Spreadsheet: benjamin_rogers__1037__CFTejon8a revised 21 - 750 MW
Sheet: Template

99 | 2 | 1
30 | 1 | 99
6 | Proof
 |  |  |  |  |  | )
Scheduled Capital Expenditures |  |  | Total Asset
Depreciable Assets |  |  | Book Value
 | Fixed Assets | Purchase Price
 |  | Scrubber |  |  |  |  |  | 0 | 0 |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 |  | Asset 3 |  |  |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 |  | Asset 4 |  |  |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 |  | Asset 5 |  |  |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 |  | Asset 6 |  |  |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 |  | Asset 7 |  |  |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 |  | Asset 8 |  |  |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 |  | Asset 9 |  |  |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 |  | Asset 10 |  |  |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 |  | Total Fixed Assets |  | 0 | 0 | 0 | 0
Capitalized Construction Interest/Intangibles
 |  | Funding 1 |  |  |  |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Rate: | 0.13 | Funding 2 |  |  |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 |  | Subtotal |  | 0 | 0 | 0 | 0
Non-Depreciable Assets (Land) |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Total Capital Expenditures
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Oil & Gas Prices
Depreciation & Amortization Parameters |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Oil & Gas Reserve Information
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Hedging Profits/(Losses)
 |  | Book Capitalization and Depreciation |  |  |  |  |  |  |  |  | Tax Depreciation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Oil & Gas Reserve Totals
 |  |  |  |  | Start
 |  |  | Simulated | Residual/ | Depreciation |  | Method | DB Decline |  |  |  |  | Simulated | Residual/ | Start |  | Method | DB Decline
Depreciable Assets |  | Desc. | Cost | Salvage | (mm/dd/yy) | Life (yrs) | (SL/DB) | Rate |  |  | Desc. |  | Value | Salvage | (mm/dd/yy) | Life (yrs.) | (SL/DB) | Rate
 |  |  |  | 0 |  | 20 | SL | 2 |  |  |  |  |  |  |  | 20 | DB | 2
 |  |  |  | 0 | 2002-01-01 00:00:00 | 17 | SL | 2 |  |  |  |  |  |  | 2002-01-01 00:00:00 | 17 | DB | 2
 |  |  |  | 0 | 2001-03-15 00:00:00 | 4 | DB | 2 |  |  |  |  |  |  | 1997-06-15 00:00:00 | 5 | DB | 2
 |  |  |  | 0 | 2003-01-15 00:00:00 | 5 | DB | 2 |  |  |  |  |  |  | 1997-06-15 00:00:00 | 5 | DB | 2
 |  |  |  | 0 | 1997-06-15 00:00:00 | 6 | DB | 2 |  |  |  |  |  |  | 1997-06-15 00:00:00 | 5 | DB | 2
 |  |  |  | 0 | 1997-06-15 00:00:00 | 6 | DB | 2 |  |  |  |  |  |  | 1997-06-15 00:00:00 | 5 | DB | 2
 |  |  |  | 0 | 1997-06-15 00:00:00 | 6 | DB | 2 |  |  |  |  |  |  | 1997-06-15 00:00:00 | 5 | DB | 2
 |  |  |  | 0 | 1997-06-15 00:00:00 | 6 | DB | 2 |  |  |  |  |  |  | 1997-06-15 00:00:00 | 5 | DB | 2
 |  |  |  | 0 | 1997-06-15 00:00:00 | 6 | DB | 2 |  |  |  |  |  |  | 1997-06-15 00:00:00 | 5 | DB | 2
 |  |  |  | 0 | 1997-06-15 00:00:00 | 6 | DB | 2 |  |  |  |  |  |  | 1997-06-15 00:00:00 | 5 | DB | 2
 |  | Subtotal |  |  |  |  |  |  |  |  | Subtotal
