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Georgia World Congress Center Authority

Capacity Analysis Update

June 11, 2012
Strictly Private and Confidential

Proposed Plan of Finance
The plan of finance for GWCCA’s proposed Hotel Tax Bonds reflects market rates as of April 27
27, 2012
2012.
Item

1

Assumptions and Structure

Overview / Issuance Dates

y Issue tax-exempt governmental purpose and taxable bonds secured by Hotel Taxes alone
y Current refund and retire the outstanding Series 2011 Bonds
y Provide new money for the stadium
y Assumed issue dates of July 1, 2014 and July 1, 2017

Hotel Tax Revenues

y $19,980,880 (FYE 2014)
y $22,333,635 (FYE 2017)

Series 2000/2011 Bonds
Outstanding

y $60,000,000, retired on July 1, 2014

Senior/Subordinate Structure

y Senior Lien bonds structured to achieve A2/A ratings
y 1.50x assumed debt service coverage
y Subordinate bonds structured to achieve Baa1/ BBB+ ratings
y 1.10x assumed debt service coverage (see Debt Service Structure on following page)

Final Maturity

y 35-year final maturity (2014: 2049 & 2017: 2052)

Proposed Plan of Finance, continued
The p
plan of finance for GWCCA’s p
proposed
p
Hotel Tax Bonds reflects market interest rates as of April
p 27,
2012.
Item

Assumptions and Structure

Debt Service Structure

y Senor Lien: Level Debt Service
y Subordinate Lien: Escalating debt service (1% p.a.), which when added to the Senior Lien
debt service is capped at 1.10x of projected 2014/2017 collections
Moody s rating
y This approach will need to be reconciled with recently published Moody’s
methodology

Debt Service Reserve Fund

y Cash funded debt service reserve fund sized to lesser of three prong test
y Earnings
E i
rate
t off 2%

Underwriter’s Discount and
Costs of Issuance

y Citi’s proposed underwriting spread
y $500,000
$500 000 ffor COI

Bond Insurance

y Not economical in today’s market

2

Borrowing Rates as of April 27, 2012
Tax-Exempt
p p
pricing
g scales for current interest bonds ((“CIBs”)) by
y maturity
y are p
posted below. For CABS, an
additional 75bps is added to the CIBs spreads.
Indicative Pricing – GWCCA
(Assumes Ratings of A2/A & Baa1/BBB+)

Year
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
3

Current
Maturities
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047

Maturities
2014
Maturities
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049

Rates are estimates and subject to change.
For illustration purposes only.

2017
Maturities
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052

A2/A Underlying Ratings
MMD as of
Spread to
COB 4/27
MMD
Coupon
0.200
0.750
3.000
0.310
0.800
4.000
0.470
0.850
4.000
0.650
0.900
4.000
0 820
0.820
1 000
1.000
5 000
5.000
1.030
1.050
5.000
1.250
1.100
5.000
1.480
1.100
5.000
1.710
1.100
5.000
1.870
1.100
5.000
2.010
1.100
5.000
2.150
1.100
5.000
2.290
1.100
5.000
2.420
1.100
5.000
2.510
1.100
5.000
2.600
2.680
2.740
2.800
2.860
1.050
5.000
2.930
3.000
3.070
3.130
3 190
3.190
3.210
3.220
3.230
3.240
3.250
0.800
5.000

0.900

5.000

Yield
0.950
1.110
1.320
1.550
1 820
1.820
2.080
2.350
2.580
2.810
2.970
3.110
3.250
3.390
3.520
3.610

Baa1/BBB+ Underlying Ratings
Spread to
MMD
Coupon
Yield
1.550
5.000
1.750
1.650
5.000
1.960
1.750
5.000
2.220
1.850
5.000
2.500
1 900
1.900
5 000
5.000
2 720
2.720
1.900
5.000
2.930
1.900
5.000
3.150
1.900
5.000
3.380
1.950
5.000
3.660
2.000
5.000
3.870

