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Project Finance Training Model Sample

- The document appears to be a financial model for a renewable energy project showing projected cash flows, revenues, expenses, and other key financial metrics over time. - It projects the project will generate $96 million in annual revenue and have an internal rate of return of 25.8%. - Construction costs are forecasted to be $42.8 million with funding coming from equity, shareholder loans, and senior debt. Operations are projected to generate $88 million in annual cash flow available for debt service.

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Kumar Singh
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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172 views282 pages

Project Finance Training Model Sample

- The document appears to be a financial model for a renewable energy project showing projected cash flows, revenues, expenses, and other key financial metrics over time. - It projects the project will generate $96 million in annual revenue and have an internal rate of return of 25.8%. - Construction costs are forecasted to be $42.8 million with funding coming from equity, shareholder loans, and senior debt. Operations are projected to generate $88 million in annual cash flow available for debt service.

Uploaded by

Kumar Singh
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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Training model | Sample Model: No Formulas or Macros

or Macros
FINANCIAL STATEMENTS
Start of period
End of period 31-Dec-19
Construction Alerts Warnings IRR
Operations OK OK 25.80%

Cashflow waterfall (USD '000)


Revenue
Merchant revenue 96,324
Total 96,324

Expenses
O&M (4,865)
Land lease (3,441)
Technical maintenance -
Insurance -
Spare 1 -
Spare 2 -
Total (8,306)

Net working capital adjustments (0)

Operating cashflow 88,018

Construction
Turbines (31,500)
Contractor (5,250)
Grid energisation (2,625)
Spare 1 -
Spare 2 -
DSRA (2,061)
IDC (768)
Financing fees (638)
Total (42,842)

Funding
Equity 5,355
Shareholder loan 5,355
Senior debt 32,132
Additional equity -
Total 42,842

Cashflow after funding 88,018


Capex (400)
Tax paid (5,967)

Cashflow available for debt service (CFADS) 81,651

Senior debt
Re-fi fee (179)
Interest (7,408)
Principal (32,132)
Total (39,718)

Cashflow available for DSRA 41,932

DSRA
Funding: from cashflows (433)
Release: CFADS shortfall -
Release: DSRA excess 2,494
Total 2,061

Cashflow available for equity 43,994

SHL interest -
Distributions (43,994)
SHL principal -

Net cashflow 0

Cash balance b/f


Cash balance c/f
Cash balance < 0 -

P&L (USD '000)


Revenue 96,324
Expenses (8,306)
EBITDA 88,018

Depreciation & write-offs (41,181)


Re-fi fee (179)
Interest expense - debt (7,408)
Interest expense - SHL (11,132)
EBT 28,119

Tax payable (5,967)


NPAT 22,151
Distributions (43,994)
Retained earnings (21,842)

Retained earnings b/f


Retained earnings c/f

Balance sheet (USD '000)


Current assets
Cash
Debtors
DSRA
Total

Non-current assets
Long term
Short term
Financing
Total

Total assets

Liabilities
Tax creditors
Creditors
Senior debt: construction facility
Senior debt: term loan
Shareholder loan
Total

Net assets

Equity
Share capital
Retained earnings
Total

Balance sheet check 1 -


Balance sheet check 2 -
1-Jan-20 1-Feb-20 1-Mar-20 1-Apr-20 1-May-20 1-Jun-20 1-Jul-20 1-Aug-20
31-Jan-20 29-Feb-20 31-Mar-20 30-Apr-20 31-May-20 30-Jun-20 31-Jul-20 31-Aug-20
1 1 1 1 1 1 1 1
- - - - - - - -

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

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

- - - - - - - -

- - - - - - - -

(1,575) (1,575) (1,575) (1,575) (1,575) (1,575) (1,575) (1,575)


(788) (788) (788) (788) (1,050) (1,050) - -
- - - - (1,313) (1,313) - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - (12) (27) (33)
(349) (26) (27) (26) (27) (24) (21) (20)
(2,711) (2,388) (2,390) (2,389) (3,965) (3,973) (1,623) (1,628)

2,711 2,388 256 - - - - -


- - 2,134 2,389 833 - - -
- - - - 3,132 3,973 1,623 1,628
- - - - - - - -
2,711 2,388 2,390 2,389 3,965 3,973 1,623 1,628

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

- - - - - - - -

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

- - - - - - - -

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

- - - - - - - -

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

- - - - - - - -

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

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

- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - (12) (27) (31) (32) (32)
- - - (12) (27) (31) (32) (32)

- - - - - - - -
- - - (12) (27) (31) (32) (32)
- - - - - - - -
- - - (12) (27) (31) (32) (32)

- - - - (12) (39) (70) (103)


- - - (12) (39) (70) (103) (135)

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

1,575 3,150 4,725 6,300 7,875 9,450 11,025 12,600


788 1,575 2,363 3,150 5,513 7,875 7,875 7,875
349 374 401 428 455 491 539 592
2,711 5,099 7,489 9,878 13,843 17,816 19,439 21,067

2,711 5,099 7,489 9,878 13,843 17,816 19,439 21,067

- - - - - - - -
- - - - - - - -
- - - - (3,132) (7,105) (8,728) (10,357)
- - - - - - - -
- - (2,134) (4,535) (5,395) (5,426) (5,458) (5,490)
- - (2,134) (4,535) (8,527) (12,531) (14,186) (15,847)

2,711 5,099 5,355 5,343 5,316 5,285 5,253 5,220

2,711 5,099 5,355 5,355 5,355 5,355 5,355 5,355


- - - (12) (39) (70) (103) (135)
2,711 5,099 5,355 5,343 5,316 5,285 5,253 5,220

- - - - - - - -
- - - - - - - -
1-Sep-20 1-Oct-20 1-Nov-20 1-Dec-20 1-Jan-21 1-Feb-21 1-Mar-21 1-Apr-21
30-Sep-20 31-Oct-20 30-Nov-20 31-Dec-20 31-Jan-21 28-Feb-21 31-Mar-21 30-Apr-21
1 1 1 1 1 1 1 1
- - - - - - - -

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

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

- - - - - - - -

- - - - - - - -

(1,575) (1,575) (1,575) (1,575) (1,575) (1,575) (1,575) (1,575)


- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
(38) (46) (50) (58) (68) (68) (82) (85)
(18) (17) (15) (14) (13) (10) (10) (8)
(1,631) (1,638) (1,641) (1,648) (1,656) (1,653) (1,667) (1,669)

- - - - - - - -
- - - - - - - -
1,631 1,638 1,641 1,648 1,656 1,653 1,667 1,669
- - - - - - - -
1,631 1,638 1,641 1,648 1,656 1,653 1,667 1,669

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

- - - - - - - -

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

- - - - - - - -

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

- - - - - - - -

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

- - - - - - - -

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

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

- - - - - - - -
- - - - - - - -
- - - - - - - -
(32) (33) (32) (33) (33) (30) (34) (33)
(32) (33) (32) (33) (33) (30) (34) (33)

- - - - - - - -
(32) (33) (32) (33) (33) (30) (34) (33)
- - - - - - - -
(32) (33) (32) (33) (33) (30) (34) (33)

(135) (167) (199) (231) (265) (298) (328) (362)


(167) (199) (231) (265) (298) (328) (362) (395)

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

14,175 15,750 17,325 18,900 20,475 22,050 23,625 25,200


7,875 7,875 7,875 7,875 7,875 7,875 7,875 7,875
648 711 777 850 931 1,009 1,101 1,194
22,698 24,336 25,977 27,625 29,281 30,934 32,601 34,269

22,698 24,336 25,977 27,625 29,281 30,934 32,601 34,269

- - - - - - - -
- - - - - - - -
(11,988) (13,626) (15,266) (16,914) (18,570) (20,223) (21,890) (23,559)
- - - - - - - -
(5,522) (5,555) (5,587) (5,620) (5,653) (5,684) (5,717) (5,750)
(17,510) (19,180) (20,853) (22,534) (24,223) (25,907) (27,607) (29,309)

5,189 5,156 5,124 5,091 5,057 5,027 4,993 4,960

5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355


(167) (199) (231) (265) (298) (328) (362) (395)
5,189 5,156 5,124 5,091 5,057 5,027 4,993 4,960

- - - - - - - -
- - - - - - - -
1-May-21 1-Jun-21 1-Jul-21 1-Oct-21 1-Jan-22 1-Apr-22 1-Jul-22 1-Oct-22
31-May-21 30-Jun-21 30-Sep-21 31-Dec-21 31-Mar-22 30-Jun-22 30-Sep-22 31-Dec-22
1 1 - - - - - -
- - 1 1 1 1 1 1

- - 1,416 1,419 1,479 1,499 1,519 1,523


- - 1,416 1,419 1,479 1,499 1,519 1,523

- - (80) (80) (78) (79) (80) (80)


- - (55) (55) (54) (55) (56) (56)
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - (135) (135) (133) (134) (136) (136)

- - (418) (1) (30) (1) (1) (1)

- - 863 1,283 1,316 1,364 1,382 1,386

(3,150) (3,150) - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- (2,061) - - - - - -
(95) (105) - - - - - -
(7) (4) - - - - - -
(3,252) (5,320) - - - - - -

- - - - - - - -
- - - - - - - -
3,252 5,320 - - - - - -
- - - - - - - -
3,252 5,320 - - - - - -

- - 863 1,283 1,316 1,364 1,382 1,386


- - - - - - - -
- - - - - - (3) -

- - 863 1,283 1,316 1,364 1,379 1,386

- - - - - - - -
- - (344) (344) (357) (353) (349) (341)
- - - - (656) (696) (712) (725)
- - (344) (344) (1,012) (1,049) (1,061) (1,066)

- - 519 939 304 315 318 320

- - - - (48) (17) - -
- - - - - - - -
- - - - - - 15 6
- - - - (48) (17) 15 6

- - 519 939 255 297 333 326

- - - - - - - -
- - (467) (891) (319) (300) (330) (326)
- - - - - - - -

- - 52 47 (64) (2) 3 (0)

- - - 52 99 35 33 37
- - 52 99 35 33 37 36
- - - - - - - -

- - 1,416 1,419 1,479 1,499 1,519 1,523


- - (135) (135) (133) (134) (136) (136)
- - 1,280 1,284 1,346 1,365 1,383 1,387

- - (1,019) (988) (959) (930) (903) (876)


- - - - - - - -
- - (344) (344) (357) (353) (349) (341)
(34) (33) (103) (104) (104) (107) (110) (112)
(34) (33) (186) (153) (73) (25) 22 58

- - - - - (3) - -
(34) (33) (186) (153) (73) (29) 22 58
- - (467) (891) (319) (300) (330) (326)
(34) (33) (653) (1,045) (392) (328) (308) (269)

(395) (429) (462) (1,115) (2,160) (2,552) (2,880) (3,188)


(429) (462) (1,115) (2,160) (2,552) (2,880) (3,188) (3,457)

- - 52 99 35 33 37 36
- - 462 463 493 494 495 497
- 2,061 2,061 2,061 2,110 2,127 2,112 2,106
- 2,061 2,575 2,623 2,638 2,654 2,644 2,639

28,350 31,500 30,844 30,201 29,572 28,956 28,353 27,762


7,875 7,875 7,629 7,391 7,160 6,936 6,719 6,509
1,297 1,406 1,289 1,181 1,083 993 910 834
37,522 40,781 39,761 38,773 37,814 36,884 35,982 35,105

37,522 42,842 42,336 41,396 40,453 39,539 38,625 37,744

- - - - - (3) - -
- - (44) (44) (44) (44) (44) (44)
(26,811) - - - - - - -
- (32,132) (32,132) (32,132) (31,476) (30,780) (30,068) (29,343)
(5,784) (5,818) (5,920) (6,025) (6,129) (6,236) (6,346) (6,458)
(32,596) (37,949) (38,096) (38,201) (37,649) (37,063) (36,458) (35,845)

4,926 4,893 4,240 3,196 2,804 2,476 2,167 1,899

5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355


(429) (462) (1,115) (2,160) (2,552) (2,880) (3,188) (3,457)
4,926 4,893 4,240 3,196 2,804 2,476 2,167 1,899

- - - 0 0 (0) 0 0
- - - 0 0 (0) 0 0
1-Jan-23 1-Apr-23 1-Jul-23 1-Oct-23 1-Jan-24 1-Apr-24 1-Jul-24 1-Oct-24
31-Mar-23 30-Jun-23 30-Sep-23 31-Dec-23 31-Mar-24 30-Jun-24 30-Sep-24 31-Dec-24
- - - - - - - -
1 1 1 1 1 1 1 1

1,494 1,514 1,535 1,538 1,525 1,529 1,550 1,554


1,494 1,514 1,535 1,538 1,525 1,529 1,550 1,554

(79) (79) (80) (80) (80) (80) (81) (81)


(55) (55) (56) (56) (55) (56) (56) (56)
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
(133) (135) (136) (136) (135) (135) (137) (137)

(1) (1) (1) (1) (1) (1) (1) (1)

1,359 1,378 1,397 1,401 1,389 1,393 1,412 1,416

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

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

1,359 1,378 1,397 1,401 1,389 1,393 1,412 1,416


- - - - - - (25) (25)
- - - - - - - -

1,359 1,378 1,397 1,401 1,389 1,393 1,387 1,391

- - - - - - - -
(326) (321) (316) (308) (279) (271) (250) (241)
(720) (739) (758) (770) (789) (800) (817) (828)
(1,046) (1,060) (1,075) (1,077) (1,069) (1,071) (1,067) (1,070)

314 318 322 323 321 321 320 321

(29) (17) - - - - - -
- - - - - - - -
- - 6 6 2 2 18 6
(29) (17) 6 6 2 2 18 6

285 301 328 329 322 323 338 327

- - - - - - - -
(289) (299) (326) (329) (323) (323) (337) (328)
- - - - - - - -

(4) 1 3 0 (1) 0 1 (1)

36 32 33 36 37 36 36 37
32 33 36 37 36 36 37 36
- - - - - - - -

1,494 1,514 1,535 1,538 1,525 1,529 1,550 1,554


(133) (135) (136) (136) (135) (135) (137) (137)
1,361 1,379 1,398 1,402 1,390 1,394 1,413 1,417

(851) (827) (804) (781) (760) (739) (719) (700)


- - - - - - - -
(326) (321) (316) (308) (279) (271) (250) (241)
(111) (115) (118) (120) (121) (123) (126) (129)
72 116 160 193 230 261 318 346

- - - - - - - -
72 116 160 193 230 261 318 346
(289) (299) (326) (329) (323) (323) (337) (328)
(217) (183) (165) (136) (93) (62) (19) 18

(3,457) (3,673) (3,857) (4,022) (4,158) (4,251) (4,313) (4,332)


(3,673) (3,857) (4,022) (4,158) (4,251) (4,313) (4,332) (4,313)

32 33 36 37 36 36 37 36
498 499 500 502 503 504 505 507
2,135 2,152 2,146 2,140 2,138 2,136 2,118 2,112
2,665 2,684 2,683 2,678 2,677 2,676 2,661 2,655

27,184 26,617 26,063 25,520 24,988 24,468 23,983 23,508


6,306 6,109 5,918 5,733 5,554 5,380 5,212 5,049
765 701 642 589 540 495 454 416
34,254 33,427 32,623 31,841 31,082 30,342 29,648 28,973

36,918 36,111 35,305 34,520 33,758 33,019 32,310 31,628

- - - - - - - -
(44) (44) (44) (45) (45) (45) (45) (45)
- - - - - - - -
(28,623) (27,884) (27,126) (26,356) (25,567) (24,766) (23,949) (23,121)
(6,569) (6,684) (6,802) (6,922) (7,043) (7,166) (7,292) (7,421)
(35,237) (34,612) (33,972) (33,322) (32,654) (31,976) (31,286) (30,586)

1,682 1,499 1,333 1,197 1,105 1,042 1,024 1,042

5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355


(3,673) (3,857) (4,022) (4,158) (4,251) (4,313) (4,332) (4,313)
1,682 1,499 1,333 1,197 1,105 1,042 1,024 1,042

(0) 0 0 0 0 0 0 0
(0) 0 (0) (0) 0 (0) 0 (0)
1-Jan-25 1-Apr-25 1-Jul-25 1-Oct-25 1-Jan-26 1-Apr-26 1-Jul-26 1-Oct-26
31-Mar-25 30-Jun-25 30-Sep-25 31-Dec-25 31-Mar-26 30-Jun-26 30-Sep-26 31-Dec-26
- - - - - - - -
1 1 1 1 1 1 1 1

1,524 1,545 1,565 1,569 1,539 1,560 1,581 1,585


1,524 1,545 1,565 1,569 1,539 1,560 1,581 1,585

(79) (80) (81) (81) (79) (80) (81) (81)


(55) (56) (57) (57) (55) (56) (57) (57)
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
(134) (136) (137) (138) (135) (136) (138) (138)

(1) (1) (1) (1) (1) (1) (1) (1)

1,388 1,408 1,427 1,431 1,403 1,422 1,442 1,446

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

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

1,388 1,408 1,427 1,431 1,403 1,422 1,442 1,446


(25) (25) - - - - - -
- - - - - - - (52)

1,363 1,383 1,427 1,431 1,403 1,422 1,442 1,394

- - - - - - - -
(228) (222) (216) (207) (194) (187) (180) (171)
(821) (841) (881) (893) (885) (907) (929) (901)
(1,049) (1,063) (1,097) (1,100) (1,079) (1,094) (1,109) (1,072)

315 319 329 330 324 328 333 322

(49) (37) - - (30) - - -


- - - - - - - -
- - 18 6 - 22 89 35
(49) (37) 18 6 (30) 22 89 35

266 282 347 336 294 350 422 357

- - - - - - - -
(272) (281) (341) (337) (298) (345) (414) (363)
- - - - - - - -

(6) 1 7 (0) (4) 5 8 (6)

36 30 31 38 37 33 38 46
30 31 38 37 33 38 46 40
- - - - - - - -

1,524 1,545 1,565 1,569 1,539 1,560 1,581 1,585


(134) (136) (137) (138) (135) (136) (138) (138)
1,390 1,409 1,428 1,432 1,404 1,424 1,443 1,447

(682) (665) (648) (631) (615) (599) (584) (569)


- - - - - - - -
(228) (222) (216) (207) (194) (187) (180) (171)
(128) (132) (136) (138) (137) (141) (145) (148)
351 390 428 455 458 496 534 559

- - - - - - (52) (92)
351 390 428 455 458 496 482 467
(272) (281) (341) (337) (298) (345) (414) (363)
79 109 88 119 160 151 68 104

(4,313) (4,234) (4,125) (4,038) (3,919) (3,759) (3,608) (3,540)


(4,234) (4,125) (4,038) (3,919) (3,759) (3,608) (3,540) (3,436)

30 31 38 37 33 38 46 40
508 509 510 512 513 514 516 517
2,161 2,198 2,180 2,173 2,203 2,182 2,092 2,057
2,699 2,738 2,728 2,723 2,749 2,734 2,654 2,614

23,043 22,588 22,118 21,657 21,206 20,764 20,331 19,908


4,891 4,738 4,590 4,447 4,308 4,173 4,043 3,917
381 349 320 294 269 247 226 207
28,316 27,676 27,028 26,397 25,783 25,184 24,600 24,032

31,015 30,414 29,756 29,120 28,532 27,918 27,254 26,646

- - - - - - (52) (92)
(45) (45) (45) (45) (45) (45) (45) (45)
- - - - - - - -
(22,300) (21,459) (20,578) (19,685) (18,800) (17,893) (16,965) (16,063)
(7,549) (7,680) (7,816) (7,954) (8,091) (8,232) (8,378) (8,525)
(29,894) (29,184) (28,439) (27,684) (26,936) (26,171) (25,439) (24,726)

1,121 1,230 1,318 1,436 1,596 1,747 1,815 1,920

5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355


(4,234) (4,125) (4,038) (3,919) (3,759) (3,608) (3,540) (3,436)
1,121 1,230 1,318 1,436 1,596 1,747 1,815 1,920

0 0 0 0 0 0 0 0
(0) (0) (0) 0 (0) (0) 0 (0)
1-Jan-27 1-Apr-27 1-Jul-27 1-Oct-27 1-Jan-28 1-Apr-28 1-Jul-28 1-Oct-28
31-Mar-27 30-Jun-27 30-Sep-27 31-Dec-27 31-Mar-28 30-Jun-28 30-Sep-28 31-Dec-28
- - - - - - - -
1 1 1 1 1 1 1 1

1,554 1,576 1,597 1,601 1,587 1,591 1,613 1,617


1,554 1,576 1,597 1,601 1,587 1,591 1,613 1,617

(79) (80) (81) (81) (81) (81) (82) (82)


(56) (57) (57) (57) (57) (57) (58) (58)
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
(135) (137) (139) (139) (137) (137) (139) (139)

(1) (1) (1) (1) (1) (1) (1) (1)

1,418 1,437 1,457 1,461 1,449 1,453 1,472 1,476

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

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

1,418 1,437 1,457 1,461 1,449 1,453 1,472 1,476


- - - - - - (50) (50)
(92) (89) (94) (73) (113) (112) (114) (137)

1,326 1,348 1,363 1,388 1,336 1,341 1,309 1,289

- - (179) - - - - -
(158) (152) (134) (125) (115) (107) (99) (91)
(861) (885) (915) (943) (913) (925) (908) (901)
(1,020) (1,037) (1,228) (1,068) (1,028) (1,031) (1,007) (992)

306 311 136 320 308 309 302 298

(29) (31) - - - - - -
- - - - - - - -
- - 21 36 21 40 38 5
(29) (31) 21 36 21 40 38 5

277 281 156 357 330 349 340 303

- - - - - - - -
(286) (281) (169) (338) (330) (347) (341) (306)
- - - - - - - -

(9) (1) (12) 19 (1) 2 (1) (4)

40 32 31 19 38 37 39 38
32 31 19 38 37 39 38 34
- - - - - - - -

1,554 1,576 1,597 1,601 1,587 1,591 1,613 1,617


(135) (137) (139) (139) (137) (137) (139) (139)
1,419 1,439 1,458 1,462 1,450 1,454 1,474 1,478

(554) (541) (527) (514) (501) (489) (477) (466)


- - (179) - - - - -
(158) (152) (134) (125) (115) (107) (99) (91)
(147) (151) (156) (158) (159) (162) (167) (170)
559 595 463 665 674 696 731 751

(89) (94) (73) (113) (112) (114) (137) (139)


470 501 390 552 562 582 594 612
(286) (281) (169) (338) (330) (347) (341) (306)
184 220 221 214 232 235 253 305

(3,436) (3,251) (3,031) (2,810) (2,595) (2,363) (2,128) (1,875)


(3,251) (3,031) (2,810) (2,595) (2,363) (2,128) (1,875) (1,570)

32 31 19 38 37 39 38 34
518 519 521 522 523 525 526 527
2,086 2,116 2,096 2,059 2,038 1,998 1,960 1,955
2,636 2,667 2,635 2,619 2,598 2,561 2,524 2,516

19,493 19,087 18,689 18,300 17,919 17,545 17,230 16,921


3,794 3,676 3,561 3,449 3,342 3,237 3,136 3,038
190 174 160 146 134 123 113 103
23,477 22,937 22,410 21,896 21,395 20,906 20,479 20,062

26,113 25,604 25,045 24,515 23,992 23,467 23,003 22,579

(89) (94) (73) (113) (112) (114) (137) (139)


(45) (45) (45) (45) (45) (45) (45) (45)
- - - - - - - -
(15,202) (14,316) (13,401) (12,459) (11,546) (10,621) (9,714) (8,812)
(8,673) (8,824) (8,980) (9,138) (9,298) (9,460) (9,627) (9,797)
(24,009) (23,279) (22,499) (21,755) (21,001) (20,240) (19,523) (18,794)

2,104 2,324 2,546 2,760 2,992 3,227 3,480 3,785

5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355


(3,251) (3,031) (2,810) (2,595) (2,363) (2,128) (1,875) (1,570)
2,104 2,324 2,546 2,760 2,992 3,227 3,480 3,785

0 0 0 0 0 0 0 0
0 0 (0) 0 - 0 0 (0)
1-Jan-29 1-Apr-29 1-Jul-29 1-Oct-29 1-Jan-30 1-Apr-30 1-Jul-30 1-Oct-30
31-Mar-29 30-Jun-29 30-Sep-29 31-Dec-29 31-Mar-30 30-Jun-30 30-Sep-30 31-Dec-30
- - - - - - - -
1 1 1 1 1 1 1 1

1,586 1,607 1,629 1,633 1,602 1,623 1,645 1,649


1,586 1,607 1,629 1,633 1,602 1,623 1,645 1,649

(80) (81) (82) (82) (80) (81) (82) (82)


(56) (57) (58) (58) (57) (58) (58) (58)
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
(136) (138) (140) (140) (137) (139) (140) (140)

(1) (1) (1) (1) (1) (1) (1) (1)

1,448 1,468 1,488 1,492 1,463 1,483 1,504 1,508

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

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

1,448 1,468 1,488 1,492 1,463 1,483 1,504 1,508


(50) (50) - - - - - -
(139) (135) (140) (163) (165) (161) (166) (171)

1,259 1,283 1,348 1,329 1,299 1,322 1,338 1,337

- - - - - - - -
(80) (73) (65) (56) (46) (38) (29) (20)
(888) (914) (972) (966) (953) (979) (1,000) (1,008)
(968) (987) (1,037) (1,022) (999) (1,017) (1,029) (1,028)

291 296 311 307 300 305 309 309

(69) (36) - - (30) (11) - -


- - - - - - - -
- - 38 5 - - 25 888
(69) (36) 38 5 (30) (11) 25 888

222 260 349 312 269 294 333 1,197

- - - - - - - -
(230) (257) (340) (315) (274) (292) (329) (1,110)
- - - - - - - -

(8) 3 9 (3) (5) 2 4 87

34 26 29 38 35 30 32 37
26 29 38 35 30 32 37 123
- - - - - - - -

1,586 1,607 1,629 1,633 1,602 1,623 1,645 1,649


(136) (138) (140) (140) (137) (139) (140) (140)
1,449 1,469 1,489 1,493 1,465 1,485 1,505 1,509

(456) (446) (436) (426) (416) (406) (396) (387)


- - - - - - - -
(80) (73) (65) (56) (46) (38) (29) (20)
(169) (174) (179) (182) (181) (186) (192) (195)
744 776 809 829 821 854 888 907

(135) (140) (163) (165) (161) (166) (171) (173)


608 636 646 664 660 689 717 734
(230) (257) (340) (315) (274) (292) (329) (1,110)
378 379 306 350 387 397 388 (376)

(1,570) (1,192) (813) (507) (158) 229 625 1,013


(1,192) (813) (507) (158) 229 625 1,013 637

26 29 38 35 30 32 37 123
529 530 531 533 534 535 537 538
2,024 2,059 2,021 2,016 2,047 2,058 2,033 1,145
2,578 2,618 2,590 2,584 2,611 2,625 2,606 1,806

16,618 16,322 15,982 15,649 15,323 15,004 14,691 14,385


2,943 2,851 2,762 2,676 2,592 2,511 2,433 2,357
95 87 80 73 67 61 56 52
19,656 19,260 18,824 18,398 17,982 17,576 17,180 16,793

22,234 21,878 21,414 20,982 20,593 20,202 19,786 18,599

(135) (140) (163) (165) (161) (166) (171) (173)


(45) (46) (46) (46) (46) (46) (46) (46)
- - - - - - - -
(7,924) (7,011) (6,039) (5,073) (4,121) (3,141) (2,141) (1,133)
(9,966) (10,140) (10,318) (10,501) (10,682) (10,868) (11,060) (11,255)
(18,071) (17,336) (16,566) (15,784) (15,009) (14,221) (13,418) (12,607)

4,163 4,542 4,848 5,197 5,584 5,981 6,368 5,993

5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355


(1,192) (813) (507) (158) 229 625 1,013 637
4,163 4,542 4,848 5,197 5,584 5,981 6,368 5,993

- 0 0 0 0 0 0 0
(0) 0 - (0) (0) 0 0 (0)
1-Jan-31 1-Apr-31 1-Jul-31 1-Oct-31 1-Jan-32 1-Apr-32 1-Jul-32 1-Oct-32
31-Mar-31 30-Jun-31 30-Sep-31 31-Dec-31 31-Mar-32 30-Jun-32 30-Sep-32 31-Dec-32
- - - - - - - -
1 1 1 1 1 1 1 1

1,618 1,640 1,662 1,666 1,652 1,656 1,678 1,683


1,618 1,640 1,662 1,666 1,652 1,656 1,678 1,683

(80) (81) (82) (82) (82) (82) (83) (83)


(57) (58) (59) (59) (58) (58) (59) (59)
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
(138) (139) (141) (141) (140) (140) (142) (142)

(1) (1) (1) (1) (1) (1) (1) (1)

1,479 1,499 1,520 1,524 1,511 1,515 1,536 1,540

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

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

1,479 1,499 1,520 1,524 1,511 1,515 1,536 1,540


- - - - - - (25) (25)
(173) (169) (174) (177) (177) (174) (175) (178)

1,306 1,330 1,345 1,346 1,334 1,340 1,336 1,337

- - - - - - - -
(10) (1) - - - - - -
(994) (139) - - - - - -
(1,005) (140) - - - - - -

301 1,190 1,345 1,346 1,334 1,340 1,336 1,337

- - - - - - - -
- - - - - - - -
1,005 140 - - - - - -
1,005 140 - - - - - -

1,306 1,330 1,345 1,346 1,334 1,340 1,336 1,337

- - - - - - - -
(1,286) (1,326) (1,343) (1,346) (1,335) (1,340) (1,336) (1,337)
- - - - - - - -

