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ABC Wind Energy Corporation - Financial Model CONFIDENTIAL

This model was created by:


Vancouver Expert Financial Models
2501-1239 West Georgia Street
Vancouver, BC V6E 4R8
Tom Kingston P.Eng MBA
www.VanFM.com
tom.kingston@VanFM.com
Tel: (604) 694-2501
Fax: (604) 694-1239
Sep 04 2008

ABC Wind Energy Corporation


Financial Model - Draft 02
Selected Screeshots and Reports
2400 MW Wind Power Project - 8 Phases, 300 MW per phase
Phases beginning Jan 2009, Mar 2010, May 2011, Jul 2012, Jul 2013, Sep 2014, Oct 2015, Oct 2016
Selling Price of Power in each Phase (CAD/MWh) - 105, 115, 120, 125, 135, 135, 135, 140
Green Premium of 10 CAD/MWh (all phases)
Capacity Factor 36%
includes USD 108 million for Main Transmission Line
includes USD 48 million for Transformer and Interconnection
includes Stock Based Compensation and Contributed Surplus Build
Includes blended Valuation build - Earnings, EBITDA, DCF, Book Value
includes Multi-Tranche Equity Financings
features on the fly project start date shifting
features seamless integration of up to five currencies

ABC Wind Energy Co D2.xls

Title Page

ABC Wind Energy Corporation - Financial Model CONFIDENTIAL


Table 1.4 Fixed Assets Tax and GAAP Depreciation Schedules (1,2,3)
Asset Type
Dep'n
Dep'n
GAAP Dep'n
Tax
GAAP
Method
(%)
(%)

Table 1.1 Financial Statements Setup

Full Company Name


Short Company Name
Fiscal Year End Month
Model Starts for full Fiscal Year
Tax Year End Month

ABC Alternative Energy Corporation


ABC Wind
Dec
2009
Dec

Financial Statements Currency


Currency Factor

Canadian dollar
in units of one thousand

Include "Actual" to:

Month None
Year 2008

and "Budget" to:

Month None
Year 2008

GAAP Dep'n
Equiv Years

Land
SL
Vehicles
30.000
25.000
SL
4
Buildings
4.000
4.000
SL
25
Leasehold Improvements
20.000
25.000
SL
4
Ships
5.000
5.000
SL
20
Machinery and Equipment
30.000
4.000
SL
25
Tools
25.000
25.000
SL
4
Computers
45.000
25.000
SL
4
Furniture & Fixtures
20.000
25.000
SL
4
Wind Turbines
30.000
4.000
SL
25
Control Systems (E&I)
30.000
4.000
SL
25
Roads
8.000
4.000
SL
25
Transmission Lines
25.000
4.000
SL
25
Property Under Development
DB
Construction in Progress
DB
1
Depreciation Method for Tax is Declining Balance (DB)
2
Depreciation Method for GAAP is the choice of Declining Balance (DB) or Straight Line (SL)
3
Initial values ONLYcan be changed in detailed build

Percent
Financed
(%)
0
95
40
0
40
40
40
0
0
60
60
60
40
40
40

and "Forecast", thereafter

Table 1.2 Exchange Rates


( 1 of Currrency equals x USD )
Currency abbreviation
USD
CAD
GBP
EUR
CHF

Currency
US dollar
Canadian dollar
British Pound
Euro dollar
Swiss Franc

USD
CAD
GBP
EUR
CHF

OK
OK
OK
OK
OK

x
Jan 2007
1
1.0000
0.9964
1.9708
1.5511
0.9502

x
Feb 2007
2
1.0000
0.9964
1.9708
1.5511
0.9502

x
Mar 2007
3
1.0000
0.9964
1.9708
1.5511
0.9502

x
Apr 2007
4
1.0000
0.9964
1.9708
1.5511
0.9502

x
May 2007
5
1.0000
0.9964
1.9708
1.5511
0.9502

x
Jun 2007
6
1.0000
0.9964
1.9708
1.5511
0.9502

x
Jul 2007
7
1.0000
0.9964
1.9708
1.5511
0.9502

Jan 2007
1

Feb 2007
2

Mar 2007
3

Apr 2007
4

May 2007
5

Jun 2007
6

Jul 2007
7

Table 1.3 Legal Entity Enacted Tax Rate (%)

Projects between "A" and "B"

ABC Wind Energy Co D2.xls

Setup

OK

25.0000

25.0000

25.0000

25.0000

25.0000

25.0000

25.0000

ABC Wind Energy Corporation - Financial Model CONFIDENTIAL


ABC Alternative Energy Corporation
Income Statement
in thousands of Canadian dollars
Year 1
2009
Forecast

for the year ended Dec 31


Revenue
Power Sales
Customer1 PS
Customer2 PS
Customer3 PS
Green Premiums
Customer1 GP
Customer2 GP
Customer3 GP

Cost of Goods Sold


Operating and Maintenance Costs
Site O&M Expenses1
Site O&M Expenses2
Operating Salaries
Expense5
Expense6

Other Expenses
Other Expense1
Other Expense2
Other Expense3

EBITDA
Interest, Depreciation & Amortization
Interest Expense
Interest (Income)
Other Expense (Income)
Depreciation & Amortization
Stock based Compensation

EBMFT
Management Fees
EBT
Goodwill Expense
Income Taxes
Current Income Tax Expense
Future Income Tax Expense

Net Earnings

Electricity Production (MWh)


Electricity Production (GJ)

ABC Wind Energy Co D2.xls

Fin Stmts by year

Year 3
2011
Forecast

Year 4
2012
Forecast

Year 5
2013
Forecast

Year 6
2014
Forecast

Year 7
2015
Forecast

Year 8
2016
Forecast

Year 9
2017
Forecast

Year 10
2018
Forecast

Year 11
2019
Forecast

Year 12
2020
Forecast

Year 13
2021
Forecast

1,898
211
2,109

83,893
9,321
93,215

167,203
18,578
185,782

251,569
27,952
279,521

338,562
37,618
376,180

448,921
49,880
498,801

544,580
60,509
605,089

649,924
72,214
722,138

765,765
85,085
850,850

859,987
95,554
955,541

859,987
95,554
955,541

859,987
95,554
955,541

181
20
201

7,990
888
8,878

15,280
1,698
16,978

22,383
2,487
24,870

29,469
3,274
32,743

37,984
4,220
42,204

45,070
5,008
50,077

52,873
5,875
58,748

61,388
6,821
68,208

68,118
7,569
75,686

68,118
7,569
75,686

68,118
7,569
75,686

2,310

102,092

202,759

304,392

408,924

541,005

655,167

780,885

919,058

1,031,227

1,031,227

1,031,227

372
120
696
1,188

155
678
220
1,297
2,349
1.7

7,161
984
320
1,916
10,381
89.8

13,910
1,302
420
2,553
18,185
91.0

20,703
1,674
540
3,326
26,242
91.4

27,699
1,980
640
4,006
34,324
91.6

36,178
2,325
750
4,764
44,017
91.9

43,638
2,697
870
5,603
52,808
91.9

51,959
2,976
960
6,293
62,188
92.0

61,166
2,976
960
6,482
71,584
92.2

69,062
2,976
960
6,676
79,674
92.3

71,134
2,976
960
6,876
81,947
92.1

73,268
2,976
960
7,083
84,287
91.8

276
744
1,812
576
3,408

284
766
1,859
593
3,503

293
789
1,908
611
3,601

302
813
1,958
629
3,702

311
837
2,009
648
3,806

320
862
2,062
668
3,913

330
888
2,117
688
4,023

339
915
2,173
708
4,136

350
942
2,231
730
4,253

360
971
2,291
752
4,374

371
1,000
2,353
774
4,498

382
1,030
2,416
797
4,625

394
1,061
2,481
821
4,757

(4,596)

(3,542)

88,111

180,872

274,344

370,687

492,966

598,223

714,444

843,101

947,055

944,655

942,184

524
879
2,330
3,734

14,379
20,325
3,050
37,754

35,456
49,031
3,770
88,257

55,299
76,454
4,160
135,913

74,642
104,149
4,160
182,951

94,846
133,971
3,330
232,147

114,398
163,915
278,313

131,561
191,944
323,505

149,115
221,591
370,707

167,022
252,950
419,971

166,544
261,520
428,064

158,756
261,520
420,276

150,602
261,520
412,122

(8,330)

(41,296)

44,959

91,392

138,540

214,653

274,717

343,738

423,130

518,992

524,379

530,062

(8,330)

(41,296)

44,959

91,392

(1,500)
(1,500)

(9,561)
(9,561)

12,280
12,280

23,888
23,888

35,468
35,468

53,663
53,663

68,679
68,679

85,934
85,934

105,783
105,783

129,748
129,748

131,095
131,095

132,515
132,515

(6,830)

(31,734)

32,679

67,504

103,073

160,990

206,038

257,803

317,348

389,244

393,285

397,546

20,088
72,317

1,697,760
6,111,936

2,487,024
8,953,286

3,274,344
11,787,638

4,220,424
15,193,526

5,007,744
18,027,878

5,874,768
21,149,165

6,820,848
24,555,053

7,568,640
27,247,104

7,568,640
27,247,104

7,568,640
27,247,104

GPM (%)
Selling, Admin and Gen Expenses
Selling, Admin, and General Expenses1
Selling, Admin, and General Expenses2
Executive Salaries
Head Office Expenses

Year 2
2010
Forecast

(146)
(146)
-

906
906
(1,052)

887,760
3,195,936

138,540

214,653

274,717

343,738

423,130
-

518,992
-

524,379
-

530,062
-

ABC Wind Energy Corporation - Financial Model CONFIDENTIAL


ABC Alternative Energy Corporation
Balance Sheet
in thousands of Canadian dollars
Year 1
2009
Forecast

at the end of Dec 31


Assets
Current Assets
Cash and Term Deposits
Accounts Receivable
Income taxes receivable
Inventory
Future Inc Tax Asset - Current

Year 2
2010
Forecast

Year 3
2011
Forecast

Year 4
2012
Forecast

Year 5
2013
Forecast

Year 6
2014
Forecast

Year 7
2015
Forecast

Year 8
2016
Forecast

Year 9
2017
Forecast

Year 10
2018
Forecast

Year 12
2020
Forecast

Year 13
2021
Forecast

68,205
68,205

706,354
2,310
708,664

450,007
18,183
468,190

281,271
37,947
319,218

182,883
58,501
241,384

69,613
79,847
149,460

121,733
102,773
224,506

187,469
125,699
313,168

312,389
145,806
458,196

Accumulated Depreciation
Fixed Assets (net)

5,018
1,004
11,106
5,214
48,873
71,215
(879)
70,336

5,018
2,507
792,260
4,000
5,814
157,564
967,163
(21,204)
945,959

5,018
3,007
1,489,352
8,000
7,614
158,564
1,671,555
(70,235)
1,601,320

5,018
3,507
2,109,232
12,000
9,414
159,564
2,298,735
(146,689)
2,152,046

5,018
4,007
2,704,204
16,000
11,214
160,564
2,901,007
(250,838)
2,650,169

5,018
4,507
3,493,453
20,000
13,014
161,564
3,697,556
(384,809)
3,312,747

5,018
5,007
4,075,972
22,000
14,814
162,564
4,285,375
(548,724)
3,736,651

5,018
5,257
4,806,066
25,000
16,614
163,564
5,021,519
(740,669)
4,280,851

5,018
5,757
5,595,315
29,000
18,414
164,564
5,818,068
(962,260)
4,855,808

Other Assets
Goodwill
Future Inc Tax Asset - LT

2,270

42,814

108,636

182,432

251,157

317,842

373,605

414,819

441,509

404,489

313,658

189,808

42,390

140,812

1,697,436

2,178,146

2,653,696

3,142,710

3,780,049

4,334,762

5,008,837

5,755,514

6,498,635

6,821,024

7,094,993

7,336,214

159
159

354
354

876
876

1,584
1,584

2,312
2,312

3,049
3,049

3,818
3,818

4,609
4,609

5,373
5,373

6,160
6,160

6,334
6,334

6,513
6,513

6,698
13,468
20,166

6,655
3,189
411
19,916
30,172

487,134
2,389
3,280
1,032
64,217
558,053

898,691
4,716
4,010
1,199
59,930
968,545

1,251,825
6,978
4,650
1,359
55,378
1,320,189

1,577,442
9,171
5,195
1,512
50,548
1,643,867

2,007,902
11,279
5,626
1,656
45,421
2,071,884

2,295,599
12,081
5,951
1,793
39,987
2,355,411

2,657,145
13,414
6,159
1,819
34,228
2,712,765

3,036,691
15,262
6,235
1,937
28,124
3,088,249

3,355,410
16,405
5,099
1,944
21,251
3,400,108

3,212,249
15,672
3,904
1,845
14,026
3,247,696

3,061,764
14,902
3,099
1,741
6,432
3,087,937

2,903,580
14,092
2,370
1,632
1,089
2,922,762

770

31,752

98,480

184,556

277,169

379,322

488,748

598,641

711,266

824,393

909,776

950,040

945,237

114,211
2,330
116,541

1,140,462
5,380
1,145,842

1,140,711
9,150
1,149,861

1,140,994
13,310
1,154,304

1,141,325
17,470
1,158,795

1,141,356
20,800
1,162,156

1,141,356
20,800
1,162,156

1,141,356
20,800
1,162,156

1,141,356
20,800
1,162,156

1,141,356
20,800
1,162,156

1,141,356
20,800
1,162,156

1,141,356
20,800
1,162,156

1,141,356
20,800
1,162,156

60,567
103,073
163,639

163,639
160,990
324,629

324,629
206,038
530,667

530,667
257,803
788,470

788,470
317,348
1,105,818

1,105,818
389,244
1,495,062

1,495,062
393,285
1,888,346

1,888,346
397,546
2,285,893

3,780,049

4,334,762

5,008,837

5,755,514

6,498,635

6,821,024

7,094,993

7,336,214

Fixed Assets
Land
Vehicles
Buildings
Leasehold Improvements
Wind Turbines
Control Systems (E&I)
Roads
Transmission Lines
Property Under Development
Construction in Progress

Total Assets
Liabilities and Shareholders' Equity
Current Liabilities
Accounts Payable
Accruals
Customer Deposits
Deferred Revenue
Income Taxes Payable
Operating Line
Other Current Liabilities
Future Inc Tax Liability - Current
Long Term Debt
LTD1
LTD2
LTD3
LTD4
LTD5
LTD6
Other Liabilities
Accrued Revenue
Deferred Revenue
Future Inc Tax Liability - LT

Shareholders' Equity
Share Capital
Preferred Share Capital
Common Share Capital
Contributed Surplus
Retained Earnings
Retained Earnings OB
Net Income
Dividends

(6,830)
(6,830)

Total Liabilities and Shareholders' Equity

140,812
-

ABC Wind Energy Co D2.xls

Fin Stmts by year

(6,830)
(31,734)
(38,564)
1,697,436
-

(38,564)
(1,052)
(39,617)
2,178,146
-

(39,617)
32,679
(6,937)
2,653,696
-

(6,937)
67,504
60,567
3,142,710
-

552,558
169,426
44,365
766,349

Year 11
2019
Forecast

5,018
6,007
6,317,003
32,000
18,414
164,564
6,543,006
(1,215,210)
5,327,797

1,177,916
172,342
90,831
1,441,088

1,804,235
172,342
123,851
2,100,428

2,430,826
172,342
147,418
2,750,586

5,018
6,007
6,317,003
32,000
18,414
164,564
6,543,006
(1,476,729)
5,066,277

5,018
6,007
6,317,003
32,000
18,414
164,564
6,543,006
(1,738,249)
4,804,758

5,018
6,007
6,317,003
32,000
18,414
164,564
6,543,006
(1,999,768)
4,543,238

ABC Wind Energy Corporation - Financial Model CONFIDENTIAL


ABC Alternative Energy Corporation
Cash Flow Statement
in thousands of Canadian dollars
Cash generated from (used in)
for the year ended Dec 31

