Exhibit 15-10 a

Year
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034

Forecast Price
Total Revenue
12.25
12.56
12.87
78524
13.19
429059
13.52
804108
13.86
569156
14.21
583597
14.56
598398
14.93
613568
15.3
629117
15.68
433477
16.07
435267
16.47
438118
16.89
373182
17.31
371469
17.74
378471
18.19
387428
18.64
328978
18.64
358441
18.64
391545
18.64
383528
18.64
382868
18.64
327531
18.64
308024
18.64
283051
18.64
299464
18.64
295554
18.64
294578
18.64
289656
18.64
289705
18.64
278074
18.64
276806
18.64
274449
18.64
263604
18.64
247540
18.64
250329
18.64
242937
18.64
240644
18.64
226196

Project

NPV
386446.84

Cash available
Total
forDebt
DebtService
Cash
Service
used for
Dividends
Debt Service
Investment
Reserve account
-79035
0
-61134
-1986
0
-86816
-550148
0
-94955
1576
317481
-111556 -80865
185047
384765
-160922 1614
225457
389154
-157694 1614
233074
366575
-154466 -11509
200600
401552
-176949 -5700
218903
398211
-188009 -6345
203857
433477
-200307 -550
232620
435267
-201204 -4671
239393
438118
-210153 10623
238588
373182
-166148 19595
226629
371469
-150455 -4135
216878
378471
-158377 -3438
216655
387428
-164964 40417
262881
328978
-85668
-933
242378
358441
-87403
-19051
251988
391545
-124573 -6498
260474
383528
-137103 4468
250893
382868
-68691
62038
376215
327531
-6653
0
320878
308024
-6653
0
301370
283051
-6653
0
276398
299464
-6653
0
292810
295554
-81653
3327
217227
294578
0
0
294578
289656
289656
289705
289705
278074
278074
276806
276806
274449
274449
263604
263604
247540
247540
250329
250329
242937
242937
240644
240644
226196
226196

IRR
14.83%

Ke
Kd

20.97%
10%

Equity

Leverage
0.40
0.45
0.50
0.55
0.60
0.65
0.70
0.75
0.80

138,224.87

25.62%

Beta

Ke
0.63
0.69
0.76
0.84
0.95
1.09
1.27
1.52
1.90

18.80
19.21
19.69
20.28
21.02
21.97
23.24
25.01
27.67

WACC

WACC
13.88
13.49
13.10
12.70
12.31
11.91
11.52
11.13
10.73

12.29%

Equity
Project
NPV
IRR
NPV
234817.30
25.62% 127202.84
214749.44
25.62% 185478.85
192020.72
25.62% 247374.76
166094.06
25.62% 313162.88
136293.86
25.62% 383140.45
101771.99
25.62% 457632.18
61481.41
25.62% 536993.30
14199.39
25.62% 621612.83
-41249.67
25.62% 711917.28

Equity
Total Debt
0
1000000
1024299
1267280
1450000
1411111
1372222
1333333
1268856
1187614
1086961
977484
849556
755137
669137
567137
449137
401689
348241
252034
134448
75000
75000
75000
75000
75000
0

Outflow
-79035
-1986
-550148

Inflow

1576
185047
225457
233074
200600
218903
203857
232620
239393
238588
226629
216878
216655
262881
242378
251988
260474
250893
376215
320878
301370
276398
292810
217227
294578
289656
289705
278074
276806
274449
263604
247540
250329
242937
240644
226196

Asset Beta
Rf

0.38
5.60%

Project
Net Cashflow
-79035
-1986
-550148
1576
185047
225457
233074
200600
218903
203857
232620
239393
238588
226629
216878
216655
262881
242378
251988
260474
250893
376215
320878
301370
276398
292810
217227
294578
289656
289705
278074
276806
274449
263604
247540
250329
242937
240644
226196

Outflow Inflow
-79035
-1001986
-574447
-241405
-190094
317481
384765
389154
366575
401552
398211
433477
435267
438118
373182
371469
378471
387428
328978
358441
391545
383528
382868
327531
308024
283051
299464
295554
294578
289656
289705
278074
276806
274449
263604
247540
250329
242937
240644
226196

Risk Premium
Startup Premium (SP)
Company premium

7%
2.1%
6.67%

oject
IRR
14.83%
14.83%
14.83%
14.83%
14.83%
14.83%
14.83%
14.83%
14.83%

As we increase the leverage, the venture becomes more risky for the equity holders and also the co

Net Cashflow
-79035
-1001986
-574447
-241405
127387
384765
389154
366575
401552
398211
433477
435267
438118
373182
371469
378471
387428
328978
358441
391545
383528
382868
327531
308024
283051
299464
295554
294578
289656
289705
278074
276806
274449
263604
247540
250329
242937
240644
226196

holders and also the cost of capital increases.