## NAVIGANT CONSULTING, INC. **Government**

1801 K Street NW, Suite 500 

## Regulatory Impact Washington DC 20006 

## Model (GRIM) February 2012 AHAM - Microwave Oven Standby Power - Rulemaking Because software is inherently complex and may not be completely free of errors, you are advised to verify your work. **In no event will Navigant Consulting be liable for direct, indirect, special, incidental, or**  **consequential dam ages arising out of the use of**  **or inability to use the software or docum entation,**  even if advised of the possibility of such damages.**Base Case Capital Conversion Costs**  **Capital Expenditures Conversion Costs**  **Cost of Goods Sold (COGS) Depreciation**  **Discount Rate Earnings Before Interest and Taxes (EBIT)**  **Free Cash Flow Governm**  **ental Regulatory Im pact Model (GRIM)**  **(Incom e) Tax Rate**  **Industry Net Present Value (INPV) Labor Costs**  **Manufacturer Im pact Analysis (MIA)**  **Manufacturer Markup Manufacturer Selling Price**  **Manufacturing Production Cost Material Costs**  **Net Operating Profit After Taxes (NOPAT) Notice of Proposed Rulem**  **aking (NOPR) Overhead (factory overhead)**  **Product Conversion Expenses Product Mix**  **Property, Plant, & Equipm ent, net (PPE, net)**  **Return on Invested Capital (ROIC) Return on Sales**  **Revenue Selling, General, and Adm**  **inistrative Expenses (SG&A) Shipm**  **ent Model Standard Case**  

### Glossary

**of Terms Technical Support Docum**  **ent (TSD) Trial Standard Level (TSL)**  **Weighted Average Cost of Capital (WACC) (Net) Working Capital (NWC)** The "no standard" case. The industry valuation is conducted assuming that an energy conservation standard is not

implemented. One-time investments in plant, property, and equipment resulting from an energy conservation standard's implementation. Outlay of money to acquire or improve capital assets such as plant, property, and equipment. Conversion costs include Product Conversion Costs and Capital Conversion Costs. The cost of buying raw materials and producing finished goods. COGS includes materials, labor, overhead, and depreciation. Amortization of fixed assets (such as PPE) to allocate the cost over their depreciable life. Depreciation does not reduce free cash flow, but it does reduce taxable income. Weighted average cost of capital Revenue less COGS and SG&A expenses (including R&D, product conversion expenses, and annual compliance costs). EBIT equals earnings before taxes (EBT) in the "income statement" portion of the GRIM. Cash not required for operations or for reinvestment. The industry cash flow model used by DOE to assess impacts on manufacturers due to proposed energy conservation standards. The effective tax rate assessed on a company's earnings before taxes (EBT). The discounted sum of industry free cash flows plus a discounted terminal value. The portion of COGS that includes direct labor, commissions, dismissal pay, bonuses, vacation, sick leave, social security contributions, fringe, and assembly labor up-time. The analysis of potential impacts on manufacturers resulting from various trial standard levels (TSLs). The MIA influences the energy conservation standards that are proposed in the NOPR. The MIA w ill be published in the TSD that accompanies the NOPR. The markup that converts Full Production Cost to a Manufacturer Selling Price. The manufacturer markup includes SG&A, R&D, interest, and profit. The result of applying the Manufacturer Markup to the Full Production Cost. Includes direct labor, direct material, factory overhead, and depreciation. This includes the same cost categories that comprise Cost of Goods Sold in the discounted cash flow analysis. The portion of COGS that includes all materials and scrap. EBIT less taxes. Federal Register notice detailing analyses conducted by the DOE to establish proposed energy conservation standards. The GRIM and associated Manufacturer Impact Analysis (MIA) will be incorporated in the NOPR and the NOPR TSD. The portion of COGS that includes indirect labor, indirect material, maintenance, depreciation, property taxes, and insurance related to assets. Non-capital conversion costs incurred prior to the energy conservation standard's effective date. Product conversion expenses include engineering design costs, marketing, and preparation for testing. The mix of product efficiencies sold by a company or industry. PPE are fixed assets, or long-lived assets, including building, machinery, and equipment. PPE, net is PPE less accumulated depreciation. ROIC is equal to NOPAT / (PPE, net w orking capital). When ROIC is greater than WACC, a company or industry is creating value. Return on Sales is equal to EBIT / revenue. Net sales. A major component of the manufacturer selling price, accounted for in the GRIM as part of the Non-Production Cost markup. See Product Costs. A sub-model used in the National Impact Analysis that provides base case and standard case shipment projections. The case w

here energy conservation standards are implemented. Compare to base case.TSD's are published by the DOE as companion documents to Federal Register notices. The TSD's include technical detail

that supports the notices. The NOPR TSD includes the discussion of the Manufacturer Impact Analysis (MIA) A proposed energy conservation standard evaluated by the DOE during the NOPR phase analyses. The w eighted average cost of debt and equity capital, based on industry capital structure. The cost of debt includes the impact of the tax shield provided by debt-financing. Current assets less current liabilities. The change in working capital is the difference in required working capital between a given year and the previous year.

## Welcome to the Government Regulatory **Impact Model (GRIM) for the Microw**  **ave Oven Standby Pow**  **er Rulemaking User Instructions**  **1** . The y ellow-tabbed sheets pertain to overview information. The orange-tabbed sheets refer to input information. The purple and light blue-tabbed sheets represent calculations. The blue-tabbed and green-tabbed sheets contain numerical and graphical output. **2** . Use the "Scenario (INPUT)" sheet to choose the desired scenario. Check boxes in Cells I7-I8 are used to select the product classes for analy sis. Cell I11 is used to choose the trial standard level (TSL) for the selected product class(es). Cells I14 and I16 are used to select the shipment scenario. Cell H19 is used to select the ma rkup scenario for the analy sis (Preservation of Gross Margin as a Percentage or Preservation of Gross Margin in Absolute Dollars). **3** . After selecting the desired scenarios in the "Scenario (INPUT)" sheet, click on the blue box also located in "Scenario (INPUT)" sheet to populate the INPV tables located in the blue-tabbed sheet entitled "Summary Report." **4** . Other blue-tabbed sheets provide graphical information summarizing the scenario. On the blue-tabbed sheet"Data for Graphs", click on the blue arrow to populate the graph tables given the chosen scenarios. Use the dropdown m enue to select the product class for graphical display of results. **Note, on some computers, the workbook may need to be closed and re-opened before the graphical inforamtion will completely update.**  **5** . The white-tabbed sheet "Employ me nt" provides the calculations for the impacts on production and nonproduction employ me nt for the analy sis industries. After selecting the desired scenario in the "Scenario (INPUT)" sheet, click on the blue arrows in the "Employ me nt" sheet to populate the tables and graphs.**User Input** Base Year 2011 Announcement Year 2011 Standard Year 2014 Terminal Year 2043 Tax Rate 33.9% % of EBT Discount Rate for NPV (real) 7.2%

Wo rking Capital 2.9% % of Revenue Net Property, Plant & Equipment 19.9% % of Revenue

Standard SG&A 12.5% % of Revenue Research and Dev elopment 2.2% % of Revenue

Depreciation 3.4% % of Revenue Capital Expenditures 3.5% % of Revenue Terminal growth rate 1.00%

**Trial Standard Levels Trial Standard Levels**  **Product Class Baseline**  **TSL 1 TSL 2**  PC 1 Efficiency Levels (W atts/H) 4.00 2.00 1.50 PC 2 Efficiency Levels (W atts/H) 4.50 3.70 2.70

**Manufacturer Production Cost Breakdown** 

# As **sumptions and Inputs**

**Financial Parameters Product Class**  PC 1 8.83% 84.16% 2.73% PC 2 8.83% 84.16% 2.73%

**Product Class Baseline**  **TSL 1 TSL 2**  PC 1 46.2% 34.6% 19.2% PC 2 100.0% 0.0% 0.0%

**Multipliers for Price Projections Year**  **Selected Multiplier Constant Price**  2007 1.000 1.000 2008 1.000 1.000 2009 1.000 1.000 2010 1.000 1.000 2011 0.981 1.000 2012 0.963 1.000 2013 0.946 1.000 2014 0.930 1.000 2015 0.914 1.000 2016 0.900 1.000 2017 0.886 1.000 2018 0.873 1.000 2019 0.861 1.000 2020 0.848 1.000 2021 0.836 1.000 2022 0.823 1.000 2023 0.812 1.000 2024 0.800 1.000 2025 0.790 1.000 2026 0.779 1.000 2027 0.770 1.000 2028 0.760 1.000 2029 0.751 1.000 **Labor % of**  **Total Materials %** 

**of Total Overhead %** 

**of Total**

**Shipment Weighted Market Share by Product Class**2030 0.742 1.000 2031 0.733 1.000 2032 0.725 1.000 2033 0.716 1.000 2034 0.708 1.000 2035 0.700 1.000 2036 0.692 1.000 2037 0.685 1.000 2038 0.678 1.000 2039 0.670 1.000 2040 0.663 1.000 2041 0.657 1.000 2042 0.650 1.000 2043 0.643 1.000Yes Yes 

## TSL 4 **Reference**

**Learning Curve? Yes** 

**TSL 3 TSL 4**  1.00 **0.02** 

### 0.02 2.20 **0.04** 

### 0.04

**Product Hold Factor** capital conversion **Scenario Description**



## TrialStandard Level Selected

**Markup Scenario PC 2**  **PC 1**

**Economic Growth Scenario RP Elasticity 0.34** 

**EF for Selected TSL**  

### Preservation of Gross Margin Percentage **Shipment Elasticity Scenario**

**Click to calculate and populate the**  **INPV table given the selected product class(es) and markup scenario** 

**(See Summary Report Tab)**4.28% **Prod Hold Factor**

4.28%

**TSL 3 TSL 4**  **Total** 0.0% 0.0% 100.0% 0.0% 0.0% 100.0%

**Learning** 1.000 1.000 1.000 1.000 0.981 0.963 0.946 0.930 0.914 0.900 0.886 0.873 0.861 0.848 0.836 0.823 0.812 0.800 0.790 0.779 0.770 0.760 0.751 **Depreciation %**  **of Total**0.742

0.733 0.725 0.716 0.708 0.700 0.692 0.685 0.678 0.670 0.663 0.657 0.650 0.643**Capital Conversion Costs (2010$ millions)** 

Baseline TSL 1 TSL 2 TSL 3 TSL 4

**Product Conversion Costs (2010$ millions)** 

Baseline TSL 1 TSL 2 TSL 3 TSL 4

**Stranded Assets (2010$ millions)** 

Baseline

**Trial Standard Level Trial Standard Level** 

**Trial Standard Level** 

### RP Elasticity 0.34 **Preservation of Gross Margin Percentage Total Industry Capital**  **Conversion Costs**

**Total Industry Product Conversion Costs**  **Click to calculate and populate the**  **INPV table given the selected product class(es) and markup scenario** 

**(See Summary Report Tab)**TSL 1 TSL 2 0.98 TSL 3 TSL 4

**(2010$)**

Baseline TSL 1 TSL 2 TSL 3 TSL 4

Baseline TSL 1 TSL 2 TSL 3 TSL 4

**Preservation of Gross Margin Percentage Markup**  1.2600 **Preservation of Gross Margin (Absolute Dollars)**

**Manufacturer Markups Full Cost of Production** 

Trial Standard Lev el **Total Industry Stranded**

**Assets**

Trial Standard Lev elBaseline TSL 1 TSL 2 TSL 3 TSL 4

Baseline TSL 1 TSL 2 TSL 3 TSL 4 **Selected Shipment Projection PC 1 Shipments No Market Impact Scenario**  **Year** 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 **TSL**

**TSL**2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 

### PC 2 Shipments - No Market Impact Scenario **Year** 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 20232024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043Reference High $0.0 $0.0 Low $3.9 $0.0 $4.3 $0.0 Yes $4.7 $0.0 No $7.8 $0.1 **7.83 0.08**  of Gross of Gross None 0.34

$0.0 $0.0 $39.2 $0.4 $70.5 $0.7 $89.1 $0.9 $172.3 $1.7 **172.29 1.74** 

$0.0 $0.0 **PC 1**

**PC 1 PC 2** 

**7.91 PC 1** 

**PC 2**

**174.03**

**PC 2**$0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 **0.00 0.00** 

- $120.35 $0.27 $120.62 $0.60 $120.95 $1.31 $121.66 $4.58 $124.92

- $259.90 $0.00 $259.90 $2.29 $262.19 $9.44 $269.34 $5.18 $265.09

**Preservation of Gross Margin (Absolute Dollars) PC 1 Markups - No Market Impact**  PC 1 Full Cost of Production **0.00**

PC 1 Incremental Cost

PC 2 Incremental Cost PC 2 Full Cost of ProductionBaseline 1.2600 1.2600

0.0000 TSL 1 1.2597 0.0000 TSL 2 0.0000 TSL 3 0.0000 TSL 4 1.2526

Baseline 1.2600 1.2600 0.0000 TSL 1 1.2600 0.0000 TSL 2 0.0000 TSL 3 0.0000 TSL 4 1.2559

**PC 1 Shipments No Market Impact Scenario**

**Reference High**  **Low Reference**  **High** 11,732,490 11,732,490 11,732,490 11,732,490 11,732,490 11,226,600 11,226,600 11,226,600 11,226,600 11,226,600 9,529,740 9,529,740 9,529,740 9,529,740 9,529,740 13,887,850 13,887,850 13,887,850 13,887,850 13,887,850 14,521,792 14,991,091 14,093,296 14,521,792 14,991,091 14,909,185 15,216,876 14,589,298 14,909,185 15,216,876 15,053,553 15,371,412 14,760,290 15,053,553 15,371,412 15,003,956 15,326,576 14,705,992 15,000,207 15,322,762 14,762,612 15,156,687 14,425,817 14,759,766 15,153,785 14,228,027 14,609,708 13,826,708 14,225,820 14,607,453 13,634,666 14,005,975 13,256,889 13,632,827 14,004,093 13,430,166 13,863,423 13,033,671 13,428,625 13,861,842 13,751,646 14,226,780 13,266,201 13,750,107 14,225,198 14,463,142 15,040,358 13,928,067 14,461,501 15,038,667 15,186,637 15,846,234 14,572,661 15,184,775 15,844,312 15,726,732 16,467,512 15,043,268 15,724,505 16,465,215 **Baseline TSL 1**  **Trial Standard**  **Level Markup For Analysis** 

**TSL 1 PC 2 Markups - No Market Impact**  **Trial Standard**  **Level Baseline**  **TSL 1 Markup For Analysis** 15,913,687 16,692,416 15,175,505 15,910,974 16,689,622 15,849,503 16,647,569 15,071,095 15,846,247 16,644,221 15,663,642 16,511,339 14,844,538 15,660,099 16,507,695 15,376,442 16,291,125 14,521,148 15,372,973 16,287,552 15,138,686 16,078,186 14,233,091 15,135,469 16,074,863 15,078,848 16,056,007 14,144,895 15,075,811 16,052,863 15,298,926 16,346,228 14,302,904 15,295,904 16,343,091 15,729,443 16,843,557 14,651,696 15,726,276 16,840,266 16,121,186 17,286,775 14,972,228 16,117,757 17,283,210 16,407,533 17,617,575 15,206,437 16,403,777 17,613,669 16,592,691 17,840,736 15,318,255 16,588,598 17,836,479 16,618,141 17,906,661 15,281,782 16,613,768 17,902,114 16,513,409 17,849,397 15,122,056 16,508,877 17,844,682 16,386,743 17,766,755 14,949,377 16,382,182 17,762,003 16,321,711 17,749,558 14,837,768 16,317,198 17,744,847 16,366,802 17,844,564 14,831,050 16,362,327 17,839,883 16,534,675 18,065,255 14,940,633 16,530,156 18,060,520 16,787,795 18,372,476 15,129,908 16,783,129 18,367,584 17,056,429 18,692,723 15,332,640 17,051,535 18,687,589 17,274,216 18,957,769 15,486,050 17,269,059 18,952,359 17,405,791 19,133,583 15,556,075 17,400,383 19,127,910 

### PC 2 Shipments - No Market Impact Scenario **Reference High**  **Low Reference**  **High** 118,510 118,510 118,510 118,510 118,510 113,400 113,400 113,400 113,400 113,400 96,260 96,260 96,260 96,260 96,260 140,281 140,281 140,281 140,281 140,281 146,685 151,425 142,357 146,685 151,425 150,598 153,706 147,367 150,598 153,706 152,056 155,267 149,094 152,056 155,267 151,555 154,814 148,547 151,557 154,816 149,117 153,098 145,717 149,119 153,100 143,717 147,573 139,665 143,719 147,574 137,724 141,474 133,909 137,725 141,476 135,658 140,035 131,654 135,659 140,036 138,906 143,705 134,003 138,906 143,706 146,092 151,923 140,689 146,093 151,924 153,400 160,063 147,200 153,402 160,064 158,856 166,339 151,954 158,857 166,340 160,744 168,610 153,290 160,746 168,612 **TSL 1**160,096 168,157 152,235 160,098 168,160 158,219 166,781 149,947 158,221 166,784 155,318 164,557 146,680 155,320 164,559 152,916 162,406 143,771 152,918 162,408 152,312 162,182 142,880 152,314 162,184 154,535 165,113 144,476 154,537 165,116 158,883 170,137 147,999 158,886 170,139 162,840 174,614 151,237 162,843 174,617 165,733 177,955 153,603 165,735 177,958 167,603 180,209 154,733 167,606 180,213 167,860 180,875 154,364 167,863 180,879 166,802 180,297 152,751 166,805 180,301 165,523 179,462 151,007 165,526 179,466 164,866 179,288 149,879 164,869 179,292 165,321 180,248 149,812 165,325 180,252 167,017 182,477 150,919 167,020 182,481 169,574 185,581 152,831 169,577 185,585 172,287 188,815 154,879 172,291 188,820 174,487 191,493 156,428 174,491 191,497 175,816 193,269 157,136 175,820 193,273**PC 1 Markups - No Market Impact Reference Economic Scenario** 1.2600 1.2600 1.2600 1.2600 1.2600 1.2600

1.2600 1.2600 1.2600 1.2597 1.2600 1.2591 1.2600 1.2600 1.2593

1.2576 1.2600

1.2506

1.2600 1.2600 1.2600 1.2600 1.2600 1.2600 1.2600 1.2600 1.2600 1.2600 1.2600 1.2576 1.2600 1.2600 1.2581

1.2506 1.2600

1.2547

**Low Reference**  **High Low**  **Reference High**  11,732,490 11,732,490 11,732,490 11,732,490 11,732,490 11,732,490 11,226,600 11,226,600 11,226,600 11,226,600 11,226,600 11,226,600 9,529,740 9,529,740 9,529,740 9,529,740 9,529,740 9,529,740 13,887,850 13,887,850 13,887,850 13,887,850 13,887,850 13,887,850 14,093,296 14,521,792 14,991,091 14,093,296 14,521,792 14,991,091 14,589,298 14,909,185 15,216,876 14,589,298 14,909,185 15,216,876 14,760,290 15,053,553 15,371,412 14,760,290 15,053,553 15,371,412 14,702,301 14,991,194 15,313,574 14,693,452 14,966,735 15,288,634 14,423,021 14,752,915 15,146,778 14,416,307 14,734,317 15,127,753 13,824,546 14,220,490 14,601,992 13,819,344 14,206,018 14,587,157 13,255,090 13,628,376 13,999,525 13,250,755 13,616,288 13,987,114 13,032,167 13,424,889 13,857,994 13,028,535 13,414,738 13,847,537 13,264,704 13,746,371 14,221,342 13,261,087 13,736,222 14,210,859 13,926,473 14,457,511 15,034,536 13,922,617 14,446,668 15,023,304 14,570,853 15,180,241 15,839,613 14,566,475 15,167,923 15,826,837 15,041,105 15,719,088 16,459,602 15,035,868 15,704,369 16,444,346 **TSL 2 TSL 2** 



### PC 1 Shipments - RP Elasticity-0.34 **Baseline**

**TSL 3 TSL 2**  **TSL 4 TSL 3**  **TSL 1**

**PC 2 Markups - No Market Impact Reference Economic Scenario** 

**TSL 2 TSL 3**  **TSL 4 Baseline**  **TSL 1 TSL 2** 15,172,866 15,904,383 16,682,807 15,166,484 15,886,478 16,664,285

15,067,928 15,838,338 16,636,053 15,060,265 15,816,857 16,613,856 14,841,096 15,651,488 16,498,797 14,832,762 15,628,101 16,474,615 14,517,785 15,364,527 16,278,802 14,509,630 15,341,582 16,255,017 14,229,980 15,127,614 16,066,699 14,222,424 15,106,267 16,044,494 14,141,967 15,068,376 16,045,110 14,134,841 15,048,165 16,024,015 14,299,995 15,288,486 16,335,333 14,292,904 15,268,315 16,314,218 14,648,651 15,718,489 16,832,109 14,641,218 15,697,310 16,809,902 14,968,932 16,109,319 17,274,368 14,960,882 16,086,370 17,250,296 15,202,825 16,394,529 17,603,980 15,194,001 16,369,378 17,577,608 15,314,320 16,578,522 17,825,928 15,304,706 16,551,119 17,797,210 15,277,581 16,602,998 17,890,836 15,267,310 16,573,709 17,860,138 15,117,707 16,497,703 17,832,969 15,107,067 16,467,313 17,801,085 14,945,008 16,370,917 17,750,172 14,934,303 16,340,271 17,717,955 14,833,454 16,306,024 17,733,082 14,822,867 16,275,620 17,701,036 14,826,781 16,351,217 17,828,155 14,816,284 16,320,978 17,796,197 14,936,329 16,518,911 18,048,625 14,925,729 16,488,296 18,016,203 15,125,468 16,771,497 18,355,265 15,114,519 16,739,825 18,321,682 15,327,985 17,039,321 18,674,648 15,316,497 17,006,060 18,639,364 15,481,146 17,256,178 18,938,708 15,469,035 17,221,097 18,901,489 15,550,935 17,386,866 19,113,583 15,538,234 17,350,052 19,074,518

**Low Reference**  **High Low**  **Reference High**  118,510 118,510 118,510 118,510 118,510 118,510 113,400 113,400 113,400 113,400 113,400 113,400 96,260 96,260 96,260 96,260 96,260 96,260 140,281 140,281 140,281 140,281 140,281 140,281 142,357 146,685 151,425 142,357 146,685 151,425 147,367 150,598 153,706 147,367 150,598 153,706 149,094 152,056 155,267 149,094 152,056 155,267 148,547 151,188 154,439 148,185 150,028 153,257 145,717 148,838 152,812 145,442 147,956 151,910 139,665 143,500 147,350 139,452 142,814 146,646 133,909 137,542 141,288 133,731 136,969 140,699 131,654 135,506 139,878 131,505 135,024 139,381 134,003 138,753 143,547 133,855 138,272 143,050 140,688 145,930 151,754 140,530 145,415 151,221 147,200 153,215 159,871 147,020 152,631 159,265 151,953 158,635 166,109 151,739 157,937 165,386 153,289 160,475 168,332 153,028 159,627 167,454 

### PC 2 Shipments - RP Elasticity-0.34 **TSL 2 TSL 3** 152,235 159,773 167,824 151,921 158,756 166,772

149,947 157,867 166,418 149,605 156,759 165,272 146,680 154,973 164,200 146,346 153,886 163,072 143,770 152,595 162,072 143,460 151,584 161,020 142,879 152,008 161,865 142,587 151,050 160,864 144,475 154,232 164,796 144,184 153,275 163,795 147,999 158,565 169,804 147,694 157,561 168,750 151,236 162,496 174,252 150,906 161,408 173,111 153,602 165,355 177,559 153,240 164,163 176,309 154,732 167,191 179,778 154,338 165,893 178,417 154,364 167,420 180,414 153,942 166,033 178,959 152,750 166,346 179,818 152,314 164,906 178,307 151,295 165,062 178,978 150,567 163,611 177,451 150,167 164,409 178,807 149,444 162,969 177,288 150,099 164,867 179,768 149,380 163,434 178,253 151,206 166,557 181,991 150,483 165,106 180,453 153,119 169,098 185,076 152,380 167,597 183,483 155,170 171,788 188,286 154,406 170,212 186,612 156,729 173,960 190,934 155,930 172,298 189,169 157,457 175,263 192,682 156,613 173,519 190,830**PC 1 Markups - Market Impact Scenario (RP Elasticity .34 Selected) High Economic Scenario**  **Reference Economic Scenario**1.2600 1.2600 1.2600 1.2600 1.2600 1.2600

1.2600 1.2600 1.2597 1.2600 1.2600 1.2600 1.2600 1.2593 1.2600 1.2581 1.2600 1.2581

1.2526

1.2600 1.2600 1.2600 1.2600 1.2600 1.2600 1.2600 1.2600 1.2600 1.2600 1.2600 1.2600 1.2600 1.2581 1.2600 1.2526 1.2600 1.2526

1.2559

**Low Reference**  **High Low**  11,732,490 11,732,490 11,732,490 11,732,490 11,226,600 11,226,600 11,226,600 11,226,600 9,529,740 9,529,740 9,529,740 9,529,740 13,887,850 13,887,850 13,887,850 13,887,850 14,093,296 14,521,792 14,991,091 14,093,296 14,589,298 14,909,185 15,216,876 14,589,298 14,760,290 15,053,553 15,371,412 14,760,290 14,669,445 14,854,079 15,173,742 14,558,883 14,398,090 14,648,645 15,040,102 14,314,185 13,805,225 14,139,342 14,518,798 13,740,185 13,238,986 13,560,586 13,929,913 13,184,769 13,018,674 13,367,960 13,799,341 12,973,246 13,251,265 13,689,452 14,162,540 13,206,019 13,912,145 14,396,711 14,971,537 13,863,911 14,554,587 15,111,182 15,767,973 14,499,843 15,021,649 15,636,603 16,374,092 14,956,203 **TSL 2 TSL 3**  **TSL 3 Baseline**  **TSL 1**

**TSL 4 TSL 4** 

**Baseline TSL 1** 

**PC 2 Markups - Market Impact Scenario (RP Elasticity .34 Selected) Reference Economic Scenario**  **High Economic Scenario TSL 3**  **TSL 4 TSL 2**  **TSL 3**15,149,157 15,804,083 16,579,029 15,069,442

