Operational Assumptions Pricing Assumption

Installed Capacity (MWh) 500 Bidding Price/MWh

Number of Hours/Year (hours) 8,760 (+)Required Capacity Re
Capacity Factor (%) 90% (+)Rev − Pass Th (GC)1
Dispatch/Year (%) 50% (+)Rev − Pass Th (VOM)1
Total Energy/Year (MWh/year) ### (−)Rev Tax

*IPCA 5.91% 6.50% 6.00%

**Natural Gas Price (USD/MMBtu) (Henry Hu 3.43 3.85 4.09
Base Case GC Price USD/MHw
FX (BRL/USD) 2.34 2.40 2.64
GC Price BRL/MHw

Period 2013 2014 2015

Base 0 1 2
1 Capital investment and disposal 0 0 (360)
2 Working capital (needs 1/12 of the 0 0 0
Capacity Revenue*
Revenue
Composition GC Revenue**
VOM Revenue*
3 (=) Gross Revenue 0 0 0
(-) Revenue Tax (9,25%) 0 0 0
4 (=) Net Revenue 0 0 0
(-) GC**
Variable Costs
(-) VOM*
5 (=) Gross Profit 0 0 0
(-) Personnel, Materials, Services*
Fixed Costs (-) Regulatory Costs*
(-) Depreciation
6 (=) Profit/(Loss) 0 0 0
7 (-) Corporate Tax (34%) 0 0 0
8 (=) Operating cash flow (6 - 7) 0 0 0
9 (=) Net cash flow (1 + 2 + 8) 0 0 (360)
10 Present value at 11,57% 0 0 (289)
11 Net Present Value BRL (441)
9 USD Net cash flow (1 + 2 + 8) 0 0 (136)
10 USD Present value at 9,27% 0 0 (114)
11 USD Net Present Value (170)

x x x x x

Operational Assumptions Pricing Assumption

Installed Capacity 500 Bidding Price/MWh
Number of Hours/Year 8,760 (+)Required Capacity Re
 Capacity Factor 90% (+)Rev − Pass Th (GC)1
Dispatch/Year 50% (+)Rev − Pass Th (VOM)1
Total Energy/Year ### (−)Rev Tax

*IPCA 5.91% 5.85% 5.40%

**Natural Gas Price (USD/MMBtu) (Henry Hu 3.43 3.85 4.09
Optimistic GC Price USD/MHw
FX (BRL/USD) 2.34 2.16 2.38
GC Price BRL/MHw

Period 2013 2014 2015

Base 0 1 2
1 Capital investment and disposal 0 0 (360)
2 Working capital (needs 1/12 of the 0 0 0
Capacity Revenue*
Revenue
Composition
GC Revenue**
VOM Revenue*
3 (=) Gross Revenue 0 0 0
(-) Revenue Tax (9,25%) 0 0 0
4 (=) Net Revenue 0 0 0
(-) GC**
Variable Costs
(-) VOM*
5 (=) Gross Profit 0 0 0
(-) Personnel, Materials, Services*
Fixed Costs (-) Regulatory Costs*
(-) Depreciation
6 (=) Profit/(Loss) 0 0 0
7 (-) Corporate Tax (34%) 0 0 0
8 (=) Operating cash flow (6 - 7) 0 0 0
9 (=) Net cash flow (1 + 2 + 8) 0 0 (360)
10 Present value at 11,57% 0 0 (289)
11 Net Present Value BRL (401)
9 USD Net cash flow (1 + 2 + 8) 0 0 (152)
10 USD Present value at 9,27% 0 0 (127)
11 USD Net Present Value (172)

x x x x x

Operational Assumptions Pricing Assumption

Installed Capacity 500 Bidding Price/MWh
Number of Hours/Year 8,760 (+)Required Capacity Re
Capacity Factor 90% (+)Rev − Pass Th (GC)1
Dispatch/Year 50% (+)Rev − Pass Th (VOM)1
Total Energy/Year ### (−)Rev Tax
 *IPCA 5.91% 7.15% 6.60%
**Natural Gas Price (USD/MMBtu) (Henry Hu 3.43 3.85 4.09
Pessimistic GC Price USD/MHw
FX (BRL/USD) 2.34 2.64 2.90
GC Price BRL/MHw

Period 2013 2014 2015

Base 0 1 2
1 Capital investment and disposal 0 0 (360)
2 Working capital (needs 1/12 of the 0 0 0
Capacity Revenue*
Revenue
Composition
GC Revenue**
VOM Revenue*
3 (=) Gross Revenue 0 0 0
(-) Revenue Tax (9,25%) 0 0 0
4 (=) Net Revenue 0 0 0
(-) GC**
Variable Costs
(-) VOM*
5 (=) Gross Profit 0 0 0
(-) Personnel, Materials, Services*
Fixed Costs (-) Regulatory Costs*
(-) Depreciation
6 (=) Profit/(Loss) 0 0 0
7 (-) Corporate Tax (34%) 0 0 0
8 (=) Operating cash flow (6 - 7) 0 0 0
9 (=) Net cash flow (1 + 2 + 8) 0 0 (360)
10 Present value at 11,57% 0 0 (289)
11 Net Present Value BRL (529)
9 USD Net cash flow (1 + 2 + 8) 0 0 (124)
10 USD Present value at 9,27% 0 0 (104)
11 USD Net Present Value (186)
Pricing Assumption WACC USD 9.27%
50 BRL/MWh WACC BRL 11.57%
### BRL/MWh PMT 0
Expected Consume of
### BRL/MWh GC BRL/MWh 89.08 Gas (Page 5)
6.53 MMBtu/MWh

9,740,975 BRL/MWh VOM - BRL/MWh 3.9

### BRL/MWh PIS/Cofins 9.25%
(1) Mkup 15%
5.50% 5.40% 5.18% 5.18% 5.18% 5.18% 5.18% 5.18% 5.18% 5.18%
4.31 4.43 4.56 4.65 4.76 4.87 4.98 5.09 5.21 5.32
30.38 31.08 31.80 32.53 33.24 34.01 34.75
2.72 2.81 2.88 2.93 2.97 3.00 3.04 3.08 3.12 3.16
89.08 92.24 95.51 98.91 102.37 106.11 109.93

