Venkatesh WFproforma Final

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INPUTS AND ASSUMPTION (Inpu TIMING Date Project Name Year of Construction First Full Year of Operation Months of Operation in Construction Year PROJECT SITE ASSUMPTIONS Number of Wind Turbines Assumed Wind Turbine Tower Height (m) Rotor Diameters (m) Rated Capacity of Turbine (kW) Gross Capacity Factor Assumed Turbine Availability Assume Project Substation Availability Assumed Electric Grid Availability Wake Losses Turbulence Losses Electrical Losses Blade Contamination & icing Losses Net Capacity Factor Project Size - Nameplate (MW) Annual Project Net Generation OPERATING EXPENSES O&M Services Per Turbine (Year 1) Years of Parts & Labor Warranty incl. in initial cost Years of Extended Warranty Service Purchased Infrastructure Maintenance Per MW (Year 1) Owner's Site Manager Inc. Benefits & Exp (Year 1) Owner's On Site Administrative Costs (Year 1) Owner's Corporate Administration Costs (Year 1) Project Insurance Cost Per MW (Year 1) Telecom and Utilities for On Site Buildings (Year 1) Electricity Consumption By Turbines (Per MW)(Year 1) O&M Expense Contingency (%) (1st year after warranty)

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Wind Farm Financial Proforma Model

Transcript of Venkatesh WFproforma Final

WIND FARM PRO FORMA MODEL INPUTS AND ASSUMPTION (Inputs Values Shown in Yellow; Calculated Values Shown in Green)

TIMINGDate 11/18/2013Project Name VAYU CHAKRAYear of Construction 2014First Full Year of Operation 2015Months of Operation in Construction Year 1

PROJECT SITE ASSUMPTIONSNumber of Wind Turbines 81Assumed Wind Turbine Vestas V112Tower Height (m) 84Rotor Diameters (m) 112Rated Capacity of Turbine (kW) 3075Gross Capacity Factor 50.00%Assumed Turbine Availability 99.00%Assume Project Substation Availability 98.00%Assumed Electric Grid Availability 97.00%Wake Losses 5.00%Turbulence Losses 2.50%Electrical Losses 2.50%Blade Contamination & icing Losses 2.00%Net Capacity Factor 41.64%Project Size - Nameplate (MW) 249.075Annual Project Net Generation 908649

OPERATING EXPENSESO&M Services Per Turbine (Year 1) $46,125.00Years of Parts & Labor Warranty incl. in initial cost 0Years of Extended Warranty Service Purchased 10

$46,125.00Infrastructure Maintenance Per MW (Year 1) $2,200.00Owner's Site Manager Inc. Benefits & Exp (Year 1) $175,000.00Owner's On Site Administrative Costs (Year 1) $60,000.00Owner's Corporate Administration Costs (Year 1) $225,000.00Project Insurance Cost Per MW (Year 1) $5,000.00Telecom and Utilities for On Site Buildings (Year 1) $85,000.00Electricity Consumption By Turbines (Per MW)(Year 1) $750.00O&M Expense Contingency (%) 5.00%

Extended Warranty Cost Per Turbine (1st year after warranty)

WIND FARM PRO FORMA MODEL INPUTS AND ASSUMPTION (Inputs Values Shown in Yellow; Calculated Values Shown in Green)

FINANCIAL ASSUMPTIONSBeginning Energy Sales Price ($ per MWh) $33.53Annual Escalation Rate of Energy Sales Price 2.00%Beginning Value of Renewable Energy Credits ($/MWh) $5.00Annual Escalation Rate of REC Value 2.00%Inflation or Escalation Rate for O&M 2.00%Effective Combined State & Federal Income Tax Rate 35.00%Sales Tax Rate 5.00%Landowner Royalty Percentage (Yrs 1-10) 4.00%Landowner Royalty Percentage (Yrs 11-20) 5.00%Landowner Royalty Percentage (Yrs 21 on) 6.00%

COST OF CAPITAL% Equity Financing 51.90%% Senior Debt Financing 23.40%% PTC Debt Financing 24.70%Total Sources of Capital (must equal 100%) 100.00%Total Project Cost (from Construction Cost page) $377,275,474Equity Financing $195,805,971Senior Debt Financing $88,282,461Subordinate (PTC) Debt Financing $93,187,042Length or Term of Senior Debt Loan (years) 15Interest Rate on Senior Debt 7.00%Length or Term of Subordinate Debt Loan (years) 10Interest Rate on Subordinate Debt 9.00%Minimum Equity Return (and Discount Rate) 12.00%

OUTPUTS20 Year NPV at Assumed Discount Rate $21,761,519 20 year after tax IRR% 14.69%25 Year NPV at Assumed Discount Rate $30,939,702 25 year after tax IRR% 15.36%Minimum Senior Debt Service Coverage Ratio 1.67Minimum Subordinated Debt Service Coverage Ratio 1.47

