BEFORE THE 

DEPARTMENT OF TRANSPORTATION 

OFFICE OF THE SECRETARY 

WASHINGTON, D.C. 

Application of ) 

) 

Menagerie Enterprises, Inc. d/b/a ) DOCKET DOT-OST-2014-0192 

Monarch Air ) 

) 

For authority to conduct scheduled ) 

Passenger operations as a commuter air ) 

Carrier under 49 U.S.C. 41738 ) 

APPLICATION OF 

MENAGERIE ENTERPRISES, INC. 

D/B/A MONARCH AIR 

Supplemental Response to Second Information Request 

Communications with respect to this document should be sent to: 

February 25, 2015 

Rebecca B. MacPherson 

Jones Day 

51 Louisiana Ave., NW 

Washington, DC 20001 

Telephone: 202-879-3939 

Fax:202-626-1700 

Email: rmacpherson@jonesday.com 
Application of 

BEFORE THE 

DEPARTMENT OF TRANSPORTATION 

OFFICE OF THE SECRETARY 

WASHINGTON, D.C. 

Menagerie Enterprises, Inc. d/b/a 

Monarch Air 

) 

) 

) 

) 

) 

) 

) 

) 

DOCKET DOT-OST-2014-0192 

For authority to conduct scheduled 

Passenger operations as a commuter air 

Carrier under 49 U.S.C. 41738 

APPLICATION OF 

MENAGERIE ENTERPRISES, INC. 

D/B/A MONARCH AIR 

Supplemental Response to Second Information Request 

Financial Position and Operating Plans 

An applicant for commuter authority is expected to be prepared to fully prosecute its application 

at the time it is filed. With respect tofznancialfitness, the applicant is required to provide 

current financial data, and three years of historic financial data, together with a detailed 

forecast of its pre-operating costs and a pro-forma forecast profit and loss statement reflecting 

all revenues and expenses the applicant expects to earn/incur during its first year of actual 

commuter operations. In addition, the company must demonstrate that it has obtained all of the 

funding needed to meet our financialfitness test or, at a minimum, that it has a reasonable plan 

for doing so. Please provide the following: 

In the December 23, 2014, submission, you indicate that 1\1onarch will need $422,349 to 

commence the proposed commuter operations. Does Monarch consider this as its pre-operating 

cost forecast? If so, please explain how these costs were derived. {f not, please provide a preoperating costforecast that ident{fzes all costs expected to be incurred by Monarch prior to the 

actual start of its operations. 

The following response is provided as a result of Monarch Air's update to its Balance 

Sheet (attached Exhibit 1) and Projected Revenues and Expenses (attached Exhibit 2). Monarch 

estimates that the pre-operating cost forecast will be approximately $157,000. That cost consists 

of the following: 

2 
Professional services (i.e., legal and accounting fees) 

And application fee 

Salaries for two-man crew 

Aircraft insurance 

Initial Training 

$60,000 

$25,800 

$3,000 

$70,000 

In addition, as indicated on the spread sheet provided as Exhibit 2 to this submission, the 

first year's operating expenses are anticipated to cost a total of$6,317,469.16. A simple 25% of 

these costs results in a projected financial fitness threshold of $1,736,367.29 ($1 ,579,367.29 + 

157,000). 

Certification 

The contents of this application and the attached exhibits are true and correct to the best 

of my knowledge and belief. Pursuant to Title 18 United States code Section 1001, I, Trey 

Sawtelle, in my individual capacity and as the authorized representative of the applicant, have 

not in any manner knowingly and willfully falsified, concealed or failed to disclose any material 

fact or made any false, fictitious, or fraudulent statement or knowingly used any documents 

which contain such statements in connection with the preparation, filing or prosecution of the 

application. I understand that an individual who is found to have violated the provisions of 18 

U.S.C. section 1001 shall be fined or imprisoned not more than five years, or both. 

Attachments: 

Exhibits 

3 
Balance Sheet 

Month 2 Month .1 Month 4 Month 5 Month<> Month 7 Month 8 Month 9 Month 10 Month II Month 12 

0(>.1 309,29154 299202.72 ,14 L947 14 445A.15 . .13 440..10·1 47 558,864 86 517.577.58 525,798 .12 527,703 71 529,629 02 454,555 19 

82 28 55 L 182.28 55LI82 28 55 Ll82.28 55LI82 28 55LI8218 55U82 28 55 u 82.28 55LI82 28 55LI82.28 551.182 28 55 L 182.28 

0 ()() 8,200 00 8200 00 8.200.00 8,200 00 8,200 ()() 8.200 00 8200 00 8200.00 8.200 00 8,200 00 8200.00 

() ()() 000 0 00 ()()() () 00 0 ()() 0 00 () 00 () 00 () 00 () 00 277.571.40 

7 76 42.1. 787.76 423,787.76 423,787 76 423.787 76 423,787 76 423,787 76 423,787.76 42.U87.76 421.787 76 423,787 76 42.1)87 76 

7 08 5,27708 5,277.08 5,277 08 5277 08 5)77 08 5,27708 5,27708 5.277.08 5.277.08 5.277.08 5.27708 

775 U97,B866 1287.649 84 L430394 26 1.433,882 45 I 428)5159 L547Jll98 1506,02,1 70 1.514,245 44 1516.150.83 L518,07614 L720573 71 

9 20 70J39 20 70,13920 70.139.20 70,1.1920 70,139.20 70, 1.19.20 70,13920 70.139.20 70, 1.19.20 70,13920 70, 1.19.20 

5 94 616.825 94 616,825 94 616.825.94 616,825 94 616.825.94 616,825 9,+ 616.825.94 616,825 94 616,825 94 616.825.94 616,825 94 

0 00 0 00 0 00 2.50(),()00.00 L500Jl00 00 2.500,000 00 2,500,000 00 2,500,(100.00 2,500,()00 ()() 2,500,1100 00 2500,(100 00 2500,000.00 

0.00 () 00 () 00 () 00 () 00 () 00 2.500.000 00 2,500.000 00 2,50(),(100 00 2,500_000.00 2,500,()00 00 2.500,000.00 

5 47 48.845.4 7 ·18,845 47 -18,845 4 7 48,8+547 48.8,15 n 48,845.47 48,845 47 48,84547 ,18,84547 48.845 47 48,845 47 

6 46 54,61646 54,616 46 54,61646 54,61646 54,616 4(> 54,616.46 54_616.46 54J>I6 46 54,61646 54,61646 54,616.46 

1 70 90,74.1 70 90.74.1.70 90,743 70 9(1,741.70 90.741 70 9(1,743.70 9(),74.170 90,741 70 9(),743.70 90.741.70 90,74370 

1 67 -729.5.18.34 -71.U0501 -757.705 01 -78L705 01 -805,705 01 -859.455 0 I -913.205 0 I -966,955 01 -1Jl20.705 01 -L074.455 01 -I 128.205 01 

9 10 15 L6.12.43 147,465.76 2.62.1.465.76 2.599,465 76 2575.465 76 5,02L715 76 4,967.965 76 4.914,215 76 4.860.41>5 71> 4,80(>,715 76 4,752,965 76 