Year 1
2009
Forecast

Year 2
2010
Forecast

Year 3
2011
Forecast

Year 4
2012
Forecast

Year 5
2013
Forecast

Year 6
2014
Forecast

Year 7
2015
Forecast

Year 8
2016
Forecast

Year 9
2017
Forecast

Year 10
2018
Forecast

Year 11
2019
Forecast

Year 12
2020
Forecast

Year 13
2021
Forecast

Operating Activities
Net Earnings
Depreciation & Amortization
Goodwill Expense
Future Income Tax Expense
Stock based Compensation

(6,830)
879
(1,500)
2,330
(5,120)

(31,734)
20,325
(9,561)
3,050
(17,921)

(1,052)
49,031
906
3,770
52,654

32,679
76,454
12,280
4,160
125,573

67,504
104,149
23,888
4,160
199,701

103,073
133,971
35,468
3,330
275,841

160,990
163,915
53,663
378,568

206,038
191,944
68,679
466,662

257,803
221,591
85,934
565,329

317,348
252,950
105,783
676,080

Accounts Receivable
Income taxes receivable
Inventory
Prepaid Expenses & Deposits
Accrued Asset

(2,310)
-

(15,873)
-

(19,764)
-

(20,555)
-

(21,345)
-

(22,926)
-

(22,926)
-

(20,107)
-

(23,620)
-

(2,916)
-

Accounts Payable
Accruals
Customer Deposits
Deferred Revenue
Income Taxes Payable
Other Current Liabilities

159
159

195
(2,115)

522
(15,350)

708
(19,056)

728
(19,827)

736
(20,609)

769
(22,157)

791
(22,135)

764
(19,343)

787
(22,833)

174
(2,742)

179
179

185
185

(4,961)

(20,036)

37,304

106,517

179,875

255,232

356,411

444,526

545,986

653,247

786,078

791,766

Net Cash Flows - Operating

389,244
261,520
129,748
780,511

777,769

393,285
261,520
131,095
785,899

397,546
261,520
132,515
791,581

(0)

Financing Activities
Operating Line
LTD1
LTD2
LTD3
LTD4
LTD5
LTD6

6,655
3,189
411
19,916
-

480,479
2,389
91
621
44,301
-

411,557
2,327
730
167
(4,288)
-

353,134
2,262
640
160
(4,552)
-

325,617
2,193
545
153
(4,830)
-

430,460
2,108
431
144
(5,127)
-

287,697
802
326
136
(5,434)
-

361,545
1,334
207
26
(5,760)
-

379,547
1,847
76
118
(6,104)
-

318,719
1,143
(1,137)
7
(6,873)
-

(143,161)
(733)
(1,195)
(99)
(7,225)
-

(150,485)
(770)
(805)
(104)
(7,594)
-

(158,184)
(810)
(729)
(109)
(5,343)
-

Note Receivable
Investments

Accrued Revenue
Deferred Revenue

249

283

332

30

Preferred Share Capital


Common Share Capital

114,211

Dividends

Net Cash Flows - Financing

144,382

1,026,252
1,554,133

410,742

351,926

324,009

428,048

283,527

357,353

375,484

311,859

(152,412)

(159,759)

(165,175)

Investing activities
Fixed Assets

(71,215)

(895,948)

(704,392)

(627,180)

(602,272)

(796,549)

(587,819)

(736,144)

(796,549)

(724,938)

(71,215)

(895,948)

(704,392)

(627,180)

(602,272)

(796,549)

(587,819)

(736,144)

(796,549)

(724,938)

Increase (Decrease) in Cash

68,205

638,149

(256,347)

(168,736)

(98,388)

(113,269)

52,120

65,735

124,921

240,169

625,357

626,320

626,591

Cash at beginning of Period


Ending Cash Balance

68,205

68,205
706,354

706,354
450,007

450,007
281,271

281,271
182,883

182,883
69,613

69,613
121,733

121,733
187,469

187,469
312,389

312,389
552,558

552,558
1,177,916

1,177,916
1,804,235

1,804,235
2,430,826

Net Cash Flows - Investing

ABC Wind Energy Co D2.xls

Fin Stmts by year

ABC Wind Energy Corporation - Financial Model CONFIDENTIAL


ABC Alternative Energy Corporation
Income Statement
in thousands of Canadian dollars
Q1
Mar 2012
Forecast

for the quarter ended


Revenue
Power Sales
Customer1 PS
Customer2 PS
Customer3 PS
Green Premiums
Customer1 GP
Customer2 GP
Customer3 GP

Cost of Goods Sold


Operating and Maintenance Costs
Site O&M Expenses1
Site O&M Expenses2
Operating Salaries
Expense5
Expense6
GPM (%)

EBMFT

ABC Wind Energy Co D2.xls

Q2
Jun 2013
Forecast

Q3
Sep 2013
Forecast

Q4
Dec 2013
Forecast

Year 5
2013
Forecast

Q1
Mar 2014
Forecast

Q2
Jun 2014
Forecast

Q3
Sep 2014
Forecast

Q4
Dec 2014
Forecast

Year 6
2014
Forecast

167,203
18,578
185,782

46,189
5,132
51,322

59,440
6,604
66,044

72,970
8,108
81,078

72,970
8,108
81,078

251,569
27,952
279,521

71,384
7,932
79,315

74,364
8,263
82,626

93,017
10,335
103,353

99,797
11,089
110,886

338,562
37,618
376,180

2,624
292
2,916

4,071
452
4,523

4,292
477
4,769

4,292
477
4,769

15,280
1,698
16,978

4,199
467
4,666

5,307
590
5,897

6,439
715
7,154

6,439
715
7,154

22,383
2,487
24,870

6,299
700
6,998

6,544
727
7,271

8,042
894
8,936

8,585
954
9,539

29,469
3,274
32,743

34,117

54,179

57,231

57,231

202,759

55,987

71,941

88,232

88,232

304,392

86,314

89,897

112,289

120,424

408,924

2,440
279
90
545
3,354
90.2

3,717
279
90
552
4,639
91.4

3,877
372
120
728
5,096
91.1

3,877
372
120
728
5,096
91.1

13,910
1,302
420
2,553
18,185
91.0

3,955
372
120
736
5,182
90.7

4,943
372
120
743
6,178
91.4

5,902
465
150
924
7,441
91.6

5,902
465
150
924
7,441
91.6

20,703
1,674
540
3,326
26,242
91.4

5,983
465
150
932
7,529
91.3

6,215
465
150
939
7,769
91.4

7,512
492
160
1,010
9,173
91.8

7,989
558
180
1,126
9,853
91.8

27,699
1,980
640
4,006
34,324
91.6

75
203
489
157
925

75
203
489
157
925

75
203
489
157
925

75
203
489
157
925

302
813
1,958
629
3,702

78
209
502
162
951

78
209
502
162
951

78
209
502
162
951

78
209
502
162
951

311
837
2,009
648
3,806

80
216
516
167
978

80
216
516
167
978

80
216
516
167
978

80
216
516
167
978

320
862
2,062
668
3,913

29,838

48,615

51,209

51,209

180,872

49,854

64,812

79,839

79,839

274,344

77,806

81,150

102,137

109,594

370,687

12,786
17,562
1,040
31,388

12,953
17,856
1,040
31,849

13,720
19,043
1,040
33,804

15,840
21,993
1,040
38,873

55,299
76,454
4,160
135,913

17,755
24,631
1,040
43,426

18,416
25,559
1,040
45,015

18,617
26,050
1,040
45,707

19,854
27,910
1,040
48,804

74,642
104,149
4,160
182,951

21,954
30,888
1,040
53,882

23,595
33,192
1,040
57,827

24,057
34,015
1,040
59,112

25,240
35,876
210
61,326

94,846
133,971
3,330
232,147

(1,550)

16,766

17,406

12,337

44,959

6,428

19,797

34,132

31,035

91,392

23,924

23,323

43,025

48,268

138,540

(1,550)

16,766

17,406

12,337

44,959

6,428

19,797

34,132

31,035

91,392

23,924

23,323

43,025

48,268

12,280
12,280

12,280
12,280

23,888
23,888

23,888
23,888

35,468
35,468

35,468
35,468

(1,550)

16,766

17,406

57

32,679

6,428

19,797

34,132

7,147

67,504

23,924

23,323

43,025

12,800

103,073

452,304
1,628,294

476,928
1,716,941

476,928
1,716,941

1,697,760
6,111,936

466,560
1,679,616

589,680
2,122,848

715,392
2,575,411

715,392
2,575,411

2,487,024
8,953,286

699,840
2,519,424

727,056
2,617,402

893,592
3,216,931

953,856
3,433,882

3,274,344
11,787,638

Goodwill Expense

Electricity Production (MWh)


Electricity Production (GJ)

Q1
Mar 2013
Forecast

47,216
5,246
52,462

Income Taxes
Current Income Tax Expense
Future Income Tax Expense

Net Earnings

Year 4
2012
Forecast

47,216
5,246
52,462

Management Fees
EBT

Q4
Dec 2012
Forecast

44,691
4,966
49,656

Other Expenses
Other Expense1
Other Expense2
Other Expense3

Interest, Depreciation & Amortization


Interest Expense
Interest (Income)
Other Expense (Income)
Depreciation & Amortization
Stock based Compensation

Q3
Sep 2012
Forecast

28,081
3,120
31,201

Selling, Admin and Gen Expenses


Selling, Admin, and General Expen
Selling, Admin, and General Expen
Executive Salaries
Head Office Expenses

EBITDA

Q2
Jun 2012
Forecast

291,600
1,049,760

Fin Stmts by quarter

138,540

ABC Wind Energy Corporation - Financial Model CONFIDENTIAL


ABC Alternative Energy Corporation
Balance Sheet
in thousands of Canadian dollars
Q1
Mar 2012
Forecast

at the end of
Assets
Current Assets
Cash and Term Deposits
Accounts Receivable
Income taxes receivable
Inventory
Future Inc Tax Asset - Current

Q2
Jun 2012
Forecast

Q3
Sep 2012
Forecast

Q4
Dec 2012
Forecast

Q1
Mar 2013
Forecast

Q2
Jun 2013
Forecast

Q3
Sep 2013
Forecast

Q4
Dec 2013
Forecast

Q1
Mar 2014
Forecast

Q2
Jun 2014
Forecast

Q3
Sep 2014
Forecast

Q4
Dec 2014
Forecast

421,020
24,877
445,897

415,994
37,947
453,940

371,757
37,947
409,703

281,271
37,947
319,218

209,285
36,703
245,988

225,491
50,751
276,243

241,901
58,501
300,403

182,883
58,501
241,384

119,805
56,583
176,389

90,421
61,126
151,546

111,387
77,135
188,522

69,613
79,847
149,460

Accumulated Depreciation
Fixed Assets (net)

5,018
3,007
1,581,509
8,000
8,214
159,164
1,764,912
(87,797)
1,677,115

5,018
3,007
1,628,521
8,000
9,414
159,464
1,813,425
(105,653)
1,707,772

5,018
3,507
1,809,722
11,000
9,414
159,564
1,998,225
(124,696)
1,873,529

5,018
3,507
2,109,232
12,000
9,414
159,564
2,298,735
(146,689)
2,152,046

5,018
3,507
2,363,286
12,000
9,414
159,564
2,552,789
(171,320)
2,381,469

5,018
3,507
2,378,853
12,000
10,614
160,264
2,570,256
(196,879)
2,373,378

5,018
3,757
2,438,319
13,000
11,214
160,564
2,631,872
(222,928)
2,408,944

5,018
4,007
2,704,204
16,000
11,214
160,564
2,901,007
(250,838)
2,650,169

5,018
4,007
2,983,165
16,000
11,214
160,564
3,179,969
(281,726)
2,898,242

5,018
4,007
3,168,102
16,000
12,414
161,264
3,366,805
(314,918)
3,051,887

5,018
4,257
3,227,568
17,000
13,014
161,564
3,428,421
(348,933)
3,079,488

5,018
4,507
3,493,453
20,000
13,014
161,564
3,697,556
(384,809)
3,312,747

Other Assets
Goodwill
Future Inc Tax Asset - LT

108,636

108,636

108,636

182,432

182,432

182,432

182,432

251,157

251,157

251,157

251,157

317,842

2,231,648

2,270,348

2,391,868

2,653,696

2,809,890

2,832,052

2,891,779

3,142,710

3,325,788

3,454,590

3,519,166

3,780,049

1,217
1,217

1,535
1,535

1,584
1,584

1,584
1,584

1,627
1,627

2,104
2,104

2,312
2,312

2,312
2,312

2,356
2,356

2,530
2,530

3,049
3,049

3,049
3,049

953,050
4,679
4,273
1,189
58,957
1,022,149

974,088
4,641
4,895
1,180
57,852
1,042,655

1,076,402
6,418
4,773
1,370
56,645
1,145,609

1,251,825
6,978
4,650
1,359
55,378
1,320,189

1,401,907
6,921
4,525
1,347
54,095
1,468,795

1,403,163
6,863
5,123
1,336
53,078
1,469,562

1,427,760
7,407
5,346
1,424
51,887
1,493,824

1,577,442
9,171
5,195
1,512
50,548
1,643,867

1,737,081
9,093
5,042
1,498
49,192
1,801,906

1,841,960
9,014
5,612
1,484
48,102
1,906,172

1,862,415
9,537
5,806
1,571
46,836
1,926,164

2,007,902
11,279
5,626
1,656
45,421
2,071,884

98,480

98,480

98,480

184,556

184,556

184,556

184,556

277,169

277,169

277,169

277,169

379,322

1,140,778
10,190
1,150,968

1,140,847
11,230
1,152,077

1,140,919
12,270
1,153,189

1,140,994
13,310
1,154,304

1,141,071
14,350
1,155,421

1,141,152
15,390
1,156,542

1,141,237
16,430
1,157,667

1,141,325
17,470
1,158,795

1,141,356
18,510
1,159,866

1,141,356
19,550
1,160,906

1,141,356
20,590
1,161,946

1,141,356
20,800
1,162,156

19,287
34,132
53,420

53,420
7,147
60,567

60,567
23,924
84,491

84,491
23,323
107,814

107,814
43,025
150,839

150,839
12,800
163,639

2,891,779

3,142,710

3,325,788

3,454,590

3,519,166

3,780,049

Fixed Assets
Land
Vehicles
Buildings
Leasehold Improvements
Wind Turbines
Control Systems (E&I)
Roads
Transmission Lines
Property Under Development
Construction in Progress

Total Assets
Liabilities and Shareholders' Equity
Current Liabilities
Accounts Payable
Accruals
Customer Deposits
Deferred Revenue
Income Taxes Payable
Operating Line
Other Current Liabilities
Future Inc Tax Liability - Current
Long Term Debt
LTD1
LTD2
LTD3
LTD4
LTD5
LTD6
Other Liabilities
Accrued Revenue
Deferred Revenue
Future Inc Tax Liability - LT

Shareholders' Equity
Share Capital
Preferred Share Capital
Common Share Capital
Contributed Surplus
Retained Earnings
Retained Earnings OB
Net Income
Dividends

(39,617)
(1,550)
(41,166)

