Spreadsheet: vkaminski__40782__LNGRiskBkCF053100
Sheet: 053100

ATLANTIC BASIN LNG
Cash Flow Analysis, 25 years from 11/00
Date Prepared: 5/31/00
ASSUMPTIONS
 | Volume per Cargo |  |  | from Qatar | from Algeria | from Venezuela |  |  |  |  | from Qatar | from Algeria | from Venezuela
 | [NAME]:
 | TBTU/Cargo |  |  |  |  |  | Loaded |  | Distance to Elba (Days RT) |  | 48 | 23 | 9
 | TBTU/Cargo |  |  |  | 1.94589165 |  | Unloaded to Elba |  | Distance to Lake Ch (Days RT) |  | 55 | 27 | 11
 | TBTU/Cargo |  |  |  | 1.92540858 |  | Unloaded to [NAME] |  | [NAME] to Elba
 | Elba % of Vol Lost on Hoegh |  |  |  |  |  |  |  | [NAME] to Lake Charles
 | [NAME]:
 | TBTU / Newbuild Cargo |  |  |  |  |  | Loaded |  | Distance to Elba (Days RT) |  | 46 | 21 | 9
 | TBTU / Newbuild Cargo |  |  |  | 3.12388461 |  | Unloaded to Elba |  | Distance to Lake Ch (Days RT) |  | 51 | 27 | 11
 | TBTU / Newbuild Cargo |  |  |  | 3.09498948 |  | Unloaded to [NAME] |  | [NAME] to Elba
 | Elba % of Vol Lost on Hoegh |  |  |  |  |  |  |  | [NAME] to Lake Charles
 | Start Date: |  | Term in |  | XNPV | XNPV | XNPV |  | Qatar Volumes | Qatar Volumes | Algeria [NAME] | Algeria [NAME] | [NAME] | [NAME] |  | Gas Price | Gas Price | Gas Price | Elba Island | Lake Charles |  | [NAME] | [NAME] | [NAME] | [NAME] | [NAME] |  | EXMAR (NB) | EXMAR (NB) | EXMAR (NB) | EXMAR (NB) | EXMAR (NB) |  | Elba Terminaling | Elba Terminaling | Elba Terminaling | Elba Terminaling | Elba Terminaling |  | [NAME] | [NAME] | [NAME] |  | FOB | FOB | FOB | FOB | FOB | FOB
 | 2000-11-01 00:00:00 |  | Years: |  |  |  |  |  | to Elba Island | to Elba Island | to Elba Island | to Elba Island | to Elba Island | to Elba Island |  | [NAME] | Lk Ch Basis | [NAME] | Revenues | Revenues |  | ($/day): | ($/day): | Voyage to [NAME] | Voyage to Elba | Total Costs |  | ($/day): | ($/day): | Voyage to [NAME] | Voyage to Elba | Total Costs |  | Flat COS | Esc COS | Var Cost | Fuel Cost as | Total Costs |  | Flat Cost | Fuel Cost as | Total Costs |  | to Qatar | to Algeria | to VLNG | to Qatar | to Algeria | to VLNG
 | End Date: |  |  |  |  |  |  |  | via HG | via NB | via HG | via NB | via HG | via NB |  | ($/MMBtu) | ($/MMBtu) | ($/MMBtu) | ($000/mo.): | ($000/mo.): |  | Start Date: | Start Date: | ($/MMBtu): | ($/MMBtu): | ($000/mo.): |  | Start Date: | Start Date: | ($/MMBtu): | ($/MMBtu): | ($000/mo.): |  | ($000/Yr) | ($[NAME]/Yr) | ($/MMBtu) | % of FOB | ($000/mo.): |  | ($/MMBtu) | % of FOB | ($000/mo.): |  | ($/MMBtu) | ($/MMBtu) | ($/MMBtu) | ($000/mo.): | ($000/mo.): | ($000/mo.):
 |  |  |  |  |  |  |  |  | Start Date: | Start Date: | Start Date: | Start Date: | Start Date: | Start Date: |  |  | -0.07 | 0.1 |  |  |  | 2000-11-01 00:00:00 | 2000-11-01 00:00:00 | 0.4440382491115595 | 0.4238917641889947 |  |  | 2003-01-01 00:00:00 |  | 0.3678833416884326 | 0.13199570870304 |  |  | 5822.2388509 | 5588.4170635 | 0.02661547619047619 | 0.025 |  |  | 0.25 | 0.0135 |  |  | 1 | 1 | 2.3