3.910

1.950

5.250

4.810

4.050

1.700

5.500

4.950

4.150

1.800

5.500

5.050

Borrowing Rates as of April 27, 2012
Taxable p
pricing
g scales for current interest bonds by
y maturity
y are p
posted below. There is no market for
Taxable CABs.
Indicative Pricing – GWCCA
(Assumes Ratings of A2/A & Baa1/BBB+)

Year
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
4

Maturities
Current
2014
Maturities
Maturities
2013
2015
2014
2016
2015
2017
2016
2018
2017
2019
2018
2020
2019
2021
2020
2022
2021
2023
2022
2024
2023
2025
2024
2026
2025
2027
2026
2028
2027
2029
2028
2030
2029
2031
2030
2032
2031
2033
2032
2034
2033
2035
2034
2036
2035
2037
2036
2038
2037
2039
2038
2040
2039
2041
2040
2042
2041
2043
2042
2044
2043
2045
2044
2046
2045
2047
2046
2048
2047
2049

2017
Maturities
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052

Rates are estimates and subject to change.
For illustration purposes only.

A2/A Underlying Ratings
Treasury as of Spread to
COB 4/27
Treasury Coupon

Yield

Baa1/BBB+ Underlying Ratings
Spread to
Treasury
Coupon
Yield

0 820
0.820

2 500
2.500

3 320
3.320

3 320
3.320

3 250
3.250

4 070
4.070

4 070
4.070

1.910

2.600

4.510

4.510

3.350

5.260

5.260

3.100

2.550

5.650

5.650

3.300

6.400

6.400

3.100

2.750

5.850

5.850

3.500

6.600

6.600

Sources and Uses of Funds – All Tax-Exempt
Georgia World Congress Center Authority
Sources and Uses of Funds: Proposed Series 2014/2017 Bonds - 35 Year Structures (Tax-Exempt)
2014 TE Senior
2014 TE Sub.
2017 TE Senior
2017 TE Sub.
Lien New Money Lien New Money Lien New Money Lien New Money
(35yr, LDS)
(35yr, ADS)
(35yr, LDS)
(35yr, ADS)
Total
Sources:
Bond Proceeds
Par Amount
Net Premium/OID
Total Sources of Funds

$222,890,000
$222
890 000
20,108,660
$242,998,660

$70,360,683
$70
360 683
2,954,904
$73,315,588

$34,228,445
$34
228 445
2,218,078
$36,446,523

$7,224,272
$7
224 272
0
$7,224,272

$334,703,400
$334
703 400
25,281,642
$359,985,041

Uses:
Retire Series 2011
Construction Fund
DSRF Deposit
Cost of Issuance
Underwriter's
Underwriter
s Discount
Total Uses of Funds

$60,000,000
167,816,735
13,880,250
332,966
968 708
968,708
$242,998,660

$0
67,891,244
5,009,672
105,109
309 562
309,562
$73,315,588

$0
34,932,600
1,311,993
51,133
150 797
150,797
$36,446,523

$0
6,667,285
514,367
10,792
31 827
31,827
$7,224,272

$60,000,000
277,307,865
20,716,282
500,000
1 460 895
1,460,895
$359,985,041

Preliminary / Subject to change.
For illustration purposes only.

5

Debt Service Coverage – All Tax-Exempt
Revenues
Fiscal
Year
Ending
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052

6

Revenue
Projected Tax Constraint
1
Revenues
2014 Senior
19,980,880
20,716,023
19,980,880
21,499,089
19,980,880
19 980 880
19,980,880
22 333 635
22,333,635
22,971,146
19,980,880
23,587,866
19,980,880
24,241,153
19,980,880
19,980,880
19,980,880
19,980,880
19 980 880
19,980,880
19,980,880
19,980,880
19,980,880
19,980,880
19,980,880
19,980,880
19 980 880
19,980,880
19,980,880
19,980,880
19,980,880
19,980,880
19,980,880
19,980,880
19,980,880
19,980,880
19,980,880
19,980,880
19,980,880
19,980,880
19,980,880
,
,
19,980,880
19,980,880
19,980,880
19,980,880
19,980,880

