Cash Flow Capex Base Base DividendYr Revenue Expenses

0 100000 240001 28000.00 10000 5576.002 28560.00 10200 6092.003 29131.20 10404 6613.764 29713.82 10612.08 7141.405 30308.10 10824.3216 7675.026 30914.26 11040.808032 8214.767 31532.55 11261.62419264 8760.748 32163.20 11486.85667649 9313.07

Principal Interest CADS DSCRRepayment

76000 0 100000.006092.00 2280 13948.00 1.6660296225516613.76 1995 14700.76 1.7076512761427141.40 1710 15465.16 1.74719971837675.02 1425 16241.42 1.7847667108528214.76 1140 17029.79 1.8204400944818760.74 855 17830.50 1.8543039390939313.07 570 18643.81 1.8864386909816

0.00 285 9598.07 33.677451277718

Minimum 1.666029622551Average 5.768035166265

Equity IRRProject IRRProject CF (Free)= EBIDTA-EBIT*Tax-CapexDSCR CFA for DS/DS Div+Int+Rep/Int + Rep

Master SceLife of ProjBase Reve Base ExpenCapex Tax Rate Debt TermBase CaseLow CaseOptimistic Case

Summary

Leverage DepriciatioInterest RaCode

DSCR Opening Draws RepaymentClosing Interest0 0 76000 0 76000 01 76000 0 9500 66500 22802 66500 0 9500 57000 19953 57000 0 9500 47500 17104 47500 0 9500 38000 14255 38000 0 9500 28500 11406 28500 0 9500 19000 8557 19000 0 9500 9500 5708 9500 0 9500 0 285

DepriciatioOpening Capex Depricatio Closing Accumulated0 0 100000 0 100000 01 100000 0 12500 87500 125002 87500 0 12500 75000 250003 75000 0 12500 62500 375004 62500 0 12500 50000 500005 50000 0 12500 37500 625006 37500 0 12500 25000 750007 25000 0 12500 12500 875008 12500 0 12500 0 100000

Profit & Loss 0 1 2 3 4Revenue 28000.00 28560.00 29131.20 29713.82Expenses 10000 10200 10404 10612.08EBITDA 18000.00 18360.00 18727.20 19101.74Less Deprication 12500 12500 12500 12500EBIT 5500.00 5860.00 6227.20 6601.74Less Interest 2280 1995 1710 1425EBT 3220.00 3865.00 4517.20 5176.74Less Tax 644 773 903.44 1035.349PAT 2576.00 3092.00 3613.76 4141.40

Cash Flow 0 1 2 3 4Net Income 2576.00 3092.00 3613.76 4141.40Add Deprication 12500 12500 12500 12500CF From Operations 0.00 15076.00 15592.00 16113.76 16641.40Less Capex 100000 0 0 0 0Cash Flow before finance -100000.00 15076.00 15592.00 16113.76 16641.40Debt 76000 0 0 0 0Less Repayments 0 9500 9500 9500 9500Dividend 0 5576.00 6092.00 6613.76 7141.40

5 6 7 830308.10 30914.26 31532.55 32163.2010824.32 11040.81 11261.62 11486.8619483.78 19873.45 20270.92 20676.34

12500 12500 12500 125006983.78 7373.45 7770.92 8176.34

1140 855 570 2855843.78 6518.45 7200.92 7891.34

1168.756 1303.691 1440.185 1578.2684675.02 5214.76 5760.74 6313.07

5 6 7 84675.02 5214.76 5760.74 6313.07

12500 12500 12500 1250017175.02 17714.76 18260.74 18813.07

0 0 0 017175.02 17714.76 18260.74 18813.07

0 0 0 09500 9500 9500 9500

7675.02 8214.76 8760.74 9313.07

Life of Project 8 YearsBase Revenue 28000Base Expenses 10000Capex 100000Tax Rate 20%Inflation 2%Debt Term 7Leverage 76%Depriciation St.LineInterest Rate 3%