KEY ASSUMPTIONS

Investment Details
New Existing 2007 New Investment Status Quo First Year of Investment Input Denomination $000 Name of Investment

Taxation & Amortisation Rate Credits
33.00% Company/Business Tax Rate Goodwill Amort (Yrs) 10

Carry forward tax credits (if any) on operational losses?

Capital and Cost of Capital Equity Ke Debt Kd Timing CE
10,000 15.00% 9,000 7.00% End Beg Current level of Company Equity (in denomination above) Cost of Equity, or Calculate Current level of Company Debt Cost of Debt Discount cash flow evenly through the year (Mid) or at the end (End). Capital Employed calculated at the start of the year (Beg) or averaged (Avg). Weighted Average Cost of Capital Risk-Free Rate Market Risk Premium Equity Beta 7.00% 8.00% 1.00

WACC = 10.12%
Include existing asset input data in EVA capital charge?

Terminal Value Include Rate Capex
2.00% 0 Include a terminal value after 5 years? Calculation Type Infinite Finite

Growth Rate after Yr 5 (or omit to use Yr 5 Growth Rate as per forecast). Ongoing annual capital expenditure requirement into perpetuity

Comparable Investment Score
Optimal 10.00% 500 3.0 5.0 500 Weight 40% Return on Invested Capital (> WACC) 25% Net Present Value of cash flows 5% Cost/Benefit Ratio 15% Payback Period for cash invested 15% Free cash flow after 2 years 100% Apply default weightings: þÿCapital Constrained

0 2

TRUE Mid End Beg Avg

1

FALSE TRUE 1

0 1

1 1 Capital Constrained Capital Constrained No Capital Constraint Capital Constrained 40 25 5 15 15 100 40 25 5 15 15 100 20 40 20 10 10 100

INPUT ASSUMPTIONS FOR 0 (Before 0)
$000

Description Taxable Revenue

Year 0
2006

Year 1
2007

Year 2
2008

Year 3
2009

Year 4
2010

Year 5
2011

Total

Assumptions

0 0

Non-Taxable Revenue
0 0

Operating Expenses
0 0

Investment Expenses

Amort Yrs 1 1 1

Existing Assets

Existing Asset
Life (yrs) Age (Yrs) Disposal

Accounting
Current BV Rate Method Current BV

Taxation
Rate Method

Unamort. Goodwill

Capital Expenditure
Life (yrs) Yr of Acq

New Asset
Acq Price Actg BV Disposal

Accounting
Rate Method

Taxation
Rate Method

Equity Funding 52.6% 52.6% 52.6% 52.6% 52.6%

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FINANCIAL ANALYSIS FOR 0
$000

Accounting Impact Total Revenue
less Expenditure

2006 0 0 0 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 0 0 0 0

2007 0 0 0 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 0

2008 0 0 0 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 0

2009 0 0 0 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 0

2010 0 0 0 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 0

2011 0 0 0 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 0

Total 0 0 0 0 0 0 0 0 0 0 0 Total PV of Capital Commitments after Year 5 0 0 0 0 0 0 0 0 0 0 0 0 0 0

EBITDA
less Accounting less Goodwill

Depreciation Amortisation

EBIT
less Interest less Tax

Expense Payable Net Profit B4 Ab. Items on Asset disposal Net Profit

add Profit

$000

Cash Flow Analysis

Taxable Revenue Expenditure less Tax Payable less Interest Expense Operating Cash Flow
less Total add Non less Capital

Taxable Income Expenditure add Asset Disposal Proceeds Net Cash Flow 5 Yr NPV Total NPV of Cash Flow

$000

Economic Value Added

2007 0 0 0 0 0 0 0 0 0 0

2008 0 0 0 0 0 0 0 0 0 0

2009 0 0 0 0 0 0 0 0 0 0

2010 0 0 0 0 0 0 0 0 0 0

2011 0 0 0 0 0 0 0 0 0 0

Total PV of Capital Commitments after Year 5 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Total Revenue Expenditure less Tax Payable less Interest Expense add Asset Disposal Proceeds add Economic Adjustments Economic Profit
less Total

Capital Employed less Capital Charge Economic Value Added Yr PV Page 55of 11 of EVA Total PV of EVA

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INPUT ASSUMPTIONS FOR 0
$000

Description Taxable Revenue

Year 0
2006

Year 1
2007

Year 2
2008

Year 3
2009

Year 4
2010

Year 5
2011

Total

Assumptions

0 0

Non-Taxable Revenue
0 0

Operating Expenses
0 0

Investment Expenses

Amort Yrs 1 1 1

Existing Assets

Existing Asset
Life (yrs) Age (Yrs) Disposal

Accounting
Current BV Rate Method Current BV

Taxation
Rate Method

Unamort. Goodwill

Capital Expenditure
Life (yrs) Yr of Acq

New Asset
Acq Price Actg BV Disposal

Accounting
Rate Method

Taxation
Rate Method

Equity Funding 52.6% 52.6% 52.6% 52.6% 52.6%

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FINANCIAL ANALYSIS FOR 0
$000

Accounting Impact Total Revenue
less Expenditure

2006 0 0 0 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 0 0 0 2006 0 0 0 0 0 0 0 0 0 0 0 0

2007 0 0 0 0 0 0 0 0 0 0 0 2007 0 0 0 0 0 0 0 0 0

2008 0 0 0 0 0 0 0 0 0 0 0 2008 0 0 0 0 0 0 0 0 0

2009 0 0 0 0 0 0 0 0 0 0 0 2009 0 0 0 0 0 0 0 0 0

2010 0 0 0 0 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0 0 0

2011 0 0 0 0 0 0 0 0 0 0 0 2011 0 0 0 0 0 0 0 0 0

Total 0 0 0 0 0 0 0 0 0 0 0 Total PV of Capital Commitments after Year 5 0 0 0 0 0 0 0 0 0 0 0 0 0 0