4M 14Jl464 14,13464 14,134 64 14,134 64 I,UJ,l64 14,134.64 14.1.1464 14.1.14 64 14J34.64 14.114 64 14.134.64 

1 63 57.491.61 57.491.63 57.491.63 57.491.63 57.491.63 57A916.1 57.491.63 57.491 61 57.491.61 57.491.61 57.491.63 

0 ()() 15,()00 ()() 15,000 00 15.000.00 15,(100.00 15JJOO 00 l5Jl00 00 15,()()() 00 15.000 00 15Jl00.00 15 000 00 15.000 ()() 

O 00 LOOO 00 1.000 00 LOOO 00 LOOO 00 I JlOO.OO 1,000 00 1,000.00 1.000.00 1.000 00 LOOO 00 1,000 00 

5 00 15565.00 15,565 00 15.565 00 15,565 00 15.565 00 15.565.00 15,565 00 15.565.00 15565.00 15,565 00 15.565 ()() 

VJOO 149.00 149 00 149.00 149.00 149 00 149.00 149.00 119.00 149 00 149.0(1 149 00 

0 27 103..:140 27 IO.U40.27 103.340.27 103.34027 101,:14027 103.340 27 103340.27 103.140 27 103 . .140 27 I 0.1,1·10 27 I 03.340.27 

7.12 1552.711 1() 1.538.455.87 4J 57,200.29 4J 36.688 48 4J07,55762 6,672.368 0 I 6,577330 73 6.5.11 ,801.47 6.479.956.86 6.428,132.17 6,576,879 74 

6.81 874.696.83 874.696 83 874.696.83 874,696 81 874.696.83 874,696.83 816,678 06 816,678 06 81(),56058 804.791 20 766,] 15.56 

4.64 610,889 15 617,788.80 604,909 61 59L878.19 578,875 02 565,72.1 04 552594.70 5.19,401.53 526,()68.74 512,750.62 499292 37 

0 00 297,()(10 00 297.000.00 297,000 00 297,(100.00 297,()00 00 297,(100 00 297.000.00 297.(100.00 297,(100 00 297,()00.00 297JJOO 00 

0 00 0 00 0 00 () 00 0 00 0 00 0.00 0 00 () ()() 0 00 0 00 0 00 

0 00 50,000 00 50,(100.00 50,000.00 50Jl00 00 50Jl00 00 50JJOO 00 50Jl00.00 50,(100 ()() 50.000 00 50,000.00 50.000 00 

0 06 0.06 0.06 0.06 0.06 0.06 0 06 0.06 0.06 0.06 0.06 () 06 

0 00 () 00 0 I)() 0 ()() 0 00 0 00 () 00 () 00 0 00 () 00 () 00 () 00 

2.% 18.142.56 18.142.56 18J42.56 18.142 56 18J42 56 18J42 5(, 18J4256 18.142 56 18J42.56 18,142.56 18.142.56 

Exhibit 1 
S·l 09 LX7tU2R 60 I ,857J>28 25 1.844,749 06 L81U17 64 1.818,714.47 I _805'>62.49 U34AI518 L72L22·l21 UOU71 94 I .68? .1>85 44 1.630,750 55 

2,500Jl00 00 2.483,900 29 2.467.733 49 2,451.499 :n 2A35Yi7 53 2.418.82781 2AtP.l89 88 2.385.8.13.46 2.369.308.26 

2,500.000 00 2.483.900 26 2,4(>7.733 49 2.4.51.499 33 2.435.197 53 2,418.827 81 

00 00 14')00 00 14.900 00 14.900.00 14.900.00 14.900 00 14.900 00 14.900 ()() l--1.900 00 14.900 ()() 14.900 ()() 14,900 00 

00 00 ·19.600 00 49.600 00 49.600 00 49.600 00 49.600 00 49.600 00 49.600 00 49.i>OO 00 49.1>00 00 ·19.600 ()() 49.600 00 

23 36 16.92.1 36 16.923 36 16.923 36 16.92.1.36 16.923 36 !(,_923 ,36 1(1.923 36 16.923 .. 36 I 11.923 36 16.923.36 16.923 3(J 

1 36 81.42\.36 8L-!23.36 2.581,423.36 2_5()5.323 65 2.549.156.85 5.(132.922.69 5.000.521 15 4'!67.984 M 1.9.15.312.57 4.902.4.54 35 4.869.55943 

00 00 1.000 00 1.000 00 1.000.00 1.000 00 1.000.00 1.000.00 1.0()() 00 1.000 00 1.000 00 1.000.00 1.000 00 

-l 67 3,89467 .l.X'1467 3.894.67 .1.894 67 3.894 67 .3.89467 3,894 67 3.89·1 67 3.89-1 67 3.894 67 3.894.67 

3 87 -544.11.1 87 -544.113.87 -54-U 13.87 -544.113 87 -5H.113S7 -544.113.87 -544.113.87 -54-U 13.87 -544.11.3 87 -544.113.87 -544.1!.3.87 

8 87 !.39. 778 60 1.18.1123.46 170.247 07 27R.866.39 278.905 50 37.1.102 03 381.613 40 381.811.80 382.091 55 382.21 us 615.788.96 

50 33 -.199.440 (J() -400.595.74 -268.972.13 -26tU52 81 -2(J(UI3 70 -166.117.17 -157.605.80 -15740740 -157.1271>5 -157.007 (J2 76.569.76 

7 12 1.552.71136 1.538.-155.87 4.157.200 29 4.13(>.1>88 48 

4.107.557 62 1>,6 72.368 0 I 6.577..130 7.1 (,_531.80147 6A79.956 86 (J.-128. 132 17 6.576,879 74 

at will be used to pay down the LOC Legacy Texas Bank liabhty acccount Th1s is not currently reflected on the balance sheet as the exact tunc of tins has ~"d to be dcknmneJ 
Balance Sheet- :\on-Rise Operations 

Month 2 Month 3 Month-! Month' Month 6 Month 7 Month 8 Month Y Month 10 Month II Month 12 

278 38 207.183 29 198.594-17 189.1>60 79 180.948 27 172.1183 52 163.247 02 96.2-+2 9-l 87.281.27 72.12929 57.202.79 9 . .174.70 

18228 55 I 182.28 55 1.182.28 551.182.28 551.182 28 551.18228 551.182 28 551.182.28 551.182.28 551.182 28 551.182.28 551.182.28 

200 00 8.200.110 8.200 00 8.200 ()() 8.200.00 8.200 (1(1 8.200 00 8.200 00 8.200 ()() 8.200 (I() 8.200.00 8.200 00 

() 00 0 00 () ()() 0 ()() 0 ()() () 00 0 ()() () 00 () 110 () ()() () 00 130.000.00 

787 76 423.787.76 423.787 76 -123.787 76 423.787 76 423.787 76 423.787 76 -123.7X7 76 -123.7X7.76 423.787 76 -123.7S7 76 423.787 76 

277 118 5.277 08 5.277 08 5.27708 5.277 08 5.277 08 5.27708 5.277 08 5.277 ox 5.277 OS 5.277.08 5.277.08 

725 50 I, 195.630.41 Ll 87.041.59 1.178.107.91 I 169.395 39 I 160.530 6-1 I 151.6'14 14 1.08-1.690 06 I JJ75.728 39 !060.576 41 !045.649.91 I 128.02182 