Revenue
Constraint
2017 Senior

22,333,635
22,333,635
22,333,635
22,333,635
22,333,635
22,333,635
22 333 635
22,333,635
22,333,635
22,333,635
22,333,635
22,333,635
22,333,635
22,333,635
22 333 635
22,333,635
22,333,635
22,333,635
22,333,635
22,333,635
22,333,635
22,333,635
22,333,635
22,333,635
22,333,635
22,333,635
22,333,635
22,333,635
22,333,635
22,333,635
,
,
22,333,635
22,333,635
22,333,635
22,333,635
22,333,635
22,333,635
22,333,635

Net Debt Service
Revenue
Constraint
2014
2

Senior/Sub

19,980,880
19,980,880
19 980 880
19,980,880
19,980,880
19,980,880
19,980,880
19,980,880
19,980,880
19,980,880
19 980 880
19,980,880
19,980,880
19,980,880
19,980,880
19,980,880
19,980,880
19,980,880
19 980 880
19,980,880
19,980,880
19,980,880
19,980,880
19,980,880
19,980,880
19,980,880
19,980,880
19,980,880
19,980,880
19,980,880
19,980,880
19,980,880
19,980,880
19,980,880
,
,
19,980,880
19,980,880
19,980,880
19,980,880

Revenue
Constraint
2017
2

Senior/Sub

22,333,635
22,333,635
22,333,635
22,333,635
22,333,635
22,333,635
22 333 635
22,333,635
22,333,635
22,333,635
22,333,635
22,333,635
22,333,635
22,333,635
22 333 635
22,333,635
22,333,635
22,333,635
22,333,635
22,333,635
22,333,635
22,333,635
22,333,635
22,333,635
22,333,635
22,333,635
22,333,635
22,333,635
22,333,635
22,333,635
,
,
22,333,635
22,333,635
22,333,635
22,333,635
22,333,635
22,333,635
22,333,635

Series 2014 Series 2017
TE NM
TE NM
Senior

4

Senior

4

13,317,737
13,316,231
13 317 069
13,317,069
13,320,085 1,552,440
13,320,113 1,551,142
13,317,153 1,555,844
13,316,814 1,554,746
13,315,612 1,558,048
13,318,321 1,551,300
13 319 491 1,553,623
13,319,491
1 553 623
13,318,896 1,554,721
13,320,214 1,549,569
13,314,949 1,558,417
13,317,819 1,555,515
13,317,694 1,556,135
13,319,009 1,555,255
13 315 916 1,557,843
13,315,916
1 557 843
13,317,851 1,553,680
13,318,684 1,555,915
13,316,839 1,557,760
13,315,731 1,558,867
13,317,866 1,556,732
13,317,019 1,557,580
13,317,354 1,557,245
13,317,829 1,556,770
13,317,359 1,557,240
13,319,901 1,554,697
13,319,121 1,555,477
13,318,891 1,555,707
13,317,919 1,556,680
13,319,826
,
,
1,554,772
,
,
13,317,986 1,556,612
13,316,106 1,558,492
13,317,559 1,557,040
13,315,466 1,559,132
-271,841
15,146,440
-271,841
15,146,440
-13,863,896 13,560,333

Notes:
(1) Updated Ken Heaghney projections as of May 23, 2012.
(2) Assumes no annual growth. Debt service does grow per footnotes 4&5 below.
(3) Net of DSRF earnings and liquidation
(4) Debt service constrained by debt service coverage ratio and applicable revenue constraint
(5) Debt service constrained by required debt service coverage ratio, applicable revenue constraint and historical tax revenues
(6) Assumes applicable Revenue Constraint

