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 (159)
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 (60)

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 (156)
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 (65)

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 (208)
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 (72)
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) (36) (3) (37) (5) (39)
219 230 242 255 268 282 297
222 230 239 247 256 265 275
10 10 11 11 12 13 13
0 0 0 451 471 492 513 536 559 584
0 0 0 (42) (44) (45) (47) (50) (52) (54)
0 0 0 409 427 446 466 486 508 530
(176) (182) (188) (195) (202) (209) (217)
(8) (8) (9) (9) (9) (10) (10)
0 0 0 226 238 249 262 275 289 303
(46) (48) (51) (54) (56) (59) (62)
(20) (21) (22) (23) (24) (26) (27)
(48) (48) (48) (48) (48) (48) (48)
0 0 0 112 120 128 137 146 156 166
0 0 0 38 41 44 47 50 53 56
0 0 0 122 127 133 138 144 151 157
(360) (240) (240) 88 126 97 135 107 146 118
(259) (155) (139) 46 58 40 51 36 44 32

(132) (86) (83) 30 42 32 45 35 47 37

(101) (60) (54) 18 23 16 20 14 18 13

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) (35) (3) (36) (4) (38)
219 229 240 251 263 275 288
209 216 224 232 240 249 258
10 11 11 12 12 13 13
0 0 0 438 456 475 495 515 537 559
0 0 0 (41) (42) (44) (46) (48) (50) (52)
0 0 0 398 414 431 449 467 487 507
(158) (164) (169) (175) (182) (188) (195)
(8) (8) (8) (9) (9) (10) (10)
0 0 0 232 242 253 265 277 289 302
(46) (48) (50) (53) (55) (58) (60)
(20) (21) (22) (23) (24) (25) (26)
(48) (48) (48) (48) (48) (48) (48)
0 0 0 118 125 133 141 149 158 167
0 0 0 40 43 45 48 51 54 57
0 0 0 126 131 136 141 147 152 159
(360) (240) (240) 93 129 101 138 111 148 121
(259) (155) (139) 48 60 42 52 37 44 32

(147) (95) (93) 35 48 37 51 40 53 42

(113) (67) (59) 21 26 18 23 16 20 15

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) (2) (36) (3) (38) (5) (40)
219 231 245 259 273 289 305
223 231 240 248 257 266 276
9 9 10 11 11 12 12
0 0 0 451 472 494 517 541 567 594
0 0 0 (42) (44) (46) (48) (50) (52) (55)
0 0 0 410 429 448 469 491 514 539
(193) (200) (207) (214) (222) (230) (238)
(8) (8) (9) (9) (10) (10) (11)
0 0 0 209 220 233 246 260 274 290
(46) (49) (51) (54) (57) (61) (64)
(20) (21) (22) (24) (25) (26) (28)
(48) (48) (48) (48) (48) (48) (48)
0 0 0 95 103 111 120 129 139 150
0 0 0 32 35 38 41 44 47 51
0 0 0 111 116 121 127 133 140 147
(360) (240) (240) 76 114 86 124 96 135 107
(259) (155) (139) 40 53 36 46 32 40 29

(120) (78) (76) 24 35 26 37 28 39 31

(92) (55) (49) 14 19 13 17 12 15 11
 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
(7) (41) (10) (43) (13) (45) (17) (48) (21) (51) (26) (54) (31)
312 328 345 363 382 401 422 444 467 491 517 544 572
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
610 636 677 703 749 778 828 861 916 953 1013 1055 1120
(56) (59) (63) (65) (69) (72) (77) (80) (85) (88) (94) (98) (104)
554 577 615 638 680 706 752 782 831 865 919 957 1017
(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)
318 334 352 370 390 409 431 452 477 501 528 554 584
(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)
176 187 200 212 227 240 256 271 288 304 324 342 363
60 64 68 72 77 82 87 92 98 104 110 116 124
164 172 180 188 198 206 217 227 238 249 262 274 288
158 130 170 145 184 161 200 179 217 198 236 220 257
38 28 33 25 29 22 25 20 22 18 19 16 17

49 40 50 42 51 44 52 46 53 49 55 51 57
16 12 13 10 11 9 10 8 8 7 7 6 6

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
(6) (39) (9) (41) (12) (43) (16) (45) (19) (48) (23) (51) (28)
301 315 330 345 362 378 396 414 434 454 475 497 521
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
583 605 643 666 707 733 778 807 856 888 942 978 1036
(54) (56) (59) (62) (65) (68) (72) (75) (79) (82) (87) (90) (96)
529 549 583 604 642 665 706 732 777 806 855 887 940
(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)
316 330 347 362 380 397 417 436 458 478 502 524 550
(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)
177 187 199 210 223 235 250 263 279 293 311 326 345
60 64 68 71 76 80 85 89 95 100 106 111 117
165 171 180 187 195 203 213 221 232 241 253 263 276
159 132 170 145 183 160 197 176 213 193 230 213 248
38 28 33 25 28 22 25 20 21 17 19 15 16