139 20 70,139.20 70.139 20 70.139.20 70.139 10 70,139 20 70.139 20 70.139.20 70.139.20 70.139 20 70.139 20 70,139.20 

825.9-l 616,825.94 616.825 94 616.825.94 616.825.94 616.825 94 616.825 9-1 616.825 94 61 h.825 94 616.825.94 616,825.94 616.825 94 

84547 48.845.47 48,845.47 48.845.47 48.845.47 48.845 47 48.84547 48.845 47 -lX.84.'.47 48.845.47 48.845 47 48.845 47 

616 46 5-1,616 46 54.610.41\ 54.61646 54.616.46 54.616 46 5-l.616.46 54.616 46 54.616.46 54.616 46 54.616.46 54.616 46 

743.70 90.743.70 90.743 70 90.743 70 90_743.70 90.743.70 90.743 70 90.743 70 90.743 70 90.743 70 90.743 70 90.743 70 

371.67 -729,538.34 -733.705 Ill -737.871.68 -742.038 35 -746.205 02 -750.371.69 -754.538.36 -758.705 03 -762,871 70 -767.038 37 -771,205 04 

700.10 15163243 1-17.465 76 143.209.09 139.132.42 134.%5 75 130.799 08 176_632 41 122.465.74 118.299 07 114.132.40 109.965 73 

134 64 14.134.64 14.134.64 14.134.64 14.134 64 14.134.64 14.134 64 14.134.64 14.13464 14.134 64 14,134.64 14,134.64 

91 6.1 57.491.63 57.491 63 57.491.63 57.491 63 57.491 63 57.49163 57.491 63 57.491 63 57.491 63 57_491.63 57.491.63 

000 00 15.000.00 15.000 00 15.000.00 15.0111100 15.000 00 15.000.00 15JIOO 00 15.000 00 15_ooo on 15.000 00 15.000.00 

00 00 1.000 00 IJJOO 00 1.000 ()() 1.0110 00 1.1100 ()() IJIOO 00 1.000 00 1.000 00 1.000 00 1.000 00 LOOO 00 

565 ()() 15.565 00 15.565 ()() 15.565 00 15.565 00 15.565 ()I) 15.565 00 15.565.110 15.565 00 15.565 00 15565 00 15,565.00 

149 00 149.00 149.00 149 00 149 (I() 149 00 149.00 149 ()I) 149.00 149 00 1-10 00 149.00 

"10 27 I 03.340.27 103.340 27 I 03.340.27 1113.340.27 103.340 27 103.340.27 103.340 77 103.3-10.27 1113.34027 103,340 27 I 03.3-+0.27 

864 87 I .450.603 II 1437.847 62 1.424.747.27 I _41 1868 08 1.398.836 66 1.385.833.49 u 14.662 74 1301_534.40 1.282.215 75 1.263.122.58 1.341,327 82 

6% 8} 874.696 8.1 874.690 83 874.696.83 874.696 83 874.696.83 874.6'16.83 816.678 06 816.678 ()() 810,560 58 804.792.20 766_315.56 

-+4 64 630.889 15 617.7R8 80 604.909 o I 591.878.19 578.875 02 565.723 04 552.594 70 539.-+03.53 526.068 74 51 '-750 62 499.292 37 

000 lltl 297.000.00 297.1100.00 297.000 00 297.1100 00 297.000.00 297.000 ()() 297.000 110 297.0110 00 297,000.110 297.000 110 297.000 00 

000 00 50.0110 00 50.000 00 50.000 ()() 50.1100.00 50.0011 ()() 50.000 00 511.000.00 50.0011.00 50.000.00 50.000 00 50_000 ()() 

11.06 0.06 0116 () 06 () 116 0 06 () 06 0 06 0.06 0 06 0.116 0.06 

II 00 0 00 II 00 () 00 () 00 000 000 0 00 (I 00 () 00 () 00 () 00 

42 '>6 18.142.50 18.142.56 18.142 56 18.142.56 18.142.56 18.142 56 18.14256 18.142 56 18.142 56 18.142.56 18,142.56 

-
484 09 1.870.728.60 1.857.628 25 1.844.749 06 1.831.717 64 1.818.714 47 1.805.56249 1.734.415 38 1.721224 21 1.701.771.94 1.682.685.44 1.630. 750.55 

900.00 14.900 00 14.90(1 00 14.900.00 14.900.00 14.900.00 14.900 00 14.900.00 14.900.00 14.900.00 14.900.00 14.900 00 

600 ()() 49,600 ()() 49.600.00 49.600.00 49.600.00 49.600 00 49.600 00 49.600 ()() 49.600 I)() 49.600 00 49.600.00 49.600.00 

923 36 16.923.36 16.923.36 16.923.36 16.923.36 16.923.36 16.923 36 16.923 36 16,92336 16.923.36 16.923.36 16.923.36 

23.36 81.423 36 81423 36 81.423.36 81.423.36 81.423 36 81423 36 81423.36 81.423 36 81.423 36 81.423.36 81.423 36 

000 00 t.ooo on 1.1)00 00 IJlOO 00 1.000.00 1.000 ()() LOOOOO IJ)()() 00 LOOO 00 1.000.00 1.000 ()() 1,000 ()() 

894 67 3.894.67 3.8~4.67 3.894.67 3.894 67 3.894.67 3.894 67 3.894.67 3,894.67 3.894.67 3.894.67 3.894.67 

.IIH7 -544.113.87 -544.113.87 -544.113 87 -544.113.87 -544,113.87 -544.113.87 -544.113 87 -544.113.87 -544.113.87 -544.113.87 -544.113.87 

176 62 37.670.35 38.015.21 37.794 05 37.946.28 37,91803 38.()66 84 38.043.20 38. I 06.03 38,23965 38.232.98 168.373.11 

)42.58 -501.548.85 -50 I .203 99 -501.425 15 -501.272.92 -501.301 17 -501.152.36 -501.176 00 -50Lil3 17 -500.979.55 -500.986.22 -370.846 09 

864 87 I ,450.603 II 1.437.847.62 1.424.747.27 1.411.868 08 1.398.836.66 1.385.83349 1314.662 74 1.301.534 40 1.281.215.75 1.263.122 58 U4U2782 
Balance Sheet - Rise Operations 

Month 2 Month 3 Month 4 Month 5 Month6 Month 7 Month 8 Month 9 Month 10 Month II Month 12 

225 I 02.108.25 100.608.25 252.286.35 264_487 06 268.220 95 395.617.84 421.334.64 4:>8.517 05 455.564.42 472.426 23 444.980.49 

147.571.40 

.25 102.108.25 100.608.25 252.286.35 264.487 06 1 68.220.95 395.617.84 42 1_334 64 438.517 05 455.564 42 472.426.23 592.551.89 

 00 () 00 () 00 2.50()_()()0 00 2.500.000 ()() 2.500.000 00 2.500.000.00 2.500.000 00 2.500J)()() 00 2.500_000 00 2.500.000 00 2.500_()()() ()() 

00 0.00 0 00 0.00 () 00 0 00 2500.000 00 2.500.000 ()() 2.500.000 00 2.500.000 ()() 2.500.000.00 2.500.000 00 