WIND FARM DEVELOPMENT COST ESTIMATE

Units No of units

Met Tower # of towers 3Met Tower Communication # of years 4Meterological constraints, data QA/QC # of years 4Site Suitability Assessment 1Phase I Permitting/Environmental Assessment 1Wildlife assessment/ 4 season avian studies 1Preliminary Transmission Study 1Geotech Studies 1Landman to obtain Property Rights # of contractors 2Option to Lease/ Rental 1Attorney fees for lease aggrements 1Attorney fees for Tax abatements 1Transmission Interconnection Studies 1Mapping/ Surveying/ Site Layout 1Turbine Request for Proposal 1Expenses/ Travel/ Landowner expenses 1

Total

WIND FARM DEVELOPMENT COST ESTIMATE

Cost per unit Total Cost

$80,000 $240,000$1,000 $4,000$5,000 $20,000

$85,000 $85,000$150,000 $150,000$125,000 $125,000$15,000 $15,000$40,000 $40,000$60,000 $120,000

$300,000 $300,000$20,000 $20,000

$100,000 $100,000$50,000 $50,000$50,000 $50,000

$100,000 $100,000$100,000 $100,000

$1,519,000

WIND FARM CONSTRUCTION COST ESTIMATE

Number of Turbines 81Turbine Rating (kW) 3075Project Rating (MW) 249.075Interconnection Voltage(kV) 345Turbine Manufacturer Vestas , V-112Turbine class II AAssumed Tower Height (meters) 84Assumed Turbine Rotor Diameter(meters) 112Swept Area (square meters) 9852Assumed Foundation Type Inverter T

Units

Project Development Costs 5 NoLegal Fees 5 NoInsurance 5 No MW 249.075Construction Management 5 No MW 249.075Construction Mobilization 5 No 1EPC Project Engineering 5 No MW 249.075Surveying 5 No MW 249.075Geotechnical Testing 5 No turbines 81Primary Site Access Roads 15 No meters 5000Turbine Access Roads (5 meters wide) 15 No meters 45360Civil Work (grading, erosion control etc) 15 No MW 249.07534.5 kV Collection System (underground) 5 No meters 5443234.5 kV Collection System (overhead) 5 No meters 1000Foundations 5 Yes turbines 81Turbine & Tower (incl 2 yr warranty) 5 No turbines 81Turbine &Tower Transportation 5 No turbines 81Turbine & Tower Erection 5 No turbines 81Turbine Commissioning & Testing 5 No turbines 81Turbine Step-up Transformers 5 No turbines 81FAA Lighting 5 Yes # of lights 40O&M Building 39 Yes # 1Project Substation 5 Yes 1Interconnection or Switching Station 15 Yes 1Transmission Line 15 Yes meters 5000Transmission Easement (40m meters wide) 15 Yes meters 3000Permanent Met Towers 5 Yes # 4Sales Tax 5 No %Miscellaneous/ Contingency 5 No %Financing Cost 5 No % of all aboveNet Capitalized Interest 5 No % of all above

Deprec Life

Sales Tax ?

Number of Units

Total Cost per MW

WIND FARM CONSTRUCTION COST ESTIMATE

InputsCalculations

Cost per Unit ($) Total Cost

$1,519,000$500,000

$5,000.00 $1,245,375$4,000.00 $996,300

$2,000,000.00 $2,000,000$2,000.00 $498,150$2,500.00 $622,688

$10,000.00 $810,000$200.00 $1,000,000$100.00 $4,536,000

$40,000.00 $9,963,000$120.00 $6,531,840$40.00 $40,000

$73,304.00 $5,937,624$3,228,900.00 $261,540,900$269,250.00 $21,809,250$110,500.00 $8,950,500$25,000.00 $2,025,000$25,000.00 $2,025,000$12,000.00 $480,000

$750,000.00 $750,000$6,236,125.00 $6,236,125

$11,125,000.00 $11,125,000$622.00 $3,110,000$50.00 $150,000

$80,000.00 $320,0005.00% $1,405,4375.00% $4,729,3142.00% $7,217,1302.50% $9,201,841

$377,275,474$1,514,706

DEPRECIATION AND AD VALOREM TAX CALCULATIONS250 MW PROJECT

Year 2013 2014

TOTAL CAPITAL COST OF PROJECT $ 377,275,474.30

DEPRECIATION FOR FEDERAL INCOME TAX PURPOSES:

Year 0Depreciation rates: 5 year property place in service in 4th Q 0.05000Annual Depreciation Expense for Income Tax Purposes $18,863,774

DEPRECIATION FOR AD VALOREM TAX PURPOSES:

Year 0Depreciation rates: 20-year straight line method 0.05000Annual Depreciation for Ad Valorem Tax Purposes $ 18,863,774 Year End Asset Value for Ad Valorem Tax Purposes $ 358,411,700.59

