Spreadsheet: vkaminski__40792__PnmaRegas021800
Sheet: Assumpt

Panama Regas Terminal
Enron International
Assumptions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Calculation
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Table
Plant Data |  |  |  |  |  | Tax Assumptions: |  |  |  |  |  |  | Debt/Equity Structure: (000's) |  |  |  |  |  |  |  |  |  |  | Input | Value | Difference
Annual MT Volume |  |  |  | 1048414.985590778 |  | ITBM (Tax on Movable Goods Purchased In or Imported Into Panama) |  |  |  |  | 0.05 |  | Debt |  |  | 0.75 |  |  |  |  |  | IDC |  | 18315.64919831171
MMBTU per MT LNG |  |  |  | 52.05 |  | Customs Duties |  |  |  |  | 0.03 |  | Equity |  |  |  |  |  |  |  |  | Total Cost |  | 170048.9068790287
MMBTU/MMSCFD |  |  |  | 1070 |  | Property Taxes ($000) (maximum, assumed to be flat) |  |  |  |  | 25 |  | Total Investment |  |  | 1 |  |  |  |  |  |  |  | 0 | 0
Annual MMBTU Volume |  |  |  |  |  | Municipal Taxes |  |  |  |  | 12 |  |  |  |  |  |  |  |  |  |  | Commitment Fee |  | 965.0418461664075
MMBTU/Day |  | assuming 340 days |  |  |  | Royalty Tax |  |  |  |  | ??? |  | Project Costs: (000's) |  |  |  |  |  |  |  |  | Total Debt |  | 127536.9718358699
MMSCF/Day |  | assuming 340 days |  |  |  | Panama Income Tax |  |  |  |  | 0.3 |  |  |  |  |  |  | $ U.S. |  |  |  | Other |  | 0 | 0
Volume Adjustment Year to Year (see Cash Flow page) |  |  |  |  |  | NOL Carryforward (Years) |  |  |  |  | 5 |  | Terminal Cost: |  |  |  |  |  |  |  |  | Other |  | 0 | 0 |  |  | Loop
Take or Pay Factor |  |  |  | 1 |  | NOL Carryforward (Limitations) |  |  |  |  | 20% of Ttl NOL or 50% of txble inc of carryfwd yr |  | Onshore: |  |  |  |  |  |  |  |  | Other |  | 0 | 0 |  |  | Factor
 |  |  |  |  |  | Withholding Tax on Interest (Grossed Up) |  |  |  |  |  |  | Terminal Cost |  |  |  |  |  |  |  |  | Other |  | 0 | 0
Project Operations: |  |  |  |  |  | FECI Tax (1%, exempt if loans not arranged by Panamanian banks) |  |  |  |  | 0 |  | Other |  |  |  |  | 0 |  |  |  | Other |  | 0 | 0
Start of Construction: |  |  |  | 2000-01-01 00:00:00 |  | Withholding Tax on Dividends |  |  |  |  | 0.1 |  | Total Onshore
Construction Months / COD |  |  | 36 |  |  | Threshhold % of Local Profits Before Complementary Tax Applies |  |  |  |  | 0.4 |  | Offshore:
[NAME] (Yrs) / Term End Date |  |  | 15 |  |  | Complementary Tax (Creditable against future W/H Tax on Dividends) |  |  |  |  | 0.1 |  | Base Cost Estimate |  |  |  |  | 0
Turnkey Contractor: |  |  |  | ? |  | Registration Fee & Business License |  |  |  |  |  |  | Breakwater |  |  |  |  | 0
 |  |  |  |  |  | Annual License Tax on Net Assets, [NAME] $20,000/Yr |  |  |  |  | 0.01 |  | Tugs |  |  |  |  | 0 |  |  |  | Changes since 11/5/99:
Regasification Tariff: |  |  |  |  |  |  |  |  |  |  |  |  | Total Offshore |  |  |  |  |  |  |  |  | Customized Gas Demand Curve
 |  |  |  |  |  |  |  |  |  |  |  |  | Total Terminal Cost: |  |  |  |  |  |  |  |  | Shortened Project Term to 15 years from 20
Fixed Charge ($/MMBTU) |  |  | 1.899031420234879 | 0.02 |  | Project Drawdown: |  |  | 0 |  |  |  | Total Conversion Cost: |  |  |  |  | 0 |  |  |  | Included $10.507M cost of converting plants to gas-fueled
 |  |  |  |  |  |  |  |  | 0 = [NAME] |  |  |  | Terminal & Pipeline Cost before VAT & Contingency