15,039,463 15,718,030 16,511,711 14,943,786 14,810,136 15,520,514 16,363,337 14,706,076 14,487,489 15,236,021 16,145,550 14,385,651 14,201,903 15,008,036 15,942,279 14,107,503 14,115,481 14,955,149 15,926,888 14,026,414 14,273,635 15,175,474 16,216,991 14,184,986 14,621,021 15,599,844 16,707,660 14,528,118 14,939,010 15,980,779 17,139,488 14,838,422 15,170,025 16,253,690 17,456,249 15,059,796 15,278,584 16,425,110 17,665,091 15,158,518 15,239,405 16,439,047 17,718,938 15,111,169 15,078,155 16,327,603 17,654,436 14,945,305 14,905,211 16,199,379 17,569,766 14,771,530 14,794,086 16,135,825 17,553,610 14,661,831 14,787,743 16,181,925 17,649,159 14,656,582 14,896,902 16,347,512 17,867,018 14,764,430 15,084,742 16,594,188 18,167,163 14,947,918 15,285,252 16,853,145 18,477,043 15,141,710 15,436,098 17,059,845 18,730,299 15,284,810 15,503,691 17,180,862 18,894,864 15,345,057

**Low Reference**  **High Low**  118,510 118,510 118,510 118,510 113,400 113,400 113,400 113,400 96,260 96,260 96,260 96,260 140,281 140,281 140,281 140,281 142,357 146,685 151,425 142,357 147,367 150,598 153,706 147,367 149,094 152,056 155,267 149,094 147,047 150,725 153,968 147,731 144,578 148,486 152,452 145,097 138,782 143,226 147,069 139,185 133,173 137,314 141,053 133,509 131,037 135,314 139,680 131,319 133,389 138,561 143,349 133,669 140,034 145,725 151,542 140,332 146,456 152,983 159,630 146,795 151,065 158,357 165,821 151,470 152,207 160,137 167,982 152,700 **TSL 4**150,936 159,367 167,405 151,528

148,534 157,425 165,961 149,177 145,297 154,540 163,750 145,927 142,488 152,192 161,653 143,073 141,670 151,626 161,467 142,221 143,271 153,851 164,398 143,820 146,737 158,165 169,384 147,312 149,870 162,062 173,798 150,493 152,105 164,880 177,062 152,788 153,101 166,674 179,236 153,844 152,622 166,867 179,835 153,416 150,945 165,772 179,217 151,768 149,190 164,484 178,371 150,018 148,082 163,836 178,203 148,901 148,029 164,297 179,165 148,841 149,118 165,980 181,379 149,939 150,971 168,501 184,443 151,818 152,927 171,160 187,620 153,816 154,371 173,299 190,232 155,309 154,979 174,569 191,946 155,962**Low Economic Scenario PC 1 Markups - Market Impact Scenario (RP Elasticity .34 Selected)** 1.2600 1.2600 1.2600 1.2600 1.2600 1.2600

1.2600 1.2597 1.2600 1.2600 1.2600 1.2600 1.2593 1.2600 1.2600 1.2600 1.2581 1.2600 1.2526 1.2526

1.2600 1.2600 1.2600 1.2600 1.2600 1.2600 1.2600 1.2600 1.2600 1.2600 1.2600 1.2600 1.2582 1.2600 1.2600 1.2600 1.2526 1.2600 1.2559 1.2559 **TSL 4 Baseline**  **TSL 1 TSL 2**  **TSL 3 TSL 4** 

**PC 2 Markups - Market Impact Scenario (RP Elasticity .34 Selected) Low Economic Scenario**  **TSL 2 TSL 3**  **TSL 4 TSL 4**  **Baseline TSL 1** **Multipliers for Markups Calculations**1st Multipler 2nd Multipler 3rd Multipler 4th Multipler TSL 1 0.9997 0.9998 0.9998 0.9998 TSL 2 0.9993 0.9995 0.9994 0.9995 TSL 3 0.9981 0.9985 0.9985 0.9985 TSL 4 0.9925 0.9941 0.9941 0.9941

**Multipliers for Markups Calculations** 1st Multipler 2nd Multipler 3rd Multipler 4th Multipler TSL 1 1.0000 1.0000 1.0000 1.0000 TSL 2 0.9981 0.9985 0.9985 0.9985 TSL 3 0.9925 0.9941 0.9941 0.9941 TSL 4 0.9958 0.9967 0.9967 0.9967EF **4.00 4.00**  **Base Case Distribution Year**  4.00 2.00 1.50 1.00 0.02 **SUM** 2007 46.2% 34.6% 19.2% 0.0% 0.0% 100.0% 2008 46.2% 34.6% 19.2% 0.0% 0.0% 100.0% 2009 46.2% 34.6% 19.2% 0.0% 0.0% 100.0% 2010 46.2% 34.6% 19.2% 0.0% 0.0% 100.0% 2011 46.2% 34.6% 19.2% 0.0% 0.0% 100.0% 2012 46.2% 34.6% 19.2% 0.0% 0.0% 100.0% 2013 46.2% 34.6% 19.2% 0.0% 0.0% 100.0% 2014 46.2% 34.6% 19.2% 0.0% 0.0% 100.0% 2015 46.2% 34.6% 19.2% 0.0% 0.0% 100.0% 2016 46.2% 34.6% 19.2% 0.0% 0.0% 100.0% 2017 46.2% 34.6% 19.2% 0.0% 0.0% 100.0% 2018 46.2% 34.6% 19.2% 0.0% 0.0% 100.0% 2019 46.2% 34.6% 19.2% 0.0% 0.0% 100.0% 2020 46.2% 34.6% 19.2% 0.0% 0.0% 100.0% 2021 46.2% 34.6% 19.2% 0.0% 0.0% 100.0% 2022 46.2% 34.6% 19.2% 0.0% 0.0% 100.0% 2023 46.2% 34.6% 19.2% 0.0% 0.0% 100.0% 2024 46.2% 34.6% 19.2% 0.0% 0.0% 100.0% 2025 46.2% 34.6% 19.2% 0.0% 0.0% 100.0% 2026 46.2% 34.6% 19.2% 0.0% 0.0% 100.0% 2027 46.2% 34.6% 19.2% 0.0% 0.0% 100.0% 2028 46.2% 34.6% 19.2% 0.0% 0.0% 100.0% 2029 46.2% 34.6% 19.2% 0.0% 0.0% 100.0% 2030 46.2% 34.6% 19.2% 0.0% 0.0% 100.0% 2031 46.2% 34.6% 19.2% 0.0% 0.0% 100.0% 2032 46.2% 34.6% 19.2% 0.0% 0.0% 100.0% 2033 46.2% 34.6% 19.2% 0.0% 0.0% 100.0% 2034 46.2% 34.6% 19.2% 0.0% 0.0% 100.0% 2035 46.2% 34.6% 19.2% 0.0% 0.0% 100.0% 2036 46.2% 34.6% 19.2% 0.0% 0.0% 100.0% 2037 46.2% 34.6% 19.2% 0.0% 0.0% 100.0% 2038 46.2% 34.6% 19.2% 0.0% 0.0% 100.0% 2039 46.2% 34.6% 19.2% 0.0% 0.0% 100.0% 2040 46.2% 34.6% 19.2% 0.0% 0.0% 100.0% 2041 46.2% 34.6% 19.2% 0.0% 0.0% 100.0% 2042 46.2% 34.6% 19.2% 0.0% 0.0% 100.0% 2043 46.2% 34.6% 19.2% 0.0% 0.0% 100.0% EF **2.00 2.00**  **Standards Case Distribution Year**  4.00 2.00 1.50 1.00 0.02 **SUM** 

# Product Shipment Distributions **PC 1 Percent of Total Shipments** 

**Percent of Total Shipments**2007 46.2% 34.6% 19.2% 0.0% 0.0% 100.0% 2008 46.2% 34.6% 19.2% 0.0% 0.0% 100.0% 2009 46.2% 34.6% 19.2% 0.0% 0.0% 100.0% 2010 46.2% 34.6% 19.2% 0.0% 0.0% 100.0% 2011 46.2% 34.6% 19.2% 0.0% 0.0% 100.0% 2012 46.2% 34.6% 19.2% 0.0% 0.0% 100.0% 2013 46.2% 34.6% 19.2% 0.0% 0.0% 100.0% 2014 0.0% 80.8% 19.2% 0.0% 0.0% 100.0% 2015 0.0% 80.8% 19.2% 0.0% 0.0% 100.0% 2016 0.0% 80.8% 19.2% 0.0% 0.0% 100.0% 2017 0.0% 80.8% 19.2% 0.0% 0.0% 100.0% 2018 0.0% 80.8% 19.2% 0.0% 0.0% 100.0% 2019 0.0% 80.8% 19.2% 0.0% 0.0% 100.0% 2020 0.0% 80.8% 19.2% 0.0% 0.0% 100.0% 2021 0.0% 80.8% 19.2% 0.0% 0.0% 100.0% 2022 0.0% 80.8% 19.2% 0.0% 0.0% 100.0% 2023 0.0% 80.8% 19.2% 0.0% 0.0% 100.0% 2024 0.0% 80.8% 19.2% 0.0% 0.0% 100.0% 2025 0.0% 80.8% 19.2% 0.0% 0.0% 100.0% 2026 0.0% 80.8% 19.2% 0.0% 0.0% 100.0% 2027 0.0% 80.8% 19.2% 0.0% 0.0% 100.0% 2028 0.0% 80.8% 19.2% 0.0% 0.0% 100.0% 2029 0.0% 80.8% 19.2% 0.0% 0.0% 100.0% 2030 0.0% 80.8% 19.2% 0.0% 0.0% 100.0% 2031 0.0% 80.8% 19.2% 0.0% 0.0% 100.0% 2032 0.0% 80.8% 19.2% 0.0% 0.0% 100.0% 2033 0.0% 80.8% 19.2% 0.0% 0.0% 100.0% 2034 0.0% 80.8% 19.2% 0.0% 0.0% 100.0% 2035 0.0% 80.8% 19.2% 0.0% 0.0% 100.0% 2036 0.0% 80.8% 19.2% 0.0% 0.0% 100.0% 2037 0.0% 80.8% 19.2% 0.0% 0.0% 100.0% 2038 0.0% 80.8% 19.2% 0.0% 0.0% 100.0% 2039 0.0% 80.8% 19.2% 0.0% 0.0% 100.0% 2040 0.0% 80.8% 19.2% 0.0% 0.0% 100.0% 2041 0.0% 80.8% 19.2% 0.0% 0.0% 100.0% 2042 0.0% 80.8% 19.2% 0.0% 0.0% 100.0% 2043 0.0% 80.8% 19.2% 0.0% 0.0% 100.0% EF **1.50 1.50**  **Standards Case Distribution Year**  4.00 2.00 1.50 1.00 0.02 **SUM** 2007 46.2% 34.6% 19.2% 0.0% 0.0% 100.0% 2008 46.2% 34.6% 19.2% 0.0% 0.0% 100.0% 2009 46.2% 34.6% 19.2% 0.0% 0.0% 100.0% 2010 46.2% 34.6% 19.2% 0.0% 0.0% 100.0% 2011 46.2% 34.6% 19.2% 0.0% 0.0% 100.0% 2012 46.2% 34.6% 19.2% 0.0% 0.0% 100.0% 2013 46.2% 34.6% 19.2% 0.0% 0.0% 100.0% 2014 0.0% 0.0% 100.0% 0.0% 0.0% 100.0% 2015 0.0% 0.0% 100.0% 0.0% 0.0% 100.0% 2016 0.0% 0.0% 100.0% 0.0% 0.0% 100.0% 2017 0.0% 0.0% 100.0% 0.0% 0.0% 100.0% **Percent of Total Shipments**2018 0.0% 0.0% 100.0% 0.0% 0.0% 100.0% 2019 0.0% 0.0% 100.0% 0.0% 0.0% 100.0% 2020 0.0% 0.0% 100.0% 0.0% 0.0% 100.0% 2021 0.0% 0.0% 100.0% 0.0% 0.0% 100.0% 2022 0.0% 0.0% 100.0% 0.0% 0.0% 100.0% 2023 0.0% 0.0% 100.0% 0.0% 0.0% 100.0% 2024 0.0% 0.0% 100.0% 0.0% 0.0% 100.0% 2025 0.0% 0.0% 100.0% 0.0% 0.0% 100.0% 2026 0.0% 0.0% 100.0% 0.0% 0.0% 100.0% 2027 0.0% 0.0% 100.0% 0.0% 0.0% 100.0% 2028 0.0% 0.0% 100.0% 0.0% 0.0% 100.0% 2029 0.0% 0.0% 100.0% 0.0% 0.0% 100.0% 2030 0.0% 0.0% 100.0% 0.0% 0.0% 100.0% 2031 0.0% 0.0% 100.0% 0.0% 0.0% 100.0% 2032 0.0% 0.0% 100.0% 0.0% 0.0% 100.0% 2033 0.0% 0.0% 100.0% 0.0% 0.0% 100.0% 2034 0.0% 0.0% 100.0% 0.0% 0.0% 100.0% 2035 0.0% 0.0% 100.0% 0.0% 0.0% 100.0% 2036 0.0% 0.0% 100.0% 0.0% 0.0% 100.0% 2037 0.0% 0.0% 100.0% 0.0% 0.0% 100.0% 2038 0.0% 0.0% 100.0% 0.0% 0.0% 100.0% 2039 0.0% 0.0% 100.0% 0.0% 0.0% 100.0% 2040 0.0% 0.0% 100.0% 0.0% 0.0% 100.0% 2041 0.0% 0.0% 100.0% 0.0% 0.0% 100.0% 2042 0.0% 0.0% 100.0% 0.0% 0.0% 100.0% 2043 0.0% 0.0% 100.0% 0.0% 0.0% 100.0% EF **1.00 1.00**  **Standards Case Distribution Year**  4.00 2.00 1.50 1.00 0.02 **SUM** 2007 46.2% 34.6% 19.2% 0.0% 0.0% 100.0% 2008 46.2% 34.6% 19.2% 0.0% 0.0% 100.0% 2009 46.2% 34.6% 19.2% 0.0% 0.0% 100.0% 2010 46.2% 34.6% 19.2% 0.0% 0.0% 100.0% 2011 46.2% 34.6% 19.2% 0.0% 0.0% 100.0% 2012 46.2% 34.6% 19.2% 0.0% 0.0% 100.0% 2013 46.2% 34.6% 19.2% 0.0% 0.0% 100.0% 2014 0.0% 0.0% 0.0% 100.0% 0.0% 100.0% 2015 0.0% 0.0% 0.0% 100.0% 0.0% 100.0% 2016 0.0% 0.0% 0.0% 100.0% 0.0% 100.0% 2017 0.0% 0.0% 0.0% 100.0% 0.0% 100.0% 2018 0.0% 0.0% 0.0% 100.0% 0.0% 100.0% 2019 0.0% 0.0% 0.0% 100.0% 0.0% 100.0% 2020 0.0% 0.0% 0.0% 100.0% 0.0% 100.0% 2021 0.0% 0.0% 0.0% 100.0% 0.0% 100.0% 2022 0.0% 0.0% 0.0% 100.0% 0.0% 100.0% 2023 0.0% 0.0% 0.0% 100.0% 0.0% 100.0% 2024 0.0% 0.0% 0.0% 100.0% 0.0% 100.0% 2025 0.0% 0.0% 0.0% 100.0% 0.0% 100.0% 2026 0.0% 0.0% 0.0% 100.0% 0.0% 100.0% 2027 0.0% 0.0% 0.0% 100.0% 0.0% 100.0% 2028 0.0% 0.0% 0.0% 100.0% 0.0% 100.0% **Percent of Total Shipments**2029 0.0% 0.0% 0.0% 100.0% 0.0% 100.0% 2030 0.0% 0.0% 0.0% 100.0% 0.0% 100.0% 2031 0.0% 0.0% 0.0% 100.0% 0.0% 100.0% 2032 0.0% 0.0% 0.0% 100.0% 0.0% 100.0% 2033 0.0% 0.0% 0.0% 100.0% 0.0% 100.0% 2034 0.0% 0.0% 0.0% 100.0% 0.0% 100.0% 2035 0.0% 0.0% 0.0% 100.0% 0.0% 100.0% 2036 0.0% 0.0% 0.0% 100.0% 0.0% 100.0% 2037 0.0% 0.0% 0.0% 100.0% 0.0% 100.0% 2038 0.0% 0.0% 0.0% 100.0% 0.0% 100.0% 2039 0.0% 0.0% 0.0% 100.0% 0.0% 100.0% 2040 0.0% 0.0% 0.0% 100.0% 0.0% 100.0% 2041 0.0% 0.0% 0.0% 100.0% 0.0% 100.0% 2042 0.0% 0.0% 0.0% 100.0% 0.0% 100.0% 2043 0.0% 0.0% 0.0% 100.0% 0.0% 100.0% EF **0.02 0.02**  **Standards Case Distribution Year**  4.00 2.00 1.50 1.00 0.02 **SUM** 2007 46.2% 34.6% 19.2% 0.0% 0.0% 100.0% 2008 46.2% 34.6% 19.2% 0.0% 0.0% 100.0% 2009 46.2% 34.6% 19.2% 0.0% 0.0% 100.0% 2010 46.2% 34.6% 19.2% 0.0% 0.0% 100.0% 2011 46.2% 34.6% 19.2% 0.0% 0.0% 100.0% 2012 46.2% 34.6% 19.2% 0.0% 0.0% 100.0% 2013 46.2% 34.6% 19.2% 0.0% 0.0% 100.0% 2014 0.0% 0.0% 0.0% 0.0% 100.0% 100.0% 2015 0.0% 0.0% 0.0% 0.0% 100.0% 100.0% 2016 0.0% 0.0% 0.0% 0.0% 100.0% 100.0% 2017 0.0% 0.0% 0.0% 0.0% 100.0% 100.0% 2018 0.0% 0.0% 0.0% 0.0% 100.0% 100.0% 2019 0.0% 0.0% 0.0% 0.0% 100.0% 100.0% 2020 0.0% 0.0% 0.0% 0.0% 100.0% 100.0% 2021 0.0% 0.0% 0.0% 0.0% 100.0% 100.0% 2022 0.0% 0.0% 0.0% 0.0% 100.0% 100.0% 2023 0.0% 0.0% 0.0% 0.0% 100.0% 100.0% 2024 0.0% 0.0% 0.0% 0.0% 100.0% 100.0% 2025 0.0% 0.0% 0.0% 0.0% 100.0% 100.0% 2026 0.0% 0.0% 0.0% 0.0% 100.0% 100.0% 2027 0.0% 0.0% 0.0% 0.0% 100.0% 100.0% 2028 0.0% 0.0% 0.0% 0.0% 100.0% 100.0% 2029 0.0% 0.0% 0.0% 0.0% 100.0% 100.0% 2030 0.0% 0.0% 0.0% 0.0% 100.0% 100.0% 2031 0.0% 0.0% 0.0% 0.0% 100.0% 100.0% 2032 0.0% 0.0% 0.0% 0.0% 100.0% 100.0% 2033 0.0% 0.0% 0.0% 0.0% 100.0% 100.0% 2034 0.0% 0.0% 0.0% 0.0% 100.0% 100.0% 2035 0.0% 0.0% 0.0% 0.0% 100.0% 100.0% 2036 0.0% 0.0% 0.0% 0.0% 100.0% 100.0% 2037 0.0% 0.0% 0.0% 0.0% 100.0% 100.0% 2038 0.0% 0.0% 0.0% 0.0% 100.0% 100.0% 2039 0.0% 0.0% 0.0% 0.0% 100.0% 100.0% **Percent of Total Shipments**2040 0.0% 0.0% 0.0% 0.0% 100.0% 100.0% 2041 0.0% 0.0% 0.0% 0.0% 100.0% 100.0% 2042 0.0% 0.0% 0.0% 0.0% 100.0% 100.0% 2043 0.0% 0.0% 0.0% 0.0% 100.0% 100.0%EF **4.50 4.50**  **Base Case Distribution Year**  4.50 3.70 2.70 2.20 2007 100.0% 0.0% 0.0% 0.0% 2008 100.0% 0.0% 0.0% 0.0% 2009 100.0% 0.0% 0.0% 0.0% 2010 100.0% 0.0% 0.0% 0.0% 2011 100.0% 0.0% 0.0% 0.0% 2012 100.0% 0.0% 0.0% 0.0% 2013 100.0% 0.0% 0.0% 0.0% 2014 100.0% 0.0% 0.0% 0.0% 2015 100.0% 0.0% 0.0% 0.0% 2016 100.0% 0.0% 0.0% 0.0% 2017 100.0% 0.0% 0.0% 0.0% 2018 100.0% 0.0% 0.0% 0.0% 2019 100.0% 0.0% 0.0% 0.0% 2020 100.0% 0.0% 0.0% 0.0% 2021 100.0% 0.0% 0.0% 0.0% 2022 100.0% 0.0% 0.0% 0.0% 2023 100.0% 0.0% 0.0% 0.0% 2024 100.0% 0.0% 0.0% 0.0% 2025 100.0% 0.0% 0.0% 0.0% 2026 100.0% 0.0% 0.0% 0.0% 2027 100.0% 0.0% 0.0% 0.0% 2028 100.0% 0.0% 0.0% 0.0% 2029 100.0% 0.0% 0.0% 0.0% 2030 100.0% 0.0% 0.0% 0.0% 2031 100.0% 0.0% 0.0% 0.0% 2032 100.0% 0.0% 0.0% 0.0% 2033 100.0% 0.0% 0.0% 0.0% 2034 100.0% 0.0% 0.0% 0.0% 2035 100.0% 0.0% 0.0% 0.0% 2036 100.0% 0.0% 0.0% 0.0% 2037 100.0% 0.0% 0.0% 0.0% 2038 100.0% 0.0% 0.0% 0.0% 2039 100.0% 0.0% 0.0% 0.0% 2040 100.0% 0.0% 0.0% 0.0% 2041 100.0% 0.0% 0.0% 0.0% 2042 100.0% 0.0% 0.0% 0.0% 2043 100.0% 0.0% 0.0% 0.0% EF **3.70 3.70**  **Standards Case Distribution Year**  4.50 3.70 2.70 2.20 

### PC 2 **Percent of Total Shipments**

**Percent of Total Shipments**2007 100.0% 0.0% 0.0% 0.0% 2008 100.0% 0.0% 0.0% 0.0% 2009 100.0% 0.0% 0.0% 0.0% 2010 100.0% 0.0% 0.0% 0.0% 2011 100.0% 0.0% 0.0% 0.0% 2012 100.0% 0.0% 0.0% 0.0% 2013 100.0% 0.0% 0.0% 0.0% 2014 0.0% 100.0% 0.0% 0.0% 2015 0.0% 100.0% 0.0% 0.0% 2016 0.0% 100.0% 0.0% 0.0% 2017 0.0% 100.0% 0.0% 0.0% 2018 0.0% 100.0% 0.0% 0.0% 2019 0.0% 100.0% 0.0% 0.0% 2020 0.0% 100.0% 0.0% 0.0% 2021 0.0% 100.0% 0.0% 0.0% 2022 0.0% 100.0% 0.0% 0.0% 2023 0.0% 100.0% 0.0% 0.0% 2024 0.0% 100.0% 0.0% 0.0% 2025 0.0% 100.0% 0.0% 0.0% 2026 0.0% 100.0% 0.0% 0.0% 2027 0.0% 100.0% 0.0% 0.0% 2028 0.0% 100.0% 0.0% 0.0% 2029 0.0% 100.0% 0.0% 0.0% 2030 0.0% 100.0% 0.0% 0.0% 2031 0.0% 100.0% 0.0% 0.0% 2032 0.0% 100.0% 0.0% 0.0% 2033 0.0% 100.0% 0.0% 0.0% 2034 0.0% 100.0% 0.0% 0.0% 2035 0.0% 100.0% 0.0% 0.0% 2036 0.0% 100.0% 0.0% 0.0% 2037 0.0% 100.0% 0.0% 0.0% 2038 0.0% 100.0% 0.0% 0.0% 2039 0.0% 100.0% 0.0% 0.0% 2040 0.0% 100.0% 0.0% 0.0% 2041 0.0% 100.0% 0.0% 0.0% 2042 0.0% 100.0% 0.0% 0.0% 2043 0.0% 100.0% 0.0% 0.0% EF **2.70 2.70**  **Standards Case Distribution Year**  4.50 3.70 2.70 2.20 2007 100.0% 0.0% 0.0% 0.0% 2008 100.0% 0.0% 0.0% 0.0% 2009 100.0% 0.0% 0.0% 0.0% 2010 100.0% 0.0% 0.0% 0.0% 2011 100.0% 0.0% 0.0% 0.0% 2012 100.0% 0.0% 0.0% 0.0% 2013 100.0% 0.0% 0.0% 0.0% 2014 0.0% 0.0% 100.0% 0.0% 2015 0.0% 0.0% 100.0% 0.0% 2016 0.0% 0.0% 100.0% 0.0% 2017 0.0% 0.0% 100.0% 0.0%

