Directions For Using The Model:: Capital Expenditures

Directions for using the model:
Step 1: Develop Working Sheet with Cap Exp Revenuse and

Expenses
Step 2: Input Swithes, Date, Life and Tax Parameters Outputs and Ass
Step 3: Input Capital Expenditures in Capital Expenditures Sheet
Step 4: Input Revenues and Expenses
Step 5: Input Working Capital Revenues and E
Step 6: Input Financing Assumptions
Capital Expendit
Financing Assum
Graphs
Enter Revenues in the operations sheet,

Expenses in the operations sheet, Capital
Expenditures in the capital expenditures sheet,
Financing Paramenters in the financing sheet
Dates in the switches sheet and Scenario Drivers
in the Outputs sheet
● Outputs and Assumptions
Revenues and Expenses
Capital Expenditures
Financing Assumptions
Graphs
Enter full year revenues and expenses

for all of the years, the percent of the
year will be computed in the calculation
sheet
Section 1: Summary of Assumptions
Section 1: Summary Case Used
1 Total Recoverable Reserves (MM Tons) 33 IN_Reserves

2 Years of Production 13 IN_Life
3 Copper Ore Grade 2.56% IN_Grade_Copper
4 Gold Ore Grade 0.08% IN_Grade_Gold
5 Silver Ore Grade 0.92% IN_Grade_Silver
6 Inflation Rate 2.00% IN_Inflation
7 Real Copper Price 0.40 In_Real_Copper_Price
8 Real Gold Price 35 In_Real_Gold_Price
9 Real Silver Price 1.75 In_Real_Silver_Price
10 Cost Sensitivity Factor 100% IN_Cost_Sensivitiy_Factor
11 Cost Over-Run Factor 100% IN_Cost_Over_Run
Real Copper Prices

1
0.9
0.8
0.7
Real $/lb
0.6
0.5
Column A
0.4
0.3
0.2
0.1
0
Row 1
Section 2a: Revenues - Production

1 2 3
1973 1974 1975

Total Reserves
Total Reserves (Rock with Ore) Discovered 33.00 33.00 33.00

Beginning Reserve Balance - MM Tons 33.00 30.46 27.92
Percent of Reserves Produced Yearly 7.69% 7.69% 7.69%
MM Tons of Reserve Used 2.54 2.54 2.54
Percent of Copper in the Reserves 2.56% 2.56% 2.56%
Conversion Factor for Revenue: Lbs/Ton 2,000 2,000 2,000

Copper Production (Million Lbs) 130.17 130.17 130.17
Gold/1,000 Reserves 0.0837% 0.0837% 0.0837%

Oz/Ton (From Conversion Program) 32,000 32,000 32,000
Gold Production (Millions of Oz) 68.0 68.0 68.0
Silver/1,000 Reserves 0.923% 0.923% 0.923%

Silver Production (Thousands of Oz) 750 750 750
Section 2b: Prices

Inflation Rate 2.00% 2.00% 2.00%
Inflation Index 1.02 1.04 1.06
Copper Price - Real 0.40 0.40 0.40

Copper Price - Nominal 0.41 0.42 0.42
Copper Revenues ($ Millions) 53.11 54.17 55.26
Gold Price - Real ($/oz) 35.00 35.00 35.00

Gold Price - Nominal 35.70 36.41 37.14
Gold Revenues ($ Millions) (Divide by 1000) 2.43 2.48 2.53
Silver Price - Real ($/oz) 1.75 1.75 1.75

Silver Price - Nominal 1.79 1.82 1.86
Silver Revenues ($ Millions) (Divide by 1000) 1.34 1.37 1.39
Total Revenues 56.88 58.01 59.17
Section 3: Production Costs

Site Production and Delivery
Mining and Milling Costs per Ton - Real 2.44 2.44 2.44
Smelting, Refining, Freigth and Other 3.23 3.23 3.23
Total Variable Cost/Ton 5.67 5.67 5.67
Nominal Cost/Ton 5.79 5.90 6.02
Real Fixed Cost 5.10 5.10 5.10

Nominal Cost 5.20 5.31 5.41
Base Operating Cost 19.89 20.29 20.70
Cost Sensitivity Factor 100% 100% 100%

Total Operating Cost after Sensitivity 19.89 20.29 20.70
Cost/LB
Total Production and Delivery 19.89 20.29 20.70
Less: Gold and Silver Credits (3.77) (3.84) (3.92)
Divided by: Tons of Copper Produced 130.17 130.17 130.17
Net Production Cost 0.12 0.13 0.13
Production and Delivery/Lb 0.15 0.16 0.16
Section 4: Capital Expenditures
Total 1969 1970 1971
Total Cash construction 120.00 7.50 18.90 42.50
Cost over-run factor 100% 100% 100%
Total Cash Investment 120.00 7.50 18.90 42.50

Construction Profile 0.06 0.16 0.35
Section 5: Debt Issues
Maximum Cost Over-run for Debt Issuance 1.2 1.2 1.2
Base Debt Issue Percent from Case
Senior Debt - Includes Insurance on Expropriation Risk Issue Percent

0.0% 35.4% 40.2%
Senior Debt - US Banks 0.0% 16.4% 17.9%
Senior Debt - German Bank 0.0% 12.7% 19.3%
Junior Debt - Japanese ore buyers 0.0% 33.3% 13.2%
Total Debt Financing 0.0% 97.9% 90.6%

Total Equity Financing 100.0% 2.1% 9.4%
Debt Re-Payment Schedule
Senior Debt - Includes Insurance on Expropriation Risk

100%
Senior Debt - US Banks 100%
Senior Debt - German Bank 100%
Junior Debt - Japanese ore buyers 100%
Repayment
Senior
1974 0.0%
1975 20.0%
1976 20.0%
1977 20.0%
1978 20.0%
1979 20.0%
1980 0.0%
1981 0.0%
1982 0.0%
1955 1956 1957
Nominal Copper Price 0.44 0.41 0.27
Inflation Index (1969=100) 1.37 1.35 1.31
Real Copper Price 0.60 0.55 0.36
Assumed Price 0.40 0.40 0.40

4 5 6 7 8 9 10 11 12
1976 1977 1978 1979 1980 1981 1982 1983 1984
33.00 33.00 33.00 33.00 33.00 33.00 33.00 33.00 33.00

25.38 22.85 20.31 17.77 15.23 12.69 10.15 7.62 5.08
7.69% 7.69% 7.69% 7.69% 7.69% 7.69% 7.69% 7.69% 7.69%
2.54 2.54 2.54 2.54 2.54 2.54 2.54 2.54 2.54
2.56% 2.56% 2.56% 2.56% 2.56% 2.56% 2.56% 2.56% 2.56%
2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000

130.17 130.17 130.17 130.17 130.17 130.17 130.17 130.17 130.17
0.0837% 0.0837% 0.0837% 0.0837% 0.0837% 0.0837% 0.0837% 0.0837% 0.0837%

32,000 32,000 32,000 32,000 32,000 32,000 32,000 32,000 32,000
68.0 68.0 68.0 68.0 68.0 68.0 68.0 68.0 68.0
0.923% 0.923% 0.923% 0.923% 0.923% 0.923% 0.923% 0.923% 0.923%

750 750 750 750 750 750 750 750 750
2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00%
1.08 1.10 1.13 1.15 1.17 1.20 1.22 1.24 1.27
0.40 0.40 0.40 0.40 0.40 0.40 0.40 0.40 0.40

0.43 0.44 0.45 0.46 0.47 0.48 0.49 0.50 0.51
56.36 57.49 58.64 59.81 61.01 62.23 63.47 64.74 66.04
35.00 35.00 35.00 35.00 35.00 35.00 35.00 35.00 35.00

37.89 38.64 39.42 40.20 41.01 41.83 42.66 43.52 44.39
2.58 2.63 2.68 2.73 2.79 2.84 2.90 2.96 3.02
1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75

1.89 1.93 1.97 2.01 2.05 2.09 2.13 2.18 2.22
1.42 1.45 1.48 1.51 1.54 1.57 1.60 1.63 1.66
60.36 61.56 62.80 64.05 65.33 66.64 67.97 69.33 70.72
2.95 2.95 2.95 2.95 2.95 3.47 3.47 3.47 3.47

3.23 3.23 3.23 3.23 3.23 3.23 3.23 3.23 3.23
6.19 6.19 6.19 6.19 6.19 6.70 6.70 6.70 6.70
6.70 6.83 6.97 7.11 7.25 8.00 8.16 8.33 8.49
5.10 5.10 5.10 5.10 5.10 5.10 5.10 5.10 5.10

5.52 5.63 5.74 5.86 5.98 6.09 6.22 6.34 6.47
22.52 22.97 23.43 23.90 24.37 26.41 26.94 27.48 28.03
100% 100% 100% 100% 100% 100% 100% 100% 100%

22.52 22.97 23.43 23.90 24.37 26.41 26.94 27.48 28.03
22.52 22.97 23.43 23.90 24.37 26.41 26.94 27.48 28.03

(4.00) (4.08) (4.16) (4.24) (4.33) (4.41) (4.50) (4.59) (4.68)
130.17 130.17 130.17 130.17 130.17 130.17 130.17 130.17 130.17
0.14 0.15 0.15 0.15 0.15 0.17 0.17 0.18 0.18
0.17 0.18 0.18 0.18 0.19 0.20 0.21 0.21 0.22
1972 1973 1974 1975 1976 1977 1978 1979 1980
51.10
100%
51.10
0.43
1.2
Percent of
Total Debt
31.7% 40%
14.3% 18%
22.3% 22%
15.9% 20%
84.1%
15.9%
1974 1975 1976 1977 1978 1979 1980
0.0% 20.0% 20.0% 20.0% 20.0% 20.0% 0.0%

0.0% 0.0% 10.0% 10.0% 10.0% 20.0% 30.0%
0.0% 0.0% 0.0% 10.0% 10.0% 10.0% 10.0%
0.0% 0.0% 0.0% 10.0% 10.0% 10.0% 10.0%
Repayment Repayment
Junior 1 Junior 2 Junior 3 Senior Junior 1 Junior 2 Junior 3
0.0% 0.0% 0.0% 1974 7.0% 9.0% 11.0% 12.0%
0.0% 0.0% 0.0% 1975 7.0% 9.0% 11.0% 12.0%
10.0% 0.0% 0.0% 1976 7.0% 9.0% 11.0% 12.0%
10.0% 10.0% 10.0% 1977 7.0% 9.0% 11.0% 12.0%
10.0% 10.0% 10.0% 1978 7.0% 9.0% 11.0% 12.0%
20.0% 10.0% 10.0% 1979 7.0% 9.0% 11.0% 12.0%
30.0% 10.0% 10.0% 1980 7.0% 9.0% 11.0% 12.0%
20.0% 30.0% 30.0% 1981 7.0% 9.0% 11.0% 12.0%
0.0% 30.0% 30.0% 1982 7.0% 9.0% 11.0% 12.0%
1958 1959 1960 1961 1962 1963 1964 1965 1966
0.25 0.3 0.31 0.29 0.29 0.29 0.44 0.59 0.69
1.27 1.26 1.24 1.23 1.22 1.20 1.18 1.17 1.13
0.31 0.38 0.38 0.35 0.36 0.35 0.52 0.68 0.78
0.40 0.40 0.40 0.40 0.40 0.40 0.40 0.40 0.40

13 14 15 16 17 18 19 20 21 22
1985 1986 1987 1988 1989 1990 1991 1992 1993 1994
33.00
2.54
7.69%
2.54
2.56% 2.56% 2.56% 2.56% 2.56% 2.56% 2.56% 2.56% 2.56% 2.56%
2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000
130.17
0.0837% 0.0837% 0.0837% 0.0837% 0.0837% 0.0837% 0.0837% 0.0837% 0.0837% 0.0837%
32,000 32,000 32,000 32,000 32,000 32,000 32,000 32,000 32,000 32,000
68.0
0.923% 0.923% 0.923% 0.923% 0.923% 0.923% 0.923% 0.923% 0.923% 0.923%
750
2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00%
1.29
0.40 0.40 0.40 0.40 0.40 0.40 0.40 0.40 0.40 0.40
0.52
67.36
35.00 35.00 35.00 35.00 35.00 35.00 35.00 35.00 35.00 35.00
45.28 - - - - - - - - -
3.08
1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75
2.26 - - - - - - - - -
1.70
72.13
3.47 3.47 3.47 3.47 3.47 3.47 3.47 3.47 3.47 3.47
3.23 3.23 3.23 3.23 3.23 3.23 3.23 3.23 3.23 3.23
6.70 6.70 6.70 6.70 6.70 6.70 6.70 6.70 6.70 6.70
8.66 - - - - - - - - -
5.10 - - - - - - - - -
6.60 - - - - - - - - -
28.59 -
100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
28.59
28.59
(4.78)
130.17
0.18
0.22
1981 1982 1983 1984 1985
1981 1982
0.0% 0.0%
20.0% 0.0%
30.0% 30.0%
30.0% 30.0%
1967 1968 1969
0.51 0.56 0.66
1.10 1.05 1.00
0.56 0.59 0.66
0.40 0.40 0.40

Regulatory Accounting Switches Construction Timing Data
Compute Deferred Taxes With Book Life No Commerical Operation Date 1/1/2005
Set Prices from Return on Equity No ### Months of Construction 48.00
Allow Negative Income Taxes No ### Days Operating in First Year 365
Compute Equity AFUDC No ###### Months of First Year Operation 12.00 ###
Apply Good Time Pre-payment No ### Months in Final Construction Year 12.00
Apply Bad Time Pre-payment No ### Final Year of Construction 2004
Turn Off Debt Service Reserve Yes ### Start Construction Date 1/1/2001
Use Constant Capital Structure No ### Implied Level Annual Profile 25.0%
Equity IRR Result 42.7% Months in First Year Construction 12.00
#REF! #REF!
Macros for Circularity and Model Type Return, Life and Tax Inputs
Return on
Year Equity ###
2005 14.00% General Parameters 10
Monthly construction Distribute Values Above Evenly 2006 14.00% 33
2007 14.00% Tax Rate 34% ###
Timing of Interest Beg of Year 2008 14.00% Economic Plant Life 13.00
IDC Interest Period Beginning 2009 14.00% Tax Depreciation Life 13.00
Construction Fin Percent 2010 14.00% Tax Caryforward Years 6.00
2011 14.00% WACC 8%
2012 14.00% Cost of Equity 14%
2013 14.00% Investment Tax Credit 0%
2014 14.00% 20
#REF!
Production Credit Dollars - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
20 ###
37
###
Components of Total Capital Cost Input Detailed Monthly Construction Expenditures Below
Amount of
Spending Spending in Percent of
Against Profile Final Year EPC .
Profile Code 2
Original Estimate 120.00
Legal Fees - 0.0% Distribution of Capital Cost over Construction Period
Contingency - 0.0% Year Counter -4 -3 -2 -1 0 Total
Other Costs - 0.0% Year 2000 2001 2002 2003 2004
Total w/o IDC 120.00 Months - 12.00 12.00 12.00 12.00
IDC - Annual Profile 2 3 4 5 6
Total Including IDC 120.00 1 0% 25% 25% 25% 25% 100% OK
2 - 0.06 0.16 0.35 0.43 100% OK
Total Working Capital - 3 0% Problem
Capital Cost/Capacity 4 0% Problem
5 0% Problem
Final Year of Construction 2004 6 0% Problem
7 0% Problem
Cumulative Construction Expenditures w/o IDC
120
Selected Profile 0% 6% 16% 35% 43%
100 Adjusted Profile 0.0% 6.3% 15.8% 35.4% 42.6%
80
Constr at Profile - 8 19 43 51
Last Year Constr -
60 Construction - 8 19 43 51
40
Cumulative - 8 26 69 120
20
- Monthly Expenditure Option Distribute Values Evenly

