8518

8.6415 8.8143 8.9906 9.1704 9.3538 9.5409 9.7317 9.9263 10.1248 10.3273 10.5339

BS Date

Period

ToC Name Doc Inv Cons


XXVIIIBALANCE SHEET

Assets

Cash

Restricted Cash

Accounts Receivable

Inventory

Current Assets

Fixed Assets, gross

Less: Accumulated Depreciation

Fixed Assets, net

Non Depreciable Assets

Total Assets

Liabilities

Accounts Payable

Current Long Term Debt

Current Liabilities

Long Term Debt

Total Liabilities

Equity

Initial Contribution

Retained Earnings

Total Equity

Total Liabilities & Equity

Balancer

2005 2006 2007 2008 2009

-1 0 1 2 3

Units Esc

9,556 9,556 8,341 6,780

15,118 15,118 14,657 14,196

- 13,146 13,432 13,728

2,000 2,060 2,122 2,185

26,673 39,879 38,551 36,889

278,509 278,509 278,509 278,509

- 17,309 34,618 51,927

278,509 261,200 243,891 226,582

700 700 700 700

305,882 301,779 283,143 264,171

- 14,087 14,509 14,945

- 19,405 19,405 19,405

- 33,492 33,914 34,349

232,858 194,049 174,644 155,239

232,858 227,540 208,558 189,588

73,024 73,024 73,024 73,024

- 1,215 1,561 1,559

73,024 74,239 74,585 74,583

305,882 301,779 283,143 264,171

- 0 0 0 0

2010 2011 2012 2013 2014 2015 2016

4 5 6 7 8 9 10

5,221 3,664 2,110 559 - - -

13,735 13,274 12,813 12,352 11,892 11,431 10,970

14,032 14,345 14,668 15,000 15,342 15,695 16,058

2,251 2,319 2,388 2,460 2,534 2,610 2,688

35,239 33,602 31,979 30,371 29,767 29,735 29,716

278,509 278,509 278,509 278,509 278,509 278,509 278,509

69,236 86,544 103,853 121,162 133,266 145,369 157,473

209,273 191,965 174,656 157,347 145,243 133,140 121,036

700 700 700 700 700 700 700

245,212 226,267 207,335 188,418 175,711 163,575 151,452

15,393 15,855 16,330 16,820 17,325 17,845 18,380

19,405 19,405 19,405 19,405 19,405 19,405 19,405

34,798 35,260 35,735 36,225 36,730 37,250 37,785

135,834 116,429 97,024 77,619 58,215 38,810 19,405

170,632 151,689 132,760 113,845 94,944 76,059 57,190

73,024 73,024 73,024 73,024 73,024 73,024 73,024

1,556 1,554 1,552 1,549 7,742 14,492 21,238

74,580 74,578 74,575 74,573 80,766 87,515 94,262

245,212 226,267 207,335 188,418 175,711 163,575 151,452

0 0 0 0 0 0 0

2017 2018 2019 2020 2021 2022 2023

11 12 13 14 15 16 17

- - 22,254 12,209 12,212 24,169 36,388

10,509 10,048 - - - - -

16,432 16,817 17,214 17,623 18,044 18,477 18,924

2,768 2,852 2,937 3,025 3,116 3,209 3,306

29,709 29,717 42,405 32,857 33,372 45,856 58,618

278,509 278,509 278,509 278,509 278,509 278,509 278,509

169,577 181,680 193,784 205,887 217,991 230,095 242,198

108,932 96,829 84,725 72,622 60,518 48,414 36,311

700 700 700 700 700 700 700

139,342 127,246 127,831 106,179 94,590 94,970 95,629

18,931 19,499 20,084 20,687 21,307 21,947 22,605

19,405 19,405 - - - - -

38,336 38,904 20,084 20,687 21,307 21,947 22,605

- (19,405) - - - - -

38,336 19,499 20,084 20,687 21,307 21,947 22,605

73,024 73,024 73,024 73,024 73,024 73,024 73,024

27,982 34,723 34,723 12,468 259 - -

101,006 107,746 107,746 85,492 73,283 73,024 73,024

139,342 127,246 127,831 106,179 94,590 94,970 95,629

0 0 0 0 0 0 0

2024 2025 2026

18 19 20

48,611 60,837 73,067

- - -

19,384 19,858 20,346

3,405 3,507 3,612

71,400 84,202 97,025

278,509 278,509 278,509

254,302 266,405 278,509

24,207 12,104 -

700 700 700

96,307 97,006 97,725

23,283 23,982 24,701

- - -

23,283 23,982 24,701

- - -

23,283 23,982 24,701

73,024 73,024 73,024

- - -

73,024 73,024 73,024

96,307 97,006 97,725

0 0 0

SCF Date 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Period -1 0 1 2 3 4 5 6 7 8 9 10 11 12 13



