Particulars

1. 50 MW Local Coal Power Plant on Local Financing

Annex-A

LEVELIZED TARIFFS FOR UP TO 50 MW ON LOCAL COAL BASED POWER PROJECTS:

2. 50 MW Local Coal Power Plant on Foreign Financing

Annex-B

Assumptions for 50 MW Local Coal Based Power Plant

I. The Tariff for Coal Fired Power Plants is based on 30 years project life.

II. The Rupee Dollar exchange rate has been taken as 1US$ = Rupees

90.70. For future adjustments, National Bank of Pakistan's TT&OD Selling

Rate will be applied.

III. The discount rate used for calculation of Levelized Tariffs is 10%.

IV. Customs duty and Sindh Infrastructural Cess are taken as 5% and 0.8%

respectively on import of Plant & Equipment not manufactured in

Pakistan however; any change in rate of Customs Duty and Sindh

Infrastructural Cess will be considered as a "pass-through" and will be

paid as a Supplemental Tariff in a 12 months period.

V. Base date for US Consumer Price Index (CPI) will be 30th March 2012.

VI. Base date for Pakistan's Wholesale Price Index (WPI) will be 30th March

2012.

VII. All entries in the Tariff Table are rounded to four decimal places.

VIII. The Local Coal Price US$ 57.00 per Ton including transportation charges

has been assumed.

IX. Construction period for such local coal based projects is 32 months.

However, no adjustment in tariff will be allowed due to any variation in the

actual construction period of individual projects.

X. For Foreign debt, present 6 month LIBOR (0.733%) plus 4.50% spread

has been taken.

XI. For Local debt, present 3 month KIBOR (11.92%) plus 3.50% spread has

been taken.

XII. The cost of working capital is calculated on the basis 15 days coal

inventory at full load and 30 days receivables at annual availability.

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Upfront Tariff - Local Coal 50 MW Assumptions for the Plant Interest Rate % per annum - KIBOR Spread Over and above KIBOR Total Interest Rate Withholding Tax on Dividends Discount Rate Coal Delivered Price Coal Price Calorific Value Conversion Factor BTUs/KGs Reference Calorific Value LHV HHV-LHV Factor Reference Calorific Value LHV Project Life Capital Structure: Debt % of Total Project Cost Equity % of Total Project Cost

Equity Draw down 1st Year of Construction Period

2nd Year of Construction Period

Last 8 Months of Construction

11.92% 3.50%

15.42% 7.50%

10% 57.00

5,169.90 5,000.00

2.2046 11,023.00

1.055 11,023.00

30.00

75% 25%

1st 6 Months 2nd 6 Months 1st 6 Months 2nd 6 Months 1st 4 Months 2nd 4 Months

USS/M.Ton per Ton Btu/lb

Btu/KGs

KGs Years

15% 15% 15% 20% 15% 20%

10.00% 90.00%

Coal 50.000 MWs 5.000 MWs

45.000 MWs 394.20 GWh

65.000 Million US $ 65.000 Million US $

5.8%

2.828 Million US $

11.00%

7.150 Million US $ 74.978 Million US $

2.033 Million US $ 13.349 Million US $ 15.382 Million US $ 90.360 Million US $ 1.807 US $ 90.70 Rs.

ASSUMPTIONS - Local Coal Basis for Tariff Gross Capacity (ISO) Auxiliary Load Net Capacity at Site conditions Annual Net Generation at 100% Project Development Costs EPC Cost

Total EPC Cost Customs Duty & Cess at 75% of EPC Cost Non EPC Construction Cost - % of EPC CAPEX Financial Charges

Financing Fees & Charges Interest During Construction

Sub total Total Project Cost Cost per MW - Gross Exchange Rate per US $

Financing Plan Debt Local Equity

Construction Period Grace Period - Years Loan Repayment Period - Years IRR on equity

75% 67.770 Million US $ 25% 22.590 Million US $

32 Months 32 Months 10

20.00% 0.3200 US $ Million 0.4800 US $ Million 0.8000 US $ Million

Variable 0 & M - Local 40.00% Variable 0 & M - Foreign 60.00%

Total Variable O&M

Fixed 0 & M Amount - Foreign Fixed 0 & M Amount - Local

Total Fixed O&M Amount Insurance Cost - % of EPC Cost Working Capital Amount - Local Thermal efficiency, LHV Net at Site on Coal Plant Factor

