GREEN ELECTRON PROJECT

PRELIMINARY FINANCIAL PROJECTIONS

0 0 1 2 3 4 5 6 7 8 9 10 11
PHASE 2 TBL Year Year Year Year Year Year Year Year Year Year Year Year Year
Years 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
PROJECT PERIOD 18 0 0 0 0 1 2 3 4 5 6 7
OPERATING PERIOD 17 0.0 0.0 0.0 0.0 1 2 3 4 5 6

TOTAL

CASHFLOW PROJECTIONS
Electron volume generated kWh 78,712,477,275 0 0 0 0 0 0 0 407,836,670 4,894,040,038 4,894,040,038 4,894,040,038 4,894,040,038 4,894,040,038
Green certificates kWh 78,712,477,275 0 0 0 0 0 0 0 407,836,670 4,894,040,038 4,894,040,038 4,894,040,038 4,894,040,038 4,894,040,038
Green Certificates attached to Electron sales kWh 68,430,847,680 0 0 0 0 0 0 0 360,959,040 4,250,001,600 4,250,001,600 4,250,001,600 4,250,001,600 4,250,001,600
Green Certificates attached to electron sales kWh 10,281,629,595 0 0 0 0 0 0 0 46,877,630 644,038,438 644,038,438 644,038,438 644,038,438 644,038,438
Electron Volume dispatched kWh 68,430,847,680 0 0 0 0 0 0 0 360,959,040 4,250,001,600 4,250,001,600 4,250,001,600 4,250,001,600 4,250,001,600

Eletcron Sales Revenues MYR 44,926,126,502 0 0 0 0 0 0 0 0 2,805,001,056 2,805,001,056 2,805,001,056 2,805,001,056 2,805,001,056

44,926,126,502 0 0 0 0 0 0 0 0 2,805,001,056 2,805,001,056 2,805,001,056 2,805,001,056 2,805,001,056

MyRec Sales (Non-attached to Electron Sales) MYR 378,685,823 0 0 0 0 0 0 0 0 23,829,422 23,829,422 23,829,422 23,829,422 23,829,422
Gross Cashflows from operations 45,304,812,325 0 0 0 0 0 0 0 0 2,828,830,478 2,828,830,478 2,828,830,478 2,828,830,478 2,828,830,478

Maintenance
PHASE 1
CAES MYR -518,059,668 0 0 0 0 0 0 0 -940,550 -11,286,606 -11,286,606 -13,430,131 -37,008,906 -37,008,906
SAH MYR -409,496,395 0 0 0 0 0 0 0 -743,454 -8,921,445 -8,921,445 -10,615,775 -29,253,406 -29,253,406
Substation MYR -130,930,398 0 0 0 0 0 0 0 -237,749 -2,852,984 -2,852,984 -3,394,671 -9,353,232 -9,353,232
OHT MYR -35,711,597 0 0 0 0 0 0 0 -65,730 -788,756 -788,756 -935,417 -2,548,688 -2,548,688
HVDC MYR -52,001,610 0 0 0 0 0 0 0 -94,409 -1,132,904 -1,132,904 -1,348,068 -3,714,871 -3,714,871
Interconnection MYR 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other facilities MYR -3,330,180 0 0 0 0 0 0 0 -6,020 -72,246 -72,246 -86,056 -237,970 -237,970
Land MYR -64,002,841 0 0 0 0 0 0 0 -331,621 -3,979,451 -3,979,451 -3,979,451 -3,979,451 -3,979,451
-1,213,532,689 0 0 0 0 0 0 0 -2,419,533 -29,034,392 -29,034,392 -33,789,570 -86,096,523 -86,096,523
Replacement of lithium - SAH MYR -38,234,009 0 0 0 0 0 0 0 0 0 0 0 0 -10,529,352
Replacement of lithium - CAES MYR -20,070,868 0 0 0 0 0 0 0 0 0 0 -4,073,758 -452,640 0
General OPEX MYR -2,072,674,952 0 0 0 0 0 0 0 -8,286,091 -102,416,085 -105,488,567 -108,653,224 -111,912,821 -115,270,206
Insurance - all risk MYR -238,062,535 0 0 0 0 0 0 0 -14,003,679 -14,003,679 -14,003,679 -14,003,679 -14,003,679 -14,003,679
Insurance - PL MYR -7,225,000 0 0 0 0 0 0 0 -425,000 -425,000 -425,000 -425,000 -425,000 -425,000
Grid charges MYR 0 0 0 0 0 0 0 0 0 0 0 0 0 0
MyREC returns to Government MYR 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Technical carrying cost MYR -1,021,048,330 0 0 0 0 0 0 0 0 -63,750,024 -63,750,024 -63,750,024 -63,750,024 -63,750,024
-3,397,315,693 0 0 0 0 0 0 0 -22,714,770 -180,594,787 -183,667,270 -190,905,685 -190,544,163 -203,978,260
-4,610,848,383 0 0 0 0 0 0 0 -25,134,302 -209,629,179 -212,701,662 -224,695,254 -276,640,687 -290,074,784

NCF from Operations MYR 40,693,963,942 0 0 0 0 0 0 0 -25,134,302 2,619,201,299 2,616,128,817 2,604,135,224 2,552,189,792 2,538,755,694

Investments
PHASE 1
CAES MYR -769,957,943 0 0 0 0 0 0 -282,550,964 -413,914,695 -73,492,285 0 0 0 0
SAH MYR -608,612,813 0 0 0 0 0 0 -223,165,540 -327,355,956 -58,091,317 0 0 0 0
Substation MYR -201,378,915 0 0 0 0 0 0 -92,088,458 -90,718,321 -18,572,136 0 0 0 0
OHT MYR -54,883,750 0 0 0 0 0 0 -25,309,903 -24,545,472 -5,028,375 0 0 0 0
HVDC MYR -77,283,372 0 0 0 0 0 0 -35,727,370 -34,178,953 -7,377,049 0 0 0 0
Interconnection MYR 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other facilities MYR -5,292,386 0 0 0 0 0 0 -1,701,620 -3,117,267 -473,498 0 0 0 0
-1,717,409,179 0 0 0 0 0 0 -660,543,855 -893,830,663 -163,034,661 0 0 0 0
GREEN ELECTRON PROJECT
PRELIMINARY FINANCIAL PROJECTIONS
0 0 1 2 3 4 5 6 7 8 9 10 11
PHASE 2 TBL Year Year Year Year Year Year Year Year Year Year Year Year Year
Years 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
PROJECT PERIOD 18 0 0 0 0 1 2 3 4 5 6 7
OPERATING PERIOD 17 0.0 0.0 0.0 0.0 1 2 3 4 5 6

TOTAL

Land
PHASE 1 MYR -265,296,750 0 0 0 0 0 0 -26,529,675 -238,767,075 0 0 0 0 0
-265,296,750 0 0 0 0 0 0 -26,529,675 -238,767,075 0 0 0 0 0

Technical development MYR 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Demo Plant factory initial rental deposits & expenses MYR 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Pre-development OPEX MYR 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Development OPEX (reimbursements) MYR -5,666,747 0 0 0 0 0 0 -5,666,747 0 0 0 0 0 0
Pre-and-development cost (studies etc) MYR -19,367,570 0 0 0 0 0 0 -19,367,570 0 0 0 0 0 0
All risk insurance - Demo Plant MYR 0 0 0 0 0 0 0 0 0 0 0 0 0 0
PL insurance - Demo Plant MYR 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Loan expenses (fees & stamp) MYR 0 0 0 0 0 0 0 0 0 0 0 0 0 0
IDC MYR 0 0 0 0 0 0 0 0 0 0 0 0 0 0
-25,034,317 0 0 0 0 0 0 -25,034,317 0 0 0 0 0 0
-2,007,740,246 0 0 0 0 0 0 -712,107,847 -1,132,597,738 -163,034,661 0 0 0 0

NCF before financing MYR 38,686,223,696 0 0 0 0 0 0 -712,107,847 -1,157,732,040 2,456,166,638 2,616,128,817 2,604,135,224 2,552,189,792 2,538,755,694

Financing flows:
Internal fund MYR 6,618,588,629 0 0 0 0 0 0 712,107,847 1,157,732,040 372,663,840 212,701,662 224,695,254 276,640,687 290,074,784
Equity / advances - Phase 2 TGL(500) MYR 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Debt MYR 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Debt repayment MYR 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Equity advances repayment MYR 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Cost of funds MYR 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Interest on borrowings MYR 0 0 0 0 0 0 0 0 0 0 0 0 0 0
6,618,588,629 0 0 0 0 0 0 712,107,847 1,157,732,040 372,663,840 212,701,662 224,695,254 276,640,687 290,074,784