AD VALOREM TAX CALCULATIONS:

AD VALOREM TAX RATESCounty 1 Property Tax Rate 0.40%County 2 Property Tax Rate 0.50%School District 1 Tax Rate 1.20%School District 2 Tax Rate 1.30%Water District Tax Rate 0.05%Hospital District Tax Rate 0.50%

ABATEMENT ASSUMPTIONSCounty 1 Property Tax Abatement % 0.00%County 2 Property Tax Abatement % 0.00%School District 1 Tax Abatement % 0.00%School District 2 Tax Abatement % 0.00%Water District Tax Abatement % 0.00%Hospital District Tax Abatement % 0.00%

EFFECTIVE RATES (NET OF ABATEMENTS) % of ProjectEffective County 1 Property Tax Rate 60% 0.24%Effective County 2 Property Tax Rate 40% 0.20%Effective School District 1 Tax Rate 60% 0.72%Effective School District 2 Tax Rate 40% 0.52%Effective Water District Tax Rate 100% 0.05%Effective Hospital District Tax Rate 100% 0.50%Total Effective Tax Rate 2.23%

Commercial Operation Begins

ESTIMATED ANNUAL AD VALOREM TAXES $0

Assumptions: (1) Valuation for property tax purposes is based on 20 year straight line depreciation(2) No Tax abatements or appraised value limitations

Mostly Five year MACRS is used…..valaution is reduced as PTC's are used up

2015 2016 2017 2018 2019

1 2 3 4 50.38000 0.22800 0.13680 0.10940 0.09580

$143,364,680 $86,018,808 $51,611,285 $41,273,937 $36,142,990

1 2 3 4 50.05000 0.05000 0.05000 0.05000 0.05000

$ 18,863,774 $ 18,863,774 $ 18,863,774 $ 18,863,774 $ 18,863,774 $ 339,547,927 $ 320,684,153 $ 301,820,379 $ 282,956,606 $ 264,092,832

0.40% 0.40% 0.40% 0.40% 0.40%0.50% 0.50% 0.50% 0.50% 0.50%1.20% 1.20% 1.20% 1.20% 1.20%1.30% 1.30% 1.30% 1.30% 1.30%0.05% 0.05% 0.05% 0.05% 0.05%0.50% 0.50% 0.50% 0.50% 0.50%

0.00% 0.00% 0.00% 0.00% 0.00%0.00% 0.00% 0.00% 0.00% 0.00%0.00% 0.00% 0.00% 0.00% 0.00%0.00% 0.00% 0.00% 0.00% 0.00%0.00% 0.00% 0.00% 0.00% 0.00%0.00% 0.00% 0.00% 0.00% 0.00%

0.24% 0.24% 0.24% 0.24% 0.24%0.20% 0.20% 0.20% 0.20% 0.20%0.72% 0.72% 0.72% 0.72% 0.72%0.52% 0.52% 0.52% 0.52% 0.52%0.05% 0.05% 0.05% 0.05% 0.05%0.50% 0.50% 0.50% 0.50% 0.50%2.23% 2.23% 2.23% 2.23% 2.23%

First Full Year of Operations

$7,992,581 $7,571,919 $7,151,257 $6,730,594 $6,309,932

2020 2021 2022 2023 2024

6 7 8 9 100.00000 0.00000 0.00000 0.00000 0.00000

$0 $0 $0 $0 $0

6 7 8 9 100.05000 0.05000 0.05000 0.05000 0.05000

$ 18,863,774 $ 18,863,774 $ 18,863,774 $ 18,863,774 $ 18,863,774 $ 245,229,058 $ 226,365,285 $ 207,501,511 $ 188,637,737 $ 169,773,963

0.40% 0.40% 0.40% 0.40% 0.40%0.50% 0.50% 0.50% 0.50% 0.50%1.20% 1.20% 1.20% 1.20% 1.20%1.30% 1.30% 1.30% 1.30% 1.30%0.05% 0.05% 0.05% 0.05% 0.05%0.50% 0.50% 0.50% 0.50% 0.50%

0.00% 0.00% 0.00% 0.00% 0.00%0.00% 0.00% 0.00% 0.00% 0.00%0.00% 0.00% 0.00% 0.00% 0.00%0.00% 0.00% 0.00% 0.00% 0.00%0.00% 0.00% 0.00% 0.00% 0.00%0.00% 0.00% 0.00% 0.00% 0.00%

0.24% 0.24% 0.24% 0.24% 0.24%0.20% 0.20% 0.20% 0.20% 0.20%0.72% 0.72% 0.72% 0.72% 0.72%0.52% 0.52% 0.52% 0.52% 0.52%0.05% 0.05% 0.05% 0.05% 0.05%0.50% 0.50% 0.50% 0.50% 0.50%2.23% 2.23% 2.23% 2.23% 2.23%