50.00% 50.00%

1.35%

0.7000 US $ Million 0.7000 US $ Million 1.4000 US $ Million 0.8775 US $ Million 0.4622 US$ Million

27.00% 60.00%

1

Upfront Tariff - Working Capital Requirement Total Net Capacity 45.00 MW Hours per Day 24 Hours Thermal Efficiency 27.00%

Coal Calorific Value - LHV 11,023.00

Coal Price per M. Ton - HHV 5,169.90 Fuel Cost Component 5.9286 Rs./kWh Fuel Inventory Days 15 Load 100%

Daily Production 1,080,000 Coal Price for 15 days Inventory 96,043,919 PKR GST 17% Fuel Price Incl. GST - Rs 112,371,386

Coal Cost Component Receivables Days 30 Load 84% Daily Production 907,200

Fuel Cost Receivable for 30 days 161,353,784 GST 17%

Fuel Price Incl. GST - Rs 188,783,928

Total Working Capital Requirement 301,155,313 PKR Base Interest Rate 11.92% Spread 2.00% Total Interest Rate 13.92% Cost of Working Capital 41,920,820 Annual Off Take @ 100% 394,200,000 Working Capital Component 0.1063 Rs ./kW/h

I

Upfront Tariff - Return on Equity Project Capacity Gross

50.000 MWs Project Capacity Net

45.000 MWs

Total Project Cost

90.360 US$ Million Equity Investment

22.590 US$ Million Equity %

25.00% XIRR

20.00% ROE

22.87% Construction Starts 1-Jul-12

Commissioning Date

28-Feb-15

Date of Investment Year

Equity

Million $

Return

Million $

Return on Equity

Million Rs.

Return

kW/h 30-Sep-12 (2.00) (3.39) 31-Mar-13 (3.39) 30-Sep-13 (1.00) (3.39) 31-Mar-14 (4.52) 31-Aug-14 (0.80) (3.39) 31-Dec-14 (4.52) 30-Aug-15 1 22.590 5.166 468.59 1.1887 30-Aug-16 2 22.590 5.166 468.59 1.1887 30-Aug-17 3 22.590 5.166 468.59 1.1887 30-Aug-18 4 22.590 5.166 468.59 1.1887 30-Aug-19 5 22.590 5.166 468.59 1.1887 30-Aug-20 6 22.590 5.166 468.59 1.1887 30-Aug-21 7 22.590 5.166 468.59 1.1887 30-Aug-22 8 22.590 5.166 468.59 1.1887 30-Aug-23 9 22.590 5.166 468.59 1.1887 30-Aug-24 10 22.590 5.166 468.59 1.1887 30-Aug-25 11 22.590 5.166 468.59 1.1887 30-Aug-26 12 22.590 5.166 468.59 1.1887 30-Aug-27 13 22.590 5.166 468.59 1.1887 30-Aug-28 14 22.590 5.166 468.59 1.1887 30-Aug-29 15 22.590 5.166 468.59 1.1887 30-Aug-30 16 22.590 5.166 468.59 1.1887 30-Aug-31 17 22.590 5.166 468.59 1.1887 30-Aug-32 18 22.590 5.166 468.59 1.1887 30-Aug-33 19 22.590 5.166 468.59 1.1887 30-Aug-34 20 22.590 5.166 468.59 1.1887 30-Aug-35 21 22.590 5.166 468.59 1.1887 30-Aug-36 22 22.590 5.166 468.59 1.1887 30-Aug-37 23 22.590 5.166 468.59 1.1887 30-Aug-38 24 22.590 5.166 468.59 1.1887 30-Aug-39 25 22.590 5.166 468.59 1.1887 30-Aug-40 26 22.590 5.166 468.59 1.1887 30-Aug-41 27 22.590 5.166 468.59 1.1887 30-Aug-42 28 22.590 5.166 468.59 1.1887 30-Aug-43 29 22.590 5.166 468.59 1.1887 30-Aug-44 30 22.590 5.166 468.59 1.1887