NCFbefore tax MYR 45,304,812,325 0 0 0 0 0 0 0 0 2,828,830,478 2,828,830,478 2,828,830,478 2,828,830,478 2,828,830,478

Corporate tax MYR -3,605,590,561 0 0 0 0 0 0 0 0 0 0 0 0 0

NCF MYR 41,699,221,764 - - - - - - - - 2,828,830,478 2,828,830,478 2,828,830,478 2,828,830,478 2,828,830,478

DIVIDEND payment MYR 0 - - - - - - - - - - - - -
41,699,221,764 - - - - - - - - 2,828,830,478 2,828,830,478 2,828,830,478 2,828,830,478 2,828,830,478
Cumulative NCF - MYR 41,699,221,764 - - - - - - - - 2,828,830,478 5,657,660,956 8,486,491,435 11,315,321,913 14,144,152,391

Pre-tax Cashflow from Project Start Date 38,686,223,696 0 0 0 0 0 0 -712,107,847 -1,157,732,040 2,456,166,638 2,616,128,817 2,604,135,224 2,552,189,792 2,538,755,694
Post-tax Cashflow from Project Start Date 35,080,633,135 0 0 0 0 0 0 -712,107,847 -1,157,732,040 2,456,166,638 2,616,128,817 2,604,135,224 2,552,189,792 2,538,755,694
Pre-tax Cashflow from C.O.D 38,686,223,696 0 0 0 0 0 0 -712,107,847 -1,157,732,040 2,456,166,638 2,616,128,817 2,604,135,224 2,552,189,792 2,538,755,694
Post-tax Cashflow from C.O.D 35,080,633,135 0 0 0 0 0 0 -712,107,847 -1,157,732,040 2,456,166,638 2,616,128,817 2,604,135,224 2,552,189,792 2,538,755,694

Pre-tax IRR (from Project Start Date) 104.0%

Post-tax IRR (from Project start date) 104.0%
Pre-tax IRR (from Project C.O.D) 245.6%
Post-tax IRR (from Project C.O.D) 245.6%

Pre-tax NPV (from Project Start Date) 10% MYR 35,693,673,343

Post-tax NPV (from Project Start Date) 10% MYR 35,693,673,343
Pre-tax NPV (from Project C.O.D) 10% MYR 36,103,813,576
Post-tax NPV (from Project C.O.D) 10% MYR 36,103,813,576

CASHFLOWS WATERFALLS
Net Cashflows From Operations MYR 40,693,963,942 0 0 0 0 0 0 0 -25,134,302 2,619,201,299 2,616,128,817 2,604,135,224 2,552,189,792 2,538,755,694
Less: Taxes MYR -3,605,590,561 0 0 0 0 0 0 0 0 0 0 0 0 0
Cash Flow Available for Debt Service (CFADS) 37,088,373,382 0 0 0 0 0 0 0 -25,134,302 2,619,201,299 2,616,128,817 2,604,135,224 2,552,189,792 2,538,755,694
Less: interest expenses MYR 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Less: Debt payment MYR 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Cashflows available for remaining shareholders 37,088,373,382 0 0 0 0 0 0 0 -25,134,302 2,619,201,299 2,616,128,817 2,604,135,224 2,552,189,792 2,538,755,694
GREEN ELECTRON PROJECT
PRELIMINARY FINANCIAL PROJECTIONS
0 0 1 2 3 4 5 6 7 8 9 10 11
PHASE 2 TBL Year Year Year Year Year Year Year Year Year Year Year Year Year
Years 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
PROJECT PERIOD 18 0 0 0 0 1 2 3 4 5 6 7
OPERATING PERIOD 17 0.0 0.0 0.0 0.0 1 2 3 4 5 6

TOTAL

Equity Cashflows For remaining shareholders (From Start Date) MYR 30,469,784,753 0 0 0 0 0 0 -712,107,847 -1,182,866,342 2,246,537,459 2,403,427,155 2,379,439,970 2,275,549,105 2,248,680,911
Equity Cashflows For remaining shareholders (From C.O.D) MYR 30,469,784,753 0 0 0 0 0 0 -712,107,847 -1,182,866,342 2,246,537,459 2,403,427,155 2,379,439,970 2,275,549,105 2,248,680,911

Equity IRR (From Project Start Date) 10% 95.8%

Equity IRR (From Project C.O.D) 10% 210.0%
Equity NPV (from Project Start Date) MYR 31,443,542,189
Equity NPV (From Project C.O.D) (a) MYR 31,806,360,705

Equity Balance
Opening balance 0 0 0 0 0 0 0 0 0 214,961,372 122,757,367 30,553,362 -57,828,352 -151,088,517
Invested amount (b) MYR 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Add Net Income (Retained earning) MYR 35,877,405,104 0 0 0 0 0 0 0 214,961,372 2,526,997,294 2,523,924,811 2,515,753,510 2,458,929,627 2,455,182,266
Less Dividend MYR 37,113,507,684 0 0 0 0 0 0 0 0 2,619,201,299 2,616,128,817 2,604,135,224 2,552,189,792 2,538,755,694
Closing Balance -1,236,102,580 0 0 0 0 0 0 0 214,961,372 122,757,367 30,553,362 -57,828,352 -151,088,517 -234,661,945

Equity multiplier (c)=(a)/(b) (times) #DIV/0!

PAYBACK
PHASE 1
CAES MYR 769,957,943 0 0 0 0 0 0 282,550,964 413,914,695 73,492,285 0 0 0 0
SAH MYR 608,612,813 0 0 0 0 0 0 223,165,540 327,355,956 58,091,317 0 0 0 0
Substation MYR 201,378,915 0 0 0 0 0 0 92,088,458 90,718,321 18,572,136 0 0 0 0
OHT MYR 54,883,750 0 0 0 0 0 0 25,309,903 24,545,472 5,028,375 0 0 0 0
HVDC MYR 77,283,372 0 0 0 0 0 0 35,727,370 34,178,953 7,377,049 0 0 0 0
Interconnection MYR 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other facilities MYR 5,292,386 0 0 0 0 0 0 1,701,620 3,117,267 473,498 0 0 0 0
Land MYR 265,296,750 0 0 0 0 0 0 26,529,675 238,767,075 0 0 0 0 0
Technical development MYR 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Pre-development OPEX MYR 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Development OPEX (reimbursements) MYR 5,666,747 0 0 0 0 0 0 5,666,747 0 0 0 0 0 0
Pre-and-development cost (studies etc) MYR 19,367,570 0 0 0 0 0 0 19,367,570 0 0 0 0 0 0
Loan expenses (fees & stamp) MYR 0 0 0 0 0 0 0 0 0 0 0 0 0 0
IDC MYR 0 0 0 0 0 0 0 0 0 0 0 0 0 0
2,007,740,246 0 0 0 0 0 0 712,107,847 1,132,597,738 163,034,661 0 0 0 0
2,007,740,246 0 0 0 0 0 0 712,107,847 1,844,705,585 2,007,740,246 2,007,740,246 2,007,740,246 2,007,740,246 2,007,740,246
Post finance CF From operations MYR 40,693,963,942 0 0 0 0 0 0 0 -25,134,302 2,619,201,299 2,616,128,817 2,604,135,224 2,552,189,792 2,538,755,694
40,693,963,942 0 0 0 0 0 0 0 -25,134,302 2,594,066,997 5,210,195,814 7,814,331,038 10,366,520,829 12,905,276,524

Investment balance 38,686,223,696 0 0 0 0 0 0 -712,107,847 -1,869,839,887 586,326,751 3,202,455,567 5,806,590,791 8,358,780,583 10,897,536,277

From project starts Payback / Breakeven year 2.7 0 0 0 0 0 0.0 0 0 3 0 0 0 0

From operations start Payback / Breakeven year 1.7 0 0 0 0 0 0.0 0 0 2 0 0 0 0

PROFIT & LOSS PROJECTIONS

Electron volume generated kWh 78,712,477,275 0 0 0 0 0 0 0 407,836,670 4,894,040,038 4,894,040,038 4,894,040,038 4,894,040,038 4,894,040,038
Green certificates kWh 78,712,477,275 0 0 0 0 0 0 0 407,836,670 4,894,040,038 4,894,040,038 4,894,040,038 4,894,040,038 4,894,040,038
Green Certificates attached to Electron sales kWh 68,430,847,680 0 0 0 0 0 0 0 360,959,040 4,250,001,600 4,250,001,600 4,250,001,600 4,250,001,600 4,250,001,600
Green Certificates attached to electron sales kWh 10,281,629,595 0 0 0 0 0 0 0 46,877,630 644,038,438 644,038,438 644,038,438 644,038,438 644,038,438
Electron Volume dispatched kWh 68,430,847,680 0 0 0 0 0 0 0 360,959,040 4,250,001,600 4,250,001,600 4,250,001,600 4,250,001,600 4,250,001,600