Total Liabilities and Shareholders' Equity

2,231,648
-

ABC Wind Energy Co D2.xls

Fin Stmts by quarter

(41,166)
16,766
(24,400)
2,270,348
-

(24,400)
17,406
(6,994)
2,391,868
-

(6,994)
57
(6,937)
2,653,696
-

(6,937)
6,428
(510)
2,809,890
-

(510)
19,797
19,287
2,832,052
-

ABC Wind Energy Corporation - Financial Model CONFIDENTIAL


ABC Alternative Energy Corporation
Cash Flow Statement
in thousands of Canadian dollars
Cash generated from (used in)
for the quarter ended

Q1
Mar 2012
Forecast

Q2
Jun 2012
Forecast

Q3
Sep 2012
Forecast

Q4
Dec 2012
Forecast

Fiscal
2012
Forecast

Q1
Mar 2013
Forecast

Q2
Jun 2013
Forecast

Q3
Sep 2013
Forecast

Q4
Dec 2013
Forecast

Fiscal
2013
Forecast

Q1
Mar 2014
Forecast

Q2
Jun 2014
Forecast

Q3
Sep 2014
Forecast

Q4
Dec 2014
Forecast

Fiscal
2014
Forecast

Operating Activities
Net Earnings
Depreciation & Amortization
Goodwill Expense
Future Income Tax Expense
Stock based Compensation

(1,550)
17,562
1,040
17,052

16,766
17,856
1,040
35,662

17,406
19,043
1,040
37,489

Accounts Receivable
Income taxes receivable
Inventory
Prepaid Expenses & Deposits
Accrued Asset

(6,694)
-

(13,070)
-

Accounts Payable
Accruals
Customer Deposits
Deferred Revenue
Income Taxes Payable
Other Current Liabilities

341
(6,353)

318
(12,752)

49
49

10,699

22,910

37,538

35,370

54,360
(37)
263
(10)
(973)
-

21,037
(38)
621
(10)
(1,105)
-

Note Receivable
Investments

Accrued Revenue
Deferred Revenue

Preferred Share Capital


Common Share Capital

67

69

72

75

Net Cash Flows - Operating

57
21,993
12,280
1,040
35,370

32,679
76,454
12,280
4,160
125,573

6,428
24,631
1,040
32,099

19,797
25,559
1,040
46,395

34,132
26,050
1,040
61,222

7,147
27,910
23,888
1,040
59,985

(19,764)
-

1,244
-

(14,049)
-

(7,750)
-

708
(19,056)

42
1,287

477
(13,571)

208
(7,542)

106,517

33,385

32,824

53,680

59,985

1,256
(58)
598
(12)
(1,017)
-

24,597
544
223
88
(1,191)
-

283

78

81

85

88

(0)
(0)

67,504
104,149
23,888
4,160
199,701

23,924
30,888
1,040
55,852

23,323
33,192
1,040
57,555

43,025
34,015
1,040
78,080

12,800
35,876
35,468
210
84,353

103,073
133,971
35,468
3,330
275,841

(20,555)
-

1,918
-

(4,542)
-

(16,009)
-

(2,712)
-

(21,345)
-

(0)

728
(19,827)

44
1,962

174
(4,369)

519
(15,490)

(2,712)

736
(20,609)

179,875

57,814

53,186

62,591

81,642

255,232

Financing Activities
Operating Line
LTD1
LTD2
LTD3
LTD4
LTD5
LTD6

Dividends

102,315
1,777
(122)
191
(1,207)
-

353,134
2,262
640
160
(4,552)
-

150,082
(57)
(125)
(12)
(1,283)
-

53,671

20,576

103,025

174,655

351,926

148,683

(93,357)

(48,512)

(184,800)

(300,510)

(627,180)

(254,054)

(93,357)

(48,512)

(184,800)

(300,510)

(627,180)

Increase (Decrease) in Cash

(28,987)

(5,027)

(44,237)

(90,485)

Cash at beginning of Period


Ending Cash Balance

450,007
421,020

415,994
371,757

371,757
281,271

Net Cash Flows - Financing

175,422
560
(123)
(11)
(1,267)
-

849

149,682
1,763
(151)
88
(1,339)
-

325,617
2,193
545
153
(4,830)
-

159,640
(78)
(153)
(14)
(1,356)
-

104,879
(79)
570
(14)
(1,091)
-

20,454
523
194
86
(1,266)
-

145,487
1,742
(180)
86
(1,415)
-

430,460
2,108
431
144
(5,127)
-

332

30

30

24,346

150,132

324,009

158,070

104,266

19,992

145,720

428,048

(17,467)

(61,616)

(269,135)

(602,272)

(278,961)

(186,836)

(61,616)

(269,135)

(796,549)

(254,054)

(17,467)

(61,616)

(269,135)

(602,272)

(278,961)

(186,836)

(61,616)

(269,135)

(796,549)

(168,736)

(71,986)

16,206

16,410

(59,018)

(98,388)

(63,078)

(29,385)

20,966

(41,773)

(113,269)

450,007
281,271

281,271
209,285

209,285
225,491

225,491
241,901

241,901
182,883

281,271
182,883

182,883
119,805

119,805
90,421

90,421
111,387

111,387
69,613

182,883
69,613

Investing activities
Fixed Assets

Net Cash Flows - Investing

ABC Wind Energy Co D2.xls

Fin Stmts by quarter

421,020
415,994

ABC Wind Energy Corporation - Financial Model CONFIDENTIAL


ABC Alternative Energy Corporation
Income Statement
in thousands of Canadian dollars

for the month ended

Jan 2012
Forecast

Revenue
Power Sales
Customer1 PS
Customer2 PS
Customer3 PS
Green Premiums
Customer1 GP
Customer2 GP
Customer3 GP

Cost of Goods Sold


Operating and Maintenance Costs
Site O&M Expenses1
Site O&M Expenses2
Operating Salaries
Expense5
Expense6
GPM (%)
Selling, Admin and Gen Expenses
Selling, Admin, and General Expenses1
Selling, Admin, and General Expenses2
Executive Salaries
Head Office Expenses
Other Expenses
Other Expense1
Other Expense2
Other Expense3

EBITDA
Interest, Depreciation & Amortization
Interest Expense
Interest (Income)
Other Expense (Income)
Depreciation & Amortization
Stock based Compensation

EBMFT
Management Fees
EBT
Goodwill Expense
Income Taxes
Current Income Tax Expense
Future Income Tax Expense

Net Earnings

Electricity Production (MWh)


Electricity Production (GJ)

ABC Wind Energy Co D2.xls

Fin Stmts by month

Feb 2012
Forecast

Mar 2012
Forecast

Apr 2012
Forecast

May 2012
Forecast

Fiscal 2012
Jun 2012
Forecast

Jul 2012
Forecast

Aug 2012
Forecast

Sep 2012
Forecast

Oct 2012
Forecast

Nov 2012
Forecast

Dec 2012
Forecast

Year 4
2012
Forecast

7,593
844
8,437

8,736
971
9,707

11,751
1,306
13,057

13,384
1,487
14,872

15,910
1,768
17,677

15,396
1,711
17,107

15,910
1,768
17,677

15,910
1,768
17,677

15,396
1,711
17,107

15,910
1,768
17,677

15,396
1,711
17,107

15,910
1,768
17,677

167,203
18,578
185,782

723
80
804

816
91
907

1,085
121
1,205

1,225
136
1,361

1,446
161
1,607

1,400
156
1,555

1,446
161
1,607

1,446
161
1,607

1,400
156
1,555

1,446
161
1,607

1,400
156
1,555

1,446
161
1,607

15,280
1,698
16,978

9,240

10,614

14,262

16,232

19,284

18,662

19,284

19,284

18,662

19,284

18,662

19,284

202,759

656
93
30
181
960
89.6

810
93
30
181
1,114
89.5

974
93
30
183
1,280
91.0

1,133
93
30
183
1,439
91.1

1,292
93
30
185
1,600
91.7

1,292
93
30
185
1,600
91.4

1,292
120
40
243
1,695
91.2

1,292
120
40
243
1,695
91.2

1,292
132
40
243
1,707
90.9

1,292
120
40
243
1,695
91.2

1,292
120
40
243
1,695
90.9

1,292
132
40
243
1,707
91.1

13,910
1,302
420
2,553
18,185
91.0

25
68
163
52
308

25
68
163
52
308

25
68
163
52
308

25
68
163
52
308

25
68
163
52
308

25
68
163
52
308

25
68
163
52
308

25
68
163
52
308

25
68
163
52
308

25
68
163
52
308

25
68
163
52
308

25
68
163
52
308

302
813
1,958
629
3,702

7,972

9,192

12,674

14,485

17,376

16,754

17,281

17,281

16,647

17,281

16,659

17,269

180,872

4,247
5,837
347
10,431

4,267
5,862
347
10,476

4,271
5,862
347
10,480

4,281
5,869
347
10,496

4,316
5,959
347
10,622

4,356
6,028
347
10,731

4,399
6,097
347
10,842

4,538
6,302
347
11,187

4,783
6,644
347
11,774

5,039
6,998
347
12,384

5,293
7,349
347
12,989

5,508
7,646
347
13,500

55,299
76,454
4,160
135,913

(2,459)

(1,285)

2,194

3,989

6,754

6,023

6,439

6,094

4,873

4,897

3,670

3,769

44,959

(2,459)

(1,285)

2,194

3,989

6,754

6,023

6,439

6,094

4,873

4,897

3,670

3,769

44,959

12,280
12,280

12,280
12,280

(2,459)

(1,285)

2,194

3,989

6,754

6,023

6,439

6,094

4,873

4,897

3,670

(8,511)

32,679

120,528
433,901

136,080
489,888

160,704
578,534

155,520
559,872

160,704
578,534

160,704
578,534

155,520
559,872

160,704
578,534

155,520
559,872

80,352
289,267

90,720
326,592

160,704
578,534

1,697,760
6,111,936

ABC Wind Energy Corporation - Financial Model CONFIDENTIAL


ABC Alternative Energy Corporation
Balance Sheet
in thousands of Canadian dollars

at the end of

Jan 2012
Forecast

Assets
Current Assets
Cash and Term Deposits
Accounts Receivable
Income taxes receivable
Inventory
Future Inc Tax Asset - Current

Feb 2012
Forecast

Mar 2012
Forecast

Apr 2012
Forecast

May 2012
Forecast

Jun 2012
Forecast

Jul 2012
Forecast

Aug 2012
Forecast

Sep 2012
Forecast

Oct 2012
Forecast

Nov 2012
Forecast

Dec 2012
Forecast

419,895
18,481
438,376

420,943
19,855
440,798

421,020
24,877
445,897

419,370
30,495
449,865

417,098
35,517
452,615

415,994
37,947
453,940

417,333
37,947
455,280

402,628
38,569
441,197

371,757
37,947
409,703

339,379
37,947
377,326

306,776
37,947
344,723

281,271
37,947
319,218

Accumulated Depreciation
Fixed Assets (net)

5,018
3,007
1,574,037
8,000
7,614
158,564
1,756,240
(76,072)
1,680,168

5,018
3,007
1,581,509
8,000
7,614
158,564
1,763,712
(81,935)
1,681,777

5,018
3,007
1,581,509
8,000
8,214
159,164
1,764,912
(87,797)
1,677,115

5,018
3,007
1,589,604
8,000
8,814
159,264
1,773,707
(93,666)
1,680,041

5,018
3,007
1,607,973
8,000
9,414
159,364
1,792,776
(99,625)
1,693,151

5,018
3,007
1,628,521
8,000
9,414
159,464
1,813,425
(105,653)
1,707,772

5,018
3,257
1,649,070
9,000
9,414
159,564
1,835,323
(111,750)
1,723,573

5,018
3,507
1,708,225
10,000
9,414
159,564
1,895,728
(118,052)
1,777,676

5,018
3,507
1,809,722
11,000
9,414
159,564
1,998,225
(124,696)
1,873,529

5,018
3,507
1,914,955
12,000
9,414
159,564
2,104,458
(131,694)
1,972,764

5,018
3,507
2,020,188
12,000
9,414
159,564
2,209,691
(139,043)
2,070,648

5,018
3,507
2,109,232
12,000
9,414
159,564
2,298,735
(146,689)
2,152,046

Other Assets
Goodwill
Future Inc Tax Asset - LT

108,636

108,636

108,636

108,636

108,636

108,636

108,636

108,636

108,636

108,636

108,636

182,432

2,227,179

2,231,211

2,231,648

2,238,542

2,254,402

2,270,348

2,287,489

2,327,508

2,391,868

2,458,726

2,524,007

2,653,696

899
899

1,053
1,053

1,217
1,217

1,376
1,376

1,535
1,535

1,535
1,535

1,572
1,572

1,572
1,572

1,584
1,584

1,572
1,572

1,572
1,572

1,584
1,584

950,242
4,704
3,977
1,196
59,527
1,019,646

955,488
4,692
3,945
1,193
59,122
1,024,439

953,050
4,679
4,273
1,189
58,957
1,022,149

955,479
4,667
4,603
1,186
58,590
1,024,526

964,109
4,654
4,935
1,183
58,222
1,033,103

974,088
4,641
4,895
1,180
57,852
1,042,655

984,108
5,231
4,854
1,277
57,481
1,052,951

1,017,430
5,824
4,814
1,374
57,064
1,086,505

1,076,402
6,418
4,773
1,370
56,645
1,145,609

1,137,871
7,016
4,732
1,367
56,224
1,207,210

1,199,597
6,997
4,691
1,363
55,802
1,268,449

1,251,825
6,978
4,650
1,359
55,378
1,320,189

98,480

98,480

98,480

98,480

98,480

98,480

98,480

98,480

98,480

98,480

98,480

184,556

1,140,733
9,497
1,150,230

1,140,755
9,843
1,150,599

1,140,778
10,190
1,150,968

1,140,801
10,537
1,151,337

1,140,824
10,883
1,151,707

1,140,847
11,230
1,152,077

1,140,871
11,577
1,152,447

1,140,895
11,923
1,152,818

1,140,919
12,270
1,153,189

1,140,944
12,617
1,153,560

1,140,968
12,963
1,153,932

1,140,994
13,310
1,154,304

Fixed Assets
Land
Vehicles
Buildings
Leasehold Improvements
Wind Turbines
Control Systems (E&I)
Roads
Transmission Lines
Property Under Development
Construction in Progress

Total Assets
Liabilities and Shareholders' Equity
Current Liabilities
Accounts Payable
Accruals
Customer Deposits
Deferred Revenue
Income Taxes Payable
Operating Line
Other Current Liabilities
Future Inc Tax Liability - Current
Long Term Debt
LTD1
LTD2
LTD3
LTD4
LTD5
LTD6
Other Liabilities
Accrued Revenue
Deferred Revenue
Future Inc Tax Liability - LT

Shareholders' Equity
Share Capital
Preferred Share Capital
Common Share Capital
Contributed Surplus
Retained Earnings
Retained Earnings OB
Net Income
Dividends

(39,617)
(2,459)
(42,076)

Total Liabilities and Shareholders' Equity

2,227,179
-

ABC Wind Energy Co D2.xls

Fin Stmts by month

(42,076)
(1,285)
(43,360)
2,231,211
-

(43,360)
2,194
(41,166)
2,231,648
-

(41,166)
3,989
(37,177)
2,238,542
-

(37,177)
6,754
(30,424)
2,254,402
-

(30,424)
6,023
(24,400)
2,270,348
-

(24,400)
6,439
(17,961)
2,287,489
-

(17,961)
6,094
(11,867)
2,327,508
-

(11,867)
4,873
(6,994)
2,391,868
-

(6,994)
4,897
(2,097)
2,458,726
-

(2,097)
3,670
1,573
2,524,007
-

1,573
(8,511)
(6,937)
2,653,696
-

ABC Wind Energy Corporation - Financial Model CONFIDENTIAL


ABC Alternative Energy Corporation
Cash Flow Statement
in thousands of Canadian dollars
Cash generated from (used in)
for the month ended