XXIX STATEMENT OF CASH FLOWS

Cash from OperationsNet Income 10,407 11,021 11,625 12,229 12,832 13,436 14,040 18,079 18,683 19,287 19,891 20,494 21,073

Add: Depreciation 17,309 17,309 17,309 17,309 17,309 17,309 17,309 12,104 12,104 12,104 12,104 12,104 12,104

Changes in Accounts:

Restricted Cash - 461 461 461 461 461 461 461 461 461 461 461 10,048

Accounts Receivable (13,146) (287) (295) (304) (313) (323) (332) (342) (353) (363) (374) (385) (397)

Inventory (60) (62) (64) (66) (68) (70) (72) (74) (76) (78) (81) (83) (86)

Accounts Payable 14,087 423 435 448 462 476 490 505 520 535 551 568 585

Cash Flow from Operations 28,597 28,865 29,471 30,077 30,683 31,289 31,896 30,732 31,339 31,945 32,552 33,158 43,327

Cash from Investing and FinancingCapex - - - - - - - - - - - - -

Principal Repayment (19,405) (19,405) (19,405) (19,405) (19,405) (19,405) (19,405) (19,405) (19,405) (19,405) (19,405) (19,405) -

Cash Flow from Investing and Financing (19,405) (19,405) (19,405) (19,405) (19,405) (19,405) (19,405) (19,405) (19,405) (19,405) (19,405) (19,405) -

Cash Available for DistributionCash Available for Distribution 9,192 9,460 10,066 10,672 11,278 11,884 12,491 11,327 11,934 12,540 13,147 13,754 43,327

XXX STATEMENT OF RETAINED EARNINGS

Beginning Balance - 1,215 1,561 1,559 1,556 1,554 1,552 1,549 7,742 14,492 21,238 27,982 34,723

Net Income 10,407 11,021 11,625 12,229 12,832 13,436 14,040 18,079 18,683 19,287 19,891 20,494 21,073

Dividends, Cash 9,192 10,675 11,627 12,231 12,835 13,439 14,042 11,886 11,934 12,540 13,147 13,754 21,073

Ending Balance - 1,215 1,561 1,559 1,556 1,554 1,552 1,549 7,742 14,492 21,238 27,982 34,723 34,723

Retained Earnings for the Period 1,215 346 (2) (2) (2) (2) (3) 6,193 6,749 6,746 6,744 6,741 -

XXXI CASH ACCOUNTS AND DISTRIBUTIONS

Cash Account

Beginning Balance, Cash 9,556 9,556 9,556 8,341 6,780 5,221 3,664 2,110 559 - - - - -

Net Change in Cash - (1,215) (1,561) (1,559) (1,556) (1,554) (1,552) (559) - - - - 22,254

Ending Balance 9,556 9,556 8,341 6,780 5,221 3,664 2,110 559 - - - - - 22,254

Restricted Cash Account

Beginning, Debt Service Reserve Account 15,118 15,118 15,118 14,657 14,196 13,735 13,274 12,813 12,352 11,892 11,431 10,970 10,509 10,048

Contribution - - - - - - - - - - - - - -

Withdraws - - 461 461 461 461 461 461 461 461 461 461 461 10,048

Ending Balance, DSRA 15,118 15,118 14,657 14,196 13,735 13,274 12,813 12,352 11,892 11,431 10,970 10,509 10,048 -

Trapped Cash

Beginning Balance, Trapped Cash - 9,556 8,341 6,780 5,221 3,664 2,110 559 - - - - -