55 45 55 47 56 49 57 51 58 53 59 55 61
17 13 15 11 12 10 11 9 9 7 8 7 7

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
(7) (42) (11) (44) (14) (46) (18) (49) (23) (52) (28) (56) (33)
323 341 361 381 403 426 450 476 503 532 562 594 628
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
622 649 694 722 771 804 857 894 953 995 1060 1107 1179
(58) (60) (64) (67) (71) (74) (79) (83) (88) (92) (98) (102) (109)
564 589 629 656 700 729 778 812 865 903 962 1005 1070
(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)
306 323 342 361 382 403 426 450 476 502 531 561 593
(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)
161 172 185 198 212 226 242 258 276 294 314 334 356
55 59 63 67 72 77 82 88 94 100 107 114 121
154 162 170 179 188 197 208 219 230 242 255 269 283
147 120 159 135 174 151 190 169 207 190 227 213 250
35 26 31 23 27 21 24 19 21 17 18 15 16

42 34 42 36 44 38 45 40 47 42 48 45 50
13 10 11 9 10 8 8 7 7 6 6 5 5
 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
(57) (36) (61) (40) (65)
601 632 665 700 736
539 579 591 604 618
27 28 30 31 33
1167 1239 1286 1335 1386
(108) (115) (119) (123) (128)
1059 1125 1167 1212 1258
(426) (457) (467) (477) (487)
(21) (22) (23) (25) (26)
613 646 677 710 745
(126) (133) (140) (147) (155)
(55) (58) (61) (64) (67)
(48) (48) (48) (48) (48)
383 407 429 451 475
130 138 146 153 162
301 317 331 346 362
244 280 270 306 297
14 15 13 13 11

53 58 56 64 62
5 5 5 5 4

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
(54) (33) (57) (36) (60)
545 570 597 625 654
506 543 555 568 580
25 26 28 29 30
1077 1140 1180 1221 1264
(100) (105) (109) (113) (117)
977 1035 1071 1108 1147
(383) (411) (420) (429) (439)
(19) (20) (21) (22) (23)
575 604 630 657 686
(114) (120) (125) (131) (137)
(50) (52) (54) (57) (60)
(48) (48) (48) (48) (48)
363 384 402 421 441
123 130 137 143 150
287 301 313 326 339
234 269 257 290 279
14 14 12 12 10

57 62 59 67 64
6 6 5 5 5

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
(60) (39) (64) (43) (69)
663 701 741 783 828
542 581 594 607 620
27 28 30 32 34
1232 1311 1365 1422 1482
(114) (121) (126) (132) (137)
1118 1190 1239 1291 1345
(468) (502) (513) (525) (536)
(23) (25) (26) (27) (29)
627 663 700 739 780
(139) (147) (156) (165) (174)
(61) (64) (68) (72) (76)
(48) (48) (48) (48) (48)
379 403 428 454 482
129 137 146 155 164
298 314 331 348 366
238 275 267 304 298
14 14 12 13 11

47 52 50 58 56
5 5 4 4 4
 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 2
Pricing Assumption WACC USD 9.27%
59.32 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 (37) (2) (39) (3) (41) (5) (43)
260 273 287 302 318 334 352
222 230 239 247 256 265 275
10 10 11 11 12 13 13
0 0 0 492 514 537 561 586 612 640
0 0 0 (46) (48) (50) (52) (54) (57) (59)
0 0 0 447 466 487 509 531 555 580
(176) (182) (188) (195) (202) (209) (217)
(8) (8) (9) (9) (9) (10) (10)
0 0 0 263 276 290 305 320 336 353
(46) (48) (51) (54) (56) (59) (62)
(20) (21) (22) (23) (24) (26) (27)
(48) (48) (48) (48) (48) (48) (48)
0 0 0 149 159 169 180 191 203 216
0 0 0 51 54 58 61 65 69 73
0 0 0 147 153 160 167 174 182 191
(360) (240) (240) 109 151 121 163 134 177 148
(259) (155) (139) 57 70 50 61 45 53 40