 00 () 00 () 00 - P1JB3 33 -39.666 ()6 -59.499 99 -I 09.083.32 -158.666 65 -208.249 98 -257.833 31 -307.416.64 -356.999.97 

 00 0 ()() 0 Oil 2.480.161167 2,46<U33.34 2.440.500 0 I 4.890.916 68 4.841.333.35 4.791,750 02 4.742.166 69 4.692.583 36 4.643.000 03 

 00 0 00 0 00 () 00 () 00 () 00 0 00 0 00 () 00 () 00 () ()() () ()() 

25 102.108.25 100.608 25 2.732.453 02 2.724.82040 2.708.720 96 5,286,534 52 5.262.667 99 5.230.267 07 5.197.731 II 5.165.()09 59 5.235.551.92 

 00 () ()() () ()() () ()() () 00 0 I)() () ()() 0 00 0 00 () ()() 0 00 () 00 

 00 () 00 0 00 () 00 () 00 () ()() () 00 0 ()() () 00 () ()() () ()() ()()() 

2.500.000.00 2.483.900.29 2.467.733.49 2.451.499.33 2,435.197 53 2.418.827 81 2.402.389 88 2.385.S3346 2,369,308.26 

2.500.000 00 2.483.900 26 2.467.733 49 2.451.499.33 2.435.197.53 2.4 18.827.81 

00 () 00 () ()() 2.500.000.00 2_483.900 29 2An7.733 49 ~.951 ,49\l 33 -1.919.097 79 4.886.561 30 4.853.889.21 4.821 _()30 99 4.788.13607 

()() 0 00 0 00 () ()() () 00 0 ()() 0 00 0 00 () ()() 0 00 0 ()() () 00 

00 000 () ()() () 00 () 00 () ()() () 00 0 00 () 00 0 00 () ()() 0()() 

)() 0 ()() 0 00 () 00 () ()() () 00 0 00 () ()() () 00 0 ()() 0 ()() 0 00 

25 102.108.25 100.608 25 232.453 02 240.920.11 240.987.47 335.03519 343.570.20 343.705 77 343.841.90 343.978.60 447.415 85 

25 102.108.25 I 00.608 25 232.453.021- 240.920 II 240.987 47 335.035 19 343.570 20 34.1.705. 77 

343.84190~ 

343.97~.___ 447.415.85 

--
'---

II I I I I I ll I I I I I I I I I l ll Ill~ 

d 

~ 

;;. 

§ ~"-! c:: 

~~ 

"""lz 

:;:;~ 

llLLLH+Htttttrrml .~ 

- I I I ' 

I r I I s 

--l--1----l-l ~ I II I I I I ~ 
\lunth j \,fonth ...J

_000 ()() 550 00(1 00 550,1)()() 00 

LCJ64 11 16~L!J6...J- 11 1(ll('l(),..J.11 

02.~92h7 

L250 oo 1.250 ()() L25fl 00 

()6,1)00 ()() 

,214.33 920,214.33 1,389,407.00 

_()4...J- 37 9.0-f-+ 17 9JJ44 17 

L 15..:1- I 0 11.154 I 0 II. 154 10 

1.500 ()() 1.500 00 LSOO (J(J 

1.5\10 00 1.500 00 

.500 ()() 1.500 ()(l I_SOO UO 

1.500 ()() 

JJ16 h7 1.616 h7 1Jll6 b7 

1Jd 6 67 

 .25il 00 L250 IJO 1250 00 

1.2511 ()() 

_500 ()() 2_500 00 '""~.~·00 00 

10'.1!00 ()() 

.ox1 n 17.0X1 33 J7J>XJ 33 

.020 47 h7.02() -1-7 (J7,1J20 47 

()7.(+2017 

 .250 00 1.250 ()() I .250 00 

](1(1 ()7 2 L I l1(1 fl7 23.1 (}6 67 

Projected Revenues and Exu<·nses 

l\1onth 5 :\lonth 6 \fonth 7 :'vfonth X l\tonth lJ ~\ilonth ! 0 ~vtonth II ivtonth 12 

550.000 00 550_000 ()() 550J)00 ()() 55n.ooo oo 550.000 00 550,000 00 5'i0J)()() {)() 550.(1()0 ()() 

3hf(l)(J..J- 'l\ 1M(tJ6..J.11 1ML9h4 JJ Jll~\_l}(J.f 33 l68Y6-l- Jl '(J~{.C)(J4 1.1 1rJl:( 1}().:J. 11 J(Jl-L964 n 

372j92 67 172,)92 6 7 n:.5CJ2 h7 172,"lJ2 (}7 372.51>:2 67 l72_592 6 7 172.Yl2 67 37:2_592 67 

29).632 (17 295.632 h7 2CJSJd2 67 :295,632 67 29S_hl2 67 2'l5,63:2 (J7 

l.c5o 110 Lc5o oo 1 <::so oo 1_250 ()() t.:5o oo I.e 5o oo I .250 00 !_250 ()() 

\)6Jl)0 ()() 

110.(100 00 

-l-X_6R.f 06 

1h.511 0·1 

UU02 R9 

1,292,807.00 1.292,807.00 1.(>85,039.67 1.588,439.67 1588A39.!,7 1,588,439.67 1,588,439,()7 1,821,739.65 

(J.(J44 37 I)J)..J-+ 37 9Jl..J4 17 9.04..:1- 37 9_0...J-4 .17 9JJ44 37 \)jJ44 17 '!.04417 

11.35410 II. 154 10 11.3'410 1 L35..:J- 10 11154 10 II .354 10 II. 154 IO 1 I .354 I 0 

1.500 00 1.500 00 1.50() 00 1.500 00 1.500 00 1.50000 1.500 00 1.50000 

1.500 ()I) 1.50000 1.500 00 1.500 \)() 1500 ()() 1.500 00 1.501100 uoooo 

1.500 ()() 1.50() ()() 1.511000 1.5111100 1.500 00 1.500 00 

1.500 00 1.50000 L5UO ()() 1.500 llO 1,500 ()() 1.500 ()() uoooo 1.500 00 

1.50() 00 L5fJU 00 LSOO 00 I ~500 llll 1.500 \10 1.500 00 \.50000 1.500 ()() 

1.::-oo no 1.500 0() 1.511000 1.500 00 1.500 00 1.500 ()() 

3.hl6 (J7 1.hl6 (J7 1.61 (J 67 3,(}1() 67 1JJ1h h7 3,bl6 67 ~.h 1 (J (J7 lJJI h 67 

3.h!6 67 3Jd(l 67 L(J16 (J7 3JJI667 3JJl() h7 3_6]667 l.(J 16 67 j_(J](J h7 

l.(J!(J (17 1JJ1 (} (17 3.1Jl6 67 1,61 (J h7 1.b](J 67 1,616 CJ7 

!.25() 00 L250 ou 1.250 \)() L250 00 L.250 00 1.:so oo 1.250 00 I ,250 00 

1.250 00 1.250 00 1.2'50 ()() L250 oo L250 00 1.250 ()() I ,2"0 00 !.250 ()() 