Capitalized Construction Interest/Intangibles
 |  |  |  | 0 |  | 7 | SL | 1.5 |  |  |  |  |  |  |  | 5 | SL | 2
 |  |  |  | 0 | 1997-05-15 00:00:00 | 2 | SL |  |  |  |  |  |  |  | 1997-11-12 00:00:00 | 2 | DB | 1.5
 |  | Subtotal |  |  |  |  |  |  |  |  | Subtotal
 |  |  |  |  |  |  |  |  |  |  |  | diff. vs. book:
Scheduled Depreciation Expense - Book
Depreciable Assets
 | Total Depreciation Expense
Capitalized Construction Interest/Intangibles
 | Total Amortization of Capitalized Interest
Total Book Depreciation/Amortization Expense
chk:
Scheduled Depreciation Expense - Tax |  |  |  |  |  |  | MACRS | 0.0375 | 0.07219 | 0.06677 | 0.06177 | 0.05713 | 0.05285 | 0.04888 | 0.04522 | 0.04462 | 0.04461 | 0.04462 | 0.04461 | 0.04462 | 0.04461 | 0.04462 | 0.04461 | 0.04462 | 0.04461 | 0.04462 | 0.04461 | 0.02231
Depreciable Assets
 | Total Depreciation Expense
Capitalized Construction Interest/Intangibles |  |  |  |  |  |  | MACRS | 0.05 | 0.095 | 0.0855 | 0.077 | 0.0693 | 0.0623 | 0.059 | 0.059 | 0.0591 | 0.059 | 0.0591 | 0.059 | 0.0591 | 0.059 | 0.0591 | 0.0293
 | Total Amortization of Capitalized Interest
Total Tax Depreciation/Amortization Expense
Fixed Asset Summary
 | Depreciable Assets
 | Capitalized Costs
 | Land
 | Total Capital Expenditures |  |  | 0 | 0 | 0 | 0
 | Depreciation and  Amortization Expense - Book
 | Depreciation Expense - Pre-Transaction Assets |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Add:  Book Depreciation Expense - Transaction Assets
 | Total Depreciation Expense - Book
 | Amortization of Capitalized Costs - Book
 | Depreciation and  Amortization Expense - Tax
 | Depreciation Expense - Pre-Transaction Assets |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Add:  Book Depreciation Expense - Transaction Assets
 | Net Depreciation Expense - Tax
 | Amortization of Capitalized Costs - Tax
MACROECONOMIC DATA
Escalation Factors - Dollars
(1) | Input Scenario
 | Inflation Rate
 | Cumulative index equivalent
Other Currency Information
 | Second currency name: |  | Reis
(1) | Input Scenario
 |  |  |  | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1
(1) | Input Scenario | Distribution | Normal
 | Inflation Rate |  |  |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Cumulative index equivalent
Output Pricing
Contract Rev |  |  | 1
 | Escalation Scenario (1 Flat, 2 esc) |  | 1
 | Beginning Price |  | 0 |  |  | Input Price
 |  |  |  |  |  | Adustments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0 | 0 | 0 | 0
 |  |  |  |  |  | Adustments |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 |  |  |  |  |  | Adustments |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 |  |  |  |  |  | Adustments |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 |  |  |  |  |  | Total Price
 |  |  |  |  |  | Price in USD
Output Sales
 |  |  |  |  | Sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0 | 0 | 0 | 0
 |  |  |  |  | Price
 |  |  |  |  | Total Output 1 Revenue
Output Pricing
Market Revs |  |  | 1
 | Escalation Scenario (1 Flat, 2 esc) |  | 1
 | Beginning Price |  | 0 |  |  | Input Price
 |  |  |  |  |  | Adustments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0 | 0 | 0