Jan 2012
Forecast

Feb 2012
Forecast

Mar 2012
Forecast

Apr 2012
Forecast

May 2012
Forecast

Fiscal 2012
Jun 2012
Forecast

Jul 2012
Forecast

Aug 2012
Forecast

Sep 2012
Forecast

Oct 2012
Forecast

Nov 2012
Forecast

Dec 2012
Forecast

Fiscal
2012
Forecast

Operating Activities
Net Earnings
Depreciation & Amortization
Goodwill Expense
Future Income Tax Expense
Stock based Compensation

(2,459)
5,837
347
3,725

(1,285)
5,862
347
4,924

2,194
5,862
347
8,403

3,989
5,869
347
10,204

6,754
5,959
347
13,060

6,023
6,028
347
12,398

6,439
6,097
347
12,882

Accounts Receivable
Income taxes receivable
Inventory
Prepaid Expenses & Deposits
Accrued Asset

(298)
-

(1,374)
-

(5,022)
-

(5,618)
-

(5,022)
-

(2,430)
-

(622)
-

Accounts Payable
Accruals
Customer Deposits
Deferred Revenue
Income Taxes Payable
Other Current Liabilities

23
(275)

154
(1,219)

164
(4,858)

159
(5,459)

159
(4,863)

(2,430)

37
37

(0)
(622)

3,449

3,705

3,545

4,745

8,197

9,968

12,919

12,121

12,498

51,552
(12)
(33)
(3)
(403)
-

5,246
(12)
(33)
(3)
(405)
-

(2,438)
(12)
329
(3)
(165)
-

2,429
(13)
330
(3)
(367)
-

8,630
(13)
331
(3)
(368)
-

9,979
(13)
(40)
(3)
(370)
-

10,020
590
(40)
97
(371)
-

Note Receivable
Investments

Accrued Revenue
Deferred Revenue

Preferred Share Capital


Common Share Capital

22

22

23

23

23

Net Cash Flows - Operating

6,094
6,302
347
12,743

4,873
6,644
347
11,864

4,897
6,998
347
12,242

3,670
7,349
347
11,366

(8,511)
7,646
12,280
347
11,761

32,679
76,454
12,280
4,160
125,573

622
-

(19,764)
-

12
634

(12)
(12)

12
12

708
(19,056)

12,230

11,366

11,773

33,322
592
(41)
98
(417)
-

58,972
595
(41)
(4)
(419)
-

61,469
597
(41)
(4)
(421)
-

61,725
(19)
(41)
(4)
(422)
-

52,228
(19)
(41)
(4)
(424)
-

23

24

24

24

25

25

25

283

106,517

Financing Activities
Operating Line
LTD1
LTD2
LTD3
LTD4
LTD5
LTD6

Dividends

353,134
2,262
640
160
(4,552)
-

51,123

4,815

(2,267)

2,400

8,600

9,576

10,319

33,578

59,128

61,626

61,264

51,765

351,926

(84,685)

(7,472)

(1,200)

(8,795)

(19,069)

(20,648)

(21,898)

(60,405)

(102,497)

(106,233)

(105,233)

(89,043)

(627,180)

(84,685)

(7,472)

(1,200)

(8,795)

(19,069)

(20,648)

(21,898)

(60,405)

(102,497)

(106,233)

(105,233)

(89,043)

(627,180)

Increase (Decrease) in Cash

(30,112)

1,048

78

(1,650)

(2,272)

(1,105)

1,340

(14,705)

(30,871)

(32,377)

(32,603)

(25,505)

(168,736)

Cash at beginning of Period


Ending Cash Balance

450,007
419,895

419,895
420,943

420,943
421,020

417,333
402,628

402,628
371,757

371,757
339,379

339,379
306,776

306,776
281,271

450,007
281,271

Net Cash Flows - Financing

Investing activities
Fixed Assets

Net Cash Flows - Investing

ABC Wind Energy Co D2.xls

Fin Stmts by month

421,020
419,370

419,370
417,098

417,098
415,994

415,994
417,333

ABC Wind Energy Corporation - Financial Model CONFIDENTIAL

ABC Wind Energy Corporation - Financial Model CONFIDENTIAL

ABC Wind Energy Corporation - Financial Model CONFIDENTIAL


Method 1 with Terminal Value
15 year IRR (%)
23.94 15 year NPV @ 10.00% Discount Rate
1,953,339 Time to Cash Flow Positive (months)
78 Pay back Time (months)
Annual Totals 15 year Total 1st 12 mnths 2nd 12 mnths 3rd 12 mnths 4th 12 mnths 5th 12 mnths 6th 12 mnths 7th 12 mnths 8th 12 mnths 9th 12 mnths 10th 12 mnths 11th 12 mnths 12th 12 mnths 13th 12 mnths 14th 12 mnths 15th 12 mnths
Total Now
9,209,493
(46,049)
(388,139)
(249,139)
(159,085)
(87,948)
(101,464)
65,323
80,508
141,547
258,955
646,534
649,749
652,341
657,502
7,088,859
Total Orig
9,209,493
(46,049)
(388,139)
(249,139)
(159,085)
(87,948)
(101,464)
65,323
80,508
141,547
258,955
646,534
649,749
652,341
657,502
7,088,859
Change
-

130

Method 1 (above) - includes Terminal Value; Method 2 (below) - does not include Terminal Value and assumes all cash requirements are front loaded to End of Year 0. Both Methods in thousands of Canadian dollars
Method 2 without Terminal Value
15 year IRR (%)
10.95 15 year NPV @ 10.00% Discount Rate
118,467 Time to Cash Flow Positive (months)
78 Pay back Time (months)
15 year Total End of Year 0 End of Year 1 End of Year 2 End of Year 3 End of Year 4 End of Year 5 End of Year 6 End of Year 7 End of Year 8 End of Year 9 End of Year 10End of Year 11End of Year 12End of Year 13End of Year 14End of Year 15
2,765,076
(1,094,816)
128,314
80,508
141,547
258,955
646,534
649,749
652,341
657,502
644,442
2,765,076
(1,094,816)
128,314
80,508
141,547
258,955
646,534
649,749
652,341
657,502
644,442
-

ABC Alternative Energy Co.xls

Consolidated

130

ABC Wind Energy Corporation - Financial Model CONFIDENTIAL

Per Wind Turbine Capital Costs


in thousands of
4,225
Avg. Cost
Logic Checks
Per Wind Turbine Capital Costs
Base/Foundation
Tower
Nacelle
Blades
Control System and Cabling
Other1
Other2

EUR
Avg - 15 yrs
OK
OK

Jan 2010
13

Feb 2010
14

Mar 2010
15

Apr 2010
16

May 2010
17

Jun 2010
18

Jul 2010
19

Aug 2010
20

Sep 2010
21

Oct 2010
22

Nov 2010
23

Dec 2010
24

OK
OK
OK
OK
OK
OK
OK

650
175
3,000
100
200
50
50

650
175
3,000
100
200
50
50

650
175
3,000
100
200
50
50

650
175
3,000
100
200
50
50

650
175
3,000
100
200
50
50

650
175
3,000
100
200
50
50

650
175
3,000
100
200
50
50

650
175
3,000
100
200
50
50

650
175
3,000
100
200
50
50

650
175
3,000
100
200
50
50

650
175
3,000
100
200
50
50

650
175
3,000
100
200
50
50

EUR
CAD

4,225
6,577

4,225
6,577

4,225
6,577

4,225
6,577

4,225
6,577

4,225
6,577

4,225
6,577

4,225
6,577

4,225
6,577

4,225
6,577

4,225
6,577

4,225
6,577

OK
Grouping
16
Offset
12
1
3
0
1
0
0

16
8
-

16
16
-

16
16
-

16
16
8
8
-

16
16
16
16
8
8
8

16
16
16
16
16
16
16

16
16
16
16
16
16
16

16
16
16
16
16
16

16
16
16
16
16

16
16
16
16
16

16
16
16
16
16

16
16
16

24

40

56

72

88

104

120

Commissioning Schedule
Wind Turbines Commisioned

30

Total Wind Turbines Commissioned


Total MW Commissioned

30
75.0

10,400
1,400
-

10,400
2,800
-

10,400
2,800
-

10,400
2,800
24,000
800
-

10,400
2,800
48,000
1,600
1,600
400
400

10,400
2,800
48,000
1,600
3,200
800
800

10,400
2,800
48,000
1,600
3,200
800
800

2,800
48,000
1,600
3,200
800
800

48,000
1,600
3,200
800
800

48,000
1,600
3,200
800
800

48,000
1,600
3,200
800
800

3,200
800
800

11,800

13,200

13,200

38,000

65,200

67,600

67,600

57,200

54,400

54,400

54,400

4,800

Per Wind Turbine Capital Costs

120
Construction Schedule
Total

120

Base/Foundation
Tower
Nacelle
Blades
Control System and Cabling
Other1
Other2
Cumulative Complete

120

OK

Avg. Wind Turbine Cost

4,225

Construction in Progress
Base/Foundation
Tower
Nacelle
Blades
Control System and Cabling
Other1
Other2

78,000
21,000
360,000
12,000
24,000
6,000
6,000

Wind Turbines

EUR

Wind Turbine Costs


Override Multiple
O K

in thousands of
507,000
789,249

Wind Turbines

OK
EUR
EUR - 15 yrs
CAD - 15 yrs
Wind Turbines

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

Jan 2010
13
11,800
-

Feb 2010
14
13,200
-

Mar 2010
15
13,200
-

Apr 2010
16
38,000
-

May 2010
17
65,200
-

Jun 2010
18
67,600
-

Jul 2010
19
67,600
-

Aug 2010
20
57,200
-

Sep 2010
21
54,400
-

Oct 2010
22
54,400
-

Nov 2010
23
54,400
-

Dec 2010
24
4,800
-

AA

Wind Turbine Costs

EUR

11,800

13,200

13,200

38,000

65,200

67,600

67,600

57,200

54,400

54,400

54,400

4,800

AA1

Wind Turbine Costs

CAD

18,369

20,548

20,548

59,155

101,497

105,233

105,233

89,043

84,685

84,685

84,685

7,472

ABC Alternative Energy Co.xls

P1

ABC Wind Energy Corporation - Financial Model CONFIDENTIAL

Site Capital Costs 1


Override Multiple
O K

in thousands of
167,000
167,603

Land
Main Road & Storage Area
Office
Main Transmission Line
Transformer & I/C

OK
USD
USD - 15 yrs
CAD - 15 yrs
Land
Roads
Buildings
Transmission Lines
Transmission Lines

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

Jan 2009
1
-

1.0000

Feb 2009
2
-

1.0000

Mar 2009
3
1,000
400
100
-

Apr 2009
4
1,000
400
100
-

May 2009
5
1,000
400
100
6,000
-

Jun 2009
6
1,000
400
100
6,000
-

Jul 2009
7
1,000
400
100
6,000
-

Aug 2009
8
400
100
6,000
-

Sep 2009
9
400
100
6,000
-

Oct 2009
10
400
100
6,000
-

Nov 2009
11
400
100
6,000
-

Dec 2009
12
400
100
6,000
-

BB

Site Capital Costs 1

USD

1,500

1,500

7,500

7,500

7,500

6,500

6,500

6,500

6,500

6,500

BB1

Site Capital Costs 1

CAD

1,505

1,505

7,527

7,527

7,527

6,523

6,523

6,523

6,523

6,523

Site Capital Costs 2


Override Multiple
O K

in thousands of
3,000
3,011

Site Wind Studies


FFE
Computers
Other4
Other5

OK
USD
USD - 15 yrs
CAD - 15 yrs
Wind Turbines
Furniture & Fixtures
Computers
Wind Turbines
Wind Turbines

1.0000

1.0000

1.0000

1.0000

Jan 2009
1
-

Feb 2009
2
-

Mar 2009
3
-

Apr 2009
4
3,000
-

1.0000
May 2009
5
-

1.0000

1.0000

Jun 2009
6
-

Jul 2009
7
-

1.0000
Aug 2009
8
-

1.0000
Sep 2009
9
-

1.0000
Oct 2009
10
-

1.0000
Nov 2009
11
-

1.0000
Dec 2009
12
-

CC

Site Capital Costs 2

USD

3,000

CC1

Site Capital Costs 2

CAD

3,011

OK
CAD
CAD - 15 yrs
CAD - 15 yrs

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

Site Capital Costs 3


Override Multiple
O K

in thousands of
-

Jan 2009
1

Feb 2009
2

Mar 2009
3

Apr 2009
4

May 2009
5

Jun 2009
6

Jul 2009
7

Aug 2009
8

Sep 2009
9

Oct 2009
10

Nov 2009
11

Dec 2009
12

DD

Site Capital Costs 3

CAD

DD1

Site Capital Costs 3

CAD

ABC Alternative Energy Co.xls

Infrastructure

ABC Wind Energy Corporation - Financial Model CONFIDENTIAL

Power Production and Revenue


Override Multiple
12 Month Avg Capacity Factor
(at 100% Commissioned)

OK

36.000 %
Wind Turbine Nameplate Rated Output (MW)
Capacity Factor (%)
Seasonal Capacity Factor Factor (%)
Commissioning Factor
Number of Operating Days in Month

OK
OK
OK
OK

Monthly Power Production (MWh)


(per commissioned Turbine)
Monthly Power Production (MWh)
Monthly Power Production (GJ)
(linked to Commissioning Schedule)

% to Customer 1
% to Customer 2
% to Customer 3

OK
OK
OK
OK

Customer1 Sales (MWh)


Customer2 Sales (MWh)
Customer3 Sales (MWh)