(132) (86) (83) 37 51 40 54 43 57 47

(101) (60) (54) 22 27 20 24 18 21 16
 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
(8) (45) (11) (47) (15) (50) (19) (53) (23) (56) (28) (59) (33)
370 389 409 431 453 476 501 527 554 583 613 645 678
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
668 697 742 771 820 853 907 944 1003 1045 1109 1156 1227
(62) (64) (69) (71) (76) (79) (84) (87) (93) (97) (103) (107) (113)
607 632 673 700 744 774 823 857 910 948 1007 1049 1114
(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)
371 390 411 431 454 477 503 528 556 584 615 646 681
(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)
229 243 259 274 291 308 327 346 367 388 411 434 460
78 83 88 93 99 105 111 118 125 132 140 148 156
199 208 219 229 240 251 264 276 290 304 320 334 352
192 163 208 181 226 201 245 224 267 248 291 275 318
46 35 40 31 35 28 31 25 27 22 23 20 21

60 50 61 53 62 55 64 58 66 61 68 64 70
19 15 16 13 14 11 12 10 10 9 9 8 8
 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
(63) (39) (67) (44) (72)
713 750 789 830 873
539 579 591 604 618
27 28 30 31 33
1279 1357 1410 1466 1523
(118) (126) (130) (136) (141)
1161 1232 1280 1330 1383
(426) (457) (467) (477) (487)
(21) (22) (23) (25) (26)
714 753 790 829 869
(126) (133) (140) (147) (155)
(55) (58) (61) (64) (67)
(48) (48) (48) (48) (48)
485 514 541 570 600
165 175 184 194 204
368 387 405 424 444
305 348 338 380 372
18 18 16 16 14

67 72 70 79 77
7 7 6 6 5
 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 3

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 2
Pricing Assumption WACC USD 9.27%
59.52 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 (36) (2) (38) (3) (40) (5) (41)
261 273 286 299 313 327 343
209 216 224 232 240 249 258
10 11 11 12 12 13 13
0 0 0 480 500 521 543 565 589 614
0 0 0 (44) (46) (48) (50) (52) (54) (57)
0 0 0 435 454 473 492 513 535 557
(158) (164) (169) (175) (182) (188) (195)
(8) (8) (8) (9) (9) (10) (10)
0 0 0 270 282 295 308 322 337 352
(46) (48) (50) (53) (55) (58) (60)
(20) (21) (22) (23) (24) (25) (26)
(48) (48) (48) (48) (48) (48) (48)
0 0 0 156 165 174 184 195 206 217
0 0 0 53 56 59 63 66 70 74
0 0 0 151 157 163 170 177 184 191
(360) (240) (240) 114 155 125 167 137 179 150
(259) (155) (139) 59 72 52 62 46 54 40

(147) (95) (93) 43 58 46 61 49 64 53

(113) (67) (59) 25 31 23 27 20 24 18

x x x x x x x x x x

Pricing Assumption WACC USD 9.27%

61.65 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 (38) (2) (40) (4) (42) (6) (44)
270 285 302 319 337 356 377
223 231 240 248 257 266 276
9 9 10 11 11 12 12
0 0 0 502 526 551 577 605 634 665
0 0 0 (46) (49) (51) (53) (56) (59) (61)
0 0 0 456 478 500 524 549 575 603
(193) (200) (207) (214) (222) (230) (238)
(8) (8) (9) (9) (10) (10) (11)
0 0 0 255 269 285 301 317 335 354
(46) (49) (51) (54) (57) (61) (64)
(20) (21) (22) (24) (25) (26) (28)
(48) (48) (48) (48) (48) (48) (48)
0 0 0 141 152 163 175 187 200 214
0 0 0 48 52 55 59 64 68 73
0 0 0 141 148 155 163 171 180 189
(360) (240) (240) 103 146 116 159 130 174 145
(259) (155) (139) 53 68 48 60 43 52 39

(120) (78) (76) 32 45 35 48 38 51 42

(92) (55) (49) 19 24 17 21 16 19 14
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
(7) (43) (10) (45) (13) (48) (17) (50) (21) (53) (25) (56) (30)
359 375 393 411 430 450 471 493 516 540 566 592 620
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
640 665 706 732 776 805 853 886 939 975 1032 1073 1135
(59) (62) (65) (68) (72) (74) (79) (82) (87) (90) (95) (99) (105)
581 604 640 664 704 731 775 804 852 885 937 973 1030
(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)
368 384 404 422 443 462 486 507 532 556 584 610 640
(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)
229 241 256 270 286 300 318 334 354 371 393 412 435
78 82 87 92 97 102 108 114 120 126 134 140 148
199 207 217 226 237 246 258 269 281 293 307 320 335
192 164 207 181 223 199 241 219 261 240 282 264 305
46 35 40 31 35 28 30 24 26 22 23 19 20