 |  |  |  |  |  | Adustments |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 |  |  |  |  |  | Adustments |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 |  |  |  |  |  | Adustments |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 |  |  |  |  |  | Total Price
 |  |  |  |  |  | Price in USD
Output Sales
 |  |  |  |  | Sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0 | 0 | 0
 |  |  |  |  | Price
 |  |  |  |  | Total Output 2 Revenue
Option Time Value |  |  |  |  |  |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Tolling Option Revenues |  |  |  |  |  |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Total Sales Revenue |  |  |  | 0 | 0 | 0 | 0
Cost of Sales
Gas Costs |  |  |  | Costs vary with |  |  | MMBTU |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0 | 0 | 0
 |  |  |  |  |  |  | 1
 |  |  |  | Escalation Scenario (1 Flat, 2 esc) |  |  | 1
 |  | Totals in USD
O&M |  |  |  | Costs vary with |  |  | MWH |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0 | 0 | 0
 |  |  |  |  |  |  | 1
 |  |  |  | Escalation Scenario (1 Flat, 2 esc) |  |  | 1
 |  | Totals in USD
Purchased Power |  |  |  | Costs vary with |  |  | MWH |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0 | 0 | 0
 |  |  |  |  |  |  | 1
 |  |  |  | Escalation Scenario (1 Flat, 2 esc) |  |  | 1
 |  | Totals in USD
ByProducts
 |  | Totals in USD |  |  |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Total Variable Production Costs
Fixed Cost
 |  |  |  | Amount |  |  | 0 |  | THESE ARE ALL VARIABLE COSTS
 |  |  |  |  |  |  | 1
 |  |  |  | Escalation Scenario (1 Flat, 2 esc) |  |  | 1
 |  | Totals in USD
 | Total Fixed Production Costs
 | Total Costs of Sales
General & Admin
[NAME] |  |  |  |  |  |  | 1 |  | 1027.648064054631 | 1211.68670139222 | 1279.90118496425 | 1277.555721249479 | 1213.333148856844 | 1171.653351161204 | 1376.963689163384 | 1356.815586328174 | 1375.986377282664 | 1402.845032988863 | 1316.957550533687 | 1391.872143088184 | 1293.059799512515 | 1274.971757481991 | 1252.831564998804 | 1275.943122463247 | 1241.639585987461 | 1228.68687982252 | 1089.172581472852 | 225.5051255927074 | 0 | 0 | 0
 |  |  |  | Escalation Scenario (1 Flat, 2 esc) |  |  | 1 |  | SPARK SPREAD ROYALTY CALCULATED ON CALC SHEET, NOT GROWN BY INFLATION
 |  | Totals in USD
 | Total Variable Operating Expenses
Fixed Cost
 |  |  |  | Amount
 |  |  |  |  |  |  | 1 |  | THESE ARE PROPERLY ESCALATED BY INFLATION
 |  |  |  | Escalation Scenario (1 Flat, 2 esc) |  |  | 2
 |  | Totals in USD
 | Total Fixed Operating Expenses
 | Total Operating Expenses |  |  | 0 | 0 | 0 | 0
SUMMARY INFORMATION
Revenues
 |  | Total
Cost of Revenues
 |  | Other Costs of Sales
 |  | Total Cost of Revenues |  | 0 | 0 | 0 | 0
 |  | Gross Margin
General & Admin
 |  | EBDIT
Data to Financing Section
 | Revenues (excluding deferred PP revenue)
 | Cost of Sales
 | Cash Expenses
 | Capital Expenditures - Total
 | Capital Expenditures - Land
 | Capitalized Costs
 | Depreciation Expense - Book
 | Depreciation Expense - Tax
 | Amortization of Intangibles - Book
 | Amortization of Intangibles - Tax