20 4 2 0 (1) 1 (0) 0

123 143 147 149 150 148 149 148


143 147 149 150 148 149 148 149
- - - - - - - -

1,618 1,640 1,662 1,666 1,652 1,656 1,678 1,683


(138) (139) (141) (141) (140) (140) (142) (142)
1,480 1,500 1,521 1,525 1,512 1,516 1,537 1,541

(378) (369) (360) (352) (343) (335) (328) (320)


- - - - - - - -
(10) (1) - - - - - -
(194) (200) (206) (209) (211) (214) (220) (224)
898 930 955 964 958 967 989 996

(169) (174) (177) (177) (174) (175) (178) (178)


729 756 778 787 784 792 811 818
(1,286) (1,326) (1,343) (1,346) (1,335) (1,340) (1,336) (1,337)
(558) (569) (566) (559) (551) (548) (525) (518)

637 80 (490) (1,055) (1,614) (2,165) (2,713) (3,238)


80 (490) (1,055) (1,614) (2,165) (2,713) (3,238) (3,757)

143 147 149 150 148 149 148 149


539 541 542 543 545 546 547 549
140 - - - - - - -
822 688 691 693 693 695 696 697

14,086 13,792 13,505 13,223 12,948 12,678 12,439 12,205


2,283 2,212 2,143 2,076 2,011 1,948 1,887 1,828
47 43 40 36 33 31 28 26
16,416 16,047 15,687 15,335 14,992 14,657 14,354 14,059

17,238 16,735 16,378 16,028 15,685 15,351 15,050 14,756

(169) (174) (177) (177) (174) (175) (178) (178)


(46) (46) (46) (46) (46) (46) (46) (46)
- - - - - - - -
(139) - - - - - - -
(11,449) (11,649) (11,855) (12,064) (12,274) (12,489) (12,709) (12,933)
(11,803) (11,869) (12,078) (12,287) (12,495) (12,709) (12,933) (13,157)

5,435 4,866 4,300 3,741 3,190 2,642 2,117 1,599

5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355


80 (490) (1,055) (1,614) (2,165) (2,713) (3,238) (3,757)
5,435 4,866 4,300 3,741 3,190 2,642 2,117 1,599

0 - 0 0 0 0 0 0
0 (0) 0 (0) 0 (0) 0 -
1-Jan-33 1-Apr-33 1-Jul-33 1-Oct-33 1-Jan-34 1-Apr-34 1-Jul-34 1-Oct-34
31-Mar-33 30-Jun-33 30-Sep-33 31-Dec-33 31-Mar-34 30-Jun-34 30-Sep-34 31-Dec-34
- - - - - - - -
1 1 1 1 1 1 1 1

1,650 1,673 1,695 1,699 1,667 1,689 1,712 1,716


1,650 1,673 1,695 1,699 1,667 1,689 1,712 1,716

(81) (82) (83) (83) (81) (82) (83) (83)


(58) (59) (59) (60) (58) (59) (60) (60)
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
(139) (141) (142) (142) (139) (141) (143) (143)

(1) (1) (1) (1) (1) (1) (1) (1)

1,510 1,531 1,552 1,556 1,526 1,547 1,568 1,572

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

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

1,510 1,531 1,552 1,556 1,526 1,547 1,568 1,572


(25) (25) - - - - - -
(178) (172) (175) (177) (177) (171) (174) (177)

1,307 1,334 1,377 1,378 1,348 1,375 1,394 1,395

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

1,307 1,334 1,377 1,378 1,348 1,375 1,394 1,395

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

1,307 1,334 1,377 1,378 1,348 1,375 1,394 1,395

- - - - - - - -
(1,310) (1,332) (1,372) (1,378) (1,351) (1,373) (1,392) (1,394)
- - - - - - - -

(3) 2 5 1 (3) 2 2 0

149 146 148 152 153 150 153 155


146 148 152 153 150 153 155 155
- - - - - - - -

1,650 1,673 1,695 1,699 1,667 1,689 1,712 1,716


(139) (141) (142) (142) (139) (141) (143) (143)
1,511 1,532 1,553 1,557 1,527 1,548 1,569 1,573

(314) (307) (300) (293) (287) (280) (274) (267)


- - - - - - - -
- - - - - - - -
(223) (230) (236) (240) (239) (246) (253) (258)
975 996 1,017 1,023 1,001 1,022 1,043 1,049

(172) (175) (177) (177) (171) (174) (177) (177)


803 821 839 846 830 848 865 871
(1,310) (1,332) (1,372) (1,378) (1,351) (1,373) (1,392) (1,394)
(507) (511) (533) (532) (521) (525) (526) (523)

(3,757) (4,264) (4,775) (5,308) (5,840) (6,361) (6,886) (7,413)


(4,264) (4,775) (5,308) (5,840) (6,361) (6,886) (7,413) (7,936)

146 148 152 153 150 153 155 155


550 551 553 554 556 557 558 560
- - - - - - - -
696 699 705 707 706 709 713 715

11,976 11,751 11,506 11,267 11,032 10,802 10,577 10,357


1,771 1,716 1,662 1,610 1,560 1,511 1,464 1,418
24 22 20 18 17 15 14 13
13,770 13,488 13,188 12,895 12,608 12,328 12,055 11,788

14,466 14,188 13,893 13,602 13,314 13,038 12,768 12,502

(172) (175) (177) (177) (171) (174) (177) (177)


(46) (46) (46) (46) (46) (47) (47) (47)
- - - - - - - -
- - - - - - - -
(13,156) (13,386) (13,622) (13,863) (14,102) (14,348) (14,601) (14,859)
(13,374) (13,607) (13,846) (14,086) (14,320) (14,569) (14,825) (15,083)

1,091 581 47 (484) (1,006) (1,531) (2,057) (2,581)

5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355


(4,264) (4,775) (5,308) (5,840) (6,361) (6,886) (7,413) (7,936)
1,091 581 47 (484) (1,006) (1,531) (2,057) (2,581)

0 0 0 0 0 0 0 0
(0) (0) 0 - (0) 0 (0) 0
1-Jan-35 1-Apr-35 1-Jul-35 1-Oct-35 1-Jan-36 1-Apr-36 1-Jul-36 1-Oct-36
31-Mar-35 30-Jun-35 30-Sep-35 31-Dec-35 31-Mar-36 30-Jun-36 30-Sep-36 31-Dec-36
- - - - - - - -
1 1 1 1 1 1 - -

1,683 1,706 1,729 1,734 1,719 1,723 - -


1,683 1,706 1,729 1,734 1,719 1,723 - -

(81) (82) (83) (83) (83) (83) - -


(59) (59) (60) (60) (60) (60) - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
(140) (142) (144) (144) (142) (143) - -

(1) (1) (1) (1) (1) (1) 521 -

1,542 1,563 1,584 1,589 1,575 1,579 521 -

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

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

1,542 1,563 1,584 1,589 1,575 1,579 521 -


- - - - - - - -
(177) (171) (174) (177) (177) (174) - -

1,365 1,392 1,410 1,412 1,399 1,406 521 -

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

1,365 1,392 1,410 1,412 1,399 1,406 521 -

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

1,365 1,392 1,410 1,412 1,399 1,406 521 -

- - - - - - - -
(1,368) (1,389) (1,408) (1,411) (1,400) (1,405) (610) (61)
- - - - - - - -

(3) 2 2 0 (1) 1 (88) (61)

155 152 154 156 157 156 156 68


152 154 156 157 156 156 68 7
- - - - - - - -

1,683 1,706 1,729 1,734 1,719 1,723 - -


(140) (142) (144) (144) (142) (143) - -
1,543 1,564 1,586 1,590 1,577 1,581 - -

(261) (255) (249) (244) (238) (10,540) - -


- - - - - - - -
- - - - - - - -
(256) (264) (271) (276) (278) (283) - -
1,026 1,045 1,065 1,070 1,061 (9,242) - -

(171) (174) (177) (177) (174) - - -


854 871 888 893 887 (9,242) - -
(1,368) (1,389) (1,408) (1,411) (1,400) (1,405) (610) (61)
(513) (518) (520) (518) (513) (10,647) (610) (61)

(7,936) (8,449) (8,967) (9,487) (10,005) (10,518) (21,165) (21,775)


(8,449) (8,967) (9,487) (10,005) (10,518) (21,165) (21,775) (21,836)

152 154 156 157 156 156 68 7


561 562 564 565 567 568 - -
- - - - - - - -
713 717 720 722 722 724 68 7

10,141 9,930 9,723 9,520 9,322 - - -


1,374 1,331 1,289 1,249 1,210 - - -
12 11 10 9 8 - - -
11,526 11,271 11,022 10,778 10,540 - - -

12,239 11,988 11,742 11,500 11,262 724 68 7

(171) (174) (177) (177) (174) - - -


(47) (47) (47) (47) (47) (47) - -
- - - - - - - -
- - - - - - - -
(15,115) (15,379) (15,650) (15,926) (16,204) (16,487) (16,487) (16,487)
(15,333) (15,600) (15,874) (16,150) (16,425) (16,534) (16,487) (16,487)

(3,094) (3,612) (4,132) (4,650) (5,163) (15,810) (16,420) (16,480)

5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355


(8,449) (8,967) (9,487) (10,005) (10,518) (21,165) (21,775) (21,836)
(3,094) (3,612) (4,132) (4,650) (5,163) (15,810) (16,420) (16,480)

0 0 0 0 0 - - -
(0) 0 - (0) 0 (0) - -
1-Jan-37 1-Apr-37 1-Jul-37 1-Oct-37
31-Mar-37 30-Jun-37 30-Sep-37 31-Dec-37
- - - -
- - - -

- - - -
- - - -

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

- - - -

- - - -

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

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

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

- - - -

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

- - - -

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

- - - -

- - - -
(6) (1) (0) (0)
- - - -

(6) (1) (0) (0)

7 1 0 0
1 0 0 0
- - - -

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

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

- - - -
- - - -
(6) (1) (0) (0)
(6) (1) (0) (0)

(21,836) (21,842) (21,842) (21,842)


(21,842) (21,842) (21,842) (21,842)

1 0 0 0
- - - -
- - - -
1 0 0 0

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

1 0 0 0

- - - -
- - - -
- - - -
- - - -
(16,487) (16,487) (16,487) (16,487)
(16,487) (16,487) (16,487) (16,487)

(16,487) (16,487) (16,487) (16,487)

5,355 5,355 5,355 5,355


(21,842) (21,842) (21,842) (21,842)
(16,487) (16,487) (16,487) (16,487)

- - - -
- - - -
SCENARIO MANAGER Alerts Warnings IRR
OK OK 25.80%
Scenario manager
Case selected Choice Case 1

Name Name Debt

Operations
Price selection Choice Central
Price (flex %) X * (1 + Y%) -
Generation selection Choice P50

Fixed opex X * (1 + Y%) -

Macroeconomics
Interest rate (flex %) X% + Y% -
CPI rate (flex %) X% + Y% -

Debt sizing
Calculate debt size? Choice Calculate

Data table

1
2
3
4
5
6
7
Max number of scenarios 10 8
9
10
Equity default Case 1 Case 2 Case 3 Case 4 Case 5
Equity default Debt Equity Low Price down toPrice down t

Central
(10.00%) (15.00%)
P50 P90

Schedule Calculate

Equity Project
Name NPV IRR NPV IRR DSCR Min date
Debt 10,474 25.80% 11,127 10.99% 1.30x 31-Mar-22
Debt 12,737 28.73% 11,294 11.07% 1.30x 31-Mar-22
Equity 12,737 28.73% 11,294 11.07% 1.30x 31-Mar-22
Low 8,752 22.71% 6,326 9.34% 1.17x 30-Sep-30
Price down to 1/2 IRR 8,447 22.24% 5,947 9.21% 1.16x 31-Mar-22
Price down to 1.0 DSCR 5,789 17.83% 3,274 8.24% 1.09x 31-Mar-22
Disaster 7,090 19.42% 6,033 9.24% 1.08x 31-Mar-22
Opex up 12,600 28.53% 11,122 11.01% 1.30x 30-Sep-30
Interest up 10,086 23.00% 11,294 11.07% 1.13x 31-Mar-22
CPI down 12,764 28.76% 11,330 11.08% 1.30x 31-Mar-22
Spare 12,737 28.73% 11,294 11.07% 1.30x 31-Mar-22
Case 6 Case 7 Case 8 Case 9 Case 10
Disaster Opex up Interest up CPI down Spare

(10.00%)

(10.00%) 20.00%

1.00% 2.00%
(1.00%)

CFADS CFAE
81,651 43,994
88,018 50,431
88,018 50,431
79,059 41,472
78,386 40,798
73,569 35,982
78,543 39,208
87,703 50,116
88,018 46,936
88,094 50,506
88,018 50,431
INPUTS

TIMING
Model start Date 31-Dec-19

Duration Start
Construction Various 6 Qtr(s) 1-Jan-20
Operations Various 15.00 Yr(s) 1-Jul-21

CONSTRUCTION
Construction
Construction profile USD '000 Total
Turbines % 30,000 100.00%
Contractor % 5,000 100.00%
Grid energisation % 2,500 100.00%
Spare 1 % -
Spare 2 % -
Total % 37,500

Contingency % 5.00%

REVENUE
Generation
Turbines
Number of turbines Num# 30

Gross generation per turbine P50 2020


1 P50 MWh p.a. 2,300
0 P75 MWh p.a. 2,185
0 P90 MWh p.a. 2,070
Applied MWh p.a. 2,300

Price
Merchant price (real) Central 2020
Central USD / MWh 80
High USD / MWh 85
Low USD / MWh 70
Flex USD / MWh -
Applied USD / MWh 80
Escalation Choice 1%

OPEX & CAPEX


Fixed costs (real)
Esc. 2020
O&M USD '000 2% 40
Land lease USD '000 CPI 45
Technical maintenance USD '000 CPI
Insurance USD '000 CPI
Spare 1 USD '000 None
Spare 2 USD '000 None
Total USD '000 85

Variable costs (nominal)


O&M USD / MWh 4.00
Land lease USD / MWh 2.50
Technical maintenance USD / MWh
Insurance USD / MWh
Spare 1 USD / MWh
Spare 2 USD / MWh
Total USD / MWh 6.50

Capex (nominal)
Total
Servicing 1 USD '000 400
Spare USD '000 -

FUNDING
Funding
Debt
Total funding requirement (display only) USD '000 42,842 32,132

Senior debt
Tenor Duration Start
Tenor Various 10.00 Yr(s) 1-Jul-21
Grace period Various 0.50 Yr(s) 1-Jul-21

Margin Cons Yr 1
Margin above base rate % p.a. 2.50% 2.00%

Fees
Commitment fee % p.a. 40.00% 1.00% Payable on undrawn debt
Arrangement fee Various 1.00% 321

Repayment
Selection Selection Sculpted Annuity
Sculpted
Target DSCR (sculpted) x 1.30x

Covenants
Lock-up DSCR x 1.10x

Refinancing Duration Start


Initial Various 6.00 Yr(s) 1-Jul-21
Re-fi 1 Various 4.00 Yr(s) 1-Jul-27
Re-fi 2 Various 0.00 Yr(s) 1-Jul-31

DSRA
Initial funding USD '000 2,061
Target balance Qtrs 2 Qtr(s)

Shareholder loan
Payout?
Payout interest & principal? Selection Off

Interest
Interest rate % p.a. 7.00%

Principal repayment % of avail.


Cash sweep % 30.00%

Equity
Dividends
Payout ratio % 90.00%

Returns
Cost of capital % 10.00%
Project discount rate % 7.00%

TAX & DEPRECIATION


Corporate tax
Tax rate % 21.00%
Depreciation
Construction capex
Accounting Tax
1 Long term Various SL MACRS
2 Short term Various SL MACRS
3 Financing Various SL MACRS

Categories
Construction capex Category
Technical maintenance Choice Category 1
Insurance Choice Category 2
Spare 1 Choice Category 2
Spare 2 Choice Category 1
Total Choice Category 1
IDC Choice Category 3
Financing fees Choice Category 3

Maintenance capex Category


Refinancing Choice Category 1
Initial Choice Category 1

MACROECONOMIC
Escalation Base index at model start
Base index 2020
None % p.a. 1.000 -
1% % p.a. 1.000 1.00%
2% % p.a. 1.000 2.00%
CPI % p.a. 1.000 2.50%

Base rate
2020
Base rate % p.a. 2.00%
Flex % p.a. -
Applied % p.a. 2.00%

Working capital
Days delay
Debtors Day(s) 30 Day(s)
Creditors Day(s) 30 Day(s)
End
30-Jun-21
30-Jun-36

Cons Mths 1 Cons Mths 2 Cons Mths 3 Cons Mths 4 Cons Mths 5 Cons Mths 6 Cons Mths 7
5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%
15.00% 15.00% 15.00% 15.00% 20.00% 20.00%
50.00% 50.00%

2021 2022 2023 2024 +


2,300 2,300 2,300 2,300
2,185 2,185 2,185 2,185
2,070 2,070 2,070 2,070
2,300 2,300 2,300 2,300

2021 2022 2023 2024 +


80 85 85 85
85 90 90 90
70 70 70 70

80 85 85 85
2021 2022 2023 2024 +
40 40 40 40
45 45 45 45

85 85 85 85

Op. Yr 4 Op. Yr 8 Op. Yr 12


100 200 100

Equity Add. Eq
5,355 -

End
30-Jun-31
31-Dec-21

Yr 4 Yr 7+
1.75% 1.50%
ayable on undrawn debt

End Fee % Int. % p.a.


30-Jun-27
30-Jun-31 1.25% 1.45%
30-Jun-31 1.00% 1.45%
Straight line Reducing balance
Asset life % p.a. % p.q. RB multiple % p.q.
12 Yr(s) 8.33% 2.08% 2.00x 4.17%
8 Yr(s) 12.50% 3.13% 2.00x 6.25%
3 Yr(s) 33.33% 8.33% 2.00x 16.67%

2021 2022 2023 2024 +


- - - -
1.00% 1.00% 1.00% 1.00%
2.00% 2.00% 2.00% 2.00%
2.50% 2.50% 2.50% 2.50%

2021 2022 2023 2024 +


2.25% 2.50% 2.50% 2.25%

2.25% 2.50% 2.50% 2.25%


Cons Mths 8 Cons Mths 9 Cons Mths 10 Cons Mths 11 Cons Mths 12 Cons Mths 13 Cons Mths 14
5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%
MACRS
Choice
15 year
7 year
5 year
Cons Mths 15 Cons Mths 16 Cons Mths 17 Cons Mths 18
5.00% 5.00% 10.00% 10.00%
INPUTS

DEPRECIATION
MACRS depreciation schedule
Depreciation by year

Op Yr 1
5 year % p.a. 6 20.00%
7 year % p.a. 8 14.29%
15 year % p.a. 16 5.00%

Depreciation % by quarter, in reverse Op Yr 16


Op Yr 65 Op Qtr 64
5 year -
7 year -
15 year 0.74%
Op Yr 2 Op Yr 3 Op Yr 4 Op Yr 5 Op Yr 6 Op Yr 7 Op Yr 8 Op Yr 9
32.00% 19.20% 11.52% 11.52% 5.76%
24.49% 17.49% 12.49% 8.93% 8.92% 8.93% 4.46%
9.50% 8.55% 7.70% 6.93% 6.23% 5.90% 5.90% 5.91%

Op Yr 16 Op Yr 16 Op Yr 16 Op Yr 15 Op Yr 15 Op Yr 15 Op Yr 15 Op Yr 14
Op Qtr 63 Op Qtr 62 Op Qtr 61 Op Qtr 60 Op Qtr 59 Op Qtr 58 Op Qtr 57 Op Qtr 56
- - - - - - - -
- - - - - - - -
0.74% 0.74% 0.74% 1.48% 1.48% 1.48% 1.48% 1.48%
Op Yr 10 Op Yr 11 Op Yr 12 Op Yr 13 Op Yr 14 Op Yr 15 Op Yr 16

5.90% 5.91% 5.90% 5.91% 5.90% 5.91% 2.95%

Op Yr 14 Op Yr 14 Op Yr 14 Op Yr 13 Op Yr 13 Op Yr 13 Op Yr 13 Op Yr 12
Op Qtr 55 Op Qtr 54 Op Qtr 53 Op Qtr 52 Op Qtr 51 Op Qtr 50 Op Qtr 49 Op Qtr 48
- - - - - - - -
- - - - - - - -
1.48% 1.48% 1.48% 1.48% 1.48% 1.48% 1.48% 1.48%
Op Yr 12 Op Yr 12 Op Yr 12 Op Yr 11 Op Yr 11 Op Yr 11 Op Yr 11 Op Yr 10
Op Qtr 47 Op Qtr 46 Op Qtr 45 Op Qtr 44 Op Qtr 43 Op Qtr 42 Op Qtr 41 Op Qtr 40
- - - - - - - -
- - - - - - - -
1.48% 1.48% 1.48% 1.48% 1.48% 1.48% 1.48% 1.48%
Op Yr 10 Op Yr 10 Op Yr 10 Op Yr 9 Op Yr 9 Op Yr 9 Op Yr 9 Op Yr 8
Op Qtr 39 Op Qtr 38 Op Qtr 37 Op Qtr 36 Op Qtr 35 Op Qtr 34 Op Qtr 33 Op Qtr 32
- - - - - - - -
- - - - - - - 1.12%
1.48% 1.48% 1.48% 1.48% 1.48% 1.48% 1.48% 1.48%
Op Yr 8 Op Yr 8 Op Yr 8 Op Yr 7 Op Yr 7 Op Yr 7 Op Yr 7 Op Yr 6
Op Qtr 31 Op Qtr 30 Op Qtr 29 Op Qtr 28 Op Qtr 27 Op Qtr 26 Op Qtr 25 Op Qtr 24
- - - - - - - 1.44%
1.12% 1.12% 1.12% 2.23% 2.23% 2.23% 2.23% 2.23%
1.48% 1.48% 1.48% 1.48% 1.48% 1.48% 1.48% 1.56%
Op Yr 6 Op Yr 6 Op Yr 6 Op Yr 5 Op Yr 5 Op Yr 5 Op Yr 5 Op Yr 4
Op Qtr 23 Op Qtr 22 Op Qtr 21 Op Qtr 20 Op Qtr 19 Op Qtr 18 Op Qtr 17 Op Qtr 16
1.44% 1.44% 1.44% 2.88% 2.88% 2.88% 2.88% 2.88%
2.23% 2.23% 2.23% 2.23% 2.23% 2.23% 2.23% 3.12%
1.56% 1.56% 1.56% 1.73% 1.73% 1.73% 1.73% 1.93%
Op Yr 4 Op Yr 4 Op Yr 4 Op Yr 3 Op Yr 3 Op Yr 3 Op Yr 3 Op Yr 2
Op Qtr 15 Op Qtr 14 Op Qtr 13 Op Qtr 12 Op Qtr 11 Op Qtr 10 Op Qtr 9 Op Qtr 8
2.88% 2.88% 2.88% 4.80% 4.80% 4.80% 4.80% 8.00%
3.12% 3.12% 3.12% 4.37% 4.37% 4.37% 4.37% 6.12%
1.93% 1.93% 1.93% 2.14% 2.14% 2.14% 2.14% 2.38%
Op Yr 2 Op Yr 2 Op Yr 2 Op Yr 1 Op Yr 1 Op Yr 1 Op Yr 1
Op Qtr 7 Op Qtr 6 Op Qtr 5 Op Qtr 4 Op Qtr 3 Op Qtr 2 Op Qtr 1 0
8.00% 8.00% 8.00% 5.00% 5.00% 5.00% 5.00% -
6.12% 6.12% 6.12% 3.57% 3.57% 3.57% 3.57% -
2.38% 2.38% 2.38% 1.25% 1.25% 1.25% 1.25% -
MACRO Alerts Warnings IRR
OK OK 25.80%

Capital structure
Debt size
Total funding required USD '000 42,842

Gearing ratio % 75.00%

DSCR target x 1.30x

Max permissible debt size


Gearing USD '000 32,132
Sculpting USD '000 33,015
Max permissible USD '000 32,132 75.00%

SHL + equity required USD '000 10,711

Split % USD '000


SHL Various 50.00% 5,355
Equity Various 50.00% 5,355

Capital structure Calculated Applied Delta


Debt USD '000 32,132 32,132 (0)
SHL USD '000 5,355 5,355 (0)
Equity USD '000 5,355 5,355 (0)
Check USD '000 -

DSRA Calculated Applied Delta


Total values USD '000 79,078 79,078 -

Master macro
Checks Delta
Capital structure USD '000 -
DSRA funding USD '000 -
Master USD '000 -
OPERATIONS Alerts Warnings IRR
OK OK 25.80%
Start of period
End of period Start End
Construction 1-Jan-20 30-Jun-21
Operations 1-Jul-21 30-Jun-36

Counters for call-ups


Calendar year Num#
Days in period Num#
Construction quarter Num#
Operations quarter Num#
Operations year Num#

Escalation
Index
None Index
1% Index
2% Index
CPI Index

REVENUE
Generation
Generation per annum MWh p.a. 30
Gross generation MWh

Price
Merchant price (real) USD / MWh Esc. Position
Escalation index Index 1% 2
Merchant price (nominal) USD / MWh

Revenue
Merchant revenue USD '000

OPEX
Fixed costs
Real Flex
O&M USD '000 -
Land lease USD '000
Technical maintenance USD '000
Insurance USD '000
Spare 1 USD '000
Spare 2 USD '000
Total USD '000

Nominal Esc. Position


O&M USD '000 2% 3
Land lease USD '000 CPI 4
Technical maintenance USD '000 CPI 4
Insurance USD '000 CPI 4
Spare 1 USD '000 None 1
Spare 2 USD '000 None 1
Total USD '000

Variable costs
Gross generation MWh

Nominal USD/MWh
O&M USD '000 4.00
Land lease USD '000 2.50
Technical maintenance USD '000 -
Insurance USD '000 -
Spare 1 USD '000 -
Spare 2 USD '000 -
Total USD '000

Total costs
O&M USD '000
Land lease USD '000
Technical maintenance USD '000
Insurance USD '000
Spare 1 USD '000
Spare 2 USD '000
Total USD '000

WORKING CAPITAL
Debtors
Balance b/f USD '000
Revenue USD '000
Less: cash received USD '000 30 Day(s)
Balance c/f USD '000
Net working capital adjustments USD '000
Creditors
Balance b/f USD '000
Opex USD '000
Less: cash paid USD '000 30 Day(s)
Balance c/f USD '000
Net working capital adjustments USD '000

Net working capital adjustments


Debtors USD '000
Creditors USD '000
Total USD '000

CAPEX
Capex
By capex category
1 Servicing 1 USD '000
1 Spare USD '000
Total USD '000

By depreciation category
1 Long term USD '000
2 Short term USD '000
3 Financing USD '000
Total USD '000
1-Jan-20 1-Feb-20 1-Mar-20 1-Apr-20 1-May-20 1-Jun-20 1-Jul-20 1-Aug-20
31-Dec-19 31-Jan-20 29-Feb-20 31-Mar-20 30-Apr-20 31-May-20 30-Jun-20 31-Jul-20 31-Aug-20
1 1 1 1 1 1 1 1
- - - - - - - -

2020 2020 2020 2020 2020 2020 2020 2020


31 29 31 30 31 30 31 31
1 2 3 4 5 6 7 8
- - - - - - - -
- - - - - - - -

1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000


1.001 1.002 1.002 1.003 1.004 1.005 1.006 1.007
1.002 1.003 1.005 1.007 1.008 1.010 1.012 1.013
1.002 1.004 1.006 1.008 1.010 1.012 1.015 1.017

- - - - - - - -
1,035,756 - - - - - - - -

- - - - - - - -
1.001 1.002 1.002 1.003 1.004 1.005 1.006 1.007
- - - - - - - -

96,324 - - - - - - - -

600 - - - - - - - -
675 - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
1,276 - - - - - - - -

722 - - - - - - - -
851 - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
1,573 - - - - - - - -

1,035,756 - - - - - - - -

4,143 - - - - - - - -
2,589 - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
6,732 - - - - - - - -

4,865 - - - - - - - -
3,441 - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
8,306 - - - - - - - -

- - - - - - - -
96,324 - - - - - - - -
(96,324) - - - - - - - -
- - - - - - - -
- - - - - - - - -
- - - - - - - -
8,306 - - - - - - - -
(8,306) - - - - - - - -
- - - - - - - -
- - - - - - - - -

- - - - - - - - -
- - - - - - - - -
(0) - - - - - - - -

400 - - - - - - - -
- - - - - - - - -
400 - - - - - - - -

400 - - - - - - - -
- - - - - - - - -
- - - - - - - - -
400 - - - - - - - -
1-Sep-20 1-Oct-20 1-Nov-20 1-Dec-20 1-Jan-21 1-Feb-21 1-Mar-21 1-Apr-21 1-May-21
30-Sep-20 31-Oct-20 30-Nov-20 31-Dec-20 31-Jan-21 28-Feb-21 31-Mar-21 30-Apr-21 31-May-21
1 1 1 1 1 1 1 1 1
- - - - - - - - -

2020 2020 2020 2020 2021 2021 2021 2021 2021


30 31 30 31 31 28 31 30 31
9 10 11 12 13 14 15 16 17
- - - - - - - - -
- - - - - - - - -

1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000


1.007 1.008 1.009 1.010 1.011 1.012 1.013 1.013 1.014
1.015 1.017 1.018 1.020 1.022 1.023 1.025 1.027 1.028
1.019 1.021 1.023 1.025 1.027 1.029 1.031 1.033 1.036