**Percent of Total Shipments**2018 0.0% 0.0% 100.0% 0.0% 2019 0.0% 0.0% 100.0% 0.0% 2020 0.0% 0.0% 100.0% 0.0% 2021 0.0% 0.0% 100.0% 0.0% 2022 0.0% 0.0% 100.0% 0.0% 2023 0.0% 0.0% 100.0% 0.0% 2024 0.0% 0.0% 100.0% 0.0% 2025 0.0% 0.0% 100.0% 0.0% 2026 0.0% 0.0% 100.0% 0.0% 2027 0.0% 0.0% 100.0% 0.0% 2028 0.0% 0.0% 100.0% 0.0% 2029 0.0% 0.0% 100.0% 0.0% 2030 0.0% 0.0% 100.0% 0.0% 2031 0.0% 0.0% 100.0% 0.0% 2032 0.0% 0.0% 100.0% 0.0% 2033 0.0% 0.0% 100.0% 0.0% 2034 0.0% 0.0% 100.0% 0.0% 2035 0.0% 0.0% 100.0% 0.0% 2036 0.0% 0.0% 100.0% 0.0% 2037 0.0% 0.0% 100.0% 0.0% 2038 0.0% 0.0% 100.0% 0.0% 2039 0.0% 0.0% 100.0% 0.0% 2040 0.0% 0.0% 100.0% 0.0% 2041 0.0% 0.0% 100.0% 0.0% 2042 0.0% 0.0% 100.0% 0.0% 2043 0.0% 0.0% 100.0% 0.0% EF **2.20 2.20**  **Standards Case Distribution Year**  4.50 3.70 2.70 2.20 2007 100.0% 0.0% 0.0% 0.0% 2008 100.0% 0.0% 0.0% 0.0% 2009 100.0% 0.0% 0.0% 0.0% 2010 100.0% 0.0% 0.0% 0.0% 2011 100.0% 0.0% 0.0% 0.0% 2012 100.0% 0.0% 0.0% 0.0% 2013 100.0% 0.0% 0.0% 0.0% 2014 0.0% 0.0% 0.0% 100.0% 2015 0.0% 0.0% 0.0% 100.0% 2016 0.0% 0.0% 0.0% 100.0% 2017 0.0% 0.0% 0.0% 100.0% 2018 0.0% 0.0% 0.0% 100.0% 2019 0.0% 0.0% 0.0% 100.0% 2020 0.0% 0.0% 0.0% 100.0% 2021 0.0% 0.0% 0.0% 100.0% 2022 0.0% 0.0% 0.0% 100.0% 2023 0.0% 0.0% 0.0% 100.0% 2024 0.0% 0.0% 0.0% 100.0% 2025 0.0% 0.0% 0.0% 100.0% 2026 0.0% 0.0% 0.0% 100.0% 2027 0.0% 0.0% 0.0% 100.0% 2028 0.0% 0.0% 0.0% 100.0%

**Percent of Total Shipments**2029 0.0% 0.0% 0.0% 100.0% 2030 0.0% 0.0% 0.0% 100.0% 2031 0.0% 0.0% 0.0% 100.0% 2032 0.0% 0.0% 0.0% 100.0% 2033 0.0% 0.0% 0.0% 100.0% 2034 0.0% 0.0% 0.0% 100.0% 2035 0.0% 0.0% 0.0% 100.0% 2036 0.0% 0.0% 0.0% 100.0% 2037 0.0% 0.0% 0.0% 100.0% 2038 0.0% 0.0% 0.0% 100.0% 2039 0.0% 0.0% 0.0% 100.0% 2040 0.0% 0.0% 0.0% 100.0% 2041 0.0% 0.0% 0.0% 100.0% 2042 0.0% 0.0% 0.0% 100.0% 2043 0.0% 0.0% 0.0% 100.0% EF **0.04 0.04**  **Standards Case Distribution Year**  4.50 3.70 2.70 2.20 2007 100.0% 0.0% 0.0% 0.0% 2008 100.0% 0.0% 0.0% 0.0% 2009 100.0% 0.0% 0.0% 0.0% 2010 100.0% 0.0% 0.0% 0.0% 2011 100.0% 0.0% 0.0% 0.0% 2012 100.0% 0.0% 0.0% 0.0% 2013 100.0% 0.0% 0.0% 0.0% 2014 0.0% 0.0% 0.0% 0.0% 2015 0.0% 0.0% 0.0% 0.0% 2016 0.0% 0.0% 0.0% 0.0% 2017 0.0% 0.0% 0.0% 0.0% 2018 0.0% 0.0% 0.0% 0.0% 2019 0.0% 0.0% 0.0% 0.0% 2020 0.0% 0.0% 0.0% 0.0% 2021 0.0% 0.0% 0.0% 0.0% 2022 0.0% 0.0% 0.0% 0.0% 2023 0.0% 0.0% 0.0% 0.0% 2024 0.0% 0.0% 0.0% 0.0% 2025 0.0% 0.0% 0.0% 0.0% 2026 0.0% 0.0% 0.0% 0.0% 2027 0.0% 0.0% 0.0% 0.0% 2028 0.0% 0.0% 0.0% 0.0% 2029 0.0% 0.0% 0.0% 0.0% 2030 0.0% 0.0% 0.0% 0.0% 2031 0.0% 0.0% 0.0% 0.0% 2032 0.0% 0.0% 0.0% 0.0% 2033 0.0% 0.0% 0.0% 0.0% 2034 0.0% 0.0% 0.0% 0.0% 2035 0.0% 0.0% 0.0% 0.0% 2036 0.0% 0.0% 0.0% 0.0% 2037 0.0% 0.0% 0.0% 0.0% 2038 0.0% 0.0% 0.0% 0.0% 2039 0.0% 0.0% 0.0% 0.0%

**Percent of Total Shipments**2040 0.0% 0.0% 0.0% 0.0% 2041 0.0% 0.0% 0.0% 0.0% 2042 0.0% 0.0% 0.0% 0.0% 2043 0.0% 0.0% 0.0% 0.0%0.04 **SUM**

0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.04 **SUM**0.0% 100.0%

0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.04 **SUM** 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0%0.0% 100.0%

0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.04 **SUM** 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0%0.0% 100.0%

0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.04 **SUM** 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%100.0% 100.0%

100.0% 100.0% 100.0% 100.0% 100.0% 100.0%SCENARIO CHOSEN: Reference 

# PC 1 **4.00**

**Year** 4.00 2.00 1.50 1.00 0.02 2007 5,420,410 4,059,442 2,252,638 - - 2008 5,186,689 3,884,404 2,155,507 - - 2009 4,402,740 3,297,290 1,829,710 - - 2010 6,416,187 4,805,196 2,666,467 - - 2011 6,709,068 5,024,540 2,788,184 - - 2012 6,888,044 5,158,578 2,862,564 - - 2013 6,954,741 5,208,529 2,890,282 - - 2014 6,931,828 5,191,369 2,880,760 - - 2015 6,820,327 5,107,864 2,834,421 - - 2016 6,573,348 4,922,897 2,731,781 - - 2017 6,299,216 4,717,594 2,617,856 - - 2018 6,204,737 4,646,838 2,578,592 - - 2019 6,353,260 4,758,069 2,640,316 - - 2020 6,681,971 5,004,247 2,776,923 - - 2021 7,016,226 5,254,577 2,915,834 - - 2022 7,265,750 5,441,449 3,019,533 - - 2023 7,352,123 5,506,136 3,055,428 - - 2024 7,322,470 5,483,928 3,043,105 - - 2025 7,236,603 5,419,620 3,007,419 - - 2026 7,103,916 5,320,249 2,952,277 - - 2027 6,994,073 5,237,985 2,906,628 - - 2028 6,966,428 5,217,281 2,895,139 - - 2029 7,068,104 5,293,428 2,937,394 - - 2030 7,267,003 5,442,387 3,020,053 - - 2031 7,447,988 5,577,930 3,095,268 - - 2032 7,580,280 5,677,007 3,150,246 - - 2033 7,665,823 5,741,071 3,185,797 - - 2034 7,677,581 5,749,877 3,190,683 - - 2035 7,629,195 5,713,639 3,170,574 - - 2036 7,570,675 5,669,813 3,146,255 - - 2037 7,540,630 5,647,312 3,133,768 - - 2038 7,561,463 5,662,914 3,142,426 - - 2039 7,639,020 5,720,998 3,174,658 - - 2040 7,755,961 5,808,577 3,223,257 - - 2041 7,880,070 5,901,524 3,274,834 - - 2042 7,980,688 5,976,879 3,316,650 - - 2043 8,041,476 6,022,404 3,341,912 - - 

# PC 2 **Microwave Shipments**

**Annual Shipments by EL (units) 4.50**  **Year** 4.50 3.70 2.70 2.20 0.04 2007 118,510 - - - - 2008 113,400 - - - - 2009 96,260 - - - - 2010 140,281 - - - - 2011 146,685 - - - - 2012 150,598 - - - - 2013 152,056 - - - - 2014 151,555 - - - - 2015 149,117 - - - - 2016 143,717 - - - - 2017 137,724 - - - - 2018 135,658 - - - - 2019 138,906 - - - - 2020 146,092 - - - - 2021 153,400 - - - - 2022 158,856 - - - - 2023 160,744 - - - - 2024 160,096 - - - - 2025 158,219 - - - - 2026 155,318 - - - - 2027 152,916 - - - - 2028 152,312 - - - - 2029 154,535 - - - - 2030 158,883 - - - - 2031 162,840 - - - - 2032 165,733 - - - - 2033 167,603 - - - - 2034 167,860 - - - - 2035 166,802 - - - - 2036 165,523 - - - - 2037 164,866 - - - - 2038 165,321 - - - - 2039 167,017 - - - - 2040 169,574 - - - - 2041 172,287 - - - - 2042 174,487 - - - - 2043 175,816 - - - - **Annual Shipments by EL (units) 2.00** 

Total 4.00 2.00 1.50 1.00 0.02 Total 11,732,490 5,420,410 4,059,442 2,252,638 - - 11,732,490 11,226,600 5,186,689 3,884,404 2,155,507 - - 11,226,600 9,529,740 4,402,740 3,297,290 1,829,710 - - 9,529,740 13,887,850 6,416,187 4,805,196 2,666,467 - - 13,887,850 14,521,792 6,709,068 5,024,540 2,788,184 - - 14,521,792 14,909,185 6,888,044 5,158,578 2,862,564 - - 14,909,185 15,053,553 6,954,741 5,208,529 2,890,282 - - 15,053,553 15,003,956 - 12,120,167 2,880,040 - - 15,000,207 14,762,612 - 11,925,891 2,833,875 - - 14,759,766 14,228,027 - 11,494,462 2,731,357 - - 14,225,820 13,634,666 - 11,015,324 2,617,503 - - 13,632,827 13,430,166 - 10,850,329 2,578,296 - - 13,428,625 13,751,646 - 11,110,087 2,640,021 - - 13,750,107 14,463,142 - 11,684,893 2,776,608 - - 14,461,501 15,186,637 - 12,269,298 2,915,477 - - 15,184,775 15,726,732 - 12,705,400 3,019,105 - - 15,724,505 15,913,687 - 12,856,067 3,054,907 - - 15,910,974 15,849,503 - 12,803,768 3,042,479 - - 15,846,247 15,663,642 - 12,653,360 3,006,739 - - 15,660,099 15,376,442 - 12,421,362 2,951,611 - - 15,372,973 15,138,686 - 12,229,459 2,906,010 - - 15,135,469 15,078,848 - 12,181,255 2,894,556 - - 15,075,811 15,298,926 - 12,359,091 2,936,814 - - 15,295,904 15,729,443 - 12,706,831 3,019,445 - - 15,726,276 16,121,186 - 13,023,148 3,094,609 - - 16,117,757 16,407,533 - 13,254,252 3,149,525 - - 16,403,777 16,592,691 - 13,403,587 3,185,011 - - 16,588,598 16,618,141 - 13,423,925 3,189,843 - - 16,613,768 16,513,409 - 13,339,172 3,169,704 - - 16,508,877 16,386,743 - 13,236,803 3,145,379 - - 16,382,182 16,321,711 - 13,184,296 3,132,902 - - 16,317,198 16,366,802 - 13,220,760 3,141,567 - - 16,362,327 16,534,675 - 13,356,366 3,173,790 - - 16,530,156 16,787,795 - 13,560,768 3,222,361 - - 16,783,129 17,056,429 - 13,777,640 3,273,895 - - 17,051,535 17,274,216 - 13,953,400 3,315,659 - - 17,269,059 17,405,791 - 14,059,510 3,340,874 - - 17,400,383 **Annual Shipments by EL (units) 3.70** 

Total 4.50 3.70 2.70 2.20 0.04 Total 118,510 118,510 - - - - 118,510 113,400 113,400 - - - - 113,400 96,260 96,260 - - - - 96,260 140,281 140,281 - - - - 140,281 146,685 146,685 - - - - 146,685 150,598 150,598 - - - - 150,598 152,056 152,056 - - - - 152,056 151,555 - 151,557 - - - 151,557 149,117 - 149,119 - - - 149,119 143,717 - 143,719 - - - 143,719 137,724 - 137,725 - - - 137,725 135,658 - 135,659 - - - 135,659 138,906 - 138,906 - - - 138,906 146,092 - 146,093 - - - 146,093 153,400 - 153,402 - - - 153,402 158,856 - 158,857 - - - 158,857 160,744 - 160,746 - - - 160,746 160,096 - 160,098 - - - 160,098 158,219 - 158,221 - - - 158,221 155,318 - 155,320 - - - 155,320 152,916 - 152,918 - - - 152,918 152,312 - 152,314 - - - 152,314 154,535 - 154,537 - - - 154,537 158,883 - 158,886 - - - 158,886 162,840 - 162,843 - - - 162,843 165,733 - 165,735 - - - 165,735 167,603 - 167,606 - - - 167,606 167,860 - 167,863 - - - 167,863 166,802 - 166,805 - - - 166,805 165,523 - 165,526 - - - 165,526 164,866 - 164,869 - - - 164,869 165,321 - 165,325 - - - 165,325 167,017 - 167,020 - - - 167,020 169,574 - 169,577 - - - 169,577 172,287 - 172,291 - - - 172,291 174,487 - 174,491 - - - 174,491 175,816 - 175,820 - - - 175,820 **Annual Shipments by EL (units) 1.50**  **1.00**

4.00 2.00 1.50 1.00 0.02 Total 4.00 5,420,410 4,059,442 2,252,638 - - 11,732,490 5,420,410 5,186,689 3,884,404 2,155,507 - - 11,226,600 5,186,689 4,402,740 3,297,290 1,829,710 - - 9,529,740 4,402,740 6,416,187 4,805,196 2,666,467 - - 13,887,850 6,416,187 6,709,068 5,024,540 2,788,184 - - 14,521,792 6,709,068 6,888,044 5,158,578 2,862,564 - - 14,909,185 6,888,044 6,954,741 5,208,529 2,890,282 - - 15,053,553 6,954,741

- - 14,991,194 - - 14,991,194 -

- - 14,752,915 - - 14,752,915 -

- - 14,220,490 - - 14,220,490 -

- - 13,628,376 - - 13,628,376 -

- - 13,424,889 - - 13,424,889 -

- - 13,746,371 - - 13,746,371 -

- - 14,457,511 - - 14,457,511 -

- - 15,180,241 - - 15,180,241 -

- - 15,719,088 - - 15,719,088 -

- - 15,904,383 - - 15,904,383 -

- - 15,838,338 - - 15,838,338 -

- - 15,651,488 - - 15,651,488 -

- - 15,364,527 - - 15,364,527 -

- - 15,127,614 - - 15,127,614 -

- - 15,068,376 - - 15,068,376 -

- - 15,288,486 - - 15,288,486 -

- - 15,718,489 - - 15,718,489 -

- - 16,109,319 - - 16,109,319 -

- - 16,394,529 - - 16,394,529 -

- - 16,578,522 - - 16,578,522 -

- - 16,602,998 - - 16,602,998 -

- - 16,497,703 - - 16,497,703 -

- - 16,370,917 - - 16,370,917 -

- - 16,306,024 - - 16,306,024 -

- - 16,351,217 - - 16,351,217 -

- - 16,518,911 - - 16,518,911 -

- - 16,771,497 - - 16,771,497 -

- - 17,039,321 - - 17,039,321 -

- - 17,256,178 - - 17,256,178 -

- - 17,386,866 - - 17,386,866 - **Annual Shipments by EL (units) 2.70**  **2.20**

4.50 3.70 2.70 2.20 0.04 Total 4.50 118,510 - - - - 118,510 118,510 113,400 - - - - 113,400 113,400 96,260 - - - - 96,260 96,260 140,281 - - - - 140,281 140,281 146,685 - - - - 146,685 146,685 150,598 - - - - 150,598 150,598 152,056 - - - - 152,056 152,056

- - 151,188 - - 151,188 -

- - 148,838 - - 148,838 -

- - 143,500 - - 143,500 -

- - 137,542 - - 137,542 -

- - 135,506 - - 135,506 -

- - 138,753 - - 138,753 -

- - 145,930 - - 145,930 -

- - 153,215 - - 153,215 -

- - 158,635 - - 158,635 -

- - 160,475 - - 160,475 -

- - 159,773 - - 159,773 -

- - 157,867 - - 157,867 -

- - 154,973 - - 154,973 -

- - 152,595 - - 152,595 -

- - 152,008 - - 152,008 -

- - 154,232 - - 154,232 -

- - 158,565 - - 158,565 -

- - 162,496 - - 162,496 -

- - 165,355 - - 165,355 -

- - 167,191 - - 167,191 -

- - 167,420 - - 167,420 -

- - 166,346 - - 166,346 -

- - 165,062 - - 165,062 -

- - 164,409 - - 164,409 -

- - 164,867 - - 164,867 -

- - 166,557 - - 166,557 -

- - 169,098 - - 169,098 -

- - 171,788 - - 171,788 -

- - 173,960 - - 173,960 -

- - 175,263 - - 175,263 - **Annual Shipments by EL (units) 0.02** 

2.00 1.50 1.00 0.02 Total 4.00 2.00 4,059,442 2,252,638 - - 11,732,490 5,420,410 4,059,442 3,884,404 2,155,507 - - 11,226,600 5,186,689 3,884,404 3,297,290 1,829,710 - - 9,529,740 4,402,740 3,297,290 4,805,196 2,666,467 - - 13,887,850 6,416,187 4,805,196 5,024,540 2,788,184 - - 14,521,792 6,709,068 5,024,540 5,158,578 2,862,564 - - 14,909,185 6,888,044 5,158,578 5,208,529 2,890,282 - - 15,053,553 6,954,741 5,208,529

- - 14,966,735 - 14,966,735 - -

- - 14,734,317 - 14,734,317 - -

- - 14,206,018 - 14,206,018 - -

- - 13,616,288 - 13,616,288 - -

- - 13,414,738 - 13,414,738 - -

- - 13,736,222 - 13,736,222 - -

- - 14,446,668 - 14,446,668 - -

- - 15,167,923 - 15,167,923 - -

- - 15,704,369 - 15,704,369 - -

- - 15,886,478 - 15,886,478 - -

- - 15,816,857 - 15,816,857 - -

- - 15,628,101 - 15,628,101 - -

- - 15,341,582 - 15,341,582 - -

- - 15,106,267 - 15,106,267 - -

- - 15,048,165 - 15,048,165 - -

- - 15,268,315 - 15,268,315 - -

- - 15,697,310 - 15,697,310 - -

- - 16,086,370 - 16,086,370 - -

- - 16,369,378 - 16,369,378 - -

- - 16,551,119 - 16,551,119 - -

- - 16,573,709 - 16,573,709 - -

- - 16,467,313 - 16,467,313 - -

- - 16,340,271 - 16,340,271 - -

- - 16,275,620 - 16,275,620 - -

- - 16,320,978 - 16,320,978 - -

- - 16,488,296 - 16,488,296 - -

- - 16,739,825 - 16,739,825 - -

- - 17,006,060 - 17,006,060 - -

- - 17,221,097 - 17,221,097 - -

- - 17,350,052 - 17,350,052 - - **Annual Shipments by EL (units) Annual Shipments by EL (units)** **0.04**

3.70 2.70 2.20 0.04 Total 4.50 3.70

- - - - 118,510 118,510 -

- - - - 113,400 113,400 -

- - - - 96,260 96,260 -

- - - - 140,281 140,281 -

- - - - 146,685 146,685 -

- - - - 150,598 150,598 -

- - - - 152,056 152,056 -

- - 150,028 - 150,028 - -

- - 147,956 - 147,956 - -

- - 142,814 - 142,814 - -

- - 136,969 - 136,969 - -

- - 135,024 - 135,024 - -

- - 138,272 - 138,272 - -

- - 145,415 - 145,415 - -

- - 152,631 - 152,631 - -

- - 157,937 - 157,937 - -

- - 159,627 - 159,627 - -

- - 158,756 - 158,756 - -

- - 156,759 - 156,759 - -

- - 153,886 - 153,886 - -

- - 151,584 - 151,584 - -

- - 151,050 - 151,050 - -

- - 153,275 - 153,275 - -

- - 157,561 - 157,561 - -

- - 161,408 - 161,408 - -

- - 164,163 - 164,163 - -

- - 165,893 - 165,893 - -

- - 166,033 - 166,033 - -

- - 164,906 - 164,906 - -

- - 163,611 - 163,611 - -

- - 162,969 - 162,969 - -

- - 163,434 - 163,434 - -

- - 165,106 - 165,106 - -

- - 167,597 - 167,597 - -

- - 170,212 - 170,212 - -

- - 172,298 - 172,298 - -

- - 173,519 - 173,519 - - **Annual Shipments by EL (units) Annual Shipments by EL (units)** 1.50 1.00 0.02 Total

2,252,638 - - 11,732,490 2,155,507 - - 11,226,600 1,829,710 - - 9,529,740 2,666,467 - - 13,887,850 2,788,184 - - 14,521,792 2,862,564 - - 14,909,185 2,890,282 - - 15,053,553

- - 14,854,079 14,854,079

- - 14,648,645 14,648,645

- - 14,139,342 14,139,342

- - 13,560,586 13,560,586

- - 13,367,960 13,367,960

- - 13,689,452 13,689,452

- - 14,396,711 14,396,711

- - 15,111,182 15,111,182

- - 15,636,603 15,636,603

- - 15,804,083 15,804,083

- - 15,718,030 15,718,030

- - 15,520,514 15,520,514

- - 15,236,021 15,236,021

- - 15,008,036 15,008,036

- - 14,955,149 14,955,149

- - 15,175,474 15,175,474

- - 15,599,844 15,599,844

- - 15,980,779 15,980,779

- - 16,253,690 16,253,690

- - 16,425,110 16,425,110

- - 16,439,047 16,439,047

- - 16,327,603 16,327,603

- - 16,199,379 16,199,379

- - 16,135,825 16,135,825

- - 16,181,925 16,181,925

- - 16,347,512 16,347,512

- - 16,594,188 16,594,188

- - 16,853,145 16,853,145

- - 17,059,845 17,059,845

- - 17,180,862 17,180,862 **Annual Shipments by EL (units)**2.70 2.20 0.04 Total

- - - 118,510

- - - 113,400

- - - 96,260

- - - 140,281

- - - 146,685

- - - 150,598

- - - 152,056

- - 150,725 150,725

- - 148,486 148,486

- - 143,226 143,226

- - 137,314 137,314

- - 135,314 135,314

- - 138,561 138,561

- - 145,725 145,725

- - 152,983 152,983

- - 158,357 158,357

- - 160,137 160,137

- - 159,367 159,367

- - 157,425 157,425

- - 154,540 154,540

- - 152,192 152,192

- - 151,626 151,626

- - 153,851 153,851

- - 158,165 158,165

- - 162,062 162,062

- - 164,880 164,880

- - 166,674 166,674

- - 166,867 166,867

- - 165,772 165,772

- - 164,484 164,484

- - 163,836 163,836

- - 164,297 164,297

- - 165,980 165,980

- - 168,501 168,501

- - 171,160 171,160

- - 173,299 173,299

- - 174,569 174,569 **Annual Shipments by EL (units) EF**  **Labor Material**  **Overhead Depreciation**  Baseline 4.00 $10.63 $101.28 $3.28 $5.16 TSL 1 2.00 $10.65 $101.51 $3.29 $5.17 TSL 2 1.50 $10.68 $101.79 $3.30 $5.18 TSL 3 1.00 $10.74 $102.39 $3.32 $5.21 TSL 4 0.02 $11.03 $105.13 $3.41 $5.35

**EF Labor**  **Material Overhead**  **Depreciation** Baseline 4.50 $22.95 $218.73 $7.09 $11.13 TSL 1 3.70 $22.95 $218.73 $7.09 $11.13 TSL 2 2.70 $23.15 $220.66 $7.15 $11.23 TSL 3 2.20 $23.78 $226.67 $7.35 $11.54 TSL 4 0.04 $23.41 $223.09 $7.23 $11.36 **Efficiency Level** Cost Per Unit **PC 1**

**Base Case PC 2**  **Production Costs** 

# Full Cost of Production

**Efficiency Level Production Costs**  Cost Per Unit **Base Case Total**  **Markup Price** 

$120.35 1.26 $151.64 Baseline $120.62 1.26 $151.98 TSL 1 $120.95 1.26 $152.39 TSL 2 $121.66 1.26 $153.29 TSL 3 $124.92 1.26 $157.41 TSL 4

**Total Markup**  **Price** $259.90 1.26 $327.48 Baseline $259.90 1.26 $327.48 TSL 1 $262.19 1.26 $330.36 TSL 2 $269.34 1.26 $339.37 TSL 3 $265.09 1.26 $334.01 TSL 4 **Efficiency Level PC 2**  **PC 1 Efficiency Level** **EF Labor**  **Material Overhead**  **Depreciation Total**  **Markup**

4.00 $10.63 $101.28 $3.28 $5.16 $120.35 1.26 2.00 $10.65 $101.51 $3.29 $5.17 $120.62 1.26 1.50 $10.68 $101.79 $3.30 $5.18 $120.95 1.26 1.00 $10.74 $102.39 $3.32 $5.21 $121.66 1.26 0.02 $11.03 $105.13 $3.41 $5.35 $124.92 1.26

**EF Labor**  **Material Overhead**  **Depreciation Total**  **Markup** 4.50 $22.95 $218.73 $7.09 $11.13 $259.90 1.26 3.70 $22.95 $218.73 $7.09 $11.13 $259.90 1.26 2.70 $23.15 $220.66 $7.15 $11.23 $262.19 1.26 2.20 $23.78 $226.67 $7.35 $11.54 $269.34 1.26 0.04 $23.41 $223.09 $7.23 $11.36 $265.09 1.26 **Efficiency Level** Cost Per Unit **Standard Case PC 2**  **Production Costs PC 1**  **Production Costs Efficiency Level**  Cost Per Unit **Standard Case Price** 

$151.64 $151.98 $152.39 $153.29 $157.41

**Price** $327.48 $327.48 $330.36 $339.37 $334.01** Determines the timing the conversion costs associated with the standard, see comment B8 **Prod Hold Factor** 0.98 **Product Conversion Factors 1**  **2 3**  **4 5**  **6 std yr**  2% 2% 2% 2% 2% 2% **std yr-1** 98% 44% 39% 44% 44% 44% **std yr-2** 54% 34% 35% 35% 35% **std yr-3** 25% 17% 17% 17% **std yr-4** 2% 2% 2% **std yr-5** 0% 0% **std yr-6** 0% **std yr-7 std yr-8**  Total 100% 100% 100% 100% 100% 100% **Capital Conversion Factors 1**  **2 3**  **4 5**  **6 std yr**  0% 0% 0% 0% 0% 0% **std yr-1** 100.0% 45.0% 40.0% 45.0% 45.0% 45.0% **std yr-2** 55.0% 35.0% 36.0% 36.0% 36.0% **std yr-3** 25.0% 17.0% 17.0% 17.0% **std yr-4** 2.0% 2.0% 2.0% **std yr-5** 0.0% 0.0% **std yr-6** 0.0% **std yr-7 std yr-8**  Total 100% 100% 100% 100% 100% 100% 