Contributions Trapped Cash 9,556 - - - - - - - - - - - 22,254

Withdraws from Trapped Cash - 1,215 1,561 1,559 1,556 1,554 1,552 559 - - - - -

Ending Balance, Trapped Cash - 9,556 8,341 6,780 5,221 3,664 2,110 559 - - - - - 22,254

Total Cash Distribution (with Trapped Cash)

Dividends 9,192 10,675 11,627 12,231 12,835 13,439 14,042 11,886 11,934 12,540 13,147 13,754 21,073

Restricted Cash Account - 461 461 461 461 461 461 461 461 461 461 461 10,048

Total Distribution (with Trapped Cash) 9,192 11,136 12,088 12,692 13,296 13,899 14,503 12,347 12,395 13,001 13,608 14,214 31,121

Total Cash Distribution (without Trapped Cash)

Cash Available for Distribution 9,192 9,460 10,066 10,672 11,278 11,884 12,491 11,327 11,934 12,540 13,147 13,754 43,327

Restricted Cash Account - 461 461 461 461 461 461 461 461 461 461 461 10,048

Total Distribution (without Trapped Cash) 9,192 9,921 10,527 11,133 11,739 12,345 12,952 11,788 12,395 13,001 13,608 14,214 53,375

Interest on Trapped Cash

Passive Income 334 334 292 237 183 128 74 20 - - - - -

Passive Income, Switch Employed - - - - - - - - - - - - -

ToC

SCF Date

Period



XXIX STATEMENT OF CASH FLOWS

Cash from OperationsNet Income

Add: Depreciation

Changes in Accounts:

Restricted Cash

Accounts Receivable

Inventory

Accounts Payable

Cash Flow from Operations

Cash from Investing and FinancingCapex

Principal Repayment

Cash Flow from Investing and Financing

Cash Available for DistributionCash Available for Distribution

XXX STATEMENT OF RETAINED EARNINGS

Beginning Balance

Net Income

Dividends, Cash

Ending Balance

Retained Earnings for the Period

XXXI CASH ACCOUNTS AND DISTRIBUTIONS

Cash Account

Beginning Balance, Cash

Net Change in Cash

Ending Balance


Beginning, Debt Service Reserve Account

Contribution

Withdraws

Ending Balance, DSRA

Trapped Cash

Beginning Balance, Trapped Cash

Contributions Trapped Cash

Withdraws from Trapped Cash

Ending Balance, Trapped Cash

Total Cash Distribution (with Trapped Cash)

Dividends


Total Distribution (with Trapped Cash)

Total Cash Distribution (without Trapped Cash)

Cash Available for Distribution


Total Distribution (without Trapped Cash)

Interest on Trapped Cash

Passive Income

Passive Income, Switch Employed

ToC

2020 2021 2022 2023 2024 2025 2026

14 15 16 17 18 19 20

20,840 20,840 20,840 20,840 20,840 20,840 20,840

12,104 12,104 12,104 12,104 12,104 12,104 12,104

- - - - - - -

(409) (421) (434) (447) (460) (474) (488)

(88) (91) (93) (96) (99) (102) (105)

603 621 639 658 678 698 719

33,050 33,053 33,056 33,060 33,063 33,067 33,070

- - - - - - -

- - - - - - -

- - - - - - -

33,050 33,053 33,056 33,060 33,063 33,067 33,070

34,723 12,468 259 - - - -

20,840 20,840 20,840 20,840 20,840 20,840 20,840

43,095 33,050 21,099 20,840 20,840 20,840 20,840

12,468 259 - - - - -

(22,254) (12,209) (259) - - - -

22,254 12,209 12,212 24,169 36,388 48,611 60,837

(10,045) 3 11,957 12,219 12,223 12,226 12,230

12,209 12,212 24,169 36,388 48,611 60,837 73,067

- - - - - - -

- - - - - - -

- - - - - - -

- - - - - - -

22,254 12,209 12,212 24,169 36,388 48,611 60,837

12,209 12,212 12,216 12,219 12,223 12,226 12,230

22,254 12,209 259 - - - -

12,209 12,212 24,169 36,388 48,611 60,837 73,067

43,095 33,050 21,099 20,840 20,840 20,840 20,840

- - - - - - -

43,095 33,050 21,099 20,840 20,840 20,840 20,840

33,050 33,053 33,056 33,060 33,063 33,067 33,070

- - - - - - -

33,050 33,053 33,056 33,060 33,063 33,067 33,070

779 427 427 846 1,274 1,701 2,129

- - - - - - -

Returns and Ratios Date 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

Period -1 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20



DEBT SERVICE COVERAGE RATIOS

Net Income Method

Net Income 10,407 11,021 11,625 12,229 12,832 13,436 14,040 18,079 18,683 19,287 19,891 20,494 21,073 20,840 20,840 20,840 20,840 20,840 20,840 20,840