Data from Financing Section
 |  |  |  | Fraction of year
 |  |  |  | Units
Pastoria Energy Facility
SCENARIO: |  | Base Case |  | ($ in | Thousands | )
INCOME STATEMENT:
Revenues
Total Cost of Revenues
Gross Profits
Total Operating Expenses
EBDIT
Depreciation and Depletion
Subtotal - Depreciation, Depletion, Amortization
EBIT
Other Income:
Interest Income
Total Other Income
Interest Expense:
[NAME]
Total Interest Expense
Income b/f Taxes and [NAME]
Gain on Sale of Assets
[NAME]
Income b/f Income Taxes
Income Taxes
Net Income
Legal Reserve Requirement |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 2 | 3 | 4
Net Income Available to Common
Common Dividends
SOURCES AND USES:
SOURCES:
Depreciation & Amortization
Deferred Income Taxes
Non-Cash Interest and Dividends
Net Proceeds from Sale of Assets
Total Sources
USES:
Total Capital Expenditures
 |  |  |  |  |  |  |  | 0 | 0
Change in Adjusted W/C
Decrease in
Decrease in
Dividends/Treasury Stock Acquisition/Preferred Stock Redemption
Total Uses
EXCESS/(DEFICIT)
FINANCED BY:
Total Scheduled Financing
Increase/(Decrease) in Deficit Revolver |  |  |  |  |  |  | 0
Decrease/(Increase) in Excess Cash
Total Financing
AVAILABLE CASH:
Beginning Cash
Operating Increase/(Decrease) |  |  |  |  |  |  | 0
Excess Increase/(Decrease)
 |  |  |  |  |  |  | 0
Ending Cash
BALANCE SHEET:
Total Intangibles
Short Term Debt |  |  |  | 0 | 0 | 0 | 0
 |  |  |  |  | 0 | 0
Proof
CAPITALIZATION:
Deficit Revolver: |  | Beginning Balance |  |  |  |  | 0
 |  | (Addition) |  |  |  |  | 0
 |  | Repayment |  |  |  |  | 0
 |  | Ending Balance
 |  | Interest Rate
 |  | Beginning Balance |  |  |  |  | 0
 |  | (Addition)
 |  | Repayment
 |  | Excess Cash Flow Recapture
 |  | Ending Balance
 |  | Interest Rate
 |  | Beginning Balance |  |  |  |  | 0
 |  | (Addition)
 |  | Repayment
 |  | Ending Balance
 |  | Interest Rate
TRANSACTION ASSUMPTIONS:
Transaction Date:
Transaction Date Adjustment:
 | Fraction: |  | Pre Transaction Revenues
 | Months: |  | and Expenses, and
 | Fraction: |  | Post Transaction Revenues
 | Months: |  | and Expenses in fiscal
 |  | Fiscal Year End:
Transaction Funds Flow |  |  |  |  |  |  |  |  | Subsequent Fundings
 |  |  |  | Transaction |  |  | Transaction
 | Sources: |  |  | Totals |  |  | Date
 | [NAME]
 | Scrubber Term Loan |  |  | 0
 | Common Stock
 | Cash on Hand |  |  | 0
 | Sources
 | Uses:
 | Capital Exp.:
 |  | PP&E
 |  | Land |  | 0
 | Dividend/Distribution |  |  | 0 |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Treasury Stock Acquisition |  |  | 0
 | Transaction Fees
 | Excess Cash/Other Funding
 | Uses
 |  | Proof:
TRANSACTION FEES: |  |  |  |  | Tax Life | Accounting
 |  | % |  | $ | (Yrs) | Treatment
Transaction Advisory Fee |  |  |  | 0 | NA |  | Expensed:
Other Fees and Expenses |  |  |  | 0 | NA |  | Capitalized:
Upfront Placement Fees: |  |  |  |  |  |  | Amortization:
 |  |  |  |  | 10
 |  | 0.02 |  | 0 | 10 |  |  | 0 | 0
 |  | 0 |  |  | NA
*(As % of Commitment) |  | Total |  |  |  | Total
HISTORICAL AND OPENING BALANCE SHEETS:
ASSETS: |  |  |  |  |  |  |  |  |  | Add | Subtract |  |  |  | Operating Cash