# Conv **ersion Costs Timing 7**  **8**

2% 2% 44% 44% 35% 35% 17% 17% 2% 2% 0% 0% 0% 0% 0% 0%

0% 100% 100%

**7 8**  0% 0% 45.0% 45.0% 36.0% 36.0% 17.0% 17.0% 2.0% 2.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

0.0% 100% 100%This tab computes revenues per product class and per efficiency level for the base case. Totals are summed for each product class. **2007 2008**  **2009 2010**  **Income Statement (Base Case) 4.00**  **Baseline** Un it Price 152 $ 152

$ 152

$ 152

$ Un it Sales (MM) 5.4204 5.1867 4.4027 6.4162 Revenues (MM) 822 $ 787

$ 668

$ 973

$ Cost of Sales Labor 58 $ 55

$ 47

$ 68

$ Material 549 $ 525

$ 446

$ 650

$ Overhead 18 $ 17

$ 14

$ 21

$ Depreciation 28 $ 27

$ 23

$ 33

$ **2.00 TSL 1**  Un it Price 152 $ 152

$ 152

$ 152

$ Un it Sales (MM) 4.0594 3.8844 3.2973 4.8052 Revenues (MM) 617 $ 590

$ 501

$ 730

$ Cost of Sales Labor 43 $ 41

$ 35

$ 51

$ Material 412 $ 394

$ 335

$ 488

$ Overhead 13 $ 13

$ 11

$ 16

$ Depreciation 21 $ 20

$ 17

$ 25

$ **1.50 TSL 2**  Un it Price 152 $ 152

$ 152

$ 152

$ Un it Sales (MM) 2.2526 2.1555 1.8297 2.6665 Revenues (MM) 343 $ 328

$ 279

$ 406

$ Cost of Sales Labor 24 $ 23

$ 20

$ 28

$ Material 229 $ 219

$ 186

$ 271

$ Overhead 7 $ 7

$ 6

$ 9

$ Depreciation 12 $ 11

$ 9

$ 14

$ **1.00 TSL 3**  Un it Price 153 $ 153

$ 153

$ 153

$ Un it Sales (MM) - - - - Revenues (MM) - $ -

$ -

$ -

$ Cost of Sales Labor - $ -

$ -

$ -

$ Material - $ -

$ -

$ -

$ 

# Base Case Revenue & Cost

**PC 1**Overhead - $ -

$ -

$ -

$ Depreciation - $ -

$ -

$ -

$ **0.02 TSL 4**  Un it Price 157 $ 157

$ 157

$ 157

$ Un it Sales (MM) - - - - Revenues (MM) - $ -

$ -

$ -

$ Cost of Sales Labor - $ -

$ -

$ -

$ Material - $ -

$ -

$ -

$ Overhead - $ -

$ -

$ -

$ Depreciation - $ -

$ -

$ -

$

**4.50 Baseline**  Un it Price 327 $ 327

$ 327

$ 327

$ Un it Sales (MM) 0.1185 0.1134 0.0963 0.1403 Revenues (MM) 39 $ 37

$ 32

$ 46

$ Cost of Sales Labor 3 $ 3

$ 2

$ 3

$ Material 26 $ 25

$ 21

$ 31

$ Overhead 1 $ 1

$ 1

$ 1

$ Depreciation 1 $ 1

$ 1

$ 2

$ **3.70 TSL 1**  Un it Price 327 $ 327

$ 327

$ 327

$ Un it Sales (MM) - - - - Revenues (MM) - $ -

$ -

$ -

$ Cost of Sales Labor - $ -

$ -

$ -

$ Material - $ -

$ -

$ -

$ Overhead - $ -

$ -

$ -

$ Depreciation - $ -

$ -

$ -

$ **2.70 TSL 2**  Un it Price 330 $ 330

$ 330

$ 330

$ Un it Sales (MM) - - - - Revenues (MM) - $ -

$ -

$ -

$ Cost of Sales Labor - $ -

$ -

$ -

$ Material - $ -

$ -

$ -

$ Overhead - $ -

$ -

$ -

$ Depreciation - $ -

$ -

$ -

$ **PC 2 2.20**  **TSL 3**

Un it Price 339 $ 339

$ 339

$ 339

$ Un it Sales (MM) - - - - Revenues (MM) - $ -

$ -

$ -

$ Cost of Sales Labor - $ -

$ -

$ -

$ Material - $ -

$ -

$ -

$ Overhead - $ -

$ -

$ -

$ Depreciation - $ -

$ -

$ -

$ **0.04 TSL 4**  Un it Price 334 $ 334

$ 334

$ 334

$ Un it Sales (MM) - - - - Revenues (MM) - $ -

$ -

$ -

$ Cost of Sales Labor - $ -

$ -

$ -

$ Material - $ -

$ -

$ -

$ Overhead - $ -

$ -

$ -

$ Depreciation - $ -

$ -

$ -

$

**2010 2011**  **2012 2013**  Un it Sales (MM) 11.8510 11.3400 9.6260 14.0281 Revenues (MM) 1,821 $ 1,742

$ 1,479

$ 2,156

$ Cost of Sales Labor 128 $ 122

$ 104

$ 151

$ Material 1,216 $ 1,164

$ 988

$ 1,440

$ Overhead 39 $ 38

$ 32

$ 47

$ Depreciation 62 $ 59

$ 50

$ 73

$ Average Price per Unit 154 $ 154

$ 154

$ 154

$ **INDUSTRY TOTAL**This tab computes revenues per product class and per efficiency level for the base case. Totals are summed for each product class.

**Base Year Standard**  **Year 2011**  **2012 2013**  **2014 2015**  **2016 2017**  **2018 2019** 

149 $ 146

$ 143

$ 141

$ 139

$ 136

$ 134

$ 132

$ 131

$ 6.7091 6.8880 6.9547 6.9318 6.8203 6.5733 6.2992 6.2047 6.3533 998 $ 1,006

$ 998

$ 977

$ 945

$ 897

$ 846

$ 822

$ 829

$ 70 $ 71

$ 70

$ 68

$ 66

$ 63

$ 59

$ 58

$ 58

$ 667 $ 672

$ 666

$ 653

$ 631

$ 599

$ 565

$ 549

$ 554

$ 22 $ 22

$ 22

$ 21

$ 20

$ 19

$ 18

$ 18

$ 18

$ 34 $ 34

$ 34

$ 33

$ 32

$ 30

$ 29

$ 28

$ 28

$ 149 $ 146

$ 144

$ 141

$ 139

$ 137

$ 135

$ 133

$ 131

$ 5.0245 5.1586 5.2085 5.1914 5.1079 4.9229 4.7176 4.6468 4.7581 749 $ 755

$ 749

$ 733

$ 710

$ 673

$ 635

$ 617

$ 622

$ 53 $ 53

$ 52

$ 51

$ 50

$ 47

$ 45

$ 43

$ 44

$ 501 $ 504

$ 500

$ 490

$ 474

$ 450

$ 424

$ 412

$ 416

$ 16 $ 16

$ 16

$ 16

$ 15

$ 15

$ 14

$ 13

$ 13

$ 25 $ 26

$ 25

$ 25

$ 24

$ 23

$ 22

$ 21

$ 21

$ 150 $ 147

$ 144

$ 142

$ 139

$ 137

$ 135

$ 133

$ 131

$ 2.7882 2.8626 2.8903 2.8808 2.8344 2.7318 2.6179 2.5786 2.6403 417 $ 420

$ 417

$ 408

$ 395

$ 375

$ 354

$ 343

$ 346

$ 29 $ 29

$ 29

$ 29

$ 28

$ 26

$ 25

$ 24

$ 24

$ 279 $ 281

$ 278

$ 273

$ 264

$ 250

$ 236

$ 229

$ 231

$ 9 $ 9

$ 9

$ 9

$ 9

$ 8

$ 8

$ 7

$ 7

$ 14 $ 14

$ 14

$ 14

$ 13

$ 13

$ 12

$ 12

$ 12

$ 150 $ 148

$ 145

$ 143

$ 140

$ 138

$ 136

$ 134

$ 132

$

- - - - - - - - -

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$-

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$ 154 $ 152

$ 149

$ 146

$ 144

$ 142

$ 139

$ 137

$ 135

$

- - - - - - - - -

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

321 $ 315

$ 310

$ 304

$ 299

$ 295

$ 290

$ 286

$ 282

$ 0.1467 0.1506 0.1521 0.1516 0.1491 0.1437 0.1377 0.1357 0.1389 47 $ 48

$ 47

$ 46

$ 45

$ 42

$ 40

$ 39

$ 39

$ 3 $ 3

$ 3

$ 3

$ 3

$ 3

$ 3

$ 3

$ 3

$ 31 $ 32

$ 31

$ 31

$ 30

$ 28

$ 27

$ 26

$ 26

$ 1 $ 1

$ 1

$ 1

$ 1

$ 1

$ 1

$ 1

$ 1

$ 2 $ 2

$ 2

$ 2

$ 2

$ 1

$ 1

$ 1

$ 1

$ 321 $ 315

$ 310

$ 304

$ 299

$ 295

$ 290

$ 286

$ 282

$

- - - - - - - - -

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$ 324 $ 318

$ 313

$ 307

$ 302

$ 297

$ 293

$ 288

$ 284

$

- - - - - - - - -

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$333

$ 327

$ 321

$ 316

$ 310

$ 305

$ 301

$ 296

$ 292

$

- - - - - - - - -

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$ 328 $ 322

$ 316

$ 311

$ 305

$ 300

$ 296

$ 292

$ 287

$

- - - - - - - - -

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

**2014 2015**  **2016 2017**  **2018 2019**  **2020 2021**  **2022** 14.6685 15.0598 15.2056 15.1555 14.9117 14.3717 13.7724 13.5658 13.8906 2,212 $ 2,229

$ 2,210

$ 2,165

$ 2,095

$ 1,987

$ 1,875

$ 1,820

$ 1,837

$ 155 $ 156

$ 155

$ 152

$ 147

$ 139

$ 131

$ 128

$ 129

$ 1,477 $ 1,489

$ 1,476

$ 1,446

$ 1,399

$ 1,327

$ 1,253

$ 1,216

$ 1,227

$ 48 $ 48

$ 48

$ 47

$ 45

$ 43

$ 41

$ 39

$ 40

$ 75 $ 76

$ 75

$ 74

$ 71

$ 68

$ 64

$ 62

$ 62

$ 151 $ 148

$ 145

$ 143

$ 140

$ 138

$ 136

$ 134

$ 132

$**2020 2021**  **2022 2023**  **2024 2025**  **2026 2027**  **2028**

129 $ 127

$ 125

$ 123

$ 121

$ 120

$ 118

$ 117

$ 115

$ 6.6820 7.0162 7.2658 7.3521 7.3225 7.2366 7.1039 6.9941 6.9664 859 $ 889

$ 907

$ 905

$ 889

$ 866

$ 840

$ 816

$ 803

$ 60 $ 62

$ 64

$ 63

$ 62

$ 61

$ 59

$ 57

$ 56

$ 574 $ 594

$ 606

$ 604

$ 594

$ 579

$ 561

$ 545

$ 536

$ 19 $ 19

$ 20

$ 20

$ 19

$ 19

$ 18

$ 18

$ 17

$ 29 $ 30

$ 31

$ 31

$ 30

$ 29

$ 29

$ 28

$ 27

$ 129 $ 127

$ 125

$ 123

$ 122

$ 120

$ 118

$ 117

$ 116

$ 5.0042 5.2546 5.4414 5.5061 5.4839 5.4196 5.3202 5.2380 5.2173 645 $ 667

$ 681

$ 679

$ 667

$ 650

$ 630

$ 613

$ 603

$ 45 $ 47

$ 48

$ 48

$ 47

$ 46

$ 44

$ 43

$ 42

$ 431 $ 446

$ 455

$ 454

$ 446

$ 434

$ 421

$ 409

$ 403

$ 14 $ 14

$ 15

$ 15

$ 14

$ 14

$ 14

$ 13

$ 13

$ 22 $ 23

$ 23

$ 23

$ 23

$ 22

$ 21

$ 21

$ 20

$ 129 $ 127

$ 125

$ 124

$ 122

$ 120

$ 119

$ 117

$ 116

$ 2.7769 2.9158 3.0195 3.0554 3.0431 3.0074 2.9523 2.9066 2.8951 359 $ 371

$ 379

$ 378

$ 371

$ 362

$ 351

$ 341

$ 335

$ 25 $ 26

$ 27

$ 26

$ 26

$ 25

$ 25

$ 24

$ 24

$ 240 $ 248

$ 253

$ 252

$ 248

$ 242

$ 234

$ 228

$ 224

$ 8 $ 8

$ 8

$ 8

$ 8

$ 8

$ 8

$ 7

$ 7

$ 12 $ 13

$ 13

$ 13

$ 13

$ 12

$ 12

$ 12

$ 11

$ 130 $ 128

$ 126

$ 124

$ 123

$ 121

$ 119

$ 118

$ 117

$

- - - - - - - - -

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$-

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$ 133 $ 132

$ 130

$ 128

$ 126

$ 124

$ 123

$ 121

$ 120

$

- - - - - - - - -

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

278 $ 274

$ 270

$ 266

$ 262

$ 259

$ 255

$ 252

$ 249

$ 0.1461 0.1534 0.1589 0.1607 0.1601 0.1582 0.1553 0.1529 0.1523 41 $ 42

$ 43

$ 43

$ 42

$ 41

$ 40

$ 39

$ 38

$ 3 $ 3

$ 3

$ 3

$ 3

$ 3

$ 3

$ 3

$ 3

$ 27 $ 28

$ 29

$ 29

$ 28

$ 27

$ 26

$ 26

$ 25

$ 1 $ 1

$ 1

$ 1

$ 1

$ 1

$ 1

$ 1

$ 1

$ 1 $ 1

$ 1

$ 1

$ 1

$ 1

$ 1

$ 1

$ 1

$ 278 $ 274

$ 270

$ 266

$ 262

$ 259

$ 255

$ 252

$ 249

$

- - - - - - - - -

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$ 280 $ 276

$ 272

$ 268

$ 264

$ 261

$ 257

$ 254

$ 251

$

- - - - - - - - -

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$288

$ 284

$ 279

$ 275

$ 272

$ 268

$ 264

$ 261

$ 258

$

- - - - - - - - -

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$ 283 $ 279

$ 275

$ 271

$ 267

$ 264

$ 260

$ 257

$ 254

$

- - - - - - - - -

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

**2023 2024**  **2025 2026**  **2027 2028**  **2029 2030**  **2031** 14.6092 15.3400 15.8856 16.0744 16.0096 15.8219 15.5318 15.2916 15.2312 1,904 $ 1,970

$ 2,010

$ 2,005

$ 1,969

$ 1,920

$ 1,860

$ 1,808

$ 1,779

$ 133 $ 138

$ 141

$ 140

$ 138

$ 135

$ 130

$ 127

$ 125

$ 1,272 $ 1,316

$ 1,342

$ 1,339

$ 1,315

$ 1,282

$ 1,242

$ 1,208

$ 1,188

$ 41 $ 43

$ 44

$ 43

$ 43

$ 42

$ 40

$ 39

$ 39

$ 65 $ 67

$ 68

$ 68

$ 67

$ 65

$ 63

$ 61

$ 60

$ 130 $ 128

$ 127

$ 125

$ 123

$ 121

$ 120

$ 118

$ 117

$**2029 2030**  **2031 2032**  **2033 2034**  **2035 2036**  **2037**

114 $ 113

$ 111

$ 110

$ 109

$ 107

$ 106

$ 105

$ 104

$ 7.0681 7.2670 7.4480 7.5803 7.6658 7.6776 7.6292 7.5707 7.5406 805 $ 818

$ 828

$ 833

$ 832

$ 824

$ 810

$ 795

$ 783

$ 56 $ 57

$ 58

$ 58

$ 58

$ 58

$ 57

$ 56

$ 55

$ 538 $ 546

$ 553

$ 556

$ 556

$ 550

$ 541

$ 531

$ 523

$ 17 $ 18

$ 18

$ 18

$ 18

$ 18

$ 18

$ 17

$ 17

$ 27 $ 28

$ 28

$ 28

$ 28

$ 28

$ 28

$ 27

$ 27

$ 114 $ 113

$ 111

$ 110

$ 109

$ 108

$ 106

$ 105

$ 104

$ 5.2934 5.4424 5.5779 5.6770 5.7411 5.7499 5.7136 5.6698 5.6473 604 $ 614

$ 622

$ 625

$ 625

$ 619

$ 608

$ 596

$ 588

$ 42 $ 43

$ 44

$ 44

$ 44

$ 43

$ 43

$ 42

$ 41

$ 404 $ 410

$ 415

$ 418

$ 417

$ 413

$ 406

$ 398

$ 393

$ 13 $ 13

$ 13

$ 14

$ 14

$ 13

$ 13

$ 13

$ 13

$ 21 $ 21

$ 21

$ 21

$ 21

$ 21

$ 21

$ 20

$ 20

$ 114 $ 113

$ 112

$ 110

$ 109

$ 108

$ 107

$ 105

$ 104

$ 2.9374 3.0201 3.0953 3.1502 3.1858 3.1907 3.1706 3.1463 3.1338 336 $ 342

$ 346

$ 348

$ 348

$ 344

$ 338

$ 332

$ 327

$ 24 $ 24

$ 24

$ 24

$ 24

$ 24

$ 24

$ 23

$ 23

$ 225 $ 228

$ 231

$ 232

$ 232

$ 230

$ 226

$ 222

$ 218

$ 7 $ 7

$ 7

$ 8

$ 8

$ 7

$ 7

$ 7

$ 7

$ 11 $ 12

$ 12

$ 12

$ 12

$ 12

$ 11

$ 11

$ 11

$ 115 $ 114

$ 112

$ 111

$ 110

$ 109

$ 107

$ 106

$ 105

$

- - - - - - - - -

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$-

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$ 118 $ 117

$ 115

$ 114

$ 113

$ 111

$ 110

$ 109

$ 108

$

- - - - - - - - -

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

246 $ 243

$ 240

$ 237

$ 235

$ 232

$ 229

$ 227

$ 224

$ 0.1545 0.1589 0.1628 0.1657 0.1676 0.1679 0.1668 0.1655 0.1649 38 $ 39

$ 39

$ 39

$ 39

$ 39

$ 38

$ 38

$ 37

$ 3 $ 3

$ 3

$ 3

$ 3

$ 3

$ 3

$ 3

$ 3

$ 25 $ 26

$ 26

$ 26

$ 26

$ 26

$ 26

$ 25

$ 25

$ 1 $ 1

$ 1

$ 1

$ 1

$ 1

$ 1

$ 1

$ 1

$ 1 $ 1

$ 1

$ 1

$ 1

$ 1

$ 1

$ 1

$ 1

$ 246 $ 243

$ 240

$ 237

$ 235

$ 232

$ 229

$ 227

$ 224

$

- - - - - - - - -

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$ 248 $ 245

$ 242

$ 239

$ 237

$ 234

$ 231

$ 229

$ 226

$

- - - - - - - - -

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$255

$ 252

$ 249

$ 246

$ 243

$ 240

$ 238

$ 235

$ 232

$

- - - - - - - - -

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$ 251 $ 248

$ 245

$ 242

$ 239

$ 236

$ 234

$ 231

$ 229

$

- - - - - - - - -

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

**2032 2033**  **2034 2035**  **2036 2037**  **2038 2039**  **2040** 15.4535 15.8883 16.2840 16.5733 16.7603 16.7860 16.6802 16.5523 16.4866 1,784 $ 1,812

$ 1,835

$ 1,845

$ 1,844

$ 1,826

$ 1,794

$ 1,761

$ 1,735

$ 125 $ 127

$ 129

$ 129

$ 129

$ 128

$ 126

$ 123

$ 122

$ 1,191 $ 1,210

$ 1,225

$ 1,232

$ 1,232

$ 1,219

$ 1,198

$ 1,176

$ 1,159

$ 39 $ 39

$ 40

$ 40

$ 40

$ 40

$ 39

$ 38

$ 38

$ 61 $ 62

$ 62

$ 63

$ 63

$ 62

$ 61

$ 60

$ 59

$ 115 $ 114

$ 113

$ 111

$ 110

$ 109

$ 108

$ 106

$ 105

$**2038 2039**  **2040 2041**  **2042 2043**  2044

103 $ 102

$ 101

$ 100

$ 99

$ 98

$ 7.5615 7.6390 7.7560 7.8801 7.9807 8.0415 777 $ 777

$ 780

$ 785

$ 787

$ 785

$ 54 $ 54

$ 55

$ 55

$ 55

$ 55

$ 519 $ 519

$ 521

$ 524

$ 525

$ 524

$ 17 $ 17

$ 17

$ 17

$ 17

$ 17

$ 26 $ 26

$ 27

$ 27

$ 27

$ 27

$ 103 $ 102

$ 101

$ 100

$ 99

$ 98

$ 5.6629 5.7210 5.8086 5.9015 5.9769 6.0224 583 $ 583

$ 586

$ 589

$ 590

$ 589

$ 41 $ 41

$ 41

$ 41

$ 41

$ 41

$ 389 $ 389

$ 391

$ 393

$ 394

$ 393

$ 13 $ 13

$ 13

$ 13

$ 13

$ 13

$ 20 $ 20

$ 20

$ 20

$ 20

$ 20

$ 103 $ 102

$ 101

$ 100

$ 99

$ 98

$ 3.1424 3.1747 3.2233 3.2748 3.3166 3.3419 324 $ 324

$ 326

$ 328

$ 328

$ 328

$ 23 $ 23

$ 23

$ 23

$ 23

$ 23

$ 217 $ 217

$ 218

$ 219

$ 219

$ 219

$ 7 $ 7

$ 7

$ 7

$ 7

$ 7

$ 11 $ 11

$ 11

$ 11

$ 11

$ 11

$ 104 $ 103

$ 102

$ 101

$ 100

$ 99

$

- - - - - -

- $ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$-

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ 107 $ 106

$ 104

$ 103

$ 102

$ 101

$

- - - - - -

- $ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$

222 $ 220

$ 217

$ 215

$ 213

$ 211

$ 0.1653 0.1670 0.1696 0.1723 0.1745 0.1758 37 $ 37

$ 37

$ 37

$ 37

$ 37

$ 3 $ 3

$ 3

$ 3

$ 3

$ 3

$ 24 $ 24

$ 25

$ 25

$ 25

$ 25

$ 1 $ 1

$ 1

$ 1

$ 1

$ 1

$ 1 $ 1

$ 1

$ 1

$ 1

$ 1

$ 222 $ 220

$ 217

$ 215

$ 213

$ 211

$

- - - - - -

- $ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ 224 $ 221

$ 219

$ 217

$ 215

$ 213

$

- - - - - -

- $ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$230

$ 228

$ 225

$ 223

$ 221

$ 218

$

- - - - - -

- $ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ 226 $ 224

$ 222

$ 219

$ 217

$ 215

$

- - - - - -

- $ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$

**2041 2042**  **2043 2044**  **2045 2046**  16.5321 16.7017 16.9574 17.2287 17.4487 17.581607 1,721 $ 1,721

$ 1,729

$ 1,738

$ 1,742

$ 1,738

$ 121 $ 121

$ 121

$ 122

$ 122

$ 122

$ 1,150 $ 1,149

$ 1,155

$ 1,161

$ 1,164

$ 1,161

$ 37 $ 37

$ 37

$ 38

$ 38

$ 38

$ 59 $ 58

$ 59

$ 59

$ 59

$ 59

$ 104 $ 103

$ 102

$ 101

$ 100

$ 99

$This tab computes revenues per product class and per efficiency level for the base case. Totals are summed for each product class. **2007 2008**  **2009 2010**  **Income Statement (Standard Case) 4.00**  **Baseline** Un it Price 152 $ 152

$ 152

$ 152

$ Un it Sales (MM) 5.4204 5.1867 4.4027 6.4162 Revenues (MM) 822 $ 787

$ 668

$ 973

$ Cost of Sales Labor 58 $ 55

$ 47

$ 68

$ Material 549 $ 525

$ 446

$ 650

$ Overhead 18 $ 17

$ 14

$ 21

$ Depreciation 28 $ 27

$ 23

$ 33

$ **2.00 TSL 1**  Un it Price 152 $ 152

$ 152

$ 152

$ Un it Sales (MM) 4.0594 3.8844 3.2973 4.8052 Revenues (MM) 617 $ 590

$ 501

$ 730

$ Cost of Sales Labor 43 $ 41

$ 35

$ 51

$ Material 412 $ 394

$ 335

$ 488

$ Overhead 13 $ 13

$ 11

$ 16

$ Depreciation 21 $ 20

$ 17

$ 25

$ **1.50 TSL 2**  Un it Price 152 $ 152

$ 152

$ 152

$ Un it Sales (MM) 2.2526 2.1555 1.8297 2.6665 Revenues (MM) 343 $ 328

$ 279

$ 406

$ Cost of Sales Labor 24 $ 23

$ 20

$ 28

$ Material 229 $ 219

$ 186

$ 271

$ Overhead 7 $ 7

$ 6

$ 9

$ Depreciation 12 $ 11

$ 9

$ 14

$ **1.00 TSL 3**  Un it Price 153 $ 153

$ 153

$ 153

$ Un it Sales (MM) - - - - Revenues (MM) - $ -

$ -

$ -

$ Cost of Sales Labor - $ -

$ -

$ -

$ Material - $ -

$ -

$ -

$ 

# Standard Case Revenue & Cost

**PC 1**Overhead - $ -

$ -

$ -

$ Depreciation - $ -

$ -

$ -

$ **0.02 TSL 4**  Un it Price 157 $ 157

$ 157

$ 157

$ Un it Sales (MM) - - - - Revenues (MM) - $ -

$ -

$ -

$ Cost of Sales Labor - $ -

$ -

$ -

$ Material - $ -

$ -

$ -

$ Overhead - $ -

$ -

$ -

$ Depreciation - $ -

$ -

$ -

$

**4.50 Baseline**  Un it Price 327 $ 327

$ 327

$ 327

$ Un it Sales (MM) 0.1185 0.1134 0.0963 0.1403 Revenues (MM) 39 $ 37

$ 32

$ 46

$ Cost of Sales Labor 3 $ 3

$ 2

$ 3

$ Material 26 $ 25

$ 21

$ 31

$ Overhead 1 $ 1

$ 1

$ 1

$ Depreciation 1 $ 1

$ 1

$ 2

$ **3.70 TSL 1**  Un it Price 327 $ 327

$ 327

$ 327

$ Un it Sales (MM) - - - - Revenues (MM) - $ -

$ -

$ -

$ Cost of Sales Labor - $ -

$ -

$ -

$ Material - $ -

$ -

$ -

$ Overhead - $ -

$ -

$ -

$ Depreciation - $ -

$ -

$ -

$ **2.70 TSL 2**  Un it Price 330 $ 330

$ 330

$ 330

$ Un it Sales (MM) - - - - Revenues (MM) - $ -

$ -

$ -

$ Cost of Sales Labor - $ -

$ -

$ -

$ Material - $ -

$ -

$ -

$ Overhead - $ -

$ -

$ -

$ Depreciation - $ -

$ -

$ -

$ **PC 2 2.20**  **TSL 3**

Un it Price 339 $ 339

$ 339

$ 339

$ Un it Sales (MM) - - - - Revenues (MM) - $ -

$ -

$ -

$ Cost of Sales Labor - $ -

$ -

$ -

$ Material - $ -

$ -

$ -

$ Overhead - $ -

$ -

$ -

$ Depreciation - $ -

$ -

$ -

$ **0.04 TSL 4**  Un it Price 334 $ 334

$ 334

$ 334

$ Un it Sales (MM) - - - - Revenues (MM) - $ -

$ -

$ -

$ Cost of Sales Labor - $ -

$ -

$ -

$ Material - $ -

$ -

$ -

$ Overhead - $ -

$ -

$ -

$ Depreciation - $ -

$ -

$ -

$

**2010 2011**  **2012 2013**  Un it Sales (MM) 11.8510 11.3400 9.6260 14.0281 Revenues (MM) 1,821 $ 1,742

$ 1,479

$ 2,156

$ Cost of Sales Labor 128 $ 122

$ 104

$ 151

$ Material 1,216 $ 1,164

$ 988

$ 1,440

$ Overhead 39 $ 38

$ 32

$ 47

$ Depreciation 62 $ 59

$ 50

$ 73

$ Average Price per Unit 154 $ 154

$ 154

$ 154

$ **INDUSTRY TOTAL**This tab computes revenues per product class and per efficiency level for the base case. Totals are summed for each product class.