Depreciation 17,309 17,309 17,309 17,309 17,309 17,309 17,309 12,104 12,104 12,104 12,104 12,104 12,104 12,104 12,104 12,104 12,104 12,104 12,104 12,104

Interest Expense 10,830 9,909 8,987 8,065 7,143 6,222 5,300 4,378 3,456 2,535 1,613 691 - - - - - - - -

Change in Net Working Capital 881 74 76 79 81 83 86 89 91 94 97 100 103 106 109 112 116 119 123 126

Cash Available for Debt Service 39,427 38,313 37,997 37,681 37,366 37,050 36,735 34,650 34,334 34,019 33,704 33,389 33,279 33,050 33,053 33,056 33,060 33,063 33,067 33,070

Debt Service 30,235 29,313 28,392 27,470 26,548 25,627 24,705 23,783 22,861 21,940 21,018 20,096 - - - - - - - -

Debt Service Coverage Ratio (DSCR) 1.30 1.31 1.34 1.37 1.41 1.45 1.49 1.46 1.50 1.55 1.60 1.66

DSCR Average 1.45

DSCR Minimum 1.30

EBITDA Method

EBITDA 43,680 43,680 43,680 43,680 43,680 43,680 43,680 43,680 43,680 43,680 43,680 43,680 43,680 43,680 43,680 43,680 43,680 43,680 43,680 43,680

Cash Taxes (5,361) (5,677) (5,989) (6,300) (6,611) (6,922) (7,233) (9,314) (9,625) (9,936) (10,247) (10,558) (10,856) (10,736) (10,736) (10,736) (10,736) (10,736) (10,736) (10,736)

Interest Income 529 529 513 497 481 465 448 432 416 400 384 368 352 - - - - - - -

L/C Fee (302) (293) (284) (275) (265) (256) (247) (238) (229) (219) (210) (201) - - - - - - - -

Change in Net Working Capital 881 74 76 79 81 83 86 89 91 94 97 100 103 106 109 112 116 119 123 126

Cash Available for Debt Service 39,427 38,313 37,997 37,681 37,366 37,050 36,735 34,650 34,334 34,019 33,704 33,389 33,279 33,050 33,053 33,056 33,060 33,063 33,067 33,070

Debt Service 30,235 29,313 28,392 27,470 26,548 25,627 24,705 23,783 22,861 21,940 21,018 20,096 - - - - - - - -

Debt Service Coverage Ratio (DSCR) 1.30 1.31 1.34 1.37 1.41 1.45 1.49 1.46 1.50 1.55 1.60 1.66

DSCR Average 1.45

DSCR Minimum 1.30

EQUITY INTERNAL RATE OF RETURN

W/O Trapped Cash

Initial Equity Investment (66,841) -

Equity Contribution to IDC & DSRA (6,182)

Contingency -

Cash Distribution 9,192 9,921 10,527 11,133 11,739 12,345 12,952 11,788 12,395 13,001 13,608 14,214 53,375 33,050 33,053 33,056 33,060 33,063 33,067 33,070

IRR Calculations 16.25% (66,841) (6,182) 9,192 9,921 10,527 11,133 11,739 12,345 12,952 11,788 12,395 13,001 13,608 14,214 53,375 33,050 33,053 33,056 33,060 33,063 33,067 33,070

With Trapped Cash

Initial Equity Investment (66,841) -

Equity Contribution to IDC & DSRA (6,182)

Contingency -

Cash Distribution 9,192 11,136 12,088 12,692 13,296 13,899 14,503 12,347 12,395 13,001 13,608 14,214 31,121 43,095 33,050 21,099 20,840 20,840 20,840 20,840