--

00 1.251100 1.250 ()() 1.250 ()I) I .250 00 1,.250 00 

2.500 ()() 2500 ()() 2.500 ()() 2.50(1 ()() '1_500 (){) 2,500 00 :.500 ()() .:::_500 00 

105.()()() ()() 

J7.oxJ n n.mn11 l?JJXJ 31 17JJXl JJ 17,0S I l1 17.0R3 l1 1711XJ 11 17.\JRJ l1 

67Jl2() cf7 (17_020 -+7 (17.020 47 67.020 47 tJ7.o:::n -+7 (J7_(J2() 47 67.(}2() 47 67.()20 ..:J-7 

67.()20 17 h7Jl20 ~7 (J7JJ2() 37 67.020.17 (,7.()C() J7 h7Jl20J7 (17.020 37 67.()20 37 

-1-lJ.X-L: 17 ~'l.X-12 J 7 49,1-\-l-2 3 7 ..:J-9_X42 n 41)_iH2 37 4'J.X42 17 

1.250 ()() 1.:so oo 1.250 00 I ,:~50 00 I 250 OU I ,250 00 1.2'0 00 L250 oo 

21, ](l(J h7 21.166()7 2i, I 61} ()7 :23.16h67 23.1Nl67 21, J6(J {J7 21,1h(}67 23,1 (J() 67 

Exhibit 2 
"OX .11 2()8 1.1 208 33 20R 33 

2.500 00 X2.500 00 82.500 00 82.500 00 

.5_N 2..J. 27.519 24 27.539 24 27.5 ;9 24 

27.5:N 24 27.539 24 

X.111 71 4X.1.11 73 4X.111 71 48.331 73 

4X.lll 73 48.313 73 

.811 .J1 5.8l111 5.Rl111 5.813 l3 

4.ll3 11 4.131 )1 4.111 11 4.133 ]] 

2'll (,71 291 (J7 29! 67 291 (,7 

:_mn :n 2JJ81 11 2 081 11 2,081 33 

L250 oo 1.250 00 !.250 ()() 1_.250 00 

,217 .29 :.217 2_217 29 2.237 29 

.9-f(l ()7 (1,94(1 67 f1,').:f-{l 67 6,lJ.:f-(J h7 

,8~2.S3 3~2.342.S3 596,60254 ~91.602.S~ 

,371.80 577,871.80 792.80~.46 801,204.46 

.750 ()() 1.750 00 1.750 ()() 1.750 00 

2';() 250 250 250 

.250 ()() !_250 ()() 1.250 ()() 1..250 {)() 

:so 250 250 250 

L ](dl 67 .1-_](J() 67 .:J-, ]6(l ()7 4.1()() h7 

1,3)(Jl 11_1n.1:1 11.111.33 31.311.~3 

_()]{) b6 :_l)J() (J(J 2.9\(J h(1 .2.()]6 66 

~! (J() b7 7,166 (J7 7.HJ6 h7 7. \()() 67 

.000 00 17.(100 00 17.(100 ()() 17.0()0 ()() 

.!(J6 (J7 --L !(1b67 4. !f1(1 67 4.!6667 

.H111 2.11 13 2.31111 2.31111 

.811 11 U11 11 UCl3 11 un n 

.083 n 12.11X1 11 12.mn 11 12.mn JJ 

.266 (J7 5,2b(1 67 5.266 (17 5,26() (17 

20X 33 :::ox 33 208 33 208 31 208 B 208 33 20R .13 

82.500 uo 82,500 00 82.500 00 82,500 ()() 1C.500 00 82.500 00 82,500 00 

27.'519 2il 275N2-t 27.539 24 27.519 24 27.5.'19 24 27_5 N 24 27.519 24 

27.51924 27_5'1') 24 27.51<) 24 27.51') 24 27.539 24 275N24 27.5 N 2-l20,-l.XO h1 20AXO 63 20AXU 63 20.-lXO (J3 20_.:1-80 61 20AXO 63 

48J11 7) -t~·UlJ 71 48.133 73 4X. l11 7J 4R.ll1 71 4Rlll71 lR.111 71 

48.313 71 48.331 73 48J11 71 48.311 7l 48.11.1 71 .JXJ11 71 4R.l11 73 

1:\945 25 15.945 25 35.945 25 ~'),945 25 35.945 25 15.945 25 

5,831 33 5.X33 13 5)01 33 5.811 11 5.831 .ll 5Xl1 11 5JU.131 

4.13.1 n U1111 1113 11 4.131 31 4]1113 4.13) 31 4)31 31 

29! ()7 .29! (17 .2()1 67 .291 67 291 {>7 2l)J 67 29! ()7 

:::_08) n 2,0l(i 31 2,0X1 31 :::.mn n 2.(181 31 :::_mn 13 2JJ8] 33 

I .:250 00 00 1 .2-"0 no 1.250 00 L:250 oo 1.250 00 1.250 ()() ~.2i729 ~,237 ::;9 2.217 .2_2~7 :29 2.237 :29 .2.237 .2') 

(J_9.:j.(J 67 h.9'Ul (J7 (1_'-l46 67 (1,9-:J-6 (>7 h,9-f6 67 (1.94-6 (J7 6.94() 67 ~91,602.S4 710,737.46 60S,737.46 605.737.4() 605.737.46 60S.737.46 60S,737.46 

801,204.46 974,302.21 982.702.21 982,702.21 982,702.21 982.702.21 1.216,002.19 

1.750 ()() 1.750 ()() L750 00 1.750 ()I) 1.750 00 1.750 ()() 1.750 ()() 

250 250 250 250 ::so 250 250 

!.250 00 1.250 00 I 250 00 1,2)0 00 I .250 00 1.250 00 1.250 ()() 

.250 .250 250 .250 250 250 250 

--L !6h 67 -l-. ]6() h7 4_]6() 67 4. !(16 67 4,1()() 67 .:J-,1 (J() 67 4.16667 

13.331.11 1J.1J1.11 13.313_11 11.DJ,11 'll.lll.ll 11.113.13 33.111.13 

2.916 h\1 2_9](16fl 2.\)J(J ()() 2_9! (J hh 2,916 ()() 2,')](1 (J() 2.9](1 6(J 

7.166 (J7 7. !<1h 67 7.]6(1 67 7.16b (17 7_!6667 7.16() 67 7Jh(J67 

17 000 00 17.()()() 00 17.()1)0 ()() 17.000 ()() 17.000 Oil 17.0011 ()() 17.000 00 

4.1()() (J7 -+. !h6 67 .:J-,166 (17 4-.J6(J h7 -+.166 h7 ... LJ(J6 (J7 4.1h<> 67 

2J33 11 2.311 2..11111 2.11'1 33 2.33111 :.11J l3 2333 JJ 

LR1111 l.R1113 l.R l1 3.1 UJ111 i.R ll 11 l.R13 11 1.81111 

I :::_083 13 ! 2.08_~ JJ !2JJXJ J ·; ! 2.083 .11 12.mn 11 12.{)83 31 12.0R1 1.1 

5.26CJ h7 :\266 ()7 5.2(16 (>7 5,266 b7 5.266 b7 5.266 b7 5.266 67 
1.541 67 1.5/~ I h 7 U41 67 3,541 67j 