$5,889,270 $5,468,608 $5,047,946 $4,627,284 $4,206,622

2025 2026 2027 2028 2029

11 12 13 14 150.00000 0.00000 0.00000 0.00000 0.00000

$0 $0 $0 $0 $0

11 12 13 14 150.05000 0.05000 0.05000 0.05000 0.05000

$ 18,863,774 $ 18,863,774 $ 18,863,774 $ 18,863,774 $ 18,863,774 $ 150,910,190 $ 132,046,416 $ 113,182,642 $ 94,318,869 $ 75,455,095

0.40% 0.40% 0.40% 0.40% 0.40%0.50% 0.50% 0.50% 0.50% 0.50%1.20% 1.20% 1.20% 1.20% 1.20%1.30% 1.30% 1.30% 1.30% 1.30%0.05% 0.05% 0.05% 0.05% 0.05%0.50% 0.50% 0.50% 0.50% 0.50%

0.00% 0.00% 0.00% 0.00% 0.00%0.00% 0.00% 0.00% 0.00% 0.00%0.00% 0.00% 0.00% 0.00% 0.00%0.00% 0.00% 0.00% 0.00% 0.00%0.00% 0.00% 0.00% 0.00% 0.00%0.00% 0.00% 0.00% 0.00% 0.00%

0.24% 0.24% 0.24% 0.24% 0.24%0.20% 0.20% 0.20% 0.20% 0.20%0.72% 0.72% 0.72% 0.72% 0.72%0.52% 0.52% 0.52% 0.52% 0.52%0.05% 0.05% 0.05% 0.05% 0.05%0.50% 0.50% 0.50% 0.50% 0.50%2.23% 2.23% 2.23% 2.23% 2.23%

$3,785,959 $3,365,297 $2,944,635 $2,523,973 $2,103,311

2030 2031 2032 2033 2034

16 17 18 19 200.00000 0.00000 0.00000 0.00000 0.00000

$0 $0 $0 $0 $0

16 17 18 19 200.05000 0.05000 0.05000 0.05000 0.00000

$ 18,863,774 $ 18,863,774 $ 18,863,774 $ 18,863,774 $0.00 $ 56,591,321 $ 37,727,547 $ 18,863,774 $ (0) $0.00

0.40% 0.40% 0.40% 0.40% 0.40%0.50% 0.50% 0.50% 0.50% 0.50%1.20% 1.20% 1.20% 1.20% 1.20%1.30% 1.30% 1.30% 1.30% 1.30%0.05% 0.05% 0.05% 0.05% 0.05%0.50% 0.50% 0.50% 0.50% 0.50%

0.00% 0.00% 0.00% 0.00% 0.00%0.00% 0.00% 0.00% 0.00% 0.00%0.00% 0.00% 0.00% 0.00% 0.00%0.00% 0.00% 0.00% 0.00% 0.00%0.00% 0.00% 0.00% 0.00% 0.00%0.00% 0.00% 0.00% 0.00% 0.00%

0.24% 0.24% 0.24% 0.24% 0.24%0.20% 0.20% 0.20% 0.20% 0.20%0.72% 0.72% 0.72% 0.72% 0.72%0.52% 0.52% 0.52% 0.52% 0.52%0.05% 0.05% 0.05% 0.05% 0.05%0.50% 0.50% 0.50% 0.50% 0.50%2.23% 2.23% 2.23% 2.23% 2.23%

$1,682,649 $1,261,986 $841,324 $420,662 $0

2035 2036 2037 2038 2039

21 22 23 24 250.00000 0.00000 0.00000 0.00000 0.00000

$0 $0 $0 $0 $0

21 22 23 24 25$0.00 $0.00 $0.00 $0.00 $0.00$0.00 $0.00 $0.00 $0.00 $0.00$0.00 $0.00 $0.00 $0.00 $0.00

0.40% 0.40% 0.40% 0.40% 0.40%0.50% 0.50% 0.50% 0.50% 0.50%1.20% 1.20% 1.20% 1.20% 1.20%1.30% 1.30% 1.30% 1.30% 1.30%0.05% 0.05% 0.05% 0.05% 0.05%0.50% 0.50% 0.50% 0.50% 0.50%

0.00% 0.00% 0.00% 0.00% 0.00%0.00% 0.00% 0.00% 0.00% 0.00%0.00% 0.00% 0.00% 0.00% 0.00%0.00% 0.00% 0.00% 0.00% 0.00%0.00% 0.00% 0.00% 0.00% 0.00%0.00% 0.00% 0.00% 0.00% 0.00%

0.24% 0.24% 0.24% 0.24% 0.24%0.20% 0.20% 0.20% 0.20% 0.20%0.72% 0.72% 0.72% 0.72% 0.72%0.52% 0.52% 0.52% 0.52% 0.52%0.05% 0.05% 0.05% 0.05% 0.05%0.50% 0.50% 0.50% 0.50% 0.50%2.23% 2.23% 2.23% 2.23% 2.23%