IRR Calculations 16.05% (66,841) (6,182) 9,192 11,136 12,088 12,692 13,296 13,899 14,503 12,347 12,395 13,001 13,608 14,214 31,121 43,095 33,050 21,099 20,840 20,840 20,840 20,840

With Flags

PPA Flags

PPA Flag 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

Flag Toggle - - - - - - - - - - - - - - - - - - - -

PAA Flag Use 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

GSA Flags

GSA Flag 1 1 1 1 1 1 1 1 1 1 1 1 - - - - - - - -

Flag Toggle - - - - - - - - - - - - - - - - - - - -

GSA Flag Use 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

VOM Flags

VOM Flag 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 - - - - -

Flag Toggle - - - - - - - - - - - - - - - - - - - -

VOM Flag Use 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

FOM Flags

FOM Flag 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 - - - - -

FOM Toggle - - - - - - - - - - - - - - - - - - - -

FOM Flag Use 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

Minimum Contract Year

Flag 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

IRR W/O Trapped Cash 17.22% (66,841) - 9,192 9,921 10,527 11,133 11,739 12,345 12,952 11,788 12,395 13,001 13,608 14,214 53,375 33,050 33,053 33,056 33,060 33,063 33,067 33,070

IRR W/ Trapped Cash 17.10% (66,841) - 9,192 11,136 12,088 12,692 13,296 13,899 14,503 12,347 12,395 13,001 13,608 14,214 31,121 43,095 33,050 21,099 20,840 20,840 20,840 20,840

GRAPHING OF RETURNSInitial Equity Investment (66,841) -

Net Income 10,407 11,021 11,625 12,229 12,832 13,436 14,040 18,079 18,683 19,287 19,891 20,494 21,073 20,840 20,840 20,840 20,840 20,840 20,840 20,840

Non-Trapped Cash Distribution 9,192 9,921 10,527 11,133 11,739 12,345 12,952 11,788 12,395 13,001 13,608 14,214 53,375 33,050 33,053 33,056 33,060 33,063 33,067 33,070

Trapped Cash Distribution 9,192 11,136 12,088 12,692 13,296 13,899 14,503 12,347 12,395 13,001 13,608 14,214 31,121 43,095 33,050 21,099 20,840 20,840 20,840 20,840

Retained Earnings 1,215 1,561 1,559 1,556 1,554 1,552 1,549 7,742 14,492 21,238 27,982 34,723 34,723 12,468 259 - - - - -

Minimum DSCR in Term Sheet 1.20

Cash Available for Debt Service & Distribution 39,427 38,313 37,997 37,681 37,366 37,050 36,735 34,650 34,334 34,019 33,704 33,389 33,279 33,050 33,053 33,056 33,060 33,063 33,067 33,070

DSCR Minimum 36,282 35,176 34,070 32,964 31,858 30,752 29,646 28,540 27,434 26,328 25,221 24,115 - - - - - - - -

Interest 10,830 9,909 8,987 8,065 7,143 6,222 5,300 4,378 3,456 2,535 1,613 691 - - - - - - - -

Principal 19,405 19,405 19,405 19,405 19,405 19,405 19,405 19,405 19,405 19,405 19,405 19,405 - - - - - - - -

ToC

PV of Loan Date 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Period -1 0 1 2 3 4 5 6 7 8 9



PRESENT VALUE OF THE FINANCING

LIBOR LIBOR Gen HP 3.00% % -

Construction Loan (55,728) (175,722)Financing Fee 3,493 IDC & Commitment Fee 12,473 Construction Loan Repayment 231,450 Term Loan (232,858)Interest Income 10,830 9,909 8,987 8,065 7,143 6,222 5,300 4,378 3,456 Principal Repayment 19,405 19,405 19,405 19,405 19,405 19,405 19,405 19,405 19,405 Income from Letter of Credit 302 293 284 275 265 256 247 238 229 Interest Paid on DSRA (529) (529) (513) (497) (481) (465) (448) (432) (416)TOTALS (52,235) (175,722) 41,073 29,077 28,163 27,248 26,333 25,418 24,503 23,589 22,674