Cash and Marketable Securities |  |  |  | 0 | 0 | 0 |  | 0
Accounts Receivable |  |  |  | 0 | 0 | 0 |  | 0 |  |  |  |  |  |  | 0
Inventories |  |  |  | 0 | 0 | 0 |  | 0
Other Current Assets |  |  |  | 0 | 0 | 0 |  | 0 |  | 0
Total Current Assets
Intangibles |  |  |  | 0 | 0 | 0 |  | 0
Transaction Fees |  |  |  | 0 | 0 | 0
Gross PP&E |  |  |  | 0 | 0 | 0 |  | 0
Accumulated Depreciation |  |  |  | 0 | 0 | 0 |  | 0
Net PP&E
Land |  |  |  | 0 | 0 | 0 |  | 0
Other Assets |  |  |  | 0 | 0 | 0 |  | 0
Total Assets
LIABILITIES & EQUITY:
Accounts Payable |  |  |  | 0 | 0 | 0 |  | 0 |  |  |  |  |  |  | Total |  | Long-term
Accrued Expenses |  |  |  | 0 | 0 | 0 |  | 0 |  |  |  |  |  |  | Capitalization |  | Capitalization
Other Payables |  |  |  | 0 | 0 | 0 |  | 0 |  |  |  |  |  |  | $ | % | $ | %
Current Maturities |  |  |  | 0 | 0 | 0 |  | 0 |  | 0 | 0
Total Current Liabilities
 |  |  |  | 0 | 0 | 0 |  | 0 |  |  | 0
Deferred Taxes |  |  |  | 0 | 0 | 0 |  | 0
Other Liabilities |  |  |  | 0 | 0 | 0 |  | 0
Total Long-term Liabilities
Total Liabilities
 |  |  |  | 0 | 0 | 0 |  | 0 |  |  | 0
Paid in Capital |  |  |  | 0 | 0 | 0 |  | 0 |  |  | 0
Treasury Stock |  |  |  | 0 | 0 | 0 |  | 0
[NAME] |  |  |  | 0 | 0 | 0 |  | 0
Preferred and Common Dividends |  |  |  | 0 | 0 | 0 |  | 0
Total Stockholders' Equity
Total Liabilities & Equity
Proof
ADJUSTED WORKING CAPITAL INPUT:
 |  |  |  | 0 | 0 | 0 | 0
 |  |  |  | 0 | 0 | 0 | 0
 |  |  |  | 0 | 0 | 0 | 0
 |  |  |  | 0 | 0 | 0 | 0
 |  |  |  | 0 | 0 | 0 | 0
 |  |  |  | 0 | 0 | 0 | 0
 |  |  |  | 0 | 0 | 0 | 0
ADJ. WORKING CAPITAL ANALYSIS
Operating Cash Balance
 |  |  |  |  |  |  | 0 | 0
 |  |  |  |  |  |  | 0 | 0
Adjusted W/C Balance:
Change in Adjusted W/C
Increase/(Decrease) in Other Liabilities |  |  |  |  |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Total Scheduled Debt Service
Required Reserve
Starting Reserve
Reserve Addition
Ending Reserve
Increase/(Decrease) in Other Assets (DS Reserve) |  |  |  |  |  | 0
SCHEDULED DEBT AND STOCK
[NAME] AND ADDITIONS:
 |  |  |  |  |  | Repayment
 |  |  |  |  |  | (Scheduled Additions) |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 |  |  |  |  |  | Interest Deferral: (YES or NO) |  | NO | NO | NO | NO | NO | NO | NO | NO | NO | NO | NO | NO | NO | NO | NO | NO | NO | NO | NO | NO | NO | NO | NO | NO
 |  |  |  |  |  | Interest Deferral Tax Deductible: (YES or NO) |  | YES
 |  |  |  |  |  | Interest Rate Deferred
 |  |  |  |  |  | Amount Deferred (Accrued Semi-annually)
 |  |  |  |  |  | Excess Cash Flow Recapture: |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 |  |  |  |  |  | Repayment |  | 0 | 0 | 0
 |  |  |  |  |  | (Scheduled Additions) |  | 0 | 0 |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 |  |  |  |  |  | Interest Deferral: (YES or NO) |  | NO | NO | NO | NO | NO | NO | NO | NO | NO | NO | NO | NO | NO | NO | NO | NO | NO | NO | NO | NO | NO | NO | NO | NO
 |  |  |  |  |  | Interest Deferral Tax Deductible: (YES or NO) |  | YES
 |  |  |  |  |  | Interest Rate Deferred
 |  |  |  |  |  | Amount Deferred (Accrued Semi-annually)-Avg Balance