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Coal 50 MW Upfront Tariff - Local Assumptions for the Plant Interest Rate % per annum - LIBOR Spread Over and above LIBOR Total Interest Rate Withholding Tax on Dividends Discount Rate Coal Delivered Price Coal Price Calorific Value Conversion Factor BTUs/KGs Reference Calorific Value LHV HHV-LHV Factor Reference Calorific Value LHV Project Life Capital Structure: Debt % of Total Project Cost Equity % of Total Project Cost

Equity Draw down 1st Year of Construction Period

2nd Year of Construction Period

Last 8 Months of Construction

0.733% 4.50% 5.23% 7.50%

10% 57.00 US$/M.Ton

5,169.90 per Ton 5,000.00 Btu/lb

2.2046 11,023.00 Btu/KGs

1.055 11,023.00 KGs

30.00 Years

75% 25%

1st 6 Months 15% 2nd 6 Months 15% 1st 6 Months 15% 2nd 6 Months 20% 1st 4 Months 15% 2nd 4 Months 20%

10.00% 90.00%

Coal 50.000 MWs 5.000 MWs

45.000 MWs 394.20 GWh

5.8% 11.00%

65.000 65.000

2.828 7.150

74.978

Million Million Million Million Million

US $ US $ US $ US $ US $

3.715 Million 3.870 Million 7.585 Million

82.563 Million 1.651 US $ 90.70 Rs.

US $ US $ US $ US $

ASSUMPTIONS - Local Coal Basis for Tariff Gross Capacity (ISO) Auxiliary Load Net Capacity at Site conditions Annual Net Generation at 100% Project Development Costs EPC Cost

Total EPC Cost Customs Duty & Cess at 75% of EPC Cost Non EPC Construction Cost - % of EPC CAPEX Financial Charges

Financing Fees & Charges Interest During Construction

Sub total Total Project Cost Cost per MW - Gross Exchange Rate per US $

Financing Plan Debt Equity

Construction Period Grace Period - Years Loan Repayment Period - Years IRR on equity

75% 61.922 Million US $ 25% 20.641 Million US $

32 Months 32 Months 10

20.00% 0.3200 US $ Million 0.4800 US $ Million 0.8000 US $ Million

Variable 0 & M - Local 40.00% Variable 0 & M - Foreign 60.00%

Total Variable O&M

Fixed 0 & M Amount - Foreign Fixed 0 & M Amount - Local

Total Fixed O&M Amount Insurance Cost - % of EPC Cost Working Capital Amount - Local Thermal efficiency, LHV Net at Site on Coal Plant Factor

0.7000 US $ Million 0.7000 US $ Million 1.4000 US $ Million 0.8775 US $ Million 0.4619 US$ Million

27.00% 60.00%

50.00% 50.00%

1.35%

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Upfront Tariff - Working Capital Requirement Total Net Capacity 45.00 MW Hours per Day 24 Hours Thermal Efficiency 27.00%

Coal Calorific Value - LHV 11,023.00

Coal Price per M. Ton - HHV 5,169.90 Fuel Cost Component 5.9286 Rs./kWh Fuel Inventory Days 15 Load 100%

Daily Production 1,080,000

Coal Price for 15 days Inventory 96,043,919 PKR

GST 17% Fuel Price Incl. GST - Rs 112,371,386

Coal Cost Component Receivables Days 30 Load 84% Daily Production 907,200

Fuel Cost Receivable for 30 days 161,353,784 GST 17%

Fuel Price Incl. GST - Rs 188,783,928

Total Working Capital Requirement 301,155,313 PKR Base Interest Rate 11.91%

Spread 2.00%

Total Interest Rate 13.91%

Cost of Working Capital 41,890,704

Annual Off Take @ 100% 394,200,000

Working Capital Component 0.1063 Rs ./kW/h

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45.000 MWs

Total Project Cost

82.563 US$ Million Equity Investment

20.641 US$ Million Equity %

25.00% XIRR

20.00% ROE

22.87% Construction Starts 1-Jul-12 Commissioning Date 28-Feb-15

Date of Investment Year

Equity

Million $

Return

Million $

Return on Equity

Million Rs.

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