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
3 4 5 6 7 8 9 10 11 12
(360) (240) (240) 0 0 0 0 0 0 0
0 0 0 (34) (1) (35) (1) (35) (2) (36)
219 219 219 219 219 219 219
222 230 239 247 256 265 275
10 10 11 11 12 13 13
0 0 0 451 460 468 477 487 497 507
0 0 0 (42) (43) (43) (44) (45) (46) (47)
0 0 0 409 417 425 433 442 451 460
(176) (182) (188) (195) (202) (209) (217)
(8) (8) (9) (9) (9) (10) (10)
0 0 0 226 227 228 229 230 232 233
(46) (48) (51) (54) (56) (59) (62)
(20) (21) (22) (23) (24) (26) (27)
(48) (48) (48) (48) (48) (48) (48)
0 0 0 112 110 107 105 102 99 95
0 0 0 38 37 36 36 35 34 32
0 0 0 122 120 119 117 115 113 111
(360) (240) (240) 88 120 84 116 80 111 75
(259) (155) (139) 46 56 35 43 27 33 20

(132) (86) (83) 30 40 28 38 26 36 24

(101) (60) (54) 18 22 14 17 11 13 8

x x x x x x x x x x

Pricing Assumption WACC USD 9.27%

50 BRL/MWh WACC BRL 11.57%
### BRL/MWh PMT 0
 Expected Consume of
### BRL/MWh GC BRL/MWh 80.17 Gas (Page 5)
6.53 MMBtu/MWh

10,164,496 BRL/MWh VOM - BRL/MWh 3.9

### BRL/MWh PIS/Cofins 9.25%
(1) Mkup 20%
4.95% 4.86% 4.66% 4.66% 4.66% 4.66% 4.66% 4.66% 4.66% 4.66%
4.31 4.43 4.56 4.65 4.76 4.87 4.98 5.09 5.21 5.32
30.38 31.08 31.80 32.53 33.24 34.01 34.75
2.45 2.53 2.59 2.64 2.67 2.70 2.74 2.77 2.81 2.85
80.17 83.02 85.96 89.02 92.13 95.49 98.93

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
3 4 5 6 7 8 9 10 11 12
(360) (240) (240) 0 0 0 0 0 0 0
0 0 0 (33) (1) (34) (1) (34) (2) (35)
219 219 219 219 219 219 219
209 216 224 232 240 249 258
10 11 11 12 12 13 13
0 0 0 438 446 454 463 471 481 490
0 0 0 (41) (41) (42) (43) (44) (44) (45)
0 0 0 398 405 412 420 428 436 445
(158) (164) (169) (175) (182) (188) (195)
(8) (8) (8) (9) (9) (10) (10)
0 0 0 232 233 234 236 237 238 240
(46) (48) (50) (53) (55) (58) (60)
(20) (21) (22) (23) (24) (25) (26)
(48) (48) (48) (48) (48) (48) (48)
0 0 0 118 116 114 112 110 107 105
0 0 0 40 39 39 38 37 37 36
0 0 0 126 125 123 122 120 119 117
(360) (240) (240) 93 124 90 121 86 117 82
(259) (155) (139) 48 58 37 45 29 35 22

(147) (95) (93) 35 46 33 44 31 42 29

(113) (67) (59) 21 25 16 20 13 16 10

x x x x x x x x x x

Pricing Assumption WACC USD 9.27%

50 BRL/MWh WACC BRL 11.57%
### BRL/MWh PMT 0
Expected Consume of
### BRL/MWh GC BRL/MWh 97.99 Gas (Page 5)
6.53 MMBtu/MWh

8,893,934 BRL/MWh VOM - BRL/MWh 3.9

### BRL/MWh PIS/Cofins 9.25%
 (1) Mkup 5%
6.05% 5.94% 5.70% 5.70% 5.70% 5.70% 5.70% 5.70% 5.70% 5.70%
4.31 4.43 4.56 4.65 4.76 4.87 4.98 5.09 5.21 5.32
30.38 31.08 31.80 32.53 33.24 34.01 34.75
2.99 3.09 3.17 3.23 3.26 3.30 3.34 3.39 3.43 3.48
97.99 101.46 105.07 108.80 112.60 116.72 120.92

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
3 4 5 6 7 8 9 10 11 12
(360) (240) (240) 0 0 0 0 0 0 0
0 0 0 (34) (1) (35) (1) (35) (2) (36)
219 219 219 219 219 219 219
223 231 240 248 257 266 276
9 9 10 11 11 12 12
0 0 0 451 460 469 478 487 497 507
0 0 0 (42) (43) (43) (44) (45) (46) (47)
0 0 0 410 417 425 433 442 451 460
(193) (200) (207) (214) (222) (230) (238)
(8) (8) (9) (9) (10) (10) (11)
0 0 0 209 209 210 210 210 211 211
(46) (49) (51) (54) (57) (61) (64)
(20) (21) (22) (24) (25) (26) (28)
(48) (48) (48) (48) (48) (48) (48)
0 0 0 95 91 88 84 80 76 71
0 0 0 32 31 30 29 27 26 24
0 0 0 111 108 106 103 101 98 95
(360) (240) (240) 76 108 71 102 65 96 59
(259) (155) (139) 40 50 30 38 22 29 16

(120) (78) (76) 24 33 22 31 19 28 17

(92) (55) (49) 14 18 11 14 8 11 6
 5.18% 5.18% 5.18% 5.18% 5.18% 5.18% 5.18% 5.18% 5.18% 5.18% 5.18% 5.18% 5.18%
5.44 5.56 5.68 5.81 5.93 6.06 6.20 6.33 6.47 6.62 6.76 6.91 7.06
35.52 36.30 37.10 37.92 38.75 39.60 40.47 41.36 42.27 43.20 44.15 45.13 46.12
3.21 3.23 3.42 3.43 3.62 3.63 3.83 3.85 4.05 4.08 4.29 4.32 4.54
113.94 117.29 126.86 129.86 140.24 143.77 155.03 159.17 171.40 176.20 189.49 195.06 209.50

