WIND FARM PRO FORMA MODEL

INPUTS AND ASSUMPTION (Inputs Values Shown in Yellow; Calculated

TIMING
Date
Project Name
Year of Construction
First Full Year of Operation
Months of Operation in Construction Year

11/18/2013
VAYU CHAKRA
2014
2015
1

PROJECT SITE ASSUMPTIONS

Number of Wind Turbines
Assumed Wind Turbine
Tower Height (m)
Rotor Diameters (m)
Rated Capacity of Turbine (kW)
Gross Capacity Factor
Assumed Turbine Availability
Assume Project Substation Availability
Assumed Electric Grid Availability
Wake Losses
Turbulence Losses
Electrical Losses
Blade Contamination & icing Losses
Net Capacity Factor
Project Size - Nameplate (MW)
Annual Project Net Generation

81
Vestas V112
84
112
3075
50.00%
99.00%
98.00%
97.00%
5.00%
2.50%
2.50%
2.00%
41.64%
249.075
908649

OPERATING EXPENSES
O&M Services Per Turbine (Year 1)
Years of Parts & Labor Warranty incl. in initial cost
Years of Extended Warranty Service Purchased
Extended Warranty Cost Per Turbine (1st year after warranty)
Infrastructure Maintenance Per MW (Year 1)
Owner's Site Manager Inc. Benefits & Exp (Year 1)
Owner's On Site Administrative Costs (Year 1)
Owner's Corporate Administration Costs (Year 1)
Project Insurance Cost Per MW (Year 1)
Telecom and Utilities for On Site Buildings (Year 1)
Electricity Consumption By Turbines (Per MW)(Year 1)
O&M Expense Contingency (%)

$46,125.00
0
10
$46,125.00
$2,200.00
$175,000.00
$60,000.00
$225,000.00
$5,000.00
$85,000.00
$750.00
5.00%

ARM PRO FORMA MODEL

ues Shown in Yellow; Calculated Values Shown in Green)
FINANCIAL ASSUMPTIONS
Beginning Energy Sales Price ($ per MWh)
Annual Escalation Rate of Energy Sales Price
Beginning Value of Renewable Energy Credits ($/MWh)
Annual Escalation Rate of REC Value
Inflation or Escalation Rate for O&M
Effective Combined State & Federal Income Tax Rate
Sales Tax Rate
Landowner Royalty Percentage (Yrs 1-10)
Landowner Royalty Percentage (Yrs 11-20)
Landowner Royalty Percentage (Yrs 21 on)

$33.53
2.00%
$5.00
2.00%
2.00%
35.00%
5.00%
4.00%
5.00%
6.00%

COST OF CAPITAL
% Equity Financing
% Senior Debt Financing
% PTC Debt Financing
Total Sources of Capital (must equal 100%)
Total Project Cost (from Construction Cost page)
Equity Financing
Senior Debt Financing
Subordinate (PTC) Debt Financing
Length or Term of Senior Debt Loan (years)
Interest Rate on Senior Debt
Length or Term of Subordinate Debt Loan (years)
Interest Rate on Subordinate Debt
Minimum Equity Return (and Discount Rate)

51.90%
23.40%
24.70%
100.00%
$377,275,474
$195,805,971
$88,282,461
$93,187,042
15
7.00%
10
9.00%
12.00%

OUTPUTS
20 Year NPV at Assumed Discount Rate
20 year after tax IRR%
25 Year NPV at Assumed Discount Rate
25 year after tax IRR%
Minimum Senior Debt Service Coverage Ratio
Minimum Subordinated Debt Service Coverage Ratio

$21,761,519
14.69%
$30,939,702
15.36%
1.67
1.47

WIND FARM DEVELOPMENT COST ESTIMATE

Met Tower
Met Tower Communication
Meterological constraints, data QA/QC
Site Suitability Assessment
Phase I Permitting/Environmental Assessment
Wildlife assessment/ 4 season avian studies
Preliminary Transmission Study
Geotech Studies
Landman to obtain Property Rights
Option to Lease/ Rental
Attorney fees for lease aggrements
Attorney fees for Tax abatements
Transmission Interconnection Studies
Mapping/ Surveying/ Site Layout
Turbine Request for Proposal
Expenses/ Travel/ Landowner expenses

Total

Units

No of units

# of towers
# of years
# of years

3
4
4
1
1
1
1
1
2
1
1
1
1
1
1
1

# of contractors

TIMATE
Cost per unit
$80,000
$1,000
$5,000
$85,000
$150,000
$125,000
$15,000
$40,000
$60,000
$300,000
$20,000
$100,000
$50,000
$50,000
$100,000
$100,000

Total Cost
$240,000
$4,000
$20,000
$85,000
$150,000
$125,000
$15,000
$40,000
$120,000
$300,000
$20,000
$100,000
$50,000
$50,000
$100,000
$100,000