2,991 Wl :2JJ49 {)_) 2.H70 I q 2.717 l)61 

l ()_ f 16 (l7 1 o, 149 sxl 

XJ 50 00 1HJ 50 00 1S_I5000 38,150 ()() 

4Jl6h h6 4_(16{) (J6 -Lh6666 4J>(l6 66 

2.mn 33 12.mn 33 I 2JH'U JJ I 2.083 33 

1081 11 IIJX1 33 1083 13 I 083 33 

2,500 ()() 2,500 ()() 2.500 00 250000 

?:JJ(l() ()7 2_(J6(J h7 :2JJb6 67 2JJ(l(l 67 

150000 3.50() ()() .1 5()() 00 ljO() ()() 

L500 oo uoooo uoo 00 1,500 ()() 

](J() ]6() 415 415 

X25 X2) g25 R25 

I ,850 00 1850 00 I.K51J 00 I ,850 00 

7,\)!6 67 27_1)!(1 h7 :27.916 67 27_l)](l 67 

Ullll l. j 13 11 3.3 n J1 lJ.B_B 

1_n1 n 1.1 n 33 3, BJ 33 1.133 31 

, ]bh (J7 7. lb6 (17 7_](J() (17 7, \(J(l 67 

.4!6 h7 ::-AIIlfJ7 'lAI6(J7 5_-1-16 67 

,l)j() {J{) 2,91() 66 2_()j() {l(J 2,9!() 66 

 .. :\X' l) 2.5?\3 33 2.:"83 11 2,5Xl 11 

250 250 250 

,250 00 USOIIO J,:so oo 3,250 ()() 

2,()! 11 6f1 202_fllh ()(l 202.()[(1 b6 20:2.916 b(J 

X,lll13 8.331 11 ~.1ll11 8,11111 

1,250 ()() h,250 ()(} h.:-250 00 (J,25(J ()() 

IH88 X'J 11.888 X') 

XOO 00 25.XOU 00 25,800 00 25,801) 00 

".\X,70(J 00 38 71)0 00 

1,541 67 ,L541 67 15--1-1 67 3541 67 U41 67 1,541 67 15,11 h7 

2.7·-+6 21 40 2J<21 04 2.558 21 2A 14 59 2All :26 2.291 I 3 

I 0_2X2 22 !0,214 58 ]\l_l--1-6 (J{) HUl7X 45 IOJJ09 9c, 9,941 IX 9)\72 12 

!0_416 il7 !0. )4() 58 1 n.:x2 22 10,214 58 I 0,146 f>() I 0Jl7X 45 

3SJ 5U ()() 1~,150 ()() lK.I 5() 00 1XJ 5() 00 1X,I50 00 18,150 ()() 1~J 50()() 

4JJ(J(l 66 :l,b()() (J6 -1J>h(l 66 4.6MJ b6 1,6(J(J 66 'tb6b(J(J 4,66() ()() 

12JlXl ll 12.mn n 12_083 33 12.mn 33 12JJ:-i11.1 12J)X3 .lJ 12JIX3 11 

IOXl )) 1118111 I OX111 IOXJ .11 IOXl 31 I OXl 11 1083 33 

2 500 I)() :2 .. :'100 ()(J 2.500 ()() 2500 00 2.500 ()() 2,500 00 250000 

2.bbb 67 2JJ(J6 (J7 2.666 67 2,h6h 6 7 2.666 67 2,666 67 2,666 67 

.L5011 00 ) 500 ()() 1.500 00 150000 1500 ()() 1500()0 (500 00 

I ,500 UO 1.500 ()() 1,5110 ()(I 1.500 ()() I ,500 00 150000 uoooo 

,liS (J6(J 666 ()()() 66(1 ()(){) 666 

X.25 X25 825 X25 1-\25 X25 X25 

I ,850 110 I ,8511 00 I ,850 00 I ,XSO 00 I ,850 00 I 850 00 I ,850 Oil 

27.91667 27.916 h7 27,91667 27,()1 () h7 27.()j() b7 27,()!6 (l7 27.l)1 () 67 

U11l1 3Jn 1.11111 U33.11 1J11 n nnD L:;:;·; 13 

1.3.1111 1_113 11 ;, n1 33 1 33133 LBJ 31 1,11' ll 1311 11 

7_16(1 fJ7 7_ !C>{l (,7 7, !6() 67 7, j()(l ()7 7. !6() (J7 7_ j()(l {l7 7.166 67 

5Alh 67 5A1h 67 SAI(J 67 :SA 16 67 5_41() (J7 5_41(J 67 SA 16 67 

:2.()]() b() 2.9](1 ()() 2,9!h (16 :2.fJ]() 6(J 2,9](, ()() :2.9!6 (J(J :2 .. 916 66 

2.5R1 33 :,sn 11 2_ss1 :n 2,581 3J :2,583 31 2.SX3 33 2583 33 

:250 250 2'10 250 250 250 

3 250 Oil .1,250 00 1.250 00 usooo 3.250 ()() 1,250 Oil 1,250110 

202.916 ()() 202,9!(1 66 6() 202,916 ()(J 202,9!6 (J() 202,9!() b(J 202,()16 ()() 

8Jl11l 811111 ~.lllll 8,111 13 8,13] ll X3ll 11 X,111 11 

(){) (),250 (){) ().2"\0 00 6,250 00 h_250 00 (J.::?:50 (){) b,250 00 

13,XX8 X(J 1.XXX X9 :;_xsx Wl 1.XX8 8() ll,XXX X'J 1 1)'\SX Xq 13,888 89 

25_800 ()() 25_soo on 25_XO(J 00 25JWO 00 25,800 00 25,80() ()(I 25,800 ()() 

1X}OO OIJ 18.700 00 18.700 00 18.700 I)() 18.700 ()() 18,700 ()() 18,700 00 
I I I I 

I 18700 ool JX.7oo ool JX.700 ool 18.7110 OOI 18.7001101 18.700 00 

1,426.531 43:1,081.671 498,557.391 498,338.071 498,298.961 547,450.181 547,338.811 547,140.411 546,860.661 546,7 40.631 :146,463.23 

I I I I I I I 

3,94:u71 142,790.131 294.247.!)71 302,866.391 302,905.501 426,852.031 435.363.401 435,561.801 435,84J.il51 435,%1581 669538.96 

4, !66 671 -t\6() 671 4,\66 67 

I 'l.81111l 19Yl1J11 19.8~~ 33 

I I I I I ool 2il,750 OOI 29.750 ool 29.750 oo1 29.750 0111 29.75000 

9,778.601 138,623.461 270,H7.071 278,866.391 278,905501 373,102.031 381.1>13.401 381,811.801 382,09J.il51 382,211.581 615,788.96 

* * denotes indirect costs 
Pro.iecte!l Revenues and Expenses- :'lion-Rise Operations 

onth 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month R Month9 Month 10 Month II Month 12 

550.0(10 00 550.000.00 550.000.00 550.000 00 550Ji00.00 550.000 00 'i'iO.OOO.OO 550.000.00 550.000.00 :i:iO.OOO 00 550.000.00 

1,250.00 1.250.00 1.250 00 1.250 ()() 1.250 ()() 1.250 00 1.250.00 1.250 00 1.250.00 1.250 00 1.250 00 