2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038
13 14 15 16 17 18 19 20 21 22 23 24 25
0 0 0 0 0 0 0 0 0 0 0 0 0
(3) (37) (5) (38) (7) (38) (9) (39) (11) (40) (14) (41) (17)
219 219 219 219 219 219 219 219 219 219 219 219 219
285 293 317 324 350 359 387 398 428 440 473 487 523
14 15 15 16 17 18 19 20 21 22 23 24 25
517 527 551 559 586 596 625 636 668 681 715 730 768
(48) (49) (51) (52) (54) (55) (58) (59) (62) (63) (66) (68) (71)
470 478 500 508 532 541 567 577 606 618 649 663 697
(225) (231) (250) (256) (276) (283) (306) (314) (338) (347) (373) (384) (413)
(11) (12) (12) (13) (13) (14) (15) (16) (16) (17) (18) (19) (20)
234 235 238 239 242 243 247 248 252 253 257 259 264
(66) (69) (72) (76) (80) (84) (89) (93) (98) (103) (109) (114) (120)
(28) (30) (32) (33) (35) (37) (39) (41) (43) (45) (47) (50) (52)
(48) (48) (48) (48) (48) (48) (48) (48) (48) (48) (48) (48) (48)
92 88 86 82 79 74 72 66 63 57 54 47 43
31 30 29 28 27 25 24 23 21 19 18 16 15
109 106 105 102 100 97 95 92 90 86 83 79 77
106 69 100 64 93 59 86 53 78 46 70 38 60
26 15 19 11 15 8 11 6 8 4 6 3 4

33 21 29 19 26 16 23 14 19 11 16 9 13
10 6 8 5 6 3 4 2 3 2 2 1 1

x x x x x x x x x x x x x
 4.66% 4.66% 4.66% 4.66% 4.66% 4.66% 4.66% 4.66% 4.66% 4.66% 4.66% 4.66% 4.66%
5.44 5.56 5.68 5.81 5.93 6.06 6.20 6.33 6.47 6.62 6.76 6.91 7.06
35.52 36.30 37.10 37.92 38.75 39.60 40.47 41.36 42.27 43.20 44.15 45.13 46.12
2.89 2.91 3.08 3.08 3.26 3.27 3.45 3.46 3.65 3.67 3.86 3.89 4.09
102.54 105.56 114.18 116.88 126.22 129.40 139.53 143.25 154.26 158.58 170.54 175.55 188.55

2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038
13 14 15 16 17 18 19 20 21 22 23 24 25
0 0 0 0 0 0 0 0 0 0 0 0 0
(3) (36) (4) (36) (6) (37) (8) (38) (11) (39) (13) (40) (16)
219 219 219 219 219 219 219 219 219 219 219 219 219
267 275 298 305 329 337 364 373 402 413 444 458 491
14 15 15 16 17 18 18 19 20 21 22 23 24
500 509 532 540 565 574 601 612 641 653 686 700 735
(46) (47) (49) (50) (52) (53) (56) (57) (59) (60) (63) (65) (68)
454 462 483 490 512 521 545 555 582 593 622 635 667
(202) (208) (225) (230) (249) (255) (275) (282) (304) (313) (336) (346) (372)
(11) (11) (12) (12) (13) (13) (14) (15) (15) (16) (17) (17) (18)
241 243 246 247 251 252 257 258 263 264 269 271 277
(63) (66) (69) (73) (76) (79) (83) (87) (91) (95) (100) (104) (109)
(28) (29) (30) (32) (33) (35) (36) (38) (40) (41) (43) (45) (48)
(48) (48) (48) (48) (48) (48) (48) (48) (48) (48) (48) (48) (48)
102 100 99 95 94 90 89 85 84 80 78 74 72
35 34 34 32 32 31 30 29 29 27 27 25 24
116 114 113 111 110 108 107 104 103 101 100 97 95
113 78 109 74 104 71 98 66 93 62 86 57 80
27 17 21 13 16 10 12 7 9 6 7 4 5

39 27 35 24 32 22 29 19 25 17 22 15 19
12 8 9 6 7 4 5 3 4 2 3 2 2

x x x x x x x x x x x x x
5.70% 5.70% 5.70% 5.70% 5.70% 5.70% 5.70% 5.70% 5.70% 5.70% 5.70% 5.70% 5.70%
5.44 5.56 5.68 5.81 5.93 6.06 6.20 6.33 6.47 6.62 6.76 6.91 7.06
35.52 36.30 37.10 37.92 38.75 39.60 40.47 41.36 42.27 43.20 44.15 45.13 46.12
3.53 3.55 3.76 3.77 3.98 3.99 4.21 4.23 4.46 4.49 4.72 4.75 5.00
125.33 129.02 139.55 142.85 154.26 158.15 170.54 175.09 188.54 193.82 208.44 214.56 230.45

2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038
13 14 15 16 17 18 19 20 21 22 23 24 25
0 0 0 0 0 0 0 0 0 0 0 0 0
(3) (37) (5) (38) (7) (38) (9) (39) (11) (40) (14) (41) (17)
219 219 219 219 219 219 219 219 219 219 219 219 219
286 294 318 326 352 361 389 399 430 442 475 489 526
13 14 15 15 16 17 18 19 20 22 23 24 25
518 527 552 560 587 597 626 638 669 683 717 732 770
(48) (49) (51) (52) (54) (55) (58) (59) (62) (63) (66) (68) (71)
470 478 501 508 533 542 568 579 607 619 651 665 699
(247) (254) (275) (282) (304) (312) (336) (345) (372) (382) (411) (423) (454)
(11) (12) (13) (13) (14) (15) (16) (17) (18) (19) (20) (21) (22)
212 212 213 213 215 215 216 217 218 219 220 221 223
(68) (72) (76) (80) (85) (89) (95) (100) (106) (112) (118) (125) (132)
(29) (31) (33) (35) (37) (39) (41) (43) (46) (49) (51) (54) (57)
(48) (48) (48) (48) (48) (48) (48) (48) (48) (48) (48) (48) (48)
66 61 56 51 45 39 33 25 19 11 3 (6) (15)
23 21 19 17 15 13 11 9 6 4 1 (2) (5)
92 88 85 81 78 74 70 65 60 55 50 44 38
89 51 80 44 71 35 61 26 49 15 36 3 21
21 11 16 8 11 5 8 3 5 1 3 0 1

25 14 21 12 18 9 14 6 11 3 8 1 4
8 4 6 3 4 2 3 1 2 0 1 0 0
 5.18% 5.18% 5.18% 5.18% 5.18%
7.22 7.38 7.54 7.70 7.87
47.13 48.17 49.23 50.31 51.42
4.58 4.81 4.81 4.81 4.81
215.92 231.64 236.74 241.94 247.27