Eletcron Sales Revenues MYR 45,164,359,469 0 0 0 0 0 0 0 238,232,966 2,805,001,056 2,805,001,056 2,805,001,056 2,805,001,056 2,805,001,056

45,164,359,469 0 0 0 0 0 0 0 238,232,966 2,805,001,056 2,805,001,056 2,805,001,056 2,805,001,056 2,805,001,056

MyRec Sales (Non-attached to Electron Sales) MYR 380,420,295 0 0 0 0 0 0 0 1,734,472 23,829,422 23,829,422 23,829,422 23,829,422 23,829,422
45,544,779,764 0 0 0 0 0 0 0 239,967,439 2,828,830,478 2,828,830,478 2,828,830,478 2,828,830,478 2,828,830,478
Maintenance
GREEN ELECTRON PROJECT
PRELIMINARY FINANCIAL PROJECTIONS
0 0 1 2 3 4 5 6 7 8 9 10 11
PHASE 2 TBL Year Year Year Year Year Year Year Year Year Year Year Year Year
Years 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
PROJECT PERIOD 18 0 0 0 0 1 2 3 4 5 6 7
OPERATING PERIOD 17 0.0 0.0 0.0 0.0 1 2 3 4 5 6

TOTAL

PHASE 1
CAES MYR -518,059,668 0 0 0 0 0 0 0 -940,550 -11,286,606 -11,286,606 -13,430,131 -37,008,906 -37,008,906
SAH MYR -409,496,395 0 0 0 0 0 0 0 -743,454 -8,921,445 -8,921,445 -10,615,775 -29,253,406 -29,253,406
Substation MYR -130,930,398 0 0 0 0 0 0 0 -237,749 -2,852,984 -2,852,984 -3,394,671 -9,353,232 -9,353,232
OHT MYR -35,711,597 0 0 0 0 0 0 0 -65,730 -788,756 -788,756 -935,417 -2,548,688 -2,548,688
HVDC MYR -52,001,610 0 0 0 0 0 0 0 -94,409 -1,132,904 -1,132,904 -1,348,068 -3,714,871 -3,714,871
Interconnection MYR 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other facilities MYR -3,330,180 0 0 0 0 0 0 0 -6,020 -72,246 -72,246 -86,056 -237,970 -237,970
Land MYR -64,002,841 0 0 0 0 0 0 0 -331,621 -3,979,451 -3,979,451 -3,979,451 -3,979,451 -3,979,451
Replacement of lithium - SAH MYR -27,639,083 0 0 0 0 0 0 0 0 0 0 0 0 -389,976
Replacement of lithium - CAES MYR -21,694,871 0 0 0 0 0 0 0 0 0 0 -251,467 -1,508,799 -1,508,799
General OPEX MYR -2,072,674,952 0 0 0 0 0 0 0 -8,286,091 -102,416,085 -105,488,567 -108,653,224 -111,912,821 -115,270,206
Insurance - all risk MYR -225,225,829 0 0 0 0 0 0 0 -1,166,973 -14,003,679 -14,003,679 -14,003,679 -14,003,679 -14,003,679
Insurance - PL MYR -6,835,417 0 0 0 0 0 0 0 -35,417 -425,000 -425,000 -425,000 -425,000 -425,000
Grid charges MYR 0 0 0 0 0 0 0 0 0 0 0 0 0 0
MyREC returns to Government MYR 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Technical carrying cost MYR -1,026,462,715 0 0 0 0 0 0 0 -5,414,386 -63,750,024 -63,750,024 -63,750,024 -63,750,024 -63,750,024
-4,594,065,557 0 0 0 0 0 0 0 -17,322,399 -209,629,179 -212,701,662 -220,872,963 -277,696,846 -281,444,207

EBITDA 40,950,714,206 0 0 0 0 0 0 0 222,645,040 2,619,201,299 2,616,128,817 2,607,957,515 2,551,133,632 2,547,386,272

90% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 93% 93% 92% 92% 90% 90%

Depreciation MYR -1,442,684,225 0 0 0 0 0 0 0 -7,475,048 -89,700,574 -89,700,574 -89,700,574 -89,700,574 -89,700,574

Ammortisation MYR -25,034,317 0 0 0 0 0 0 0 -208,619 -2,503,432 -2,503,432 -2,503,432 -2,503,432 -2,503,432
Cost of funds MYR 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Interest on borrowings MYR 0 0 0 0 0 0 0 0 0 0 0 0 0 0
-1,467,718,542 0 0 0 0 0 0 0 -7,683,667 -92,204,005 -92,204,005 -92,204,005 -92,204,005 -92,204,005

NET PROFIT BEFORE TAX MYR 39,482,995,665 0 0 0 0 0 0 0 214,961,372 2,526,997,294 2,523,924,811 2,515,753,510 2,458,929,627 2,455,182,266

Corporate tax MYR -3,605,590,561 0 0 0 0 0 0 0 0 0 0 0 0 0

NPAT MYR 35,877,405,104 0 0 0 0 0 0 0 214,961,372 2,526,997,294 2,523,924,811 2,515,753,510 2,458,929,627 2,455,182,266

DSV share MYR 0 0 0 0 0 0 0 0 0 0 0 0 0 0
35,877,405,104 0 0 0 0 0 0 0 214,961,372 2,526,997,294 2,523,924,811 2,515,753,510 2,458,929,627 2,455,182,266
Cumulative MYR 35,877,405,104 0 0 0 0 0 0 0 214,961,372 2,741,958,666 5,265,883,478 7,781,636,988 10,240,566,615 12,695,748,881

LEVELISED ELECTRICITY GENERATING COST PER KWH (Full Costing)

Generating capacity kWh 78,712,477,275 0 0 0 0 0 0 0 407,836,670 4,894,040,038 4,894,040,038 4,894,040,038 4,894,040,038 4,894,040,038

SAH capex & operating cost

CAPEX MYR 608,612,813 0 0 0 0 0 0 223,165,540 327,355,956 58,091,317 0 0 0 0
OPEX MYR 437,135,478 0 0 0 0 0 0 0 743,454 8,921,445 8,921,445 10,615,775 29,253,406 29,643,382
1,045,748,292 0 0 0 0 0 0 223,165,540 328,099,409 67,012,762 8,921,445 10,615,775 29,253,406 29,643,382
1,045,748,292 0 0 0 0 0 0 223,165,540 328,099,409 67,012,762 8,921,445 10,615,775 29,253,406 29,643,382

Avg. MYR per kWh 0.0063 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.8045 0.0137 0.0018 0.0022 0.0060 0.0061
Low MYR per kWh 0.0018
High MYR per kWh 0.0137
CAES CAPEX & operating cost
CAPEX MYR 769,957,943 0 0 0 0 0 0 282,550,964 413,914,695 73,492,285 0 0 0 0
OPEX MYR 539,754,539 0 0 0 0 0 0 0 940,550 11,286,606 11,286,606 13,681,597 38,517,705 38,517,705
1,309,712,483 0 0 0 0 0 0 282,550,964 414,855,245 84,778,891 11,286,606 13,681,597 38,517,705 38,517,705
1,309,712,483 0 0 0 0 0 0 282,550,964 414,855,245 84,778,891 11,286,606 13,681,597 38,517,705 38,517,705

Avg. MYR per kWh 0.0078 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 #DIV/0! 1.0172 0.0173 0.0023 0.0028 0.0079 0.0079
Low MYR per kWh 0.0023
High MYR per kWh 0.0173
OHT CAPEX & operating cost
CAPEX MYR 54,883,750 0 0 0 0 0 0 25,309,903 24,545,472 5,028,375 0 0 0 0
OPEX MYR 35,711,597 0 0 0 0 0 0 0 65,730 788,756 788,756 935,417 2,548,688 2,548,688
GREEN ELECTRON PROJECT
PRELIMINARY FINANCIAL PROJECTIONS
0 0 1 2 3 4 5 6 7 8 9 10 11
PHASE 2 TBL Year Year Year Year Year Year Year Year Year Year Year Year Year
Years 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
PROJECT PERIOD 18 0 0 0 0 1 2 3 4 5 6 7
OPERATING PERIOD 17 0.0 0.0 0.0 0.0 1 2 3 4 5 6