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

- - - - - - - - -
1.007 1.008 1.009 1.010 1.011 1.012 1.013 1.013 1.014
- - - - - - - - -

- - - - - - - - -

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

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

- - - - - - - - -

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

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

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

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

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

- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
1-Jun-21 1-Jul-21 1-Oct-21 1-Jan-22 1-Apr-22 1-Jul-22 1-Oct-22 1-Jan-23 1-Apr-23
30-Jun-21 30-Sep-21 31-Dec-21 31-Mar-22 30-Jun-22 30-Sep-22 31-Dec-22 31-Mar-23 30-Jun-23
1 - - - - - - - -
- 1 1 1 1 1 1 1 1

2021 2021 2021 2022 2022 2022 2022 2023 2023


30 92 92 90 91 92 92 90 91
18 - - - - - - - -
- 1 2 3 4 5 6 7 8
- 1 1 1 1 2 2 2 2

1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000


1.015 1.018 1.020 1.023 1.025 1.028 1.030 1.033 1.035
1.030 1.035 1.040 1.046 1.051 1.056 1.061 1.066 1.072
1.038 1.044 1.051 1.057 1.064 1.070 1.077 1.084 1.090

- 69,000 69,000 69,000 69,000 69,000 69,000 69,000 69,000


- 17,392 17,392 17,014 17,203 17,392 17,392 17,014 17,203

- 80.00 80.00 85.00 85.00 85.00 85.00 85.00 85.00


1.015 1.018 1.020 1.023 1.025 1.028 1.030 1.033 1.035
- 81.41 81.61 86.92 87.14 87.36 87.58 87.79 88.01

- 1,416 1,419 1,479 1,499 1,519 1,523 1,494 1,514

- 10 10 10 10 10 10 10 10
- 11 11 11 11 11 11 11 11
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- 21 21 21 21 21 21 21 21

- 10 10 10 10 11 11 11 11
- 12 12 12 12 12 12 12 12
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- 22 22 22 22 23 23 23 23

- 17,392 17,392 17,014 17,203 17,392 17,392 17,014 17,203

- 70 70 68 69 70 70 68 69
- 43 43 43 43 43 43 43 43
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- 113 113 111 112 113 113 111 112

- 80 80 78 79 80 80 79 79
- 55 55 54 55 56 56 55 55
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- 135 135 133 134 136 136 133 135

- - 462 463 493 494 495 497 498


- 1,416 1,419 1,479 1,499 1,519 1,523 1,494 1,514
- (954) (1,418) (1,449) (1,498) (1,518) (1,522) (1,492) (1,513)
- 462 463 493 494 495 497 498 499
- (462) (1) (30) (1) (1) (1) (1) (1)
- - 44 44 44 44 44 44 44
- 135 135 133 134 136 136 133 135
- (91) (135) (133) (134) (136) (136) (133) (135)
- 44 44 44 44 44 44 44 44
- 44 0 0 0 0 0 0 0

- (462) (1) (30) (1) (1) (1) (1) (1)


- 44 0 0 0 0 0 0 0
- (418) (1) (30) (1) (1) (1) (1) (1)

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

- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
1-Jul-23 1-Oct-23 1-Jan-24 1-Apr-24 1-Jul-24 1-Oct-24 1-Jan-25 1-Apr-25 1-Jul-25
30-Sep-23 31-Dec-23 31-Mar-24 30-Jun-24 30-Sep-24 31-Dec-24 31-Mar-25 30-Jun-25 30-Sep-25
- - - - - - - - -
1 1 1 1 1 1 1 1 1

2023 2023 2024 2024 2024 2024 2025 2025 2025


92 92 91 91 92 92 90 91 92
- - - - - - - - -
9 10 11 12 13 14 15 16 17
3 3 3 3 4 4 4 4 5

1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000


1.038 1.041 1.043 1.046 1.048 1.051 1.054 1.056 1.059
1.077 1.082 1.088 1.093 1.099 1.104 1.110 1.115 1.121
1.097 1.104 1.111 1.118 1.125 1.132 1.138 1.146 1.153

69,000 69,000 69,000 69,000 69,000 69,000 69,000 69,000 69,000


17,392 17,392 17,203 17,203 17,392 17,392 17,014 17,203 17,392

85.00 85.00 85.00 85.00 85.00 85.00 85.00 85.00 85.00


1.038 1.041 1.043 1.046 1.048 1.051 1.054 1.056 1.059
88.23 88.45 88.67 88.89 89.12 89.34 89.56 89.78 90.01

1,535 1,538 1,525 1,529 1,550 1,554 1,524 1,545 1,565

10 10 10 10 10 10 10 10 10
11 11 11 11 11 11 11 11 11
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
21 21 21 21 21 21 21 21 21

11 11 11 11 11 11 11 11 11
12 13 12 13 13 13 13 13 13
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
23 23 23 23 24 24 24 24 24

17,392 17,392 17,203 17,203 17,392 17,392 17,014 17,203 17,392

70 70 69 69 70 70 68 69 70
43 43 43 43 43 43 43 43 43
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
113 113 112 112 113 113 111 112 113

80 80 80 80 81 81 79 80 81
56 56 55 56 56 56 55 56 57
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
136 136 135 135 137 137 134 136 137

499 500 502 503 504 505 507 508 509


1,535 1,538 1,525 1,529 1,550 1,554 1,524 1,545 1,565
(1,533) (1,537) (1,524) (1,528) (1,549) (1,553) (1,523) (1,543) (1,564)
500 502 503 504 505 507 508 509 510
(1) (1) (1) (1) (1) (1) (1) (1) (1)
44 44 45 45 45 45 45 45 45
136 136 135 135 137 137 134 136 137
(136) (136) (135) (135) (137) (137) (134) (136) (137)
44 45 45 45 45 45 45 45 45
0 0 0 0 0 0 0 0 0

(1) (1) (1) (1) (1) (1) (1) (1) (1)


0 0 0 0 0 0 0 0 0
(1) (1) (1) (1) (1) (1) (1) (1) (1)

- - - - 25 25 25 25 -
- - - - - - - - -
- - - - 25 25 25 25 -

- - - - 25 25 25 25 -
- - - - - - - - -
- - - - - - - - -
- - - - 25 25 25 25 -
1-Oct-25 1-Jan-26 1-Apr-26 1-Jul-26 1-Oct-26 1-Jan-27 1-Apr-27 1-Jul-27 1-Oct-27
31-Dec-25 31-Mar-26 30-Jun-26 30-Sep-26 31-Dec-26 31-Mar-27 30-Jun-27 30-Sep-27 31-Dec-27
- - - - - - - - -
1 1 1 1 1 1 1 1 1

2025 2026 2026 2026 2026 2027 2027 2027 2027


92 90 91 92 92 90 91 92 92
- - - - - - - - -
18 19 20 21 22 23 24 25 26
5 5 5 6 6 6 6 7 7

1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000


1.062 1.064 1.067 1.070 1.072 1.075 1.077 1.080 1.083
1.126 1.132 1.137 1.143 1.149 1.154 1.160 1.166 1.172
1.160 1.167 1.174 1.181 1.189 1.196 1.203 1.211 1.219

69,000 69,000 69,000 69,000 69,000 69,000 69,000 69,000 69,000


17,392 17,014 17,203 17,392 17,392 17,014 17,203 17,392 17,392

85.00 85.00 85.00 85.00 85.00 85.00 85.00 85.00 85.00


1.062 1.064 1.067 1.070 1.072 1.075 1.077 1.080 1.083
90.23 90.46 90.68 90.91 91.14 91.36 91.59 91.82 92.05

1,569 1,539 1,560 1,581 1,585 1,554 1,576 1,597 1,601

10 10 10 10 10 10 10 10 10
11 11 11 11 11 11 11 11 11
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
21 21 21 21 21 21 21 21 21

11 11 11 12 12 11 12 12 12
13 13 13 13 13 13 14 14 14
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
25 24 25 25 25 25 25 25 26

17,392 17,014 17,203 17,392 17,392 17,014 17,203 17,392 17,392

70 68 69 70 70 68 69 70 70
43 43 43 43 43 43 43 43 43
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
113 111 112 113 113 111 112 113 113

81 79 80 81 81 79 80 81 81
57 55 56 57 57 56 57 57 57
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
138 135 136 138 138 135 137 139 139

510 512 513 514 516 517 518 519 521


1,569 1,539 1,560 1,581 1,585 1,554 1,576 1,597 1,601
(1,568) (1,538) (1,559) (1,580) (1,584) (1,553) (1,574) (1,596) (1,600)
512 513 514 516 517 518 519 521 522
(1) (1) (1) (1) (1) (1) (1) (1) (1)
45 45 45 45 45 45 45 45 45
138 135 136 138 138 135 137 139 139
(138) (135) (136) (138) (138) (135) (137) (138) (139)
45 45 45 45 45 45 45 45 45
0 0 0 0 0 0 0 0 0

(1) (1) (1) (1) (1) (1) (1) (1) (1)


0 0 0 0 0 0 0 0 0
(1) (1) (1) (1) (1) (1) (1) (1) (1)

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

- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
1-Jan-28 1-Apr-28 1-Jul-28 1-Oct-28 1-Jan-29 1-Apr-29 1-Jul-29 1-Oct-29 1-Jan-30
31-Mar-28 30-Jun-28 30-Sep-28 31-Dec-28 31-Mar-29 30-Jun-29 30-Sep-29 31-Dec-29 31-Mar-30
- - - - - - - - -
1 1 1 1 1 1 1 1 1

2028 2028 2028 2028 2029 2029 2029 2029 2030


91 91 92 92 90 91 92 92 90
- - - - - - - - -
27 28 29 30 31 32 33 34 35
7 7 8 8 8 8 9 9 9

1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000


1.086 1.088 1.091 1.094 1.096 1.099 1.102 1.105 1.107
1.178 1.183 1.189 1.195 1.201 1.207 1.213 1.219 1.225
1.226 1.234 1.241 1.249 1.257 1.265 1.272 1.280 1.288

69,000 69,000 69,000 69,000 69,000 69,000 69,000 69,000 69,000


17,203 17,203 17,392 17,392 17,014 17,203 17,392 17,392 17,014

85.00 85.00 85.00 85.00 85.00 85.00 85.00 85.00 85.00


1.086 1.088 1.091 1.094 1.096 1.099 1.102 1.105 1.107
92.28 92.51 92.74 92.97 93.20 93.43 93.67 93.90 94.13

1,587 1,591 1,613 1,617 1,586 1,607 1,629 1,633 1,602

10 10 10 10 10 10 10 10 10
11 11 11 11 11 11 11 11 11
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
21 21 21 21 21 21 21 21 21

12 12 12 12 12 12 12 12 12
14 14 14 14 14 14 14 15 14
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
25 26 26 26 26 26 27 27 26

17,203 17,203 17,392 17,392 17,014 17,203 17,392 17,392 17,014

69 69 70 70 68 69 70 70 68
43 43 43 43 43 43 43 43 43
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
112 112 113 113 111 112 113 113 111

81 81 82 82 80 81 82 82 80
57 57 58 58 56 57 58 58 57
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
137 137 139 139 136 138 140 140 137

522 523 525 526 527 529 530 531 533


1,587 1,591 1,613 1,617 1,586 1,607 1,629 1,633 1,602
(1,586) (1,590) (1,612) (1,616) (1,584) (1,606) (1,628) (1,632) (1,600)
523 525 526 527 529 530 531 533 534
(1) (1) (1) (1) (1) (1) (1) (1) (1)
45 45 45 45 45 45 46 46 46
137 137 139 139 136 138 140 140 137
(137) (137) (139) (139) (136) (138) (140) (140) (137)
45 45 45 45 45 46 46 46 46
0 0 0 0 0 0 0 0 0

(1) (1) (1) (1) (1) (1) (1) (1) (1)


0 0 0 0 0 0 0 0 0
(1) (1) (1) (1) (1) (1) (1) (1) (1)

- - 50 50 50 50 - - -
- - - - - - - - -
- - 50 50 50 50 - - -

- - 50 50 50 50 - - -
- - - - - - - - -
- - - - - - - - -
- - 50 50 50 50 - - -
1-Apr-30 1-Jul-30 1-Oct-30 1-Jan-31 1-Apr-31 1-Jul-31 1-Oct-31 1-Jan-32 1-Apr-32
30-Jun-30 30-Sep-30 31-Dec-30 31-Mar-31 30-Jun-31 30-Sep-31 31-Dec-31 31-Mar-32 30-Jun-32
- - - - - - - - -
1 1 1 1 1 1 1 1 1

2030 2030 2030 2031 2031 2031 2031 2032 2032


91 92 92 90 91 92 92 91 91
- - - - - - - - -
36 37 38 39 40 41 42 43 44
9 10 10 10 10 11 11 11 11

1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000


1.110 1.113 1.116 1.119 1.121 1.124 1.127 1.130 1.133
1.231 1.237 1.244 1.250 1.256 1.262 1.268 1.275 1.281
1.296 1.304 1.312 1.320 1.329 1.337 1.345 1.353 1.362

69,000 69,000 69,000 69,000 69,000 69,000 69,000 69,000 69,000


17,203 17,392 17,392 17,014 17,203 17,392 17,392 17,203 17,203

85.00 85.00 85.00 85.00 85.00 85.00 85.00 85.00 85.00


1.110 1.113 1.116 1.119 1.121 1.124 1.127 1.130 1.133
94.37 94.60 94.84 95.07 95.31 95.55 95.79 96.03 96.26

1,623 1,645 1,649 1,618 1,640 1,662 1,666 1,652 1,656

10 10 10 10 10 10 10 10 10
11 11 11 11 11 11 11 11 11
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
21 21 21 21 21 21 21 21 21

12 12 13 12 13 13 13 13 13
15 15 15 15 15 15 15 15 15
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
27 27 27 27 27 28 28 28 28

17,203 17,392 17,392 17,014 17,203 17,392 17,392 17,203 17,203

69 70 70 68 69 70 70 69 69
43 43 43 43 43 43 43 43 43
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
112 113 113 111 112 113 113 112 112

81 82 82 80 81 82 82 82 82
58 58 58 57 58 59 59 58 58
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
139 140 140 138 139 141 141 140 140

534 535 537 538 539 541 542 543 545


1,623 1,645 1,649 1,618 1,640 1,662 1,666 1,652 1,656
(1,622) (1,644) (1,648) (1,616) (1,638) (1,660) (1,665) (1,651) (1,655)
535 537 538 539 541 542 543 545 546
(1) (1) (1) (1) (1) (1) (1) (1) (1)
46 46 46 46 46 46 46 46 46
139 140 140 138 139 141 141 140 140
(139) (140) (140) (138) (139) (141) (141) (140) (140)
46 46 46 46 46 46 46 46 46
0 0 0 0 0 0 0 0 0

(1) (1) (1) (1) (1) (1) (1) (1) (1)


0 0 0 0 0 0 0 0 0
(1) (1) (1) (1) (1) (1) (1) (1) (1)

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

- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
1-Jul-32 1-Oct-32 1-Jan-33 1-Apr-33 1-Jul-33 1-Oct-33 1-Jan-34 1-Apr-34 1-Jul-34
30-Sep-32 31-Dec-32 31-Mar-33 30-Jun-33 30-Sep-33 31-Dec-33 31-Mar-34 30-Jun-34 30-Sep-34
- - - - - - - - -
1 1 1 1 1 1 1 1 1

2032 2032 2033 2033 2033 2033 2034 2034 2034


92 92 90 91 92 92 90 91 92
- - - - - - - - -
45 46 47 48 49 50 51 52 53
12 12 12 12 13 13 13 13 14

1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000


1.135 1.138 1.141 1.144 1.147 1.150 1.152 1.155 1.158
1.287 1.294 1.300 1.307 1.313 1.320 1.326 1.333 1.339
1.370 1.379 1.387 1.396 1.405 1.413 1.422 1.431 1.440

69,000 69,000 69,000 69,000 69,000 69,000 69,000 69,000 69,000


17,392 17,392 17,014 17,203 17,392 17,392 17,014 17,203 17,392

85.00 85.00 85.00 85.00 85.00 85.00 85.00 85.00 85.00


1.135 1.138 1.141 1.144 1.147 1.150 1.152 1.155 1.158
96.51 96.75 96.99 97.23 97.47 97.72 97.96 98.20 98.45

1,678 1,683 1,650 1,673 1,695 1,699 1,667 1,689 1,712

10 10 10 10 10 10 10 10 10
11 11 11 11 11 11 11 11 11
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
21 21 21 21 21 21 21 21 21

13 13 13 13 13 13 13 13 14
16 16 15 16 16 16 16 16 16
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
29 29 28 29 29 29 29 29 30

17,392 17,392 17,014 17,203 17,392 17,392 17,014 17,203 17,392

70 70 68 69 70 70 68 69 70
43 43 43 43 43 43 43 43 43
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
113 113 111 112 113 113 111 112 113

83 83 81 82 83 83 81 82 83
59 59 58 59 59 60 58 59 60
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
142 142 139 141 142 142 139 141 143

546 547 549 550 551 553 554 556 557


1,678 1,683 1,650 1,673 1,695 1,699 1,667 1,689 1,712
(1,677) (1,681) (1,649) (1,671) (1,694) (1,698) (1,665) (1,688) (1,711)
547 549 550 551 553 554 556 557 558
(1) (1) (1) (1) (1) (1) (1) (1) (1)
46 46 46 46 46 46 46 46 47
142 142 139 141 142 142 139 141 143
(142) (142) (139) (140) (142) (142) (139) (141) (143)
46 46 46 46 46 46 46 47 47
0 0 0 0 0 0 0 0 0

(1) (1) (1) (1) (1) (1) (1) (1) (1)


0 0 0 0 0 0 0 0 0
(1) (1) (1) (1) (1) (1) (1) (1) (1)

25 25 25 25 - - - - -
- - - - - - - - -
25 25 25 25 - - - - -

25 25 25 25 - - - - -
- - - - - - - - -
- - - - - - - - -
25 25 25 25 - - - - -
1-Oct-34 1-Jan-35 1-Apr-35 1-Jul-35 1-Oct-35 1-Jan-36 1-Apr-36 1-Jul-36 1-Oct-36
31-Dec-34 31-Mar-35 30-Jun-35 30-Sep-35 31-Dec-35 31-Mar-36 30-Jun-36 30-Sep-36 31-Dec-36
- - - - - - - - -
1 1 1 1 1 1 1 - -

2034 2035 2035 2035 2035 2036 2036 2036 2036


92 90 91 92 92 91 91 92 92
- - - - - - - - -
54 55 56 57 58 59 60 - -
14 14 14 15 15 15 15 - -

1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000


1.161 1.164 1.167 1.170 1.173 1.176 1.179 1.181 1.184
1.346 1.353 1.359 1.366 1.373 1.380 1.387 1.394 1.401
1.449 1.458 1.467 1.476 1.485 1.494 1.503 1.513 1.522

69,000 69,000 69,000 69,000 69,000 69,000 69,000 - -


17,392 17,014 17,203 17,392 17,392 17,203 17,203 - -

85.00 85.00 85.00 85.00 85.00 85.00 85.00 - -


1.161 1.164 1.167 1.170 1.173 1.176 1.179 1.181 1.184
98.69 98.94 99.18 99.43 99.68 99.93 100.18 - -

1,716 1,683 1,706 1,729 1,734 1,719 1,723 - -

10 10 10 10 10 10 10 - -
11 11 11 11 11 11 11 - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
21 21 21 21 21 21 21 - -

14 13 14 14 14 14 14 - -
16 16 16 17 17 17 17 - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
30 30 30 31 31 31 31 - -

17,392 17,014 17,203 17,392 17,392 17,203 17,203 - -

70 68 69 70 70 69 69 - -
43 43 43 43 43 43 43 - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
113 111 112 113 113 112 112 - -

83 81 82 83 83 83 83 - -
60 59 59 60 60 60 60 - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
143 140 142 144 144 142 143 - -

558 560 561 562 564 565 567 568 -


1,716 1,683 1,706 1,729 1,734 1,719 1,723 - -
(1,715) (1,682) (1,705) (1,728) (1,732) (1,718) (1,722) (568) -
560 561 562 564 565 567 568 - -
(1) (1) (1) (1) (1) (1) (1) 568 -
47 47 47 47 47 47 47 47 -
143 140 142 144 144 142 143 - -
(143) (140) (142) (144) (144) (142) (142) (47) -
47 47 47 47 47 47 47 - -
0 0 0 0 0 0 0 (47) -

(1) (1) (1) (1) (1) (1) (1) 568 -


0 0 0 0 0 0 0 (47) -
(1) (1) (1) (1) (1) (1) (1) 521 -

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

- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
1-Jan-37 1-Apr-37 1-Jul-37 1-Oct-37
31-Mar-37 30-Jun-37 30-Sep-37 31-Dec-37
- - - -
- - - -

2037 2037 2037 2037


90 91 92 92
- - - -
- - - -
- - - -

1.000 1.000 1.000 1.000


1.187 1.190 1.193 1.196
1.407 1.414 1.422 1.429
1.531 1.541 1.551 1.560

- - - -
- - - -

- - - -
1.187 1.190 1.193 1.196
- - - -

- - - -

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

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

- - - -

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

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

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

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

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

- - - -
- - - -
- - - -
- - - -
CONSTRUCTION Alerts Warnings IRR
OK OK 25.80%
Start of period
End of period Start End
Construction 1-Jan-20 30-Jun-21
Operations 1-Jul-21 30-Jun-36

Counters for call-ups


Calendar year Num#
Days in period Num#
Construction quarter Num#
Operations quarter Num#
Operations year Num#

Escalation
Index
None Index
1% Index
2% Index
CPI Index

CONSTRUCTION
Construction costs
Allocation profile
Turbines %
Contractor %
Grid energisation %
Spare 1 %
Spare 2 %

Construction cost incl. contingency Costs Conting.


1 Turbines USD '000 30,000 5.00%
2 Contractor USD '000 5,000
2 Grid energisation USD '000 2,500
1 Spare 1 USD '000 -
1 Spare 2 USD '000 -
Total USD '000 37,500

Sources & uses


Uses
Construction costs incl. contingency USD '000
DSRA funding from sources USD '000 2,061
3 Interest during construction USD '000
3 Financing fees USD '000
Total USD '000

Sources
Equity drawdowns USD '000
Cashflow required after equity USD '000

Shareholder loan drawdowns USD '000


Cashflow required after SHL USD '000

Senior debt drawdowns USD '000


Cashflow required after debt USD '000

Additional equity drawdowns USD '000

Funding
Equity
Balance b/f USD '000
Drawdowns USD '000
Balance c/f USD '000

Undrawn amount @ start of period USD '000 5,355

Shareholder loan
Balance b/f USD '000
Drawdowns USD '000
Balance c/f USD '000

Undrawn amount @ start of period USD '000 5,355

Senior debt
Balance b/f USD '000
Drawdowns USD '000
Conversion @ completion USD '000
Balance c/f USD '000

Undrawn amount @ start of period USD '000 32,132

Interest during construction


Base rate % p.a.
Margin % p.a. 2.50%
All-in rate % p.a.
All-in rate % p.p.
Interest during construction USD '000

Financing fees
Arrangement fee USD '000 321
% p.a.
Commitment fee % p.p. 1.00%
Commitment fee USD '000

Total financing fee USD '000

CAPEX ADDITIONS SUMMARY


Capex
By depreciation category
1 Long term USD '000
2 Short term USD '000
3 Financing USD '000
Total USD '000
1-Jan-20 1-Feb-20 1-Mar-20 1-Apr-20 1-May-20 1-Jun-20 1-Jul-20 1-Aug-20
31-Dec-19 31-Jan-20 29-Feb-20 31-Mar-20 30-Apr-20 31-May-20 30-Jun-20 31-Jul-20 31-Aug-20
1 1 1 1 1 1 1 1
- - - - - - - -

2020 2020 2020 2020 2020 2020 2020 2020


31 29 31 30 31 30 31 31
1 2 3 4 5 6 7 8
- - - - - - - -
- - - - - - - -

1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000


1.001 1.002 1.002 1.003 1.004 1.005 1.006 1.007
1.002 1.003 1.005 1.007 1.008 1.010 1.012 1.013
1.002 1.004 1.006 1.008 1.010 1.012 1.015 1.017

100.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%


100.00% 15.00% 15.00% 15.00% 15.00% 20.00% 20.00% - -
100.00% - - - - 50.00% 50.00% - -
- - - - - - - - -
- - - - - - - - -

31,500 1,575 1,575 1,575 1,575 1,575 1,575 1,575 1,575


5,250 788 788 788 788 1,050 1,050 - -
2,625 - - - - 1,313 1,313 - -
- - - - - - - - -
- - - - - - - - -
39,375 2,363 2,363 2,363 2,363 3,938 3,938 1,575 1,575

39,375 2,363 2,363 2,363 2,363 3,938 3,938 1,575 1,575


2,061 - - - - - - - -
768 - - - - - 12 27 33
638 349 26 27 26 27 24 21 20
42,842 2,711 2,388 2,390 2,389 3,965 3,973 1,623 1,628

(5,355) (2,711) (2,388) (256) - - - - -


37,487 - - 2,134 2,389 3,965 3,973 1,623 1,628

(5,355) - - (2,134) (2,389) (833) - - -


32,132 - - - - 3,132 3,973 1,623 1,628

(32,132) - - - - (3,132) (3,973) (1,623) (1,628)


- - - - - - - - -

- - - - - - - - -

- 2,711 5,099 5,355 5,355 5,355 5,355 5,355


5,355 2,711 2,388 256 - - - - -
2,711 5,099 5,355 5,355 5,355 5,355 5,355 5,355

5,355 2,644 256 - - - - -

- - - 2,134 4,523 5,355 5,355 5,355


5,355 - - 2,134 2,389 833 - - -
- - 2,134 4,523 5,355 5,355 5,355 5,355

5,355 5,355 5,355 3,222 833 - - -

- - - - - 3,132 7,105 8,728


32,132 - - - - 3,132 3,973 1,623 1,628
(32,132) - - - - - - - -
- - - - 3,132 7,105 8,728 10,357

32,132 32,132 32,132 32,132 32,132 29,000 25,027 23,403

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


2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50%
4.50% 4.50% 4.50% 4.50% 4.50% 4.50% 4.50% 4.50%
0.38% 0.36% 0.38% 0.37% 0.38% 0.37% 0.38% 0.38%
768 - - - - - 12 27 33

321 321 - - - - - - -

0.08% 0.08% 0.08% 0.08% 0.08% 0.08% 0.08% 0.08%


317 27 26 27 26 27 24 21 20

638 349 26 27 26 27 24 21 20

31,500 1,575 1,575 1,575 1,575 1,575 1,575 1,575 1,575


7,875 788 788 788 788 2,363 2,363 - -
1,406 349 26 27 26 27 35 48 53
40,781 2,711 2,388 2,390 2,389 3,965 3,973 1,623 1,628
1-Sep-20 1-Oct-20 1-Nov-20 1-Dec-20 1-Jan-21 1-Feb-21 1-Mar-21 1-Apr-21 1-May-21
30-Sep-20 31-Oct-20 30-Nov-20 31-Dec-20 31-Jan-21 28-Feb-21 31-Mar-21 30-Apr-21 31-May-21
1 1 1 1 1 1 1 1 1
- - - - - - - - -

2020 2020 2020 2020 2021 2021 2021 2021 2021


30 31 30 31 31 28 31 30 31
9 10 11 12 13 14 15 16 17
- - - - - - - - -
- - - - - - - - -

1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000


1.007 1.008 1.009 1.010 1.011 1.012 1.013 1.013 1.014
1.015 1.017 1.018 1.020 1.022 1.023 1.025 1.027 1.028
1.019 1.021 1.023 1.025 1.027 1.029 1.031 1.033 1.036

5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 10.00%


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

1,575 1,575 1,575 1,575 1,575 1,575 1,575 1,575 3,150


- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
1,575 1,575 1,575 1,575 1,575 1,575 1,575 1,575 3,150

1,575 1,575 1,575 1,575 1,575 1,575 1,575 1,575 3,150


- - - - - - - - -
38 46 50 58 68 68 82 85 95
18 17 15 14 13 10 10 8 7
1,631 1,638 1,641 1,648 1,656 1,653 1,667 1,669 3,252

- - - - - - - - -
1,631 1,638 1,641 1,648 1,656 1,653 1,667 1,669 3,252

- - - - - - - - -
1,631 1,638 1,641 1,648 1,656 1,653 1,667 1,669 3,252

(1,631) (1,638) (1,641) (1,648) (1,656) (1,653) (1,667) (1,669) (3,252)


- - - - - - - - -

- - - - - - - - -

5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355


- - - - - - - - -
5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355

- - - - - - - - -

5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355


- - - - - - - - -
5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355

- - - - - - - - -

10,357 11,988 13,626 15,266 16,914 18,570 20,223 21,890 23,559


1,631 1,638 1,641 1,648 1,656 1,653 1,667 1,669 3,252
- - - - - - - - -
11,988 13,626 15,266 16,914 18,570 20,223 21,890 23,559 26,811

21,775 20,144 18,506 16,865 15,218 13,561 11,908 10,242 8,573

2.00% 2.00% 2.00% 2.00% 2.25% 2.25% 2.25% 2.25% 2.25%


2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50%
4.50% 4.50% 4.50% 4.50% 4.75% 4.75% 4.75% 4.75% 4.75%
0.37% 0.38% 0.37% 0.38% 0.40% 0.36% 0.40% 0.39% 0.40%
38 46 50 58 68 68 82 85 95