2039 2040 2041 2042 2043

26 27 28 29 30
0 0 0 0 0
(43) (20) (44) (21) (45)
219 219 219 219 219
539 579 591 604 618
27 28 30 31 33
785 826 840 854 869
(73) (76) (78) (79) (80)
712 749 762 775 789
(426) (457) (467) (477) (487)
(21) (22) (23) (25) (26)
266 271 272 274 276
(126) (133) (140) (147) (155)
(55) (58) (61) (64) (67)
(48) (48) (48) (48) (48)
37 32 24 15 6
12 11 8 5 2
72 69 64 58 52
30 49 20 37 7
2 3 1 2 0

6 10 4 8 1
1 1 0 1 0

x x x x x
 4.66% 4.66% 4.66% 4.66% 4.66%
7.22 7.38 7.54 7.70 7.87
47.13 48.17 49.23 50.31 51.42
4.12 4.33 4.33 4.33 4.33
194.32 208.48 213.06 217.75 222.54

2039 2040 2041 2042 2043

26 27 28 29 30
0 0 0 0 0
(41) (19) (42) (20) (43)
219 219 219 219 219
506 543 555 568 580
25 26 28 29 30
751 789 802 816 829
(69) (73) (74) (75) (77)
681 716 728 740 753
(383) (411) (420) (429) (439)
(19) (20) (21) (22) (23)
279 285 287 289 291
(114) (120) (125) (131) (137)
(50) (52) (54) (57) (60)
(48) (48) (48) (48) (48)
67 65 59 53 46
23 22 20 18 16
92 91 87 83 78
51 72 45 63 35
3 4 2 3 1

12 17 10 15 8
1 2 1 1 1

x x x x x
5.70% 5.70% 5.70% 5.70% 5.70%
7.22 7.38 7.54 7.70 7.87
47.13 48.17 49.23 50.31 51.42
5.04 5.29 5.29 5.29 5.29
237.51 254.80 260.41 266.14 271.99

2039 2040 2041 2042 2043

26 27 28 29 30
0 0 0 0 0
(43) (20) (44) (21) (45)
219 219 219 219 219
542 581 594 607 620
27 28 30 32 34
788 829 843 858 873
(73) (77) (78) (79) (81)
715 752 765 778 792
(468) (502) (513) (525) (536)
(23) (25) (26) (27) (29)
223 225 226 226 227
(139) (147) (156) (165) (174)
(61) (64) (68) (72) (76)
(48) (48) (48) (48) (48)
(25) (34) (46) (58) (71)
(8) (12) (16) (20) (24)
32 25 18 10 1
(11) 5 (26) (11) (43)
(1) 0 (1) (0) (2)

(2) 1 (5) (2) (8)

(0) 0 (0) (0) (1)
 Operational Assumptions Pricing Assumption
Installed Capacity (MWh) 500 Bidding Price/MWh
Number of Hours/Year (hours) 8,760 (+)Required Capacity Re
Capacity Factor (%) 90% (+)Rev − Pass Th (GC)1
Dispatch/Year (%) 50% (+)Rev − Pass Th (VOM)1
Total Energy/Year (MWh/year) ### (−)Rev Tax

*IPCA 5.91% 6.50% 6.00%

**Natural Gas Price (USD/MMBtu) (Henry Hu 3.43 3.85 4.09
Base Case GC Price USD/MHw
FX (BRL/USD) 2.34 2.40 2.64
GC Price BRL/MHw

Period 2013 2014 2015

Base 0 1 2
1 Capital investment and disposal 0 0 (360)
2 Working capital (needs 1/12 of the 0 0 0
Capacity Revenue*
Revenue
Composition GC Revenue**
VOM Revenue*
3 (=) Gross Revenue 0 0 0
(-) Revenue Tax (9,25%) 0 0 0
4 (=) Net Revenue 0 0 0
(-) GC**
Variable Costs
(-) VOM*
5 (=) Gross Profit 0 0 0
(-) Personnel, Materials, Services*
Fixed Costs (-) Regulatory Costs*
(-) Depreciation
6 (=) Profit/(Loss) 0 0 0
7 (-) Corporate Tax (34%) 0 0 0
8 (=) Operating cash flow (6 - 7) 0 0 0
9 (=) Net cash flow (1 + 2 + 8) 0 0 (360)
10 Present value at 11,57% 0 0 (289)
11 Net Present Value BRL 0
9 USD Net cash flow (1 + 2 + 8) 0 0 (136)
10 USD Present value at 9,27% 0 0 (114)
11 USD Net Present Value 4
Pricing Assumption WACC USD 9.27%
88.54 BRL/MWh WACC BRL 11.57%
### BRL/MWh PMT 0
Expected Consume of
### BRL/MWh GC BRL/MWh 89.08 Gas (Page 5)
6.53 MMBtu/MWh

9,740,975 BRL/MWh VOM - BRL/MWh 3.9

### BRL/MWh PIS/Cofins 9.25%
(1) Mkup 15%
5.50% 5.40% 5.18% 5.18% 5.18% 5.18% 5.18% 5.18% 5.18% 5.18%
4.31 4.43 4.56 4.65 4.76 4.87 4.98 5.09 5.21 5.32
30.38 31.08 31.80 32.53 33.24 34.01 34.75
2.72 2.81 2.88 2.93 2.97 3.00 3.04 3.08 3.12 3.16
89.08 92.24 95.51 98.91 102.37 106.11 109.93

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
3 4 5 6 7 8 9 10 11 12
(360) (240) (240) 0 0 0 0 0 0 0
0 0 0 (47) (1) (48) (1) (48) (2) (49)
388 388 388 388 388 388 388
222 230 239 247 256 265 275
10 10 11 11 12 13 13
0 0 0 620 628 637 646 655 665 676
0 0 0 (57) (58) (59) (60) (61) (62) (62)
0 0 0 563 570 578 586 595 604 613
(176) (182) (188) (195) (202) (209) (217)
(8) (8) (9) (9) (9) (10) (10)
0 0 0 379 380 381 383 384 385 386
(46) (48) (51) (54) (56) (59) (62)
(20) (21) (22) (23) (24) (26) (27)
(48) (48) (48) (48) (48) (48) (48)
0 0 0 265 263 260 258 255 252 249
0 0 0 90 89 89 88 87 86 85
0 0 0 223 222 220 218 216 214 212
(360) (240) (240) 176 221 172 217 168 212 163
(259) (155) (139) 91 103 72 81 56 64 44