A1
B1
C1

in thousands of
CAD
CAD
CAD

Customer1 Sales
Customer2 Sales
Customer3 Sales
Total Sales

ABC Alternative Energy Co.xls

CAD

P1

1.0000
Jan 2012
37

1.0000
Feb 2012
38

1.0000
Mar 2012
39

1.0000
Apr 2012
40

1.0000
May 2012
41

1.0000
Jun 2012
42

1.0000
Jul 2012
43

1.0000
Aug 2012
44

1.0000
Sep 2012
45

1.0000
Oct 2012
46

1.0000
Nov 2012
47

1.0000
Dec 2012
48

2.500
36.000
100.000
100.000
31

2.500
36.000
100.000
100.000
28

2.500
36.000
100.000
100.000
31

2.500
36.000
100.000
100.000
30

2.500
36.000
100.000
100.000
31

2.500
36.000
100.000
100.000
30

2.500
36.000
100.000
100.000
31

2.500
36.000
100.000
100.000
31

2.500
36.000
100.000
100.000
30

2.500
36.000
100.000
100.000
31

2.500
36.000
100.000
100.000
30

2.500
36.000
100.000
100.000
31

670

605

670

648

670

648

670

670

648

670

648

670

80,352
289,267

72,576
261,274

80,352
289,267

77,760
279,936

80,352
289,267

77,760
279,936

80,352
289,267

80,352
289,267

77,760
279,936

80,352
289,267

77,760
279,936

80,352
289,267

90.000
10.000
100

90.000
10.000
100

90.000
10.000
100

90.000
10.000
100

90.000
10.000
100

90.000
10.000
100

90.000
10.000
100

90.000
10.000
100

90.000
10.000
100

90.000
10.000
100

90.000
10.000
100

90.000
10.000
100

72,317
8,035
-

65,318
7,258
-

72,317
8,035
-

69,984
7,776
-

72,317
8,035
-

69,984
7,776
-

72,317
8,035
-

72,317
8,035
-

69,984
7,776
-

72,317
8,035
-

69,984
7,776
-

72,317
8,035
-

8,353
844
-

7,544
762
-

8,353
844
-

8,083
816
-

8,353
844
-

8,083
816
-

8,353
844
-

8,353
844
-

8,083
816
-

8,353
844
-

8,083
816
-

8,353
844
-

9,196

8,306

9,196

8,900

9,196

8,900

9,196

9,196

8,900

9,196

8,900

9,196

ABC Wind Energy Corporation - Financial Model CONFIDENTIAL

Per Wind Turbine Operating and Mainten


in thousands of
CAD
Jan 2012
37

OK

Inspections
Cleaning
Mtce and Repairs
Insurance
Other

OK
OK
OK
OK
OK

Per Wind Turbine Oper

Feb 2012
38

1
1
1
2
-

Mar 2012
39

1
1
1
2
-

Apr 2012
40

1
1
1
2
-

May 2012
41

1
1
1
2
-

Jun 2012
42

1
1
1
2
-

Jul 2012
43

1
1
1
2
-

Aug 2012
44

1
1
1
2
-

Sep 2012
45

1
1
1
2
-

Oct 2012
46

1
1
1
2
-

Nov 2012
47

1
1
1
2
-

Dec 2012
48

1
1
1
2
-

1
1
1
2
-

Operating and Maintenance Costs


Override Multiple
OK
O K in thousands of
CAD
93,300 CAD - 15 yrs
93,300 CAD - 15 yrs
Inspections
Cleaning
Mtce and Repairs
Insurance
Other

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

Jan 2012
37
120
120
120
240
-

Feb 2012
38
120
120
120
240
-

Mar 2012
39
120
120
120
240
-

Apr 2012
40
120
120
120
240
-

May 2012
41
120
120
120
240
-

Jun 2012
42
120
120
120
240
-

Jul 2012
43
120
120
120
240
-

Aug 2012
44
120
120
120
240
-

Sep 2012
45
120
120
120
240
-

Oct 2012
46
120
120
120
240
-

Nov 2012
47
120
120
120
240
-

Dec 2012
48
120
120
120
240
-

Operating and Mainten

CAD

600

600

600

600

600

600

600

600

600

600

600

600

H1

Operating and Mainten

CAD

600

600

600

600

600

600

600

600

600

600

600

600

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

Site O&M Expenses1


Override Multiple
OK
O K in thousands of
CAD
5,580 CAD - 15 yrs
5,580 CAD - 15 yrs
Land Lease Fees
Property Taxes
Transformer Maintenance
Road Maintenance
Transmission Line Maintenance

Jan 2012
37

Feb 2012
38

Mar 2012
39

Apr 2012
40

May 2012
41

Jun 2012
42

Jul 2012
43

Aug 2012
44

Sep 2012
45

Oct 2012
46

Nov 2012
47

Dec 2012
48

2
10
10
5

2
10
10
5

2
10
12
10
5

2
10
10
5

2
10
10
5

2
10
12
10
5

2
10
10
5

2
10
10
5

2
10
12
10
5

2
10
10
5

2
10
10
5

2
10
12
10
5

Site O&M Expenses1

CAD

27

27

39

27

27

39

27

27

39

27

27

39

I1

Site O&M Expenses1

CAD

27

27

39

27

27

39

27

27

39

27

27

39

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

Jan 2012
37
10
-

Feb 2012
38
10
-

Mar 2012
39
10
-

Apr 2012
40
10
-

May 2012
41
10
-

Jun 2012
42
10
-

Jul 2012
43
10
-

Aug 2012
44
10
-

Sep 2012
45
10
-

Oct 2012
46
10
-

Nov 2012
47
10
-

Dec 2012
48
10
-

Site O&M Expenses2


Override Multiple
O K in thousands of
1,800
1,800
Other1
Other2
Other3
Other4
Other5

OK
CAD
CAD - 15 yrs
CAD - 15 yrs

Site O&M Expenses2

CAD

10

10

10

10

10

10

10

10

10

10

10

10

J1

Site O&M Expenses2

CAD

10

10

10

10

10

10

10

10

10

10

10

10

ABC Alternative Energy Co.xls

P1

ABC Wind Energy Corporation - Financial Model CONFIDENTIAL

Capital Expenditures1
Fixed Assets
& Capital Expenditures
in thousands of Canadian dollars

SL
Wind Turbines

Monthly Additions
Wind Turbines Cash Capex Expense
Wind Turbines Capex - Book
Wind Turbines Capex - Tax

Jan 2010
13

Feb 2010
14

Mar 2010
15

Apr 2010
16

May 2010
17

18,369
18,369
18,369

20,548
20,548
20,548

20,548
20,548
20,548

59,155
59,155
59,155

4.000
30.000

4.000
30.000

4.000
30.000

4.000
30.000

4.000
30.000

Opening Balance (Cost)


Wind Turbines OB Cost - Book
Wind Turbines OB Cost - Tax

8,095
8,095

26,464
26,464

47,012
47,012

67,561
67,561

Ending Balance (Cost)


Wind Turbines EB Cost - Book
Wind Turbines EB Cost - Tax

26,464
26,464

47,012
47,012

67,561
67,561

88
-

157
-

Opening Balance (net)


Wind Turbines OB (net) - Book
Wind Turbines OB (net) - Tax

8,095
9,309

Ending Balance (net)


Wind Turbines EB (net) - Book
Wind Turbines EB (net) - Tax

Monthly Dispositions
Wind Turbines Cash Receipts
Wind Turbines Dispositions - Book
Wind Turbines Dispositions - Tax
Depreciation Declining Balance Rates
Wind Turbines % Dep'n - Book
Wind Turbines % Dep'n - Tax

Current Month Depreciation


Wind Turbines Depreciation - Book
Wind Turbines Depreciation - Tax

Future Income Tax Asset (Liability)


Wind Turbines EB TD
Wind Turbines FIT Asset (Liability)
Disp Miscellaneous Income (Loss)
Wind Turbines Misc Gain (Loss) - Book
Wind Turbines Misc Gain (Loss) - Tax

ABC Alternative Energy Co.xls

P1

OK
OK

101,497
101,497
101,497

Jun 2010
18

105,233
105,233
105,233

Jul 2010
19

105,233
105,233
105,233

Aug 2010
20

Sep 2010
21

Oct 2010
22

Nov 2010
23

Dec 2010
24

89,043
89,043
89,043

84,685
84,685
84,685

84,685
84,685
84,685

84,685
84,685
84,685

7,472
7,472
7,472

4.000
30.000

4.000
30.000

4.000
30.000

4.000
30.000

4.000
30.000

4.000
30.000

4.000
30.000

126,716
126,716

228,213
228,213

333,446
333,446

438,679
438,679

527,723
527,723

612,407
612,407

697,092
697,092

781,777
781,777

126,716
126,716

228,213
228,213

333,446
333,446

438,679
438,679

527,723
527,723

612,407
612,407

697,092
697,092

781,777
781,777

789,249
789,249

225
-

422
-

761
-

1,111
-

1,462
-

1,759
-

2,041
-

2,324
-

2,606
-

2,631
117,724

26,376
27,678

46,768
48,227

67,091
68,775

125,823
127,930

226,560
229,427

330,681
334,660

434,452
439,893

521,737
528,937

604,380
613,622

686,741
698,306

768,820
782,991

26,376
27,678

46,768
48,227

67,091
68,775

125,823
127,930

226,560
229,427

330,681
334,660

434,452
439,893

521,737
528,937

604,380
613,622

686,741
698,306

768,820
782,991

773,661
672,739

1,302
482

1,459
540

1,684
623

2,107
779

2,867
1,061

3,979
1,472

5,441
2,013

7,200
2,664

9,242
3,419

11,565
4,279

14,171
5,243

(100,922)
(37,341)

ABC Wind Energy Corporation - Financial Model CONFIDENTIAL

Annual Prime Lending Rate (% APR)


Jan 2010
13
Prime Rate (%)

AAA

OK

Long Term Debt1


Capital Cost Additions of
Debt Amortization (months)
% Debt Financing

Wind Turbines

Feb 2010
14

Mar 2010
15

Apr 2010
16

May 2010
17

Jun 2010
18

Jul 2010
19

Aug 2010
20

Sep 2010
21

Oct 2010
22

Nov 2010
23

Dec 2010
24

4.000

4.000

4.000

4.000

4.000

4.000

4.000

4.000

4.000

4.000

4.000

4.000

18,369

20,548

20,548

59,155

101,497

105,233

105,233

89,043

84,685

84,685

84,685

7,472

240
in thousands of

OK
CAD

GE Capital1

60.000
226,654

GE Capital1 Prime plus Y/N


+ GE Capital1 Annual Rate (%)

OK
OK

GE Capital1 Effective Monthly Interest

60.000

60.000

60.000

60.000

60.000

60.000

60.000

60.000

60.000

60.000

60.000

Jan 2010
13

Feb 2010
14

Mar 2010
15

Apr 2010
16

May 2010
17

Jun 2010
18

Jul 2010
19

Aug 2010
20

Sep 2010
21

Oct 2010
22

Nov 2010
23

Dec 2010
24

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

0.0042

0.0042

0.0042

0.0042

0.0042

0.0042

0.0042

0.0042

0.0042

0.0042

0.0042

0.0042

AAAO1 GE Capital1 OB
GE Capital1 Additions to Debt BOM
GE Capital1 Interest during period
GE Capital1 IB
GE Capital1 (Payments) EOM
GE Capital1 Additions to Debt EOM

CAD

4,877
11,021
66
15,965
-

15,965
12,329
118
28,412
-

28,412
12,329
170
40,911
-

40,911
35,493
318
76,722
-

76,722
60,898
573
138,194
-

138,194
63,140
839
202,172
-

202,172
63,140
1,105
266,418
-

266,418
53,426
1,333
321,177
-

321,177
50,811
1,550
373,537
-

373,537
50,811
1,768
426,116
-

426,116
50,811
1,987
478,914
-

478,914
4,483
2,014
485,412
-

AAAE1 GE Capital1 EB
AAAI1 GE Capital1 Interest Expense

CAD
CAD

15,965
66

28,412
118

40,911
170

76,722
318

138,194
573

202,172
839

266,418
1,105

321,177
1,333

373,537
1,550

426,116
1,768

478,914
1,987

485,412
2,014

1,000

1,000

1,000

1,000

60.000

60.000

60.000

60.000

60.000

60.000

60.000

60.000

60.000

60.000

60.000

60.000

BBB

Long Term Debt2


Capital Cost Additions of
Debt Amortization (months)
% Debt Financing
GE Capital2

Control Systems (E&I)


240
OK
in thousands of
CAD
1,064

GE Capital2 Prime plus Y/N


+ GE Capital2 Annual Rate (%)

OK
OK

Jan 2010
13

Feb 2010
14

Mar 2010
15

Apr 2010
16

May 2010
17

Jun 2010
18

Jul 2010
19

Aug 2010
20

Sep 2010
21

Oct 2010
22

Nov 2010
23

Dec 2010
24

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

0.0042

0.0042

0.0042

0.0042

0.0042

0.0042

0.0042

0.0042

0.0042

0.0042

0.0042

0.0042

BBBO1 GE Capital2 OB
GE Capital2 Additions to Debt BOM
GE Capital2 Interest during period
GE Capital2 IB
GE Capital2 (Payments) EOM
GE Capital2 Additions to Debt EOM

CAD

600
3
603
-

603
600
5
1,208
-

1,208
600
8
1,815
-

1,815
600
10
2,425
-

2,425
10
2,435
(16)
-

2,419
10
2,429
(16)
-

2,413
10
2,423
(16)
-

2,407
10
2,417
(16)
-

2,401
10
2,411
(16)
-

2,395
10
2,405
(16)
-

BBBE1 GE Capital2 EB
BBBI1 GE Capital2 Interest Expense

CAD
CAD

603
3

1,208
5

1,815
8

2,425
10

2,419
10

2,413
10

2,407
10

2,401
10

2,395
10

2,389
10

GE Capital2 Effective Monthly Interest

ABC Alternative Energy Co.xls

P1

ABC Wind Energy Corporation - Financial Model CONFIDENTIAL

Legal Entitiy Enacted Tax Rate


Jan 2023
169
Enacted Tax Rate (%)

Current Tax and Future Income Tax Assets


Taxes
Current Tax and Future Income Tax Assets
in thousands of Canadian dollars

Revenue
Expenses
Depreciation
Interest
Taxable Income b4 Carry forwards
Cumulative Carry forward loss

25.000

Jan 2023
169

Feb 2023
170
25.000

Feb 2023
170

Mar 2023
171
25.000

Mar 2023
171

Apr 2023
172
25.000

Apr 2023
172

May 2023
173
25.000

May 2023
173

Jun 2023
174
25.000

Jun 2023
174

Jul 2023
175
25.000

Jul 2023
175

Aug 2023
176
25.000

Aug 2023
176

Sep 2023
177
25.000

Sep 2023
177

Oct 2023
178
25.000

Oct 2023
178

Nov 2023
179
25.000

Nov 2023
179

Dec 2023
180
25.000

Dec 2023
180

87,584
7,743
11,478

79,108
7,755
11,418

87,584
7,819
11,357

84,758
7,771
11,297

87,584
7,810
11,236

84,758
7,846
11,175

87,584
7,851
11,114

87,584
7,863
11,053

84,758
7,924
10,991

87,584
7,924
10,929

84,758
7,936
10,867

87,584
7,972
145,634
10,804

657,662

(169,559)

(169,559)

(169,559)

(169,559)

(169,559)

(169,559)

(169,559)

(169,559)

(169,559)

(169,559)

(169,559)

Taxable Income after Carry forwards

488,102

Current Income Tax

122,026

42,390
42,390
-

42,390
42,390
-

42,390
42,390
-

42,390
42,390
-

42,390
42,390
-

42,390
42,390
-

42,390
42,390
-

42,390
42,390
-

42,390
42,390
-

42,390
42,390
-

42,390
42,390
-

Future Income Tax Asset


Future Inc Tax Asset - Current
Future Inc Tax Asset - LT
Check

ABC Wind Energy Co D2.xls

CONS

488,102

ABC Wind Energy Corporation - Financial Model CONFIDENTIAL

Fixed Assets
& Capital Expenditures
in thousands of Canadian dollars

EB TD
Land
Vehicles
Buildings
Leasehold Improvements
Ships
Machinery and Equipment
Tools
Computers
Furniture & Fixtures
Wind Turbines
Control Systems (E&I)
Roads
Transmission Lines
Property Under Development
Construction in Progress
Total EB TD
FIT Asset (Liability)
Land
Vehicles
Buildings
Leasehold Improvements
Ships
Machinery and Equipment
Tools
Computers
Furniture & Fixtures
Wind Turbines
Control Systems (E&I)
Roads
Transmission Lines
Property Under Development
Construction in Progress
Total FIT Asset (Liability)

Jan 2022
157

Feb 2022
158

Mar 2022
159

Apr 2022
160

399
(3,710,682)
(18,704)
(2,748)
(81,292)
-

419
(3,689,625)
(18,598)
(2,686)
(80,744)
-

439
(3,668,569)
(18,491)
(2,625)
(80,195)
-

459
(3,647,512)
(18,384)
(2,564)
(79,647)
-

(3,813,027)