**Base Year Standard**  **Year 2011**  **2012 2013**  **2014 2015**  **2016 2017**  **2018 2019** 

149 $ 146

$ 143

$ 141

$ 139

$ 136

$ 134

$ 132

$ 131

$ 6.7091 6.8880 6.9547 - - - - - - 998 $ 1,006

$ 998

$ -

$ -

$ -

$ -

$ -

$ -

$ 70 $ 71

$ 70

$ -

$ -

$ -

$ -

$ -

$ -

$ 667 $ 672

$ 666

$ -

$ -

$ -

$ -

$ -

$ -

$ 22 $ 22

$ 22

$ -

$ -

$ -

$ -

$ -

$ -

$ 34 $ 34

$ 34

$ -

$ -

$ -

$ -

$ -

$ -

$ 149 $ 146

$ 144

$ 141

$ 139

$ 137

$ 135

$ 133

$ 131

$ 5.0245 5.1586 5.2085 - - - - - - 749 $ 755

$ 749

$ -

$ -

$ -

$ -

$ -

$ -

$ 53 $ 53

$ 52

$ -

$ -

$ -

$ -

$ -

$ -

$ 501 $ 504

$ 500

$ -

$ -

$ -

$ -

$ -

$ -

$ 16 $ 16

$ 16

$ -

$ -

$ -

$ -

$ -

$ -

$ 25 $ 26

$ 25

$ -

$ -

$ -

$ -

$ -

$ -

$ 150 $ 147

$ 144

$ 142

$ 139

$ 137

$ 135

$ 133

$ 131

$ 2.7882 2.8626 2.8903 - - - - - - 417 $ 420

$ 417

$ -

$ -

$ -

$ -

$ -

$ -

$ 29 $ 29

$ 29

$ -

$ -

$ -

$ -

$ -

$ -

$ 279 $ 281

$ 278

$ -

$ -

$ -

$ -

$ -

$ -

$ 9 $ 9

$ 9

$ -

$ -

$ -

$ -

$ -

$ -

$ 14 $ 14

$ 14

$ -

$ -

$ -

$ -

$ -

$ -

$ 150 $ 148

$ 145

$ 143

$ 140

$ 138

$ 136

$ 134

$ 132

$

- - - - - - - - -

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$-

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$ 154 $ 152

$ 149

$ 146

$ 144

$ 142

$ 139

$ 137

$ 135

$

- - - 14.8541 14.6486 14.1393 13.5606 13.3680 13.6895

- $ -

$ -

$ 2,174

$ 2,108

$ 2,002

$ 1,891

$ 1,837

$ 1,854

$

- $ -

$ -

$ 152

$ 148

$ 140

$ 133

$ 129

$ 130

$

- $ -

$ -

$ 1,452

$ 1,408

$ 1,337

$ 1,263

$ 1,227

$ 1,239

$

- $ -

$ -

$ 47

$ 46

$ 43

$ 41

$ 40

$ 40

$

- $ -

$ -

$ 74

$ 72

$ 68

$ 64

$ 62

$ 63

$

321 $ 315

$ 310

$ 304

$ 299

$ 295

$ 290

$ 286

$ 282

$ 0.1467 0.1506 0.1521 - - - - - - 47 $ 48

$ 47

$ -

$ -

$ -

$ -

$ -

$ -

$ 3 $ 3

$ 3

$ -

$ -

$ -

$ -

$ -

$ -

$ 31 $ 32

$ 31

$ -

$ -

$ -

$ -

$ -

$ -

$ 1 $ 1

$ 1

$ -

$ -

$ -

$ -

$ -

$ -

$ 2 $ 2

$ 2

$ -

$ -

$ -

$ -

$ -

$ -

$ 321 $ 315

$ 310

$ 304

$ 299

$ 295

$ 290

$ 286

$ 282

$

- - - - - - - - -

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$ 324 $ 318

$ 313

$ 307

$ 302

$ 297

$ 293

$ 288

$ 284

$

- - - - - - - - -

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$333

$ 327

$ 321

$ 316

$ 310

$ 305

$ 301

$ 296

$ 292

$

- - - - - - - - -

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$ 328 $ 322

$ 316

$ 311

$ 305

$ 300

$ 296

$ 292

$ 287

$

- - - 0.1507 0.1485 0.1432 0.1373 0.1353 0.1386

- $ -

$ -

$ 47

$ 45

$ 43

$ 41

$ 39

$ 40

$

- $ -

$ -

$ 3

$ 3

$ 3

$ 3

$ 3

$ 3

$

- $ -

$ -

$ 31

$ 30

$ 29

$ 27

$ 26

$ 27

$

- $ -

$ -

$ 1

$ 1

$ 1

$ 1

$ 1

$ 1

$

- $ -

$ -

$ 2

$ 2

$ 1

$ 1

$ 1

$ 1

$

**2014 2015**  **2016 2017**  **2018 2019**  **2020 2021**  **2022** 14.6685 15.0598 15.2056 15.0048 14.7971 14.2826 13.6979 13.5033 13.8280 2,212 $ 2,229

$ 2,210

$ 2,220

$ 2,153

$ 2,045

$ 1,932

$ 1,877

$ 1,894

$ 155 $ 156

$ 155

$ 156

$ 151

$ 143

$ 135

$ 132

$ 133

$ 1,477 $ 1,489

$ 1,476

$ 1,483

$ 1,438

$ 1,366

$ 1,290

$ 1,254

$ 1,265

$ 48 $ 48

$ 48

$ 48

$ 47

$ 44

$ 42

$ 41

$ 41

$ 75 $ 76

$ 75

$ 75

$ 73

$ 70

$ 66

$ 64

$ 64

$ 151 $ 148

$ 145

$ 148

$ 146

$ 143

$ 141

$ 139

$ 137

$**2020 2021**  **2022 2023**  **2024 2025**  **2026 2027**  **2028**

129 $ 127

$ 125

$ 123

$ 121

$ 120

$ 118

$ 117

$ 115

$

- - - - - - - - -

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$ 129 $ 127

$ 125

$ 123

$ 122

$ 120

$ 118

$ 117

$ 116

$

- - - - - - - - -

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$ 129 $ 127

$ 125

$ 124

$ 122

$ 120

$ 119

$ 117

$ 116

$

- - - - - - - - -

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$ 130 $ 128

$ 126

$ 124

$ 123

$ 121

$ 119

$ 118

$ 117

$

- - - - - - - - -

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$-

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$ 133 $ 132

$ 130

$ 128

$ 126

$ 124

$ 123

$ 121

$ 120

$ 14.3967 15.1112 15.6366 15.8041 15.7180 15.5205 15.2360 15.0080 14.9551 1,922 $ 1,988

$ 2,027

$ 2,019

$ 1,980

$ 1,929

$ 1,869

$ 1,818

$ 1,790

$ 135 $ 139

$ 142

$ 142

$ 139

$ 135

$ 131

$ 127

$ 125

$ 1,284 $ 1,328

$ 1,354

$ 1,349

$ 1,323

$ 1,288

$ 1,248

$ 1,214

$ 1,195

$ 42 $ 43

$ 44

$ 44

$ 43

$ 42

$ 40

$ 39

$ 39

$ 65 $ 68

$ 69

$ 69

$ 67

$ 66

$ 64

$ 62

$ 61

$

278 $ 274

$ 270

$ 266

$ 262

$ 259

$ 255

$ 252

$ 249

$

- - - - - - - - -

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$ 278 $ 274

$ 270

$ 266

$ 262

$ 259

$ 255

$ 252

$ 249

$

- - - - - - - - -

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$ 280 $ 276

$ 272

$ 268

$ 264

$ 261

$ 257

$ 254

$ 251

$

- - - - - - - - -

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$288

$ 284

$ 279

$ 275

$ 272

$ 268

$ 264

$ 261

$ 258

$

- - - - - - - - -

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$ 283 $ 279

$ 275

$ 271

$ 267

$ 264

$ 260

$ 257

$ 254

$ 0.1457 0.1530 0.1584 0.1601 0.1594 0.1574 0.1545 0.1522 0.1516 41 $ 43

$ 44

$ 43

$ 43

$ 42

$ 40

$ 39

$ 39

$ 3 $ 3

$ 3

$ 3

$ 3

$ 3

$ 3

$ 3

$ 3

$ 28 $ 29

$ 29

$ 29

$ 28

$ 28

$ 27

$ 26

$ 26

$ 1 $ 1

$ 1

$ 1

$ 1

$ 1

$ 1

$ 1

$ 1

$ 1 $ 1

$ 1

$ 1

$ 1

$ 1

$ 1

$ 1

$ 1

$

**2023 2024**  **2025 2026**  **2027 2028**  **2029 2030**  **2031** 14.5424 15.2642 15.7950 15.9642 15.8774 15.6779 15.3906 15.1602 15.1068 1,963 $ 2,030

$ 2,070

$ 2,062

$ 2,023

$ 1,970

$ 1,909

$ 1,857

$ 1,828

$ 138 $ 142

$ 145

$ 145

$ 142

$ 138

$ 134

$ 130

$ 128

$ 1,311 $ 1,356

$ 1,383

$ 1,378

$ 1,351

$ 1,316

$ 1,275

$ 1,240

$ 1,221

$ 42 $ 44

$ 45

$ 45

$ 44

$ 43

$ 41

$ 40

$ 40

$ 67 $ 69

$ 70

$ 70

$ 69

$ 67

$ 65

$ 63

$ 62

$ 135 $ 133

$ 131

$ 129

$ 127

$ 126

$ 124

$ 123

$ 121

$**2029 2030**  **2031 2032**  **2033 2034**  **2035 2036**  **2037**

114 $ 113

$ 111

$ 110

$ 109

$ 107

$ 106

$ 105

$ 104

$

- - - - - - - - -

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$ 114 $ 113

$ 111

$ 110

$ 109

$ 108

$ 106

$ 105

$ 104

$

- - - - - - - - -

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$ 114 $ 113

$ 112

$ 110

$ 109

$ 108

$ 107

$ 105

$ 104

$

- - - - - - - - -

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$ 115 $ 114

$ 112

$ 111

$ 110

$ 109

$ 107

$ 106

$ 105

$

- - - - - - - - -

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$-

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$ 118 $ 117

$ 115

$ 114

$ 113

$ 111

$ 110

$ 109

$ 108

$ 15.1755 15.5998 15.9808 16.2537 16.4251 16.4390 16.3276 16.1994 16.1358 1,794 $ 1,822

$ 1,844

$ 1,854

$ 1,851

$ 1,832

$ 1,799

$ 1,765

$ 1,739

$ 126 $ 128

$ 129

$ 130

$ 130

$ 128

$ 126

$ 124

$ 122

$ 1,198 $ 1,217

$ 1,232

$ 1,238

$ 1,237

$ 1,223

$ 1,201

$ 1,179

$ 1,162

$ 39 $ 39

$ 40

$ 40

$ 40

$ 40

$ 39

$ 38

$ 38

$ 61 $ 62

$ 63

$ 63

$ 63

$ 62

$ 61

$ 60

$ 59

$

246 $ 243

$ 240

$ 237

$ 235

$ 232

$ 229

$ 227

$ 224

$

- - - - - - - - -

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$ 246 $ 243

$ 240

$ 237

$ 235

$ 232

$ 229

$ 227

$ 224

$

- - - - - - - - -

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$ 248 $ 245

$ 242

$ 239

$ 237

$ 234

$ 231

$ 229

$ 226

$

- - - - - - - - -

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$255

$ 252

$ 249

$ 246

$ 243

$ 240

$ 238

$ 235

$ 232

$

- - - - - - - - -

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$ 251 $ 248

$ 245

$ 242

$ 239

$ 236

$ 234

$ 231

$ 229

$ 0.1539 0.1582 0.1621 0.1649 0.1667 0.1669 0.1658 0.1645 0.1638 39 $ 39

$ 40

$ 40

$ 40

$ 39

$ 39

$ 38

$ 37

$ 3 $ 3

$ 3

$ 3

$ 3

$ 3

$ 3

$ 3

$ 3

$ 26 $ 26

$ 27

$ 27

$ 27

$ 26

$ 26

$ 25

$ 25

$ 1 $ 1

$ 1

$ 1

$ 1

$ 1

$ 1

$ 1

$ 1

$ 1 $ 1

$ 1

$ 1

$ 1

$ 1

$ 1

$ 1

$ 1

$

**2032 2033**  **2034 2035**  **2036 2037**  **2038 2039**  **2040** 15.3293 15.7580 16.1428 16.4186 16.5918 16.6059 16.4934 16.3639 16.2997 1,833 $ 1,861

$ 1,884

$ 1,894

$ 1,891

$ 1,871

$ 1,838

$ 1,803

$ 1,777

$ 128 $ 130

$ 132

$ 133

$ 133

$ 131

$ 129

$ 126

$ 125

$ 1,224 $ 1,243

$ 1,258

$ 1,265

$ 1,263

$ 1,250

$ 1,227

$ 1,204

$ 1,187

$ 40 $ 40

$ 41

$ 41

$ 41

$ 41

$ 40

$ 39

$ 38

$ 62 $ 63

$ 64

$ 64

$ 64

$ 64

$ 62

$ 61

$ 60

$ 120 $ 118

$ 117

$ 115

$ 114

$ 113

$ 111

$ 110

$ 109

$**2038 2039**  **2040 2041**  **2042 2043**  2044

103 $ 102

$ 101

$ 100

$ 99

$ 98

$

- - - - - -

- $ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ 103 $ 102

$ 101

$ 100

$ 99

$ 98

$

- - - - - -

- $ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ 103 $ 102

$ 101

$ 100

$ 99

$ 98

$

- - - - - -

- $ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ 104 $ 103

$ 102

$ 101

$ 100

$ 99

$

- - - - - -

- $ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$-

$ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ 107 $ 106

$ 104

$ 103

$ 102

$ 101

$ 16.1819 16.3475 16.5942 16.8531 17.0598 17.1809 1,726 $ 1,725

$ 1,733

$ 1,742

$ 1,745

$ 1,740

$ 121 $ 121

$ 121

$ 122

$ 122

$ 122

$ 1,153 $ 1,152

$ 1,157

$ 1,163

$ 1,166

$ 1,162

$ 37 $ 37

$ 38

$ 38

$ 38

$ 38

$ 59 $ 59

$ 59

$ 59

$ 59

$ 59

$

222 $ 220

$ 217

$ 215

$ 213

$ 211

$

- - - - - -

- $ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ 222 $ 220

$ 217

$ 215

$ 213

$ 211

$

- - - - - -

- $ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ 224 $ 221

$ 219

$ 217

$ 215

$ 213

$

- - - - - -

- $ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$230

$ 228

$ 225

$ 223

$ 221

$ 218

$

- - - - - -

- $ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ 226 $ 224

$ 222

$ 219

$ 217

$ 215

$ 0.1643 0.1660 0.1685 0.1712 0.1733 0.1746 37 $ 37

$ 37

$ 38

$ 38

$ 38

$ 3 $ 3

$ 3

$ 3

$ 3

$ 3

$ 25 $ 25

$ 25

$ 25

$ 25

$ 25

$ 1 $ 1

$ 1

$ 1

$ 1

$ 1

$ 1 $ 1

$ 1

$ 1

$ 1

$ 1

$

**2041 2042**  **2043 2044**  **2045 2046**  16.3462 16.5135 16.7627 17.0243 17.2331 17.355431 1,763 $ 1,762

$ 1,770

$ 1,779

$ 1,783

$ 1,777

$ 124 $ 124

$ 124

$ 125

$ 125

$ 125

$ 1,177 $ 1,177

$ 1,182

$ 1,188

$ 1,191

$ 1,187

$ 38 $ 38

$ 38

$ 39

$ 39

$ 38

$ 60 $ 60

$ 60

$ 60

$ 61

$ 60

$ 108 $ 107

$ 106

$ 105

$ 103

$ 102

$**2007**

Unit Sales 11.851 Revenues 1,821.0 $ Cost of Sales Labor 127.6 $ Material 1,216.3 $ Overhead 39.4 $ Depreciation 61.4 $ Selling, General and Administrative Standard SG&A 227.3 $ R&D 40.2 $ Product Conversion Costs - $ Earnings Before Interest and Taxes (EBIT) 108.8 $ EBIT/Revenues 6.0% Taxes 36.9 $ Net Operating Profit after Taxes (NOPAT) 71.9 $ NOPAT 71.9 $ Depreciation 61.4 $ Change in W orking Capital 0 - $ Cash Flows from Operations 133.3 $ Ordinary Capital Expenditures (64.4) $ Capital Conversion Costs - $ Capital Investments (64.4) $ Free Cash Flow 68.9 $ Terminal Value - $ Present Value Factor 0.000 Discounted Cash Flow - $ Industry Value thru 2043 **1,127.46 $**  Net PPE 362.0 $ Net PPE as % of Sales 19.9% 

# Base Case Income and Cash Flow **Statements**

**Industry Incom e Statem**  **ent**

**Cash Flow Statem ent**  This tab computes key parameters from an income statement based on unit sales, revenues and COGS, and initial financial inputs (parameters as a % of revenue). It also computes an INPV based on a discounted cash flow model. **BA SE CA**  **SE SCENA RIO** Net W orking Capital 53.6 $ Return on Invested Capital (ROIC) 17.29% We ighted Average Cost of Capital (W ACC) 7.2% Return on Sales (EBIT/Sales) 5.97%**Base Year Standard**  **Year 2008**  **2009 2010**  **2011 2012**  **2013 2014**  **2015 2016** 

**1.2604333 1.2604333**  **1.2604333 1.2604333**  **1.2604333 1.2604333**  **1.2604333 1.2604333**  11.340 9.626 14.028 14.668 15.060 15.206 15.156 14.912 14.372 1,742.5 $ 1,479.1

$ 2,155.5

$ 2,212.1

$ 2,229.3

$ 2,210.5

$ 2,165.0

$ 2,094.6

$ 1,986.8

$ 122.1 $ 103.7

$ 151.1

$ 155.0

$ 156.2

$ 154.9

$ 151.7

$ 146.8

$ 139.2

$ 1,163.8 $ 987.9

$ 1,439.7

$ 1,477.5

$ 1,489.0

$ 1,476.4

$ 1,446.0

$ 1,399.0

$ 1,327.0

$ 37.7 $ 32.0

$ 46.7

$ 47.9

$ 48.3

$ 47.9

$ 46.9

$ 45.3

$ 43.0

$ 58.8 $ 49.9

$ 72.7

$ 74.6

$ 75.2

$ 74.6

$ 73.0

$ 70.6

$ 67.0

$ 217.5 $ 184.6

$ 269.0

$ 276.1

$ 278.2

$ 275.9

$ 270.2

$ 261.4

$ 247.9

$ 38.5 $ 32.7

$ 47.6

$ 48.8

$ 49.2

$ 48.8

$ 47.8

$ 46.2

$ 43.9

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$ 104.1 $ 88.4

$ 128.8

$ 132.2

$ 133.2

$ 132.1

$ 129.3

$ 125.1

$ 118.7

$ 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 35.3 $ 30.0

$ 43.7

$ 44.9

$ 45.2

$ 44.8

$ 43.9

$ 42.5

$ 40.3

$ 68.8 $ 58.4

$ 85.1

$ 87.3

$ 88.0

$ 87.2

$ 85.4

$ 82.7

$ 78.4

$ 68.8 $ 58.4

$ 85.1

$ 87.3

$ 88.0

$ 87.2

$ 85.4

$ 82.7

$ 78.4

$ 58.8 $ 49.9

$ 72.7

$ 74.6

$ 75.2

$ 74.6

$ 73.0

$ 70.6

$ 67.0

$ 2.3 $ 7.7

$ (19.9)

$ (1.7)

$ (0.5)

$ 0.6

$ 1.3

$ 2.1

$ 3.2

$ 129.8 $ 116.0

$ 137.9

$ 160.2

$ 162.7

$ 162.3

$ 159.8

$ 155.4

$ 148.6

$ (61.6) $ (52.3)

$ (76.2)

$ (78.2)

$ (78.8)

$ (78.2)

$ (76.6)

$ (74.1)

$ (70.3)

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$ (61.6) $ (52.3)

$ (76.2)

$ (78.2)

$ (78.8)

$ (78.2)

$ (76.6)

$ (74.1)

$ (70.3)

$ 68.2 $ 63.7

$ 61.6

$ 82.0

$ 83.8

$ 84.2

$ 83.2

$ 81.3

$ 78.3

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$ 0.000 0.000 0.000 1.000 0.933 0.871 0.813 0.758 0.708

- $ -

$ -

$ 82.01

$ 78.22

$ 73.30

$ 67.64

$ 61.66

$ 55.44

$ 364.8 $ 367.2

$ 370.8

$ 374.4

$ 378.1

$ 381.7

$ 385.2

$ 388.6

$ 391.9

$ 20.9% 24.8% 17.2% 16.9% 17.0% 17.3% 17.8% 18.6% 19.7% This tab computes key parameters from an income statement based on unit sales, revenues and COGS, and initial financial inputs (parameters as a % of revenue). It also computes an INPV based on a discounted cash flow model.51.3

$ 43.5

$ 63.4

$ 65.1

$ 65.6

$ 65.0

$ 63.7

$ 61.6

$ 58.5

$ 16.53% 14.21% 19.59% 19.86% 19.83% 19.53% 19.03% 18.36% 17.41% 7.2% 7.2% 7.2% 7.2% 7.2% 7.2% 7.2% 7.2% 7.2% 5.97% 5.97% 5.97% 5.97% 5.97% 5.97% 5.97% 5.97% 5.97%**2017 2018**  **2019 2020**  **2021 2022**  **2023 2024**  **2025**

**1.2604333 1.2604333**  **1.2604333 1.2604333**  **1.2604333 1.2604333**  **1.2604333** 13.772 13.566 13.891 14.609 15.340 15.886 16.074 16.010 15.822 1,875.3 $ 1,820.3

$ 1,836.9

$ 1,903.7

$ 1,969.6

$ 2,009.9

$ 2,004.6

$ 1,968.8

$ 1,919.6

$ 131.4 $ 127.6

$ 128.7

$ 133.4

$ 138.0

$ 140.9

$ 140.5

$ 138.0

$ 134.5

$ 1,252.5 $ 1,215.8

$ 1,226.9

$ 1,271.5

$ 1,315.5

$ 1,342.4

$ 1,338.9

$ 1,315.0

$ 1,282.1

$ 40.6 $ 39.4

$ 39.8

$ 41.2

$ 42.6

$ 43.5

$ 43.4

$ 42.6

$ 41.6

$ 63.2 $ 61.4

$ 62.0

$ 64.2

$ 66.4

$ 67.8

$ 67.6

$ 66.4

$ 64.7

$ 234.0 $ 227.2

$ 229.2

$ 237.6

$ 245.8

$ 250.8

$ 250.2

$ 245.7

$ 239.6

$ 41.4 $ 40.2

$ 40.6

$ 42.0

$ 43.5

$ 44.4

$ 44.3

$ 43.5

$ 42.4

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$ 112.0 $ 108.7

$ 109.7

$ 113.7

$ 117.7

$ 120.1

$ 119.8

$ 117.6

$ 114.7

$ 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 38.0 $ 36.9

$ 37.2

$ 38.6

$ 39.9

$ 40.8

$ 40.6

$ 39.9

$ 38.9

$ 74.0 $ 71.8

$ 72.5

$ 75.1

$ 77.7

$ 79.3

$ 79.1

$ 77.7

$ 75.8

$ 74.0 $ 71.8

$ 72.5

$ 75.1

$ 77.7

$ 79.3

$ 79.1

$ 77.7

$ 75.8

$ 63.2 $ 61.4

$ 62.0

$ 64.2

$ 66.4

$ 67.8

$ 67.6

$ 66.4

$ 64.7

$ 3.3 $ 1.6

$ (0.5)