TOTAL

90,595,347 0 0 0 0 0 0 25,309,903 24,611,202 5,817,131 788,756 935,417 2,548,688 2,548,688

90,595,347 0 0 0 0 0 0 25,309,903 24,611,202 5,817,131 788,756 935,417 2,548,688 2,548,688

Avg. MYR per kWh 0.0005 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0603 0.0012 0.0002 0.0002 0.0005 0.0005
Low MYR per kWh 0.0002
High MYR per kWh 0.0012
Substation CAPEX & Operating cost
CAPEX MYR 256,262,665 0 0 0 0 0 0 117,398,361 115,263,793 23,600,511 0 0 0 0
OPEX MYR 166,641,995 0 0 0 0 0 0 0 303,478 3,641,740 3,641,740 4,330,088 11,901,919 11,901,919
422,904,660 0 0 0 0 0 0 117,398,361 115,567,271 27,242,251 3,641,740 4,330,088 11,901,919 11,901,919
422,904,660 0 0 0 0 0 0 117,398,361 115,567,271 27,242,251 3,641,740 4,330,088 11,901,919 11,901,919

Avg. MYR per kWh 0.0024 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.2834 0.0056 0.0007 0.0009 0.0024 0.0024
Low MYR per kWh 0.0007
High MYR per kWh 0.0056

HDVC Transmission CAPEX & Operating Cost

CAPEX MYR 77,283,372 0 0 0 0 0 0 35,727,370 34,178,953 7,377,049 0 0 0 0
Grid charges MYR 0 0 0 0 0 0 0 0 0 0 0 0 0 0
OPEX MYR 52,001,610 0 0 0 0 0 0 0 94,409 1,132,904 1,132,904 1,348,068 3,714,871 3,714,871
129,284,982 0 0 0 0 0 0 35,727,370 34,273,362 8,509,953 1,132,904 1,348,068 3,714,871 3,714,871
129,284,982 0 0 0 0 0 0 35,727,370 34,273,362 8,509,953 1,132,904 1,348,068 3,714,871 3,714,871

Avg. MYR per kWh 0.0008 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0840 0.0017 0.0002 0.0003 0.0008 0.0008
Low MYR per kWh 0.0002
High MYR per kWh 0.0017

Land CAPEX & Operating cost

CAPEX MYR 265,296,750 0 0 0 0 0 0 26,529,675 238,767,075 0 0 0 0 0
OPEX MYR 64,002,841 0 0 0 0 0 0 0 331,621 3,979,451 3,979,451 3,979,451 3,979,451 3,979,451
329,299,591 0 0 0 0 0 0 26,529,675 239,098,696 3,979,451 3,979,451 3,979,451 3,979,451 3,979,451
329,299,591 0 0 0 0 0 0 26,529,675 239,098,696 3,979,451 3,979,451 3,979,451 3,979,451 3,979,451

Avg. MYR per kWh 0.0008 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.5863 0.0008 0.0008 0.0008 0.0008 0.0008
Low MYR per kWh 0.0008
High MYR per kWh 0.0008

Other Related development & Cost

CAPEX + lDevpt cost + IDC +others MYR 30,326,702 0 0 0 0 0 0 26,735,937 3,117,267 473,498 0 0 0 0
OPEX + General opex+fees MYR 2,308,066,379 0 0 0 0 0 0 0 9,494,501 116,917,009 119,989,491 123,167,959 126,579,470 129,936,854
2,338,393,081 0 0 0 0 0 0 26,735,937 12,611,768 117,390,507 119,989,491 123,167,959 126,579,470 129,936,854
2,338,393,081 0 0 0 0 0 0 26,735,937 12,611,768 117,390,507 119,989,491 123,167,959 126,579,470 129,936,854

Avg. MYR per kWh 0.0294 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0309 0.0240 0.0245 0.0252 0.0259 0.0266
Low MYR per kWh 0.0240
High MYR per kWh 0.0356
All-in
CAPEX MYR 2,062,623,996 0 0 0 0 0 0 737,417,750 1,157,143,210 168,063,036 0 0 0 0
OPEX MYR 3,603,314,439 0 0 0 0 0 0 0 11,973,743 146,667,911 149,740,394 158,058,356 216,495,509 220,242,870
5,665,938,435 0 0 0 0 0 0 737,417,750 1,169,116,953 314,730,947 149,740,394 158,058,356 216,495,509 220,242,870
5,665,938,435 0 0 0 0 0 0 737,417,750 1,169,116,953 314,730,947 149,740,394 158,058,356 216,495,509 220,242,870
(EXCLUDING GRID CHARGES)
Avg. MYR per kWh 0.0480 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 2.8666 0.0643 0.0306 0.0323 0.0442 0.0450
Low MYR per kWh 0.0306
High MYR per kWh 0.0643

MYR/SGD 3.30

Average SGD Per kWh 0.015

Min SGD Per kWh 0.009
Max SGD Per kWh 0.019
GREEN ELECTRON PROJECT
PRELIMINARY FINANCIAL PROJECTIONS
0 0 1 2 3 4 5 6 7 8 9 10 11
PHASE 2 TBL Year Year Year Year Year Year Year Year Year Year Year Year Year
Years 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
PROJECT PERIOD 18 0 0 0 0 1 2 3 4 5 6 7
OPERATING PERIOD 17 0.0 0.0 0.0 0.0 1 2 3 4 5 6

TOTAL

MYR/USD 4.50

Average USD Per kWh 0.011

Min USD Per kWh 0.007
Max USD Per kWh 0.014
GREEN ELECTRON PROJECT
PRELIMINARY FINANCIAL PROJECTIONS
12 13 14 15 16 17 18 19 20 21 22
PHASE 2 TBL Year Year Year Year Year Year Year Year Year Year Year
Years 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045
PROJECT PERIOD 18 8 9 10 11 12 13 14 15 16 17 18
OPERATING PERIOD 17 7 8 9 10 11 12 13 14 15 16 17

TOTAL

CASHFLOW PROJECTIONS
Electron volume generated kWh 78,712,477,275 4,894,040,038 4,894,040,038 4,894,040,038 4,894,040,038 4,894,040,038 4,894,040,038 4,894,040,038 4,894,040,038 4,894,040,038 4,894,040,038 4,894,040,038
Green certificates kWh 78,712,477,275 4,894,040,038 4,894,040,038 4,894,040,038 4,894,040,038 4,894,040,038 4,894,040,038 4,894,040,038 4,894,040,038 4,894,040,038 4,894,040,038 4,894,040,038
Green Certificates attached to Electron sales kWh 68,430,847,680 4,250,001,600 4,273,289,280 4,273,289,280 4,273,289,280 4,250,001,600 4,250,001,600 4,250,001,600 4,250,001,600 4,250,001,600 4,250,001,600 4,250,001,600
Green Certificates attached to electron sales kWh 10,281,629,595 644,038,438 620,750,758 620,750,758 620,750,758 644,038,438 644,038,438 644,038,438 644,038,438 644,038,438 644,038,438 644,038,438
Electron Volume dispatched kWh 68,430,847,680 4,250,001,600 4,273,289,280 4,273,289,280 4,273,289,280 4,250,001,600 4,250,001,600 4,250,001,600 4,250,001,600 4,250,001,600 4,250,001,600 4,250,001,600

Eletcron Sales Revenues MYR 44,926,126,502 2,805,001,056 2,820,370,925 2,820,370,925 2,820,370,925 2,805,001,056 2,805,001,056 2,805,001,056 2,805,001,056 2,805,001,056 2,805,001,056 2,805,001,056

44,926,126,502 2,805,001,056 2,820,370,925 2,820,370,925 2,820,370,925 2,805,001,056 2,805,001,056 2,805,001,056 2,805,001,056 2,805,001,056 2,805,001,056 2,805,001,056
MyRec Sales (Non-attached to Electron Sales) MYR 378,685,823 23,829,422 22,967,778 22,967,778 22,967,778 23,829,422 23,829,422 23,829,422 23,829,422 23,829,422 23,829,422 23,829,422
Gross Cashflows from operations 45,304,812,325 2,828,830,478 2,843,338,703 2,843,338,703 2,843,338,703 2,828,830,478 2,828,830,478 2,828,830,478 2,828,830,478 2,828,830,478 2,828,830,478 2,828,830,478