 |  |  |  |  | 0.1 | 0.1 | 0.1 |  | 2002-04-01 00:00:00 | 2002-04-01 00:00:00 | 2002-04-01 00:00:00 | 2003-01-01 00:00:00 | 2004-01-01 00:00:00 | 2004-01-01 00:00:00 |  |  |  |  |  |  |  | Fixed Charter A | O&M Charter A |  |  |  |  | Fixed Charter A | O&M Charter A |  |  |  |  |  |  |  | FOB Price: |  |  |  | FOB Price:
 |  |  |  |  |  |  |  |  | End Date: | End Date: | End Date: | End Date: | End Date: | End Date: |  |  |  |  |  |  |  | 9500 | 10350 | Esc. Start Date: | Esc. Start Date: |  |  |  |  | Esc. Start Date: | Esc. Start Date: |  |  |  | Esc. Start Date: | Esc. Start Date: | ($/MMBtu) |  |  |  | ($/MMBtu)
 |  |  |  |  |  |  |  |  | 2003-12-31 00:00:00 | 2003-12-31 00:00:00 | 2003-12-31 00:00:00 | 2003-12-31 00:00:00 |  |  |  |  |  |  |  |  |  | A End Date: | A End Date: | 2000-05-31 00:00:00 | 2000-05-31 00:00:00 |  |  | A End Date: | A End Date: | 2000-05-31 00:00:00 | 2000-05-31 00:00:00 |  |  |  | 2000-07-01 00:00:00 | 2000-07-01 00:00:00
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2002-12-31 00:00:00 | 2000-12-31 00:00:00 | Esc. Rate | Esc. Rate |  |  |  |  | Esc. Rate | Esc. Rate |  |  |  | Esc. Rate | Esc. Rate
 |  |  |  |  |  |  |  |  | Cargoes/Mo. | Cargoes/Mo. | Cargoes/Mo. | Cargoes/Mo. | Cargoes/Mo. | Cargoes/Mo. |  |  |  |  |  |  |  | Fixed Charter B | O&M Charter B |  |  |  |  | Fixed Charter B | O&M Charter B |  |  |  |  |  | 0.0125 | 0.0125
 |  |  |  |  |  |  |  |  |  | 0 | 0 |  | 0 |  |  |  |  |  |  |  |  | 16000 | 11922 |  |  |  |  | 0
 |  |  |  |  |  |  |  |  | Ttl Volume/mo.: | Ttl Volume/mo.: | Ttl Volume/mo.: | Ttl Volume/mo.: | Ttl Volume/mo.: | Ttl Volume/mo.: |  |  |  |  |  |  |  | B End Date: | B End Date: |  |  |  |  | B End Date: | B End Date: |  |  |  |  | COS Start Date: | COS Start Date:
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2001-12-31 00:00:00 |  |  |  |  | 00:00:00 |  |  |  |  |  | 2002-04-01 00:00:00
 |  |  |  |  |  |  |  |  | Loaded | Loaded | Loaded | Loaded | Loaded | Loaded |  |  |  |  |  |  |  |  | Thereafter: |  |  |  |  |  | Thereafter:
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Esc. Start Date: |  |  |  |  |  | Esc. Start Date:
 |  |  |  |  |  |  |  |  | Unloaded as % of Loaded:
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Esc from B on: |  |  |  |  |  | Esc from B on:
Notes:
for XNPV | XNPV is |  |  |  |  |  |  |  | Equiv to 50% of |  | Equiv to 50% of |  | Equiv to 58Bcf/Yr |  |  | customized |  |  | on UNLOADED | on UNLOADED |  |  |  |  |  | on UNLOADED |  |  |  |  |  | on UNLOADED |  |  |  |  |  | on UNLOADED |  |  |  | on UNLOADED |  |  |  |  | on [NAME] | on [NAME] | on [NAME]
calc | as of BOM |  |  |  |  |  |  |  | 58Bcf/Yr |  | 58Bcf/Yr |  |  |  |  |  |  |  | [NAME] | [NAME] |  |  |  |  |  | [NAME] |  |  |  |  |  | [NAME] |  |  |  |  |  | [NAME] |  |  |  | [NAME] |  |  |  |  | [NAME] | [NAME] | [NAME]
 | Date | Month | Term |  | Total Rev | Total Costs | NET CF
 |  | Count | (Years) |  | TO | TO | TO
 |  |  |  |  | ENRON | ENRON | ENRON |  |  |  |  |  |  |  |  |  |  |  |  |  |  | ($000) | ($000) |  |  |  |  | ($000) | ($000) |  |  |  |  | ($000) | ($000)
 |  | 1
TOTALS