2000 2001 2002 2003 2004 Income Earned During
Construction - - - - -
Equity IRR 42.66% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 CA_Op_Year 0
Project IRR 18.22% On-Going Capital Expenditure
Year 1 2 3 4 5 6 7 8 9 10 11 12
Monthly Construction Expenditure 2000
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46
Revenue Sensitivity 100%
Cost Senstitvity 100% Equity IRR 42.66% Project IRR 18.22%
Revenue and Expense

Scenarios Used
1.00 Base 57 58 59 60 62 63 64 65 67 68 69 71 72 - - - - - - - - - - Err:502 Err:502 Err:502 Err:502 Err:502 Err:502 Err:502 Err:502 Err:502 Err:502 Err:502 Err:502 Err:502 Err:502 Err:502 Err:502 Err:502 #REF! #REF! #REF! #REF! #REF! #REF!
1.00 Base 20 20 21 23 23 23 24 24 26 27 27 28 29 - - - - - - - - - - Err:502 Err:502 Err:502 Err:502 Err:502 Err:502 Err:502 Err:502 Err:502 Err:502 Err:502 Err:502 Err:502 Err:502 Err:502 Err:502 Err:502 #REF! #REF! #REF! #REF! #REF! #REF!
Expense Projection
Revenue Projection 30
80 25
60 20
15
40 10
20 5
-
-
Colu Colu Colu Colu C olu Colu C olu Colu Colu Colu Colu Colu C olu Colu C olu Colu C olu Colu Colu Colu Colu Colu C olu Colu C olu Colu Colu Colu Colu C olu Colu C olu Colu Colu Colu
1 2 3 4 56 7 8 9 1 1 1 1 1 1 1 1 1 12 2 2 2 2 2 2 2 2 2 3 3 33 3 3 3 3 3 3 4 4 4 4 4 4 4
mn mn
E F
mn mn m n I mn J m n mn L mn
G H K M
mn mn mn m n
N O P Q
mn m n mn T m n mn mn mn X mn mn Z m n mn
R S U V W Y AA AB
m n mn mn
A C AD AE
mn mn m n mn
AF AG A H AI
mn
AJ
mn mn mn
AK AL AM 0 1 2 3 4 5 6 7 8 90 1 2 3 4 5 6 7 8 9 0 1 23 4 5 6 7 8 9 0 1 2 3 4 5 6
Ye a r
Year
Scenario Title Revenue Scenarios

Base 57 58 59 60 62 63 64 65 67 68 69 71 72 - - - - - - - - - - #REF! #REF! #REF! #REF! #REF! #REF!
Scenario Title Expense Scenarios

Base 20 20 21 23 23 23 24 24 26 27 27 28 29 - - - - - - - - - - #REF! #REF! #REF! #REF! #REF! #REF!
Working Capital at Commercial Opeation Date Working
0 -
0 -
0 -
Total Initial Current Assets -
0 -
0 -
0 -
Total Initial Current Liabilities -
2004 2005 2006 2007 2008 2009

Percent Operating 0% 100% 100% 100% 100% 100%
Revenues 57 58 59 60 62
Expenses 20 20 21 23 23
Taxes Paid 6 7 7 7 8
Accounts Receivable - - - - - -
Inventories - - - - - -
Other Current Assets - - - - - -
Total Current Assets - - - - - -
Accounts Payable - - - - - -
Taxes Payable - - - - - -
Other Current Liabilities - - - - - -
Total Current Liabilities - - - - - -
Total Working Capital - - - - - -

Equity IRR 42.66% Project IRR 18.22%
Working Capital Drivers
Item Variable Percent Days
0% Revenues 0.0% -
0% Expenses 0.0% -
0% Revenues 0.0% -
0% Expenses 0.0% -
0% Taxes 0.0% -
0% Expenses 0.0% -
2010 2011 2012 2013 2014 2015 2016 2017 2018

100% 100% 100% 100% 100% 100% 100% 100% 0%
63 64 65 67 68 69 71 72 -
23 24 24 26 27 27 28 29 -
8 9 10 10 11 11 11 12 -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
2019 2020 2021 2022 2023 2024 2025 2026 2027
0% 0% 0% 0% 0% 0% 0% 0% 0%
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
2028 2029 2030 2031 2032 2033 2034 2035
0% 0% 0% 0% 0% 0% 0% 0%
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
2036 2037 2038 2039 2040 2041 2042 2043
0% 0% 0% 0% 0% 0% 0% 0%
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
2044 2045 2046 2047 2048 2049
0% 0% 0% 0% 0% 0%
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
Construction Debt Financing
Construction Year 2000 2001 2002 2003 2004 Beginning of Year Interest Semi-Annual 2
Beginning
Equity Drawdown Pct 0% 100% 2% 9% 16% Percentage Financing InputsPercent 1
Debt Drawdown Pct 0% 0% 98% 91% 84%
0% 0% 0% 0% If the Construction Financing Option is
Amount of Debt Issues Input - - - - - Percent, the Equity Drawdown Percent is
Month of Debt Issue 0 0 0 0 0 Required. If the Option is Input, the Debt
Equity Issues Input - - - - - Issue Inputs are Required. Required
Inputs are in Yellow.
Month of Equity Issue 0 0 0 - 0
Construction Interest Rate 7.50% 0.00% 0.00% 0.00% 0.00%
Project IRR 18.22%
Interest Rate on Reserves 0.00% Equity IRR 42.66%
Senior Debt First Junior Tranche Second Junior Tranche Third Junior Tranche
Percent of Total Debt 40% Percent of Total Debt 18% Percent of Total Debt 22% Percent of Total Debt 20%
Reserve Percent 0% Reserve Percent 0% Reserve Percent 0% Reserve Percent 0%
Repayment Good Time Bad Time Interest Repayment Good Time Bad Time Interest Repayment Good Time Bad Time Interest Repayment Good Time Bad Time
Model Checks Year Interest Rate Percent Covenant Covenant Year Rate Percent Covenant Covenant Year Rate Percent Covenant Covenant Year Rate Percent Covenant Covenant
Senior OK 1 7.00% 0.00% 2.00 2.00 1 9.00% 0.00% 4.00 1.00 1 11.00% 0.00% 4.00 1.00 1 12.00% 0.00% 1.50 1.00
First Junior Tranche OK 2 7.00% 20.00% 2.00 2.00 2 9.00% 0.00% 4.00 1.00 2 11.00% 0.00% 4.00 1.00 2 12.00% 0.00% 1.50 1.00
Second Junior Tranche OK 3 7.00% 20.00% 2.00 2.00 3 9.00% 10.00% 4.00 1.00 3 11.00% 0.00% 4.00 1.00 3 12.00% 0.00% 1.50 1.00
Second Third Tranche OK 4 7.00% 20.00% 2.00 2.00 4 9.00% 10.00% 4.00 1.00 4 11.00% 10.00% 4.00 1.00 4 12.00% 10.00% 1.50 1.00
5 7.00% 20.00% 2.00 2.00 5 9.00% 10.00% 4.00 1.00 5 11.00% 10.00% 4.00 1.00 5 12.00% 10.00% 1.50 1.00
6 7.00% 20.00% 2.00 2.00 6 9.00% 20.00% 4.00 1.00 6 11.00% 10.00% 4.00 1.00 6 12.00% 10.00% 1.50 1.00
7 7.00% 0.00% 2.00 2.00 7 9.00% 30.00% 4.00 1.00 7 11.00% 10.00% 4.00 1.00 7 12.00% 10.00% 1.50 1.00
8 7.00% 0.00% 2.00 2.00 8 9.00% 20.00% 4.00 1.00 8 11.00% 30.00% 4.00 1.00 8 12.00% 30.00% 1.50 1.00
9 7.00% 0.00% 2.00 2.00 9 9.00% 0.00% 4.00 1.00 9 11.00% 30.00% 4.00 1.00 9 12.00% 30.00% 1.50 1.00
10 7.00% 0.00% 2.00 2.00 10 9.00% 0.00% 4.00 1.00 10 11.00% 0.00% 4.00 1.00 10 12.00% 0.00% 1.50 1.00
11 7.00% 0.00% 2.00 2.00 11 9.00% 0.00% 4.00 1.00 11 11.00% 0.00% 4.00 1.00 11 12.00% 0.00% 1.50 1.00
12 7.00% 0.00% 2.00 2.00 12 9.00% 0.00% 4.00 1.00 12 11.00% 0.00% 4.00 1.00 12 12.00% 0.00% 1.50 1.00
13 7.00% 0.00% 2.00 2.00 13 9.00% 0.00% 4.00 1.00 13 11.00% 0.00% 4.00 1.00 13 12.00% 0.00% 1.50 1.00
14 7.00% 0.0% 2.00 2.00 14 9.00% 0.00% 4.00 1.00 14 11.00% 0.00% 4.00 1.00 14 12.00% 0.00% 1.50 1.00
15 7.00% 0.0% 2.00 2.00 15 9.00% 0.00% 4.00 1.00 15 11.00% 0.0% 4.00 1.00 15 12.00% 0.00% 1.50 1.00
16 7.00% 0.0% 2.00 2.00 16 9.00% 0.00% 4.00 1.00 16 11.00% 0.0% 4.00 1.00 16 12.00% 0.00% 1.50 1.00
17 7.00% 0.0% 2.00 2.00 17 9.00% 0.00% 4.00 1.00 17 11.00% 0.0% 4.00 1.00 17 12.00% 0.0% 1.50 1.00
18 7.00% 0.0% 2.00 2.00 18 9.00% 0.00% 4.00 1.00 18 11.00% 0.0% 4.00 1.00 18 12.00% 0.0% 1.50 1.00
19 7.00% 0.0% 2.00 2.00 19 9.00% 0.00% 4.00 1.00 19 11.00% 0.0% 4.00 1.00 19 12.00% 0.0% 1.50 1.00
20 7.00% 0.0% 2.00 2.00 20 9.00% 0.00% 4.00 1.00 20 11.00% 0.0% 4.00 1.00 20 12.00% 0.0% 1.50 1.00
21 7.00% 0.0% 2.00 2.00 21 9.00% 0.0% 4.00 1.00 21 11.00% 0.0% 4.00 1.00 21 12.00% 0.0% 1.50 1.00
22 7.00% 0.0% 2.00 2.00 22 9.00% 0.0% 4.00 1.00 22 11.00% 0.0% 4.00 1.00 22 12.00% 0.0% 1.50 1.00
23 7.00% 0.0% 2.00 2.00 23 9.00% 0.0% 4.00 1.00 23 11.00% 0.0% 4.00 1.00 23 12.00% 0.0% 1.50 1.00
24 7.00% 0.0% 2.00 2.00 24 9.00% 0.0% 4.00 1.00 24 11.00% 0.0% 4.00 1.00 24 12.00% 0.0% 1.50 1.00
25 7.00% 0.0% 2.00 2.00 25 9.00% 0.0% 4.00 1.00 25 11.00% 0.0% 4.00 1.00 25 12.00% 0.0% 1.50 1.00
26 7.00% 0.0% 2.00 2.00 26 9.00% 0.0% 4.00 1.00 26 11.00% 0.0% 4.00 1.00 26 12.00% 0.0% 1.50 1.00
27 7.00% 0.0% 2.00 2.00 27 9.00% 0.0% 4.00 1.00 27 11.00% 0.0% 4.00 1.00 27 12.00% 0.0% 1.50 1.00
28 7.00% 0.0% 2.00 2.00 28 9.00% 0.0% 4.00 1.00 28 11.00% 0.0% 4.00 1.00 28 12.00% 0.0% 1.50 1.00
29 7.00% 0.0% 2.00 2.00 29 9.00% 0.0% 4.00 1.00 29 11.00% 0.0% 4.00 1.00 29 12.00% 0.0% 1.50 1.00
30 7.00% 0.0% 2.00 2.00 30 9.00% 0.0% 4.00 1.00 30 11.00% 0.0% 4.00 1.00 30 12.00% 0.0% 1.50 1.00
31 7.00% 0% 2.00 2.00 31 9.00% 0% 4.00 1.00 31 11.00% 0.0% 4.00 1.00 31 12.00% 0% 1.50 1.00
100% 100% 100% 100%

file:///var/www/apps/scribd/scribd/tmp/scratch7/18008245.xls
Summary
Year 2000 2001 2002 2003 2004 2005
Period Construction Period Construction Period Construction Period Construction Period Construction Period Operation
Percent of Year Plant is in Operation 0% 0% 0% 0% 0% 100%
Months of Year Plant is in Construction or Operation - 12 12.00 12 12 12
Counter -4 -3 -2 -1 0 1
Flag 0 0 0 0 0 1
Operating Assumptions
Cash Construction - 8 19 43 51 -
Full Year Revenues Rev Exp 57
Full Year Expenses Rev Exp 20
Life 13.00
Current Asset Balance Wk Cap - -
Current Liability Balance Wk Cap - -
Tax Rate Switches 34% 34% 34% 34% 34% 34%
Financing Assumptions
Debt Financing as Pct of Construction Financing 0% 0% 98% 91% 84%
Term of Debt Financing
Construction Interest Rate Financing 8% 0% 0% 0% 0%
Annual Drawdowns .
Cash construction Monthly - 8 19 43 51 -
Interest During Construction (Monthly) Monthly - - - - -
Capital Expenditures Incl IDC - 8 19 43 51 -
Less: Investment Tax Credit - - - - -
Drawdown of Initial Working Capital -
Drawdown of Cash Reserve and Initial W.C. -
Total Uses of Funds - 8 19 43 51 120
Debt Funding - Percent - - - - -
Debt Funding - Input Monthly - - 19 39 43
Equity Funding - 8 0 4 8
Operating Income During Construction - - - - -
Total Sources of Funds - 8 19 43 51 120
Cash Built Up During Construction - - - - -