130.000 00 

551,250.00 551,250.00 551,250.00 551,250.00 551,150.00 551,250.00 551,250.00 551,250.00 551,250.00 551,250.00 681,250.00 

9.044 37 9.044 37 9,044 37 9.044 37 9.044 37 9.044 37 9.044 37 9.044.37 9,()44.37 9.044 37 9.044 37 

11.354.10 11.35·110 11.354.10 I 1.354 10 11.354.10 I 1.354.10 IU5410 I U54.10 I 1.354.10 I 1.35410 I 1.354.10 

2,500 00 2.500 ()(I 2.50(1 ()() 2.500 00 2.500 00 2.500 00 2.:i00 (I() 2.500 00 2.500.00 2,500 00 2500.00 

37.083.33 37.083.33 37.083 33 37.1183.33 37.()83 33 37.08333 37.083 33 37.083.33 37.083 33 37.083.33 37.(183.33 

1.250 00 1,25000 1.2:i0 00 1.25000 1.250 00 1.250.00 1.250 00 1.250 00 I ,250 00 1.250.00 1.250.00 

23,166 67 23.166 67 23 .. 166 67 23.166.67 23.16667 23.166 67 23.166 07 23.16667 23.16667 23.16667 23.166.67 

208.33 208.33 208.33 208.33 208 33 208.33 20R :n 208.33 208.33 208 33 208.33 

82.500 00 82.500 00 82,500 00 82.500 00 82.5001111 82.500.00 82.500.00 82.500.00 82.500.00 82.500 ()() 82.500.00 

3.750 00 3,750 00 3.750 00 3,75000 3.75000 3.750.00 3.750 00 3.750.00 3.75000 3.750.00 3.750 00 

'1.333 33 4.333 33 4.333 33 .:LJ33.33 4.333 33 4.333 33 4.333 33 4.333.33 4.333 33 4.333.33 4.333.33 

291.67 291.67 291 67 291 o7 291 o7 291 67 291.67 291 67 291 67 291.67 291.67 

1.250 00 1.250 00 1.250 00 1.250 00 1.250 00 1,250 00 1.250 00 1.250 00 1.250.00 1.250.00 1.250 I)() 

2.237 29 2.237.29 2.237 29 2.237.29 2.237 29 2.237.29 2.237.29 2.237 29 2.237.29 2,237 29 2.237.29 

178,969.09 178,969.09 178,969.09 178,969.09 178,969.09 178,969.09 178,969.09 178,969.09 178,%9.09 178,969.09 178,969.09 

372,280.91 372,280.91 372,180.91 372,180.91 372,280.91 372,280.91 372.280.91 372,280.91 372,280.91 372,280.91 502,180.91 

1,750 00 ],750 00 1.750.00 1.750.00 1.7'i0 ()() 1.750.00 1.750 ()() 1.750.00 1.750.00 1.750 00 1.750.00 

250 250 250 250 250 250 250 250 250 250 250 

1.250.00 1.250.00 1.250 00 1.250 00 1.250 1!0 1.250 00 1.250.00 1.250.00 1.250 ()() 1.250.00 1.250.00 

250 250 2'i0 250 250 250 2'i0 250 250 250 250 

4,166 67 

4.166.67 4.16667 4,1116 67 4,16667 4.166.67 4,16667 4.166 67 4.166 67 4.166 67 4.166.67 

33.333.33 33.333.33 33.333,33 33.333.33 33333. ".\3 33.333.33 3.1.333.33 33.333,33 33.333.33 33.333.33 33,333.33 

1.250 ()() 1.250 00 1,250 00 1.250 00 1.250 ()() 1.25!1 00 I ,251! 00 I ,250 00 1.250 00 1.250 00 1,250.00 

4.1M67 4.166.07 4.16667 1.16667 4.166 67 4.16667 4.16n 67 :1.166.67 4.106.67 4.166.67 4.166.67 

15.000 00 15.000 00 15.000 0!1 15.000 00 15.000 ()(I 15.000.00 15.000 00 15.000.00 15.000.00 15.000.00 15,000.00 

4,166 o7 4.166()7 4,166 67 4.16667 4,166 67 4.166 67 4.16667 4,16667 '1.166 67 4.166.67 4.166 67 

2.333.33 2.333.33 2.333.33 2.333.33 2333.33 2.333 33 L333 33 1,333 33 2.333 33 2,333.33 2.333.33 

L:iX3.33 1.5X3.33 1.583.33 1.583 33 1.583 33 1.583.33 1.583.33 1.5X3.33 1.583 33 1.583.33 1.583 33 

3.750.00 3.7SO.OO 3.75000 3.750 00 3.750 00 3.750.00 3,750 00 3,750 ()() 3.750 00 3.750.00 3.750 00 

5.266.67 5,266 67 5.266.67 5.16o 67 5.266 67 5.266.67 5.266 67 5.266 67 5.266.67 5.266 67 5.266.67 

3.541.67 3.541.67 3.)41 67 3.541 67 3.5-11 67 3.541.67 3.541 67 3.541.67 3.541 67 3.541.67 3.54167 
2.993 WJ 2.649 03 2.870.19 2,717 96 2.746.21 2.597-10 2.621 ().! 2.558 21 2A 1·159 2431.26 2.291.13 

1.666 66 1.660 (J() 1.666 i>l> 1,666 66 1.66666 1.666 66 1.606.66 1.666 66 Lh66.66 1.666 66 1.666.66 

12.083 33 12.(183 33 12.083 33 12.083 3.l 

12.083 33 12.083 33 12.(183 .. 13 12.083 33 12.(183.33 12.(183 33 12.083.33 

X33 33 833.33 833.33 833.33 X33 33 R33 33 833.33 833 33 833.13 833 33 833.33 

1.666 67 1.666.67 1.666.67 1.666 67 1.666.67 1.666.67 1.666 67 L66h.67 1.666 67 1.666.67 I ,666.67 

1.666 67 1.666 67 1.666.67 1.666 67 1.666 67 1.666 67 1.666.67 1.666 67 1.61>1> 67 1,666.67 1.666.67 

2.500 00 2.500 00 2.500.00 2,500 00 2.500 00 2.500.00 2.500 00 2.500 00 2.500 00 2,500.00 2.500.00 

1.500 ()() 1.50000 1.500 00 1.500 00 1.500 00 1.500 00 1.500 00 1.500 00 1.500 00 1.500 00 1.500.00 

n25 625 625 625 625 625 625 625 625 625 625 

1.016.67 U11667 1.016 67 1.016 67 1.016 67 1.016 67 1.016 67 LO 16.67 1.016.67 1.016.67 1.016 67 

27.916 67 27,916 67 27.916 67 27.91667 27.916 67 27.916.67 27,911>67 27.916.67 27.916.67 27.916 67 27.916.67 

3.333.33 3.333 33 3.333 33 3_333 33 3.333 33 3.333.33 3.333 33 3.333 33 3.333.33 3.333 33 3,333 33 