$0 $0 $0 $0 $0

m/s kW hr kWh1 0 300 02 0 350 03 0 440 04 0 759 05 34 868 295126 103 914 941427 193 904 1744728 308 847 2608769 446 756 337176

10 595 647 38496511 748 531 39718812 874 419 36620613 976 319 31134414 1000 234 23400015 1000 166 16600016 1000 113 11300017 1000 75 7500018 1000 48 4800019 1000 30 3000020 1000 40 40000

3061881

CASH FLOWVAYU CHAKRA

Year 2014Period 0Capital Costs $ 377,275,474

RevenueAnnual Net Capacity factor 41.64%Annual Net Generation 37860Value of Energy Production ($/MWh) $33.53Value of Energy Production ($/year) $1,269,458.41Value of Renewable Energy Credits ($/MWh) $5.00Value of Renewable Energy Credits ($ per year) $189,301.88Total Revenue $1,458,760.29

Operating Expenses

Vendor Provided O&M Service $0.00Extended Warranty Cost Per Turbine $0.00Full Service (Planned and Unplanned Maintenance) $0.00Post Warranty Planned O&M $0.00Post Warranty Repair & Replace Accrual $0.00Infrastructure Maintenance (roads, sub, UG dist, etc) $0.00Owner's On site Administrative costs $0.00Owner's Corporate Administration Costs $0.00Landowner Royalties $50,778.34Electrical Usage $0.00Telecommunications & other Utilities $0.00Ad Valorem Taxes $0.00Project Insurance $0.00Contingency and Other $2,538.92Total Operating Expenses $53,317.25Operating Expenses ($/MWH) $1.41

Net Operating Cash $1,405,443.04

Debt Service

Senior Debt Beginning Balance $88,282,461 Interest on Senior Debt $0 Senior Debt Principal Payments $0 Senior Debt Ending Balance $88,282,461 Debt Service Coverage Ratio (Sr. Debt)

Subordinated Debt Beginning Balance $93,187,042 Interest on Subordinated Debt $0 Subordinated Debt Principal Payments $0 Subordinated Debt Ending Balance $93,187,042 Debt Service Coverage Ratio (Sub. Debt)

After Debt Service Cash Flow $1,405,443

Depreciation and Taxes

Depreciation - MARCS $18,863,774Taxable income (NOC - interest - tax depr. ) ($17,458,331)Income Taxes (before PTC) ($6,110,416)

Production Tax Credit ($/MWH) $23 Production Tax Credit ($) $870,789 Income Taxes (after PTC) ($6,981,204)

Cash Flow / Return on Investments

Distributable Cash to Project Owners from Operations $8,386,647Original Equity Investment $195,805,971Net Cash Flow ($187,419,324)

20 Year NPV at Assumed Discount Rate $21,761,519

20 year after tax IRR% 14.692%

25 Year NPV at Assumed Discount Rate $30,939,702

25 year after tax IRR% 15.363%

2015 2016 2017 2018 20191 2 3 4 5

$0 $0 $0 $0 $0

41.64% 41.64% 41.64% 41.64% 41.64%908649 908649 908649 908649 908649$33.53 $34.20 $34.88 $35.58 $36.29

$30,467,001.91 $31,076,341.95 $31,697,868.79 $32,331,826.17 $32,978,462.69$5.00 $5.10 $5.20 $5.31 $5.41

$4,543,245.14 $4,634,110.04 $4,726,792.24 $4,821,328.09 $4,917,754.65$35,010,247.06 $35,710,452.00 $36,424,661.04 $37,153,154.26 $37,896,217.34

$0.00 $0.00 $0.00 $0.00 $0.00$0.00 $0.00 $0.00 $0.00 $0.00

$6,226,875 $6,351,413 $6,478,441 $6,608,010 $6,740,170$0.00 $0.00 $0.00 $0.00 $0.00$0.00 $0.00 $0.00 $0.00 $0.00

$547,965.00 $558,924.30 $570,102.79 $581,504.84 $593,134.94$235,000.00 $239,700.00 $244,494.00 $249,383.88 $254,371.56$225,000.00 $229,500.00 $234,090.00 $238,771.80 $243,547.24

$1,218,680.08 $1,243,053.68 $1,267,914.75 $1,293,273.05 $1,319,138.51$186,806.25 $190,542.38 $194,353.22 $198,240.29 $202,205.09

$85,000.00 $86,700.00 $88,434.00 $90,202.68 $92,006.73$7,992,580.92 $7,571,918.77 $7,151,256.62 $6,730,594.46 $6,309,932.31$1,245,375.00 $1,270,282.50 $1,295,688.15 $1,321,601.91 $1,348,033.95