Cash Reserve During Construction - - - - -
Equity AFUDC - - - - -
Investment Tax Credit - - - - - -
Accumulated Tax Basis of Plant - 8 26 69 120 120
Accumulated Equity AFUDC - - - - - -
Accumulated IDC - - - - - -
Accumulated Debt - - 19 57 100 100
Income Statement
Revenues 56.88
Operating Expenses 19.89
Depreciation Book/ Tax 9.23
EBIT 27.75
Interest Expense 9.24
Other Income (Including Interest Income on Debt Service Reserve) -
EBT 18.51
Cash Taxes without Constideration of NOL 6.29
Beginning NOL Balance -

Additions to NOL from Negative Taxable Income -
Withdrawls from NOL - Positive Taxes -
Years that Carryforward Can be Used 6.00
Withdrawls from NOL - Lost Carryforward from Early Yrs -
Ending NOL Balance -
Cash Taxes Paid 6.29

Deferred Income Taxes -
ITC Amortization -
Equity AFUDC - - - - -
Net Income - - - - - 12.22
Cash Flow Statement

Net Income - - - - - 12.22
Add: Depreciation - - - - - 9.23
Add: Deferred Tax - - - - - -
Less: ITC Amortization - - - - - -
Less: Equity AFUDC - - - - - -
Less: Change in Working Capital - - - - - -
Cash Flow from Operations - - - - - 21.45
Less: Capital Expenditures - 7.5 18.9 42.5 51.1 -
Less: Initial Debt Reserve Funding - - - - - -

Plus: Investment Tax Credit - - - - - -
Cash Flow Before Financing - (7.5) (18.9) (42.5) (51.1) 21.45
Add: Interest Expense on All Issues - - - - - 9.24
Senior Debt Analysis

Cash Flow Before Interest and Financing - (8) (19) (43) (51) 30.69
Less: Scheduled Senior Re-Payment -
Less: Interest on Senior Debt 2.80
Cash Flow after Scheduled Senior Debt 27.89
Senior DSCR - Scheduled 10.96

Prepayment from Constant Capital Structure -
This
Pre-payment
is tricky, see
onthe
Senior
sweeps1
Debt spreadsheet
- Good Time for an explanation of the formula -
Pre-payment on Senior Debt - Bad Time -
Cash Flow after Debt Pre-payment 27.89
Withdrawls from Debt Service Reserve -
Injections to Senior Debt Service Reserve Fund -
Cash Flow after Debt Reserve Accounts 27.89
Default on Senior Debt -
Repayment of Defaulted Debt -
Realized Senior DSCR 10.96
First Junior Tranche Analysis

Cash Flow to Tranche 27.89
Less: Scheduled Re-Payment -
Less: Interest on Debt 1.62
Cash Flow after Scheduled Debt Service 26.27
First Junior Tranche DSCR - Scheduled 17.22
Pre-payment on Junior 1 Debt - Good Time -

Pre-payment on Junior 1 Debt - Bad Time -
Injections to Debt Service Reserve Fund -
Default on First Junior Debt -
Realized DSCR on First Junior Tranche 17.22
Second Junior Tranche Analysis


Second Junior Tranche DSCR - Scheduled 10.86

Default on Second Junior Debt -
Realized DSCR on Second Junior Tranche 10.86
Third Junior Tranche Analysis

Third Junior Tranche DSCR - Scheduled 9.94

Default on Third Junior Debt -
Realized DSCR on First Junior Tranche 9.94
Construction Debt Financing - - 18.50 38.50 43.00 -

Equity Financing - 7.50 0.40 4.00 8.10 -
Dividends - - - - - 21.45
Balance Sheet
Assets
Cash reseve - - - - - -
Other Current Assets - - - - - -
Gross Plant Value - 7.50 26.40 68.90 120.00 120.00
Accumulated Depreciation - - - - - 9.23
Net Plant - 7.50 26.40 68.90 120.00 110.77
Total Assets - 7.50 26.40 68.90 120.00 110.77
Liabilities and Capital
Current Liabilities - -
Accumulated Deferred Taxes -
Accumulated Investment Tax Credit - - - - - -
Total Outstanding Debt - - 18.50 57.00 100.00 100.00
Common Equity Balance
Beginning Equity - - 7.50 7.90 11.90 20.00
Add: Equity Issues - 7.50 0.40 4.00 8.10 -
Add: Net Income - - - - - 12.22
Less: Dividends - - - - - (21.45)
Ending Equity - - 7.50 7.90 11.90 20.00 10.77
Total Liabilities and Capital - 7.50 26.40 68.90 120.00 110.77
Working Capital - - - - -
Assets Less Liabilities - - - - - -
Construction Debt
Beginning Balance - - - 18.50 57.00
Plus: Debt Issued - - 18.50 38.50 43.00
Ending Balance - - 18.50 57.00 100.00
Interest Expense from Monthly Analysis - - - - -
Percent of Total
Percent Debt Reserve as
Debt at End of a Percent of Outstanding
Senior Debt Module Construction
Period 40%
Debt
0%
From
Senior
theInterest
Financing
Rate
Assumption Assumption Page using vlookup 7%
From
Senior
theDebt
Financing
Maturities
Assumption Assumption Page using vlookup 0.0%
Senior Debt Maturities Adjusted for Percent of Year 0.0%
From
Senior
the- Financing
Good Time Assumption
DSCR Limit
Assumption Page using vlookup 2.00
From
Senior
the- Financing
Bad Time Assumption
DSCR Constraint
Assumption Page using vlookup 2.00
Percent
Beginning
of Total
Balance
at the end of the construction period 40.00
Plus: Debt Issued - - - - -
Plus: Debt Default -
Less: Debt Repaid - Scheduled -
Less: Debt Pre-paid Good Time -
Less: Debt Pre-paid Bad Time -
Less: Debt Repaid - Rescheduled -
Ending Balance 40.00

Interest Expense - Beginning of Year 2.80
Total Debt Service 2.80
Senior Debt Service Reserve - Minimum Balance - - - - - -

Reserve Beginning Balance - - - - - -
Initial Reserve Funding - - - - - -
Reserve Funding From New Injections - - - - - -
Ending Withdrawl - - - - -
Reserve Withdrawls from Deficit Cash Flow - - - - - -
Reserve Ending Balance - - - - - -
Beginning Balance of Re-scheduled Debt - - - - - -

Add: Debt Defaluts - - - - - -
Less: Repayment of Rescheduled Debt - - - - - -
Ending Balance of Rescheduled Debt - - - - - -
Total Senior Debt Repayments - - - - - -

Initial Scheduled Debt Repayments - - - - - -
Total Senior Debt Service (40.0) 2.80
Senior Scheduled Debt Service 2.80
Scheduled Debt Percent Outstanding 100% 100%

Scheduled Debt Outstanding Minimum DSCR 2.89 40.0 40.0
Realized DSCR 3.63 IRR on Debt 7.00% 10.96
LLCR 6.47 Debt Outstanding at Term - 0 0
Debt to Capital at Close 33% Debt Outstanding at Life - - -
Percent of Total
First Junior Tranche Construction
Period 18%
Debt
0%
From
Interest
the Financing
Rate Assumption Assumption Page using vlookup 9.00%
From
DebttheRepayment
FinancingPercent
Assumption Assumption Page using vlookup 0.00%
Adjusted Debt Re-payment Percent 0.0%
From
Good the
Time
Financing
DSCR Assumption
Limit Assumption Page using vlookup 4.00
From
Bad the
Time
Financing
DSCR Constraint
Assumption Assumption Page using vlookup 1.00
Percent
Beginning
of Total
Balance
at the end of the construction period 18.00

First Junior - Minimum Balance - - - - - -

Ending Withdrawl - - - - - -

Total Debt Repayments - - - - - -

Total Debt Service (18.00) 1.62
Scheduled Debt Service 1.62

Percent of Total
Second Junior Tranche Construction
Period 22%
Debt
0%
Interest Rate 11.00%
Debt Repayment Percent 0.00%
Good Time DSCR Limit 4.00
Bad Time DSCR Constraint 1.00
Beginning Balance 22

Secnd Junior - Minimum Balance - - - - - -



Scheduled Debt Service 11.000% 2.42

Percent of Total
Third Junior Tranche Construction
Period 20%
Debt
0%
Interest Rate 12.00%
Debt Repayment Percent 0.00%
Good Time DSCR Limit 1.50
Bad Time DSCR Constraint 1.00
Beginning Balance 20

Third Debt Service Reserve - Minimum Balance - - - - - -



Scheduled Debt Service 2.40

Total Debt Balance

Beginning Debt Balance - 100.00
Plus: Debt Issued
Less: Debt Repaid -
Interest Expense 9.24
Ending Reserve - - -
Ending W/Drawl of Reserves - - -
Interest Rate on Reserve Balance 0% 0% 0%
Interest Income on Beginning Balance -
Valuation
Equity Capital at Close

17%
Equity IRR and NPV
Equity Cash Flow - (7.50) (0.40) (4.00) (8.10) 21.45
Equity IRR 42.66%
Discount Rate 14.00%
Equity NPV $38
Tax Depreciation 9.23

IDC Percent -
Free Cash Flow for Project IRR and NPV

Cash Flow Before Financing - - (7.50) (18.90) (42.50) (51.10) 21.45
Add: Interest Expense - - - - - - 9.24
Add:IDC Monthly - - - - -
Less: Tax Shield on IDC Depreciation -
Less: Taxes on Interest - - - - - - 3.14
Free Cash Flow - - (7.50) (18.90) (42.50) (51.10) 27.55
Project IRR 18.22%
Unlevered Discount Rate 8.00%
Project NPV $64
Return on Investment
Project IRR
WACC 12.00%
Difference
Investment
Economic Profit
Financial Ratios
Debt Service Coverage Ratio
Numerator
Cash Flow Before Financing
Add: Interest Expense
Less: Initial Debt Reserve Funding
Total Numerator
Denominator
Interest
Principal
Total Denominator
DSCR/Average
Minimum DSCR
NPV of Free Cash at Debt Rate

NPV of Debt Service at Debt Rate
LLCR
Debt to Capital Ratio 0.00% 0.00% 70.08% 82.73% 83.33% 90.28%
Return on Equity 0.00% 0.00% 0.00% 0.00% 0.00% 79.42%

Return on Equity Invested 107.25%
Return on Capital Invested 22.96%
Flags for Model Checks

Negative Cash Flow Flag (1-Negative Dividends)
Flag for Balance Sheet (1-Not Balancing)
Flag for Ending Capital on Balance Sheet
Flag for Drawdown Equivalence
Flag for Ending Debt
<-----------------------------------------------------------------------------------------------------------------------------
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Operation Operation Operation Operation Operation Operation Operation Operation Operation Operation
100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
12 12 12 12 12 12 12 12 12 12
2 3 4 5 6 7 8 9 10 11
1 1 1 1 1 1 1 1 1 1
- - - - - - - - - -
58 59 60 62 63 64 65 67 68 69
20 21 23 23 23 24 24 26 27 27
- - - - - - - - - -
- - - - - - - - - -
34% 34% 34% 34% 34% 34% 34% 34% 34% 34%
- - - - - - - - - -
- - - - - - - - - -
IDC Percent
0.00%
58.01 59.17 60.36 61.56 62.80 64.05 65.33 66.64 67.97 69.33
20.29 20.70 22.52 22.97 23.43 23.90 24.37 26.41 26.94 27.48
9.23 9.23 9.23 9.23 9.23 9.23 9.23 9.23 9.23 9.23
28.49 29.25 28.61 29.37 30.14 30.93 31.73 30.99 31.80 32.62
9.24 8.68 7.96 6.75 5.55 4.18 3.22 1.45 - -
- - - - - - - - - -
19.25 20.57 20.65 22.61 24.59 26.74 28.51 29.55 31.80 32.62
6.55 6.99 7.02 7.69 8.36 9.09 9.69 10.05 10.81 11.09
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
6.00 6.00 6.00 6.00 6.00 6.00 6.00 6.00 6.00 6.00
- - - - - - - - - -
- - - - - - - - - -
6.55 6.99 7.02 7.69 8.36 9.09 9.69 10.05 10.81 11.09
- - - - - - - - - -
- - - - - - - - - -
12.71 13.57 13.63 14.92 16.23 17.65 18.82 19.50 20.99 21.53
12.71 13.57 13.63 14.92 16.23 17.65 18.82 19.50 20.99 21.53
9.23 9.23 9.23 9.23 9.23 9.23 9.23 9.23 9.23 9.23
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
21.94 22.81 22.86 24.16 25.46 26.88 28.05 28.73 30.22 30.76
- - - - - - - - - -
- - - - - - - - - -
21.94 22.81 22.86 24.16 25.46 26.88 28.05 28.73 30.22 30.76
9.24 8.68 7.96 6.75 5.55 4.18 3.22 1.45 - -
31.18 31.49 30.82 30.91 31.01 31.06 31.27 30.18 30.22 30.76
8.00 8.00 8.00 8.00 8.00 - - - - -
2.80 2.24 1.68 1.12 0.56 - - - - -
20.38 21.25 21.14 21.79 22.45 31.06 31.27 30.18 30.22 30.76
2.89 3.07 3.18 3.39 3.62 - - - - -

- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
20.38 21.25 21.14 21.79 22.45 31.06 31.27 30.18 30.22 30.76
- - - - - - - - - -
- - - - - - - - - -
20.38 21.25 21.14 21.79 22.45 31.06 31.27 30.18 30.22 30.76
- - - - - - - - - -
- - - - - - - - - -
2.89 3.07 3.18 3.39 3.62 - - - - -
20.38 21.25 21.14 21.79 22.45 31.06 31.27 30.18 30.22 30.76
- 1.80 1.80 1.80 3.60 5.40 3.60 - - -
1.62 1.62 1.46 1.30 1.13 0.81 0.32 - - -
18.76 17.83 17.88 18.69 17.72 24.85 27.34 30.18 30.22 30.76
12.58 6.21 6.49 7.04 4.74 5.00 7.97 - - -
- - - - - - - - - -
- - - - - - - - - -
18.76 17.83 17.88 18.69 17.72 24.85 27.34 30.18 30.22 30.76
- - - - - - - - - -
- - - - - - - - - -
18.76 17.83 17.88 18.69 17.72 24.85 27.34 30.18 30.22 30.76
- - - - - - - - - -
- - - - - - - - - -
12.58 6.21 6.49 7.04 4.74 5.00 7.97 - - -