(3,791,234)

(3,769,441)

100
(927,671)
(4,676)
(687)
(20,323)
-

105
(922,406)
(4,649)
(672)
(20,186)
-

(953,257)

(947,809)

May 2022
161

Jun 2022
162

Jul 2022
163

Aug 2022
164

Sep 2022
165

Oct 2022
166

Nov 2022
167

Dec 2022
168

479
(3,626,455)
(18,278)
(2,502)
(79,098)
-

499
(3,605,399)
(18,171)
(2,441)
(78,550)
-

519
(3,584,342)
(18,064)
(2,380)
(78,001)
-

539
(3,563,285)
(17,958)
(2,318)
(77,453)
-

559
(3,542,229)
(17,851)
(2,257)
(76,904)
-

579
(3,521,172)
(17,744)
(2,195)
(76,355)
-

599
(3,500,115)
(17,638)
(2,134)
(75,807)
-

452
(3,683,237)
(18,520)
(2,788)
(76,857)
-

(3,747,648)

(3,725,854)

(3,704,061)

(3,682,268)

(3,660,474)

(3,638,681)

(3,616,888)

(3,595,094)

(3,780,949)

110
(917,142)
(4,623)
(656)
(20,049)
-

115
(911,878)
(4,596)
(641)
(19,912)
-

120
(906,614)
(4,569)
(626)
(19,775)
-

125
(901,350)
(4,543)
(610)
(19,637)
-

130
(896,086)
(4,516)
(595)
(19,500)
-

135
(890,821)
(4,489)
(580)
(19,363)
-

140
(885,557)
(4,463)
(564)
(19,226)
-

145
(880,293)
(4,436)
(549)
(19,089)
-

150
(875,029)
(4,409)
(533)
(18,952)
-

113
(920,809)
(4,630)
(697)
(19,214)
-

(942,360)

(936,912)

(931,464)

(926,015)

(920,567)

(915,119)

(909,670)

(904,222)

(898,774)

(945,237)

Future Income Tax Liability


in thousands of Canadian dollars

Future Income Tax Liability


Future Inc Tax Liability - Current
Future Inc Tax Liability - LT

ABC Wind Energy Co D2.xls

CONS

Jan 2022
157

958,705
13,468
945,237

Feb 2022
158

958,705
13,468
945,237

Mar 2022
159

958,705
13,468
945,237

Apr 2022
160

958,705
13,468
945,237

May 2022
161

958,705
13,468
945,237

Jun 2022
162

958,705
13,468
945,237

Jul 2022
163

958,705
13,468
945,237

Aug 2022
164

958,705
13,468
945,237

Sep 2022
165

958,705
13,468
945,237

Oct 2022
166

958,705
13,468
945,237

Nov 2022
167

958,705
13,468
945,237

Dec 2022
168

945,237
28,971
916,266

ABC Wind Energy Corporation - Financial Model CONFIDENTIAL

Table 1.1 Delivery Schedule Summary


Delivery Schedule
15 year Total
316,368
in thousands of Canadian dollars
A1
Customer1 Sales
B1
Customer2 Sales
C1
Customer3 Sales
D1
Customer1 Green Premium
E1
Customer2 Green Premium
F1
Customer3 Green Premium
G1
Cash Generation Summary
H1
Operating and Maintenance Costs
I1
Site O&M Expenses1
J1
Site O&M Expenses2
K1
Operating Salaries
L1
M1
N1
O1
Selling, Admin, and General Expenses1
P1
Selling, Admin, and General Expenses2
Q1
R1
S1
Executive Salaries1
T1
Executive Salaries2
U1
Head Office Expenses1
V1
Head Office Expenses2
W1
X1
Y1
Z1
Cash Consumption (Expenses)
AA1
Wind Turbine Costs
BB1
Site Capital Costs 1
CC1
Site Capital Costs 2
DD1
Site Capital Costs 3
EE1
FF1
GG1
HH1
II1
JJ1
KK1
LL1
MM1
NN1
OO1
Cash Consumption (Capital)
Current Income Taxes
Cash Consumption (Curr Tax)

ABC Blank.xls

DUM

1,123,324
124,814
97,680
10,853
1,356,671
78,250
5,580
1,800
10,440
4,140
11,160
23,580
3,600
8,640
147,190
657,707
167,603
3,011
7,300
835,622
57,491

Apr 2010
16
27
10
58
23
62
131
20
48
379
39,852
6,122
1,250
47,224
-

May 2010
17
27
10
58
23
62
131
20
48
379
99,629
6,122
1,000
106,751
-

Jun 2010
18
39
10
58
23
62
131
20
48
391
105,233
6,122
1,000
112,355
-

Jul 2010
19
27
10
58
23
62
131
20
48
379
89,043
18,165
107,209
-

Aug 2010
20
27
10
58
23
62
131
20
48
379
84,685
18,165
102,850
-

Sep 2010
21
39
10
58
23
62
131
20
48
391
84,685
18,165
102,850
-

Oct 2010
22
27
10
58
23
62
131
20
48
379
84,685
18,165
102,850
-

Nov 2010
23
1,770
197
154
17
2,138
125
27
10
58
23
62
131
20
48
504
7,472
7,472
-

Dec 2010
24
3,658
406
318
35
4,418
250
39
10
58
23
62
131
20
48
641
-

Jan 2011
25
5,487
610
477
53
6,626
375
27
10
58
23
62
131
20
48
754
-

Feb 2011
26
6,607
734
575
64
7,980
500
27
10
58
23
62
131
20
48
879
-

Mar 2011
27
7,315
813
636
71
8,835
500
39
10
58
23
62
131
20
48
891
-

ABC Wind Energy Corporation - Financial Model CONFIDENTIAL

Table 1.2 Invoice Schedule Summary


Invoice Schedule
15 year Total
316,368
in thousands of Canadian dollars
A1
Customer1 Sales
B1
Customer2 Sales
C1
Customer3 Sales
D1
Customer1 Green Premium
E1
Customer2 Green Premium
F1
Customer3 Green Premium
G1
Cash Generation Summary
H1
Operating and Maintenance Costs
I1
Site O&M Expenses1
J1
Site O&M Expenses2
K1
Operating Salaries
L1
M1
N1
O1
Selling, Admin, and General Expenses1
P1
Selling, Admin, and General Expenses2
Q1
R1
S1
Executive Salaries1
T1
Executive Salaries2
U1
Head Office Expenses1
V1
Head Office Expenses2
W1
X1
Y1
Z1
Cash Consumption (Expenses)
AA1
Wind Turbine Costs
BB1
Site Capital Costs 1
CC1
Site Capital Costs 2
DD1
Site Capital Costs 3
EE1
FF1
GG1
HH1
II1
JJ1
KK1
LL1
MM1
NN1
OO1
Cash Consumption (Capital)
Current Income Taxes
Cash Consumption (Curr Tax)

ABC Blank.xls

DUM

1
1
1
1
1
1
1
1,356,671
1
1
1
1
1
1
147,190
835,622
57,491

Apr 2010
16
39
10
58
23
62
131
20
48
391
39,852
6,122
1,250
47,224
-

May 2010
17
27
10
58
23
62
131
20
48
379
99,629
6,122
1,000
106,751
-

Jun 2010
18
27
10
58
23
62
131
20
48
379
105,233
6,122
1,000
112,355
-

Jul 2010
19
39
10
58
23
62
131
20
48
391
89,043
18,165
107,209
-

Aug 2010
20
27
10
58
23
62
131
20
48
379
84,685
18,165
102,850
-

Sep 2010
21
27
10
58
23
62
131
20
48
379
84,685
18,165
102,850
-

Oct 2010
22
39
10
58
23
62
131
20
48
391
84,685
18,165
102,850
-

Nov 2010
23
27
10
58
23
62
131
20
48
379
7,472
7,472
-

Dec 2010
24
1,770
197
154
17
2,138
125
27
10
58
23
62
131
20
48
504
-

Jan 2011
25
3,658
406
318
35
4,418
250
39
10
58
23
62
131
20
48
641
-

Feb 2011
26
5,487
610
477
53
6,626
375
27
10
58
23
62
131
20
48
754
-

Mar 2011
27
6,607
734
575
64
7,980
500
27
10
58
23
62
131
20
48
879
-

ABC Wind Energy Corporation - Financial Model CONFIDENTIAL

Table 1.3 Cash Receipts/Disbursements Schedule


Cash Receipts/Disbursements Summary
15 year Total
316,368
in thousands of Canadian dollars
A1
Customer1 Sales
B1
Customer2 Sales
C1
Customer3 Sales
D1
Customer1 Green Premium
E1
Customer2 Green Premium
F1
Customer3 Green Premium
G1
Cash Generation Summary
H1
Operating and Maintenance Costs
I1
Site O&M Expenses1
J1
Site O&M Expenses2
K1
Operating Salaries
L1
M1
N1
O1
Selling, Admin, and General Expenses1
P1
Selling, Admin, and General Expenses2
Q1
R1
S1
Executive Salaries1
T1
Executive Salaries2
U1
Head Office Expenses1
V1
Head Office Expenses2
W1
X1
Y1
Z1
Cash Consumption (Expenses)
AA1
Wind Turbine Costs
BB1
Site Capital Costs 1
CC1
Site Capital Costs 2
DD1
Site Capital Costs 3
EE1
FF1
GG1
HH1
II1
JJ1
KK1
LL1
MM1
NN1
OO1
Cash Consumption (Capital)
Current Income Taxes
Cash Consumption (Curr Tax)

Cash Flow (before debt)

ABC Blank.xls

DUM

1
1
1
1
1
1
1
1,356,671
147,190
835,622
4
57,491

Apr 2010
16
39
10
58
23
62
131
20
48
391
39,852
6,122
1,250
47,224
-

(47,615)

May 2010
17
27
10
58
23
62
131
20
48
379
99,629
6,122
1,000
106,751
-

(107,130)

Jun 2010
18
27
10
58
23
62
131
20
48
379
105,233
6,122
1,000
112,355
-

(112,734)

Jul 2010
19
39
10
58
23
62
131
20
48
391
89,043
18,165
107,209
-

(107,600)

Aug 2010
20
27
10
58
23
62
131
20
48
379
84,685
18,165
102,850
-

(103,229)

Sep 2010
21
27
10
58
23
62
131
20
48
379
84,685
18,165
102,850
-

(103,229)

Oct 2010
22
39
10
58
23
62
131
20
48
391
84,685
18,165
102,850
-

(103,241)

Nov 2010
23
27
10
58
23
62
131
20
48
379
7,472
7,472
-

(7,851)

Dec 2010
24
125
27
10
58
23
62
131
20
48
504
-

(504)

Jan 2011
25
1,770
197
154
17
2,138
250
39
10
58
23
62
131
20
48
641
-

Feb 2011
26
3,658
406
318
35
4,418
375
27
10
58
23
62
131
20
48
754
-

Mar 2011
27
5,487
610
477
53
6,626
500
27
10
58
23
62
131
20
48
879
-

1,497

3,664

5,747

ABC Wind Energy Corporation - Financial Model CONFIDENTIAL

Table 1.4 LTD and Operating Lines Summary


LTD and Operating Lines Summary
15 year net cash from debt
(46,256)
in thousands of Canadian dollars
AAAO1 GE Capital1 OB
Wind Turbines
AAAE1 GE Capital1 EB
AAAI1
GE Capital1 Interest Expense

211,046

AAAnet
BBBO1
BBBE1
BBBI1

GE Capital2 OB
GE Capital2 EB
GE Capital2 Interest Expense

Control Systems (E&I)


1,257

BBBnet
CCCO1 HSBC1 OB
CCCE1 HSBC1 EB
CCCI1 HSBC1 Interest Expense

Roads
1,047

CCCnet
DDDO1 HSBC2 OB
DDDE1 HSBC2 EB
DDDI1 HSBC2 Interest Expense

Buildings
565

DDDnet
EEEO1
EEEE1
EEEI1

RBC1 OB
RBC1 EB
RBC1 Interest Expense

Transmission Lines
21,296

EEEnet
FFFO1
FFFE1
FFFI1

RBC2 OB
RBC2 EB
RBC2 Interest Expense

FFFnet

Net Cash from Debt

Interest Expense

Cash Flow (after debt)

ABC Blank.xls

DUM

Apr 2010
16
39,678
63,854
265

May 2010
17
63,854
124,147
515

Jun 2010
18
124,147
188,067
780

Jul 2010
19
188,067
242,500
1,006

Aug 2010
20
242,500
294,532
1,222

Sep 2010
21
294,532
346,782
1,439

Oct 2010
22
346,782
399,250
1,657

Nov 2010
23
399,250
405,415
1,682

23,911

59,777

63,140

53,426

50,811

50,811

50,811

4,483

(2,676)

(2,676)

(2,676)

(2,676)

603
1,208
5

1,208
1,815
8

1,815
2,425
10

2,425
2,419
10

2,419
2,413
10

2,413
2,407
10

2,407
2,401
10

2,401
2,395
10

2,395
2,389
10

2,389
2,383
10

2,383
2,377
10

2,377
2,371
10

600

600

600

3,518
3,495
15

3,495
3,471
15

3,471
3,448
14

(16)
3,448
3,425
14

(16)
3,425
3,401
14

(16)
3,401
3,378
14

3,378
3,354
14

3,354
3,330
14

3,330
3,306
14

3,306
3,282
14

3,282
3,258
14

3,258
3,234
14

638
781
3

781
825
3

825
868
4

868
912
4

912
957
4

957
1,001
4

1,001
1,045
4

140

40

40

40

40

40

40

27,574
30,107
125

30,107
32,652
135

32,652
35,206
146

35,206
42,609
177

42,609
50,043
208

50,043
57,507
239

57,507
65,003
270

2,409

2,409

2,409

7,226

7,226

7,226

7,226

27,022

62,788

66,151

60,638

58,023

58,023

58,023

3,774

(3,385)

(3,385)

(3,385)

(3,385)

413

676

955

1,211

1,458

1,706

1,955

1,981

1,987

1,981

1,975

1,969

(46,961)

(45,206)

(45,206)

(45,218)

(4,077)

(3,889)

(1,888)

279

2,362

(7)
65,003
64,625
271
(649)

1,040
1,038
4

(7)
64,625
64,246
269
(649)

(38)

(16)

(38)

1,043
1,040
4

(38)

(16)

(38)

1,045
1,043
4

(38)

(16)

Mar 2011
27
402,444
401,445
1,677

(38)

(46,583)

(38)

(16)

Feb 2011
26
403,438
402,444
1,681

(38)

(44,342)

(38)

(16)

Jan 2011
25
404,429
403,438
1,685

(38)

(20,593)

(38)

(16)

Dec 2010
24
405,415
404,429
1,689

1,038
1,035
4

(7)
64,246
63,865
268
(649)

(38)
1,035
1,032
4

(7)
63,865
63,483
266
(649)

(7)
63,483
63,098
265
(649)

ABC Wind Energy Corporation - Financial Model CONFIDENTIAL

Cash Requirements
Jan 2009
1

in thousands of Canadian dollars


Cash Opening Balance

Feb 2009
2

Cash Generated (Consumed) in Month


Percent Financed if required

Finance Fees (% of Equity Raised)

113,767

Cash Ending Balance

113,388

111,785

108,965
(5,228)

Jul 2009
7

103,737
(5,228)

Aug 2009
8

Sep 2009
9

Oct 2009
10

Nov 2009
11

Dec 2009
12

98,508

93,268

89,043

84,818

80,581

75,757

(5,240)