$ (2.0)

$ (1.9)

$ (1.2)

$ 0.2

$ 1.1

$ 1.4

$ 140.5 $ 134.8

$ 134.0

$ 137.4

$ 142.2

$ 145.9

$ 146.9

$ 145.2

$ 141.9

$ (66.3) $ (64.4)

$ (65.0)

$ (67.3)

$ (69.7)

$ (71.1)

$ (70.9)

$ (69.6)

$ (67.9)

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$ (66.3) $ (64.4)

$ (65.0)

$ (67.3)

$ (69.7)

$ (71.1)

$ (70.9)

$ (69.6)

$ (67.9)

$ 74.2 $ 70.5

$ 69.0

$ 70.0

$ 72.6

$ 74.8

$ 76.0

$ 75.5

$ 74.1

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$ 0.660 0.616 0.575 0.537 0.501 0.467 0.436 0.407 0.380 49.02 $ 43.44

$ 39.68

$ 37.60

$ 36.35

$ 34.98

$ 33.14

$ 30.75

$ 28.13

$ 395.0 $ 398.0

$ 401.0

$ 404.1

$ 407.3

$ 410.6

$ 413.9

$ 417.1

$ 420.3

$ 21.1% 21.9% 21.8% 21.2% 20.7% 20.4% 20.6% 21.2% 21.9% This tab computes key parameters from an income statement based on unit sales, revenues and COGS, and initial financial inputs (parameters as a % of revenue). It also computes an INPV based on a discounted cash flow model.55.2

$ 53.6

$ 54.0

$ 56.0

$ 57.9

$ 59.1

$ 59.0

$ 57.9

$ 56.5

$ 16.44% 15.91% 15.93% 16.33% 16.71% 16.89% 16.73% 16.36% 15.89% 7.2% 7.2% 7.2% 7.2% 7.2% 7.2% 7.2% 7.2% 7.2% 5.97% 5.97% 5.97% 5.97% 5.97% 5.97% 5.97% 5.97% 5.97%**2026 2027**  **2028 2029**  **2030 2031**  **2032 2033**  **2034**

15.532 15.292 15.231 15.453 15.888 16.284 16.573 16.760 16.786 1,860.0 $ 1,808.3

$ 1,779.3

$ 1,783.6

$ 1,811.8

$ 1,834.7

$ 1,845.2

$ 1,844.2

$ 1,825.8

$ 130.4 $ 126.7

$ 124.7

$ 125.0

$ 127.0

$ 128.6

$ 129.3

$ 129.3

$ 128.0

$ 1,242.3 $ 1,207.8

$ 1,188.4

$ 1,191.3

$ 1,210.1

$ 1,225.4

$ 1,232.4

$ 1,231.8

$ 1,219.5

$ 40.3 $ 39.1

$ 38.5

$ 38.6

$ 39.2

$ 39.7

$ 39.9

$ 39.9

$ 39.5

$ 62.7 $ 61.0

$ 60.0

$ 60.2

$ 61.1

$ 61.9

$ 62.2

$ 62.2

$ 61.6

$ 232.1 $ 225.7

$ 222.1

$ 222.6

$ 226.1

$ 229.0

$ 230.3

$ 230.2

$ 227.9

$ 41.1 $ 39.9

$ 39.3

$ 39.4

$ 40.0

$ 40.5

$ 40.7

$ 40.7

$ 40.3

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$ 111.1 $ 108.0

$ 106.3

$ 106.6

$ 108.2

$ 109.6

$ 110.2

$ 110.2

$ 109.1

$ 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 37.7 $ 36.7

$ 36.1

$ 36.2

$ 36.7

$ 37.2

$ 37.4

$ 37.4

$ 37.0

$ 73.4 $ 71.4

$ 70.2

$ 70.4

$ 71.5

$ 72.4

$ 72.8

$ 72.8

$ 72.1

$ 73.4 $ 71.4

$ 70.2

$ 70.4

$ 71.5

$ 72.4

$ 72.8

$ 72.8

$ 72.1

$ 62.7 $ 61.0

$ 60.0

$ 60.2

$ 61.1

$ 61.9

$ 62.2

$ 62.2

$ 61.6

$ 1.8 $ 1.5

$ 0.9

$ (0.1)

$ (0.8)

$ (0.7)

$ (0.3)

$ 0.0

$ 0.5

$ 137.9 $ 133.9

$ 131.1

$ 130.4

$ 131.8

$ 133.6

$ 134.7

$ 135.0

$ 134.2

$ (65.8) $ (64.0)

$ (62.9)

$ (63.1)

$ (64.1)

$ (64.9)

$ (65.3)

$ (65.2)

$ (64.6)

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$ (65.8) $ (64.0)

$ (62.9)

$ (63.1)

$ (64.1)

$ (64.9)

$ (65.3)

$ (65.2)

$ (64.6)

$ 72.1 $ 69.9

$ 68.2

$ 67.3

$ 67.7

$ 68.7

$ 69.5

$ 69.8

$ 69.6

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$ 0.355 0.331 0.309 0.288 0.269 0.251 0.234 0.218 0.204 25.56 $ 23.13

$ 21.04

$ 19.40

$ 18.20

$ 17.24

$ 16.27

$ 15.25

$ 14.19

$ 423.3 $ 426.3

$ 429.2

$ 432.1

$ 435.1

$ 438.1

$ 441.1

$ 444.1

$ 447.1

$ 22.8% 23.6% 24.1% 24.2% 24.0% 23.9% 23.9% 24.1% 24.5%54.7

$ 53.2

$ 52.3

$ 52.5

$ 53.3

$ 54.0

$ 54.3

$ 54.3

$ 53.7

$ 15.36% 14.88% 14.58% 14.53% 14.64% 14.72% 14.70% 14.60% 14.39% 7.2% 7.2% 7.2% 7.2% 7.2% 7.2% 7.2% 7.2% 7.2% 5.97% 5.97% 5.97% 5.97% 5.97% 5.97% 5.97% 5.97% 5.97%**2035 2036**  **2037 2038**  **2039 2040**  **2041 2042**  **2043**

16.680 16.552 16.487 16.532 16.702 16.957 17.229 17.449 17.581607 1,793.9 $ 1,760.6

$ 1,734.7

$ 1,721.1

$ 1,720.5

$ 1,728.7

$ 1,738.3

$ 1,742.5

$ 1,738.0

$ 125.7 $ 123.4

$ 121.6

$ 120.6

$ 120.6

$ 121.2

$ 121.8

$ 122.1

$ 121.8

$ 1,198.2 $ 1,175.9

$ 1,158.6

$ 1,149.5

$ 1,149.2

$ 1,154.6

$ 1,161.0

$ 1,163.8

$ 1,160.9

$ 38.8 $ 38.1

$ 37.6

$ 37.3

$ 37.2

$ 37.4

$ 37.6

$ 37.7

$ 37.6

$ 60.5 $ 59.4

$ 58.5

$ 58.0

$ 58.0

$ 58.3

$ 58.6

$ 58.8

$ 58.6

$ 223.9 $ 219.7

$ 216.5

$ 214.8

$ 214.7

$ 215.7

$ 216.9

$ 217.5

$ 216.9

$ 39.6 $ 38.9

$ 38.3

$ 38.0

$ 38.0

$ 38.2

$ 38.4

$ 38.5

$ 38.4

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$ 107.2 $ 105.2

$ 103.6

$ 102.8

$ 102.8

$ 103.3

$ 103.8

$ 104.1

$ 103.8

$ 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 36.4 $ 35.7

$ 35.2

$ 34.9

$ 34.9

$ 35.1

$ 35.2

$ 35.3

$ 35.2

$ 70.8 $ 69.5

$ 68.5

$ 67.9

$ 67.9

$ 68.2

$ 68.6

$ 68.8

$ 68.6

$ 70.8 $ 69.5

$ 68.5

$ 67.9

$ 67.9

$ 68.2

$ 68.6

$ 68.8

$ 68.6

$ 60.5 $ 59.4

$ 58.5

$ 58.0

$ 58.0

$ 58.3

$ 58.6

$ 58.8

$ 58.6

$ 0.9 $ 1.0

$ 0.8

$ 0.4

$ 0.0

$ (0.2)

$ (0.3)

$ (0.1)

$ 0.1

$ 132.2 $ 129.8

$ 127.7

$ 126.4

$ 125.9

$ 126.3

$ 126.9

$ 127.4

$ 127.3

$ (63.4) $ (62.3)

$ (61.3)

$ (60.9)

$ (60.8)

$ (61.1)

$ (61.5)

$ (61.6)

$ (61.5)

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$ (63.4) $ (62.3)

$ (61.3)

$ (60.9)

$ (60.8)

$ (61.1)

$ (61.5)

$ (61.6)

$ (61.5)

$ 68.8 $ 67.6

$ 66.4

$ 65.5

$ 65.1

$ 65.2

$ 65.5

$ 65.8

$ 65.9

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ 1,080

$ 0.190 0.178 0.166 0.155 0.144 0.135 0.126 0.117 0.109 13.09 $ 12.00

$ 11.00

$ 10.13

$ 9.39

$ 8.77

$ 8.23

$ 7.72

$ 125.45

$ 450.0 $ 452.9

$ 455.8

$ 458.6

$ 461.4

$ 464.2

$ 467.1

$ 469.9

$ 472.8

$ 25.1% 25.7% 26.3% 26.6% 26.8% 26.9% 26.9% 27.0% 27.2%52.8

$ 51.8

$ 51.0

$ 50.6

$ 50.6

$ 50.9

$ 51.1

$ 51.3

$ 51.1

$ 14.08% 13.77% 13.51% 13.34% 13.26% 13.25% 13.24% 13.19% 13.09% 7.2% 7.2% 7.2% 7.2% 7.2% 7.2% 7.2% 7.2% 7.2% 5.97% 5.97% 5.97% 5.97% 5.97% 5.97% 5.97% 5.97% 5.97%2044**2007**

Unit Sales 11.851 Revenues 1,821.0 $ Cost of Sales Labor 127.6 $ Material 1,216.3 $ Overhead 39.4 $ Depreciation 61.4 $ **Stranded A**

**ssets** - $ Selling, General and Administrative Standard SG&A 227.3 $ R&D 40.2 $ **Product Conversion Costs** - $ Earnings Before Interest and Taxes (EBIT) 108.8 $ EBIT/Revenues 6.0% Taxes 36.9 $ Net Operating Profit after Taxes (NOPAT) 71.9 $ NOPAT 71.9 $ Depreciation 61.4 $ Change in W orking Capital 0 - $ Cash Flows from Operations 133.3 $ Ordinary Capital Expenditures (64.4) $ **Capital Conversion Costs** - $ Capital Investments (64.4) $ Free Cash Flow 68.9 $ Terminal Value - $ Present Value Factor 0.000 Discounted Cash Flow - $ Industry Value thru 2043 **1,037.03 $**  Net PPE 362.0 $ Net PPE as % of Sales 0.2 $ **Cash Flow Statem ent**  

# Standard Case Income and Cash Flow **Statements**

**STA NDA**  **RD CA**

**SE SCENA RIO**  This tab computes key parameters from an income statement based on unit sales, revenues and COGS, and initial financial inputs (parameters as a % of revenue). It also computes an INPV based on a discounted cash flow model.

**Industry Incom e Statem**  **ent**Net W orking Capital 53.6 $ Return on Invested Capital (ROIC) 17.29% We ighted Average Cost of Capital (W ACC) 7.16% Return on Sales (EBIT/Sales) 5.97%**Base Year Standard**  **Year 2008**  **2009 2010**  **2011 2012**  **2013 2014**  **2015 2016**  **1.2604333 1.2604333**  **1.2604333 1.2604333**  **1.2604333 1.2604333**  **1.2604333** 11.340 9.626 14.028 14.668 15.060 15.206 15.005 14.797 14.283 1,742.5 $ 1,479.1

$ 2,155.5

$ 2,212.1

$ 2,229.3

$ 2,210.5

$ 2,220.5

$ 2,153.2

$ 2,045.3

$ 122.1 $ 103.7

$ 151.1

$ 155.0

$ 156.2

$ 154.9

$ 155.6

$ 150.9

$ 143.3

$ 1,163.8 $ 987.9

$ 1,439.7

$ 1,477.5

$ 1,489.0

$ 1,476.4

$ 1,483.1

$ 1,438.2

$ 1,366.1

$ 37.7 $ 32.0

$ 46.7

$ 47.9

$ 48.3

$ 47.9

$ 48.1

$ 46.6

$ 44.3

$ 58.8 $ 49.9

$ 72.7

$ 74.6

$ 75.2

$ 74.6

$ 74.9

$ 72.6

$ 69.0

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$ 217.5 $ 184.6

$ 269.0

$ 276.1

$ 278.2

$ 275.9

$ 277.1

$ 268.7

$ 255.3

$ 38.5 $ 32.7

$ 47.6

$ 48.8

$ 49.2

$ 48.8

$ 49.0

$ 47.5

$ 45.2

$

- $ -

$ -

$ 42.6

$ 59.7

$ 68.2

$ 3.5

$ -

$ -

$ 104.1 $ 88.4

$ 128.8

$ 89.5

$ 73.5

$ 63.8

$ 129.2

$ 128.6

$ 122.2

$ 6.0% 6.0% 6.0% 4.0% 3.3% 2.9% 5.8% 6.0% 6.0% 35.3 $ 30.0

$ 43.7

$ 30.4

$ 24.9

$ 21.7

$ 43.8

$ 43.7

$ 41.5

$ 68.8 $ 58.4

$ 85.1

$ 59.1

$ 48.5

$ 42.2

$ 85.3

$ 85.0

$ 80.7

$ 68.8 $ 58.4

$ 85.1

$ 59.1

$ 48.5

$ 42.2

$ 85.3

$ 85.0

$ 80.7

$ 58.8 $ 49.9

$ 72.7

$ 74.6

$ 75.2

$ 74.6

$ 74.9

$ 72.6

$ 69.0

$ 2.3 $ 7.7

$ (19.9)

$ (1.7)

$ (0.5)

$ 0.6

$ (0.3)

$ 2.0

$ 3.2

$ 129.8 $ 116.0

$ 137.9

$ 132.1

$ 123.2

$ 117.3

$ 159.9

$ 159.6

$ 152.9

$ (61.6) $ (52.3)

$ (76.2)

$ (78.2)

$ (78.8)

$ (78.2)

$ (78.5)

$ (76.1)

$ (72.3)

$

- $ -

$ -

$ (2.0)

$ (2.8)

$ (3.2)

$ -

$ -

$ -

$ (61.6) $ (52.3)

$ (76.2)

$ (80.2)

$ (81.6)

$ (81.3)

$ (78.5)

$ (76.1)

$ (72.3)

$ 68.2 $ 63.7

$ 61.6

$ 51.9

$ 41.6

$ 35.9

$ 81.4

$ 83.4

$ 80.5

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$ 0.000 0.000 0.000 1.000 0.933 0.871 0.813 0.758 0.708

- $ -

$ -

$ 51.87

$ 38.84

$ 31.30

$ 66.15

$ 63.27

$ 57.00

$ 364.8 $ 367.2

$ 370.8

$ 376.4

$ 382.8

$ 389.6

$ 393.2

$ 396.7

$ 400.1

$ 0.2 $ 0.2

$ 0.2

$ 0.2

$ 0.2

$ 0.2

$ 0.2

$ 0.2

$ 0.2

$ This tab computes key parameters from an income statement based on unit sales, revenues and COGS, and initial financial inputs (parameters as a % of revenue). It also computes an INPV based on a discounted cash flow model.51.3

$ 43.5

$ 63.4

$ 65.1

$ 65.6

$ 65.0

$ 65.3

$ 63.3

$ 60.2

$ 16.53% 14.21% 19.59% 13.40% 10.83% 9.28% 18.61% 18.47% 17.54% 7.16% 7.16% 7.16% 7.16% 7.16% 7.16% 7.16% 7.16% 7.16% 5.97% 5.97% 5.97% 4.05% 3.30% 2.89% 5.82% 5.97% 5.97%**2017 2018**  **2019 2020**  **2021 2022**  **2023 2024**  **2025**

**1.2604333 1.2604333**  **1.2604333 1.2604333**  **1.2604333** 13.698 13.503 13.828 14.542 15.264 15.795 15.964 15.877 15.678 1,932.1 $ 1,876.9

$ 1,894.3

$ 1,963.1

$ 2,030.3

$ 2,070.2

$ 2,062.4

$ 2,022.7

$ 1,970.4

$ 135.4 $ 131.5

$ 132.8

$ 137.6

$ 142.3

$ 145.1

$ 144.5

$ 141.8

$ 138.1

$ 1,290.5 $ 1,253.6

$ 1,265.2

$ 1,311.2

$ 1,356.0

$ 1,382.7

$ 1,377.5

$ 1,351.0

$ 1,316.1

$ 41.8 $ 40.6

$ 41.0

$ 42.5

$ 44.0

$ 44.8

$ 44.6

$ 43.8

$ 42.7

$ 65.2 $ 63.3

$ 63.9

$ 66.2

$ 68.5

$ 69.8

$ 69.6

$ 68.2

$ 66.5

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$ 241.1 $ 234.2

$ 236.4

$ 245.0

$ 253.4

$ 258.4

$ 257.4

$ 252.4

$ 245.9

$ 42.7 $ 41.4

$ 41.8

$ 43.3

$ 44.8

$ 45.7

$ 45.5

$ 44.7

$ 43.5

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$ 115.4 $ 112.1

$ 113.2

$ 117.3

$ 121.3

$ 123.7

$ 123.2

$ 120.8

$ 117.7

$ 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 39.2 $ 38.1

$ 38.4

$ 39.8

$ 41.2

$ 42.0

$ 41.8

$ 41.0

$ 40.0

$ 76.3 $ 74.1

$ 74.8

$ 77.5

$ 80.1

$ 81.7

$ 81.4

$ 79.8

$ 77.8

$ 76.3 $ 74.1

$ 74.8

$ 77.5

$ 80.1

$ 81.7

$ 81.4

$ 79.8

$ 77.8

$ 65.2 $ 63.3

$ 63.9

$ 66.2

$ 68.5

$ 69.8

$ 69.6

$ 68.2

$ 66.5

$ 3.3 $ 1.6

$ (0.5)

$ (2.0)

$ (2.0)

$ (1.2)

$ 0.2

$ 1.2

$ 1.5

$ 144.7 $ 139.0

$ 138.1

$ 141.7

$ 146.6

$ 150.3

$ 151.2

$ 149.2

$ 145.8

$ (68.3) $ (66.4)

$ (67.0)

$ (69.4)

$ (71.8)

$ (73.2)

$ (72.9)

$ (71.5)

$ (69.7)

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$ (68.3) $ (66.4)

$ (67.0)

$ (69.4)

$ (71.8)

$ (73.2)

$ (72.9)

$ (71.5)

$ (69.7)

$ 76.4 $ 72.6

$ 71.1

$ 72.2

$ 74.8

$ 77.1

$ 78.2

$ 77.7

$ 76.1

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$ 0.660 0.616 0.575 0.537 0.501 0.467 0.436 0.407 0.380 50.47 $ 44.76

$ 40.92

$ 38.77

$ 37.48

$ 36.06

$ 34.13

$ 31.62

$ 28.90

$ 403.3 $ 406.3

$ 409.4

$ 412.7

$ 416.0

$ 419.4

$ 422.7

$ 426.1

$ 429.3

$ 0.2 $ 0.2

$ 0.2

$ 0.2

$ 0.2

$ 0.2

$ 0.2

$ 0.2

$ 0.2

$ This tab computes key parameters from an income statement based on unit sales, revenues and COGS, and initial financial inputs (parameters as a % of revenue). It also computes an INPV based on a discounted cash flow model.56.8

$ 55.2

$ 55.7

$ 57.8

$ 59.7

$ 60.9

$ 60.7

$ 59.5

$ 58.0

$ 16.57% 16.05% 16.07% 16.47% 16.84% 17.01% 16.84% 16.44% 15.96% 7.16% 7.16% 7.16% 7.16% 7.16% 7.16% 7.16% 7.16% 7.16% 5.97% 5.97% 5.97% 5.97% 5.97% 5.97% 5.97% 5.97% 5.97%**2026 2027**  **2028 2029**  **2030 2031**  **2032 2033**  **2034**

15.391 15.160 15.107 15.329 15.758 16.143 16.419 16.592 16.606 1,909.3 $ 1,857.2

$ 1,828.2

$ 1,832.8

$ 1,861.5

$ 1,884.2

$ 1,893.7

$ 1,891.3

$ 1,871.1

$ 133.8 $ 130.2

$ 128.1

$ 128.5

$ 130.5

$ 132.1

$ 132.7

$ 132.6

$ 131.1

$ 1,275.2 $ 1,240.5

$ 1,221.1

$ 1,224.2

$ 1,243.3

$ 1,258.5

$ 1,264.8

$ 1,263.2

$ 1,249.8

$ 41.3 $ 40.2

$ 39.6

$ 39.7

$ 40.3

$ 40.8

$ 41.0

$ 40.9

$ 40.5

$ 64.4 $ 62.6

$ 61.7

$ 61.8

$ 62.8

$ 63.5

$ 63.9

$ 63.8

$ 63.1

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$ 238.3 $ 231.8

$ 228.2

$ 228.7

$ 232.3

$ 235.1

$ 236.3

$ 236.0

$ 233.5

$ 42.2 $ 41.0

$ 40.4

$ 40.5

$ 41.1

$ 41.6

$ 41.8

$ 41.8

$ 41.3

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$ 114.1 $ 111.0

$ 109.2

$ 109.5

$ 111.2

$ 112.6

$ 113.1

$ 113.0

$ 111.8

$ 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 38.7 $ 37.7

$ 37.1

$ 37.2

$ 37.7

$ 38.2

$ 38.4

$ 38.3

$ 37.9

$ 75.4 $ 73.3

$ 72.1

$ 72.3

$ 73.5

$ 74.4

$ 74.7

$ 74.6

$ 73.8

$ 75.4 $ 73.3

$ 72.1

$ 72.3

$ 73.5

$ 74.4

$ 74.7

$ 74.6

$ 73.8

$ 64.4 $ 62.6

$ 61.7

$ 61.8

$ 62.8

$ 63.5

$ 63.9

$ 63.8

$ 63.1

$ 1.8 $ 1.5

$ 0.9

$ (0.1)

$ (0.8)

$ (0.7)

$ (0.3)

$ 0.1

$ 0.6

$ 141.5 $ 137.5

$ 134.7

$ 134.0

$ 135.4

$ 137.2

$ 138.3

$ 138.5

$ 137.5

$ (67.5) $ (65.7)

$ (64.7)

$ (64.8)

$ (65.8)

$ (66.6)

$ (67.0)

$ (66.9)

$ (66.2)

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$ (67.5) $ (65.7)

$ (64.7)

$ (64.8)

$ (65.8)

$ (66.6)

$ (67.0)

$ (66.9)

$ (66.2)

$ 74.0 $ 71.8

$ 70.0

$ 69.2

$ 69.6

$ 70.6

$ 71.4

$ 71.6

$ 71.4

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$ 0.355 0.331 0.309 0.288 0.269 0.251 0.234 0.218 0.204 26.24 $ 23.75

$ 21.61

$ 19.93

$ 18.70

$ 17.71

$ 16.71

$ 15.65

$ 14.55

$ 432.4 $ 435.5

$ 438.4

$ 441.4

$ 444.5

$ 447.6

$ 450.7

$ 453.8

$ 456.8

$ 0.2 $ 0.2

$ 0.2

$ 0.2

$ 0.2

$ 0.2

$ 0.2

$ 0.2

$ 0.2

$56.2

$ 54.6

$ 53.8

$ 53.9

$ 54.8

$ 55.4

$ 55.7

$ 55.6

$ 55.0

$ 15.42% 14.96% 14.66% 14.60% 14.71% 14.78% 14.76% 14.65% 14.43% 7.16% 7.16% 7.16% 7.16% 7.16% 7.16% 7.16% 7.16% 7.16% 5.97% 5.97% 5.97% 5.97% 5.97% 5.97% 5.97% 5.97% 5.97%**2035 2036**  **2037 2038**  **2039 2040**  **2041 2042**  **2043**

16.493 16.364 16.300 16.346 16.513 16.763 17.024 17.233 17.355431 1,837.6 $ 1,803.1

$ 1,776.7

$ 1,762.9

$ 1,762.3

$ 1,770.3

$ 1,779.4

$ 1,782.8

$ 1,777.4

$ 128.8 $ 126.4

$ 124.5

$ 123.6

$ 123.5

$ 124.1

$ 124.7

$ 124.9

$ 124.6

$ 1,227.3 $ 1,204.3

$ 1,186.7

$ 1,177.5

$ 1,177.1

$ 1,182.4

$ 1,188.5

$ 1,190.8

$ 1,187.1

$ 39.8 $ 39.0

$ 38.5

$ 38.2

$ 38.2

$ 38.3

$ 38.5

$ 38.6

$ 38.5

$ 62.0 $ 60.8

$ 59.9

$ 59.5

$ 59.4

$ 59.7

$ 60.0

$ 60.1

$ 59.9

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$ 229.3 $ 225.0

$ 221.7

$ 220.0

$ 219.9

$ 220.9

$ 222.1

$ 222.5

$ 221.8

$ 40.6 $ 39.8

$ 39.2

$ 38.9

$ 38.9

$ 39.1

$ 39.3

$ 39.4

$ 39.2

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$ 109.8 $ 107.7

$ 106.1

$ 105.3

$ 105.3

$ 105.8

$ 106.3

$ 106.5

$ 106.2

$ 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 37.3 $ 36.6

$ 36.0

$ 35.7

$ 35.7

$ 35.9

$ 36.1

$ 36.1

$ 36.0

$ 72.5 $ 71.2

$ 70.1

$ 69.6

$ 69.5

$ 69.9

$ 70.2

$ 70.4

$ 70.1

$ 72.5 $ 71.2

$ 70.1

$ 69.6

$ 69.5

$ 69.9

$ 70.2

$ 70.4

$ 70.1

$ 62.0 $ 60.8

$ 59.9

$ 59.5

$ 59.4

$ 59.7

$ 60.0

$ 60.1

$ 59.9

$ 1.0 $ 1.0

$ 0.8

$ 0.4

$ 0.0

$ (0.2)