(132) (86) (83) 60 74 57 71 55 68 52

(101) (60) (54) 35 40 28 32 22 26 18
 5.18% 5.18% 5.18% 5.18% 5.18% 5.18% 5.18% 5.18% 5.18% 5.18% 5.18% 5.18% 5.18%
5.44 5.56 5.68 5.81 5.93 6.06 6.20 6.33 6.47 6.62 6.76 6.91 7.06
35.52 36.30 37.10 37.92 38.75 39.60 40.47 41.36 42.27 43.20 44.15 45.13 46.12
3.21 3.23 3.42 3.43 3.62 3.63 3.83 3.85 4.05 4.08 4.29 4.32 4.54
113.94 117.29 126.86 129.86 140.24 143.77 155.03 159.17 171.40 176.20 189.49 195.06 209.50

2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038
13 14 15 16 17 18 19 20 21 22 23 24 25
0 0 0 0 0 0 0 0 0 0 0 0 0
(3) (50) (5) (50) (7) (51) (9) (52) (11) (53) (14) (54) (17)
388 388 388 388 388 388 388 388 388 388 388 388 388
285 293 317 324 350 359 387 398 428 440 473 487 523
14 15 15 16 17 18 19 20 21 22 23 24 25
686 695 720 728 755 765 794 805 837 850 884 899 937
(63) (64) (67) (67) (70) (71) (73) (74) (77) (79) (82) (83) (87)
623 631 653 661 685 694 720 731 759 771 802 816 850
(225) (231) (250) (256) (276) (283) (306) (314) (338) (347) (373) (384) (413)
(11) (12) (12) (13) (13) (14) (15) (16) (16) (17) (18) (19) (20)
387 388 391 392 395 397 400 401 405 407 411 412 417
(66) (69) (72) (76) (80) (84) (89) (93) (98) (103) (109) (114) (120)
(28) (30) (32) (33) (35) (37) (39) (41) (43) (45) (47) (50) (52)
(48) (48) (48) (48) (48) (48) (48) (48) (48) (48) (48) (48) (48)
245 241 239 235 232 228 225 219 216 211 207 201 197
83 82 81 80 79 77 76 75 74 72 70 68 67
210 207 206 203 201 198 196 193 191 187 185 180 178
207 158 201 153 195 147 187 141 179 134 171 126 161
50 34 39 26 30 21 23 16 18 12 14 9 10

65 49 59 45 54 41 49 37 44 33 40 29 35
20 14 16 11 12 8 9 6 7 5 5 3 4
 5.18% 5.18% 5.18% 5.18% 5.18%
7.22 7.38 7.54 7.70 7.87
47.13 48.17 49.23 50.31 51.42
4.58 4.81 4.81 4.81 4.81
215.92 231.64 236.74 241.94 247.27

2039 2040 2041 2042 2043

26 27 28 29 30
0 0 0 0 0
(55) (20) (56) (21) (58)
388 388 388 388 388
539 579 591 604 618
27 28 30 31 33
954 994 1009 1023 1038
(88) (92) (93) (95) (96)
866 903 915 929 942
(426) (457) (467) (477) (487)
(21) (22) (23) (25) (26)
419 424 425 427 429
(126) (133) (140) (147) (155)
(55) (58) (61) (64) (67)
(48) (48) (48) (48) (48)
190 185 177 168 159
65 63 60 57 54
173 170 165 159 153
118 150 108 138 95
7 8 5 6 4

26 31 23 29 20
3 3 2 2 1
 Operational Assumptions Pricing Assumption
Installed Capacity 500 Bidding Price/MWh
Number of Hours/Year 8,760 (+)Required Capacity Re
Capacity Factor 90% (+)Rev − Pass Th (GC)1
Dispatch/Year 50% (+)Rev − Pass Th (VOM)1
Total Energy/Year ### (−)Rev Tax

*IPCA 5.91% 5.85% 5.40%

**Natural Gas Price (USD/MMBtu) (Henry Hu 3.43 3.85 4.09
Optimistic GC Price USD/MHw
FX (BRL/USD) 2.34 2.16 2.38
GC Price BRL/MHw

Period 2013 2014 2015

Base 0 1 2
1 Capital investment and disposal 0 0 (360)
2 Working capital (needs 1/12 of the 0 0 0
Capacity Revenue*
Revenue
Composition
GC Revenue**
VOM Revenue*
3 (=) Gross Revenue 0 0 0
(-) Revenue Tax (9,25%) 0 0 0
4 (=) Net Revenue 0 0 0
(-) GC**
Variable Costs
(-) VOM*
5 (=) Gross Profit 0 0 0
(-) Personnel, Materials, Services*
Fixed Costs (-) Regulatory Costs*
(-) Depreciation
6 (=) Profit/(Loss) 0 0 0
7 (-) Corporate Tax (34%) 0 0 0
8 (=) Operating cash flow (6 - 7) 0 0 0
9 (=) Net cash flow (1 + 2 + 8) 0 0 (360)
10 Present value at 11,57% 0 0 (289)
11 Net Present Value BRL 0
9 USD Net cash flow (1 + 2 + 8) 0 0 (152)
10 USD Present value at 9,27% 0 0 (127)
11 USD Net Present Value 4

x x x x x

Operational Assumptions Pricing Assumption

Installed Capacity 500 Bidding Price/MWh
Number of Hours/Year 8,760 (+)Required Capacity Re
 Capacity Factor 90% (+)Rev − Pass Th (GC)1
Dispatch/Year 50% (+)Rev − Pass Th (VOM)1
Total Energy/Year ### (−)Rev Tax

*IPCA 5.91% 7.15% 6.60%

**Natural Gas Price (USD/MMBtu) (Henry Hu 3.43 3.85 4.09
Pessimistic GC Price USD/MHw
FX (BRL/USD) 2.34 2.64 2.90
GC Price BRL/MHw