- - - - - - - - -

0.08% 0.08% 0.08% 0.08% 0.08% 0.08% 0.08% 0.08% 0.08%


18 17 15 14 13 10 10 8 7

18 17 15 14 13 10 10 8 7

1,575 1,575 1,575 1,575 1,575 1,575 1,575 1,575 3,150


- - - - - - - - -
56 63 66 73 81 78 92 94 102
1,631 1,638 1,641 1,648 1,656 1,653 1,667 1,669 3,252
1-Jun-21 1-Jul-21 1-Oct-21 1-Jan-22 1-Apr-22 1-Jul-22 1-Oct-22 1-Jan-23 1-Apr-23
30-Jun-21 30-Sep-21 31-Dec-21 31-Mar-22 30-Jun-22 30-Sep-22 31-Dec-22 31-Mar-23 30-Jun-23
1 - - - - - - - -
- 1 1 1 1 1 1 1 1

2021 2021 2021 2022 2022 2022 2022 2023 2023


30 92 92 90 91 92 92 90 91
18 - - - - - - - -
- 1 2 3 4 5 6 7 8
- 1 1 1 1 2 2 2 2

1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000


1.015 1.018 1.020 1.023 1.025 1.028 1.030 1.033 1.035
1.030 1.035 1.040 1.046 1.051 1.056 1.061 1.066 1.072
1.038 1.044 1.051 1.057 1.064 1.070 1.077 1.084 1.090

10.00% - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -

3,150 - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
3,150 - - - - - - - -

3,150 - - - - - - - -
2,061 - - - - - - - -
105 - - - - - - - -
4 - - - - - - - -
5,320 - - - - - - - -

- - - - - - - - -
5,320 - - - - - - - -

- - - - - - - - -
5,320 - - - - - - - -

(5,320) - - - - - - - -
- - - - - - - - -

- - - - - - - - -

5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355


- - - - - - - - -
5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355

- - - - - - - - -

5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355


- - - - - - - - -
5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355

- - - - - - - - -

26,811 - - - - - - - -
5,320 - - - - - - - -
(32,132) - - - - - - - -
- - - - - - - - -

5,320 - - - - - - - -

2.25% - - - - - - - -
2.50% - - - - - - - -
4.75% - - - - - - - -
0.39% - - - - - - - -
105 - - - - - - - -

- - - - - - - - -

0.08% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25%


4 - - - - - - - -

4 - - - - - - - -

3,150 - - - - - - - -
- - - - - - - - -
109 - - - - - - - -
3,259 - - - - - - - -
1-Jul-23 1-Oct-23 1-Jan-24 1-Apr-24 1-Jul-24 1-Oct-24 1-Jan-25 1-Apr-25 1-Jul-25
30-Sep-23 31-Dec-23 31-Mar-24 30-Jun-24 30-Sep-24 31-Dec-24 31-Mar-25 30-Jun-25 30-Sep-25
- - - - - - - - -
1 1 1 1 1 1 1 1 1

2023 2023 2024 2024 2024 2024 2025 2025 2025


92 92 91 91 92 92 90 91 92
- - - - - - - - -
9 10 11 12 13 14 15 16 17
3 3 3 3 4 4 4 4 5

1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000


1.038 1.041 1.043 1.046 1.048 1.051 1.054 1.056 1.059
1.077 1.082 1.088 1.093 1.099 1.104 1.110 1.115 1.121
1.097 1.104 1.111 1.118 1.125 1.132 1.138 1.146 1.153

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

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

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

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

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

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

- - - - - - - - -

5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355


- - - - - - - - -
5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355

- - - - - - - - -

5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355


- - - - - - - - -
5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355

- - - - - - - - -

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

- - - - - - - - -

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

- - - - - - - - -

0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25%


- - - - - - - - -

- - - - - - - - -

- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
1-Oct-25 1-Jan-26 1-Apr-26 1-Jul-26 1-Oct-26 1-Jan-27 1-Apr-27 1-Jul-27 1-Oct-27
31-Dec-25 31-Mar-26 30-Jun-26 30-Sep-26 31-Dec-26 31-Mar-27 30-Jun-27 30-Sep-27 31-Dec-27
- - - - - - - - -
1 1 1 1 1 1 1 1 1

2025 2026 2026 2026 2026 2027 2027 2027 2027


92 90 91 92 92 90 91 92 92
- - - - - - - - -
18 19 20 21 22 23 24 25 26
5 5 5 6 6 6 6 7 7

1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000


1.062 1.064 1.067 1.070 1.072 1.075 1.077 1.080 1.083
1.126 1.132 1.137 1.143 1.149 1.154 1.160 1.166 1.172
1.160 1.167 1.174 1.181 1.189 1.196 1.203 1.211 1.219

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

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

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

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

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

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

- - - - - - - - -

5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355


- - - - - - - - -
5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355

- - - - - - - - -

5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355


- - - - - - - - -
5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355

- - - - - - - - -

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

- - - - - - - - -

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

- - - - - - - - -

0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25%


- - - - - - - - -

- - - - - - - - -

- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
1-Jan-28 1-Apr-28 1-Jul-28 1-Oct-28 1-Jan-29 1-Apr-29 1-Jul-29 1-Oct-29 1-Jan-30
31-Mar-28 30-Jun-28 30-Sep-28 31-Dec-28 31-Mar-29 30-Jun-29 30-Sep-29 31-Dec-29 31-Mar-30
- - - - - - - - -
1 1 1 1 1 1 1 1 1

2028 2028 2028 2028 2029 2029 2029 2029 2030


91 91 92 92 90 91 92 92 90
- - - - - - - - -
27 28 29 30 31 32 33 34 35
7 7 8 8 8 8 9 9 9

1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000


1.086 1.088 1.091 1.094 1.096 1.099 1.102 1.105 1.107
1.178 1.183 1.189 1.195 1.201 1.207 1.213 1.219 1.225
1.226 1.234 1.241 1.249 1.257 1.265 1.272 1.280 1.288

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

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

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

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

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

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

- - - - - - - - -

5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355


- - - - - - - - -
5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355

- - - - - - - - -

5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355


- - - - - - - - -
5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355

- - - - - - - - -

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

- - - - - - - - -

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

- - - - - - - - -

0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25%


- - - - - - - - -

- - - - - - - - -

- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
1-Apr-30 1-Jul-30 1-Oct-30 1-Jan-31 1-Apr-31 1-Jul-31 1-Oct-31 1-Jan-32 1-Apr-32
30-Jun-30 30-Sep-30 31-Dec-30 31-Mar-31 30-Jun-31 30-Sep-31 31-Dec-31 31-Mar-32 30-Jun-32
- - - - - - - - -
1 1 1 1 1 1 1 1 1

2030 2030 2030 2031 2031 2031 2031 2032 2032


91 92 92 90 91 92 92 91 91
- - - - - - - - -
36 37 38 39 40 41 42 43 44
9 10 10 10 10 11 11 11 11

1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000


1.110 1.113 1.116 1.119 1.121 1.124 1.127 1.130 1.133
1.231 1.237 1.244 1.250 1.256 1.262 1.268 1.275 1.281
1.296 1.304 1.312 1.320 1.329 1.337 1.345 1.353 1.362

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

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

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

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

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

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

- - - - - - - - -

5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355


- - - - - - - - -
5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355

- - - - - - - - -

5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355


- - - - - - - - -
5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355

- - - - - - - - -

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

- - - - - - - - -

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

- - - - - - - - -

0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25%


- - - - - - - - -

- - - - - - - - -

- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
1-Jul-32 1-Oct-32 1-Jan-33 1-Apr-33 1-Jul-33 1-Oct-33 1-Jan-34 1-Apr-34 1-Jul-34
30-Sep-32 31-Dec-32 31-Mar-33 30-Jun-33 30-Sep-33 31-Dec-33 31-Mar-34 30-Jun-34 30-Sep-34
- - - - - - - - -
1 1 1 1 1 1 1 1 1

2032 2032 2033 2033 2033 2033 2034 2034 2034


92 92 90 91 92 92 90 91 92
- - - - - - - - -
45 46 47 48 49 50 51 52 53
12 12 12 12 13 13 13 13 14

1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000


1.135 1.138 1.141 1.144 1.147 1.150 1.152 1.155 1.158
1.287 1.294 1.300 1.307 1.313 1.320 1.326 1.333 1.339
1.370 1.379 1.387 1.396 1.405 1.413 1.422 1.431 1.440

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

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

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

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

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

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

- - - - - - - - -

5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355


- - - - - - - - -
5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355

- - - - - - - - -

5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355


- - - - - - - - -
5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355

- - - - - - - - -

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

- - - - - - - - -

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

- - - - - - - - -

0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25%


- - - - - - - - -

- - - - - - - - -

- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
1-Oct-34 1-Jan-35 1-Apr-35 1-Jul-35 1-Oct-35 1-Jan-36 1-Apr-36 1-Jul-36 1-Oct-36
31-Dec-34 31-Mar-35 30-Jun-35 30-Sep-35 31-Dec-35 31-Mar-36 30-Jun-36 30-Sep-36 31-Dec-36
- - - - - - - - -
1 1 1 1 1 1 1 - -

2034 2035 2035 2035 2035 2036 2036 2036 2036


92 90 91 92 92 91 91 92 92
- - - - - - - - -
54 55 56 57 58 59 60 - -
14 14 14 15 15 15 15 - -

1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000


1.161 1.164 1.167 1.170 1.173 1.176 1.179 1.181 1.184
1.346 1.353 1.359 1.366 1.373 1.380 1.387 1.394 1.401
1.449 1.458 1.467 1.476 1.485 1.494 1.503 1.513 1.522

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

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

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

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

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

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

- - - - - - - - -

5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355


- - - - - - - - -
5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355

- - - - - - - - -

5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355


- - - - - - - - -
5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355

- - - - - - - - -

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

- - - - - - - - -

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

- - - - - - - - -

0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25%


- - - - - - - - -

- - - - - - - - -

- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
1-Jan-37 1-Apr-37 1-Jul-37 1-Oct-37
31-Mar-37 30-Jun-37 30-Sep-37 31-Dec-37
- - - -
- - - -

2037 2037 2037 2037


90 91 92 92
- - - -
- - - -
- - - -

1.000 1.000 1.000 1.000


1.187 1.190 1.193 1.196
1.407 1.414 1.422 1.429
1.531 1.541 1.551 1.560

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

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

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

- - - -
- - - -

- - - -
- - - -

- - - -
- - - -

- - - -

5,355 5,355 5,355 5,355


- - - -
5,355 5,355 5,355 5,355

- - - -

5,355 5,355 5,355 5,355


- - - -
5,355 5,355 5,355 5,355

- - - -

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

- - - -

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

- - - -

0.25% 0.25% 0.25% 0.25%


- - - -

- - - -

- - - -
- - - -
- - - -
- - - -
DEBT Alerts Warnings IRR
OK OK 25.80%
Start of period
End of period Start End
Construction 1-Jan-20 30-Jun-21
Operations 1-Jul-21 30-Jun-36

Counters for call-ups


Calendar year Num#
Days in period Num#
Construction quarter Num#
Operations quarter Num#
Operations year Num#

Escalation
Index
None Index
1% Index
2% Index
CPI Index

SENIOR DEBT
Timing
Tenor flag [1,0] 1-Jul-21 30-Jun-31
Grace period flag [1,0] 1-Jul-21 31-Dec-21
Repayment period flag [1,0]
Repayment periods remaining Num#
Fee
Refinancing flags & counters Start End -
Re-fi 1 [1,0] 1-Jul-27 30-Jun-31 1.25%
Re-fi 2 [1,0] 1-Jul-31 30-Jun-31 1.00%
Refinancing event [1,0]
Refinance counter Num#

Account
Balance b/f USD '000
Conversion at completion USD '000
Repayment USD '000
Balance c/f USD '000

Re-fi fee
Fee %
Fee USD '000
Margin
Initial % p.a.
Re-fi 1 % p.a. 1.45%
Re-fi 2 % p.a. 1.45%
Applied margin % p.a.

Interest during operations


Base rate % p.a.
Margin % p.a.
All-in rate % p.a.
All-in rate % p.p.

Interest during operations USD '000

Repayment of principal
Annuity
Annuity USD '000
Less: interest (during repay pd only) USD '000
Principal USD '000

Sculpted
CFADS USD '000
CFADS (during repay pd only) USD '000

Max permissible debt service USD '000 1.30x


Less: interest (during repay pd only) USD '000
Max principal repayment USD '000

Applied Selection Position


Applied USD '000 Sculpted 2

Calculated vs Sculpted
Calculate USD '000 Calculate
Schedule USD '000
Applied USD '000

Summary
Interest USD '000
Principal USD '000
Total USD '000

DEBT METRICS
Debt service coverage ratio (DSCR)
CFADS USD '000
CFADS (during loan tenor) USD '000 53,800

Debt service USD '000 39,539

In period Min Min date Average


DSCR x 1.30x 31-Mar-22 1.36x
Min flag [1,0]

Last twelve months (LTM)


DSCR x

Covenant test [1,0] 1.10x

Loan life coverage ratio (LLCR)


CFADS (during loan tenor) USD '000

Interest rate (i) % p.p.


i+1 Num#

NPV (CFADS) @ start of period USD '000

Debt balance b/f USD '000


Min Min date At Op start
LLCR x 1.32x 1-Jan-22 1.36x
Min flag [1,0]

DEBT SERVICE RESERVE ACCOUNT


DSRA
Account
Balance b/f USD '000
Funding: from sources USD '000
Funding: from cashflows USD '000
Release: CFADS shortfall USD '000
Release: DSRA excess USD '000
Balance c/f USD '000
Flag: DSRA underfunded [1,0]

Target balance
Debt service USD '000 31-Dec-21
Target balance (copy) USD '000
Target balance (paste) USD '000 2 Qtr(s) 2,061

Funding: from cashflows


Top-up required USD '000
Cashflow available for DSRA USD '000
Cash balance b/f USD '000
Cash available for DSRA (+ve only) USD '000
Funding: from cashflows USD '000

Release: CFADS shortfall


CFADS USD '000
Debt service USD '000
Top-up required from DSRA USD '000
Release: CFADS shortfall USD '000

Release: DSRA excess


Flag: release active USD '000
Target balance USD '000
Release: DSRA excess USD '000
1-Jan-20 1-Feb-20 1-Mar-20 1-Apr-20 1-May-20 1-Jun-20 1-Jul-20 1-Aug-20
31-Dec-19 31-Jan-20 29-Feb-20 31-Mar-20 30-Apr-20 31-May-20 30-Jun-20 31-Jul-20 31-Aug-20
1 1 1 1 1 1 1 1
- - - - - - - -

2020 2020 2020 2020 2020 2020 2020 2020


31 29 31 30 31 30 31 31
1 2 3 4 5 6 7 8
- - - - - - - -
- - - - - - - -

1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000


1.001 1.002 1.002 1.003 1.004 1.005 1.006 1.007
1.002 1.003 1.005 1.007 1.008 1.010 1.012 1.013
1.002 1.004 1.006 1.008 1.010 1.012 1.015 1.017

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

1 - - - - - - - -
1 - - - - - - - -
2 - - - - - - - -
1 1 1 1 1 1 1 1 1

- - - - - - - -
32,132 - - - - - - - -
(32,132) - - - - - - - -
- - - - - - - -

- - - - - - - -
179 - - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -

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

7,408 - - - - - - - -

35,738 - - - - - - - -
(6,719) - - - - - - - -
29,018 - - - - - - - -

81,651 - - - - - - - -
51,654 - - - - - - - -

39,734 - - - - - - - -
(6,719) - - - - - - - -
33,015 - - - - - - - -

33,015 - - - - - - - -

33,015 - - - - - - - -
33,015 - - - - - - - -
33,015 - - - - - - - -

7,408 - - - - - - - -
32,132 - - - - - - - -
39,539 - - - - - - - -
81,651 - - - - - - - -
- - - - - - - -

- - - - - - - -

n/a n/a n/a n/a n/a n/a n/a n/a


- - - - - - - -

- - - - - - - -

- - - - - - - - -

53,800 - - - - - - - -

- - - - - - - -
1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00

43,770 43,770 43,770 43,770 43,770 43,770 43,770 43,770

- - - - - - - -

n/a n/a n/a n/a n/a n/a n/a n/a


- - - - - - - -

- - - - - - - -
2,061 - - - - - - - -
433 - - - - - - - -
- - - - - - - - -
(2,494) - - - - - - - -
- - - - - - - -
- - - - - - - - -

39,539 - - - - - - - -
79,078 - - - - - - - -
79,078 - - - - - - - -
433 - - - - - - - -
41,932 - - - - - - - -
4,888 - - - - - - - -
46,821 - - - - - - - -
433 - - - - - - - -

81,651 - - - - - - - -
39,539 - - - - - - - -
- - - - - - - - -
- - - - - - - - -

- - - - - - - -
- - - - - - - -
2,494 - - - - - - - -
1-Sep-20 1-Oct-20 1-Nov-20 1-Dec-20 1-Jan-21 1-Feb-21 1-Mar-21 1-Apr-21 1-May-21
30-Sep-20 31-Oct-20 30-Nov-20 31-Dec-20 31-Jan-21 28-Feb-21 31-Mar-21 30-Apr-21 31-May-21
1 1 1 1 1 1 1 1 1
- - - - - - - - -

2020 2020 2020 2020 2021 2021 2021 2021 2021


30 31 30 31 31 28 31 30 31
9 10 11 12 13 14 15 16 17
- - - - - - - - -
- - - - - - - - -

1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000


1.007 1.008 1.009 1.010 1.011 1.012 1.013 1.013 1.014
1.015 1.017 1.018 1.020 1.022 1.023 1.025 1.027 1.028
1.019 1.021 1.023 1.025 1.027 1.029 1.031 1.033 1.036

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

- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
1 1 1 1 1 1 1 1 1

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

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

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

- - - - - - - - -

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

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

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

- - - - - - - - -

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

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

- - - - - - - - -

n/a n/a n/a n/a n/a n/a n/a n/a n/a


- - - - - - - - -

- - - - - - - - -

- - - - - - - - -

- - - - - - - - -

- - - - - - - - -
1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00

43,770 43,770 43,770 43,770 43,770 43,770 43,770 43,770 43,770

- - - - - - - - -

n/a n/a n/a n/a n/a n/a n/a n/a n/a


- - - - - - - - -

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

- - - - - - - - -
- - - - - - - - 344
- - - - - - - - 344
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -

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

- - - - - - - - -
- - - - - - - - 344
- - - - - - - - -
1-Jun-21 1-Jul-21 1-Oct-21 1-Jan-22 1-Apr-22 1-Jul-22 1-Oct-22 1-Jan-23 1-Apr-23
30-Jun-21 30-Sep-21 31-Dec-21 31-Mar-22 30-Jun-22 30-Sep-22 31-Dec-22 31-Mar-23 30-Jun-23
1 - - - - - - - -
- 1 1 1 1 1 1 1 1

2021 2021 2021 2022 2022 2022 2022 2023 2023


30 92 92 90 91 92 92 90 91
18 - - - - - - - -
- 1 2 3 4 5 6 7 8
- 1 1 1 1 2 2 2 2

1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000


1.015 1.018 1.020 1.023 1.025 1.028 1.030 1.033 1.035
1.030 1.035 1.040 1.046 1.051 1.056 1.061 1.066 1.072
1.038 1.044 1.051 1.057 1.064 1.070 1.077 1.084 1.090

- 1 1 1 1 1 1 1 1
- 1 1 - - - - - -
- - - 1 1 1 1 1 1
- - - 38 37 36 35 34 33

- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
1 1 1 1 1 1 1 1 1

- 32,132 32,132 32,132 31,476 30,780 30,068 29,343 28,623


32,132 - - - - - - - -
- - - (656) (696) (712) (725) (720) (739)
32,132 32,132 32,132 31,476 30,780 30,068 29,343 28,623 27,884

- - - - - - - - -
- - - - - - - - -
- 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00%
- 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45%
- 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45%
- 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00%

- 2.25% 2.25% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50%


- 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00%
- 4.25% 4.25% 4.50% 4.50% 4.50% 4.50% 4.50% 4.50%
- 1.07% 1.07% 1.11% 1.12% 1.13% 1.13% 1.11% 1.12%

- 344 344 357 353 349 341 326 321

- - - 1,041 1,044 1,046 1,046 1,041 1,043


- - - (357) (353) (349) (341) (326) (321)
- - - 684 691 697 705 715 721

- 863 1,283 1,316 1,364 1,379 1,386 1,359 1,378


- - - 1,316 1,364 1,379 1,386 1,359 1,378

- - - 1,012 1,049 1,061 1,066 1,046 1,060


- - - (357) (353) (349) (341) (326) (321)
- - - 656 696 712 725 720 739

- - - 656 696 712 725 720 739

- - - 656 696 712 725 720 739


- - - 656 696 712 725 720 739
- - - 656 696 712 725 720 739

- 344 344 357 353 349 341 326 321


- - - 656 696 712 725 720 739
- 344 344 1,012 1,049 1,061 1,066 1,046 1,060
- 863 1,283 1,316 1,364 1,379 1,386 1,359 1,378
- 863 1,283 1,316 1,364 1,379 1,386 1,359 1,378

- 344 344 1,012 1,049 1,061 1,066 1,046 1,060

n/a 2.51x 3.73x 1.30x 1.30x 1.30x 1.30x 1.30x 1.30x


- - - 1 - - - - -

- 2.51x 3.12x 2.04x 1.75x 1.54x 1.30x 1.30x 1.30x

- - - - - - - - -

- 863 1,283 1,316 1,364 1,379 1,386 1,359 1,378

- 1.07% 1.07% 1.11% 1.12% 1.13% 1.13% 1.11% 1.12%


1.00 1.01 1.01 1.01 1.01 1.01 1.01 1.01 1.01

43,770 43,770 43,376 42,558 41,714 40,819 39,903 38,969 38,042

- 32,132 32,132 32,132 31,476 30,780 30,068 29,343 28,623

n/a 1.36x 1.35x 1.32x 1.33x 1.33x 1.33x 1.33x 1.33x


- - - 1 - - - - -

- 2,061 2,061 2,061 2,110 2,127 2,112 2,106 2,135


2,061 - - - - - - - -
- - - 48 17 - - 29 17
- - - - - - - - -
- - - - - (15) (6) - -
2,061 2,061 2,061 2,110 2,127 2,112 2,106 2,135 2,152
- - - - - - - - -

- 344 344 1,012 1,049 1,061 1,066 1,046 1,060


688 1,357 2,061 2,110 2,127 2,112 2,106 2,135 2,152
688 1,357 2,061 2,110 2,127 2,112 2,106 2,135 2,152
- - - 48 17 - - 29 17
- 519 939 304 315 318 320 314 318
- - 52 99 35 33 37 36 32
- 519 990 403 350 352 357 350 350
- - - 48 17 - - 29 17

- 863 1,283 1,316 1,364 1,379 1,386 1,359 1,378


- 344 344 1,012 1,049 1,061 1,066 1,046 1,060
- - - - - - - - -
- - - - - - - - -

- - - 1 1 1 1 1 1
688 1,357 2,061 2,110 2,127 2,112 2,106 2,135 2,152
- - - - - 15 6 - -
1-Jul-23 1-Oct-23 1-Jan-24 1-Apr-24 1-Jul-24 1-Oct-24 1-Jan-25 1-Apr-25 1-Jul-25
30-Sep-23 31-Dec-23 31-Mar-24 30-Jun-24 30-Sep-24 31-Dec-24 31-Mar-25 30-Jun-25 30-Sep-25
- - - - - - - - -
1 1 1 1 1 1 1 1 1

2023 2023 2024 2024 2024 2024 2025 2025 2025


92 92 91 91 92 92 90 91 92
- - - - - - - - -
9 10 11 12 13 14 15 16 17
3 3 3 3 4 4 4 4 5

1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000


1.038 1.041 1.043 1.046 1.048 1.051 1.054 1.056 1.059
1.077 1.082 1.088 1.093 1.099 1.104 1.110 1.115 1.121
1.097 1.104 1.111 1.118 1.125 1.132 1.138 1.146 1.153

1 1 1 1 1 1 1 1 1
- - - - - - - - -
1 1 1 1 1 1 1 1 1
32 31 30 29 28 27 26 25 24

- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
1 1 1 1 1 1 1 1 1

27,884 27,126 26,356 25,567 24,766 23,949 23,121 22,300 21,459


- - - - - - - - -
(758) (770) (789) (800) (817) (828) (821) (841) (881)
27,126 26,356 25,567 24,766 23,949 23,121 22,300 21,459 20,578

- - - - - - - - -
- - - - - - - - -
2.00% 2.00% 2.00% 2.00% 1.75% 1.75% 1.75% 1.75% 1.75%
1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45%
1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45%
2.00% 2.00% 2.00% 2.00% 1.75% 1.75% 1.75% 1.75% 1.75%

2.50% 2.50% 2.25% 2.25% 2.25% 2.25% 2.25% 2.25% 2.25%


2.00% 2.00% 2.00% 2.00% 1.75% 1.75% 1.75% 1.75% 1.75%
4.50% 4.50% 4.25% 4.25% 4.00% 4.00% 4.00% 4.00% 4.00%
1.13% 1.13% 1.06% 1.06% 1.01% 1.01% 0.99% 1.00% 1.01%

316 308 279 271 250 241 228 222 216

1,044 1,043 1,030 1,029 1,020 1,018 1,013 1,012 1,011


(316) (308) (279) (271) (250) (241) (228) (222) (216)
728 735 751 758 770 776 784 790 795

1,397 1,401 1,389 1,393 1,387 1,391 1,363 1,383 1,427


1,397 1,401 1,389 1,393 1,387 1,391 1,363 1,383 1,427

1,075 1,077 1,069 1,071 1,067 1,070 1,049 1,063 1,097


(316) (308) (279) (271) (250) (241) (228) (222) (216)
758 770 789 800 817 828 821 841 881

758 770 789 800 817 828 821 841 881

758 770 789 800 817 828 821 841 881


758 770 789 800 817 828 821 841 881
758 770 789 800 817 828 821 841 881

316 308 279 271 250 241 228 222 216


758 770 789 800 817 828 821 841 881
1,075 1,077 1,069 1,071 1,067 1,070 1,049 1,063 1,097
1,397 1,401 1,389 1,393 1,387 1,391 1,363 1,383 1,427
1,397 1,401 1,389 1,393 1,387 1,391 1,363 1,383 1,427

1,075 1,077 1,069 1,071 1,067 1,070 1,049 1,063 1,097

1.30x 1.30x 1.30x 1.30x 1.30x 1.30x 1.30x 1.30x 1.30x


- - - - - - - - -

1.30x 1.30x 1.30x 1.30x 1.30x 1.30x 1.30x 1.30x 1.30x

- - - - - - - - -

1,397 1,401 1,389 1,393 1,387 1,391 1,363 1,383 1,427

1.13% 1.13% 1.06% 1.06% 1.01% 1.01% 0.99% 1.00% 1.01%


1.01 1.01 1.01 1.01 1.01 1.01 1.01 1.01 1.01

37,091 36,115 35,124 34,107 33,075 32,022 30,954 29,896 28,812

27,884 27,126 26,356 25,567 24,766 23,949 23,121 22,300 21,459

1.33x 1.33x 1.33x 1.33x 1.34x 1.34x 1.34x 1.34x 1.34x


- - - - - - - - -

2,152 2,146 2,140 2,138 2,136 2,118 2,112 2,161 2,198


- - - - - - - - -
- - - - - - 49 37 -
- - - - - - - - -
(6) (6) (2) (2) (18) (6) - - (18)
2,146 2,140 2,138 2,136 2,118 2,112 2,161 2,198 2,180
- - - - - - - - -

1,075 1,077 1,069 1,071 1,067 1,070 1,049 1,063 1,097


2,146 2,140 2,138 2,136 2,118 2,112 2,161 2,198 2,180
2,146 2,140 2,138 2,136 2,118 2,112 2,161 2,198 2,180
- - - - - - 49 37 -
322 323 321 321 320 321 315 319 329
33 36 37 36 36 37 36 30 31
356 359 357 357 356 358 351 349 360
- - - - - - 49 37 -

1,397 1,401 1,389 1,393 1,387 1,391 1,363 1,383 1,427


1,075 1,077 1,069 1,071 1,067 1,070 1,049 1,063 1,097
- - - - - - - - -
- - - - - - - - -

1 1 1 1 1 1 1 1 1
2,146 2,140 2,138 2,136 2,118 2,112 2,161 2,198 2,180
6 6 2 2 18 6 - - 18
1-Oct-25 1-Jan-26 1-Apr-26 1-Jul-26 1-Oct-26 1-Jan-27 1-Apr-27 1-Jul-27 1-Oct-27
31-Dec-25 31-Mar-26 30-Jun-26 30-Sep-26 31-Dec-26 31-Mar-27 30-Jun-27 30-Sep-27 31-Dec-27
- - - - - - - - -
1 1 1 1 1 1 1 1 1

2025 2026 2026 2026 2026 2027 2027 2027 2027


92 90 91 92 92 90 91 92 92
- - - - - - - - -
18 19 20 21 22 23 24 25 26
5 5 5 6 6 6 6 7 7

1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000


1.062 1.064 1.067 1.070 1.072 1.075 1.077 1.080 1.083
1.126 1.132 1.137 1.143 1.149 1.154 1.160 1.166 1.172
1.160 1.167 1.174 1.181 1.189 1.196 1.203 1.211 1.219