Total
Senior Lien
13,317,737
13,316,231
13 317 069
13,317,069
14,872,525
14,871,255
14,872,997
14,871,560
14,873,660
14,869,621
14 873 115
14,873,115
14,873,618
14,869,783
14,873,366
14,873,334
14,873,829
14,874,264
14 873 759
14,873,759
14,871,532
14,874,599
14,874,599
14,874,599
14,874,599
14,874,599
14,874,599
14,874,599
14,874,599
14,874,599
14,874,599
14,874,599
14,874,599
14,874,599
,
,
14,874,599
14,874,599
14,874,599
14,874,599
14,874,599
14,874,599
-303,563

3

Debt Service Coverage

Series 2014 Series 2017 Total Net
TE NM
TE NM
Debt
5
5
Sub.
Sub.
Service
3,331,103
3,501,010
3 666 103
3,666,103
3,834,353
4,003,353
4,182,603
4,356,103
4,533,603
4,709,353
4 842 853
4,842,853
4,845,540
4,840,603
4,849,016
4,841,653
4,844,041
4,845,391
4 845 441
4,845,441
4,843,928
4,840,591
4,845,166
4,848,705
4,846,570
4,847,418
4,847,083
4,846,608
4,847,078
4,842,816
4,840,716
4,843,991
4,841,816
4,844,610
,
,
4,843,916
4,844,466
4,842,916
4,843,716
-98,960
-98,960
-5,046,935

163,732
421,736
559,606
566,985
564,102
562,317
562 772
562,772
566,512
566,783
562,208
558,668
560,803
559,956
560,274
560,749
560,279
564,542
566,642
563,367
565,542
562,747
,
563,442
562,892
564,442
563,642
5,506,317
5,506,317
4,933,434

16,648,840
16,817,241
16 983 172
16,983,172
18,706,878
18,874,608
19,055,600
19,227,663
19,407,263
19,578,974
19 715 968
19,715,968
19,882,890
20,132,122
20,281,988
20,281,972
20,281,972
20,281,972
20 281 972
20,281,972
20,281,972
20,281,972
20,281,972
20,281,972
20,281,972
20,281,972
20,281,956
20,281,956
20,281,956
20,281,956
20,281,956
20,281,956
20,281,956
20,281,956
,
,
20,281,956
20,281,956
20,281,956
20,281,956
20,281,956
20,281,956
-417,064

6

Senior Lien Sub. Lien
1.50
1.50
1 50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1 50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1 50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
--

1.20
1.19
1 18
1.18
1.19
1.18
1.17
1.16
1.15
1.14
1 13
1.13
1.12
1.11
1.10
1.10
1.10
1.10
1 10
1.10
1.10
1.10
1.10
1.10
1.10
1.10
1.10
1.10
1.10
1.10
1.10
1.10
1.10
1.10
1.10
1.10
1.10
1.10
1.10
1.10
--

Sources and Uses of Funds – All Taxable
Georgia World Congress Center Authority
Sources and Uses of Funds: Proposed Series 2014/2017 Bonds - 35 Year Structure (Taxable)
2014 TX Senior
2014 TX Sub.
2017 TX Senior
2017 TX Sub.
Lien New Money Lien New Money Lien New Money Lien New Money
(35yr, LDS)
(35yr, ADS)
(35yr, LDS)
(35yr, ADS)

Total

Sources:
Bond Proceeds
Par Amount
Net Premium/OID
Total Sources of Funds

$207,790,000
$207
790 000
0
$207,790,000

$50,500,000
$50
500 000
0
$50,500,000

$28,585,000
$28
585 000
0
$28,585,000

$0 $286,875,000
$286 875 000
0
0
$0 $286,875,000

Uses:
Retire Series 2011
Construction Fund
DSRF Deposit
Underwriter's Discount
Cost of Issuance
Total Uses of Funds

$60,000,000
132,630,016
13,880,197
362,161
917 626
917,626
$207,790,000

$0
45,531,058
4,657,910
88,017
223 014
223,014
$50,500,000

$0
26,732,838
1,676,106
49,821
126 235
126,235
$28,585,000

$0 $60,000,000
0 204,893,913
0
20,214,213
0
500,000
0
1 266 875
1,266,875
$0 $286,875,000

Preliminary / Subject to change.
For illustration purposes only.