Counter for Discount Rate 0 1 2 3 4 5 6 7 8 9 10 Discount Factor 1.0000 1.0300 1.0609 1.0927 1.1255 1.1593 1.1941 1.2299 1.2668 1.3048 1.3439

Discounted Cash Flow (52,235) (170,604) 38,716 26,610 25,022 23,504 22,053 20,667 19,343 18,079 16,871

Present Value of Financing 31,704

ToC

PV of Loan Date

Period



PRESENT VALUE OF THE FINANCING

LIBOR LIBOR Gen HP 3.00% % -

Construction LoanFinancing FeeIDC & Commitment FeeConstruction Loan RepaymentTerm LoanInterest IncomePrincipal RepaymentIncome from Letter of CreditInterest Paid on DSRATOTALS

Counter for Discount RateDiscount Factor

Discounted Cash Flow

Present Value of Financing

ToC

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

10 11 12 13 14 15 16 17 18 19 20

2,535 1,613 691 - - - - - - - - 19,405 19,405 19,405 - - - - - - - - 219 210 201 - - - - - - - - (400) (384) (368) (352) - - - - - - - 21,759 20,844 19,929 (352) - - - - - - -

11 12 13 14 15 16 17 18 19 20 21 1.3842 1.4258 1.4685 1.5126 1.5580 1.6047 1.6528 1.7024 1.7535 1.8061 1.8603

15,719 14,620 13,571 (233) - - - - - - -

-1 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 (80,000)

(60,000)

(40,000)

(20,000)

-

20,000

40,000

60,000

80,000

Profile of Accounting and Cash Flows with Operational Changes

Initial Equity Investment

Non-Trapped Cash Distribution

Trapped Cash Distribution

Retained Earnings

Net Income

Year

US

D (

'000

's)

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 -

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

Project View with Operation Changes

Interest

Principal

Cash Available for Debt Service & Distribution

DSCR Minimum

Year

US

D (

'000

's)

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 6.00

7.00

8.00

9.00

10.00

11.00

12.00

Fundamental Pricing Curve vs. PPA Price

Annual PPA Price

Fundamental Pricing Curve

Year

ce

nt/

kW

h

###Project IRR (un-trapped cash): Gearing versus Interest Rate Premiums

Interest Rate Premiums16.25% 1.00% 1.25% 1.50% 1.75% 2.00% 2.25%

Ge

arin

g

60.00% 12.90% 12.82% 12.75% 12.67% 12.60% 12.52%62.50% 13.28% 13.19% 13.11% 13.03% 12.95% 12.86%65.00% 13.69% 13.60% 13.51% 13.41% 13.32% 13.23%67.50% 14.14% 14.04% 13.94% 13.84% 13.74% 13.64%70.00% 14.64% 14.53% 14.42% 14.30% 14.19% 14.08%72.50% 15.20% 15.07% 14.95% 14.82% 14.70% 14.57%75.00% 15.83% 15.69% 15.54% 15.40% 15.26% 15.12%77.50% 16.55% 16.38% 16.22% 16.06% 15.91% 15.75%80.00% 17.38% 17.19% 17.01% 16.83% 16.65% 16.47%82.50% 18.36% 18.15% 17.93% 17.72% 17.51% 17.31%85.00% 19.55% 19.30% 19.05% 18.80% 18.56% 18.32%87.50% 21.05% 20.75% 20.44% 20.15% 19.85% 19.56%90.00% 23.03% 22.64% 22.27% 21.89% 21.53% 21.17%

Minimum DSCR: Gearing versus Interest Rate Premiums

Interest Rate Premiums1.30 1.00% 1.25% 1.50% 1.75% 2.00% 2.25%

Ge

arin

g

60.00% 1.76 1.73 1.70 1.68 1.65 1.6362.50% 1.68 1.66 1.63 1.61 1.59 1.5665.00% 1.61 1.59 1.57 1.54 1.52 1.5067.50% 1.55 1.53 1.51 1.48 1.46 1.4470.00% 1.49 1.47 1.45 1.43 1.41 1.3972.50% 1.44 1.42 1.40 1.38 1.36 1.3475.00% 1.39 1.37 1.35 1.33 1.31 1.3077.50% 1.34 1.32 1.31 1.29 1.27 1.2580.00% 1.30 1.28 1.26 1.25 1.23 1.2182.50% 1.26 1.24 1.22 1.21 1.19 1.1885.00% 1.22 1.20 1.19 1.17 1.16 1.1487.50% 1.19 1.17 1.15 1.14 1.12 1.1190.00% 1.15 1.14 1.12 1.11 1.09 1.08