$ (0.3)

$ (0.1)

$ 0.2

$ 135.5 $ 133.0

$ 130.8

$ 129.4

$ 129.0

$ 129.3

$ 130.0

$ 130.4

$ 130.3

$ (65.0) $ (63.8)

$ (62.8)

$ (62.3)

$ (62.3)

$ (62.6)

$ (62.9)

$ (63.0)

$ (62.9)

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$ (65.0) $ (63.8)

$ (62.8)

$ (62.3)

$ (62.3)

$ (62.6)

$ (62.9)

$ (63.0)

$ (62.9)

$ 70.5 $ 69.2

$ 68.0

$ 67.1

$ 66.7

$ 66.7

$ 67.0

$ 67.3

$ 67.4

$

- $ -

$ -

$ -

$ -

$ -

$ -

$ -

$ 1,105.3

$ 0.190 0.178 0.166 0.155 0.144 0.135 0.126 0.117 0.109 13.41 $ 12.29

$ 11.27

$ 10.37

$ 9.62

$ 8.99

$ 8.43

$ 7.90

$ 128.34

$ 459.9 $ 462.8

$ 465.7

$ 468.6

$ 471.5

$ 474.4

$ 477.3

$ 480.2

$ 483.1

$ 0.3 $ 0.3

$ 0.3

$ 0.3

$ 0.3

$ 0.3

$ 0.3

$ 0.3

$ 0.3

$54.1

$ 53.0

$ 52.3

$ 51.9

$ 51.8

$ 52.1

$ 52.3

$ 52.5

$ 52.3

$ 14.11% 13.79% 13.54% 13.37% 13.29% 13.27% 13.26% 13.21% 13.10% 7.16% 7.16% 7.16% 7.16% 7.16% 7.16% 7.16% 7.16% 7.16% 5.97% 5.97% 5.97% 5.97% 5.97% 5.97% 5.97% 5.97% 5.97%2044

# Employ **ment** Census Data Sources: Annual Survey of Manufacturers: General Statistics for Industry Groups and Industries: 2006 NAICS 335221 Year Number of

em ploy ees 2006 14,363

Materials 66.8% SG&A 12.5% R&D 2.2% Labor (production workers) 7.0% Overhead 8.1% 8.139% Depreciation 3.4% Income from Operations 0.0% 100.0% ma terials 66.8% labor 7.0% overhead 8.1% depreciation 3.4% 85.3%

Em ploy me nt CalculationsDomestic Production W orker Hourly W age ($/hr) $ 13.84 Domestic Production W orkers hrs. per y ear 1940 Base Case Domestic Industry Labor Expenditures for 2012 (GRIM calculated) ($millions) 6 $ Standards Case Domestic Labor Expenditures for 2012 (GRIM calculated) ($millions) 6 $

Em ploy me nt Sum ma ry Table By

TSL

**Production Labor Expenditures (PLE) in 2014**  **Change in PLE from Base Case Conversion of change in PLE to**  **Calculate Employment**  **Impacts**

**2007** Em ploy me nt Sum ma ry By Year and TSL **Non production employment in 2014 Total Employment**  **Domestic Production Employment in 2014** 

**Change in Domestic Employment in 2014**  **Conversion of change in PLE to Number of Domestic Production**  **Employees**Baseline Production Labor Exp. $128 TSL 1 Prod. Labor Exp. $128 TSL 2 Prod. Labor Exp. $128 TSL 3 Prod. Labor Exp. $128 TSL 4 Prod. Labor Exp. $128 Baseline Prod. Employ me nt 171 TSL 1 Prod. Employ me nt 171 TSL 2 Prod. Employ me nt 171 TSL 3 Prod. Employ me nt 171 TSL 4 Prod. Employ me nt 171 Baseline Total Employ me nt 194 TSL 1 Total Employ me nt 194 TSL 2 Total Employ me nt 194 TSL 3 Total Employ me nt 194 TSL 4 Total Employ me nt 194



### 100 150 200 250 300 350**T o** **t a** **l D** **o m** **e s** **t i** **c E** **m p** **l o** **y e** **m e** **n t** **( #** **o f** **W o** **r k** **e r** **s )**  

## Energy Conservation Standards Effective Date 2014

### 0 50**E m** **p l** **o y** **e m** **e n** **t (** **# o** **f W** **o r** **k e** **r s** **)**Annual Survey of Manufacturers: General Statistics for Industry Groups and Industries: 2006 NAICS 335221 Prod workers avg per ye ar Total compensation ($1,000) Annual pay roll

($1,000) Total fringe

benefits ($1,000) Prod workers

wages ($1,000) 12,697 581,984 439,673 142,311 340,914

% US Production 3.60% Non production worker multiplier

Overhead, 8.1% Depreciation, 3.4% Income from Operations, 0.0% 

### MWO Industry

**C ost Structure**  **As a**  **Percentage of Revenue**

84.1575% 84.1575% 8.8308% 8.8308% 10.2553% 2.7278% 4.2840% 4.2840% 107.527% 100.0000% Materials, 66.8% SG&A, 12.5% R&D, 2.2% Labor (production workers), 7.0%

Overhead, 8.1% Depreciation, 3.4% Income from Operations, 0.0%GRIM Total Domestic Production W orkers Base Case 208 GRIM Total Domestic Production W orkers Standards Case 208

**1 2**  2009$ Millions 6 6 6 2009$ Millions - 0 0 **Units Base Case**  **Trial Standard Level Production Labor Expenditures**  **Change in PLE from Base Case Conversion of change in PLE to**  # of workers - 0 1 # of workers 219 219 219 # of workers 29 29 29 # of workers 248 248 248 % - 0.1% 0.3%

**Base Year 2008**  **2009 2010**  **2011 2012**  **Non production employment in 2014 Total Employment**  **Domestic Production Employment in**

**Change in Domestic Employment in Conversion of change in PLE to**  **Number of Domestic Production**$122 $104 $151 $158 $162

$122 $104 $151 $158 $162 $122 $104 $151 $158 $162 $122 $104 $151 $158 $162 $122 $104 $151 $158 $162 164 139 203 212 217 164 139 203 212 217 164 139 203 212 217 164 139 203 212 217 164 139 203 212 217 185 157 229 240 246 185 157 229 240 246 185 157 229 240 246 185 157 229 240 246 185 157 229 240 246



# To **tal Employment** 

# Ye **ar**

Baseline TSL 1 TSL 2 TSL 3 TSL 4Prod workers

hours (1,000) Tot cost of materials

($1,000) Total value of

shps ($1,000) 24,637 3,248,925 4,864,268

0.13



### MWO Industry

**C ost Structure**  **As a**  **Percentage of Revenue 3**  **4**

6 6 0 0 **Trial Standard Level**

2 6 220 225 29 30 249 254 0.7% 2.6%

**Standard Year 2013**  **2014 2015**  **2016 2017** $164 $163 $161 $155 $148

$164 $163 $161 $155 $148 $164 $164 $161 $155 $149 $164 $164 $162 $156 $150 $164 $167 $165 $159 $153 220 219 215 207 199 220 219 215 208 199 220 219 216 208 199 220 220 217 209 201 220 225 221 214 205 248 248 244 235 225 248 248 244 235 225 248 248 244 235 226 248 249 245 237 227 248 254 251 242 232**2018 2019**  **2020 2021**  **2022 2023**  **2024 2025**  **2026**$146 $150 $157 $165 $171 $173 $172 $170 $167

$146 $150 $157 $165 $171 $173 $173 $170 $167 $147 $150 $158 $166 $172 $174 $173 $171 $168 $147 $151 $159 $167 $172 $174 $174 $172 $168 $151 $154 $162 $170 $176 $178 $177 $175 $172 196 201 211 221 229 232 231 228 224 196 201 211 222 230 232 231 229 224 196 201 212 222 230 233 232 229 225 198 202 213 223 231 234 233 230 226 202 207 218 228 236 239 238 235 230 222 227 239 251 259 263 261 258 254 222 227 239 251 260 263 262 259 254 222 228 239 251 260 263 262 259 254 223 229 241 253 262 265 263 260 256 229 234 246 258 267 270 269 265 261**2027 2028**  **2029 2030**  **2031 2032**  **2033 2034**  **2035**$165 $164 $166 $171 $175 $178 $180 $181 $180

$165 $164 $167 $171 $175 $179 $181 $181 $180 $165 $164 $167 $172 $176 $179 $181 $181 $180 $166 $165 $168 $172 $177 $180 $182 $182 $181 $169 $169 $171 $176 $180 $183 $185 $185 $184 221 220 223 229 235 239 242 242 241 221 220 223 230 235 239 242 243 241 221 220 224 230 236 240 243 243 241 222 222 225 231 237 241 244 244 242 227 226 229 236 242 246 248 248 247 250 249 252 259 266 271 274 274 272 250 249 253 260 266 271 274 274 273 250 249 253 260 267 271 274 275 273 252 251 254 261 268 273 276 276 274 257 256 260 267 273 278 281 281 279**2036 2037**  **2038 2039**  **2040 2041**  **2042 2043** $178 $178 $178 $180 $183 $186 $188 $189

$179 $178 $178 $180 $183 $186 $188 $190 $179 $178 $179 $180 $183 $186 $188 $190 $180 $179 $179 $181 $184 $187 $189 $191 $183 $182 $183 $184 $187 $190 $193 $194 239 238 239 241 245 249 252 254 239 238 239 242 245 249 252 254 240 239 239 242 246 250 253 255 241 240 241 243 247 251 254 256 245 244 245 247 251 255 258 260 271 269 270 273 277 282 285 287 271 270 270 273 277 282 285 288 271 270 271 274 278 282 286 288 272 271 272 275 279 284 287 289 277 276 277 280 284 288 292 294**INPV Table** TSL 1 TSL 2 TSL 3 TSL 4 **1 2**  **3 4**  2010$ Millions 1,127.5 1,100.4 1,082.2 1,074.5 1,037.0 2010$ Millions - (27.1) (45.2) (52.9) (90.4) (%) - -2.4% -4.0% -4.7% -8.0% 2010$ Millions - 39.6 71.2 90.0 174.0 2010$ Millions - 4.0 4.4 4.7 7.9 2010$ Millions - 43.5 75.5 94.7 181.9 **Preservation of Gross Margin Percentage Markup Scenario with Elasticity : RP Elasticity**  **0.34 Units**  **Base Case Trial Standard Level** 

**Total Investment Required INPV**  **Change in INPV Amended Energy** 

**Conservation Standards Product Conversion**  **Costs Amended Energy** 

**Conservation Standards Capital Conversion**  **Costs 2007**  **2008 2009**  

### Base Case Net Cashflow 68.9 $ 68.2

$ 63.7

$ Revenues 1,821.0 $ 1,742.5

$ 1,479.1

$ Income After Tax (NOPAT) 71.9 $ 68.8

$ 58.4

$ Shipm ents 11.851 11.340 9.626 Avg Price 153.7 $ 153.7

$ 153.7

$ Industry Value 1,127.5

$ Investments 64.4 $ 61.6

$ 52.3

$ ROIC 17.3% 16.5% 14.2% Operating Cashflow 133.3 $ 129.8

$ 116.0

$ EBIT 108.8 $ 104.1

$ 88.4

$ EBIT/Revenues 6.0% 6.0% 6.0% 

### Standard Case Net Cashflow 68.9 $ 68.2

$ 63.7

$ Revenues 1,821.0 $ 1,742.5

$ 1,479.1

$ Income After Tax 71.9 $ 68.8

$ 58.4

$ Shipm ents 11.851 11.340 9.626 Avg Price 153.7 $ 153.7

$ 153.7

$ Industry Value 1,037.0

$ Investments 64.4 $ 61.6

$ 52.3

$ 

# Results for Graphs **Current Scenario GRIM Results for Graphs**

Investments 64.4 $ 61.6

$ 52.3

$ ROIC 17.3% 16.5% 14.2% Operating Cashflow 133.3 $ 129.8

$ 116.0

$ EBIT 108.8 $ 104.1

$ 88.4

$

**2007 2008**  **2009** 

### Standard Case Net Cashflow 68.9 $ 68.2

$ 63.7

$ Revenues 1,821.0 $ 1,742.5

$ 1,479.1

$ Income After Tax 71.9 $ 68.8

$ 58.4

$ **TSL 1 - GRIM Results for Graphs**Shipm ents 11.851 11.340 9.626 Avg Price 153.7 $ 153.7

$ 153.7

$ Industry Value 988.1

$ Investments 64.4 $ 61.6

$ 52.3

$ ROIC 17.3% 16.5% 14.2% Operating Cashflow 133.3 $ 129.8

$ 116.0

$ EBIT 108.8 $ 104.1

$ 88.4

$ EBIT/Revenues 6.0% 6.0% 6.0%

**2007 2008**  **2009** 

### Standard Case Net Cashflow 68.9 $ 68.2

$ 63.7

$ Revenues 1,821.0 $ 1,742.5

$ 1,479.1

$ Income After Tax 71.9 $ 68.8

$ 58.4

$ Shipm ents 11.851 11.340 9.626 Avg Price 153.7 $ 153.7

$ 153.7

$ Industry Value 969.8

$ Investments 64.4 $ 61.6

$ 52.3

$ ROIC 17.3% 16.5% 14.2% Operating Cashflow 133.3 $ 129.8

$ 116.0

$ EBIT 108.8 $ 104.1

$ 88.4

$ EBIT/Revenues 6.0% 6.0% 6.0% **TSL 2 - GRIM Results for Graphs**

**2007 2008**  **2009**



### Standard Case Net Cashflow 68.9 $ 68.2

$ 63.7

$ Revenues 1,821.0 $ 1,742.5

$ 1,479.1

$ Income After Tax 71.9 $ 68.8

$ 58.4

$ Shipm ents 11.851 11.340 9.626 Avg Price 153.7 $ 153.7

$ 153.7

$ Industry Value 961.6

$ Investments 64.4 $ 61.6

$ 52.3

$ ROIC 17.3% 16.5% 14.2% Operating Cashflow 133.3 $ 129.8

$ 116.0

$ EBIT 108.8 $ 104.1

$ 88.4

$ EBIT/Revenues 6.0% 6.0% 6.0% **TSL 3 - GRIM Results for Graphs 2007**  **2008 2009**  

### Standard Case Net Cashflow 68.9 $ 68.2

$ 63.7

$ Revenues 1,821.0 $ 1,742.5

$ 1,479.1

$ Income After Tax 71.9 $ 68.8

$ 58.4

$ Shipm ents 11.851 11.340 9.626 Avg Price 153.7 $ 153.7

$ 153.7

$ Industry Value 922.1

$ Investments 64.4 $ 61.6

$ 52.3

$ ROIC 17.3% 16.5% 14.2% Operating Cashflow 133.3 $ 129.8

$ 116.0

$ EBIT 108.8 $ 104.1

$ 88.4

$ EBIT/Revenues 6.0% 6.0% 6.0% **TSL 4 - GRIM Results for Graphs Base Year**  **Standard Year**

**2010 2011**  **2012 2013**  **2014 2015**  **2016 2017**  61.6 $ 82.0

$ 83.8

$ 84.2

$ 83.2

$ 81.3

$ 78.3

$ 74.2

$ 2,155.5 $ 2,212.1

$ 2,229.3

$ 2,210.5

$ 2,165.0

$ 2,094.6

$ 1,986.8

$ 1,875.3

$ 85.1 $ 87.3

$ 88.0

$ 87.2

$ 85.4

$ 82.7

$ 78.4

$ 74.0

$ 14.028 14.668 15.060 15.206 15.156 14.912 14.372 13.772 153.7 $ 150.8

$ 148.0

$ 145.4

$ 142.9

$ 140.5

$ 138.2

$ 136.2

$ 76.2 $ 78.2

$ 78.8

$ 78.2

$ 76.6

$ 74.1

$ 70.3

$ 66.3

$ 19.6% 19.9% 19.8% 19.5% 19.0% 18.4% 17.4% 16.4% 137.9 $ 160.2

$ 162.7

$ 162.3

$ 159.8

$ 155.4

$ 148.6

$ 140.5

$ 128.8 $ 132.2

$ 133.2

$ 132.1

$ 129.3

$ 125.1

$ 118.7

$ 112.0

$ 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 61.6 $ 51.9

$ 41.6

$ 35.9

$ 81.4

$ 83.4

$ 80.5

$ 76.4

$ 2,155.5 $ 2,212.1

$ 2,229.3

$ 2,210.5

$ 2,220.5

$ 2,153.2

$ 2,045.3

$ 1,932.1

$ 85.1 $ 59.1

$ 48.5

$ 42.2

$ 85.3

$ 85.0

$ 80.7

$ 76.3

$ 14.028 14.668 15.060 15.206 15.005 14.797 14.283 13.698 153.7 $ 150.8

$ 148.0

$ 145.4

$ 148.0

$ 145.5

$ 143.2

$ 141.1

$ 76.2 $ 80.2

$ 81.6

$ 81.3

$ 78.5

$ 76.1

$ 72.3

$ 68.3

$ $ $ $ $ $ $ $ $ 19.6% 13.4% 10.8% 9.3% 18.6% 18.5% 17.5% 16.6% 137.9 $ 132.1

$ 123.2

$ 117.3

$ 159.9

$ 159.6

$ 152.9

$ 144.7

$ 128.8 $ 89.5

$ 73.5

$ 63.8

$ 129.2

$ 128.6

$ 122.2

$ 115.4

$

**Base Year Standard Year**  **2010 2011**  **2012 2013**  **2014 2015**  **2016 2017**  60.9 $ 71.1

$ 69.6

$ 68.1

$ 78.2

$ 76.5

$ 73.3

$ 69.1

$ 2,065.0 $ 2,111.1

$ 2,118.5

$ 2,091.3

$ 2,039.7

$ 1,963.0

$ 1,851.3

$ 1,736.4

$ 81.5 $ 76.9

$ 74.6

$ 72.3

$ 80.0

$ 77.5

$ 73.1

$ 68.5

$ **Press to calculate graph information based on selected scenario**14.028 14.668 15.060 15.206 15.152 14.909 14.369 13.770

147.2 $ 143.9

$ 140.7

$ 137.5

$ 134.6

$ 131.7

$ 128.8

$ 126.1

$ 73.0 $ 75.6

$ 76.3

$ 75.5

$ 72.1

$ 69.4

$ 65.5

$ 61.4

$ 18.9% 17.6% 16.9% 16.2% 17.8% 17.2% 16.3% 15.3% 133.9 $ 146.8

$ 145.9

$ 143.6

$ 150.3

$ 145.9

$ 138.8

$ 130.5

$ 123.4 $ 116.4

$ 113.0

$ 109.4

$ 121.1

$ 117.3

$ 110.6

$ 103.7

$ 6.0% 5.5% 5.3% 5.2% 5.9% 6.0% 6.0% 6.0%

**Base Year Standard Year**  **2010 2011**  **2012 2013**  **2014 2015**  **2016 2017**  60.9 $ 65.9

$ 62.3

$ 59.7

$ 77.8

$ 76.6

$ 73.5

$ 69.2

$ 2,065.0 $ 2,111.1

$ 2,118.5

$ 2,091.3

$ 2,043.1

$ 1,966.6

$ 1,854.8

$ 1,739.8

$ 81.5 $ 71.8

$ 67.5

$ 64.1

$ 79.7

$ 77.6

$ 73.2

$ 68.7

$ 14.028 14.668 15.060 15.206 15.142 14.901 14.364 13.766 147.2 $ 143.9

$ 140.7

$ 137.5

$ 134.9

$ 132.0

$ 129.1

$ 126.4

$ 73.0 $ 75.7

$ 76.4

$ 75.7

$ 72.3

$ 69.5

$ 65.6

$ 61.5

$ 18.9% 16.4% 15.2% 14.3% 17.8% 17.3% 16.3% 15.3% 133.9 $ 141.6

$ 138.7

$ 135.4

$ 150.0

$ 146.2

$ 139.0

$ 130.7

$ 123.4 $ 108.7

$ 102.1

$ 97.0

$ 120.6

$ 117.5

$ 110.8

$ 103.9

$ 6.0% 5.1% 4.8% 4.6% 5.9% 6.0% 6.0% 6.0%

**Base Year Standard Year**  **2010 2011**  **2012 2013**  **2014 2015**  **2016 2017**  60.9 $ 62.8

$ 57.9

$ 54.7

$ 77.6

$ 77.0

$ 73.8

$ 69.6

$ 2,065.0 $ 2,111.1

$ 2,118.5

$ 2,091.3

$ 2,052.4

$ 1,976.4

$ 1,864.5

$ 1,749.2

$ 81.5 $ 68.8

$ 63.2

$ 59.2

$ 79.8

$ 78.0

$ 73.6

$ 69.0

$ 14.028 14.668 15.060 15.206 15.116 14.881 14.348 13.753 147.2 $ 143.9

$ 140.7

$ 137.5

$ 135.8

$ 132.8

$ 129.9

$ 127.2

$ 73.0 $ 75.8

$ 76.6

$ 75.9

$ 72.6

$ 69.9

$ 65.9

$ 61.9

$ 18.9% 15.7% 14.3% 13.2% 17.8% 17.3% 16.3% 15.4% 133.9 $ 138.6

$ 134.5

$ 130.6

$ 150.2

$ 146.9

$ 139.8

$ 131.4

$ 123.4 $ 104.1

$ 95.7

$ 89.7

$ 120.8

$ 118.1

$ 111.4

$ 104.5

$ 6.0% 4.9% 4.5% 4.3% 5.9% 6.0% 6.0% 6.0%**Base Year Standard Year** 

**2010 2011**  **2012 2013**  **2014 2015**  **2016 2017**  60.9 $ 48.4

$ 37.7

$ 31.7

$ 76.8

$ 78.4

$ 75.3

$ 71.0

$ 2,065.0 $ 2,111.1

$ 2,118.5

$ 2,091.3

$ 2,089.8

$ 2,015.8

$ 1,903.9

$ 1,787.2

$ 81.5 $ 55.1

$ 44.2

$ 37.5

$ 80.2

$ 79.6

$ 75.1

$ 70.5

$ 14.028 14.668 15.060 15.206 15.001 14.794 14.280 13.696 147.2 $ 143.9

$ 140.7

$ 137.5

$ 139.3

$ 136.3

$ 133.3

$ 130.5

$ 73.0 $ 76.6

$ 77.7

$ 77.1

$ 73.9

$ 71.3

$ 67.3

$ 63.2

$ 18.9% 12.6% 9.9% 8.3% 17.7% 17.5% 16.5% 15.5% 133.9 $ 125.0

$ 115.4

$ 108.8

$ 150.7

$ 149.7

$ 142.6

$ 134.2

$ 123.4 $ 83.5

$ 66.9

$ 56.7

$ 121.4

$ 120.4

$ 113.7

$ 106.8

$ 6.0% 4.0% 3.2% 2.7% 5.8% 6.0% 6.0% 6.0%**2018 2019**  **2020 2021**  **2022 2023**  **2024 2025** 

70.5 $ 69.0

$ 70.0

$ 72.6

$ 74.8

$ 76.0

$ 75.5

$ 74.1

$ 1,820.3 $ 1,836.9

$ 1,903.7

$ 1,969.6

$ 2,009.9

$ 2,004.6

$ 1,968.8

$ 1,919.6

$ 71.8 $ 72.5

$ 75.1

$ 77.7

$ 79.3

$ 79.1

$ 77.7

$ 75.8

$ 13.566 13.891 14.609 15.340 15.886 16.074 16.010 15.822 134.2 $ 132.2

$ 130.3

$ 128.4

$ 126.5

$ 124.7

$ 123.0

$ 121.3

$ 64.4 $ 65.0

$ 67.3

$ 69.7

$ 71.1

$ 70.9

$ 69.6

$ 67.9

$ 15.9% 15.9% 16.3% 16.7% 16.9% 16.7% 16.4% 15.9% 134.8 $ 134.0

$ 137.4

$ 142.2

$ 145.9

$ 146.9

$ 145.2

$ 141.9

$ 108.7 $ 109.7

$ 113.7

$ 117.7

$ 120.1

$ 119.8

$ 117.6

$ 114.7

$ 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 72.6 $ 71.1

$ 72.2

$ 74.8

$ 77.1

$ 78.2

$ 77.7

$ 76.1

$ 1,876.9 $ 1,894.3

$ 1,963.1

$ 2,030.3

$ 2,070.2

$ 2,062.4

$ 2,022.7

$ 1,970.4

$ 74.1 $ 74.8

$ 77.5

$ 80.1

$ 81.7

$ 81.4

$ 79.8

$ 77.8

$ 13.503 13.828 14.542 15.264 15.795 15.964 15.877 15.678 139.0 $ 137.0

$ 135.0

$ 133.0

$ 131.1

$ 129.2

$ 127.4

$ 125.7

$ 66.4 $ 67.0

$ 69.4

$ 71.8

$ 73.2

$ 72.9

$ 71.5

$ 69.7

$ $ $ $ $ $ $ $ $ 16.0% 16.1% 16.5% 16.8% 17.0% 16.8% 16.4% 16.0% 139.0 $ 138.1

$ 141.7

$ 146.6

$ 150.3

$ 151.2

$ 149.2

$ 145.8

$ 112.1 $ 113.2

$ 117.3

$ 121.3

$ 123.7

$ 123.2

$ 120.8

$ 117.7

$

**2018 2019**  **2020 2021**  **2022 2023**  **2024 2025**  65.2 $ 63.4

$ 64.0

$ 65.9

$ 67.6

$ 68.3

$ 67.5

$ 65.9

$ 1,674.5 $ 1,679.2

$ 1,730.4

$ 1,781.0

$ 1,808.3

$ 1,794.5

$ 1,753.2

$ 1,700.1

$ 66.1 $ 66.3

$ 68.3

$ 70.3

$ 71.4

$ 70.8

$ 69.2

$ 67.1

$ **Press to calculate graph information based on selected scenario**13.564 13.889 14.608 15.338 15.883 16.072 16.006 15.818