7

Debt Service Coverage – All Taxable
Revenues
Fiscal
Year
Ending
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052

8

Projected Tax
1

Revenues
19,980,880
20,716,023
21,499,089
22,333,635
22,971,146
23,587,866
24,241,153

Revenue
Constraint
2014 Senior
19,980,880
19,980,880
19,980,880
19,980,880
19,980,880
19,980,880
19,980,880
19,980,880
19,980,880
,
,
19,980,880
19,980,880
19,980,880
19,980,880
19,980,880
19,980,880
19,980,880
19,980,880
19,980,880
19,980,880
19,980,880
19,980,880
19,980,880
19,980,880
19,980,880
19,980,880
19,980,880
19,980,880
19,980,880
19,980,880
19,980,880
19 980 880
19,980,880
19,980,880
19,980,880
19,980,880
19,980,880

Revenue
Constraint
2017 Senior

22,333,635
22,333,635
22,333,635
22,333,635
22,333,635
22,333,635
,
,
22,333,635
22,333,635
22,333,635
22,333,635
22,333,635
22,333,635
22,333,635
22,333,635
22,333,635
22,333,635
22,333,635
22,333,635
22,333,635
22,333,635
22,333,635
22,333,635
22,333,635
22,333,635
22,333,635
22,333,635
22,333,635
22 333 635
22,333,635
22,333,635
22,333,635
22,333,635
22,333,635
22,333,635
22,333,635
22 333 635
22,333,635

Net Debt Service
Revenue
Constraint
2014
2

Senior/Sub

19,980,880
19,980,880
19,980,880
19,980,880
19,980,880
19,980,880
19,980,880
19,980,880
19,980,880
,
,
19,980,880
19,980,880
19,980,880
19,980,880
19,980,880
19,980,880
19,980,880
19,980,880
19,980,880
19,980,880
19,980,880
19,980,880
19,980,880
19,980,880
19,980,880
19,980,880
19,980,880
19,980,880
19,980,880
19,980,880
19,980,880
19 980 880
19,980,880
19,980,880
19,980,880
19,980,880
19,980,880

Revenue
Constraint
2017
2

Senior/Sub

22,333,635
22,333,635
22,333,635
22,333,635
22,333,635
22,333,635
,
,
22,333,635
22,333,635
22,333,635
22,333,635
22,333,635
22,333,635
22,333,635
22,333,635
22,333,635
22,333,635
22,333,635
22,333,635
22,333,635
22,333,635
22,333,635
22,333,635
22,333,635
22,333,635
22,333,635
22,333,635
22,333,635
22 333 635
22,333,635
22,333,635
22,333,635
22,333,635
22,333,635
22,333,635
22,333,635
22 333 635
22,333,635