Maintenance
PHASE 1
CAES MYR -518,059,668 -37,008,906 -37,008,906 -37,008,906 -37,008,906 -37,008,906 -37,008,906 -37,008,906 -37,008,906 -37,008,906 -37,008,906 -37,008,906
SAH MYR -409,496,395 -29,253,406 -29,253,406 -29,253,406 -29,253,406 -29,253,406 -29,253,406 -29,253,406 -29,253,406 -29,253,406 -29,253,406 -29,253,406
Substation MYR -130,930,398 -9,353,232 -9,353,232 -9,353,232 -9,353,232 -9,353,232 -9,353,232 -9,353,232 -9,353,232 -9,353,232 -9,353,232 -9,353,232
OHT MYR -35,711,597 -2,548,688 -2,548,688 -2,548,688 -2,548,688 -2,548,688 -2,548,688 -2,548,688 -2,548,688 -2,548,688 -2,548,688 -2,548,688
HVDC MYR -52,001,610 -3,714,871 -3,714,871 -3,714,871 -3,714,871 -3,714,871 -3,714,871 -3,714,871 -3,714,871 -3,714,871 -3,714,871 -3,714,871
Interconnection MYR 0 0 0 0 0 0 0 0 0 0 0 0
Other facilities MYR -3,330,180 -237,970 -237,970 -237,970 -237,970 -237,970 -237,970 -237,970 -237,970 -237,970 -237,970 -237,970
Land MYR -64,002,841 -3,979,451 -3,979,451 -3,979,451 -3,979,451 -3,979,451 -3,979,451 -3,979,451 -3,979,451 -3,979,451 -3,979,451 -3,979,451
-1,213,532,689 -86,096,523 -86,096,523 -86,096,523 -86,096,523 -86,096,523 -86,096,523 -86,096,523 -86,096,523 -86,096,523 -86,096,523 -86,096,523
Replacement of lithium - SAH MYR -38,234,009 -1,169,928 0 0 0 -11,443,734 -1,271,526 0 0 0 -12,437,522 -1,381,947
Replacement of lithium - CAES MYR -20,070,868 -4,282,475 -475,831 0 0 0 0 -4,732,539 -525,838 0 -4,975,009 -552,779
General OPEX MYR -2,072,674,952 -118,728,312 -122,290,161 -125,958,866 -129,737,632 -133,629,761 -137,638,654 -141,767,813 -146,020,848 -150,401,473 -154,913,517 -159,560,923
Insurance - all risk MYR -238,062,535 -14,003,679 -14,003,679 -14,003,679 -14,003,679 -14,003,679 -14,003,679 -14,003,679 -14,003,679 -14,003,679 -14,003,679 -14,003,679
Insurance - PL MYR -7,225,000 -425,000 -425,000 -425,000 -425,000 -425,000 -425,000 -425,000 -425,000 -425,000 -425,000 -425,000
Grid charges MYR 0 0 0 0 0 0 0 0 0 0 0 0
MyREC returns to Government MYR 0 0 0 0 0 0 0 0 0 0 0 0
Technical carrying cost MYR -1,021,048,330 -63,750,024 -64,099,339 -64,099,339 -64,099,339 -63,750,024 -63,750,024 -63,750,024 -63,750,024 -63,750,024 -63,750,024 -63,750,024
-3,397,315,693 -202,359,418 -201,294,009 -204,486,884 -208,265,650 -223,252,197 -217,088,882 -224,679,055 -224,725,388 -228,580,176 -250,504,750 -239,674,351
-4,610,848,383 -288,455,941 -287,390,533 -290,583,407 -294,362,173 -309,348,721 -303,185,405 -310,775,578 -310,821,911 -314,676,699 -336,601,274 -325,770,874

NCF from Operations MYR 40,693,963,942 2,540,374,537 2,555,948,170 2,552,755,296 2,548,976,530 2,519,481,757 2,525,645,073 2,518,054,900 2,518,008,567 2,514,153,779 2,492,229,205 2,503,059,604

Investments
PHASE 1
CAES MYR -769,957,943 0 0 0 0 0 0 0 0 0 0 0
SAH MYR -608,612,813 0 0 0 0 0 0 0 0 0 0 0
Substation MYR -201,378,915 0 0 0 0 0 0 0 0 0 0 0
OHT MYR -54,883,750 0 0 0 0 0 0 0 0 0 0 0
HVDC MYR -77,283,372 0 0 0 0 0 0 0 0 0 0 0
Interconnection MYR 0 0 0 0 0 0 0 0 0 0 0 0
Other facilities MYR -5,292,386 0 0 0 0 0 0 0 0 0 0 0
-1,717,409,179 0 0 0 0 0 0 0 0 0 0 0
GREEN ELECTRON PROJECT
PRELIMINARY FINANCIAL PROJECTIONS
12 13 14 15 16 17 18 19 20 21 22
PHASE 2 TBL Year Year Year Year Year Year Year Year Year Year Year
Years 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045
PROJECT PERIOD 18 8 9 10 11 12 13 14 15 16 17 18
OPERATING PERIOD 17 7 8 9 10 11 12 13 14 15 16 17

TOTAL

Land
PHASE 1 MYR -265,296,750 0 0 0 0 0 0 0 0 0 0 0
-265,296,750 0 0 0 0 0 0 0 0 0 0 0

Technical development MYR 0 0 0 0 0 0 0 0 0 0 0 0

Demo Plant factory initial rental deposits & expenses MYR 0 0 0 0 0 0 0 0 0 0 0 0
Pre-development OPEX MYR 0 0 0 0 0 0 0 0 0 0 0 0
Development OPEX (reimbursements) MYR -5,666,747 0 0 0 0 0 0 0 0 0 0 0
Pre-and-development cost (studies etc) MYR -19,367,570 0 0 0 0 0 0 0 0 0 0 0
All risk insurance - Demo Plant MYR 0 0 0 0 0 0 0 0 0 0 0 0
PL insurance - Demo Plant MYR 0 0 0 0 0 0 0 0 0 0 0 0
Loan expenses (fees & stamp) MYR 0 0 0 0 0 0 0 0 0 0 0 0
IDC MYR 0 0 0 0 0 0 0 0 0 0 0 0
-25,034,317 0 0 0 0 0 0 0 0 0 0 0
-2,007,740,246 0 0 0 0 0 0 0 0 0 0 0

NCF before financing MYR 38,686,223,696 2,540,374,537 2,555,948,170 2,552,755,296 2,548,976,530 2,519,481,757 2,525,645,073 2,518,054,900 2,518,008,567 2,514,153,779 2,492,229,205 2,503,059,604

Financing flows:
Internal fund MYR 6,618,588,629 288,455,941 287,390,533 290,583,407 294,362,173 309,348,721 303,185,405 310,775,578 310,821,911 314,676,699 336,601,274 325,770,874
Equity / advances - Phase 2 TGL(500) MYR 0 0 0 0 0 0 0 0 0 0 0 0
Debt MYR 0 0 0 0 0 0 0 0 0 0 0 0
Debt repayment MYR 0 0 0 0 0 0 0 0 0 0 0 0
Equity advances repayment MYR 0 0 0 0 0 0 0 0 0 0 0 0
Cost of funds MYR 0 0 0 0 0 0 0 0 0 0 0 0
Interest on borrowings MYR 0 0 0 0 0 0 0 0 0 0 0 0
6,618,588,629 288,455,941 287,390,533 290,583,407 294,362,173 309,348,721 303,185,405 310,775,578 310,821,911 314,676,699 336,601,274 325,770,874

NCFbefore tax MYR 45,304,812,325 2,828,830,478 2,843,338,703 2,843,338,703 2,843,338,703 2,828,830,478 2,828,830,478 2,828,830,478 2,828,830,478 2,828,830,478 2,828,830,478 2,828,830,478

Corporate tax MYR -3,605,590,561 0 0 0 0 0 -603,539,347 -602,544,932 -601,507,118 -600,455,768 -599,360,451 -598,182,945

NCF MYR 41,699,221,764 2,828,830,478 2,843,338,703 2,843,338,703 2,843,338,703 2,828,830,478 2,225,291,131 2,226,285,547 2,227,323,360 2,228,374,710 2,229,470,027 2,230,647,533
DIVIDEND payment MYR 0 - - - - - - - - - - -
41,699,221,764 2,828,830,478 2,843,338,703 2,843,338,703 2,843,338,703 2,828,830,478 2,225,291,131 2,226,285,547 2,227,323,360 2,228,374,710 2,229,470,027 2,230,647,533
Cumulative NCF - MYR 41,699,221,764 16,972,982,869 19,816,321,572 22,659,660,275 25,502,998,978 28,331,829,456 30,557,120,587 32,783,406,134 35,010,729,494 37,239,104,204 39,468,574,231 41,699,221,764