18.76 17.83 17.88 18.69 17.72 24.85 27.34 30.18 30.22 30.76
- - 2.20 2.20 2.20 2.20 6.60 6.60 - -
2.42 2.42 2.42 2.18 1.94 1.69 1.45 0.73 - -
16.34 15.41 13.26 14.32 13.58 20.96 19.29 22.85 30.22 30.76
7.75 7.37 3.87 4.27 4.28 6.38 3.40 4.12 - -
- - - - - - - - - -
- - - - - - - - - -
16.34 15.41 13.26 14.32 13.58 20.96 19.29 22.85 30.22 30.76
- - - - - - - - - -
- - - - - - - - - -
16.34 15.41 13.26 14.32 13.58 20.96 19.29 22.85 30.22 30.76
- - - - - - - - - -
- - - - - - - - - -
7.75 7.37 3.87 4.27 4.28 6.38 3.40 4.12 - -
16.34 15.41 13.26 14.32 13.58 20.96 19.29 22.85 30.22 30.76
- - 2.00 2.00 2.00 2.00 6.00 6.00 - -
2.40 2.40 2.40 2.16 1.92 1.68 1.44 0.72 - -
13.94 13.01 8.86 10.16 9.66 17.28 11.85 16.13 30.22 30.76
6.81 6.42 3.01 3.44 3.46 5.70 2.59 3.40 - -
- - - - - - - - - -
- - - - - - - - - -
13.94 13.01 8.86 10.16 9.66 17.28 11.85 16.13 30.22 30.76
- - - - - - - - - -
- - - - - - - - - -
13.94 13.01 8.86 10.16 9.66 17.28 11.85 16.13 30.22 30.76
- - - - - - - - - -
- - - - - - - - - -
6.81 6.42 3.01 3.44 3.46 5.70 2.59 3.40 - -
- - - - - - - - - -
- - - - - - - - - -
13.94 13.01 8.86 10.16 9.66 17.28 11.85 16.13 30.22 30.76
- - - - - - - - - -
- - - - - - - - - -
120.00 120.00 120.00 120.00 120.00 120.00 120.00 120.00 120.00 120.00
18.46 27.69 36.92 46.15 55.38 64.62 73.85 83.08 92.31 101.54
101.54 92.31 83.08 73.85 64.62 55.38 46.15 36.92 27.69 18.46
101.54 92.31 83.08 73.85 64.62 55.38 46.15 36.92 27.69 18.46
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
92.00 82.20 68.20 54.20 38.40 28.80 12.60 - - -
10.77 9.54 10.11 14.88 19.65 26.22 26.58 33.55 36.92 27.69
- - - - - - - - - -
12.71 13.57 13.63 14.92 16.23 17.65 18.82 19.50 20.99 21.53
(13.94) (13.01) (8.86) (10.16) (9.66) (17.28) (11.85) (16.13) (30.22) (30.76)
9.54 10.11 14.88 19.65 26.22 26.58 33.55 36.92 27.69 18.46
101.54 92.31 83.08 73.85 64.62 55.38 46.15 36.92 27.69 18.46
- - - - - - - - - -
- - - - - - - - - -
7% 7% 7% 7% 7% 7% 7% 7% 7% 7%
20% 20% 20% 20% 20% 0% 0% 0% 0% 0%
20.0% 20.0% 20.0% 20.0% 20.0% 0.0% 0.0% 0.0% 0.0% 0.0%
2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00
2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00
40.00 32.00 24.00 16.00 8.00 - - - - -

- - - - - - - - - -
- - - - - - - - - -
8.00 8.00 8.00 8.00 8.00 - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
32.00 24.00 16.00 8.00 - - - - - -

2.80 2.24 1.68 1.12 0.56 - - - - -
10.80 10.24 9.68 9.12 8.56 - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
8.00 8.00 8.00 8.00 8.00 - - - - -

8.00 8.00 8.00 8.00 8.00 - - - - -
10.80 10.24 9.68 9.12 8.56 - - - - -
10.80 10.24 9.68 9.12 8.56 - - - - -
80% 60% 40% 20% 0% 0% 0% 0% 0% 0%

32.0 24.0 16.0 8.0 - - - - - -
2.89 3.07 3.18 3.39 3.62
0 0 0 0 1 0 0 0 0 0
- - - - - - - - - -
9.00% 9.00% 9.00% 9.00% 9.00% 9.00% 9.00% 9.00% 9.00% 9.00%
0.00% 10.00% 10.00% 10.00% 20.00% 30.00% 20.00% 0.00% 0.00% 0.00%
0.0% 10.0% 10.0% 10.0% 20.0% 30.0% 20.0% 0.0% 0.0% 0.0%
4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00
1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
18.00 18.00 16.20 14.40 12.60 9.00 3.60 - - -

- - - - - - - - - -
- - - - - - - - - -
- 1.80 1.80 1.80 3.60 5.40 3.60 - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
18.00 16.20 14.40 12.60 9.00 3.60 - - - -
1.62 1.62 1.46 1.30 1.13 0.81 0.32 - - -

1.62 3.42 3.26 3.10 4.73 6.21 3.92 - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- 1.80 1.80 1.80 3.60 5.40 3.60 - - -

- 1.80 1.80 1.80 3.60 5.40 3.60 - - -
1.62 3.42 3.26 3.10 4.73 6.21 3.92 - - -
1.62 3.42 3.26 3.10 4.73 6.21 3.92 - - -
100% 90% 80% 70% 50% 20% 0% 0% 0% 0%

18.0 16.2 14.4 12.6 9.0 3.6 - - - -
2.51 2.30 2.38 2.53 2.33 5.00 7.97
0 0 0 0 0 0 1 0 0 0
- - - - - - - - - -
11.00% 11.00% 11.00% 11.00% 11.00% 11.00% 11.00% 11.00% 11.00% 11.00%
0.00% 0.00% 10.00% 10.00% 10.00% 10.00% 30.00% 30.00% 0.00% 0.00%
0.0% 0.0% 10.0% 10.0% 10.0% 10.0% 30.0% 30.0% 0.0% 0.0%
4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00
1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
22.00 22.00 22.00 19.80 17.60 15.40 13.20 6.60 - -

- - - - - - - - - -
- - - - - - - - - -
- - 2.20 2.20 2.20 2.20 6.60 6.60 - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
22.00 22.00 19.80 17.60 15.40 13.20 6.60 - - -
2.42 2.42 2.42 2.18 1.94 1.69 1.45 0.73 - -

2.42 2.42 4.62 4.38 4.14 3.89 8.05 7.33 - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - 2.20 2.20 2.20 2.20 6.60 6.60 - -

- - 2.20 2.20 2.20 2.20 6.60 6.60 - -
2.42 2.42 4.62 4.38 4.14 3.89 8.05 7.33 - -
2.42 2.42 4.62 4.38 4.14 3.89 8.05 7.33 - -
100% 100% 90% 80% 70% 60% 30% 0% 0% 0%

22.0 22.0 19.8 17.6 15.4 13.2 6.6 - - -
2.10 1.96 1.76 1.86 1.78 3.07 2.61 4.12
0 0 0 0 0 0 0 1 0 0
- - - - - - - - - -
12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00%
0.00% 0.00% 10.00% 10.00% 10.00% 10.00% 30.00% 30.00% 0.00% 0.00%
0.0% 0.0% 10.0% 10.0% 10.0% 10.0% 30.0% 30.0% 0.0% 0.0%
1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50
1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
20.00 20.00 20.00 18.00 16.00 14.00 12.00 6.00 - -

- - - - - - - - - -
- - - - - - - - - -
- - 2.00 2.00 2.00 2.00 6.00 6.00 - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
20.00 20.00 18.00 16.00 14.00 12.00 6.00 - - -
2.40 2.40 2.40 2.16 1.92 1.68 1.44 0.72 - -

2.40 2.40 4.40 4.16 3.92 3.68 7.44 6.72 - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - 2.00 2.00 2.00 2.00 6.00 6.00 - -

- - 2.00 2.00 2.00 2.00 6.00 6.00 - -
2.40 2.40 4.40 4.16 3.92 3.68 7.44 6.72 - -
2.40 2.40 4.40 4.16 3.92 3.68 7.44 6.72 - -
100% 100% 90% 80% 70% 60% 30% 0% 0% 0%

20.0 20.0 18.0 16.0 14.0 12.0 6.0 - - -
1.81 1.70 1.40 1.49 1.45 2.25 1.61 2.15
0 0 0 0 0 0 0 1 0 0
- - - - - - - - - -
100.00 92.00 82.20 68.20 54.20 38.40 28.80 12.60 - -
8.00 9.80 14.00 14.00 15.80 9.60 16.20 12.60 - -

92.00 82.20 68.20 54.20 38.40 28.80 12.60 - - -
9.24 8.68 7.96 6.75 5.55 4.18 3.22 1.45 - -
- - - - - - - - - -
- - - - - - - - - -
0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
- - - - - - - - - -
13.94 13.01 8.86 10.16 9.66 17.28 11.85 16.13 30.22 30.76
9.23 9.23 9.23 9.23 9.23 9.23 9.23 9.23 9.23 9.23
- - - - - - - - - -
21.94 22.81 22.86 24.16 25.46 26.88 28.05 28.73 30.22 30.76
9.24 8.68 7.96 6.75 5.55 4.18 3.22 1.45 - -
- - - - - - - - - -
3.14 2.95 2.71 2.30 1.89 1.42 1.09 0.49 - -
28.04 28.53 28.11 28.61 29.12 29.64 30.17 29.69 30.22 30.76
90.61% 89.05% 82.09% 73.40% 59.43% 52.00% 27.30% 0.00% 0.00% 0.00%
125.14% 138.19% 109.11% 86.46% 70.77% 66.85% 62.58% 55.34% 64.96% 93.29%
69.69% 65.03% 44.30% 50.78% 48.30% 86.40% 59.25% 80.66% 151.09% 153.80%
23.36% 23.78% 23.43% 23.84% 24.27% 24.70% 25.14% 24.74% 25.18% 25.63%
---------------------------------------------------------------------------------------------------------- Facility Operating Period --------------------------------------------------

-------------------------------------------------------------------------->
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Operation Operation Retired Retired Retired Retired Retired Retired Retired Retired
100% 100% 0% 0% 0% 0% 0% 0% 0% 0%
12 12 12 12 12 12 12 12 12 12
12 13 14 15 16 17 18 19 20 21
1 1 0 0 0 0 0 0 0 0
- - - - - - - - - -
71 72 - - - - - - - -
28 29 - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
34% 34% 34% 34% 34% 34% 34% 34% 34% 34%
- - - - - - - - - -
- - - - - - - - - -
70.72 72.13 - - - - - - - -
28.03 28.59 - - - - - - - -
9.23 9.23 - - - - - - - -
33.46 34.31 - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
33.46 34.31 - - - - - - - -
11.38 11.67 - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
6.00 6.00 6.00 6.00 6.00 6.00 6.00 6.00 6.00 6.00
- - - - - - - - - -
- - - - - - - - - -
11.38 11.67 - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
22.08 22.64 - - - - - - - -
22.08 22.64 - - - - - - - -
9.23 9.23 - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
31.31 31.88 - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
31.31 31.88 - - - - - - - -
- - - - - - - - - -
31.31 31.88 - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
31.31 31.88 - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
31.31 31.88 - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
31.31 31.88 - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
31.31 31.88 - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
31.31 31.88 - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
31.31 31.88 - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
31.31 31.88 - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
31.31 31.88 - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
31.31 31.88 - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
31.31 31.88 - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
31.31 31.88 - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
31.31 31.88 - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
31.31 31.88 - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
31.31 31.88 - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
31.31 31.88 - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
31.31 31.88 - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
120.00 120.00 120.00 120.00 120.00 120.00 120.00 120.00 120.00 120.00
110.77 120.00 120.00 120.00 120.00 120.00 120.00 120.00 120.00 120.00
9.23 - - - - - - - - -
9.23 - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
18.46 9.23 - - - - - - - -
- - - - - - - - - -
22.08 22.64 - - - - - - - -
(31.31) (31.88) - - - - - - - -
9.23 - - - - - - - - -
9.23 - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
7% 7% 7% 7% 7% 7% 7% 7% 7% 7%
0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00
2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
- - - - - - - - - -
0 0 0 0 0 0 0 0 0 0
- - - - - - - - - -
9.00% 9.00% 9.00% 9.00% 9.00% 9.00% 9.00% 9.00% 9.00% 9.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00
1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
- - - - - - - - - -
0 0 0 0 0 0 0 0 0 0
- - - - - - - - - -
11.00% 11.00% 11.00% 11.00% 11.00% 11.00% 11.00% 11.00% 11.00% 11.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00
1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
- - - - - - - - - -
0 0 0 0 0 0 0 0 0 0
- - - - - - - - - -
12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50
1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
- - - - - - - - - -
0 0 0 0 0 0 0 0 0 0
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
- - - - - - - - - -
31.31 31.88 - - - - - - - -
9.23 9.23 - - - - - - - -
- - - - - - - - - -
31.31 31.88 - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
31.31 31.88 - - - - - - - -
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
159.48% 490.64% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
156.56% 159.38% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
26.09% 26.56% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
----------------------------------------->
2026 2027 2028 2029 2030 2031 2032 2033 2034 2035
Retired Retired Retired Retired Retired Retired Retired Retired Retired Retired
0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
12 12 12 12 12 12 12 12 12 12
22 23 24 25 26 27 28 29 30 31
0 0 0 0 0 0 0 0 0 0
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
34% 34% 34% 34% 34% 34% 34% 34% 34% 34%
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
6.00 6.00 6.00 6.00 6.00 6.00 6.00 6.00 6.00 6.00
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
120.00 120.00 120.00 120.00 120.00 120.00 120.00 120.00 120.00 120.00
120.00 120.00 120.00 120.00 120.00 120.00 120.00 120.00 120.00 120.00
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
7% 7% 7% 7% 7% 7% 7% 7% 7% 7%
0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00
2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
- - - - - - - - - -
0 0 0 0 0 0 0 0 0 0
- - - - - - - - - -
9.00% 9.00% 9.00% 9.00% 9.00% 9.00% 9.00% 9.00% 9.00% 9.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00
1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
- - - - - - - - - -
0 0 0 0 0 0 0 0 0 0
- - - - - - - - - -
11.00% 11.00% 11.00% 11.00% 11.00% 11.00% 11.00% 11.00% 11.00% 11.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00
1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
- - - - - - - - - -
0 0 0 0 0 0 0 0 0 0
- - - - - - - - - -
12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50
1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
- - - - - - - - - -
0 0 0 0 0 0 0 0 0 0
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
2036 2037 2038 2039 2040 2041 2042 2043 2044 2045
Retired Retired Retired Retired Retired Retired Retired Retired Retired Retired
0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
12 12 12 12 12 12 12 12 12 12
32 33 34 35 36 37 38 39 40 41
0 0 0 0 0 0 0 0 0 0
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
34% 34% 34% 34% 34% 34% 34% 34% 34% 34%
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
6.00 6.00 6.00 6.00 6.00 6.00 6.00 6.00 6.00 6.00
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
120.00 120.00 120.00 120.00 120.00 120.00 120.00 120.00 120.00 120.00
120.00 120.00 120.00 120.00 120.00 120.00 120.00 120.00 120.00 120.00
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
7% 7% 7% 7% 7% 7% 7% 7% 7% 7%
0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
- - - - - - - - - -
0 0 0 0 0 0 0 0 0 0
- - - - - - - - - -
9.00% 9.00% 9.00% 9.00% 9.00% 9.00% 9.00% 9.00% 9.00% 9.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00
1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
- - - - - - - - - -
0 0 0 0 0 0 0 0 0 0
- - - - - - - - - -
11.00% 11.00% 11.00% 11.00% 11.00% 11.00% 11.00% 11.00% 11.00% 11.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00
1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
- - - - - - - - - -
0 0 0 0 0 0 0 0 0 0
- - - - - - - - - -
12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50
1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
- - - - - - - - - -
0 0 0 0 0 0 0 0 0 0
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
""
""
2046 2047 2048 2049 2050 CA_Op_Year
Retired Retired Retired Retired Retired CA_Time_Frame