123.4 $ 120.9

$ 118.5

$ 116.1

$ 113.8

$ 111.7

$ 109.5

$ 107.5

$ 59.2 $ 59.4

$ 61.2

$ 63.0

$ 64.0

$ 63.5

$ 62.0

$ 60.1

$ 14.7% 14.7% 15.0% 15.2% 15.4% 15.2% 14.8% 14.3% 124.4 $ 122.8

$ 125.1

$ 128.9

$ 131.6

$ 131.8

$ 129.5

$ 126.0

$ 100.0 $ 100.3

$ 103.4

$ 106.4

$ 108.0

$ 107.2

$ 104.7

$ 101.6

$ 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0%

**2018 2019**  **2020 2021**  **2022 2023**  **2024 2025**  65.3 $ 63.5

$ 64.1

$ 66.0

$ 67.7

$ 68.4

$ 67.7

$ 66.0

$ 1,677.9 $ 1,682.6

$ 1,734.0

$ 1,784.6

$ 1,811.8

$ 1,797.9

$ 1,756.3

$ 1,703.0

$ 66.2 $ 66.4

$ 68.4

$ 70.4

$ 71.5

$ 71.0

$ 69.3

$ 67.2

$ 13.560 13.885 14.603 15.333 15.877 16.064 15.998 15.809 123.7 $ 121.2

$ 118.7

$ 116.4

$ 114.1

$ 111.9

$ 109.8

$ 107.7

$ 59.3 $ 59.5

$ 61.3

$ 63.1

$ 64.1

$ 63.6

$ 62.1

$ 60.2

$ 14.7% 14.7% 15.0% 15.3% 15.4% 15.2% 14.8% 14.3% 124.6 $ 123.0

$ 125.4

$ 129.1

$ 131.8

$ 132.0

$ 129.8

$ 126.2

$ 100.2 $ 100.5

$ 103.6

$ 106.6

$ 108.2

$ 107.4

$ 104.9

$ 101.7

$ 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0%

**2018 2019**  **2020 2021**  **2022 2023**  **2024 2025**  65.6 $ 63.9

$ 64.4

$ 66.4

$ 68.1

$ 68.8

$ 68.0

$ 66.3

$ 1,687.2 $ 1,691.9

$ 1,743.5

$ 1,794.3

$ 1,821.5

$ 1,807.1

$ 1,764.8

$ 1,711.0

$ 66.6 $ 66.8

$ 68.8

$ 70.8

$ 71.9

$ 71.3

$ 69.6

$ 67.5

$ 13.549 13.874 14.592 15.320 15.862 16.045 15.975 15.784 124.5 $ 122.0

$ 119.5

$ 117.1

$ 114.8

$ 112.6

$ 110.5

$ 108.4

$ 59.7 $ 59.8

$ 61.7

$ 63.5

$ 64.4

$ 63.9

$ 62.4

$ 60.5

$ 14.8% 14.7% 15.0% 15.3% 15.4% 15.2% 14.8% 14.3% 125.3 $ 123.7

$ 126.1

$ 129.8

$ 132.5

$ 132.7

$ 130.4

$ 126.8

$ 100.8 $ 101.1

$ 104.2

$ 107.2

$ 108.8

$ 108.0

$ 105.4

$ 102.2

$ 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0%**2018 2019**  **2020 2021**  **2022 2023**  **2024 2025** 

67.1 $ 65.3

$ 65.9

$ 67.9

$ 69.6

$ 70.2

$ 69.4

$ 67.6

$ 1,724.9 $ 1,729.9

$ 1,782.6

$ 1,833.9

$ 1,860.6

$ 1,844.3

$ 1,799.3

$ 1,743.3

$ 68.1 $ 68.3

$ 70.3

$ 72.4

$ 73.4

$ 72.8

$ 71.0

$ 68.8

$ 13.501 13.826 14.540 15.262 15.792 15.961 15.874 15.674 127.8 $ 125.1

$ 122.6

$ 120.2

$ 117.8

$ 115.6

$ 113.4

$ 111.2

$ 61.0 $ 61.2

$ 63.0

$ 64.9

$ 65.8

$ 65.2

$ 63.6

$ 61.7

$ 15.0% 14.9% 15.2% 15.5% 15.6% 15.4% 14.9% 14.4% 128.1 $ 126.5

$ 128.9

$ 132.7

$ 135.4

$ 135.5

$ 133.0

$ 129.2

$ 103.0 $ 103.3

$ 106.5

$ 109.6

$ 111.2

$ 110.2

$ 107.5

$ 104.1

$ 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0%**2026 2027**  **2028 2029**  **2030 2031**  **2032 2033** 

72.1 $ 69.9

$ 68.2

$ 67.3

$ 67.7

$ 68.7

$ 69.5

$ 69.8

$ 1,860.0 $ 1,808.3

$ 1,779.3

$ 1,783.6

$ 1,811.8

$ 1,834.7

$ 1,845.2

$ 1,844.2

$ 73.4 $ 71.4

$ 70.2

$ 70.4

$ 71.5

$ 72.4

$ 72.8

$ 72.8

$ 15.532 15.292 15.231 15.453 15.888 16.284 16.573 16.760 119.8 $ 118.3

$ 116.8

$ 115.4

$ 114.0

$ 112.7

$ 111.3

$ 110.0

$ 65.8 $ 64.0

$ 62.9

$ 63.1

$ 64.1

$ 64.9

$ 65.3

$ 65.2

$ 15.4% 14.9% 14.6% 14.5% 14.6% 14.7% 14.7% 14.6% 137.9 $ 133.9

$ 131.1

$ 130.4

$ 131.8

$ 133.6

$ 134.7

$ 135.0

$ 111.1 $ 108.0

$ 106.3

$ 106.6

$ 108.2

$ 109.6

$ 110.2

$ 110.2

$ 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 74.0 $ 71.8

$ 70.0

$ 69.2

$ 69.6

$ 70.6

$ 71.4

$ 71.6

$ 1,909.3 $ 1,857.2

$ 1,828.2

$ 1,832.8

$ 1,861.5

$ 1,884.2

$ 1,893.7

$ 1,891.3

$ 75.4 $ 73.3

$ 72.1

$ 72.3

$ 73.5

$ 74.4

$ 74.7

$ 74.6

$ 15.391 15.160 15.107 15.329 15.758 16.143 16.419 16.592 124.1 $ 122.5

$ 121.0

$ 119.6

$ 118.1

$ 116.7

$ 115.3

$ 114.0

$ 67.5 $ 65.7

$ 64.7

$ 64.8

$ 65.8

$ 66.6

$ 67.0

$ 66.9

$ $ $ $ $ $ $ $ $ 15.4% 15.0% 14.7% 14.6% 14.7% 14.8% 14.8% 14.7% 141.5 $ 137.5

$ 134.7

$ 134.0

$ 135.4

$ 137.2

$ 138.3

$ 138.5

$ 114.1 $ 111.0

$ 109.2

$ 109.5

$ 111.2

$ 112.6

$ 113.1

$ 113.0

$

**2026 2027**  **2028 2029**  **2030 2031**  **2032 2033**  63.8 $ 61.5

$ 59.6

$ 58.6

$ 58.5

$ 59.1

$ 59.4

$ 59.4

$ 1,638.1 $ 1,583.5

$ 1,549.1

$ 1,544.0

$ 1,559.8

$ 1,571.2

$ 1,572.1

$ 1,563.2

$ 64.6 $ 62.5

$ 61.1

$ 60.9

$ 61.6

$ 62.0

$ 62.0

$ 61.7

$15.528 15.288 15.228 15.450 15.885 16.280 16.569 16.756

105.5 $ 103.6

$ 101.7

$ 99.9

$ 98.2

$ 96.5

$ 94.9

$ 93.3

$ 57.9 $ 56.0

$ 54.8

$ 54.6

$ 55.2

$ 55.6

$ 55.6

$ 55.3

$ 13.7% 13.2% 12.9% 12.8% 12.9% 12.9% 12.8% 12.7% 121.7 $ 117.5

$ 114.4

$ 113.2

$ 113.7

$ 114.7

$ 115.0

$ 114.7

$ 97.9 $ 94.6

$ 92.5

$ 92.2

$ 93.2

$ 93.9

$ 93.9

$ 93.4

$ 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0%

**2026 2027**  **2028 2029**  **2030 2031**  **2032 2033**  63.9 $ 61.6

$ 59.7

$ 58.7

$ 58.6

$ 59.2

$ 59.5

$ 59.5

$ 1,640.9 $ 1,586.3

$ 1,551.9

$ 1,546.7

$ 1,562.6

$ 1,574.0

$ 1,574.8

$ 1,565.8

$ 64.8 $ 62.6

$ 61.2

$ 61.0

$ 61.7

$ 62.1

$ 62.1

$ 61.8

$ 15.519 15.280 15.220 15.442 15.876 16.271 16.559 16.745 105.7 $ 103.8

$ 102.0

$ 100.2

$ 98.4

$ 96.7

$ 95.1

$ 93.5

$ 58.0 $ 56.1

$ 54.9

$ 54.7

$ 55.3

$ 55.7

$ 55.7

$ 55.4

$ 13.7% 13.2% 12.9% 12.8% 12.9% 12.9% 12.8% 12.7% 121.9 $ 117.7

$ 114.6

$ 113.4

$ 113.9

$ 114.9

$ 115.2

$ 114.9

$ 98.0 $ 94.8

$ 92.7

$ 92.4

$ 93.4

$ 94.0

$ 94.1

$ 93.5

$ 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0%

**2026 2027**  **2028 2029**  **2030 2031**  **2032 2033**  64.2 $ 61.9

$ 60.0

$ 58.9

$ 58.9

$ 59.5

$ 59.8

$ 59.8

$ 1,648.6 $ 1,593.9

$ 1,559.4

$ 1,554.3

$ 1,570.2

$ 1,581.5

$ 1,582.1

$ 1,572.9

$ 65.1 $ 62.9

$ 61.5

$ 61.3

$ 62.0

$ 62.4

$ 62.4

$ 62.1

$ 15.494 15.257 15.198 15.421 15.854 16.247 16.532 16.716 106.4 $ 104.5

$ 102.6

$ 100.8

$ 99.0

$ 97.3

$ 95.7

$ 94.1

$ 58.3 $ 56.4

$ 55.1

$ 55.0

$ 55.5

$ 55.9

$ 56.0

$ 55.6

$ 13.8% 13.3% 13.0% 12.9% 12.9% 12.9% 12.8% 12.7% 122.5 $ 118.3

$ 115.2

$ 113.9

$ 114.5

$ 115.4

$ 115.8

$ 115.4

$ 98.5 $ 95.2

$ 93.2

$ 92.9

$ 93.8

$ 94.5

$ 94.5

$ 94.0

$ 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0%**2026 2027**  **2028 2029**  **2030 2031**  **2032 2033** 

65.4 $ 63.1

$ 61.2

$ 60.1

$ 60.1

$ 60.7

$ 61.0

$ 60.9

$ 1,679.8 $ 1,624.7

$ 1,590.0

$ 1,584.9

$ 1,600.9

$ 1,611.9

$ 1,611.7

$ 1,601.5

$ 66.3 $ 64.1

$ 62.8

$ 62.5

$ 63.2

$ 63.6

$ 63.6

$ 63.2

$ 15.386 15.156 15.103 15.326 15.754 16.139 16.414 16.587 109.2 $ 107.2

$ 105.3

$ 103.4

$ 101.6

$ 99.9

$ 98.2

$ 96.6

$ 59.4 $ 57.5

$ 56.2

$ 56.1

$ 56.6

$ 57.0

$ 57.0

$ 56.6

$ 13.9% 13.4% 13.1% 13.0% 13.0% 13.0% 13.0% 12.8% 124.8 $ 120.5

$ 117.4

$ 116.2

$ 116.7

$ 117.7

$ 118.0

$ 117.5

$ 100.4 $ 97.1

$ 95.0

$ 94.7

$ 95.6

$ 96.3

$ 96.3

$ 95.7

$ 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0%**2034 2035**  **2036 2037**  **2038 2039**  **2040 2041** 

69.6 $ 68.8

$ 67.6

$ 66.4

$ 65.5

$ 65.1

$ 65.2

$ 65.5

$ 1,825.8 $ 1,793.9

$ 1,760.6

$ 1,734.7

$ 1,721.1

$ 1,720.5

$ 1,728.7

$ 1,738.3

$ 72.1 $ 70.8

$ 69.5

$ 68.5

$ 67.9

$ 67.9

$ 68.2

$ 68.6

$ 16.786 16.680 16.552 16.487 16.532 16.702 16.957 17.229 108.8 $ 107.5

$ 106.4

$ 105.2

$ 104.1

$ 103.0

$ 101.9

$ 100.9

$ 64.6 $ 63.4

$ 62.3

$ 61.3

$ 60.9

$ 60.8

$ 61.1

$ 61.5

$ 14.4% 14.1% 13.8% 13.5% 13.3% 13.3% 13.2% 13.2% 134.2 $ 132.2

$ 129.8

$ 127.7

$ 126.4

$ 125.9

$ 126.3

$ 126.9

$ 109.1 $ 107.2

$ 105.2

$ 103.6

$ 102.8

$ 102.8

$ 103.3

$ 103.8

$ 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 71.4 $ 70.5

$ 69.2

$ 68.0

$ 67.1

$ 66.7

$ 66.7

$ 67.0

$ 1,871.1 $ 1,837.6

$ 1,803.1

$ 1,776.7

$ 1,762.9

$ 1,762.3

$ 1,770.3

$ 1,779.4

$ 73.8 $ 72.5

$ 71.2

$ 70.1

$ 69.6

$ 69.5

$ 69.9

$ 70.2

$ 16.606 16.493 16.364 16.300 16.346 16.513 16.763 17.024 112.7 $ 111.4

$ 110.2

$ 109.0

$ 107.8

$ 106.7

$ 105.6

$ 104.5

$ 66.2 $ 65.0

$ 63.8

$ 62.8

$ 62.3

$ 62.3

$ 62.6

$ 62.9

$ $ $ $ $ $ $ $ $ 14.4% 14.1% 13.8% 13.5% 13.4% 13.3% 13.3% 13.3% 137.5 $ 135.5

$ 133.0

$ 130.8

$ 129.4

$ 129.0

$ 129.3

$ 130.0

$ 111.8 $ 109.8

$ 107.7

$ 106.1

$ 105.3

$ 105.3

$ 105.8

$ 106.3

$

**2034 2035**  **2036 2037**  **2038 2039**  **2040 2041**  58.9 $ 58.0

$ 56.6

$ 55.4

$ 54.4

$ 53.8

$ 53.5

$ 53.5

$ 1,539.8 $ 1,505.1

$ 1,470.9

$ 1,441.8

$ 1,423.1

$ 1,415.3

$ 1,414.9

$ 1,415.7

$ 60.8 $ 59.4

$ 58.1

$ 56.9

$ 56.2

$ 55.9

$ 55.8

$ 55.9

$16.781 16.675 16.563 16.498 16.543 16.713 16.968 17.240

91.8 $ 90.3

$ 88.8

$ 87.4

$ 86.0

$ 84.7

$ 83.4

$ 82.1

$ 54.5 $ 53.2

$ 52.0

$ 51.0

$ 50.3

$ 50.1

$ 50.0

$ 50.1

$ 12.4% 12.1% 11.8% 11.5% 11.4% 11.2% 11.2% 11.1% 113.4 $ 111.2

$ 108.7

$ 106.4

$ 104.7

$ 103.8

$ 103.6

$ 103.6

$ 92.0 $ 89.9

$ 87.9

$ 86.1

$ 85.0

$ 84.6

$ 84.5

$ 84.6

$ 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0%

**2034 2035**  **2036 2037**  **2038 2039**  **2040 2041**  59.0 $ 58.0

$ 56.7

$ 55.5

$ 54.5

$ 53.9

$ 53.6

$ 53.6

$ 1,542.3 $ 1,507.5

$ 1,473.3

$ 1,444.1

$ 1,425.3

$ 1,417.6

$ 1,417.1

$ 1,417.9

$ 60.9 $ 59.5

$ 58.1

$ 57.0

$ 56.3

$ 55.9

$ 55.9

$ 56.0

$ 16.770 16.663 16.551 16.486 16.531 16.701 16.956 17.226 92.0 $ 90.5

$ 89.0

$ 87.6

$ 86.2

$ 84.9

$ 83.6

$ 82.3

$ 54.5 $ 53.3

$ 52.1

$ 51.1

$ 50.4

$ 50.1

$ 50.1

$ 50.1

$ 12.4% 12.1% 11.8% 11.5% 11.4% 11.2% 11.2% 11.1% 113.6 $ 111.4

$ 108.8

$ 106.6

$ 104.9

$ 104.0

$ 103.7

$ 103.8

$ 92.1 $ 90.1

$ 88.0

$ 86.3

$ 85.2

$ 84.7

$ 84.7

$ 84.7

$ 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0%

**2034 2035**  **2036 2037**  **2038 2039**  **2040 2041**  59.3 $ 58.3

$ 57.0

$ 55.7

$ 54.7

$ 54.1

$ 53.8

$ 53.8

$ 1,549.1 $ 1,514.0

$ 1,479.6

$ 1,450.3

$ 1,431.5

$ 1,423.6

$ 1,423.1

$ 1,423.8

$ 61.1 $ 59.8

$ 58.4

$ 57.2

$ 56.5

$ 56.2

$ 56.2

$ 56.2

$ 16.738 16.631 16.518 16.453 16.499 16.668 16.922 17.191 92.5 $ 91.0

$ 89.6

$ 88.1

$ 86.8

$ 85.4

$ 84.1

$ 82.8

$ 54.8 $ 53.5

$ 52.3

$ 51.3

$ 50.6

$ 50.3

$ 50.3

$ 50.4

$ 12.5% 12.2% 11.8% 11.6% 11.4% 11.3% 11.2% 11.2% 114.1 $ 111.8

$ 109.3

$ 107.0

$ 105.3

$ 104.4

$ 104.2

$ 104.2

$ 92.5 $ 90.5

$ 88.4

$ 86.6

$ 85.5

$ 85.1

$ 85.0

$ 85.1

$ 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0%**2034 2035**  **2036 2037**  **2038 2039**  **2040 2041** 

60.4 $ 59.3

$ 58.0

$ 56.7

$ 55.6

$ 55.0

$ 54.8

$ 54.8

$ 1,576.4 $ 1,540.1

$ 1,504.9

$ 1,475.2

$ 1,456.1

$ 1,448.1

$ 1,447.4

$ 1,447.6

$ 62.2 $ 60.8

$ 59.4

$ 58.2

$ 57.5

$ 57.2

$ 57.1

$ 57.1

$ 16.601 16.488 16.374 16.310 16.357 16.524 16.773 17.034 95.0 $ 93.4

$ 91.9

$ 90.4

$ 89.0

$ 87.6

$ 86.3

$ 85.0

$ 55.7 $ 54.5

$ 53.2

$ 52.2

$ 51.5

$ 51.2

$ 51.2

$ 51.2

$ 12.6% 12.2% 11.9% 11.7% 11.5% 11.3% 11.3% 11.2% 116.1 $ 113.8

$ 111.2

$ 108.8

$ 107.1

$ 106.2

$ 106.0

$ 105.9

$ 94.2 $ 92.0

$ 89.9

$ 88.1

$ 87.0

$ 86.5

$ 86.5

$ 86.5

$ 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0%**2042 2043** 

65.8 $ 65.9

$ 1,742.5 $ 1,738.0

$ 68.8 $ 68.6

$ 17.449 17.582 99.9 $ 98.9

$ 61.6 $ 61.5

$ 13.2% 13.1% 127.4 $ 127.3

$ 104.1 $ 103.8

$ 6.0% 6.0% 67.3 $ 67.4

$ 1,782.8 $ 1,777.4

$ 70.4 $ 70.1

$ 17.233 17.355 103.5 $ 102.4

$ 63.0 $ 62.9

$ 13.2% 13.1% 130.4 $ 130.3

$ 106.5 $ 106.2

$

**2042 2043**  53.5 $ 53.3

$ 1,412.2 $ 1,401.9

$ 55.7 $ 55.3

$17.460 17.594

80.9 $ 79.7

$ 49.9 $ 49.6

$ 11.1% 10.9% 103.5 $ 102.9

$ 84.4 $ 83.8

$ 6.0% 6.0%

**2042 2043**  53.6 $ 53.4

$ 1,414.4 $ 1,404.0

$ 55.8 $ 55.4

$ 17.446 17.579 81.1 $ 79.9

$ 50.0 $ 49.7

$ 11.1% 10.9% 103.6 $ 103.1

$ 84.5 $ 83.9

$ 6.0% 6.0%

**2042 2043**  53.8 $ 53.6

$ 1,420.2 $ 1,409.6

$ 56.0 $ 55.6

$ 17.408 17.539 81.6 $ 80.4

$ 50.2 $ 49.9

$ 11.1% 11.0% 104.1 $ 103.5

$ 84.8 $ 84.2

$ 6.0% 6.0%**2042 2043** 

54.7 $ 54.5

$ 1,443.4 $ 1,432.1

$ 57.0 $ 56.5

$ 17.243 17.366 83.7 $ 82.5

$ 51.0 $ 50.6

$ 11.2% 11.0% 105.8 $ 105.2

$ 86.2 $ 85.6

$ 6.0% 6.0%

### 8.000

10.000 12.000 14.000 16.000 18.000 20.000**M i** **l l** **i o** **n s**  

# SHIPMENTS Markup Scenario **Preservation of Gross Margin Percentage** Elasticity : **RP Elasticity 0.34**  Economic Growth: **Reference**



### 0.000 2.000 4.000 6.000

2007 2010 2013 2016 2019 2022 2025 2028 2031 2034 2037 2040 2043 **Year** Baseline TSL1 TSL2 TSL3 TSL4

### $1,500.0

$2,000.0 $2,500.0**( 2** **0 1** **0 $** **M i** **l l** **i o** **n s** **)** 

# REVENUE BY **YEA R**  Markup Scenario **Preservation of Gross Margin Percentage** Elasticity : **RP Elasticity 0.34**  Economic Growth: **Reference**



### $ - $500.0 $1,000.0

2007 2010 2013 2016 2019 2022 2025 2028 2031 2034 2037 2040 2043**( 2** **0 1** **0 $** **M i** **l l** **i o** **n s** **)**

**Year**

### 10.0%

15.0% 20.0% 25.0%**R O** **I C** **( %** **)** 

# RETURN ON INVESTMENT CA **PIT AL**  Markup Scenario **Preservation of Gross Margin Percentage** Elasticity : **RP Elasticity 0.34**  Economic Growth: **Reference**



### 0.0% 5.0% 10.0%

2007 2010 2013 2016 2019 2022 2025 2028 2031 2034 2037 2040 2043 **Year**

### 0.0%

1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0%

2007 2010 2013 2016 2019 2022 2025 2028 2031 2034 2037 2040 2043**% R** **e v** **e n** **u e**  

# PROFIT BEFORE T **AX**

Baseline TSL1 TSL2 TSL3 TSL4 Markup Scenario **Preservation of Gross Margin Percentage** Elasticity: **RP Elasticity 0.34** Economic Growth: **Reference**

### $40.0

$50.0 $60.0 $70.0 $80.0 $90.0**2 0** **1 0** **$ M** **i l** **l i** **o n** **s** 

# CA **SH USED IN INVESTMENTS**  Markup Scenario **Preservation of Gross Margin Percentage** Elasticity : **RP Elasticity 0.34**  Economic Growth: **Reference**



### $ - $10.0 $20.0 $30.0

2007 2010 2013 2016 2019 2022 2025 2028 2031 2034 2037 2040 2043**2 0** **1 0** **$ M** **i l** **l i** **o n** **s**

**Year**

### $80.0

$100.0 $120.0 $140.0 $160.0 $180.0**2 0** **1 0** **$ M** **i l** **l i** **o n** **s** 

# OPERA **TING CA**  **SH FLOW T**  **OT AL**  **S** Markup Scenario **Preservation of Gross Margin Percentage** Elasticity : **RP Elasticity 0.34**  Economic Growth: **Reference**



### $ - $20.0 $40.0 $60.0

2007 2010 2013 2016 2019 2022 2025 2028 2031 2034 2037 2040 2043**2 0** **1 0** **$ M** **i l** **l i** **o n** **s**

**Year**

### $40.0

$50.0 $60.0 $70.0 $80.0 $90.0**2 0** **1 0** **$ M** **i l** **l i** **o n** **s** 

# NET CA **SH FLOW T**  **OT AL**  **S** Markup Scenario **Preservation of Gross Margin Percentage** Elasticity : **RP Elasticity 0.34**  Economic Growth: **Reference**



### $ - $10.0 $20.0 $30.0

2007 2010 2013 2016 2019 2022 2025 2028 2031 2034 2037 2040 2043**2 0** **1 0** **$ M** **i l** **l i** **o n** **s**

### $40.0

$50.0 $60.0 $70.0 $80.0 $90.0**2 0** **1 0** **$ M** **i l** **l i** **o n** **s** 

# NET CA **SH FLOW T**  **OT AL**  **S** Markup Scenario **Preservation of Gross Margin Percentage** Elasticity : **RP Elasticity 0.34**  Economic Growth: **Reference** 

### Energy Conservation Standards Compliance Date

2014

$ - $10.0 $20.0 $30.0

2010 201 1 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025**2 0** **1 0** **$ M** **i l** **l i** **o n** **s**$1,127.46 $988.14 $969.8 $961.6 $922.1



### $600.0 $700.0 $800.0 $900.0 $1,000.0 $1,100.0 $1,200.0**2 0** **1 0** **$ M** **i l** **l i** **o n** **s** 

# INDUSTR **Y V AL**  **UE (NPV)**  Markup Scenario **Preservation of Gross Margin Percentage** Elasticity : **RP Elasticity 0.34**  Economic Growth: **Reference**



### $ - $100.0 $200.0 $300.0 $400.0 $500.0**2 0** **1 0** **$ M** **i l** **l i** **o n** **s**

### $50.0

$60.0 $70.0 $80.0 $90.0 $100.0**2 0** **1 0** **$ M** **M** 

# INCOME **AF TER**  **TA X**  Markup Scenario **Preservation of Gross Margin Percentage** Elasticity : **RP Elasticity 0.34**  Economic Growth: **Reference**



### $ - $10.0 $20.0 $30.0 $40.0

2007 2010 2013 2016 2019 2022 2025 2028 2031 2034 2037 2040 2043 **Year**