$898,164.11 $887,101.71 $876,238.71 $865,579.12 $855,127.00$18,861,446.36 $18,629,135.83 $18,401,012.99 $18,177,161.60 $17,957,667.09

$20.76 $20.50 $20.25 $20.00 $19.76

$16,148,800.69 $17,081,316.17 $18,023,648.05 $18,975,992.66 $19,938,550.26

$88,282,461 $84,769,294 $81,010,204 $76,987,979 $72,684,198 ($6,179,772) ($5,933,851) ($5,670,714) ($5,389,159) ($5,087,894)($3,513,167) ($3,759,089) ($4,022,225) ($4,303,781) ($4,605,046)$84,769,294 $81,010,204 $76,987,979 $72,684,198 $68,079,152

1.67 1.76 1.86 1.96 2.06

$93,187,042 $87,053,463 $80,367,861 $73,080,555 $65,137,392 ($8,386,834) ($7,834,812) ($7,233,107) ($6,577,250) ($5,862,365)($6,133,579) ($6,685,602) ($7,287,306) ($7,943,163) ($8,658,048)$87,053,463 $80,367,861 $73,080,555 $65,137,392 $56,479,344

$1.47 $1.50 $1.53 $1.56 $1.59

($8,064,552) ($7,132,037) ($6,189,705) ($5,237,360) ($4,274,803)

$143,364,680 $86,018,808 $51,611,285 $41,273,937 $36,142,990($141,782,486) ($82,706,154) ($46,491,459) ($34,264,353) ($27,154,699)

($49,623,870) ($28,947,154) ($16,272,011) ($11,992,523) ($9,504,145)

$23.46 $23.93 $24.41 $24.90 $25.39 $21,316,906 $21,743,244 $22,178,109 $22,621,671 $23,074,105

($70,940,776) ($50,690,398) ($38,450,120) ($34,614,195) ($32,578,250)

$62,876,224 $43,558,361 $32,260,415 $29,376,835 $28,303,447

$62,876,224 $43,558,361 $32,260,415 $29,376,835 $28,303,447

2020 2021 2022 2023 20246 7 8 9 10

$0 $0 $0 $0 $0

41.64% 41.64% 41.64% 41.64% 41.64%908649 908649 908649 908649 908649$37.02 $37.76 $38.52 $39.29 $40.07

$33,638,031.94 $34,310,792.58 $34,997,008.44 $35,696,948.60 $36,410,887.58$5.52 $5.63 $5.74 $5.86 $5.98

$5,016,109.74 $5,116,431.94 $5,218,760.58 $5,323,135.79 $5,429,598.51$38,654,141.69 $39,427,224.52 $40,215,769.01 $41,020,084.39 $41,840,486.08

$0.00 $0.00 $0.00 $0.00 $0.00$0.00 $0.00 $0.00 $0.00 $0.00

$6,874,973 $7,012,473 $7,152,722 $7,295,777 $7,441,692$0.00 $0.00 $0.00 $0.00 $0.00$0.00 $0.00 $0.00 $0.00 $0.00

$604,997.64 $617,097.59 $629,439.54 $642,028.33 $654,868.90$259,458.99 $264,648.17 $269,941.13 $275,339.95 $280,846.75$248,418.18 $253,386.54 $258,454.28 $263,623.36 $268,895.83

$1,345,521.28 $1,372,431.70 $1,399,880.34 $1,427,877.94 $1,456,435.50$206,249.19 $210,374.18 $214,581.66 $218,873.30 $223,250.76

$93,846.87 $95,723.81 $97,638.28 $99,591.05 $101,582.87$5,889,270.15 $5,468,608.00 $5,047,945.85 $4,627,283.69 $4,206,621.54$1,374,994.63 $1,402,494.52 $1,430,544.41 $1,459,155.30 $1,488,338.41

$844,886.50 $834,861.86 $825,057.38 $815,477.47 $806,126.63$17,742,616.59 $17,532,098.98 $17,326,204.93 $17,125,026.91 $16,928,659.23

$19.53 $19.29 $19.07 $18.85 $18.63

$20,911,525.10 $21,895,125.54 $22,889,564.08 $23,895,057.48 $24,911,826.85

$68,079,152 $63,151,753 $57,879,436 $52,238,057 $46,201,781 ($4,765,541) ($4,420,623) ($4,051,561) ($3,656,664) ($3,234,125)($4,927,399) ($5,272,317) ($5,641,379) ($6,036,276) ($6,458,815)$63,151,753 $57,879,436 $52,238,057 $46,201,781 $39,742,966

2.16 2.26 2.36 2.47 2.57

$56,479,344 $47,042,072 $36,755,445 $25,543,021 $13,321,480 ($5,083,141) ($4,233,786) ($3,307,990) ($2,298,872) ($1,198,933)($9,437,272) ($10,286,627) ($11,212,423) ($12,221,541) ($13,321,480)$47,042,072 $36,755,445 $25,543,021 $13,321,480 $0