0% 0% 0% 0% 0% CA_Pct_Operation
12 12 12 12 12 CA_Months_OP_CS
42 43 44 45 46 CA_Counter
0 0 0 0 0 CA_OP_Flag
- - - - - CA_Cash_Construction
- - - - - CA_Full_Revenues
- - - - - CA_Full_Expenses
CA_Life
- - - - - CA_Current_Assets
- - - - - CA_Current_Liabilities
34% 34% 34% 34% 34% CA_Tax_Rate
CA_Debt_Percent
CA_Debt_Term
CA_Constr_Int_Rate
- - - - - CA_Construction
CA_IDC
- - - - - CA_Cap_Exp
CA_ITC
CA_Ini_WC
CA_Tot_Uses
CA_Debt_Fin_Pct
CA_Debt_Fin_Inp
CA_Equity_Fund
CA_Int_Cash_Res
CA_Tot_Sources
CA_Cash_Change
CA_Cash_Reserve
CA_Equity_AFDC
CA_Tot_ITC
CA_Basis
CA_Eq_AFDC
CA_IDC_Accum
CA_Debt_Accum
- - - - - CA_Revenues
- - - - - CA_Op_Exp
- - - - - CA_Dep
- - - - - CA_EBIT
- - - - - CA_Interest
- - - - - CA_Other_Inc
- - - - - CA_EBT
- - - - - CA_Taxes_No_NOL
- - - - - CA_NOL_Beg
- - - - - CA_NOL_Add
- - - - - CA_NOL_WD
6.00 6.00 6.00 6.00 6.00 CA_NOL_Years
- - - - - CA_NOL_Lost
- - - - - CA_NOL_End
- - - - - CA_Cash_Taxes
- - - - - CA_Def_Taxes
- - - - - CA_ITC_Amort
CA_Eq_AFDC_1
- - - - - CA_Net_Income
- - - - - CA_Net_Income_1
- - - - - CA_Depreciation_1
- - - - - CA_Def_Tax_1
- - - - - CA_ITC_Am_1
- - - - - CA_Eq_AFDC_1
- - - - - CA_WK_Chg
- - - - - CA_Cash_Oper
- - - - - CA_Cap_Exp_1
- - - - - CA_Init_Res_Fund
CA_ITC_1
- - - - - CA_CF_B4_Fin
- - - - - CA_Int_Exp_1
- - - - - CA_CF_Int_Fin
- - - - - CA_Schd_Repayment
- - - - - ""
- - - - - ""
""
- - - - - ""
- - - - - ""
- - - - - ""
- - - - - ""
- - - - - ""
- - - - - ""
- - - - - ""
- - - - - ""
- - - - - ""
- - - - - ""
""
- - - - - ""
""
""
- - - - - ""
- - - - - ""
- - - - - ""
- - - - - ""
""
- - - - - ""
""
- - - - - ""
- - - - - ""
- - - - - ""
- - - - - ""
- - - - - ""
- - - - - ""
- - - - - ""
- - - - - ""
""
- - - - - ""
""
""
- - - - - ""
- - - - - ""
- - - - - ""
- - - - - ""
""
- - - - - ""
""
- - - - - ""
- - - - - ""
- - - - - ""
- - - - - ""
- - - - - ""
- - - - - ""
- - - - - ""
- - - - - ""
""
- - - - - ""
""
""
- - - - - ""
- - - - - ""
- - - - - ""
- - - - - ""
""
- - - - - ""
""
- - - - - ""
- - - - - ""
- - - - - ""
- - - - - ""
- - - - - ""
- - - - - ""
- - - - - ""
- - - - - ""
""
- - - - - ""
""
- - - - - ""
- - - - - ""
""
- - - - - ""
""
""
""
- - - - - ""
- - - - - ""
120.00 120.00 120.00 120.00 120.00 ""
120.00 120.00 120.00 120.00 120.00 ""
- - - - - ""
- - - - - ""
""
- - - - - ""
- - - - - ""
- - - - - ""
- - - - - ""
""
- - - - - ""
- - - - - ""
- - - - - ""
- - - - - ""
- - - - - ""
- - - - - ""
- - - - - ""
- - - - - ""
""
""
""
""
""
7% 7% 7% 7% 7% CA_Int_Rate_1
0% 0% 0% 0% 0% CA_Maturities_1
0.0% 0.0% 0.0% 0.0% 0.0% CA_Maturities_Adj_1
- - - - - CA_GT_DSCR_1
- - - - - CA_BT_DSCR_1
- - - - - CA_Beg_Bal_1
- - - - - CA_Issued_1
- - - - - CA_Default_1
- - - - - CA_Scheduled_1
- - - - - CA_Pre_Paid_GT_1
- - - - - CA_Pre_Paid_BT_1
- - - - - CA_Re_Schd_1
- - - - - CA_End_Bal_1
- - - - - CA_Int_Exp_1
- - - - - CA_Debt_Serv_1
- - - - - CA_DSCRR_1
- - - - - CA_DSCRR_Beg_1
- - - - - CA_DSCRR_RF_1
- - - - - CA_DSCRR_NI_1
- - - - - CA_DSCRR_EW_1
- - - - - CA_DSCRR_DC_1
- - - - - CA_DSCRR_End_1
- - - - - CA_DEF_Beg_1
- - - - - CA_DEF_1
- - - - - CA_DEF__rp_1
- - - - - CA_DEF__end_1
- - - - - CA_Tot_pay_1
- - - - - CA_Ini_pay_1
- - - - - CA_Tot_DS_1
- - - - - CA_Sch_DS_1
0% 0% 0% 0% 0% CA_Pct_Out_1
- - - - - CA_Sch_Out_1
CA_Dscr_1
0 0 0 0 0 CA_LLCR_1
- - - - - CA_D_C_1
9.00% 9.00% 9.00% 9.00% 9.00% CA_Int_Rate_2

0.00% 0.00% 0.00% 0.00% 0.00% CA_Maturities_2
4.00 4.00 4.00 4.00 4.00 CA_GT_DSCR_2
1.00 1.00 1.00 1.00 1.00 CA_BT_DSCR_2
- - - - - CA_Beg_Bal_2
- - - - - CA_Issued_2
- - - - - CA_Re_Schd_2
- - - - - CA_End_Bal_2
- - - - - CA_Int_Exp_2
- - - - - CA_DSCRR_2
- - - - - CA_DSCRR_RF_2
- - - - - CA_DSCRR_NI_2
- - - - - CA_DSCRR_EW_2
- - - - - CA_DSCRR_DC_2
- - - - - CA_DEF_Beg_2
- - - - - CA_DEF_2
- - - - - CA_DEF__rp_2
- - - - - CA_DEF__end_2
- - - - - CA_Tot_pay_2
- - - - - CA_Ini_pay_2
- - - - - CA_Tot_DS_2
- - - - - CA_Sch_DS_2
0% 0% 0% 0% 0% CA_Pct_Out_2
- - - - - CA_Sch_Out_2
CA_Dscr_2
0 0 0 0 0 CA_LLCR_2
- - - - - CA_D_C_2
11.00% 11.00% 11.00% 11.00% 11.00% CA_Int_Rate_3

0.00% 0.00% 0.00% 0.00% 0.00% CA_Maturities_3
4.00 4.00 4.00 4.00 4.00 CA_GT_DSCR_3
1.00 1.00 1.00 1.00 1.00 CA_BT_DSCR_3
- - - - - CA_Beg_Bal_3
- - - - - CA_Issued_3
- - - - - CA_Re_Schd_3
- - - - - CA_End_Bal_3
- - - - - CA_Int_Exp_3
- - - - - CA_DSCRR_3
- - - - - CA_DSCRR_RF_3
- - - - - CA_DSCRR_NI_3
- - - - - CA_DSCRR_EW_3
- - - - - CA_DSCRR_DC_3
- - - - - CA_DEF_Beg_3
- - - - - CA_DEF_3
- - - - - CA_DEF__rp_3
- - - - - CA_DEF__end_3
- - - - - CA_Tot_pay_3
- - - - - CA_Ini_pay_3
- - - - - CA_Tot_DS_3
- - - - - CA_Sch_DS_3
0% 0% 0% 0% 0% CA_Pct_Out_3
- - - - - CA_Sch_Out_3
CA_Dscr_3
0 0 0 0 0 CA_LLCR_3
- - - - - CA_D_C_3
12.00% 12.00% 12.00% 12.00% 12.00% CA_Int_Rate_4

0.00% 0.00% 0.00% 0.00% 0.00% CA_Maturities_4
1.50 1.50 1.50 1.50 1.50 CA_GT_DSCR_4
1.00 1.00 1.00 1.00 1.00 CA_BT_DSCR_4
- - - - - CA_Beg_Bal_4
- - - - - CA_Issued_4
- - - - - CA_Re_Schd_4
- - - - - CA_End_Bal_4
- - - - - CA_Int_Exp_4
- - - - - CA_DSCRR_4
- - - - - CA_DSCRR_RF_4
- - - - - CA_DSCRR_NI_4
- - - - - CA_DSCRR_EW_4
- - - - - CA_DSCRR_DC_4
- - - - - CA_DEF_Beg_4
- - - - - CA_DEF_4
- - - - - CA_DEF__rp_4
- - - - - CA_DEF__end_4
- - - - - CA_Tot_pay_4
- - - - - CA_Ini_pay_4
- - - - - CA_Tot_DS_4
- - - - - CA_Sch_DS_4
0% 0% 0% 0% 0% CA_Pct_Out_4
- - - - - CA_Sch_Out_4
CA_Dscr_4
0 0 0 0 0 CA_LLCR_4
- - - - - CA_D_C_4
- - - - - CA_Tot_Dbt_Beg
CA_Tot_Dbt_Iss
- - - - - CA_Tot_Dbt_Rpd
- - - - - CA_Tot_Dbt_End
- - - - - CA_Tot_Dbt_Int
- - - - - CA_Tot_Res_End
- - - - - CA_Tot_Res_WD
0% 0% 0% 0% 0% CA_Tot_Res_Rate
- - - - - CA_Tot_Res_Beg
""
""
""
- - - - - ""
""
""
""
""
- - - - - ""
- - - - - ""
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""
- - - - - ""
- - - - - ""
""
- - - - - ""
- - - - - ""
- - - - - ""
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0.00% 0.00% 0.00% 0.00% 0.00% " "
""
0.00% 0.00% 0.00% 0.00% 0.00% " "
0.00% 0.00% 0.00% 0.00% 0.00% " "
""
0.00% 0.00% 0.00% 0.00% 0.00% " "
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Year 2000 2001 2002
Year Counter -4 -3 -2
Month 6.5 6.5 6.5
Date
Construction Months 12 12 12
Debt Financing Percent 0% 0% 98%
Monthly Interest Rate 7.5% 0.0% 0.0%
Flag for Construction Construction Input Method Financing Input Method
Monthly Construction Distribute Values Above Evenly
Percent
Monthly Table Row
Construction Outlays - Monthly Input
Construction Outlays - Annual Input
Cash construction - 8 19
Interest During Construction - - -
Capital Expenditures Incl IDC - 8 19
Less: Investment Tax Credit - - -
Drawdown of Cash Reserve and Initial W.C. - - -
Total Uses of Funds - 8 19
Debt Funding - Percent - - 19
Funding Assumptions Input

Month of Debt Issue
Month of Equity Issue
Total Annual Debt Funding Input - - -

Total Annual Equity Funding Input
Spread Debt Inputs Monthly

Spread Equity Inputs Monthly
Monthly Equity Funding

Monthly Debt Funding Input
Monthly Debt Funding Assumed
Total Debt Funding - - 19

Equity Funding - 8 0
Interest Income - - -
Total Sources of Funds - 8 19
Construction Cash Reserve - - -

Accumulated Plant - 8 26
Debt Module
Beginning Balance - - - -
Plus Debt Issued - - - 19
Less: Debt Repaid -
Ending Balance - - - 19
Interest Expense - Beginning Balance
Equity Module
Return on Equity
Monthly Return on Equity
Beginning Balance
Plus: Equity Issued
Plus: Equity AFUDC
Ending Equity Balance
Annual Totals
Year
Interest During Construction
Equity AFUDC
Cash Construction
Interest on Cash During Construction
2003 2004 2000 2000 2000 2000
-1 0 -4 -4 -4 -4
6.5 6.5 1 2 3 4
1/1/2000 2/1/2000 3/1/2000 4/1/2000
12 12 12 12 12 12
91% 84% 0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.6% 0.6% 0.6% 0.6%
Financing Input Method 1 1 1 1
Percent
2 2 2 2
- - - -
43 51 - - - -
- - - - - -
43 51 - - - -
- - - - - -
- -
43 51 - - - -
- - - -
39 43 - - - -
- - - -
- - - -
- - - - - -
- - - -
1 1 1 1
1 1 1 1
- - - -
- - - -
- - - -
39 43 - - - -
4 8 - - - -
- - - - - -
43 51 - - - -
- - - - - -
69 120 - - - -
- - - - - -
39 43 - - - -
- - - -
39 43 - - - -
- - - -
14.00% 14.00% 14.00% 14.00%

1.17% 1.17% 1.17% 1.17%
- - - -
- - - -
- - - -
- - - -
-
-4 -3 -2 -1
- - - -
- 1 1 2
- 7.50 18.90 42.50
- - - -
2000 2000 2000 2000 2000 2000 2000 2000
-4 -4 -4 -4 -4 -4 -4 -4
5 6 7 8 9 10 11 12
5/1/2000 6/1/2000 7/1/2000 8/1/2000 9/1/2000 10/1/2000 11/1/2000 12/1/2000
12 12 12 12 12 12 12 12
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6%
1 1 1 1 1 1 1 1
2 2 2 2 2 2 2 2
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
1 1 1 1 1 1 1 1
1 1 1 1 1 1 1 1
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
14.00% 14.00% 14.00% 14.00% 14.00% 14.00% 14.00% 14.00%