Pre-tax Cashflow from Project Start Date 38,686,223,696 2,540,374,537 2,555,948,170 2,552,755,296 2,548,976,530 2,519,481,757 2,525,645,073 2,518,054,900 2,518,008,567 2,514,153,779 2,492,229,205 2,503,059,604
Post-tax Cashflow from Project Start Date 35,080,633,135 2,540,374,537 2,555,948,170 2,552,755,296 2,548,976,530 2,519,481,757 1,922,105,726 1,915,509,969 1,916,501,449 1,913,698,011 1,892,868,753 1,904,876,659
Pre-tax Cashflow from C.O.D 38,686,223,696 2,540,374,537 2,555,948,170 2,552,755,296 2,548,976,530 2,519,481,757 2,525,645,073 2,518,054,900 2,518,008,567 2,514,153,779 2,492,229,205 2,503,059,604
Post-tax Cashflow from C.O.D 35,080,633,135 2,540,374,537 2,555,948,170 2,552,755,296 2,548,976,530 2,519,481,757 1,922,105,726 1,915,509,969 1,916,501,449 1,913,698,011 1,892,868,753 1,904,876,659

Pre-tax IRR (from Project Start Date) 104.0%

Post-tax IRR (from Project start date) 104.0%
Pre-tax IRR (from Project C.O.D) 245.6%
Post-tax IRR (from Project C.O.D) 245.6%

Pre-tax NPV (from Project Start Date) 10% MYR 35,693,673,343

Post-tax NPV (from Project Start Date) 10% MYR 35,693,673,343
Pre-tax NPV (from Project C.O.D) 10% MYR 36,103,813,576
Post-tax NPV (from Project C.O.D) 10% MYR 36,103,813,576

CASHFLOWS WATERFALLS
Net Cashflows From Operations MYR 40,693,963,942 2,540,374,537 2,555,948,170 2,552,755,296 2,548,976,530 2,519,481,757 2,525,645,073 2,518,054,900 2,518,008,567 2,514,153,779 2,492,229,205 2,503,059,604
Less: Taxes MYR -3,605,590,561 0 0 0 0 0 -603,539,347 -602,544,932 -601,507,118 -600,455,768 -599,360,451 -598,182,945
Cash Flow Available for Debt Service (CFADS) 37,088,373,382 2,540,374,537 2,555,948,170 2,552,755,296 2,548,976,530 2,519,481,757 1,922,105,726 1,915,509,969 1,916,501,449 1,913,698,011 1,892,868,753 1,904,876,659
Less: interest expenses MYR 0 0 0 0 0 0 0 0 0 0 0 0
Less: Debt payment MYR 0 0 0 0 0 0 0 0 0 0 0 0
Cashflows available for remaining shareholders 37,088,373,382 2,540,374,537 2,555,948,170 2,552,755,296 2,548,976,530 2,519,481,757 1,922,105,726 1,915,509,969 1,916,501,449 1,913,698,011 1,892,868,753 1,904,876,659
GREEN ELECTRON PROJECT
PRELIMINARY FINANCIAL PROJECTIONS
12 13 14 15 16 17 18 19 20 21 22
PHASE 2 TBL Year Year Year Year Year Year Year Year Year Year Year
Years 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045
PROJECT PERIOD 18 8 9 10 11 12 13 14 15 16 17 18
OPERATING PERIOD 17 7 8 9 10 11 12 13 14 15 16 17

TOTAL

Equity Cashflows For remaining shareholders (From Start Date) MYR 30,469,784,753 2,251,918,596 2,268,557,637 2,262,171,889 2,254,614,357 2,210,133,037 1,618,920,320 1,604,734,391 1,605,679,538 1,599,021,313 1,556,267,480 1,579,105,785
Equity Cashflows For remaining shareholders (From C.O.D) MYR 30,469,784,753 2,251,918,596 2,268,557,637 2,262,171,889 2,254,614,357 2,210,133,037 1,618,920,320 1,604,734,391 1,605,679,538 1,599,021,313 1,556,267,480 1,579,105,785

Equity IRR (From Project Start Date) 10% 95.8%

Equity IRR (From Project C.O.D) 10% 210.0%
Equity NPV (from Project Start Date) MYR 31,443,542,189
Equity NPV (From Project C.O.D) (a) MYR 31,806,360,705

Equity Balance
Opening balance 0 -234,661,945 -325,275,086 -420,929,218 -517,059,182 -613,202,689 -697,795,428 -790,434,893 -879,627,583 -973,098,163 -1,067,094,581 -1,143,730,242
Invested amount (b) MYR 0 0 0 0 0 0 0 0 0 0 0 0
Add Net Income (Retained earning) MYR 35,877,405,104 2,449,761,396 2,460,294,037 2,456,625,333 2,452,833,023 2,434,889,018 1,829,466,261 1,826,317,279 1,823,030,869 1,819,701,594 1,816,233,092 1,812,504,321
Less Dividend MYR 37,113,507,684 2,540,374,537 2,555,948,170 2,552,755,296 2,548,976,530 2,519,481,757 1,922,105,726 1,915,509,969 1,916,501,449 1,913,698,011 1,892,868,753 1,904,876,659
Closing Balance -1,236,102,580 -325,275,086 -420,929,218 -517,059,182 -613,202,689 -697,795,428 -790,434,893 -879,627,583 -973,098,163 -1,067,094,581 -1,143,730,242 -1,236,102,580

Equity multiplier (c)=(a)/(b) (times) #DIV/0!

PAYBACK
PHASE 1
CAES MYR 769,957,943 0 0 0 0 0 0 0 0 0 0 0
SAH MYR 608,612,813 0 0 0 0 0 0 0 0 0 0 0
Substation MYR 201,378,915 0 0 0 0 0 0 0 0 0 0 0
OHT MYR 54,883,750 0 0 0 0 0 0 0 0 0 0 0
HVDC MYR 77,283,372 0 0 0 0 0 0 0 0 0 0 0
Interconnection MYR 0 0 0 0 0 0 0 0 0 0 0 0
Other facilities MYR 5,292,386 0 0 0 0 0 0 0 0 0 0 0
Land MYR 265,296,750 0 0 0 0 0 0 0 0 0 0 0
Technical development MYR 0 0 0 0 0 0 0 0 0 0 0 0
Pre-development OPEX MYR 0 0 0 0 0 0 0 0 0 0 0 0
Development OPEX (reimbursements) MYR 5,666,747 0 0 0 0 0 0 0 0 0 0 0
Pre-and-development cost (studies etc) MYR 19,367,570 0 0 0 0 0 0 0 0 0 0 0
Loan expenses (fees & stamp) MYR 0 0 0 0 0 0 0 0 0 0 0 0
IDC MYR 0 0 0 0 0 0 0 0 0 0 0 0
2,007,740,246 0 0 0 0 0 0 0 0 0 0 0
2,007,740,246 2,007,740,246 2,007,740,246 2,007,740,246 2,007,740,246 2,007,740,246 2,007,740,246 2,007,740,246 2,007,740,246 2,007,740,246 2,007,740,246 2,007,740,246
Post finance CF From operations MYR 40,693,963,942 2,540,374,537 2,555,948,170 2,552,755,296 2,548,976,530 2,519,481,757 2,525,645,073 2,518,054,900 2,518,008,567 2,514,153,779 2,492,229,205 2,503,059,604
40,693,963,942 15,445,651,061 18,001,599,231 20,554,354,527 23,103,331,057 25,622,812,815 28,148,457,887 30,666,512,787 33,184,521,355 35,698,675,134 38,190,904,338 40,693,963,942

Investment balance 38,686,223,696 13,437,910,815 15,993,858,985 18,546,614,281 21,095,590,811 23,615,072,568 26,140,717,641 28,658,772,541 31,176,781,108 33,690,934,888 36,183,164,092 38,686,223,696

From project starts Payback / Breakeven year 2.7 0 0 0 0 0 0 0 0 0 0 0

From operations start Payback / Breakeven year 1.7 0 0 0 0 0 0 0 0 0 0 0

PROFIT & LOSS PROJECTIONS

Electron volume generated kWh 78,712,477,275 4,894,040,038 4,894,040,038 4,894,040,038 4,894,040,038 4,894,040,038 4,894,040,038 4,894,040,038 4,894,040,038 4,894,040,038 4,894,040,038 4,894,040,038
Green certificates kWh 78,712,477,275 4,894,040,038 4,894,040,038 4,894,040,038 4,894,040,038 4,894,040,038 4,894,040,038 4,894,040,038 4,894,040,038 4,894,040,038 4,894,040,038 4,894,040,038
Green Certificates attached to Electron sales kWh 68,430,847,680 4,250,001,600 4,273,289,280 4,273,289,280 4,273,289,280 4,250,001,600 4,250,001,600 4,250,001,600 4,250,001,600 4,250,001,600 4,250,001,600 4,250,001,600
Green Certificates attached to electron sales kWh 10,281,629,595 644,038,438 620,750,758 620,750,758 620,750,758 644,038,438 644,038,438 644,038,438 644,038,438 644,038,438 644,038,438 644,038,438
Electron Volume dispatched kWh 68,430,847,680 4,250,001,600 4,273,289,280 4,273,289,280 4,273,289,280 4,250,001,600 4,250,001,600 4,250,001,600 4,250,001,600 4,250,001,600 4,250,001,600 4,250,001,600