$1.62 $1.65 $1.69 $1.72 $1.75

($3,301,828) ($2,318,227) ($1,323,789) ($318,295) $698,474

$0 $0 $0 $0 $0$11,062,844 $13,240,716 $15,530,014 $17,939,522 $20,478,769

$3,871,995 $4,634,251 $5,435,505 $6,278,833 $7,167,569

$25.90 $26.42 $26.95 $27.49 $28.04 $23,535,587 $24,006,299 $24,486,425 $24,976,153 $25,475,676

($19,663,592) ($19,372,048) ($19,050,920) ($18,697,321) ($18,308,107)

$16,361,764 $17,053,821 $17,727,131 $18,379,025 $19,006,581

$16,361,764 $17,053,821 $17,727,131 $18,379,025 $19,006,581

2025 2026 2027 2028 202911 12 13 14 15$0 $0 $0 $0 $0

41.64% 41.64% 41.64% 41.64% 41.64%908649 908649 908649 908649 908649$40.87 $41.69 $42.52 $43.37 $44.24

$37,139,105.33 $37,881,887.43 $38,639,525.18 $39,412,315.69 $40,200,562.00$6.09 $6.22 $6.34 $6.47 $6.60

$5,538,190.48 $5,648,954.28 $5,761,933.37 $5,877,172.04 $5,994,715.48$42,677,295.80 $43,530,841.72 $44,401,458.55 $45,289,487.72 $46,195,277.48

$0.00 $0.00 $0.00 $0.00 $0.00$0.00 $0.00 $0.00 $0.00 $0.00$0.00 $0.00 $0.00 $0.00 $0.00

$ 3,795,263 $3,871,168 $3,948,592 $4,027,563 $4,108,115 $ 3,795,263 $3,871,168 $3,948,592 $4,027,563 $4,108,115

$667,966.28 $681,325.60 $694,952.11 $708,851.16 $723,028.18$286,463.69 $292,192.96 $298,036.82 $303,997.56 $310,077.51$274,273.74 $279,759.22 $285,354.40 $291,061.49 $296,882.72

$1,485,564.21 $1,515,275.50 $1,545,581.01 $1,576,492.63 $1,608,022.48$227,715.78 $232,270.09 $236,915.49 $241,653.80 $246,486.88$103,614.53 $105,686.82 $107,800.55 $109,956.56 $112,155.69

$3,785,959.38 $3,365,297.23 $2,944,635.08 $2,523,972.92 $2,103,310.77$1,518,105.18 $1,548,467.28 $1,579,436.62 $1,611,025.36 $1,643,245.86

$797,009.43 $788,130.55 $779,494.76 $771,106.91 $762,971.97$16,737,198.10 $16,550,741.65 $16,369,389.98 $16,193,245.18 $16,022,411.39

$18.42 $18.21 $18.02 $17.82 $17.63

$25,940,097.70 $26,980,100.07 $28,032,068.57 $29,096,242.54 $30,172,866.09

$39,742,966 $32,832,034 $25,437,337 $17,525,011 $9,058,822 ($2,782,008) ($2,298,242) ($1,780,614) ($1,226,751) ($634,118)($6,910,932) ($7,394,697) ($7,912,326) ($8,466,189) ($9,058,822)$32,832,034 $25,437,337 $17,525,011 $9,058,822 $0

2.68 2.78 2.89 3.00 3.11

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$16,247,158 $17,287,160 $18,339,129 $19,403,303 $20,479,926

$0 $0 $0 $0 $0$23,158,090 $24,681,858 $26,251,455 $27,869,492 $29,538,749

$8,105,332 $8,638,650 $9,188,009 $9,754,322 $10,338,562

$0.00 $0.00 $0.00 $0.00 $0.00 $0 $0 $0 $0 $0

$8,105,332 $8,638,650 $9,188,009 $9,754,322 $10,338,562

$8,141,827 $8,648,510 $9,151,120 $9,648,981 $10,141,364

$8,141,827 $8,648,510 $9,151,120 $9,648,981 $10,141,364

2030 2031 2032 2033 203416 17 18 19 20$0 $0 $0 $0 $0

41.64% 41.64% 41.64% 41.64% 41.64%908649 908649 908649 908649 908649$45.13 $46.03 $46.95 $47.89 $48.85

$41,004,573.24 $41,824,664.71 $42,661,158.00 $43,514,381.16 $44,384,668.78$6.73 $6.86 $7.00 $7.14 $7.28

$6,114,609.79 $6,236,901.98 $6,361,640.02 $6,488,872.82 $6,618,650.28$47,119,183.03 $48,061,566.69 $49,022,798.02 $50,003,253.98 $51,003,319.06