 |  |  |  |  |  |  |  |  | 1 = Equity First |  |  |  | ITBM |  |  |  | 1 |  |  |  |  | Changes since 1/28/99:
Economics: |  |  | Project | Enron |  |  |  |  | 2 = Equity Last |  |  |  | Customs Duties |  |  |  | 1 |  |  |  |  | Revamped Tax Assumptions
NPV | DiscRt: | 0.14 |  |  |  |  |  |  |  |  |  |  | Contingency |  |  |  | 0.05 |  |  |  |  | Moved Dividend Tax to Enron Returns; out of Project Returns
IRR |  |  |  |  |  | Depreciation: |  |  |  |  |  |  | Total Terminal & Pipeline Cost
$ Committed |  |  |  |  |  |  |  |  | Amount | Life (Yrs) | Method
Average Debt Coverage |  |  |  |  |  |  | Book Basis |  |  | 40 | S/L |  | Interest During Construction:
Minimum Debt Coverage |  |  |  |  |  |  | Tax Basis |  |  | 20 | S/L |  | Withholding Tax on IDC
 |  |  |  |  |  |  |  |  |  |  |  |  | Financing Costs:
Operating Expenses: (000's) |  |  |  |  |  |  |  |  |  |  |  |  | Reimbursable Lender's Expenses |  |  |  |  | 0
Assumed CPI: |  | 0.02 |  |  |  | Financing Assumptions (000's) |  |  |  |  |  |  | Upfront Fee: Tranche 1
 |  | 1999 |  | Escalation |  | Weighted Average Cost of Debt: |  |  |  |  |  |  | Upfront Fee: Tranche 2
O&M |  | 6500 |  |  |  | Tranche 1: |  |  |  |  |  |  | Upfront Fee: Tranche 3
Purch. Power |  |  |  |  |  | % of Total Debt | [NAME] |  |  |  | 2 |  | Commitment Fee
Insurance |  | 1500 |  |  |  | 1 | Total Repayment Periods |  |  |  |  |  | Withholding Tax on Commitment Fee
Other |  | 0 |  |  |  |  | Amortization: 1=SL, 0=Mortgage |  |  |  | 0 |  | Legal/Misc. Financing
Other |  | 0 |  |  |  | Amount |  |  |  |  |  |  |  | Total Financing Related:
Other |  | 0
Other |  | 0 |  |  |  |  | Upfront Fee: |  |  |  | 0.015 |  | Pre-Financial Close Development Costs |  |  |  |  | 2500
Other |  | 0 |  |  |  | Term: Years | Commitment Fee: |  |  |  | 0.005 |  | Transition Costs (Finc. Close- C.O.D.) |  |  |  | 0
Other |  | 0 |  |  |  | 12 | Cost of Debt: |  | 0.06 | 0.035 |  |  |  | Total Development:
Total Operating |  |  |  |  |  | Tranche 2: Banks
 |  |  |  |  |  | % of Total Debt | [NAME] |  |  |  | 1 |  | Capital Spares: Terminal |  |  |  |  | 0
 |  |  |  |  |  | 0 | Total Repayment Periods |  |  |  |  |  | ITBM on Capital Spares
Miscellaneous Assumptions: |  |  |  |  |  |  | Amortization: 1=SL, 0=Mortgage |  |  |  | 1 |  | Customs Duties on Capital Spares
Funding Date for Debt (# months into Constr.): |  |  |  | 1 |  | Amount |  |  |  |  |  |  | O&M Mobilization: Terminal |  |  |  |  | 0
Interest Capitalized Until: |  |  |  |  |  |  |  |  |  |  |  |  | Registration Fee & Business License
 |  |  |  |  |  |  | Upfront Fee: |  |  |  | 0.0175 |  | Construction Insurance |  |  |  |  | 3000
 |  |  |  |  |  | Term: Years | Commitment Fee: |  |  |  | 0.005 |  | Working Capital: |  |  | 1.5 | Months
 |  |  |  |  |  | 7.5 | Cost of Debt: |  | 0 | 0 |  |  |  | Total Other Costs:
 |  |  |  |  |  | Tranche 3
 |  |  |  |  |  | % of Total Debt | [NAME] |  |  |  | 0 |  | Soft Cost Contingency: |  |  |  | 0.05
 |  |  |  |  |  | 0 | Total Repayment Periods |  |  |  |  |  | Total Soft Costs
 |  |  |  |  |  |  | Amortization: 1=SL, 0=Mortgage |  |  |  | 0
 |  |  |  |  |  | Amount |  |  |  |  |  |  | TOTAL PROJECT COST:
 |  |  |  |  |  |  | Upfront Fee: |  |  |  | 0
 |  |  |  |  |  | Term: Years | Commitment Fee: |  |  |  | 0.005
 |  |  |  |  |  | 0 | Cost of Debt: |  | 0 | 0