$1,519,000

WIND FARM CONSTRUCTION COST ESTIMATE

Number of Turbines
Turbine Rating (kW)
Project Rating (MW)
Interconnection Voltage(kV)
Turbine Manufacturer
Turbine class
Assumed Tower Height (meters)
Assumed Turbine Rotor Diameter(meters)
Swept Area (square meters)
Assumed Foundation Type

Project Development Costs

Legal Fees
Insurance
Construction Management
Construction Mobilization
EPC Project Engineering
Surveying
Geotechnical Testing
Primary Site Access Roads
Turbine Access Roads (5 meters wide)
Civil Work (grading, erosion control etc)
34.5 kV Collection System (underground)
34.5 kV Collection System (overhead)
Foundations
Turbine & Tower (incl 2 yr warranty)
Turbine &Tower Transportation
Turbine & Tower Erection
Turbine Commissioning & Testing
Turbine Step-up Transformers
FAA Lighting
O&M Building
Project Substation
Interconnection or Switching Station
Transmission Line
Transmission Easement (40m meters wide)
Permanent Met Towers
Sales Tax
Miscellaneous/ Contingency
Financing Cost
Net Capitalized Interest

Total
Cost per MW

81
3075
249.075
345
Vestas , V-112
II A
84
112
9852
Inverter T
Deprec
Life
5
5
5
5
5
5
5
5
15
15
15
5
5
5
5
5
5
5
5
5
39
5
15
15
15
5
5
5
5
5

Sales
Tax ?
No
No
No
No
No
No
No
No
No
No
No
No
No
Yes
No
No
No
No
No
Yes
Yes
Yes
Yes
Yes
Yes
Yes
No
No
No
No

Units

MW
MW
MW
MW
turbines
meters
meters
MW
meters
meters
turbines
turbines
turbines
turbines
turbines
turbines
# of lights
#

meters
meters
#
%
%
% of all above
% of all above

Number of
Units

249.075
249.075
1
249.075
249.075
81
5000
45360
249.075
54432
1000
81
81
81
81
81
81
40
1
1
1
5000
3000
4

TIMATE

Inputs
Calculations

Cost per Unit ($)

Total Cost

$5,000.00
$4,000.00
$2,000,000.00
$2,000.00
$2,500.00
$10,000.00
$200.00
$100.00
$40,000.00
$120.00
$40.00
$73,304.00
$3,228,900.00
$269,250.00
$110,500.00
$25,000.00
$25,000.00
$12,000.00
$750,000.00
$6,236,125.00
$11,125,000.00
$622.00
$50.00
$80,000.00
5.00%
5.00%
2.00%
2.50%

$1,519,000
$500,000
$1,245,375
$996,300
$2,000,000
$498,150
$622,688
$810,000
$1,000,000
$4,536,000
$9,963,000
$6,531,840
$40,000
$5,937,624
$261,540,900
$21,809,250
$8,950,500
$2,025,000
$2,025,000
$480,000
$750,000
$6,236,125
$11,125,000
$3,110,000
$150,000
$320,000
$1,405,437
$4,729,314
$7,217,130
$9,201,841

$377,275,474
$1,514,706

DEPRECIATION AND AD VALOREM TAX CALCULATIONS

250 MW PROJECT
Year

2013

TOTAL CAPITAL COST OF PROJECT

Commercial
Operation Begins
2014
$

377,275,474.30

DEPRECIATION FOR FEDERAL INCOME TAX PURPOSES:

Year
Depreciation rates: 5 year property place in service in 4th Q
Annual Depreciation Expense for Income Tax Purposes

0
0.05000
$18,863,774

DEPRECIATION FOR AD VALOREM TAX PURPOSES:

Year
Depreciation rates: 20-year straight line method
Annual Depreciation for Ad Valorem Tax Purposes
Year End Asset Value for Ad Valorem Tax Purposes

$
$

0
0.05000
18,863,774
358,411,700.59

AD VALOREM TAX CALCULATIONS:

AD VALOREM TAX RATES
County 1 Property Tax Rate
County 2 Property Tax Rate
School District 1 Tax Rate
School District 2 Tax Rate
Water District Tax Rate
Hospital District Tax Rate

0.40%
0.50%
1.20%
1.30%
0.05%
0.50%

ABATEMENT ASSUMPTIONS
County 1 Property Tax Abatement %
County 2 Property Tax Abatement %
School District 1 Tax Abatement %
School District 2 Tax Abatement %
Water District Tax Abatement %
Hospital District Tax Abatement %

0.00%
0.00%
0.00%
0.00%
0.00%
0.00%

EFFECTIVE RATES (NET OF ABATEMENTS)