1 1 1 1 1 1 1 1 1
- - - - - - - - -
1 1 1 1 1 1 1 1 1
23 22 21 20 19 18 17 16 15

- - - - - - - 1 -
- - - - - - - - -
- - - - - - - 1 -
1 1 1 1 1 1 1 2 2

20,578 19,685 18,800 17,893 16,965 16,063 15,202 14,316 13,401


- - - - - - - - -
(893) (885) (907) (929) (901) (861) (885) (915) (943)
19,685 18,800 17,893 16,965 16,063 15,202 14,316 13,401 12,459

- - - - - - - 1.25% -
- - - - - - - 179 -
1.75% 1.75% 1.75% 1.75% 1.75% 1.75% 1.75% 1.50% 1.50%
1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45%
1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45%
1.75% 1.75% 1.75% 1.75% 1.75% 1.75% 1.75% 1.45% 1.45%

2.25% 2.25% 2.25% 2.25% 2.25% 2.25% 2.25% 2.25% 2.25%


1.75% 1.75% 1.75% 1.75% 1.75% 1.75% 1.75% 1.45% 1.45%
4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 3.70% 3.70%
1.01% 0.99% 1.00% 1.01% 1.01% 0.99% 1.00% 0.93% 0.93%

207 194 187 180 171 158 152 134 125

1,007 1,000 997 992 986 978 977 967 962


(207) (194) (187) (180) (171) (158) (152) (134) (125)
799 806 809 812 815 820 825 834 837

1,431 1,403 1,422 1,442 1,394 1,326 1,348 1,363 1,388


1,431 1,403 1,422 1,442 1,394 1,326 1,348 1,363 1,388

1,100 1,079 1,094 1,109 1,072 1,020 1,037 1,049 1,068


(207) (194) (187) (180) (171) (158) (152) (134) (125)
893 885 907 929 901 861 885 915 943

893 885 907 929 901 861 885 915 943

893 885 907 929 901 861 885 915 943


893 885 907 929 901 861 885 915 943
893 885 907 929 901 861 885 915 943

207 194 187 180 171 158 152 134 125


893 885 907 929 901 861 885 915 943
1,100 1,079 1,094 1,109 1,072 1,020 1,037 1,049 1,068
1,431 1,403 1,422 1,442 1,394 1,326 1,348 1,363 1,388
1,431 1,403 1,422 1,442 1,394 1,326 1,348 1,363 1,388

1,100 1,079 1,094 1,109 1,072 1,020 1,037 1,049 1,068

1.30x 1.30x 1.30x 1.30x 1.30x 1.30x 1.30x 1.30x 1.30x


- - - - - - - - -

1.30x 1.30x 1.30x 1.30x 1.30x 1.30x 1.30x 1.30x 1.30x

- - - - - - - - -

1,431 1,403 1,422 1,442 1,394 1,326 1,348 1,363 1,388

1.01% 0.99% 1.00% 1.01% 1.01% 0.99% 1.00% 0.93% 0.93%


1.01 1.01 1.01 1.01 1.01 1.01 1.01 1.01 1.01

27,676 26,524 25,383 24,213 23,016 21,854 20,743 19,602 18,422

20,578 19,685 18,800 17,893 16,965 16,063 15,202 14,316 13,401

1.34x 1.35x 1.35x 1.35x 1.36x 1.36x 1.36x 1.37x 1.37x


- - - - - - - - -

2,180 2,173 2,203 2,182 2,092 2,057 2,086 2,116 2,096


- - - - - - - - -
- 30 - - - 29 31 - -
- - - - - - - - -
(6) - (22) (89) (35) - - (21) (36)
2,173 2,203 2,182 2,092 2,057 2,086 2,116 2,096 2,059
- - - - - - - - -

1,100 1,079 1,094 1,109 1,072 1,020 1,037 1,049 1,068


2,173 2,203 2,182 2,092 2,057 2,086 2,116 2,096 2,059
2,173 2,203 2,182 2,092 2,057 2,086 2,116 2,096 2,059
- 30 - - - 29 31 - -
330 324 328 333 322 306 311 136 320
38 37 33 38 46 40 32 31 19
368 361 361 371 368 346 343 167 339
- 30 - - - 29 31 - -

1,431 1,403 1,422 1,442 1,394 1,326 1,348 1,363 1,388


1,100 1,079 1,094 1,109 1,072 1,020 1,037 1,049 1,068
- - - - - - - - -
- - - - - - - - -

1 1 1 1 1 1 1 1 1
2,173 2,203 2,182 2,092 2,057 2,086 2,116 2,096 2,059
6 - 22 89 35 - - 21 36
1-Jan-28 1-Apr-28 1-Jul-28 1-Oct-28 1-Jan-29 1-Apr-29 1-Jul-29 1-Oct-29 1-Jan-30
31-Mar-28 30-Jun-28 30-Sep-28 31-Dec-28 31-Mar-29 30-Jun-29 30-Sep-29 31-Dec-29 31-Mar-30
- - - - - - - - -
1 1 1 1 1 1 1 1 1

2028 2028 2028 2028 2029 2029 2029 2029 2030


91 91 92 92 90 91 92 92 90
- - - - - - - - -
27 28 29 30 31 32 33 34 35
7 7 8 8 8 8 9 9 9

1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000


1.086 1.088 1.091 1.094 1.096 1.099 1.102 1.105 1.107
1.178 1.183 1.189 1.195 1.201 1.207 1.213 1.219 1.225
1.226 1.234 1.241 1.249 1.257 1.265 1.272 1.280 1.288

1 1 1 1 1 1 1 1 1
- - - - - - - - -
1 1 1 1 1 1 1 1 1
14 13 12 11 10 9 8 7 6

- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
2 2 2 2 2 2 2 2 2

12,459 11,546 10,621 9,714 8,812 7,924 7,011 6,039 5,073


- - - - - - - - -
(913) (925) (908) (901) (888) (914) (972) (966) (953)
11,546 10,621 9,714 8,812 7,924 7,011 6,039 5,073 4,121

- - - - - - - - -
- - - - - - - - -
1.50% 1.50% 1.50% 1.50% 1.50% 1.50% 1.50% 1.50% 1.50%
1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45%
1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45%
1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45%

2.25% 2.25% 2.25% 2.25% 2.25% 2.25% 2.25% 2.25% 2.25%


1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45%
3.70% 3.70% 3.70% 3.70% 3.70% 3.70% 3.70% 3.70% 3.70%
0.92% 0.92% 0.93% 0.93% 0.91% 0.92% 0.93% 0.93% 0.91%

115 107 99 91 80 73 65 56 46

953 947 940 933 926 922 914 895 873


(115) (107) (99) (91) (80) (73) (65) (56) (46)
838 840 841 843 846 848 848 839 826

1,336 1,341 1,309 1,289 1,259 1,283 1,348 1,329 1,299


1,336 1,341 1,309 1,289 1,259 1,283 1,348 1,329 1,299

1,028 1,031 1,007 992 968 987 1,037 1,022 999


(115) (107) (99) (91) (80) (73) (65) (56) (46)
913 925 908 901 888 914 972 966 953

913 925 908 901 888 914 972 966 953

913 925 908 901 888 914 972 966 953


913 925 908 901 888 914 972 966 953
913 925 908 901 888 914 972 966 953

115 107 99 91 80 73 65 56 46
913 925 908 901 888 914 972 966 953
1,028 1,031 1,007 992 968 987 1,037 1,022 999
1,336 1,341 1,309 1,289 1,259 1,283 1,348 1,329 1,299
1,336 1,341 1,309 1,289 1,259 1,283 1,348 1,329 1,299

1,028 1,031 1,007 992 968 987 1,037 1,022 999

1.30x 1.30x 1.30x 1.30x 1.30x 1.30x 1.30x 1.30x 1.30x


- - - - - - - - -

1.30x 1.30x 1.30x 1.30x 1.30x 1.30x 1.30x 1.30x 1.30x

- - - - - - - - -

1,336 1,341 1,309 1,289 1,259 1,283 1,348 1,329 1,299

0.92% 0.92% 0.93% 0.93% 0.91% 0.92% 0.93% 0.93% 0.91%


1.01 1.01 1.01 1.01 1.01 1.01 1.01 1.01 1.01

17,206 16,028 14,835 13,665 12,503 11,358 10,181 8,927 7,682

12,459 11,546 10,621 9,714 8,812 7,924 7,011 6,039 5,073

1.38x 1.39x 1.40x 1.41x 1.42x 1.43x 1.45x 1.48x 1.51x


- - - - - - - - -

2,059 2,038 1,998 1,960 1,955 2,024 2,059 2,021 2,016


- - - - - - - - -
- - - - 69 36 - - 30
- - - - - - - - -
(21) (40) (38) (5) - - (38) (5) -
2,038 1,998 1,960 1,955 2,024 2,059 2,021 2,016 2,047
- - - - - - - - -

1,028 1,031 1,007 992 968 987 1,037 1,022 999


2,038 1,998 1,960 1,955 2,024 2,059 2,021 2,016 2,047
2,038 1,998 1,960 1,955 2,024 2,059 2,021 2,016 2,047
- - - - 69 36 - - 30
308 309 302 298 291 296 311 307 300
38 37 39 38 34 26 29 38 35
346 346 341 335 325 322 340 345 335
- - - - 69 36 - - 30

1,336 1,341 1,309 1,289 1,259 1,283 1,348 1,329 1,299


1,028 1,031 1,007 992 968 987 1,037 1,022 999
- - - - - - - - -
- - - - - - - - -

1 1 1 1 1 1 1 1 1
2,038 1,998 1,960 1,955 2,024 2,059 2,021 2,016 2,047
21 40 38 5 - - 38 5 -
1-Apr-30 1-Jul-30 1-Oct-30 1-Jan-31 1-Apr-31 1-Jul-31 1-Oct-31 1-Jan-32 1-Apr-32
30-Jun-30 30-Sep-30 31-Dec-30 31-Mar-31 30-Jun-31 30-Sep-31 31-Dec-31 31-Mar-32 30-Jun-32
- - - - - - - - -
1 1 1 1 1 1 1 1 1

2030 2030 2030 2031 2031 2031 2031 2032 2032


91 92 92 90 91 92 92 91 91
- - - - - - - - -
36 37 38 39 40 41 42 43 44
9 10 10 10 10 11 11 11 11

1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000


1.110 1.113 1.116 1.119 1.121 1.124 1.127 1.130 1.133
1.231 1.237 1.244 1.250 1.256 1.262 1.268 1.275 1.281
1.296 1.304 1.312 1.320 1.329 1.337 1.345 1.353 1.362

1 1 1 1 1 - - - -
- - - - - - - - -
1 1 1 1 1 - - - -
5 4 3 2 1 - - - -

- - - - - - - - -
- - - - - 1 - - -
- - - - - 1 - - -
2 2 2 2 2 3 3 3 3

4,121 3,141 2,141 1,133 139 - - - -


- - - - - - - - -
(979) (1,000) (1,008) (994) (139) - - - -
3,141 2,141 1,133 139 - - - - -

- - - - - 1.00% - - -
- - - - - - - - -
1.50% 1.50% 1.50% 1.50% 1.50% - - - -
1.45% 1.45% 1.45% 1.45% 1.45% - - - -
1.45% 1.45% 1.45% 1.45% 1.45% - - - -
1.45% 1.45% 1.45% 1.45% 1.45% - - - -

2.25% 2.25% 2.25% 2.25% 2.25% - - - -


1.45% 1.45% 1.45% 1.45% 1.45% - - - -
3.70% 3.70% 3.70% 3.70% 3.70% - - - -
0.92% 0.93% 0.93% 0.91% 0.92% - - - -

38 29 20 10 1 - - - -

847 804 727 574 140 - - - -


(38) (29) (20) (10) (1) - - - -
809 774 707 564 139 - - - -

1,322 1,338 1,337 1,306 1,330 1,345 1,346 1,334 1,340


1,322 1,338 1,337 1,306 1,330 - - - -

1,017 1,029 1,028 1,005 1,023 - - - -


(38) (29) (20) (10) (1) - - - -
979 1,000 1,008 994 1,022 - - - -

979 1,000 1,008 994 1,022 - - - -

979 1,000 1,008 994 1,022 - - - -


979 1,000 1,008 994 1,022 - - - -
979 1,000 1,008 994 1,022 - - - -

38 29 20 10 1 - - - -
979 1,000 1,008 994 139 - - - -
1,017 1,029 1,028 1,005 140 - - - -
1,322 1,338 1,337 1,306 1,330 1,345 1,346 1,334 1,340
1,322 1,338 1,337 1,306 1,330 - - - -

1,017 1,029 1,028 1,005 140 - - - -

1.30x 1.30x 1.30x 1.30x 9.50x n/a n/a n/a n/a


- - - - - - - - -

1.30x 1.30x 1.30x 1.30x 1.66x 1.83x 2.30x 9.50x -

- - - - - - - - -

1,322 1,338 1,337 1,306 1,330 - - - -

0.92% 0.93% 0.93% 0.91% 0.92% - - - -


1.01 1.01 1.01 1.01 1.01 1.00 1.00 1.00 1.00

6,453 5,190 3,901 2,600 1,318 - - - -

4,121 3,141 2,141 1,133 139 - - - -

1.57x 1.65x 1.82x 2.29x 9.50x n/a n/a n/a n/a


- - - - - - - - -

2,047 2,058 2,033 1,145 140 - - - -


- - - - - - - - -
11 - - - - - - - -
- - - - - - - - -
- (25) (888) (1,005) (140) - - - -
2,058 2,033 1,145 140 - - - - -
- - - - - - - - -

1,017 1,029 1,028 1,005 140 - - - -


2,058 2,033 1,145 140 - - - - -
2,058 2,033 1,145 140 - - - - -
11 - - - - - - - -
305 309 309 301 1,190 1,345 1,346 1,334 1,340
30 32 37 123 143 147 149 150 148
336 341 345 425 1,333 1,493 1,496 1,483 1,489
11 - - - - - - - -

1,322 1,338 1,337 1,306 1,330 1,345 1,346 1,334 1,340


1,017 1,029 1,028 1,005 140 - - - -
- - - - - - - - -
- - - - - - - - -

1 1 1 1 1 - - - -
2,058 2,033 1,145 140 - - - - -
- 25 888 1,005 140 - - - -
1-Jul-32 1-Oct-32 1-Jan-33 1-Apr-33 1-Jul-33 1-Oct-33 1-Jan-34 1-Apr-34 1-Jul-34
30-Sep-32 31-Dec-32 31-Mar-33 30-Jun-33 30-Sep-33 31-Dec-33 31-Mar-34 30-Jun-34 30-Sep-34
- - - - - - - - -
1 1 1 1 1 1 1 1 1

2032 2032 2033 2033 2033 2033 2034 2034 2034


92 92 90 91 92 92 90 91 92
- - - - - - - - -
45 46 47 48 49 50 51 52 53
12 12 12 12 13 13 13 13 14

1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000


1.135 1.138 1.141 1.144 1.147 1.150 1.152 1.155 1.158
1.287 1.294 1.300 1.307 1.313 1.320 1.326 1.333 1.339
1.370 1.379 1.387 1.396 1.405 1.413 1.422 1.431 1.440

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

- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
3 3 3 3 3 3 3 3 3

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

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

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

- - - - - - - - -

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

1,336 1,337 1,307 1,334 1,377 1,378 1,348 1,375 1,394


- - - - - - - - -

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

- - - - - - - - -

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

- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
1,336 1,337 1,307 1,334 1,377 1,378 1,348 1,375 1,394
- - - - - - - - -

- - - - - - - - -

n/a n/a n/a n/a n/a n/a n/a n/a n/a


- - - - - - - - -

- - - - - - - - -

- - - - - - - - -

- - - - - - - - -

- - - - - - - - -
1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00

- - - - - - - - -

- - - - - - - - -

n/a n/a n/a n/a n/a n/a n/a n/a n/a


- - - - - - - - -

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

- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
1,336 1,337 1,307 1,334 1,377 1,378 1,348 1,375 1,394
149 148 149 146 148 152 153 150 153
1,485 1,485 1,456 1,480 1,525 1,531 1,501 1,526 1,546
- - - - - - - - -

1,336 1,337 1,307 1,334 1,377 1,378 1,348 1,375 1,394


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

- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
1-Oct-34 1-Jan-35 1-Apr-35 1-Jul-35 1-Oct-35 1-Jan-36 1-Apr-36 1-Jul-36 1-Oct-36
31-Dec-34 31-Mar-35 30-Jun-35 30-Sep-35 31-Dec-35 31-Mar-36 30-Jun-36 30-Sep-36 31-Dec-36
- - - - - - - - -
1 1 1 1 1 1 1 - -

2034 2035 2035 2035 2035 2036 2036 2036 2036


92 90 91 92 92 91 91 92 92
- - - - - - - - -
54 55 56 57 58 59 60 - -
14 14 14 15 15 15 15 - -

1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000


1.161 1.164 1.167 1.170 1.173 1.176 1.179 1.181 1.184
1.346 1.353 1.359 1.366 1.373 1.380 1.387 1.394 1.401
1.449 1.458 1.467 1.476 1.485 1.494 1.503 1.513 1.522

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

- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
3 3 3 3 3 3 3 3 3

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

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

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

- - - - - - - - -

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

1,395 1,365 1,392 1,410 1,412 1,399 1,406 521 -


- - - - - - - - -

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

- - - - - - - - -

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

- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
1,395 1,365 1,392 1,410 1,412 1,399 1,406 521 -
- - - - - - - - -

- - - - - - - - -

n/a n/a n/a n/a n/a n/a n/a n/a n/a


- - - - - - - - -

- - - - - - - - -

- - - - - - - - -

- - - - - - - - -

- - - - - - - - -
1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00

- - - - - - - - -

- - - - - - - - -

n/a n/a n/a n/a n/a n/a n/a n/a n/a


- - - - - - - - -

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

- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
1,395 1,365 1,392 1,410 1,412 1,399 1,406 521 -
155 155 152 154 156 157 156 156 68
1,549 1,519 1,544 1,565 1,568 1,555 1,561 677 68
- - - - - - - - -

1,395 1,365 1,392 1,410 1,412 1,399 1,406 521 -


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

- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
1-Jan-37 1-Apr-37 1-Jul-37 1-Oct-37
31-Mar-37 30-Jun-37 30-Sep-37 31-Dec-37
- - - -
- - - -

2037 2037 2037 2037


90 91 92 92
- - - -
- - - -
- - - -

1.000 1.000 1.000 1.000


1.187 1.190 1.193 1.196
1.407 1.414 1.422 1.429
1.531 1.541 1.551 1.560

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

- - - -
- - - -
- - - -
3 3 3 3

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

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

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

- - - -

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

- - - -
- - - -

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

- - - -

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

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

- - - -

n/a n/a n/a n/a


- - - -

- - - -

- - - -

- - - -

- - - -
1.00 1.00 1.00 1.00

- - - -

- - - -

n/a n/a n/a n/a


- - - -

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

- - - -
- - - -
- - - -
- - - -
- - - -
7 1 0 0
7 1 0 0
- - - -

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

- - - -
- - - -
- - - -
DEPRECIATION & TAX Alerts Warnings IRR
OK OK 25.80%
Start of period
End of period Start End
Construction 1-Jan-20 30-Jun-21
Operations 1-Jul-21 30-Jun-36

Counters for call-ups


Calendar year Num#
Days in period Num#
Construction quarter Num#
Operations quarter Num#
Operations year Num#

Escalation
Index
None Index
1% Index
2% Index
CPI Index

DEPRECIATION
Additions (capex)
During construction
1 Long term USD '000
2 Short term USD '000
3 Financing USD '000
Total USD '000

During operations
1 Long term USD '000
2 Short term USD '000
3 Financing USD '000
Total USD '000

End of operations flag [1,0]

Accounting depreciation
1 Long term
Account
Balance b/f USD '000
Additions USD '000
Depreciation & write-off USD '000 2.08%
Balance c/f USD '000

Additions
Construction USD '000
Operations USD '000
Entering depreciation base USD '000 31,900

Counter Num# 48 Qtr(s)

Depreciation base
Straight line USD '000 2.08%
Reducing balance USD '000 4.17%
Applied USD '000 SL

2 Short term
Account
Balance b/f USD '000
Additions USD '000
Depreciation & write-off USD '000 3.13%
Balance c/f USD '000

Additions
Construction USD '000
Operations USD '000
Entering depreciation base USD '000 7,875

Counter Num# 32 Qtr(s)

Depreciation base
Straight line USD '000 3.13%
Reducing balance USD '000 6.25%
Applied USD '000 SL

3 Financing
Account
Balance b/f USD '000
Additions USD '000
Depreciation & write-off USD '000 8.33%
Balance c/f USD '000

Additions
Construction USD '000
Operations USD '000
Entering depreciation base USD '000 1,406
Counter Num# 12 Qtr(s)

Depreciation base
Straight line USD '000 8.33%
Reducing balance USD '000 16.67%
Applied USD '000 SL

Tax depreciation
1 Long term
Account
Balance b/f USD '000
Additions USD '000
Depreciation & write-off USD '000 4.17%
Balance c/f USD '000

Additions
Construction USD '000
Operations USD '000
Entering depreciation base USD '000 31,900

Counter
Straight line Num# 48 Qtr(s)
MACRS Num# 64 Qtr(s)

Depreciation
Straight line USD '000 2.08%
Reducing balance USD '000 4.17% Depr type
MACRS 15 year Position 3
Applied USD '000 MACRS 3

2 Short term
Account
Balance b/f USD '000
Additions USD '000
Depreciation & write-off USD '000 6.25%
Balance c/f USD '000

Additions
Construction USD '000
Operations USD '000
Entering depreciation base USD '000 7,875

Counter
Straight line Num# 32 Qtr(s)
MACRS Num# 32 Qtr(s)

Depreciation
Straight line USD '000 3.13%
Reducing balance USD '000 6.25% Depr type
MACRS 7 year Position 2
Applied USD '000 MACRS 3

3 Financing
Account
Balance b/f USD '000
Additions USD '000
Depreciation & write-off USD '000 16.67%
Balance c/f USD '000

Additions
Construction USD '000
Operations USD '000
Entering depreciation base USD '000 1,406

Counter
Straight line Num# 12 Qtr(s)
MACRS Num# 24 Qtr(s)

Depreciation
Straight line USD '000 8.33%
Reducing balance USD '000 16.67% Depr type
MACRS USD '000 5 year Position 1
Applied USD '000 MACRS 3

Summary
Accounting depreciation & write-offs
Long term USD '000
Short term USD '000
Financing USD '000
Total USD '000

Tax depreciation & write-offs


Long term USD '000
Short term USD '000
Financing USD '000
Total USD '000

Net book value


Long term USD '000
Short term USD '000
Financing USD '000
Total USD '000

TAX
Corporate tax (geared)
Tax computation
EBITDA USD '000
Less: tax depreciation USD '000
Less: re-fi fee USD '000
Less: interest - debt USD '000
Less: interest - SHL USD '000
Taxable income USD '000

Tax loss account


Balance b/f USD '000
Tax loss generated USD '000
Tax loss utilised USD '000
Balance c/f USD '000

Tax loss utilised USD '000


Net taxable income USD '000

Tax payable USD '000 21.00%

Tax creditor
Balance b/f USD '000
Tax payable (P&L) USD '000
Tax paid (CFW) USD '000
Balance c/f (B/S) USD '000
1-Jan-20 1-Feb-20 1-Mar-20 1-Apr-20 1-May-20 1-Jun-20 1-Jul-20 1-Aug-20
31-Dec-19 31-Jan-20 29-Feb-20 31-Mar-20 30-Apr-20 31-May-20 30-Jun-20 31-Jul-20 31-Aug-20
1 1 1 1 1 1 1 1
- - - - - - - -

2020 2020 2020 2020 2020 2020 2020 2020


31 29 31 30 31 30 31 31
1 2 3 4 5 6 7 8
- - - - - - - -
- - - - - - - -

1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000


1.001 1.002 1.002 1.003 1.004 1.005 1.006 1.007
1.002 1.003 1.005 1.007 1.008 1.010 1.012 1.013
1.002 1.004 1.006 1.008 1.010 1.012 1.015 1.017

31,500 1,575 1,575 1,575 1,575 1,575 1,575 1,575 1,575


7,875 788 788 788 788 2,363 2,363 - -
1,406 349 26 27 26 27 35 48 53
40,781 2,711 2,388 2,390 2,389 3,965 3,973 1,623 1,628

400 - - - - - - - -
- - - - - - - - -
- - - - - - - - -
400 - - - - - - - -

- - - - - - - -

- 1,575 3,150 4,725 6,300 7,875 9,450 11,025


31,900 1,575 1,575 1,575 1,575 1,575 1,575 1,575 1,575
(31,900) - - - - - - - -
1,575 3,150 4,725 6,300 7,875 9,450 11,025 12,600

31,500 1,575 1,575 1,575 1,575 1,575 1,575 1,575 1,575


400 - - - - - - - -
- - - - - - - -

1 Qtr(s) 2 Qtr(s) 3 Qtr(s) 4 Qtr(s) 5 Qtr(s) 6 Qtr(s) 7 Qtr(s) 8 Qtr(s)

- - - - - - - -
- 1,575 3,150 4,725 6,300 7,875 9,450 11,025
- 1,575 3,150 4,725 6,300 7,875 9,450 11,025

- 788 1,575 2,363 3,150 5,513 7,875 7,875


7,875 788 788 788 788 2,363 2,363 - -
(7,875) - - - - - - - -
788 1,575 2,363 3,150 5,513 7,875 7,875 7,875

7,875 788 788 788 788 2,363 2,363 - -


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

1 Qtr(s) 2 Qtr(s) 3 Qtr(s) 4 Qtr(s) 5 Qtr(s) 6 Qtr(s) 7 Qtr(s) 8 Qtr(s)

- - - - - - - -
- 788 1,575 2,363 3,150 5,513 7,875 7,875
- 788 1,575 2,363 3,150 5,513 7,875 7,875

- 349 374 401 428 455 491 539


1,406 349 26 27 26 27 35 48 53
(1,406) - - - - - - - -
349 374 401 428 455 491 539 592

1,406 349 26 27 26 27 35 48 53
- - - - - - - - -
- - - - - - - -
1 Qtr(s) 2 Qtr(s) 3 Qtr(s) 4 Qtr(s) 5 Qtr(s) 6 Qtr(s) 7 Qtr(s) 8 Qtr(s)

- - - - - - - -
- 349 374 401 428 455 491 539
- 349 374 401 428 455 491 539

- 1,575 3,150 4,725 6,300 7,875 9,450 11,025


31,900 1,575 1,575 1,575 1,575 1,575 1,575 1,575 1,575
(31,900) - - - - - - - -
1,575 3,150 4,725 6,300 7,875 9,450 11,025 12,600

31,500 1,575 1,575 1,575 1,575 1,575 1,575 1,575 1,575


400 - - - - - - - -
- - - - - - - - -

1 Qtr(s) 2 Qtr(s) 3 Qtr(s) 4 Qtr(s) 5 Qtr(s) 6 Qtr(s) 7 Qtr(s) 8 Qtr(s)


1 Qtr(s) 2 Qtr(s) 3 Qtr(s) 4 Qtr(s) 5 Qtr(s) 6 Qtr(s) 7 Qtr(s) 8 Qtr(s)

31,789 - - - - - - - -
49,561 - 66 131 197 263 328 394 459
31,743 - - - - - - - -
- - - - - - - -

- 788 1,575 2,363 3,150 5,513 7,875 7,875


7,875 788 788 788 788 2,363 2,363 - -
(7,875) - - - - - - - -
788 1,575 2,363 3,150 5,513 7,875 7,875 7,875

7,875 788 788 788 788 2,363 2,363 - -


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

1 Qtr(s) 2 Qtr(s) 3 Qtr(s) 4 Qtr(s) 5 Qtr(s) 6 Qtr(s) 7 Qtr(s) 8 Qtr(s)


1 Qtr(s) 2 Qtr(s) 3 Qtr(s) 4 Qtr(s) 5 Qtr(s) 6 Qtr(s) 7 Qtr(s) 8 Qtr(s)

7,875 - - - - - - - -
13,133 - 49 98 148 197 345 492 492
7,875 - - - - - - - -
- - - - - - - -

- 349 374 401 428 455 491 539


1,406 349 26 27 26 27 35 48 53
(1,406) - - - - - - - -
349 374 401 428 455 491 539 592

1,406 349 26 27 26 27 35 48 53
- - - - - - - - -
- - - - - - - - -

1 Qtr(s) 2 Qtr(s) 3 Qtr(s) 4 Qtr(s) 5 Qtr(s) 6 Qtr(s) 7 Qtr(s) 8 Qtr(s)


1 Qtr(s) 2 Qtr(s) 3 Qtr(s) 4 Qtr(s) 5 Qtr(s) 6 Qtr(s) 7 Qtr(s) 8 Qtr(s)

1,406 - - - - - - - -
4,296 - 58 62 67 71 76 82 90
1,406 - - - - - - - -
- - - - - - - -

31,900 - - - - - - - -
7,875 - - - - - - - -
1,406 - - - - - - - -
41,181 - - - - - - - -

31,900 - - - - - - - -
7,875 - - - - - - - -
1,406 - - - - - - - -
41,181 - - - - - - - -

1,335,621 1,575 3,150 4,725 6,300 7,875 9,450 11,025 12,600


322,381 788 1,575 2,363 3,150 5,513 7,875 7,875 7,875
28,924 349 374 401 428 455 491 539 592
1,686,927 2,711 5,099 7,489 9,878 13,843 17,816 19,439 21,067