Period 2013 2014 2015

Base 0 1 2
1 Capital investment and disposal 0 0 (360)
2 Working capital (needs 1/12 of the 0 0 0
Capacity Revenue*
Revenue
Composition
GC Revenue**
VOM Revenue*
3 (=) Gross Revenue 0 0 0
(-) Revenue Tax (9,25%) 0 0 0
4 (=) Net Revenue 0 0 0
(-) GC**
Variable Costs
(-) VOM*
5 (=) Gross Profit 0 0 0
(-) Personnel, Materials, Services*
Fixed Costs (-) Regulatory Costs*
(-) Depreciation
6 (=) Profit/(Loss) 0 0 0
7 (-) Corporate Tax (34%) 0 0 0
8 (=) Operating cash flow (6 - 7) 0 0 0
9 (=) Net cash flow (1 + 2 + 8) 0 0 (360)
10 Present value at 11,57% 0 0 (289)
11 Net Present Value BRL (0)
9 USD Net cash flow (1 + 2 + 8) 0 0 (124)
10 USD Present value at 9,27% 0 0 (104)
11 USD Net Present Value 4
Pricing Assumption WACC USD 9.27%
85.01 BRL/MWh WACC BRL 11.57%
### BRL/MWh PMT 0
Expected Consume of
### BRL/MWh GC BRL/MWh 80.17 Gas (Page 5)
6.53 MMBtu/MWh

10,164,496 BRL/MWh VOM - BRL/MWh 3.9

### BRL/MWh PIS/Cofins 9.25%
(1) Mkup 20%
4.95% 4.86% 4.66% 4.66% 4.66% 4.66% 4.66% 4.66% 4.66% 4.66%
4.31 4.43 4.56 4.65 4.76 4.87 4.98 5.09 5.21 5.32
30.38 31.08 31.80 32.53 33.24 34.01 34.75
2.45 2.53 2.59 2.64 2.67 2.70 2.74 2.77 2.81 2.85
80.17 83.02 85.96 89.02 92.13 95.49 98.93

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
3 4 5 6 7 8 9 10 11 12
(360) (240) (240) 0 0 0 0 0 0 0
0 0 0 (45) (1) (45) (1) (46) (2) (47)
372 372 372 372 372 372 372
209 216 224 232 240 249 258
10 11 11 12 12 13 13
0 0 0 591 599 608 616 625 634 644
0 0 0 (55) (55) (56) (57) (58) (59) (60)
0 0 0 537 544 551 559 567 575 584
(158) (164) (169) (175) (182) (188) (195)
(8) (8) (8) (9) (9) (10) (10)
0 0 0 371 372 373 375 376 377 379
(46) (48) (50) (53) (55) (58) (60)
(20) (21) (22) (23) (24) (25) (26)
(48) (48) (48) (48) (48) (48) (48)
0 0 0 257 255 253 251 249 247 244
0 0 0 87 87 86 85 85 84 83
0 0 0 218 216 215 214 212 211 209
(360) (240) (240) 173 216 170 212 166 209 162
(259) (155) (139) 90 100 71 79 56 63 44

(147) (95) (93) 66 81 63 78 60 74 57

(113) (67) (59) 38 43 31 35 25 28 20

x x x x x x x x x x

Pricing Assumption WACC USD 9.27%

96.24 BRL/MWh WACC BRL 11.57%
### BRL/MWh PMT 0
 Expected Consume of
### BRL/MWh GC BRL/MWh 97.99 Gas (Page 5)
6.53 MMBtu/MWh

8,893,934 BRL/MWh VOM - BRL/MWh 3.9

### BRL/MWh PIS/Cofins 9.25%
(1) Mkup 5%
6.05% 5.94% 5.70% 5.70% 5.70% 5.70% 5.70% 5.70% 5.70% 5.70%
4.31 4.43 4.56 4.65 4.76 4.87 4.98 5.09 5.21 5.32
30.38 31.08 31.80 32.53 33.24 34.01 34.75
2.99 3.09 3.17 3.23 3.26 3.30 3.34 3.39 3.43 3.48
97.99 101.46 105.07 108.80 112.60 116.72 120.92

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
3 4 5 6 7 8 9 10 11 12
(360) (240) (240) 0 0 0 0 0 0 0
0 0 0 (49) (1) (50) (1) (51) (2) (52)
422 422 422 422 422 422 422
223 231 240 248 257 266 276
9 9 10 11 11 12 12
0 0 0 654 662 671 680 689 699 710
0 0 0 (60) (61) (62) (63) (64) (65) (66)
0 0 0 593 601 609 617 626 635 644
(193) (200) (207) (214) (222) (230) (238)
(8) (8) (9) (9) (10) (10) (11)
0 0 0 393 393 393 394 394 395 395
(46) (49) (51) (54) (57) (61) (64)
(20) (21) (22) (24) (25) (26) (28)
(48) (48) (48) (48) (48) (48) (48)
0 0 0 279 275 272 268 264 259 255
0 0 0 95 94 92 91 90 88 87
0 0 0 232 230 227 225 222 219 216
(360) (240) (240) 182 229 177 223 171 217 165
(259) (155) (139) 95 106 74 83 57 65 44

(120) (78) (76) 57 70 54 67 51 63 47

(92) (55) (49) 33 38 26 30 21 24 16
4.66% 4.66% 4.66% 4.66% 4.66% 4.66% 4.66% 4.66% 4.66% 4.66% 4.66% 4.66% 4.66%
5.44 5.56 5.68 5.81 5.93 6.06 6.20 6.33 6.47 6.62 6.76 6.91 7.06
35.52 36.30 37.10 37.92 38.75 39.60 40.47 41.36 42.27 43.20 44.15 45.13 46.12
2.89 2.91 3.08 3.08 3.26 3.27 3.45 3.46 3.65 3.67 3.86 3.89 4.09
102.54 105.56 114.18 116.88 126.22 129.40 139.53 143.25 154.26 158.58 170.54 175.55 188.55