Effective County 1 Property Tax Rate
Effective County 2 Property Tax Rate
Effective School District 1 Tax Rate
Effective School District 2 Tax Rate
Effective Water District Tax Rate
Effective Hospital District Tax Rate

% of Project
60%
40%
60%
40%
100%
100%

0.24%
0.20%
0.72%
0.52%
0.05%
0.50%

Total Effective Tax Rate

ESTIMATED ANNUAL AD VALOREM TAXES

Assumptions: (1) Valuation for property tax purposes is based on 20 year straight line depreciation
(2) No Tax abatements or appraised value limitations
Mostly Five year MACRS is used..valaution is reduced as PTC's are used up

2.23%
$0

First Full Year of

Operations
2015

2016

2017

2018

2019

1
0.38000
$143,364,680

2
0.22800
$86,018,808

3
0.13680
$51,611,285

4
0.10940
$41,273,937

5
0.09580
$36,142,990

1
0.05000
$ 18,863,774 $
$ 339,547,927 $

2
0.05000
18,863,774 $
320,684,153 $

3
0.05000
18,863,774 $
301,820,379 $

4
0.05000
18,863,774 $
282,956,606 $

5
0.05000
18,863,774
264,092,832

0.40%
0.50%
1.20%
1.30%
0.05%
0.50%

0.40%
0.50%
1.20%
1.30%
0.05%
0.50%

0.40%
0.50%
1.20%
1.30%
0.05%
0.50%

0.40%
0.50%
1.20%
1.30%
0.05%
0.50%

0.40%
0.50%
1.20%
1.30%
0.05%
0.50%

0.00%
0.00%
0.00%
0.00%
0.00%
0.00%

0.00%
0.00%
0.00%
0.00%
0.00%
0.00%

0.00%
0.00%
0.00%
0.00%
0.00%
0.00%

0.00%
0.00%
0.00%
0.00%
0.00%
0.00%

0.00%
0.00%
0.00%
0.00%
0.00%
0.00%

0.24%
0.20%
0.72%
0.52%
0.05%
0.50%

0.24%
0.20%
0.72%
0.52%
0.05%
0.50%

0.24%
0.20%
0.72%
0.52%
0.05%
0.50%

0.24%
0.20%
0.72%
0.52%
0.05%
0.50%

0.24%
0.20%
0.72%
0.52%
0.05%
0.50%

2.23%

2.23%

2.23%

2.23%

2.23%

$7,992,581

$7,571,919

$7,151,257

$6,730,594

$6,309,932

$
$

2020

2021

2022

2023

2024

6
0.00000
$0

7
0.00000
$0

8
0.00000
$0

9
0.00000
$0

10
0.00000
$0

6
0.05000
18,863,774 $
245,229,058 $

7
0.05000
18,863,774 $
226,365,285 $

8
0.05000
18,863,774 $
207,501,511 $

9
0.05000
18,863,774 $
188,637,737 $

10
0.05000
18,863,774
169,773,963

0.40%
0.50%
1.20%
1.30%
0.05%
0.50%

0.40%
0.50%
1.20%
1.30%
0.05%
0.50%

0.40%
0.50%
1.20%
1.30%
0.05%
0.50%

0.40%
0.50%
1.20%
1.30%
0.05%
0.50%

0.40%
0.50%
1.20%
1.30%
0.05%
0.50%

0.00%
0.00%
0.00%
0.00%
0.00%
0.00%

0.00%
0.00%
0.00%
0.00%
0.00%
0.00%

0.00%
0.00%
0.00%
0.00%
0.00%
0.00%

0.00%
0.00%
0.00%
0.00%
0.00%
0.00%

0.00%
0.00%
0.00%
0.00%
0.00%
0.00%

0.24%
0.20%
0.72%
0.52%
0.05%
0.50%

0.24%
0.20%
0.72%
0.52%
0.05%
0.50%

0.24%
0.20%
0.72%
0.52%
0.05%
0.50%

0.24%
0.20%
0.72%
0.52%
0.05%
0.50%

0.24%
0.20%
0.72%
0.52%
0.05%
0.50%

2.23%

2.23%

2.23%

2.23%

2.23%

$5,889,270

$5,468,608

$5,047,946

$4,627,284

$4,206,622

$
$

2025

2026

2027

2028

2029

11
0.00000
$0

12
0.00000
$0

13
0.00000
$0

14
0.00000
$0

15
0.00000
$0

11
0.05000
18,863,774 $
150,910,190 $

12
0.05000
18,863,774 $
132,046,416 $

13
0.05000
18,863,774 $
113,182,642 $

14
0.05000
