OPTION A

Year 0 1 2 3
Principal 1,000,000,000
Commission 3% 25,000,000 25,000,000
Interest Rate 7% 70,000,000 70,000,000
Upfront Money Out 20% 200,000,000
Annual Costs 200,000,000 - 95,000,000 95,000,000
Total Interest Cost 390,000,000
Total Cost to DNR 1,390,000,000
Client Money Out 800,000,000
Implied Annual Interest Cost to DNR 20.22%

OPTION B
Year 0 1 2 3 4 5
Principal 5,000,000,000
Commission 2.5% 125,000,000 125,000,000 125,000,000 125,000,000
Interest Rate 8% 400,000,000 400,000,000 400,000,000 400,000,000
Upfront Money Out 20% 1,000,000,000
Annual Costs 1,000,000,000 - 525,000,000 525,000,000 525,000,000 525,000,000
Total Interest Cost 3,100,000,000
Total Cost to DNR 8,100,000,000
Client Money Out 4,000,000,000 Implied Annual Interest Cost to DNR 15.16%

OPTION C
Year 0 1 2 3 4 5
Principal 10,000,000,000
Commission 3% 300,000,000 300,000,000 300,000,000 300,000,000
Interest Rate 9% 900,000,000 900,000,000 900,000,000 900,000,000
Upfront Money Out 20% 2,000,000,000
Annual Costs 2,000,000,000 - 1,200,000,000 1,200,000,000 1,200,000,000 1,200,000,000
Total Interest Cost 6,800,000,000
Total Cost to DNR 16,800,000,000
Client Money Out 8,000,000,000 Implied Annual Interest Cost to DNR 16.00%