(4,225)

(4,225)

(4,237)

(4,825)

(7,763)

10

10

10

10

10

10

10

10

10

10

10

113,767

(2,820)

Jun 2009
6

(379)

113,999

(1,603)

May 2009
5

10

1,139,991

Apr 2009
4

(232)

Maximum Tranches

Equity Additions during month

Mar 2009
3

103,737

98,508

93,268

89,043

84,818

80,581

75,757

67,994

(10,263)
(10,263)
(10,031)
(9,652)
(8,048)
(5,228)
-

(15,491)
(15,491)
(15,259)
(14,880)
(13,277)
(10,457)
(5,228)
-

(20,731)
(20,731)
(20,499)
(20,120)
(18,517)
(15,697)
(10,469)
(5,240)
-

(24,956)
(24,956)
(24,724)
(24,345)
(22,742)
(19,922)
(14,694)
(9,465)
(4,225)
-

(29,181)
(29,181)
(28,949)
(28,570)
(26,966)
(24,147)
(18,918)
(13,690)
(8,450)
(4,225)
-

(33,418)
(33,418)
(33,186)
(32,807)
(31,203)
(28,383)
(23,155)
(17,927)
(12,686)
(8,462)
(4,237)
-

(38,242)
(38,242)
(38,010)
(37,631)
(36,028)
(33,208)
(27,980)
(22,751)
(17,511)
(13,286)
(9,062)
(4,825)
-

(46,005)
(46,005)
(45,773)
(45,394)
(43,791)
(40,971)
(35,743)
(30,514)
(25,274)
(21,049)
(16,824)
(12,587)
(7,763)
-

113,388

111,785

108,965

Go Forward Cash Reqmts


0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
116
117
118
119
120

ABC Wind Energy Co D2.xls

CONS

(1,139,991)
(1,139,991)
(1,139,759)
(1,139,380)
(1,137,777)
(1,134,957)
(1,129,728)
(1,124,500)
(1,119,260)
(1,115,035)
(1,110,810)
(1,106,573)
(1,101,749)
(1,093,986)
(1,082,230)
(1,069,839)
(1,056,840)
(1,028,405)
(983,194)
(936,477)
(882,918)
(835,847)
(790,507)
(745,167)
(710,088)
(705,883)
(700,702)
(694,737)
(686,801)
-

(232)
(232)
-

(611)
(611)
(379)
-

(2,214)
(2,214)
(1,982)
(1,603)
-

(5,034)
(5,034)
(4,802)
(4,423)
(2,820)
-

ABC Wind Energy Corporation - Financial Model CONFIDENTIAL

Cash Requirements
Jan 2010
13

in thousands of Canadian dollars


Cash Opening Balance
Cash Generated (Consumed) in Month
Percent Financed if required

Equity Additions during month

1,139,991

Cash Ending Balance

Mar 2010
15

Apr 2010
16

May 2010
17

Jun 2010
18

Jul 2010
19

Aug 2010
20

Sep 2010
21

Oct 2010
22

Nov 2010
23

67,994

56,238

43,847

30,848

2,413

59,802

13,084

51,864

4,793

790,507

745,167

(11,756)

(12,391)

(12,999)

(28,435)

(45,211)

(46,717)

(53,559)

(47,071)

(45,340)

(45,340)

(35,079)

10

10

10

10

10

10

10

100

100

Maximum Tranches
Finance Fees (% of Equity Raised)

Feb 2010
14

Dec 2010
24
710,088
(4,206)

100

100

100

102,599

92,339

831,053

56,238

43,847

30,848

2,413

59,802

13,084

51,864

4,793

790,507

745,167

710,088

705,883

(57,761)
(57,761)
(57,529)
(57,150)
(55,547)
(52,727)
(47,499)
(42,271)
(37,030)
(32,805)
(28,581)
(24,344)
(19,519)
(11,756)
-

(70,152)
(70,152)
(69,920)
(69,541)
(67,938)
(65,118)
(59,890)
(54,661)
(49,421)
(45,196)
(40,972)
(36,735)
(31,910)
(24,147)
(12,391)
-

(83,151)
(83,151)
(82,919)
(82,540)
(80,937)
(78,117)
(72,889)
(67,660)
(62,420)
(58,195)
(53,970)
(49,734)
(44,909)
(37,146)
(25,390)
(12,999)
-

(156,797)
(156,797)
(156,565)
(156,186)
(154,582)
(151,762)
(146,534)
(141,306)
(136,065)
(131,841)
(127,616)
(123,379)
(118,554)
(110,792)
(99,035)
(86,644)
(73,645)
(45,211)
-

(203,514)
(203,514)
(203,282)
(202,903)
(201,299)
(198,480)
(193,251)
(188,023)
(182,783)
(178,558)
(174,333)
(170,096)
(165,271)
(157,509)
(145,752)
(133,361)
(120,362)
(91,928)
(46,717)
-

(257,073)
(257,073)
(256,841)
(256,462)
(254,859)
(252,039)
(246,811)
(241,582)
(236,342)
(232,117)
(227,892)
(223,655)
(218,831)
(211,068)
(199,312)
(186,921)
(173,922)
(145,487)
(100,276)
(53,559)
-

(349,484)
(349,484)
(349,252)
(348,873)
(347,270)
(344,450)
(339,222)
(333,993)
(328,753)
(324,528)
(320,303)
(316,067)
(311,242)
(303,479)
(291,723)
(279,332)
(266,333)
(237,898)
(192,688)
(145,970)
(92,411)
(45,340)
-

(394,824)
(394,824)
(394,592)
(394,213)
(392,610)
(389,790)
(384,562)
(379,333)
(374,093)
(369,868)
(365,643)
(361,406)
(356,582)
(348,819)
(337,063)
(324,672)
(311,673)
(283,238)
(238,027)
(191,310)
(137,751)
(90,680)
(45,340)
-

(429,903)
(429,903)
(429,671)
(429,292)
(427,688)
(424,869)
(419,640)
(414,412)
(409,171)
(404,947)
(400,722)
(396,485)
(391,660)
(383,898)
(372,141)
(359,750)
(346,751)
(318,317)
(273,106)
(226,389)
(172,830)
(125,758)
(80,418)
(35,079)
-

(434,108)
(434,108)
(433,876)
(433,497)
(431,894)
(429,074)
(423,846)
(418,617)
(413,377)
(409,152)
(404,927)
(400,691)
(395,866)
(388,103)
(376,347)
(363,956)
(350,957)
(322,522)
(277,312)
(230,594)
(177,035)
(129,964)
(84,624)
(39,284)
(4,206)
-

Go Forward Cash Reqmts


0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
116
117
118
119
120

ABC Wind Energy Co D2.xls

CONS

(1,139,991)
(1,139,991)
(1,139,759)
(1,139,380)
(1,137,777)
(1,134,957)
(1,129,728)
(1,124,500)
(1,119,260)
(1,115,035)
(1,110,810)
(1,106,573)
(1,101,749)
(1,093,986)
(1,082,230)
(1,069,839)
(1,056,840)
(1,028,405)
(983,194)
(936,477)
(882,918)
(835,847)
(790,507)
(745,167)
(710,088)
(705,883)
(700,702)
(694,737)
(686,801)
-

(111,586)
(111,586)
(111,354)
(110,975)
(109,371)
(106,552)
(101,323)
(96,095)
(90,855)
(86,630)
(82,405)
(78,168)
(73,343)
(65,581)
(53,824)
(41,433)
(28,435)
-

(304,144)
(304,144)
(303,912)
(303,533)
(301,930)
(299,110)
(293,882)
(288,653)
(283,413)
(279,188)
(274,964)
(270,727)
(265,902)
(258,139)
(246,383)
(233,992)
(220,993)
(192,559)
(147,348)
(100,631)
(47,071)
-

ABC Wind Energy Corporation - Financial Model CONFIDENTIAL

Common Equity Value at EOM (including cash at end of month)


Discounted Cash Flows (including Terminal Value)
in thousands of Canadian dollars
XIRR (%) incl Terminal Value
DCF

EOM
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
176
177
178
179
180

ABC Wind Energy Co D2.xls

CONS

Jan 2009
1

Feb 2009
2

Mar 2009
3

Apr 2009
4

May 2009
5

Jun 2009
6

Jul 2009
7

Aug 2009
8

Sep 2009
9

Oct 2009
10

Nov 2009
11

Dec 2009
12

22.57

(232)

(379)

(1,603)

(2,820)

(5,228)

(5,228)

(5,240)

(4,225)

(4,225)

(4,237)

(4,825)

(7,763)

Value
168,659
285,241
287,866
290,537
293,274
296,095
299,040
302,110
305,307
308,618
312,045
315,588
319,260
323,107
327,192
331,530
336,133
443,842
449,721
548,745
556,352
1,395,850
1,405,117
1,415,221
1,426,016
1,437,041
1,448,314
1,459,850
1,471,685
9,577,229
9,670,678
9,764,732
9,859,403
9,954,742

(229)
113,767
-

(368)
(373)
113,388
-

(1,532)
(1,555)
(1,579)
111,785
-

(2,653)
(2,694)
(2,735)
(2,777)
108,965
-

(4,846)
(4,920)
(4,995)
(5,072)
(5,150)
103,737
-

(4,773)
(4,846)
(4,920)
(4,995)
(5,072)
(5,150)
98,508
-

(4,712)
(4,784)
(4,857)
(4,931)
(5,007)
(5,084)
(5,161)
93,268
-

(3,741)
(3,799)
(3,857)
(3,916)
(3,976)
(4,037)
(4,098)
(4,161)
89,043
-

(3,685)
(3,741)
(3,799)
(3,857)
(3,916)
(3,976)
(4,037)
(4,098)
(4,161)
84,818
-

(3,640)
(3,695)
(3,752)
(3,809)
(3,868)
(3,927)
(3,987)
(4,048)
(4,110)
(4,173)
80,581
-

(4,082)
(4,145)
(4,208)
(4,273)
(4,338)
(4,404)
(4,472)
(4,540)
(4,610)
(4,680)
(4,752)
75,757
-

(6,469)
(6,568)
(6,669)
(6,771)
(6,874)
(6,980)
(7,086)
(7,195)
(7,305)
(7,417)
(7,530)
(7,646)
67,994
-

ABC Wind Energy Corporation - Financial Model CONFIDENTIAL

Common Equity Value at EOM (including cash at end of month)


Discounted Cash Flows (including Terminal Value)
in thousands of Canadian dollars
XIRR (%) incl Terminal Value
DCF

EOM
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
176
177
178
179
180

ABC Wind Energy Co D2.xls

CONS

Jan 2010
13

Feb 2010
14

Mar 2010
15

Apr 2010
16

May 2010
17

Jun 2010
18

Jul 2010
19

Aug 2010
20

Sep 2010
21

Oct 2010
22

Nov 2010
23

Dec 2010
24

22.57

(11,756)

(12,391)

(12,999)

(28,435)

(45,211)

(46,717)

(53,559)

(47,071)

(45,340)

(45,340)

(35,079)

(4,206)

Value
168,659
285,241
287,866
290,537
293,274
296,095
299,040
302,110
305,307
308,618
312,045
315,588
319,260
323,107
327,192
331,530
336,133
443,842
449,721
548,745
556,352
1,395,850
1,405,117
1,415,221
1,426,016
1,437,041
1,448,314
1,459,850
1,471,685
9,577,229
9,670,678
9,764,732
9,859,403
9,954,742

(9,649)
(9,797)
(9,947)
(10,099)
(10,254)
(10,411)
(10,570)
(10,732)
(10,896)
(11,063)
(11,233)
(11,404)
(11,579)
56,238
-

(10,017)
(10,170)
(10,326)
(10,484)
(10,644)
(10,807)
(10,973)
(11,141)
(11,311)
(11,485)
(11,660)
(11,839)
(12,020)
(12,204)
43,847
-

(10,350)
(10,508)
(10,669)
(10,832)
(10,998)
(11,167)
(11,338)
(11,511)
(11,687)
(11,866)
(12,048)
(12,232)
(12,420)
(12,610)
(12,803)
30,848
-

(22,298)
(22,640)
(22,986)
(23,338)
(23,695)
(24,058)
(24,427)
(24,800)
(25,180)
(25,566)
(25,957)
(26,354)
(26,758)
(27,168)
(27,583)
(28,006)
2,413
-

(34,920)
(35,454)
(35,997)
(36,548)
(37,108)
(37,676)
(38,252)
(38,838)
(39,433)
(40,036)
(40,649)
(41,272)
(41,903)
(42,545)
(43,196)
(43,858)
(44,529)
59,802
-

(35,539)
(36,083)
(36,635)
(37,196)
(37,766)
(38,344)
(38,931)
(39,527)
(40,132)
(40,747)
(41,370)
(42,004)
(42,647)
(43,300)
(43,963)
(44,636)
(45,319)
(46,013)
13,084
-

(40,130)
(40,744)
(41,368)
(42,001)
(42,644)
(43,297)
(43,960)
(44,633)
(45,316)
(46,010)
(46,714)
(47,429)
(48,155)
(48,893)
(49,641)
(50,401)
(51,173)
(51,956)
(52,752)
51,864
-

(34,737)
(35,268)
(35,808)
(36,357)
(36,913)
(37,478)
(38,052)
(38,635)
(39,226)
(39,827)
(40,436)
(41,055)
(41,684)
(42,322)
(42,970)
(43,628)
(44,296)
(44,974)
(45,663)
(46,362)
4,793
-

(32,954)
(33,459)
(33,971)
(34,491)
(35,019)
(35,555)
(36,100)
(36,652)
(37,213)
(37,783)
(38,362)
(38,949)
(39,545)
(40,151)
(40,765)
(41,389)
(42,023)
(42,666)
(43,320)
(43,983)
(44,656)
790,507
-

(32,457)
(32,954)
(33,459)
(33,971)
(34,491)
(35,019)
(35,555)
(36,100)
(36,652)
(37,213)
(37,783)
(38,362)
(38,949)
(39,545)
(40,151)
(40,765)
(41,389)
(42,023)
(42,666)
(43,320)
(43,983)
(44,656)
745,167
-

(24,733)
(25,112)
(25,496)
(25,886)
(26,283)
(26,685)
(27,094)
(27,509)
(27,930)
(28,357)
(28,791)
(29,232)
(29,680)
(30,134)
(30,595)
(31,064)
(31,539)
(32,022)
(32,512)
(33,010)
(33,516)
(34,029)
(34,550)
710,088
-

(2,921)
(2,965)
(3,011)
(3,057)
(3,104)
(3,151)
(3,199)
(3,248)
(3,298)
(3,348)
(3,400)
(3,452)
(3,505)
(3,558)
(3,613)
(3,668)
(3,724)
(3,781)
(3,839)
(3,898)
(3,958)
(4,018)
(4,080)
(4,142)
705,883
-

ABC Wind Energy Corporation - Financial Model CONFIDENTIAL

Corporate Finance
Jan 2009
1

Feb 2009
2

Mar 2009
3

Apr 2009
4

Preferred Shares
Cash received (CAD) ('000's)
Number of Shares Issued

Common Shares
OB Cash received (CAD) ('000's)

113,999

114,016

114,033

114,050

114,067

114,087

114,108

114,128

114,148

114,169

114,190

17

17

17

17

20

20

20

20

21

21

21

Cash received (CAD) ('000's)


Founders
Employees
Consultants
Angel Investors
Stock Based Comp
% Market Price
Net Proceeds from IPO (calc'd)