1.17% 1.17% 1.17% 1.17% 1.17% 1.17% 1.17% 1.17%
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
0
-
3
51.10
-
2001 2001 2001 2001 2001 2001 2001 2001
-3 -3 -3 -3 -3 -3 -3 -3
1 2 3 4 5 6 7 8
1/1/2001 2/1/2001 3/1/2001 4/1/2001 5/1/2001 6/1/2001 7/1/2001 8/1/2001
12 12 12 12 12 12 12 12
0.0% 0.0% 0.0% 0.0% 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 1 1 1 1 1 1 1
3 3 3 3 3 3 3 3
8 8 8 8 8 8 8 8
1 1 1 1 1 1 1 1
- - - - - - - -
1 1 1 1 1 1 1 1
- - - - - - - -
1 1 1 1 1 1 1 1
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
1 1 1 1 1 1 1 1
1 1 1 1 1 1 1 1
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
1 1 1 1 1 1 1 1
- - - - - - - -
1 1 1 1 1 1 1 1
- - - - - - - -
1 1 2 3 3 4 4 5
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
14.00% 14.00% 14.00% 14.00% 14.00% 14.00% 14.00% 14.00%

1.17% 1.17% 1.17% 1.17% 1.17% 1.17% 1.17% 1.17%
- 1 1 2 3 3 4 5
1 1 1 1 1 1 1 1
0 0 0 0 0 0 0 0
1 1 2 3 3 4 5 5
2001 2001 2001 2001 2002 2002 2002 2002
-3 -3 -3 -3 -2 -2 -2 -2
9 10 11 12 1 2 3 4
9/1/2001 10/1/2001 11/1/2001 12/1/2001 1/1/2002 2/1/2002 3/1/2002 4/1/2002
12 12 12 12 12 12 12 12
0.0% 0.0% 0.0% 0.0% 97.9% 97.9% 97.9% 97.9%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
1 1 1 1 1 1 1 1
3 3 3 3 4 4 4 4
8 8 8 8 19 19 19 19
1 1 1 1 2 2 2 2
- - - - - - - -
1 1 1 1 2 2 2 2
- - - - - - - -
1 1 1 1 2 2 2 2
- - - - - - - -
- - - - 2 2 2 2
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
1 1 1 1 1 1 1 1
1 1 1 1 1 1 1 1
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - 2 2 2 2
1 1 1 1 0 0 0 0
- - - - - - - -
1 1 1 1 2 2 2 2
- - - - - - - -
6 6 7 8 9 11 12 14
- - - - - 2 3 5
- - - - 2 2 2 2
- - - - - - - -
- - - - 2 3 5 6
- - - - - - - -
14.00% 14.00% 14.00% 14.00% 14.00% 14.00% 14.00% 14.00%

1.17% 1.17% 1.17% 1.17% 1.17% 1.17% 1.17% 1.17%
5 6 7 7 8 8 8 8
1 1 1 1 0 0 0 0
0 0 0 0 0 0 0 0
6 7 7 8 8 8 8 9
2002 2002 2002 2002 2002 2002 2002 2002
-2 -2 -2 -2 -2 -2 -2 -2
5 6 7 8 9 10 11 12
5/1/2002 6/1/2002 7/1/2002 8/1/2002 9/1/2002 10/1/2002 11/1/2002 12/1/2002
12 12 12 12 12 12 12 12
97.9% 97.9% 97.9% 97.9% 97.9% 97.9% 97.9% 97.9%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
1 1 1 1 1 1 1 1
4 4 4 4 4 4 4 4
19 19 19 19 19 19 19 19
2 2 2 2 2 2 2 2
- - - - - - - -
2 2 2 2 2 2 2 2
- - - - - - - -
2 2 2 2 2 2 2 2
- - - - - - - -
2 2 2 2 2 2 2 2
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
1 1 1 1 1 1 1 1
1 1 1 1 1 1 1 1
- - - - - - - -
- - - - - - - -
- - - - - - - -
2 2 2 2 2 2 2 2
0 0 0 0 0 0 0 0
- - - - - - - -
2 2 2 2 2 2 2 2
- - - - - - - -
15 17 19 20 22 23 25 26
6 8 9 11 12 14 15 17
2 2 2 2 2 2 2 2
- - - - - - - -
8 9 11 12 14 15 17 19
- - - - - - - -
14.00% 14.00% 14.00% 14.00% 14.00% 14.00% 14.00% 14.00%

1.17% 1.17% 1.17% 1.17% 1.17% 1.17% 1.17% 1.17%
9 9 9 9 9 9 9 10
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
9 9 9 9 9 9 10 10
2003 2003 2003 2003 2003 2003 2003 2003
-1 -1 -1 -1 -1 -1 -1 -1
1 2 3 4 5 6 7 8
1/1/2003 2/1/2003 3/1/2003 4/1/2003 5/1/2003 6/1/2003 7/1/2003 8/1/2003
12 12 12 12 12 12 12 12
90.6% 90.6% 90.6% 90.6% 90.6% 90.6% 90.6% 90.6%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
1 1 1 1 1 1 1 1
5 5 5 5 5 5 5 5
43 43 43 43 43 43 43 43
4 4 4 4 4 4 4 4
- - - - - - - -
4 4 4 4 4 4 4 4
- - - - - - - -
4 4 4 4 4 4 4 4
- - - - - - - -
3 3 3 3 3 3 3 3
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
1 1 1 1 1 1 1 1
1 1 1 1 1 1 1 1
- - - - - - - -
- - - - - - - -
- - - - - - - -
3 3 3 3 3 3 3 3
0 0 0 0 0 0 0 0
- - - - - - - -
4 4 4 4 4 4 4 4
- - - - - - - -
30 33 37 41 44 48 51 55
19 22 25 28 31 35 38 41
3 3 3 3 3 3 3 3
- - - - - - - -
22 25 28 31 35 38 41 44
- - - - - - - -
14.00% 14.00% 14.00% 14.00% 14.00% 14.00% 14.00% 14.00%

1.17% 1.17% 1.17% 1.17% 1.17% 1.17% 1.17% 1.17%
10 10 11 11 12 12 13 13
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
10 11 11 12 12 13 13 13
2003 2003 2003 2003 2004 2004 2004 2004
-1 -1 -1 -1 0 0 0 0
9 10 11 12 1 2 3 4
9/1/2003 10/1/2003 11/1/2003 12/1/2003 1/1/2004 2/1/2004 3/1/2004 4/1/2004
12 12 12 12 12 12 12 12
90.6% 90.6% 90.6% 90.6% 84.1% 84.1% 84.1% 84.1%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
1 1 1 1 1 1 1 1
5 5 5 5 6 6 6 6
43 43 43 43 51 51 51 51
4 4 4 4 4 4 4 4
- - - - - - - -
4 4 4 4 4 4 4 4
- - - - - - - -
4 4 4 4 4 4 4 4
- - - - - - - -
3 3 3 3 4 4 4 4
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
1 1 1 1 1 1 1 1
1 1 1 1 1 1 1 1
- - - - - - - -
- - - - - - - -
- - - - - - - -
3 3 3 3 4 4 4 4
0 0 0 0 1 1 1 1
- - - - - - - -
4 4 4 4 4 4 4 4
- - - - - - - -
58 62 65 69 73 77 82 86
44 47 51 54 57 61 64 68
3 3 3 3 4 4 4 4
- - - - - - - -
47 51 54 57 61 64 68 71
- - - - - - - -
14.00% 14.00% 14.00% 14.00% 14.00% 14.00% 14.00% 14.00%

1.17% 1.17% 1.17% 1.17% 1.17% 1.17% 1.17% 1.17%
13 14 14 15 16 16 17 18
0 0 0 0 1 1 1 1
0 0 0 0 0 0 0 0
14 14 15 16 16 17 18 19
2004 2004 2004 2004 2004 2004 2004 2004
0 0 0 0 0 0 0 0
5 6 7 8 9 10 11 12
5/1/2004 6/1/2004 7/1/2004 8/1/2004 9/1/2004 10/1/2004 11/1/2004 12/1/2004
12 12 12 12 12 12 12 12
84.1% 84.1% 84.1% 84.1% 84.1% 84.1% 84.1% 84.1%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
1 1 1 1 1 1 1 1
6 6 6 6 6 6 6 6
51 51 51 51 51 51 51 51
4 4 4 4 4 4 4 4
- - - - - - - -
4 4 4 4 4 4 4 4
- - - - - - - -
-
4 4 4 4 4 4 4 4
- - - - - - - -
4 4 4 4 4 4 4 4
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
1 1 1 1 1 1 1 1
1 1 1 1 1 1 1 1
- - - - - - - -
- - - - - - - -
- - - - - - - -
4 4 4 4 4 4 4 4
1 1 1 1 1 1 1 1
- - - - - - - -
4 4 4 4 4 4 4 4
- - - - - - - -
90 94 99 103 107 111 116 120
71 75 79 82 86 89 93 96
4 4 4 4 4 4 4 4
- - - - - - - -
75 79 82 86 89 93 96 100
- - - - - - - -
14.00% 14.00% 14.00% 14.00% 14.00% 14.00% 14.00% 14.00%

1.17% 1.17% 1.17% 1.17% 1.17% 1.17% 1.17% 1.17%
19 20 21 22 23 24 25 26
1 1 1 1 1 1 1 1
0 0 0 0 0 0 0 0
20 21 22 23 24 25 26 27
MC_Year
MA_Year_Counter
MA_Construction_Month
MA_date
MA_Construction_Months
MA_Debt_Financing_Percent
MA_Monthly_Interest_Rate
MA_Construction_Flag
MA_Table_row
MA_Monthly_Input
MA_Annual_Input
MA_Cash_Construction
MA_IDC
MA_Capital_Expenditure_IDC
MA_ITC
MA_Drawdown_WC
MA_Total_Uses
MA_Debt_Funding_Percent
MA_month_of_debt_issue
MA_month_of_equity_issue
MA_Debt_Funding_Input
MA_Equity_Funding_Input
MA_Spread_Debt_Monthly
MA_Spread_Equity_Monthly
MA_Monthly_Equity_Funding
MA_Monthly_Debt_Funding_Input
MA_Monthly_Debt_Funding_Assumed
MA_Total_Monthly_Debt_Funding
MA_Total_Monthly_Equity_Funding
MA_Interest_Income
MA_Total_Sources
MA_Construction_Reserve
MA_Accumulated_Plant
MA_Debt_Begin_Balance
MA_Debt_Issued
MA_Debt_Repaid
MA_Ending_Balance
MA_Interest_Expense
This spreadsheet computes vintage depreciation and can be used for a number of differen
Depreciation Method Straight Line Depreciation Rate

Depreciation Life 13
Year 1
Capital Expenditures 120
Plant Life 30.00
Resulting Depreciation Expense 4
Alternative Depreciation Rates Used in The Vintage Analysis

Depreciation Base (Including IDC) 1.0
MACRS Declining Balance Factor 1.50
Life Rate Row 30.00
Year of Depreciation 1.00 1.00
Beginning Period 2.00 -
Ending Period 3.00 0.50
4.00
Declining Balance Depreciation Rate 100.00% 5.00 5.00%
MACRS Rate 100.58% 6.00 2.50%
SYD Depreciation 100.00% 7.00 6.45%
Straight Line Depreciation Rate 100.00% 8.00 3.33%
Weighted Year 15.50 0.0333
The shaded data drives which tax depreciation

schedule is used and which row in the tax depreciation
schedule is used. This file can be inserted into
another sheet to compute tax depreciation.
2005
Tax Depreciation 9.23
Book Depreciation 4.00
Deferred Tax 1.78
Total Depreciation 4.00
1 Capital Expenditure120.00
1 4.00
2 Capital Expenditure 2 -
an be used for a number of different capital expenditure series. Input the data in grey.
tion Rate
2 3 4 5 6 7 8
- - - - - - -
29.00 28.00 27.00 26.00 25.00 24.00 23.00
4 4 4 4 4 4 4
Analysis
1 1 1 1 1 1 1
1.50 1.50 1.50 1.50 1.50 1.50 1.50
30.00 30.00 30.00 30.00 30.00 30.00 30.00
2.00 3.00 4.00 5.00 6.00 7.00 8.00
0.50 1.50 2.50 3.50 4.50 5.50 6.50
1.50 2.50 3.50 4.50 5.50 6.50 7.50
4.75% 4.51% 4.29% 4.07% 3.87% 3.68% 3.49%

4.88% 4.63% 4.40% 4.18% 3.97% 3.77% 3.58%
6.24% 6.02% 5.81% 5.59% 5.38% 5.16% 4.95%
3.33% 3.33% 3.33% 3.33% 3.33% 3.33% 3.33%
0.0667 0.1000 0.1333 0.1667 0.2000 0.2333 0.2667
Macro Parameters
Beginning Row of Analysis 46
Number of Periods in Analysis 40 All of these numbers are used in the macro a
Row of Capital Expenditures 8 for the formulas. If you change the numbers
Row of Plant Life 9 macro should still run as long as you do not o
Row of Year 7 something else.
Beginning Row of Look-Up Table 17
Ending Row of Look-Up Table 24
Rate Row in Table 8
Starting Column 5
2006 2007 2008 2009 2010 2011 2012

9.23 9.23 9.23 9.23 9.23 9.23 9.23
4.00 4.00 4.00 4.00 4.00 4.00 4.00
1.78 1.78 1.78 1.78 1.78 1.78 1.78
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

- - - - - - -
- - - - - -
- - - - -
- - - -
- - -
- -
-
9 10 11 12 13 14 15
- - - - - - -
22.00 21.00 20.00 19.00 18.00 17.00 16.00
4 4 4 4 4 4 4
1 1 1 1 1 1 1
1.50 1.50 1.50 1.50 1.50 1.50 1.50
30.00 30.00 30.00 30.00 30.00 30.00 30.00
9.00 10.00 11.00 12.00 13.00 14.00 15.00
7.50 8.50 9.50 10.50 11.50 12.50 13.50
8.50 9.50 10.50 11.50 12.50 13.50 14.50
3.32% 3.15% 2.99% 2.99% 2.99% 2.99% 2.99%

3.40% 3.23% 3.07% 2.99% 2.99% 2.99% 2.99%
4.73% 4.52% 4.30% 4.09% 3.87% 3.66% 3.44%
3.33% 3.33% 3.33% 3.33% 3.33% 3.33% 3.33%
0.3000 0.3333 0.3667 0.4000 0.4333 0.4667 0.5000
mbers are used in the macro as inputs

. If you change the numbers, the
ill run as long as you do not over-write
2013 2014 2015 2016 2017 2018 2019

9.23 9.23 9.23 9.23 9.23 - -
4.00 4.00 4.00 4.00 4.00 - -
1.78 1.78 1.78 1.78 1.78 - -
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

- - - - - - -
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-
16 17 18 19 20 21 22
- - - - - - -
15.00 14.00 13.00 12.00 11.00 10.00 9.00
4 4 4 4 4 4 4
1 1 1 1 1 1 1
1.50 1.50 1.50 1.50 1.50 1.50 1.50
30.00 30.00 30.00 30.00 30.00 30.00 30.00
16.00 17.00 18.00 19.00 20.00 21.00 22.00
14.50 15.50 16.50 17.50 18.50 19.50 20.50
15.50 16.50 17.50 18.50 19.50 20.50 21.50
2.99% 2.99% 2.99% 2.99% 2.99% 2.99% 2.99%