88,018 - - - - - - - -
(41,181) - - - - - - - -
(179) - - - - - - - -
(7,408) - - - - - - - -
(11,132) - - - (12) (27) (31) (32) (32)
28,119 - - - (12) (27) (31) (32) (32)

- - - - 12 39 70 103
2,817 - - - 12 27 31 32 32
(2,520) - - - - - - - -
- - - 12 39 70 103 135

(2,520) - - - - - - - -
28,416 - - - - - - - -

5,967 - - - - - - - -

- - - - - - - -
5,967 - - - - - - - -
(5,967) - - - - - - - -
- - - - - - - -
1-Sep-20 1-Oct-20 1-Nov-20 1-Dec-20 1-Jan-21 1-Feb-21 1-Mar-21 1-Apr-21 1-May-21
30-Sep-20 31-Oct-20 30-Nov-20 31-Dec-20 31-Jan-21 28-Feb-21 31-Mar-21 30-Apr-21 31-May-21
1 1 1 1 1 1 1 1 1
- - - - - - - - -

2020 2020 2020 2020 2021 2021 2021 2021 2021


30 31 30 31 31 28 31 30 31
9 10 11 12 13 14 15 16 17
- - - - - - - - -
- - - - - - - - -

1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000


1.007 1.008 1.009 1.010 1.011 1.012 1.013 1.013 1.014
1.015 1.017 1.018 1.020 1.022 1.023 1.025 1.027 1.028
1.019 1.021 1.023 1.025 1.027 1.029 1.031 1.033 1.036

1,575 1,575 1,575 1,575 1,575 1,575 1,575 1,575 3,150


- - - - - - - - -
56 63 66 73 81 78 92 94 102
1,631 1,638 1,641 1,648 1,656 1,653 1,667 1,669 3,252

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

- - - - - - - - -

12,600 14,175 15,750 17,325 18,900 20,475 22,050 23,625 25,200


1,575 1,575 1,575 1,575 1,575 1,575 1,575 1,575 3,150
- - - - - - - - -
14,175 15,750 17,325 18,900 20,475 22,050 23,625 25,200 28,350

1,575 1,575 1,575 1,575 1,575 1,575 1,575 1,575 3,150


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

9 Qtr(s) 10 Qtr(s) 11 Qtr(s) 12 Qtr(s) 13 Qtr(s) 14 Qtr(s) 15 Qtr(s) 16 Qtr(s) 17 Qtr(s)

- - - - - - - - -
12,600 14,175 15,750 17,325 18,900 20,475 22,050 23,625 25,200
12,600 14,175 15,750 17,325 18,900 20,475 22,050 23,625 25,200

7,875 7,875 7,875 7,875 7,875 7,875 7,875 7,875 7,875


- - - - - - - - -
- - - - - - - - -
7,875 7,875 7,875 7,875 7,875 7,875 7,875 7,875 7,875

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

9 Qtr(s) 10 Qtr(s) 11 Qtr(s) 12 Qtr(s) 13 Qtr(s) 14 Qtr(s) 15 Qtr(s) 16 Qtr(s) 17 Qtr(s)

- - - - - - - - -
7,875 7,875 7,875 7,875 7,875 7,875 7,875 7,875 7,875
7,875 7,875 7,875 7,875 7,875 7,875 7,875 7,875 7,875

592 648 711 777 850 931 1,009 1,101 1,194


56 63 66 73 81 78 92 94 102
- - - - - - - - -
648 711 777 850 931 1,009 1,101 1,194 1,297

56 63 66 73 81 78 92 94 102
- - - - - - - - -
- - - - - - - - -
9 Qtr(s) 10 Qtr(s) 11 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s)

- - - - - - - - -
592 648 711 777 850 931 1,009 1,101 1,194
592 648 711 777 850 931 1,009 1,101 1,194

12,600 14,175 15,750 17,325 18,900 20,475 22,050 23,625 25,200


1,575 1,575 1,575 1,575 1,575 1,575 1,575 1,575 3,150
- - - - - - - - -
14,175 15,750 17,325 18,900 20,475 22,050 23,625 25,200 28,350

1,575 1,575 1,575 1,575 1,575 1,575 1,575 1,575 3,150


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

9 Qtr(s) 10 Qtr(s) 11 Qtr(s) 12 Qtr(s) 13 Qtr(s) 14 Qtr(s) 15 Qtr(s) 16 Qtr(s) 17 Qtr(s)


9 Qtr(s) 10 Qtr(s) 11 Qtr(s) 12 Qtr(s) 13 Qtr(s) 14 Qtr(s) 15 Qtr(s) 16 Qtr(s) 17 Qtr(s)

- - - - - - - - -
525 591 656 722 788 853 919 984 1,050
- - - - - - - - -
- - - - - - - - -

7,875 7,875 7,875 7,875 7,875 7,875 7,875 7,875 7,875


- - - - - - - - -
- - - - - - - - -
7,875 7,875 7,875 7,875 7,875 7,875 7,875 7,875 7,875

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

9 Qtr(s) 10 Qtr(s) 11 Qtr(s) 12 Qtr(s) 13 Qtr(s) 14 Qtr(s) 15 Qtr(s) 16 Qtr(s) 17 Qtr(s)


9 Qtr(s) 10 Qtr(s) 11 Qtr(s) 12 Qtr(s) 13 Qtr(s) 14 Qtr(s) 15 Qtr(s) 16 Qtr(s) 17 Qtr(s)

- - - - - - - - -
492 492 492 492 492 492 492 492 492
- - - - - - - - -
- - - - - - - - -

592 648 711 777 850 931 1,009 1,101 1,194


56 63 66 73 81 78 92 94 102
- - - - - - - - -
648 711 777 850 931 1,009 1,101 1,194 1,297

56 63 66 73 81 78 92 94 102
- - - - - - - - -
- - - - - - - - -

9 Qtr(s) 10 Qtr(s) 11 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s)


9 Qtr(s) 10 Qtr(s) 11 Qtr(s) 12 Qtr(s) 13 Qtr(s) 14 Qtr(s) 15 Qtr(s) 16 Qtr(s) 17 Qtr(s)

- - - - - - - - -
99 108 119 129 142 155 168 183 199
- - - - - - - - -
- - - - - - - - -

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

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

14,175 15,750 17,325 18,900 20,475 22,050 23,625 25,200 28,350


7,875 7,875 7,875 7,875 7,875 7,875 7,875 7,875 7,875
648 711 777 850 931 1,009 1,101 1,194 1,297
22,698 24,336 25,977 27,625 29,281 30,934 32,601 34,269 37,522

- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
(32) (33) (32) (33) (33) (30) (34) (33) (34)
(32) (33) (32) (33) (33) (30) (34) (33) (34)

135 167 199 231 265 298 328 362 395


32 33 32 33 33 30 34 33 34
- - - - - - - - -
167 199 231 265 298 328 362 395 429

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

- - - - - - - - -

- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
1-Jun-21 1-Jul-21 1-Oct-21 1-Jan-22 1-Apr-22 1-Jul-22 1-Oct-22 1-Jan-23 1-Apr-23
30-Jun-21 30-Sep-21 31-Dec-21 31-Mar-22 30-Jun-22 30-Sep-22 31-Dec-22 31-Mar-23 30-Jun-23
1 - - - - - - - -
- 1 1 1 1 1 1 1 1

2021 2021 2021 2022 2022 2022 2022 2023 2023


30 92 92 90 91 92 92 90 91
18 - - - - - - - -
- 1 2 3 4 5 6 7 8
- 1 1 1 1 2 2 2 2

1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000


1.015 1.018 1.020 1.023 1.025 1.028 1.030 1.033 1.035
1.030 1.035 1.040 1.046 1.051 1.056 1.061 1.066 1.072
1.038 1.044 1.051 1.057 1.064 1.070 1.077 1.084 1.090

3,150 - - - - - - - -
- - - - - - - - -
109 - - - - - - - -
3,259 - - - - - - - -

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

- - - - - - - - -

28,350 31,500 30,844 30,201 29,572 28,956 28,353 27,762 27,184


3,150 - - - - - - - -
- (656) (643) (629) (616) (603) (591) (578) (566)
31,500 30,844 30,201 29,572 28,956 28,353 27,762 27,184 26,617

3,150 - - - - - - - -
- - - - - - - - -
31,500 - - - - - - - -

18 Qtr(s) 19 Qtr(s) 20 Qtr(s) 21 Qtr(s) 22 Qtr(s) 23 Qtr(s) 24 Qtr(s) 25 Qtr(s) 26 Qtr(s)

- 31,500 31,500 31,500 31,500 31,500 31,500 31,500 31,500


28,350 31,500 30,844 30,201 29,572 28,956 28,353 27,762 27,184
28,350 31,500 30,844 30,201 29,572 28,956 28,353 27,762 27,184

7,875 7,875 7,629 7,391 7,160 6,936 6,719 6,509 6,306


- - - - - - - - -
- (246) (238) (231) (224) (217) (210) (203) (197)
7,875 7,629 7,391 7,160 6,936 6,719 6,509 6,306 6,109

- - - - - - - - -
- - - - - - - - -
7,875 - - - - - - - -

18 Qtr(s) 19 Qtr(s) 20 Qtr(s) 21 Qtr(s) 22 Qtr(s) 23 Qtr(s) 24 Qtr(s) 25 Qtr(s) 26 Qtr(s)

- 7,875 7,875 7,875 7,875 7,875 7,875 7,875 7,875


7,875 7,875 7,629 7,391 7,160 6,936 6,719 6,509 6,306
7,875 7,875 7,629 7,391 7,160 6,936 6,719 6,509 6,306

1,297 1,406 1,289 1,181 1,083 993 910 834 765


109 - - - - - - - -
- (117) (107) (98) (90) (83) (76) (70) (64)
1,406 1,289 1,181 1,083 993 910 834 765 701

109 - - - - - - - -
- - - - - - - - -
1,406 - - - - - - - -
12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s)

- 1,406 1,406 1,406 1,406 1,406 1,406 1,406 1,406


1,297 1,406 1,289 1,181 1,083 993 910 834 765
1,297 1,406 1,289 1,181 1,083 993 910 834 765

28,350 31,500 31,106 30,713 30,319 29,925 29,177 28,429 27,681


3,150 - - - - - - - -
- (394) (394) (394) (394) (748) (748) (748) (748)
31,500 31,106 30,713 30,319 29,925 29,177 28,429 27,681 26,933

3,150 - - - - - - - -
- - - - - - - - -
31,500 - - - - - - - -

18 Qtr(s) 19 Qtr(s) 20 Qtr(s) 21 Qtr(s) 22 Qtr(s) 23 Qtr(s) 24 Qtr(s) 25 Qtr(s) 26 Qtr(s)


18 Qtr(s) 19 Qtr(s) 20 Qtr(s) 21 Qtr(s) 22 Qtr(s) 23 Qtr(s) 24 Qtr(s) 25 Qtr(s) 26 Qtr(s)

- 656 656 656 656 656 656 656 656


1,181 1,313 1,296 1,280 1,263 1,247 1,216 1,185 1,153
- 394 394 394 394 748 748 748 748
- 394 394 394 394 748 748 748 748

7,875 7,875 7,594 7,312 7,031 6,750 6,268 5,785 5,303


- - - - - - - - -
- (281) (281) (281) (281) (482) (482) (482) (482)
7,875 7,594 7,312 7,031 6,750 6,268 5,785 5,303 4,821

- - - - - - - - -
- - - - - - - - -
7,875 - - - - - - - -

18 Qtr(s) 19 Qtr(s) 20 Qtr(s) 21 Qtr(s) 22 Qtr(s) 23 Qtr(s) 24 Qtr(s) 25 Qtr(s) 26 Qtr(s)


18 Qtr(s) 19 Qtr(s) 20 Qtr(s) 21 Qtr(s) 22 Qtr(s) 23 Qtr(s) 24 Qtr(s) 25 Qtr(s) 26 Qtr(s)

- 246 246 246 246 246 246 246 246


492 492 475 457 439 422 392 362 331
- 281 281 281 281 482 482 482 482
- 281 281 281 281 482 482 482 482

1,297 1,406 1,335 1,265 1,195 1,125 1,012 900 787


109 - - - - - - - -
- (70) (70) (70) (70) (112) (112) (112) (112)
1,406 1,335 1,265 1,195 1,125 1,012 900 787 675

109 - - - - - - - -
- - - - - - - - -
1,406 - - - - - - - -

12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s)


18 Qtr(s) 19 Qtr(s) 20 Qtr(s) 21 Qtr(s) 22 Qtr(s) 23 Qtr(s) 24 Qtr(s) 24 Qtr(s) 24 Qtr(s)

- 117 117 117 117 117 117 117 117


216 234 223 211 199 187 169 150 131
- 70 70 70 70 112 112 112 112
- 70 70 70 70 112 112 112 112

- 656 643 629 616 603 591 578 566


- 246 238 231 224 217 210 203 197
- 117 107 98 90 83 76 70 64
- 1,019 988 959 930 903 876 851 827

- 394 394 394 394 748 748 748 748


- 281 281 281 281 482 482 482 482
- 70 70 70 70 112 112 112 112
- 745 745 745 745 1,343 1,343 1,343 1,343

31,500 30,844 30,201 29,572 28,956 28,353 27,762 27,184 26,617


7,875 7,629 7,391 7,160 6,936 6,719 6,509 6,306 6,109
1,406 1,289 1,181 1,083 993 910 834 765 701
40,781 39,761 38,773 37,814 36,884 35,982 35,105 34,254 33,427

- 1,280 1,284 1,346 1,365 1,383 1,387 1,361 1,379


- (745) (745) (745) (745) (1,343) (1,343) (1,343) (1,343)
- - - - - - - - -
- (344) (344) (357) (353) (349) (341) (326) (321)
(33) (103) (104) (104) (107) (110) (112) (111) (115)
(33) 88 90 140 159 (418) (409) (419) (399)

429 462 374 284 144 - 418 827 1,246


33 - - - - 418 409 419 399
- (88) (90) (140) (144) - - - -
462 374 284 144 - 418 827 1,246 1,645

- (88) (90) (140) (144) - - - -


- - - - 15 - - - -

- - - - 3 - - - -

- - - - - 3 - - -
- - - - 3 - - - -
- - - - - (3) - - -
- - - - 3 - - - -
1-Jul-23 1-Oct-23 1-Jan-24 1-Apr-24 1-Jul-24 1-Oct-24 1-Jan-25 1-Apr-25 1-Jul-25
30-Sep-23 31-Dec-23 31-Mar-24 30-Jun-24 30-Sep-24 31-Dec-24 31-Mar-25 30-Jun-25 30-Sep-25
- - - - - - - - -
1 1 1 1 1 1 1 1 1

2023 2023 2024 2024 2024 2024 2025 2025 2025


92 92 91 91 92 92 90 91 92
- - - - - - - - -
9 10 11 12 13 14 15 16 17
3 3 3 3 4 4 4 4 5

1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000


1.038 1.041 1.043 1.046 1.048 1.051 1.054 1.056 1.059
1.077 1.082 1.088 1.093 1.099 1.104 1.110 1.115 1.121
1.097 1.104 1.111 1.118 1.125 1.132 1.138 1.146 1.153

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

- - - - 25 25 25 25 -
- - - - - - - - -
- - - - - - - - -
- - - - 25 25 25 25 -

- - - - - - - - -

26,617 26,063 25,520 24,988 24,468 23,983 23,508 23,043 22,588


- - - - 25 25 25 25 -
(555) (543) (532) (521) (510) (500) (490) (480) (471)
26,063 25,520 24,988 24,468 23,983 23,508 23,043 22,588 22,118

- - - - - - - - -
- - - - 25 25 25 25 -
- - - - 25 25 25 25 -

27 Qtr(s) 28 Qtr(s) 29 Qtr(s) 30 Qtr(s) 31 Qtr(s) 32 Qtr(s) 33 Qtr(s) 34 Qtr(s) 35 Qtr(s)

31,500 31,500 31,500 31,500 31,500 31,525 31,550 31,575 31,600


26,617 26,063 25,520 24,988 24,468 23,983 23,508 23,043 22,588
26,617 26,063 25,520 24,988 24,468 23,983 23,508 23,043 22,588

6,109 5,918 5,733 5,554 5,380 5,212 5,049 4,891 4,738


- - - - - - - - -
(191) (185) (179) (174) (168) (163) (158) (153) (148)
5,918 5,733 5,554 5,380 5,212 5,049 4,891 4,738 4,590

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

27 Qtr(s) 28 Qtr(s) 29 Qtr(s) 30 Qtr(s) 31 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s)

7,875 7,875 7,875 7,875 7,875 7,875 7,875 7,875 7,875


6,109 5,918 5,733 5,554 5,380 5,212 5,049 4,891 4,738
6,109 5,918 5,733 5,554 5,380 5,212 5,049 4,891 4,738

701 642 589 540 495 454 416 381 349


- - - - - - - - -
(58) (54) (49) (45) (41) (38) (35) (32) (29)
642 589 540 495 454 416 381 349 320

- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s)

1,406 1,406 1,406 1,406 - - - - -


701 642 589 540 495 454 416 381 349
701 642 589 540 495 454 416 381 349

26,933 26,259 25,586 24,913 24,239 23,658 23,076 22,494 21,912


- - - - 25 25 25 25 -
(673) (673) (673) (673) (606) (607) (607) (607) (547)
26,259 25,586 24,913 24,239 23,658 23,076 22,494 21,912 21,365

- - - - - - - - -
- - - - 25 25 25 25 -
- - - - 25 25 25 25 -

27 Qtr(s) 28 Qtr(s) 29 Qtr(s) 30 Qtr(s) 31 Qtr(s) 32 Qtr(s) 33 Qtr(s) 34 Qtr(s) 35 Qtr(s)


27 Qtr(s) 28 Qtr(s) 29 Qtr(s) 30 Qtr(s) 31 Qtr(s) 32 Qtr(s) 33 Qtr(s) 34 Qtr(s) 35 Qtr(s)

656 656 656 656 656 657 657 658 658


1,122 1,094 1,066 1,038 1,010 986 962 937 913
673 673 673 673 606 607 607 607 547
673 673 673 673 606 607 607 607 547

4,821 4,477 4,132 3,788 3,444 3,198 2,952 2,706 2,460


- - - - - - - - -
(344) (344) (344) (344) (246) (246) (246) (246) (176)
4,477 4,132 3,788 3,444 3,198 2,952 2,706 2,460 2,284

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

27 Qtr(s) 28 Qtr(s) 29 Qtr(s) 30 Qtr(s) 31 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s)


27 Qtr(s) 28 Qtr(s) 29 Qtr(s) 30 Qtr(s) 31 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s)

246 246 246 246 246 246 246 246 246


301 280 258 237 215 200 184 169 154
344 344 344 344 246 246 246 246 176
344 344 344 344 246 246 246 246 176

675 607 540 472 405 364 324 283 243


- - - - - - - - -
(67) (67) (67) (67) (40) (40) (40) (40) (40)
607 540 472 405 364 324 283 243 202

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

12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s)


24 Qtr(s) 24 Qtr(s) 24 Qtr(s) 24 Qtr(s) 24 Qtr(s) 24 Qtr(s) 24 Qtr(s) 24 Qtr(s) 24 Qtr(s)

117 117 117 117 - - - - -


112 101 90 79 67 61 54 47 40
67 67 67 67 40 40 40 40 40
67 67 67 67 40 40 40 40 40

555 543 532 521 510 500 490 480 471


191 185 179 174 168 163 158 153 148
58 54 49 45 41 38 35 32 29
804 781 760 739 719 700 682 665 648

673 673 673 673 606 607 607 607 547


344 344 344 344 246 246 246 246 176
67 67 67 67 40 40 40 40 40
1,085 1,085 1,085 1,085 893 893 893 894 763

26,063 25,520 24,988 24,468 23,983 23,508 23,043 22,588 22,118


5,918 5,733 5,554 5,380 5,212 5,049 4,891 4,738 4,590
642 589 540 495 454 416 381 349 320
32,623 31,841 31,082 30,342 29,648 28,973 28,316 27,676 27,028

1,398 1,402 1,390 1,394 1,413 1,417 1,390 1,409 1,428


(1,085) (1,085) (1,085) (1,085) (893) (893) (893) (894) (763)
- - - - - - - - -
(316) (308) (279) (271) (250) (241) (228) (222) (216)
(118) (120) (121) (123) (126) (129) (128) (132) (136)
(121) (111) (95) (85) 144 154 140 161 313

1,645 1,767 1,877 1,972 2,057 1,913 1,760 1,620 1,459


121 111 95 85 - - - - -
- - - - (144) (154) (140) (161) (313)
1,767 1,877 1,972 2,057 1,913 1,760 1,620 1,459 1,146

- - - - (144) (154) (140) (161) (313)


- - - - - - - - -

- - - - - - - - -

- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
1-Oct-25 1-Jan-26 1-Apr-26 1-Jul-26 1-Oct-26 1-Jan-27 1-Apr-27 1-Jul-27 1-Oct-27
31-Dec-25 31-Mar-26 30-Jun-26 30-Sep-26 31-Dec-26 31-Mar-27 30-Jun-27 30-Sep-27 31-Dec-27
- - - - - - - - -
1 1 1 1 1 1 1 1 1

2025 2026 2026 2026 2026 2027 2027 2027 2027


92 90 91 92 92 90 91 92 92
- - - - - - - - -
18 19 20 21 22 23 24 25 26
5 5 5 6 6 6 6 7 7

1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000


1.062 1.064 1.067 1.070 1.072 1.075 1.077 1.080 1.083
1.126 1.132 1.137 1.143 1.149 1.154 1.160 1.166 1.172
1.160 1.167 1.174 1.181 1.189 1.196 1.203 1.211 1.219

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

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

- - - - - - - - -

22,118 21,657 21,206 20,764 20,331 19,908 19,493 19,087 18,689


- - - - - - - - -
(461) (451) (442) (433) (424) (415) (406) (398) (389)
21,657 21,206 20,764 20,331 19,908 19,493 19,087 18,689 18,300

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

36 Qtr(s) 37 Qtr(s) 38 Qtr(s) 39 Qtr(s) 40 Qtr(s) 41 Qtr(s) 42 Qtr(s) 43 Qtr(s) 44 Qtr(s)

31,600 31,600 31,600 31,600 31,600 31,600 31,600 31,600 31,600


22,118 21,657 21,206 20,764 20,331 19,908 19,493 19,087 18,689
22,118 21,657 21,206 20,764 20,331 19,908 19,493 19,087 18,689

4,590 4,447 4,308 4,173 4,043 3,917 3,794 3,676 3,561


- - - - - - - - -
(143) (139) (135) (130) (126) (122) (119) (115) (111)
4,447 4,308 4,173 4,043 3,917 3,794 3,676 3,561 3,449

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

32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s)

7,875 7,875 7,875 7,875 7,875 7,875 7,875 7,875 7,875


4,590 4,447 4,308 4,173 4,043 3,917 3,794 3,676 3,561
4,590 4,447 4,308 4,173 4,043 3,917 3,794 3,676 3,561

320 294 269 247 226 207 190 174 160


- - - - - - - - -
(27) (24) (22) (21) (19) (17) (16) (15) (13)
294 269 247 226 207 190 174 160 146

- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s)

- - - - - - - - -
320 294 269 247 226 207 190 174 160
320 294 269 247 226 207 190 174 160

21,365 20,818 20,270 19,722 19,229 18,736 18,243 17,751 17,284


- - - - - - - - -
(547) (548) (548) (493) (493) (493) (493) (467) (467)
20,818 20,270 19,722 19,229 18,736 18,243 17,751 17,284 16,817

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

36 Qtr(s) 37 Qtr(s) 38 Qtr(s) 39 Qtr(s) 40 Qtr(s) 41 Qtr(s) 42 Qtr(s) 43 Qtr(s) 44 Qtr(s)


36 Qtr(s) 37 Qtr(s) 38 Qtr(s) 39 Qtr(s) 40 Qtr(s) 41 Qtr(s) 42 Qtr(s) 43 Qtr(s) 44 Qtr(s)

658 658 658 658 658 658 658 658 658


890 867 845 822 801 781 760 740 720
547 548 548 493 493 493 493 467 467
547 548 548 493 493 493 493 467 467

2,284 2,109 1,933 1,757 1,581 1,406 1,230 1,054 879


- - - - - - - - -
(176) (176) (176) (176) (176) (176) (176) (176) (176)
2,109 1,933 1,757 1,581 1,406 1,230 1,054 879 703

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

32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s)


32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s)

246 246 246 246 246 246 246 246 246


143 132 121 110 99 88 77 66 55
176 176 176 176 176 176 176 176 176
176 176 176 176 176 176 176 176 176

202 162 121 81 61 40 20 (0) (0)


- - - - - - - - -
(40) (40) (40) (20) (20) (20) (20) - -
162 121 81 61 40 20 (0) (0) (0)

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

12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s)


24 Qtr(s) 24 Qtr(s) 24 Qtr(s) 24 Qtr(s) 24 Qtr(s) 24 Qtr(s) 24 Qtr(s) 24 Qtr(s) 24 Qtr(s)

- - - - - - - - -
34 27 20 13 10 7 3 (0) (0)
40 40 40 20 20 20 20 - -
40 40 40 20 20 20 20 - -

461 451 442 433 424 415 406 398 389


143 139 135 130 126 122 119 115 111
27 24 22 21 19 17 16 15 13
631 615 599 584 569 554 541 527 514

547 548 548 493 493 493 493 467 467


176 176 176 176 176 176 176 176 176
40 40 40 20 20 20 20 - -
764 764 764 689 689 689 689 643 643

21,657 21,206 20,764 20,331 19,908 19,493 19,087 18,689 18,300


4,447 4,308 4,173 4,043 3,917 3,794 3,676 3,561 3,449
294 269 247 226 207 190 174 160 146
26,397 25,783 25,184 24,600 24,032 23,477 22,937 22,410 21,896

1,432 1,404 1,424 1,443 1,447 1,419 1,439 1,458 1,462


(764) (764) (764) (689) (689) (689) (689) (643) (643)
- - - - - - - (179) -
(207) (194) (187) (180) (171) (158) (152) (134) (125)
(138) (137) (141) (145) (148) (147) (151) (156) (158)
323 309 331 429 439 425 447 348 536

1,146 823 514 183 - - - - -


- - - - - - - - -
(323) (309) (331) (183) - - - - -
823 514 183 - - - - - -

(323) (309) (331) (183) - - - - -


- - - 245 439 425 447 348 536

- - - 52 92 89 94 73 113

- - - - 52 92 89 94 73
- - - 52 92 89 94 73 113
- - - - (52) (92) (89) (94) (73)
- - - 52 92 89 94 73 113
1-Jan-28 1-Apr-28 1-Jul-28 1-Oct-28 1-Jan-29 1-Apr-29 1-Jul-29 1-Oct-29 1-Jan-30
31-Mar-28 30-Jun-28 30-Sep-28 31-Dec-28 31-Mar-29 30-Jun-29 30-Sep-29 31-Dec-29 31-Mar-30
- - - - - - - - -
1 1 1 1 1 1 1 1 1

2028 2028 2028 2028 2029 2029 2029 2029 2030


91 91 92 92 90 91 92 92 90
- - - - - - - - -
27 28 29 30 31 32 33 34 35
7 7 8 8 8 8 9 9 9

1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000


1.086 1.088 1.091 1.094 1.096 1.099 1.102 1.105 1.107
1.178 1.183 1.189 1.195 1.201 1.207 1.213 1.219 1.225
1.226 1.234 1.241 1.249 1.257 1.265 1.272 1.280 1.288

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

- - 50 50 50 50 - - -
- - - - - - - - -
- - - - - - - - -
- - 50 50 50 50 - - -

- - - - - - - - -

18,300 17,919 17,545 17,230 16,921 16,618 16,322 15,982 15,649


- - 50 50 50 50 - - -
(381) (373) (366) (359) (353) (346) (340) (333) (326)
17,919 17,545 17,230 16,921 16,618 16,322 15,982 15,649 15,323

- - - - - - - - -
- - 50 50 50 50 - - -
- - 50 50 50 50 - - -

45 Qtr(s) 46 Qtr(s) 47 Qtr(s) 48 Qtr(s) 48 Qtr(s) 48 Qtr(s) 48 Qtr(s) 48 Qtr(s) 48 Qtr(s)

31,600 31,600 31,600 31,650 31,700 31,750 31,800 31,800 31,800


18,300 17,919 17,545 17,230 16,921 16,618 16,322 15,982 15,649
18,300 17,919 17,545 17,230 16,921 16,618 16,322 15,982 15,649

3,449 3,342 3,237 3,136 3,038 2,943 2,851 2,762 2,676


- - - - - - - - -
(108) (104) (101) (98) (95) (92) (89) (86) (84)
3,342 3,237 3,136 3,038 2,943 2,851 2,762 2,676 2,592

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

32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s)

7,875 7,875 7,875 7,875 7,875 7,875 - - -


3,449 3,342 3,237 3,136 3,038 2,943 2,851 2,762 2,676
3,449 3,342 3,237 3,136 3,038 2,943 2,851 2,762 2,676

146 134 123 113 103 95 87 80 73


- - - - - - - - -
(12) (11) (10) (9) (9) (8) (7) (7) (6)
134 123 113 103 95 87 80 73 67

- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s)

- - - - - - - - -
146 134 123 113 103 95 87 80 73
146 134 123 113 103 95 87 80 73

16,817 16,351 15,884 15,467 15,050 14,633 14,214 13,745 13,274


- - 50 50 50 50 - - -
(467) (467) (467) (467) (468) (468) (470) (470) (471)
16,351 15,884 15,467 15,050 14,633 14,214 13,745 13,274 12,804