$0.00 $0.00 $0.00 $0.00 $0.00$0.00 $0.00 $0.00 $0.00 $0.00$0.00 $0.00 $0.00 $0.00 $0.00

$4,190,277 $4,274,082 $4,359,564 $4,446,755 $4,535,691$4,190,277 $4,274,082 $4,359,564 $4,446,755 $4,535,691

$737,488.74 $752,238.52 $767,283.29 $782,628.96 $798,281.53$316,279.06 $322,604.64 $329,056.73 $335,637.87 $342,350.63$302,820.38 $308,876.78 $315,054.32 $321,355.41 $327,782.51

$1,640,182.93 $1,672,986.59 $1,706,446.32 $1,740,575.25 $1,775,386.75$251,416.62 $256,444.95 $261,573.85 $266,805.33 $272,141.43$114,398.81 $116,686.78 $119,020.52 $121,400.93 $123,828.95

$1,682,648.62 $1,261,986.46 $841,324.31 $420,662.15 $0.00$1,676,110.78 $1,709,633.00 $1,743,825.66 $1,778,702.17 $1,814,276.21

$755,094.99 $747,481.14 $740,135.66 $733,063.95 $726,271.45$15,856,994.83 $15,697,103.85 $15,542,848.95 $15,394,342.85 $15,251,700.55

$17.45 $17.28 $17.11 $16.94 $16.79

$31,262,188.19 $32,364,462.84 $33,479,949.08 $34,608,911.13 $35,751,618.52

$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 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$31,262,188 $32,364,463 $33,479,949 $34,608,911 $35,751,619

$0 $0 $0 $0 $0$31,262,188 $32,364,463 $33,479,949 $34,608,911 $35,751,619 $10,941,766 $11,327,562 $11,717,982 $12,113,119 $12,513,066

$0.00 $0.00 $0.00 $0.00 $0.00 $0 $0 $0 $0 $0

$10,941,766 $11,327,562 $11,717,982 $12,113,119 $12,513,066

$20,320,422 $21,036,901 $21,761,967 $22,495,792 $23,238,552

$20,320,422 $21,036,901 $21,761,967 $22,495,792 $23,238,552

2035 2036 2037 2038 203921 22 23 24 25$0 $0 $0 $0 $0

41.64% 41.64% 41.64% 41.64% 41.64%908649 908649 908649 908649 908649$49.82 $50.82 $51.84 $52.87 $53.93

$45,272,362.16 $46,177,809.40 $47,101,365.59 $48,043,392.90 $49,004,260.76$7.43 $7.58 $7.73 $7.88 $8.04

$6,751,023.29 $6,886,043.75 $7,023,764.63 $7,164,239.92 $7,307,524.72$52,023,385.44 $53,063,853.15 $54,125,130.22 $55,207,632.82 $56,311,785.48

$0.00 $0.00 $0.00 $0.00 $0.00$0.00 $0.00 $0.00 $0.00 $0.00$0.00 $0.00 $0.00 $0.00 $0.00

$4,626,404 $4,718,932 $4,813,311 $4,909,577 $5,007,769$4,626,404 $4,718,932 $4,813,311 $4,909,577 $5,007,769

$814,247.16 $830,532.11 $847,142.75 $864,085.61 $881,367.32$349,197.64 $356,181.59 $363,305.22 $370,571.33 $377,982.75$334,338.16 $341,024.93 $347,845.43 $354,802.33 $361,898.38

$1,810,894.49 $1,847,112.38 $1,884,054.62 $1,921,735.72 $1,960,170.43$277,584.26 $283,135.95 $288,798.66 $294,574.64 $300,466.13$126,305.53 $128,831.64 $131,408.27 $134,036.44 $136,717.17

$0.00 $0.00 $0.00 $0.00 $0.00$1,850,561.74 $1,887,572.97 $1,925,324.43 $1,963,830.92 $2,003,107.54

$740,796.88 $755,612.82 $770,725.08 $786,139.58 $801,862.37$15,556,734.56 $15,867,869.25 $16,185,226.63 $16,508,931.16 $16,839,109.79

$17.12 $17.46 $17.81 $18.17 $18.53

$36,466,650.89 $37,195,983.91 $37,939,903.58 $38,698,701.66 $39,472,675.69

($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 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$36,466,651 $37,195,984 $37,939,904 $38,698,702 $39,472,676

$0 $0 $0 $0 $0$36,466,651 $37,195,984 $37,939,904 $38,698,702 $39,472,676 $12,763,328 $13,018,594 $13,278,966 $13,544,546 $13,815,436

$0.00 $0.00 $0.00 $0.00 $0.00 $0 $0 $0 $0 $0

$12,763,328 $13,018,594 $13,278,966 $13,544,546 $13,815,436

$23,703,323 $24,177,390 $24,660,937 $25,154,156 $25,657,239

$23,703,323 $24,177,390 $24,660,937 $25,154,156 $25,657,239