2.99% 3.03% 3.03% 3.03% 3.03% 3.03% 3.03%
3.23% 3.01% 2.80% 2.58% 2.37% 2.15% 1.94%
3.33% 3.33% 3.33% 3.33% 3.33% 3.33% 3.33%
0.5333 0.5667 0.6000 0.6333 0.6667 0.7000 0.7333
2020 2021 2022 2023 2024 2025 2026

- - - - - - -
- - - - - - -
- - - - - - -
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

- - - - - - -
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-
23 24 25 26 27 28 29
- - - - - - -
8.00 7.00 6.00 5.00 4.00 3.00 2.00
4 4 4 4 4 4 4
1 1 1 1 1 1 1
1.50 1.50 1.50 1.50 1.50 1.50 1.50
30.00 30.00 30.00 30.00 30.00 30.00 30.00
23.00 24.00 25.00 26.00 27.00 28.00 29.00
21.50 22.50 23.50 24.50 25.50 26.50 27.50
22.50 23.50 24.50 25.50 26.50 27.50 28.50
2.99% 2.99% 2.99% 2.99% 2.99% 2.99% 2.99%

3.03% 3.03% 3.03% 3.03% 3.03% 3.03% 3.03%
1.72% 1.51% 1.29% 1.08% 0.86% 0.65% 0.43%
3.33% 3.33% 3.33% 3.33% 3.33% 3.33% 3.33%
0.7667 0.8000 0.8333 0.8667 0.9000 0.9333 0.9667
2027 2028 2029 2030 2031 2032 2033

- - - - - - -
- - - - - - -
- - - - - - -
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

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-
30 31 32 33 34 35 36
- - - - - - -
1.00 - (1.00) (2.00) (3.00) (4.00) (5.00)
4 - - - - - -
1 1 1 1 1 1 1
1.50 1.50 1.50 1.50 1.50 1.50 1.50
30.00 30.00 30.00 30.00 30.00 30.00 30.00
30.00 31.00 32.00 33.00 34.00 35.00 36.00
28.50 29.50 30.50 31.50 32.50 33.50 34.50
29.50 30.00 31.50 32.50 33.50 34.50 35.50
2.99% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

3.03% 1.52% 0.00% 0.00% 0.00% 0.00% 0.00%
0.22% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
3.33% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
1.0000 - - - - - -
2034 2035 2036 2037 2038 2039 2040

- - - - - - -
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- - - - - - -
4.00 - - - - - -
4.00 - - - - - -
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-
37 38 39 40 41
- - - - -
(6.00) (7.00) (8.00) (9.00) (10.00)
- - - - -
1 1 1 1 1 1 1
1.50 1.50 1.50 1.50 1.50 1.50 1.50
30.00 30.00 30.00 30.00 30.00 30.00 30.00
37.00 38.00 39.00 40.00 41.00 42.00 43.00
35.50 36.50 37.50 38.50 39.50 40.50 41.50
36.50 37.50 38.50 39.50 40.50 41.50 42.50
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
- - - - - - -
2041 2042 2043 2044 2045

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- - - -
- - -
- -
1 1 1 1
1.50 1.50 1.50 1.50
30.00 30.00 30.00 30.00
44.00 45.00 46.00 47.00
42.50 43.50 44.50 45.50
43.50 44.50 45.50 46.50
0.00% 0.00% 0.00% 0.00%

0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00%
- - - -
This spreadsheet computes vintage depreciation and can be used for a number of dif
Depreciation Method Straight Line Depreciation Rate

Depreciation Life 13
Year 1
Capital Expenditures 120
Plant Life 13.00
Resulting Depreciation Expense 9
Alternative Depreciation Rates Used in The Vintage Analysis

Depreciation Base (Including IDC) 1.0
MACRS Declining Balance Factor 1.50
Life Rate Row 13.00
Year of Depreciation 1.00 1.00
Beginning Period 2.00 -
Ending Period 3.00 0.50
4.00
Declining Balance Depreciation Rate 100.00% 5.00 11.54%
MACRS Rate 100.78% 6.00 5.77%
SYD Depreciation 100.00% 7.00 14.29%
Straight Line Depreciation Rate 100.00% 8.00 7.69%
Weighted Year 7.00 0.0769
The shaded data drives which tax depreciation

schedule is used and which row in the tax
depreciation schedule is used. This file can be
inserted into another sheet to compute tax
depreciation.
Total Depreciation 9.2
1 Capital Expenditure120.00
1 9.2
and can be used for a number of different capital expenditure series. Input the data in grey.
ation Rate
2 3 4 5 6 7
- - - - - -
13.00 13.00 13.00 13.00 13.00 13.00
9 9 9 9 9 9
Analysis
1 1 1 1 1 1
1.50 1.50 1.50 1.50 1.50 1.50
13.00 13.00 13.00 13.00 13.00 13.00
2.00 3.00 4.00 5.00 6.00 7.00
0.50 1.50 2.50 3.50 4.50 5.50
1.50 2.50 3.50 4.50 5.50 6.50
10.21% 9.03% 7.99% 7.07% 6.77% 6.77%

10.87% 9.62% 8.51% 7.53% 6.79% 6.77%
13.19% 12.09% 10.99% 9.89% 8.79% 7.69%
7.69% 7.69% 7.69% 7.69% 7.69% 7.69%
0.1538 0.2308 0.3077 0.3846 0.4615 0.5385
Macro Parameters
Beginning Row of Analysis 46
Number of Periods in Analysis 40 All of these numbers are used in the
Row of Capital Expenditures 8 the formulas. If you change the num
Row of Plant Life 9 should still run as long as you do not
Row of Year 7 something else.
Beginning Row of Look-Up Table 17
Ending Row of Look-Up Table 24
Rate Row in Table 8
Starting Column 5
9.2 9.2 9.2 9.2 9.2 9.2
9.2 9.2 9.2 9.2 9.2 9.2

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- -
-
8 9 10 11 12 13 14
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13.00 13.00 13.00 13.00 13.00 13.00 13.00
9 9 9 9 9 9 -
1 1 1 1 1 1 1
1.50 1.50 1.50 1.50 1.50 1.50 1.50
13.00 13.00 13.00 13.00 13.00 13.00 13.00
8.00 9.00 10.00 11.00 12.00 13.00 14.00
6.50 7.50 8.50 9.50 10.50 11.50 12.50
7.50 8.50 9.50 10.50 11.50 12.50 13.00
6.77% 6.77% 6.77% 6.77% 6.77% 6.77% 0.00%

6.91% 6.91% 6.91% 6.91% 6.91% 6.91% 3.46%
6.59% 5.49% 4.40% 3.30% 2.20% 1.10% 0.00%
7.69% 7.69% 7.69% 7.69% 7.69% 7.69% 0.00%
0.6154 0.6923 0.7692 0.8462 0.9231 1.0000 -
ll of these numbers are used in the macro as inputs for

he formulas. If you change the numbers, the macro
hould still run as long as you do not over-write
omething else.
(28)
92
9.2 9.2 9.2 9.2 9.2 9.2 -
9.2 9.2 9.2 9.2 9.2 9.2 -

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15 16 17 18 19 20 21
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13.00 13.00 13.00 13.00 13.00 13.00 13.00
- - - - - - -
1 1 1 1 1 1 1
1.50 1.50 1.50 1.50 1.50 1.50 1.50
13.00 13.00 13.00 13.00 13.00 13.00 13.00
15.00 16.00 17.00 18.00 19.00 20.00 21.00
13.50 14.50 15.50 16.50 17.50 18.50 19.50
14.50 15.50 16.50 17.50 18.50 19.50 20.50
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
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22 23 24 25 26 27 28
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13.00 13.00 13.00 13.00 13.00 13.00 13.00
- - - - - - -
1 1 1 1 1 1 1
1.50 1.50 1.50 1.50 1.50 1.50 1.50
13.00 13.00 13.00 13.00 13.00 13.00 13.00
22.00 23.00 24.00 25.00 26.00 27.00 28.00
20.50 21.50 22.50 23.50 24.50 25.50 26.50
21.50 22.50 23.50 24.50 25.50 26.50 27.50
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
- - - - - - -
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29 30 31 32 33 34 35
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13.00 13.00 13.00 13.00 13.00 13.00 13.00
- - - - - - -
1 1 1 1 1 1 1
1.50 1.50 1.50 1.50 1.50 1.50 1.50
13.00 13.00 13.00 13.00 13.00 13.00 13.00
29.00 30.00 31.00 32.00 33.00 34.00 35.00
27.50 28.50 29.50 30.50 31.50 32.50 33.50
28.50 29.50 30.50 31.50 32.50 33.50 34.50
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
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36 37 38 39 40 41
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13.00 13.00 13.00 13.00 13.00 13.00
- - - - - -
1 1 1 1 1 1 1
1.50 1.50 1.50 1.50 1.50 1.50 1.50
13.00 13.00 13.00 13.00 13.00 13.00 13.00
36.00 37.00 38.00 39.00 40.00 41.00 42.00
34.50 35.50 36.50 37.50 38.50 39.50 40.50
35.50 36.50 37.50 38.50 39.50 40.50 41.50
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
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1 1 1 1 1
1.50 1.50 1.50 1.50 1.50
13.00 13.00 13.00 13.00 13.00
43.00 44.00 45.00 46.00 47.00
41.50 42.50 43.50 44.50 45.50
42.50 43.50 44.50 45.50 46.50
0.00% 0.00% 0.00% 0.00% 0.00%

0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00%
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1 2 3 4 5 6
1
Financial Returns 2 Debt Parameters and Outputs by Tranche
3 Senior Junior 1 Junior 2 Junior 3
Equity IRR 42.66% 4 Average DSCR 3.63 3.14 2.35 1.78
Project IRR 18.22% 5 Minimum DSCR 2.89 2.30 1.76 1.40 3
Equity to Capital at Close 17% 6 LLCR 6.47 10.80 7.16 6.41
WACC 8.00% 7 Interest Rate 7.0% 9.0% 11.0% 12.0%
Equity Cost 14.00% 8 Percent of Permanent Debt Financing 40.0% 18.0% 22.0% 20.0%
9 Debt Service Reserve Percent 0.0% 0.0% 0.0% 0.0%
Equity NPV $38 10 Good Time Pre-payment DSCR 2.00 4.00 4.00 1.50
Project NPV $64 11 Bad Time Pre-payment DSCR 2.00 1.00 1.00 1.00
12 Ending Debt - Term - - - - Debt Data Table and Break-even Analysis Minimum DSCR Senior
Economic Plant Life 13 13 Ending Debt - Life - - - - Row Input Range $D$28
Income Tax Rate 34% 14 IRR on Debt 7.00% 9.00% 11.00% 12.00% Column Input Range
$D$29
Tax Depreciation Life 13 15 Initial Debt 40 18 22 20.00 Revenue Sensitivity
Tax Carryforward Years 6 Construction Financing: 2000 2001 2002 2003 2004 2.89 0.50 0.55 0.60 0.65 0.70 0.75 0.80 0.85 0.90 0.95
Percent Equity 0% 100% 2% 9% 16% Expense Sensitivity 1.00 0.09 0.47 0.74 0.91 1.05 1.18 1.32 1.46 1.58 1.69
Key Operating Drivers 1.05 (0.00) 0.33 0.63 0.86 1.00 1.13 1.27 1.41 1.55 1.66
Debt Data Table and Break-even Analysis 1.10 (0.09) 0.19 0.53 0.81 0.95 1.09 1.22 1.36 1.50 1.63
Revenue Scenario Driver Code Base Case Output Item for Data Table Minimum DSCR 1.15 (0.16) 0.08 0.46 0.73 0.90 1.04 1.17 1.31 1.45 1.59
Expense Scenario Driver Code Base Case Debt Security Title for Analysis Senior 1.20 (0.22) (0.02) 0.31 0.62 0.85 0.99 1.12 1.26 1.40 1.54
Revenue Scenario Code: First Input to Table Revenue Sensitivity 1.25 (0.27) (0.11) 0.18 0.51 0.80 0.94 1.08 1.21 1.35 1.49
Expense Scenario Name: Incr to Revenue Sensitivity 0.05 1.30 (0.32) (0.19) 0.06 0.44 0.71 0.89 1.03 1.16 1.30 1.44
Capital at Close 120 Starting for Revenue Sensitivity 0.50 1.35 (0.37) (0.25) (0.04) 0.29 0.60 0.84 0.98 1.11 1.25 1.39
Construction Profile Scenario Code 1 Second Input to Table Expense Sensitivity 1.40 (0.42) (0.30) (0.13) 0.16 0.50 0.79 0.93 1.07 1.20 1.34
Last Year of Construction 2004 Incr to Expense Sensitivity 0.05 1.45 (0.46) (0.36) (0.21) 0.05 0.43 0.69 0.88 1.02 1.15 1.29
Revenue Sensitivity Factor 100.0% Starting for Expense Sensitivity 1.00
Expense Sensitivity Factor 100.0%
Capital Expense Sensitivitiy 100.0%
Item Col Row Cell
Revenue Sensitivity D 28 $D$28
Model Checks Ending Balanceok
Sheet Expense Sensitivity D 29 $D$29
Cash Flow Test Drawdown Testok Construction Cost D 25 $D$25
Balance Sheet Test Ending Debt Test
ok Constr Profile D 26 $D$26
Percent Equity G 18 $G$18
Plant Life D 14 $D$14
Tax Rate D 15 $D$15
Pct Senior Financing H 9 $H$9
Pct Junior 1 Financing I 9 $I$9
Pct Junior 2 Financing J 9 $J$9
Pct Junior 3 Financing K 9 $K$9
Pct Senior Reserve H 10 $H$10
Pct Junior 1 Reserve I 10 $I$10
Pct Junior 2 Reserve J 10 $J$10
Pct Junior 3 Reserve K 10 $K$10
Senior Good Time H 11 $H$11
Junior 1 Good Time I 11 $I$11
Junior 2 Good Time J 11 $J$11
Junior 3 Good Time K 11 $K$11
Senior Bad Time H 12 $H$12
Junior 1 Bad Time I 12 $I$12
Junior 2 Bad Time J 12 $J$12
Junior 3 Bad Time K 12 $K$12
Senior Interest Rate H 8 $H$8
Junior 1 Interest Rate I 8 $I$8
Junior 2 Interest Rate J 8 $J$8
Junior 3 Interest Rate K 8 $K$8
Base Case 33.3% 15.0% 18.3% 16.7%

#N/A
Senior Junior 1 Junior 2 Junior 3 Equity
33.3% 15.0% 18.3% 16.7% 16.7% 100.0%
Base 1 3.63 3.14 2.35 1.78 -
0 2
0 3
0 4 Senior 3
0 5 Junior 1 4
0 6 Junior 2 5
0 7 Junior 3 6
0 8
0 9
0 10
0 11
0 12
0 13
Base Case
#N/A
Base 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
Secnario Analysis
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Senior DSCR
Base Case Copied from Below
Current Case 10.96 2.89 3.07 3.18 3.39 3.62
Aggregate DSCR
Base Case Copied from Below
Current Case 3.32 1.81 1.70 1.40 1.49 1.45 2.25 1.61 2.15
Free Cash Flow