18,863,774 $
94,318,869 $

15
0.05000
18,863,774
75,455,095

0.40%
0.50%
1.20%
1.30%
0.05%
0.50%

0.40%
0.50%
1.20%
1.30%
0.05%
0.50%

0.40%
0.50%
1.20%
1.30%
0.05%
0.50%

0.40%
0.50%
1.20%
1.30%
0.05%
0.50%

0.40%
0.50%
1.20%
1.30%
0.05%
0.50%

0.00%
0.00%
0.00%
0.00%
0.00%
0.00%

0.00%
0.00%
0.00%
0.00%
0.00%
0.00%

0.00%
0.00%
0.00%
0.00%
0.00%
0.00%

0.00%
0.00%
0.00%
0.00%
0.00%
0.00%

0.00%
0.00%
0.00%
0.00%
0.00%
0.00%

0.24%
0.20%
0.72%
0.52%
0.05%
0.50%

0.24%
0.20%
0.72%
0.52%
0.05%
0.50%

0.24%
0.20%
0.72%
0.52%
0.05%
0.50%

0.24%
0.20%
0.72%
0.52%
0.05%
0.50%

0.24%
0.20%
0.72%
0.52%
0.05%
0.50%

2.23%

2.23%

2.23%

2.23%

2.23%

$3,785,959

$3,365,297

$2,944,635

$2,523,973

$2,103,311

$
$

2030

2031

2032

2033

2034

16
0.00000
$0

17
0.00000
$0

18
0.00000
$0

19
0.00000
$0

20
0.00000
$0

16
0.05000
18,863,774 $
56,591,321 $

17
0.05000
18,863,774 $
37,727,547 $

18
0.05000
18,863,774 $
18,863,774 $

19
0.05000
18,863,774
(0)

20
0.00000
$0.00
$0.00

0.40%
0.50%
1.20%
1.30%
0.05%
0.50%

0.40%
0.50%
1.20%
1.30%
0.05%
0.50%

0.40%
0.50%
1.20%
1.30%
0.05%
0.50%

0.40%
0.50%
1.20%
1.30%
0.05%
0.50%

0.40%
0.50%
1.20%
1.30%
0.05%
0.50%

0.00%
0.00%
0.00%
0.00%
0.00%
0.00%

0.00%
0.00%
0.00%
0.00%
0.00%
0.00%

0.00%
0.00%
0.00%
0.00%
0.00%
0.00%

0.00%
0.00%
0.00%
0.00%
0.00%
0.00%

0.00%
0.00%
0.00%
0.00%
0.00%
0.00%

0.24%
0.20%
0.72%
0.52%
0.05%
0.50%

0.24%
0.20%
0.72%
0.52%
0.05%
0.50%

0.24%
0.20%
0.72%
0.52%
0.05%
0.50%

0.24%
0.20%
0.72%
0.52%
0.05%
0.50%

0.24%
0.20%
0.72%
0.52%
0.05%
0.50%

2.23%

2.23%

2.23%

2.23%

2.23%

$1,682,649

$1,261,986

$841,324

$420,662

$0

2035

2036

2037

2038

2039

21
0.00000
$0

22
0.00000
$0

23
0.00000
$0

24
0.00000
$0

25
0.00000
$0

21
$0.00
$0.00
$0.00

22
$0.00
$0.00
$0.00

23
$0.00
$0.00
$0.00

24
$0.00
$0.00
$0.00

25
$0.00
$0.00
$0.00

0.40%
0.50%
1.20%
1.30%
0.05%
0.50%

0.40%
0.50%
1.20%
1.30%
0.05%
0.50%

0.40%
0.50%
1.20%
1.30%
0.05%
0.50%

0.40%
0.50%
1.20%
1.30%
0.05%
0.50%

0.40%
0.50%
1.20%
1.30%
0.05%
0.50%

0.00%
0.00%
0.00%
0.00%
0.00%
0.00%

0.00%
0.00%
0.00%
0.00%
0.00%
0.00%

0.00%
0.00%
0.00%
0.00%
0.00%
0.00%

0.00%
0.00%
0.00%
0.00%
0.00%
0.00%

0.00%
0.00%
0.00%
0.00%
0.00%
0.00%

0.24%
0.20%
0.72%
0.52%
0.05%
0.50%

0.24%
0.20%
0.72%
0.52%
0.05%
0.50%

0.24%
0.20%
0.72%
0.52%
0.05%
0.50%

0.24%
0.20%
0.72%
0.52%
0.05%
0.50%

0.24%
0.20%
0.72%
0.52%
0.05%
0.50%

2.23%

2.23%

2.23%

2.23%

2.23%

$0

$0

$0

$0

$0

m/s

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

hr
0
0
0
0
34
103
193
308
446
595
748
874
976
1000
1000
1000
1000
1000
1000
1000

kWh
300
350
440
759
868
914
904
847
756
647
531
419
319
234
166
113
75
48
30
40

0
0
0
0
29512
94142
174472
260876
337176
384965
397188
366206
311344
234000
166000
113000
75000
48000
30000
40000
3061881