67 56 67 59 69 61 70 63 71 65 73 68 75
21 16 18 14 15 12 13 11 11 9 9 8 8

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
(8) (47) (12) (49) (16) (52) (21) (55) (26) (59) (31) (63) (37)
398 421 445 470 497 525 555 587 620 655 693 732 774
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
697 729 778 811 865 903 962 1005 1070 1119 1191 1246 1325
(64) (67) (72) (75) (80) (84) (89) (93) (99) (104) (110) (115) (123)
632 661 706 736 785 819 873 912 971 1015 1081 1130 1202
(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)
374 395 418 441 467 493 521 550 582 615 650 687 726
(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)
229 244 261 278 297 317 338 359 383 407 433 460 489
78 83 89 95 101 108 115 122 130 138 147 156 166
199 209 220 232 244 257 271 285 301 316 334 351 371
191 163 208 183 228 205 250 230 275 257 303 288 334
46 35 40 32 35 29 31 26 28 23 24 21 22

54 46 55 48 57 51 59 54 62 57 64 61 67
17 13 15 12 13 10 11 9 10 8 8 7 7
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
(59) (35) (63) (39) (66)
649 679 710 744 778
506 543 555 568 580
25 26 28 29 30
1180 1249 1293 1340 1389
(109) (115) (120) (124) (128)
1071 1133 1174 1216 1260
(383) (411) (420) (429) (439)
(19) (20) (21) (22) (23)
669 702 733 765 799
(114) (120) (125) (131) (137)
(50) (52) (54) (57) (60)
(48) (48) (48) (48) (48)
457 482 505 529 554
155 164 172 180 188
349 366 381 397 413
290 331 319 358 347
17 17 15 15 13

70 77 74 83 80
7 7 6 6 6

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
(68) (44) (73) (49) (78)
818 865 914 966 1021
542 581 594 607 620
27 28 30 32 34
1387 1474 1538 1605 1675
(128) (136) (142) (148) (155)
1258 1338 1396 1456 1520
(468) (502) (513) (525) (536)
(23) (25) (26) (27) (29)
767 811 856 904 955
(139) (147) (156) (165) (174)
(61) (64) (68) (72) (76)
(48) (48) (48) (48) (48)
519 552 585 620 657
176 188 199 211 223
391 412 434 457 482
323 368 361 409 404
19 19 17 17 15

64 70 68 77 76
6 6 6 6 5
 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 (159)
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 (60)
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) (36) (3) (37) (5) (39)
219 230 242 255 268 282 297
222 230 239 247 256 265 275
10 10 11 11 12 13 13
0 0 0 451 471 492 513 536 559 584
0 0 0 (42) (44) (45) (47) (50) (52) (54)
0 0 0 409 427 446 466 486 508 530
(176) (182) (188) (195) (202) (209) (217)
(8) (8) (9) (9) (9) (10) (10)
0 0 0 226 238 249 262 275 289 303
(46) (48) (51) (54) (56) (59) (62)
(20) (21) (22) (23) (24) (26) (27)
(48) (48) (48) (48) (48) (48) (48)
0 0 0 112 120 128 137 146 156 166
0 0 0 38 41 44 47 50 53 56
0 0 0 122 127 133 138 144 151 157
(360) (240) (240) 88 126 97 135 107 146 118
(259) (155) (139) 46 58 40 51 36 44 32

(132) (86) (83) 30 42 32 45 35 47 37

(101) (60) (54) 18 23 16 20 14 18 13
 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
(7) (41) (10) (43) (13) (45) (17) (48) (21) (51) (26) (54) (31)
312 328 345 363 382 401 422 444 467 491 517 544 572
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
610 636 677 703 749 778 828 861 916 953 1013 1055 1120
(56) (59) (63) (65) (69) (72) (77) (80) (85) (88) (94) (98) (104)
554 577 615 638 680 706 752 782 831 865 919 957 1017
(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)
318 334 352 370 390 409 431 452 477 501 528 554 584
(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)
176 187 200 212 227 240 256 271 288 304 324 342 363
60 64 68 72 77 82 87 92 98 104 110 116 124
164 172 180 188 198 206 217 227 238 249 262 274 288
158 130 170 145 184 161 200 179 217 198 236 220 257
38 28 33 25 29 22 25 20 22 18 19 16 17

49 40 50 42 51 44 52 46 53 49 55 51 57
16 12 13 10 11 9 10 8 8 7 7 6 6
 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
(57) (36) (61) (40) (65)
601 632 665 700 736
539 579 591 604 618
27 28 30 31 33
1167 1239 1286 1335 1386
(108) (115) (119) (123) (128)
1059 1125 1167 1212 1258
(426) (457) (467) (477) (487)
(21) (22) (23) (25) (26)
613 646 677 710 745
(126) (133) (140) (147) (155)
(55) (58) (61) (64) (67)
(48) (48) (48) (48) (48)
383 407 429 451 475
130 138 146 153 162
301 317 331 346 362
244 280 270 306 297
14 15 13 13 11

53 58 56 64 62
5 5 5 5 4