EBITDA
less Accounting less Goodwill

Depreciation Amortisation

EBIT
less Interest less Tax

Expense Payable Net Profit B4 Ab. Items on Asset disposal Net Profit

add Profit

$000

Cash Flow Analysis

Taxable Revenue Expenditure less Tax Payable less Interest Expense Operating Cash Flow
less Total add Non less Capital

Taxable Income Expenditure add Asset Disposal Proceeds Net Cash Flow 5 Yr NPV Total NPV of Cash Flow

$000

Economic Value Added

2007 0 0 0 0 0 0 0 0 0 0

2008 0 0 0 0 0 0 0 0 0 0

2009 0 0 0 0 0 0 0 0 0 0

2010 0 0 0 0 0 0 0 0 0 0

2011 0 0 0 0 0 0 0 0 0 0

Total PV of Capital Commitments after Year 5 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Total Revenue Expenditure less Tax Payable less Interest Expense add Asset Disposal Proceeds add Economic Adjustments Economic Profit
less Total

Capital Employed less Capital Charge Economic Value Added Yr PV Page 75of 11 of EVA Total PV of EVA

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FINANCIAL RESULTS FOR DIFFERENCE BETWEEN 0 AND 0
$000

Accounting Impact

2006 0 0 0 0 0 0 0 0 0 0 0

2007 0 0 0 0 0 0 0 0 0 0 0

2008 0 0 0 0 0 0 0 0 0 0 0

2009 0 0 0 0 0 0 0 0 0 0 0

2010 0 0 0 0 0 0 0 0 0 0 0

2011 0 0 0 0 0 0 0 0 0 0 0

Total 0 0 0 0 0 0 0 0 0 0 0

Total Revenue less Expenditure EBITDA
less Accounting less Goodwill

Depreciation Amortisation

EBIT
less Interest less Tax

Expense Payable Net Profit B4 Ab. Items on Asset disposal Net Profit

add Profit

$000

Cash Flow Analysis Taxable Revenue Expenditure less Tax Payable less Interest Expense Operating Cash Flow
less Total

2006 0 0 0 0 0 0 0 0 0 0 0 0

2007 0 0 0 0 0 0 0 0 0

2008 0 0 0 0 0 0 0 0 0

2009 0 0 0 0 0 0 0 0 0

2010 0 0 0 0 0 0 0 0 0

2011 0 0 0 0 0 0 0 0 0

Total PV of Capital Commitments after Year 5 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Taxable Income Capital Expenditure less add Asset Disposal Proceeds Net Cash Flow 5-Yr NPV of Cash Flow Infinite Terminal Value Total NPV of Cash Flow

add Non

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$000

Economic Value Added Total Revenue less Total Expenditure less Tax Payable less Interest Expense add Asset Disposal Proceeds add Economic Adjustments Economic Profit Capital Employed Charge Economic Value Added Total PV of EVA Infinite Terminal Value Total PV of EVA

2006 0 0 0 0 0 0 0 0 0 0 0 0 0

2007 0 0 0 0 0 0 0 0 0 0

2008 0 0 0 0 0 0 0 0 0 0

2009 0 0 0 0 0 0 0 0 0 0

2010 0 0 0 0 0 0 0 0 0 0

2011 0 0 0 0 0 0 0 0 0 0

Total PV of Capital Commitments after Year 5 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

less Capital

COMPARABLE INVESTMENT SCORE
Return on Invested Capital (> WACC) Net Present Value of Cash Flows Cost/Benefit Ratio Payback Period (Year) Free Cash Flow after 2 years

ADDITIONAL ANALYSIS
Score 40.00% 0.00% 5.00% 0.00% 0.00% Implicit Annual Growth Rates Total Revenues Total Expenses Operating Cash Flow Net Cash Flow Economic Profit EVA Change in Company Gearing Before (Year 0) 47.37% After (Year 5) 47.37% Change 0.00% Modified Internal Rate of Return No solution

Result No Capital 0 No Upfront 5 0

Comparable Investment Score

45.00%

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Cash Flow Chart Analysis
Annual Cash Flow
1 1 1 1 1 0 0 0 0 0 0 2006 2007 2008 2009 2010 2011 1 1 1 1 1 0 0 0 0 0 0 2006 2007 2008 2009 2010 2011

Cumulative Cash Flow

Annual Cash Flow with Terminal Value 1 1 1 1 1 0 0 0 0 0 0

1

3

5

7

9

13

17

21

25

31

35

45

49

59

63

67

71

77

81

91

95

99

Year

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11

15

19

23

27

29

33

37

39

41

43

47

51

53

55

57

61

65

69

73

75

79

83

85

87

89

93

97

11/14/2009

Economic Value Added Chart Analysis
Annual Economic Value Added
1 1 1 1 1 0 0 0 0 0 0 2006 2007 2008 2009 2010 2011 1 1 1 1 1 0 0 0 0 0 0 2006 2007 2008 2009 2010 2011

Cumulative Economic Value Added

Annual EVA with Terminal Value 1 1 1 1 1 0 0 0 0 0 0

1

3

5

7

9

13

17

21

25

31

35

45

49

59

63

67

71

77

81

91

95

99

Year

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19

23

27

29

33

37

39

41

43

47

51

53

55

57

61

65

69

73

75

79

83

85

87

89

93

97

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