CASH FLOW
VAYU CHAKRA
Year
Period
Capital Costs
Revenue
Annual Net Capacity factor
Annual Net Generation
Value of Energy Production ($/MWh)
Value of Energy Production ($/year)
Value of Renewable Energy Credits ($/MWh)
Value of Renewable Energy Credits ($ per year)
Total Revenue

2014
0
377,275,474

41.64%
37860
$33.53
$1,269,458.41
$5.00
$189,301.88
$1,458,760.29

Operating Expenses
Vendor Provided O&M Service
Extended Warranty Cost Per Turbine
Full Service (Planned and Unplanned Maintenance)
Post Warranty Planned O&M
Post Warranty Repair & Replace Accrual
Infrastructure Maintenance (roads, sub, UG dist, etc)
Owner's On site Administrative costs
Owner's Corporate Administration Costs
Landowner Royalties
Electrical Usage
Telecommunications & other Utilities
Ad Valorem Taxes
Project Insurance
Contingency and Other
Total Operating Expenses
Operating Expenses ($/MWH)
Net Operating Cash

$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$50,778.34
$0.00
$0.00
$0.00
$0.00
$2,538.92
$53,317.25
$1.41
$1,405,443.04

Debt Service
Senior Debt Beginning Balance
Interest on Senior Debt
Senior Debt Principal Payments
Senior Debt Ending Balance
Debt Service Coverage Ratio (Sr. Debt)

$88,282,461
$0
$0
$88,282,461

Subordinated Debt Beginning Balance

$93,187,042

Interest on Subordinated Debt

Subordinated Debt Principal Payments
Subordinated Debt Ending Balance
Debt Service Coverage Ratio (Sub. Debt)
After Debt Service Cash Flow

$0
$0
$93,187,042

$1,405,443

Depreciation and Taxes

Depreciation - MARCS
Taxable income (NOC - interest - tax depr. )
Income Taxes (before PTC)
Production Tax Credit ($/MWH)
Production Tax Credit ($)
Income Taxes (after PTC)

$18,863,774
($17,458,331)
($6,110,416)
$23
$870,789
($6,981,204)

Cash Flow / Return on Investments

Distributable Cash to Project Owners from Operations
Original Equity Investment
Net Cash Flow

20 Year NPV at Assumed Discount Rate

20 year after tax IRR%
25 Year NPV at Assumed Discount Rate
25 year after tax IRR%

$8,386,647
$195,805,971
($187,419,324)
$21,761,519
14.692%
$30,939,702
15.363%

2015
1
$0

2016
2
$0

2017
3
$0

2018
4
$0

2019
5
$0

41.64%
908649
$33.53
$30,467,001.91
$5.00
$4,543,245.14
$35,010,247.06

41.64%
908649
$34.20
$31,076,341.95
$5.10
$4,634,110.04
$35,710,452.00

41.64%
908649
$34.88
$31,697,868.79
$5.20
$4,726,792.24
$36,424,661.04

41.64%
908649
$35.58
$32,331,826.17
$5.31
$4,821,328.09
$37,153,154.26

41.64%
908649
$36.29
$32,978,462.69
$5.41
$4,917,754.65
$37,896,217.34

$0.00
$0.00
$6,226,875
$0.00
$0.00
$547,965.00
$235,000.00
$225,000.00
$1,218,680.08
$186,806.25
$85,000.00
$7,992,580.92
$1,245,375.00
$898,164.11
$18,861,446.36
$20.76

$0.00
$0.00
$6,351,413
$0.00
$0.00
$558,924.30
$239,700.00
$229,500.00
$1,243,053.68
$190,542.38
$86,700.00
$7,571,918.77
$1,270,282.50
$887,101.71
$18,629,135.83
$20.50

$0.00
$0.00
$6,478,441
$0.00
$0.00
$570,102.79
$244,494.00
$234,090.00
$1,267,914.75
$194,353.22
$88,434.00
$7,151,256.62
$1,295,688.15
$876,238.71
$18,401,012.99
$20.25

$0.00
$0.00
$6,608,010
$0.00
$0.00
$581,504.84
$249,383.88
$238,771.80
$1,293,273.05
$198,240.29
$90,202.68
$6,730,594.46
$1,321,601.91
$865,579.12
$18,177,161.60
$20.00

$0.00
$0.00
$6,740,170
$0.00
$0.00
$593,134.94
$254,371.56
$243,547.24
$1,319,138.51
$202,205.09
$92,006.73
$6,309,932.31
$1,348,033.95
$855,127.00
$17,957,667.09
$19.76