Eletcron Sales Revenues MYR 45,164,359,469 2,805,001,056 2,820,370,925 2,820,370,925 2,820,370,925 2,805,001,056 2,805,001,056 2,805,001,056 2,805,001,056 2,805,001,056 2,805,001,056 2,805,001,056

45,164,359,469 2,805,001,056 2,820,370,925 2,820,370,925 2,820,370,925 2,805,001,056 2,805,001,056 2,805,001,056 2,805,001,056 2,805,001,056 2,805,001,056 2,805,001,056
MyRec Sales (Non-attached to Electron Sales) MYR 380,420,295 23,829,422 22,967,778 22,967,778 22,967,778 23,829,422 23,829,422 23,829,422 23,829,422 23,829,422 23,829,422 23,829,422
45,544,779,764 2,828,830,478 2,843,338,703 2,843,338,703 2,843,338,703 2,828,830,478 2,828,830,478 2,828,830,478 2,828,830,478 2,828,830,478 2,828,830,478 2,828,830,478
Maintenance
GREEN ELECTRON PROJECT
PRELIMINARY FINANCIAL PROJECTIONS
12 13 14 15 16 17 18 19 20 21 22
PHASE 2 TBL Year Year Year Year Year Year Year Year Year Year Year
Years 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045
PROJECT PERIOD 18 8 9 10 11 12 13 14 15 16 17 18
OPERATING PERIOD 17 7 8 9 10 11 12 13 14 15 16 17

TOTAL

PHASE 1
CAES MYR -518,059,668 -37,008,906 -37,008,906 -37,008,906 -37,008,906 -37,008,906 -37,008,906 -37,008,906 -37,008,906 -37,008,906 -37,008,906 -37,008,906
SAH MYR -409,496,395 -29,253,406 -29,253,406 -29,253,406 -29,253,406 -29,253,406 -29,253,406 -29,253,406 -29,253,406 -29,253,406 -29,253,406 -29,253,406
Substation MYR -130,930,398 -9,353,232 -9,353,232 -9,353,232 -9,353,232 -9,353,232 -9,353,232 -9,353,232 -9,353,232 -9,353,232 -9,353,232 -9,353,232
OHT MYR -35,711,597 -2,548,688 -2,548,688 -2,548,688 -2,548,688 -2,548,688 -2,548,688 -2,548,688 -2,548,688 -2,548,688 -2,548,688 -2,548,688
HVDC MYR -52,001,610 -3,714,871 -3,714,871 -3,714,871 -3,714,871 -3,714,871 -3,714,871 -3,714,871 -3,714,871 -3,714,871 -3,714,871 -3,714,871
Interconnection MYR 0 0 0 0 0 0 0 0 0 0 0 0
Other facilities MYR -3,330,180 -237,970 -237,970 -237,970 -237,970 -237,970 -237,970 -237,970 -237,970 -237,970 -237,970 -237,970
Land MYR -64,002,841 -3,979,451 -3,979,451 -3,979,451 -3,979,451 -3,979,451 -3,979,451 -3,979,451 -3,979,451 -3,979,451 -3,979,451 -3,979,451
Replacement of lithium - SAH MYR -27,639,083 -2,339,856 -2,339,856 -2,339,856 -2,339,856 -2,373,722 -2,543,052 -2,543,052 -2,543,052 -2,543,052 -2,579,859 -2,763,894
Replacement of lithium - CAES MYR -21,694,871 -1,521,683 -1,586,102 -1,586,102 -1,599,646 -1,667,365 -1,667,365 -1,681,603 -1,752,792 -1,752,792 -1,767,759 -1,842,596
General OPEX MYR -2,072,674,952 -118,728,312 -122,290,161 -125,958,866 -129,737,632 -133,629,761 -137,638,654 -141,767,813 -146,020,848 -150,401,473 -154,913,517 -159,560,923
Insurance - all risk MYR -225,225,829 -14,003,679 -14,003,679 -14,003,679 -14,003,679 -14,003,679 -14,003,679 -14,003,679 -14,003,679 -14,003,679 -14,003,679 -14,003,679
Insurance - PL MYR -6,835,417 -425,000 -425,000 -425,000 -425,000 -425,000 -425,000 -425,000 -425,000 -425,000 -425,000 -425,000
Grid charges MYR 0 0 0 0 0 0 0 0 0 0 0 0
MyREC returns to Government MYR 0 0 0 0 0 0 0 0 0 0 0 0
Technical carrying cost MYR -1,026,462,715 -63,750,024 -64,099,339 -64,099,339 -64,099,339 -63,750,024 -63,750,024 -63,750,024 -63,750,024 -63,750,024 -63,750,024 -63,750,024
-4,594,065,557 -286,865,077 -290,840,660 -294,509,365 -298,301,675 -301,946,074 -306,124,297 -310,267,694 -314,591,918 -318,972,543 -323,536,362 -328,442,638

EBITDA 40,950,714,206 2,541,965,402 2,552,498,043 2,548,829,338 2,545,037,028 2,526,884,404 2,522,706,181 2,518,562,784 2,514,238,561 2,509,857,935 2,505,294,117 2,500,387,840
90% 90% 90% 90% 90% 89% 89% 89% 89% 89% 89% 88%

Depreciation MYR -1,442,684,225 -89,700,574 -89,700,574 -89,700,574 -89,700,574 -89,700,574 -89,700,574 -89,700,574 -89,700,574 -89,700,574 -89,700,574 -89,700,574
Ammortisation MYR -25,034,317 -2,503,432 -2,503,432 -2,503,432 -2,503,432 -2,294,812 0 0 0 0 0 0
Cost of funds MYR 0 0 0 0 0 0 0 0 0 0 0 0
Interest on borrowings MYR 0 0 0 0 0 0 0 0 0 0 0 0
-1,467,718,542 -92,204,005 -92,204,005 -92,204,005 -92,204,005 -91,995,386 -89,700,574 -89,700,574 -89,700,574 -89,700,574 -89,700,574 -89,700,574

NET PROFIT BEFORE TAX MYR 39,482,995,665 2,449,761,396 2,460,294,037 2,456,625,333 2,452,833,023 2,434,889,018 2,433,005,608 2,428,862,210 2,424,537,987 2,420,157,362 2,415,593,543 2,410,687,266

Corporate tax MYR -3,605,590,561 0 0 0 0 0 -603,539,347 -602,544,932 -601,507,118 -600,455,768 -599,360,451 -598,182,945

NPAT MYR 35,877,405,104 2,449,761,396 2,460,294,037 2,456,625,333 2,452,833,023 2,434,889,018 1,829,466,261 1,826,317,279 1,823,030,869 1,819,701,594 1,816,233,092 1,812,504,321
DSV share MYR 0 0 0 0 0 0 0 0 0 0 0 0
35,877,405,104 2,449,761,396 2,460,294,037 2,456,625,333 2,452,833,023 2,434,889,018 1,829,466,261 1,826,317,279 1,823,030,869 1,819,701,594 1,816,233,092 1,812,504,321
Cumulative MYR 35,877,405,104 15,145,510,277 17,605,804,315 20,062,429,647 22,515,262,670 24,950,151,688 26,779,617,949 28,605,935,228 30,428,966,097 32,248,667,691 34,064,900,783 35,877,405,104

LEVELISED ELECTRICITY GENERATING COST PER KWH (Full Costing)

Generating capacity kWh 78,712,477,275 4,894,040,038 4,894,040,038 4,894,040,038 4,894,040,038 4,894,040,038 4,894,040,038 4,894,040,038 4,894,040,038 4,894,040,038 4,894,040,038 4,894,040,038