113,999

Shares Issued
OB Shares Issued

Total shares issued during month


Ending Balance (shares)

ABC Wind Energy Co D2.xls

CONS

Jun 2009
6

Jul 2009
7

Aug 2009
8

Sep 2009
9

Oct 2009
10

Nov 2009
11

Dec 2009
12

20

Total during month (CAD) ('000's)


Ending Balance (CAD) ('000's)

Founders
Employees
Consultants
Angel Investors
Stock Based Comp
% of OB Mo.1
# Months
IPO shareholders (calc'd)

May 2009
5

113,999
113,999

17
114,016

17
114,033

17
114,050

17
114,067

20
114,087

20
114,108

20
114,128

20
114,148

21
114,169

21
114,190

21
114,211

50,000,000

105,804,166

105,845,833

105,887,500

105,929,166

105,970,833

106,012,500

106,054,166

106,095,833

106,137,500

106,179,166

106,220,833

41,667

41,667

41,667

41,667

41,667

41,667

41,667

41,667

41,667

41,667

41,667

2,500,000
5
60
55,804,166
55,804,166
105,804,166

41,667
105,845,833

41,667
105,887,500

41,667
105,929,166

41,667
105,970,833

41,667
106,012,500

41,667
106,054,166

41,667
106,095,833

41,667
106,137,500

41,667
106,179,166

41,667
106,220,833

41,667
106,262,500

ABC Wind Energy Corporation - Financial Model CONFIDENTIAL

Corporate Finance

Preferred Shares
Cash received (CAD) ('000's)
Number of Shares Issued
Common Shares
OB Cash received (CAD) ('000's)
Cash received (CAD) ('000's)
Founders
Employees
Consultants
Angel Investors
Stock Based Comp
% Market Price
Net Proceeds from IPO (calc'd)

Shares Issued
OB Shares Issued

Total shares issued during month


Ending Balance (shares)

ABC Wind Energy Co D2.xls

CONS

Feb 2010
14

Mar 2010
15

Apr 2010
16

May 2010
17

Jun 2010
18

Jul 2010
19

Aug 2010
20

Sep 2010
21

Oct 2010
22

Nov 2010
23

Dec 2010
24

114,211

114,232

114,253

114,275

114,297

216,918

216,941

309,303

309,327

1,140,404

1,140,423

1,140,443

21

21

22

22

22

23

23

23

23

19

20

20

20

Total during month (CAD) ('000's)


Ending Balance (CAD) ('000's)

Founders
Employees
Consultants
Angel Investors
Stock Based Comp
% of OB Mo.1
# Months
IPO shareholders (calc'd)

Jan 2010
13

2,500,000
5
60

102,599

92,339

831,053

21
114,232

21
114,253

22
114,275

22
114,297

102,622
216,918

23
216,941

92,362
309,303

23
309,327

831,077
1,140,404

19
1,140,423

20
1,140,443

20
1,140,462

106,262,500

106,304,166

106,345,833

106,387,500

106,429,166

144,035,692

144,077,358

177,262,576

177,304,242

533,154,564

533,196,231

533,237,898

41,667

41,667

41,667

41,667

41,667

41,667

41,667

41,667

41,667

41,667

41,667

41,667

41,667
106,304,166

41,667
106,345,833

41,667
106,387,500

41,667
106,429,166

37,564,859
37,606,525
144,035,692

41,667
144,077,358

33,143,551
33,185,217
177,262,576

41,667
177,304,242

355,808,655
355,850,322
533,154,564

41,667
533,196,231

41,667
533,237,898

41,667
533,279,564

ABC Wind Energy Corporation - Financial Model CONFIDENTIAL

Common Equity Valuation


Jan 2009
1

by Earnings
Forward Multiple on Annual Earnings (rolling)
Weighting (%)

10.0
15.0

12 Month Roll forward Earnings (CAD) ('000's)


Value before Cash on Balance Sheet (CAD) ('000's)
Add Cash on Balance Sheet (CAD) ('000's)
Value (CAD) ('000's)

(6,830)
(68,299)
113,767
45,468

by EBITDA
Forward Multiple on Annual EBITDA (rolling)
Weighting (%)

5.0
10.0

12 Month Roll forward EBITDA (CAD) ('000's)


Value before Cash on Balance Sheet (CAD) ('000's)
Add Cash on Balance Sheet (CAD) ('000's)
Value (CAD) ('000's)

(4,596)
(22,980)
113,767
90,787

by Discounted Cash Flow


Cash Flow Present Value Discount Rate (%)
Terminal Value - Annual Cash Flow Multiple
Weighting (%)

Feb 2009
2

10.0
15.0
(7,388)
(73,877)
113,405
39,528

5.0
10.0
(4,606)
(23,028)
113,405
90,377

Mar 2009
3

10.0
15.0
(8,097)
(80,971)
111,819
30,848

5.0
10.0
(4,615)
(23,077)
111,819
88,742

Apr 2009
4

10.0
15.0
(9,055)
(90,550)
109,016
18,466

5.0
10.0
(4,720)
(23,600)
109,016
85,416

May 2009
5

10.0
15.0
(10,389)
(103,889)
103,805
-

5.0
10.0
(4,825)
(24,123)
103,805
79,682

Jun 2009
6

10.0
15.0
(12,342)
(123,421)
98,597
-

5.0
10.0
(4,941)
(24,707)
98,597
73,890

Jul 2009
7

10.0
15.0
(14,883)
(148,834)
93,376
-

5.0
10.0
(5,046)
(25,230)
93,376
68,146

Aug 2009
8

10.0
15.0
(18,100)
(181,004)
89,172
-

5.0
10.0
(5,151)
(25,753)
89,172
63,419

Sep 2009
9

10.0
15.0
(21,912)
(219,117)
84,967
-

5.0
10.0
(5,267)
(26,336)
84,967
58,631

Oct 2009
10

10.0
15.0
(26,269)
(262,690)
80,751
-

5.0
10.0
(5,372)
(26,860)
80,751
53,892

Nov 2009
11

10.0
15.0
(31,185)
(311,852)
75,947
-

5.0
10.0
(5,477)
(27,383)
75,947
48,564

Dec 2009
12

10.0
15.0
(36,580)
(365,800)
68,205
-

5.0
10.0
(5,593)
(27,966)
68,205
40,239

20.0
10.0
70.0

20.0
10.0
70.0

20.0
10.0
70.0

20.0
10.0
70.0

20.0
10.0
70.0

20.0
10.0
70.0

20.0
10.0
70.0

20.0
10.0
70.0

20.0
10.0
70.0

20.0
10.0
70.0

20.0
10.0
70.0

20.0
10.0
70.0

Value (CAD) ('000's)

285,241

287,866

290,537

293,274

296,095

299,040

302,110

305,307

308,618

312,045

315,588

319,260

by Book Value
Multiple on Book Value
Weighting (%)

1.0
5.0

1.0
5.0

1.0
5.0

1.0
5.0

1.0
5.0

1.0
5.0

1.0
5.0

1.0
5.0

1.0
5.0

1.0
5.0

1.0
5.0

1.0
5.0

113,620
113,620

113,258
113,258

112,883
112,883

112,508
112,508

112,110
112,110

111,650
111,650

111,169
111,169

110,654
110,654

110,095
110,095

109,515
109,515

108,900
108,900

109,711
109,711

100

100

100

100

100

100

100

100

100

100

100

100

221,248

222,136

222,521

222,228

259,812

261,529

263,353

265,400

267,530

269,760

272,015

274,107

Book Value (CAD) ('000's)


Value (CAD) ('000's)
100% Check

OK

Weighted Average Value (CAD) ('000's)

Per Common Share Valuation


(fully diluted)
in Canadian dollars per share

Jan 2009
1

Feb 2009
2

Mar 2009
3

Apr 2009
4

May 2009
5

Jun 2009
6

Jul 2009
7

Aug 2009
8

Sep 2009
9

Oct 2009
10

Nov 2009
11

Dec 2009
12

Pre-Money

2.04

2.05

2.06

2.05

2.40

2.42

2.43

2.45

2.47

2.49

2.51

2.53

Post Money

2.04

2.05

2.05

2.05

2.40

2.41

2.43

2.45

2.47

2.49

2.51

2.53

Check

ABC Wind Energy Co D2.xls

OK

CONS

ABC Wind Energy Corporation - Financial Model CONFIDENTIAL

Common Equity Valuation


Jan 2010
13

by Earnings
Forward Multiple on Annual Earnings (rolling)
Weighting (%)

10.0
15.0

12 Month Roll forward Earnings (CAD) ('000's)


Value before Cash on Balance Sheet (CAD) ('000's)
Add Cash on Balance Sheet (CAD) ('000's)
Value (CAD) ('000's)

(31,734)
(317,344)
56,470
-

by EBITDA
Forward Multiple on Annual EBITDA (rolling)
Weighting (%)

5.0
10.0

Feb 2010
14

10.0
15.0
(32,644)
(326,441)
44,101
-

Mar 2010
15

10.0
15.0
(31,956)
(319,555)
31,123
-

Apr 2010
16

10.0
15.0
(28,317)
(283,168)
2,711
-

May 2010
17

10.0
15.0
(24,702)
(247,022)
60,122
-

Jun 2010
18

10.0
15.0
(20,371)
(203,712)
13,427
-

Jul 2010
19

10.0
15.0
(16,035)
(160,353)
52,230
-

Aug 2010
20

10.0
15.0
(11,297)
(112,971)
5,182
-

Sep 2010
21

10.0
15.0
(6,547)
(65,466)
790,919
725,453

Oct 2010
22

10.0
15.0
(2,114)
(21,137)
745,599
724,462

Nov 2010
23

Dec 2010
24

10.0
15.0

10.0
15.0

2,680
26,804
710,540
737,344

7,198
71,982
706,354
778,336

5.0
10.0

5.0
10.0

5.0
10.0

5.0
10.0

5.0
10.0

5.0
10.0

5.0
10.0

5.0
10.0

5.0
10.0

5.0
10.0

5.0
10.0

655
3,274
44,101
47,374

6,320
31,600
31,123
62,724

14,912
74,561
2,711
77,272

23,206
116,032
60,122
176,154

31,704
158,519
13,427
171,946

39,903
199,514
52,230
251,745

48,388
241,941
5,182
247,123

56,885
284,427
790,919
1,075,346

65,085
325,423
745,599
1,071,022

73,570
367,849
710,540
1,078,389

81,769
408,845
706,354
1,115,199

20.0
10.0
70.0

20.0
10.0
70.0

20.0
10.0
70.0

20.0
10.0
70.0

20.0
10.0
70.0

20.0
10.0
70.0

20.0
10.0
70.0

20.0
10.0
70.0

20.0
10.0
70.0

20.0
10.0
70.0

20.0
10.0
70.0

20.0
10.0
70.0

Value (CAD) ('000's)

323,107

327,192

331,530

336,133

443,842

449,721

548,745

556,352

1,395,850

1,405,117

1,415,221

1,426,016

by Book Value
Multiple on Book Value
Weighting (%)

1.0
5.0

1.0
5.0

1.0
5.0

1.0
5.0

1.0
5.0

1.0
5.0

1.0
5.0

1.0
5.0

1.0
5.0

1.0
5.0

1.0
5.0

1.0
5.0

108,855
108,855

107,848
107,848

106,579
106,579

104,935
104,935

205,249
205,249

202,310
202,310

291,014
291,014

286,752
286,752

1,112,952
1,112,952

1,107,514
1,107,514

1,101,563
1,101,563

1,107,278
1,107,278

100

100

100

100

100

100

100

100

100

100

100

100

277,051

281,370

286,673

292,079

398,314

402,488

498,643

504,113

1,249,095

1,254,729

1,264,173

1,281,845

12 Month Roll forward EBITDA (CAD) ('000's)


Value before Cash on Balance Sheet (CAD) ('000's)
Add Cash on Balance Sheet (CAD) ('000's)
Value (CAD) ('000's)

(3,542)
(17,712)
56,470
38,759

by Discounted Cash Flow


Cash Flow Present Value Discount Rate (%)
Terminal Value - Annual Cash Flow Multiple
Weighting (%)

Book Value (CAD) ('000's)


Value (CAD) ('000's)
100% Check

OK

Weighted Average Value (CAD) ('000's)

Per Common Share Valuation


(fully diluted)
in Canadian dollars per share

Jan 2010
13

Feb 2010
14

Mar 2010
15

Apr 2010
16

May 2010
17

Jun 2010
18

Jul 2010
19

Aug 2010
20

Sep 2010
21

Oct 2010
22

Nov 2010
23

Dec 2010
24

Pre-Money

2.56

2.60

2.65

2.70

2.73

2.76

2.79

2.82

2.34

2.35

2.36

2.40

Post Money

2.56

2.60

2.65

2.70

2.73

2.76

2.79

2.82

2.34

2.35

2.36

2.40

Check

ABC Wind Energy Co D2.xls

OK

CONS

ABC Wind Energy Corporation - Financial Model CONFIDENTIAL

Stock Based Compensation


(as valued by Black Scholes method)
in thousands of Canadian dollars

Jan 2009
1

Feb 2009
2

Mar 2009
3

Apr 2009
4

May 2009
5

Jun 2009
6

Jul 2009
7

Aug 2009
8

Sep 2009
9

Oct 2009
10

Nov 2009
11

Dec 2009
12

Monthly Additions of SBC

300

300

300

300

300

300

300

300

300

300

300

Monthly Cancellations of SBC

Straight Line (months)

OK

60

60

Opening Balance

10,000

10,000

10,300

10,600

10,900

Ending Balance

10,000

10,300

10,600

10,900

11,200

167

172

177

182

187

10,000

10,133

10,262

10,385

9,833

9,962

10,085

10,203

Current Month SBC Expense


Opening Balance (net)
Ending Balance (net)

ABC Wind Energy Co D2.xls

CONS

60

60

60

60

60

60

60

60

60

60

11,200

11,500

11,500

11,800

11,800

12,100

12,400

12,700

13,000

12,100

12,400

12,700

13,000

13,300

192

197

202

207

212

217

222

10,503
10,317

10,617

10,725

10,828

10,927

11,020

11,108

11,192

10,425

10,528

10,627

10,720

10,808

10,892

10,970

ABC Wind Energy Corporation - Financial Model CONFIDENTIAL

Stock Based Compensation


(as valued by Black Scholes method)
in thousands of Canadian dollars

Jan 2010
13

Feb 2010
14

Mar 2010
15

Apr 2010
16

May 2010
17

Jun 2010
18

Jul 2010
19

Aug 2010
20

Sep 2010
21

Oct 2010
22

Nov 2010
23

Dec 2010
24

Monthly Additions of SBC

300

300

300

300

300

300

300

300

300

300

300

300

Monthly Cancellations of SBC

Straight Line (months)

OK

60

60

60

60

60

60

60

60

60

60

60

60

Opening Balance

13,300

13,600

13,900

14,200

14,500

14,800

15,100

15,400

15,700

16,000

16,300

16,600

Ending Balance

13,600

13,900

14,200

14,500

14,800

15,100

15,400

15,700

16,000

16,300

16,600

16,900

227

232

237

242

247

252

257

262

267

272

277

282

Opening Balance (net)

11,270

11,343

11,412

11,475

11,533

11,587

11,635

11,678

11,717

11,750

11,778

11,802

Ending Balance (net)

11,043

11,112

11,175

11,233

11,287

11,335

11,378

11,417

11,450

11,478

11,502

11,520

Current Month SBC Expense

ABC Wind Energy Co D2.xls

CONS

Vancouver Expert Financial Models Inc.

www.VanFM.com

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