$16,148,800.69

$17,081,316.17

$18,023,648.05

$18,975,992.66

$19,938,550.26

$88,282,461
($6,179,772)
($3,513,167)
$84,769,294
1.67

$84,769,294
($5,933,851)
($3,759,089)
$81,010,204
1.76

$81,010,204
($5,670,714)
($4,022,225)
$76,987,979
1.86

$76,987,979
($5,389,159)
($4,303,781)
$72,684,198
1.96

$72,684,198
($5,087,894)
($4,605,046)
$68,079,152
2.06

$93,187,042

$87,053,463

$80,367,861

$73,080,555

$65,137,392

($8,386,834)
($6,133,579)
$87,053,463
$1.47

($7,834,812)
($6,685,602)
$80,367,861
$1.50

($7,233,107)
($7,287,306)
$73,080,555
$1.53

($6,577,250)
($7,943,163)
$65,137,392
$1.56

($5,862,365)
($8,658,048)
$56,479,344
$1.59

($8,064,552)

($7,132,037)

($6,189,705)

($5,237,360)

($4,274,803)

$143,364,680
($141,782,486)
($49,623,870)

$86,018,808
($82,706,154)
($28,947,154)

$51,611,285
($46,491,459)
($16,272,011)

$41,273,937
($34,264,353)
($11,992,523)

$36,142,990
($27,154,699)
($9,504,145)

$23.46
$21,316,906
($70,940,776)

$23.93
$21,743,244
($50,690,398)

$24.41
$22,178,109
($38,450,120)

$24.90
$22,621,671
($34,614,195)

$25.39
$23,074,105
($32,578,250)

$62,876,224

$43,558,361

$32,260,415

$29,376,835

$28,303,447

$62,876,224

$43,558,361

$32,260,415

$29,376,835

$28,303,447

2020
6
$0

2021
7
$0

2022
8
$0

2023
9
$0

2024
10
$0

41.64%
908649
$37.02
$33,638,031.94
$5.52
$5,016,109.74
$38,654,141.69

41.64%
908649
$37.76
$34,310,792.58
$5.63
$5,116,431.94
$39,427,224.52

41.64%
908649
$38.52
$34,997,008.44
$5.74
$5,218,760.58
$40,215,769.01

41.64%
908649
$39.29
$35,696,948.60
$5.86
$5,323,135.79
$41,020,084.39

41.64%
908649
$40.07
$36,410,887.58
$5.98
$5,429,598.51
$41,840,486.08

$0.00
$0.00
$6,874,973
$0.00
$0.00
$604,997.64
$259,458.99
$248,418.18
$1,345,521.28
$206,249.19
$93,846.87
$5,889,270.15
$1,374,994.63
$844,886.50
$17,742,616.59
$19.53

$0.00
$0.00
$7,012,473
$0.00
$0.00
$617,097.59
$264,648.17
$253,386.54
$1,372,431.70
$210,374.18
$95,723.81
$5,468,608.00
$1,402,494.52
$834,861.86
$17,532,098.98
$19.29

$0.00
$0.00
$7,152,722
$0.00
$0.00
$629,439.54
$269,941.13
$258,454.28
$1,399,880.34
$214,581.66
$97,638.28
$5,047,945.85
$1,430,544.41
$825,057.38
$17,326,204.93
$19.07

$0.00
$0.00
$7,295,777
$0.00
$0.00
$642,028.33
$275,339.95
$263,623.36
$1,427,877.94
$218,873.30
$99,591.05
$4,627,283.69
$1,459,155.30
$815,477.47
$17,125,026.91
$18.85

$0.00
$0.00
$7,441,692
$0.00
$0.00
$654,868.90
$280,846.75
$268,895.83
$1,456,435.50
$223,250.76
$101,582.87
$4,206,621.54
$1,488,338.41
$806,126.63
$16,928,659.23
$18.63

$20,911,525.10

$21,895,125.54

$22,889,564.08

$23,895,057.48

$24,911,826.85

$68,079,152
($4,765,541)
($4,927,399)
$63,151,753
2.16

$63,151,753
($4,420,623)
($5,272,317)
$57,879,436
2.26

$57,879,436
($4,051,561)
($5,641,379)
$52,238,057
2.36

$52,238,057
($3,656,664)
($6,036,276)
$46,201,781
2.47

$46,201,781
($3,234,125)
($6,458,815)
$39,742,966
2.57

$56,479,344

$47,042,072

$36,755,445

$25,543,021

$13,321,480

($5,083,141)
($9,437,272)
$47,042,072
$1.62

($4,233,786)
($10,286,627)
$36,755,445
$1.65

($3,307,990)
($11,212,423)
$25,543,021
$1.69

($2,298,872)
($12,221,541)
$13,321,480
$1.72

($3,301,828)

($2,318,227)

($1,323,789)

($318,295)