2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038
13 14 15 16 17 18 19 20 21 22 23 24 25
0 0 0 0 0 0 0 0 0 0 0 0 0
(3) (47) (4) (48) (6) (49) (8) (49) (11) (50) (13) (51) (16)
372 372 372 372 372 372 372 372 372 372 372 372 372
267 275 298 305 329 337 364 373 402 413 444 458 491
14 15 15 16 17 18 18 19 20 21 22 23 24
654 662 685 693 718 727 754 765 795 807 839 853 888
(60) (61) (63) (64) (66) (67) (70) (71) (73) (75) (78) (79) (82)
593 601 622 629 652 660 685 694 721 732 761 774 806
(202) (208) (225) (230) (249) (255) (275) (282) (304) (313) (336) (346) (372)
(11) (11) (12) (12) (13) (13) (14) (15) (15) (16) (17) (17) (18)
380 382 385 386 390 392 396 397 402 404 408 411 416
(63) (66) (69) (73) (76) (79) (83) (87) (91) (95) (100) (104) (109)
(28) (29) (30) (32) (33) (35) (36) (38) (40) (41) (43) (45) (48)
(48) (48) (48) (48) (48) (48) (48) (48) (48) (48) (48) (48) (48)
242 239 238 234 233 230 228 224 223 219 217 213 211
82 81 81 80 79 78 78 76 76 74 74 72 72
207 206 205 203 202 200 199 196 195 192 191 188 187
205 158 200 155 196 151 190 147 185 142 178 137 172
49 34 39 27 30 21 24 16 19 13 14 10 11

71 54 65 50 60 46 55 42 51 39 46 35 42
22 16 17 12 13 9 10 7 8 6 6 4 5

x x x x x x x x x x x x x
 5.70% 5.70% 5.70% 5.70% 5.70% 5.70% 5.70% 5.70% 5.70% 5.70% 5.70% 5.70% 5.70%
5.44 5.56 5.68 5.81 5.93 6.06 6.20 6.33 6.47 6.62 6.76 6.91 7.06
35.52 36.30 37.10 37.92 38.75 39.60 40.47 41.36 42.27 43.20 44.15 45.13 46.12
3.53 3.55 3.76 3.77 3.98 3.99 4.21 4.23 4.46 4.49 4.72 4.75 5.00
125.33 129.02 139.55 142.85 154.26 158.15 170.54 175.09 188.54 193.82 208.44 214.56 230.45

2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038
13 14 15 16 17 18 19 20 21 22 23 24 25
0 0 0 0 0 0 0 0 0 0 0 0 0
(3) (52) (5) (53) (7) (54) (9) (55) (11) (56) (14) (57) (17)
422 422 422 422 422 422 422 422 422 422 422 422 422
286 294 318 326 352 361 389 399 430 442 475 489 526
13 14 15 15 16 17 18 19 20 22 23 24 25
720 730 754 763 790 800 829 840 872 885 920 935 973
(67) (67) (70) (71) (73) (74) (77) (78) (81) (82) (85) (86) (90)
654 662 685 692 717 726 752 762 791 803 835 848 883
(247) (254) (275) (282) (304) (312) (336) (345) (372) (382) (411) (423) (454)
(11) (12) (13) (13) (14) (15) (16) (17) (18) (19) (20) (21) (22)
395 396 397 397 398 399 400 401 402 403 404 405 406
(68) (72) (76) (80) (85) (89) (95) (100) (106) (112) (118) (125) (132)
(29) (31) (33) (35) (37) (39) (41) (43) (46) (49) (51) (54) (57)
(48) (48) (48) (48) (48) (48) (48) (48) (48) (48) (48) (48) (48)
250 245 240 234 229 223 217 209 202 194 187 178 169
85 83 82 80 78 76 74 71 69 66 64 60 58
213 210 207 203 199 195 191 186 182 176 171 165 160
210 157 202 150 192 141 182 132 170 121 157 109 143
51 34 39 26 30 20 23 15 17 11 13 8 9

60 44 54 40 48 35 43 31 38 27 33 23 29
19 13 14 10 11 7 8 5 6 4 4 3 3
4.66% 4.66% 4.66% 4.66% 4.66%
7.22 7.38 7.54 7.70 7.87
47.13 48.17 49.23 50.31 51.42
4.12 4.33 4.33 4.33 4.33
194.32 208.48 213.06 217.75 222.54

2039 2040 2041 2042 2043

26 27 28 29 30
0 0 0 0 0
(53) (19) (54) (20) (55)
372 372 372 372 372
506 543 555 568 580
25 26 28 29 30
904 942 955 969 983
(84) (87) (88) (90) (91)
820 855 867 879 892
(383) (411) (420) (429) (439)
(19) (20) (21) (22) (23)
418 424 426 428 430
(114) (120) (125) (131) (137)
(50) (52) (54) (57) (60)
(48) (48) (48) (48) (48)
206 204 198 192 185
70 69 67 65 63
184 183 179 175 170
131 164 125 155 116
8 9 6 6 4

32 38 29 36 27
3 3 2 3 2

x x x x x
 5.70% 5.70% 5.70% 5.70% 5.70%
7.22 7.38 7.54 7.70 7.87
47.13 48.17 49.23 50.31 51.42
5.04 5.29 5.29 5.29 5.29
237.51 254.80 260.41 266.14 271.99

2039 2040 2041 2042 2043

26 27 28 29 30
0 0 0 0 0
(58) (20) (59) (21) (60)
422 422 422 422 422
542 581 594 607 620
27 28 30 32 34
990 1031 1046 1060 1075
(92) (95) (97) (98) (99)
899 936 949 962 976
(468) (502) (513) (525) (536)
(23) (25) (26) (27) (29)
407 409 410 410 411
(139) (147) (156) (165) (174)
(61) (64) (68) (72) (76)
(48) (48) (48) (48) (48)
159 150 138 126 113
54 51 47 43 39
153 147 139 131 123
95 127 80 110 63
6 7 4 5 2

19 24 15 21 12
2 2 1 2 1
 Operational Assumptions Pricing Assumption
Installed Capacity (MWh) 500 Bidding Price/MWh
Number of Hours/Year (hours) 8,760 (+)Required Capacity Re
Capacity Factor (%) 90% (+)Rev − Pass Th (GC)1
Dispatch/Year (%) 50% (+)Rev − Pass Th (VOM)1
Total Energy/Year (MWh/year) ### (−)Rev Tax

*IPCA 5.91% 6.50% 6.00%

**Natural Gas Price (USD/MMBtu) (Henry 3.43 3.85 4.09
Base Case GC Price USD/MHw
FX (BRL/USD) 2.34 2.40 2.64
GC Price BRL/MHw