 |  |  |  |  |  | Treasury Stock Purchases |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 |  |  |  |  |  | (Issues) |  | 0 | 0 |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
INTEREST RATES, COUPON RATES AND
DIVIDEND YIELDS: |  |  |  | $ | $ | $ | $ | % | % | % | % | % | % | % | % | % | % | % | % | % | % | % | % | % | % | % | % | % | % | % | %
Hist Common Div'ds |  |  |  | 0 | 0 | 0 | 0
[NAME] |  |  |  |  |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Dividend [NAME] |  |  |  |  |  |  |  | 0
Interest Income
Interest Earned on Cash Balances? |  |  |  | NO
Hist Int Income/Int on Cash Balances |  |  |  | 0 | 0 | 0 | 0 | 0.1
HISTORICAL AND PROFORMA NON-OPERATING ASSUMPTIONS:
FYE:
Amortization:
Amortization   -  Transaction Fees
Amortization   -  Intangibles (from operating sheet)
Total Amortization Expense
Other Income:
Other Income (excluding interest income) |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
ASSET SALES
Gross Sale Price |  |  |  |  |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Gross Book Value of Assets Sold |  |  |  |  |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Accumulated Depreciation - Book |  |  |  |  |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Net Book Value of Assets Sold
Pretax Gain/(Loss) - Book |  |  |  | 0 | 0 | 0 | 0
Change in Book Depreciation  Expense Associated with Assets Sold |  |  |  |  |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Net Tax Value - Regular Tax* |  |  |  |  |  |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Pretax Gain/(Loss) - Tax
Change in Tax Depreciation Expense Associated with Assets Sold |  |  |  |  |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
*Default to Book Gain/(Loss)
TAX ASSUMPTIONS:
 |  |  |  | $ | $ | $ | $ | % | % | % | % | % | % | % | % | % | % | % | % | % | % | % | % | % | % | % | % | % | % | % | %
Historical Book Taxes |  |  |  | 0 | 0 | 0 | 0
Federal Income Tax Rate
State Income Tax Rate
[NAME] |  |  |  |  |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
INCOME TAX CALCULATION:
REGULAR IRS TAXES:
Income before Taxes
Add Back: | Book Depreciation
 | Book Loss/(Gain) on Asset Sales
Deduct: | Tax Depreciation (Regular)
 | Tax Loss/(Gain) on Asset Sales (Regular)
Taxable Income before NOL
Beginning NOL Balance
Less: NOL Expired |  |  |  |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
NOL Applicable
NOL (Addition)
NOL Used
Ending NOL Balance
Taxable Income After NOL
State Taxes @
Federal Taxes @
Regular Taxes before AMT Tax Credit
BOOK TAXES:
Taxable Book Income before NOL
Beginning NOL Balance
Less: NOL Expired |  |  |  |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
NOL Applicable
NOL (Addition)
NOL Used
Ending NOL Balance
Taxable Book Income After NOL
State Taxes @
Federal Taxes @
Book Taxes
Cash Taxes Paid (greater of AMT Taxes or Regular Taxes)
Book Taxes
Deferred Income Taxes
DISCOUNTED CASHFLOW VALUATION ANALYSIS:
OPERATING CASH FLOWS:
Initial Equity Investment |  |  |  |  |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Net Income
Plus: | Amortization & Depreciation
 | Deferred Income Taxes
Less: | Increase/(Decrease) in Adjusted W/C (ex. OpCash)
 | Operating Cash Flows
 | Capital Expenditures