- - - - - - - - -
- - 50 50 50 50 - - -
- - 50 50 50 50 - - -

45 Qtr(s) 46 Qtr(s) 47 Qtr(s) 48 Qtr(s) 48 Qtr(s) 48 Qtr(s) 48 Qtr(s) 48 Qtr(s) 48 Qtr(s)


45 Qtr(s) 46 Qtr(s) 47 Qtr(s) 48 Qtr(s) 49 Qtr(s) 50 Qtr(s) 51 Qtr(s) 52 Qtr(s) 53 Qtr(s)

658 658 658 659 660 661 663 663 663


701 681 662 644 627 610 592 573 553
467 467 467 467 468 468 470 470 471
467 467 467 467 468 468 470 470 471

703 527 351 263 176 88 (0) (0) (0)


- - - - - - - - -
(176) (176) (88) (88) (88) (88) - - -
527 351 263 176 88 (0) (0) (0) (0)

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

32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s)


32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s)

246 246 246 246 246 246 - - -


44 33 22 16 11 5 (0) (0) (0)
176 176 88 88 88 88 - - -
176 176 88 88 88 88 - - -

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


- - - - - - - - -
- - - - - - - - -
(0) (0) (0) (0) (0) (0) (0) (0) (0)

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

12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s)


24 Qtr(s) 24 Qtr(s) 24 Qtr(s) 24 Qtr(s) 24 Qtr(s) 24 Qtr(s) 24 Qtr(s) 24 Qtr(s) 24 Qtr(s)

- - - - - - - - -
(0) (0) (0) (0) (0) (0) (0) (0) (0)
- - - - - - - - -
- - - - - - - - -

381 373 366 359 353 346 340 333 326


108 104 101 98 95 92 89 86 84
12 11 10 9 9 8 7 7 6
501 489 477 466 456 446 436 426 416

467 467 467 467 468 468 470 470 471


176 176 88 88 88 88 - - -
- - - - - - - - -
642 642 554 555 556 556 470 470 471

17,919 17,545 17,230 16,921 16,618 16,322 15,982 15,649 15,323


3,342 3,237 3,136 3,038 2,943 2,851 2,762 2,676 2,592
134 123 113 103 95 87 80 73 67
21,395 20,906 20,479 20,062 19,656 19,260 18,824 18,398 17,982

1,450 1,454 1,474 1,478 1,449 1,469 1,489 1,493 1,465


(642) (642) (554) (555) (556) (556) (470) (470) (471)
- - - - - - - - -
(115) (107) (99) (91) (80) (73) (65) (56) (46)
(159) (162) (167) (170) (169) (174) (179) (182) (181)
533 543 653 662 644 666 775 785 766

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

- - - - - - - - -
533 543 653 662 644 666 775 785 766

112 114 137 139 135 140 163 165 161

113 112 114 137 139 135 140 163 165


112 114 137 139 135 140 163 165 161
(113) (112) (114) (137) (139) (135) (140) (163) (165)
112 114 137 139 135 140 163 165 161
1-Apr-30 1-Jul-30 1-Oct-30 1-Jan-31 1-Apr-31 1-Jul-31 1-Oct-31 1-Jan-32 1-Apr-32
30-Jun-30 30-Sep-30 31-Dec-30 31-Mar-31 30-Jun-31 30-Sep-31 31-Dec-31 31-Mar-32 30-Jun-32
- - - - - - - - -
1 1 1 1 1 1 1 1 1

2030 2030 2030 2031 2031 2031 2031 2032 2032


91 92 92 90 91 92 92 91 91
- - - - - - - - -
36 37 38 39 40 41 42 43 44
9 10 10 10 10 11 11 11 11

1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000


1.110 1.113 1.116 1.119 1.121 1.124 1.127 1.130 1.133
1.231 1.237 1.244 1.250 1.256 1.262 1.268 1.275 1.281
1.296 1.304 1.312 1.320 1.329 1.337 1.345 1.353 1.362

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

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

- - - - - - - - -

15,323 15,004 14,691 14,385 14,086 13,792 13,505 13,223 12,948


- - - - - - - - -
(319) (313) (306) (300) (293) (287) (281) (275) (270)
15,004 14,691 14,385 14,086 13,792 13,505 13,223 12,948 12,678

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

48 Qtr(s) 48 Qtr(s) 48 Qtr(s) 48 Qtr(s) 48 Qtr(s) 48 Qtr(s) 48 Qtr(s) 48 Qtr(s) 48 Qtr(s)

31,800 31,800 31,800 31,800 31,800 31,800 31,800 31,800 31,800


15,323 15,004 14,691 14,385 14,086 13,792 13,505 13,223 12,948
15,323 15,004 14,691 14,385 14,086 13,792 13,505 13,223 12,948

2,592 2,511 2,433 2,357 2,283 2,212 2,143 2,076 2,011


- - - - - - - - -
(81) (78) (76) (74) (71) (69) (67) (65) (63)
2,511 2,433 2,357 2,283 2,212 2,143 2,076 2,011 1,948

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

32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s)

- - - - - - - - -
2,592 2,511 2,433 2,357 2,283 2,212 2,143 2,076 2,011
2,592 2,511 2,433 2,357 2,283 2,212 2,143 2,076 2,011

67 61 56 52 47 43 40 36 33
- - - - - - - - -
(6) (5) (5) (4) (4) (4) (3) (3) (3)
61 56 52 47 43 40 36 33 31

- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s)

- - - - - - - - -
67 61 56 52 47 43 40 36 33
67 61 56 52 47 43 40 36 33

12,804 12,333 11,862 11,391 10,920 10,450 9,979 9,507 9,036


- - - - - - - - -
(471) (471) (471) (471) (471) (471) (471) (471) (471)
12,333 11,862 11,391 10,920 10,450 9,979 9,507 9,036 8,566

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

48 Qtr(s) 48 Qtr(s) 48 Qtr(s) 48 Qtr(s) 48 Qtr(s) 48 Qtr(s) 48 Qtr(s) 48 Qtr(s) 48 Qtr(s)


54 Qtr(s) 55 Qtr(s) 56 Qtr(s) 57 Qtr(s) 58 Qtr(s) 59 Qtr(s) 60 Qtr(s) 61 Qtr(s) 62 Qtr(s)

663 663 663 663 663 663 663 663 663


533 514 494 475 455 435 416 396 377
471 471 471 471 471 471 471 471 471
471 471 471 471 471 471 471 471 471

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


- - - - - - - - -
- - - - - - - - -
(0) (0) (0) (0) (0) (0) (0) (0) (0)

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

32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s)


32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s)

- - - - - - - - -
(0) (0) (0) (0) (0) (0) (0) (0) (0)
- - - - - - - - -
- - - - - - - - -

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


- - - - - - - - -
- - - - - - - - -
(0) (0) (0) (0) (0) (0) (0) (0) (0)

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

12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s)


24 Qtr(s) 24 Qtr(s) 24 Qtr(s) 24 Qtr(s) 24 Qtr(s) 24 Qtr(s) 24 Qtr(s) 24 Qtr(s) 24 Qtr(s)

- - - - - - - - -
(0) (0) (0) (0) (0) (0) (0) (0) (0)
- - - - - - - - -
- - - - - - - - -

319 313 306 300 293 287 281 275 270


81 78 76 74 71 69 67 65 63
6 5 5 4 4 4 3 3 3
406 396 387 378 369 360 352 343 335

471 471 471 471 471 471 471 471 471


- - - - - - - - -
- - - - - - - - -
471 471 471 471 471 471 471 471 471

15,004 14,691 14,385 14,086 13,792 13,505 13,223 12,948 12,678


2,511 2,433 2,357 2,283 2,212 2,143 2,076 2,011 1,948
61 56 52 47 43 40 36 33 31
17,576 17,180 16,793 16,416 16,047 15,687 15,335 14,992 14,657

1,485 1,505 1,509 1,480 1,500 1,521 1,525 1,512 1,516


(471) (471) (471) (471) (471) (471) (471) (471) (471)
- - - - - - - - -
(38) (29) (20) (10) (1) - - - -
(186) (192) (195) (194) (200) (206) (209) (211) (214)
789 813 823 805 829 844 845 831 831

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

- - - - - - - - -
789 813 823 805 829 844 845 831 831

166 171 173 169 174 177 177 174 175

161 166 171 173 169 174 177 177 174


166 171 173 169 174 177 177 174 175
(161) (166) (171) (173) (169) (174) (177) (177) (174)
166 171 173 169 174 177 177 174 175
1-Jul-32 1-Oct-32 1-Jan-33 1-Apr-33 1-Jul-33 1-Oct-33 1-Jan-34 1-Apr-34 1-Jul-34
30-Sep-32 31-Dec-32 31-Mar-33 30-Jun-33 30-Sep-33 31-Dec-33 31-Mar-34 30-Jun-34 30-Sep-34
- - - - - - - - -
1 1 1 1 1 1 1 1 1

2032 2032 2033 2033 2033 2033 2034 2034 2034


92 92 90 91 92 92 90 91 92
- - - - - - - - -
45 46 47 48 49 50 51 52 53
12 12 12 12 13 13 13 13 14

1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000


1.135 1.138 1.141 1.144 1.147 1.150 1.152 1.155 1.158
1.287 1.294 1.300 1.307 1.313 1.320 1.326 1.333 1.339
1.370 1.379 1.387 1.396 1.405 1.413 1.422 1.431 1.440

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

25 25 25 25 - - - - -
- - - - - - - - -
- - - - - - - - -
25 25 25 25 - - - - -

- - - - - - - - -

12,678 12,439 12,205 11,976 11,751 11,506 11,267 11,032 10,802


25 25 25 25 - - - - -
(264) (259) (254) (249) (245) (240) (235) (230) (225)
12,439 12,205 11,976 11,751 11,506 11,267 11,032 10,802 10,577

- - - - - - - - -
25 25 25 25 - - - - -
25 25 25 25 - - - - -

48 Qtr(s) 48 Qtr(s) 48 Qtr(s) 48 Qtr(s) 48 Qtr(s) 48 Qtr(s) 48 Qtr(s) 48 Qtr(s) 48 Qtr(s)

31,800 31,825 31,850 31,875 400 400 400 400 400


12,678 12,439 12,205 11,976 11,751 11,506 11,267 11,032 10,802
12,678 12,439 12,205 11,976 11,751 11,506 11,267 11,032 10,802

1,948 1,887 1,828 1,771 1,716 1,662 1,610 1,560 1,511


- - - - - - - - -
(61) (59) (57) (55) (54) (52) (50) (49) (47)
1,887 1,828 1,771 1,716 1,662 1,610 1,560 1,511 1,464

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

32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s)

- - - - - - - - -
1,948 1,887 1,828 1,771 1,716 1,662 1,610 1,560 1,511
1,948 1,887 1,828 1,771 1,716 1,662 1,610 1,560 1,511

31 28 26 24 22 20 18 17 15
- - - - - - - - -
(3) (2) (2) (2) (2) (2) (2) (1) (1)
28 26 24 22 20 18 17 15 14

- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s)

- - - - - - - - -
31 28 26 24 22 20 18 17 15
31 28 26 24 22 20 18 17 15

8,566 8,121 7,676 7,230 6,785 6,313 5,841 5,369 4,897


25 25 25 25 - - - - -
(470) (470) (470) (471) (472) (472) (472) (472) (472)
8,121 7,676 7,230 6,785 6,313 5,841 5,369 4,897 4,425

- - - - - - - - -
25 25 25 25 - - - - -
25 25 25 25 - - - - -

48 Qtr(s) 48 Qtr(s) 48 Qtr(s) 48 Qtr(s) 48 Qtr(s) 48 Qtr(s) 48 Qtr(s) 48 Qtr(s) 48 Qtr(s)


63 Qtr(s) 64 Qtr(s) 64 Qtr(s) 64 Qtr(s) 64 Qtr(s) 64 Qtr(s) 64 Qtr(s) 64 Qtr(s) 64 Qtr(s)

663 663 664 664 8 8 8 8 8


357 338 320 301 283 263 243 224 204
470 470 470 471 472 472 472 472 472
470 470 470 471 472 472 472 472 472

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


- - - - - - - - -
- - - - - - - - -
(0) (0) (0) (0) (0) (0) (0) (0) (0)

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

32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s)


32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s)

- - - - - - - - -
(0) (0) (0) (0) (0) (0) (0) (0) (0)
- - - - - - - - -
- - - - - - - - -

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


- - - - - - - - -
- - - - - - - - -
(0) (0) (0) (0) (0) (0) (0) (0) (0)

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

12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s)


24 Qtr(s) 24 Qtr(s) 24 Qtr(s) 24 Qtr(s) 24 Qtr(s) 24 Qtr(s) 24 Qtr(s) 24 Qtr(s) 24 Qtr(s)

- - - - - - - - -
(0) (0) (0) (0) (0) (0) (0) (0) (0)
- - - - - - - - -
- - - - - - - - -

264 259 254 249 245 240 235 230 225


61 59 57 55 54 52 50 49 47
3 2 2 2 2 2 2 1 1
328 320 314 307 300 293 287 280 274

470 470 470 471 472 472 472 472 472


- - - - - - - - -
- - - - - - - - -
470 470 470 471 472 472 472 472 472

12,439 12,205 11,976 11,751 11,506 11,267 11,032 10,802 10,577


1,887 1,828 1,771 1,716 1,662 1,610 1,560 1,511 1,464
28 26 24 22 20 18 17 15 14
14,354 14,059 13,770 13,488 13,188 12,895 12,608 12,328 12,055

1,537 1,541 1,511 1,532 1,553 1,557 1,527 1,548 1,569


(470) (470) (470) (471) (472) (472) (472) (472) (472)
- - - - - - - - -
- - - - - - - - -
(220) (224) (223) (230) (236) (240) (239) (246) (253)
847 846 818 832 845 845 816 830 845

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

- - - - - - - - -
847 846 818 832 845 845 816 830 845

178 178 172 175 177 177 171 174 177

175 178 178 172 175 177 177 171 174


178 178 172 175 177 177 171 174 177
(175) (178) (178) (172) (175) (177) (177) (171) (174)
178 178 172 175 177 177 171 174 177
1-Oct-34 1-Jan-35 1-Apr-35 1-Jul-35 1-Oct-35 1-Jan-36 1-Apr-36 1-Jul-36 1-Oct-36
31-Dec-34 31-Mar-35 30-Jun-35 30-Sep-35 31-Dec-35 31-Mar-36 30-Jun-36 30-Sep-36 31-Dec-36
- - - - - - - - -
1 1 1 1 1 1 1 - -

2034 2035 2035 2035 2035 2036 2036 2036 2036


92 90 91 92 92 91 91 92 92
- - - - - - - - -
54 55 56 57 58 59 60 - -
14 14 14 15 15 15 15 - -

1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000


1.161 1.164 1.167 1.170 1.173 1.176 1.179 1.181 1.184
1.346 1.353 1.359 1.366 1.373 1.380 1.387 1.394 1.401
1.449 1.458 1.467 1.476 1.485 1.494 1.503 1.513 1.522

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

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

- - - - - - 1 - -

10,577 10,357 10,141 9,930 9,723 9,520 9,322 - -


- - - - - - - - -
(220) (216) (211) (207) (203) (198) (9,322) - -
10,357 10,141 9,930 9,723 9,520 9,322 - - -

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

48 Qtr(s) 48 Qtr(s) 48 Qtr(s) 48 Qtr(s) 48 Qtr(s) 48 Qtr(s) 48 Qtr(s) 48 Qtr(s) 48 Qtr(s)

400 400 400 400 400 400 400 400 375


10,577 10,357 10,141 9,930 9,723 9,520 9,322 - -
10,577 10,357 10,141 9,930 9,723 9,520 9,322 - -

1,464 1,418 1,374 1,331 1,289 1,249 1,210 - -


- - - - - - - - -
(46) (44) (43) (42) (40) (39) (1,210) - -
1,418 1,374 1,331 1,289 1,249 1,210 - - -

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

32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s)

- - - - - - - - -
1,464 1,418 1,374 1,331 1,289 1,249 1,210 - -
1,464 1,418 1,374 1,331 1,289 1,249 1,210 - -

14 13 12 11 10 9 8 - -
- - - - - - - - -
(1) (1) (1) (1) (1) (1) (8) - -
13 12 11 10 9 8 - - -

- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s)

- - - - - - - - -
14 13 12 11 10 9 8 - -
14 13 12 11 10 9 8 - -

4,425 3,954 3,483 3,011 2,539 2,067 1,595 - -


- - - - - - - - -
(471) (471) (471) (472) (472) (472) (1,595) - -
3,954 3,483 3,011 2,539 2,067 1,595 - - -

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

48 Qtr(s) 48 Qtr(s) 48 Qtr(s) 48 Qtr(s) 48 Qtr(s) 48 Qtr(s) 48 Qtr(s) 48 Qtr(s) 48 Qtr(s)


64 Qtr(s) 64 Qtr(s) 64 Qtr(s) 64 Qtr(s) 64 Qtr(s) 64 Qtr(s) 64 Qtr(s) 64 Qtr(s) 64 Qtr(s)

8 8 8 8 8 8 8 8 8
184 165 145 125 106 86 66 - -
471 471 471 472 472 472 472 239 239
471 471 471 472 472 472 472 239 239

(0) (0) (0) (0) (0) (0) (0) - -


- - - - - - - - -
- - - - - - 0 - -
(0) (0) (0) (0) (0) (0) - - -

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

32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s)


32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s)

- - - - - - - - -
(0) (0) (0) (0) (0) (0) (0) - -
- - - - - - - - -
- - - - - - - - -

(0) (0) (0) (0) (0) (0) (0) - -


- - - - - - - - -
- - - - - - 0 - -
(0) (0) (0) (0) (0) (0) - - -

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

12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s)


24 Qtr(s) 24 Qtr(s) 24 Qtr(s) 24 Qtr(s) 24 Qtr(s) 24 Qtr(s) 24 Qtr(s) 24 Qtr(s) 24 Qtr(s)

- - - - - - - - -
(0) (0) (0) (0) (0) (0) (0) - -
- - - - - - - - -
- - - - - - - - -

220 216 211 207 203 198 9,322 - -


46 44 43 42 40 39 1,210 - -
1 1 1 1 1 1 8 - -
267 261 255 249 244 238 10,540 - -

471 471 471 472 472 472 1,595 - -


- - - - - - (0) - -
- - - - - - (0) - -
471 471 471 472 472 472 1,595 - -

10,357 10,141 9,930 9,723 9,520 9,322 - - -


1,418 1,374 1,331 1,289 1,249 1,210 - - -
13 12 11 10 9 8 - - -
11,788 11,526 11,271 11,022 10,778 10,540 - - -

1,573 1,543 1,564 1,586 1,590 1,577 1,581 - -


(471) (471) (471) (472) (472) (472) (1,595) - -
- - - - - - - - -
- - - - - - - - -
(258) (256) (264) (271) (276) (278) (283) - -
844 815 829 842 842 827 (297) - -

- - - - - - - 297 297
- - - - - - 297 - -
- - - - - - - - -
- - - - - - 297 297 297

- - - - - - - - -
844 815 829 842 842 827 - - -

177 171 174 177 177 174 - - -

177 177 171 174 177 177 174 - -


177 171 174 177 177 174 - - -
(177) (177) (171) (174) (177) (177) (174) - -
177 171 174 177 177 174 - - -
1-Jan-37 1-Apr-37 1-Jul-37 1-Oct-37
31-Mar-37 30-Jun-37 30-Sep-37 31-Dec-37
- - - -
- - - -

2037 2037 2037 2037


90 91 92 92
- - - -
- - - -
- - - -

1.000 1.000 1.000 1.000


1.187 1.190 1.193 1.196
1.407 1.414 1.422 1.429
1.531 1.541 1.551 1.560

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

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

- - - -

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

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

48 Qtr(s) 48 Qtr(s) 48 Qtr(s) 48 Qtr(s)

350 325 300 300


- - - -
- - - -

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

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

32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s)

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

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

- - - -
- - - -
- - - -
12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s)

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

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

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

48 Qtr(s) 48 Qtr(s) 48 Qtr(s) 48 Qtr(s)


64 Qtr(s) 64 Qtr(s) 64 Qtr(s) 64 Qtr(s)

7 7 6 6
- - - -
239 239 6 6
239 239 6 6

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

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

32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s)


32 Qtr(s) 32 Qtr(s) 32 Qtr(s) 32 Qtr(s)

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

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

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

12 Qtr(s) 12 Qtr(s) 12 Qtr(s) 12 Qtr(s)


24 Qtr(s) 24 Qtr(s) 24 Qtr(s) 24 Qtr(s)

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

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

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

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

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

297 297 297 297


- - - -
- - - -
297 297 297 297

- - - -
- - - -

- - - -

- - - -
- - - -
- - - -
- - - -
EQUITY Alerts Warnings IRR
OK OK 25.80%
Start of period
End of period Start End
Construction 1-Jan-20 30-Jun-21
Operations 1-Jul-21 30-Jun-36

Counters for call-ups


Calendar year Num#
Days in period Num#
Construction quarter Num#
Operations quarter Num#
Operations year Num#

Escalation
Index
None Index
1% Index
2% Index
CPI Index

EQUITY
Equity
Account
Balance b/f USD '000
Initial drawdowns USD '000
Additional drawdowns USD '000
Capital buybacks USD '000
Balance c/f USD '000

Shareholder loan
Account
Balance b/f USD '000
Drawdowns USD '000
Interest capitalised USD '000
Repayment USD '000
Balance c/f USD '000

Interest % p.a.
Interest expense USD '000 7.00% Pay?
Interest capitalised USD '000 Off
Interest paid USD '000
Principal repayments
Cashflow available to equity USD '000
Less: interest paid USD '000
Less: distributions USD '000
Cashflow available for principal (+ve onlyUSD '000
% Pay?
Max principal (cash sweep) USD '000 30.00% Off

Distributions
Cash available for distribution
Cashflow available for equity USD '000
Less: shareholder loan interest USD '000
Cash balance b/f USD '000
Cash available for distribution USD '000

Lock-up flags
DSRA underfunded [1,0]
DSCR breach [1,0]
Master flag: lock-up [1,0]

Distribution USD '000 90.00%

Returns
Equity returns
Equity investment USD '000
Additional equity USD '000
Distributions USD '000
Total USD '000

Evaluation cashflows USD '000 10.00%

First principles
Cumulative day count Num#
Discount factor Num#

Discounted cashflows USD '000

XNPV
XNPV USD '000 10,474
XIRR % p.a. 25.80%

Project returns
Revenues USD '000
Opex USD '000
Net working capital adj. USD '000
Construction costs (excl financing) USD '000
Tax paid (ungeared) USD '000
Total USD '000

Evaluation cashflows USD '000 7.00%


XNPV USD '000 11,127
XIRR % p.a. 10.99%
1-Jan-20 1-Feb-20 1-Mar-20 1-Apr-20 1-May-20 1-Jun-20 1-Jul-20 1-Aug-20
31-Dec-19 31-Jan-20 29-Feb-20 31-Mar-20 30-Apr-20 31-May-20 30-Jun-20 31-Jul-20 31-Aug-20
1 1 1 1 1 1 1 1
- - - - - - - -

2020 2020 2020 2020 2020 2020 2020 2020


31 29 31 30 31 30 31 31
1 2 3 4 5 6 7 8
- - - - - - - -
- - - - - - - -

1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000


1.001 1.002 1.002 1.003 1.004 1.005 1.006 1.007
1.002 1.003 1.005 1.007 1.008 1.010 1.012 1.013
1.002 1.004 1.006 1.008 1.010 1.012 1.015 1.017

- 2,711 5,099 5,355 5,355 5,355 5,355 5,355


5,355 2,711 2,388 256 - - - - -
- - - - - - - - -
-
2,711 5,099 5,355 5,355 5,355 5,355 5,355 5,355

- - - 2,134 4,535 5,395 5,426 5,458


5,355 - - 2,134 2,389 833 - - -
11,132 - - - 12 27 31 32 32
- - - - - - - - -
- - 2,134 4,535 5,395 5,426 5,458 5,490

11,132 - - - 12 27 31 32 32
- - - 12 27 31 32 32
- - - - - - - -
43,994 - - - - - - - -
- - - - - - - - -
(43,994) - - - - - - - -
299 - - - - - - - -

- - - - - - - - -

43,994 - - - - - - - -
- - - - - - - - -
- - - - - - - -
- - - - - - - -

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

43,994 - - - - - - - -

(5,355) (2,711) (2,388) (256) - - - - -


- - - - - - - - -
43,994 - - - - - - - -
38,639 (2,711) (2,388) (256) - - - - -

-1E-06 (2,711) (2,388) (256) - - - - -

31 60 91 121 152 182 213 244


0.99 0.98 0.98 0.97 0.96 0.95 0.95 0.94

10,474 (2,689) (2,351) (250) - - - - -

96,324 - - - - - - - -
(8,306) - - - - - - - -
(0) - - - - - - - -
(39,375) (2,363) (2,363) (2,363) (2,363) (3,938) (3,938) (1,575) (1,575)
-
48,643 (2,363) (2,363) (2,363) (2,363) (3,938) (3,938) (1,575) (1,575)

-1E-06 (2,363) (2,363) (2,363) (2,363) (3,938) (3,938) (1,575) (1,575)


1-Sep-20 1-Oct-20 1-Nov-20 1-Dec-20 1-Jan-21 1-Feb-21 1-Mar-21 1-Apr-21 1-May-21
30-Sep-20 31-Oct-20 30-Nov-20 31-Dec-20 31-Jan-21 28-Feb-21 31-Mar-21 30-Apr-21 31-May-21
1 1 1 1 1 1 1 1 1
- - - - - - - - -

2020 2020 2020 2020 2021 2021 2021 2021 2021


30 31 30 31 31 28 31 30 31
9 10 11 12 13 14 15 16 17
- - - - - - - - -
- - - - - - - - -

1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000


1.007 1.008 1.009 1.010 1.011 1.012 1.013 1.013 1.014
1.015 1.017 1.018 1.020 1.022 1.023 1.025 1.027 1.028
1.019 1.021 1.023 1.025 1.027 1.029 1.031 1.033 1.036

5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355


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

5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355

5,490 5,522 5,555 5,587 5,620 5,653 5,684 5,717 5,750


- - - - - - - - -
32 33 32 33 33 30 34 33 34
- - - - - - - - -
5,522 5,555 5,587 5,620 5,653 5,684 5,717 5,750 5,784

32 33 32 33 33 30 34 33 34
32 33 32 33 33 30 34 33 34
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -

- - - - - - - - -

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

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

- - - - - - - - -

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

- - - - - - - - -

274 305 335 366 397 425 456 486 517


0.93 0.92 0.92 0.91 0.90 0.89 0.89 0.88 0.87

- - - - - - - - -

- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
(1,575) (1,575) (1,575) (1,575) (1,575) (1,575) (1,575) (1,575) (3,150)

(1,575) (1,575) (1,575) (1,575) (1,575) (1,575) (1,575) (1,575) (3,150)

(1,575) (1,575) (1,575) (1,575) (1,575) (1,575) (1,575) (1,575) (3,150)


1-Jun-21 1-Jul-21 1-Oct-21 1-Jan-22 1-Apr-22 1-Jul-22 1-Oct-22 1-Jan-23 1-Apr-23
30-Jun-21 30-Sep-21 31-Dec-21 31-Mar-22 30-Jun-22 30-Sep-22 31-Dec-22 31-Mar-23 30-Jun-23
1 - - - - - - - -
- 1 1 1 1 1 1 1 1

2021 2021 2021 2022 2022 2022 2022 2023 2023


30 92 92 90 91 92 92 90 91
18 - - - - - - - -
- 1 2 3 4 5 6 7 8
- 1 1 1 1 2 2 2 2

1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000


1.015 1.018 1.020 1.023 1.025 1.028 1.030 1.033 1.035
1.030 1.035 1.040 1.046 1.051 1.056 1.061 1.066 1.072
1.038 1.044 1.051 1.057 1.064 1.070 1.077 1.084 1.090

5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355


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

5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355

5,784 5,818 5,920 6,025 6,129 6,236 6,346 6,458 6,569


- - - - - - - - -
33 103 104 104 107 110 112 111 115
- - - - - - - - -
5,818 5,920 6,025 6,129 6,236 6,346 6,458 6,569 6,684

33 103 104 104 107 110 112 111 115


33 103 104 104 107 110 112 111 115
- - - - - - - - -
- 519 939 255 297 333 326 285 301
- - - - - - - - -
- (467) (891) (319) (300) (330) (326) (289) (299)
- 52 47 - - 3 - - 1

- - - - - - - - -

- 519 939 255 297 333 326 285 301


- - - - - - - - -
- - 52 99 35 33 37 36 32
- 519 990 354 333 367 363 321 333

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

- 467 891 319 300 330 326 289 299

- - - - - - - - -
- - - - - - - - -
- 467 891 319 300 330 326 289 299
- 467 891 319 300 330 326 289 299

- 467 891 319 300 330 326 289 299

547 639 731 821 912 1004 1096 1186 1277


0.87 0.85 0.83 0.81 0.79 0.77 0.75 0.73 0.72

- 395 737 257 236 254 245 212 215

- 1,416 1,419 1,479 1,499 1,519 1,523 1,494 1,514


- (135) (135) (133) (134) (136) (136) (133) (135)
- (418) (1) (30) (1) (1) (1) (1) (1)
(3,150) - - - - - - - -