$0
$11,062,844
$3,871,995

$0
$13,240,716
$4,634,251

$0
$15,530,014
$5,435,505

$0
$17,939,522
$6,278,833

$0
$20,478,769
$7,167,569

$25.90
$23,535,587
($19,663,592)

$26.42
$24,006,299
($19,372,048)

$26.95
$24,486,425
($19,050,920)

$27.49
$24,976,153
($18,697,321)

$28.04
$25,475,676
($18,308,107)

$16,361,764

$17,053,821

$17,727,131

$18,379,025

$19,006,581

$16,361,764

$17,053,821

$17,727,131

$18,379,025

($1,198,933)
($13,321,480)
$0
$1.75
$698,474

$19,006,581

2025
11
$0

2026
12
$0

2027
13
$0

2028
14
$0

2029
15
$0

41.64%
908649
$40.87
$37,139,105.33
$6.09
$5,538,190.48
$42,677,295.80

41.64%
908649
$41.69
$37,881,887.43
$6.22
$5,648,954.28
$43,530,841.72

41.64%
908649
$42.52
$38,639,525.18
$6.34
$5,761,933.37
$44,401,458.55

41.64%
908649
$43.37
$39,412,315.69
$6.47
$5,877,172.04
$45,289,487.72

41.64%
908649
$44.24
$40,200,562.00
$6.60
$5,994,715.48
$46,195,277.48

$0.00
$0.00
$0.00
$
3,795,263
$
3,795,263
$667,966.28
$286,463.69
$274,273.74
$1,485,564.21
$227,715.78
$103,614.53
$3,785,959.38
$1,518,105.18
$797,009.43
$16,737,198.10
$18.42

$0.00
$0.00
$0.00
$3,871,168
$3,871,168
$681,325.60
$292,192.96
$279,759.22
$1,515,275.50
$232,270.09
$105,686.82
$3,365,297.23
$1,548,467.28
$788,130.55
$16,550,741.65
$18.21

$0.00
$0.00
$0.00
$3,948,592
$3,948,592
$694,952.11
$298,036.82
$285,354.40
$1,545,581.01
$236,915.49
$107,800.55
$2,944,635.08
$1,579,436.62
$779,494.76
$16,369,389.98
$18.02

$0.00
$0.00
$0.00
$4,027,563
$4,027,563
$708,851.16
$303,997.56
$291,061.49
$1,576,492.63
$241,653.80
$109,956.56
$2,523,972.92
$1,611,025.36
$771,106.91
$16,193,245.18
$17.82

$0.00
$0.00
$0.00
$4,108,115
$4,108,115
$723,028.18
$310,077.51
$296,882.72
$1,608,022.48
$246,486.88
$112,155.69
$2,103,310.77
$1,643,245.86
$762,971.97
$16,022,411.39
$17.63

$25,940,097.70

$26,980,100.07

$28,032,068.57

$29,096,242.54

$30,172,866.09

$39,742,966
($2,782,008)
($6,910,932)
$32,832,034
2.68

$32,832,034
($2,298,242)
($7,394,697)
$25,437,337
2.78

$25,437,337
($1,780,614)
($7,912,326)
$17,525,011
2.89

$17,525,011
($1,226,751)
($8,466,189)
$9,058,822
3.00

$9,058,822
($634,118)
($9,058,822)
($0)
3.11

$0

$0

$0

$0

$0

$0
$0
$0

$0
$0
$0

$0
$0
$0

$0
$0
$0

$0
$0
$0

$16,247,158

$17,287,160

$18,339,129

$19,403,303

$20,479,926

$0
$23,158,090
$8,105,332

$0
$24,681,858
$8,638,650

$0
$26,251,455
$9,188,009

$0
$27,869,492
$9,754,322

$0
$29,538,749
$10,338,562

$0.00
$0
$8,105,332

$0.00
$0
$8,638,650

$0.00
$0
$9,188,009

$0.00
$0
$9,754,322

$0.00
$0
$10,338,562

$8,141,827

$8,648,510

$9,151,120

$9,648,981

$10,141,364

$8,141,827

$8,648,510

$9,151,120

$9,648,981

$10,141,364

2030
16
$0

2031
17
$0

2032
18
$0

2033
19
$0

2034
20
$0

41.64%
908649
$45.13
$41,004,573.24
$6.73
$6,114,609.79
$47,119,183.03

41.64%
908649
$46.03
$41,824,664.71
$6.86
$6,236,901.98
$48,061,566.69

41.64%
908649
$46.95
$42,661,158.00
$7.00
$6,361,640.02
$49,022,798.02

41.64%
908649
$47.89
$43,514,381.16
$7.14
$6,488,872.82
$50,003,253.98

41.64%
908649
$48.85
$44,384,668.78
$7.28
$6,618,650.28
$51,003,319.06

$0.00
$0.00
$0.00
$4,190,277
$4,190,277
$737,488.74
$316,279.06
$302,820.38
$1,640,182.93
$251,416.62
$114,398.81
$1,682,648.62
$1,676,110.78
$755,094.99
$15,856,994.83
$17.45