3.333 33 3.333 33 3.33:1 33 3,333 33 3.333.33 3.333.33 3.333 33 3.333.33 3.333.33 3.3:H33 3.333.33 

4,166 67 4.166.67 4.166 67 -U6667 4.166.67 4.16667 -!.166.67 4.166.67 4.166 67 4.166.67 4.166.67 

5..116 67 5.416 67 .'.41667 5.416 67 5..116 1>7 5.41667 5.4 ]() 67 5.416.A7 5.416 67 'i.416.67 5.416 67 

2.'i00 00 2.500 ()() 2.500 ()() 2.500 00 1.500.00 2.500 00 2.500 00 2.500 00 1.500 00 2.500.00 2.500 00 

2.0R3 33 2.083.33 2.0R.l 33 2Jl8333 2JlR3 33 2.083 33 2.()83.33 2.083 :n 2JlR33.l 2.()83 33 2.<183 33 

250 250 250 250 250 251! 250 2'i0 250 250 250 

3.250 ()() 3.250 00 3.250 00 3.250 00 3.250 00 3.250 00 3.250 00 3.250 00 3.250 00 3.250.00 3.250.00 

202.916 66 202.916 06 202.916 66 202.916 66 202.916 66 202.916.66 202,'116 66 202.916 66 202.916.66 202.916.66 202.916.66 

330,443.89 330,099.03 330,320.19 330,167.96 330,196.21 330,047.40 330,071.04 330,008-21 329,864.59 329,88L26 329,741.13 

41,837.02 42,181.88 41,960,72 42,112.95 42,084.70 42,233.51 42,209.87 42,272.70 42,416.32 42,399.65 172,539.78 

4.166.A7 '1.166 67 4.166.67 4,166 67 -1.166 67 -1.166 67 4.166 67 4.166.67 4.166(17 ·1.166 67 4.16667 

37,670.35 38,015.21 37,794,05 37,946.28 37,918.03 38,066.84 38,043.20 38,106.03 38,249.65 38,232.98 168,373.11 

** denotes indirect costs 
j~ L> ~ ~ ·~ 'g ·g 'g ;::;: ;::;: :=: 2; ~ ~:::::25-~-

:: ; 

= 
l 2.0X' 2 OX3 3J! 2 UX3 3 l 2JJX; 2JJX3_:nl 2.mu3:; 20X3 2.0X3 2_0X3.i1 

1 (,_ 1).-f(, (,Jj (, (j,_j.(, 1>71 (, l).j_(, (,7 () 1).-f(, 67 (,_941> (,7 6_9.-f(, h] (, \).-f(, (,7 (,_l).-f(, (,_(),.J.(, 67 

! .tt7,633.45l 312,633.451 312.633.451 531.768.371 426,768371 426,768.371 426,768.371 426,768.37! 426.768.37 

1 420.:"23.55! 428,9B.51_ 428,923.55! 602,021.301 610,421.301 610,421.301 610.421.30! 610.421.301 113,721.28 

I 

I 

----,-'-_:_:_;_=,c===c;.:-===r===r==--'2-=r====-;====r'-'-'==.:,. 

 !(,(!()(,(, j(,(,(, {,(, j(,(,{,(,(, ]6(,(,(,(, j(,(>/!6(! j(,(J(,(,(, ](,(,(,(,(, j(,(,(,fJ(, ]6()(, 66 

Rrsc\\!!l he I!l\OJCcd \Ja a dra\\·d0\\11 unIts letter of 

l '''' 11l "I nl x3331JI ""''I J'l Xl13'11 >3.13331 x.m 

sessed tn mcrea<;c ih a result of the nc'1 

\0 214 "iK J(U46(,6 10.07:\ .t'i \()_{){)i)% '!_ 1>4\ IN 1J K72 L?. 

\() 416 (,7 !0,349 l0,2X2 2 \1!.2!4 "iX 10.\.t(, (,() \0 07X 

1X_J-:;o O!J IX !"iO 00 ~X_ I "O 00 3X !'lO 00 3}L\"i0 00 3X_I.:;o oo! ;x_l.'io oo ~X_! 'iO 00 ~X.! 'iO 00 

 1000 .\()()() 1000 iOOO -~000 >000 ':.;{)()() JOOO ~000 

250 .:'~o 2'10 250 .?:"0 2"i0 2'i(l 2:"0 2'~0 

X33 3_ X33 _)_: X.~3 3. X 1\ 11 X:i3 3: X3 \ 33 X_n 33 X33 3.' X3J 33 

! 000 1000 JOOO I 0{)0 lOOO I 000 I 000 ! 0011 I 000 

!OOO! IOOO! !OOO! !OOOI l!HHil 1000 

(,(,(: (,(,() (\(,61 (,(,(, (,!)(, (,(,(, 

 :oo 00 200 (){) 200 ()() 200 ()() 200 ()() 200 ()()j 200 (){) 200 ()() 200()(1 

~cs~ed agaJJlo-t R1sc opcratmm became costs me not C"-pcctcd to mcrca~c a Jcst!lt of the llC\\ opcratlons 

sessed agmn~l Rtsc opetatron~ because costs arc not c'\pcctcd tn mer case as a result of the nc\\ OJK'rilllons 

3000 i()()() 3000 ~{)()() ~()()() '-000 "<000 3000 ;ooo 

(,(, 4!1> llfl 4J(, (,(, -fj(,(,6 4!6 ()(, (>(, .j.j(,(;(, .tJ(,()(! 4lh h() 

sc:-sed agamst R1~c Ppcratlmb hccausc costs <Ht not c'\pectcd tn mcrcasc as a result of the nc\\ operatJOm 

sessed agmn'>l Rhc operations b>.'C<lllSt co~ IS arc not L'\.pcctcd to mcrt:asc as a result of the JK\\ operations 

 X.113 X_1\3 X.1l~ x.m XJ13 x.::;n :n 

Total Cost of Goods 

Total Expenses 

Total of both 

25% of total expense 

Pre-operating cost 

DOT Fitness Number 

4,195,630.89 

2,121,838.27 

6,317,469.16 

1,579,367.29 

157 000.00 

1,736,367.29 
0 (>_1'10 00 

J1_XXXI\I) !3 XXX X<lj i'.XXX X'll 

ol 2'l_XOO OOj 2'\JHJO ool xoo ool 

I 1X.7oo ool ,x_7oo ool 3X70!IOOI 

41168,237.201168,170.111168,102.751 

1 252.28(d51 260.75.).441 260,820,801 

1 232,453.021 240.920.111 240.987.47 

(, 150 ()() 

1 ;_xxx X<) I l:l.XXX )'li)j l:l.XXX X()l !3XXXX9j !1.XXX X'J! XXXWl 

2'l.fWOOO! 25.XOO OOj ::.:;_xoo ool 2'lJWOOO! .-::'i_XOOOOI 2"lWOOO 

;;x 7oo ool 1~UOO ooj ·'' 7oo ool 1X.7oo ool 3X.700 OOI \X.70000 

;;x_7oo ool 3~UOOOOI \X.7000!il 3X70000j ~X_ 700 OOI 1X.700 Oil 

217,402.781 217,267.771 217,132.201 216,996,071 216,859.371 216,722.10 

384,618.521 393,153.531 393,289.101 393A25.l31 393,56J.<)JI 496,999,18 

335,035,191 343,570.201 343,705.77 343,841.901 343,978.601 447,415,85 

* * denott>s indirect costs