(3,150) 863 1,283 1,316 1,364 1,382 1,386 1,359 1,378

(3,150) 863 1,283 1,316 1,364 1,382 1,386 1,359 1,378


1-Jul-23 1-Oct-23 1-Jan-24 1-Apr-24 1-Jul-24 1-Oct-24 1-Jan-25 1-Apr-25 1-Jul-25
30-Sep-23 31-Dec-23 31-Mar-24 30-Jun-24 30-Sep-24 31-Dec-24 31-Mar-25 30-Jun-25 30-Sep-25
- - - - - - - - -
1 1 1 1 1 1 1 1 1

2023 2023 2024 2024 2024 2024 2025 2025 2025


92 92 91 91 92 92 90 91 92
- - - - - - - - -
9 10 11 12 13 14 15 16 17
3 3 3 3 4 4 4 4 5

1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000


1.038 1.041 1.043 1.046 1.048 1.051 1.054 1.056 1.059
1.077 1.082 1.088 1.093 1.099 1.104 1.110 1.115 1.121
1.097 1.104 1.111 1.118 1.125 1.132 1.138 1.146 1.153

5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355


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

5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355

6,684 6,802 6,922 7,043 7,166 7,292 7,421 7,549 7,680


- - - - - - - - -
118 120 121 123 126 129 128 132 136
- - - - - - - - -
6,802 6,922 7,043 7,166 7,292 7,421 7,549 7,680 7,816

118 120 121 123 126 129 128 132 136


118 120 121 123 126 129 128 132 136
- - - - - - - - -
328 329 322 323 338 327 266 282 347
- - - - - - - - -
(326) (329) (323) (323) (337) (328) (272) (281) (341)
3 0 - 0 1 - - 1 7

- - - - - - - - -

328 329 322 323 338 327 266 282 347


- - - - - - - - -
33 36 37 36 36 37 36 30 31
362 365 359 359 374 364 302 312 379

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

326 329 323 323 337 328 272 281 341

- - - - - - - - -
- - - - - - - - -
326 329 323 323 337 328 272 281 341
326 329 323 323 337 328 272 281 341

326 329 323 323 337 328 272 281 341

1369 1461 1552 1643 1735 1827 1917 2008 2100


0.70 0.68 0.67 0.65 0.64 0.62 0.61 0.59 0.58

228 225 215 210 214 204 165 166 197

1,535 1,538 1,525 1,529 1,550 1,554 1,524 1,545 1,565


(136) (136) (135) (135) (137) (137) (134) (136) (137)
(1) (1) (1) (1) (1) (1) (1) (1) (1)
- - - - - - - - -

1,397 1,401 1,389 1,393 1,412 1,416 1,388 1,408 1,427

1,397 1,401 1,389 1,393 1,412 1,416 1,388 1,408 1,427


1-Oct-25 1-Jan-26 1-Apr-26 1-Jul-26 1-Oct-26 1-Jan-27 1-Apr-27 1-Jul-27 1-Oct-27
31-Dec-25 31-Mar-26 30-Jun-26 30-Sep-26 31-Dec-26 31-Mar-27 30-Jun-27 30-Sep-27 31-Dec-27
- - - - - - - - -
1 1 1 1 1 1 1 1 1

2025 2026 2026 2026 2026 2027 2027 2027 2027


92 90 91 92 92 90 91 92 92
- - - - - - - - -
18 19 20 21 22 23 24 25 26
5 5 5 6 6 6 6 7 7

1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000


1.062 1.064 1.067 1.070 1.072 1.075 1.077 1.080 1.083
1.126 1.132 1.137 1.143 1.149 1.154 1.160 1.166 1.172
1.160 1.167 1.174 1.181 1.189 1.196 1.203 1.211 1.219

5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355


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

5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355

7,816 7,954 8,091 8,232 8,378 8,525 8,673 8,824 8,980


- - - - - - - - -
138 137 141 145 148 147 151 156 158
- - - - - - - - -
7,954 8,091 8,232 8,378 8,525 8,673 8,824 8,980 9,138

138 137 141 145 148 147 151 156 158


138 137 141 145 148 147 151 156 158
- - - - - - - - -
336 294 350 422 357 277 281 156 357
- - - - - - - - -
(337) (298) (345) (414) (363) (286) (281) (169) (338)
- - 5 8 - - - - 19

- - - - - - - - -

336 294 350 422 357 277 281 156 357


- - - - - - - - -
38 37 33 38 46 40 32 31 19
374 331 383 460 403 317 312 188 375

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

337 298 345 414 363 286 281 169 338

- - - - - - - - -
- - - - - - - - -
337 298 345 414 363 286 281 169 338
337 298 345 414 363 286 281 169 338

337 298 345 414 363 286 281 169 338

2192 2282 2373 2465 2557 2647 2738 2830 2922


0.56 0.55 0.54 0.53 0.51 0.50 0.49 0.48 0.47

190 164 186 218 186 143 138 81 158

1,569 1,539 1,560 1,581 1,585 1,554 1,576 1,597 1,601


(138) (135) (136) (138) (138) (135) (137) (139) (139)
(1) (1) (1) (1) (1) (1) (1) (1) (1)
- - - - - - - - -

1,431 1,403 1,422 1,442 1,446 1,418 1,437 1,457 1,461

1,431 1,403 1,422 1,442 1,446 1,418 1,437 1,457 1,461


1-Jan-28 1-Apr-28 1-Jul-28 1-Oct-28 1-Jan-29 1-Apr-29 1-Jul-29 1-Oct-29 1-Jan-30
31-Mar-28 30-Jun-28 30-Sep-28 31-Dec-28 31-Mar-29 30-Jun-29 30-Sep-29 31-Dec-29 31-Mar-30
- - - - - - - - -
1 1 1 1 1 1 1 1 1

2028 2028 2028 2028 2029 2029 2029 2029 2030


91 91 92 92 90 91 92 92 90
- - - - - - - - -
27 28 29 30 31 32 33 34 35
7 7 8 8 8 8 9 9 9

1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000


1.086 1.088 1.091 1.094 1.096 1.099 1.102 1.105 1.107
1.178 1.183 1.189 1.195 1.201 1.207 1.213 1.219 1.225
1.226 1.234 1.241 1.249 1.257 1.265 1.272 1.280 1.288

5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355


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

5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355

9,138 9,298 9,460 9,627 9,797 9,966 10,140 10,318 10,501


- - - - - - - - -
159 162 167 170 169 174 179 182 181
- - - - - - - - -
9,298 9,460 9,627 9,797 9,966 10,140 10,318 10,501 10,682

159 162 167 170 169 174 179 182 181


159 162 167 170 169 174 179 182 181
- - - - - - - - -
330 349 340 303 222 260 349 312 269
- - - - - - - - -
(330) (347) (341) (306) (230) (257) (340) (315) (274)
- 2 - - - 3 9 - -

- - - - - - - - -

330 349 340 303 222 260 349 312 269


- - - - - - - - -
38 37 39 38 34 26 29 38 35
367 386 379 340 256 286 378 350 304

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

330 347 341 306 230 257 340 315 274

- - - - - - - - -
- - - - - - - - -
330 347 341 306 230 257 340 315 274
330 347 341 306 230 257 340 315 274

330 347 341 306 230 257 340 315 274

3013 3104 3196 3288 3378 3469 3561 3653 3743


0.46 0.44 0.43 0.42 0.41 0.40 0.39 0.39 0.38

150 154 148 130 95 104 134 121 103

1,587 1,591 1,613 1,617 1,586 1,607 1,629 1,633 1,602


(137) (137) (139) (139) (136) (138) (140) (140) (137)
(1) (1) (1) (1) (1) (1) (1) (1) (1)
- - - - - - - - -

1,449 1,453 1,472 1,476 1,448 1,468 1,488 1,492 1,463

1,449 1,453 1,472 1,476 1,448 1,468 1,488 1,492 1,463


1-Apr-30 1-Jul-30 1-Oct-30 1-Jan-31 1-Apr-31 1-Jul-31 1-Oct-31 1-Jan-32 1-Apr-32
30-Jun-30 30-Sep-30 31-Dec-30 31-Mar-31 30-Jun-31 30-Sep-31 31-Dec-31 31-Mar-32 30-Jun-32
- - - - - - - - -
1 1 1 1 1 1 1 1 1

2030 2030 2030 2031 2031 2031 2031 2032 2032


91 92 92 90 91 92 92 91 91
- - - - - - - - -
36 37 38 39 40 41 42 43 44
9 10 10 10 10 11 11 11 11

1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000


1.110 1.113 1.116 1.119 1.121 1.124 1.127 1.130 1.133
1.231 1.237 1.244 1.250 1.256 1.262 1.268 1.275 1.281
1.296 1.304 1.312 1.320 1.329 1.337 1.345 1.353 1.362

5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355


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

5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355

10,682 10,868 11,060 11,255 11,449 11,649 11,855 12,064 12,274


- - - - - - - - -
186 192 195 194 200 206 209 211 214
- - - - - - - - -
10,868 11,060 11,255 11,449 11,649 11,855 12,064 12,274 12,489

186 192 195 194 200 206 209 211 214


186 192 195 194 200 206 209 211 214
- - - - - - - - -
294 333 1,197 1,306 1,330 1,345 1,346 1,334 1,340
- - - - - - - - -
(292) (329) (1,110) (1,286) (1,326) (1,343) (1,346) (1,335) (1,340)
2 4 87 20 4 2 0 - 1

- - - - - - - - -

294 333 1,197 1,306 1,330 1,345 1,346 1,334 1,340


- - - - - - - - -
30 32 37 123 143 147 149 150 148
325 366 1,234 1,429 1,473 1,493 1,496 1,483 1,489

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

292 329 1,110 1,286 1,326 1,343 1,346 1,335 1,340

- - - - - - - - -
- - - - - - - - -
292 329 1,110 1,286 1,326 1,343 1,346 1,335 1,340
292 329 1,110 1,286 1,326 1,343 1,346 1,335 1,340

292 329 1,110 1,286 1,326 1,343 1,346 1,335 1,340

3834 3926 4018 4108 4199 4291 4383 4474 4565


0.37 0.36 0.35 0.34 0.33 0.33 0.32 0.31 0.30

107 118 389 440 443 438 429 415 407

1,623 1,645 1,649 1,618 1,640 1,662 1,666 1,652 1,656


(139) (140) (140) (138) (139) (141) (141) (140) (140)
(1) (1) (1) (1) (1) (1) (1) (1) (1)
- - - - - - - - -

1,483 1,504 1,508 1,479 1,499 1,520 1,524 1,511 1,515

1,483 1,504 1,508 1,479 1,499 1,520 1,524 1,511 1,515


1-Jul-32 1-Oct-32 1-Jan-33 1-Apr-33 1-Jul-33 1-Oct-33 1-Jan-34 1-Apr-34 1-Jul-34
30-Sep-32 31-Dec-32 31-Mar-33 30-Jun-33 30-Sep-33 31-Dec-33 31-Mar-34 30-Jun-34 30-Sep-34
- - - - - - - - -
1 1 1 1 1 1 1 1 1

2032 2032 2033 2033 2033 2033 2034 2034 2034


92 92 90 91 92 92 90 91 92
- - - - - - - - -
45 46 47 48 49 50 51 52 53
12 12 12 12 13 13 13 13 14

1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000


1.135 1.138 1.141 1.144 1.147 1.150 1.152 1.155 1.158
1.287 1.294 1.300 1.307 1.313 1.320 1.326 1.333 1.339
1.370 1.379 1.387 1.396 1.405 1.413 1.422 1.431 1.440

5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355


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

5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355

12,489 12,709 12,933 13,156 13,386 13,622 13,863 14,102 14,348


- - - - - - - - -
220 224 223 230 236 240 239 246 253
- - - - - - - - -
12,709 12,933 13,156 13,386 13,622 13,863 14,102 14,348 14,601

220 224 223 230 236 240 239 246 253


220 224 223 230 236 240 239 246 253
- - - - - - - - -
1,336 1,337 1,307 1,334 1,377 1,378 1,348 1,375 1,394
- - - - - - - - -
(1,336) (1,337) (1,310) (1,332) (1,372) (1,378) (1,351) (1,373) (1,392)
- 0 - 2 5 1 - 2 2

- - - - - - - - -

1,336 1,337 1,307 1,334 1,377 1,378 1,348 1,375 1,394


- - - - - - - - -
149 148 149 146 148 152 153 150 153
1,485 1,485 1,456 1,480 1,525 1,531 1,501 1,526 1,546

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

1,336 1,337 1,310 1,332 1,372 1,378 1,351 1,373 1,392

- - - - - - - - -
- - - - - - - - -
1,336 1,337 1,310 1,332 1,372 1,378 1,351 1,373 1,392
1,336 1,337 1,310 1,332 1,372 1,378 1,351 1,373 1,392

1,336 1,337 1,310 1,332 1,372 1,378 1,351 1,373 1,392

4657 4749 4839 4930 5022 5114 5204 5295 5387


0.30 0.29 0.28 0.28 0.27 0.26 0.26 0.25 0.24

396 387 370 368 370 362 347 345 341

1,678 1,683 1,650 1,673 1,695 1,699 1,667 1,689 1,712


(142) (142) (139) (141) (142) (142) (139) (141) (143)
(1) (1) (1) (1) (1) (1) (1) (1) (1)
- - - - - - - - -

1,536 1,540 1,510 1,531 1,552 1,556 1,526 1,547 1,568

1,536 1,540 1,510 1,531 1,552 1,556 1,526 1,547 1,568


1-Oct-34 1-Jan-35 1-Apr-35 1-Jul-35 1-Oct-35 1-Jan-36 1-Apr-36 1-Jul-36 1-Oct-36
31-Dec-34 31-Mar-35 30-Jun-35 30-Sep-35 31-Dec-35 31-Mar-36 30-Jun-36 30-Sep-36 31-Dec-36
- - - - - - - - -
1 1 1 1 1 1 1 - -

2034 2035 2035 2035 2035 2036 2036 2036 2036


92 90 91 92 92 91 91 92 92
- - - - - - - - -
54 55 56 57 58 59 60 - -
14 14 14 15 15 15 15 - -

1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000


1.161 1.164 1.167 1.170 1.173 1.176 1.179 1.181 1.184
1.346 1.353 1.359 1.366 1.373 1.380 1.387 1.394 1.401
1.449 1.458 1.467 1.476 1.485 1.494 1.503 1.513 1.522

5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355


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

5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355

14,601 14,859 15,115 15,379 15,650 15,926 16,204 16,487 16,487


- - - - - - - - -
258 256 264 271 276 278 283 - -
- - - - - - - - -
14,859 15,115 15,379 15,650 15,926 16,204 16,487 16,487 16,487

258 256 264 271 276 278 283 - -


258 256 264 271 276 278 283 - -
- - - - - - - - -
1,395 1,365 1,392 1,410 1,412 1,399 1,406 521 -
- - - - - - - - -
(1,394) (1,368) (1,389) (1,408) (1,411) (1,400) (1,405) (610) (61)
0 - 2 2 0 - 1 - -

- - - - - - - - -

1,395 1,365 1,392 1,410 1,412 1,399 1,406 521 -


- - - - - - - - -
155 155 152 154 156 157 156 156 68
1,549 1,519 1,544 1,565 1,568 1,555 1,561 677 68

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

1,394 1,368 1,389 1,408 1,411 1,400 1,405 610 61

- - - - - - - - -
- - - - - - - - -
1,394 1,368 1,389 1,408 1,411 1,400 1,405 610 61
1,394 1,368 1,389 1,408 1,411 1,400 1,405 610 61

1,394 1,368 1,389 1,408 1,411 1,400 1,405 610 61

5479 5569 5660 5752 5844 5935 6026 6118 6210


0.24 0.23 0.23 0.22 0.22 0.21 0.21 0.20 0.20

333 319 317 314 307 297 291 123 12

1,716 1,683 1,706 1,729 1,734 1,719 1,723 - -


(143) (140) (142) (144) (144) (142) (143) - -
(1) (1) (1) (1) (1) (1) (1) 521 -
- - - - - - - - -

1,572 1,542 1,563 1,584 1,589 1,575 1,579 521 -

1,572 1,542 1,563 1,584 1,589 1,575 1,579 521 -


1-Jan-37 1-Apr-37 1-Jul-37 1-Oct-37
31-Mar-37 30-Jun-37 30-Sep-37 31-Dec-37
- - - -
- - - -

2037 2037 2037 2037


90 91 92 92
- - - -
- - - -
- - - -

1.000 1.000 1.000 1.000


1.187 1.190 1.193 1.196
1.407 1.414 1.422 1.429
1.531 1.541 1.551 1.560

5,355 5,355 5,355 5,355


- - - -
- - - -

5,355 5,355 5,355 5,355

16,487 16,487 16,487 16,487


- - - -
- - - -
- - - -
16,487 16,487 16,487 16,487

- - - -
- - - -
- - - -
- - - -
- - - -
(6) (1) (0) (0)
- - - -

- - - -

- - - -
- - - -
7 1 0 0
7 1 0 0

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

6 1 0 0

- - - -
- - - -
6 1 0 0
6 1 0 0

6 1 0 0

6300 6391 6483 6575


0.19 0.19 0.18 0.18

1 0 0 0

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

- - - -

- - - -
TIMING Alerts Warnings IRR
OK OK 25.80%
Start of period
End of period Start End
Construction 1-Jan-20 30-Jun-21
Operations 1-Jul-21 30-Jun-36

Counters for call-ups


Calendar year Num#
Days in period Num#
Construction quarter Num#
Operations quarter Num#
Operations year Num#

Escalation
% p.a.
None % p.a.
1% % p.a.
2% % p.a. Flex
CPI % p.a. - >> Note: Formula changes here

Index
None Index
1% Index
2% Index
CPI Index

Interest
Base rate % p.a.
1-Jan-20 1-Feb-20 1-Mar-20 1-Apr-20 1-May-20 1-Jun-20 1-Jul-20 1-Aug-20
31-Dec-19 31-Jan-20 29-Feb-20 31-Mar-20 30-Apr-20 31-May-20 30-Jun-20 31-Jul-20 31-Aug-20
1 1 1 1 1 1 1 1
- - - - - - - -

2020 2020 2020 2020 2020 2020 2020 2020


31 29 31 30 31 30 31 31
1 2 3 4 5 6 7 8
- - - - - - - -
- - - - - - - -

- - - - - - - -
1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%
2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00%
2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50%

1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000


1.000 1.001 1.002 1.002 1.003 1.004 1.005 1.006 1.007
1.000 1.002 1.003 1.005 1.007 1.008 1.010 1.012 1.013
1.000 1.002 1.004 1.006 1.008 1.010 1.012 1.015 1.017

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


1-Sep-20 1-Oct-20 1-Nov-20 1-Dec-20 1-Jan-21 1-Feb-21 1-Mar-21 1-Apr-21 1-May-21
30-Sep-20 31-Oct-20 30-Nov-20 31-Dec-20 31-Jan-21 28-Feb-21 31-Mar-21 30-Apr-21 31-May-21
1 1 1 1 1 1 1 1 1
- - - - - - - - -

2020 2020 2020 2020 2021 2021 2021 2021 2021


30 31 30 31 31 28 31 30 31
9 10 11 12 13 14 15 16 17
- - - - - - - - -
- - - - - - - - -

- - - - - - - - -
1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%
2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00%
2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50%

1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000


1.007 1.008 1.009 1.010 1.011 1.012 1.013 1.013 1.014
1.015 1.017 1.018 1.020 1.022 1.023 1.025 1.027 1.028
1.019 1.021 1.023 1.025 1.027 1.029 1.031 1.033 1.036

2.00% 2.00% 2.00% 2.00% 2.25% 2.25% 2.25% 2.25% 2.25%


1-Jun-21 1-Jul-21 1-Oct-21 1-Jan-22 1-Apr-22 1-Jul-22 1-Oct-22 1-Jan-23 1-Apr-23
30-Jun-21 30-Sep-21 31-Dec-21 31-Mar-22 30-Jun-22 30-Sep-22 31-Dec-22 31-Mar-23 30-Jun-23
1 - - - - - - - -
- 1 1 1 1 1 1 1 1

2021 2021 2021 2022 2022 2022 2022 2023 2023


30 92 92 90 91 92 92 90 91
18 - - - - - - - -
- 1 2 3 4 5 6 7 8
- 1 1 1 1 2 2 2 2

- - - - - - - - -
1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%
2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00%
2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50%

1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000


1.015 1.018 1.020 1.023 1.025 1.028 1.030 1.033 1.035
1.030 1.035 1.040 1.046 1.051 1.056 1.061 1.066 1.072
1.038 1.044 1.051 1.057 1.064 1.070 1.077 1.084 1.090

2.25% 2.25% 2.25% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50%


1-Jul-23 1-Oct-23 1-Jan-24 1-Apr-24 1-Jul-24 1-Oct-24 1-Jan-25 1-Apr-25 1-Jul-25
30-Sep-23 31-Dec-23 31-Mar-24 30-Jun-24 30-Sep-24 31-Dec-24 31-Mar-25 30-Jun-25 30-Sep-25
- - - - - - - - -
1 1 1 1 1 1 1 1 1

2023 2023 2024 2024 2024 2024 2025 2025 2025


92 92 91 91 92 92 90 91 92
- - - - - - - - -
9 10 11 12 13 14 15 16 17
3 3 3 3 4 4 4 4 5

- - - - - - - - -
1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%
2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00%
2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50%

1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000


1.038 1.041 1.043 1.046 1.048 1.051 1.054 1.056 1.059
1.077 1.082 1.088 1.093 1.099 1.104 1.110 1.115 1.121
1.097 1.104 1.111 1.118 1.125 1.132 1.138 1.146 1.153

2.50% 2.50% 2.25% 2.25% 2.25% 2.25% 2.25% 2.25% 2.25%


1-Oct-25 1-Jan-26 1-Apr-26 1-Jul-26 1-Oct-26 1-Jan-27 1-Apr-27 1-Jul-27 1-Oct-27
31-Dec-25 31-Mar-26 30-Jun-26 30-Sep-26 31-Dec-26 31-Mar-27 30-Jun-27 30-Sep-27 31-Dec-27
- - - - - - - - -
1 1 1 1 1 1 1 1 1

2025 2026 2026 2026 2026 2027 2027 2027 2027


92 90 91 92 92 90 91 92 92
- - - - - - - - -
18 19 20 21 22 23 24 25 26
5 5 5 6 6 6 6 7 7

- - - - - - - - -
1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%
2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00%
2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50%

1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000


1.062 1.064 1.067 1.070 1.072 1.075 1.077 1.080 1.083
1.126 1.132 1.137 1.143 1.149 1.154 1.160 1.166 1.172
1.160 1.167 1.174 1.181 1.189 1.196 1.203 1.211 1.219

2.25% 2.25% 2.25% 2.25% 2.25% 2.25% 2.25% 2.25% 2.25%


1-Jan-28 1-Apr-28 1-Jul-28 1-Oct-28 1-Jan-29 1-Apr-29 1-Jul-29 1-Oct-29 1-Jan-30
31-Mar-28 30-Jun-28 30-Sep-28 31-Dec-28 31-Mar-29 30-Jun-29 30-Sep-29 31-Dec-29 31-Mar-30
- - - - - - - - -
1 1 1 1 1 1 1 1 1

2028 2028 2028 2028 2029 2029 2029 2029 2030


91 91 92 92 90 91 92 92 90
- - - - - - - - -
27 28 29 30 31 32 33 34 35
7 7 8 8 8 8 9 9 9

- - - - - - - - -
1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%
2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00%
2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50%

1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000


1.086 1.088 1.091 1.094 1.096 1.099 1.102 1.105 1.107
1.178 1.183 1.189 1.195 1.201 1.207 1.213 1.219 1.225
1.226 1.234 1.241 1.249 1.257 1.265 1.272 1.280 1.288

2.25% 2.25% 2.25% 2.25% 2.25% 2.25% 2.25% 2.25% 2.25%


1-Apr-30 1-Jul-30 1-Oct-30 1-Jan-31 1-Apr-31 1-Jul-31 1-Oct-31 1-Jan-32 1-Apr-32
30-Jun-30 30-Sep-30 31-Dec-30 31-Mar-31 30-Jun-31 30-Sep-31 31-Dec-31 31-Mar-32 30-Jun-32
- - - - - - - - -
1 1 1 1 1 1 1 1 1

2030 2030 2030 2031 2031 2031 2031 2032 2032


91 92 92 90 91 92 92 91 91
- - - - - - - - -
36 37 38 39 40 41 42 43 44
9 10 10 10 10 11 11 11 11

- - - - - - - - -
1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%
2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00%
2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50%

1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000


1.110 1.113 1.116 1.119 1.121 1.124 1.127 1.130 1.133
1.231 1.237 1.244 1.250 1.256 1.262 1.268 1.275 1.281
1.296 1.304 1.312 1.320 1.329 1.337 1.345 1.353 1.362

2.25% 2.25% 2.25% 2.25% 2.25% 2.25% 2.25% 2.25% 2.25%


1-Jul-32 1-Oct-32 1-Jan-33 1-Apr-33 1-Jul-33 1-Oct-33 1-Jan-34 1-Apr-34 1-Jul-34
30-Sep-32 31-Dec-32 31-Mar-33 30-Jun-33 30-Sep-33 31-Dec-33 31-Mar-34 30-Jun-34 30-Sep-34
- - - - - - - - -
1 1 1 1 1 1 1 1 1

2032 2032 2033 2033 2033 2033 2034 2034 2034


92 92 90 91 92 92 90 91 92
- - - - - - - - -
45 46 47 48 49 50 51 52 53
12 12 12 12 13 13 13 13 14

- - - - - - - - -
1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%
2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00%
2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50%

1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000


1.135 1.138 1.141 1.144 1.147 1.150 1.152 1.155 1.158
1.287 1.294 1.300 1.307 1.313 1.320 1.326 1.333 1.339
1.370 1.379 1.387 1.396 1.405 1.413 1.422 1.431 1.440

2.25% 2.25% 2.25% 2.25% 2.25% 2.25% 2.25% 2.25% 2.25%


1-Oct-34 1-Jan-35 1-Apr-35 1-Jul-35 1-Oct-35 1-Jan-36 1-Apr-36 1-Jul-36 1-Oct-36
31-Dec-34 31-Mar-35 30-Jun-35 30-Sep-35 31-Dec-35 31-Mar-36 30-Jun-36 30-Sep-36 31-Dec-36
- - - - - - - - -
1 1 1 1 1 1 1 - -

2034 2035 2035 2035 2035 2036 2036 2036 2036


92 90 91 92 92 91 91 92 92
- - - - - - - - -
54 55 56 57 58 59 60 - -
14 14 14 15 15 15 15 - -

- - - - - - - - -
1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%
2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00%
2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50%

1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000


1.161 1.164 1.167 1.170 1.173 1.176 1.179 1.181 1.184
1.346 1.353 1.359 1.366 1.373 1.380 1.387 1.394 1.401
1.449 1.458 1.467 1.476 1.485 1.494 1.503 1.513 1.522

2.25% 2.25% 2.25% 2.25% 2.25% 2.25% 2.25% 2.25% 2.25%


1-Jan-37 1-Apr-37 1-Jul-37 1-Oct-37
31-Mar-37 30-Jun-37 30-Sep-37 31-Dec-37
- - - -
- - - -

2037 2037 2037 2037


90 91 92 92
- - - -
- - - -
- - - -

- - - -
1.00% 1.00% 1.00% 1.00%
2.00% 2.00% 2.00% 2.00%
2.50% 2.50% 2.50% 2.50%

1.000 1.000 1.000 1.000


1.187 1.190 1.193 1.196
1.407 1.414 1.422 1.429
1.531 1.541 1.551 1.560

2.25% 2.25% 2.25% 2.25%


CHECKS

Alerts
To direct the attention of the user to an unexpected or undesirable outcome (commercial checks)
Result Error
DSCR below covenants Alert / OK 0 OK
Cash balance < 0 Alert / OK 0 OK
Alert / OK OK
Alert / OK OK
Alert / OK OK
Master Alert / OK OK

Warnings
Indicate a flaw in the model
Result Error
Balance sheet 1 Warning / 0 OK
Balance sheet 2 Warning / 0 OK
Spare Warning / OK OK
Spare Warning / OK OK
Spare Warning / OK OK
Master Warning / OK OK
SETUP

Constants
General
Model_Name PF Full Model

Numbers
Days_yr 365
Months_yr 12
Months_halfyr 6
Qtrs_yr 4
Months_qtr 3

Million 1,000,000
Thousand 1,000
Small_num 1E-06

Tolerance 3

On/Off
On On
Off Off

Calculate/schedule debt
Calculate Calculate
Schedule Schedule

Depreciation
Straight line SL
Reducing balance RB
MACRS MACRS
DEBT SIZING MINI-MODEL

Debt sizing through DSCR target


Yr 1
Debt tenor [1,0] 1

Account
Balance b/f USD '000 253.53
Repayment USD '000 (252) (41.31)
Balance c/f USD '000 254 212.22

Principal repayment
CFADS USD '000 DSCR. 100.00
Max DS USD '000 1.50x i (% p.a.) 333 66.67
Less: interest USD '000 10.00% (81) (25.35)
Max principal repayment USD '000 252 41.31

DSCR x 1.50x

Next iteration USD '000


Yr 2 Yr 3 Yr 4 Yr 5 Yr 6
1 1 1 1

212.22 166.77 116.78 61.79 1.30


(45.45) (49.99) (54.99) (60.49) 0.13
166.77 116.78 61.79 1.30 1.43

100.00 100.00 100.00 100.00 100.00


66.67 66.67 66.67 66.67 -
(21.22) (16.68) (11.68) (6.18) (0.13)
45.45 49.99 54.99 60.49 (0.13)

1.50x 1.50x 1.50x 1.50x -

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