$0.00
$0.00
$0.00
$4,274,082
$4,274,082
$752,238.52
$322,604.64
$308,876.78
$1,672,986.59
$256,444.95
$116,686.78
$1,261,986.46
$1,709,633.00
$747,481.14
$15,697,103.85
$17.28

$0.00
$0.00
$0.00
$4,359,564
$4,359,564
$767,283.29
$329,056.73
$315,054.32
$1,706,446.32
$261,573.85
$119,020.52
$841,324.31
$1,743,825.66
$740,135.66
$15,542,848.95
$17.11

$0.00
$0.00
$0.00
$4,446,755
$4,446,755
$782,628.96
$335,637.87
$321,355.41
$1,740,575.25
$266,805.33
$121,400.93
$420,662.15
$1,778,702.17
$733,063.95
$15,394,342.85
$16.94

$0.00
$0.00
$0.00
$4,535,691
$4,535,691
$798,281.53
$342,350.63
$327,782.51
$1,775,386.75
$272,141.43
$123,828.95
$0.00
$1,814,276.21
$726,271.45
$15,251,700.55
$16.79

$31,262,188.19

$32,364,462.84

$33,479,949.08

$34,608,911.13

$35,751,618.52

($0)
$0
$0
($0)

($0)
$0
$0
($0)

($0)
$0
$0
($0)

($0)
$0
$0
($0)

($0)
$0
$0
($0)

$0

$0

$0

$0

$0

$0
$0
$0

$0
$0
$0

$0
$0
$0

$0
$0
$0

$0
$0
$0

$31,262,188

$32,364,463

$33,479,949

$34,608,911

$35,751,619

$0
$31,262,188
$10,941,766

$0
$32,364,463
$11,327,562

$0
$33,479,949
$11,717,982

$0
$34,608,911
$12,113,119

$0
$35,751,619
$12,513,066

$0.00
$0
$10,941,766

$0.00
$0
$11,327,562

$0.00
$0
$11,717,982

$0.00
$0
$12,113,119

$0.00
$0
$12,513,066

$20,320,422

$21,036,901

$21,761,967

$22,495,792

$23,238,552

$20,320,422

$21,036,901

$21,761,967

$22,495,792

$23,238,552

2035
21
$0

2036
22
$0

2037
23
$0

2038
24
$0

2039
25
$0

41.64%
908649
$49.82
$45,272,362.16
$7.43
$6,751,023.29
$52,023,385.44

41.64%
908649
$50.82
$46,177,809.40
$7.58
$6,886,043.75
$53,063,853.15

41.64%
908649
$51.84
$47,101,365.59
$7.73
$7,023,764.63
$54,125,130.22

41.64%
908649
$52.87
$48,043,392.90
$7.88
$7,164,239.92
$55,207,632.82

41.64%
908649
$53.93
$49,004,260.76
$8.04
$7,307,524.72
$56,311,785.48

$0.00
$0.00
$0.00
$4,626,404
$4,626,404
$814,247.16
$349,197.64
$334,338.16
$1,810,894.49
$277,584.26
$126,305.53
$0.00
$1,850,561.74
$740,796.88
$15,556,734.56
$17.12

$0.00
$0.00
$0.00
$4,718,932
$4,718,932
$830,532.11
$356,181.59
$341,024.93
$1,847,112.38
$283,135.95
$128,831.64
$0.00
$1,887,572.97
$755,612.82
$15,867,869.25
$17.46

$0.00
$0.00
$0.00
$4,813,311
$4,813,311
$847,142.75
$363,305.22
$347,845.43
$1,884,054.62
$288,798.66
$131,408.27
$0.00
$1,925,324.43
$770,725.08
$16,185,226.63
$17.81

$0.00
$0.00
$0.00
$4,909,577
$4,909,577
$864,085.61
$370,571.33
$354,802.33
$1,921,735.72
$294,574.64
$134,036.44
$0.00
$1,963,830.92
$786,139.58
$16,508,931.16
$18.17

$0.00
$0.00
$0.00
$5,007,769
$5,007,769
$881,367.32
$377,982.75
$361,898.38
$1,960,170.43
$300,466.13
$136,717.17
$0.00
$2,003,107.54
$801,862.37
$16,839,109.79
$18.53

$36,466,650.89

$37,195,983.91

$37,939,903.58

$38,698,701.66

$39,472,675.69

($0)
$0
$0
($0)

($0)
$0
$0
($0)

($0)
$0
$0
($0)

($0)
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