 | Debt Principal Repayment
 | Disbursements from Debt
 | (Decrease)/Increase in Other Assets/Liabilities
Net Cash Flow Available to Equity
Check
Check
Valuation |  |  |  | Annuity
 |  |  |  | W/Terminal Value
 |  |  |  |  |  | IBIT + DD&A
 |  |  |  |  |  | Interest Expense
Discount Rate |  |  |  |  |  | [NAME]
 |  |  |  |  |  | (Pre-Tax) Debt Coverage Ratio
Terminal Value: |  |  |  |  |  | Running IRR
Total Sale Price
Book Value for Tax Purposes
Net After Tax Proceeds
W/C Balance
DS Reserve
Current and Long-Term Portions of Debt
Total
Discounted Operating Cash Flows
Discounted Terminal Value
Investments (Excess Cash)
Firm Value Today
IRR
Data from Operating Section
Data to Operating Section
 |  |  |  | Fraction of current year
 |  |  |  | Unit
FASB CASH FLOW ANALYSIS
Cash Flow From Operating Activities:
 | Net Income
Add Back:
 | Losses/(Gains)
Add/
(Subtract)
Change in:
Cash Flow From Investing Activities:
 | Fees
Cash Flow From Financing Activities:
 | Dividends Paid
 | Scheduled Debt and Preferred Stock Reductions
 | Proceeds of Debt & Stock Issues
Net Increase/(Decrease) in Cash and Cash Equivalents
DISCOUNTED CASHFLOW VALUATION ANALYSIS:
OPERATING CASH FLOWS:
Net Income
Plus: | Depreciation
 | Amortization
Less: | Increase/(Decrease) in Adjusted W/C
 | Capital Expenditures
Cash Flow From Operations After Tax (Unlevered Cash Flow) |  |  |  |  |  |  | 0
 |  |  |  | Perpetuity |  | Perpetuity |  | Adj EBDIT |  |  | VALUATION VARIABLES:
RESIDUAL VALUE: |  |  |  | Annuity |  | Growth |  | Multiple |  |  | Term (Horizon) |  |  |  |  | 10
Adjusted EBDIT |  |  |  |  |  |  |  |  |  |  | Investments (Excess Cash) Outstanding at Value Date
Operating Profit After Tax |  |  |  |  |  |  |  |  |  |  | [NAME] at Value Date |  |  |  |  | 0
 |  |  |  |  |  |  |  |  |  |  | Number of Shares Outstanding at Value Date (000) |  |  |  |  | 25000
Discount Rate (ATWACOC) |  |  |  |  |  |  |  |  |  |  | Perpetuity Growth Rate |  |  |  |  | 0.01
Perpetuity Growth Rate |  |  |  |  |  |  |  |  |  |  | EBDIT Multiple |  |  |  |  | 6
EBIT Multiple
Corporate Residual Value |  |  |  |  |  |  |  |  |  |  | DISCOUNT RATE:
 |  |  |  |  |  |  |  |  |  |  | Tax Rate |  |  |  |  | 0.35
 |  |  |  |  |  |  |  |  |  |  | Target Debt/Equity |  |  |  |  | 1
Discounted Operating Cash Flows |  |  |  |  |  |  |  |  |  |  | Target Debt/Capitalization
Discounted Terminal Value |  |  |  |  |  |  |  |  |  |  | Cost of Equity (unlevered)
Investments (Excess Cash) |  |  |  |  |  |  |  |  |  |  | Cost of Equity (levered)
Firm Value Today |  |  |  |  |  |  |  |  |  |  | Weighted Avg Cost of Debt |  |  |  |  | 0.075
 |  |  |  |  |  |  |  |  |  |  | Weighted Avg After Tax Cost of Debt
Debt Outstanding |  |  |  |  |  |  |  |  |  |  | A-T Weighted Average Cost of Capital (ATWACOC)
Equity Value
 |  |  |  |  |  |  |  |  |  |  | COST OF EQUITY (UNLEVERED):
 |  |  |  |  |  |  |  |  |  |  | Risk-Free Rate |  |  | 0.075 | 30-Year Treasury Bond
 |  |  |  |  |  |  |  |  |  |  | Beta |  |  | 2 | Company Specific (Unlevered)
 |  |  |  |  |  |  |  |  |  |  | Market Risk Premium |  |  | 0.04
Equity Value per Share |  |  |  |  |  |  |  |  |  |  | Cost of Equity