Series 2014 Series 2017
TX NM
TX NM
Senior

4

Senior

4

Total
Senior Lien

13,317,737
13,317,737
13,316,231
13,316,231
13,317,069
13,317,069
13,320,085 1,568,446 14,888,531
13,320,113 1,568,446 14,888,559
13,317,153 1,568,446 14,885,599
13,316,814 1,568,446 14,885,260
13,315,612 1,568,446 14,884,058
13,318,321
,
,
1,568,446
,
,
14,886,768
,
,
13,319,491 1,568,446 14,887,938
13,318,896 1,568,446 14,887,343
13,320,214 1,568,446 14,888,660
13,314,949 1,568,446 14,883,395
13,317,819 1,568,446 14,886,265
13,317,694 1,568,446 14,886,140
13,319,009 1,573,446 14,892,455
13,315,916 1,568,164 14,884,080
13,317,851 1,568,164 14,886,015
13,318,684 1,568,164 14,886,848
13,316,839 1,568,164 14,885,003
13,315,731 1,568,164 14,883,895
13,317,866 1,568,164 14,886,030
13,317,019 1,568,164 14,885,183
13,317,354 1,568,164 14,885,518
13,317,829 1,568,164 14,885,993
13,317,359 1,568,164 14,885,523
13,319,901 1,568,164 14,888,065
13,319,121 1,573,164 14,892,285
13,318,891 1,572,871 14,891,763
13,317,919 1,567,579 14,885,498
13 319 826 1,572,579
13,319,826
1 572 579 14,892,405
14 892 405
13,317,986 1,567,286 14,885,273
13,316,106 1,567,286 14,883,393
13,317,559 1,567,286 14,884,845
13,315,466 1,567,286 14,882,753
-271,841
14,887,286 14,615,445
-271,841
13,395,388 13,123,547
-13,863,896
13 863 896
-13,863,896
13 863 896

Notes:
(1) Updated Ken Heaghney projections as of May 23, 2012.
(2) Assumes no annual growth. Debt service does grow per footnotes 4&5 below.
(3) Net of DSRF earnings and liquidation
(4) Debt service constrained by debt service coverage ratio and applicable revenue constraint
(5) Debt service constrained by required debt service coverage ratio, applicable revenue constraint and historical tax revenues
(6) Assumes applicable Revenue Constraint

3

Debt Service Coverage

Series 2014 Series 2017 Total Net
TX NM
TX NM
Debt
5
5
Sub.
Service
Sub.
3,330,846
3,495,846
3,669,130
3,830,089
4,008,925
4,174,621
4,351,492
4,531,528
4,713,940
,
,
4,842,939
4,845,629
4,840,829
4,843,349
4,842,229
4,847,149
4,847,149
4,846,909
4,840,789
4,843,469
4,843,669
1,220,749
1,220,749
4,840,749
4,841,829
727,069
4,842,069
4,845,479
4,175,739
-98,921
-98,921
-98,921
98 921
-98,921
-98,921
-98,921
-98,921
-98,921
-98,921
-5,044,991
5 044 991

16,648,583
16,812,077
16,986,199
18,718,620
18,897,484
19,060,220
19,236,752
19,415,586
19,600,707
,
,
19,730,876
19,732,971
19,729,489
19,726,744
19,728,494
19,733,289
19,739,604
19,730,989
19,726,804
19,730,316
19,728,671
16,104,644
16,106,779
19,725,931
19,727,346
15,613,061
19,727,591
19,733,544
19,068,024
14,792,841
14,786,576
14 793 484
14,793,484
14,786,351
14,784,471
14,785,924
14,783,831
14,516,524
13,024,626
-18,908,888
18 908 888

6

Senior Lien Sub. Lien
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1 50
1.50
1.50
1.50
1.50
1.50
1.53
1.70
--

1.20
1.19
1.18
1.19
1.18
1.17
1.16
1.15
1.14
1.13
1.13
1.13
1.13
1.13
1.13
1.13
1.13
1.13
1.13
1.13
1.39
1.39
1.13
1.13
1.43
1.13
1.13
1.17
1.51
1.51
1 51
1.51
1.51
1.51
1.51
1.51
1.54
1.71
--

Sensitivity Analysis
Georgia World Congress Center Authority
Project Funds Sensitivity Analysis
Project Funds

Current Market

2014/2017 Tax-Exempt Bonds

2014/2017 Taxable Bonds

$277 million

$205 million

Current Market + 100 bps

$233 million
($44MM reduction vs Current Market)

$171 million
($34MM reduction vs Current Market)

Current Market + 200 bps

$196 million
($81MM reduction vs Current Market)

$154 million
($51MM reduction vs Current Market)

Preliminary / Subject to change.
For illustration purposes only.

9

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