Present Value of the Loan: Gearing versus Interest Rate Premiums

Interest Rate Premiums 31,704 1.00% 1.25% 1.50% 1.75% 2.00% 2.25%

Ge

arin

g

60.00% 19,397 21,669 23,942 26,215 28,487 30,760 62.50% 20,141 22,524 24,907 27,289 29,672 32,055 65.00% 20,928 23,422 25,915 28,409 30,902 33,395 67.50% 21,761 24,366 26,971 29,576 32,181 34,786 70.00% 22,639 25,356 28,074 30,791 33,509 36,226 72.50% 23,561 26,392 29,222 32,053 34,884 37,714 75.00% 24,528 27,472 30,417 33,362 36,306 39,251 77.50% 25,538 28,598 31,658 34,717 37,777 40,837 80.00% 26,596 29,772 32,948 36,123 39,299 42,475 82.50% 27,696 30,989 34,281 37,574 40,866 44,159 85.00% 28,799 32,209 35,619 39,030 42,440 45,850 87.50% 29,916 33,444 36,972 40,500 44,029 47,557 90.00% 31,063 34,710 38,357 42,005 45,652 49,299

Project IRR (un-trapped cash): Gearing versus Interest Rate Premiums

Interest Rate Premiums2.50% 2.75% 3.00% 3.25% 3.50% 3.75%

12.45% 12.37% 12.30% 12.23% 12.15% 12.08%12.78% 12.70% 12.62% 12.54% 12.45% 12.37%13.14% 13.05% 12.96% 12.87% 12.78% 12.69%13.53% 13.43% 13.34% 13.24% 13.14% 13.04%13.97% 13.86% 13.75% 13.64% 13.53% 13.42%14.45% 14.32% 14.20% 14.08% 13.96% 13.84%14.98% 14.85% 14.71% 14.57% 14.44% 14.31%15.59% 15.44% 15.28% 15.13% 14.98% 14.83%16.29% 16.11% 15.94% 15.77% 15.59% 15.42%17.10% 16.90% 16.70% 16.50% 16.31% 16.11%18.08% 17.84% 17.61% 17.38% 17.15% 16.93%19.28% 19.00% 18.72% 18.45% 18.18% 17.92%20.82% 20.47% 20.13% 19.80% 19.47% 19.15%

Minimum DSCR: Gearing versus Interest Rate Premiums


1.61 1.59 1.57 1.55 1.53 1.511.54 1.52 1.50 1.48 1.46 1.451.48 1.46 1.44 1.42 1.41 1.391.42 1.41 1.39 1.37 1.35 1.341.37 1.35 1.34 1.32 1.31 1.291.32 1.31 1.29 1.28 1.26 1.251.28 1.26 1.25 1.23 1.22 1.201.24 1.22 1.21 1.19 1.18 1.171.20 1.18 1.17 1.16 1.14 1.131.16 1.15 1.14 1.12 1.11 1.101.13 1.12 1.10 1.09 1.08 1.071.10 1.08 1.07 1.06 1.05 1.041.07 1.05 1.04 1.03 1.02 1.01

Present Value of the Loan: Gearing versus Interest Rate Premiums


33,032 35,305 37,578 39,850 42,123 44,395 34,437 36,820 39,203 41,586 43,968 46,351 35,889 38,382 40,876 43,369 45,863 48,356 37,391 39,996 42,601 45,206 47,811 50,416 38,943 41,661 44,378 47,096 49,813 52,531 40,545 43,375 46,206 49,037 51,867 54,698 42,196 45,140 48,085 51,030 53,974 56,919 43,897 46,956 50,016 53,076 56,135 59,195 45,650 48,826 52,001 55,177 58,353 61,528 47,452 50,744 54,037 57,329 60,622 63,914 49,260 52,670 56,080 59,490 62,900 66,310 51,085 54,613 58,142 61,670 65,198 68,726 52,947 56,594 60,241 63,889 67,536 71,183