Period 2013 2014 2015

Base 0 1 2
1 Capital investment and disposal 0 0 (360)
2 Working capital (needs 1/12 of the 0 0 0
Capacity Revenue*
Revenue
Composition GC Revenue**
VOM Revenue*
3 (=) Gross Revenue 0 0 0
(-) Revenue Tax (9,25%) 0 0 0
4 (=) Net Revenue 0 0 0
(-) GC**
Variable Costs
(-) VOM*
5 (=) Gross Profit 0 0 0
(-) Personnel, Materials, Services*
Fixed Costs (-) Regulatory Costs*
(-) Depreciation
6 (=) Profit/(Loss) 0 0 0
7 (-) Corporate Tax (34%) 0 0 0
8 (=) Operating cash flow (6 - 7) 0 0 0
9 (=) Net cash flow (1 + 2 + 8) 0 0 (360)
10 Present value at 11,57% 0 0 (289)
11 Net Present Value BRL (441)
9 USD Net cash flow (1 + 2 + 8) 0 0 (136)
10 USD Present value at 9,27% 0 0 (114)
11 USD Net Present Value (170)
Pricing Assumption WACC USD 9.27%
50 BRL/MWh WACC BRL 11.57%
### BRL/MWh PMT 0
Expected Consume of
### BRL/MWh GC BRL/MWh 89.08 Gas (Page 5)
6.53 MMBtu/MWh

9,740,975 BRL/MWh VOM - BRL/MWh 3.9

### BRL/MWh PIS/Cofins 9.25%
(1) Mkup 15%
5.50% 5.40% 5.18% 5.18% 5.18% 5.18% 5.18% 5.18% 5.18% 5.18%
4.31 4.43 4.56 4.65 4.76 4.87 4.98 5.09 5.21 5.32
30.38 31.08 31.80 32.53 33.24 34.01 34.75
2.72 2.81 2.88 2.93 2.97 3.00 3.04 3.08 3.12 3.16
89.08 92.24 95.51 98.91 102.37 106.11 109.93

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
3 4 5 6 7 8 9 10 11 12
(360) (240) (240) 0 0 0 0 0 0 0
0 0 0 (34) (1) (35) (1) (35) (2) (36)
219 219 219 219 219 219 219
222 230 239 247 256 265 275
10 10 11 11 12 13 13
0 0 0 451 460 468 477 487 497 507
0 0 0 (42) (43) (43) (44) (45) (46) (47)
0 0 0 409 417 425 433 442 451 460
(176) (182) (188) (195) (202) (209) (217)
(8) (8) (9) (9) (9) (10) (10)
0 0 0 226 227 228 229 230 232 233
(46) (48) (51) (54) (56) (59) (62)
(20) (21) (22) (23) (24) (26) (27)
(48) (48) (48) (48) (48) (48) (48)
0 0 0 112 110 107 105 102 99 95
0 0 0 38 37 36 36 35 34 32
0 0 0 122 120 119 117 115 113 111
(360) (240) (240) 88 120 84 116 80 111 75
(259) (155) (139) 46 56 35 43 27 33 20

(132) (86) (83) 30 40 28 38 26 36 24

(101) (60) (54) 18 22 14 17 11 13 8
 5.18% 5.18% 5.18% 5.18% 5.18% 5.18% 5.18% 5.18% 5.18% 5.18% 5.18% 5.18% 5.18%
5.44 5.56 5.68 5.81 5.93 6.06 6.20 6.33 6.47 6.62 6.76 6.91 7.06
35.52 36.30 37.10 37.92 38.75 39.60 40.47 41.36 42.27 43.20 44.15 45.13 46.12
3.21 3.23 3.42 3.43 3.62 3.63 3.83 3.85 4.05 4.08 4.29 4.32 4.54
113.94 117.29 126.86 129.86 140.24 143.77 155.03 159.17 171.40 176.20 189.49 195.06 209.50

2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038
13 14 15 16 17 18 19 20 21 22 23 24 25
0 0 0 0 0 0 0 0 0 0 0 0 0
(3) (37) (5) (38) (7) (38) (9) (39) (11) (40) (14) (41) (17)
219 219 219 219 219 219 219 219 219 219 219 219 219
285 293 317 324 350 359 387 398 428 440 473 487 523
14 15 15 16 17 18 19 20 21 22 23 24 25
517 527 551 559 586 596 625 636 668 681 715 730 768
(48) (49) (51) (52) (54) (55) (58) (59) (62) (63) (66) (68) (71)
470 478 500 508 532 541 567 577 606 618 649 663 697
(225) (231) (250) (256) (276) (283) (306) (314) (338) (347) (373) (384) (413)
(11) (12) (12) (13) (13) (14) (15) (16) (16) (17) (18) (19) (20)
234 235 238 239 242 243 247 248 252 253 257 259 264
(66) (69) (72) (76) (80) (84) (89) (93) (98) (103) (109) (114) (120)
(28) (30) (32) (33) (35) (37) (39) (41) (43) (45) (47) (50) (52)
(48) (48) (48) (48) (48) (48) (48) (48) (48) (48) (48) (48) (48)
92 88 86 82 79 74 72 66 63 57 54 47 43
31 30 29 28 27 25 24 23 21 19 18 16 15
109 106 105 102 100 97 95 92 90 86 83 79 77
106 69 100 64 93 59 86 53 78 46 70 38 60
26 15 19 11 15 8 11 6 8 4 6 3 4

33 21 29 19 26 16 23 14 19 11 16 9 13
10 6 8 5 6 3 4 2 3 2 2 1 1
 5.18% 5.18% 5.18% 5.18% 5.18%
7.22 7.38 7.54 7.70 7.87
47.13 48.17 49.23 50.31 51.42
4.58 4.81 4.81 4.81 4.81
215.92 231.64 236.74 241.94 247.27

2039 2040 2041 2042 2043

26 27 28 29 30
0 0 0 0 0
(43) (20) (44) (21) (45)
219 219 219 219 219
539 579 591 604 618
27 28 30 31 33
785 826 840 854 869
(73) (76) (78) (79) (80)
712 749 762 775 789
(426) (457) (467) (477) (487)
(21) (22) (23) (25) (26)
266 271 272 274 276
(126) (133) (140) (147) (155)
(55) (58) (61) (64) (67)
(48) (48) (48) (48) (48)
37 32 24 15 6
12 11 8 5 2
72 69 64 58 52
30 49 20 37 7
2 3 1 2 0

6 10 4 8 1
1 1 0 1 0