Base Case Copied from Below - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Current Case 28 28 29 28 29 29 30 30 30 30 31 31 32 - - - - - - - - - - - - - - - -
Equity Cash Flow

Current Case 21 14 13 9 10 10 17 12 16 30 31 31 32 - - - - - - - - - - - - - - - -
Return on Equity Invested

Base Case Copied from Below 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Current Case 107.25% 69.69% 65.03% 44.30% 50.78% 48.30% 86.40% 59.25% 80.66% 151.09% 153.80% 156.56% 159.38% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Capital Invested

Current Case 22.96% 23.36% 23.78% 23.43% 23.84% 24.27% 24.70% 25.14% 24.74% 25.18% 25.63% 26.09% 26.56% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Book Equity

Current Case 79.42% 125.14% 138.19% 109.11% 86.46% 70.77% 66.85% 62.58% 55.34% 64.96% 93.29% 159.48% 490.64% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Income Taxes Paid

Current Case 6 7 7 7 8 8 9 10 10 11 11 11 12 - - - - - - - - - - - - - - - -
Cumulative Income Tax

Current Case 6 13 20 27 35 43 52 62 72 83 94 105 117 117 117 117 117 117 117 117 117 117 117 117 117 117 117 117 117
Debt Data Table and Break-even Analysis Minimum DSCR Senior
1.6
1.5
1.4
1.3
1.2
1.1
1.0
0.9
0.8
0.7
0.6
0.5
Minimum DSCR0.4
0.3
0.2
0.1
0.0
-0.1
-0.2
-0.3
-0.4
Column Y
-0.5
1.00
1.05
1.10
Column V
1.15
1.20
1.25
Column T
1.30
1.35 Column R
1.40
1.45 Column P
Expense Sensitivity
nY
Capital Structure
95.0%
90.0% 16.7%
85.0%
80.0%
75.0% 16.7%
70.0%
65.0%
60.0%
55.0% 18.3%
50.0%
45.0%
40.0%
35.0% 15.0%
30.0%
25.0%
20.0%
15.0%
10.0% 33.3%
5.0%
0.0%
Row 86
Debt Outstanding After Default
1
1
1
1
1
1
1
1
1
0 Row 13
0 Row 14
0
0
0
0
0
0
0
0
- -
Senior -
-
Junior 1 -
-
Junior 2 -
-
Junior 3 -
Row 13
Row 14
Cash Flow
35.00
30.00
25.00
20.00
15.00
10.00
5.00
-
(5.00)
(10.00)
(15.00)
(20.00)
(25.00)
(30.00)
(35.00)
(40.00)
(45.00)
(50.00)
(55.00)
20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34
Row 392 Row 406

0 20 20 20
1 32 33 34
Ending Debt
100.00
95.00
90.00
85.00
80.00
75.00
70.00
65.00
60.00
55.00
50.00
45.00
40.00
35.00
30.00
25.00
20.00
15.00
10.00
5.00
-
Column J Column N
Column R
Column V Column Y
Column AC
Column AG
Column AJ
Row 216 Row 258 Row 301 Row 344

Annual Cash Flow Waterfall
32.50
30.00
27.50
25.00
22.50
20.00
17.50
15.00
12.50
10.00
7.50
5.00
2.50
- Row 111
Column J Column N
Column R Column V Row 130
Column Z Column AD Row 149
Column AH Column AL Row 170
Row 170 Row 149 Row 130 Row 111 Row 92

Senior DSCR Graph
Analysis of Senior DSCR

32.50 5
4.75
30.00
4.5
27.50 4.25
4
25.00
3.75
22.50 3.5
3.25
20.00 3
Row 92
17.50 2.75
Row 102
2.5
Row 108
15.00 2.25
2
12.50
1.75
10.00 1.5
1.25
7.50
1
5.00 0.75
0.5
2.50
0.25
- 0
20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20
05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34
Page 167
Senior DSCR Graph
Row 92
Row 102
Row 108
Page 168
Scheduled and Actual Senior Debt Outstanding
40.00
37.50
35.00
32.50
30.00
27.50
25.00
22.50
20.00
17.50
15.00
12.50
10.00
7.50
5.00
2.50
- Row 216
2005 2008 2011
2014 2017 2020
2023 2026 2029 Row 239
2032
Row 239 Row 216

Senior Reserves Graph
Senior Debt Reserve Balances

1.00 1
0.90 0.9
0.80 0.8
0.70 0.7
0.60 0.6
0.50 0.5
0.40 0.4
0.30 0.3
0.20 0.2
0.10 0.1
- 0
2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2
005 006 007 008 009 010 011 012 013 014 015 016 017 018 019 020 021 022 023 024 025 026 027 028 029 030 031 032 033 034
Row 226 Row 220
Page 171
Senior Reserves Graph
0.9
0.8
0.7
0.6
0.5
0.4
0.3
0.2
0.1
0
2
33 034
Page 172
Scheduled and Actual Debt Re-payments - Senior Debt
8.00
7.50
7.00
6.50
6.00
5.50
5.00
4.50
4.00
3.50
3.00
2.50
2.00
1.50
1.00
0.50
-
Co Co Co Co Co Co Co Co Co Co Co Co Co Co Co Co Co Co Co Co Co Co Co Co Co Co Co Co Co Co
lu lu lu lu lu lu lu lu lu lu lu lu lu lu lu lu lu lu lu lu lu lu lu lu lu lu lu lu lu lu
mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn
J K L M N O P Q R S T U V W X Y Z AA AB AC AD AE AF AG AH AI AJ AK AL AM
Row 233 Row 234

bt
o Co Co
lu lu
n mn mn
K AL AM
DSCR Senior and Junior
5.00
4.75
4.50
4.25
4.00
3.75
3.50
3.25
3.00
2.75
2.50
2.25
2.00
1.75
1.50
1.25
1.00
0.75
0.50
0.25
-
Co Co Co Co Co Co Co Co Co Co Co Co Co Co Co Co Co Co Co Co Co Co Co Co Co Co Co Co Co Co Co Co Co Co
lu lu lu lu lu lu lu lu lu lu lu lu lu lu lu lu lu lu lu lu lu lu lu lu lu lu lu lu lu lu lu lu lu lu
mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn
J K L M N O P Q R S T U V W X Y Z AA AB AC AD AE AF AG AH AI AJ AK AL AM AN AO AP AQ
Row 240
Co Co Co
u lu lu
mn mn mn
AO AP AQ
Debt Service Coverage and Pre-payment Constraints for Senior Debt
6.00
5.50
5.00
4.50
4.00
3.50
3.00
2.50
2.00
1.50
1.00
0.50
-
2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2
005 006 007 008 009 010 011 012 013 014 015 016 017 018 019 020 021 022 023 024 025 026 027 028 029 030 031 032 033 034
Row 206 Row 207 Row 108

nior Debt
2 2
32 033 034
Equity Cash Flow
33
30
28
25
23
20
18
15
13
10
-
2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2
005 006 007 008 009 010 011 012 013 014 015 016 017 018 019 020 021 022 023 024 025 026 027 028 029
Row 19 Row 20
2 2
028 029
Free Cash Flow
33
30
28
25
23
20
18
15
13
10
-
2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2
005 006 007 008 009 010 011 012 013 014 015 016 017 018 019 020 021 022 023 024 025 026 027 028 029
Row 15 Row 16
2 2
028 029
Aggregate DSCR
3.50
3.25
3.00
2.75
2.50
2.25
2.00
1.75
1.50
1.25
1.00
0.75
0.50
0.25
-
2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2
005 006 007 008 009 010 011 012 013 014 015 016 017 018 019 020 021 022 023 024 025 026 027 028 029
Row 11 Row 12
2 2
028 029
Senior DSCR
11.00
10.50
10.00
9.50
9.00
8.50
8.00
7.50
7.00
6.50
6.00
5.50
5.00
4.50
4.00
3.50
3.00
2.50
2.00
1.50
1.00
0.50
-
2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2
005 006 007 008 009 010 011 012 013 014 015 016 017 018 019 020 021 022 023 024 025 026 027 028 029
Row 7 Row 8
2 2
028 029
Return on Equity Invested
160.00%
150.00%
140.00%
130.00%
120.00%
110.00%
100.00%
90.00%
80.00%
70.00%
60.00%
50.00%
40.00%
30.00%
20.00%
10.00%
0.00%
2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2
005 006 007 008 009 010 011 012 013 014 015 016 017 018 019 020 021 022 023 024 025 026 027 028 029
Row 23 Row 24
2 2
028 029
Return on Capital Invested
28.00%
26.00%
24.00%
22.00%
20.00%
18.00%
16.00%
14.00%
12.00%
10.00%
8.00%
6.00%
4.00%
2.00%
0.00%
2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2
005 006 007 008 009 010 011 012 013 014 015 016 017 018 019 020 021 022 023 024 025 026 027 028 029
Row 27 Row 28
2 2
028 029
Revenue, Expenses and Capital Expenditures
73
70
68
65
63
60
58
55
53
50
48
45
43
40 Row 12
38
35 Row 13
33
30
28
Row 11
25
23
20
18
15
13
10
8
5
3
-
Co Co Co Co Co Co Co Co Co Co Co Co Co Co Co Co Co Co Co Co Co Co Co Co Co Co Co Co C Co Co Co Co Co C
lu lu lu lu lu lu lu lu lu lu lu lu lu lu lu lu lu lu lu lu lu lu lu lu lu lu lu lu olu lu lu lu lu lu olu
mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn mn
E F G H I J K L M N O P Q R S T U V W X Y Z AA AB AC AD AE AF AG AH AI AJ AK AL AM
Year
ow 12
ow 13
ow 11
Cumulative Construction Expenditures w/o IDC
120
115
110
105
100
95
90
85
80
75
70
65
60
55
50
45
40
35
30
25
20
15
10
5
-
2000 2001 2002 2003 2004
2004
Book and Tax Depreciation
9.50
9.00
8.50
8.00
7.50
7.00
6.50
6.00
5.50
5.00
4.50
4.00
3.50
3.00
2.50
2.00
1.50
1.00
0.50
-
E
mn
lu
Co
H
mn
lu
Co
K
mn
lu
Co
N
mn
lu
Co
Q
mn
lu
Co
T
mn
lu
Co
W
mn
lu
Co
Z
mn
lu
Co
AC
mn
lu
Co
AF
mn
lu
Co
AI
mn
lu
Co
AL
mn
lu
Co
AO
mn
olu
C
AR
mn
lu
Co
Row 40 Row 41
Co
lu
mn
Financing During Construction
105%
100% 0%
95%
90%
85%
80%
75%
70%
65%
60%
84%
55% 91% Row 6
50% 100% 98% Row 5
45%
40%
35%
30%
25%
20%
15%
10%
16%
5% 9%
0% 0% 2%
2000 2001 2002 2003 2004
Year
Row 6
Row 5
Income Taxes Paid
12
12
11
11
10
10
9
9
8
8
7
7
6
6
5
5
4
4
3
3
2
2
1
0
-
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Row 35 Row 36
2032 2033
Cumulative Income Tax
120
115
110
105
100
95
90
85
80
75
70
65
60
55
50
45
40
35
30
25
20
15
10
5
-
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Row 39 Row 40
2032 2033
Return on Book Equity
30.00%
27.50%
25.00%
22.50%
20.00%
17.50%
15.00%
12.50%
10.00%
7.50%
5.00%
2.50%
0.00%
20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20
05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33
Row 31 Row 32
20 20
32 33

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Step 1: Develop Working Sheet with Cap Exp Revenuse and

Enter Revenues in the operations sheet,

Revenues and Expenses

Enter full year revenues and expenses

Section 1: Summary Case Used

1 Total Recoverable Reserves (MM Tons) 33 IN_Reserves

Real Copper Prices

Section 2a: Revenues - Production

1973 1974 1975

Total Reserves (Rock with Ore) Discovered 33.00 33.00 33.00

Percent of Copper in the Reserves 2.56% 2.56% 2.56%

Conversion Factor for Revenue: Lbs/Ton 2,000 2,000 2,000

Gold/1,000 Reserves 0.0837% 0.0837% 0.0837%

Silver/1,000 Reserves 0.923% 0.923% 0.923%

Section 2b: Prices

Inflation Index 1.02 1.04 1.06

Copper Price - Real 0.40 0.40 0.40

Copper Revenues ($ Millions) 53.11 54.17 55.26

Gold Price - Real ($/oz) 35.00 35.00 35.00

Gold Revenues ($ Millions) (Divide by 1000) 2.43 2.48 2.53

Silver Price - Real ($/oz) 1.75 1.75 1.75

Silver Revenues ($ Millions) (Divide by 1000) 1.34 1.37 1.39

Total Revenues 56.88 58.01 59.17

Section 3: Production Costs

Nominal Cost/Ton 5.79 5.90 6.02

Real Fixed Cost 5.10 5.10 5.10

Base Operating Cost 19.89 20.29 20.70

Cost Sensitivity Factor 100% 100% 100%

Section 4: Capital Expenditures

Total 1969 1970 1971

Total Cash construction 120.00 7.50 18.90 42.50

Cost over-run factor 100% 100% 100%

Total Cash Investment 120.00 7.50 18.90 42.50

Section 5: Debt Issues

Maximum Cost Over-run for Debt Issuance 1.2 1.2 1.2

Base Debt Issue Percent from Case

Senior Debt - Includes Insurance on Expropriation Risk Issue Percent

Total Debt Financing 0.0% 97.9% 90.6%

Debt Re-Payment Schedule

Senior Debt - Includes Insurance on Expropriation Risk

1955 1956 1957

Nominal Copper Price 0.44 0.41 0.27

Inflation Index (1969=100) 1.37 1.35 1.31

Real Copper Price 0.60 0.55 0.36

Assumed Price 0.40 0.40 0.40

1976 1977 1978 1979 1980 1981 1982 1983 1984

33.00 33.00 33.00 33.00 33.00 33.00 33.00 33.00 33.00

2.56% 2.56% 2.56% 2.56% 2.56% 2.56% 2.56% 2.56% 2.56%

2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000

0.0837% 0.0837% 0.0837% 0.0837% 0.0837% 0.0837% 0.0837% 0.0837% 0.0837%

0.923% 0.923% 0.923% 0.923% 0.923% 0.923% 0.923% 0.923% 0.923%

2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00%

1.08 1.10 1.13 1.15 1.17 1.20 1.22 1.24 1.27

0.40 0.40 0.40 0.40 0.40 0.40 0.40 0.40 0.40

56.36 57.49 58.64 59.81 61.01 62.23 63.47 64.74 66.04

35.00 35.00 35.00 35.00 35.00 35.00 35.00 35.00 35.00