SAH capex & operating cost

CAPEX MYR 608,612,813 0 0 0 0 0 0 0 0 0 0 0
OPEX MYR 437,135,478 31,593,262 31,593,262 31,593,262 31,593,262 31,627,128 31,796,458 31,796,458 31,796,458 31,796,458 31,833,265 32,017,300
1,045,748,292 31,593,262 31,593,262 31,593,262 31,593,262 31,627,128 31,796,458 31,796,458 31,796,458 31,796,458 31,833,265 32,017,300
1,045,748,292 31,593,262 31,593,262 31,593,262 31,593,262 31,627,128 31,796,458 31,796,458 31,796,458 31,796,458 31,833,265 32,017,300

Avg. MYR per kWh 0.0063 0.0065 0.0065 0.0065 0.0065 0.0065 0.0065 0.0065 0.0065 0.0065 0.0065 0.0065
Low MYR per kWh 0.0018
High MYR per kWh 0.0137
CAES CAPEX & operating cost
CAPEX MYR 769,957,943 0 0 0 0 0 0 0 0 0 0 0
OPEX MYR 539,754,539 38,530,589 38,595,008 38,595,008 38,608,552 38,676,271 38,676,271 38,690,509 38,761,698 38,761,698 38,776,665 38,851,502
1,309,712,483 38,530,589 38,595,008 38,595,008 38,608,552 38,676,271 38,676,271 38,690,509 38,761,698 38,761,698 38,776,665 38,851,502
1,309,712,483 38,530,589 38,595,008 38,595,008 38,608,552 38,676,271 38,676,271 38,690,509 38,761,698 38,761,698 38,776,665 38,851,502

Avg. MYR per kWh 0.0078 0.0079 0.0079 0.0079 0.0079 0.0079 0.0079 0.0079 0.0079 0.0079 0.0079 0.0079
Low MYR per kWh 0.0023
High MYR per kWh 0.0173
OHT CAPEX & operating cost
CAPEX MYR 54,883,750 0 0 0 0 0 0 0 0 0 0 0
OPEX MYR 35,711,597 2,548,688 2,548,688 2,548,688 2,548,688 2,548,688 2,548,688 2,548,688 2,548,688 2,548,688 2,548,688 2,548,688
GREEN ELECTRON PROJECT
PRELIMINARY FINANCIAL PROJECTIONS
12 13 14 15 16 17 18 19 20 21 22
PHASE 2 TBL Year Year Year Year Year Year Year Year Year Year Year
Years 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045
PROJECT PERIOD 18 8 9 10 11 12 13 14 15 16 17 18
OPERATING PERIOD 17 7 8 9 10 11 12 13 14 15 16 17

TOTAL

90,595,347 2,548,688 2,548,688 2,548,688 2,548,688 2,548,688 2,548,688 2,548,688 2,548,688 2,548,688 2,548,688 2,548,688
90,595,347 2,548,688 2,548,688 2,548,688 2,548,688 2,548,688 2,548,688 2,548,688 2,548,688 2,548,688 2,548,688 2,548,688

Avg. MYR per kWh 0.0005 0.0005 0.0005 0.0005 0.0005 0.0005 0.0005 0.0005 0.0005 0.0005 0.0005 0.0005
Low MYR per kWh 0.0002
High MYR per kWh 0.0012
Substation CAPEX & Operating cost
CAPEX MYR 256,262,665 0 0 0 0 0 0 0 0 0 0 0
OPEX MYR 166,641,995 11,901,919 11,901,919 11,901,919 11,901,919 11,901,919 11,901,919 11,901,919 11,901,919 11,901,919 11,901,919 11,901,919
422,904,660 11,901,919 11,901,919 11,901,919 11,901,919 11,901,919 11,901,919 11,901,919 11,901,919 11,901,919 11,901,919 11,901,919
422,904,660 11,901,919 11,901,919 11,901,919 11,901,919 11,901,919 11,901,919 11,901,919 11,901,919 11,901,919 11,901,919 11,901,919

Avg. MYR per kWh 0.0024 0.0024 0.0024 0.0024 0.0024 0.0024 0.0024 0.0024 0.0024 0.0024 0.0024 0.0024
Low MYR per kWh 0.0007
High MYR per kWh 0.0056

HDVC Transmission CAPEX & Operating Cost

CAPEX MYR 77,283,372 0 0 0 0 0 0 0 0 0 0 0
Grid charges MYR 0 0 0 0 0 0 0 0 0 0 0 0
OPEX MYR 52,001,610 3,714,871 3,714,871 3,714,871 3,714,871 3,714,871 3,714,871 3,714,871 3,714,871 3,714,871 3,714,871 3,714,871
129,284,982 3,714,871 3,714,871 3,714,871 3,714,871 3,714,871 3,714,871 3,714,871 3,714,871 3,714,871 3,714,871 3,714,871
129,284,982 3,714,871 3,714,871 3,714,871 3,714,871 3,714,871 3,714,871 3,714,871 3,714,871 3,714,871 3,714,871 3,714,871

Avg. MYR per kWh 0.0008 0.0008 0.0008 0.0008 0.0008 0.0008 0.0008 0.0008 0.0008 0.0008 0.0008 0.0008
Low MYR per kWh 0.0002
High MYR per kWh 0.0017

Land CAPEX & Operating cost

CAPEX MYR 265,296,750 0 0 0 0 0 0 0 0 0 0 0
OPEX MYR 64,002,841 3,979,451 3,979,451 3,979,451 3,979,451 3,979,451 3,979,451 3,979,451 3,979,451 3,979,451 3,979,451 3,979,451
329,299,591 3,979,451 3,979,451 3,979,451 3,979,451 3,979,451 3,979,451 3,979,451 3,979,451 3,979,451 3,979,451 3,979,451
329,299,591 3,979,451 3,979,451 3,979,451 3,979,451 3,979,451 3,979,451 3,979,451 3,979,451 3,979,451 3,979,451 3,979,451

Avg. MYR per kWh 0.0008 0.0008 0.0008 0.0008 0.0008 0.0008 0.0008 0.0008 0.0008 0.0008 0.0008 0.0008
Low MYR per kWh 0.0008
High MYR per kWh 0.0008

Other Related development & Cost

CAPEX + lDevpt cost + IDC +others MYR 30,326,702 0 0 0 0 0 0 0 0 0 0 0
OPEX + General opex+fees MYR 2,308,066,379 133,394,960 136,956,810 140,625,515 144,404,281 148,296,409 152,305,302 156,434,462 160,687,496 165,068,122 169,580,166 174,227,571
2,338,393,081 133,394,960 136,956,810 140,625,515 144,404,281 148,296,409 152,305,302 156,434,462 160,687,496 165,068,122 169,580,166 174,227,571
2,338,393,081 133,394,960 136,956,810 140,625,515 144,404,281 148,296,409 152,305,302 156,434,462 160,687,496 165,068,122 169,580,166 174,227,571

Avg. MYR per kWh 0.0294 0.0273 0.0280 0.0287 0.0295 0.0303 0.0311 0.0320 0.0328 0.0337 0.0347 0.0356
Low MYR per kWh 0.0240
High MYR per kWh 0.0356
All-in
CAPEX MYR 2,062,623,996 0 0 0 0 0 0 0 0 0 0 0
OPEX MYR 3,603,314,439 225,663,740 229,290,008 232,958,713 236,751,023 240,744,738 244,922,960 249,066,358 253,390,581 257,771,207 262,335,025 267,241,302
5,665,938,435 225,663,740 229,290,008 232,958,713 236,751,023 240,744,738 244,922,960 249,066,358 253,390,581 257,771,207 262,335,025 267,241,302
5,665,938,435 225,663,740 229,290,008 232,958,713 236,751,023 240,744,738 244,922,960 249,066,358 253,390,581 257,771,207 262,335,025 267,241,302
(EXCLUDING GRID CHARGES)
Avg. MYR per kWh 0.0480 0.0461 0.0469 0.0476 0.0484 0.0492 0.0500 0.0509 0.0518 0.0527 0.0536 0.0546
Low MYR per kWh 0.0306
High MYR per kWh 0.0643

MYR/SGD 3.30

Average SGD Per kWh 0.015

Min SGD Per kWh 0.009
Max SGD Per kWh 0.019
GREEN ELECTRON PROJECT
PRELIMINARY FINANCIAL PROJECTIONS
12 13 14 15 16 17 18 19 20 21 22
PHASE 2 TBL Year Year Year Year Year Year Year Year Year Year Year
Years 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045
PROJECT PERIOD 18 8 9 10 11 12 13 14 15 16 17 18
OPERATING PERIOD 17 7 8 9 10 11 12 13 14 15 16 17

TOTAL

MYR/USD 4.50

Average USD Per kWh 0.011

Min USD Per kWh 0.007
Max USD Per kWh 0.014